Economic Value Added (EVA) Template Strictly Confidential

Table of Contents

EVA

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Income Statement

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

COGS (24,544) (25,104) (25,779) (27,111) (27,656) (28,212) (28,636) (28,923)
Gross Profit 26,045 26,544 27,981 29,370 29,961 30,563 31,023 31,334

SG&A (5,877) (6,006) (6,144) (6,359) (6,550) (6,746) (6,915) (7,088)

Other (1,764) (1,931) (2,026) (2,097) (2,160) (2,225) (2,280) (2,337)
EBITDA 18,404 18,607 19,811 20,914 21,251 21,592 21,828 21,909

Depreciation 1 (2,960) (3,196) (3,452) (4,421) (4,770) (5,128) (5,490) (5,862)

EBIT 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047

Interest Expense (1,688) (2,200) (2,350) (1,080) (840) (600) (360) (120)
Interest Income 200 180 193 37 55 80 108 142
EBT 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069

Provision for Taxes (3,722) (3,850) (4,111) (3,245) (3,296) (3,348) (3,378) (3,374)

Net Income 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694
Cash Flow Statement

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

CASH FROM OPERATING

Net Income 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694
Depreciation 2,960 3,196 3,452 4,421 4,770 5,128 5,490 5,862
Cash From Accounts Receivable (600) (625) (291) (339) (140) (143) (109) (74)
Cash From Inventory (400) (131) (86) 152 (37) (38) (29) (20)
Cash From Accounts Payable (260) 181 114 (348) 60 61 47 31
Subtotal 11,934 12,162 13,280 16,092 17,052 17,604 18,106 18,494

CASH FROM INVESTING

Capital Expenditure (9,015) (8,733) (7,130) (6,900) (7,050) (7,275) (7,200) (7,688)
Subtotal (9,015) (8,733) (7,130) (6,900) (7,050) (7,275) (7,200) (7,688)

CASH FROM FINANCING

Change in Long-Term Debt - (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000)
Change in Common Equity - - - (1,000) (1,000) (1,000) (1,000) (1,000)
Dividends (3,465) (3,761) (3,216) (2,441) (2,480) (2,519) (2,542) (2,539)
Change in Revolving Credit Line - - - - - - - -
Subtotal (3,465) (7,761) (7,216) (7,441) (7,480) (7,519) (7,542) (7,539)

CASH BALANCE
Beginning of the Year 9,671 9,125 4,793 3,727 5,477 7,999 10,809 14,173
Increase / (Decrease) (546) (4,332) (1,066) 1,750 2,522 2,809 3,364 3,268
End of the Year 9,125 4,793 3,727 5,477 7,999 10,809 14,173 17,441
Balance Sheet

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

ASSETS

Cash 9,125 4,793 3,727 5,477 7,999 10,809 14,173 17,441

Accounts Receivable 5,708 6,333 6,624 6,963 7,103 7,246 7,355 7,429
Inventories 1,792 1,923 2,009 1,857 1,894 1,932 1,961 1,981
Total Current Assets 16,625 13,049 12,360 14,298 16,997 19,987 23,490 26,851

Property Plant & Equipment 58,759 64,296 67,974 70,453 72,734 74,881 76,591 78,417

Total Assets 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

LIABILITIES

Accounts Payable 3,024 3,205 3,319 2,971 3,031 3,092 3,138 3,170
Revolving Credit Line – – – – – – – –
Total Current Liabilities 3,024 3,205 3,319 2,971 3,031 3,092 3,138 3,170

Long-Term Debt 28,000 24,000 20,000 16,000 12,000 8,000 4,000 -

Total Liabilities 31,024 27,205 23,319 18,971 15,031 11,092 7,138 3,170

EQUITY

Common Equity 38,670 38,670 38,670 37,670 36,670 35,670 34,670 33,670
Retained Earnings 5,690 11,470 18,345 28,110 38,030 48,107 58,273 68,428
Total Shareholders' Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Total Liabilities & Equity 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

Check – – – – – – – –
Other Financial Information

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

NET OPERATING PROFIT AFTER TAX

EBIT 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047
Effective Tax Rate 26.67% 28.75% 28.95% 21.00% 21.00% 21.00% 21.00% 21.00%
NOPAT 11,325 10,980 11,624 13,030 13,020 13,007 12,907 12,677

BEGINNING BALANCE: INVESTED CAPITAL 1

Interest Bearing Current Liabilities – – – – – – –
Interest Bearing Long Term Liabilities 28,000 24,000 20,000 16,000 12,000 8,000 4,000
Cash (9,125) (4,793) (3,727) (5,477) (7,999) (10,809) (14,173)
Net Debt 18,875 19,207 16,273 10,523 4,001 (2,809) (10,173)
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943
Invested Capital (aka Capital Employed) 63,235 69,347 73,288 76,302 78,700 80,968 82,770

ECONOMIC VALUE ADDED

Invested Capital 63,235 69,347 73,288 76,302 78,700 80,968 82,770
Weighted Average Cost of Capital (WACC) 8.22% 8.22% 8.22% 8.22% 8.22% 8.22% 8.22%
Finance Charge 5,198 5,700 6,024 6,272 6,469 6,656 6,804

NOPAT 10,980 11,624 13,030 13,020 13,007 12,907 12,677

Less: Finance Charge (5,198) (5,700) (6,024) (6,272) (6,469) (6,656) (6,804)
Economic Value Added (EVA) 5,782 5,924 7,005 6,748 6,537 6,251 5,873

The beginning balance of Invested Capital is the previous year's ending balance.⁽¹⁾