Documente Academic
Documente Profesional
Documente Cultură
New LOCK
Month 1
Country market
Units
%Growth
% European market
Cumulative units
%growth
Unit
%
%
Unit
%
1.000
1.036
3,6%
1.074
3,6%
1.113
3,6%
1.153
3,6%
1.195
3,6%
1.238
3,6%
1.283
3,6%
33.396
34.432
3,1%
35.506
3,1%
36.619
3,1%
37.772
3,1%
38.966
3,2%
40.204
3,2%
European market
Units
%Growth
Cumulative units
%growth
Unit
%
Unit
%
23.500
24.302
3,4%
818.212
3,1%
25.132
3,4%
843.344
3,1%
25.990
3,4%
869.334
3,1%
26.877
3,4%
896.210
3,1%
27.794
3,4%
924.005
3,1%
Unit
%
Unit
%
23.266
3,4%
783.780
3,1%
24.058
3,4%
807.838
3,1%
24.877
3,4%
832.715
3,1%
25.724
3,4%
858.439
3,1%
Penetratin Country
Units Country
Pentracin European market (excl. country)
Units European market (excl. country)
Total Units
%
Unit
%
Unit
Unit
Price Country
Price European market ( excluding country)
Euro
Euro
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
95
%
%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
1.329
3,6%
1.378
3,6%
1.427
3,6%
1.479
3,6%
41.487
3,2%
42.817
3,2%
44.194
3,2%
45.622
3,2%
28.743
3,4%
952.748
3,1%
29.724
3,4%
982.472
3,1%
30.739
3,4%
1.013.210
3,1%
31.788
3,4%
1.044.999
3,1%
26.599
3,4%
885.038
3,1%
27.505
3,4%
912.543
3,1%
28.441
3,4%
940.984
3,1%
29.409
3,4%
970.394
3,1%
year 1
year 2
year 3
year 4
year 5
Revenues Assumptions
793.910
22.500
760.514
Euro 000s
%
Euro 000s
%
Euro 000s
Euro 000s
%
Euro 000s
%
Euro 000s
%
days
Euro 000s
75
3,0%
Euro
Inflatin
47.101
3,2%
14.705
38,0%
4,3%
47.101
45,4%
19.555
33,0%
4,5%
66.656
41,5%
23.003
17,6%
4,8%
89.659
34,5%
25.303
10,0%
4,8%
114.962
28,2%
27.328
8,0%
4,8%
142.290
23,8%
32.873
3,4%
1.077.872
3,1%
33.995
3,4%
1.111.867
3,2%
341.457
30,5%
1.111.867
44,3%
438.267
28,4%
1.550.134
39,4%
483.723
10,4%
2.033.857
31,2%
532.095
10,0%
2.565.952
26,2%
574.663
8,0%
3.140.615
22,4%
30.411
3,4%
1.000.804
3,1%
31.446
3,4%
1.032.250
3,1%
32.516
3,4%
1.064.766
3,2%
326.752
30,2%
1.064.766
44,3%
418.712
28,1%
1.483.478
39,3%
460.720
10,0%
1.944.198
31,1%
506.792
10,0%
2.450.990
26,1%
547.335
8,0%
2.998.325
22,3%
2,00%
1.335
0,20%
2.924
4.259
5,00%
4.483
0,70%
13.609
18.092
8,00%
9.197
1,30%
31.863
41.060
11,00%
15.652
2,00%
59.967
75.618
95
95
95
95
95
95
95
95
95
95
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
40,0%
3,00
3,00
3,00
3,00
3,00
3,00
3,00
3,00
3,00
3,00
3,00
127
278
405
-
426
235,8%
1.293
365,5%
1.719
324,8%
874
105,2%
3.027
134,1%
3.901
126,9%
1.487
70,2%
5.697
88,2%
7.184
84,2%
76
167
243
-
256
235,8%
776
365,5%
1.031
324,8%
524
105,2%
1.816
134,1%
2.340
126,9%
892
70,2%
3.418
88,2%
4.310
84,2%
43
215
488
898
3,00
3,00
3,09
3,18
3,28
3,38
13
58
135
255
Euro 000s
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
year 1
year 2
year 3
year 4
year 5
9,0
9,0
9,0
9,0
9,0
9,0
9,0
9,0
9,0
9,0
9,0
9,0
108,0
-
115,6
54,0
123,6
57,8
1
132,3
61,8
1
141,6
66,2
1
2,0
24,0
-
25,7
3,6
27,5
3,9
29,4
4,1
31,5
4,4
Euro 000s
Euro 000s
Units
90
50,0%
1
Euro 000s
20
Euro 000s 15,0%
Units
Euro 000s
#
5
Euro 000s
15
Euro 000s
3,0
Euro 000s
0,8
Euro 000s
1,0
Euro 000s 0,075
Euro 000s
0,3
Euro 000s
0,3
Euro 000s
1,0
Euro 000s
1,0
Euro 000s
1,5
Euro 000s
2,5
Euro 000s 1,0%
Euro 000s
1,5
Euro 000s
%
1
2,0
1
2,0
6,3
3,0
0,8
1,0
0,4
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,4
-
1
2,0
6,3
3,0
0,8
1,0
0,5
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,5
-
1
2,0
6,3
3,0
0,8
1,0
0,6
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,6
-
1
2,0
6,3
3,0
0,8
1,0
0,6
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,6
-
1
2,0
6,3
3,0
0,8
1,0
0,6
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,6
-
1
2,0
6,3
3,0
0,8
1,0
0,7
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,7
-
1
2,0
6,3
3,0
0,8
1,0
0,7
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,7
-
1
2,0
6,3
3,0
0,8
1,0
0,7
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,7
-
1
2,0
6,3
3,0
0,8
1,0
0,7
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,7
-
1
2,0
6,3
3,0
0,8
1,0
0,7
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,7
-
6,3
3,0
0,8
1,0
0,7
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,7
-
6,3
3,0
0,8
1,0
0,7
0,3
0,3
1,0
1,0
1,5
0,4
1,5
17,7
-
75,0
36,0
9,0
12,0
7,4
3,6
3,6
12,0
12,0
18,0
5,0
18,0
211,6
-
77,3
37,1
9,3
12,4
10,2
3,7
3,7
12,4
12,4
18,5
5,0
8,0
18,5
228,4
94,1%
79,6
38,2
9,5
12,7
13,4
3,8
3,8
12,7
12,7
19,1
2,6
19,1
227,3
22,0%
82,0
39,3
9,8
13,1
13,8
3,9
3,9
13,1
13,1
19,7
2,7
19,7
234,1
10,0%
84,4
40,5
10,1
13,5
14,2
4,1
4,1
13,5
13,5
20,3
2,7
20,3
241,1
5,6%
110,7
227,3
234,1
241,1
70,6
16,5
75,6
17,7
80,9
18,9
86,5
20,2
Euro 000s
%
Euro 000s
%
55
25,0%
5,5
1
35
15,0%
1
7,0
2
25
15,0%
20
10,0%
2,0
2,0
1
2,0
7,0
84,0
-
89,9
12,6
5,0
55,0
-
64,2
8,3
20,0
-
25,7
2,0
96,2
13,5
102,9
14,4
2
110,1
15,4
2
68,7
9,6
73,5
10,3
78,6
11,0
2
2,0
2,0
2
2,0
2,0
2
5,0
2,0
66,0
-
5,5
7,0
5,0
2,0
2,0
5,5
7,0
5,0
2,0
2,0
5,5
7,0
5,0
2,0
2,0
5,5
7,0
5,0
2
5,5
7,0
5,0
2,0
5,5
7,0
5,0
2
5,5
7,0
5,0
2,0
5,5
7,0
5,0
2
5,5
7,0
5,0
20
10,0%
5,5
7,0
0,51
5,5
2
27,5
2,6
2
29,4
2,7
31,5
2,9
1
2,0
14,0
-
25,7
1,4
27,5
2,6
29,4
2,7
31,5
2,9
12,5
-
17,5
-
19,5
-
19,5
-
19,5
-
21,5
-
21,5
-
21,5
-
21,5
-
21,5
-
21,5
-
1
21,5
-
239,0
-
316,8
130,5%
1
341,3
33,1%
1
365,2
15,6%
1
390,7
9,1%
1,5
-
2,6
-
3,1
-
3,1
-
3,1
-
3,6
-
3,6
-
3,6
-
3,6
-
3,6
-
3,6
-
3,6
-
38,3
-
44,1
18,2%
45,4
4,4%
46,8
2,0%
48,2
1,1%
14,0
-
20,1
-
22,6
-
22,6
-
22,6
-
25,1
-
25,1
-
25,1
-
25,1
-
25,1
-
25,1
-
25,1
-
277,3
-
360,9
148,7%
386,7
37,5%
412,0
17,6%
439,0
10,2%
160,1
386,7
412,0
439,0
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
%
Euro 000s
Total # people
Social Security rate ( company cost)
Annual Increasing costs assumption
Euro 000s
Euro 000s
Units
60
1,5
Euro 000s
Euro 000s
Units
Euro 000s
30
1,5
Units
%
%
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
year 2
year 3
77,0
18,5
94,4
20,3
176,4
78,7
4
133,9
188,8
81,0
4
248,8
12,0
36,0
60,0
4,8
5,5
12,0
282,9
116,5%
37,1
30,9
4,9
5,7
24,7
505,4
49,0%
38,2
31,8
5,1
5,8
50,9
628,7
26,9%
39,3
32,8
5,2
6,0
104,9
821,5
19,1%
188,0
505,4
628,7
821,5
38,5
18,5
88,2
19,7
82,4
19,1
year 5
year 4
164,9
76,4
4
59,3
5,0%
30
12
2,5
1,2
5,5
12,0
year 1
14
14
14
20,0%
7,0%
Tax Assumptions
Corporation Tax
Corporation Tax rate
Taxable income
Tax carryback usable next year due to looses
The treasury creditor
V.A.T. Tax
V.A.T. rate
V.A.T. output
V.A.T. input
V.A.T. to clear
The treasury Creditor /(Debtor)
The treasury Creditor /(Debtor)onthly
Annual Increase /Decrease The Treasury
Monthly Increase /Decrease The Treasury
TOTAL Increase /Decrease The Treasury
%
Euro 000s
Euro 000s
Euro 000s
35,0%
%
Euro 000s
Euro 000s
Euro 000s
Euro 000s
16,0%
30
Euro 000s
348
-
733
-
41
-
2.210
774
55,3
(55,3)
(55,3)
12,2
60,4
(48,2)
(48,2)
40,9
63,1
(22,2)
(22,2)
83,9
68,8
1,2
1,2
142,7
94,6
4,0
4,0
(55,3)
7,1
26,0
23,4
2,7
24,2
(24,2)
(24,2)
(24,2)
2,9
(2,9)
(2,9)
(27,1)
2,9
(2,9)
(2,9)
(30,0)
2,7
(2,7)
(2,7)
(32,7)
2,7
(2,7)
(2,7)
(35,4)
3,0
(3,0)
(3,0)
(38,4)
2,8
(2,8)
(2,8)
(41,2)
2,8
(2,8)
(2,8)
(44,0)
2,8
(2,8)
(2,8)
(46,8)
2,8
(2,8)
(2,8)
(49,7)
2,8
(2,8)
(2,8)
(52,5)
2,8
(2,8)
(2,8)
(55,3)
(24,2)
(2,9)
(2,9)
(2,7)
(2,7)
(3,0)
(2,8)
(2,8)
(2,8)
(2,8)
(2,8)
(2,8)
(24,2)
(2,9)
(2,9)
(2,7)
(2,7)
(3,0)
(2,8)
(2,8)
(2,8)
(2,8)
(2,8)
(2,8)
(55,3)
7,1
26,0
23,4
776,3
12,0
20,0
25,0
57,0
57,0
57,0
57,0
57,0
57,0
57,0
57,0
57,0
57,0
57,0
57,0
57,0
12,0
20,0
25,0
57,0
57,0
57,0
57,0
57,0
57,0
31,4
31,4
37,6
69,0
40,2
109,2
42,1
151,2
40,9
192,2
43,5
235,7
43,5
279,2
43,5
322,7
43,5
366,2
43,5
409,7
43,5
453,2
43,5
496,8
496,8
496,8
421,8
918,5
918,5
918,5
918,5
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
75,0
85,7
160,7
Investment Assumptions
Formation expenses
Furniture
Legal expenses
Patents
Total formation expenses
Cumulative Investment
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
12
20
25
75
Euro 000s
Units
Euro 000s
Euro 000s
Euro 000s
Euro 000s
0,85
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
4,3
4,3
4,3
1,7
1,7
6,0
0,9
0,9
6,8
6,8
6,8
0,9
0,9
7,7
7,7
7,7
7,7
7,7
7,7
7,7
year 1
year 2
7,7
7,7
7,7
year 3
year 4
year 5
2,6
2,6
10,2
1,7
1,7
11,9
11,9
10,2
10,2
22,1
5,7
5,7
11,4
17,1
11,4
28,5
11,4
39,9
91,9
91,9
183,7
275,6
183,7
459,3
183,7
643,0
Depreciation Assumptions
Formation expenses
Depreciation
Cumulative depreciation
years
Euro 000s
Euro 000s
years
Euro 000s
Euro 000s
years
79
2
1
1
82,7
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
13,2
0,3
0,1
0,1
13,8
26,4
0,6
0,3
0,3
27,6
26,4
0,6
0,3
0,3
27,6
13,2
0,3
0,1
0,1
13,8
1
2
2,6
1,7
95,9
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
0,1
0,2
0,4
0,3
0,6
0,9
0,6
0,3
0,6
0,9
0,6
-
0,1
0,3
0,5
0,6
32,0
Euro 000s
Euro 000s
14,2
14,2
29,0
43,1
29,0
72,1
46,8
118,9
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
43,2
43,2
(43,2)
214,8
214,8
(171,7)
487,6
487,6
(272,7)
898,0
898,0
(410,4)
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
year 1
year 2
year 3
year 4
year 5
300
300
200
(2)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(8)
(8)
(8)
(15)
(15)
(60)
Share Capital
Increase
Reductions
Total
800
800
Debt Assumptions
EUROINNOV loan (participation loan)
Annual interest rate - low limit (Euribor + 0,5%)
Annual interest rate - high limit (low limit + 6%)
Lnea de Crdito (Ao 1)
Lnea de Crdito (Ao 2)
Incremento/(Amortizacin)
Subscription fee
%
%
Euro 000s
Euro 000s
Euro 000s
%
0,50%
Line of Credit
Annual interest rate
Line of Credit (Max. Limit)
Bank fee
%
Euro 000s
%
5,0%
0
0,50%
3,0%
9,0%
300
200
Euro 000s
Euro 000s
Euro 000s
Assumptions Dividends
Dividends
"Pay-out Ratio" Objective
0,0%
New LOCK
Transaction & financial Structure
phase 1
200.000
New LOCK
Entrepreneurs 52%
VC - FUND 48%
300.000
phase 2
Venture Capital
FUND
Venture Capital
FUND
Entrepreneurs
200.000
9 months
Milestones to
achieve
Great Share
premium to
blossom
800.000
Capital increase
Share premium
New LOCK
Entrepreneurs 51%
VC - FUND 49%
Participation loan
(grace period 5 years)
EUROINNOV
200.000
+12 months
EUROINNOV
I. New LOCK
New LOCK is a Start-up company.
It is a spin-off from diverse players in TIC sector looking forward to take advantage from their professional capacities and knowledge by facing a market
opportunity.
_____________________________________________________________________________________________________________
II. The Team
Well Known professionals with wide & successful experience in similar business.
They are 2. CHAIRMAN and CEO. One will be in charge of technical development and the other will manage commercial matters. Rest of the team is identified
and committed.
They have already developed similar software, but now they are about to do the same for open operative Systems (Open OS)
They know the whole business chain
____________________________________________________________________________________________________
III. Products and services portfolio
New LOCK is an internet Secure Software & Content Management company, currently the objective is to complete the product solution which is pretty advanced.
The security software is to protect the information, communications, the operative system and every single application in the equipment.
______________________________________________________________________________________________________________
IV. Sector: Secure Software & Content
Open Systems market:
-Growing and global market, but still weak demand and offer. Opportunity to take position in the middle term reports)
-First-mover advantages
-Governments and big companies as main market
-Big operators (Novell, IBM, Oracle, and SUN) are entering as the only chance in front of Microsoft dominant position.
-Competitive sector. Business model based on service. Brand value. Support need to be guaranteed
Security in Open OS:
-There is no offer from big security software players (Ultimaco, Pointsec, SafeBoot, Symantec,...)
-There are small start-ups and encrypting products
-There is not a supplier that integrates: information protection + stability/systems control
_____________________________________________________________________________________________________
V. Financial needs, Business Valuation & Transaction Structure
Preliminary estimated capital requirements between million 1, 5 and 2, 5. Partial Draw downs will be taken down on a Scheduled basis depending on stated
business milestones.
Entrepreneurs drawdown aprox. 200.000-400.000. Initially there was still no a valuation of the business and then there was not a value for their shares.
Anyway there was assumed that a share premium will be valued.
_____________________________________________________________________________________________________
VI. Next steps
Analysis and negotiation process begins...
year 1
year 2
year 3
year 4
year 5
Income Statement
Total Net revenues
% Growth
243
-
1.031
324,8%
2.340
126,9%
4.310
84,2%
Gross Margin
% on total revenues
230
94,6%
974
94,4%
2.206
94,2%
4.055
94,1%
EBITDA
% on total revenues
(229)
-94,4%
(146)
-14,1%
931
39,8%
2.553
59,2%
EBIT
% on total revenues
(341)
-140,4%
(370)
-35,9%
707
30,2%
2.312
53,6%
(348)
-143,5%
(385)
-37,3%
692
29,6%
1.478
34,3%
(55)
(55)
(348)
112
7
(43)
(273)
(385)
224
26
(172)
(306)
692
224
23
(273)
667
1.478
242
776
(410)
2.086
(636)
(424)
(2)
(96)
(692)
(697)
(308)
667
1.990
300
-
800
200
-
300
1.000
Cash Flow
400
311
670
Increase/(Decrease) CASH
(392)
303
(308)
667
1.990
311
670
2.660
(292)
400
43
(189)
852
215
(497)
467
488
170
1.159
898
2.160
2.637
( Euros 000)
Units
year 1
year 2
year 3
year 4
year 5
Net revenues
Country
Rest of West Europe
TotalNet revenues
% Growth
Euro 000s
Euro 000s
Euro 000s
%
76
167
243
-
256
776
1.031
324,8%
524
1.816
2.340
126,9%
892
3.418
4.310
84,2%
Euro 000s
%
(13)
5,4%
(58)
5,6%
(135)
5,8%
(255)
5,9%
Gross Margin
% on net revenues
Euro 000s
%
230
94,6%
974
94,4%
2.206
94,2%
4.055
94,1%
Euro 000s
Euro 000s
Euro 000s
(111)
(160)
(188)
(227)
(387)
(505)
(234)
(412)
(629)
(241)
(439)
(821)
Euro 000s
%
(459)
189,0%
(1.119)
108,5%
(1.275)
54,5%
(1.502)
34,8%
EBITDA
% on net revenues
Euro 000s
%
(229)
-94,4%
(146)
-14,1%
931
39,8%
2.553
59,2%
Depreciation
Euro 000s
(112)
(224)
(224)
(242)
EBIT
% on net revenues
Euro 000s
%
(341)
-140,4%
(370)
-35,9%
707
30,2%
2.312
53,6%
Euro 000s
(8)
(15)
(15)
(60)
Pre-Tax Income
% on net revenues
Euro 000s
%
(348)
-143,5%
(385)
-37,3%
692
29,6%
2.252
52,2%
Taxes
% effective Tax rate
Euro 000s
%
0,0%
0,0%
0,0%
(774)
34,4%
Euro 000s
%
(348)
-143,5%
(385)
-37,3%
692
29,6%
1.478
34,3%
( Euros 000)
Units
Net Income after Taxes
Depreciation
Increase/Decrease The Treasury
Increase/Decrease of Working Capital
year 1
year 2
year 3
year 4
year 5
Euro 000s
Euro 000s
Euro 000s
Euro 000s
(55)
-
(348)
112
7
(43)
(385)
224
26
(172)
692
224
23
(273)
1.478
242
776
(410)
Euro 000s
(55)
(273)
(306)
667
2.086
Euro 000s
Euro 000s
Euro 000s
Euro 000s
(57)
(497)
(75)
(8)
(422)
(3)
(2)
(86)
(10)
Euro 000s
(636)
(424)
(2)
(96)
Euro 000s
(692)
(697)
(308)
667
1.990
Euro 000s
Euro 000s
Euro 000s
Euro 000s
300
-
800
200
-
Euro 000s
300
1.000
Euro 000s
400
311
670
Increase/(Decrease) CASH
Euro 000s
(392)
303
(308)
667
1.990
Euro 000s
311
670
2.660
Share Capital
Increase
Reductions
EUROINNOV loan (participation loan)
Line of Credit
page 11
( Euros 000)
Units
opening
balance sheet
year 1
year 2
year 3
year 4
year 5
ASSETS
Net Fixed Assets
Formation expenses
Other deferred expenses
Hardware and Software
Total Net Fixed Assets
Euro 000s
Euro 000s
Euro 000s
Euro 000s
57
497
83
636
51
827
71
949
40
643
44
727
29
459
15
503
17
276
64
357
Current Assets
Cash
The Treasury Debtor
Trade Debtors
Inventories
Total Current Assets
Euro 000s
Euro 000s
Euro 000s
Euro 000s
Euro 000s
400
400
8
55
64
311
48
43
403
3
22
215
240
670
488
1.158
2.660
898
3.558
TOTAL ASSETS
Euro 000s
400
700
1.352
967
1.660
3.914
Current Liabilities
The Treasury Creditor
Creditors
Total Current Liabilities
Euro 000s
Euro 000s
Euro 000s
1
1
778
778
Debt
EUROINNOV loan (participation loan)
Line of Credit
Total Debt
Euro 000s
Euro 000s
Euro 000s
300
300
500
500
500
500
500
500
500
500
Equity
Share Capital
FUND shareholder
ETREPRENEURS shareholders
Reserves & retained earnings
Total Equity
Euro 000s
Euro 000s
Euro 000s
Euro 000s
200
200
400
200
200
400
1.000
200
(348)
852
1.000
200
(733)
467
1.000
200
(41)
1.159
1.000
200
1.437
2.637
TOTAL LIABILITIES
Euro 000s
400
700
1.352
967
1.660
3.914
LIABILITIES
Check
Units
Euro 000s
1.000
1.000
1.000
1.000
1.000
Euro 000s
2.580
3.460
4.310
5.160
6.047
-40%
-20%
0%
20%
40%
%
entrepreneus`ve got
a call
3,3x
3,3x
3,3x
3,3x
3,3x
11.418
1.583
13.001
14.224
2.160
16.384
17.029
2.737
19.766
19.954
3.340
23.294
Firm Value
Cash/ Net Debt
Equity value at EXIT
Euro 000s
Euro 000s
8.514
738
9.252
EBITDA year 5
Euro 000s
1.022
1.800
2.553
3.306
4.092
49,0%
4.534
49,0%
6.370
40,0%
6.553
35,0%
6.918
30,0%
6.988
Euro 000s
%
Euro 000s
TIR
38%
48%
49%
50%
51%
5,8x
8,6x
8,9x
9,5x
9,6x
Applications
"This start-up is that big "
Investments and Developement expenses
Operational and General expenses
Commercial expenses
Total Applications
, 000s
1.700
700
500
500
1.700
Sources
Entrepreneurs
THE FUND
Total Share Capital
Debt (loan)
Total debt
Total Sources
, 000s
200
1.000
1.200
500
500
1.700
Unit
year 1
year 2
year 3
year 4
year 5
Unit
%
Unit
%
14.705
38,0%
47.101
45,4%
19.555
33,0%
66.656
41,5%
23.003
17,6%
89.659
34,5%
25.303
10,0%
114.962
28,2%
27.328
8,0%
142.290
23,8%
Penetration
Units
%
Unit
0,00%
-
2,00%
1.335
5,00%
4.483
8,00%
9.197
11,00%
15.652
Euro
95
95
95
95
95
127
426
874
1.487
40,0%
40,0%
40,0%
40,0%
40,0%
76
256
524
892
Price
Gross Revenues
Distributor`s Margin
Net Revenues
Euro 000s
%
Euro 000s
Unit
%
Unit
%
326.752
30,2%
1.064.766
44,3%
418.712
28,1%
1.483.478
39,3%
460.720
10,0%
1.944.198
31,1%
506.792
10,0%
2.450.990
26,1%
547.335
8,0%
2.998.325
22,3%
Penetration
Units
%
Unit
0,00%
-
0,20%
2.924
0,70%
13.609
1,30%
31.863
2,00%
59.967
Euro
95
95
95
95
95
278
1.293
3.027
5.697
Price
Gross Revenues
Distributor`s Margin
Net Revenues
Total Net revenues
% Growth
Euro 000s
40,0%
40,0%
40,0%
40,0%
40,0%
Euro 000s
167
776
1.816
3.418
Euro 000s
%
243
-
1.031
324,8%
2.340
126,9%
4.310
84,2%
units
year 1
year 2
year 3
year 4
year 5
Euro/Unit
3,00
3,09
3,18
3,28
3,38
Total cost
% on Total net revenues
Euro 000s
%
13
5,4%
58
5,6%
135
5,8%
255
5,9%
Units
Ao 1
Ao 2
Ao 3
Ao 4
Ao 5
Total expenses
Operational an General expenses
% Total on net revenues
Developement & manteinance expenses
% Total on net revenues
Commercial expenses
% Total on net revenues
Total Expenses
% Total on net revenues
Euro 000s
%
Euro 000s
%
Euro 000s
%
111
45,6%
160
65,9%
188
77,4%
227
22,0%
387
37,5%
505
49,0%
234
10,0%
412
17,6%
629
26,9%
241
5,6%
439
10,2%
821
19,1%
Euro 000s
%
459
189,0%
1.119
108,5%
1.275
54,5%
1.502
34,8%
Units
year 1
year 2
year 3
year 4
year 5
Investments
Specific Hardware & Software
General Hardware
Euro 000s
Euro 000s
75
8
86
10
Tatal Investments
% Total on Net revenues
Euro 000s
%
83
-
3
1,1%
2
0,2%
0,0%
96
2,2%
Formation expenses
Euro 000s
57
Euro 000s
497
422
Units
year 1
year 2
year 3
year 4
year 5
Euro 000s
300
200
Cumulative financing
Principal reductions
% principal reductions. Cumulative
Euro 000s
Euro 000s
%
300
0,0%
500
0,0%
500
0,0%
500
0,0%
500
0,0%
Euro 000s
Euro 000s
6
-
15
-
15
-
15
-
15
45
Subscription fee
Euro 000s
Units
year 1
year 2
year 3
year 4
year 5
Corporation Tax
EARNING BEFORE TAXES
Tax carryback usable next year due to looses
Taxable income
Gross Tax charge
% effective Tax rate
Euro 000s
Euro 000s
Euro 000s
Euro 000s
%
(348)
348
-
(385)
733
-
692
41
0,0%
2.252
2.210
774
34,4%
V.A.T
V.A.T. input
V.A.T. output
Euro 000s
Euro 000s
Euro 000s
55
-
60
12
63
41
69
84
95
143
Euro 000s
Euro 000s
(55)
(55)
(48)
(48)
(22)
(22)
15
1
48
4
Euro 000s
(55)
26
23
776
Units
year 1
year 2
year 3
year 4
year 5
Working Capital
Debtors
Creditors
Inventories
Total working Capital
Increase / Decrease of Working Capital
% on Total net revenue
Euro 000s
Euro 000s
Euro 000s
43
-
215
-
488
-
898
-
Euro 000s
Euro 000s
%
43
(43)
17,8%
215
(172)
16,6%
488
(273)
11,7%
898
(410)
9,5%
Units
Entrepreneurs
General Manager
Office personnel
Officer
Sales/Commercial
Senior Salesman
Junior Salesman
Developement
Chief designer
Senior progammer
Junior programmer
Test technician
Support technician
Total
year 1
year 2
year 3
year 4
year 5
#
#
2
1
2
1
2
1
2
1
2
1
#
#
1
2
1
4
1
4
1
4
#
#
#
#
#
1
2
2
1
1
1
2
2
1
1
1
2
2
1
1
1
2
2
1
1
1
2
2
1
1
11
14
16
16
16