PRIVATE EQUITY / VC FINANCIAL MODEL. A Real Estate Case

Fund AAA
Business Valuation
11/04/2011
The accompanying material (the Material) is being provided to certain persons (the Recipients) on the basis that such Material has been
prepared by THE FUND ("THE FUND") and is being provided to each of the Recipients for informational purposes only and THE FUND accepts no
duty of care to such persons with regard to the Material.
None of the Recipients is entitled to rely on such Material for any purpose, including without limitation, providing any professional advice to any
person or making any decision relating to or in connection with the transaction to which the Material relates and no responsibility, obligation or
liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by THE FUND or any of its affiliates or any of their respective
employees or agents (the FUND Parties) in relation thereto.
THE FUND and each of the FUND Parties expressly disclaim any and all liability which may arise from the Material having been provided to any of
the Recipients or for any consequence whatsoever should any such Recipient rely upon any Material. Each Recipient is deemed to have waived
any claim for liability against THE FUND or any of the FUND Parties that may otherwise arise out of or in connection with the provision of the
Material. The Material remains the full property of THE FUND and may not be released to any third party without the prior written permission of
THE FUND .
Fund AAA
Project Title
COST STRUCTURE
BASIC ASSUMPTIONS
Firs year considered
# years considered
RPI
Personnel Social Security contribution ( Company cost)
Annual Increasing costs assumption
collections period
current payments period
2008
6 years
3,00%
28,00%
3,00%
30 days
30 days
Terms
12 monts from the founding
6 years
2 years
4 years
1 years
CAPITAL
Total Commited Capital
Initial Drawndown
Initial Drawndown
Partial Drawndowns ("Capital Call 1")
year 2009
year 2010
year 2011
year 2012
50.000.000
27,00%
13.500.000
27,00%
25,00%
21,00%
0,00%
Total funds invested in new assets

Supplementary financial needs
49.000.000
0
0,00%
1,80%
1,00 x
15,00%
Leverage ratio objective

Leverage ratio average (2008-2012)
Max % covered with debt (in every single investment)
Expiry date
15,00%
1,52 x
fees & expenses
prospective investments and realizations (% on amount invested)
Realizations deinvestments ( % on amount deinvested)

Legal expenses
Annual Auditors
Board remuneration
0 Euros / member / year
# members of the board
office expenses
Cost office space
Comucicatios
supllies
Other Operat. expenses
Insurance
Office furniture
Representatin
Other
2010
25.095.656
25.095.656
Gains from Deinvestments

Dividends (assets in portfolio)
Other income
Total Income
2011
25.095.656
25.095.656
2012
25.095.656
25.095.656
Formation expenses
Legal expenses
Patents
Otros
Intangible fixed assets
deferred expenses
Intercalarios
Tangible fixed assets
lands&buildings, real state
HW & SW specific
furniture & fittings
Eur 000
60.000
50.000
40.000
30.000
20.000
84.000
3.600
5.400
7.200
1.500
1.000
24.000
3.000
year 2009
3.000
12.000
12.250.000
12.250.000
12.290.000
12.290.000
12.250.000
24.540.000
12.250.000
36.790.000
40,00%
25.000
30,00%
20.000
20,00%
15.000
10,00%
10.000
0,00%
5.000
-10,00%
-20,00%
3
2009
Investments
2010
2011
Deinvestments (cost)
2012
GAINS
2013
-30,00%
-40,00%
-15.000
2008
Line of credit Short term

year
2,90%
2,50%
0,40%
0,20%
Euribor
Spread
Total amount disposed
38,95%
-20.000
-50,00%
-60,00%
Shareholders Cash Flows
IRR
Ao 2008 E
25.000
0
12.265.000
-6.800
78.315
307.155
12.668.670
Ao 2009 E
25.000
0
24.515.000
-13.600
75.411
1.673.984
26.275.795
Ao 2010 E
25.000
0
24.515.000
-20.400
9.641
7.581.767
32.111.009
Equity
Current Liabilities
Long term Creditors
TOTAL LIABILITIES
12.668.003
667
0
12.668.670
25.050.108
687
1.225.000
26.275.795
28.656.112
707
3.454.190
32.111.009
0,00%
13,05%
4,66%
12,65%
10,76%
12,12%
Ratio Analysis
Leverage ratio
WACC
Building / land ratio
Building / land ratio
2009
1/4
2010
1/2
2011
2/3
Fund `s RESULTS
FINANCIAL RATIOS
Lverage Ratio (average)
WACC
ROE
ROCE
ROA
Net Debt/Equity
Net Debt/EBITDA
(%)
(%)
(%)
(%)
(%)
(times)
(times)
25,83%
11,18%
221,64%
59,93%
74,20%
-0,22
-0,04
81,49%
81,45%
81,31%
52,85%
TAX INPUTS
Input V.A.T. rate

Output V.A.T. rate
Corporation Tax rate
Fund`s net IRR

Shareholders NPV
38,95%
21.465.517
13,05%
Cash taken back

Gross Gains of the Fund
149.382.625
100.382.625
WACC
Coste del Equity (Ke)

Prime rate (German Bond 10 years )
Risk premiun (sector)
Beta of Sector
Equity Cost (Ke)
4,25%
8,00%
1,10
13,05%
Debt Cost Pre-Tax

Euribor
Spread
Tax
Lerage rate avarage (2008-2012)
4,37%
4,00%
1,20%
16,00%
25,83%
19,00%
19,00%
16,00%
WACC
WACC average
10,81%
11,18%
Net Wealth evolution
IRR
50,00%
Formation expenses
Depreciation
Current Assets
cash
TOTAL ASSESTS
2.665.588
Year 1st. Disposal

interest rate considered
12.250.000
-10.000
Average Debit Balance
EBITDA/Revenues
EBIT/Revenues
Gross Margin (EBI/Revenues)
Net Margin (EAI/Revenues)
30.000
5,20%
4,00%
1,20%
Euribor (Swap 6 aos)

Spread
year 2010
Internal Rate of Return

Fund AAA
Availability
0,00%
Suscriiption fee
35.000
-5.000
10.000
Other
0,00%
OPERATIONAL RATIOS
TOTAL
Cumulative
Cash Flow
miles de euros
BUSINESS SUMMARY
year 2008
25.000
Suscription
0,50%
interest rate considered

Euros / year
60.000
30%
12.000
3,00%
1,50%
10.000
5.000
0
9
INVESTMENTS
1.532.000
8,0
33
45,00%
3 years
3,05 x
0,00%
2,50%
33,00%
25,83%
40,00%
5 years
Apply succes fee on "return on investment by investment performance"
Hurdle Rate
Lowest multiple on Invested (objective)
Other expenses
REVENUE ASSUMPTIONS
Amount per investment average
3,06% s/ commited capital
# investments / year. (Objective)
Maximum # investments in portfolio (objective)
IRR average per investment
average period to deinvest ( 2-5 years)
multiple on invested capital (per investment)
interest rate for cash allocation
BALANCE SHEET FIGURES
Long Term Loan
Fund Manager (Salary)

Fund Manager (bonus)
Travel expenses
Basics of the Fund`s structure
Definitive closing
Term of the fund
Extension (if decided)
Investment period
Investment period extension (if decided)
FINANCIAL STRUCTURE
Fees
Suscription fee (on total committed capital.)
Management Fee (on real assets value)
Revaluation of fixed assets rate
Success Fee ("Carried Interest")
year 2010
year 2008
year 2012
Debt
6,10%
Debt
0,00%
Debt
14,26%
Net Assets
37,32%
Net Assets
43,30%
Equity
50,77%
Net Assets
49,23%
Equity
50,60%
Equity
48,42%
Project Fund AAA - Capital
Private & Confidential
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Units
2008
year 1
2009
year 2
2010
year 3
2011
year 4
2012
year 5
2013
year 6
Capital Call 1
Capital Call 2
Capital Call 3
Capital Call 4
Euros
Euros
Euros
Euros
Euros
13.500.000
-
13.500.000
-
12.500.000
-
10.500.000
-
Capital Increase
Euros
13.500.000
13.500.000
12.500.000
10.500.000
12.250.000
12.250.000
12.250.000
12.250.000
13.500.000
27.000.000
27.250.000
25.500.000
13.250.000
1.000.000
27,00%
54,00%
54,50%
51,00%
26,50%
2,00%
Share Capital
Initial Drawndown
Capital Reductions
Cumulative Capital
Euros
% drawndown
Shareholders
Commited Capital
Drawndowns chart
( Euros)
000 Euros
Investor 1
Investor 2
Investor 3
Investor 4
Investor 5
Investor 6
Investor 7
Investor 8
Investor 9
Investor 10
Investor 11
Investor 12
Investor 13
Investor 14
Investor 15
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
6,67%
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
3.333
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
900.000
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
833.333
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
700.000
TOTAL
100%
50.000
13.500.000
13.500.000
12.500.000
10.500.000
Project Fund AAA -Revenues
2008
year 1
2009
year 2
2010
year 3
2011
year 4
2012
year 5
2013
year 6
8,00
8
12.250.000
24,50%
12.250.000
24,50%
8,00
16
12.250.000
24,50%
24.500.000
49,00%
8,00
24
12.250.000
24,50%
36.750.000
73,50%
8,00
32
12.250.000
24,50%
49.000.000
98,00%
32
0,00%
49.000.000
98,00%
32
0,00%
49.000.000
98,00%
8
0,00%
12.250.000
-
16
0,00%
24.500.000
-
8
8
16
33,33%
12.250.000
12.250.000
24.500.000
37.345.656
37.345.656
8
16
16
50,00%
12.250.000
24.500.000
24.500.000
37.345.656
74.691.313
8
24
8
75,00%
12.250.000
36.750.000
12.250.000
37.345.656
112.036.969
8
32
100,00%
12.250.000
49.000.000
37.345.656
149.382.625
Gains / (loos)
25.095.656
25.095.656
25.095.656
25.095.656
Gains / (loos). Cumulative
25.095.656
50.191.313
75.286.969
100.382.625
25.095.656
25.095.656
25.095.656
25.095.656
3.839
24.764
115.697
215.706
224.787
160.291
Income fron Capital Invested

Gains
Amount per investment average
# investments / year. (Objective)
Maximum # investments in portfolio (objective)
1.532.000
8,00
32
# investments / year
Total investments. Cumulative
Invested Capital
% on Commited Capital
Invested Capital. Cumulative
% on Commited Capital
IRR average per investment
average period to deinvest ( 2-5 years)
multiple on invested capital (per investment)
45,00%
3 years
3,05 x
# Deinvestments / year
Total Deinvestments. Cumulative
Total Investments IN PORTFOLIO
Deinvestments Cumul./Investments Cumul.
Deinvested Capital / year (cost)
Deinvested Capital . Cumulative (cost)
Invested Captal IN PORTFOLIO
Deinvested Capital ( Cost+Gains)
Deinvested Capital ( Cost+Gains). Cumulative

% s/ invested capital
Dividends reported
0,00%
Total Income from capital invested

Financial Income
Cash return
Financial revenues
2,50%
Project Fund AAA -Expenses
2008
year 1
2009
year 2
2010
year 3
2011
year 4
2012
year 5
2013
year 6
12.668.670
26.275.795
32.111.009
34.205.492
20.582.964
4.533.205
12.668.670
26.275.795
32.111.009
34.205.492
20.582.964
4.533.205
Total Management fee / year
228.036
472.964
577.998
615.699
370.493
81.598
Total Management fee. Cumulative

Total Management fee payments / year
228.036
228.036
701.000
472.964
1.278.999
577.998
1.894.697
615.699
2.265.191
370.493
2.346.788
81.598
228.036
701.000
1.278.999
1.894.697
2.265.191
2.346.788
6.380.719
6.380.719
6.380.719
12.761.438
6.380.719
19.142.156
6.380.719
25.522.875
Estructura de Comisiones
Suscription fee
% on total committed capital
Management Fee
% on real assets value
Total Assets value in books
Revaluation of fixed assets rate
Portfolio Assets market value
0,00%
1,80%
1,00 x
Total Management fee payments. Cumulative

Success fee ("Carried Interest")
A) Succes fee on "return on global fund performance"
"Hurdle Rate")
Lowest multiple on Invested (objective)
Gains to reach the hurdle rate
Gains to reach the hurdle rate. Cumulative
Total Gains to reach the hurdle rate
% success fee
15,00%
1,52 x
25.522.875
15,00%
Total Success fee earning
11.228.963
Total success fee. Cumulative

Total success fee payments (can be anticipated under certain conditions)
3.700.266
3.764.348
11.228.963
3.764.348
3.700.266
7.464.614
11.228.963
3.068.436
797.980
797.980
797.980
1.595.961
797.980
2.393.942
797.980
3.191.922
Total success fee payments Cumulative

B) Succes fee on "return on investment by investment performance"
Gains to reach the hurdle rate per investment operation
Gains to reach the hurdle rate. Cumulative
Unit gains per deinvestment

Total success fee earnings and payments
Total success fee earnings and payments. Cumulative
2008
year 1
2009
year 2
2010
year 3
2011
year 4
2012
year 5
2013
year 6
3.068.436
3.068.436
3.068.436
3.068.436
2.723.213
2.723.213
2.723.213
2.723.213
2.723.213
5.446.426
8.169.639
10.892.852
2008
year 1
2009
year 2
2010
year 3
2011
year 4
2012
year 5
2013
year 6
60.000
30,00%
12.000
28,00%
60.000
12.000
16.800
88.800
61.800
18.000
12.360
22.344
114.504
63.654
18.540
12.731
23.014
117.939
65.564
19.096
13.113
23.705
121.477
67.531
19.669
13.506
24.416
125.122
69.556
20.259
13.911
25.148
128.875
84.000
3.600
5.400
7.200
1.500
1.000
24.000
84.000
3.600
5.400
7.200
1.500
1.000
24.000
126.700
86.520
3.708
5.562
7.416
1.545
1.030
24.720
130.501
89.116
3.819
5.729
7.638
1.591
1.061
25.462
134.416
91.789
3.934
5.901
7.868
1.639
1.093
26.225
138.449
94.543
4.052
6.078
8.104
1.688
1.126
27.012
142.602
97.379
4.173
6.260
8.347
1.739
1.159
27.823
146.880
367.500
367.500
367.500
367.500
367.500
367.500
560.185
927.685
560.185
927.685
560.185
560.185
560.185
560.185
10.300
5.150
10.609
5.305
10.927
5.464
11.255
5.628
11.593
5.796
Other expenses
Personal
Fund Manager
Salary
Bonus
Travel expenses
Social security contribution
Total Fund Manager
Office expenses
Cost office space
Comunicatios
supllies
Other Operat. expenses
Insurance
Office furniture
Representatin
Total Office expenses
Realization Investments/Deinvestments
% on amount invested
prospective investments and realizations
% on amount deinvested
Expenses associated with realizations deinvestments
Total transactions expenses
3,00%
1,50%
Formation expenses
Total amount
25.000
25.000
Other operating expenses

Legal expenses
Annual Auditors
10.000
5.000
10.000
5.000
Board remuneration
Other
Total Other operating expenses
0
3.000
2008
year 1
2009
year 2
2010
year 3
2011
year 4
2012
year 5
2013
year 6
3.000
18.000
3.090
18.540
3.183
19.096
3.278
19.669
3.377
20.259
3.478
20.867
Project Fund AAA - Financing
2008
year 1
2009
year 2
2010
year 3
2011
year 4
2012
year 5
2013
year 6
13.500.000
27.000.000
27.250.000
25.500.000
13.250.000
1.000.000
(831.997)
12.668.003
(831.997)
(1.117.895)
25.050.108
1.406.112
(1.949.892)
1.949.892
28.656.112
2.739.487
28.239.487
2.650.000
15.900.000
200.000
1.200.000
12.250.000
0,00%
-
12.250.000
25,00%
3.062.500
1.225.000
12.250.000
50,00%
6.125.000
2.450.000
12.250.000
65,00%
7.962.500
3.185.000
0,00%
-
0,00%
-
(220.810)
(232.292)
(441.620)
(244.372)
(464.585)
(574.107)
(257.079)
(488.743)
(603.960)
1.225.000
3.454.190
5.965.277
4.682.214
3.332.432
0,00%
4,66%
10,76%
17,44%
22,75%
73,52%
31.850
121.659
244.906
276.835
208.381
Leverage Assumptions
Fondos Propios
Share Capital
Share premium
Legal Reserves
Voluntary Reserves
Retained earnings
Total Equity
Leverage ratio objective

Financiacin de Operaciones
Investments in real state
% de buildings (no land)
Investments covered with debt
Resort to bank debt
Payments Chart
Loan year 1
Loan year 2
Loan year 3
loan year 4
Bank debt debit Balance
Leverage
Financial expenses
33,00%
40%
Project Fund AAA - P & L
Euros
Total
2008
2009
2010
2011
2012
2013
year 1
year 2
year 3
year 4
year 5
year 6
Revenues
Gains from deinvestment operations
Other revenues
Total Ordinary revenues
100.382.625
25.095.656
25.095.656
25.095.656
25.095.656
100.382.625
25.095.656
25.095.656
25.095.656
25.095.656
0,00%
0,00%
0,00%
% Growth
Expenses
Suscription fee
228.036
472.964
577.998
615.699
370.493
81.598
2.723.213
2.723.213
2.723.213
2.723.213
367.500
367.500
927.685
927.685
560.185
560.185
18.000
18.540
19.096
19.669
20.259
20.867
696.717
88.800
114.504
117.939
121.477
125.122
128.875
819.548
126.700
130.501
134.416
138.449
142.602
146.880
829.036
1.104.009
4.500.347
4.546.191
3.941.874
3.661.618
Management Fee
2.346.788
Success Fee ("Carried Interest")
10.892.852
Transactions expenses
3.710.739
Other Operating expenses
116.431
Personnel
Office expenses
Total Expenses
% on revenues
EBITDA
% on revenues
Depreciation
EBIT
% on revenues
18.583.076
18,51%
81.799.549
17,93%
18,12%
15,71%
14,59%
(829.036)
(1.104.009)
20.595.309
20.549.465
21.153.782
21.434.039
81,49%
82,07%
81,88%
84,29%
85,41%
35.200
6.800
6.800
6.800
6.800
6.800
1.200
81.764.349
(835.836)
(1.110.809)
20.588.509
20.542.665
21.146.982
21.432.839
81,45%
82,04%
81,86%
84,27%
85,40%
745.084
Financial Income
Financialrevenues
3.839
24.764
115.697
215.706
224.787
160.291
(883.631)
-
(31.850)
-
(121.659)
-
(244.906)
-
(276.835)
-
(208.381)
-
Total Financial Income
(138.546)
3.839
(7.086)
(5.962)
(29.200)
(52.048)
(48.090)
ORDINARY PROFIT
81.625.803
Financial expenses
Other financial expenses
(831.997)
(1.117.895)
20.582.547
20.513.465
21.094.935
21.384.749
81,31%
82,02%
81,74%
84,06%
85,21%
extraordinary revenues
extraordinary expenses
Total Extraordinary items
21.384.749
% on revenues
PROFIT BEFORE TAXATION
(831.997)
(1.117.895)
20.582.547
20.513.465
21.094.935
81,31%
82,02%
81,74%
84,06%
85,21%
Corporation Tax
28.569.031
6.521.429
7.179.713
7.383.227
7.484.662
PROFIT AFTER TAXES
53.056.772
(831.997)
(1.117.895)
14.061.118
13.333.752
13.711.707
13.900.087
56,03%
53,13%
54,64%
55,39%
% on revenues
% on revenues
81.625.803
52,85%
Project Fund AAA - Cash Flow
Euros
2008
2009
2010
2011
2012
2013
2014
year 1
year 2
year 3
year 4
year 5
year 6
year 7
(831.997)
(1.117.895)
14.061.118
13.333.752
13.711.707
13.900.087
6.800
6.800
6.800
6.800
6.800
1.200
(77.995)
4.647
73.348
Debtors
(320)
(1.744)
(7.578)
(8.334)
(757)
5.375
13.358
Creditors
667
20
21
21
22
23
(773)
53.091.972
(902.845)
(1.108.171)
14.133.708
13.332.239
13.717.773
13.906.684
12.585
Formation expenses
(25.000)
(25.000)
(15.000)
(15.000)
(12.250.000)
(12.250.000)
(12.250.000)
(12.250.000)
12.250.000
12.250.000
12.250.000
12.250.000
(40.000)
(12.290.000)
(12.250.000)
12.250.000
12.250.000
53.051.972
(13.192.845)
(13.358.171)
14.133.708
13.332.239
25.967.773
26.156.684
12.585
50.000.000
TOTAL
Net Earning Bef. Div. FREE EARNINGS

Depreciation
53.056.772
35.200
Increase/decrease Payable V.A.T.

Increase/decrease Working Capital
Operation Cash Flow
Real State Investments (core)
(49.000.000)
Deinvestments
49.000.000
Investments Cash Flow

Cash Flow before Financial Activities
Shared Capital
Increase
13.500.000
13.500.000
12.500.000
10.500.000
(49.000.000)
(12.250.000)
(12.250.000)
(12.250.000)
(12.250.000)
Increase
Reductions
1.225.000
2.229.190
2.511.087
(1.283.063)
(1.349.782)
(3.332.432)
Reductions
supplementary drawndowns
Long Term Financial facilities

Increase / (Reduction)
Success Fee Advance Payments
Fund Liquidation
(1.195.200)
Financial Activities Cash Flow
(195.200)
CASH FLOW BEFORE DIVIDENDS

payment of Dividends
SHAREHOLDERS CASH FLOW
SHAREHOLDERS IRR
Initial CASH
CASH Increase /Reduction
final CASH
(1.195.200)
13.500.000
14.725.000
2.479.190
761.087
(13.533.063)
(13.599.782)
(4.527.632)
52.856.772
307.155
1.366.829
16.612.898
14.093.326
12.434.710
12.556.902
(4.515.047)
54.051.972
10.705.114
12.000.377
13.801.194
16.350.087
1.195.200
53.051.972
(13.500.000)
(13.500.000)
10.455.114
13.750.377
26.051.194
28.600.087
1.195.200
38,95%
-
307.155
1.673.984
7.581.767
9.674.717
8.308.232
4.515.047
(1.195.200)
307.155
1.366.829
5.907.784
2.092.950
(1.366.485)
(3.793.185)
(4.515.047)
(1.195.200)
307.155
1.673.984
7.581.767
9.674.717
8.308.232
4.515.047
Project Fund AAA -Shareholder`s CF
Euros
TOTAL
2008
Year 1
2009
Year 2
2010
Year 3
2011
Year 4
2012
Year 5
2013
Year 6
2014
Year 7
FREE EARNINGS . Cumulative
52.856.772
(831.997)
(1.949.892)
10.705.114
22.705.491
36.506.685
52.856.772
cumulative CASH-FLOW
53.051.972
(13.192.845)
(25.326.016)
(8.963.118)
6.880.208
31.564.918
56.371.819
53.051.972
(50.000.000)
Share capital
Increase
(13.500.000)
(13.500.000)
(12.500.000)
(10.500.000)
49.000.000
12.250.000
12.250.000
12.250.000
12.250.000
Share premiun
Increase by charge reserves
Increase by aditional contributions
Dividends payd
54.051.972
10.705.114
12.000.377
13.801.194
16.350.087
1.195.200
SHAREHOLDER`S CASH FLOW
53.051.972
(13.500.000)
(13.500.000)
10.455.114
13.750.377
26.051.194
28.600.087
1.195.200
Reduction
Shareholder`s TIR
38,95%
Shareholder`s NPV
21.465.517
Annual
earnings( Cumulative)
Dividendfree
genereted
52.856.772
(831.997)-
(1.117.895)-
12.655.006
10.705.114
12.000.377
22.705.491
13.801.194
36.506.685
16.350.087
52.856.772
Shareholder`s
Cash para dividendos
Tesorera
disponible
53.051.972
86.112.875
(13.500.000)
307.155
(27.000.000)
1.673.984
(16.544.886)
18.286.882
(2.794.509)
21.675.094
23.256.685
22.109.427
51.856.772
20.865.134
53.051.972
1.195.200
0%
0%
100%
100%
100%
100%
100%
pay-out
Project Fund AAA - Balance Sheets
Euros
Fixed Assets
December-08
December-09
December-10
December-11
December-12
December-13
December-14
year 1
year 2
year 3
year 4
year 5
year 6
year 7
12.283.200
24.526.400
24.519.600
24.512.800
12.256.000
4.800
4.800
25.000
25.000
25.000
25.000
25.000
25.000
25.000
12.265.000
24.515.000
24.515.000
24.515.000
12.265.000
15.000
15.000
Deferred expenses
(6.800)
(13.600)
(20.400)
(27.200)
(34.000)
(35.200)
(35.200)
Current Assets
78.315
75.411
9.641
17.976
18.732
13.358
The Treasury receivable for V.A.T.
77.995
73.348
Trade debtors
320
2.064
9.641
17.976
18.732
13.358
Advance fees
Shor-term investments
307.155
1.673.984
7.581.767
9.674.717
8.308.232
4.515.047
12.668.670
26.275.795
32.111.009
34.205.492
20.582.964
4.533.205
4.800
Capital and Reserves
12.668.003
25.050.108
28.656.112
28.239.487
15.900.000
1.200.000
4.800
Share Capital
1.000.000
Formation expenses
Cash
TOTAL ASSETS
13.500.000
27.000.000
27.250.000
25.500.000
13.250.000
1.000.000
Share premium
Legal Reserves
1.406.112
2.739.487
2.650.000
200.000
200.000
Voluntary Reserves
(831.997)
(1.949.892)
(831.997)
(1.117.895)
1.949.892
(1.195.200)
Current liabilities
667
687
707
728
750
773
Trade creditors
667
687
707
728
750
773
Long-term creditors
1.225.000
3.454.190
5.965.277
4.682.214
3.332.432
Other loans
The treasury for Taxes
Bank debt
1.225.000
3.454.190
5.965.277
4.682.214
3.332.432
12.668.670
26.275.795
32.111.009
34.205.492
20.582.964
4.533.205
4.800
Retained earnings
Other creditors
TOTAL LIABILITIES
Checking
OK
Leverage ratio
0,00%
4,66%
10,76%
17,44%
22,75%
73,52%
0,00%
WACC
13,05%
12,65%
12,12%
11,54%
11,07%
6,67%
13,05%
ROE
-6,57%
-4,46%
49,07%
47,22%
86,24%
1158,34%
0,00%
Project Fund AAA - Investments
Years of analysis
Item

Total Inversin por ao
12.290.000
12.250.000
12.250.000
12.250.000
Formation expenses
25.000
0
12.265.000
0
0
12.250.000
0
0
12.250.000
0
0
12.250.000
0
0
0
0
0
0
0
0
0
Price Unit.
Un.
Amount
Year icorp.
term deprc
Test
Detail of amout per investment / yerar

2008
2009
1
2
2010
3
2011
4
2012
5
2013
6
2014
7
Investnents year 2008

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
25.000
0
0
1
1
1
25.000
0
0
1
1
1
OK
OK
OK
OK
0
25.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
1
1
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
3.000
12.000
1
1
1
1
12.250.000
3.000
12.000
0
1
1
1
1
OK
OK
OK
OK
OK
12.250.000
3.000
12.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
2
2
2
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
2
2
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
0
0
1
1
1
1
12.250.000
0
0
0
2
2
2
2
OK
OK
OK
OK
OK
0
0
0
0
0
12.250.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
3
3
3
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
3
3
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
0
1
1
12.250.000
0
3
3
OK
OK
0
0
0
0
12.250.000
0
0
0
0
0
0
0
0
0

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
Years of analysis
Item

12.290.000
12.250.000
12.250.000
12.250.000
Formation expenses
25.000
0
12.265.000
0
0
12.250.000
0
0
12.250.000
0
0
12.250.000
0
0
0
0
0
0
0
0
0
Price Unit.
Un.
0
1
1
Amount
Year icorp.
term deprc
Test
OK
OK
OK
0
0
3
3
1
1
1
0
0
0
4
4
4
OK
OK
OK
OK
1
1
0
0
4
4
1
1
1
1
12.250.000
0
0
0
4
4
4
4

2008
2009
1
2
0
0
0
2010
3
2011
4
2012
5
2013
6
2014
7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
OK
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
12.250.000
Years of analysis
Item

12.290.000
12.250.000
12.250.000
12.250.000
Formation expenses
25.000
0
12.265.000
0
0
12.250.000
0
0
12.250.000
0
0
12.250.000
0
0
0
0
0
0
0
0
0
Price Unit.
Un.
Amount
Year icorp.
term deprc
Test

2008
2009
1
2
2010
3
2011
4
2012
5
2013
6
2014
7

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
1
1
1
0
0
0
5
5
5
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
5
5
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
5
5
5
5
OK
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
6
6
6
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
6
6
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
6
6
6
6
OK
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
RPI anual constant
3,0%

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
Project Fund AAA - Depreciations
Total depreciation per year
6.800
6.800
6.800
6.800
40,00%
30,00%
40,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
40,00%
6.800
1.200
1.200
1.200
1.200
10,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
10,00%
20,00%
10,00%
1.200
accelerated depreciation rates

Investments year 2005
do not aplly accelerated depreciation
Period of depreciation
Item
Price Unit.
Un.
Amount
Year icorp.
Depreciation amount per investment /year

2008
2009
2010
term deprc Test
1
2
3
2011
4
10,00%
20,00%
30,00%
40,00%
2012
5
2013
6
2014
7
2015
8
2016
9
2017
10

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
0
25.000
0
0
1
1
1
25.000
0
0
1
1
1
5 OK
5 OK
5 OK
5.000
0
0
5.000
0
0
5.000
0
0
5.000
0
0
5.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
1
1
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
3.000
12.000
0
1
1
1
1
12.250.000
3.000
12.000
0
1
1
1
1
0 #
5 OK
10 OK
5 OK
OK
0
600
1.200
0
0
600
1.200
0
0
600
1.200
0
0
600
1.200
0
0
600
1.200
0
0
0
1.200
0
0
0
1.200
0
0
0
1.200
0
0
0
1.200
0
0
0
1.200
0
0
0
0
1
1
1
0
0
0
2
2
2
5 OK
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
2
2
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
0
0
0
0
1
1
1
1
0
12.250.000
0
0
0
0
2
2
2
2
0
0 #
0 OK
0 OK
0 OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
3
3
3
5 OK
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
3
3
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
0
0
1
1
1
12.250.000
0
0
3
3
3
0 #
0 OK
0 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
0
0

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific


6.800
6.800
6.800
6.800
40,00%
30,00%
40,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
40,00%
6.800
1.200
1.200
1.200
1.200
10,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
10,00%
20,00%
10,00%
1.200

Item
Price Unit.
0
0
Un.
0
1
0
0
Amount
0
0

2008
2009
2010
Year icorp. term deprc Test
1
2
3
3
0 OK
0
0
0
OK
0
0
2011
4
0
0
10,00%
20,00%
30,00%
40,00%
2012
5
0
0
2013
6
0
0
2014
7
0
0
2015
8
0
0
2016
9
0
0
2017
10
0
0
0
0
6.800
6.800
6.800
6.800
40,00%
30,00%
40,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
40,00%
6.800
1.200
1.200
1.200
1.200
10,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
10,00%
20,00%
10,00%
1.200

Item
Price Unit.
Un.
Amount
Year icorp.

2008
2009
2010
term deprc Test
1
2
3
2011
4
10,00%
20,00%
30,00%
40,00%
2012
5
2013
6
2014
7
2015
8
2016
9
2017
10

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
0
0
0
0
1
1
1
0
0
0
4
4
4
5 OK
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
4
4
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.250.000
0
0
0
1
1
1
1
12.250.000
0
0
0
4
4
4
4
0 #
0 OK
0 OK
0 OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
5
5
5
5 OK
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
5
5
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
5
5
5
5
0
0
0
0
OK
OK
OK
OK
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
6
6
6
5 OK
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
6
6
5 OK
5 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
6
6
6
0 OK
0 OK
0 OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific
0
0

Formation expenses
Legal expenses
Patents
Others
deferred expenses
Intercalarios
HW & SW specific


6.800
6.800
6.800
6.800
40,00%
30,00%
40,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
40,00%
6.800
1.200
1.200
1.200
1.200
10,00%
20,00%
30,00%
40,00%
10,00%
20,00%
30,00%
10,00%
20,00%
10,00%
1.200

Item
0
6
Price Unit.
Un.
0
1
Amount
0

2008
2009
2010
Year icorp. term deprc Test
1
2
3
6
0 OK
0
0
2011
4
0
10,00%
20,00%
30,00%
40,00%
2012
5
0
2013
6
0
2014
7
0
2015
8
0
2016
9
0
2017
10
0
Project Fund AAA - V.A.T. liquidations

Euros
input V.A.T
2008
2009
2010
2011
2012
2013
2014
year 1
year 2
year 3
year 4
year 5
year 6
year 7
77.995
73.348
179.888
179.997
110.284
110.400
output V.A.T
4.768.175
4.768.175
4.768.175
4.768.175
balance to liquidate
77.995
73.348
cash generated or applied
(77.995)
4.647
73.348
cumulative
(77.995)
(73.348)
Project Fund AAA - V.A.T. liquidations

Euros
input V.A.T
2008
2009
2010
2011
2012
2013
2014
year 1
year 2
year 3
year 4
year 5
year 6
year 7
77.995
73.348
179.888
179.997
110.284
110.400
output V.A.T
4.768.175
4.768.175
4.768.175
4.768.175
balance to liquidate
77.995
73.348
cash generated or applied
(77.995)
4.647
73.348
cumulative
(77.995)
(73.348)

PRIVATE EQUITY / VC FINANCIAL MODEL. A Real Estate Case

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PRIVATE EQUITY / VC FINANCIAL MODEL. A Real Estate Case

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Fund AAA

Total funds invested in new assets

Leverage ratio objective

fees & expenses

prospective investments and realizations (% on amount invested)

Realizations deinvestments ( % on amount deinvested)

Gains from Deinvestments

Line of credit Short term

Shareholders Cash Flows

Building / land ratio

Building / land ratio

Input V.A.T. rate

Fund`s net IRR

Cash taken back

Coste del Equity (Ke)

Debt Cost Pre-Tax

Net Wealth evolution

Year 1st. Disposal

Average Debit Balance

Euribor (Swap 6 aos)

Internal Rate of Return

interest rate considered

Apply succes fee on "return on investment by investment performance"

BALANCE SHEET FIGURES

Long Term Loan

Fund Manager (Salary)

Basics of the Fund`s structure

Project Fund AAA - Capital

Private & Confidential

Working EXCEL version available to download ($ 25) at:

Project Fund AAA -Revenues

Private & Confidential

Gains / (loos). Cumulative

Income fron Capital Invested

Dividends (assets in portfolio)

Total Income from capital invested

Project Fund AAA -Expenses

Private & Confidential

Total Management fee / year

Total Management fee. Cumulative

Total Management fee payments. Cumulative

Total Success fee earning

Total success fee. Cumulative

Total success fee payments Cumulative

Project Fund AAA -Expenses

Unit gains per deinvestment

Private & Confidential

Project Fund AAA -Expenses

Private & Confidential

Other operating expenses

Project Fund AAA -Expenses

Private & Confidential

Project Fund AAA - Financing

Private & Confidential

Leverage ratio objective

Project Fund AAA - P & L

Private & Confidential

Success Fee ("Carried Interest")

Other Operating expenses

Total Financial Income

Total Extraordinary items

PROFIT BEFORE TAXATION

PROFIT AFTER TAXES

Project Fund AAA - Cash Flow