Financial Modeling - Module I - Workbook 09.28.09

File Financial Modeling - Module I
Author(s) Asfi Shaheen

Tab Formatting Example
Created 2/1/09
Historical Financials
2006 2007 2008
Revenues Rs.117.6 Rs.138.5 Rs.168.6
Growth Rate 17.8% 21.7%
Projected Growth Rate
Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
Projected Financials
2009 2010 2011
Rs.201.8 Rs.241.6 Rs.289.3
19.7% 19.7% 19.7%

Financial Statements
Income Statement
(Pak Rupees in 000s, except per share amounts)
Revenue
Cost of Goods Sold
Gross Profit
SG&A Expense
EBITDA
Depreciation & Amortization

EBIT
Interest Expense
Interest Income
Pre-tax Income
Taxes @ 35.0%
Net Income
Income Statement
Revenue
Cost of Goods Sold
Gross Profit
SG&A Expense
EBITDA
Depreciation & Amortization

EBIT
Interest Expense
Interest Income
EBT
Taxes @ 35.0%
Net Income
Tab Historical Financials
Created 2/1/09
Income Statement Historical Financials
(Pak Rupees in 000s, except per share amounts) 2006 2007 2008
Revenue
Landing Fees 4,188 4,603 4,990
Handling Fees 21,670 25,179 28,318
Embarkation Fees 14,910 17,003 18,663
Total Operating Revenue 40,769 46,785 51,971
Non Operating Revenue

Airport Development Fund 9,564 11,478 12,389
Flying Club 2,000 2,000 2,000
Rental Income 5,600 6,735 8,353
Total Revenue Rs.57,933 Rs.66,998 Rs.74,713
Operating Costs
Staff salaries (9,044) (9,768) (10,549)
Maintenance (8,403) (8,874) (9,282)
Marketing & Advertising (8,843) (9,506) (10,267)
Other Operating Costs (1,200) (1,380) (1,587)
EBITDA 30,442 37,470 43,028
Depreciation & Amortization (21,400) (22,400) (23,352)

EBIT 9,042 15,070 19,676
Interest Expense (3,190) (3,085) (3,020)

Interest Income 939 939 939
EBT 6,791 12,924 17,595
Taxes @ 35% (2,377) (4,523) (6,158)

Net Income Rs.4,414 Rs.8,400 Rs.11,437
Net Income Margin 7.6% 12.5% 15.3%
Balance Sheet Historical Financials

Assets
Cash and Equivalents 10,430 14,028 19,970
Accounts Receivable 13,000 13,910 14,884
Inventory 5,000 5,400 5,500
Other Current Assets 9,105 10,016 11,017
Total Current Assets 37,535 43,353 51,370
Gross PP&E 500,000 520,000 540,800
Other Non Current Assets 25,889 26,666 27,466
Accumulated Depreciation (167,654) (190,054) (213,406)
Total Assets Rs.395,770 Rs.399,965 Rs.406,230
Liabilities and Shareholders' Equity

Accounts Payable 2,476 2,426 2,378
Accrued Expenses and Other Current Liabilities 2,467 2,418 2,369
Total Current Liabilities 4,943 4,844 4,747
Secured Debt 24,000 22,000 20,000

Unsecured Debt 10,000 9,000 8,000
Total Debt 34,000 31,000 28,000
Other Non Current Liabilities 10,123 9,921 9,722

Total Liabilities 49,066 45,765 42,469
Shareholders' Equity
Authorized Capital of 200,000,000 common shares
of Rs. 1 each
Common stock issued at par 100,000 100,300 100,601
Additional paid-in capital 234,987 235,692 236,399
Common stock issued at par to SAS
Additional paid-in capital by SAS
Accumulated earnings (deficit) 11,717 18,208 26,761
Total Shareholder's Equity 346,704 354,200 363,761
Total Liabilities & Shareholder's Equity Rs.395,770 Rs.399,965 Rs.406,230
0.0 0.0 0.0
Cash Flow Statement

Cash Flow from Operations
Net Income 8,400 11,437
(+) Depreciation & Amortization 22,400 23,352
(Increase)/Decrease in Accounts Receivable (910) (974)
(Increase)/Decrease in Inventory (400) (100)
(Increase)/Decrease in Other Current Assets (911) (1,002)
Increase/(Decrease) in Accounts Payable (50) (49)
Increase/(Decrease) in Accrued Expenses & Other Current Liabilities (49) (48)
Increase/(Decrease) in Accrued Expenses & Other Non Current Liabiliti (202) (198)
Total Cash Flow from Operating Activities 28,279 32,418
Cash Flow from Investing Activities

(-) Capital Expenditures on PP&E (20,000) (20,800)
(-) Capital Expenditures on Other Non Current Assets (777) (800)
(+) Asset Sales
(-) Acquisition of Assets / Other Securities
Total Cash Flow from Investing Activities (20,777) (21,600)
Cash Flow from Financing

(+) Issuance of Common Stock 1,005 1,008
(+) Proceeds from Secured Debt
(+) Proceeds from Unsecured Debt
(+) Proceeds from Equity Raise from Foreign Investor
(-) Dividends Paid (1,909.0) (2,884.5)
(-) Payment of Secured Debt (2,000) (2,000)
(-) Payment of Unsecured Debt (1,000) (1,000)
Total Cash Flow from Financing Activities (3,904) (4,876)
Change in Cash Balance 3,598 5,942

Blue Input cells
Tab Capital Structure
Created 2/1/09
Valuation as of 05/04/2009
Common shares Outstanding as of 12/31/2008 100,601
Stock Price as of 05/04/2009 Rs. 2.6
Market Capitalization Rs. 261,562
(+) Total Debt 28,000

(-) Cash and Equivalents 19,970
Enterprise Value Rs. 269,593
FY 2008 Revenue Rs. 74,713

FY 2008 EBITDA 43,028
FY 2008 Net Income 11,437
Enterprise Value / Revenue 3.6x

Enterprise Value / EBITDA 6.3x
Price / Earnings 22.9x
Capital Structure as of 05/04/2009

Shareholders % of Total Common shares held
Frontier Capital Corporation 55% 55,345
Shareef Brothers Limited 17% 16,893
Establishment Foundation 15% 15,456
Publicly Traded 13% 12,907
Total Common Shares Outstanding 100% 100,601
Blue Input cells
Tab Operating Model Set Up
Created 2/1/09
Operating Model
Aircraft Specifications # of Seats LF Assump.
B-737-300
A-320
A310
B747
Revenue Driver Rates Historical

2006 2007
Landing Fees / Ton (PKR)
Handling Charges / AC Movement (PKR)
Embarkation Fees / Passenger (PKR)
Aircraft Traffic Forecast 2006 2007

Aircraft Movements
B-737-300
A-320
A310
B747
Historical Load Factor
B-737-300
A-320
A310
B747
Passenger Forecast 2006 2007

B-737-300
A-320
A310
B747
Operating Cost Rates Historical

2006 2007
Staff salaries as a % of Operating Revenue
Maintenance as a % of PP&E
Marketing & Advertising as a % of Revenue
Other Operating Costs as a % of Total Op Costs (ex-OOC)
Blue Input cells
MTOW (Tons) Revenue Driver Inflation Assumptions

Operating Revenue: Assumption: Rate:
Landing Charges / Ton
Handling Charges / AC Movement
Embarkation Fees / Passenger
Non Operating Revenue: Assumption: Rate:
Airport Development Fund
Flying Club
Rental Income
Historical Projected
2008 2009 2010 2011 2012
2008 2009 2010 2011 2012
2008 2009 2010 2011 2012
Historical Projected
2008 2009 2010 2011 2012
Tab Operating Model Step 0
Created 2/1/09
Operating Model
B-737-300 118 0.5% Annually
A-320 140 0.8% Annually
A310 184 0.0% Annually
B747 398 -0.3% Annually
Revenue Driver Rates Historical

2006 2007
Landing Fees / Ton (PKR) Rs.93 Rs.96
Handling Charges / AC Movement (PKR) 55,000 57,750
Embarkation Fees / Passenger (PKR) 300 315

Aircraft Movements
B-737-300 154 160
A-320 130 156
A310 65 80
B747 45 40
Historical Load Factor
B-737-300 74.0% 77.0%
A-320 83.0% 84.0%
A310 72.0% 73.0%
B747 70.0% 65.0%
Passenger Forecast 2006 2007

B-737-300 13,447.3 14,537.6
A-320 15,106.0 18,345.6
A310 8,611.2 10,745.6
B747 12,537.0 10,348.0
Operating Cost Rates Historical

2006 2007
Staff salaries as a % of Operating Revenue 22.2% 20.9%
Maintenance as a % of PP&E 1.7% 1.7%
Marketing & Advertising as a % of Revenue 15.3% 14.2%
Other Operating Costs as a % of Total Op Costs (ex-OOC) 4.6% 4.9%
Income Statement Historical Financials

2006 2007
Revenue
Landing Fees 4,188 4,603
Handling Fees 21,670 25,179
Embarkation Fees 14,910 17,003
Total Operating Revenue 40,769 46,785
`
Airport Development Fund 9,564 11,478
Flying Club 2,000 2,000
Rental Income 5,600 6,735
Total Revenue Rs.57,933 Rs.66,998
Operating Costs
Staff salaries (9,044) (9,768)
Maintenance (8,403) (8,874)
Marketing & Advertising (8,843) (9,506)
Other Operating Costs (1,200) (1,380)
EBITDA 30,442 37,470
Depreciation & Amortization (21,400) (22,400)

EBIT 9,042 15,070
Interest Expense (3,190) (3,085)

Interest Income 939 939
EBT 6,791 12,924
Taxes @ 35% (2,377) (4,523)

Net Income 4,414 8,400
Net Income Margin 7.6% 12.5%
Blue Input cells

61 Operating Revenue: Assumption: Rate:
73 Landing Charges / Ton Annually - Fixed 7%
160 Handling Charges / AC MovementAnnually - Fixed 9%
350 Embarkation Fees / Passenger Annually - Fixed 9%
Non Operating Revenue: Assumption: Rate:
Airport Development Fund as a % of Op Rev 24%
Flying Club as a % of Op Rev 4%
Rental Income as a % of Op Rev 15%
istorical Projected
2008 2009 2010 2011 2012
Rs.99 Rs.106 Rs.113 Rs.121 Rs.130
60,638 66,095 72,043 78,527 85,595
331 361 393 428 467
2008 2009 2010 2011 2012
176 179 188 213 243

160 164 174 197 213
94 100 105 135 156
37 35 35 35 35
76.0% 76.5% 77.0% 77.5% 78.0%

82.0% 82.8% 83.5% 84.3% 85.0%
76.0% 76.0% 76.0% 76.0% 76.0%
62.0% 61.7% 61.4% 61.1% 60.8%
2008 2009 2010 2011 2012

15,783.7 16,158.3 17,081.7 19,478.9 22,365.7
18,368.0 18,999.4 20,340.6 23,236.2 25,347.0
13,145.0 13,984.0 14,683.2 18,878.4 21,815.0
9,130.1 8,594.8 8,553.0 8,511.2 8,469.4
istorical Projected
2008 2009 2010 2011 2012
20.3% 21.1% 21.1% 21.1% 21.1%
1.7% 1.7% 1.7% 1.7% 1.7%
13.7% 14.4% 14.4% 14.4% 14.4%
5.3% 4.9% 4.9% 4.9% 4.9%
cal Financials Projected Financials

2008 2009 2010 2011 2012
4,990 5,417 6,032 7,425 8,770

28,318 31,593 36,166 45,546 55,380
18,663 20,815 23,837 30,028 36,415
51,971 57,826 66,035 82,999 100,565
12,389 13,855 15,822 19,887 24,096

2,000 2,487 2,840 3,569 4,325
8,353 8,574 9,791 12,307 14,911
Rs.74,713 Rs.82,742 Rs.94,488 Rs.118,762 Rs.143,897
(10,549) (12,213) (13,947) (17,530) (21,240)

(9,282) (9,961) (10,739) (11,535) (12,349)
(10,267) (11,913) (13,605) (17,100) (20,719)
(1,587) (1,675) (1,881) (2,268) (2,668)
43,028 46,980 54,316 70,330 86,922
(23,352) (23,506) (25,455) (27,451) (29,490)

19,676 23,474 28,861 42,879 57,432
(3,020) (2,615) (2,260) (1,865) (1,440)

939 1,000 1,000 1,000 1,000
17,595 21,859 27,601 42,014 56,992
(6,158) (7,651) (9,660) (14,705) (19,947)

11,437 14,209 17,941 27,309 37,045
15.3% 17.2% 19.0% 23.0% 25.7%
Tab CapEx and D&A Set Up
Created 2/1/09
Cap Ex and D&A Schedule

2006 2007 2008
Property Plant & Equipment 500,000 520,000 540,800
Capital Expenditures - PP&E 20,000 20,800
Capital Expenditures - Other Non Current Assets 777 800
Depreciation Expense (A + B + C + D) 21,400 22,400 23,352
D&A Method: Straight Line assuming no residual value
(A)----> Depreciation on Existing Gross PP&E

Useful Life (in years) Remaining of Existing Net P
Year CapEx Useful Life

2009 44,752 23 Years
2010 45,742 25 Years
2011 46,772 25 Years
2012 47,843 25 Years
(B)----> Depreciation on Cap Ex
(C)----> Depreciation on Other Non Current Assets

Useful Life (in years) Remaining of Existing Net P
Year CapEx Useful Life

2009 1,000 10 Years
2010 1,200 10 Years
2011 1,250 10 Years
2012 1,250 10 Years
(D)----> Depreciation on Cap Ex
Blue Input cells
2009 2010 2011 2012
585,552 631,294 678,066 725,908
28,466 29,666 30,916 32,166
(236,912) (262,367) (289,818) (319,308)
44,752 45,742 46,772 47,843
1,000 1,200 1,250 1,250
23,506 25,455 27,451 29,490
18,027 18,027 18,027 18,027

30
2009 2010 2011 2012

1,946 1,946 1,946 1,946
1,830 1,830 1,830
1,871 1,871
1,914
1,946 3,775 5,646 7,560
3,433 3,433 3,433 3,433

8
2009 2010 2011 2012

100 100 100 100
120 120 120
125 125
125
100 220 345 470
Tab Debt and Interest Set Up
Created 2/1/09
Debt & Interest

Debt Obligations Face Value Term Type
Secured Debt 24,000 12 Years Fixed
Unsecured Debt 10,000 10 Years Floating
Historical
2006 2007 2008
KIBOR - Historical and Forward Curve 9.0% 11.0% 14.0%

Secured Debt - Principal Amount Outstanding 24,000 22,000 20,000
Unsecured Debt - Principal Amount Outstanding 10,000 9,000 8,000
Secured Debt - Interest Expense 2,040 1,870 1,700

Unsecured Debt - Interest Expense 1,150 1,215 1,320
Total Interest Expense 3,190 3,085 3,020
Blue Input cells
Base Rate Spread

8.5% N/A
KIBOR 2.5%
Projected
2009 2010 2011 2012
13.0% 12.5% 11.0% 8.0%

18,000 16,000 14,000 12,000
7,000 6,000 5,000 4,000
1,530 1,360 1,190 1,020

1,085 900 675 420
2,615 2,260 1,865 1,440
Tab Tax Schedule Set Up
Created 2/1/09
Tax Schedule
Historical
2006 2007 2008
EBT Rs. 6,791.0 Rs. 12,923.8 Rs. 17,595.0

Tax Rate 35.0% 35.0% 35.0%
Taxes Payable (Rs.2,376.9) (Rs.4,523.3) (Rs.6,158.3)
Blue Input cells
Projected
2009 2010 2011 2012
Rs. 21,859.2 Rs. 27,600.9 Rs. 42,013.7 Rs. 56,992.2

35.0% 35.0% 35.0% 35.0%
(Rs.7,650.7) (Rs.9,660.3) (Rs.14,704.8) (Rs.19,947.3)
Tab Financial Model Step 0
Created 2/1/09
Income Statement
(Pak Rupees in 000s, except per share amounts) Historical Financials
Revenue 2006 2007 2008
Landing Fees 4,188 4,603 4,990
Handling Fees 21,670 25,179 28,318
Embarkation Fees 14,910 17,003 18,663
Total Operating Revenue 40,768.6 46,784.7 51,971.1

Airport Development Fund 9,564 11,478 12,389
Flying Club 2,000 2,000 2,000
Rental Income 5,600 6,735 8,353
Total Revenue Rs.57,932.6 Rs.66,997.7 Rs.74,713.1
Operating Costs
Staff salaries (9,044) (9,768) (10,549)
Maintenance (8,403) (8,874) (9,282)
Marketing & Advertising (8,843) (9,506) (10,267)
Other Operating Costs (1,200) (1,380) (1,587)
EBITDA 30,442 37,470 43,028
Depreciation & Amortization (21,400) (22,400) (23,352)

EBIT 9,042 15,070 19,676
Interest Expense (3,190) (3,085) (3,020)

Interest Income 939 939 939
EBT 6,791 12,924 17,595
Taxes @ 35% (2,377) (4,523) (6,158)

Net Income 4,414 8,400 11,437
Net Income Margin 7.6% 12.5% 15.3%
Balance Sheet Historical Financials

Assets
Cash and Equivalents 10,430 14,028 19,970
Inventory 5,000 5,400 5,500
Total Current Assets 37,535 43,353 51,370
Gross PP&E 500,000 520,000 540,800

Total Assets 395,770 399,965 406,230
Liabilities and Shareholders' Equity

Total Current Liabilities 4,943 4,844 4,747
Secured Debt 24,000 22,000 20,000

Unsecured Debt 10,000 9,000 8,000
Total Debt 34,000 31,000 28,000

Total Liabilities 49,066 45,765 42,469
Shareholders' Equity
Authorized Capital of 200,000,000 common shares
of Rs. 1 each
Common stock issued at par 100,000 100,300 100,601
Additional paid-in capital 234,987 235,692 236,399
Common stock issued at par to SAS
Additional paid-in capital by SAS
Accumulated earnings (deficit) 11,717 18,208 26,761
Total Shareholders' Equity 346,704 354,200 363,761
Total Liabilities & Shareholders' Equity 395,770 399,965 406,230
Balance Sheet Check 0 0 0
Cash Flow Statement Historical Financials

Cash Flow from Operations
Net Income 8,400 11,437
(+) Depreciation & Amortization 22,400 23,352
(Increase)/Decrease in Accounts Receivable (910) (974)
(Increase)/Decrease in Inventory (400) (100)
(Increase)/Decrease in Other Current Assets (911) (1,002)
Increase/(Decrease) in Accounts Payable (50) (49)
Increase/(Decrease) in Accrued Expenses & Other Current Liabilities (49) (48)
Increase/(Decrease) in Accrued Expenses & Other Non Current Liabiliti (202) (198)
Total Cash Flow from Operating Activities 28,279 32,418
Cash Flow from Investing Activities

(-) Capital Expenditures on PP&E (20,000) (20,800)
(-) Capital Expenditures on Other Non Current Assets
(+) Asset Sales
(-) Acquisition of Assets / Other Securities
Total Cash Flow from Investing Activities (20,000) (20,800)
Cash Flow from Financing

(+) Issuance of Common Stock 1,005 1,008
(+) Proceeds from Secured Debt 0 0
(+) Proceeds from Unsecured Debt 0 0
(+) Proceeds from Equity Raise from Foreign Investor 0 0
(-) Dividends Paid (1,909) (2,884)
(-) Payment of Secured Debt (2,000) (2,000)
(-) Payment of Unsecured Debt (1,000) (1,000)
Total Cash Flow from Financing Activities (3,904) (4,876)
Change in Cash Balance 4,375 6,742

Blue Input cells
2009 2010 2011 2012
5,417 6,032 7,425 8,770
31,593 36,166 45,546 55,380
20,815 23,837 30,028 36,415
57,826 66,035 82,999 100,565
13,855 15,822 19,887 24,096

2,487 2,840 3,569 4,325
8,574 9,791 12,307 14,911
82,742 94,488 118,762 143,897
(12,213) (13,947) (17,530) (21,240)

(9,961) (10,739) (11,535) (12,349)
(11,913) (13,605) (17,100) (20,719)
(1,675) (1,881) (2,268) (2,668)
46,980 54,316 70,330 86,922
(23,506) (25,455) (27,451) (29,490)

23,474 28,861 42,879 57,432
(2,615) (2,260) (1,865) (1,440)

1,000 1,000 1,000 1,000
21,859 27,601 42,014 56,992
(7,651) (9,660) (14,705) (19,947)

14,209 17,941 27,309 37,045
17.2% 19.0% 23.0% 25.7%
4.0% 4.0% 4.0% 4.0%
2009 2010 2011 2012
Recquires Cash Flow Statement completed

Requires Working Capital Schedule
585,552 631,294 678,066 725,908
28,466 29,666 30,916 32,166
(236,912) (262,367) (289,818) (319,308)
377,106 398,593 419,163 438,766

18,000 16,000 14,000 12,000

7,000 6,000 5,000 4,000
25,000 22,000 19,000 16,000
Requires Shareholder's Equity schedule

Previous Year's Balance + Net Income - Dividends
2009 2010 2011 2012
14,209 17,941 27,309 37,045

23,506 25,455 27,451 29,490
Tab Working Capital Set Up
Created 2/1/09
Working Capital
(Pak Rupees in 000s, except per share amounts) Historical Financials

2006 2007 2008
Total Revenue 57,933 66,998 74,713

Total Operating Costs (27,490) (29,528) (31,685)
Assets
Inventory 5,000 5,400 5,500
Liabilities
Ratios and Assumptions

Days in a Year 364.25
Accounts Receivable (Collection Period in Days) AR Balance X Days In a Year / Total Revenue
Inventory (Days Outstanding) Inventory Balance X Days in a Tear / Total Op Costs
Other Current Assets as a % of Total Revenue Current Assets / Total Revenue
Accounts Payable (Days Payable) AP Balance X Days in a Year / Total Operating Costs
Accrued Expenses and Other CL (as a % of Op Costs) Accr. Exp and Other CL / Total Operating Costs
Other Non Current Liabilities (as a % of Op Costs) Other Non CL / Total Operating Costs
Blue Input cells
2009 2010 2011 2012
(Total Revenue X AR Collection Period / Days in a Year)

(Total Operating Costs X Inv Days Outstanding / Days in a Year)
(Total Revenue X Other Current Assets as a % of Revenue)
(Total Operating Costs X AP (Days Payable) / Days in a Year)

(Total Operating Costs X Accr. Exp and OCL as a % of Op Costs)
(Total Operating Costs X Other Non CL as a % of Op Costs)
Total Op Costs
perating Costs
Tab Valuation Consideration
Created 2/1/09
Private Placement Proposal Summary

Investment Amount offered by SAS Capital 30,000
Offer price / share Rs. 2.8
Additional Shares Issued to SAS 10,714
Current Shares Outstanding 100,601
Common shares outstanding post SAS investment 111,315
Stock Price as of 05/04/2009 Rs. 2.6

Premium Paid by SAS Capital 7.7%
Capital Structure post SAS Investment

Shareholders % of Total Common shares held
Frontier Capital Corporation 49.7% 55,345
Shareef Brothers Limited 15.2% 16,893
Establishment Foundation 13.9% 15,456
SAS Capital Partners 9.6% 10,714
Publicly Traded 11.6% 12,907
Total Common Shares Outstanding 100% 111,315
Blue Input cells
Tab Shareholder's Equity Set Up
Created 2/1/09
Shareholder's Equity Schedule
2006 2007 2008
Beginning Equity Balance
Net Income 4,414 8,400 11,437
Additional shares issued to SAS at par
Additional paid in capital by SAS
Dividends Paid (1,545.0) (1,909.0) (2,884.5)
Ending Equity Balance 346,704 353,195 361,748
Dividend Assumptions
Total Dividends Paid 1,545.0 1,909.0 2,884.5
Net Income 4,414 8,400 11,437
Dividend Payout Ratio 35% 23% 25%
Blue Input cells
2009 2010 2011 2012
361,748
14,209 17,941 27,309 37,045
Requires Valuation Consideration Schedule
Link to Calculation Below
(SUM the above, be careful with signs)
(Net Income X Dividend Pay Out Ratio)

14,209 17,941 27,309 37,045
(Assumption based on historical ratios)
Tab Capital Structure
Created 2/1/09
Returns Analysis

EBITDA
Exit EBITDA Multiple
Enterprise Value
Less: Secured Debt

Less: Unsecured Debt
Plus: Cash
Total Equity Value
Sponsor's Ownership as a %
SAS
Sponsor
Equity
Equity
Dividend's received by SAS
SAS Returns
IRR
Blue Input cells
2009 2010 2011 2012
Requires Earnings from the Income Statement
Assumption based on Comparative Analysis
Requires Debt & Int. Schedule

Requires Debt & Int. Schedule
Requires Balance Sheet figure
Requires Shareholders' Equity Schedule
Initial Inv 2009 2010 2011 2012

(30,000.0) 0.0
(30,000.0) 0.0 0.0
(30,000.0) 0.0 0.0 0.0
(30,000.0) 0.0 0.0 0.0 0.0
Tab Control Page Set Up
Created 2/1/09
Control Page
B-737-300
A-320 1) Text to be copied from the Operating Model
A310 2) Operating Model to be relinked to the Control Pg
B747

Aircraft Movements
B-737-300 1) Text to be copied from
A-320 2) Operating Model to be r
A310
B747
Key Financials Historical Financials

2006 2007
Revenue To be linked to the In
EBITDA To be linked to the In
Net Income To be linked to the In
Cash and Equivalents To be linked to the
1) To be copied from Valuation Consideration
2) Valuation Consideration to be relinked to Control Page
Investment Amount offered by SAS Capital Exit EBITDA Multiple
Offer price / share Sponsor's Ownership a %
Current Stock Price
Premium Paid by SAS Capital Partners IRR
Additional Shares Issued To be linked to the Valuation Consideration

Current Shares Outstanding To be linked to the Valuation Consideration
Common shares outstanding post investment To be linked to the Valuation Consideration
Blue Input cells

Operating Revenue: Assumption: Rate:
rom the Operating Model Landing Charges / Ton Annually - Fixed Operating Model
o be relinked to the Control Pg Handling Charges / AC MovementAnnually - Fixed Operating Model
Embarkation Fees / Passenger Annually - Fixed Operating Model
2008 2009 2010 2011 2012
1) Text to be copied from the Operating Model

2) Operating Model to be relinked to the Control Page
cal Financials Projected Financials

2008 2009 2010 2011 2012
To be linked to the Income Statement
To be linked to the Balance Sheet
EBITDA Multiple 1) Copy from Returns Analysis. 2) Returns Analysis to be relinked to Control Page
nsor's Ownership a % To be linked to Valuation Consideration Schedule
Initial Inv 2009 2010 2011 2012

Financial Modeling - Module I - Workbook 09.28.09

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File Financial Modeling - Module I

Author(s) Asfi Shaheen

19.7% 19.7% 19.7%

Depreciation & Amortization

Depreciation & Amortization

Non Operating Revenue

Depreciation & Amortization (21,400) (22,400) (23,352)

Interest Expense (3,190) (3,085) (3,020)

Taxes @ 35% (2,377) (4,523) (6,158)

Balance Sheet Historical Financials

Liabilities and Shareholders' Equity

Secured Debt 24,000 22,000 20,000

Other Non Current Liabilities 10,123 9,921 9,722

Total Liabilities & Shareholder's Equity Rs.395,770 Rs.399,965 Rs.406,230

0.0 0.0 0.0

Cash Flow Statement

Cash Flow from Investing Activities

Cash Flow from Financing

Change in Cash Balance 3,598 5,942

(+) Total Debt 28,000

FY 2008 Revenue Rs. 74,713

Enterprise Value / Revenue 3.6x

Capital Structure as of 05/04/2009

Revenue Driver Rates Historical

Aircraft Traffic Forecast 2006 2007

Passenger Forecast 2006 2007

Operating Cost Rates Historical

MTOW (Tons) Revenue Driver Inflation Assumptions

2008 2009 2010 2011 2012

2008 2009 2010 2011 2012

Revenue Driver Rates Historical

Aircraft Traffic Forecast 2006 2007

Passenger Forecast 2006 2007

Operating Cost Rates Historical

Income Statement Historical Financials

Depreciation & Amortization (21,400) (22,400)

Interest Expense (3,190) (3,085)

Taxes @ 35% (2,377) (4,523)

MTOW (Tons) Revenue Driver Inflation Assumptions

2008 2009 2010 2011 2012

176 179 188 213 243

76.0% 76.5% 77.0% 77.5% 78.0%

2008 2009 2010 2011 2012

cal Financials Projected Financials

4,990 5,417 6,032 7,425 8,770

12,389 13,855 15,822 19,887 24,096

(10,549) (12,213) (13,947) (17,530) (21,240)

(23,352) (23,506) (25,455) (27,451) (29,490)

(3,020) (2,615) (2,260) (1,865) (1,440)

(6,158) (7,651) (9,660) (14,705) (19,947)

Cap Ex and D&A Schedule

Depreciation Expense (A + B + C + D) 21,400 22,400 23,352

D&A Method: Straight Line assuming no residual value

(A)----> Depreciation on Existing Gross PP&E

Year CapEx Useful Life

(C)----> Depreciation on Other Non Current Assets

Year CapEx Useful Life

23,506 25,455 27,451 29,490

18,027 18,027 18,027 18,027

2009 2010 2011 2012

3,433 3,433 3,433 3,433

2009 2010 2011 2012

Debt & Interest

KIBOR - Historical and Forward Curve 9.0% 11.0% 14.0%