Table 17: Cash Flow Highlights Cash Flow Statement Highlights (RO 0005) 2017 2018 2019 2020 2022 2023 2021 Estimates 1.285 4735 2.727 2.990 3.158 3.104 2.700 3.093 2.921 1.877 207 3.303 (196) 115 3.348 9 2.921 3.365 10 30 69 62 62 62 2.000 8,153 0.2% 1.994 8.142 -18 62 1.995 8.092 1.995 8,132 053 1.593 5,030 NM (1.580) 2.558 (148) 1.809 1.994 9.829 8.140 95.45-17.236 192) 1.170 (2791 19.239 (146) (303) (25) 1.366 7.690 78.0463.00 190 112 59 46 79 197 10 8,439 363 (20) 6,223 8.424 8.110 8.152 05 (21.833) (21.833) (7) (7) Cash flow from operating activities Net profit before tax Adjustment for non-cash items Finance costs Asset retirement obligation-unwinding of discount Provision for impairment of other receivables Amortization of deferred financing charges Depreciation Operating cash flow before working capital adj. YOY (%C Inventories 261 Trade and other Pagebles Trade and other payables Amounts due to related parties Net cash from/(used in) operating activities YOY Cha Cash flow from investing activities Payment for purchase of PPE/ Capital WIP Net cash from/(used in) Investing activities Cash flows from financing activities Issue of Share capital Loan from shareholders Receipt/Repayment of equity bridge and facility loan Receipt of senior facility loan Repayment of senior facility loan Movement in restricted cash Finance costs paid Deferred financing costs Shareholder loan Principal repayments Working Capital Drawdown Repayment of working capital loan Repayment of shareholder loan Dividend Payment Net cash used in financing activities YOY (Chs Net increase in cash and cash equivalent Cash and cash equivalents at the beginning of year Cash and cash equivalents at the end of year YOYChal 24.250 (3.569) (3.731) (3,618) (3.248) (2.437 (3.468) (1.877) 10.253 13.475 13.405) 3.468 (3,303) 13,377) (3,094) 12.9181 2.918) (3.365) 13.0671 773 35 (161 082 1.500 (1.500 16.468 -145 858 721 1.579 119.ON 14.324) (1.944) (1.944) (1.944) 1.944) 3.466 (13.400) (8.642) 18.609) (8.488) (8.564) -79.0486.690 35.53 0.9% 4,825 15,710) (203) (185) (378) (412) 1.579 7.056 1.346 1.143 958 580 6.404 1.346 1.143 958 580 168 3056-79.0% -15.15-16.2% -39.5% -71.19 Balance Sheet Highlights (RO 000) 2017 2018 2019 2020 2022 2023 2021 Estimates 69.879 67,889 65.898 466 69.879 319 67,889 -2.8% 65,898 -2.9% 3,386 3,023 958 7,367 -1.6% 77.246 30% 3,386 3,044 580 7,010 4.8% 74,899 -3.0% 3.386 3,069 168 6,623 -5.5% 72,521 -32% 7,039 1.172 2,120 10,331 7,039 1.437 2.548 11,024 6.7% 7.039 1.667 2.668 11,374 3.2 Property. Plant and Equipment 87,957 75,706 73,866 71,870 Capital work in progress Other receivables 494 254 Total non-current assets 87,957 76,172 74,360 72,124 YOY Cha) 47.8% -13.4% -2.4% -3,0% Current assets Inventories 1,580 3,386 3,386 3,386 Trade and other receivables 867 2.548 2,794 2.958 Cash and cash equivalents 5.046 7,056 1.346 1.143 Total current assets 7,493 12.990 7,526 7,487 YoYi Cha) -1.18 73.4% -2.1% -0.5% Total Assets 95,450 89,162 81.886 79,611 YOY (6 Chy) -6.6% -8.2 -28% Equity and Liabilities Capital and reserves Share Capital 7,039 7,039 7.039 7,039 Legal reserve 197 442 647 902 Retained earnings 1.590 3.797 1.310 1,651 Total Equity 8,826 11,278 8.996 9.592 YOY Chg) NM 27.8% -20.2% 66% Non-current liabilities Equity bridge loan Senior facility loan-non-current 60,513 66,495 62.989 59,319 Provision for assets retirement obligation 3.979 152 168 185 Provision for end of service benefits 6 6 Deferred tax liability (net) 337 1.602 2.287 2.736 Total non-current liabilities 64,835 68,255 65,444 62,240 YOY ( Chu 63.438 5.3% -4.9% Current liabilities Loan from shareholders 6,539 3,067 Equity bridge loan Trade and other payables 12,333 3,090 3,064 3,260 Senior facility loan-current 2.549 3,407 3,569 3,731 Working Capital loan 773 738 Amount due to related parties 368 65 40 50 Total Current liabilities 21,789 9,629 7.446 7.779 YoYX Cha) -19.5% -55.8% -22.7% 4.5% Total liabilities 86,624 77,884 72.890 70,019 YOY Chad 10.11 -6,4% Total equity and liabilities 95,450 89,162 81,886 79.611 YoYX Chul 423 -8.2% -2.8% Surce: IPO Prospectus, GBCM Research 55,762 203 52,575 222 49,180 243 3.211 59,176 -4.93 3,678 56,475 4.6% 4,085 53,508 -5.3% 3,427 3.248 715 3,464 3,457 708 10 7,639 3,368 3,618 723 30 7.739 -0.5% 66,915 -4.49 77,246 -SZON 10 7,400 4.4% 63,875 -4.5% 74,899 -30% 61,147 4.38 72,521 Income Statement Highlights Income Statement Highlights (RO 000) 2017 2018 2019 2020 2022 2023 2021 Estimates 120.700 0.0257 16.8% 120.700 0.0272 5.9% 50.0% 0.0104 0.6% 120.700 0.0283 2.236 50.0% 0.0106 10% 50.0% 0.0104 0.9% 2,452 10.947 13,737 27,136 16.8% 2,638 11,016 15,071 28,725 5.9% 15.071 4,088 704 19,863 120,700 0.0276 1.8% 50.0% 0.0105 0.4% 2.680 11,056 15,499 29,235 1.8% 15,499 4,177 714 20,390 2.7% 8,845 -0.2% 2.724 11,170 15,976 29.870 2.2% 15.976 4.265 727 20,968 2.8% Capacity (in kW) 120,700 120,700 120.700 Revenue/kWh (In RO) 0.0088 0.0156 0.0220 YOY (%Chgl 77.5% 40.8% Plant Load Factor-GBCM Estimated 50.0% Capacity Charges/KWh (In RO) 0.0069 0.0106 0.0103 YoY (%Chg) 54.9% -3.5% Energy Charges 885 1.858 2,266 Capacity Charges 7.264 11,250 10,851 Other Charges 1.143 3,388 10,110 Revenue 9.292 16,496 23,227 YOY (%Chg 77.5% 40.8% Fuel Cost 2.193 3.763 10.110 Operating and Maintenance costs 1.715 3,251 3,642 Other operating costs (inc. Insurance) 311 805 660 Operating costs 4,219 7,819 14,412 YOY (%Chg) 85.3% 84.3% Gross Profit 5,073 8,677 8,815 YOY %Chg) 71.0% 1.6% Management Staff and Labour 326 349 Admin and General Exp 14 51 234 Consultants/ Auditors 127 89 105 Provision against other receivables 115 General & Admin expenses 318 581 688 YOY%Chg) 82.7% 18.4% EBITDA 4.755 8,096 8,127 YoY %Chg 70.3% 0.4% Depreciation 1.593 1.808 1.995 EBIT 3,162 6,288 6,132 YOY (%Chg) 98.9% -2.5% Finance Costs 1,877 3,303 3,448 Profit before Tax 1,285 4,735 2,727 YOY (%Chg) 268.5 -42.4% Taxation (588) (1.014) (685) Profit after tax 697 3,721 2,042 YOY%Chg) 433.9% -45.15 Source: IPO Prospectus, GBCM Research 13.737 3,866 689 18,292 26.9% 8,844 0.3% 362 238 8.6% 177 8,862 0.2% 375 241 107 389 245 8.902 0.6% 403 247 110 106 109 706 2.6% 743 2.8% 760 2.3% 723 2.4% 8,139 0.0% 8.138 0.1% 8,102 -0.5% 8.142 0.5% 2,005 6,133 0.0% 1.999 6,140 0.1% 2.000 6,102 -0.6% 2.000 6,142 0.7% 3,173 2,990 9.6% 2,997 3,158 5.6% 2,998 3,104 -1.7% 3,442 2.700 -13.0% (406) 2.294 -13.0% (450) 2,540 24.4% (475) 2,683 5.6% (467) 2,637 -1.7% A: Calculate the following Ratios for both years: 2018/2019 . Liquidity Ratios - Current and Quick Ratios Profitability Ratios - Gross Profit, Operating Profit, Net Profit Margin Ratios, ROA, ROE Financial Leverage/Gearing Ratios - Debt to Equity, Debt to Assets Ratios Cash flow Adequacy Ratio (Total Marks=20) Table 17: Cash Flow Highlights Cash Flow Statement Highlights (RO 0005) 2017 2018 2019 2020 2022 2023 2021 Estimates 1.285 4735 2.727 2.990 3.158 3.104 2.700 3.093 2.921 1.877 207 3.303 (196) 115 3.348 9 2.921 3.365 10 30 69 62 62 62 2.000 8,153 0.2% 1.994 8.142 -18 62 1.995 8.092 1.995 8,132 053 1.593 5,030 NM (1.580) 2.558 (148) 1.809 1.994 9.829 8.140 95.45-17.236 192) 1.170 (2791 19.239 (146) (303) (25) 1.366 7.690 78.0463.00 190 112 59 46 79 197 10 8,439 363 (20) 6,223 8.424 8.110 8.152 05 (21.833) (21.833) (7) (7) Cash flow from operating activities Net profit before tax Adjustment for non-cash items Finance costs Asset retirement obligation-unwinding of discount Provision for impairment of other receivables Amortization of deferred financing charges Depreciation Operating cash flow before working capital adj. YOY (%C Inventories 261 Trade and other Pagebles Trade and other payables Amounts due to related parties Net cash from/(used in) operating activities YOY Cha Cash flow from investing activities Payment for purchase of PPE/ Capital WIP Net cash from/(used in) Investing activities Cash flows from financing activities Issue of Share capital Loan from shareholders Receipt/Repayment of equity bridge and facility loan Receipt of senior facility loan Repayment of senior facility loan Movement in restricted cash Finance costs paid Deferred financing costs Shareholder loan Principal repayments Working Capital Drawdown Repayment of working capital loan Repayment of shareholder loan Dividend Payment Net cash used in financing activities YOY (Chs Net increase in cash and cash equivalent Cash and cash equivalents at the beginning of year Cash and cash equivalents at the end of year YOYChal 24.250 (3.569) (3.731) (3,618) (3.248) (2.437 (3.468) (1.877) 10.253 13.475 13.405) 3.468 (3,303) 13,377) (3,094) 12.9181 2.918) (3.365) 13.0671 773 35 (161 082 1.500 (1.500 16.468 -145 858 721 1.579 119.ON 14.324) (1.944) (1.944) (1.944) 1.944) 3.466 (13.400) (8.642) 18.609) (8.488) (8.564) -79.0486.690 35.53 0.9% 4,825 15,710) (203) (185) (378) (412) 1.579 7.056 1.346 1.143 958 580 6.404 1.346 1.143 958 580 168 3056-79.0% -15.15-16.2% -39.5% -71.19 Balance Sheet Highlights (RO 000) 2017 2018 2019 2020 2022 2023 2021 Estimates 69.879 67,889 65.898 466 69.879 319 67,889 -2.8% 65,898 -2.9% 3,386 3,023 958 7,367 -1.6% 77.246 30% 3,386 3,044 580 7,010 4.8% 74,899 -3.0% 3.386 3,069 168 6,623 -5.5% 72,521 -32% 7,039 1.172 2,120 10,331 7,039 1.437 2.548 11,024 6.7% 7.039 1.667 2.668 11,374 3.2 Property. Plant and Equipment 87,957 75,706 73,866 71,870 Capital work in progress Other receivables 494 254 Total non-current assets 87,957 76,172 74,360 72,124 YOY Cha) 47.8% -13.4% -2.4% -3,0% Current assets Inventories 1,580 3,386 3,386 3,386 Trade and other receivables 867 2.548 2,794 2.958 Cash and cash equivalents 5.046 7,056 1.346 1.143 Total current assets 7,493 12.990 7,526 7,487 YoYi Cha) -1.18 73.4% -2.1% -0.5% Total Assets 95,450 89,162 81.886 79,611 YOY (6 Chy) -6.6% -8.2 -28% Equity and Liabilities Capital and reserves Share Capital 7,039 7,039 7.039 7,039 Legal reserve 197 442 647 902 Retained earnings 1.590 3.797 1.310 1,651 Total Equity 8,826 11,278 8.996 9.592 YOY Chg) NM 27.8% -20.2% 66% Non-current liabilities Equity bridge loan Senior facility loan-non-current 60,513 66,495 62.989 59,319 Provision for assets retirement obligation 3.979 152 168 185 Provision for end of service benefits 6 6 Deferred tax liability (net) 337 1.602 2.287 2.736 Total non-current liabilities 64,835 68,255 65,444 62,240 YOY ( Chu 63.438 5.3% -4.9% Current liabilities Loan from shareholders 6,539 3,067 Equity bridge loan Trade and other payables 12,333 3,090 3,064 3,260 Senior facility loan-current 2.549 3,407 3,569 3,731 Working Capital loan 773 738 Amount due to related parties 368 65 40 50 Total Current liabilities 21,789 9,629 7.446 7.779 YoYX Cha) -19.5% -55.8% -22.7% 4.5% Total liabilities 86,624 77,884 72.890 70,019 YOY Chad 10.11 -6,4% Total equity and liabilities 95,450 89,162 81,886 79.611 YoYX Chul 423 -8.2% -2.8% Surce: IPO Prospectus, GBCM Research 55,762 203 52,575 222 49,180 243 3.211 59,176 -4.93 3,678 56,475 4.6% 4,085 53,508 -5.3% 3,427 3.248 715 3,464 3,457 708 10 7,639 3,368 3,618 723 30 7.739 -0.5% 66,915 -4.49 77,246 -SZON 10 7,400 4.4% 63,875 -4.5% 74,899 -30% 61,147 4.38 72,521 Income Statement Highlights Income Statement Highlights (RO 000) 2017 2018 2019 2020 2022 2023 2021 Estimates 120.700 0.0257 16.8% 120.700 0.0272 5.9% 50.0% 0.0104 0.6% 120.700 0.0283 2.236 50.0% 0.0106 10% 50.0% 0.0104 0.9% 2,452 10.947 13,737 27,136 16.8% 2,638 11,016 15,071 28,725 5.9% 15.071 4,088 704 19,863 120,700 0.0276 1.8% 50.0% 0.0105 0.4% 2.680 11,056 15,499 29,235 1.8% 15,499 4,177 714 20,390 2.7% 8,845 -0.2% 2.724 11,170 15,976 29.870 2.2% 15.976 4.265 727 20,968 2.8% Capacity (in kW) 120,700 120,700 120.700 Revenue/kWh (In RO) 0.0088 0.0156 0.0220 YOY (%Chgl 77.5% 40.8% Plant Load Factor-GBCM Estimated 50.0% Capacity Charges/KWh (In RO) 0.0069 0.0106 0.0103 YoY (%Chg) 54.9% -3.5% Energy Charges 885 1.858 2,266 Capacity Charges 7.264 11,250 10,851 Other Charges 1.143 3,388 10,110 Revenue 9.292 16,496 23,227 YOY (%Chg 77.5% 40.8% Fuel Cost 2.193 3.763 10.110 Operating and Maintenance costs 1.715 3,251 3,642 Other operating costs (inc. Insurance) 311 805 660 Operating costs 4,219 7,819 14,412 YOY (%Chg) 85.3% 84.3% Gross Profit 5,073 8,677 8,815 YOY %Chg) 71.0% 1.6% Management Staff and Labour 326 349 Admin and General Exp 14 51 234 Consultants/ Auditors 127 89 105 Provision against other receivables 115 General & Admin expenses 318 581 688 YOY%Chg) 82.7% 18.4% EBITDA 4.755 8,096 8,127 YoY %Chg 70.3% 0.4% Depreciation 1.593 1.808 1.995 EBIT 3,162 6,288 6,132 YOY (%Chg) 98.9% -2.5% Finance Costs 1,877 3,303 3,448 Profit before Tax 1,285 4,735 2,727 YOY (%Chg) 268.5 -42.4% Taxation (588) (1.014) (685) Profit after tax 697 3,721 2,042 YOY%Chg) 433.9% -45.15 Source: IPO Prospectus, GBCM Research 13.737 3,866 689 18,292 26.9% 8,844 0.3% 362 238 8.6% 177 8,862 0.2% 375 241 107 389 245 8.902 0.6% 403 247 110 106 109 706 2.6% 743 2.8% 760 2.3% 723 2.4% 8,139 0.0% 8.138 0.1% 8,102 -0.5% 8.142 0.5% 2,005 6,133 0.0% 1.999 6,140 0.1% 2.000 6,102 -0.6% 2.000 6,142 0.7% 3,173 2,990 9.6% 2,997 3,158 5.6% 2,998 3,104 -1.7% 3,442 2.700 -13.0% (406) 2.294 -13.0% (450) 2,540 24.4% (475) 2,683 5.6% (467) 2,637 -1.7% A: Calculate the following Ratios for both years: 2018/2019 . Liquidity Ratios - Current and Quick Ratios Profitability Ratios - Gross Profit, Operating Profit, Net Profit Margin Ratios, ROA, ROE Financial Leverage/Gearing Ratios - Debt to Equity, Debt to Assets Ratios Cash flow Adequacy Ratio (Total Marks=20)