Location Africa Data to be entered

Country Nigeria Data to be entered

Client DANGOTE SUGAR REFINERY PLC Data to be entered
Reporting Line INY-NDT Manager Data to be entered
Person in charge of preparation Uche Ndukuba Data to be entered
Project reviewed by Ambrose Egbujie Data to be entered
Date prepared 5th JUNE 2018 Data to be entered
Date reviewed 5th JUNE 2018 Data to be entered
File reference TAN 2018 - NDT ON STRUCTURES Data to be entered
Project duration in months 1 Data to be entered

ONLY FILL IN CELLS IN BLUE - it will populate automatically the information required in the
AD50 sheet

6,504
Location Africa
Client DANGOTE SUGAR REFINERY PLC
Date prepared 5th JUNE 2018
Date reviewed 5th JUNE 2018
File reference TAN 2018 - NDT ON STRUCTURES
Project duration in months 1
Project Operating Profit (5 years) 4,770

Year 1 2 3 4 5 TOTAL
00 - Invoicing 6,504 - - - - 6,504
02 - WIP and UI - - - - - -
03 - Revenue (CAT) 6,504 - - - - 6,504
04 - Intragroup revenue - - - - - -
05 - Intragroup subcontracting - - - - - -
06 - Production (PROD) 6,504 - - - - 6,504
07 - Personnel charges -43 -3 -3 -3 -3 -57
07a - Personnel charges Production -43 -3 -3 -3 -3 -57
07a1 - Personnel charges - gross salaries Prod -2 -2 -2 -2 -2 -8
07a2 - Personnel charges - Social charges, benefits, & personnel taxes Prod -40 -0 -0 -0 -0 -40
07a3 - Personnel charges - Indemnities Prod -2 -2 -2 -2 -2 -8
07a4 - Personnel charges - Holidays Prod - - - - - -
07a5 - Personnel charges - Other Prod - - - - - -
07a6 - Personnel charges - Bonus Prod -0 -0 -0 -0 -0 -1
07b - Personnel charges NPBO - - - - - -
07b1 - Personnel charges - gross salaries NPBO - - - - - -
07b2 - Personnel charges - Social charges, benefits, & personnel taxes NPBO - - - - - -
07b3 - Personnel charges - Indemnities NPBO - - - - - -
07b4 - Personnel charges - Holidays NPBO - - - - - -
07b5 - Personnel charges - Other NPBO - - - - - -
07b6 - Personnel charges - Bonus NPBO - - - - - -
08 - External subcontracting - - - - - -
08a - External subcontracting Prod - - - - - -
08b - External subcontracting non prod - - - - - -
09 - Other costs -780 - - - - -780
09a - Sundry revenues - - - - - -
09b - Contract expense - - - - - -
09c - Lab Consumables -200 - - - - -200
09d - Travel & living -80 - - - - -80
09d1 - Travel - - - - - -
09d2 - Vehicle -50 - - - - -50
09d3 - Mobile Communications -30 - - - - -30
09e - Depreciation - - - - - -
09f - Repairs & Maintenance -500 - - - - -500
09g - Rent & Utilities - - - - - -
09h - IT - - - - - -
09i - Office Costs - - - - - -
09j - Bad debt - - - - - -
09k - Commercial Costs - - - - - -
09l - Professional costs - - - - - -
09l1 - Clients claims - - - - - -
09l2 - Other professional costs - - - - - -
09m - Other costs - - - - - -
10 - Functional neutralization
11 - Gross Profit 5,681 -3 -3 -3 -3 5,667
87% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 87%
13 - TOTAL functional costs -898 - - - - -898
13a - Sales & Marketing -130 - - - - -130
13b - Management -130 - - - - -130
13c - Finance -130 - - - - -130
13d - HR -130 - - - - -130
13e - IT -130 - - - - -130
13f - Fees -247 - - - - -247
90010 - Division fees -117 - - - - -117
90014 - Corporate fees -65 - - - - -65
90018 - Regional / Zone fees -65 - - - - -65
14 - Operating Profit (REG=OP) 4,783 -3 -3 -3 -3 4,770
Functional cost percentage -0.14 #DIV/0! #DIV/0! #DIV/0! #DIV/0! -0.14
15 - OP / Revenue (must be ≥ 15%) 0.74 0.73
ok ok ok ok ok ok
 Year 1 2 3 4

Inspections Fees 6,504

Audit Fees
Certification Fees
Testing Fees
Manday Fees
INCOME

Hourly Fees
Mobilization Fees
Demobilization Fees
Training Fees
Manpower invoiced
Miscallenous
Intragroup revenue
Intragroup subcontracting
External subcontracting
Basic salaries -2 -2 -2 -2
Overtime - - - -
Transport allowance - - - -
Other compensations -2 -2 -2 -2
Medical aid - - - -
Company contributions -0 -0 -0 -0
Bonus provision -0 -0 -0 -0
Protective clothing -40
Lab Consumables -200
Travel expenses
Repairs & maintenance on vehicles
Insurance on vehicles
Vehicle rental
EXPENSES

Vehicle fuel -50

Mobile communications -30
Depreciation - - - -
Repairs & maintenance of lab equipment
Rental on lab equipment- Source hire -500
Rent
Repairs & maintenance of office equipment
Water, gas, electricity
Insurance on premises
Security, hygiene & cleaning services
IT & computer costs - reporting
Telephone & fax
Office supplies and stationery
Bank charges
Postage & courrier expenses
Subscription fees to professional associations / DPR
Commercial & entertainment costs/ feeding and accodation
Professional costs (audit fees, consulting fees…)
Other costs- FILMS
5

NB - Expenses to be entered as negative amounts

ONLY FILL IN CELLS IN BLUE - the other ones will be

populated automatically from information in sheets
"CAPEX" and "STAFF"

6,504

-2
-
-
-2
-
-0
-0

-
 Duration of project in months ==> 1 Amounts to be filled in KE

Category Equipment Manufacturer Price

TOTAL CAPEX
 ONLY FILL IN CELLS IN BLUE

Number of pieces
Total
required
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

TOTAL CAPEX -
 Basic salary per % Provident Transport
Employee job title (KE) per Fund per job Cell per year % Overtime allowance per job
year title title per year
Rad crew 1 100.0%
Multi Technician 1 100.0%

TOTAL

ONLY FILL IN CELLS IN BLUE

Colomn A can be changed according to activity

 Number of
Housing per Total basic Total Provident Total Transport
employees Cell Total Overtime
year salary Fund Allowance
required
100% 1 1 - - -
100% 1 1 - - -
100% - - - - -
100% - - - - -
100% - - - - -
100% - - - - -
100% - - - - -
100% - - - - -
100% - - - - -
0% - - - - -
0% - - - - -
0% - - - - -

9 2 2 - - -
Housing Total CTC

- 1
- 2
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -

- 3
Growth capex analysis

Rate assumptions
Currency KE
Extrapolation growth rate (%) 2.0% Impacts revenue & OP for extrapolation
Perpetual organic growth rate of REG (%) 2.0% Impacts terminal value
Corporate tax rate 30.0% Standard tax rate for all periods
Discount rate 15.0% Discount rate for all periods
DSO 60

P&L and Cash Flows

Year 1 Year 2 Year 3 Year 4 Year 5
Revenue 6,504 0 0 0 0

Operating profit 4,783 -3 -3 -3 -3

+ Fee adjustment -247 0 0 0 0
EBIT 4,536 -3 -3 -3 -3
- Corporate Tax -1,361 1 1 1 1
+ Depreciation 0 0 0 0 0
- CAPEX 0
+/- Working capital -1,069 1,069 0 0 0
FCF (Free Cash-Flow) 2,106 1,067 -2 -2 -2
Period 1 2 3 4 5
Discount factor 0.8696 0.7561 0.6575 0.5718 0.4972
DFCF (Discounted Free Cash-Flow) 1,831 807 -2 -1 -1

Cumulative FCF 2,106 3,173 3,171 3,168 3,166

0 0 0 0 0
Payback 0 months
IRR (full) Err:523
IRR (5 years) Err:523
NPV 2625
 In KE @ Budget Rate

0.0%

Only fill the blue cell

In number of days

Extrapolation Terminal value

0

-3
0
-3
1
0

0
-2 -19
6 6
0.4323 0.4323
-1 -8