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Eurosky – Financials

8.1.1 Cost of Goods Sold & Pricing

Year 1 Year 2 Year 3 Year 4 Year 5
1. AIRCRAFT COST / COST OF AIRCRAFT INTERESTS1
Aircraft #
1 6.846.978 0 0 0 0
2 6.846.978 0 0 0 0
3 0 6.846.978 0 0 0
4 0 6.605.320 0 0 0
5 0 0 7.266.068 0 0
6 0 0 7.266.068 0 0
7 0 0 0 7.266.068 0
8 0 0 0 7.099.619 0
9 0 0 0 0 7.099.619
Average Cost Per Share 1.711.745 1.681.537 1.816.517 1.784.461 1.752.405
Pricing Aircraft Share 1.950.000 2.000.000 2.050.000 2.100.000 2.150.066
margin 14% 19% 13% 18% 23%
2. COST OF AIRCRAFT OPERATION2
a) Direct Operating Cost (DOC) Cost per Flight Hour
Fuel 265,00 265,00 265,00 265,00 265,00
Maintenance labor3 0,00 0,00 130,65 133,27 135,93
Maintenance parts3 0,00 0,00 109,48 111,67 113,90
Engine provisions 175,00 178,50 182,07 185,71 189,43
Propeller overhaul provisions 4,83 4,92 5,02 5,12 5,23
Landing & parking fees 400,00 408,00 416,16 424,48 32,97
Small supplies & catering 80,00 81,60 83.23 84,90 86,59
ATC / Eurocontrol 284,00 289,68 295,47 301,38 307,41
Augusta Air Surcharge 60,44 61,39 74,35 75.58 76,82
TOTAL DOC 1.269,27 1.289,09 1.561,45 1.587,11 1.613,29
Pricing Hourly Fee 2.2 2.2 2.25 2.3 2.35
margin 42% 41% 31% 31% 31%
b) Annual Fixed Costs4
Crew Salaries pilot 60.000,00 63.000,00 66.150,00 69.457,50 72.930,38
Crew Salaries co-pilot 40.000,00 42.000,00 44.100,00 46.305,00 48.620,25
Crew Salaries benefits 20.000,00 21.000,00 22.050,00 23.152,50 24.310,13
Hangar 22.200,00 22.644,00 23.096,88 23.558,82 24.029,99
Insurance 42.500,00 43.350,00 44.217,00 45.101,34 46.003,37
Recurrent Training5 0,00 17.686,80 18.040,54 18.401,35 18.769,37
Aircraft modernization etc. 25.552,70 26.063.75 26.585,03 27.116,73 27.659,06
Navigational Chart Service 1.506,20 1.536,32 1.567,05 1.598,39 1.630,36
Refurb 50.715,00 51.729,30 52.763,89 53.819,16 54.895,55
Augusta Air Surcharge (On Crew only) 12.000,00 12.600,00 13.230,00 13.891,50 14.586,08
TOTAL 274.473,90 301.610,18 311.800,38 322.402,29 333.434,53
per share per month 5.718,21 6.283,55 6.495,84 6.716,71 6.946,55
Pricing Monthly Fee 15.000 15.000 15.300 15.750 16.000
margin 162% 139% 136% 134% 130%

1 Assumes a 15-18% discount from airplane list price and a yearly list price increase.
2 Cost structure shown for an aircraft acquired in year 1.
3 Takes into account 1000 hours “free maintenance”
(all scheduled and non-scheduled maintenance cost will be borne by manufacturer).
4 Aircraft Ownership charges excluded.
5 First year training included in aircraft price.

Sales Forecast & Aircraft Operations

Year 1 Year 1 Year 1 Year 1 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Year 4 Year 4 Year 4 Year 4 Year 5 Year 5 Year 5 Year 5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Number of Initial Contacts 20 29 51 40 44 42 49 25 38 38 57 48 48 48 55 38 48 37 51 44
Number of Presentation 0 3 8 7 5 6 8 4 2 4 8 8 5 6 8 7 5 6 8 8
Number of Flight Demos1 0,0 0,5 1,8 2,5 1,7 2,1 2,3 1,9 0,8 1,6 2,2 2,8 2,0 2,2 2,5 2,6 1,7 2,4 2,0 2,6
Shares Sold in Quarter 0 0 2 2 2 2 2 2 1 2 2 3 2 2 2 3 2 2 2 3
Repurchase of Shares in Quarter2 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 2 0 0 0
Net Cum. Shares Sold 0 0 2 4 6 8 10 12 13 15 17 20 21 23 25 28 28 30 32 35
Airplanes in Fleet 1 1 1 2 2 3 3 4 4 4 5 6 6 6 7 8 8 8 9 9
Total Hours used by Shareholders 0 0 16 82 141 232 291 329 377 476 518 546 608 785 824 822 878 1.103 1.14 1.1
Total Demand Not Met By Fleet 0% 0% 4% 6% 5% 9% 7% 5% 4% 8% 6% 5% 4% 6% 6% 4% 3% 5% 5% 4%
Total Hours Revenue Charter 18 54 54 54 56 39 56 56 58 33 74 99 117 30 53 136 152 38 41 169
Capacity Utilization (Fleet)3 15% 49% 64% 74% 80% 95% 92% 85% 85% 100% 100% 96% 95% 101% 98% 98% 100% 103% 102% 99%

1 Non-Integer Numbers due to statistical modeling.
2 Assumed to take place at year end.
3 Utilization of over 100% can be attributed to yearly seasonality patterns.

Income Statement
All figures are in DM (1 DM = $0.59)

BASE CASE Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1
January February March April May June July August September October November December Total
Sales1
Management Fee 0 0 9.000 9.000 9.000 9.000 9.000 9.000 9.000 9.000 18.000 18.000 108.000
Office Usage Fee 0 0 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 6.000 6.000 36.000
Hourly Fee 0 0 0 0 0 0 0 8.313 20.983 36.969 52.966 62.048 181.279
Monthly Fee 0 0 0 0 0 0 0 17.250 34.500 51.750 69.000 69.000 241.500
Crew Overnight 0 0 0 0 0 0 0 256 513 769 1.026 1.026 3.590
Customer Aircraft Standby Request 0 0 0 0 0 0 0 534 1.068 1.603 2.137 2.137 7.479
Demonstration flights 0 0 0 3.051 2.039 3.051 4.361 4.592 6.423 6.423 6.423 5.652 42.015
Brokerage Income 0 0 5.317 5.856 6.178 6.183 5.927 6.062 6.251 6.681 5.927 5.792 60.174
Charter Income 0 0 49.068 49.068 49.068 49.068 49.068 49.068 49.068 49.068 49.068 49.068 49.0680
Total Sales 0 0 66.385 69.975 69.285 70.302 71.356 98.075 130.806 165.263 210.547 218.723 1.170.717
Costs of Goods Sold2
Usage Fee 0 0 15.000 15.000 15.000 15.000 15.000 15.000 15.000 15.000 30.000 30.000 180.000
Hourly Fee 0 0 0 0 0 0 0 5.060 12.772 22.503 32.240 37.769 110.344
Crew Overnight 0 0 0 0 0 0 0 192 385 577 769 769 2.692
Customer Aircraft Standby Request 0 0 0 0 0 0 0 53 107 160 214 214 748
Charter Flights 0 0 32.905 32.905 32.905 32.905 32.905 32.905 32.905 32.905 32.905 32.905 329.050
Ferry Flights 0 0 0 0 0 0 0 1.518 3.832 6.751 9.672 11.331 33.104
Monthly Fee 0 0 26.304 26.304 26.304 26.304 26.304 26.304 26.304 26.304 52.607 52.607 315.646
Charter for Share owners 0 0 0 0 0 0 0 1.463 4.274 10.546 4.189 2.629 23.101
Total Costs of Goods Sold 0 0 74.209 74.209 74.209 74.209 74.209 82.495 95.579 114.746 162.596 168.224 994.685
Gross margin 0 0 -7.824 -4.234 -4.924 -3.907 -2.853 15.581 35.227 50.517 47.949 50.499 176.031
Gross Profit Margin 0% 0% -12% -6% -7% -6% -4% 16% 27% 31% 23% 23% 15%
Fixed Cost
G & A Expenses
Communication Equipment Lease3 390 390 390 390 390 390 390 390 390 390 390 390 4.680
Office & Business Insurance4 200 200 200 200 200 200 200 200 200 200 200 200 2.400
Computer Service Contracts5 5.500 0 0 0 0 0 0 0 0 0 0 0 5.500
Tax & Legal6 500 500 500 500 500 500 500 500 500 500 500 3500 9.000
Non-sales Travel7 2.000 12.450 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 34.450
Office Salaries & Benefits8 0 0 0 0 0 0 0 0 4.800 4.800 4.800 4.800 19.200
Office Supplies9 2.500 250 250 250 250 250 250 250 250 250 250 250 5.250
Officer Salaries10 26.667 26.667 26.667 26.667 26.667 26.667 26.667 26.667 26.667 26.667 26.667 26.667 320.004
Benefits11 5.333 5.333 5.333 5.333 5.333 5.333 5.333 5.333 5.333 5.333 5.333 5.333 63.996
Office Rent12 3.050 3.050 3050 3050 3050 3.050 3.050 3.050 3.050 3.050 3.050 3.050 36600
Startup Expense13 26.910 0 0 0 0 0 0 0 0 0 0 0 26.910
Telephones14 1.250 1.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2500 2.500 2.500 27.750
Utilities15 300 300 300 300 300 300 300 300 300 300 300 300 3.600
Marketing Expenses
Advertising16 0 0 0 20.000 30.000 20.000 0 0 10.000 10.000 10.000 0 100.000
Public Relations 0 0 0 40.000 40.000 0 0 0 20.000 0 0 0 100.000
Postage & Courier Services17 200 200 300 230 230 285 285 285 285 285 265 400 3.250
Promotional Materials18 0 15000 140 192 87 179 369 369 369 369 341 240 17.655
Trade Show Participation19 0 0 0 0 6.438 0 0 0 0 0 0 0 6.438
Selling Expenses
Credit Verification20 0 0 113 34 45 188 188 188 188 188 128 75 1.335
Entertainment & Catering21 0 0 0 135 41 135 257 279 450 450 450 378 2.575
Demonstration Flights22 0 0 2.919 4.233 7.692 2.773 6.884 7.094 5.839 5.839 8.758 5.138 57.169
Total Operational Expenses 74.800 65.840 44.662 106.014 125.723 64.750 49.173 49.405 83.121 63.121 65.932 55.221 847.762
Operating Income (or Loss) -74.800 -65.840 -52.486 -110.248 -130.647 -68.657 -52.026 -33.824 -47.894 -12.604 -17.983 -4.722 -671.731
Less Depreciation23 -999 -999 -999 -999 -999 -999 -999 -999 -999 -999 -999 -999 -11.988
EBIT -75.799 -66.839 -53.485 -111.247 -131.646 -69.656 -53.025 -34.823 -48.893 -13.603 -18.982 -5.721 -683.719
Plus extraordinary income24 0 10.806 3.927 3.412 2.802 2.479 2.233 2.233 4.668 7.044 5.513 217.513 262.630
Less extraordinary expenses25 0 0 -2.500 -2.500 -2.500 -2.500 -2.500 -2.500 -2.500 -2.500 -2.500 -2.500 -25.000
Income from Sale26 0 0 0 0 0 0 0 182.500 182.500 182.500 182.500 0 730.000
Less Interest Expense27 0 0 0 0 0 0 0 0 0 0 0 0 0
Income (or Loss) Before Taxes -75.799 -56.033 -52.058 -110.335 -131.344 -69.677 -53.292 147.410 135.775 173.441 166.531 209.292 283.911
Less Income Taxes28 0 0 0 0 0 0 0 0 0 0 33.582 94.182 127.764
Net Income (or Loss) -75.799 -56.033 -52.058 -110.335 -131.344 -69.677 -53.292 147.410 135.775 173.441 132.949 115.110 156.147
Cummulative Net income (or Loss) -75.799 -131.832 -183.890 -294.225 -425.569 -495.246 -548.538 -401.128 -265.353 -91.912 41.037 156.147 156.147
Return on Sales 0% 0% -78% -158% -190% -99% -75% 150% 104% 105% 63% 53% 13%

Notes to the Income Statement
1 See Sales Projections Sheet.
2 See Cost of Goods Sold Sheet.
3 Telephone system with 5 telephones.
4 Renters Insurance up to DM 50,000 and Business Insurance up to 100,000 DM.
5 Service contract @ 10% of computer price.
6 Tax and Legal Services.
7 Non Business Aircraft Travel. Includes Sales School in February in Wichita, KS.
8 One secretary @ salary 48,000 DM/yr + benefits 20%. First six months are fully (incl. benefits) paid by Employment agency. Hired in March.
9 Letterheads and miscellaneous office supplies.
10 Yearly salary per executive of 80,000 DM excluding benefits.
11 20% of Salary.
12 Office Rent at Augsburg airport. 100 m2 @ 30.50DM per m2.
13 Includes special software (Bookkeeping & Operations), cost of incorporation (3.000 DM per company), additional equipment (coffee machine etc.). See start-up budget.
14 General ISDN phone line, 2hrs. per day per person phone time.
15 Electricity and water @ 3 DM per m2.
16 See Advertising & PR Budget. PR firm will be hired (hourly compensation @ 290 DM).
17 For mailing of contract and collateral materials (see Sales Forecast), incl. Christmas mailings.
18 For development and duplication of collateral materials.
19 Participation at AERO (April, bi-annual), ILA (May, bi-annual), assumes two representatives; figure includes travel, hotel, entertainment, one aircraft on site, promotional material etc.
20 Assumes 75 DM per prospect.
21 Assumes 150 DM per Flight Demo Hour.
22 Costs for demonstration flights (DOC, includes ferry), plus PR flights (includes ferry to trade shows).
23 Assumes 5% depreciation per year on office equipment and 10% per year on computer equipment.
24 Interest Income from investing Cash Balances. See Cash Management Sheet.
25 Bonus and Trustee expenses.
26 Net Income from Share sale (Share price – repayment of debt – cost of investment).
27 Interest on Long Term Debt.
28 German Federal Taxes equal 45%.

Income Statement
All figures are in DM (1 DM = $0.59)

BASE CASE Year 2 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Year 3 Year 4 Year 4 Year 4 Year 4 Year 4 Year 5 Year 5 Year 5 Year 5 Year 5
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
Sales1
Management Fee 54.000 63.000 81.000 99.000 297.000 108.000 108.000 126.000 144.000 486.000 162.000 171.000 189.000 207.000 729.000 216.000 234.000 243.000 270.000 963.000
Office Usage Fee 18.000 21.000 27.000 33.000 99.000 36.000 36.000 42.000 48.000 162.000 54.000 57.000 63.000 69.000 243.000 72.000 78.000 81.000 90.000 321000
Hourly Fee 260.792 427.903 537.562 607.403 1.833.660 711.685 897.329 977.577 1.030.367 3.616.957 1.171.688 1.514.406 1.589.699 1.585.375 5.861.168 1.729.311 2.173.614 2.246.500 2.166.719 8.316.145
Monthly Fee 276.000 379.500 483.000 603.750 1.742.250 686.205 738.990 844.560 1.002.915 3.272.670 1.141.088 1.249.763 1.358.438 1.521.450 5.270.738 1.656.000 1.766.400 1.895.200 2.042.400 7.360.000
Crew Overnight 4.308 5.923 7.538 9.423 27.192 11.025 11.873 13.569 16.113 52.581 18.700 20.481 22.262 24.933 86.377 28.05 29.920 32.102 34.595 124.667
Customer Aircraft Standby Request 8.974 12.340 15.705 19.631 56.650 22.969 24.736 28.269 33.570 109.543 38.959 42.669 46.379 51.945 179.951 58.438 62.334 66.879 72.073 259.724
Demonstration flights 14.272 16.311 17.767 15.049 63.399 9.902 14.384 18.762 22.097 65.144 17.434 19.275 21.008 21.225 78.943 16.040 20.324 18.677 21.972 77.013
Brokerage Income 20.113 25.765 25.470 24.630 95.978 26.459 31.734 45.495 50.430 154.117 53.493 55.610 39.982 65.820 214.905 84.615 99.009 96.238 91.585 371.446
Charter Income 153.092 100.530 153.092 151.709 558.423 162.136 87.441 201.770 271.161 722.507 326.882 81.270 1.476.344 379.795 935.290 420.078 98.603 106.905 472.444 1.098.030
Total Sales 809.551 1.052.272 1.348.134 1.563.596 4.773.552 1.774.381 1.950.486 2.298.002 2.618.652 8.641.520 2.984.243 3.211.474 3.477.112 3.926.542 13.599.371 4.280.532 4.562.204 4.786.500 5.261.789 18.891.025
Costs of Goods Sold2
Usage Fee 90.000 105.000 135.000 165.000 495.000 180.000 180.000 210.000 240.000 810.000 270.000 285.000 315.000 345.000 1.215.000 360.000 390.000 405.000 450.000 1.605.000
Hourly Fee 159.984 262.498 329.768 372.612 1.124.862 458.281 577.825 629.499 663.493 2.329.098 766.827 991.123 1.040.400 1.037.569 3.835.919 1.123.784 1.412.512 1.459.876 1.408.031 5.404.203
Crew Overnight 3.231 4.442 5.654 7.067 20.394 8.269 8.905 10.177 12.085 39.436 14.025 15.361 16.697 18.700 64.782 21.038 22.440 24.076 25.946 93.500
Customer Aircraft Standby Request 897 1.234 1.571 1.963 5.665 2.297 2.474 2.827 3.357 10.954 3.896 4.267 4.638 5.194 17.995 5.844 6.233 6.688 7.207 25.972
Charter Flights 98.903 66.258 98.903 98.051 362.115 104.641 58.104 131.811 176.842 471.397 209.814 53.120 95.190 243.837 601.961 270.806 67.000 72.642 301.977 712.424
Ferry Flights 47.995 78.749 98.930 111.784 337.458 137.484 173.347 188.850 199.048 698.730 230.048 297.337 312.120 311.271 1.150.776 337.135 423.754 437.963 422.409 1.621.261
Monthly Fee 173.426 202.330 260.139 317.947 953.842 358.570 358.570 418.332 478.094 1.613.567 556.144 587.041 648.835 710.628 2.502.6481 766.899 830.808 862.762 958.624 3.419.093
Charter for Share owners 19.030 67.957 65.504 54.513 207.004 41.908 114.540 109.976 81.547 347.971 62.952 155.550 159.744 101.738 479.985 84.797 188.235 200.130 120.590 593.753
Total Costs of Goods Sold 593.466 788.468 995.469 1.128.938 3.506.340 1.291.451 1.473.765 1.701.472 1.854.465 6.321.153 2.113.706 2.388.799 2.592.623 2.773.938 9.869.065 2.970.303 3.340.982 3.469.137 3.694.786 13.475.207
Gross margin 216.086 263.804 352.667 434.658 1.267.214 482.930 476.721 596.529 764.187 2.320.367 870.537 822.675 884.490 1.152.600 3.730.307 1.310.229 1.221.222 1.317.363 1.567.004 5.415.818
Gross Profit Margin 27% 25% 26% 28% 27% 27% 24% 26% 29% 27% 29% 26% 25% 29% 27% 31% 27% 28% 30% 29%
Fixed Cost
G & A Expenses
Communication Equipment Lease3 1.229 1.229 1.229 1.229 4.916 1.290 1.290 1.290 1.290 5.160 1.354 1.354 1.354 1.354 5.418 1.422 1.422 1.422 1.422 5.689
Office & Business Insurance4 630 630 630 630 2.520 662 662 662 662 2.646 695 695 695 695 2.778 729 729 729 729 2.917
Computer Service Contracts5 5.500 0 0 0 5.500 5.500 0 0 0 5.500 5.500 0 0 0 5.500 5.500 0 0 0 5.500
Tax & Legal6 1.575 1.575 1.575 5.125 9.850 1.654 1.654 1.654 5.654 10.615 1.736 1.736 1.736 5.836 11.046 1.823 1.823 1.823 6.323 11.793
Non-sales Travel7 6.300 6.300 6.300 6.300 25.200 6.615 6.615 6.615 6.615 26.460 6.946 6.946 6.946 6.946 27.783 7.293 7.293 7.293 7.293 29.172
Office Salaries & Benefits8 15.120 15.120 27.120 39.120 96.480 41.076 41.076 41.076 41.076 164.304 43.130 43.130 43.130 43.130 172.519 45.286 45.286 45.286 45.286 181.145
Office Supplies9 788 788 788 788 3.152 827 827 827 827 3.308 868 868> 868 868 3.473 912 912 912 912 3.647
Officer Salaries10 84.000 84.000 84.000 84.000 336.000 90.300 90.300 90.300 90.300 361.200 97.073 97.073 97.073 97073 388.290 104.353 104.353 104.353 104.353 417.412
Benefits11 16.800 16.800 16.800 16.800 67.200 18.060 18.060 18.06 18.060 72.24 19.415 19.415 19.415 19.415 77.658 20.871 20.871 20.871 20.671 83.482
Office Rent12 9.608 9.608 9.608 9.608 38.432 10.088 10.088 10.088 10.088 40.352 10.592 10.592 10.592 10.592 42.369 11.122 11.122 11.122 11.122 44.488
Startup Expense13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Telephones14 7.875 7.875 7.875 7.875 31.500 8.269 8.269 8.269 8.269 33.075 8.682 8.682 8.682 8.682 34.729 9.116 9.116 9.116 9.116 36.465
Utilities15 945 945 945 945 3.780 992 992 992 992 3.969 1.042 1.042 1.042 1.042 4.167 1.094 1.094 1.094 1.094 4.376
Marketing Expenses
Advertising16 40.000 20.000 20.000 10.000 90.000 10.000 70.000 10.000 10.000 100.000 10.000 70.000 0 20.000 100.000 10.000 70.000 10.000 10.000 100.000
Public Relations 0 40.000 20.000 0 60.000 0 80.000 20.000 0 100.000 0 40.000 0 30.000 70.000 0 70.000 20.000 0 90.000
Postage & Courier Services17 880 870 905 935 3.590 916 916 1.011 1.116 3.959 1.039 1.039 1.074 1.139 4.289 1.118 1.063 1.133 1.248 4.564
Promotional Materials18 834 961 1.202 633 3.630 10.564 830 1.499 1.387 14.280 1.073 1.299 1.577 1.246 5.195 11.224 1.184 1.621 1.549 15.578
Trade Show Participation19 0 4.563 0 0 4.563 0 14.875 0 0 14.875 0 7.547 0 0 7.547 0 31.75 0 0 31.750
Selling Expenses
Credit Verification20 450 435 488 188 1.561 345 345 608 480 1.778 480 480 593 345 1.898 600 338 563 450 1.950
Entertainment & Catering21 960 1.168 1.317 1.040 4.485 490 958 1.416 1.764 4.628 1.33 1.533 1.725 1.749 6.337 1.265 1.779 1.581 1.977 6.602
Demonstration Flights22 15.917 19.241 16.152 18.094 69.404 13.740 17.814 22.583 23.247 77.384 22.412 19.164 24.020 20.936 86.533 21.24 23.471 16.979 29.962 91.652
Total Operational Expenses 209.411 232.108 216.934 203.307 861.763 221.386 365.570 236.949 221.825 1.045.731 233.366 332.594 720.521 271.047 1.057.528 254.969 403.606 255.898 253.708 1.168.181
Operating Income (or Loss) 6.675 31.696 135.733 231.348 405.451 261.543 111.151 359.581 542.361 1.274.636 637.171 490.081 663.968 881.558 2.672.779 1.065.260 817.616 1.061.465 1.313.296 4.247.637
Less Depreciation23 -2.996 -2.996 -2.996 -2.996 -11.984 -2.996 -2.996 -2.996 -2.996 -11.985 -2.996 -2.996 -2.996 -2.996 -11.985 -2.996 -2.996 -2.966 -2.996 -11.985
EBIT 3.679 28.700 132.737 228.355 393.468 258.547 108.155 356.585 539.365 1.262.652 634.175 487.085 660.972 878.562 2.660.794 1.052.264 814.620 1.058.469 1.310.300 4.2135.653
Plus extraordinary income24 27.534 33.647 32.593 107.282 201.056 -65.462 50.212 58.183 289.969 332.902 -139.629 90.269 95.145 182.684 228.469 -232.138 140.816 157.974 401.016 467.726
Less extraordinary expenses25 -23.116 -7.500 -7.500 -7.500 -45.616 -139.990 -7.500 -7.500 -7.500 -162.490 -209.519 -7.500 -7.500 -7.500 -232.019 -316.586 -7.500 -7.500 -7.500 -339.086
Income from Sale26 465.000 465.000 465.000 465.000 1.860.000 282.500 565 565 847.500 2.260.000 665.000 665.000 665.000 997.500 2.992.500 765.000 765.000 765.000 1.147.500 3.442.500
Less Interest27 0 0 0 0 0 -5.000 -5.000 -5.000 -5.000 -20.000 -7.500 -7.500 -7.500 -7.500 -30.000 -12.500 -12.500 -12.500 -12.500 -50.000
Income (or Loss) Before Taxes 473.097 519.847 622.830 793.137 2.408.908 330.595 710.866 967.268 1.664.335 3.673.064 942.527 1.227.354 1.406.117 2.043.746 5.619.744 1.256.098 1.700.436 1.961.443 2.838.816 7.756.793
Less Income Taxes28 212.895 233.931 280.274 356.912 1.084.012 148.768 319.89 435.270 748.961 1.652.879 424.137 552.309 632.753 919.686 2.528.885 565.244 765.196 882.649 1.277.467 3.490.557
Net Income (or Loss) 260.202 285.916 342.556 436.225 1.324.896 181.827 390.977 531.997 915.384 2.020.185 518.390 675.045 773.364 1.124.060 3.090.859 690.854 935.24 1.078.794 1.561.349 4.266.236
Cummulative Net income (or Loss) 416.361 702.277 1.044.833 1.481.059 1.481.055 1.662.886 2.053.663 2.585.860 3.501.244 3.501.244 4.019.634 4.694.679 5.468.044 6.592.104 6.592.104 7.282.958 8.218.197 9.296.991 10.858.340 10.885.340
Return on Sales 32% 27% 25% 28% 28% 10% 20% 23% 35% 23% 17% 21% 22% 29% 23% 16% 20% 23% 30% 23%

Balance Sheet (1) All figures are in DM (1 DM = $0.59)

BASE CASE Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1
January February March April May June July August September October November December Total
Assets
Current Assets
Cash 2.360.355 2.305.321 837.206 727.932 597.691 528.861 476.411 995.812 1.502.678 2.046.949 1.176.189 1.351.671 1.351.671
Accounts Receivables1 0 0 9.958 10.496 10.393 10.545 10.703 14.711 19.621 24.789 31.582 32.808 32.808
Inventory2 0 0 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.125.000 750.000 375.000 1.500.000 1.500.000 1.500.000
Total Current Assets 2.360.355 2.305.321 2.347.764 2.238.429 2.108.084 2.039.406 1.987.114 2.135.524 2.272.298 2.446.739 2.707.771 2.884.480 2.884.480
Fixed Assets3
Computer Equipment 54.083 53.167 52.250 51.333 50.417 49.500 48.583 47.667 46.750 45.833 44.917 44.000 44.000
Office Equipment 9.763 9.681 9.599 9.517 9.435 9.353 9.271 9.189 9.107 9.025 8.943 8.861 8.861
Total Fixed Assets 63.846 62.848 61.849 60.850 59.851 58.853 57.854 56.855 55.857 54.858 53.859 52.861 52.861
Total Assets 2.424.201 2.368.169 2.409.613 2.299.279 2.167.936 2.098.259 2.044.968 2.192.379 2.328.160 2.501.597 2.761.630 2.937.340 2.937.340
Liabilities & Equity
Current Liabilities
Accounts Payable, Other 0 0 93.501 93.501 93.501 93.501 93.501 93.501 93.501 93.501 187.002 187.002 187.002
Accrued Taxes 0 0 0 0 0 0 0 0 0 0 33.582 94.182 94.182
Interest Payable on Debt4 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Current Liabilities 0 0 93.501 93.501 93.501 93.501 93.501 93.501 93.501 93.501 220.585 281.184 281.184
Long Term Debt 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000
Equity
VC Equity 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000
Founders’ Equity 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000
Total Equity 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000
Retained Earnings or Loss5 -75.799 -131.831 -183.888 -294.222 -425.566 -495.242 -548.533 -401.122 -265.346 -91.905 41.045 156.156 156.156
Net Worth 1.424.201 1.368.169 1.316.112 1.205.778 1.074.434 1.004.758 951.467 1.098.878 1.234.654 1.408.095 1.541.045 1.656.156 1.656.156
Total Liabilities & Equity 2.424.201 2.368.169 2.409.613 2.299.279 2.167.936 2.098.259 2.044.968 2.192.379 2.328.155 2.501.597 2.761.630 2.937.340 2.937.340
Debt Equity Ratio 0,70 0,73 0,76 0,93 0,93 1,00 1,05 0,91 0,81 0,71 0,65 0,60 0,60
BASE CASE Year 2 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Year 3 Year 4 Year 4 Year 4 Year 4 Year 4 Year 5 Year 5 Year 5 Year 5 Year 5
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
Assets
Current Assets
Cash 3.364.096 4.628.053 4.506.183 5.278.683 5.278.683 6.490.568 6.495.167 8.036.510 8.953.775 8.953.775 10.399.88 10.665.489 12.503.846 13.944.367 13.944.367
Accounts Receivables1 91.518 99.037 123.577 137.960 137.960 156.203 171.380 177.291 205.042 205.042 215.466 236.387 238.801 265.849 265.849
Inventory2 1.125.000 375.000 1.125.00 1.500.000 1.500.000 750.000 1.500.000 750.000 1.125.000 1.125.000 375.000 1.125.000 375.000 750.000 750.000
Total Current Assets 4.580.614 5.102.89 5.754.759 6.916.643 6.916.643 7.396.771 8.166.547 8.963.801 10.283.817 10.283.817 10.990.346 12.026.877 13.117.647 14.960.216 14.960.216
Fixed Assets3
Computer Equipment 30.150 27.500 24.750 22.000 22.000 19.250 16.500 13.750 11.000 11.000 8.250 5.500 2.750 0 0
Office Equipment 7.630 7.384 7.138 6.892 6.892 6.645 6.399 6.153 5.907 5.907 5.661 5.415 5.169 4.923 4.923
Total Fixed Assets 37.880 34.884 31.888 28.892 28.892 25.895 22.899 19.903 16.907 16.907 13.911 10.915 7.919 4.923 4.923
Total Assets 4.618.494 5.137.774 5.786.647 6.945.534 6.945.534 7.422.667 8.189.446 8.983.704 10.300.724 10.300.724 11.004.257 12.037.791 13.125.566 14.965.139 14.965.139
Liabilities & Equity
Current Liabilities
Accounts Payable, Other 411.190 411.190 513.988 616.785 616.785 639.781 746.411 746.411 853.041 853.041 871.032 979.911 979.911 1.088.790 1.088.790
Accrued Taxes 42.751 171.054 185.132 325.838 325.838 260.751 245.856 266.749 353.079 353.079 346.101 335.517 344.498 513.843 513.843
Interest Payable on Debt4 1.667 1.667 1.667 1.667 1.667 2.500 2.500 2.500 2.500 2.500 4.167 4.167 4.167 4.167 4.167
Total Current Liabilities 455.608 583.911 700.787 944.290 944.290 903.032 994.767 1.015.660 1.208.620 1.208.620 1.221.300 1.319.594 1.328.575 1.606.799 1.606.799
Long Term Debt 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000
Equity
VC Equity 1.000.00 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000 1.000.000
Founders’ Equity 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000 500.000
Total Equity 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000
Retained Earnings or Loss5 1.662.886 2.053.863 2.585.860 3.501.244 3.501.244 4.019.634 4.694.679 5.468.044 6.592.104 6.592.104 7.282.958 8.218.197 9.296.991 10.858.340 10.858.340
Net Worth 3.162.886 3.553.863 4.085.860 5.001.244 5.001.244 5.519.634 6.194.679 6.968.044 8.092.104 8.092.104 8.782.958 9.718.197 10.796.991 12.358.340 12.358.340
Total Liabilities & Equity 4.618.49 5.137.774 5.786.647 6.945.534 6.945.534 7.422.667 8.189.446 8.983.704 10.300.724 10.300.724 11.004.257 12.037.791 13.125.566 14.965.139 14.965.139
Debt Equity Ratio 0,32 0,28 0,24 0,20 0,20 0,18 0,16 0,14 0,12 0,12 0,11 0,10 0,09 0,06 0,08

Notes to the Balance Sheet
1 Assumes 85% of invoices are paid in the current month and 15% in the following month.
2 Shares of Aircraft still owned by Eurosky (=Equity interest in Aircraft LLP).
3 Assumes Computer Equipment worth 55,000 DM and Office furniture worth 9,845 DM.
4 First two years free of interest. Year 3: 2%, year 4: 3% from year 5 on 5%.
5 From Income Statement (takes into account tax loss carry forward and paid bonuses).

Cash Flow Statement (1)

BASE CASE Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1
January February March April May June July August September October November December Total
Operating Cash Inflows
+ Net Sales 0 0 66.385 69.975 69.285 70.302 71.356 98.076 130.805 165.263 210.546 218.722 1.170.714
+ Commission Income from A/C sales 0 0 0 0 0 0 0 0 0 0 0 212.000 212.000
– Accounts Receivable 0 0 (9.958) (538) 103 (152) (158) (4.008) (4.909) (5.169) (6.792) (1.226) (32.808)
1 Net Operating Cash Inflows 0 0 56.427 69.436 69.3118 70.149 71.198 94.068 125.896 160.094 201753 429.496 1.349.906
Operating Cash Outflows
+ Cost of Goods Sold 0 0 74.209 74.209 74.209 74.209 74.209 82.496 95.578 114.746 162.597 168.223 994.683
+ General & Administrative Expenses 112.145 50.250 40.800 40.800 40.800 40.800 40.800 40.800 45.600 45.600 45.600 48.600 592.595
+ Marketing Expenses 200 15.200 440 60.422 76.755 20.464 654 654 30.654 10.654 10.606 640 227.343
+ Selling Expenses 0 0 3.032 4.402 7.778 3.096 7.329 7.560 6.476 6.476 9.335 5.591 61.075
+ Taxes 0 0 0 0 0 0 0 0 0 0 33.582 94.182 127.764
– Accrued Taxes 0 0 0 0 0 0 0 0 0 0 (33.582) (60.599) (94.182
– Accounts Payable 0 (93.501) 0 0 0 0 0 0 0 0 (93.501) 0 (187.002)
2 Total Operating Cash Outflows 112.345 65.450 24.979 179.832 199.541 138.568 122.991 131.510 178.300 177.476 134.637 256.637 1.722.275
3 Net Operating Cash Flow (Item 1 – Item 2) (112.345) (65.450) 31.448 (110.396) (130.153) (68.419) (51.793) (37.442) (52.413) (17.382) 69.116 172.859 (372.370)
Priority Outflows
+ Debt Repayment for Aircraft LLP 0 0 0 0 0 0 0 1.392.500 1.392.500 1.392.500 1.392.500 0 5.570.000
+ Trustee Expense 0 0 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 25.000
+ Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0
+ VAT Payment1 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Lease Payments 390 390 390 390 390 390 390 390 390 390 390 390 4.680
4 Total Priority Outflows 390 390 2.890 2.090 2.890 2.890 2.890 1.395.390 1.395.390 1.395.390 1.395.390 2.890 5.599.680
Discretionary Outflows
+ Startup Expenses 26.910 0 0 0 0 0 0 0 0 0 0 0 26.910
+ Year End Bonus2 0 0 0 0 0 0 0 0 0 0 0 0 0
5 Total Discretionary Outflows 26.910 0 0 0 0 0 0 0 0 0 0 0 26.910
Financial Flows
– Founding of Aircraft LLPs 0 0 (1.500.000) 0 0 0 0 0 0 0 (1.500.000) 0 (3.000.000)
+ Sale of Interest in Aircraft LLPs 0 0 0 0 0 0 0 1.950.000 1.950.000 1.950.000 1.950.000 0 7.800.000
+ Debt Instruments 1.000.000 0 0 0 0 0 0 0 0 0 0 0 1.000.000
+ Stock Securities 1.500.000 0 0 0 0 0 0 0 0 0 0 0 1.500.000
+ Interest received 0 10.806 3.927 3.412 2.802 2.479 2.233 2.233 4.668 7.044 5.513 5.513 50.631
6 Total Financial Flows 2.500.000 10.806 (1.496.073) 3.412 2.002 2.479 2.233 1.952.233 1.954.668 1.957.044 455.513 5.513 7.350.631
Net change in Cash & Marketable Securities
+ Net Operating Cash Flow (Item 3) (112.345) (65.450) 31.448 (110.396) (130.153) (68.419) (51.793) (37.442) (52.413) (17.382) 69.116 172.859 (372.370)
– Priority Outflows (Item 4) (390) (390) (2.890) (2.890) (2.890) (2.890) (2.890) (1.3915.390) (1.395.390) (1.395.390) (1.395.390) (2.890) (5.599.680)
– Discretionary Flows (Item 5) (26.910) 0 0 0 0 0 0 0 0 0 0 0 (26.910)
+ Financial Flows (Item 5) 2.500.000 10.806 (1.496.073) 3.412 2.802 2.479 2.233 1.952.233 1.954.668 1.957.044 455.513 5.513 7.350.631
7 Net Change In Cash and Marketable Securities 2.360.355 (55.034) (1.467.615) (109.874) (130.241) (68.830) (52.450) 519.401 506.865 544.272 (870.760) 175.482 1.351.671
End of Period Cash Balance 2.360.355 2.305.321 837.806 727.932 597.691 528.861 476.411 995.812 1.502.678 2.046.949 1.176.189 1.351.671 1.351.671

Notes to the Cash Flow Statement
1 German sales tax @ 15% of sales price. See VAT worksheet.
2 Bonus paid in January for previous year performance. See Salary calculation sheet.

BASE CASE Year 2 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Year 3 Year 4 Year 4 Year 4 Year 4 Year 4 Year 5 Year 5 Year 5 Year 5 Year 5
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
Operating Cash Inflows
+ Net Sales 809.552 1.052.272 1.348.135 1.563.596 4.773.555 1.774.381 1.950.486 2.298.002 2.618.652 8.641.520 2.984.243 3.211.474 3.477.112 3.926.542 13.599.371 4.200.532 4.562.204 4.786.500 5.261.789 18.891.025
+ Commission Income from A/C sales 0 0 0 66.500 66.500 0 0 0 220.000 220.000 0 0 0 69.200 69.200 0 0 0 229.000 229.000
– Accounts Receivable (11.784) (16.124) (10.817) (8.545) (47.271) (11.439) (8.319) (23.740) (14.383) (57.081) (18.243) (15.177) (5.911) (27.751) (67.082) (10.424) (20.922) (2.414) (27.048) (60.807)
1 Net Operating Cash Inflows 797.768 1.036.148 1.337.318 1.621.550 4.792.785 1.762.942 1.942.167 2.274.261 2.824.269 8.803.639 2.966.000 3.196.297 3.471.202 3.967.991 13.601.490 4.270.107 4.541.283 4.784.086 5.463.741 19.059.218
Operating Cash Outflows
+ Cost of Goods Sold 593.466 788.468 995.469 1.128.938 3.506.341 1.291.451 1.473.765 1.701.472 1.854.485 6.321.153 2.113.706 2.388.799 2.592.623 2.773.938 9.869.065 2.970.303 3.340.982 3.469.137 3.694.786 13.475.207
+ General & Administrative Expenses 149.140 143.640 155.640 171.190 619.610 184.042 178.542 178.542 182.542 723.668 195.678 190.178 190.178 194.278 770.312 208.099 202.599 202.599 207.099 820.397
+ Marketing Expenses 41.714 66.394 42.107 11.568 161.783 21.480 166.621 32.510 12.503 233.114 12.111 119.884 2.651 52.384 187.031 22.342 173.998 32.754 12.797 241.892
+ Selling Expenses 17.327 20.845 17.956 19.321 75.449 14.575 19.117 24.607 25.491 83.789 24.222 21.177 26.338 23.030 94.767 23.105 25.587 19.122 32.389 100.203
+ Taxes 212.895 233.931 280.274 356.912 1.084.012 148.768 319.890 435.270 748.951 1.652.879 424.137 552.309 632.753 919.686 2.528.885 565.244 765.196 8112.649 1.277.467 3.490.557
– Accrued Taxes (17.614) (12.541) (312) 51.412 20.944 30.487 (128.303) (14.078) (140.706) (252.600) 65.086 14.895 (20.893) (86.330) (27.241) 6.978 10.584 (8.961) (169.345) (160.784)
– Accounts Payable (6.969) (96.986) 0 (96.986) (200.940) (23.247) 0 (102.798) (102.798) (220.843) (22.995) (108.630) 0 (106.630) (236.256) (17.991) (108.879) 0 (108.879) (235.749)
2 Total Operating Cash Outflows 989.959 1.143.751 1.491.134 1.642.354 5.267.198 1.867.554 2.029.632 2.255.525 2.580.448 8.533.160 2.811.946 3.180.513 3.423.649 3.770.355 13.106.563 3.778.081 4.410.067 4.597.281 4.946.314 17.731.744
3 Net Operating Cash Flow (Item 1 – Item 2) (192.191) (107.603) (153.816) (20.803) (474.414) 95.387 (87.465) 18.736 243.821 270.479 154.054 15.684 47.553 197.636 414.927 492.027 131.215 186.805 517.427 1.327.474
Priority Outflows
+ Debt Repayment for Aircraft LLP 2.785.000 2.785.000 2.785.000 2.785.000 11.140.000 1.392.500 2.785.000 2.785.000 4.177.500 11.140.000 2.785.000 2.785,000 2.785.000 4.177.500 12.532.500 2.785.000 2.785.000 2.785.000 4.177.500 12.532.500
+ Trustee Expense 7.500 7.500 7.500 7.500 30.000 7.500 7.500 7.500 7.500 30.000 7.500 7.500 7.500 7.500 30.000 7.500 7.500 7.500 7.500 30.000
+ Interest Expense 0 0 0 0 0 3.333 5.000 5.000 5.000 18.333 6.667 7.500 7.500 7.500 29.167 10.833 12.500 12.500 12.500 48.333
+ VAT Payment (4.727) 0 0 0 (4.127) 109.576 0 0 0 109.576 211.498 0 0 0 211.498 355.062 0 0 0 356.062
+ Lease Payments 1.229 1.229 1.229 1.229 4.914 1.290 1.290 1.290 1.290 5.160 1.354 1.354 1.354 1.354 5.418 1.422 1.422 1.422 1.422 5.689
4 Total Priority Outflows 2.789.001 2.793.729 2.793.729 2.793.729 11.170.187 1.514.199 2.798.790 2.798.790 4.191.290 11.303.069 3.012.019 2.801.354 2.801.354 4.193.854 12.808.583 3.159.817 2.806.422 2.806.422 4.198.922 12.971.584
Discretionary Outflows
+ Startup Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Year End Bonus 2 15.616 0 0 0 15.616 132.490 0 0 0 132.490 202.019 0 0 0 202.019 309.086 0 0 0 309.086
5 Total Discretionary Outflows 15.616 0 0 0 15.616 132.490 0 0 0 132.490 202.019 0 0 0 202.019 309.086 0 0 0 309.086
Financial Flows
– Founding of Aircraft LLPs 0 (1.500.000) 0 (1.500.000) (3.000.000) 0 0 (1,500.000) (1.500.000) (3.000.000) 0 (1.500.000) 0 (1.500.000) (3.000.00) 0 (1.500.000) 0 (1.500.000) (3.000.000)
+ Sale of Interest in Aircraft LLPs 4.000.000 4.000.000 4.000.000 4.000.000 16.000.000 2.050.000 4.100.000 4.100.000 6.150.000 16.400.000 4.200.000 4.200.000 4.200.000 6.300.000 18.900.000 4.300.000 4.300.000 4.300.000 6.450.000 19.350.000
+ Debt Instruments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Stock Securities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+ Interest received 22.807 33.647 32.593 40.782 129.829 44.114 50.212 58.183 69.969 222.478 71.869 90.269 95.145 113.484 370.767 122.982 1404816 157.974 172.016 593.787
6 Total Financial Flows 4.022.807 2.533.647 4.032.593 2.540.782 13.129.829 2.094.114 4.150.212 2.658.183 4.719.969 13.622.478 4.271.869 2.790.269 4.295.145 4.913.484 16.270.167 4.422.982 2.940.816 4.457.974 5.122.016 16.943.787
Net change in Cash & Marketable Securities
+ Net Operating Cash Flow (Item 3) (192.191) (107.603) (153.816) (20.803) (474.414) 95.387 (87.465) 18.736 243.821 270.479 154.054 15.684 47.553 197.636 414.927 492.027 131.215 186.805 517.427 1.327.474
– Priority Outflows (Item 4) (2.789.001) (2.793.729) (2.793.729) (2.793.729) (11.170.187) (1.514.199) (2.798.790) (2.798.790) (4.191.290) (11.303.069) (3.012.019) (2.801.354) (2.801.354) (4.193.854) (12.808.583) (3.159.817) (2.806.422) (2.806.422) (4.198.922) (12.971.584)
– Discretionary Flows (Item 5) (15.616) 0 0 0 (15.616) (132.490) 0 0 0 (132.490) (202.019) 0 0 0 (202.019) (309.086) 0 0 0 (309.086)
+ Financial Flows (Item 5) 4.022.807 2.533.647 4.032.593 2.540.782 13.129.829 2.094.114 4.150.212 2.658.183 4.719.969 13.622.478 4.271.869 2.790.269 4.295.145 4.913.484 16.270.767 4.422.982 2.940.816 4.457.974 5.122.016 16.943.787
7 Net Change In Cash and Marketable Securities 1.025.999 (367.685) 1.085.049 (273.750) 1.469.613 542.812 1.263.957 (121.871) 772.500 2.457.398 1.211.885 4.509 1.541.343 917.265 3.675.093 1.446.105 265.609 1.838.357 1.440.521 4.990.592
End of Period Cash Balance 2.377.670 2.009.986 3.095.034 2.821.284 2.821.284 3.364.096 4.628.053 4.506.193 5.278.683 5.278.683 6.490.568 6.495.167 8.036.510 8.953.775 8.953.775 10.399.880 10.665.489 12.503.846 13.944.367 13.944.367

8.1.7 Scenario & Ratio Analysis

Scenarios


Eurosky
Table of Contents Appendices
1. Executive Summary
2. Market Analysis
3. Products
4. Company
5. Marketing and Sales
6. Operations
7. Financials
Pro-forma Financials
Resumes of the Founder Team
Board of Advisors
Key Advisors
The information and ideas herein are the confidential,
proprietary, sole, and exclusive property of Eurosky’s founders.

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