Front Sheet

ABC Medical Clinic Ltd Financial Projection

Front Sheet

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

1 Disclaimer

Whilst every effort has been made to ensure the accuracy of the contents and calculations contained in this Model, Users of the Model should be aware that it is generally not practicable to test a computer spreadsheet to the extent whereby
it can be assured that all errors have been detected.

Users of the model should be aware that the Model is subject to a number of restrictions and limitations which amongst others include the following. It is always recommended to seek professional advice before making any decisions on
information derived from this model.
- The projection outputs of the Model are based on user-defined input assumptions. It is the responsibility of the Users of the Model to check the reasonableness and accuracy of these assumption;
- The Model has inbuilt controls and checks to flag any key irregularities across inputs, calculations and outputs but does not correct any errors or warnings identified;
- The Model does not provide a comprehensive list of all possible income, expenses, gains, losses, assets, liabilities and equity components that may arise in a business context. It is the responsibility of the User to identify and factor in any
other components not included in the Model;
- The Model does not separately include impacts for prepayments or accruals;
- The Model calculates items such as taxes, fixed assets, borrowings, etc. on a simplified basis;
- The Model calculates valuation using a simplified discounted cash flow basis and does not consider other approaches (e.g. market approach) or normalisation adjustments to future cash flows, amongst others;
- The Model does not take into consideration any specific Generally Accepted Accounting Principles (‘GAAP’) adjustments applicable to the particular industry in which the business operates
- The presentation of projected financial statements do not take into consideration any specific GAAP presentation requirements

For the avoidance of doubt, the developers of this Model shall not be liable for losses, damages, costs or expenses arising from or in any way connected with your use of the Model.

To use this model, you must agree to these terms.

2 Instructions

2.1 The only tabs that should be populated by the user are the input tabs. The calculation tab uses the user-defined inputs to produce the projection outputs which are presented in the output tabs.

2.2 The user should start off my populating the 'i_Setup' tab followed by the 'i_Assumptions' tab.

2.3 The input cells in the input sheets that are required to be populated are formatted as follows:

2.4 The following signage conventions apply throughout the model. Most Input cells contain data validations to help users populate assumption in line with the below conventions
· Revenues (+) and expenses (-)
· Assets (+), Liabilities (-) and Equity (-)
· Cash Inflows (+) and cash outflows (-)

2.5 Most of the reference or input cells contain input messages with details on the particular item or on how the input cell should be populated. Hover over the cells to see the input message

2.6 The projection model contains error checks and warnings throughout the tabs. The workbook and tab checks status are displayed at the top left hand corner of each tab and summarised in the 'sysChecks' tab.
The status bar is set out as follows:

All file checks & alerts OK - No errors or alerts

File: 1 alert - Alert in input cells present
File: 1 error - Errors in input cells present

2.7 To add additional categories for most items (except direct materials, direct staff, fixed assets and borrowings), this can be done by adding rows below the last category and applying this consistenctly across the
model starting from 'i_Setup' tab and moving right to 'o_Fin Stats'. Please ensure formulas in total rows are also updated to include the additional categories. For other categories, eg fixed
assets and borrowings you need to make sure the additional calculations (eg inventories, depreciation, interest) are also replicated and linked to the financial statements.

3 Contents

Inputs Calculations Outputs System

i_Setup c_Calculations o_Fin Stats sysCheck

General inputs for Calculation of revenue, Financial Statement Holds the master
timeline, currency, cost and other Income projection outputs check and warnings
business name and Statement and including Income lists
revenue/cost Balance Sheet Statement, Balance
categories projections Sheet and Cash flow
Statement

i_Actuals o_Dashboard
Input tab for latest
Summarised outputs
actuals
and charts

i_Assumptions o_DCF

Input tab for Calculation of

assumptions on discounted cash flow
revenues, costs, taxes, valuation using
dividends and balance projection outputs
sheet items

Healthcare Business Financial Model v2 - EFM Page 1 of 14 Printed on: 13/02/2021 22:56
 Front Sheet

ABC Medical Clinic Ltd Financial Projection

Front Sheet

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

END OF WORKSHEET

Healthcare Business Financial Model v2 - EFM Page 2 of 14 Printed on: 13/02/2021 22:56
 sysCheck

ABC Medical Clinic Ltd Financial Projection

sysCheck

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

1 Check Text
# of checks triggered 0 error
# of alerts triggered 0 alert

Wording for triggered check

Wording for triggered alert
Concatenated wording for check/alert File:

Check/Alert Wording All file checks & alerts OK

2 Model checks

2.1 Master check

Model error Model alert

Model Error Check OK OK

2.2 Individual error checks and alerts

B5 C5
System sheets
sysCheck OK OK
Front Sheet OK OK

Input sheets
i_Setup OK OK
i_Actuals OK OK
i_Assumptions OK OK

Calculation sheets
c_Calculations OK OK

Output sheets
o_Dashboard OK OK
o_Fin Stats OK OK
o_DCF OK OK

END OF WORKSHEET

Healthcare Business Financial Model v2 - EFM Page 3 of 13 Printed on: 13/02/2021 22:56
 i_Setup

ABC Medical Clinic Ltd Financial Projection

i_Setup

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

1 Setup Inputs

1.1 General Inputs

1 Name of company Text ABC Medical Clinic Ltd

2 Currency List USD

3 Timeline Start Year List 2021

4 First Projection Year List 2021

5 First Projection Month List 6

1.2 Naming Inputs

6 Heathcare Services
Name Sales Tax
Sevice Category 1 (SC1) Text / List Wound Care Yes
Sevice Category 2 (SC2) Text / List Post Operative Care Yes
Sevice Category 3 (SC3) Text / List Minor Surgical Procedues Yes
Sevice Category 4 (SC4) Text / List Cardiac related services Yes
Sevice Category 5 (SC5) Text / List Routine Testing Yes
Sevice Category 6 (SC6) Text / List Medical Assessments Yes
Sevice Category 7 (SC7) Text / List
Sevice Category 8 (SC8) Text / List
Sevice Category 9 (SC9) Text / List
Sevice Category 10 (SC10) Text / List
Sevice Category 11 (SC11) Text / List
Sevice Category 12 (SC12) Text / List
Sevice Category 13 (SC13) Text / List
Sevice Category 14 (SC14) Text / List
Sevice Category 15 (SC15) Text / List

7 Staff costs
Name
Direct Staff Category 1 Text / List Nurse
Direct Staff Category 2 Text / List Doctor
Direct Staff Category 3 Text / List Specialist
Direct Staff Category 4 Text / List
Direct Staff Category 5 Text / List

Non-Direct Staff Category 1 Text / List Management

Non-Direct Staff Category 2 Text / List Admin
Non-Direct Staff Category 3 Text / List
Non-Direct Staff Category 4 Text / List
Non-Direct Staff Category 5 Text / List

8 Direct Materials
Name Sales Tax
Direct Material Category 1 (DM1) Text / List Needles / Syringes Yes
Direct Material Category 2 (DM2) Text / List Bandages Yes
Direct Material Category 3 (DM3) Text / List Disposable (Gloves/Containers) Yes
Direct Material Category 4 (DM4) Text / List Surgical packs Yes
Direct Material Category 5 (DM5) Text / List Medicines Yes
Direct Material Category 6 (DM6) Text / List Dressing aids Yes
Direct Material Category 7 (DM7) Text / List Catheters Yes
Direct Material Category 8 (DM8) Text / List Containers Yes
Direct Material Category 9 (DM9) Text / List
Direct Material Category 10 (DM10) Text / List

9 Direct Expenses
Name Sales Tax
Direct Expense Category 1 (DE1) Text / List Payment Processing fees Yes
Direct Expense Category 2 (DE2) Text / List
Direct Expense Category 3 (DE3) Text / List
Direct Expense Category 4 (DE4) Text / List
Direct Expense Category 5 (DE5) Text / List

10 Marketing Costs
Name Sales Tax
Marketing Cost Category 1 Text / List Website Yes
Marketing Cost Category 2 Text / List
Marketing Cost Category 3 Text / List
Marketing Cost Category 4 Text / List
Marketing Cost Category 5 Text / List

11 Other Expenses
Name Sales Tax
Other Expenses Category 1 Text / List Rent No

Healthcare Business Financial Model v2 - EFM Page 4 of 13 Printed on: 13/02/2021 22:56
 i_Setup

ABC Medical Clinic Ltd Financial Projection

i_Setup

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert
Other Expenses Category 2 Text / List Utilities Yes
Other Expenses Category 3 Text / List Insurances Yes
Other Expenses Category 4 Text / List IT Yes
Other Expenses Category 5 Text / List Legal & Professional fees Yes
Other Expenses Category 6 Text / List Audit fees Yes
Other Expenses Category 7 Text / List
Other Expenses Category 8 Text / List
Other Expenses Category 9 Text / List
Other Expenses Category 10 Text / List
Other Expenses Category 11 Text / List
Other Expenses Category 12 Text / List
Other Expenses Category 13 Text / List
Other Expenses Category 14 Text / List
Other Expenses Category 15 Text / List

12 Fixed Assets
Name Sales Tax
Fixed Asset 1 Text / List Surgical equipment Yes
Fixed Asset 2 Text / List Lab equipment Yes
Fixed Asset 3 Text / List fixture & fittings Yes
Fixed Asset 4 Text / List
Fixed Asset 5 Text / List

13 Borrowings
Name
Borrowing Facility 1 Text / List Loan XYZ
Borrowing Facility 2 Text / List
Borrowing Facility 3 Text / List

END OF WORKSHEET

Healthcare Business Financial Model v2 - EFM Page 5 of 13 Printed on: 13/02/2021 22:56
 i_Actuals

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23 01-May-23 01-Jun-23 01-Jul-23
i_Actuals End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 31-May-23 30-Jun-23 31-Jul-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

1 Actuals

1.1 Income Statement

Revenues
SC1 - Wound Care USD - - - - -
SC2 - Post Operative Care USD - - - - -
SC3 - Minor Surgical Procedues USD - - - - -
SC4 - Cardiac related services USD - - - - -
SC5 - Routine Testing USD - - - - -
SC6 - Medical Assessments USD - - - - -
SC7 - N/A USD - - - - -
SC8 - N/A USD - - - - -
SC9 - N/A USD - - - - -
SC10 - N/A USD - - - - -
SC11 - N/A USD - - - - -
SC12 - N/A USD - - - - -
SC13 - N/A USD - - - - -
SC14 - N/A USD - - - - -
SC15 - N/A USD - - - - -
Total Revenue USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Direct Staff Costs

DS1 - Nurse USD - - - - -
DS2 - Doctor USD - - - - -
DS3 - Specialist USD - - - - -
DS4 - N/A USD - - - - -
DS5 - N/A USD - - - - -
Total Direct Staff Costs USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Direct Materials
DM1 - Needles / Syringes USD - - - - -
DM2 - Bandages USD - - - - -
DM3 - Disposable (Gloves/Containers) USD - - - - -
DM4 - Surgical packs USD - - - - -
DM5 - Medicines USD - - - - -
DM6 - Dressing aids USD - - - - -
DM7 - Catheters USD - - - - -
DM8 - Containers USD - - - - -
DM9 - N/A USD - - - - -
DM10 - N/A USD - - - - -
Total Direct Materials USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Direct Expenses
DE1 - Payment Processing fees USD - - - - -
DE2 - N/A USD - - - - -
DE3 - N/A USD - - - - -
DE4 - N/A USD - - - - -
DE5 - N/A USD - - - - -
Total Direct Expenses USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Gross Profit USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Non-Direct Staff Costs

NS1 - Management USD - - - - -
NS2 - Admin USD - - - - -
NS3 - N/A USD - - - - -
NS4 - N/A USD - - - - -
NS5 - N/A USD - - - - -
Total Non-Direct Staff Costs USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Marketing Costs
MC1 - Website USD - - - - -
MC2 - N/A USD - - - - -
MC3 - N/A USD - - - - -
MC4 - N/A USD - - - - -
MC5 - N/A USD - - - - -
Total Marketing Costs USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Other Expenses
OE1 - Rent USD - - - - -
OE2 - Utilities USD - - - - -
OE3 - Insurances USD - - - - -
OE4 - IT USD - - - - -
OE5 - Legal & Professional fees USD - - - - -
OE6 - Audit fees USD - - - - -
OE7 - N/A USD - - - - -
OE8 - N/A USD - - - - -
OE9 - N/A USD - - - - -
OE10 - N/A USD - - - - -
OE11 - N/A USD - - - - -
OE12 - N/A USD - - - - -
OE13 - N/A USD - - - - -
OE14 - N/A USD - - - - -
OE15 - N/A USD - - - - -
Total Other Expenses USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

EBITDA USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Other Income & Expenses

Depreciation USD - - - - -
Financing Costs USD - - - - -
Total Other Income & Expenses USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Profit Before Tax USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Taxes USD - - - - -

Total Profit After Tax USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Dividends Paid USD - - - - -

Total Retained Earnings USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1.2 Balance Sheet

Remaining Useful
Assets
Life (Yrs.)

Fixed Assets
FA1 - Surgical equipment USD - - - - -
FA2 - Lab equipment USD - - - - -
FA3 - fixture & fittings USD - - - - -
FA4 - N/A USD - - - - -
FA5 - N/A USD - - - - -

Inventories
DM1 - Needles / Syringes USD - - - - -
DM2 - Bandages USD - - - - -
DM3 - Disposable (Gloves/Containers) USD - - - - -
DM4 - Surgical packs USD - - - - -
DM5 - Medicines USD - - - - -
DM6 - Dressing aids USD - - - - -
DM7 - Catheters USD - - - - -
DM8 - Containers USD - - - - -
DM9 - N/A USD - - - - -
DM10 - N/A USD - - - - -

Cash USD - - - - - 100,000

Tax Asset USD - - - - -
Accounts Receivable USD - - - - -
Other Assets USD - - - - -

Total Assets USD - - - - - - - - - 100,000 - - - - - - - - - - - - - - - - - - - - - - - - - -

Settlement
Liabilities
(Months)
Borrowings
BF1 - Loan XYZ USD - - - - -
BF2 - N/A USD - - - - -

Healthcare Business Financial Model v2 - EFM Page 6 of 13 Printed on: 13/02/2021 22:56
 i_Actuals

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23 01-May-23 01-Jun-23 01-Jul-23
i_Actuals End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 31-May-23 30-Jun-23 31-Jul-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

BF3 - N/A USD - - - - -

Sales Tax Liability USD - - - - -

Corporate Tax Liability USD - - - - -
Accounts Payable USD
Other Liabilities USD - - - - -

Total Liabilities USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Equity

Share Capital USD - - - - - (100,000)

Retained Earnings USD - - - - -

Total Equity USD - - - - - - - - - (100,000) - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Liabilities & Equity USD - - - - - - - - - (100,000) - - - - - - - - - - - - - - - - - - - - - - - - - -

OK Balance Sheet Check ############# ############# ############# ############# ############# ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############ ############

END OF WORKSHEET

Healthcare Business Financial Model v2 - EFM Page 7 of 13 Printed on: 13/02/2021 22:56
 i_Assumptions

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23
i_Assumptions End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

1 Income Statement

1.1 Revenue

Opening Hours

Opening hours per weekday no. 6.0

Opening Hours weekends no. 5.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Public holidays per annum no. 1 2 3 4 5 6 7 8 9 10 11 12
1 2 1 1 2

Volume of Services
Input:
SC1 - Wound Care no. Monthly 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30
SC2 - Post Operative Care no. Annual 500 525 551 579 608
SC3 - Minor Surgical Procedues no. Annual 400 420 441 463 486
SC4 - Cardiac related services no. Annual 600 630 662 695 729
SC5 - Routine Testing no. Annual 450 473 496 521 547
SC6 - Medical Assessments no. Annual 250 263 276 289 304
SC7 - N/A no. Annual
SC8 - N/A no. Annual
SC9 - N/A no. Annual
SC10 - N/A no. Annual
SC11 - N/A no. Annual
SC12 - N/A no. Annual
SC13 - N/A no. Annual
SC14 - N/A no. Annual
SC15 - N/A no. Annual

Price Per Service

SC1 - Wound Care USD 50.00 52 53 55 56

SC2 - Post Operative Care USD 100.00 103 106 109 113
SC3 - Minor Surgical Procedues USD 75.00 77 80 82 84
SC4 - Cardiac related services USD 300.00 309 318 328 338
SC5 - Routine Testing USD 50.00 52 53 55 56
SC6 - Medical Assessments USD 150.00 155 159 164 169
SC7 - N/A USD
SC8 - N/A USD
SC9 - N/A USD
SC10 - N/A USD
SC11 - N/A USD
SC12 - N/A USD
SC13 - N/A USD
SC14 - N/A USD
SC15 - N/A USD

Hours per Service

SC1 - Wound Care No 0.5

SC2 - Post Operative Care No 1.0
SC3 - Minor Surgical Procedues No 0.5
SC4 - Cardiac related services No 1.5
SC5 - Routine Testing No 1.0
SC6 - Medical Assessments No 1.0
SC7 - N/A No
SC8 - N/A No
SC9 - N/A No
SC10 - N/A No
SC11 - N/A No
SC12 - N/A No
SC13 - N/A No
SC14 - N/A No
SC15 - N/A No

Average Settlement Period

Average revenue settlement period Months 1

2 Income Statement

2.1 Direct Staff Costs

Actual Direct Staff FTEs

DS1 - Nurse No 1
DS2 - Doctor No 1
DS3 - Specialist No
DS4 - N/A No
DS5 - N/A No

Working Hours

Annual leave per annum no.

Average Sick days per annum no.

Direct Staff Required per Medical Service

DS3 -
DS1 - Nurse DS2 - Doctor DS4 - N/A DS5 - N/A
Specialist
SC1 - Wound Care No 1
SC2 - Post Operative Care No 1
SC3 - Minor Surgical Procedues No 1 1
SC4 - Cardiac related services No 1 1
SC5 - Routine Testing No 1
SC6 - Medical Assessments No 1
SC7 - N/A No
SC8 - N/A No
SC9 - N/A No
SC10 - N/A No
SC11 - N/A No
SC12 - N/A No
SC13 - N/A No
SC14 - N/A No
SC15 - N/A No

Average salary per full time position

DS1 - Nurse USD (25,000) (25,750) (26,523) (27,318) (28,138)

DS2 - Doctor USD (40,000) (41,200) (42,436) (43,709) (45,020)
DS3 - Specialist USD
DS4 - N/A USD
DS5 - N/A USD

Average Employer's Social Security as a % of Salary

DS1 - Nurse % 5.0%

DS2 - Doctor % 5.0%
DS3 - Specialist % 5.0%
DS4 - N/A %
DS5 - N/A %

Average Annual Bonus

DS1 - Nurse % 10% 10% 10% 10% 10%

DS2 - Doctor % 10% 10% 10% 10% 10%
DS3 - Specialist %
DS4 - N/A %
DS5 - N/A %

Bonus Payment month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1 2 3 4 5 6 7 8 9 10 11 12

Healthcare Business Financial Model v2 - EFM Page 8 of 13 Printed on: 13/02/2021 22:56
 i_Assumptions

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23
i_Assumptions End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

Bonus Payment month Flag no. 1

2.2 Direct Materials

Direct Material units per Medical Service

DM3 -
DM1 - DM4 -
DM2 - Disposable DM5 - DM6 - DM7 - DM8 -
Needles / Surgical DM9 - N/A DM10 - N/A
Bandages (Gloves/Cont Medicines Dressing aids Catheters Containers
Syringes packs
ainers)

SC1 - Wound Care No 1

SC2 - Post Operative Care No 1
SC3 - Minor Surgical Procedues No 1
SC4 - Cardiac related services No 1
SC5 - Routine Testing No 1
SC6 - Medical Assessments No 1
SC7 - N/A No
SC8 - N/A No
SC9 - N/A No
SC10 - N/A No
SC11 - N/A No
SC12 - N/A No
SC13 - N/A No
SC14 - N/A No
SC15 - N/A No

Cost per Unit

DM1 - Needles / Syringes USD (5.00) (5.15) (5.30) (5.46) (5.63)

DM2 - Bandages USD (5.00) (5.15) (5.30) (5.46) (5.63)
DM3 - Disposable (Gloves/Containers) USD (10.00) (10.30) (10.61) (10.93) (11.26)
DM4 - Surgical packs USD (15.00) (15.45) (15.91) (16.39) (16.88)
DM5 - Medicines USD (6.00) (6.18) (6.37) (6.56) (6.75)
DM6 - Dressing aids USD (3.00) (3.09) (3.18) (3.28) (3.38)
DM7 - Catheters USD (20.00) (20.60) (21.22) (21.85) (22.51)
DM8 - Containers USD (2.00) (2.06) (2.12) (2.19) (2.25)
DM9 - N/A USD
DM10 - N/A USD

Safety Stock (% of next month's expected services)

DM1 - Needles / Syringes % 20.0%

DM2 - Bandages % 15.0%
DM3 - Disposable (Gloves/Containers) % 20.0%
DM4 - Surgical packs % 15.0%
DM5 - Medicines % 20.0%
DM6 - Dressing aids % 15.0%
DM7 - Catheters % 20.0%
DM8 - Containers % 15.0%
DM9 - N/A %
DM10 - N/A %

Average Credit Terms Received

DM1 - Needles / Syringes Months 2

DM2 - Bandages Months 2
DM3 - Disposable (Gloves/Containers) Months 2
DM4 - Surgical packs Months 1
DM5 - Medicines Months 1
DM6 - Dressing aids Months 3
DM7 - Catheters Months 3
DM8 - Containers Months 3
DM9 - N/A Months
DM10 - N/A Months

2.3 Direct Expenses

Direct Expenses per Medical Service

Input:
DE1 - Payment Processing fees USD Annual (1.50) (1.50) (1.50) (1.50) (1.50)
DE2 - N/A USD Annual
DE3 - N/A USD Annual
DE4 - N/A USD Annual
DE5 - N/A USD Annual

3 Other Expenses & P&L Assumptions

3.1 Non-Direct Staff Costs

Non-Direct Staff Numbers

NS1 - Management no 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
NS2 - Admin no - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
NS3 - N/A no - - - - -
NS4 - N/A no - - - - -
NS5 - N/A no - - - - -

Average salary per full time position

NS1 - Management USD (50,000) (52,500) (55,125) (57,881) (60,775)

NS2 - Admin USD (20,000) (21,000) (22,050) (23,153) (24,310)
NS3 - N/A USD
NS4 - N/A USD
NS5 - N/A USD

Average Employer's Social Security as a % of Salary

NS1 - Management % 5.0%

NS2 - Admin % 5.0%
NS3 - N/A %
NS4 - N/A %
NS5 - N/A %

Average Annual Bonus

NS1 - Management % 10% 10% 10% 10% 10%

NS2 - Admin % 5% 5% 5% 5% 5%
NS3 - N/A %
NS4 - N/A %
NS5 - N/A %

Bonus Payment month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1 2 3 4 5 6 7 8 9 10 11 12
Bonus Payment month Flag no. 1

3.2 Other Costs

Marketing Costs
Input:
MC1 - Website USD Annual (2,000) (2,060) (2,122) (2,185) (2,251)
MC2 - N/A USD Annual
MC3 - N/A USD Annual
MC4 - N/A USD Annual
MC5 - N/A USD Annual

Other Expenses
Input:
OE1 - Rent USD Annual (30,000) (30,900) (31,827) (32,782) (33,765)
OE2 - Utilities USD Annual (5,000) (5,150) (5,305) (5,464) (5,628)
OE3 - Insurances USD Annual (3,000) (3,090) (3,183) (3,278) (3,377)

Healthcare Business Financial Model v2 - EFM Page 9 of 13 Printed on: 13/02/2021 22:56
 i_Assumptions

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23
i_Assumptions End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

OE4 - IT USD Annual (4,000) (4,120) (4,244) (4,371) (4,502)

OE5 - Legal & Professional fees USD Annual (10,000) (10,300) (10,609) (10,927) (11,255)
OE6 - Audit fees USD Annual (3,000) (3,090) (3,183) (3,278) (3,377)
OE7 - N/A USD Annual
OE8 - N/A USD Annual
OE9 - N/A USD Annual
OE10 - N/A USD Annual
OE11 - N/A USD Annual
OE12 - N/A USD Annual
OE13 - N/A USD Annual
OE14 - N/A USD Annual
OE15 - N/A USD Annual

3.3 Taxation

Sales Tax

Sales Tax Rate % 15.0% 15.0% 15.0% 15.0% 15.0%

Payment Month after Quarter-end Months 2

Corporate Tax
2021 2022 2023 2024 2025
Corporate Tax Rate % 20.0% 20.0% 20.0% 20.0% 20.0%

Payment Frequency List Annually

Payment Quarter after Quarter/Year-end Months 5

3.4 Dividends

Calculation Type

Calculation Type List % of Retained Earnings

% of Retained Earnings

Distributable % of Retained Earnings % 25.0% 25.0% 25.0% 25.0% 25.0%

Frequency List Annually

Monthly Input

Dividend Amounts per month USD - - - - -

4 Balance Sheet

4.1 Fixed Assets

Addition Amounts (Excl. Sales Tax)

FA1 - Surgical equipment USD 20,000 - - - - 20,000

FA2 - Lab equipment USD 6,000 - - - - 6,000
FA3 - fixture & fittings USD 5,000 - - - - 5,000
FA4 - N/A USD - - - - -
FA5 - N/A USD - - - - -

Useful Life

FA1 - Surgical equipment Years 5

FA2 - Lab equipment Years 4
FA3 - fixture & fittings Years 5
FA4 - N/A Years
FA5 - N/A Years

4.2 Borrowing

Additions / (Repayments)

BF1 - Loan XYZ USD 20,000 - - - - 20,000

BF2 - N/A USD - - - - -
BF3 - N/A USD - - - - -

Interest rate per annum

BF1 - Loan XYZ % 6.0%

BF2 - N/A %
BF3 - N/A %

Interest Payment Frequency

BF1 - Loan XYZ List Quarterly

BF2 - N/A List
BF3 - N/A List

4.3 Share Capital

Share Capital

Additions USD - - - - -

END OF WORKSHEET

Healthcare Business Financial Model v2 - EFM Page 10 of 13 Printed on: 13/02/2021 22:56
 o_Fin Stats

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23 01-May-23 01-Jun-23 01-Jul-23 01-Aug-23 01-Sep-23 01-Oct-23 01-Nov-23 01-Dec-23
o_Fin Stats End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 31-May-23 30-Jun-23 31-Jul-23 31-Aug-23 30-Sep-23 31-Oct-23 30-Nov-23 31-Dec-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

1 Income Statement

1.1 Income Statement

Revenue
SC1 - Wound Care USD 10,500 18,540 19,096 19,669 20,259 - - - - - 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,545 1,545 1,545 1,545 1,545 1,545 1,545 1,545 1,545 1,545 1,545 1,545 1,591 1,591 1,591 1,591 1,591 1,591 1,591 1,591 1,591 1,591 1,591 1,591
SC2 - Post Operative Care USD 29,167 54,075 58,482 63,248 68,403 - - - - - 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,506 4,506 4,506 4,506 4,506 4,506 4,506 4,506 4,506 4,506 4,506 4,506 4,874 4,874 4,874 4,874 4,874 4,874 4,874 4,874 4,874 4,874 4,874 4,874
SC3 - Minor Surgical Procedues USD 17,500 32,445 35,089 37,949 41,042 - - - - - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,704 2,704 2,704 2,704 2,704 2,704 2,704 2,704 2,704 2,704 2,704 2,704 2,924 2,924 2,924 2,924 2,924 2,924 2,924 2,924 2,924 2,924 2,924 2,924
SC4 - Cardiac related services USD 105,000 194,670 210,536 227,694 246,251 - - - - - 15,000 15,000 15,000 15,000 15,000 15,000 15,000 16,223 16,223 16,223 16,223 16,223 16,223 16,223 16,223 16,223 16,223 16,223 16,223 17,545 17,545 17,545 17,545 17,545 17,545 17,545 17,545 17,545 17,545 17,545 17,545
SC5 - Routine Testing USD 13,125 24,334 26,317 28,462 30,781 - - - - - 1,875 1,875 1,875 1,875 1,875 1,875 1,875 2,028 2,028 2,028 2,028 2,028 2,028 2,028 2,028 2,028 2,028 2,028 2,028 2,193 2,193 2,193 2,193 2,193 2,193 2,193 2,193 2,193 2,193 2,193 2,193
SC6 - Medical Assessments USD 21,875 40,556 43,862 47,436 51,302 - - - - - 3,125 3,125 3,125 3,125 3,125 3,125 3,125 3,380 3,380 3,380 3,380 3,380 3,380 3,380 3,380 3,380 3,380 3,380 3,380 3,655 3,655 3,655 3,655 3,655 3,655 3,655 3,655 3,655 3,655 3,655 3,655
SC7 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC8 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC9 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC10 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC11 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC12 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC13 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC14 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC15 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Revenue USD 197,167 364,620 393,382 424,459 458,039 - - - - - 28,167 28,167 28,167 28,167 28,167 28,167 28,167 30,385 30,385 30,385 30,385 30,385 30,385 30,385 30,385 30,385 30,385 30,385 30,385 32,782 32,782 32,782 32,782 32,782 32,782 32,782 32,782 32,782 32,782 32,782 32,782

Direct Staff Costs

DS1 - Nurse USD (15,313) (56,972) (61,002) (62,832) (64,717) - - - - - (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,253) (4,506) (4,506) (9,656) (4,506) (4,506) (4,506) (4,506) (4,506) (4,506) (4,506) (4,506) (4,641) (4,641) (4,641) (9,946) (4,641) (4,641) (4,641) (4,641) (4,641) (4,641) (4,641) (4,641)
DS2 - Doctor USD (24,500) (47,380) (48,801) (50,265) (51,773) - - - - - (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,605) (3,605) (3,605) (7,725) (3,605) (3,605) (3,605) (3,605) (3,605) (3,605) (3,605) (3,605) (3,713) (3,713) (3,713) (7,957) (3,713) (3,713) (3,713) (3,713) (3,713) (3,713) (3,713) (3,713)
DS3 - Specialist USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DS4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DS5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Direct Staff Costs USD (39,813) (104,352) (109,803) (113,097) (116,490) - - - - - (5,688) (5,688) (5,688) (5,688) (5,688) (5,688) (5,688) (5,858) (8,111) (8,111) (17,381) (8,111) (8,111) (8,111) (8,111) (8,111) (8,111) (8,111) (8,111) (8,355) (8,355) (8,355) (17,903) (8,355) (8,355) (8,355) (8,355) (8,355) (8,355) (8,355) (8,355)

Direct Materials
DM1 - Needles / Syringes USD (1,050) (1,854) (1,910) (1,967) (2,026) - - - - - (150) (150) (150) (150) (150) (150) (150) (155) (155) (155) (155) (155) (155) (155) (155) (155) (155) (155) (155) (159) (159) (159) (159) (159) (159) (159) (159) (159) (159) (159) (159)
DM2 - Bandages USD (1,458) (2,704) (2,924) (3,162) (3,420) - - - - - (208) (208) (208) (208) (208) (208) (208) (225) (225) (225) (225) (225) (225) (225) (225) (225) (225) (225) (225) (244) (244) (244) (244) (244) (244) (244) (244) (244) (244) (244) (244)
DM3 - Disposable (Gloves/Containers) USD (2,333) (4,326) (4,679) (5,060) (5,472) - - - - - (333) (333) (333) (333) (333) (333) (333) (361) (361) (361) (361) (361) (361) (361) (361) (361) (361) (361) (361) (390) (390) (390) (390) (390) (390) (390) (390) (390) (390) (390) (390)
DM4 - Surgical packs USD (5,250) (9,734) (10,527) (11,385) (12,313) - - - - - (750) (750) (750) (750) (750) (750) (750) (811) (811) (811) (811) (811) (811) (811) (811) (811) (811) (811) (811) (877) (877) (877) (877) (877) (877) (877) (877) (877) (877) (877) (877)
DM5 - Medicines USD (1,575) (2,920) (3,158) (3,415) (3,694) - - - - - (225) (225) (225) (225) (225) (225) (225) (243) (243) (243) (243) (243) (243) (243) (243) (243) (243) (243) (243) (263) (263) (263) (263) (263) (263) (263) (263) (263) (263) (263) (263)
DM6 - Dressing aids USD (438) (811) (877) (949) (1,026) - - - - - (63) (63) (63) (63) (63) (63) (63) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (68) (73) (73) (73) (73) (73) (73) (73) (73) (73) (73) (73) (73)
DM7 - Catheters USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DM8 - Containers USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DM9 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DM10 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Direct Materials USD (12,104) (22,348) (24,074) (25,938) (27,951) - - - - - (1,729) (1,729) (1,729) (1,729) (1,729) (1,729) (1,729) (1,862) (1,862) (1,862) (1,862) (1,862) (1,862) (1,862) (1,862) (1,862) (1,862) (1,862) (1,862) (2,006) (2,006) (2,006) (2,006) (2,006) (2,006) (2,006) (2,006) (2,006) (2,006) (2,006) (2,006)

Direct Expenses
DE1 - Payment Processing fees USD (2,240) (4,005) (4,178) (4,360) (4,551) - - - - - (320) (320) (320) (320) (320) (320) (320) (334) (334) (334) (334) (334) (334) (334) (334) (334) (334) (334) (334) (348) (348) (348) (348) (348) (348) (348) (348) (348) (348) (348) (348)
DE2 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DE3 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DE4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DE5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Direct Expenses USD (2,240) (4,005) (4,178) (4,360) (4,551) - - - - - (320) (320) (320) (320) (320) (320) (320) (334) (334) (334) (334) (334) (334) (334) (334) (334) (334) (334) (334) (348) (348) (348) (348) (348) (348) (348) (348) (348) (348) (348) (348)

Gross Profit USD 143,010 233,915 255,326 281,063 309,047 - - - - - 20,430 20,430 20,430 20,430 20,430 20,430 20,430 22,331 20,078 20,078 10,808 20,078 20,078 20,078 20,078 20,078 20,078 20,078 20,078 22,073 22,073 22,073 12,525 22,073 22,073 22,073 22,073 22,073 22,073 22,073 22,073

Non-Direct Staff Costs

NS1 - Management USD (30,625) (60,375) (63,394) (66,563) (69,892) - - - - - (4,375) (4,375) (4,375) (4,375) (4,375) (4,375) (4,375) (4,594) (4,594) (4,594) (9,844) (4,594) (4,594) (4,594) (4,594) (4,594) (4,594) (4,594) (4,594) (4,823) (4,823) (4,823) (10,336) (4,823) (4,823) (4,823) (4,823) (4,823) (4,823) (4,823) (4,823)
NS2 - Admin USD - (12,863) (24,255) (25,468) (26,741) - - - - - - - - - - - - - - - - - (1,838) (1,838) (1,838) (1,838) (1,838) (1,838) (1,838) (1,929) (1,929) (1,929) (3,032) (1,929) (1,929) (1,929) (1,929) (1,929) (1,929) (1,929) (1,929)
NS3 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NS4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NS5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Non-Direct Staff Costs USD (30,625) (73,238) (87,649) (92,031) (96,633) - - - - - (4,375) (4,375) (4,375) (4,375) (4,375) (4,375) (4,375) (4,594) (4,594) (4,594) (9,844) (4,594) (6,431) (6,431) (6,431) (6,431) (6,431) (6,431) (6,431) (6,753) (6,753) (6,753) (13,368) (6,753) (6,753) (6,753) (6,753) (6,753) (6,753) (6,753) (6,753)

Marketing Costs
MC1 - Website USD (1,167) (2,060) (2,122) (2,185) (2,251) - - - - - (167) (167) (167) (167) (167) (167) (167) (172) (172) (172) (172) (172) (172) (172) (172) (172) (172) (172) (172) (177) (177) (177) (177) (177) (177) (177) (177) (177) (177) (177) (177)
MC2 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MC3 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MC4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MC5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Marketing Costs USD (1,167) (2,060) (2,122) (2,185) (2,251) - - - - - (167) (167) (167) (167) (167) (167) (167) (172) (172) (172) (172) (172) (172) (172) (172) (172) (172) (172) (172) (177) (177) (177) (177) (177) (177) (177) (177) (177) (177) (177) (177)

Other Expenses
OE1 - Rent USD (17,500) (30,900) (31,827) (32,782) (33,765) - - - - - (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,575) (2,575) (2,575) (2,575) (2,575) (2,575) (2,575) (2,575) (2,575) (2,575) (2,575) (2,575) (2,652) (2,652) (2,652) (2,652) (2,652) (2,652) (2,652) (2,652) (2,652) (2,652) (2,652) (2,652)
OE2 - Utilities USD (2,917) (5,150) (5,305) (5,464) (5,628) - - - - - (417) (417) (417) (417) (417) (417) (417) (429) (429) (429) (429) (429) (429) (429) (429) (429) (429) (429) (429) (442) (442) (442) (442) (442) (442) (442) (442) (442) (442) (442) (442)
OE3 - Insurances USD (1,750) (3,090) (3,183) (3,278) (3,377) - - - - - (250) (250) (250) (250) (250) (250) (250) (258) (258) (258) (258) (258) (258) (258) (258) (258) (258) (258) (258) (265) (265) (265) (265) (265) (265) (265) (265) (265) (265) (265) (265)
OE4 - IT USD (2,333) (4,120) (4,244) (4,371) (4,502) - - - - - (333) (333) (333) (333) (333) (333) (333) (343) (343) (343) (343) (343) (343) (343) (343) (343) (343) (343) (343) (354) (354) (354) (354) (354) (354) (354) (354) (354) (354) (354) (354)
OE5 - Legal & Professional fees USD (5,833) (10,300) (10,609) (10,927) (11,255) - - - - - (833) (833) (833) (833) (833) (833) (833) (858) (858) (858) (858) (858) (858) (858) (858) (858) (858) (858) (858) (884) (884) (884) (884) (884) (884) (884) (884) (884) (884) (884) (884)
OE6 - Audit fees USD (1,750) (3,090) (3,183) (3,278) (3,377) - - - - - (250) (250) (250) (250) (250) (250) (250) (258) (258) (258) (258) (258) (258) (258) (258) (258) (258) (258) (258) (265) (265) (265) (265) (265) (265) (265) (265) (265) (265) (265) (265)
OE7 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE8 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE9 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE10 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE11 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE12 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE13 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE14 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OE15 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Other Expenses USD (32,083) (56,650) (58,350) (60,100) (61,903) - - - - - (4,583) (4,583) (4,583) (4,583) (4,583) (4,583) (4,583) (4,721) (4,721) (4,721) (4,721) (4,721) (4,721) (4,721) (4,721) (4,721) (4,721) (4,721) (4,721) (4,862) (4,862) (4,862) (4,862) (4,862) (4,862) (4,862) (4,862) (4,862) (4,862) (4,862) (4,862)

EBITDA USD 79,135 101,967 107,206 126,747 148,261 - - - - - 11,305 11,305 11,305 11,305 11,305 11,305 11,305 12,845 10,591 10,591 (3,929) 10,591 8,754 8,754 8,754 8,754 8,754 8,754 8,754 10,281 10,281 10,281 (5,882) 10,281 10,281 10,281 10,281 10,281 10,281 10,281 10,281

Other Income & Expenses

Depreciation USD (1,917) (6,500) (6,500) (6,500) (5,750) - - - - - - (208) (208) (208) (208) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542) (542)
Financing Costs USD (195) (1,174) (1,174) (1,174) (1,174) - - - - - - - - - - (97) (98) (97) (98) (98) (97) (98) (98) (97) (98) (98) (97) (98) (98) (97) (98) (98) (97) (98) (98) (97) (98) (98) (97) (98) (98)
Total Other Income & Expenses USD (2,112) (7,674) (7,674) (7,674) (6,924) - - - - - - (208) (208) (208) (208) (639) (639) (639) (639) (640) (639) (639) (640) (639) (639) (640) (639) (639) (640) (639) (639) (640) (639) (639) (640) (639) (639) (640) (639) (639) (640)

Total Profit Before Tax USD 77,023 94,293 99,532 119,073 141,337 - - - - - 11,305 11,097 11,097 11,097 11,097 10,666 10,666 12,205 9,952 9,951 (4,568) 9,952 8,114 8,115 8,114 8,114 8,115 8,114 8,114 9,642 9,641 9,641 (6,521) 9,641 9,641 9,642 9,641 9,641 9,642 9,641 9,641

Taxes USD (15,405) (18,859) (19,906) (23,815) (28,267) - - - - - (2,261) (2,219) (2,219) (2,219) (2,219) (2,133) (2,133) (2,441) (1,990) (1,990) 914 (1,990) (1,623) (1,623) (1,623) (1,623) (1,623) (1,623) (1,623) (1,928) (1,928) (1,928) 1,304 (1,928) (1,928) (1,928) (1,928) (1,928) (1,928) (1,928) (1,928)

Total Profit After Tax USD 61,619 75,435 79,626 95,258 113,069 - - - - - 9,044 8,877 8,877 8,877 8,877 8,533 8,532 9,764 7,962 7,961 (3,654) 7,962 6,491 6,492 6,492 6,491 6,492 6,492 6,491 7,713 7,713 7,713 (5,217) 7,713 7,713 7,713 7,713 7,713 7,713 7,713 7,713

Dividends Paid USD (15,405) (30,412) (42,716) (55,851) (70,156) - - - - - - - - - - - (15,405) - - - - - - - - - - - (30,412) - - - - - - - - - - - (42,716)

Total Retained Earnings USD 46,214 45,023 36,910 39,407 42,914 - - - - - 9,044 8,877 8,877 8,877 8,877 8,533 (6,872) 9,764 7,962 7,961 (3,654) 7,962 6,491 6,492 6,492 6,491 6,492 6,492 (23,921) 7,713 7,713 7,713 (5,217) 7,713 7,713 7,713 7,713 7,713 7,713 7,713 (35,003)

2 Balance Sheet

2.1 Assets

Non-Current Assets
FA1 - Surgical equipment USD 19,333 15,333 11,333 7,333 3,333 - - - - - - - - - 20,000 19,667 19,333 19,000 18,667 18,333 18,000 17,667 17,333 17,000 16,667 16,333 16,000 15,667 15,333 15,000 14,667 14,333 14,000 13,667 13,333 13,000 12,667 12,333 12,000 11,667 11,333
FA2 - Lab equipment USD 5,250 3,750 2,250 750 - - - - - - 6,000 5,875 5,750 5,625 5,500 5,375 5,250 5,125 5,000 4,875 4,750 4,625 4,500 4,375 4,250 4,125 4,000 3,875 3,750 3,625 3,500 3,375 3,250 3,125 3,000 2,875 2,750 2,625 2,500 2,375 2,250
FA3 - fixture & fittings USD 4,500 3,500 2,500 1,500 500 - - - - - 5,000 4,917 4,833 4,750 4,667 4,583 4,500 4,417 4,333 4,250 4,167 4,083 4,000 3,917 3,833 3,750 3,667 3,583 3,500 3,417 3,333 3,250 3,167 3,083 3,000 2,917 2,833 2,750 2,667 2,583 2,500
FA4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FA5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Non-Current Assets USD 29,083 22,583 16,083 9,583 3,833 - - - - - 11,000 10,792 10,583 10,375 30,167 29,625 29,083 28,542 28,000 27,458 26,917 26,375 25,833 25,292 24,750 24,208 23,667 23,125 22,583 22,042 21,500 20,958 20,417 19,875 19,333 18,792 18,250 17,708 17,167 16,625 16,083

Inventories
DM1 - Needles / Syringes USD 31 32 33 34 34 - - - - - 30 30 30 30 30 30 31 31 31 31 31 31 31 31 31 31 31 31 32 32 32 32 32 32 32 32 32 32 32 32 33
DM2 - Bandages USD 34 37 40 43 43 - - - - - 31 31 31 31 31 31 34 34 34 34 34 34 34 34 34 34 34 34 37 37 37 37 37 37 37 37 37 37 37 37 40
DM3 - Disposable (Gloves/Containers) USD 72 78 84 91 91 - - - - - 67 67 67 67 67 67 72 72 72 72 72 72 72 72 72 72 72 72 78 78 78 78 78 78 78 78 78 78 78 78 84
DM4 - Surgical packs USD 122 132 142 154 154 - - - - - 113 113 113 113 113 113 122 122 122 122 122 122 122 122 122 122 122 122 132 132 132 132 132 132 132 132 132 132 132 132 142
DM5 - Medicines USD 49 53 57 62 62 - - - - - 45 45 45 45 45 45 49 49 49 49 49 49 49 49 49 49 49 49 53 53 53 53 53 53 53 53 53 53 53 53 57
DM6 - Dressing aids USD 10 11 12 13 13 - - - - - 9 9 9 9 9 9 10 10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11 12
DM7 - Catheters USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DM8 - Containers USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DM9 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DM10 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Inventories USD 317 342 368 396 396 - - - - - 295 295 295 295 295 295 317 317 317 317 317 317 317 317 317 317 317 317 342 342 342 342 342 342 342 342 342 342 342 342 368

Cash USD 130,517 187,042 230,848 280,276 332,659 - - - - 100,000 71,832 87,403 100,327 115,202 127,087 131,232 130,517 144,829 151,616 165,800 165,752 153,177 165,518 178,153 179,145 191,486 204,121 205,113 187,042 198,922 201,826 216,025 214,349 198,272 212,465 226,952 228,821 243,014 257,501 259,370 230,848
Tax Asset USD - - - - - - - - - - - - - - - - - - - - 914 - - - - - - - - - - - 1,304 - - - - - - - -
Accounts Receivable USD 32,392 34,943 37,699 40,677 43,895 - - - - - 32,392 32,392 32,392 32,392 32,392 32,392 32,392 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699
Other Assets USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Current Assets USD 162,908 221,985 268,547 320,954 376,554 - - - - 100,000 104,224 119,795 132,719 147,593 159,478 163,623 162,908 179,772 186,559 200,742 201,608 188,120 200,461 213,096 214,088 226,429 239,064 240,056 221,985 236,621 239,525 253,724 253,352 235,971 250,165 264,651 266,520 280,713 295,200 297,069 268,547

Total Assets USD 192,309 244,910 284,998 330,933 380,784 - - - - 100,000 115,518 130,881 143,597 158,263 189,940 193,543 192,309 208,631 214,876 228,518 228,842 214,812 226,612 238,704 239,155 250,955 263,048 263,498 244,910 259,005 261,367 275,024 274,110 256,188 269,839 283,785 285,112 298,763 312,708 314,035 284,998

2.2 Liabilities & Equity

Liabilities
Borrowings
BF1 - Loan XYZ USD (20,000) (20,000) (20,000) (20,000) (20,000) - - - - - - - - - (20,000) (20,097) (20,000) (20,097) (20,195) (20,000) (20,097) (20,195) (20,000) (20,097) (20,195) (20,000) (20,097) (20,195) (20,000) (20,097) (20,195) (20,000) (20,097) (20,195) (20,000) (20,097) (20,195) (20,000) (20,097) (20,195) (20,000)
BF2 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BF3 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sales Tax Liability USD (7,737) (11,638) (12,614) (13,670) (14,818) - - - - - (1,886) (5,466) (7,160) (10,740) (11,321) (4,160) (7,737) (11,618) (7,761) (11,642) (15,523) (7,761) (11,642) (15,523) (7,761) (11,642) (15,523) (7,761) (11,638) (15,845) (8,412) (12,618) (16,824) (8,412) (12,618) (16,824) (8,412) (12,618) (16,824) (8,412) (12,614)
Corporate Tax Liability USD (15,405) (18,859) (20,820) (26,032) (31,577) - - - - - (2,261) (4,480) (6,700) (8,919) (11,138) (13,272) (15,405) (17,846) (19,836) (21,826) (21,826) (7,499) (9,121) (10,744) (12,367) (13,990) (15,613) (17,236) (18,859) (20,787) (22,715) (24,643) (24,643) (7,322) (9,250) (11,179) (13,107) (15,035) (16,964) (18,892) (20,820)
Accounts Payable USD (2,954) (3,176) (3,417) (3,677) (3,922) - - - - - (2,328) (3,014) (2,938) (2,928) (2,928) (2,928) (2,954) (3,092) (3,144) (3,149) (3,149) (3,149) (3,149) (3,149) (3,149) (3,149) (3,149) (3,149) (3,176) (3,326) (3,381) (3,387) (3,387) (3,387) (3,387) (3,387) (3,387) (3,387) (3,387) (3,387) (3,417)
Other Liabilities USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Liabilities USD (46,095) (53,674) (56,851) (63,379) (70,317) - - - - - (6,474) (12,960) (16,798) (22,587) (45,387) (40,457) (46,095) (52,653) (50,936) (56,617) (60,595) (38,604) (43,912) (49,513) (43,472) (48,781) (54,382) (48,341) (53,674) (60,055) (54,704) (60,648) (64,952) (39,316) (45,255) (51,487) (45,101) (51,040) (57,272) (50,886) (56,851)

Equity
Share Capital USD (100,000) (100,000) (100,000) (100,000) (100,000) - - - - (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
Retained Earnings USD (46,214) (91,236) (128,147) (167,554) (210,467) - - - - - (9,044) (17,921) (26,799) (35,676) (44,553) (53,086) (46,214) (55,978) (63,940) (71,901) (68,247) (76,208) (82,699) (89,191) (95,683) (102,174) (108,666) (115,157) (91,236) (98,950) (106,663) (114,375) (109,158) (116,871) (124,584) (132,297) (140,010) (147,723) (155,436) (163,149) (128,147)
Total Equity USD (146,214) (191,236) (228,147) (267,554) (310,467) - - - - (100,000) (109,044) (117,921) (126,799) (135,676) (144,553) (153,086) (146,214) (155,978) (163,940) (171,901) (168,247) (176,208) (182,699) (189,191) (195,683) (202,174) (208,666) (215,157) (191,236) (198,950) (206,663) (214,375) (209,158) (216,871) (224,584) (232,297) (240,010) (247,723) (255,436) (263,149) (228,147)

Total Liabilities & Equity USD (192,309) (244,910) (284,998) (330,933) (380,784) - - - - (100,000) (115,518) (130,881) (143,597) (158,263) (189,940) (193,543) (192,309) (208,631) (214,876) (228,518) (228,842) (214,812) (226,612) (238,704) (239,155) (250,955) (263,048) (263,498) (244,910) (259,005) (261,367) (275,024) (274,110) (256,188) (269,839) (283,785) (285,112) (298,763) (312,708) (314,035) (284,998)

OK Balance Sheet Balances OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK

3 Cash Flow

3.1 Cash Flow Statement

Cash Flows from Operating Activities

Revenue Receipts USD 194,350 416,762 449,633 485,149 523,527 - 32,392 32,392 32,392 32,392 32,392 32,392 32,392 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 34,943 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699 37,699
Direct Staff Costs USD (39,813) (104,352) (109,803) (113,097) (116,490) (5,688) (5,688) (5,688) (5,688) (5,688) (5,688) (5,688) (5,858) (8,111) (8,111) (17,381) (8,111) (8,111) (8,111) (8,111) (8,111) (8,111) (8,111) (8,111) (8,355) (8,355) (8,355) (17,903) (8,355) (8,355) (8,355) (8,355) (8,355) (8,355) (8,355) (8,355)
Direct Materials USD (11,331) (25,506) (27,475) (29,602) (31,898) - (1,302) (2,064) (1,999) (1,989) (1,989) (1,989) (2,003) (2,090) (2,137) (2,142) (2,142) (2,142) (2,142) (2,142) (2,142) (2,142) (2,142) (2,142) (2,158) (2,252) (2,302) (2,307) (2,307) (2,307) (2,307) (2,307) (2,307) (2,307) (2,307) (2,307)
Direct Expenses USD (2,576) (4,606) (4,805) (5,014) (5,234) (368) (368) (368) (368) (368) (368) (368) (384) (384) (384) (384) (384) (384) (384) (384) (384) (384) (384) (384) (400) (400) (400) (400) (400) (400) (400) (400) (400) (400) (400) (400)
Non-Direct Staff Costs USD (30,625) (73,238) (87,649) (92,031) (96,633) (4,375) (4,375) (4,375) (4,375) (4,375) (4,375) (4,375) (4,594) (4,594) (4,594) (9,844) (4,594) (6,431) (6,431) (6,431) (6,431) (6,431) (6,431) (6,431) (6,753) (6,753) (6,753) (13,368) (6,753) (6,753) (6,753) (6,753) (6,753) (6,753) (6,753) (6,753)
Marketing Costs USD (1,342) (2,369) (2,440) (2,513) (2,589) (192) (192) (192) (192) (192) (192) (192) (197) (197) (197) (197) (197) (197) (197) (197) (197) (197) (197) (197) (203) (203) (203) (203) (203) (203) (203) (203) (203) (203) (203) (203)
Other Expenses USD (34,271) (60,513) (62,328) (64,198) (66,124) (4,896) (4,896) (4,896) (4,896) (4,896) (4,896) (4,896) (5,043) (5,043) (5,043) (5,043) (5,043) (5,043) (5,043) (5,043) (5,043) (5,043) (5,043) (5,043) (5,194) (5,194) (5,194) (5,194) (5,194) (5,194) (5,194) (5,194) (5,194) (5,194) (5,194) (5,194)
Sales Tax Payments / Refunds USD (12,626) (42,663) (49,493) (53,638) (58,125) - - (1,886) - - (10,740) - - (7,737) - - (11,642) - - (11,642) - - (11,642) - - (11,638) - - (12,618) - - (12,618) - - (12,618) -
Corporate Tax Payments USD - (15,405) (17,945) (18,602) (22,723) - - - - - - - - - - - (15,405) - - - - - - - - - - - (17,945) - - - - - - -
Total CF from Operating Activities USD 61,767 88,112 87,695 106,454 123,712 - - - - - (15,518) 15,571 12,924 14,874 14,885 4,145 14,885 14,313 6,787 14,477 (48) (12,575) 12,635 12,635 992 12,635 12,635 992 12,635 11,880 2,904 14,492 (1,676) (16,076) 14,487 14,487 1,869 14,487 14,487 1,869 14,487

Healthcare Business Financial Model v2 - EFM Page 11 of 13 Printed on: 13/02/2021 22:56
 o_Fin Stats

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24 01-Jan-25 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Oct-21 01-Nov-21 01-Dec-21 01-Jan-22 01-Feb-22 01-Mar-22 01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23 01-Apr-23 01-May-23 01-Jun-23 01-Jul-23 01-Aug-23 01-Sep-23 01-Oct-23 01-Nov-23 01-Dec-23
o_Fin Stats End date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22 31-Aug-22 30-Sep-22 31-Oct-22 30-Nov-22 31-Dec-22 31-Jan-23 28-Feb-23 31-Mar-23 30-Apr-23 31-May-23 30-Jun-23 31-Jul-23 31-Aug-23 30-Sep-23 31-Oct-23 30-Nov-23 31-Dec-23
Timeline ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
Tab Check LINK TO FRONT SHEET Year index 1 2 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3
OK OK All file checks & alerts OK Relative period 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
Err Alert Period index 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Status Forecast Forecast Forecast Forecast Forecast Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

Cash Flows from Investing Activities

Fixed Asset Additions USD (35,650) - - - - (12,650) - - - (23,000) - - - - - - - - - - - - - - - - - - - - - - - - - -
Total CF from Investing Activities USD (35,650) - - - - - - - - - (12,650) - - - (23,000) - - - - - - - - - - - - - - - - - - - - - - - - - -

Cash Flows from Financing Activities

Borrowings additiona/(repayments) USD 20,000 - - - - - - - - 20,000 - - - - - - - - - - - - - - - - - - - - - - - - - -
Interest Paid USD (195) (1,174) (1,174) (1,174) (1,174) - - - - - - (195) - - (293) - - (293) - - (293) - - (293) - - (293) - - (293) - - (293) - - (293)
Dividend Payments USD (15,405) (30,412) (42,716) (55,851) (70,156) - - - - - - (15,405) - - - - - - - - - - - (30,412) - - - - - - - - - - - (42,716)
Share Capital Additions USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total CF from Financing Activities USD 4,400 (31,586) (43,889) (57,025) (71,330) - - - - - - - - - 20,000 - (15,600) - - (293) - - (293) - - (293) - - (30,706) - - (293) - - (293) - - (293) - - (43,009)

Cash Balance
Total Net Cash flow movement USD 30,517 56,526 43,805 49,429 52,383 - - - - - (28,168) 15,571 12,924 14,874 11,885 4,145 (715) 14,313 6,787 14,184 (48) (12,575) 12,341 12,635 992 12,341 12,635 992 (18,071) 11,880 2,904 14,199 (1,676) (16,076) 14,193 14,487 1,869 14,193 14,487 1,869 (28,522)
Opening Cash Balance USD - 130,517 187,042 230,848 280,276 - - - - - 100,000 71,832 87,403 100,327 115,202 127,087 131,232 130,517 144,829 151,616 165,800 165,752 153,177 165,518 178,153 179,145 191,486 204,121 205,113 187,042 198,922 201,826 216,025 214,349 198,272 212,465 226,952 228,821 243,014 257,501 259,370
Closing Cash Balance USD 130,517 187,042 230,848 280,276 332,659 - - - - 100,000 71,832 87,403 100,327 115,202 127,087 131,232 130,517 144,829 151,616 165,800 165,752 153,177 165,518 178,153 179,145 191,486 204,121 205,113 187,042 198,922 201,826 216,025 214,349 198,272 212,465 226,952 228,821 243,014 257,501 259,370 230,848

OK Cash Flow Check OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK

4 Metrics

4.1 Breakeven Analysis

Break-Even

Forecast Period no 1 2 3 4 5
Accounting Break-even period Years -

END OF WORKSHEET

Healthcare Business Financial Model v2 - EFM Page 12 of 13 Printed on: 13/02/2021 22:56
 o_DCF

ABC Medical Clinic Ltd Financial Projection Start date 01-Jan-21 01-Feb-21 01-Mar-21 01-Apr-21 01-May-21 01-Jun-21 01-Jul-21 01-Aug-21 01-Sep-21 01-Aug-24 01-Sep-24 01-Oct-24 01-Nov-24 01-Dec-24 01-Jan-25 01-Feb-25 01-Mar-25 01-Apr-25 01-May-25 01-Jun-25 01-Jul-25 01-Aug-25 01-Sep-25 01-Oct-25 01-Nov-25 01-Dec-25 01-Jan-26
o_DCF End date 31-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Aug-24 30-Sep-24 31-Oct-24 30-Nov-24 31-Dec-24 31-Jan-25 28-Feb-25 31-Mar-25 30-Apr-25 31-May-25 30-Jun-25 31-Jul-25 31-Aug-25 30-Sep-25 31-Oct-25 30-Nov-25 31-Dec-25 Onwards
Timeline MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MULTIPLE
Tab Check LINK TO FRONT SHEET Year index 1 1 1 1 1 1 1 1 1 4 4 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5
OK OK All file checks & alerts OK Relative period 1 2 3 4 5 6 7 8 9 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
Err Alert Period index 1 2 3 4 5 6 7 8 9 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60
Status Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Terminal Year

1 DCF

1.1 Discount Rate Inputs

General Inputs

Valuation Date Date 31-May-21

Terminal Value Growth Rate % 1.50%
Discount for Lack of Marketability % 3.00%

Cost of Equity Inputs

Risk-Free Rate % 2.00%

Expected Market Return % 4.00%
Average Industry Beta no. 1.70
Small Company Premium % 2.00%

Equity Share % 80.0%

Cost of Debt Inputs

Interest Rate % 5.00%

Corporate Tax Rate % 20.00%

Debt Share % 20.0%

1.2 WACC

WACC

Cost of Equity % 8.25%

Cost of Debt after tax % 4.00%
WACC % 7.40%

1.3 Valuation Calculation

Income Method

Cash Flow from Operating activities USD (15,518) 15,571 12,924 14,874 2,844 16,519 16,519 2,844 16,519 15,702 5,140 18,753 1,324 (18,795) 18,746 18,746 3,928 18,746 18,746 3,928 18,746 10,309
Cash flow from Investing Activities USD (12,650) - - - - - - - - - - - - - - - - - - - - -
Cash Flow before Terminal Value USD - - - - - (28,168) 15,571 12,924 14,874 2,844 16,519 16,519 2,844 16,519 15,702 5,140 18,753 1,324 (18,795) 18,746 18,746 3,928 18,746 18,746 3,928 18,746 10,309

Terminal Value USD 2,096,819

Cash Flow before Discounting USD - - - - - (28,168) 15,571 12,924 14,874 2,844 16,519 16,519 2,844 16,519 15,702 5,140 18,753 1,324 (18,795) 18,746 18,746 3,928 18,746 18,746 3,928 18,746 2,107,128 2,539,217

Discounting Period Months - - - - - 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
Discounting Period Cumulative Months - - - - - 0.08 0.17 0.25 0.33 3.25 3.33 3.42 3.50 3.58 3.67 3.75 3.83 3.92 4.00 4.08 4.17 4.25 4.33 4.42 4.50 4.58 4.67
Discounting Factor % 7.400% 1.0000 1.0000 1.0000 1.0000 1.0000 0.9941 0.9882 0.9823 0.9765 0.7929 0.7882 0.7836 0.7789 0.7743 0.7697 0.7651 0.7606 0.7561 0.7516 0.7471 0.7427 0.7383 0.7339 0.7296 0.7252 0.7209 0.7167

Discounted Cash Flow USD - - - - - (28,001) 15,387 12,695 14,525 2,255 13,021 12,943 2,215 12,790 12,086 3,933 14,263 1,001 (14,126) 14,006 13,923 2,900 13,758 13,677 2,849 13,515 1,510,095 1,867,948

Discount for Lack of Marketability USD 3.00% (56,038)

Estimated Discounted Cash Flow Valuation USD 1,811,909
(Enterprise Value)

Ratios

Price / Current EBITDA x. 22.9 x

Price / Forward EBITDA x. 17.8 x

END OF WORKSHEET

Healthcare Business Financial Model v2 - EFM Page 13 of 13 Printed on: 13/02/2021 22:56