Financial model Case Study, I completed the spreadsheet to the best of my ability, I was provided an assumption and out of that assumption I built out financial statements. I need for someone to look at my document and tell me what I am missing or calculated incorrect. It doesn't look like its correct because it showing the company at a loss thru out the whole time.

Revenue Assumptions Subscribers DTH Subscription Revenues ARPU Registration Fees Subscribers DTT Subscription Revenues ARPU Registration Fees Virgin Wholesale BT Vision 1,000,000 subscribers at end of FYE 2008 Increase of 20% in FY2009 Increase of 15% in FY2010 Increase of 5% thereafter 12.99 per month through to Q3 2009 with uplift to 13.99 at that time 1.00 uplift in Q3 of each year thereafter 5.0% average discount on subscriptions 3.0% Luxembourg VAT applied to discounted subscription price Based on average subscribers over the period 10.00 per new subscriber Assume 60% of new subscibers pay registration fees 250,000 subscribers at end of FYE 2008 Increase of 22.5% in FY2009 Increase of 20% in FY2010 Increase of 7.5% thereafter Increase each year phased in 25% in Q1, 0% in Q2, 50% in Q3, 25% in Q4 9.99 per month through to Q3 2009 with uplift to 10.99 at that time 1.00 uplift in Q3 of every other year thereafter 3.0% average discount on subscriptions 3.0% Luxembourg VAT applied to discounted subscription price Based on average subscribers over the period 10.00 per new subscriber Assume 60% of new subscibers pay registration fees Monthly ARPU of 1.50 per subscriber, increasing to 1.75 in Q3 2010 1.6m subscribers rising by 2% annually Based on average subscribers over the period Monthly ARPU of 1.25 per subscriber, increasing to 1.50 in Q3 2010 150,000 subscribers rising by 20% per year Minimum guarantee payable on 200,000 subscribers Based on average subscribers over the period 3m in FY2008 Increase of 75% in FY2009 Increase of 50% in FY2010 Increase of 10% thereafter IPTV and Broadband Gross Cost Assumptions Rights Costs Premier League FA Scottish Premier League All other rights 140m per year through to Q3 2010, 5% decrease thereafter 50m per year through too Q3 2012, 5% increase thereafter 30m per year through to Q3 2010, 15% increase thereafter 35m in FY2009, rising by 3% thereafter Transmission Production Direct Staf All rights payments charged in equal monthly instalments each year though the P&L Cash payments on three major contracts made bi-annually in Q1 and Q3 each year (forward payment) 1.40 per month per DTH subscriber 1.00 per month per DTT subscriber 1.00 per month per DTH and DTT subscriber 0.75 on sign up of each new subscriber 15m in FY2008 throughout forecast period 25m in FY2008 rising by average increase in rights costs annually 7m in FY2008 rising by 3% annually SG&A Assumptions Marketing Indirect Staf 25m annually throughout forecast period 5m in FY2008 rising by 3% annually Depreciation & Amortisation Assumptions Amortisation Depreciation Not applicable 2m annually Conditional Access Customer Management Charge Tax Assumptions Corporate tax Corporate tax at 30% Tax losses carried forward Cash Flow Assumptions Rights Costs Capital Expenditure Working Capital Balance Sheet Assumptions PIK Notes Bank Debt Revolver Cash Dividends All rights payments charged equally each year though the P&L Cash payments on three major contracts made bi-annually in Q1 and Q3 each year (forward payment) 2.5m per year 20m in flow in Q1 and Q3, 20m out flow in Q2 and Q4 Neutral on an annual basis 12.5% non cash pay notes, redeemable in 2015 LIBOR + 2.00% cash interest LIBOR + 2.50% cash interest Interest on cash balances at LIBOR + 0.5% Zero payable over forecast period Calculation m y/e, 31 Dec 2008 FY 2009 2010 FY FY 2011F FY 2012F FY 2013F FY 2014F FY 2015F FY 2016F FY 2017F FY 2018F FY 2019F FY 2020F FY DTH Subscription Subscription Averge Price Revenues less 5% discount Net Subscription Revenue 3% VAT to be collected from customers Registration Fee Total Revenues DTH 1,000,000 156 155,880,000 7,794,000 148,086,000 4,442,580 6,000,000 158,528,580 1,200,000 159 190,656,000 9,532,800 181,123,200 5,433,696 1,200,000 187,756,896 1,380,000 171 235,814,400 11,790,720 224,023,680 6,720,710 1,080,000 231,824,390 1449000 185.88 269340120 13467006 255873114 7676193.42 414000 263963307.42 1521450 197.88 301064526 15053226.3 286011299.7 8580338.991 434700 295026338.691 1597522.5 209.88 335288022.3 16764401.115 318523621.185 9555708.63555 456435 328535764.82055 1677398.625 221.88 372181206.915 18609060.34575 353572146.56925 10607164.3970775 479256.75 364658567.716328 1761268.55625 233.88 411925489.93575 20596274.4967875 391329215.438963 11739876.4631689 503219.587500001 403572311.489631 1849331.9840625 245.88 454713748.241288 22735687.4120644 431978060.829223 12959341.8248767 528380.566875001 445465783.220975 1941798.58326563 257.88 500751018.65254 25037550.932627 475713467.719913 14271404.0315974 554799.595218751 490539671.346729 2038888.51242891 269.88 550255231.734313 27512761.5867157 522742470.147598 15682274.1044279 582539.574979688 539007283.827005 2140832.93805035 281.88 603457988.577633 30172899.4288817 573285089.148752 17198552.6744625 611666.553728672 591095308.376943 2247874.58495287 293.88 660605383.025949 33030269.1512975 627575113.874652 18827253.4162396 642249.881415107 647044617.172307 DTT Subscription Subscription Averge Price Revenues less 3% discount Net Subscription Revenue 3% VAT to be collected from customers Registration fees Total Revenues 250,000 120 29,970,000 899,100 29,070,900 872,127 1,500,000 31,443,027 306,250 123 37,632,000 1,128,960 36,503,040 1,095,091 337,500 37,935,631 367,500 135 49,568,400 1,487,052 48,081,348 1,442,440 367,500 49,891,288 395062.5 149.88 59,211,968 1,776,359 57,435,608 1,723,068 165,375 59,324,052 424692.1875 161.88 68,749,171 2,062,475 66,686,696 2,000,601 177,778 68,865,075 456544.1015625 173.88 79,383,888 2,381,517 77,002,372 2,310,071 191,111 79,503,554 490784.909179688 185.88 91,227,099 2,736,813 88,490,286 2,654,709 205,445 91,350,439 527593.777368164 197.88 104,400,257 3,132,008 101,268,249 3,038,047 220,853 104,527,150 567163.310670776 209.88 119,036,236 3,571,087 115,465,149 3,463,954 237,417 119,166,520 609700.558971085 221.88 135,280,360 4,058,411 131,221,949 3,936,658 255,223 135,413,831 655428.100893916 233.88 153,291,524 4,598,746 148,692,779 4,460,783 274,365 153,427,927 704585.20846096 245.88 173,243,411 5,197,302 168,046,109 5,041,383 294,943 173,382,435 757429.099095531 257.88 195,325,816 5,859,774 189,466,042 5,683,981 317,063 195,467,086 1,600,000 18 28,800,000 1,632,000 18 29,376,000 1,664,640 20 32,460,480 1,697,933 21 35,656,589 1,731,891 21 36,369,721 1,766,529 21 37,097,115 1,801,860 21 37,839,057 1,837,897 21 38,595,838 1,874,655 21 39,367,755 1,912,148 21 40,155,110 1,950,391 21 40,958,213 1,989,399 21 41,777,377 2,029,187 21 42,612,924 150,000 15 2,250,000 31,050,000 180,000 15 2,700,000 32,076,000 216,000 17 3,564,000 36,024,480 259,200 18 4,665,600 40,322,189 311,040 18 5,598,720 41,968,441 373,248 18 6,718,464 43,815,579 447,898 18 8,062,157 45,901,214 537,477 18 9,674,588 48,270,427 644,973 18 11,609,506 50,977,261 773,967 18 13,931,407 54,086,517 928,760 18 16,717,688 57,675,901 1,114,513 18 20,061,226 61,838,603 1,337,415 18 24,073,471 66,686,396 IPTV Broadband Revenues Total Revenues 3,000,000 224,021,607 5,250,000 263,018,527 7,875,000 325,615,159 8,662,500 372,272,048 9,528,750 415,388,604 10,481,625 462,336,523 11,529,788 513,440,009 12,682,766 569,052,654 13,951,043 629,560,607 15,346,147 695,386,167 16,880,762 766,991,874 18,568,838 844,885,184 20,425,722 929,623,821 Gross Cost Right Cost Premier FA Scottish All other Total Right Cost 140,000,000 50,000,000 30,000,000 35,000,000 255,000,000 140,000,000 50,000,000 30,000,000 35,000,000 255,000,000 138,250,000 50,000,000 31,125,000 36,050,000 255,425,000 131,337,500 50,000,000 35,793,750 37,131,500 254,262,750 124,770,625 50,625,000 41,162,813 38,245,445 254,803,883 118,532,094 53,156,250 47,337,234 39,392,808 258,418,386 112,605,489 55,814,063 54,437,820 40,574,593 263,431,964 106,975,215 58,604,766 62,603,492 41,791,830 269,975,303 101,626,454 61,535,004 71,994,016 43,045,585 278,201,059 96,545,131 64,611,754 82,793,119 44,336,953 288,286,957 91,717,875 67,842,342 95,212,087 45,667,061 300,439,364 87,131,981 71,234,459 109,493,900 47,037,073 314,897,413 82,775,382 74,796,182 125,917,985 48,448,185 331,937,734 Conditional Acccess DTT DTH Total Conditional Access 12,000,000 4,200,000 16,200,000 14,400,000 5,145,000 19,545,000 23,184,000 4,410,000 27,594,000 24,343,200 4,740,750 29,083,950 25,560,360 5,096,306 30,656,666 26,838,378 5,478,529 32,316,907 28,180,297 5,889,419 34,069,716 29,589,312 6,331,125 35,920,437 31,068,777 6,805,960 37,874,737 32,622,216 7,316,407 39,938,623 34,253,327 7,865,137 42,118,464 35,965,993 8,455,023 44,421,016 37,764,293 9,089,149 46,853,442 Customer Management DTT and DTH New Customer Total CM Cost 15,000,000 1,350,000 16,350,000 18,075,000 238,688 18,313,688 20,970,000 232,418 21,202,418 22,128,750 129,791 22,258,541 23,353,706 140,909 23,494,615 24,648,799 153,578 24,802,377 26,018,202 168,073 26,186,275 27,466,348 184,722 27,651,070 28,997,944 203,915 29,201,858 30,617,990 226,119 30,844,108 32,331,799 251,890 32,583,690 34,145,018 281,896 34,426,914 36,063,644 316,932 36,380,576 15,000,000 25,000,000 7,000,000 334,550,000 15,000,000 25,000,000 7,210,000 340,068,688 15,000,000 25,041,667 7,426,300 351,689,384 15,000,000 24,927,721 7,649,089 353,182,051 15,000,000 24,980,773 7,878,562 356,814,498 15,000,000 25,335,136 8,114,919 363,987,725 15,000,000 25,826,663 8,358,366 372,872,984 15,000,000 26,468,167 8,609,117 383,624,094 15,000,000 27,274,614 8,867,391 396,419,659 15,000,000 28,263,427 9,133,412 411,466,528 15,000,000 29,454,840 9,407,415 429,003,773 15,000,000 30,872,295 9,689,637 449,307,275 15,000,000 32,542,915 9,980,326 472,694,993 Marketing Indirect Staf Depreciation Total SG&A 25,000,000 5,000,000 2,000,000 32,000,000 25,000,000 5,150,000 2,000,000 32,150,000 25,000,000 5,304,500 2,000,000 32,304,500 25,000,000 5,463,635 2,000,000 32,463,635 25,000,000 5,627,544 2,000,000 32,627,544 25,000,000 5,796,370 2,000,000 32,796,370 25,000,000 5,970,261 2,000,000 32,970,261 25,000,000 6,149,369 2,000,000 33,149,369 25,000,000 6,333,850 2,000,000 33,333,850 25,000,000 6,523,866 2,000,000 33,523,866 25,000,000 6,719,582 2,000,000 33,719,582 25,000,000 6,921,169 2,000,000 33,921,169 25,000,000 7,128,804 2,000,000 34,128,804 Interest PIK Bank loan libor 10% +2% Revolver less interest on cash 10+0.5 Net Interest expense 26,875,000 1,500,000 0 2,625,000 25,750,000 26,875,000 1,500,000 17,699,135 26,875,000 1,500,000 33,143,934 26,875,000 1,500,000 45,257,053 26,875,000 1,500,000 53,652,257 26,875,000 1,500,000 57,772,344 26,875,000 1,500,000 56,674,123 26,875,000 1,500,000 79,966,674 1,500,000 65,478,513 1,500,000 41,948,627 1,500,000 7,637,651 1,500,000 1,500,000 46,074,135 61,518,934 73,632,053 82,027,257 86,147,344 85,049,123 108,341,674 66,978,513 43,448,627 9,137,651 20,205,107 (18,705,107) 53,228,907 (51,728,907) Wholesale Virgin Subscriber Avg Price Revenues BT Vision Subscriber Avg Price Revenues Total Wholesale Revenues Transmission Production Direct Staf Total Gross Cost Reserves on 2008 (290,000,000) -155274295.675 -119897658.8267 -87005690.61399 -56080694.57142 -20594915.99282 15783348.269266 30756262.046976 92980009.801062 (445,274,296) (565,171,955) (652,177,645) (708,258,340) (728,853,256) (713,069,907) (682,313,645) (589,333,636) 2017 144863002.53654 (444,470,633) 2018 206591607.89351 (237,879,025) 2009 2010 2011 2012 2013 2014 2015 2016 Income Statement m y/e, 31 Dec Total Revenues less Gross Cost Gross Profit Less Operating Expense Earnings before interest and taxes less Interest Earnaings before taxes less taxes Net Income 2008 FY 224,021,607 (334,550,000) (110,528,393) (32,000,000) (142,528,393) (25,750,000) (168,278,393) 0 (168,278,393) Q1 64,644,501 (89,903,422) (25,258,921) (8,037,500) (33,296,421) (11,518,534) (44,814,955) 0 (44,814,955) 2009 Q2 Q3 62,726,116 66,562,886 (79,947,172) (90,087,172) (17,221,056) (23,524,286) (8,037,500) (8,037,500) (25,258,556) (31,561,786) (11,518,534) (11,518,534) (36,777,090) (43,080,319) 0 0 (36,777,090) (43,080,319) 2009 Q4 69,085,024 (80,130,922) (11,045,898) (8,037,500) (19,083,398) (11,518,534) (30,601,932) 0 (30,601,932) FY 263,018,527 (340,068,688) (77,050,160) (32,150,000) (109,200,160) (46,074,135) (155,274,296) 0 (155,274,296) Q1 79,410,425 (94,977,096) (15,566,671) (8,076,125) (23,642,796) (15,379,733) (39,022,529) 0 (39,022,529) 2010 Q2 Q3 76,897,436 83,333,894 (80,959,596) (95,197,596) (4,062,160) (11,863,702) (8,076,125) (8,076,125) (12,138,285) (19,939,827) (15,379,733) (15,379,733) (27,518,018) (35,319,560) 0 0 (27,518,018) (35,319,560) 2010 Q4 85,973,403 (80,555,096) 5,418,307 (8,076,125) (2,657,818) (15,379,733) (18,037,551) 0 (18,037,551) FY 325,615,159 (351,689,384) (26,074,225) (32,304,500) (58,378,725) (61,518,934) (119,897,659) 0 (119,897,659) 2011F FY 372,272,048 (353,182,051) 19,089,997 (32,463,635) (13,373,638) (73,632,053) (87,005,691) 0 (87,005,691) 2012F FY 415,388,604 (356,814,498) 58,574,106 (32,627,544) 25,946,562 (82,027,257) (56,080,695) 0 (56,080,695) 2013F FY 462,336,523 (363,987,725) 98,348,798 (32,796,370) 65,552,428 (86,147,344) (20,594,916) 0 (20,594,916) 2014F FY 513,440,009 (372,872,984) 140,567,025 (32,970,261) 107,596,763 (85,049,123) 22,547,640 (6,764,292) 15,783,348 2015F FY 569,052,654 (383,624,094) 185,428,560 (33,149,369) 152,279,191 (108,341,674) 43,937,517 (13,181,255) 30,756,262 2016F FY 629,560,607 (396,419,659) 233,140,948 (33,333,850) 199,807,098 (66,978,513) 132,828,585 (39,848,576) 92,980,010 2017F FY 695,386,167 (411,466,528) 283,919,639 (33,523,866) 250,395,773 (43,448,627) 206,947,146 (62,084,144) 144,863,003 2018F FY 766,991,874 (429,003,773) 337,988,101 (33,719,582) 304,268,519 (9,137,651) 295,130,868 (88,539,261) 206,591,608 2019F 2020F FY FY 844,885,184 929,623,821 (449,307,275) (472,694,993) 395,577,909 456,928,827 (33,921,169) (34,128,804) 361,656,740 422,800,023 18,705,107 51,728,907 380,361,846 474,528,930 (110,763,098) (142,358,679) 269,598,748 332,170,251 Balance Sheet m y/e, 31 Dec 2008 FY Q1 2009 Q2 Q3 Q4 2009 FY Q1 2010 Q2 Q3 Q4 2010 FY 2011F FY 2012F FY 2013F FY 2014F FY 2015F FY 2016F FY 2017F FY 2018F FY 2019F FY 2020F FY Fixed Assets Investments Total Fixed Assets 8.5 0.1 8.6 2.3 0.0 2.3 2.3 0.0 2.3 2.3 0.0 2.3 2.3 0.0 2.3 9.0 0.1 9.1 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 9.5 0.1 9.6 10.0 0.1 10.1 10.5 0.1 10.6 11.0 0.1 11.1 11.5 0.1 11.6 12.0 0.1 12.1 12.5 0.1 12.6 13.0 0.1 13.1 13.5 0.1 13.6 14.0 0.1 14.1 14.5 0.1 14.6 Current Assets Current Liabilities Net Current Assets 97 (93) 4.0 24.3 (23.3) 1.0 24.3 (23.3) 1.0 24.3 (23.3) 1.0 24.3 (23.3) 1.0 97.0 (93.0) 4.0 24.3 (23.3) 1.0 24.3 (23.3) 1.0 24.3 (23.3) 1.0 24.3 (23.3) 1.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 97.0 (93.0) 4.0 Cash Revolver Bank Loans & Senior Facility Leases Deferred Consideration Shareholder Loans Net Cash/ (Debt) 25.0 12.5 38 (62.8) 3.1 (62.8) 3.1 (62.8) 3.1 (62.8) 3.1 0.0 (251.2) 12.5 0.0 (338.7) 12.5 0.0 (395.3) 12.5 0.0 (416.4) 12.5 0.0 (401.1) 12.5 0.0 (585.8) 12.5 0.0 (493.3) 12.5 0.0 (349.0) 12.5 0.0 (142.9) 12.5 126.2 0 12.5 457.9 0 12.5 Balance Sheet Check OK (32.7) 3.1 (32.7) 3.1 (30) (30) (30) (30) (118.3) (60) (60) (60) (60) (238.7) (326.2) (382.8) (403.9) (388.6) (573.3) (480.8) (336.5) (130.4) 138.7 470.4 (26.3) (26.3) (26.3) (26.3) (105.2) (56.3) (56.3) (56.3) (56.3) (225.1) (312.1) (368.2) (388.8) (373.0) (557.2) (464.2) (319.4) (112.8) 156.8 489.0 125 215 (290) 50 Share Capital PIK Minority Interests Reserves Net Assets (32.7) 3.1 50 Net Assets (32.7) 3.1 0.0 (130.8) 12.5 31.3 53.8 0.0 (111.3) (26) 31.3 53.8 0.0 (111.3) (26) 31.3 53.8 0.0 (111.3) (26) 31.3 53.8 0.0 (111.3) (26) 125.0 215.0 0.0 (445.2) (105) 31.3 53.8 0.0 (141.3) (56) 31.3 53.8 0.0 (141.3) (56) 31.3 53.8 0.0 (141.3) (56) 31.3 53.8 0.0 (141.3) (56) 125.0 215.0 0.0 (565.1) (225) 125.0 215.0 0.0 (652.1) (312) 125.0 215.0 0.0 (708.2) (368) 125.0 215.0 0.0 (728.8) (389) 125.0 215.0 0.0 (713.0) (373) 125.0 125.0 125.0 125.0 125.0 125.0 0.0 (682.2) (557) 0.0 (589.2) (464) 0.0 (444.4) (319) 0.0 (237.8) (113) 0.0 31.8 157 0.0 364.0 489 OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK - OK OK - OK - OK - - Cashflow Statement m y/e, 31 Dec Net Income add Depreciation Net Cash from Operating Activities Capital Expenditure Net cash from investing activities 2008 2009 Q1 (44,814,955) 500,000 (44,314,955) Q2 (36,777,090) 500,000 (36,277,090) Q3 (43,080,319) 500,000 (42,580,319) (625,000.0) (625,000) (625,000.0) (625,000) (625,000.0) (625,000) Repayment of PIK Net Cash form financing activities Overall change in cash flows Cash Balance (44,939,955) 6,250,000 (36,902,090) 6,250,000 Ending Cash Balance/Revolver (38,689,955) (30,652,090) 2010 Q4 FY (30,601,932) (155,274,296) 500,000 2,000,000 (30,101,932) (153,274,296) (625,000.0) (625,000) (2,500,000) (2,500,000) Q1 (39,022,529) 500,000 (38,522,529) Q2 (27,518,018) 500,000 (27,018,018) Q3 (35,319,560) 500,000 (34,819,560) Q4 (18,037,551) 500,000 (17,537,551) FY (119,897,659) 2,000,000 (117,897,659) 2011F FY (87,005,691) 2,000,000 (85,005,691) 2012F FY (56,080,695) 2,000,000 (54,080,695) 2013F FY (20,594,916) ### (18,594,916) 2014F FY 15,783,348 2,000,000 17,783,348 2015F FY 30,756,262 2,000,000 32,756,262 2016F FY 92,980,010 2,000,000 94,980,010 (625,000.0) (625,000) (625,000.0) (625,000) (625,000.0) (625,000) (625,000.0) (625,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (87,505,691) (251,171,955) (56,580,695) (338,677,645) (21,094,916) (395,258,340) 15,283,348 (416,353,256) (215,000,000.0) (215,000,000.0) (184,743,738) (401,069,907) 92,480,010 (585,813,645) (338,677,645) (395,258,340) (416,353,256) (401,069,907) (585,813,645) (493,333,636) (43,205,319) 6,250,000 (30,726,932) (155,774,296) 6,250,000 25,000,000 (39,147,529) (32,693,574) (27,643,018) (32,693,574) (35,444,560) (32,693,574) (18,162,551) (32,693,574) (120,397,659) (130,774,296) (36,955,319) (24,476,932) (130,774,296) (71,841,103) (60,336,592) (68,138,134) (50,856,125) (251,171,955) 2017F FY 144,863,003 2,000,000 146,863,003 2018F FY 206,591,608 2,000,000 208,591,608 2019F FY 269,598,748 2,000,000 271,598,748 2020F FY 332,170,251 2,000,000 334,170,251 (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) 144,363,003 (493,333,636) 206,091,608 (348,970,633) 269,098,748 (142,879,025) 331,670,251 126,219,723 (348,970,633) (142,879,025) 126,219,723 457,889,975 DCF WACC Terminal growth rate Exit multiples Valuation date Exit date Days in 1 year 14.0% 2.0% 8.0x Jun-2012 Jun-2015 365 m, y/e 31 Dec Dec-2011 Free Cash Flow PVIF at 14% PV Value Dec-2012 (28,290,347.29) 0.94 (26,496,337.87) 405,377,925 Valuation using exit multiple method: 2012 Free Cash flow PVIF at 14% PV Value (28,290,347.29) 0.94 (26,496,337.87) 810,470,605.00 Valuation using terminal growth method: 2012 Free Cash flow PVIF at 14% PV Value (28,290,347.29) 0.94 (26,496,337.87) 150,986,108.23 Free Cash flow June 15 Overall cahnge in cash flow2015 add repayment of loan Free cash flow Upto June -184743738 215000000 30256262 15128131 EBITDA for 2015 154279191 Dec-2013 Dec-2014 (21,094,915.99) 15,283,348.27 0.82 0.72 (17,330,876.33) 11,014,286.81 2013 2014 (21,094,915.99) 15,283,348.27 0.82 0.72 (17,330,876.33) 11,014,286.81 2013 2014 (21,094,915.99) 15,283,348.27 0.82 0.72 (17,330,876.33) 11,014,286.81 Dec-2015 30,256,262.05 0.63 19,127,063.22 Dec-2016 92,480,009.80 0.55 51,283,308.56 2015 Exit value 15,128,131.02 0.67 10,211,057.53 1,234,233,526.68 0.67 833,072,474.85 2015 Terminal Value 15,128,131.02 0.67 10,211,057.53 257,178,227.40 0.67 173,587,978.08 Dec-2017 Dec-2018 Dec-2019 Dec-2020 144,363,002.54 0.49 70,222,974.90 206,091,607.89 0.43 87,938,443.39 269,098,748.49 0.37 100,722,220.82 331,670,251.19 0.33 108,896,841.47