Income Statement												
													
	 All figures in USD thousands unless stated  				2020A	2021A	2022A	2023F	2024F	2025F	2026F	2027F	
	 Model Running: Base Case Drivers  												
													
	Inflation				 2.5% 	 3.5% 	 4.5% 	 5.0% 	 5.0% 	 3.0% 	 2.0% 	 2.0% 	
													
													
	Revenue				 30,628 	 34,847 	 47,365 						
	COGS				(31,457)	(32,866)	(35,566)						
	Gross Profit												
													
													
	SG&A				(1,284)	(1,329)	(1,389)	(1,458)	(1,531)	(1,577)	(1,609)	(1,641)	
	Other				(750)	(776)	(811)	(852)	(894)	(921)	(940)	(958)	
	EBITDA												
													
													
	Depreciation				(9,234)	(9,861)	(10,245)						
	EBIT												
													
													
	Interest Expense				(2,400)	(2,160)	(1,920)						
	Interest Income				 171 	 33 	 14 						
	EBT												
													
													
	Current Tax				 – 	 – 	 – 						
	Deferred Tax				 – 	 – 	 – 						
	Total Tax												
													
													
	Net Income												
													
													
													
 	Cash Flow Statement												
													
	 All figures in USD thousands unless stated  				2020A	2021A	2022A	2023F	2024F	2025F	2026F	2027F	
	 Model Running: Base Case Drivers  												
													
													
	CASH FROM OPERATIONS												
	Net Income												
	Deferred Taxes												
	Depreciation												
	Cash From Accounts Receivable				(600)	(525)	212 						
	Cash From Inventory				(400)	(131)	(86)						
	Cash From Accounts Payable				(260)	181 	114 						
	Subtotal												
													
													
	CASH FROM INVESTING												
	Capital Expenditure				(7,125)	(7,265)	(7,482)						
	Subtotal												
													
													
	CASH FROM FINANCING												
	Change in Long-Term Debt				(4,000)	(4,000)	(4,000)						
	Change in Revolving Credit Line				-	-	2,000 						
	Change in Common Equity				-	13,000 	-						
	Dividends				-	-	-						
	Subtotal												
													
													
	CASH BALANCE												
	Beginning of the Year				20,165 								
	Increase / (Decrease)												
	End of the Year												
													
													
													
 	Balance Sheet												
													
	 All figures in USD thousands unless stated  				2020A	2021A	2022A	2023F	2024F	2025F	2026F	2027F	
	 Model Running: Base Case Drivers  												
													
	ASSETS												
													
	Cash												
	Accounts Receivable				 5,008 	 5,533 	 5,321 						
	Inventories				 1,892 	 2,023 	 2,109 						
	Total Current Assets												
													
	Property Plant & Equipment				 118,411 	 115,815 	 113,052 						
													
													
	Total Assets												
													
													
	LIABILITIES												
													
	Accounts Payable				 3,024 	 3,205 	 3,319 						
	Revolving Credit Line				 – 	 – 	 2,000 						
	Total Current Liabilities												
													
	Deferred Taxes				 6,290 	 6,290 	 6,290 						
	Long-Term Debt				 40,000 	 36,000 	 32,000 						
	Total Liabilities												
													
													
	EQUITY												
													
	Common Equity				 55,138 	 68,138 	 68,138 						
	Retained Earnings				 23,548 	 11,436 	 8,885 						
	Total Shareholders' Equity												
													
													
	Total Liabilities & Equity												
													
													
	Check				 – 	 – 	 – 	 – 	 – 	 – 	 – 	 – 	
													
													
													
   	Revenue Schedule												
													
	 All figures in USD thousands unless stated  				2020A	2021A	2022A	2023F	2024F	2025F	2026F	2027F	
	 Model Running: Base Case Drivers  												
													
													
	OPERATIONS												
													
	Sales Volume Growth					 5.3% 	 19.2% 	 –  	 –  	 –  	 –  	 –  	
													
	Sales Volume		(Units/Day)		 1,234 	 1,300 	 1,550 	 1,550 	 1,550 	 1,550 	 1,550 	 1,550 	
	Plant Capacity		(Units/Day)		 2,000 	 2,000 	 2,000 	 2,000 	 2,000 	 2,000 	 2,000 	 2,000 	
	Operational Efficiency				 61.7% 	 65.0% 	 77.5% 	 77.5% 	 77.5% 	 77.5% 	 77.5% 	 77.5% 	
													
													
													
	VOLUME												
													
	Days in Period				 365 	 365 	 365 	 365 	 365 	 365 	 365 	 365 	
	Sales Volume		(Units/Day)		 1,234 	 1,300 	 1,550 	 1,550 	 1,550 	 1,550 	 1,550 	 1,550 	
	Sales Volume		(Units)		 450,410 	 474,500 	 565,750 	 565,750 	 565,750 	 565,750 	 565,750 	 565,750 	
													
													
	PRICING												
													
	Pricing Increases					 8.0% 	 14.0% 	 –  	 –  	 –  	 –  	 –  	
	Unit Price		(USD/Unit)		 68.00 	 73.44 	 83.72 	 83.72 	 83.72 	 83.72 	 83.72 	 83.72 	
													
													
	REVENUE												
													
	Sales Volume		(Units)		 450,410 	 474,500 	 565,750 	 565,750 	 565,750 	 565,750 	 565,750 	 565,750 	
	Sales Price		(USD/Unit)		 68.00 	 73.44 	 83.72 	 83.72 	 83.72 	 83.72 	 83.72 	 83.72 	
	Revenue				 30,628 	 34,847 	 47,365 	 47,365 	 47,365 	 47,365 	 47,365 	 47,365 	
													
													
													
	Operational Capacity Exceeded?				No	No	No	No	No	No	No	No	
													
													
													
 	Cost Schedule												
													
	 All figures in USD thousands unless stated  				2020A	2021A	2022A	2023F	2024F	2025F	2026F	2027F	
	 Model Running: Base Case Drivers  												
													
	Sales Volume				 450,410 	 474,500 	 565,750 	 565,750 	 565,750 	 565,750 	 565,750 	 565,750 	
	Inflation				 2.5% 	 3.5% 	 4.5% 	 5.0% 	 5.0% 	 3.0% 	 2.0% 	 2.0% 	
													
	VARIABLE COSTS												
													
	Materials		(USD/Unit)		 11.12 	 11.51 	 12.03 	 12.63 	 13.26 	 13.66 	 13.93 	 14.21 	
	Packaging		(USD/Unit)		 1.25 	 1.29 	 1.35 	 1.42 	 1.49 	 1.54 	 1.57 	 1.60 	
	Subtotal				 12.37 	 12.80 	 13.38 	 14.05 	 14.75 	 15.19 	 15.50 	 15.81 	
													
	Materials				 5,009 	 5,461 	 6,804 	 7,145 	 7,502 	 7,727 	 7,881 	 8,039 	
	Packaging				 563 	 614 	 765 	 803 	 843 	 869 	 886 	 904 	
	Subtotal				 5,572 	 6,075 	 7,569 	 7,948 	 8,345 	 8,595 	 8,767 	 8,943 	
													
													
	FIXED COSTS												
													
	Labor		(USD/Unit)		 38.15 	 37.48 	 32.85 	 34.49 	 36.22 	 37.30 	 38.05 	 38.81 	
	Utilities		(USD/Unit)		 19.32 	 18.98 	 16.64 	 17.47 	 18.34 	 18.89 	 19.27 	 19.65 	
	Subtotal				 57.47 	 56.46 	 49.49 	 51.96 	 54.56 	 56.19 	 57.32 	 58.47 	
													
	Labor				 17,183 	 17,784 	 18,585 	 19,514 	 20,490 	 21,104 	 21,526 	 21,957 	
	Utilities				 8,702 	 9,007 	 9,412 	 9,882 	 10,377 	 10,688 	 10,902 	 11,120 	
	Subtotal				 25,885 	 26,791 	 27,997 	 29,396 	 30,866 	 31,792 	 32,428 	 33,077 	
													
													
	SUMMARY												
													
	Variable Costs		(USD/Unit)		 12.37 	 12.80 	 13.38 	 14.05 	 14.75 	 15.19 	 15.50 	 15.81 	
	Fixed Costs		(USD/Unit)		 57.47 	 56.46 	 49.49 	 51.96 	 54.56 	 56.19 	 57.32 	 58.47 	
	Total Costs		(USD/Unit)		 69.84 	 69.26 	 62.86 	 66.01 	 69.31 	 71.39 	 72.82 	 74.27 	
													
	Variable Costs				 5,572 	 6,075 	 7,569 	 7,948 	 8,345 	 8,595 	 8,767 	 8,943 	
	Fixed Costs				 25,885 	 26,791 	 27,997 	 29,396 	 30,866 	 31,792 	 32,428 	 33,077 	
	Total Costs				 31,457 	 32,866 	 35,566 	 37,344 	 39,211 	 40,388 	 41,195 	 42,019 	
													
													
													
 	Working Capital Schedule												
													
	 All figures in USD thousands unless stated  				2020A	2021A	2022A	2023F	2024F	2025F	2026F	2027F	
	 Model Running: Base Case Drivers  												
													
	Days in Period				 365 	 365 	 365 	 365 	 365 	 365 	 365 	 365 	
	Revenue				 30,628 	 34,847 	 47,365 	 – 	 – 	 – 	 – 	 – 	
	COGS				 31,457 	 32,866 	 35,566 	 – 	 – 	 – 	 – 	 – 	
													
													
	AMOUNTS PER DAY												
	Accounts Receivable		(Days)		 60 	 58 	 41 	 40 	 40 	 40 	 40 	 40 	
	Inventory		(Days)		 22 	 22 	 22 	 25 	 25 	 25 	 25 	 25 	
	Accounts Payable		(Days)		 35 	 36 	 34 	 34 	 34 	 34 	 34 	 34 	
													
													
	TOTAL AMOUNTS												
	Accounts Receivable				 5,008 	 5,533 	 5,321 	 – 	 – 	 – 	 – 	 – 	
	Inventory				 1,892 	 2,023 	 2,109 	 – 	 – 	 – 	 – 	 – 	
	Accounts Payable				 3,024 	 3,205 	 3,319 	 – 	 – 	 – 	 – 	 – 	
													
													
													
													
	CASH CHANGES												
	Accounts Receivable					(525)	 212 	 5,321 	 – 	 – 	 – 	 – 	
	Inventory					(131)	(86)	 2,109 	 – 	 – 	 – 	 – 	
	Accounts Payable					 181 	 114 	(3,319)	 – 	 – 	 – 	 – 	
	Cash from Working Capital Items					(475)	 240 	 4,111 	 – 	 – 	 – 	 – 	
													
													
													
													
													
 	Depreciation Schedule												
													
	 All figures in USD thousands unless stated  						2022A	2023F	2024F	2025F	2026F	2027F	
	 Model Running: Base Case Drivers  												
													
	Capital Expenditure 							 – 	 – 	 – 	 – 	 – 	
													
													
	EXISTING ASSETS 1							Percent of Full Year					
	Useful Life	(Years)	 10.00 					Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	
	PP&E	(End of 2022)	 113,052 					 100% 	 100% 	 100% 	 100% 	 100% 	
													
													
								Percent of Full Year					
	NEW ASSETS 1				Year	Life		2023F 	2024F 	2025F 	2026F 	2027F 	
	Useful Life	(Years)	 15.00 		2023F	15.00 		 50% 	 100% 	 100% 	 100% 	 100% 	
	First Year Amount		 50% 		2024F	15.00 		 –  	 50% 	 100% 	 100% 	 100% 	
					2025F	15.00 		 –  	 –  	 50% 	 100% 	 100% 	
					2026F	15.00 		 –  	 –  	 –  	 50% 	 100% 	
					2027F	15.00 		 –  	 –  	 –  	 –  	 50% 	
													
													
								Amounts for Depreciation					
					Year	Capex	Per Yr	2023F 	2024F 	2025F 	2026F 	2027F 	
					2023F	-	-	 – 	 – 	 – 	 – 	 – 	
					2024F	-	-	 – 	 – 	 – 	 – 	 – 	
					2025F	-	-	 – 	 – 	 – 	 – 	 – 	
					2026F	-	-	 – 	 – 	 – 	 – 	 – 	
					2027F	-	-	 – 	 – 	 – 	 – 	 – 	
How much Cash will the company have at the end of 2026 when running the Best Case Drivers?


23.482 million
0.000 million
6.837 million
45.858 million