EFTA02004349.pdf

Landmark Land Company Cash Flow • C.onservabve Cash Flow from Oporathees 2011.2024 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2016 2019 2020 2021 2022 2023 2024 Total Cash from Promos South Padre 01 5309.000 5229.000 1.426.400 (2.077.190) (944.126) (1.400,000) (1.364.000) (24.000) 731.000 570.000 934.000 860.000 1.138.000 1.655,000 1.776.000 1.903.000 1.961090 2118.893 2.079.459 2.141.843 18.379.285 apes WI Club {Apes Ha Phew II Only) (4,000.000) 1,190.000 4.014.000 10.091.000 16.886.000 22.070.000 29.587.000 37.231000 41.530,000 163.001,000 Hata Hawed 1.620.000 1.620.000 1.620.000 1,620.000 1.080.000 7660.000 Ceiveli4verson Valley (2) Tow Protect Cash Flow 5309 000 1229.000 1.426.000 (2.077.190) (944.126) 0.401 000/ (1.364.000) (24.000) 731.000 3.380.000 6.568.000 12.571.000 19.604.000 25.205.000 31.363.000 39.136.000 43.491090 2.018.893 2.079.459 2.141.643 137,210.000 Fee Intorno Soot' Padre 997.332 1.462.335 1.065.624 546.721 307.189 270.000 333.000 480.000 555.000 616.000 wow 709.000 719.000 712600 730.000 748.000 6287.000 12.575.000 fidell WI Club -woe HIS Phase II Only) 1,991,221 1.319.825 2.478.693 536.861 541400 1121.000 1.681.000 1.623.000 5640.000 1,381.000 1231,000 1.269.000 10,689.000 Apse Ha Receivable (2886001 543.500 815.250 141250 1340.000 CsiveMbludeon Volta 420.000 280.000 75.000 849.000 1.859.000 5396.000 1277.000 1.649.000 989.000 1.243600 1,090.000 1,090.000 11,517.000 Other 1692 557 1324,055 2,702526 773,162 651,112 160,000 98.000 98,880 101,846 104,902 105049 111290 114,629 118068 121.610 125258 120,016 132,886 136 873 140.979 1,640,287 TWO Fee Income 3.109.889 5.077.611 5.087.975 3.798.576 1,525.472 142.000 429.000 1.122.380 2.090.096 2.185.152 2.473.049 3.292290 5332.629 3.607,068 3.359.610 3.791.258 5118.016 7.662.886 1.226.873 1.230.979 26.682.532 Total Sounses ol Cash 7.418.889 6.306.611 6.513.975 1.721,386 881,346 (1.258.000) (935,000) 1,096,380 2.821.096 5.565.152 9.041,049 15.863.20) 23.976.629 28.812.068 34,722.610 42.927.258 44.808.106 9.681.779 3.308.333 3.372.823 220.881.573 Corporals LINN Expenses Condors(' Payroll 2.933,801 3.352.703 3.963.672 4.161.169 2.736.648 1.865.000 1255.000 1.256.000 1255.000 2.060.000 2.121.800 2.185.454 2.251.018 2.318.548 2.202.621 2.092.490 1.987.865 1.490899 745.449 708.177 23.929.321 Other Expenses 712,690 1,042,500 2,457,401 2.049,207 839.314 450600 270.000 278,100 286,443 295,036 303,887 313.000 321394 132.066 342.028 352.289 362,857 280,307 144.358 118889 4,031,460 Tow 1646.491 5395.203 6.421.073 6210.376 3.575.962 2.318.000 5525.000 1,533.100 1.541,443 2.355.036 2.425.887 2.408858 2.573.412 2.650.614 2.544.649 2845778 2.350.723 1,771,206 889.808 856.666 22.092.178 MatissekDecreme) Public Debt 8 Payables (1.150.000) 1300.000) 608000 090.030) 610.000 180.000 290.000 (140.795) 111651151 (1• (1,974.885) 058295) Landmark After Debt 2.522.394 1.611.406 642.802 (1.978,090) 42.384116/ (3.396.003) (2.170,0410) (575.515) 213.656 2,151.621 6.615.361 13.364.532 21.403.217 26.161,454 32.177.961 40.482860 42.257.383 7.910.573 2.416.525 2.515.956 194.925.907 CurnulMlve 2.622.31* 5.233,806 4.926,706 (52.262) (2.416198) 45.632.8918 (t002.891) 0.573,413) 83,3124.555) (6.212.734) 402.627 13,767,460 35.170,677 61,332,131 93.510.092 133.991572 175249.955 185160.528 186.577653 169.093.009 Incri(Decr) Aim. Debt & Pref WOO (4) 1.000.000 1203,000 2304000 3.550,000 200,000 41.0157161 11.018,7161 (1,0117161 (1.015716) 41.0157161 11.018./16/ (1.016,7161 11.018,716) 11,018,7161 (1,018.7161 (9167.1561 Wenn& Pa.d on AM. Debt (73.000) 1100.0040 (315.000) 1187.000) (120.000) (160,000) (254309) 1254.5091 1380.6751 13016751 1544.445) (2.970.6701 (4,765.483) Dendords on common and profaned mock (388,501) (1.021.883) (860.4591 (696.031) Landrnm% Land Cash Flow 3.160.897 489.545 (502,557) (4861.021) (4.616) (6.000) (2.224.509) (830,024) (166.818) 752.430 5.052.201 9.375.448 20.384.502 25,142.738 31.159,246 39.461.764 41238.668 6.891.857 1.397.809 2.515.956 181153268 Curnulave 1.775,000 4.915.897 5825.442 4,922.885 261.860 257.248 251248 (2224.509) (3.054,5341 (3.221.1501 12.468.920) 2.583.281 11.968.728 32.343.229 57.485,968 813.645.213 128,106.977 169.347.645 178239.502 177,637.312 180.153268 Investor • Loan 3.0010(20 1 000.030 Cash Flow Mr Loan 775.491 169,976 (166.816) 752,430 5.052.201 9.375.448 20.384,502 25,142,738 31.159,246 39,483.764 41238.688 6.891.857 1.397,609 2.515.956 184.153268 Cumulative 775.491 945.466 778.650 1.531,060 8.583.201 15.968.728 38.343.229 81,485.968 92.645.213 132,108.977 173.347.645 180.239,502 181.837.312 184,153,288 Sales Assumptions Sam Padre Vol Lots Sold 115 92 30 4 0 8 6 16 28 31 36 34 10 34 30 34 293 of Vorteal Units Sad 82 93 96 20 10 10 10 25 37 11 38 38 38 38 38 se 341 Tow I/ of Uses Sold 197 175 126 24 20 14 16 40 65 65 73 72 72 72 72 72 72 72 72 72 Cianulabve a of units sold 397 594 769 895 919 939 967 973 1,013 1678 1,143 1,218 1288 1.360 1.432 1.504 1.576 1,648 1,720 1.792 1.664 Apes Hill Club lot Lots 14 105 8 8 5 8 22 11 11 13 4 4 K el Wide Units 2 2 5 6 8 9 6 8 Total 14 105 10 9 7 13 27 17 19 22 12 12 Curnilativo 10 119 129 118 145 158 165 202 221 243 255 267 EFTA_R1_00502661 EFTA02004349