Spreadsheet: 88615d1288388990-one-way-data-table-data-table
Sheet: DIY - Base Cann Sen 

Major Assumptions
1. | All Company Sales are now included
2. | VFs starts own operations in Australia and invests heavily in SG&A in the first two years to prove the global opportunity as a rollout.
3. | Global expansion only starts after Australia has been running 12 mths and which then convinces a major license partner to launch in 3 smaller markets commencing July 2012
4. | The major global rollout doesn't occur until July 2013 when the USA, Japan & Korea start
5.
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's |  |  | Market | Launch
Statement of Financial Performance |  |  |  |  |  |  |  |  |  |  | Multiple | Date
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Sales Volume - '000's Bottles (60 caps)
New Zealand |  | 71 | 133 | 159.6 | 175.56 | 184.338 | 193.5549 | 203.232645 | 213.3942772500001 | 224.0639911125001
Australia |  |  |  | 250 | 350 | 455 | 546 | 627.9 | 690.69 | 725.2245 |  | 2011-07-01 00:00:00
USA |  |  |  |  |  | 5500 | 7699.999999999999 | 10010 | 12012 | 13813.8 | 22 | 2013-07-01 00:00:00
Germany |  |  |  |  | 1380 | 2070 | 2898 | 3767.4 | 4520.88 | 4972.968000000001 | 5.52 | 2012-07-01 00:00:00
UK |  |  |  |  | 810 | 1215 | 1701 | 2211.3 | 2653.56 | 2918.916 | 3.24 | 2012-07-01 00:00:00
France |  |  |  |  | 1407.5 | 2111.25 | 2955.75 | 3842.475 | 4610.969999999999 | 5072.067 | 5.63 | 2012-07-01 00:00:00
Japan |  |  |  |  |  | 1575 | 2205 | 2866.5 | 3439.8 | 3955.77 | 6.3 | 2013-07-01 00:00:00
Korea |  |  |  |  |  | 1000 | 1400 | 1820 | 2184 | 2511.6 | 4 | 2013-07-01 00:00:00
Brazil |  |  |  |  |  |  | 1250 | 1750 | 2275 | 2730 | 5 | 2014-07-01 00:00:00
Canada |  |  |  |  |  |  | 340 | 475.9999999999999 | 618.8 | 742.56 | 1.36 | 2014-07-01 00:00:00
Italy |  |  |  |  |  |  | 1280 | 1792 | 2329.6 | 2795.52 | 5.12 | 2014-07-01 00:00:00
China |  |  |  |  |  |  | 2217.5 | 3104.5 | 4035.85 | 4843.02 | 8.87 | 2014-07-01 00:00:00
Asia - Other |  |  |  |  |  |  |  | 1000 | 1400 | 1820 | 4 | 2015-07-01 00:00:00
Europe - Other |  |  |  |  |  |  |  | 1750 | 2450 | 3185 | 7 | 2015-07-01 00:00:00
Latin America - Other |  |  |  |  |  |  |  | 750 | 1050 | 1365 | 3 | 2015-07-01 00:00:00
 | Total Volume Bottles | 71 | 133 | 409.6 | 4123.059999999999 | 14110.588 | 24686.8049 | 35971.30764499999 | 44484.54427725 | 51675.50949111249
Sales Volume Zyactinase Powder - tonnes
USA |  | 0 | 0 | 0 | 0 | 189.75 | 265.6499999999999 | 345.345 | 414.414 | 476.5761
Germany |  | 0 | 0 | 0 | 47.61 | 71.415 | 99.981 | 129.9753 | 155.97036 | 171.567396
UK |  | 0 | 0 | 0 | 27.945 | 41.9175 | 58.6845 | 76.28985 | 91.54781999999999 | 100.702602
France |  | 0 | 0 | 0 | 48.55875 | 72.838125 | 101.973375 | 132.5653875 | 159.078465 | 174.9863115
Japan |  | 0 | 0 | 0 | 0 | 54.3375 | 76.0725 | 98.89425 | 118.6731 | 136.474065
Korea |  | 0 | 0 | 0 | 0 | 34.5 | 48.3 | 62.79 | 75.348 | 86.6502
Brazil |  | 0 | 0 | 0 | 0 | 0 | 43.125 | 60.375 | 78.4875 | 94.185
Canada |  | 0 | 0 | 0 | 0 | 0 | 11.73 | 16.422 | 21.3486 | 25.61832
Italy |  | 0 | 0 | 0 | 0 | 0 | 44.16 | 61.824 | 80.3712 | 96.44544
China |  | 0 | 0 | 0 | 0 | 0 | 76.50375 | 107.10525 | 139.236825 | 167.08419
Asia |  | 0 | 0 | 0 | 0 | 0 | 0 | 34.5 | 48.3 | 62.79
Europe |  | 0 | 0 | 0 | 0 | 0 | 0 | 60.375 | 84.525 | 109.8825
Latin America |  | 0 | 0 | 0 | 0 | 0 | 0 | 25.875 | 36.225 | 47.0925
 | Total Volume Powder | 0 | 0 | 0 | 124.11375 | 464.758125 | 826.1801249999999 | 1212.3360375 | 1503.52587 | 1750.0546245
Sales Unit Selling Price per  bottle
New Zealand |  | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13
Australia |  | 15.36 | 15.36 | 15.36 | 15.36 | 15.36 | 15.36 | 15.36 | 15.36 | 15.36
Unit Selling Price - Zyactinase per kg
USA |  |  |  |  |  | 126.75 | 123.58125 | 120.49171875 | 120.49171875 | 120.49171875
Germany |  |  |  |  | 130 | 126.75 | 126.75 | 126.75 | 126.75 | 126.75
UK |  |  |  |  | 130 | 130 | 130 | 126.75 | 126.75 | 126.75
France |  |  |  |  | 130 | 126.75 | 123.58125 | 126.75 | 126.75 | 126.75
Japan |  |  |  |  | 130 | 130 | 130 | 126.75 | 126.75 | 126.75
Korea |  |  |  |  | 130 | 130 | 126.75 | 126.75 | 126.75 | 126.75
Brazil |  |  |  |  |  | 130 | 126.75 | 126.75 | 126.75 | 123.58125
Canada |  |  |  |  |  | 130 | 130 | 130 | 130 | 130
Italy |  |  |  |  |  | 130 | 126.75 | 126.75 | 126.75 | 123.58125
China |  |  |  |  |  | 130 | 126.75 | 123.58125 | 120.49171875 | 120.49171875
Asia |  |  |  |  |  |  | 130 | 130 | 126.75 | 126.75
Europe |  |  |  |  |  |  | 130 | 126.75 | 123.58125 | 123.58125
Latin America |  |  |  |  |  |  | 130 | 130 | 130 | 126.75
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Statement of Financial Performance
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Sales Revenue - $'000's |  |  |  |  |  |  |  |  |  |  | Cannibalization | Enterprise value
 | Phloe | 923 | 1729 | 2074.8 | 2282.28 | 2396.394 | 2516.2137 | 2642.024385000001 | 2774.125604250001 | 2912.831884462501 |  | 50375.40307804097
 | [NAME] | 801 | 694 | 728.7 | 765.1350000000001 | 803.3917500000001 | 843.5613375000001 | 885.7394043750002 | 930.0263745937502 | 976.5276933234378
 | Contract FD | 653 | 489 | 250
New Zealand |  | 2377 | 2912 | 3053.5 | 3047.415 | 3199.78575 | 3359.775037500001 | 3527.763789375001 | 3704.151978843751 | 3889.359577785939
Australia |  |  |  | 3840 | 5376 | 6988.8 | 8386.56 | 9644.544 | 10608.9984 | 11139.44832
USA |  |  |  |  | 0 | 24050.8125 | 32829.35906249999 | 41611.21261171875 | 49933.4551340625 | 57423.47340417187
Germany |  |  |  |  | 6189.3 | 9051.851250000002 | 12672.59175 | 16474.369275 | 19769.24313 | 21746.167443
UK |  |  |  |  | 3632.85 | 5449.275 | 7628.985 | 9669.7384875 | 11603.686185 | 12764.0548035
France |  |  |  |  | 6312.637500000001 | 9232.23234375 | 12601.99714921875 | 16802.662865625 | 20163.19543875 | 22179.514982625
Japan |  |  |  |  |  | 7063.875 | 9889.425000000001 | 12534.8461875 | 15041.815425 | 17298.08773875
 |  |  |  |  |  | 4485 | 6122.025 | 7958.6325 | 9550.359 | 10982.91285
Brazil |  |  |  |  |  | 0 | 5466.09375 | 7652.53125 | 9948.290625 | 11639.50003125
Canada |  |  |  |  |  | 0 | 1524.9 | 2134.86 | 2775.318 | 3330.3816
Italy |  |  |  |  |  | 0 | 5597.28 | 7836.192 | 10187.0496 | 11918.848032
China |  |  |  |  |  | 0 | 9696.850312499999 | 13236.2006765625 | 16776.88435754297 | 20132.26122905156
Asia |  |  |  |  |  |  | 0 | 4485 | 6122.025 | 7958.6325
Europe |  |  |  |  |  |  | 0 | 7652.53125 | 10445.70515625 | 13579.416703125
Latin America |  |  |  |  |  |  | 0 | 3363.75 | 4709.25 | 5968.974375
 |  | 2377 | 2912 | 6893.5 | 24558.2025 | 69521.63184375 | 115775.8420617187 | 164584.8348932813 | 201339.4274304492 | 231951.0335902594
Assumptions
 | NZ & Australia will be the only markets where VFs fully services the market including Sales & Marketing etc
 | Sales volumes have been converted into one SKU only being 60 capsules per bottle
 | 1,000 bottles of Phloe requires 34.5 kgs of zyactinase powder
 | Unit selling price in NZ & Aust is Net Selling Price for a finished product whilst in all other markets have assumed ingredient only
 | The selling price of bulk zyactinase powder will decrease as volume increases and quantity discounts start
 | Selling Price | per KG
 | Base Price | 130
 | >50,000kgs | 126.75
 | >100,000kgs | 123.58125
 | >200,000kgs | 120.49171875
 | >300,000kgs | 117.47942578125
 | >400,000kgs | 114.5424401367187
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Statement of Financial Performance
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
[NAME]
[NAME] per kg |  |  | 45.80400000000001 | 39 | 36.8 | 35.2 | 35.2 | 35.2 | 35.2 | 35.2
Gross Margin %
 | Phloe | 0.32 | 0.5 | 0.6 | 0.63 | 0.66 | 0.67 | 0.67 | 0.67 | 0.67
 | [NAME] | 0.112 | 0.18 | 0.25 | 0.26 | 0.27 | 0.28 | 0.28 | 0.28 | 0.28
 | Contract FD | 0.05 | 0.1 | 0.12
New Zealand
Australia |  |  |  | 0.57 | 0.6 | 0.6 | 0.63 | 0.66 | 0.67 | 0.68
USA |  |  |  |  |  | 0.7222879684418145 | 0.7151671471198098 | 0.7078637406357023 | 0.7078637406357023 | 0.7078637406357023
Germany |  |  |  |  | 0.716923076923077 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145
UK |  |  |  |  | 0.716923076923077 | 0.7292307692307692 | 0.7292307692307692 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145
France |  |  |  |  | 0.716923076923077 | 0.7222879684418145 | 0.7151671471198098 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145
Japan |  |  |  |  | 0.716923076923077 | 0.7292307692307692 | 0.7292307692307692 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145
Korea |  |  |  |  |  | 0.7292307692307692 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145
Brazil |  |  |  |  |  | 0.7292307692307692 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145 | 0.7151671471198098
Canada |  |  |  |  |  | 0.7292307692307692 | 0.7292307692307692 | 0.7292307692307692 | 0.7292307692307692 | 0.7292307692307692
Italy |  |  |  |  |  | 0.7292307692307692 | 0.7222879684418145 | 0.7222879684418145 | 0.7222879684418145 | 0.7151671471198098
China |  |  |  |  |  | 0.7292307692307692 | 0.7222879684418145 | 0.7151671471198098 | 0.7078637406357023 | 0.7078637406357023
Asia |  |  |  |  |  |  | 0.7292307692307692 | 0.7292307692307692 | 0.7222879684418145 | 0.7222879684418145
Europe |  |  |  |  |  |  | 0.7292307692307692 | 0.7222879684418145 | 0.7151671471198098 | 0.7151671471198098
Latin America |  |  |  |  |  |  | 0.7292307692307692 | 0.7292307692307692 | 0.7292307692307692 | 0.7222879684418145
Gross Margin - $,000's
 | Phloe | 295.36 | 864.5 | 1244.88 | 1437.8364 | 1581.62004 | 1685.863179 | 1770.156337950001 | 1858.664154847501 | 1951.597362589876
 | [NAME] | 89.712 | 124.92 | 182.175 | 198.9351 | 216.9157725000001 | 236.1971745000001 | 248.0070332250001 | 260.4073848862501 | 273.4277541305626
 | Contract | 32.65 | 48.90000000000001 | 30 | 0 | 0 | 0 | 0 | 0 | 0
New Zealand |  | 417.722 | 1038.32 | 1457.055 | 1636.7715 | 1798.5358125 | 1922.0603535 | 2018.163371175001 | 2119.071539733751 | 2225.025116720438
Australia |  |  |  | 2188.8 | 3225.6 | 4193.28 | 5283.5328 | 6365.39904 | 7108.028928000001 | 7574.824857600001
USA |  |  |  | 0 | 0 | 17371.6125 | 23478.47906249999 | 29455.06861171875 | 35346.08233406249 | 40647.99468417187
Germany |  |  |  | 0 | 4437.252 | 6538.043250000001 | 9153.260549999999 | 11899.238715 | 14279.086458 | 15706.9951038
UK |  |  |  |  | 2604.474 | 3973.779 | 5563.2906 | 6984.3357675 | 8381.202920999998 | 9219.323213099999
France |  |  |  |  | 4525.675500000001 | 6668.330343749999 | 9012.53434921875 | 12136.361225625 | 14563.63347075 | 16019.996817825
Japan |  |  |  |  |  | 5151.195 | 7211.673000000001 | 9053.768587499999 | 10864.522305 | 12494.20065075
Korea |  |  |  |  |  | 3270.6 | 4421.865 | 5748.424499999999 | 6898.109399999999 | 7932.825809999999
Brazil |  |  |  |  |  | 0 | 3948.09375 | 5527.331249999999 | 7185.530624999999 | 8324.18803125
Italy |  |  |  |  |  | 0 | 1112.004 | 1556.8056 | 2023.84728 | 2428.616736
China |  |  |  |  |  | 0 | 4042.848 | 5659.9872 | 7357.983359999999 | 8523.968544
Canada |  |  |  |  |  | 0 | 1112.004 | 1556.8056 | 2023.84728 | 2428.616736
Asia |  |  |  |  |  |  | 0 | 3270.6 | 4421.865 | 5748.424499999999
Europe |  |  |  |  |  |  | 0 | 5527.331249999999 | 7470.425156249999 | 9711.552703124999
Latin America |  |  |  |  |  |  | 0 | 2452.95 | 3434.13 | 4311.318375
 |  | 417.722 | 1038.32 | 3645.855 | 16429.773 | 48965.37590625 | 76261.64546521874 | 109212.5707185187 | 133477.3660577962 | 153297.8718793423
Assumptions
 | COGS is calculated using all direct labour, material and overhead costs plus a percentage of indirect labour & overheads
 | Direct Costs |  | 34.7 | 32.5 | 32 | 32 | 32 | 32 | 32 | 32
 | Indirect Costs |  | 11.104 | 6.5 | 4.8 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2
 |  |  | 45.804 | 39 | 36.8 | 35.2 | 35.2 | 35.2 | 35.2 | 35.2
 | Indirect Cost% |  | 0.32 | 0.2 | 0.15 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
 | Gross Margin in 2010 & 2011 is low due to lack of economies of scale in manufacturing
 | Despite the selling price of zyactinase reducing greater economies of scale are achieved in manufacturing so Gross Margin increases.
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Statement of Financial Performance
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Selling, General & Admin Exps  -% Sales
 | Phloe | 0.55 | 0.5 | 0.45 | 0.43 | 0.41 | 0.4 | 0.39 | 0.38 | 0.37
 | [NAME] | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19
 | Contract FD | 0.05 | 0.05 | 0.05
New Zealand
Australia |  |  |  | 1.6 | 0.85 | 0.495 | 0.48 | 0.43 | 0.4 | 0.39
USA |  |  |  | 0.1 | 0.1 | 0.1 | 0.09 | 0.09 | 0.09 | 0.09
Germany |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
UK |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
France |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
Japan |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
Korea |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
Brazil |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
Canada |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
Italy |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
China |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
Asia |  |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1
Europe |  |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1
Latin America |  |  |  |  |  |  | 0.1 | 0.1 | 0.1 | 0.1
Selling, General & Admin Exps - $'000,s
 | Phloe | 507.65 | 864.5 | 933.6599999999999 | 981.3804000000001 | 982.5215400000001 | 1006.48548 | 1030.38951015 | 1054.167729615 | 1077.747797251125
 | [NAME] | 152.19 | 131.86 | 138.453 | 145.37565 | 152.6444325 | 160.276654125 | 168.29048683125 | 176.7050111728125 | 185.5402617314532
 | Contract FD | 32.65 | 24.45 | 12.5 | 0 | 0 | 0 | 0 | 0 | 0
New Zealand |  | 692.49 | 1020.81 | 1084.613 | 1126.75605 | 1135.1659725 | 1166.762134125 | 1198.67999698125 | 1230.872740787813 | 1263.288058982579
Australia |  |  |  | 6144 | 4569.599999999999 | 3459.456 | 4025.5488 | 4147.15392 | 4243.59936 | 4344.3848448
USA |  |  |  | 0 | 0 | 2405.08125 | 2954.642315624999 | 3745.009135054687 | 4494.010962065625 | 5168.112606375468
Germany |  |  |  | 0 | 618.9300000000001 | 905.1851250000002 | 1267.259175 | 1647.4369275 | 1976.924313 | 2174.6167443
UK |  |  |  | 0 | 363.285 | 544.9275 | 762.8985 | 966.9738487500001 | 1160.3686185 | 1276.40548035
France |  |  |  | 0 | 631.2637500000001 | 923.2232343750001 | 1260.199714921875 | 1680.2662865625 | 2016.319543875 | 2217.9514982625
Japan |  |  |  | 0 | 0 | 706.3875 | 988.9425000000001 | 1253.48461875 | 1504.1815425 | 1729.808773875
Korea |  |  |  | 0 | 0 | 448.5 | 612.2025 | 795.86325 | 955.0359000000001 | 1098.291285
Brazil |  |  |  | 0 | 0 | 0 | 546.609375 | 765.2531250000001 | 994.8290625 | 1163.950003125
Canada |  |  |  | 0 | 0 | 0 | 152.49 | 213.486 | 277.5318 | 333.0381600000001
Italy |  |  |  | 0 | 0 | 0 | 559.728 | 783.6192000000001 | 1018.70496 | 1191.8848032
China |  |  |  | 0 | 0 | 0 | 969.68503125 | 1323.62006765625 | 1677.688435754297 | 2013.226122905156
Asia |  |  |  | 0 | 0 | 0 | 0 | 448.5 | 612.2025 | 795.86325
Europe |  |  |  | 0 | 0 | 0 | 0 | 765.2531250000001 | 1044.570515625 | 1357.9416703125
Latin America |  |  |  | 0 | 0 | 0 | 0 | 336.375 | 470.925 | 596.8974375
New Zealand - Other Business Development |  | 1933 | 2446 | 3000 | 3100 | 3200 | 3300 | 3400 | 3500 | 3600
 |  | 2625.49 | 3466.81 | 10228.613 | 10409.8348 | 13727.926581875 | 18566.96804592187 | 23470.97450125469 | 27177.76525460773 | 30325.6607389882
Assumptions
 | SG&A is higher in the early years of market development especially in Australia where major spend on Advertising in the first few years.
 | NZ Other Business Development covers all costs not attributable to a specific market
 | ROW is essentially allowing for freight & logistics
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Statement of Financial Performance
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
EBITDA |  | -2207.768 | -2428.49 | -6582.758 | 6019.938200000001 | 35237.449324375 | 57694.67741929687 | 85741.59621726406 | 106299.6008031885 | 122972.2111403541
Depreciation |  | 160.7 | 174.7 | 194.7 | 592.1327664000002 | 1767.78439472 | 3011.927449455999 | 4338.3346509288 | 5343.840895175241 | 6196.582208894002
Interest
NPBT |  | -2368.468 | -2603.19 | -6777.458 | 5427.8054336 | 33469.664929655 | 54682.74996984086 | 81403.26156633526 | 100955.7599080133 | 116775.6289314601
Taxation  - 30% |  | -710.5404 | -780.9569999999999 | -2033.2374 | 1628.34163008 | 10040.8994788965 | 16404.82499095226 | 24420.97846990058 | 30286.72797240398 | 35032.68867943802
NPAT |  | -1657.9276 | -1822.233 | -4744.2206 | 3799.463803520001 | 23428.7654507585 | 38277.92497888861 | 56982.28309643468 | 70669.0319356093 | 81742.94025202206
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Cash Flow Forecast
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Receipts
 | Accounts Receivable |  | 2644.5 | 5831.25 | 19876.464375 | 57110.33997656251 | 101109.4665404297 | 148715.9928050684 | 188183.568774104 | 221009.1673862205
 | Capital
 |  |  | 2644.5 | 5831.25 | 19876.464375 | 57110.33997656251 | 101109.4665404297 | 148715.9928050684 | 188183.568774104 | 221009.1673862205
Payments
 | Accounts Payable |  | 5099.342100000001 | 12771.820265 | 19055.13070975 | 35494.38825730624 | 61410.56160605953 | 85641.62202523316 | 105166.6463703076 | 121778.0335288215
 | Capital Expenditure |  | 110 | 6398.847424000001 | 19961.1707712 | 21085.30950975999 | 22495.55202524801 | 16994.3927585104 | 14375.56537803591 | 100
 | Taxation |  | 0 | 0 | 0 | 6037.294373527676 | 15886.44846008103 | 23994.2519694096 | 29972.10417225426 | 34779.65945407883
 |  |  | 5209.342100000001 | 19170.667689 | 39016.30148095 | 62616.99214059391 | 99792.56209138857 | 126630.2667531531 | 149514.3159205978 | 156657.6929829003
Opening Balance |  |  | 1487 | -1077.842100000001 | -14417.259789 | -33557.09689495001 | -39063.74905898141 | -37746.84460994029 | -15661.11855802509 | 23008.13429548116
Cash Movement |  |  | -2564.842100000001 | -13339.417689 | -19139.83710595 | -5506.652164031402 | 1316.904449041118 | 22085.7260519152 | 38669.25285350624 | 64351.47440332014
Closing Balance |  |  | -1077.842100000001 | -14417.259789 | -33557.09689495001 | -39063.74905898141 | -37746.84460994029 | -15661.11855802509 | 23008.13429548116 | 87359.6086988013
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Statement of Financial Position
As at 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Shareholders Equity
 | Issued Shares | 20818 | 20818 | 20818 | 20818 | 20818 | 20818 | 20818 | 20818 | 20818
 | [NAME] | -11683 | -13505.233 | -18249.4536 | -14449.98979648 | 8978.775654278503 | 47256.70063316711 | 104238.9837296018 | 174908.0156652111 | 256650.9559172331
 |  | 9135 | 7312.767 | 2568.546399999999 | 6368.01020352 | 29796.7756542785 | 68074.70063316711 | 125056.9837296018 | 195726.0156652111 | 277468.9559172331
Comprising
Current Assets
 | Bank | 1487 | -1077.842100000001 | -14417.259789 | -33557.09689495001 | -39063.74905898141 | -37746.84460994029 | -15661.11855802509 | 23008.13429548116 | 87359.6086988013
 | Accounts Receivable | 614 | 881.5 | 1943.75 | 6625.488125 | 19036.7799921875 | 33703.15551347655 | 49571.99760168945 | 62727.85625803465 | 73669.72246207349
 | Inventory | 951 | 1325.736 | 1975.265 | 3600.9509 | 7712.202087499998 | 15615.0414068 | 26689.49424175249 | 40261.90651628308 | 55992.53885846649
 |  | 3052 | 1129.393899999999 | -10498.244789 | -23330.65786995001 | -12314.76697929392 | 11571.35231033625 | 60600.37328541685 | 125997.8970697989 | 217021.8700193413
Current Liabilities
 | Accounts Payable | 284 | 899.8838999999998 | 2253.850635000001 | 3362.670125249999 | 6263.715574818751 | 10837.15793048109 | 15113.22741621762 | 18558.81994770134 | 21490.24121096851
 | Taxation | -2500 | -3280.957 | -5314.194399999999 | -3685.852769919999 | 317.7523354488258 | 836.1288663200557 | 1262.855366811033 | 1577.479166960751 | 1830.508392319942
 |  | -2216 | -2381.0731 | -3060.343764999999 | -323.1826446700006 | 6581.467910267576 | 11673.28679680115 | 16376.08278302865 | 20136.29911466209 | 23320.74960328845
Intangible Assets |  | 2359 | 2359 | 2359 | 2359 | 2359 | 2359 | 2359 | 2359 | 2359
Fixed Assets |  | 1508 | 1443.6 | 7647.747424000001 | 27016.7854288 | 46334.31054383999 | 65817.93511963199 | 78473.99322721359 | 87505.71771007427 | 81409.13550118028
 |  | 9135 | 7313.066999999999 | 2568.846399999996 | 6368.310203519992 | 29797.07565427849 | 68075.00063316709 | 125057.2837296018 | 195726.3156652111 | 277469.2559172331
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Capital Expenditure
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Production Volume - Zyactinase tonnes
New Zealand & Australia |  | 2.059 | 3.857 | 11.8784 | 15.24124 | 18.540802 | 21.4470921 | 24.102846705 | 26.21844404025 | 27.5293662422625
Rest of World |  | 0 | 0 | 0 | 124.11375 | 464.758125 | 826.1801249999999 | 1212.3360375 | 1503.52587 | 1750.0546245
 |  | 2.059 | 3.857 | 11.8784 | 139.35499 | 483.298927 | 847.6272170999998 | 1236.438884205 | 1529.74431404025 | 1777.583990742262
[NAME]
 | Existing Capacity tonnes | 30 | 30 | 30 | 139.35499 | 483.298927 | 847.6272170999998 | 1236.438884205 | 1529.74431404025 | 1777.583990742262
 | Machines Required following year | 0 | 0 | 109.35499 | 343.943937 | 364.3282900999998 | 388.8116671050002 | 293.3054298352499 | 247.8396767020124 | 0
 | Closing Capacity | 30 | 30 | 139.35499 | 483.298927 | 847.6272170999998 | 1236.438884205 | 1529.74431404025 | 1777.583990742262 | 1777.583990742262
 | Capacity per machine - tonnes | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25
 | Number of Machines required | 0 | 0 | 4.374199600000001 | 13.75775748 | 14.57313160399999 | 15.55246668420001 | 11.73221719341 | 9.913587068080496 | 0
 | Cost per Freeze Dryer - $,000's |  |  | 1200 | 1200 | 1200 | 1200 | 1200 | 1200 | 1200
 | Capital Expend Freeze Dryers | 0 | 0 | 5249.039520000001 | 16509.308976 | 17487.75792479999 | 18662.96002104001 | 14078.660632092 | 11896.30448169659 | 0
Plant & Equipment
 | Forkhoists/Racking/Freezers/Kiwi Line | 3 | 80 | 1049.807904 | 3301.8617952 | 3497.551584959998 | 3732.592004208002 | 2815.732126418399 | 2379.260896339319 | 0
Office Equipment/Motor Vehicles
 | Computers/Furniture etc | 38 | 30 | 100 | 150 | 100 | 100 | 100 | 100 | 100
Total Capital Expenditure |  | 41 | 110 | 6398.847424000001 | 19961.1707712 | 21085.30950975999 | 22495.55202524801 | 16994.3927585104 | 14375.56537803591 | 100
Fixed Assets - Cost
 | Freeze Dryers at cost | 1502 | 1502 | 1502 | 6751.039520000001 | 23260.348496 | 40748.10642079999 | 59411.06644184 | 73489.727073932 | 85386.0315556286
 | Additions | 0 | 0 | 5249.039520000001 | 16509.308976 | 17487.75792479999 | 18662.96002104001 | 14078.660632092 | 11896.30448169659 | 0
 |  | 1502 | 1502 | 6751.039520000001 | 23260.348496 | 40748.10642079999 | 59411.06644184 | 73489.727073932 | 85386.0315556286 | 85386.0315556286
 | Plant & Equipment | 577 | 580 | 660 | 1709.807904 | 5011.669699200001 | 8509.221284159998 | 12241.813288368 | 15057.5454147864 | 17436.80631112572
 | Additions | 3 | 80 | 1049.807904 | 3301.8617952 | 3497.551584959998 | 3732.592004208002 | 2815.732126418399 | 2379.260896339319 | 0
 |  | 580 | 660 | 1709.807904 | 5011.669699200001 | 8509.221284159998 | 12241.813288368 | 15057.5454147864 | 17436.80631112572 | 17436.80631112572
 | Office Equipment/Motor Vehicles | 100 | 138 | 168 | 268 | 418 | 518 | 618 | 718 | 818
 | Additions | 38 | 30 | 100 | 150 | 100 | 100 | 100 | 100 | 100
 |  | 138 | 168 | 268 | 418 | 518 | 618 | 718 | 818 | 918
Total Fixed Assets - Cost |  | 2220 | 2330 | 8728.847424000001 | 28690.0181952 | 49775.32770495999 | 72270.87973020799 | 89265.27248871839 | 103640.8378667543 | 103740.8378667543
Assumptions
 | Capital Expenditure on freeze dryers & plant occurs one year ahead of it's requirement to ensure production capacity is in place for the next stage of growth
 | Assets do not commence depreciating until commencing use
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Capital Expenditure
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Depreciation Calculation
[NAME]
 | Freeze Dryers | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05
 | Plant & Equipment | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1
 | Office Equipment | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2
Accumulated Depreciation
 | Freeze Dryers Opening Balance | 326 | 401.1 | 476.2 | 551.3000000000001 | 888.8519760000001 | 2051.8694008 | 4089.27472184 | 7059.828043932001 | 10734.3143976286
 | Current Year Depreciation | 75.10000000000001 | 75.10000000000001 | 75.10000000000001 | 337.5519760000001 | 1163.0174248 | 2037.40532104 | 2970.553322092 | 3674.4863536966 | 4269.30157778143
 |  | 401.1 | 476.2 | 551.3000000000001 | 888.8519760000001 | 2051.8694008 | 4089.27472184 | 7059.828043932001 | 10734.3143976286 | 15003.61597541003
 | Plant & Equipment Opening Balance | 196 | 254 | 320 | 386 | 556.9807904 | 1058.14776032 | 1909.069888736 | 3133.2512175728 | 4639.00575905144
 | Current Year Depreciation | 58 | 66 | 66 | 170.9807904 | 501.1669699200001 | 850.9221284159999 | 1224.1813288368 | 1505.75454147864 | 1743.680631112572
 |  | 254 | 320 | 386 | 556.9807904 | 1058.14776032 | 1909.069888736 | 3133.2512175728 | 4639.00575905144 | 6382.686390164012
 | Office Equip/Motor Veh. Opening Balance | 29 | 56.6 | 90.2 | 143.8 | 227.4 | 331.0000000000001 | 454.6000000000001 | 598.2 | 761.8000000000001
 | Current Year Depreciation | 27.6 | 33.6 | 53.6 | 83.60000000000001 | 103.6 | 123.6 | 143.6 | 163.6 | 183.6
 |  | 56.6 | 90.2 | 143.8 | 227.4 | 331.0000000000001 | 454.6000000000001 | 598.2 | 761.8000000000001 | 945.4000000000001
Total Fixed Assets - Accum Depreciation |  | 711.7 | 886.4000000000001 | 1081.1 | 1673.2327664 | 3441.01716112 | 6452.944610576 | 10791.2792615048 | 16135.12015668004 | 22331.70236557404
VF Processors Ltd |  |  |  |  |  |  |  | NZ $,000's
Balance Sheet Calculations
For the Year Ended 30th June |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Accounts Receivable
 | Opening Balance |  | 614 | 881.5 | 1943.75 | 6625.488125 | 19036.7799921875 | 33703.15551347655 | 49571.99760168945 | 62727.85625803465
 | Sales |  | 2912 | 6893.5 | 24558.2025 | 69521.63184375 | 115775.8420617187 | 164584.8348932813 | 201339.4274304492 | 231951.0335902594
 | Receipts - 75% |  | 2644.5 | 5831.25 | 19876.464375 | 57110.33997656251 | 101109.4665404297 | 148715.9928050684 | 188183.568774104 | 221009.1673862205
 |  |  | 881.5 | 1943.75 | 6625.488125 | 19036.7799921875 | 33703.15551347655 | 49571.99760168945 | 62727.85625803465 | 73669.72246207349
Accounts Payable
 | Opening Balance |  | 284 | 899.8838999999998 | 2253.850635000001 | 3362.670125249999 | 6263.715574818751 | 10837.15793048109 | 15113.22741621762 | 18558.81994770134
 | Selling, General & Admin Expenses |  | 3466.81 | 10228.613 | 10409.8348 | 13727.926581875 | 18566.96804592187 | 23470.97450125469 | 27177.76525460773 | 30325.6607389882
 | Manufacturing Costs |  | 2248.416 | 3897.174 | 9754.115399999997 | 24667.507125 | 47417.0359158 | 66446.717009715 | 81434.47364718356 | 94383.79405310049
 | Payments - 85% |  | 5099.342100000001 | 12771.820265 | 19055.13070975 | 35494.38825730624 | 61410.56160605953 | 85641.62202523316 | 105166.6463703076 | 121778.0335288215
 |  |  | 899.8838999999998 | 2253.850635000001 | 3362.670125249999 | 6263.715574818751 | 10837.15793048109 | 15113.22741621762 | 18558.81994770134 | 21490.24121096851
Inventory
 | Opening Balance |  | 951 | 1325.736 | 1975.265 | 3600.9509 | 7712.202087499998 | 15615.0414068 | 26689.49424175249 | 40261.90651628308
 | Add Manufacturing |  | 2248.416 | 3897.174 | 9754.115399999997 | 24667.507125 | 47417.0359158 | 66446.717009715 | 81434.47364718356 | 94383.79405310049
 | Less COGS |  | 1873.68 | 3247.645 | 8128.429499999998 | 20556.2559375 | 39514.1965965 | 55372.2641747625 | 67862.06137265297 | 78653.16171091708
 |  |  | 1325.736 | 1975.265 | 3600.9509 | 7712.202087499998 | 15615.0414068 | 26689.49424175249 | 40261.90651628308 | 55992.53885846649
Taxation
 | Opening Balance |  | -2500 | -3280.957 | -5314.194399999999 | -3685.852769919999 | 317.7523354488258 | 836.1288663200557 | 1262.855366811033 | 1577.479166960751
 | Taxation Current Year |  | -780.9569999999999 | -2033.2374 | 1628.34163008 | 10040.8994788965 | 16404.82499095226 | 24420.97846990058 | 30286.72797240398 | 35032.68867943802
 | Less Payments - 95% |  | 0 | 0 | 0 | 6037.294373527676 | 15886.44846008103 | 23994.2519694096 | 29972.10417225426 | 34779.65945407883
 |  |  | -3280.957 | -5314.194399999999 | -3685.852769919999 | 317.7523354488258 | 836.1288663200557 | 1262.855366811033 | 1577.479166960751 | 1830.508392319942
Assumptions
 | Inventory Build of 20% per year above COGS to allow for sales growth and kiwifruit seasonality
Key Inputs/Links
 | Discount Rate | 0.085
 | Tax Rate | 0.3
Terminal Values
 | Sales Multiple | 229965.7281881367
 | NZ/AUS Multiple | 3 |  | Sales Multiple |  |  | NZ and Aus
 | ROW Multiple | 1 |  |  | 229965.7281881367 | 3 | 4 | 5
 | [NAME] with growth (Economy) | 375512.7343056452 |  |  | 0.5 | 136452.589662334 | 150765.7400411777 | 165078.8904200215
 | Perpetual FCF | 349323.1018466192 |  | ROW | 0.65 | 164506.5312200748 | 178819.6815989186 | 193132.8319777623
 | Industry/Region Sales Multiple | 164506.5312200748 |  |  | 1 | 229965.7281881367 | 244278.8785669805 | 258592.0289458242
Discounted Cash Flow Model
 |  | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
 | EBITDA | -2207.768 | -2428.49 | -6582.758 | 6019.938200000001 | 35237.449324375 | 57694.67741929687 | 85741.59621726406 | 106299.6008031885 | 122972.2111403541
 | Depreciation | 160.7 | 174.7 | 194.7 | 592.1327664000002 | 1767.78439472 | 3011.927449455999 | 4338.3346509288 | 5343.840895175241 | 6196.582208894002
 | EBIT | -2368.468 | -2603.19 | -6777.458 | 5427.8054336 | 33469.664929655 | 54682.74996984086 | 81403.26156633526 | 100955.7599080133 | 116775.6289314601
 | NOPLAT | -1657.9276 | -1822.232999999999 | -4744.2206 | 3799.46380352 | 23428.7654507585 | 38277.9249788886 | 56982.28309643468 | 70669.03193560928 | 81742.94025202205
 | Capex | 41 | 110 | 6398.847424000001 | 19961.1707712 | 21085.30950975999 | 22495.55202524801 | 16994.3927585104 | 14375.56537803591 | 100
 | Working Capital Requirements | 1280.319 | -1129.106100000001 | -4965.305264999998 | 4422.28456525 | 29328.15380675627 | 55313.94634117015 | 89763.86502158768 | 123278.8289200795 | 155223.6727158655
 | Change in Working Cpaital | -2409.425100000001 | -3836.199164999997 | 9387.589830249999 | 24905.86924150627 | 25985.79253441389 | 34449.91868041753 | 33514.96389849183 | 31944.84379578597
 | Free Cash Flow | 871.1975000000011 | 2078.666164999998 | -20335.95785425 | -40475.44344278627 | -21874.55219869537 | -15655.61827732094 | 10811.26109036126 | 29692.46365696263
 | PV of FCF | -48971.06760303459 | -54078.85763679253 | -60930.91332494489 | -44045.52668570395 | -3873.540318565687 | 19531.09788994071 | 38177.5870414789 | 29692.46365696263
 | Terminal Value | 0 | 0 | 0 | 0 | 0 | 0 | 164506.5312200748
 | PV of Terminal Value | 100833.4706810756 | 109404.315688967 | 118703.6825225292 | 128793.4955369442 | 139740.9426575844 | 151618.9227834791 | 164506.5312200748
 | Equity Value | 51862.40307804097 |  |  | 84747.9688512402
 | Cash | 1487 | -1077.842100000001 | -14417.259789 | -33557.09689495001 | -39063.74905898141 | -37746.84460994029 | -15661.11855802509
 | Enterprise Value | 50375.40307804097 | 1077.842100000001 | 14417.259789 | 118305.0657461902 | 39063.74905898141 | 37746.84460994029 | 15661.11855802509
Cannibalization Sensitivities
 | Cannibalization Rate (% or revenue) | 0
 | Enterprise Value | 50375.40307804097
 |  | Cannibalization | Enterprise value
 |  | 0 | 50375.40307804097
 |  | 0.05 | 43790.834818018
 |  | 0.1 | 37249.61661749679
 |  | 0.15 | 30747.23597428596
 |  | 0.2 | 24279.42706169857
 |  | 0.25 | 17842.17068924501
 | One way Data table
 | Change value in cell  C376 to get right output in C377 as shown in c380 to d384
 |  |  | 50375.40307804097
 |  | 0 | 50375.40307804097
 |  | 0.05 | 49064.22506186141
 |  | 0.1 | 47750.07300258528
 |  | 0.15 | 46433.18010673235
 |  | 0.2 | 45113.76973153141
 |  | 0.25 | 43792.05534561357