Sales / Revenue Monthly Annual

Revenue from rent 100% 115.0%

Revenue from hire hatch
Revenue from furniture sales
Revenue from KSA branch -1
Revenue from Europe branch - 1
Revenue from KSA branch -2
Revenue from Europe branch - 2

Total

Category Monthly Annual

Renting 100% 105.0%
Hire hatch
Sale
KSA -1
Eur - 1
KSA - 2
Eur - 2

Total

Assumptions :
The existing revenues will increase by 20% YOY
The revenues from the new branches will increase by 80% YOY
 2018 2019 2020 2021 2022 2023
16,532,750 19,839,300 23,807,160 28,568,592 34,282,310 41,138,772
1,556,529 1,867,835 2,241,402 2,689,682 3,227,619 3,873,142
1,989,476 2,387,371 2,864,845 3,437,814 4,125,377 4,950,453
2,250,000 4,050,000 7,290,000 13,122,000 23,619,600
2,250,000 4,050,000 7,290,000 13,122,000 23,619,600
2,250,000 4,050,000 7,290,000 13,122,000
2,250,000 4,050,000 7,290,000 13,122,000

20,078,755 28,594,506 41,513,407 57,376,088 82,459,306 123,445,567

2018 2019 2020 2021 2022 2023

7,356,454.50 7,340,540.98 8,808,649.18 10,570,379.01 12,684,454.82 15,221,345.78
691,098.88 829,318.65 995,182.38 1,194,218.86 1,433,062.63
- 883,327.32 1,059,992.79 1,271,991.34 1,526,389.61 1,831,667.53
37% 832,500.00 1,498,500.00 2,697,300.00 4,855,140.00 8,739,252.00
- 832,500.00 1,498,500.00 2,697,300.00 4,855,140.00 8,739,252.00
- - 832,500.00 1,498,500.00 2,697,300.00 4,855,140.00
- - 832,500.00 1,498,500.00 2,697,300.00 4,855,140.00
- - - - - -
7,356,455 10,579,967 15,359,961 21,229,153 30,509,943 45,674,860
1
0
.
0 1
0
0

%
Advertising/Promotion Costs
Type Monthly Annual 2018 2019 2020
Online Marketig 100% 110% 428,918 622,701
Local Marketing 100% 110% 428,918 622,701
Other Promotional Expenses 100% 110% 857,835.18 1,245,402.21
Total Advertising Cost 663,126 1,715,670 2,490,804
 2021 2022 2023
860,641 1,236,890 1,851,684
860,641 1,236,890 1,851,684
1,721,282.65 2,473,779.19 3,703,367.02
3,442,565 4,947,558 7,406,734
Table: No. of Staff

Position Basis Direct/Ind. 2018

2
Accountant

Accounts Executive 3

Carpenter 2

Driver 5

Graphic Designer 1

Helper 29

Messenger 1

Operations In Charge 1

Operations Manager 1

Project Manager 2

Reception 1

Supervisor 3

Tailor 2
53
Total

Table: Monthly Salary Rates

Basis Ann. Incr. 2018
Position
Accountant 6,000
Accounts Executive 7,000
Carpenter 2,200
Driver 2,100
Graphic Designer 5,195,880 7,000
Helper 1,900
Messenger 2,800
Operations In Charge 6,000
Operations Manager 8,000
Project Manager 5,500
Reception 4,500
Supervisor 8,000
Tailor 1,750
Table: Salary Cost Basis 0
Position
Accountant
Accounts Executive
Carpenter
Driver
Graphic Designer
Helper
Messenger
Operations In Charge
Operations Manager
Project Manager
Reception
Supervisor
Tailor
Direct total
Indirect total -
Grand total

Salaries are assumed to be 8% of the revenue

2019 2020 2021 2022 2023
5 10 11 11 12
8 15 16 17 17
5 10 11 11 12
13 25 26 28 29
3 5 5 6 6
73 145 152 160 168
3 5 5 6 6
3 5 5 6 6
3 5 5 6 6
5 10 11 11 12
3 5 5 6 6
8 15 16 17 17
5 10 11 11 12
133 265 278 292 307

2019 2020 2021 2022 2023

6,120 6,242 6,367 6,495 6,624

7,140 7,283 7,428 7,577 7,729
2,244 2,289 2,335 2,381 2,429
2,142 2,185 2,229 2,273 2,319
7,140 7,283 7,428 7,577 7,729
1,938 1,977 2,016 2,057 2,098
2,856 2,913 2,971 3,031 3,091
6,120 6,242 6,367 6,495 6,624
8,160 8,323 8,490 8,659 8,833
5,610 5,722 5,837 5,953 6,072
4,590 4,682 4,775 4,871 4,968
8,160 8,323 8,490 8,659 8,833
1,785 1,821 1,857 1,894 1,932
2019 2020 2021 2022 2023
- - - - -
367,200 749,088 802,273 859,235 920,240
642,600 1,310,904 1,403,978 1,503,661 1,610,421
134,640 274,666 294,167 315,053 337,421
321,300 655,452 701,989 751,830 805,210
214,200 436,968 467,993 501,220 536,807
1,686,060 3,439,562 3,683,771 3,945,319 4,225,437
85,680 174,787 187,197 200,488 214,723
183,600 374,544 401,137 429,617 460,120
244,800 499,392 534,849 572,823 613,494
336,600 686,664 735,417 787,632 843,554
137,700 280,908 300,852 322,213 345,090
734,400 1,498,176 1,604,546 1,718,469 1,840,481
107,100 218,484 233,996 250,610 268,403

5,195,880 10,599,595 11,352,166 12,158,170 13,021,400

-
Funds required for expansion for a year 2019

Requirement Amount
Expansion Phase 1 - 2019

Working capital 600,000

Sub total 600,000

Asset Requirement for two branches

and destribution centers
Leasehold Improvements 765,000
Office Equipment 550,000
Furniture and Fittings 7,785,000
Vehicles 600,000

Sub total 9,700,000

Total funds requirement 10,300,000

Depreciation Schedule
Additions 2019 2020
Leasehold Improvements 44,394 809,394
Office Equipment 30,449 580,449
Furniture and Fittings 6,378,744 14,163,744
Vehicles 1,013,132 1,613,132

7,466,719 17,166,719

Depreciation
Leasehold Improvements 10% 4,439.40 80,939.40
Office Equipment 10% 3,044.90 58,044.90
Furniture and Fittings 20% 1,275,748.80 1,416,374.40
Vehicles 10% 101,313.20 161,313.20
1,384,546 1,716,672

Cum Dep
Leasehold Improvements 4,439 85,379
Office Equipment 3,045 61,090
Furniture and Fittings 1,275,749 2,692,123
Vehicles 101,313 262,626
1,384,546 3,101,218
2,769,093 6,202,436
NBV
Leasehold Improvements 39,955 724,015
Office Equipment 27,404 519,359
Furniture and Fittings 5,102,995 11,471,621
Vehicles 911,819 1,350,506
NBV 6,082,173 14,065,501
 10000000 300,000

2021 2022 2023 2024

1,574,394 1,574,394 1,574,394 1,574,394
1,130,449 1,130,449 1,130,449 1,130,449
21,948,744 21,948,744 21,948,744 21,948,744
2,213,132 2,213,132 2,213,132 2,213,132

26,866,719 26,866,719 26,866,719 26,866,719

157,439.40 157,439.40 157,439.40 157,439.40

113,044.90 113,044.90 113,044.90 113,044.90
2,194,874.40 2,194,874.40 2,194,874.40 2,194,874.40
221,313.20 221,313.20 221,313.20 221,313.20
2,686,672 2,686,672 2,686,672 2,686,672

242,818 400,258 557,697 715,136

174,135 287,180 400,225 513,269
4,886,998 7,081,872 9,276,746 11,471,621
483,940 705,253 926,566 1,147,879
5,787,890 8,474,562 11,161,234 13,847,906
11,575,780 16,949,124 22,322,468 27,695,812

1,331,576 1,174,136 1,016,697 859,258

956,314 843,269 730,225 617,180
17,061,746 14,866,872 12,671,998 10,477,123
1,729,192 1,507,879 1,286,566 1,065,253
21,078,829 18,392,157 15,705,485 13,018,813
Profit & Loss Account 37% 37% 37%

Note 2018 2019 2020

Total revenue 20,078,755 28,594,506 41,513,407

Total direct costs 7,356,455 10,579,967 15,359,961

Gross profit 12,722,300 18,014,539 26,153,446

GP Margin % 63% 63% 63%

Expenses
Staff salaries 1,861,764 5,195,880 10,599,595
Mnagement remuneration 905,964 1,268,349.60 1,775,689.44
Advertising & promotion 663,126 1,715,670 2,490,804
Administrative Exp 2,009,470 5,023,674.60 7,033,144.44
Utility 163,552 408,880.90 572,433.26
Miscellaneous 366,194 915,484.75 1,281,678.65
Insurance 39,000 97,500.00 136,500.00

Total expenses 6,009,070 14,625,440 23,889,845

EBITDA 6,713,231 3,389,099 2,263,601

Depreciation 1,716,672 2,686,672
EBIT 6,713,231 1,672,427 (423,071)
Interest 328,174 - -
Profit before tax 6,385,057 1,672,427 (423,071)
Tax 0.0% 122,264 418,106.65 (105,767.71)
Profit/(Loss) after Tax 6,262,793 1,254,320 (317,303)
Net profit margin % 31.2% 4.4% -0.8%
NB: Sales start from the 9th month in the first year

Balance Sheet

Note 2018 2019 2020

Fixed assets (NBV)
Leasehold Improvements 39,955 724,015 1,331,576
Office Equipment 27,404 519,359 956,314
Furniture and Fittings 5,102,995 11,471,621 17,061,746
Vehicles 911,819 1,350,506 1,729,192
Total fixed assets (NBV) 6,082,173 14,065,501 21,078,829
Current assets
Inventories 919,557 881,664 1,279,997
Trade Debtors 2,509,844 2,382,875 3,459,451
Cash & bank balances 2,929,212 7,316,841 8,609,634
Total current assets 6,358,614 10,581,380 13,349,082

Total assets 12,440,786 24,646,881 34,427,911

Non-current liabilities
Bank loan - - -
Total non-current liabilities - - -

Current liabilities
Trade payables 229,889 881,664 1,279,997
Total current liabilities 229,889 881,664 1,279,997

Equity
Capital 5,948,104 16,248,104 25,948,104
Retained profits / (loss) 6,262,793 7,517,113 7,199,810
Total equity 12,210,897 23,765,217 33,147,914

Total liabilities 12,440,786 24,646,881 34,427,911

- - -

Cash Flow Statement - - (0)

2018 2019 2020

NP / (loss) before tax 6,385,057 1,672,427 (423,071)

Add: Depreciation - 1,716,672 2,686,672

Less: Taxes (122,264) (418,107) 105,768

Working capital changes

Trade Debtors (2,509,844) 126,969 (1,076,575)
Inventories - raw materials (919,557) 37,893 (398,333)
Trade Payables 229,889 651,775 398,333

Net CF from operations 3,063,281 3,787,628 1,292,794

Capital expenditure (6,082,173) (9,700,000) (9,700,000)

Net CF from invest. (6,082,173) (9,700,000) (9,700,000)

Loan proceeds - - -
Loan capital repayments - - -
Existing Capital 5,948,104
Investment 10,300,000 9,700,000

Net CF from financing 5,948,104 10,300,000 9,700,000

Net cash flow 2,929,212 4,387,628 1,292,794

Cash opening balance - 2,929,212 7,316,841

Cash balance at the end 2,929,212 7,316,841 8,609,634

- - -
15% 15% 3%
Ratio Analysis
Profitability Ratios 2018 2019 2020 2021
Gross profit 12,722,300 18,014,539 26,153,446 36,146,936
GP Margin 63% 63% 63% 63%
Net Profit 6,262,793 1,254,320 (317,303) 4,690,076
NP Margin 31% 4% -1% 8%
Liquidity Ratios
Current Ratio 12.74 8.30 6.73 8.29
Activity Ratios
Breakeven Sales (Value) (AED) 10,001,647 25,939,860 42,184,948 47,450,001
Creditors' turnover period 01 Month 01 Month 01 Month 01 Month
Debtors' turnover period 01 Month 01 Month 01 Month 01 Month
Capital Structure Ratios
Interest cover 20.5

Payback Period (Years) -

Project Payback/ROI 2019 2020

Initial Investment (10,300,000) (9,700,000)
CF 4,387,628 1,292,794
Cumulative CF (5,912,372) (14,319,578)

Payback Period (Years) 3.59

Projected company value

Year 2019 2020

Free Cash Flows (5,912,372) (8,407,206)

Discount Factor ( discount rate

of 15% - WACC - 12.43% adjusted 0.985 0.971
for risk)

Discounted Cash Flows (5,824,997) (8,160,554)

Present Value 228,588,752

20000000
9%
 37% 37%

2021 2022 2023

57,376,088 82,459,306 123,445,567

21,229,153 30,509,943 45,674,860

36,146,936 51,949,363 77,770,707

63% 63% 63%

11,352,166 12,158,170 13,021,400

2,485,965.22 3,480,351.30 4,872,491.82
3,442,565 4,947,558 7,406,734
7,736,458.88 8,510,104.77 9,361,115.25
629,676.59 692,644.24 761,908.67
1,409,846.52 1,550,831.17 1,705,914.28
150,150.00 165,165.00 181,681.50

27,206,829 31,504,825 37,311,246

8,940,107 20,444,538 40,459,462

2,686,672 2,686,672 2,686,672
6,253,435 17,757,866 37,772,790
- - -
6,253,435 17,757,866 37,772,790
1,563,358.72 4,439,466.46 9,443,197.41
4,690,076 13,318,399 28,329,592
8.2% 16.2% 22.9%

CF
2021 2022 2023 2018 2019

1,174,136 1,016,697 859,258

843,269 730,225 617,180
14,866,872 12,671,998 10,477,123
1,507,879 1,286,566 1,065,253
18,392,157 15,705,485 13,018,813 (6,082,173) (7,983,328)
 - -
- -
1,769,096 2,542,495 3,806,238 (919,557) 37,893
4,781,341 6,871,609 10,287,131 (2,509,844) 126,969
14,664,492 28,579,296 56,180,038 (2,929,212) (4,387,628)
21,214,929 37,993,400 70,273,407
- -
39,607,086 53,698,885 83,292,220
- -
- -
- - - - -
- - -
- -
- -
1,769,096 2,542,495 3,806,238 229,889 651,775
1,769,096 2,542,495 3,806,238
- -
- -
25,948,104 25,948,104 25,948,104 5,948,104 10,300,000
11,889,886 25,208,285 53,537,878 6,262,793 1,254,320
37,837,990 51,156,389 79,485,982
- -
39,607,086 53,698,885 83,292,220 - 0

- -
2018
2021 2022 2023 Sales 20,078,755
6,253,435 17,757,866 37,772,790 EBITDA 6,713,231
EBITDA % 33%
2,686,672 2,686,672 2,686,672
(1,563,359) (4,439,466) (9,443,197)

(1,321,890) (2,090,268) (3,415,522)

Sales & Net
(489,099) (773,399) (1,263,743)
140,000,000
489,099 773,399 1,263,743
120,000,000
6,054,858 13,914,803 27,600,742
100,000,000

- - - 80,000,000

60,000,000
- - - 41,513,407
40,000,000
28,594,506
20,078,755
20,000,000
6,713,231 3,389,099 2,263,6
-
2018 2019 2020
 80,000,000

60,000,000
41,513,407
40,000,000
28,594,506
20,078,755
- - - 20,000,000
6,713,231 3,389,099
- - - 2,263,6
-
- - - 2018 2019 2020
- - - Sales E

- - -

6,054,858 13,914,803 27,600,742

8,609,634 14,664,492 28,579,296

14,664,492 28,579,296 56,180,038

- - -
11% 17% 22%

2022 2023
51,949,363 77,770,707
63% 63%
13,318,399 28,329,592
16% 23%

11.24 14.76

54,272,218 63,488,758
2 Month 3 Month
2 Month 3 Month

2021 2022 2023

6,054,858 13,914,803 27,600,742

(8,264,720) 5,650,083 33,250,825
2021 2022 2023 Terminal Value

6,054,858 13,914,803 27,600,742 216,559,671 Growth rate 2%

0.956 0.942 0.928 0.915

5,790,364 13,110,308 25,620,674 198,052,956

2020 2021 2022 2023

(7,013,328) 2,686,672 2,686,672 2,686,672

 (398,333) (489,099) (773,399) (1,263,743)
(1,076,575) (1,321,890) (2,090,268) (3,415,522)
(1,292,794) (6,054,858) (13,914,803) (27,600,742)

- - -

398,333 489,099 773,399 1,263,743

9,700,000 - - -
(317,303) 4,690,076 13,318,399 28,329,592

(0) - -

2019 2020 2021 2022 2023

28,594,506 41,513,407 57,376,088 82,459,306 123,445,567
3,389,099 2,263,601 8,940,107 20,444,538 40,459,462
12% 5% 16% 25% 33%

Sales & Net Profits

123,445,567

82,459,306

57,376,088
41,513,407 40,459,462
28,594,506
78,755 20,444,538
6,713,231 8,940,107
3,389,099 2,263,601
2018 2019 2020 2021 2022 2023
 82,459,306

57,376,088
41,513,407 40,459,462
28,594,506
78,755 20,444,538
6,713,231 8,940,107
3,389,099 2,263,601
2018 2019 2020 2021 2022 2023
Sales EBITDA
Trading Income

Income - Hire Hatch & Production 1,556,529.00

Income -Furniture Rentals 16,519,424.89
Interest Recieved From Bank 710.75
Other Income 12,614.32
Profit on Sale of Fixed Assest 0.00
Sales Furniture & Stands 1,989,475.95
Total Trading Income 20,078,754.91

Cost of Sales
Fuel Expenses Vehicles 197,498.89
Depreciation A/C 320,000.00
Depreciation Vehicles 280,000.00
Event Site Expenses A/C 427,649.44
Forklift Diesel 869.32
Furniture Maintenance & Repair A/c 55,750.31
Hire Hatch Water & Sewage A/c 10,370.00
Labour Supply Charges A/C 912,818.58
Maintenance And Repair Exp A/C 358,312.23
Manpower Charges A/C 950,103.00
Outside Car Fuel Exp 3,579.06
Outside Pickup Fuel Exp 35,767.24
Petrol Bike 23298 1,191.04

Purchase A/C -Consumables 1,306,770.70

Rent Expenses A/C 44,615.43

Shipping Charges 316,257.03

Transportation Exp A/C 686,253.28
Vehicle Fuel Expense A/C 678.99
Vehicle Maintenance And Repair A/C 113,910.68

Warehouse Rent Expenses 1,334,059.28

Total Cost of Sales 7,356,454.50

Gross Profit 12,722,300.41

Administration
Admin Exp 15,177.41 A
Air Ticket 60,000.00 A
Allowances for Doubtful Debts 120,000.00 A
Annual Maintenance Charges A/C 9,000.00 A
Audit Fee 15,160.00 A
Bad Debts 46,000.00 A
Bike Service Charges 1,050.00 A
Design Fees 10,500.00 A
DWTC Pass 10,500.00 A
ERP Software Charges 15,000.00 A
Exhb Stand Building Exp 42,000.00 A
Fire & Safety Expences & Maintenance A/c 2,500.00 A

HH Rental Portacabin Unit 879,017.05 A

Hire Hatch Consumables 264,044.53 A

Hire Hatch Transportation A/c 166,858.60 A
Impairment Expense A/C 100,000.00 A
Laundry and Dry Cleaning Expense 15,000.00 A
Leasehold Expences 75,000.00 A
Office Exp A/C 59,600.00 A
Office Rent (Key Business Group) 30,000.00 A

Parking Exp 662.25 A

Rent Exp Accomodation 8,400.00 A

Sponsor Fees 10,000.00 A

Vehicle Insurance 48,500.00 A

Web Site Exp 5,500.00 A

2,009,469.84

Finance Charges
Bank Charges 43,173.88 F

Interest On Loan 285,000.00 I

328,173.88

Marketing Exp
Advertisement Exp 15,000.00 M
Advertising And Social Media Marketing Ex 195,000.00 M

Packing Materials Exp 85,000.00 M

Sales Promotion Exp A/C 43,125.75 M

SEO Expense 325,000.00 M
663,125.75

Miscllanious
Legal Expenses A/C 35,000.00 Mis
License Fees 52,000.00 Mis
Loss on Sale of Fixed Assest 0.00 Mis
PRO Fees 12,500.00 Mis
Rebate 55,493.47 Mis
Salik Charges A/C 12,023.00 Mis
Visa Expenses 179,119.43 Mis
Waste Disposal Expense 20,058.00 Mis
366,193.90

Management Remuneration
Management Fee 565,964.00 S
Managerial Remuneration 340,000.00 S
905,964.00

Salary
Commission -Real Estate 44,602.86 S
Customs Duty 15,112.00 S
Gratuity 0.00 S
Labor Supply Hire Hatch & Production 101,678.57 S
Labour Charges A/C 0.00 S
Leave Salary 105,000.00 S
Medical Insurance (Staff) 56,237.74 S
Security Expenses 36,986.67 S
Staff Medical Expences A/C 3,741.44 S
Staff Salary A/C 1,485,889.00 S
Staff Welfare A/C 12,515.37 S
1,861,763.65

Utility
Cleaning Materials 5,126.07 U
Printing and Stationery A/C 12,000.00 U
Telephone And Mobile Exp A/C 111,013.65 U
Travelling Expenses A/C 3,170.04 U
Water and Electricity A/C 32,242.60 U
163,552.36
Tax (Ejari) 122,263.56
Operating Expenses
Insurance Expenses A/C 39,000.00
Total Operating Expenses 6,459,506.94

Net Profit 6,262,793.47

 COMMENTS

Selling Furnitures and Exhibition stands

Existing furniture depreciation

Banner, Graphics, Glass installations works

Outsource labour
Furniture Maintenanace
Labours and Supervisors -Warehouse

Fabrics, Screws, Nuts and Bots, fittings,MDF, (Wood

for various site works)
Its cross hire- Sometimes will take Chairs and tables
for our customers

Transportation charges to outside trucks

Al Quoz, UAQ and DIC Rent (At Present we only

have Al Quoz and DIC)

0.63362

Payment for advertising

For New DIC warehouse Real Estate commission

This need to transfer to aseet, This is against

purchase of all Portocabin materials

Last audit they advised to Make this account, Some

assets we cannot rent out , there are some
damages.

2,009,469.84

This is against term loans and Vehicle loans, We

have 2 term loans and 11 vehicle loans
Labours used for Hire Hatch related activity -
(Portocabin related works)
328,173.88

Modifications work done at leasehold premises-

Office

663,125.75

As per MOA
As per MOA
We have one office in Deira

366,193.90

905,964.00

Google addwords

See additional sheet

1,861,763.65

163,552.36
122,263.56

39,000.00
6,459,506.94
Loan Calculator - EMI
Loan amount -
Annual interest rate 4.0%
Loan period in years 5.0

Monthly payment -
Number of payments 60
Total interest -
Total repayment -

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19 - - - - - 2
20 - - - - -
21 - - - - -
22 - - - - -
23 - - - - -
24 - - - - -
25 - - - - -
26 - - - - -
27 - - - - -
28 - - - - -
29 - - - - -
30 - - - - -
3

31 - - - - -
32 - - - - -
33 - - - - -
34 - - - - -
35 - - - - -
36 - - - - -
37 - - - - -
38 - - - - -
39 - - - - -
40 - - - - -
41 - - - - -
42 - - - - -
4
 4
43 - - - - -
44 - - - - -
45 - - - - -
46 - - - - -
47 - - - - -
48 - - - - -
49 - - - - -
50 - - - - -
51 - - - - -
52 - - - - -
53 - - - - -
54 - - - - -

5
55 - - - - -
56 - - - - -
57 - - - - -
58 - - - - -
59 - - - - -
60 - - - - -
Requirement Amount

Expansion - 2019 and 2020

Working capital 600,000

Sub total 600,000

Asset Requirement for two branches

and destribution centers
Leasehold Improvements 1,530,000
Office Equipment 1,100,000
Furniture and Fittings 15,570,000
Vehicles 1,200,000

Sub total 19,400,000

Total funds requirement 20,000,000