sion cash flow model 210116 - 2 tranche ncd tax linked post internal discussion v2.xlsx

7/25/2019 Sion Cash Flow Model 210116 - 2 Tranche NCD Tax linked Post Internal Discussion v2.xlsx

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PROJECT SION

MEANS OF FINANCE

Promoters Contribution Cr

Proposed Investor NCD Cr

Proposed Construction Finance Cr

Advance Booking Money Cr

TOTAL Cr

PROJECT COST

FSI Cost, Acqusition Cost Corpus Fund Cr

Naman S!are Cr

Construction Cost Cr

"ent Brokerage Cr

Approva# Cost Cr

Marketing, Administrative Contingency $%penses Cr

Total Project Cost exclu. Finance Cost - A Cr

Finance Cost

Finance Cost& Interest on Proposed Investor NCD Cr

Finance Cost& Interest on Proposed CF Cr

Finance Cost& Advisor's Fee Cr

Cost - B Cr

Tax - C Cr(enera# Corporate Purpose ) From Proposed NCD Cr

Cost - Cr

Cost - A!B!C! Cr

Cas"#o$ Su%%ar& 'As at Se( )*+

"evenue *rom Sa#e Cr

FSI Cost, Acqusition Cost Corpus Fund Cr

Pro+ect Cost ot!er t!an -and and .nance c!arges/ Cr

Cas!0o1 be*ore 2a% Cr

2a% Cr

Post 2a% Cas!0o1 *rom Pro+ect Cr

Promoters Contribution Cr

Proposed Investor NCD Cr

Proposed Construction Finance Cr


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(enera# Corporate Purpose ) From Proposed NCD Cr

"epayment o* Proposed Investor NCD Cr

"epayment o* Proposed CF Cr

Finance Cost& Interest on Proposed Investor NCD Cr

Finance Cost& Interest on Proposed CF Cr

Finance Cost& Advisor's Fee Cr

3pening Cas! Ba#ance Cr

Net in0o1 be*ore NCD CF service Cr

NCD CF cost Cr

Co,er


3/159


4/159

)

456766

$rr&589

:=676756 ;47;5 ;97:= 86755 86755


9/159


10/159


11/159

Mar-)0 Jun-)0 Se(-)0 ec-)0 Mar-); Jun-); Se(-); ec-);

87:4 8987=8 88>7=5

) ) ) ) ) ) ) )

)82./6 )/).86 380.03 303.8: 363.;3 33)./8 363.26 300.;*


887:4 887:4

) ) ) ) ) ) ) )

; ; ; ; ; ; ; )

86765 86765 86765 86765 86765 86765 86765 86765

>76: >76: >76: >76: >76: >76: >76: >76:

) ) ) ) ) ) ) )

87=; 87=; 87=; 87=; 87=; 87=; 87=; 87=;) ) ) ) ) ) ) )

AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

$rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589

Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36

)82./6 )/).86 380.03 303.8: 363.;3 33)./8 363.26 300.;*

)82./6 )/).86 380.03 303.8: 363.;3 33)./8 363.26 300.;*

3% 4% "% #% % % % #%

13% 1#% 23% 30% 3% 40% 4"% 2%

- - - - - - - -

))0.)2 ):6.)0 )6/.0) )6/.0/ )6:.*; )63.*: )62.)) )2;.68


12/159

6*./* 6*./* 63.// 3;./; 3:.0) 36.06 32.0* )/.00

- *8.)/ *8.)/ *8.)/ *8.)/ *8.)/ *8.)/ *8.)/

*;.0; *2.02 *2.00 *6.;) **.:) *8.*: **.2; 6/.62

!% #% #% #% #% #% #% %

4$% % "2% "$% #"% !3% $1% $%

=>AL1E? 0.3: ))).22 )88.*; =>AL1E? 0;.)0 )2).;3 )/;.:)

- - - =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

)82./6 )/).86 380.03 303.8: 363.;3 33)./8 363.26 300.;*

=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?


6*./* 6*./* 63.// 3;./; 3:.0) 36.06 32.0* )/.00

33.8: 33.8: - - - - - -

- *8.)/ *8.)/ *8.)/ *8.)/ *8.)/ *8.)/ *8.)/

=>AL1E? - - - =>AL1E? - - -




=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

9=,6;< 9=,6;< 5:,4== 5:,4== 9=,6;< 9=,6;< 95,

.0% .0% #.0% #.0% .0% .0% 4.% .%

2$.% 34.% 41.% 4!.% 3.% !.% "3.0% "!.%

>7>< >74= 8


13/159


14/159

Mar-32 Jun-32 Se(-32 ec-32 Mar-3) Jun-3) Se(-3)

99> 9 8487=> :547;; 9:676= 99=78< )

) ) ) ) ) ) )

66).00 6)).00 3:3.;0 8*:.// 682.2; 66;.3) -

Mar-32 Jun-32 Se(-32 ec-32 Mar-3) Jun-3) Se(-3)

==75AL1E?

$rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 )

=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ )

$rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589

=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

$rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 )

Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36

66).00 6)).00 3:3.;0 8*:.// 682.2; 66;.3) -

66).00 6)).00 3:3.;0 8*:.// 682.2; 66;.3) -

!% #% "% 11% !% !% 0%

"0% "#% #4% !4% $2% 100% 100%

- - - - - - -

//.): /*.)) :;.6/ :*.0; :6.36 ;;.*) -


15/159


16/159


17/159

ec-3) Mar-33

) )

) )

- -

ec-3) Mar-33

) ???

) )

) )

?@A-$ ?@A-$

=>AL1E? =>AL1E?

?@A-$ ?@A-$

=>AL1E? =>AL1E?

) ???

=>AL1E? =>AL1E?

?@A-$ ?@A-$

?@A-$ ?@A-$

) )

$rr&589 $rr&589

=>AL1E? =>AL1E?

) ???

Err5*36 Err5*36

- -

- -

0% 0%

100% 100%

- -

- -


18/159


19/159

$rr&589 $rr&589

$rr&589 $rr&589

=>AL1E? =>AL1E?


20/159

Total

BALANCE SDEET

E1IT @ LIABILITIES

SDAREDOLERS F1NS5S!are capita# Cr

"eserves and surp#us Cr

Total S"are"ol4ers Fun4s Cr

NON-C1RRENT LIABILITIES5

Proposed NCD Cr

Proposed Construction Finance

Total Non-Current Lia7ilities Cr

C1RRENT LIABILITIES5

S!ort term borro1ings Secured *rom banks/ Cr

2rade payab#es Cr

Advances *rom Customers Cr

S!ort term provisions Cr

3t!er current #iabi#ities Cr

Total Current Lia7ilities Cr

TOTAL E1IT @ LIABILITIES Cr

ASSETS

NON-C1RRENT ASSETS5

Fi%ed assets ) 2angib#e assets Cr

Fi%ed assets ) Intangib#e assets Cr

-ong term #oans and advances Cr

3t!er non)current assets Cr

Total Non-Current Assets Cr

C1RRENT ASSETS5

Current investments Cr

Inventories ) IP Cr

-ess& Construction cost recogniGed Cr 48:7:;

-ess& Approva# cost recogniGed Cr 5795

Inventories ) Ba#ance IP Cr

2rade receivab#es Cr

Cas! and bank ba#ances Cr

S!ort)term #oans and advances Cr

Sundry Debtors Cr

3t!er current assets Cr

Total Current Assets Cr

TOTAL ASSETS Cr


21/159

CASD FLOG

CASD FLOG FROM OPERATIN ACTI>ITIES

PAT Cr

Add& Depreciation and AmortiGation Cr

Increase/H Decrease in IP Cr

Increase/H Decrease in 2rade "eceivab#es Cr

Increase/H Decrease in S!ort)term #oans advances to ot!er parties Cr

Increase/H Decrease in Sundry Debtors Cr

Increase/H Decrease in 3t!er current assets Cr

Increase/H Decrease in -ong)term #oans advances Cr

Increase/H Decrease in 3t!er non)current assets Cr

IncreaseH Decrease/ in 2rade Payab#es Cr

IncreaseH Decrease/ in Advances *rom customers Cr

IncreaseH Decrease/ in S!ort term provisions Cr

IncreaseH Decrease/ in 3t!er current #iabi#ities Cr

CASD FLOG FROM IN>ESTIN ACTI>ITIES Cr

Increase/H Decrease in Investments Cr

Purc!ase o* .%ed assets Cr

CASD FLOG FROM FINANCIN ACTI>ITIES CrIncreaseH Decrease/ in S!are Capita# Cr

IncreaseH Decrease/ in S!ort)term borro1ings Cr

IncreaseH Decrease/ in Proposed NCD Cr

IncreaseH Decrease/ in Proposed Construction Finance Cr

Net IncreaseH 'ecrease+ in Cas" an4 Cas" Eui,alents Cr

Cas" an4 Cas" Eui,alents at t"e 7e


22/159


23/159

- Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36

) ) ) ) ) ) )

==75


24/159

3 6 8 ) 3 6 8

Se(-)/ ec-)/ Mar-)0 Jun-)0 Se(-)0 ec-)0 Mar-);

==75< ==75< ==75< ==75< ==75< ==75< ==759 5:;756 :99799

$rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589


) ) ) ) ) ) )

) ) ) ) ) ) )

9::7:4 :9>748 ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

) ) ) ) ) ) )

) ) ) ) ) ) )

688.8: 860.:3 =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?


) ) ) ) ) ) )

) ) ) ) ) ) )

) ) ) ) ) ) )

) ) ) ) ) ) )

- - - - - - -

) ) ) ) ) ) )

795 987;: :=7:4 48748

) )


25/159


) ) ) ) ) ) )

:;76;/ ;


26/159

) 3 6 8 ) 3 6

Jun-); Se(-); ec-); Mar-32 Jun-32 Se(-32 ec-32

==75< ==75< ==75< ==75< ==75< ==75< ==75AL1E? =>AL1E? =>AL1E? =>AL1E?


) ) ) ) ) ) )

) ) ) ) ) ) )

) ) ) ) ) ) )

) ) ) ) ) ) )

- - - - - - -

) ) ) ) ) ) )

4>977=74< :==79; :9;744 9::78> 8:87:4


27/159


28/159


29/159


30/159

2a% "ate 997==

P@L TotalTill 8

ec-)* Mar-):

INCOME5

Total Sales Re,enue Cr =>AL1E? - -

EPENIT1RE5

-and Cost "ecogniGed Cr :;


31/159


32/159

3 6 8 ) 3 6 8 ) 3

Se(-)0 ec-)0 Mar-); Jun-); Se(-); ec-); Mar-32 Jun-32 Se(-32

=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

867=4 9:76: :677:= :< 8 8>7 ;7>< =75< >7:4 >7== 4789 >7AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$

?@A-$ ?@A-$

=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?


33/159


34/159


35/159


36/159

3 6 8 * : / 0

Jun-): Se(-): ec-): Mar-)/ Jun-)/ Se(-)/ ec-)/

'3 - 32):+ '6 - 32):+ '8 - 32):+ ') - 32)/+ '3 - 32)/+ '6 - 32)/+ '8 - 32)/+


37/159


38/159

; )2 )) )3 )6 )8 )*

Mar-)0 Jun-)0 Se(-)0 ec-)0 Mar-); Jun-); Se(-);

') - 32)0+ '3 - 32)0+ '6 - 32)0+ '8 - 32)0+ ') - 32);+ '3 - 32);+ '6 - 32);+

6 6 6 676 676 676

456 456 5=4 5:8 :>> :99 9;=

) ) ) ) ) ) )

456 456 5=4 5:8 :>> :99 9;=

5: 5: 5: 5: 5: 5:456 5=4 5:8 :>> :99 9;= 985

456 5=4 5:8 :>> :99 9;= 985

94 94 99 96 8; 8: 8AL1E? =>AL1E? =>AL1E? =>AL1E?


43/159


44/159


45/159

,654

,654

86 2ota# FSI Avai#abe to Deve#oper 48,:98,9;4


46/159

10.#"4

S. t

8>9,:9,:


47/159

4=,:49

>98,4>5

48:,=


48/159

Car(et Area /0)98)*

Total 1nit $ise car(et area /0)98)*

No. o 1nits /22

Sale Bl4


49/159


50/159

B Resi4ential - T&(. Floors

No. o 1nits Area 's%+ Area 'st+ Total Area 'st+

55 = =>6 59,=8>

55 >,69;

56


51/159


52/159

:9

::

:5

:4

:;

:>

:=56

5

5=46

A(t

6 3


53/159


54/159

59

5:

55

54

5;

5>

5=

Total *

Alt. Calc.

> > =

5 5 ; > > > =

5 5 ; > > > =

5 5 ; > > > =

Mar-)/ Jun-)/ Se(-)/ ec-)/ Mar-)0 Jun-)0 Se(-)0

: 857>: 947


125/159

676; 676;

6768 6768 6768 6768 6768 6768 6768

$.01 $.01 1.#% 0.0$ 0.0$ 0.0$ 0.0$

Mar-)/ Jun-)/ Se(-)/ ec-)/ Mar-)0 Jun-)0 Se(-)0

67;> 67;> 67;> 67;>

679: 679: 679: 679: 679: 679: 679:


126/159

ec-)0 Mar-); Jun-); Se(-); ec-); Mar-32 Total

= = 76: >76: >76: >76: >76: ) 0.(

) ) ) ) ) ) 1".(

87=; 87=; 87=; 87=; 87=; ) )1.)"

) ) ) ) ) ) $1.($


127/159

0.%'

6768 6768 6768 6768 0.$

0.0$ 0.0$ 0.0$ 0.0$ , , .#%


0.1%

1%.("

11.'

%.#

1.0$

$.((

1.%#

676; 676; 676; 676; 1.0)

0.0' 0.0' 0.0' 0.0' , , %".'$


1.'1; ; ; ; 10.%0

86765 86765 86765 86765 86765 10.)

>76: >76: >76: >76: >76: '$.%#

1%.("

87=; 87=; 87=; 87=; 87=; %".('

1.(0


128/159


129/159

)/ )0 ); Total

5745 57:: 57:4 )23.0*

674< 6799 6749 ;.:/


130/159

All Bl4


131/159

Sep)86 5784 3.:6K

Dec)86 5765 3.*6K

Mar)8< 576> 3.*8K

un)8< :794 3.)0K


132/159

Dec)==

Dec)==

Dec)==

Dec)==

Dec)==

Dec)==

Dec)==

Dec)==

Dec)==

Dec)==

Dec)==


133/159

Se(-): ec-): Mar-)/ Jun-)/ Se(-)/

) ) ) ) )

86755 86755


134/159

1".)0 ")%.(1 $rr&589 $rr&589 $rr&589

1).1 "".)$ $rr&589 $rr&589 $rr&589

1).' "'%.$# $rr&589 $rr&589 $rr&589

1$.'' "(.0( $rr&589 $rr&589 $rr&589

"(.0( Err5*36 Err5*36


135/159


136/159

ec-)/ Mar-)0 Jun-)0 Se(-)0 ec-)0 Mar-); Jun-);

) ) ) ) ) ) )

8 ; ; ; ; ; ;

86765 86765 86765 86765 86765 86765 86765

>76: >76: >76: >76: >76: >76: >76:

) ) ) ) ) ) )

974: 87=; 87=; 87=; 87=; 87=; 87=;

) ) ) ) ) ) )

75798 =6

$rr&589 ) )


137/159

$rr&589 $rr&589 $rr&589 $rr&589 4

$rr&589 $rr&589 $rr&589 $rr&589 9

$rr&589 $rr&589 $rr&589 $rr&589 :

$rr&589 $rr&589 Err5*36 $rr&589 5

Err5*36 Err5*36


138/159


139/159

Se(-); ec-); Mar-32 Total

) ) ) 1.#

; ) ) $0#.#'

86765 86765 ) $0).$)

>76: >76: ) 0.(

) ) ) 1".(

87=; 87=; ) )1.)"

) ) ) $1.($


140/159


141/159


142/159

un)8< $rr&56=

)0/.83 8962).6;

).%( 100.00

100.00


143/159


144/159


145/159

Assu%(tions

T"res"ol4 or Re,enue @ Cost Reco


146/159

Cumu#ative "ent Brokerage Cost 6766

APPRO>AL EPENSES

uarterl& A((ro,al Cost Cr *)0.6* ;;.*)

Cu%ulati,e A((ro,al Cost Cr ;;.*)

Euarter#y Approva# Cost AL1E? ;;.*)

Const7 Cost Inc#uding Approva# -and Cost Finance Cost ) ?@A-$ ?@A-$

Const7 Cost Inc#uding Approva# -and Cost Finance Cost ) ?@A-$

MARETIN @ AMIN EPENSE

Maretin< @ A4%in Ex(ense Cr ))3.*3 -

Marketing Admin $%pense ) Euarter#y


147/159

Finance Cost "ecogniGed ) Cumu#ative Cr )

Finance Cost RecoAL1E? -

MARETIN @ AMINISTRATI>E COST RECONITION

Marketing Administrative Cost "ecogniGed ) Cumu#ative Cr )

Maretin< @ A4%inistrati,e Cost Reco


148/159

Sensti,it& Anal&sis

Decrease in Sa#e "ate 676

Increase in Const "ate 676

8 ) 3 6 8 ) 3 6

Mar-): Jun-): Se(-): ec-): Mar-)/ Jun-)/ Se(-)/ ec-)/

99,=;9 85 85,6;; 98,6:< 95,6:6 9 >6,;95 978


149/159

6766 4;75: 4;75: 4;75: 4;75: 4;75: 4;75: 4;75:

3;0.*6 8.): 8.): 8.): 8.): 8.): - -

6;0.26 823.32 82:.6: 8)2.*3 8)8.:0 8)0.08 8)0.08 8)0.08

5;75= 67>6 67>6 67>6 67>6 67>6 6766 6766

;47;= ;;75= ;>79= ;=786 >6766 >67>6 >67>6 >67>6

628.6; 68./) 6:.32 88.6) 8*.3) 86.28 38.:) 80./)826.;2 860.:) 8/8.0) *);.)6 *:8.66 :2/.6/ :6).;0 :02.:;

84749 976: 97> 97=4 97;; 8779> : 5975 ;764 475> ;76> ;779= 87=8 :7: 9>744 :57;: 587>> 475=

4756 ) ) ;4789 9AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?



?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

- - 6.8: 3.60 3.;6 6.;6 8./2 8.80

6766 6766 976> 87


150/159

) ) ) ) ) ) ) )

- - - - - - - -

) ) 97:4 57>: >7;>


151/159

8 ) 3 6 8 ) 3 6


9:,646 9:,668 9:,;8; 54,9== 44,596 54,9>6 5;,:;5 9;,889

8,645 :6:,5=4 :46,=;5 5,:5< 555,4;:

:794 :795 :7:: ;788 >75


152/159

6 >67>6 >67>6 >67>6 >67>6

*8.;0 8:.)2 8:.)2 8:.)2 8:.)2 8:.)2 8:.)2 6).2//6*.:/ /0).// 03/.0: 0/6.;: ;32.2* ;::.)* )92)3.38 )9286.6)

:7>7:675:75: >>75; =6 :785 87>4 87>4 87>4 87>4 87>4 67:= >9795 >4786 >=764 =< 897>9 867>5 >

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$




?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

8.;2 8./2 8./0 /.0) ;.*) 0.8: 0.;; :.36

:794 :7 :785 47=: >7:5 ;758 ;7== 575:

897>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?


153/159

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$


847;= 9 59746 48764 ;

8.;2 8./2 8./0 /.0) ;.*) 0.8: 0.;; :.36

$rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589 $rr&589Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36 Err5*36

:9>748/ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

87:4 8987=8 88>7=5

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$


154/159

8 ) 3 6 8 ) 3 6

Mar-32 Jun-32 Se(-32 ec-32 Mar-3) Jun-3) Se(-3) ec-3)

:>,


155/159

67>6 AL1E? =>AL1E? =>AL1E? =>AL1E?

=>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E? - -

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$

0.)2 ;.26 :.3: *./: :.2; -

;786 >768 575; 57 >97=6 >=7:; =:75= AL1E? =>AL1E? =>AL1E? =>AL1E? =>AL1E?

94:7:> 9=47 :


156/159

?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$ ?@A-$


>579> =:7:<


157/159


158/159


159/159

?@A-$

=>AL1E?

sion cash flow model 210116 - 2 tranche ncd tax linked post internal discussion v2.xlsx

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