Archer Daniels Midland

INTRODUCTION TO AFE FORM Page 1/38

ARCHER DANIELS MIDLAND COMPANY

Authorization for Expenditure Excel Workbook

Available at:

First Step To Use This Worksheet

Save this File as a local file

by using the SAVE AS command
under the FILE pull down menu.

INSTRUCTIONS ON USING THIS WORKSHEET TO COM

This form may be used in place of the manual 3 part AFE Form # 9105.
To submit, just follow the same procedure you would use with the three part manual form.

Using UPPER CASE on your data entry improves the readability when you print the form.

FINANCIAL METRIC INPUTS FOR MOST SIMPLE PROJECTS:

The BLUE fields are for SIMPLE cost savings projects.
This ORANGE color is for complex revenue streams and cost structures
The GREEN fields are for basic requirements for the formulas to work.
The unshaded fields are options for complex projects (and special situations) and t

AFE FORM 9105 Authorization for Expenditure

STEP CELL FIELD
A 'AFE Terms' Tab
Reference tab with frequently used t
B 'Resource Requirements & Log' Tab
Tab to be used by preparer to list tho
provided volume estimates, etc.) tab
working on the form
C 'Capital Spend Assumptions' Tab
A62-V77, A126-V141 On Tab 'Capital Spend Assumptions
Archer Daniels Midland
INTRODUCTION TO AFE FORM Page 2/38

start (usually same or next period af

entered as a negative number, you w
written off and change the value in c
lower your tax base.
D101-D116 Enter additional capitalized amount
D 'Income Statement Assumptions' Tab (See AFE TERMS page
D2-3 Fill out the Project Name and Projec
D7 Input the year the project will start in
If using dollars, do nothing, otherwis
D10 currency is other than USD)
C13 Input the Rated Capacity of the Proj

E15-X18 Input the volume expected to be ach

with the project or projected normal

Input the price expected to be achie

achieved and incremental margin on
E21-X24 will translate to USD automatically.
E26-X29 The Revenue field will calculate reve
related, you can input the Revenues
E31-X31 Input any other revenue that is not c
E37-X40 Input the cost expected per unit of v
E47-X54 The Total Material Cost section will c
not volume related you can input the

E61-N67 No input required, these cells calcul

E55-X55 SG&A costs are human capital relat
E56-X56 Include an other costs
E73 Input the Tax Rate
E77 Input days expected for customers t
E78 Input days of inventory expected to
E79-X79 Input any additional assets associat
E84 Input the days payable for ADM to p
E98-X99 Input if necessary
D93 If you select "N" the model will assu
"Y", the model will calculate the pres
projects that are expected to continu
business.
D104 Input the percent ownership that AD
E 'Financial Statements' Tab
This is an output tab (pulling from m
result of volumes/prices/costs/etc. in
Archer Daniels Midland
INTRODUCTION TO AFE FORM Page 3/38

F 'Graph & Returns Summary' Tab

This is an output tab (pulling from fin
graph can be copied and pasted into
G 'Report' Tab
 Archer Daniels Midland
INTRODUCTION TO AFE FORM Page 4/38

Revised: 09-Jan-2015
intranet.admworld.com

Workbook maintained by: Business Development

Tyler Beals 312-634-8203

Current Rates

Income Taxes 30.00%

S WORKSHEET TO COMPLETE THE AFE & IRR FORMS.

cost structures
ulas to work.
d special situations) and the default is usually fine

DESCRIPTION / INSTRUCTIONS

tab with frequently used terms and definitions relating to the AFE process

sed by preparer to list those responsible for different pieces of the AFE process (i.e. who in engineering
olume estimates, etc.) tab can also be used to track changes to AFE form if multiple personnel are
the form

pital Spend Assumptions' - Select capital assets from dropdown, when depreciation should
 Archer Daniels Midland
INTRODUCTION TO AFE FORM Page 5/38

ly same or next period after spend is made). If asset writeoff/disposal is occurring, amount should be
a negative number, you will also need to determine the remaining useful life (years) that are being
and change the value in cell G291. By doing this you will essentially be reducing depreciation which will
tax base.
onal capitalized amount
(See AFE TERMS page for expanded descriptions of Category & Type fields)
Project Name and Project Champion
ear the project will start incurring costs (Capital Spending on the project)
ars, do nothing, otherwise, select appropriate currency from dropdown list (Only use dropdown if local
other than USD)
ated Capacity of the Project, if necessary

olume expected to be achieved by this project (Incremental sales volume over normal rates associated
oject or projected normal annual sales volumes if this is a margin enhancement project)

ice expected to be achieved per unit of volume (Normal sales price if incremental volumes will be
nd incremental margin on normal prices, if margin enhancement) Note, Input in local currency as sheet
e to USD automatically.
ue field will calculate revenue based on the price and volume above, but if your project is not volume
u can input the Revenues directly in this section
ther revenue that is not capture by volume and price calculation
ost expected per unit of volume (NOTE: costs are negative and cost savings are positive)
Material Cost section will calculate costs based on the price and volume from above, but if the project is
related you can input the Materials Costs directly into this section

quired, these cells calculate direct/indirect costs from above to USD if they're in another currency
s are human capital related costs

expected for customers to pay for purchases

of inventory expected to be held
dditional assets associated with the project
ays payable for ADM to pay suppliers (Typically 60 due to revised AP policy)

t "N" the model will assume unwinding of working capital and sale of assets at book value. If you select
del will calculate the present value of all future cash flows after Year 12. Yes should be used for
at are expected to continue past the projection period, thus considered part of ongoing operations of the

ercent ownership that ADM will have in project

output tab (pulling from multiple input tabs) and should not require any input. This tab should be the
lumes/prices/costs/etc. input into other tabs
 Archer Daniels Midland
INTRODUCTION TO AFE FORM Page 6/38

output tab (pulling from financial statements) and does not require any input. Returns summary and
be copied and pasted into AFE writeup for reference
ADM Property Management
AFE TERMS Page: 7 / 38

AFE Term
1 AFE No.: This is a control number which will be assigned to this project by Global Fixed Asset A

2 Est. Completion Date: An estimate of the date that this project will be completed.

CATEGORY
3 Capital: The purchase and/or construction of fixed assets (for example land, buildings and equi

4 Expense: An expenditure that maintains assets in a good operating condition but does not add

5 Investment: The acquisition of a business or purchase of an equity interest in a company/ventu

6 Supplement To AFE No.: A supplemental AFE is required for all projects projected to be oversp

7 Lease: The commitment to rent equipment or other assets would be categorized as a lease.

8 Other: This category is to be used for projects not described above. For example an AFE is req

TYPE
9 Improved Efficiency: A project that is submitted based upon an increase in profit, generally fro

10 Spare Parts: A purchase of assets which will be used to replace, repair or refurbish existing equ
ADM Property Management
AFE TERMS Page: 8 / 38

AFE Term

11 Compliance: This type of project is required as a direct result of compliance with company polic

12 Increased Capacity: A project based upon an increase in profits generated by adding new pro

13 Maintenance: An expenditure which maintains the asset in normal operating condition

14 Vehicle: All purchases of automobiles and light trucks require an AFE, see separate policy for

15 IT/Telecommunications: Information technology including all data processing and telecommun

ADM Property Management
AFE TERMS Page: 9 / 38

AFE Term

16 Other: Describe in the space provided.

OTHER INFORMATION
17 Company: Name of legal entity making the expenditure.

Account coding to be provided by or reviewed by division controller.

18 No.: Company code.
19 General Account: General ledger account number.
20 Resp.: Responsibility number.
21 Dept.: Department number.
22 Sub.: Sub-department number.
23 Loc.: Accounting location code.

24 Division: Name of operating division.

25 Department: Name of department within the operating location, if applicable.

26 Location: Name of physical location.

27 Job number: Optional reference number.

28 Title: Provide a brief description of the project.

29 Description: Provide a complete and concise description of the project and how it will affect op

ECONOMIC EVALUATION (Contact Global Fixed Asset Accounting for the latest deprecia

30 Total Expenditure (US$): Total amount of expenditure including sales tax or VAT and interest c

31 Local Currency Amount: State the amount of the expenditure in terms of the Company’s local

32 Currency Code: For example use “GBP” to indicate British Pounds. Contact Corporate Accoun
ADM Property Management
AFE TERMS Page: 10 / 38

AFE Term
33 Exchange Rate: Indicate the exchange rate in terms of local currency per one US dollar.

34 Cash Payback: Cash Payback is defined as the number of years it will take for the cumulative c

35 IRR: Internal Rate of Return is defined as the annual interest rate calculated by comparing the n
 ADM Property Management
AFE TERMS Page: 11 / 38

AFE No.: This is a control number which will be assigned to this project by Global Fixed Asset Accounting after man
approval (see separate approval policy). In order to accurately track the cost of the project,
this number must be referenced on all purchase orders, coding of vendor invoices
and other charges related to this project.

Est. Completion Date: An estimate of the date that this project will be completed.
This date is used to monitor progress of the project and, if applicable, to properly account for interest
that will be capitalized during the construction period under item 30 below.

Capital: The purchase and/or construction of fixed assets (for example land, buildings and equipment),
intangible assets (for example goodwill, know-how, trademarks and patents) and computer software
would be categorized as capital expenditures. An expenditure that adds significant value
or appreciably prolongs the useful life of an existing asset would also be categorized as capital.

Expense: An expenditure that maintains assets in a good operating condition but does not add
significant value or appreciably prolong the useful life of the asset would be categorized as
an expense. Outside services such as consulting, legal, tax, accounting and public relations
are subject to a separate policy.

Investment: The acquisition of a business or purchase of an equity interest in a company/venture or

an increase in the equity of such businesses would be categorized as investments.
Marketable securities are subject to a separate policy.

Supplement To AFE No.: A supplemental AFE is required for all projects projected to be overspent,
indicating all changes from original project and recalculations of the Payback Period and rate of return.
A potential change in scope of a project during construction that would materially increase or
decrease the original expenditure must be authorized prior to any change. A supplemental must be
sent in at that time.
Indicate the original AFE No. in the space provided.

Lease: The commitment to rent equipment or other assets would be categorized as a lease.

Other: This category is to be used for projects not described above. For example an AFE is required
before opening or moving an office. Long-term agreements with suppliers or customers are required
to be reviewed by ADM Legal Department and may require an AFE.

Improved Efficiency: A project that is submitted based upon an increase in profit, generally from
cost savings generated by reducing labor, energy, or maintenance costs; or by improving the
utilization of equipment and processes.

Spare Parts: A purchase of assets which will be used to replace, repair or refurbish existing equipment,
 ADM Property Management
AFE TERMS Page: 12 / 38

also includes major items of equipment which will be held in a standby status, see separate policy.

Compliance: This type of project is required as a direct result of compliance with company policy
in conjunction with Federal, Provincial or State statutes and regulations.
A) Environmental:
B) Health & Safety:
C) Quality Assurance

Increased Capacity: A project based upon an increase in profits generated by adding new production or
storage capacity.

Maintenance: An expenditure which maintains the asset in normal operating condition

but does not add significant value or appreciably prolong the useful life.

Vehicle: All purchases of automobiles and light trucks require an AFE, see separate policy for purchasing
guidelines. Indicate the name of assigned driver as well as the disposition of the existing vehicle, if any.

IT/Telecommunications: Information technology including all data processing and telecommunications related pur
including personal computers, printers,networking equipment, other hardware, software, licenses,
telephones, pagers, fax machines, etc.
 ADM Property Management
AFE TERMS Page: 13 / 38

Other: Describe in the space provided.

INFORMATION
Company: Name of legal entity making the expenditure.

Account coding to be provided by or reviewed by division controller.

No.: Company code.
General Account: General ledger account number.
Resp.: Responsibility number.
Dept.: Department number.
Sub.: Sub-department number.
Loc.: Accounting location code.

Division: Name of operating division.

Department: Name of department within the operating location, if applicable.

Location: Name of physical location.

Job number: Optional reference number.

Title: Provide a brief description of the project.

Description: Provide a complete and concise description of the project and how it will affect operations.

MIC EVALUATION (Contact Global Fixed Asset Accounting for the latest depreciation, tax and inte

Total Expenditure (US$): Total amount of expenditure including sales tax or VAT and interest cost during the
construction period. If the project amount exceeds $1 million, interest costs are added to the project
based upon when each invoice is paid and continue to be added until the project or portion of project
is placed in service. Also, if any company employees are used during the project, include any labor costs
and benefits associated with these employees. With appropriate approval, cost estimates may include a
contingency allowance no greater than 10%.

Local Currency Amount: State the amount of the expenditure in terms of the Company’s local currency.

Currency Code: For example use “GBP” to indicate British Pounds. Contact Corporate Accounting for help.
Contact Corporate Treasury regarding currency hedging if any portion of expenditure is payable in other than
the local currency.
 ADM Property Management
AFE TERMS Page: 14 / 38

Exchange Rate: Indicate the exchange rate in terms of local currency per one US dollar.

Cash Payback: Cash Payback is defined as the number of years it will take for the cumulative cash
flow to turn positive.

IRR: Internal Rate of Return is defined as the annual interest rate calculated by comparing the net present value
of expected cash inflows to the Total Expenditure.
Using the IRR form, provide a detailed IRR calculation for all Capital, Investment and Lease projects
with a Total Expenditure exceeding $1 million.
Investment

Palletizer Machine $ 595,804.00

Civil and Electrical Works $ 25,000.00
Shipping, Freight & Nacionalization Fee $ 34,000.00

Total $ 654,804.00
IGV (18%) $ 117,864.72
Contingency 3% $ 23,180.06
Total Investment $ 795,848.78

Savings

Estimated Salary Increment per year due to Inflation

Past years increments

Año Incremento
2012-2013 10.00%
2013-2014 7.50%
2014-2015 6.00%

IGV (18%) to be recovered

Headount Palletizing operators Operator Salary

($/month)
Avg 2014 12 $ 1,192.00
Est. Future 3 $ 1,192.00
Total saving $/year 9

Increase stretch film application efficiency

# Rolls/month TOTAL
($/month)
Avg 2014 30.0 $ 1,898.00
Est. Future 20.5 $ 1,294.09

Total saving $/year

Other Costs

Labor settlement $ 35,000.00

Maintenance Cost $ 3,000.00 $/year
Energy Cost $ 4,200.00 $/year
 New Induction Magnetic lamps and fixtures (taxes included)
Electrical materials

Total
IGV (18%)
Contingency (5%)

Savings

6.00%

$ 117,864.72

Total Salary
($/year)
$ 171,648.00
$ 42,912.00
$ 128,736.00

% strech $us/Rollo

150% $ 63.27
220% $ 63.27

$ 7,246.91
nd fixtures (taxes included)
Costs USD
Palletizer Machine $ 595,804.00
Civil and Electrical Works $ 25,000.00

Shipping, Freight & Nacionalization Fee $ 34,000.00

Total $ 654,804.00

Palletizer Machine 595,804

Civil and Electrical Works 25,000
Shipping, Freight & Nacionalization Fee 34,000

T.C. 1.0000
INCOTERM (%) 0.00
Costo DDP - INCA ($us) 595,804
Sub-Total 654,804
Total Equipment 654,804
Taxes IGV (18%) 117,865
Contingency (3%) 23,180
Total 795,849

Capital Expenditure USD

Q4 CY 15 $ -
Q1 CY 16 $ 477,509.27
Q2 CY 16 $ 159,169.76
Q3 CY 16 $ 159,169.76
Total $ 795,848.78
TC 1 EUR/$us

New Plant Layout

Archer Daniels Midland
Returns Summary Page 21/38

This page details the justification of the cost savings (Name of project___________)

Itemize the cost savings parameters and calculations below. Add rows if needed.
For a simple cost savings project, enter the net result of the savings in cell E48 on the Assumptions page

Results of Financial metric Calculations:

ADM's Project NPV $119,693
IRR 15.7%

Simple Cash Payback (Yrs) 7.0

ROIC Year 1 18.2%

ROIC Year 3 9.1%
ROIC Year 5 12.8%
ROIC Year 7 18.5%

410836081.xlsx 03/03/2019
Returns Summary 05:16:38
 Archer Daniels Midland
Returns Summary Page 22/38

net result of the savings in cell E48 on the Assumptions page.

410836081.xlsx 03/03/2019
Returns Summary 05:16:38
FINANCIAL MODEL FINANCIAL ASSUMPTIONS
Project Name: New Palletizer for Packaging Plant
Project Champion: Fernando Marin / Marcio Baio
Comments
ALL INPUTS ON THIS SHEET (USE LOCAL CURRENCY FOR INPUTS)
Start Year
CY 15 Q1 CY 15 Q2 CY 15 Q3 CY 15 Q4 CY 15 Q1 CY 16 Q2 CY 16 Q3 CY 16 Q4 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26 Comments
INCOME STATEMENT 1.08
Economic Assumptions
FX Rates Lc/USD 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Local Currency Units per $1 USD

Revenue Units
Rated Capacity ? - - - - - - - - - - - - - - - - - -
Volumes
Volume 1 ? - - - - - - - - - - - - - - - - - -

Price
Price per unit 1 ? - - - - - - - - - - - - - - - - - -

Revenue 1 In $ USD - - - - - - - - - - - - - - - - - -

IGV to be recovered - - - - - - 117,865 - - - - - - - - - - -

Other Revenue In $ USD - - - - - - 117,865 - - - - - - - - - - -

Cost Memo: Show as negative numbers if expenses, positive if cost savings

COGS
Cost per unit 1 ? - - - - - - - - - - - - - - - - - -

Unit 1 Cost In $ USD - - - - - - - - - - - - - - - - - -

Unit 2 Cost In $ USD - - - - - - - - - - - - - - - - - -
Unit 3 Cost In $ USD - - - - - - - - - - - - - - - - - -
Unit 4 Cost In $ USD - - - - - - - - - - - - - - - - - -

Headcount savings - - - - - - - 32,184 136,460 144,648 153,327 162,526 172,278 182,614 193,571 205,186 217,497 230,547
Stretch film efficiency - - - - - - - 1,812 7,682 8,143 8,631 9,149 9,698 10,280 10,897 11,550 12,244 12,978
Maintenance - - - - - - - (750) (3,180) (3,371) (3,573) (3,787) (4,015) (4,256) (4,511) (4,782) (5,068) (5,373)
Energy cost - - - - - - - (1,050) (4,452) (4,719) (5,002) (5,302) (5,621) (5,958) (6,315) (6,694) (7,096) (7,522)
Labor settlement - - - - - - - (35,000) - - - - - - - - - -
Indirect Expense 2 - - - - - - - - - - - - - - - - - -
Indirect Expense 3 - - - - - - - - - - - - - - - - - -
Fixed (exclude depreciation) - - - - - - - - - - - - - - - - - -
SG&A - - - - - - - - - - - - - - - - - -
Writeoff/Disposal - - - - - - - - - - - - - - - - - -
% Debt Funded 0%

Direct Expense 1 In $ USD - - - - - - - 32,184 136,460 144,648 153,327 162,526 172,278 182,614 193,571 205,186 217,497 230,547
Direct Expense 2 In $ USD - - - - - - - 1,812 7,682 8,143 8,631 9,149 9,698 10,280 10,897 11,550 12,244 12,978
Direct Expense 3 In $ USD - - - - - - - (750) (3,180) (3,371) (3,573) (3,787) (4,015) (4,256) (4,511) (4,782) (5,068) (5,373)
Direct Expense 4 In $ USD - - - - - - - (1,050) (4,452) (4,719) (5,002) (5,302) (5,621) (5,958) (6,315) (6,694) (7,096) (7,522)
Indirect Expense 1 In $ USD - - - - - - - (35,000) - - - - - - - - - -
Indirect Expense 2 In $ USD - - - - - - - - - - - - - - - - - -
Indirect Expense 3 In $ USD - - - - - - - - - - - - - - - - - -
Fixed (exclude depreciation) In $ USD - - - - - - - - - - - - - - - - - -
SG&A In $ USD - - - - - - - - - - - - - - - - - -
Other In $ USD - - - - - - - - - - - - - - - - - -
Interest Expense In $ USD - - - - - - - - - - - - - - - - - - When dealing with foreign tax rates contact your Business
Development Manager for assistance
Tax Rate % 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%

WORKING CAPITAL
Assets
Receivable Days Days - - - - - - - - - - - - - - - - - -
Inventory Days Days - - - - - - - - - - - - - - - - - -
Other Assets - - - - - - - - - - - - - - - - - -

Other Assets In $ USD - - - - - - - - - - - - - - - - - -

Liabilities & Equity

Payable Days Days - - - - - - - - - - - - - - - - - -
Other Liabilities - - - - - - - - - - - - - - - - - -
Equity Injections - - - - - - - - - - - - - - - - - -
Non-ADM Dividend Payments - - - - - - - - - - - - - - - - - -

Other Liabilities In $ USD - - - - - - - - - - - - - - - - - -

Equity Injections In $ USD - - - - - - - - - - - - - - - - - -
Non-ADM Dividend Payments In $ USD - - - - - - - - - - - - - - - - - -

Terminal Value N

Incremental Working Capital In $ USD - - - - - - - - - - - - - - - - - -

ADM Related
ADM Only After-Tax Profit 1 - - - - - - - - - - - - - - - - - -
ADM Only After-Tax Profit 2 - - - - - - - - - - - - - - - - - -

ADM Only After-Tax Profit 1 In $ USD - - - - - - - - - - - - - - - - - -

ADM Only After-Tax Profit 2 In $ USD - - - - - - - - - - - - - - - - - -

ADM Ownership % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
FINANCIAL MODEL FINANCIAL STATEMENTS
Project Name: New Palletizer for Packaging Plant
Project Champion: Fernando Marin / Marc NOTE: THIS PAGE DOES NOT CONTAIN INPUT CELLS
FY 15 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
INCOME STATEMENT FY 15
UNLESS NOTED ALL CURRENCY IN USD
Revenue
Volume 1 0 0 0 0 0 0 0 0 0 0 0 0
Volume 2 0 0 0 0 0 0 0 0 0 0 0 0
Volume 3 0 0 0 0 0 0 0 0 0 0 0 0
Volume 4 0 0 0 0 0 0 0 0 0 0 0 0
IGV to be recovered 0 117,865 0 0 0 0 0 0 0 0 0 0
Total Revenue 0 117,865 0 0 0 0 0 0 0 0 0 0
Cost
Material Costs 0 0 0 0 0 0 0 0 0 0 0 0

Direct Costs 0 32,196 136,510 144,700 153,383 162,585 172,341 182,681 193,642 205,260 217,576 230,631
Indirect Costs 0 (35,000) 0 0 0 0 0 0 0 0 0 0
Fixed (exclude depreciation) 0 0 0 0 0 0 0 0 0 0 0 0
Total Manufacturing Cost 0 (2,804) 136,510 144,700 153,383 162,585 172,341 182,681 193,642 205,260 217,576 230,631
SG&A 0 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0
Total Cost 0 (2,804) 136,510 144,700 153,383 162,585 172,341 182,681 193,642 205,260 217,576 230,631

EBITDA 0 115,060 136,510 144,700 153,383 162,585 172,341 182,681 193,642 205,260 217,576 230,631
Depreciation 0 (13,264) (53,057) (53,057) (53,057) (53,057) (53,057) (53,057) (53,057) (53,057) (53,057) (53,057)
EBIT 0 101,796 83,453 91,644 100,326 109,529 119,284 129,624 140,585 152,204 164,519 177,574
EBT 0 101,796 83,453 91,644 100,326 109,529 119,284 129,624 140,585 152,204 164,519 177,574
Taxes 0 (30,539) (25,036) (27,493) (30,098) (32,859) (35,785) (38,887) (42,176) (45,661) (49,356) (53,272)
Net Income 0 71,257 58,417 64,151 70,228 76,670 83,499 90,737 98,410 106,543 115,164 124,302

BALANCE SHEET FY 15 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
UNLESS NOTED ALL CURRENCY IN USD
Cash 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Receivable & Other 0 0 0 0 0 0 0 0 0 0 0 0
Inventory 0 0 0 0 0 0 0 0 0 0 0 0
Other Assets 0 0 0 0 0 0 0 0 0 0 0 0
PP&E 0 782,585 729,528 676,471 623,415 570,358 517,302 464,245 411,189 358,132 305,075 252,019
Total Assets 0 782,585 729,528 676,471 623,415 570,358 517,302 464,245 411,189 358,132 305,075 252,019

Account Payable 0 0 0 0 0 0 0 0 0 0 0 0
Other Liabilities 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings 0 71,257 129,675 193,825 264,054 340,724 424,223 514,960 613,369 719,912 835,076 959,377
Dividend Payments 0 (2,016) (113,490) (230,697) (353,982) (483,709) (620,264) (764,058) (915,524) (1,075,124) (1,243,344) (1,420,702)
Equity 0 713,343 713,343 713,343 713,343 713,343 713,343 713,343 713,343 713,343 713,343 713,343
Total Liabilities & Equity 0 782,585 729,528 676,471 623,415 570,358 517,302 464,245 411,189 358,132 305,075 252,019

CASH FLOW STATEMENT FY FY 15 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26

UNLESS NOTED ALL CURRENCY IN USD
Equity Free Cash Flow
EBITDA 0 115,060 136,510 144,700 153,383 162,585 172,341 182,681 193,642 205,260 217,576 230,631
Tax Due 0 (30,539) (25,036) (27,493) (30,098) (32,859) (35,785) (38,887) (42,176) (45,661) (49,356) (53,272)
Net Operating Flows 0 84,522 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 177,358
- Inc./Dec. in Working Capital 0 0 0 0 0 0 0 0 0 0 0 0
- Initial CAPEX 0 (795,849) 0 0 0 0 0 0 0 0 0 0
- Maintenance CapEx 0 0 0 0 0 0 0 0 0 0 0 0
+ Terminal Value 252,019
Equity Free Cash Flows 0 (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 429,377
Local Currency 0 (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 429,377
$USD Cumulative Cash Flows 0 (2,538,859) (599,853) (482,646) (359,361) (229,634) (93,079) 50,715 202,181 361,780 530,000 959,377

PROJECT RETURNS FY 15 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
UNLESS NOTED ALL CURRENCY IN USD
Project Free Cash Flow
ADM Share 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Project Cash Flows to Equity 0 (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 429,377
ADM Only After-Tax Profit 1 0 0 0 0 0 0 0 0 0 0 0 0
ADM Only After-Tax Profit 2 0 0 0 0 0 0 0 0 0 0 0 0
Project Free Cash Flows 0 (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 429,377

Total Project Free Cash Flows 0 (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 429,377
Local Currency 0 (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 429,377
$USD Cumulative Cash Flows 0 (711,327) (599,853) (482,646) (359,361) (229,634) (93,079) 50,715 202,181 361,780 530,000 959,377
ROIC CALCULATION
Numerator 0 71,257 58,417 64,151 70,228 76,670 83,499 90,737 98,410 106,543 115,164 124,302
Denominator 0 782,585 729,528 676,471 623,415 570,358 517,302 464,245 411,189 358,132 305,075 252,019
ROIC #DIV/0! 18.21% 7.73% 9.13% 10.81% 12.85% 15.35% 18.49% 22.48% 27.70% 34.73% 44.63%

EVA CALCULATION
Invested Capital $ - $ 782,585 $ 729,528 $ 676,471 $ 623,415 $ 570,358 $ 517,302 $ 464,245 $ 411,189 $ 358,132 $ 305,075 $ 252,019
ROIC #DIV/0! 18.21% 7.73% 9.13% 10.81% 12.85% 15.35% 18.49% 22.48% 27.70% 34.73% 44.63%
8% #DIV/0! $ 79,908 $ (1,995) $ 7,612 $ 17,488 $ 27,634 $ 38,042 $ 48,693 $ 59,550 $ 70,544 $ 81,544 $ 92,302
10% #DIV/0! 64,256 (16,585) (5,917) 5,020 16,227 27,696 39,408 51,327 63,382 75,443 87,262
12% #DIV/0! 48,605 (31,176) (19,447) (7,448) 4,820 17,349 30,123 43,103 56,219 69,341 82,221
14% #DIV/0! 32,953 (45,766) (32,976) (19,916) (6,588) 7,003 20,838 34,879 49,056 63,240 77,181
16% #DIV/0! 17,301 (60,357) (46,505) (32,385) (17,995) (3,343) 11,553 26,655 41,894 57,138 72,141

CASH PAYBACK
Cash Flows 0 (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 177,358
0 0 0 0 0 0 0 1 1 1 1 1
Cash Flows Generated 795,849 84,522 195,995 313,203 436,487 566,214 702,770 846,563 998,030 1,157,629 1,325,849 1,503,207
(795,849) 0 (711,327) (599,853) (482,646) (359,361) (229,634) (93,079) 50,715 202,181 361,780 530,000 707,359
0.00 0.0 0.00 0.00 0.00 0.00 0.00 0.65 0.33 1.27 2.15 2.99
Integer 7
Fraction 0.00
Payback 7.00
IRR CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
Cash Flows (711,327) 111,474 117,207 123,285 129,727 136,555 143,794 151,466 159,599 168,220 429,377

First Revenue stream (for ROIC calc) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75
First Cash Flow (for NPV calc) 1.00 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25

ADM Investment Amount (USD) $795,849

ADM's ownership 100%
ADM's Project NPV 10% $202,848
12% $119,693
14% $50,115
16% ($8,291)
IRR 15.7%
Simple Cash Payback (Yrs) 7.00
ROIC Year 1 CY 16 18.21%
ROIC Year 3 CY 18 9.13%
ROIC Year 5 CY 20 12.85%
ROIC Year 7 CY 22 18.49%
EVA Year 1 @ 8% CY 16 $ 79,908
EVA Year 3 @ 8% CY 18 $ 7,612
EVA Year 5 @ 8% CY 20 $ 27,634
EVA Year 7 @ 8% CY 22 $ 48,693
Terminal value 1.1
AFE Spend (Investment amount + Est. Capitalized Int. Exp) (USD) $795,849
 Last Update 5-Oct-15

FY2015
Commodity Name Location / Source Unit
Q1 Q2
Corn Chicago (CME) $/bu. 3.89 3.72
Wheat (Hard Red Winter) Kansas City (KCBT) $/bu. 5.58 5.26
Wheat (Soft Red Winter) Chicago (CBOT) $/bu. 5.23 5.04
Agriculture

Wheat (Hard Red Spring) Minneapolis (MGEX) $/bu. 5.98 5.55

Soybeans Chicago (CME) $/bu. 9.90 9.65
Soybean oil Chicago (CME) $/lb 0.32 0.32
Soybean Meal Chicago (CME) $/ton 338 316
Raw Sugar (No. 16) New York (ICE) $/lb 0.25 0.25
Cocoa New York (NYBOT) $/MT 2,890 3,022
Light Sweet Crude Oil WTI (NYMEX) $/bbl 49 58
Natural Gas Henry Hub (NYMEX) $/mmBtu 2.81 2.74
Energy

Coal Central Appalachian (NYMEX) $/ton 49.95 46.08

Heating Oil (No.2) New york Harbor (NYMEX) $/gal. 1.80 1.90
RBOB Gasoline New York Harbor (NYMEX) $/gal. 1.59 2.00
Ethanol New York Harbor (CME) $/gal. 1.45 1.58
United Arab Spot USD/AED 3.67 3.67
Curaco Spot USD/ANG 1.83 1.83
Argentina Spot USD/ARS 8.73 9.00
Australia Spot USD/AUD 1.29 1.29
Barbados Spot USD/BBD 2.00 2.00
Bulgaria Spot USD/BGN 1.77 1.76
Bahrain Spot USD/BHD 0.38 0.38
Bolivia Spot USD/BOB 6.93 6.96
Brazil Spot USD/BRL 2.92 3.09
Belize Spot USD/BZD 2.00 2.00
Canada Spot USD/CAD 1.26 1.24
Switzerland Spot USD/CHF 0.95 0.94
Chile Spot USD/CLP 624.68 622.46
 Colombia Spot USD/COP 2,510.14 2,508.87
Czech Republic Spot USD/CZK 24.91 24.66
Denmark Spot USD/DKK 6.73 6.72
Dominican Republic Spot USD/DOP 44.69 44.66
Ecuador Spot USD/ECS 1.00 1.00
Egypt Spot USD/EGP 7.62 7.63
Eritrea Spot USD/ERN 14.98 15.00
EU Spot USD/EUR 0.90 0.90
UK Spot USD/GBP 0.66 0.65
Ghana Spot USD/GHS 3.53 4.08
Current Forecast

Guatemala Spot USD/GTQ 7.64 7.68

Hong Kong Spot USD/HKD 7.75 7.75
Hungary Spot USD/HUF 274.88 278.35
Indonesia Spot USD/IDR 12,885.00 13,171.00
Israel Spot USD/ILS 3.96 3.83
India Spot USD/INR 62.04 63.63
Jamaica Spot USD/JMD 115.09 114.99
Jordan Spot USD/JOD 0.71 0.71
Currency

Japan Spot USD/JPY 118.99 122.05

South Korea Spot USD/KRW 1,103.84 1,101.76
Kuwait Spot USD/KWD 0.30 0.30
Lebanon Spot USD/LBP 1,507.67 1,505.33
Sri Lanka Spot USD/LKR 132.70 133.60
Mexico Spot USD/MXN 15.07 15.48
Malaysia Spot USD/MYR 3.65 3.67
Norway Spot USD/NOK 7.82 7.73
New Zealand Spot USD/NZD 1.35 1.40
Peru Spot USD/PEN 3.08 3.15
Philippines Spot USD/PHP 44.31 44.74
Pakistan Spot USD/PKR 101.55 101.82
Poland Spot USD/PLN 3.73 3.71
Paraguay Spot USD/PYG 4,778 5,104
China Spot USD/CNY 6.24 6.20
 Romania Spot USD/RON 4.00 4.00
Russia Spot USD/RUB 63.47 53.00
Saudi Arabia Spot USD/SAR 3.75 3.75
Sweden Spot USD/SEK 8.41 8.40
Singapore Spot USD/SGD 1.36 1.34
Thailand Spot USD/THB 32.53 33.52
Turkey Spot USD/TRY 2.52 2.67
Trinidad & Tobago Spot USD/TTD 6.33 6.34
Taiwan Spot USD/TWD 31.48 30.76
Ukraine Spot USD/UAH 21.94 20.98
Uruguay Spot USD/UYU 24.89 26.73
Venezuela Spot USD/VEF 6.28 6.28
Vietnam Spot USD/VND 21,368.17 21,714.33
Cameroon Spot USD/XAF 590.72 590.72
East Caribbean Dollar Spot USD/XCD 2.70 2.70
Ivory coast Spot USD/XOF 590.60 590.88
South Africa Spot USD/ZAR 11.81 12.07
Infation

Consumer Price Index (All Urban) US 0.4% 0.4%

Interest
Rate

Capitalized Interest Expense Rate (annual) 3.76%

Q1: Jan. - Mar.

Q2: Apr. - Jun.
Q3: Jul. - Sep.
Q4: Oct. - Dec.
FY2015 FY2016 FY2017
FY2018
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
3.79 3.94 4.04 4.10 4.11 4.15 4.24 4.29 4.26 4.16 4.16
4.97 5.02 5.17 5.27 5.44 5.67 5.77 5.79 5.69 5.78 5.78
5.11 5.16 5.22 5.26 5.33 5.51 5.62 5.60 5.39 5.56 5.56
5.50 5.31 5.44 5.53 5.67 5.85 5.97 5.94 5.92 5.62 5.62
9.46 8.84 8.90 8.96 8.98 8.92 9.00 9.06 9.08 8.96 8.96
0.29 0.29 0.29 0.29 0.30 0.30 0.30 0.30 0.30 0.30 0.30
335 302 302 299 299 297 298 300 300 297 297
0.24 0.25 0.25 0.25 0.25 0.25 24.80 24.75 24.75 0.25 0.25
3,203 3,092 3,097 3,092 3,082 3,057 3,033 3,025 3,091 3,082 3,082
46 48 48 50 50 51 52 53 53 54 54
2.73 2.61 2.80 2.68 2.76 2.90 3.12 2.85 2.91 3.04 3.04
42.46 42.40 43.20 44.18 45.08 46.07 43.53 43.06 43.71 44.63 44.63
1.58 1.61 1.60 1.61 1.65 1.69 1.73 1.72 1.75 1.78 1.78
1.63 1.42 1.39 1.63 1.61 1.43 1.43 1.68 1.66 1.49 1.49
1.51 1.58 1.53 1.55 1.53 1.52 1.50 1.50 1.50 1.51 1.51
3.67 3.68 3.68 3.68 3.68 3.69 3.68 3.68 3.69 3.69 3.69
1.83 1.83 1.83 1.83 1.83 1.83 1.83 1.83 1.83 1.83 1.83
9.30 10.59 12.54 13.53 14.52 15.80 13.53 14.52 15.80 15.80 15.80
1.40 1.42 1.42 1.43 1.43 1.44 1.43 1.43 1.44 1.44 1.44
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
1.76 1.75 1.74 1.74 1.74 1.74 1.74 1.74 1.74 1.74 1.74
0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38
6.96 6.86 6.86 6.86 6.86 6.86 6.86 6.86 6.86 6.86 6.86
3.67 4.03 4.15 4.27 4.39 4.52 4.27 4.39 4.52 4.52 4.52
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
1.32 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31
0.97 0.97 0.97 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96
687.16 688.05 693.62 699.22 705.19 711.43 699.22 705.19 711.43 711.43 711.43
 3,010.45 2,988.27 3,019.69 3,054.97 3,090.04 3,125.57 3,054.97 3,090.04 3,125.57 3,125.57 3,125.57
24.32 24.14 24.04 23.96 23.86 23.70 23.96 23.86 23.70 23.70 23.70
6.70 6.65 6.64 6.62 6.60 6.57 6.62 6.60 6.57 6.57 6.57
44.80 45.25 45.25 45.25 45.25 45.25 45.25 45.25 45.25 45.25 45.25
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
7.83 8.60 9.22 9.74 10.07 10.30 9.74 10.07 10.30 10.30 10.30
14.99 15.32 15.32 15.32 15.32 15.32 15.32 15.32 15.32 15.32 15.32
0.90 0.89 0.89 0.89 0.89 0.88 0.89 0.89 0.88 0.88 0.88
0.65 0.66 0.66 0.66 0.66 0.66 0.66 0.66 0.66 0.66 0.66
3.79 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69
7.67 7.72 7.72 7.72 7.72 7.72 7.72 7.72 7.72 7.72 7.72
7.75 7.75 7.75 7.75 7.76 7.76 7.75 7.76 7.76 7.76 7.76
279.59 278.94 278.68 278.61 278.59 277.88 278.61 278.59 277.88 277.88 277.88
14,071.67 14,911.10 15,417.38 15,793.95 16,208.04 16,641.80 15,793.95 16,208.04 16,641.80 16,641.80 16,641.80
3.87 3.87 3.86 3.86 3.84 3.82 3.86 3.84 3.82 3.82 3.82
65.26 65.80 66.80 67.92 68.87 69.80 67.92 68.87 69.80 69.80 69.80
116.68 117.23 117.23 117.23 117.23 117.23 117.23 117.23 117.23 117.23 117.23
0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71
121.63 120.23 119.99 119.69 119.34 118.84 119.69 119.34 118.84 118.84 118.84
1,176.36 1,162.60 1,164.45 1,164.23 1,163.46 1,162.63 1,164.23 1,163.46 1,162.63 1,162.63 1,162.63
0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30
1,504.30 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50
136.47 142.90 144.53 146.13 147.82 149.58 146.13 147.82 149.58 149.58 149.58
16.57 16.90 17.01 17.14 17.28 17.41 17.14 17.28 17.41 17.41 17.41
4.13 4.35 4.37 4.39 4.42 4.45 4.39 4.42 4.45 4.45 4.45
8.34 8.42 8.42 8.42 8.42 8.41 8.42 8.42 8.41 8.41 8.41
1.55 1.55 1.56 1.57 1.58 1.58 1.57 1.58 1.58 1.58 1.58
3.21 3.26 3.31 3.36 3.42 3.47 3.36 3.42 3.47 3.47 3.47
46.34 46.64 46.92 47.13 47.36 47.60 47.13 47.36 47.60 47.60 47.60
103.42 105.49 106.53 107.59 108.63 109.69 107.59 108.63 109.69 109.69 109.69
3.78 3.80 3.81 3.82 3.82 3.82 3.82 3.82 3.82 3.82 3.82
5,388 5,628 5,628 5,628 5,628 5,628 5,628 5,628 5,628 5,628 5,628
6.31 6.41 6.46 6.49 6.54 6.58 6.49 6.54 6.58 6.58 6.58
 3.96 3.94 3.95 3.95 3.96 3.96 3.95 3.96 3.96 3.96 3.96
64.41 66.39 68.17 69.99 71.73 73.31 69.99 71.73 73.31 73.31 73.31
3.75 3.75 3.76 3.77 3.78 3.79 3.77 3.78 3.79 3.79 3.79
8.48 8.32 8.30 8.27 8.25 8.23 8.27 8.25 8.23 8.23 8.23
1.40 1.42 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43
35.72 36.49 36.81 37.07 37.10 37.39 37.07 37.10 37.39 37.39 37.39
2.90 3.06 3.14 3.22 3.30 3.39 3.22 3.30 3.39 3.39 3.39
6.33 6.32 6.32 6.32 6.32 6.32 6.32 6.32 6.32 6.32 6.32
32.34 32.51 32.49 32.48 32.46 32.43 32.48 32.46 32.43 32.43 32.43
21.43 23.04 23.69 24.19 21.66 18.88 24.19 21.66 18.88 18.88 18.88
28.64 29.14 29.14 29.14 29.14 29.14 29.14 29.14 29.14 29.14 29.14
6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28
22,256.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00
588.98 586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46
2.70 2.70 2.70 2.70 2.70 2.70 2.70 2.70 2.70 2.70 2.70
588.99 586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46
13.22 13.82 14.04 14.26 14.51 14.76 14.26 14.51 14.76 14.76 14.76

0.4% 0.4% 0.5% 0.5% 0.5% 0.5% 1.7% 1.7% 2.1% 2.2% 2.3%
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

4.16 4.16 4.16 4.16 4.16 4.16 4.16 4.16

5.78 5.78 5.78 5.78 5.78 5.78 5.78 5.78
5.56 5.56 5.56 5.56 5.56 5.56 5.56 5.56
5.62 5.62 5.62 5.62 5.62 5.62 5.62 5.62
8.96 8.96 8.96 8.96 8.96 8.96 8.96 8.96
0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30
297 297 297 297 297 297 297 297
0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
3,082 3,082 3,082 3,082 3,082 3,082 3,082 3,082
54 54 54 54 54 54 54 54
3.04 3.04 3.04 3.04 3.04 3.04 3.04 3.04
44.63 44.63 44.63 44.63 44.63 44.63 44.63 44.63
1.78 1.78 1.78 1.78 1.78 1.78 1.78 1.78
1.49 1.49 1.49 1.49 1.49 1.49 1.49 1.49
1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51
3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69
1.83 1.83 1.83 1.83 1.83 1.83 1.83 1.83
15.80 15.80 15.80 15.80 15.80 15.80 15.80 15.80
1.44 1.44 1.44 1.44 1.44 1.44 1.44 1.44
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
1.74 1.74 1.74 1.74 1.74 1.74 1.74 1.74
0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38
6.86 6.86 6.86 6.86 6.86 6.86 6.86 6.86
4.52 4.52 4.52 4.52 4.52 4.52 4.52 4.52
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31
0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96
711.43 711.43 711.43 711.43 711.43 711.43 711.43 711.43
 3,125.57 3,125.57 3,125.57 3,125.57 3,125.57 3,125.57 3,125.57 3,125.57
23.70 23.70 23.70 23.70 23.70 23.70 23.70 23.70
6.57 6.57 6.57 6.57 6.57 6.57 6.57 6.57
45.25 45.25 45.25 45.25 45.25 45.25 45.25 45.25
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
10.30 10.30 10.30 10.30 10.30 10.30 10.30 10.30
15.32 15.32 15.32 15.32 15.32 15.32 15.32 15.32
0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
0.66 0.66 0.66 0.66 0.66 0.66 0.66 0.66
3.69 3.69 3.69 3.69 3.69 3.69 3.69 3.69
7.72 7.72 7.72 7.72 7.72 7.72 7.72 7.72
7.76 7.76 7.76 7.76 7.76 7.76 7.76 7.76
277.88 277.88 277.88 277.88 277.88 277.88 277.88 277.88
16,641.80 16,641.80 16,641.80 16,641.80 16,641.80 16,641.80 16,641.80 16,641.80
3.82 3.82 3.82 3.82 3.82 3.82 3.82 3.82
69.80 69.80 69.80 69.80 69.80 69.80 69.80 69.80
117.23 117.23 117.23 117.23 117.23 117.23 117.23 117.23
0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71
118.84 118.84 118.84 118.84 118.84 118.84 118.84 118.84
1,162.63 1,162.63 1,162.63 1,162.63 1,162.63 1,162.63 1,162.63 1,162.63
0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30
1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50 1,505.50
149.58 149.58 149.58 149.58 149.58 149.58 149.58 149.58
17.41 17.41 17.41 17.41 17.41 17.41 17.41 17.41
4.45 4.45 4.45 4.45 4.45 4.45 4.45 4.45
8.41 8.41 8.41 8.41 8.41 8.41 8.41 8.41
1.58 1.58 1.58 1.58 1.58 1.58 1.58 1.58
3.47 3.47 3.47 3.47 3.47 3.47 3.47 3.47
47.60 47.60 47.60 47.60 47.60 47.60 47.60 47.60
109.69 109.69 109.69 109.69 109.69 109.69 109.69 109.69
3.82 3.82 3.82 3.82 3.82 3.82 3.82 3.82
5,628 5,628 5,628 5,628 5,628 5,628 5,628 5,628
6.58 6.58 6.58 6.58 6.58 6.58 6.58 6.58
 3.96 3.96 3.96 3.96 3.96 3.96 3.96 3.96
73.31 73.31 73.31 73.31 73.31 73.31 73.31 73.31
3.79 3.79 3.79 3.79 3.79 3.79 3.79 3.79
8.23 8.23 8.23 8.23 8.23 8.23 8.23 8.23
1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43
37.39 37.39 37.39 37.39 37.39 37.39 37.39 37.39
3.39 3.39 3.39 3.39 3.39 3.39 3.39 3.39
6.32 6.32 6.32 6.32 6.32 6.32 6.32 6.32
32.43 32.43 32.43 32.43 32.43 32.43 32.43 32.43
18.88 18.88 18.88 18.88 18.88 18.88 18.88 18.88
29.14 29.14 29.14 29.14 29.14 29.14 29.14 29.14
6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28
22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00 22,476.00
586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46
2.70 2.70 2.70 2.70 2.70 2.70 2.70 2.70
586.46 586.46 586.46 586.46 586.46 586.46 586.46 586.46
14.76 14.76 14.76 14.76 14.76 14.76 14.76 14.76

2.3% 2.4% 2.4% 2.4% 2.4% 2.4% 0.0% 0.0%

 ROIC Yr. 1

ROIC Yr. 3

ROIC Yr. 5

ROIC Yr. 7

IRR

Returns Summary EVA Yr. 1

EVA Yr. 3

EVA Yr. 5

EVA Yr. 7

NPV

Payback

EVA & ROIC

$90,000 20.0%
$79,908
18.2% 18.5%
$80,000 18.0%

16.0%
$70,000
14.0%
$60,000
12.8%
12.0%
$48,693
$50,000
10.0%
$40,000 9.1%
8.0%
$30,000 $27,634
6.0%
$20,000
4.0%

$10,000 $7,612
2.0%

$- 0.0%
Yr 1 Yr 3 Yr 5 Yr 7

EVA ROIC
 18.2%
ADM Invest###

9.1%
ADM's owne 1

12.8%
ADM's P######

18.5%
######

15.7% @ 12% Discount Rate

######

$79,908 @ 8% (LT WACC)

######

$7,612 @ 8% (LT WACC)

IRR ###

$27,634 @ 8% (LT WACC)

Simple Cash 7

$48,693 @ 8% (LT WACC)

ROI 16 ###

$119,693 @ 12% Discount Rate

ROI 18 ###

7 Yrs
ROI 20 ###

ROI 22 ###

EVA & ROIC

EVAROIC
20.0%
18.5%
18.0% EVAYr 1 ###### ROIC Year 1
16.0%
EVAYr 3 ###### ROIC Year 3
14.0%
12.8%
12.0%
$48,693 EVAYr 5 ###### ROIC Year 5
10.0%
9.1%
8.0%
EVAYr 7 ###### ROIC Year 7
$27,634
6.0%

4.0%
$7,612
2.0%

0.0%
Yr 3 Yr 5 Yr 7

EVA ROIC
 FY 15 CY 16 CY 17
All amounts in US$ 1000's (unless otherwise stated)
Total Revenue $ - $ 118 $ -
Total Cost $ - $ (3) $ 137

EBITDA $ - $ 115 $ 137

Tax Due $ - $ (31) $ (25)
Net Operating Flows $ - $ 85 $ 111

- Inc./Dec. in Working Capital $ - $ - $ -

- Initial CAPEX $ - $ (796) $ -
- Maintenance CapEx $ - $ - $ -
+ Terminal Value $ - $ - $ -

Total Project Free Cash Flows $ - $ (711) $ 111

ROIC #DIV/0! 18.21% 7.73%
EVA @ 8% #DIV/0! $ 80 $ (2)
 CY 18 CY 19 CY 20 CY 21 CY 22 CY 23

$ - $ - $ - $ - $ - $ -
$ 145 $ 153 $ 163 $ 172 $ 183 $ 194

$ 145 $ 153 $ 163 $ 172 $ 183 $ 194

$ (27) $ (30) $ (33) $ (36) $ (39) $ (42)
$ 117 $ 123 $ 130 $ 137 $ 144 $ 151

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ 117 $ 123 $ 130 $ 137 $ 144 $ 151

9.13% 10.81% 12.85% 15.35% 18.49% 22.48%
$ 8 $ 17 $ 28 $ 38 $ 49 $ 60
 CY 24 CY 25 CY 26

$ - $ - $ -
$ 205 $ 218 $ 231

$ 205 $ 218 $ 231

$ (46) $ (49) $ (53)
$ 160 $ 168 $ 177

$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ 252

$ 160 $ 168 $ 429

27.70% 34.73% 44.63%
$ 71 $ 82 $ 92