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Confidential
Confidential 1 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
Confidential
Abbreviations
Input Cells
Calculations
Links from Other Sheets
Abbreviations
A Actual figures
CAPEX Capital Expenditures
CFF Cash Flow from Financing
CFI Cash Flow from Investments
CFO Cash Flow from Operation
COGS Cost of goods sold
DCF Discounted Free Cash Flows
DSCR Debt service coverage ratio (Debt Service / Free Cash Flow to Firm)
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortization
F Forecasted figures
FCFF Free Cash Flow to Firm (Unlevered cash flows)
G&A General & Admin
NPV Net Present Value
NWC Net Working Capital
OPEX Operating costs
ROIC Return on invested capital
t Tax rate %
TV Terminal Value
USD United States Dollar
x
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Confidential 2 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
Confidential
Executive Summary
All amounts in USD
Financial Projections Financial Overview
USD
Financials 2016 F 2017 F 2018 F 2019 F 2020 F
16000,000 100.0%
Revenues 90.0%
14000,000 Revenues USD 9,155,965 9,653,156 10,177,775 10,731,340 11,315,447
EBITDA 80.0%
12000,000 COGS USD (6,380,835) (6,730,103) (7,098,653) (7,487,548) (7,897,913)
70.0%
Gross Margin USD 2,775,130 2,923,052 3,079,123 3,243,792 3,417,534
10000,000 60.0%
Margin % % 30.3% 30.3% 30.3% 30.2% 30.2%
8000,000 50.0%
6000,000 40.0% OPEX USD (691,560) (699,532) (707,793) (716,358) (725,245)
30.0% EBITDA USD 2,083,571 2,223,521 2,371,330 2,527,433 2,692,290
4000,000
20.0% Margin % % 22.8% 23.0% 23.3% 23.6% 23.8%
2000,000 10.0%
,0 0.0% Net Income USD 1,216,427 1,298,894 1,386,548 1,476,376 1,565,711
2016 F
2017 F
2018 F
2019 F
2020 F
2021 F
2022 F
2023 F
2024 F
2025 F
Revenue Breakdown
USD CAPEX USD (300,000) (300,000) (400,000) (490,000) (312,750)
Subsidies Frozen Chicken Fresh Chicken Dividends USD 0 0 (1,386,548) (1,476,376) (1,565,711)
Revenue growth % NA 5.4% 5.4% 5.4% 5.4%
Day old chicks Hatchery eggs
20000,000 ROIC % 20.3% 18.4% 19.0% 19.4% 19.9%
ROE % 20.1% 17.8% 17.4% 18.5% 19.7%
15000,000
Cash USD 197,880 1,189,000 795,408 330,647 71,100
10000,000 Financial Debt USD 575,000 450,000 325,000 200,000 75,000
Financial Debt/EBITDA x 0.28x 0.20x 0.14x 0.08x 0.03x
5000,000 DSCR x -4.26x 7.61x 7.89x 8.31x 10.86x
,0
Breeder flock # 10,000 10,500 11,025 11,576 12,155
2017 F
2019 F
2021 F
2023 F
2025 F
2016 F
2018 F
2020 F
2022 F
2024 F
# of Animals Operations
#
1800,000 Animals & Feed Breeder Chicken
Breeder flock Broilers produced Breeders # 2016 10,000 Eggs per Breeder # 150
1600,000
1400,000 Increase in breeder flock %/Year 5% Life expectation Weeks 55
1200,000 Hatchery eggs into hatchery % 80%
1000,000 Feed Hatchery eggs sold % 20%
800,000 Feed per Breeder Chicken kg 50.00 Total % 100%
600,000 Feed per Broiler Chicken kg 3.00 Hatchery eggs produced % 60%
400,000 Hatchery eggs purchased % 40%
200,000 Prices Total % 100%
,0
Hatchery eggs USD/Egg 0.50 Breeder weight kg/bird 3.00
Day old chick USD/Chick 0.80
2016 F
2017 F
2018 F
2019 F
2020 F
2021 F
2022 F
2023 F
2024 F
2025 F
2020 F
2021 F
2016 F
2017 F
2018 F
2022 F
2023 F
2024 F
2025 F
(2000,000)
Confidential 18 / 18 06/18/2019
14000,000 Cum. FCFF
12000,000 Financial
10000,000 Debt
8000,000
6000,000
4000,000
2000,000
Poultry Farm Valuation August 8th, 2016
,0
Confidential
2019 F
2020 F
2021 F
2016 F
2017 F
2018 F
2022 F
2023 F
2024 F
2025 F
(2000,000) Loan B % split 40%
Balance Sheet Check 0.0
Taxes
Tax rate % 34%
Confidential 18 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
Confidential
All amounts in USD
Sensitivity Analysis
USD 000
Hatchability
Enterprise Value
Enterprise Value 75.00% 72.50% 70.00% 67.50% 65.00%
14,071,146 5.00% 2.50% 0.00% -2.50% -5.00%
TV Growth
15.00% 5.00%
Discount rate Min Max 12.50% 2.50%
Mortality
Hatchability 12,088,300 3,965,692 16,053,993 10.00% 0.00%
Mortality Weight 10,603,259 6,935,774 17,539,033 7.50% -2.50%
Price 701,295 26,739,702 27,440,997 5.00% -5.00%
Weight Price 3,731,416 20,679,461 24,410,877
Discount rate 12,390,884 3,783,181 16,174,065 Price per kg
Mortality
TV Growth 13,711,862 758,489 14,470,351 Enterprise Value 7.00 6.50 6.00 5.50 5.00
Broiler average
Enterprise Valu 13,789,723 562,846 14,352,569 14,071,146 1.00 0.50 0.00 -0.50 -1.00
Hatchability 1.60 kg 0.20 kg
1.50 kg 0.10 kg
20,000,000
40,000,000
50,000,000
60,000,000
10,000,000
30,000,000
0
1.40 kg 0.00 kg
weight
1.30 kg -0.10 kg
1.20 kg -0.20 kg
Operating Profitability
Revenue Costs and Profit
Revenue USD/kg 5.86
Processing USD/kg 0.71
Feed USD/kg 2.71
Day old chicks USD/kg 0.03
Direct labor USD/kg 0.03
Other Costs USD/kg 0.61
OPEX USD/kg 0.44
Depreciaiton USD/kg 0.14
EBIT USD/kg 1.20
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Confidential 18 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
Confidential
Forecast Year 0 1 2 3 4 5 6 7 8 9 10
Breeders
Flock increase % 5% 5% 5% 5% 5% 5% 5% 5% 5%
Breeder flock # 10,000 10,500 11,025 11,576 12,155 12,763 13,401 14,071 14,775 15,513
Life expectation Weeks 55 55 55 55 55 55 55 55 55 55
Breeder Birds annualized # 9,455 9,927 10,424 10,945 11,492 12,067 12,670 13,303 13,969 14,667
Eggs per Breeder # 150 150 150 150 150 150 150 150 150 150
Hatchery eggs produced # 1,418,182 1,489,091 1,563,545 1,641,723 1,723,809 1,809,999 1,900,499 1,995,524 2,095,300 2,200,065
Hatchery eggs into hatchery % 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00% 80.00%
Hatchery eggs sold % 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Hatchery eggs
Hatchery eggs sold # 283,636 297,818 312,709 328,345 344,762 362,000 380,100 399,105 419,060 440,013
Hatchery eggs (own production) % 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00%
Hatchery eggs purchased % 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
Hatchery eggs (own production) # 1,134,545 1,191,273 1,250,836 1,313,378 1,379,047 1,447,999 1,520,399 1,596,419 1,676,240 1,760,052
Hatchery eggs purchased # 756,364 794,182 833,891 875,585 919,365 965,333 1,013,600 1,064,280 1,117,494 1,173,368
Broilers
Day old chicks from hatchery % 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00%
Day old chicks purchased % 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Day old chicks from hatchery # 1,179,360 1,238,328 1,300,244 1,365,257 1,433,519 1,505,195 1,580,455 1,659,478 1,742,452 1,829,574
Day old chicks purchased # 62,072 65,175 68,434 71,856 75,448 79,221 83,182 87,341 91,708 96,293
Day old chicks put into the farm # 1,241,432 1,303,503 1,368,678 1,437,112 1,508,968 1,584,416 1,663,637 1,746,819 1,834,160 1,925,868
Mortality rate % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Transport losses % 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Broilers produced # 1,094,943 1,149,690 1,207,174 1,267,533 1,330,910 1,397,455 1,467,328 1,540,694 1,617,729 1,698,615
Broiler weight kg 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40
Feed conversion ratio x 2.4x 2.4x 2.4x 2.4x 2.4x 2.4x 2.4x 2.4x 2.4x 2.4x
Confidential 6 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
Confidential
Breeders end of life # 9,455 9,455 9,455 9,455 9,455 9,455 9,455 9,455 9,455 9,455
Breeder weight kg 3.0x 3.0x 3.0x 3.0x 3.0x 3.0x 3.0x 3.0x 3.0x 3.0x
Meat produced kg 1,561,283 1,637,929 1,718,408 1,802,910 1,891,637 1,984,801 2,082,623 2,185,336 2,293,184 2,406,425
Chicken products
Fresh % 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%
Frozen % 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Fresh kg 1,092,898 1,146,551 1,202,885 1,262,037 1,324,146 1,389,361 1,457,836 1,529,735 1,605,229 1,684,498
Frozen kg 468,385 491,379 515,522 540,873 567,491 595,440 624,787 655,601 687,955 721,928
Feed
Feed per Breeder kg 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00
Feed per Broiler kg 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Required feed kg 4,224,295 4,435,509 4,657,285 4,890,149 5,134,657 5,391,389 5,660,959 5,944,007 6,241,207 6,553,268
Confidential 7 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
Confidential
All amounts in USD
Prices and Costs Unit Closing 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F
Inflation
Cost Inflation % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Breeder % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Hatchery eggs % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Day old chick % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Fresh chicken % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Frozen chicken % 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Prices
Hatchery eggs USD/Egg 0.50 0.50 0.51 0.51 0.51 0.51 0.52 0.52 0.52 0.52
Day old chick USD/Chick 0.80 0.80 0.81 0.81 0.82 0.82 0.82 0.83 0.83 0.84
Fresh chicken USD/kg 6.00 6.03 6.06 6.09 6.12 6.15 6.18 6.21 6.24 6.28
Frozen chicken USD/kg 5.00 5.03 5.05 5.08 5.10 5.13 5.15 5.18 5.20 5.23
Costs
Breeder USD/Breeder 10.00 10.05 10.10 10.15 10.20 10.25 10.30 10.36 10.41 10.46
Feed USD/kg 1.00 1.01 1.01 1.02 1.02 1.03 1.03 1.04 1.04 1.05
Antibiotics, vaccination, nutritients, etc USD/breeder 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21
Antibiotics, vaccination, nutritients, etc USD/broiler 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Hatchery eggs USD/Egg 0.50 0.50 0.51 0.51 0.51 0.51 0.52 0.52 0.52 0.52
Day old chick USD/Chick 0.80 0.80 0.81 0.81 0.82 0.82 0.82 0.83 0.83 0.84
Processing cost USD/Bird 1.00 1.01 1.01 1.02 1.02 1.03 1.03 1.04 1.04 1.05
Packaging costs USD/kg 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Transport costs USD/egg 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Transport costs USD/chick 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Transport costs USD/kg 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Confidential 8 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
Confidential
All amounts in USD
Income Statement Unit Closing 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F
Hatchery eggs USD 141,818 149,654 157,922 166,647 175,854 185,570 195,823 206,642 218,059 230,107
Day old chicks USD 104,832 110,624 116,736 123,186 129,992 137,174 144,752 152,750 161,190 170,095
Fresh Chicken USD 6,557,390 6,913,700 7,289,666 7,686,373 8,104,969 8,546,662 9,012,728 9,504,513 10,023,438 10,571,004
Frozen Chicken USD 2,341,925 2,469,178 2,603,452 2,745,133 2,894,632 3,052,379 3,218,831 3,394,469 3,579,799 3,775,358
Subsidies USD 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Revenues USD 9,155,965 9,653,156 10,177,775 10,731,340 11,315,447 11,931,785 12,582,135 13,268,374 13,992,487 14,756,564
Breeders USD (94,545) (99,769) (105,281) (111,098) (117,236) (123,714) (130,549) (137,762) (145,373) (153,405)
Feeds USD (4,224,295) (4,457,687) (4,703,974) (4,963,869) (5,238,123) (5,527,529) (5,832,925) (6,155,194) (6,495,268) (6,854,132)
Antibiotics, vaccination, nutritients, USD (126,034) (132,997) (140,346) (148,100) (156,282) (164,917) (174,028) (183,643) (193,790) (204,497)
Hatchery eggs USD (378,182) (399,076) (421,125) (444,393) (468,945) (494,854) (522,195) (551,046) (581,492) (613,619)
Day old chick USD (49,657) (52,401) (55,296) (58,351) (61,575) (64,977) (68,567) (72,355) (76,353) (80,571)
Processing cost USD (1,104,397) (1,164,940) (1,228,826) (1,296,238) (1,367,373) (1,442,436) (1,521,643) (1,605,225) (1,693,421) (1,786,488)
Packaging costs USD (156,128) (164,612) (173,563) (183,009) (192,975) (203,492) (214,589) (226,298) (238,653) (251,691)
Transport costs USD (197,596) (208,371) (219,740) (231,737) (244,395) (257,753) (271,847) (286,720) (302,414) (318,974)
Direct labor cost USD (50,000) (50,250) (50,501) (50,754) (51,008) (51,263) (51,519) (51,776) (52,035) (52,296)
COGS USD (6,380,835) (6,730,103) (7,098,653) (7,487,548) (7,897,913) (8,330,934) (8,787,863) (9,270,020) (9,778,800) (10,315,672)
Gross Margin USD 2,775,130 2,923,052 3,079,123 3,243,792 3,417,534 3,600,852 3,794,272 3,998,354 4,213,687 4,440,892
Gross Margin % % 30.3% 30.3% 30.3% 30.2% 30.2% 30.2% 30.2% 30.1% 30.1% 30.1%
Sales & Marketing USD (200,000) (201,000) (202,005) (203,015) (204,030) (205,050) (206,076) (207,106) (208,141) (209,182)
General & Admin USD (250,000) (251,250) (252,506) (253,769) (255,038) (256,313) (257,594) (258,882) (260,177) (261,478)
Other operating costs USD (150,000) (150,750) (151,504) (152,261) (153,023) (153,788) (154,557) (155,329) (156,106) (156,887)
Provisions for doubtful receivables USD (91,560) (96,532) (101,778) (107,313) (113,154) (119,318) (125,821) (132,684) (139,925) (147,566)
OPEX USD (691,560) (699,532) (707,793) (716,358) (725,245) (734,469) (744,048) (754,001) (764,349) (775,112)
EBITDA USD 2,083,571 2,223,521 2,371,330 2,527,433 2,692,290 2,866,383 3,050,224 3,244,353 3,449,338 3,665,780
EBITDA Margin % % 22.8% 23.0% 23.3% 23.6% 23.8% 24.0% 24.2% 24.5% 24.7% 24.8%
Depreciation USD (211,250) (231,750) (252,250) (277,750) (312,750) (338,888) (366,332) (395,148) (419,156) (448,114)
EBIT USD 1,872,321 1,991,771 2,119,080 2,249,683 2,379,540 2,527,495 2,683,892 2,849,205 3,030,182 3,217,666
EBIT Margin % % 20.4% 20.6% 20.8% 21.0% 21.0% 21.2% 21.3% 21.5% 21.7% 21.8%
Interest payment USD (29,250) (23,750) (18,250) (12,750) (7,250) (3,750) (2,250) (750) 0 0
EBT USD 1,843,071 1,968,021 2,100,830 2,236,933 2,372,290 2,523,745 2,681,642 2,848,455 3,030,182 3,217,666
EBT Margin % % 20.1% 20.4% 20.6% 20.8% 21.0% 21.2% 21.3% 21.5% 21.7% 21.8%
Tax rate % 34% 34% 34% 34% 34% 34% 34% 34% 34% 34%
Taxes paid USD (626,644) (669,127) (714,282) (760,557) (806,578) (858,073) (911,758) (968,475) (1,030,262) (1,094,007)
Net Income USD 1,216,427 1,298,894 1,386,548 1,476,376 1,565,711 1,665,672 1,769,884 1,879,980 1,999,920 2,123,660
Net Income Margin % % 13.3% 13.5% 13.6% 13.8% 13.8% 14.0% 14.1% 14.2% 14.3% 14.4%
Confidential 9 / 18 06/18/2019
Poultry Farm Valuation August 8th, 2016
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All amounts in USD
Balance Sheet Unit Closing 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F
Cash USD 1,000,000 197,880 1,189,000 795,408 330,647 71,100 1,569,799 1,394,992 1,211,915 1,045,114 869,106
Receivables USD 300,000 1,505,090 1,586,820 1,673,059 1,764,056 1,860,073 1,961,389 2,068,296 2,181,103 2,300,135 2,425,737
Inventory USD 300,000 1,048,904 1,106,318 1,166,902 1,230,830 1,298,287 1,369,469 1,444,580 1,523,839 1,607,474 1,695,727
Other current assets USD 50,000 75,255 79,341 83,653 88,203 93,004 98,069 103,415 109,055 115,007 121,287
Fixed Assets USD 4,850,000 4,938,750 5,007,000 5,154,750 5,367,000 5,367,000 5,367,000 5,367,000 5,367,000 5,367,000 5,367,000
Assets USD 6,500,000 7,765,879 8,968,480 8,873,771 8,780,735 8,689,464 10,365,727 10,378,283 10,392,912 10,434,729 10,478,856
Payables USD 300,000 524,452 553,159 583,451 615,415 649,144 684,734 722,290 761,919 803,737 847,863
Other current liabiliites USD 50,000 0 0 0 0 0 0 0 0 0 0
Financial debt USD 700,000 575,000 450,000 325,000 200,000 75,000 50,000 25,000 0 0 0
Equity USD 5,450,000 6,666,427 7,965,321 7,965,321 7,965,321 7,965,321 9,630,993 9,630,993 9,630,993 9,630,993 9,630,993
Liabilities & shareholder's equity USD 6,500,000 7,765,879 8,968,480 8,873,771 8,780,735 8,689,464 10,365,727 10,378,283 10,392,912 10,434,729 10,478,856
Check 0 0 0 0 0 0 0 0 0 0 0
Change in Cash USD (802,120) 991,120 (393,593) (464,761) (259,547) 1,498,700 (174,808) (183,076) (166,801) (176,008)
Confidential 10 / 18 06/18/2019
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Cash beginning USD 1,000,000 197,880 1,189,000 795,408 330,647 71,100 1,569,799 1,394,992 1,211,915 1,045,114
Cash end of year USD 1,000,000 197,880 1,189,000 795,408 330,647 71,100 1,569,799 1,394,992 1,211,915 1,045,114 869,106
Confidential 11 / 18 06/18/2019
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All amounts in USD
DCF Valuation Unit Closing 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F
Cum. FCFF USD (657,815) 473,980 1,603,981 2,749,011 4,184,960 5,711,135 7,332,696 9,055,095 10,888,214 12,835,865
Loan A
Term Years 5
Interest rate % 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Repayment % / Loan amount % 20.00% 20.00% 20.00% 20.00% 20.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Financial Debt
Beginning of year USD 500,000 400,000 300,000 200,000 100,000 0 0 0 0 0
Drawdown USD
Repayment USD (100,000) (100,000) (100,000) (100,000) (100,000) 0 0 0 0 0
End of year USD 500,000 400,000 300,000 200,000 100,000 0 0 0 0 0 0
Average debt outstanding USD 450,000 350,000 250,000 150,000 50,000 0 0 0 0 0
Interest USD 18,000 14,000 10,000 6,000 2,000 0 0 0 0 0
Loan B
Term Years 8
Interest rate % 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
Repayment % / Loan amount % 12.50% 12.50% 12.50% 12.50% 12.50% 12.50% 12.50% 12.50% 0.00% 0.00%
Financial Debt
Beginning of year USD 200,000 175,000 150,000 125,000 100,000 75,000 50,000 25,000 0 0
Drawdown USD
Repayment USD (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) 0 0
End of year USD 200,000 175,000 150,000 125,000 100,000 75,000 50,000 25,000 0 0 0
Average debt outstanding USD 187,500 162,500 137,500 112,500 87,500 62,500 37,500 12,500 0 0
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Interest USD 11,250 9,750 8,250 6,750 5,250 3,750 2,250 750 0 0
Totals
Change in Financial Debt USD 0 (125,000) (125,000) (125,000) (125,000) (125,000) (25,000) (25,000) (25,000) 0 0
Financial Debt (year end) USD 700,000 575,000 450,000 325,000 200,000 75,000 50,000 25,000 0 0 0
Interest USD 0 29,250 23,750 18,250 12,750 7,250 3,750 2,250 750 0 0
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Confidential
All amounts in USD
Key Financial Ratios Unit Closing 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F
Loan A / EBITDA x 0.19x 0.13x 0.08x 0.04x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x
Loan B / EBITDA x 0.08x 0.07x 0.05x 0.04x 0.03x 0.02x 0.01x 0.00x 0.00x 0.00x
Financial Debt / EBITDA x 0.28x 0.20x 0.14x 0.08x 0.03x 0.02x 0.01x 0.00x 0.00x 0.00x
Debt Service Coverage x -4.3x 7.6x 7.9x 8.3x 10.9x 53.1x 59.5x 66.9x NA NA
EBIT/Interest x 64.0x 83.9x 116.1x 176.4x 328.2x 674.0x 1192.8x 3798.9x NA NA
Current Ratio x 5.4x 7.2x 6.4x 5.5x 5.1x 7.3x 6.9x 6.6x 6.3x 6.0x
Days Receivables Days 60 60 60 60 60 60 60 60 60 60
Days Inventory Days 60 60 60 60 60 60 60 60 60 60
Days Payables Days 30 30 30 30 30 30 30 30 30 30
Revenue growth % NA 5.4% 5.4% 5.4% 5.4% 5.4% 5.5% 5.5% 5.5% 5.5%
EBITDA Margin % 22.8% 23.0% 23.3% 23.6% 23.8% 24.0% 24.2% 24.5% 24.7% 24.8%
ROIC % 20.3% 18.4% 19.0% 19.4% 19.9% 20.7% 21.6% 22.5% 23.5% 24.5%
ROE % 20.1% 17.8% 17.4% 18.5% 19.7% 18.9% 18.4% 19.5% 20.8% 22.1%
Revenues/Assets x 1.2x 1.1x 1.1x 1.2x 1.3x 1.2x 1.2x 1.3x 1.3x 1.4x
Invested Capital USD 5,150,000 7,043,547 7,226,320 7,494,913 7,834,673 7,969,221 8,111,193 8,261,001 8,419,077 8,585,879 8,761,887
Revenue USD/ kg 5.86 5.89 5.92 5.95 5.98 6.01 6.04 6.07 6.10 6.13
Processing USD/ kg (0.71) (0.71) (0.72) (0.72) (0.72) (0.73) (0.73) (0.73) (0.74) (0.74)
Feed USD/ kg (2.71) (2.72) (2.74) (2.75) (2.77) (2.78) (2.80) (2.82) (2.83) (2.85)
Day old chicks USD/ kg (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03)
Direct labor USD/ kg (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.02) (0.02) (0.02) (0.02)
Other Costs USD/ kg (0.61) (0.61) (0.62) (0.62) (0.62) (0.63) (0.63) (0.63) (0.64) (0.64)
Gross Profit USD/ kg 1.78 1.78 1.79 1.80 1.81 1.81 1.82 1.83 1.84 1.85
OPEX USD/ kg (0.44) (0.43) (0.41) (0.40) (0.38) (0.37) (0.36) (0.35) (0.33) (0.32)
EBITDA USD/ kg 1.33 1.36 1.38 1.40 1.42 1.44 1.46 1.48 1.50 1.52
Depreciaiton USD/ kg (0.14) (0.14) (0.15) (0.15) (0.17) (0.17) (0.18) (0.18) (0.18) (0.19)
EBIT USD/ kg 1.20 1.22 1.23 1.25 1.26 1.27 1.29 1.30 1.32 1.34
Interest USD/ kg (0.02) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) - -
Taxes USD/ kg (0.40) (0.41) (0.42) (0.42) (0.43) (0.43) (0.44) (0.44) (0.45) (0.45)
Net Income USD/ kg 0.78 0.79 0.81 0.82 0.83 0.84 0.85 0.86 0.87 0.88
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Poultry Farm Valuation August 8th, 2016
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All amounts in USD
Fixed Asset Schedules Closing 2016 F 2017 F 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F
CAPEX Plan
Trucks # 20,000 20,000 20,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
Equipment # 30,000 30,000 30,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Machineries # 50,000 50,000 50,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Buildings # 200,000 200,000 300,000 300,000 122,750 148,888 176,332 205,148 229,156 258,114
Total # 300,000 300,000 400,000 490,000 312,750 338,888 366,332 395,148 419,156 448,114
Trucks
Depreciation period Years 8
CAPEX # 20,000 20,000 20,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
Fixed Assets (Gross) # 50,000 70,000 90,000 110,000 150,000 190,000 230,000 270,000 310,000 350,000 390,000
Depreciation Schedule
Closing # 50,000 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 0 0
2016 F # 20,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 0
2017 F # 20,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
2018 F # 20,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500
2019 F # 40,000 5,000 5,000 5,000 5,000 5,000 5,000
2020 F # 40,000 5,000 5,000 5,000 5,000 5,000
2021 F # 40,000 5,000 5,000 5,000 5,000
2022 F # 40,000 5,000 5,000 5,000
2023 F # 40,000 5,000 5,000
2024 F # 40,000 5,000
2025 F # 40,000
Depreciation # 6,250 8,750 11,250 13,750 18,750 23,750 28,750 33,750 32,500 35,000
Accumulated depreciation # 0 6,250 15,000 26,250 40,000 58,750 82,500 111,250 145,000 177,500 212,500
Fixed Assets (Net) # 50,000 63,750 75,000 83,750 110,000 131,250 147,500 158,750 165,000 172,500 177,500
Equipment
Depreciation period Years 10
CAPEX # 30,000 30,000 30,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Fixed Assets (Gross) # 300,000 330,000 360,000 390,000 440,000 490,000 540,000 590,000 640,000 690,000 740,000
Depreciation schedule
Closing # 300,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
2016 F # 30,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
2017 F # 30,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
2018 F # 30,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
2019 F # 50,000 5,000 5,000 5,000 5,000 5,000 5,000
2020 F # 50,000 5,000 5,000 5,000 5,000 5,000
2021 F # 50,000 5,000 5,000 5,000 5,000
2022 F # 50,000 5,000 5,000 5,000
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Poultry Farm Valuation August 8th, 2016
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2023 F # 50,000 5,000 5,000
2024 F # 50,000 5,000
2025 F # 50,000
Depreciation # 30,000 33,000 36,000 39,000 44,000 49,000 54,000 59,000 64,000 69,000
Accumulated depreciation # 0 30,000 63,000 99,000 138,000 182,000 231,000 285,000 344,000 408,000 477,000
Fixed Assets (Net) # 300,000 300,000 297,000 291,000 302,000 308,000 309,000 305,000 296,000 282,000 263,000
Machineries
Depreciation period Years 10
CAPEX # 50,000 50,000 50,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Fixed Assets (Gross) # 1,000,000 1,050,000 1,100,000 1,150,000 1,250,000 1,350,000 1,450,000 1,550,000 1,650,000 1,750,000 1,850,000
Depreciation schedule
Closing # 1,000,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
2016 F # 50,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
2017 F # 50,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
2018 F # 50,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
2019 F # 100,000 10,000 10,000 10,000 10,000 10,000 10,000
2020 F # 100,000 10,000 10,000 10,000 10,000 10,000
2021 F # 100,000 10,000 10,000 10,000 10,000
2022 F # 100,000 10,000 10,000 10,000
2023 F # 100,000 10,000 10,000
2024 F # 100,000 10,000
2025 F # 100,000
Depreciation # 0 100,000 105,000 110,000 115,000 125,000 135,000 145,000 155,000 165,000 175,000
Accumulated depreciation # 0 100,000 205,000 315,000 430,000 555,000 690,000 835,000 990,000 1,155,000 1,330,000
Fixed Assets (Net) # 1,000,000 950,000 895,000 835,000 820,000 795,000 760,000 715,000 660,000 595,000 520,000
Buildings
Depreciation period Years 20
CAPEX # 200,000 200,000 300,000 300,000 122,750 148,888 176,332 205,148 229,156 258,114
Fixed Assets (Gross) # 1,500,000 1,700,000 1,900,000 2,200,000 2,500,000 2,622,750 2,771,638 2,947,969 3,153,118 3,382,274 3,640,387
Depreciation schedule
Closing # 1,500,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
2016 F # 200,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
2017 F # 200,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
2018 F # 300,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
2019 F # 300,000 15,000 15,000 15,000 15,000 15,000 15,000
2020 F # 122,750 6,138 6,138 6,138 6,138 6,138
2021 F # 148,888 7,444 7,444 7,444 7,444
2022 F # 176,332 8,817 8,817 8,817
2023 F # 205,148 10,257 10,257
2024 F # 229,156 11,458
2025 F # 258,114
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Poultry Farm Valuation August 8th, 2016
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Depreciation # 0 75,000 85,000 95,000 110,000 125,000 131,138 138,582 147,398 157,656 169,114
Accumulated depreciation # 0 75,000 160,000 255,000 365,000 490,000 621,138 759,719 907,118 1,064,774 1,233,887
Fixed Assets (Net) # 1,500,000 1,625,000 1,740,000 1,945,000 2,135,000 2,132,750 2,150,500 2,188,250 2,246,000 2,317,500 2,406,500
Land
Fixed Assets (Net) # 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Totals
CAPEX # 300,000 300,000 400,000 490,000 312,750 338,888 366,332 395,148 419,156 448,114
Gross Fixed Assets # 5,150,000 5,450,000 5,850,000 6,340,000 6,652,750 6,991,638 7,357,969 7,753,118 8,172,274 8,620,387
Depreciation # 211,250 231,750 252,250 277,750 312,750 338,888 366,332 395,148 419,156 448,114
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Confidential 17 / 18 06/18/2019