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					PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study
WELCOME
Institution:                             AAA Tourism & Parks Board
Project Site:                            Big View Hill

Welcome
Welcome to the PPP Toolkit for Tourism's feasibility study model for large cap tourism PPPs.
This model will enable you to use your knowledge of the proposed project to do a high level assessment of
its likely financial feasibility for the Private Party and its likely value for money to the Institution

To begin using the model select from one of the tasks
Assumptions                   Input Assumptions and key drivers
VFM Summary                   Narrate and print Value for Money summary
VFM Report                    View:    View Value for Money report
View Best Pvt Party Model     View:    Best case scenario: Private Party model
View Best Institution Model   View:    Best case scenario: Institution model
Best BBE expenditure          Update and view best case BEE Expenditure
View Worst Pvt Party Model    View:    Worst case scenario: Private Party model
View Worst Institution Model  View:    Worst case scenario: Institution model
Worst BEE expenditure         Update and view worst case BEE Expenditure

To print extracts of the model, select the sheets required and [Ctrl] + P; then enter

Before continuing please consider the following assessment principles:
Functionality
 Model has a Year 0 for capital investment and startup costs
 All beds will be commissioned simultaneously
 The financial period will be based on the 1 April to 31 March year.
 Assumes concession period of 20 years
Revenue and operating costs
 All revenue excludes VAT. All costs exclude VAT
 Other income includes curios, telephone, excursions etc
 Impact of single supplement considered immaterial to overall results (<5% of beds sold)
 Dividends only paid from after tax retained earnings as per the ratio indicated
 Provides for a management fee payable as well as dividends payable to different parties
 Financial years are 1 April to 31 March. Year 1 can be proportioned to consider different planned start dates.
 Assumes that annual revenue and cost increments occur annually on 1 March
Debt financing principles
 Working capital and capital Investment financing can be at different interest rates
 The capital investment will be financed with long term debt and reflected as annual repayments
 The remaining assets and startup costs and initial operating shortfall will be funded by a separate working capital facility
Capital investment and other assets
 All non-Buildings and Equipment assets replaced replaced after 5 years
 Buildings and Equipment is refurbished after 10 years as per cost indicated
 Assumes capital investment amortisation period of 20 years
 Assumes fixed asset additions only occur once every 5 years and not on an ad hoc basis




      50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Welcome                                                             Page 1
PPP Toolkit for tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                       BEST & WORST CASE SCENARIO
VALUE FOR MONEY REPORT                                                                                                                                                                                                                                                                                                                Date Prepared:     0-Jan-00
Institution Name:                                  AAA Tourism & Parks Board
Project Site:                                      Big View Hill
                                                   NPV           Disc Rate         Yr-1        Yr0   Yr1        Yr2           Yr3           Yr4           Yr5           Yr6           Yr7             Yr8          Yr9          Yr10          Yr11          Yr12          Yr13          Yr14            Yr15          Yr16           Yr17          Yr18          Yr19          Yr20
BEST CASE SCENARIO
Private Party Gross Revenue                              #DIV/0!           0.00%           0    0     0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!

Minimum PPP Fee (fixed + annual inflation)        0                 0      0.00%                      0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
Variable PPP Fee (% of gross revenue)         0.00%      #DIV/0!           0.00%                      0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
PPP Fee Received                                         #DIV/0!           0.00%           0    0     0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cumulative PPP Fee received                                                                0    0     0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!

TOTAL Capital / Startup Costs                                       0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
TOTAL Annual Costs                                                  0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
TOTAL Conservation ManagementCosts                                  0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
Institution PPP Management Cost                                     0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
Cumulative Institution Costs                                                               0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0

Gross Margin                                             #DIV/0!           0.00%           0    0     0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
NPV of net Gross Margin @                                #DIV/0!


                     PPP Annual Fee vs Institution Annual Management Costs                                                              Gross Margin vs Institution Annual Management Costs                                                                                     Break-even Point --> Institution Shortfall Yardstick
                                                                                                                                                     Institution PPP Management Cost           Gross Margin                                                                                            Cumulative Institution Costs            Cumulative PPP Fee received
                   Institution PPP Management Cost    PPP Fee Received                                                                                                                                                                              1
                                                                                                                             1
 1                                                                                                                                                                                                                                                  1
 1                                                                                                                           1
 1                                                                                                                                                                                                                                                  1
                                                                                                                             1
 1                                                                                                                                                                                                                                                  1
                                                                                                                             1
 1
                                                                                                                                                                                                                                                    1
 1                                                                                                                           1
 0                                                                                                                           1                                                                                                                      1
 0
                                                                                                                             0                                                                                                                      0
 0
 0                                                                                                                           0                                                                                                                      0
 0                                                                                                                           0                                                                                                                      0

                                                                                                                             0                                                                                                                      0
                                                                                                                             0                                                                                                                      0




WORST CASE SCENARIO                                   NPV               Disc Rate      Yr-1    Yr0   Yr1        Yr2           Yr3           Yr4           Yr5           Yr6           Yr7            Yr8           Yr9          Yr10          Yr11          Yr12          Yr13          Yr14           Yr15          Yr16            Yr17          Yr18          Yr19          Yr20
Private Party Gross Revenue                             #DIV/0!            0.00%          0      0     0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!

Minimum PPP Fee (fixed + annual inflation)        0                 0      0.00%                      0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
Variable PPP Fee (% of gross revenue)         0.00%      #DIV/0!           0.00%                      0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
PPP Fee Received                                         #DIV/0!           0.00%           0    0     0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cumulative PPP Fee received                                                                0    0     0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!

TOTAL Capital / Startup Costs                                       0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
TOTAL Annual Costs                                                  0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
TOTAL Conservation ManagementCosts                                  0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
Institution PPP Management Cost                                     0      0.00%           0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0
Cumulative Institution Costs                                                               0    0     0              0             0             0             0             0             0              0             0             0             0             0             0             0              0             0               0             0             0             0

Gross Margin                                             #DIV/0!           0.00%           0    0     0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!         #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
NPV of net Gross Margin @                                #DIV/0!


                      PPP Annual Fee vs Institution Annual Management Costs                                                            Gross Margin vs Institution Annual Management Costs                                                                                 Break-even Point --> Institution Shortfall Yardstick
                                                                                                                                                                                                                                                                                                  Cumulative Institution Costs         Cumulative PPP Fee received
                                                                                                                                                     Institution PPP Management Cost           Gross Margin                                         1
                                  Institution PPP Management Cost       PPP Fee Received
 1                                                                                                                           1                                                                                                                      1
 1                                                                                                                           1
                                                                                                                                                                                                                                                    1
 1
                                                                                                                             1
 1                                                                                                                                                                                                                                                  1
 1                                                                                                                           1
                                                                                                                                                                                                                                                    1
 1                                                                                                                           1
 0                                                                                                                                                                                                                                                  1
                                                                                                                             1
 0                                                                                                                                                                                                                                                  0
                                                                                                                             0
 0
                                                                                                                             0                                                                                                                      0
 0
 0                                                                                                                           0                                                                                                                      0

                                                                                                                             0                                                                                                                      0

                                                                                                                             0                                                                                                                      0




                50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Value for money report                                                                                                                                                                                                                                                                      Page 2
 PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study
 VALUE FOR MONEY SUMMARY
Institution:                                                AAA Tourism & Parks Board
Project Site:                                               Big View Hill
                                                                      Rate           Amount                  Rate      Amount
                                                                  Best case scenario                     Worst case scenario
Gross Revenue of Private Party                                                    #DIV/0!                            #DIV/0!
Proposed PPP fee percentage                                                               0%                                0%

TOTAL PPP Fee revenue received by the Institution                                          #DIV/0!                      #DIV/0!
TOTAL Institution Management costs                                                               0                            0
TOTAL Gross Margin                                                                     #DIV/0!                        #DIV/0!

Net Present Value PPP Fee revenue received by the Institution                          #DIV/0!                        #DIV/0!
Net Present Value Institution Management costs                                                    0                              0
Net Present Value Gross Margin                                                         #DIV/0!                        #DIV/0!
Private Party Financial Summary
Investment Returns
Nominal Internal Rate of Return of cash flows                                          #VALUE!                        #VALUE!
Nominal Internal Rate of Return of net income after tax                                #VALUE!                        #VALUE!
Real Internal Rate of Return of cash flows                                             #VALUE!                        #VALUE!
Real Internal Rate of Return of net income after tax                                   #VALUE!                        #VALUE!
Net Present Value of cash flows                                              0.00%      #DIV/0!             0.00%      #DIV/0!
Net Present Value of net income after tax                                    0.00%      #DIV/0!             0.00%      #DIV/0!

Maximum Financing Requirements
% equity investment                                                           100%                0          100%                0
Long term debt - Private Party capital investment                               0%                0            0%                0
Short term debt - maximum bank overdraft / working capital                             #DIV/0!                        #DIV/0!
                                                                                       #DIV/0!                        #DIV/0!
Total project statistics
Number of beds                                                                                   0                            0
Number of beds available                                               over 20 years             0    over 20 years           0
Number of beds sold                                                    over 20 years             0    over 20 years           0
Average occupancy                                                      over 20 years       #DIV/0!    over 20 years     #DIV/0!
Gross Revenue of Private Party                                         over 20 years   #DIV/0!        over 20 years   #DIV/0!
Gross operating costs                                                  over 20 years   #DIV/0!        over 20 years   #DIV/0!
Total net profit after tax                                             over 20 years   #DIV/0!        over 20 years   #DIV/0!
Gross capital Investment over 20 years                                 over 20 years             0    over 20 years           0
BEE factors                                                               Disc rate       Amount         Disc rate      Amount
Gross Total amount (in Today's Rands) of:
  Operating costs paid to black enterprises or black people                            #DIV/0!                        #DIV/0!
  Capital investment costs paid to black enterprises or black people                              0                              0
Net Present Value of:
  Operating costs paid to black enterprises or black people                  0.00%     #DIV/0!              0.00%     #DIV/0!
  Capital investment costs paid to black enterprises or black people         0.00%                0         0.00%           -
Jobs created and sustained over 20 year period                                                    0                              0
Qualititative decision criteria
Best case scenario




Worst case scenario




      50510c73-4a85-41e1-bce7-344e2d977bf8.xls, VFM summary                                                       Page 3 of 15
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study
ASSUMPTIONS and KEY DRIVERS
Institution Name:                             AAA Tourism & Parks Board
Project Site:                                 Big View Hill
                                              Unit of measure                  Rate    Key Value    Unit of measure                  Rate    Key Value    Supporting Comments
                                                              Best case scenario                                      Worst case scenario
REVENUE ASSUMPTIONS                                       PRIVATE PARTY FINANCE MODEL                         PRIVATE PARTY FINANCE MODEL
Available beds and Occupancy
Number of months operations in first year
Beds                                            Number                                          0   Number                                            0
Room occupancies                                                       Occupancy      # beds sold                             Occupancy     # beds sold
Year 1                                          % occup                                         0   % occup                                           0
Year 2                                          % occup                                         0   % occup                                           0
Year 3                                          % occup                                         0   % occup                                           0
Year 4                                          % occup                                         0   % occup                                           0
Year 5                                          % occup                                         0   % occup                                           0
Year 6 to year 20                               % occup                                         0   % occup                                           0

Rack and achieved rates
Daily rate excluding VAT                        Rands per bed                                       Rands per bed
Agents commission                               % of rack rate                                      % of rack rate

Proportion Gross revenue sold by agents         Percentage                                          Percentage
Credit card commission %                        % of rack rate                                      % of rack rate
Proportion gross revenue paid by credit cards   Percentage                                          Percentage

Other revenue
Beverage sales per bed sold                     Per bed sold                                        Per bed sold
Other sales per bed sold                        Per bed sold                                        Per bed sold
Gross profit % - beverage sales
Gross profit % - other sales
CAPITAL INVESTMENT COSTS                                  PRIVATE PARTY FINANCE MODEL                         PRIVATE PARTY FINANCE MODEL
Startup costs                                                                                  0                                                     0
Environmental Impact Assessment
Legal fees
Professional and other advisory services
Year 0 marketing
Other [insert description here]
Capital investment (excl VAT)
Improvements                                    Per bed                                        0    Per bed                                          0
% debt required
Default % equity investment                                                                100%                                                  100%
Financing deposit payable                                                                      0                                                     0
Debt period - improvements                                                                    20                                                    20
Depreciation period - improvements                                                            20                                                    20
Refurbishment cost in year 11
Depreciation period - refurbishment
Other assets                                                               Per bed    Year 1 cost                                Per bed    Year 1 cost
Vehicles
Furniture/bed                                                                                  0                                                     0
Linen/bed                                                                                      0                                                     0




         50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Assumptions & key drivers                                                                                                    Page 4
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study
ASSUMPTIONS and KEY DRIVERS
Institution Name:                             AAA Tourism & Parks Board
Project Site:                                 Big View Hill
                                              Unit of measure                  Rate   Key Value    Unit of measure                    Rate   Key Value    Supporting Comments
                                                              Best case scenario                                       Worst case scenario
Equipment
Depreciation period - other assets                                                             5                                                      5
                                                            Year 5          Year 10      Year 15                      Year 5       Year 10      Year 15
Capital replacement - vehicle, F&F, & other                      0                0            0                           0             0            0
Vehicles
Furniture
Linen
Equipment

Working capital requirements                                                                  0                                                      0
Refreshment stocks
Curio stocks
Other buffer capital
Other [insert new title here]
OPERATING COSTS                                            PRIVATE PARTY FINANCE MODEL                      PRIVATE PARTY FINANCE MODEL
Variable operating costs
Food cost per bed sold
Toiletries per bed sold
PPP Fee - greater of:                               % gross revenue                                % gross revenue
PPP Fee - greater of:                               fixed fee                                      fixed fee
Management fee
Marketing - % of turnover (excl fixed portion below)
Marketing - fixed portion                           per annum                                      per annum
Insurance - final guarantee
Insurance - performance guarantee
Insurance - public indemnity and business interruption
Skills Development Levy
BEE skills development commitment
Fixed operating costs                                                                 Per Annum                                              Per Annum
Audit and other Professional fees                   per annum                                      per annum
Bank charges                                        per month                                 0    per month                                         0
Community Development                               per month                                 0    per month                                         0
Office Costs                                        per month                                 0    per month                                         0
Power and Utilities                                 per month                                 0    per month                                         0
Repairs & maintenance                               per month                                 0    per month                                         0
RSC Levies - REL                                    % of turnover                                  % of turnover
RSC Levies - RSC                                    % of staff costs                               % of staff costs
Security Costs                                      per month                                 0    per month                                         0
Softs and replacements                              per month                                 0    per month                                         0
Sundry Direct Operating costs                       per month                                 0    per month                                         0
Sundry Staff Costs                                  per month                                 0    per month                                         0
Unallocated costs                                   per month                                 0    per month                                         0
Vehicle running costs                               per month                                 0    per month                                         0
Other [insert new title here]                       per month                                 0    per month                                         0
Other [insert new title here]                       per month                                 0    per month                                         0




         50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Assumptions & key drivers                                                                                                    Page 5
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study
ASSUMPTIONS and KEY DRIVERS
Institution Name:                             AAA Tourism & Parks Board
Project Site:                                 Big View Hill
                                              Unit of measure                  Rate   Key Value   Unit of measure                  Rate       Key Value    Supporting Comments
                                                              Best case scenario                                    Worst case scenario
Salaries & wages                                                             Year 1          0                                   Year 1               0
Manager                                                                                      0                                                        0
Housekeeper                                                                                  0                                                        0
Cleaning                                                                                     0                                                        0
Scullery                                                                                     0                                                        0
Food & Beverage manager                                                                      0                                                        0
Chefs                                                                                        0                                                        0
Barman                                                                                       0                                                        0
Waiters                                                                                      0                                                        0
Receptionist                                                                                 0                                                        0
Gardeners                                                                                    0                                                        0
Rangers                                                                                      0                                                        0
Trackers                                                                                     0                                                        0
Maintenance                                                                                  0                                                        0
Bookkeeper                                                                                   0                                                        0
Admin                                                                                        0                                                        0
Other [insert new title here]                                                                0                                                        0
Other [insert new title here]                                                                0                                                        0
Other [insert new title here]                                                                0                                                        0
OTHER ASSUMPTIONS                                      PRIVATE PARTY FINANCE MODEL                        PRIVATE PARTY FINANCE MODEL
ASSUMPTIONS                                                                                                                               Best Case
Private Party long-term cost of debt            Gross % per annum                                 Gross % per annum
Private Party short-term cost of debt           Gross % per annum                                 Gross % per annum
Private Party interest received rate            Gross % per annum                                 Gross % per annum
Private Party discount rate for NPV             Gross % per annum                                 Gross % per annum
IRR minimum return (suggest 0%)                 Gross % per annum                                 Gross % per annum
Annual inflation rate / CPIX                    Gross % per annum                                 Gross % per annum
Term of PPP agreement (years)                   # of years                                  20    # of years                                          20
Taxation                                        Gross % per annum                                 Gross % per annum
Secondary tax on companies                      Gross % per annum                                 Gross % per annum
% of surplus cash distributed to shareholders   Dividend payout                                   Dividend payout




         50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Assumptions & key drivers                                                                                                     Page 6
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study
ASSUMPTIONS and KEY DRIVERS
Institution Name:                             AAA Tourism & Parks Board
Project Site:                                 Big View Hill
                                              Unit of measure                  Rate     Key Value   Unit of measure                  Rate     Key Value   Supporting Comments
                                                              Best case scenario                                      Worst case scenario
OTHER ASSUMPTIONS                                                INSTITUTION MODEL                                    INSTITUTION MODEL
INSTITUTION MODEL                                                                     Annual Cost                                           Annual Cost
Discount rate for calculating NPV                 Gross % per annum                                 Gross % per annum
Annual inflation rate / CPIX                      Gross % per annum                        0.00%    Gross % per annum                            0.00%

Capital / Startup expenditure
[Describe expenditure here]
[Describe expenditure here]
[Describe expenditure here]

Operating costs
Salaries & wages                                                                               0                                                     0
  Project Officer                                                                              0                                                     0
  Support Staff                                                                                0                                                     0
  Other [insert new title here]                                                                0                                                     0
% commitment of time and effort to this project
Administrative and office costs
Professional fees
Other [insert new title here]
Other [insert new title here]

Conservation management costs
Other [insert new title here]
Other [insert new title here]




         50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Assumptions & key drivers                                                                                                    Page 7
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                                                   BEST CASE SCENARIO
CASH FLOW FORECAST AND FINANCIAL MODEL - PRIVATE PARTY                                                                                                                                                                                                                                                                                               Date Prepared: ######################
Institution Name:                AAA Tourism & Parks Board
Project Site:                    Big View Hill
                                                                                        Year -1   Year 0      Year 1        Year 2        Year 3        Year 4        Year 5        Year 6        Year 7        Year 8        Year 9      Year 10       Year 11       Year 12       Year 13       Year 14       Year 15       Year 16       Year 17        Year 18      Year 19         Year 20
                                 Number of beds sold                                                               0             0             0             0             0             0             0             0             0            0             0             0             0             0             0             0             0              0            0               0
                                 Achieved rate per bed                                                             0             0             0             0             0             0             0             0             0            0             0             0             0             0             0             0             0              0            0               0
CASH INFLOWS
Bed revenue                      Achieved bed revenue                                                                0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0               0
Other revenue                    Beverage                                                                            0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Other revenue                    Other                                                                               0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
                                                         TOTAL CASH INFLOWS                   0        0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
CASH OUTFLOWS
Operating costs                  Audit and other Professional fees                                                   0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Bank charges                                                                        0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Cost of sales                    Beverage                                                                            0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Community Development                                                               0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Cost of sales                    Credit card commission                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Cost of sales                    Curios                                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Cost of sales                    Food Costs                                                                          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Insurance                        Insurance - final guarantee                                                         0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Insurance                        Insurance - performance guarantee                                                   0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Insurance                        Insurance - public indemnity and business interruption                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Management fee                   Management fee                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Marketing                        Marketing - % of turnover (excl fixed portion below)                                0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Marketing                        Marketing - fixed portion                                                           0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Office Costs                                                                        0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Power and Utilities                                                                 0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
PPP Fees paid                    PPP Fees paid                                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Repairs and Maintenance                                                             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  RSC Levies - RSC                                                                    0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Security Costs                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Softs and replacements                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Sundry Direct Operating costs                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Sundry Staff Costs                                                                  0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Cost of sales                    Toiletries                                                                          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating costs                  Unallocated costs                                                                   0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Vehicle running costs            Vehicle running costs                                                               0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Other Costs                      Other [insert new title here]                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Other Costs                      Other [insert new title here]                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Salaries & wages                 Salaries & wages                                                                    0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Skills Development Levy          Skills Development Levy                                                             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
                                 BEE
BEE skills development commitment skills development commitment                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
                                                     TOTAL CASH OUTFLOWS                      0        0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
                               CASH FLOWS FROM OPERATING ACTIVITIES                           0        0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Start-up costs and capital investment
Startup costs                                                                                          0
Acquisition of other assets      Purchase                                                              0                                                                                   0                                                                     0                                                                     0
Buildings and Equipment refurbishment in year 10                                                                                                                                                                                                                 0
Working capital buffer                                                                                 0
                                CASH FLOWS FROM INVESTING ACTIVITIES                          0        0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0               0
Asset financing
Capital investment debt          Annual pmt - capital                                                  0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0               0
Capital investment debt          Annual pmt - interest                                                 0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0               0
                                CASH FLOWS FROM FINANCING ACTIVITIES                          0        0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0               0

Other Cash flow items (paid following year)
Interest paid / received                                                                                             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Taxation                                                                                                                 #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Dividends                                                                                                                #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
STC paid                                                                                                                 #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
                                                                                             0         0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!

                                                CASH FLOW FOR THE YEAR                      0          0          0      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
                                                        Cumulative Cashflows                0          0          0      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
                                            Annual inflation rate / CPIX Factor        100.0%     100.0%     100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%          100.0%
                                                               Real cash flows              0          0          0      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!

            Net Present Value of TOTAL cashflows                #DIV/0!
                                      Discount Rate                       0.00%
        Nominal Cash Flows Internal Rate of Return             #VALUE!
                         Annual inflation rate / CPIX                     0.00%
           Real Cash Flows Internal Rate of Return             #VALUE!


Income Statements
Revenue                                                                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Operating Costs                                                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Other Costs                                                                                                          0
Marketing                                                                                                            0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Salaries & Wages                                                                                                     0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Management fees                                                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
PPP Fees paid                                                                                                        0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Depreciation                                                                                               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Net income before interest and tax                                                          0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Interest paid / received                                                                    0          0           0     #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Net income after interest                                                                   0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Taxation                                                                                    0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Net income after tax                                                                        0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Dividends                                                                                   0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
STC                                                                                         0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Net (loss) / Profit                                                                         0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Cumulative (loss) / Profit                                                                  0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!
Annual inflation rate / CPIX Factor                                                    100.0%     100.0%     100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%          100.0%
Real cash flows                                                                             0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!         #DIV/0!




                   50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Best - Private Party                                                                                                                                                                                                                                                                                                    Page 8
  PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                                                                                         BEST CASE SCENARIO
  CASH FLOW FORECAST AND FINANCIAL MODEL - PRIVATE PARTY                                                                                                                                                                                                                                                                                                                                     Date Prepared: ######################
  Institution Name:              AAA Tourism & Parks Board
  Project Site:                  Big View Hill
           Net Present Value of Net Income after Tax             #DIV/0!
                                         Discount Rate                     0.00%
Nominal Internal Rate of Return - Net income after tax          #VALUE!
                            Annual inflation rate / CPIX                   0.00%
   Real Internal Rate of Return - Net income after tax          #VALUE!


  BALANCE SHEET
  EQUITY AND LIABILITIES
  Shareholders equity                                                                       0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Long term debt                                                                            0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Retained earnings                                                                         0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                  NET EQUITY AND LIABILITIES            0   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  ASSETS
  Non-Current Assets
  Capital investment at cost                                                                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Less: Provision depreciation Capital Improvements                                         0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Net Book Value Improvements & Site                                                    0   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Other fixed assets at cost                                                                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Less: Provision depreciation other fixed assets                                           0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Net Book Value Other Fixed Assets                                                     0   0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0

  Net Current Assets
  Inventory                                                                                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Cash at bank                                                                              0                0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Taxation payable                                                                          0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Dividends payable                                                                         0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  STC payable                                                                               0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Bank overdraft                                                                            0                0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                                                        0   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                                   NET ASSETS           0   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                                                            0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!

  Financial Ratios
  Net income after tax as percentage of Revenue                     Net Profit %                  #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Interest paid as a proportion of Revenue                       Interest Cover                   #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Dividend as percentage of Revenue                            Dividend Payout                    #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Sales over Capital Investment                              Sales:Fixed Assets                   #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!

  Current Assets to Current Liabilities                           Current Ratio                 Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic
  Net income after tax as percentage of Equity                 Return on Equity                   #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Net income after tax as percentage of Net Assets         Return on Net Assets                   #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Total Debt to Total Equity                                        Debt:Equity                   #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!


  Taxable income calculation
  CASH FLOWS FROM OPERATING ACTIVITIES                                                  0   0                0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Less:
  Interest paid / received                                                                                   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Interest paid on long term debt                                                                            0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Depreciation - Buildings and Equipment                                                          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Depreciation - other                                                                                       0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Taxable loss / income                                                                 0   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Cumulative Income / Loss                                                              0   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Taxation paid                                                                                   #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Dividends paid                                                                                  #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  STC paid                                                                                        #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Net profit for the year                                                               0   0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!


  Depreciation charge
  Gross Buildings and Equipment assets                                                      0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Current depreciation charge                                                                                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Cumulative depreciation charge                                                                             0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Gross Buildings and Equipment assets - refurbishment                                                                                                                                                                                                                                 0                0                0                0                0                0                0                0                0                0
  Current depreciation charge                                                                     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Cumulative depreciation charge                                                                  #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Gross other assets                                                                        0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Current depreciation charge                                                                                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Cumulative depreciation charge                                                                             0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0

  Long-term debt repayment schedule
  Rate                                     0.00%
  Term (mths)                              20.00
  Capital investment                         -
  Deposit paid                                  0
  Annual debt repayment                                                                                      0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Debt finance charges                                                                      0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Closing Balance                                                                           0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Debt Finance Charges                            D
                              Debt Finance Charges ebt Finance Charges
                                                                                                                                                                                       #DIV/0!




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PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                          BEST CASE SCENARIO
CASH FLOW FORECAST AND FINANCIAL MODEL - INSTITUTION                                                                                                                                                                                                                                                                           Date Prepared: ###################
Institution Name:              AAA Tourism & Parks Board
Project Site:                  Big View Hill
                                                                            Year -1   Year 0   Year 1     Year 2        Year 3        Year 4        Year 5        Year 6        Year 7        Year 8        Year 9       Year 10       Year 11       Year 12       Year 13       Year 14       Year 15       Year 16       Year 17       Year 18        Year 19       Year 20
CASH INFLOWS
PPE Fees                       PPP Fees                                                            0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!
Other revenue                  eg. Park fees
                                             TOTAL CASH INFLOWS                   0       0        0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!
CASH OUTFLOWS
Capital / startup costs
[Describe expenditure here]                                                       0
[Describe expenditure here]                                                       0
[Describe expenditure here]                                                       0
                                     TOTAL Capital / Startup Costs                0       0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
Annual costs
Project Office                 Salaries and Wages                                         0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
Project Office                 Administrative and office costs                            0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
Project Office                 Professional fees                                          0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
Other [insert new title here]  Other [insert new title here]                              0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
Other [insert new title here]  Other [insert new title here]                              0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
                                               TOTAL Annual Costs                 0       0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0

Conservation management costs
Other [insert new title here] Other [insert new title here]                               0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
Other [insert new title here] Other [insert new title here]                               0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0
                                 TOTAL Land Maintenance Costs                    0        0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0              0             0

                                    CASH FLOWS FOR THE YEAR                      0        0        0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!        #DIV/0!       #DIV/0!

           Net Present Value of TOTAL cashflows        #DIV/0!
               Discount Rate for calculating NPV            0.00%




                50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Best - Institution                                                                                                                                                                                                                                                                          Page 10
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                                        BEST CASE SCENARIO
BEE EXPENDITURE                                                                                                                                                                                                                                                                                                                             Date Prepared: ####################
Institution Name:          AAA Tourism & Parks Board
Project Site:              Big View Hill
                                                                                   Year -1   Year 0     Year 1        Year 2        Year 3        Year 4        Year 5        Year 6        Year 7        Year 8        Year 9       Year 10       Year 11       Year 12       Year 13       Year 14       Year 15       Year 16       Year 17       Year 18       Year 19       Year 20
                                                               % purchased
Operating Costs                                                  from BEE
Operating costs            Audit and other Professional fees                             0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Bank charges                                                  0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Beverage                                                      0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Community Development                                         0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Credit card commission                                        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Curios                                                        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Food Costs                                                    0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                  Insurance - final guarantee                                   0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                  Insurance - performance guarantee                             0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                  Insurance - public indemnity and business interruption        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Management fee             Management fee                                                0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Marketing                  Marketing - % of turnover (excl fixed portion below)          0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Marketing                  Marketing - fixed portion                                     0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Office Costs                                                  0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Power and Utilities                                           0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
PPP Fees paid              PPP Fees paid                                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Repairs and Maintenance                                       0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            RSC Levies - RSC                                              0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Security Costs                                                0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Softs and replacements                                        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Sundry Direct Operating costs                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Sundry Staff Costs                                            0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Toiletries                                                    0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Unallocated costs                                             0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Vehicle running costs      Vehicle running costs                                         0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Costs                Other [insert new title here]                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Costs                Other [insert new title here]                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Salaries & wages           Salaries & wages                                              0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Skills Development Levy    Skills Development Levy                                       0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                           BEE skills
BEE skills development commitment development commitment                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                   TOTAL BEE CASHFLOWS                   0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                   TOTAL ALL CASHFLOWS                   0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                           Annual % to BEE                            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                          Average % to BEE       #DIV/0!

                    Net Present Value of TOTAL cashflows         #DIV/0!
                                            Discount Rate            0.00%

                                                              % purchased
Capital Expenditure                                            from BEE
Capital Investment                                                                      0        0
Startup costs                                                                           0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Acquisition of Other Assets                                                             0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Buildings and Equipment refurbishment in year 10                                        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

                    Net Present Value of TOTAL cashflows                -
                                            Discount Rate             0.00%




                 50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Best - BEE                                                                                                                                                                                                                                                                                         Page 11
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                                      WORST CASE SCENARIO
BEE EXPENDITURE                                                                                                                                                                                                                                                                                                                             Date Prepared: ####################
Institution Name:          AAA Tourism & Parks Board
Project Site:              Big View Hill
BEST Case scenario                                                                 Year -1   Year 0     Year 1        Year 2        Year 3        Year 4        Year 5        Year 6        Year 7        Year 8        Year 9       Year 10       Year 11       Year 12       Year 13       Year 14       Year 15       Year 16       Year 17       Year 18       Year 19       Year 20
                                                               % purchased
Operating Costs                                                  from BEE
Operating costs            Audit and other Professional fees                             0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Bank charges                                                  0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Beverage                                                      0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Community Development                                         0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Credit card commission                                        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Curios                                                        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Food Costs                                                    0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                  Insurance - final guarantee                                   0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                  Insurance - performance guarantee                             0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                  Insurance - public indemnity and business interruption        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Management fee             Management fee                                                0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Marketing                  Marketing - % of turnover (excl fixed portion below)          0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Marketing                  Marketing - fixed portion                                     0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Office Costs                                                  0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Power and Utilities                                           0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
PPP Fees paid              PPP Fees paid                                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Repairs and Maintenance                                       0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            RSC Levies - RSC                                              0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Security Costs                                                0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Softs and replacements                                        0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Sundry Direct Operating costs                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Sundry Staff Costs                                            0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales              Toiletries                                                    0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs            Unallocated costs                                             0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Vehicle running costs      Vehicle running costs                                         0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Costs                Other [insert new title here]                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Costs                Other [insert new title here]                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Salaries & wages           Salaries & wages                                              0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Skills Development Levy    Skills Development Levy                                       0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                           BEE skills
BEE skills development commitment development commitment                                 0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                   TOTAL BEE CASHFLOWS                   0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                   TOTAL ALL CASHFLOWS                   0       0              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                           Annual % to BEE                            #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                          Average % to BEE       #DIV/0!

                    Net Present Value of TOTAL cashflows         #DIV/0!
                                            Discount Rate            0.00%

                                                              % purchased
Capital Expenditure                                            from BEE
Capital investment                                                                      0        0
Startup costs                                                                           0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Acquisition of other assets                                                             0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Buildings and Equipment refurbishment in year 10                                        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

                    Net Present Value of TOTAL cashflows                -
                                            Discount Rate             0.00%




                 50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Worst - BEE                                                                                                                                                                                                                                                                                        Page 12
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                                                 WORST CASE SCENARIO
CASH FLOW FORECAST AND FINANCIAL MODEL - PRIVATE PARTY                                                                                                                                                                                                                                                                                               Date Prepared: ######################
Institution Name:                AAA Tourism & Parks Board
Project Site:                    Big View Hill
                                                                                        Year -1   Year 0      Year 1        Year 2        Year 3        Year 4        Year 5        Year 6        Year 7        Year 8        Year 9      Year 10       Year 11       Year 12       Year 13       Year 14       Year 15       Year 16       Year 17        Year 18      Year 19       Year 20
                                 Number of beds sold                                                               0             0             0             0             0             0             0             0             0            0             0             0             0             0             0             0             0              0            0             0
                                 Achieved rate per bed                                                             0             0             0             0             0             0             0             0             0            0             0             0             0             0             0             0             0              0            0             0
CASH INflOWS
Bed revenue                      Achieved bed revenue                                                                0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Other revenue                    Beverage                                                                            0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other revenue                    Other                                                                               0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                          TOTAL CASH INflOWS                  0        0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
CASH OUTFLOWS
Operating costs                  Audit and other Professional fees                                                   0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Bank charges                                                                        0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales                    Beverage                                                                            0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Community Development                                                               0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales                    Credit card commission                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales                    Curios                                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales                    Food Costs                                                                          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                        Insurance - final guarantee                                                         0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                        Insurance - performance guarantee                                                   0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Insurance                        Insurance - public indemnity and business interruption                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Management fee                   Management fee                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Marketing                        Marketing - % of turnover (excl fixed portion below)                                0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Marketing                        Marketing - fixed portion                                                           0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Office Costs                                                                        0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Power and Utilities                                                                 0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
PPP Fees paid                    PPP Fees paid                                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Repairs and Maintenance                                                             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  RSC Levies - RSC                                                                    0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Security Costs                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Softs and replacements                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Sundry Direct Operating costs                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Sundry Staff Costs                                                                  0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cost of sales                    Toiletries                                                                          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating costs                  Unallocated costs                                                                   0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Vehicle running costs            Vehicle running costs                                                               0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Costs                      Other [insert new title here]                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Costs                      Other [insert new title here]                                                       0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Salaries & wages                 Salaries & wages                                                                    0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Skills Development Levy          Skills Development Levy                                                             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                 BEE
BEE skills development commitment skills development commitment                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                     TOTAL CASH OUTFLOWS                      0        0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                               CASH FLOWS FROM OPERATING ACTIVITIES                           0        0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Start-up costs and capital investment
Startup costs                                                                                          0
Acquisition of other assets      Purchase                                                              0                                                                                   0                                                                     0                                                                     0
Buildings and Equipment refurbishment in year 10                                                                                                                                                                                                                 0
Working capital buffer                                                                                 0
                                CASH FLOWS FROM INVESTING ACTIVITIES                          0        0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Capital investment debt
Capital investment debt          Annual pmt - capital                                                  0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Capital investment debt          Annual pmt - interest                                                 0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
                                CASH FLOWS FROM FINANCING ACTIVITIES                          0        0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0

Other cash flow items (paid following year)
Interest paid / received                                                                                             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Taxation                                                                                                                 #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Dividends                                                                                                                #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
STC paid                                                                                                                 #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                                                             0         0             0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!

                                                CASH FLOW FOR THE YEAR                      0          0          0      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                                        Cumulative Cashflows                0          0          0      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
                                            Annual inflation rate / CPIX Factor        100.0%     100.0%     100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%
                                                               Real cash flows              0          0          0      #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!

            Net Present Value of TOTAL cashflows                #DIV/0!
                                      Discount Rate                       0.00%
        Nominal Cash Flows Internal Rate of Return             #VALUE!
                         Annual inflation rate / CPIX                     0.00%
           Real Cash Flows Internal Rate of Return             #VALUE!


Income Statements
Revenue                                                                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Operating Costs                                                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Costs                                                                                                          0
Marketing                                                                                                            0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Salaries and Wages                                                                                                   0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Management fees                                                                                                      0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
PPE Fees paid                                                                                                        0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Depreciation                                                                                               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Net income before interest and tax                                                           0         0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Interest paid / received                                                                               0           0     #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Net income after interest                                                                    0         0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Taxation                                                                                               0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Net income after tax                                                                         0         0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Dividends                                                                                              0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
STC                                                                                                    0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Net (loss) / Profit                                                                         0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Cumulative (loss) / Profit                                                                  0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Annual inflation rate / CPIX Factor                                                    100.0%     100.0%     100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%        100.0%
Real cash flows                                                                             0          0   #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!




                   50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Worst - Private Party                                                                                                                                                                                                                                                                                               Page 13
  PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                                                                                             WORST CASE SCENARIO
  CASH FLOW FORECAST AND FINANCIAL MODEL - PRIVATE PARTY                                                                                                                                                                                                                                                                                                                                           Date Prepared: ######################
  Institution Name:              AAA Tourism & Parks Board
  Project Site:                  Big View Hill
                                                                                   Year -1   Year 0        Year 1           Year 2           Year 3           Year 4           Year 5           Year 6           Year 7           Year 8           Year 9          Year 10          Year 11          Year 12          Year 13          Year 14          Year 15          Year 16          Year 17          Year 18          Year 19          Year 20
           Net Present Value of Net Income after Tax                #DIV/0!
                                         Discount Rate                        0.00%
Nominal Internal Rate of Return - Net income after tax             #VALUE!
                            Annual inflation rate / CPIX                      0.00%
   Real Internal Rate of Return - Net income after tax             #VALUE!


  BALANCE SHEET
  EQUITY AND LIABILITIES
  Shareholders equity                                                                            0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Long term debt                                                                                 0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Retained earnings                                                                              0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                    NET EQUITY AND LIABILITIES          0        0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  ASSETS
  Non-Current Assets
  Concession Improvements & Site at Cost                                                         0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Less: Provision depreciation Leasehold & site                                                  0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Net Book Value improvements & site                                                    0        0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Other fixed assets at cost                                                                     0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Less: Provision depreciation other fixed assets                                                0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Net Book Value Other Fixed Assets                                                     0        0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0

  Net Current Assets
  Inventory                                                                                      0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Cash at bank                                                                                   0                 0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Taxation payable                                                                               0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Dividends payable                                                                              0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  STC payable                                                                                    0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Bank overdraft                                                                                 0                 0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                                                        0        0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                                      NET ASSETS        0        0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
                                                                                                 0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!

  Financial Ratios
  Net income after tax as percentage of Revenue                        Net Profit %                     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Interest paid as a proportion of Revenue                          Interest Cover                      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Dividend as percentage of Revenue                               Dividend Payout                       #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Sales over Capital Investment                                 Sales:Fixed Assets                      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!

  Current Assets to Current Liabilities                              Current Ratio                    Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic       Not applic
  Net income after tax as percentage of Equity                    Return on Equity                      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Net income after tax as percentage of Net Assets            Return on Net Assets                      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Total Debt to Total Equity                                           Debt:Equity                      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!


  Taxable income calculation
  CASH FLOWS FROM OPERATING ACTIVITIES                                                  0        0                 0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Less:
  Interest paid / received                                                                                         0     #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Interest paid on long term debt                                                                                  0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Depreciation - Buildings and Equipment                                                                #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Depreciation - other                                                                                             0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Taxable loss / income                                                                 0        0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Cumulative Income / Loss                                                              0        0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Taxation paid                                                                                         #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Dividends paid                                                                                        #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  STC paid                                                                                              #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Net profit for the year                                                               0        0      #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!


  Depreciation charge
  Gross Buildings and Equipment Assets                                                           0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Current depreciation charge                                                                                      0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Cumulative depreciation charge                                                                                   0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Gross Buildings and Equipment Assets - Refurbishment                                                                                                                                                                                                                                       0                0                0                0                0                0                0                0                0                0
  Current depreciation charge                                                                           #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Cumulative depreciation charge                                                                        #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!
  Gross Other Assets                                                                             0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Current depreciation charge                                                                                      0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Cumulative depreciation charge                                                                                   0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0

  Long-term debt repayment schedule
  Rate                                               0.00%
  Term (mths)                                        20.00
  Capital Investment                                   -
  Deposit Paid                                            0
  Annual debt repayment                                                                                            0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Debt finance charges                                                                           0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0
  Closing Balance                                                                                0                 0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0                0

                                                                                                                                                                                             #DIV/0!




                      50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Worst - Private Party                                                                                                                                                                                                                                                                                                                                                Page 14
PPP Toolkit for Tourism: large cap tourism PPP business model for feasibility study                                                                                                                                                                                                                                                        WORST CASE SCENARIO
CASH FLOW FORECAST AND FINANCIAL MODEL - INSTITUTION                                                                                                                                                                                                                                                                           Date Prepared: ###################
Institution Name:              AAA Tourism & Parks Board
Project Site:                  Big View Hill
                                                                        Year -1       Year 0   Year 1     Year 2        Year 3        Year 4        Year 5        Year 6        Year 7        Year 8        Year 9       Year 10       Year 11       Year 12       Year 13       Year 14       Year 15       Year 16       Year 17       Year 18       Year 19       Year 20
CASH INFLOWS
PPE Fees                       PPE Fees                                                            0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
Other Revenue                  eg. Park Fees
                                           TOTAL CASH INFLOWS                   0         0        0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
CASH OUTFLOWS
Capital / Startup Costs
[Describe expenditure here]                                                     0
[Describe expenditure here]                                                     0
[Describe expenditure here]                                                     0
                                    TOTAL Capital / Startup Costs               0         0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Annual Costs
Project Office                 Salaries and Wages                                         0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Project Office                 Administrative and office costs                            0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Project Office                 Professional fees                                          0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Other Costs                    Other [insert new title here]                              0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Other Costs                    Other [insert new title here]                              0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
                                               TOTAL Annual Costs               0         0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0

Conservation Management Costs
Conservation Management    Other [insert new title here]                                  0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
Conservation Management    Other [insert new title here]                                  0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0
                              TOTAL Land Maintenance Costs                     0          0        0              0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0             0

                                   CASH FLOWS FOR THE YEAR                     0          0        0    #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!

            Net Present Value of TOTAL cashflows       #DIV/0!
                Discount Rate for calculating NPV          0.00%




               50510c73-4a85-41e1-bce7-344e2d977bf8.xls, Worst - Institution                                                                                                                                                                                                                                                                 Page 15

				
DOCUMENT INFO
Description: Ppp Agreement document sample