EFTA01100683.pdf

• ARAM TRAVELS PRIVATE LIMITED FORECAST FINANCIAL STATEMENTS 03 MARCH 2014 EFTA01100683  ARAM TRAVELS PRIVATE LIMITED FORECAST FINANCIAL STATEMENTS INNAREHA CLUSTR RESORT DEVELOPMENT PROJECT 03 MARCH 2014 EFTA01100684  ARAM TRAVELS PRIVATE LIMITED FORECAST FINANCIAL STATEMENTS MARCH 2014 Section Description Page No • 1 Introduction 1 2 The Project 1 3 Financing 1 4 Cash Flow Projections 1 5 Conclusions 1 6 Matters to Consider 2 Appendix Forecast financial statements • EFTA01100685 ARAM TRAVELS PRIVATE LIMITED FORECAST FINANCIAL STATEMENTS 1.0 Introduction Aram Travels Private Limited is a company incorporated in the Maldives with objective of carrying out the businesses of travel and tourism. The company acquires the head lease rights to the cluster islands of Innareha located in Gaafu Alifu atoll for the development of a 375 villa resort facility. The cluster islands of innareha include Medharehaa, Maththurehaa, Maafehelaa, Innarehaa and Medhuburiyaa. The total land mass of the islands is 67 ha. The atoll is accessed by 45 minutes of domestic air travel from Male' International Airport to regional airport currently under construction. A further 10 minutes of boat ride is required to reach Innareha. 2.0 The Project The project cost is estimated by the directors at US$ 340 million. The resort shall be developed to a high standard beach resort with high standards of service delivery, product quality and activities. 3.0 Financing The total financing required for the acquisition, license fee and development of the project is estimated at US$ 376.5 million. The funding of which shall be made up as follows; Equity contribution (40%) US$ 150.6 million Term Loan (60%) US$ 225.9 million The loan is requested for a term of 14 years of which the first 48 months shall carry a grace period on capital repayment which includes the project development period. Interest shall be paid during the 48 month period. The loan capital shall be repaid over 10 years. 4.0 Cash Flow Projections The cash flow projection indicates that the resort shall generate over US$ 479.29 million in cash flow available for debt service during the 10 year loan term. 5.0 Conclusions Based on the financial forecast the following key financial performance indicators are highlighted. • Debt Service Coverage is around 1.08 - 2.11 times. • The Net present Value (NPV) of the project is US$ 87.89 million using 9.6% as discount rate. • Internal Rate of Return (IRR) is 12.92% while the cost of capital is lower than this, which makes the project financially viable and profitable. On the basis of the above the project is considered financially viable. Page 1 of 2 ERNST &YOUNG Chartered Pccountants 4.trves EFTA01100686 ARAM TRAVELS PRIVATE LIMITED FORECAST FINANCIAL STATEMENTS 6.0 Matters to Consider • The financial performance is based on the information and explanations that were made available to us by the promoter. We have relied on both written and verbal information provided to us. • We have not reviewed the development costs of the proposed project and related facilities. • The property is assumed to be managed by high end luxury international hotel brand. • The construction and development is expected to be completed within 48 months. • The construction of the property shall be of high standard to command the revenue streams projected in the financial forecast. • The state of outlook of the tourist industry, political stability, economic and social environment in the Maldives is assumed to be positive. • There is no threat of terrorism or natural disasters that could significantly affect the Maldives tourism and therefore the said assumptions used in the forecast. • The report presents the conclusion arising from the work undertaken. As customary in a review of this nature, no provision has been made for the effect of present or future legislation relating to environmental or ecological matters or indeed any other matter affecting the property or tourism industry or interpretation thereof. • The Partners and employees of Ernst & Young do not have any present or contemplated ownership interest in the project or bias with respect to any parties concerned. • Under the terms of our current engagement we have no obligation to update this report for events or transactions occurring subsequent to the date of this report. • This report is prepared for the directors and management of Aram Travels Private Limited in a confidential manner. This report is not to be distributed, quoted or referred to, in whole or in part, without our prior written consent to any third party. Page 2 of 2 NERNST &YOUNG • Chartered Accountants Mali, Maldives crivinaig EFTA01100687  • • APPENDIX: FORECAST FINANCIAL STATEMENTS EFTA01100688 INNARINA CLU$71411501.7 04,04.04600 9RoJECT STATE/49NT I FORECAST INCOME STATEMENT 1, 10/114$ IN USS) REFIRENCTI TMf1 9~2 roar] 96Y6 Tor 9 nun Tam 7 734. 8 Vert Vme 10 DEPARTMENTAL REVENUES, ROWS 110161 82,581250 11% 95,3(0,344 72% 109270,050 13% 124.333,069 74% 150.534450 75% 147.601,138 75% 154.992,688 76% 174.371750 77% 148074313 77% 04224406 70% 10004 BEvERAGE NOTE 1 21.763.125 19% 23,939.434 10 26.115.70 19% 29.423,745 17% 21423.743 17% 31687.110 16% 31.07.110 36% 34,621485 15% 35322.074 13% 31021.5:4 15% OTHER OPERATED DEPARINENTS 1100 1 //261144 0% 12413,076 9% 13.542.413 9% 15.249,244 9% 15.20244 9% 16,02,263 0% 14 422.263 ge% j 7,766 go #5 16.121423 I% 0461152 TT TOTAL c,(0ART.414.1AL REverIVE 115,629.719 100% 01734,659 100% 149.90213 /00% 161966.055 100% 175207.939 100% 195.711110 100% 203.102.060 loci' 226771334 100% 23151)1110 100% 246732774 100% IXPARIM4 NEAL EXPENSES 600111 1101.525 11% 17.164.642 18% 16. 390.503 15% 18.641 980 15% 19.510.243 15% 22.141.311 15% 11241903 15% 24156.613 15% 27640547 15% 2163;061 IS% FOOD 6 BeilMAGE 13057.875 60% 13.166.691 35% 16343.663 55% 16.113.060 55% 16110060 55% 17427411 35% 1142/911 55% 19.0411216 55% 19,427,141 SS% 111315.614 55% OTHER OPIRATED DEPARTMENTS 5.642.672 50% 6206.939 50% 6.771,206 50% 2624122 50% 2,621,621 50% 6.211,04 50% 1211.131 50% 9.203.05/ 50% 9060732 50% 9.24).925 505 TOTAL DpARTmENTAL EXPENSES 33.565.172 29% 36542272 21% 37.525.376 25% 42,454.642 20 43,387.924 25% 41780.352 24% 410190 24% 54206.060 24% 0.94400 24% 57.990.670 23% DEPARTMINTAL PRO. :TS 62064.547 71% 95.192,34,3 724 111.402.936 75% 06511,416 75% 131,120.015 75% 147.937.758 76% 134,214.115 70 171401116 76% 184545411 76% 181442.103 77% UNOeSTROUTED ExPENSES 405216 GENERAL AND NR 11344.454 15% 19,760,399 15% 17671286 12% 20.271327 12% 21.024.953 12% 23.410173 11% 21372.247 12% 27,212.920 12% 21341.457 12% 20,601933 12% 4LARILITING 9250378 8% 9221.426 7% 8.04.904 6% 0,747.275 5% 1110.613 5% 10,171342 5% 14541,307 5% 31.792.265 5% 3229871/ 5% 12,830.104 5% PROP:fair OPERAT tom a 6126714/WE 3.464192 3% 3,952,040 3% 3.957.119 4% 6,751442 4% 1780.397 5% 9.7459041 5% 14153103 5% 136,04440 6% 14,190.429 6% 14803.966 6% 161RGY cost 13,175566 12% 1117344 let 1/692621 10% 16394.606 30% 17,520,794 10% 19.571.111 10% 24310.206 10% 21677.43a 10% 23.653291 :01. 24673.277 10% TOTAL LINDTSTR:60170 ExPENSES 44,939293 39% 46,107,131 35% 47210.243 32% 32.723.650 31% 56.414456 32% 63,021231 32% 65398463 32% 75.289.079 33% 71522545 33% 61.919211 33% CAOSS OPERATING PROF rn (GOP) 37,125254 32% 49.085.357 37% 64.19259> 63% 73210720 44% 75.403.056 43% 619/4526 43% 81815252 44% 97.399.177 43% 102042416 43% 101926822 43% MANAG040.7 FEE 5202.615 SY 6.561.514 5% 1113,972 5% 10,129.273 6% 10.412.443 6% 11,666.275 6% 11182.772 6% 1).461293 6% 14076271 6% 16721265 6% 110.0 CHARGES- PROPERnr OtSuRANEE 2,500.000 2% 2500,000 a% 2,525,000 2% 2.521000 1% 2.550.250 1% 1.550250 1% 2575753 0% 2.575733 1% 2.601.510 I% 2601.510 1% LEASE ACNE 2.000.000 2% 2.000.000 n 2.030,030 1% 2.000.030 1% 2.000.000 1% 2.000.000 1% 2.008000 ii, 220304:0 1% 2,000.000 1% 1001000 1% 1761 1,156297 I% 2634,603 2% 2.978.564 2% 5.049.512 3% 5.256.236 3% 5,671.543 3% 6.093,062 3% 6.102.230 3% 7099414 3% 7,41903 3% TOTAL Fox ID 04415(45, 5.656297 5% 7,111693 3% 7501564 5% 9.594.582 6% 9.806.494 6% 10.01.791 5% 10.09414 5% 11.371983 5% 11694924 5% 11001493 5% 1.44/6401 err 001INT. TA!, DEP. ANOR. 26,111142 21% 35.219,050 27% 41571057 33% 54,083411 32% 55,144127 31% 62.901454 32% 65.963,684 32% 72,554902 32% 7420030 32% #0...704144 33% CEPREOADON a mecRTI54.006 NOTE 3 7.792.978 7% 7345.705 6% 7,565705 5% 7.565705 4% 7.565.705 4% 7.555,705 4% 7.565.705 4% 7.56570 3% 7.565.70 3% 7.565,705 3% LOAN net RE ST 17.516.436 15% 16241430 12% 34.951621 10% 13.362.068 8% 11741.302 7% 9.986.014 5% 1095.037 4% 1026290 3% 3,7962747 7% 1.311.954 1% 960,17 DEVORI TAx 4763126 1% 11,542.644 9% 24.150.730 11% 33.154137 20% 35)77.119 20% 45.256.739 23% 50.312.923 23% 519169/4 24% 66907277 27% 71.253.202 29% :4(044E 141 EXPENSE <15%) 2.475601 2% 4.390,702 4% 6.790.982 6% 10.192.073 9% 14.031.312 12% 19.147494 124 6,004.609 5% 1,302706 6% 7437,153 n /555466 7% 960,17 4,116 Tax (1.59167)1 . 1% 1992.143 5% 19.359244 134 22.944054 34% 21475407 12% 26.009245 13% 44,304.314 22/1 31.454206 23% 5727104 24% 62.697.236 25% INCOME r401,1 SALE Or RRRRRR RESIDENCES TiOrt 14 41.600100 14.003,000 • • • • • • • • PROFITS 81103120 (098040 017162031 25293.327 44,977.053 60344.856 78.736.107 96234751 117.044.149 152.490603 193.822.166 239.639,20 Div:DAND PArION 3 n14331 1.3• 13,071.9501 0.591113/ 0.375,1611 15,201 8491 03.861.663: n0.332.942) 01,454,02‘ 02 539 44 n PROIITS CARRIED FORNARD , 25.213,327 44477,057 60564456 11134,50T 94236.753 111044149 152.490440 193421164 _239,614,(4 269,791054 ElERNST &YOUNG Chartered Accountants Male. Maldives C5.9"6 3 9:m_____ P69( I es/ 11 EFTA01100689  EFTA01100690 II AZ Woo 7.....-------- NAM OININO.3 ------..........N.\\ sampieN '?ien c tlutnuncon pannieto „.............._______ oNnoAy IWO a _ ____--- ....---- •saoA avanaNtlol 4•14., Ot-0MA ' • • loSOUCOOf MUTTON OtiterSOr fir•SSOIK VP Meru< 61ZOCOVOO fiesSYSIC Orintent wroorgof Utorlent 000tent INetrrION 00e1,9111 00 ENVY?, tiOUZNet 6921/0)Ott •Wall'OU corm, Vs t or I Tat 1 CUU216 LO:Otill ISIVOCOO 11.3'ean LOCUlefa 10001Ilell I Orv0.120U COMM) CoU'Ut) I UOTUVLS SUNI3SUI IMOAUI 00UXONSI 0001100'M 000039'0U CO0'009 OS t WO butt' 000'009'0ST C00.000)“ 0009000SI 003.009.00 000.009.00 ocaosvost croVon's(t OCCIVISOU 000'00III. 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SNIVOVZOt 159,96O0C 9SCZCVLIC Z901/60'SCC 0,01601if itnet96Z 56911901:95t DOCUCIS SUNNY OSOU W101 CUO00.1SZ illt725•11 KIWI Tit UGULUZ SCGOWIII2 OKUIDUZ S0000•20C I59,996.605 'SOUS.< IC 290160Itt 00016OUt arlatlot G4VONIUt I.00iaCts C LION DIVIVA WNW NUSIIMUSS3SSII MOM ft SOU •ONA lioNs PISA Nam 5 NU PISA tau% 2 NOS I JIMA PA) CA) i A, IA) IMO/MU issn • SIMMS abet 3,NvIvI11•33•04 II MON AAAAA SONVINISIIIN1013A30 AIOSNI dUSIVI3 3333333 I  INNAREHA CLUSTER RESORT DEVELOPMENT PROJECT STATINENT IN FORECAST CASH FLOW STATEMENT JoGuRES /4 US$) REIIIIENCE CY I Cif 2 Cf 3 CY 4 Yew 1 `Ewa VAN 3 4mr • Vial Vow • Tow 7 Vow 6 144,9 Vier 19 CASH INFLOWS cloutsIIONS NET PROFIT BEFORE NT. I WON STATEMENT I - 26,116,342 35394050 44575057 54903311 54144127 62909454 65.963944 72354902 7(299,630 620414 SNARE /431.01.115' EOUITYCONTRMUTON 45190.030 04316.000 40/4.000 15,060.000 LOAN DSBUOSENINT 11395930 11.195000 124763,000 7(547900 VILLA - ADTANCES REEETVID CYO 6250,000 4,250,000 VILLA - BALANCE PAYMENT - 62.500000 25905000 56.471000 101941.000 141.037903 49907900 60.664342 60369050 44575957 540/493/ 55.104327 62.004454 65.963.666 72.554.902 74269.630 43,202064 CASH OUTFLOWS INCJODEC )4 vt0R494 CAPITAL NOTE 4 - - 13,575003 2304325 2,213,075 2.472925 1.022373 2.906.650 1213100 3364750 1.424750 1504.125 PROJECT CONSTRUCTION I DEVELOPMENT 52.429744 101937.161 327311522 54626,593 LICENCE FEE 403900 LOAN INTEREST 903900 1907300 1230420 14072900 17,51406 16.240940 19954611 13362060 1174/302 9306914 404%037 4014280 3396.447 1.341,956 CAPITAL REPAYMENT - 15.373.049 16949904 14090963 19921416 21,149312 22.903.470 24904947 20 63.304 24092937 31 507. 520 DIVEIAND PAYIMNT - - • - • 1.396.433 3971.950 4392413 4.375161 5301949 4461663 10.332942 /1454035 12.534 947 AGENCY FEE 225.900 225900 2.575.260 1494940 SALES COTAINSSTON 3.004000 1-000.000 • • - INCOME TAX - • • 2.475.601 4.590.702 4394942 10392013 14.001.311 14247.494 6.004.409 7./0.1709 7437353 4551%6 PRE OPERATIONAL EXPENSES • • 10.201000 53.550.264 103970.251 141799.022 44399.523 52,340.015 41.942.743 4%635.491 60.147.195 52.244733 40.145.477 *969556 53.711.764 $3.401.412 55.495023 NET CASH mows 2914,756 (1994251) (761.022) 1.217917 36344267 Warr/ 4739966 3936314 2995394 2962.961 14994109 16947411 22960.216 24.711.941 BALANCE IMF 2.924756 935.505 173.493 1.390.960 37.737.217 94163.523 SMARMS 61419.405 65.71%199 90.376.140 91371290 104219907 127.079.925 'MANCE Cfr 2.924.749 •33.503 17%403 1.390.960 37337.217 16.344523 56.143.009 62.11996 95.711199 64.374190 95372290 /04211907 125079.625 151,791.467 I.C12.CY1CY4 refers Ho Castructim Yd. 1 •10 ATIN 140wMIM 0 Yeas. NOT SERVICE COVERAGE CASH FLOW AVAILABLE FOR MITT SERVICE 69.234741 5/295791 35.429.050 36924200 35.794.079 35.55/465 49913394 51339402 56.749302 57.403.726 0(87 SERVICE INTEREST ON BORROWING NOTE 2 17.516.416 16.240.490 14454621 11342.060 11.741.301 9.904014 6,014,037 4026300 3.799647 13411.956 PRINCIPAL RIPAYNINTS NOTE 2 15.373.049 16.649.004 14030.963 19,527.416 21144162 22.903.470 24.004947 24 9632 04 29.092.037 31. 507.521 TOTAL SST SERVICE 32,609.484 32,199.404 32.044.4114 32,999.444 32.009.444 32.009.494 32249.404 32.401404 32.109.444 12.199.464 0107 SERVICE COVERAGE RATIO 2.11 196 1.44 %LT 1.09 1441 LSI 1.57 3.40 1.75 c ERNST &YOUNG Chattered Accountants Male, Maldives P4993aii EFTA01100691 INNARENA CLUSTER RESORT DE vELoPHENT PROJECT STATEMENT IV DISCOUNTED CASH FLOW ANALYSIS 'FIGURES 6 US51 REFERENCE CY 1 CY 2 CY 3 CY 4 Year 1 Year 2 run 3 Yew 4 ♦oe 5 Tom 6 Year 7 You B Tor 9 Year 10 FREE CASH FLOWS STATEMENT III (52.420.7441 (i0i.2137.,$)) (122,115,5221 (73,344,563) 76.111.342 58284.925 46,291.982 51.611.036 54.161.352 60.0011108 64749.866 69.372.152 71840040 71691739 DiviCIAND PAYOUNT MOTE OS (1.394.433) (3.871.950) (4.592.6131 14.375.161) (5.201,849) (8861.663/ (10.332.642) (11.454.025) (12,539147) Mil CASH (LOWS (5/.420144) (101.837.151) 1127.1155221 (73.344.553) 75.111.342 56881493 42120032 47.01(1.273 49.766.191 54.799.959 55886,203 59.039,310 63.366.655 66.157.292 COST OF CAPITAL 940% DISCOUNTING FACTOR I 0.912 0.02 0.760 0.693 0.632 0.577 0.526 0460 0 438 0.400 0.365 0.333 0.304 PRESENT VALUE OF FREE CASH FLOWS (52.420.744) (92.917.109) 1105.822.3681 (55./10,413, 52.055.102 35.971.321 24.474.153 24.751.003 23.912.471 2/015147 22.346.762 21.538.962 21.099.519 20.092.602 NIT PRE SENT VALUE 87.891.326 SIR 12.92% PAYBACK NOMINAL (52.420.744) 054 251.0951 (201.37)117) (354,710000) (279.606656) (122.7201661 (160.300.133) (133.281.060) 181.495.669) (26695.710) 27.192.493 86.231.603 149618658 215.775993 DISCOUNTED (52.420.744) (145.377.85M (251.100.221) 13064370.634) (254115.512) 1216644,210 1194.370.0'10 (169.619.0bS) (145.706.584) (121191.437) (99.344.6)5) (77. 605.693) (567061/41 (36613371) CYLCY2.C13.EY4 reins to Con Inaction Porlal Yam I .10 re1O to Onoral Weal Von. NOV and MR aro rag uLete./ ourr12 yeata COMO/ C4P.Idll Propankus Coal Wm:MS Cool Equity 150.000.000 4014 12 076 4 SA tea 225 900 MO so% 6.00% 46% 376,500.000 9.605 El ERNST & YOUNG Chartered Accountants Mali, Maldives csw,3% hut, - Perri& 11 EFTA01100692 iNNARENA CLUSTER RESORT DEVELOPMENT PROJCCT NOTE I KEY ASSUMPTIONS YEAR Tsar 1 Tear 2 Tear 3 Two Tows Tear 6 Tear/ Vws Tat 9 Tmw 10 Number a Rallies Yiaas TS 75 75 75 TS 75 75 75 75 75 /Neater et F•Itinounl WM% 100 100 100 100 100 100 100 100 100 100 Number al SwIssotel 004s 200 200 200 200 200 200 200 200 200 200 Occupancy Ratio- OIMMii 50% 55% 60% 65% 65% TO% 70% 75% 75% 75% ARR - Raffles Yam 1.500 1.575 1.654 1.737 1.024 1.915 2.022 2.112 2.211 2,329 a • fternount I/Illoy 1.200 1.260 1.123 1389 1.458 1.531 1.608 2.6841 1.772 1.011 ARR - SimssofiN Van 1,200 1335 1.213 1.214 1.338 1.406 1.475 1.549 1.626 1.707 REYPAR - Rattle. Villas 750 666 992 1,129 1306 1.341 1,408 1.584 1.664 2.747 IltYPAR - I air,novm VIII., 600 693 794 903 eaa 1.072 1.126 1.266 2.329 1.396 REYPAR - Sfluxe. Villas 550 635 728 105 870 964 1.033 1.162 1220 1.280 No el Raw, Notts 136.875 136.875 116,875 231075 131075 131675 134675 136.875 136.875 136.875 Wont POWs 136.675 150.563 164.250 177,938 mina 191.625 191.425 205.313 205.313 205.313 Anew Length44 stn No or Guests 19.154 21.509 23.461 25.420 25.420 27.375 27.375 29.330 29.330 29.1)0 ROOM REVENUE Rattles Wan 20.531.250 23.723.594 27.166.950 30.907.744 32.455.800 36091188 31535.786 43.362.000 45.530.313 47.627.281 14,000401 Visas 21.903.000 25.294.500 26.973.700 32.954.025 34.591.050 39.117.050 41.084.600 46,209.000 4850/500 50.944.075 Welty:40 VILs 40.150,000 41373.250 51.129,4W 60,451,300 63.488.100 74796500 75.372,503 84,807.750 89.023.500 93.458250 10•1Room Revenue 62.581250 95.131.344 109.270.050 124.313.069 130.534.950 147.606.738 254.992188 274.376.750 163.070.313 192.220.406 Cighor Rronwes (Sake pm Pail Capin il Foot, Restaurant 110 110 110 114 114 114 114 227 119 121 Sanwa TOG 70 70 70 73 73 73 73 74 76 77 Soa 20% 200 200 200 206 206 206 206 212 216 221 Owing Income 25% 80 SO 00 83 83 63 63 63 65 67 water sports A ElOPSIon ISM SS SS 55 ST 57 57 57 ST se 60 Shop Worn. 20% 50 50 50 S2 52 52 52 52 53 54 Launch./ Ince* 15% 20 20 20 21 21 21 21 21 21 22 Telephone ft IMernel rocitly 10% 12 12 12 12 12 12 22 12 12 12 V000 I BEVERAGES Toad Rntautant 15.056.250 16561.875 16.067.500 20.356.060 20.356.050 21.921.900 21922.900 23,957.505 24.436.655 24.921386 6•0094 6.706.875 7.377.563 0040250 9,067,695 9,067.695 9.765.210 9,765.210 /0672.980 1/885.419 11.103.127 Total FIB 21.763.125 23.939.438 26.115.750 29,423.745 29.423.745 31.687.110 31.682.110 34619.465 35.322.074 36.026.526 El ERNS' &YOUNG OTHER OPERATED DEPARTMENTS 544 Revenue 5.475.000 1022400 6.570000 7.402.200 7.402.203 7.972.600 7.971.600 8.711.620 1886.056 9.061.776 Dawn. Itestrot 3.701.100 3.985.800 3.985.600 4.270.503 4.355,910 4.441.026 Chartered Accountants 2.737.500 3.011.250 3.285.000 3.701.100 Walotspottt.tistong 6 (Iwo. 1.129.219 1.243.141 1.355.063 1.526.704 1.526.704 1.444.143 1.644.243 1.761.581 1.796.813 1.632.749 Mali. Maldives ShOto InCtene 1.366.750 1.505.625 1.647.500 1.850.550 10.50.550 1.992.900 1.992.900 2.135.250 2.177.955 2.221.514 laundry Inctere 410.625 451.688 492.750 555.165 555.165 597.670 597.670 640.575 661317 666.454 rvive,.., inns Tenpnan., A Teei ,rcom• 164250 180475 197.100 213.525 211525 229.950 229,950 246.375 251.103 256.329 lot✓Other Opeetted Depertmfras 11.285.344 12.421676 13.542.413 25.249.244 15.249.244 16.422.263 11422.243 17.766.101 16.121.423 18.483.852 Lease Ram 2.000,000 2&00,000 2.000.000 2.000.000 2.000.000 2.000.003 2400000 2.000.000 2.000.000 2.000.000 04095011 EFTA01100693  INNARENA CLUSTER RESORT DEVELOPMENT PROJECT NOTE 1.1 SALES OF RAFFLES RESIDENCES YEAR CY1 EYE CY3 VW 1 Tem 2 Number al RSt in Rot depots 25 SENN Pr CO peg Rea &Mee $5900003 Cost of Constsuc ton per Rndenct 52.000.000 No of Booked Rao iNtacts s 5 5 S No ol Res Domes SOW per Year Amerces on Reswences of Sales Value 12510 6.350.000 6.250.000 6,250.000 6.250.000 Balance Payment 56.750.000 18.750.000 Sate or Rest:ext. 75.000.0:40 25.000.000 Lou Cost of corgatroct.on (300000001 (10,000.0001 0000%.1 lee (400.000) Saks commussion 0 49 (3.000.0301 (1.000.000) Tellable Para 41.600.000 14.000.000 Tae Expecte • 158 (6.240,0001 (2.100.000) NM Name Irmo Sob et Res Maces 11.360.000 11,900000 • 5 et0dercn out 0125 we for owners' ute 7 ElERNsTek YOUNG Chartered Accountants Male. Maldives soss ../ .7 P.O. ea II EFTA01100694  INNARENA CLUSTER RESORT DEVE4.01944117 PROJECT NOYI 3 DEPRECIATION SCHEDULE (ITGURES MVO) CT I CY 2 CY 3 Cy • Year I Tort Thar 3 1944.1 V99/1 Vs 6 Yaw 7 Yw9 Yew 9 Ts I0 Oast 44Cansenoctleft 32.920,44 101,11.17.551 127.115.512 56.624593 Loon means. 444149349 903000 1007200 12106.240 11.072000 372.991.040 kw 44 Rott9N RRNMstI 34000000 14000000 Fuse Anti At Cost 6rownl 'Greve 342.991040 3321192040 3321192040 333,192040 3321791.640 332092040 332991.040 332.891.040 332.092040 332,91040 Cadge Co the yew 5% straight 4.4 7.7332.979 7.569705 7.569705 7.562705 7,569705 2562705 7,965.70$ 7599705 2562705 7069705 Adipmafted Depredation 7792,975 123511064 22.924319 30.494095 34055000 45021.505 321.7.211 64752936 64314622 71994.327 Net Dona Vand. 3.35 019,062 317.532359 309.966051 302.400.945 194.1”5240 297.269.539 279.70.1929 272,139,124 194572.419 757.004713 NOTE • FORECAST T109NIN0CAPJTAL CTIGURES IN VSS) Year 1 Yowl Tom 3 fl at • Marl Year • War 7 Veal Vas, Yea 10 nivENTORIES 11.444539 4073064 7.062403 4034070 4548.000 9.540,119 499440 11.394657 13.964116 13,354021 (60 dry. od Rooms. Fat MbPdonamor and En44173 TRADE DEBTORS 13.579000 12679,125 17.962200 24439025 21,457,100 24264450 24/71210 24465.000 )0.091750 32597975 (60 den of Room Sans) TRADE ENAMORS 11.964534 6073.914 7062403 4034.070 4594005 454751 %MAIO 12194637 11.164.111 32.354021 (60 deo of Rooms. 446. 4444444, 44. and Dawn Celli ITORAING CAPITAL 13.579002 15.679,125 17.962.200 24432025 21.457,900 24264/50 224711250 26.4415.000 34093.790 31.597.875 ONC.VOIC, IN 110RNIN0 CAP. 03.575,044) 31.104.3253 (2,293,075) (2472925) (1.922.775) 2906650 11213.900) (3.196 7101 (1.4111.710 0.5011129 NOTE 5 DIVIDAND PAYMENT SCHEDULE MOVIES NI UM Yee 1 Owl Teel Ts. Tors The 6 Yoe? Taw • Tars Yee 30 MOTH AI WI TAX SUMMIT I (: 590.6, 3) 4992.163 19.359,7.41 22964.064 21.174607 26006245 44.304314 31,644204 57274114 62697,236 DIVIDARD PAY OUT RATIO 20% C(VI04NO PAYMENT r AMAX.% 3,171.1050 4592033 4375,161 9201049 061063 14332,142 12454025 32514447 IDERNST &YOUNG r Chartered Accountants Maldives