Pro-forma Financials Eurosky

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Eurosky
Pro-forma Financials

8.1.1 Cost of Goods Sold & Pricing

	Year 1	Year 2	Year 3	Year 4	Year 5
1. AIRCRAFT COST / COST OF AIRCRAFT INTERESTS¹ Aircraft #
1	6.846.978	0	0	0	0
2	6.846.978	0	0	0	0
3	0	6.846.978	0	0	0
4	0	6.605.320	0	0	0
5	0	0	7.266.068	0	0
6	0	0	7.266.068	0	0
7	0	0	0	7.266.068	0
8	0	0	0	7.099.619	0
9	0	0	0	0	7.099.619
Average Cost Per Share	1.711.745	1.681.537	1.816.517	1.784.461	1.752.405
Pricing Aircraft Share	1.950.000	2.000.000	2.050.000	2.100.000	2.150.066
margin	14%	19%	13%	18%	23%
2. COST OF AIRCRAFT OPERATION²
a) Direct Operating Cost (DOC) Cost per Flight Hour
Fuel	265,00	265,00	265,00	265,00	265,00
Maintenance labor³	0,00	0,00	130,65	133,27	135,93
Maintenance parts³	0,00	0,00	109,48	111,67	113,90
Engine provisions	175,00	178,50	182,07	185,71	189,43
Propeller overhaul provisions	4,83	4,92	5,02	5,12	5,23
Landing & parking fees	400,00	408,00	416,16	424,48	32,97
Small supplies & catering	80,00	81,60	83.23	84,90	86,59
ATC / Eurocontrol	284,00	289,68	295,47	301,38	307,41
Augusta Air Surcharge	60,44	61,39	74,35	75.58	76,82
TOTAL DOC	1.269,27	1.289,09	1.561,45	1.587,11	1.613,29
Pricing Hourly Fee	2.2	2.2	2.25	2.3	2.35
margin	42%	41%	31%	31%	31%
b) Annual Fixed Costs⁴
Crew Salaries pilot	60.000,00	63.000,00	66.150,00	69.457,50	72.930,38
Crew Salaries co-pilot	40.000,00	42.000,00	44.100,00	46.305,00	48.620,25
Crew Salaries benefits	20.000,00	21.000,00	22.050,00	23.152,50	24.310,13
Hangar	22.200,00	22.644,00	23.096,88	23.558,82	24.029,99
Insurance	42.500,00	43.350,00	44.217,00	45.101,34	46.003,37
Recurrent Training⁵	0,00	17.686,80	18.040,54	18.401,35	18.769,37
Aircraft modernization etc.	25.552,70	26.063.75	26.585,03	27.116,73	27.659,06
Navigational Chart Service	1.506,20	1.536,32	1.567,05	1.598,39	1.630,36
Refurb	50.715,00	51.729,30	52.763,89	53.819,16	54.895,55
Augusta Air Surcharge (On Crew only)	12.000,00	12.600,00	13.230,00	13.891,50	14.586,08
TOTAL	274.473,90	301.610,18	311.800,38	322.402,29	333.434,53
per share per month	5.718,21	6.283,55	6.495,84	6.716,71	6.946,55
Pricing Monthly Fee	15.000	15.000	15.300	15.750	16.000
margin	162%	139%	136%	134%	130%

1 Assumes a 15-18% discount from airplane list price and a yearly list price increase.
2 Cost structure shown for an aircraft acquired in year 1.
3 Takes into account 1000 hours "free maintenance"
(all scheduled and non-scheduled maintenance cost will be borne by manufacturer).
4 Aircraft Ownership charges excluded.
5 First year training included in aircraft price.

Sales Forecast & Aircraft Operations

	Year 1	Year 1	Year 1	Year 1	Year 2	Year 2	Year 2	Year 2	Year 3	Year 3	Year 3	Year 3	Year 4	Year 4	Year 4	Year 4	Year 5	Year 5	Year 5	Year 5
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Number of Initial Contacts	20	29	51	40	44	42	49	25	38	38	57	48	48	48	55	38	48	37	51	44
Number of Presentation	0	3	8	7	5	6	8	4	2	4	8	8	5	6	8	7	5	6	8	8
Number of Flight Demos¹	0,0	0,5	1,8	2,5	1,7	2,1	2,3	1,9	0,8	1,6	2,2	2,8	2,0	2,2	2,5	2,6	1,7	2,4	2,0	2,6
Shares Sold in Quarter	0	0	2	2	2	2	2	2	1	2	2	3	2	2	2	3	2	2	2	3
Repurchase of Shares in Quarter²	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	2	0	0	0
Net Cum. Shares Sold	0	0	2	4	6	8	10	12	13	15	17	20	21	23	25	28	28	30	32	35
Airplanes in Fleet	1	1	1	2	2	3	3	4	4	4	5	6	6	6	7	8	8	8	9	9
Total Hours used by Shareholders	0	0	16	82	141	232	291	329	377	476	518	546	608	785	824	822	878	1.103	1.14	1.1
Total Demand Not Met By Fleet	0%	0%	4%	6%	5%	9%	7%	5%	4%	8%	6%	5%	4%	6%	6%	4%	3%	5%	5%	4%
Total Hours Revenue Charter	18	54	54	54	56	39	56	56	58	33	74	99	117	30	53	136	152	38	41	169
Capacity Utilization (Fleet)³	15%	49%	64%	74%	80%	95%	92%	85%	85%	100%	100%	96%	95%	101%	98%	98%	100%	103%	102%	99%

1 Non-Integer Numbers due to statistical modeling.
2 Assumed to take place at year end.
3 Utilization of over 100% can be attributed to yearly seasonality patterns.

Income Statement
All figures are in DM (1 DM = $0.59)

BASE CASE	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1
	January	February	March	April	May	June	July	August	September	October	November	December	Total
Sales¹
Management Fee	0	0	9.000	9.000	9.000	9.000	9.000	9.000	9.000	9.000	18.000	18.000	108.000
Office Usage Fee	0	0	3.000	3.000	3.000	3.000	3.000	3.000	3.000	3.000	6.000	6.000	36.000
Hourly Fee	0	0	0	0	0	0	0	8.313	20.983	36.969	52.966	62.048	181.279
Monthly Fee	0	0	0	0	0	0	0	17.250	34.500	51.750	69.000	69.000	241.500
Crew Overnight	0	0	0	0	0	0	0	256	513	769	1.026	1.026	3.590
Customer Aircraft Standby Request	0	0	0	0	0	0	0	534	1.068	1.603	2.137	2.137	7.479
Demonstration flights	0	0	0	3.051	2.039	3.051	4.361	4.592	6.423	6.423	6.423	5.652	42.015
Brokerage Income	0	0	5.317	5.856	6.178	6.183	5.927	6.062	6.251	6.681	5.927	5.792	60.174
Charter Income	0	0	49.068	49.068	49.068	49.068	49.068	49.068	49.068	49.068	49.068	49.068	49.0680
Total Sales	0	0	66.385	69.975	69.285	70.302	71.356	98.075	130.806	165.263	210.547	218.723	1.170.717
Costs of Goods Sold²
Usage Fee	0	0	15.000	15.000	15.000	15.000	15.000	15.000	15.000	15.000	30.000	30.000	180.000
Hourly Fee	0	0	0	0	0	0	0	5.060	12.772	22.503	32.240	37.769	110.344
Crew Overnight	0	0	0	0	0	0	0	192	385	577	769	769	2.692
Customer Aircraft Standby Request	0	0	0	0	0	0	0	53	107	160	214	214	748
Charter Flights	0	0	32.905	32.905	32.905	32.905	32.905	32.905	32.905	32.905	32.905	32.905	329.050
Ferry Flights	0	0	0	0	0	0	0	1.518	3.832	6.751	9.672	11.331	33.104
Monthly Fee	0	0	26.304	26.304	26.304	26.304	26.304	26.304	26.304	26.304	52.607	52.607	315.646
Charter for Share owners	0	0	0	0	0	0	0	1.463	4.274	10.546	4.189	2.629	23.101
Total Costs of Goods Sold	0	0	74.209	74.209	74.209	74.209	74.209	82.495	95.579	114.746	162.596	168.224	994.685
Gross margin	0	0	-7.824	-4.234	-4.924	-3.907	-2.853	15.581	35.227	50.517	47.949	50.499	176.031
Gross Profit Margin	0%	0%	-12%	-6%	-7%	-6%	-4%	16%	27%	31%	23%	23%	15%
Fixed Cost
G & A Expenses
Communication Equipment Lease³	390	390	390	390	390	390	390	390	390	390	390	390	4.680
Office & Business Insurance⁴	200	200	200	200	200	200	200	200	200	200	200	200	2.400
Computer Service Contracts⁵	5.500	0	0	0	0	0	0	0	0	0	0	0	5.500
Tax & Legal⁶	500	500	500	500	500	500	500	500	500	500	500	3500	9.000
Non-sales Travel⁷	2.000	12.450	2.000	2.000	2.000	2.000	2.000	2.000	2.000	2.000	2.000	2.000	34.450
Office Salaries & Benefits⁸	0	0	0	0	0	0	0	0	4.800	4.800	4.800	4.800	19.200
Office Supplies⁹	2.500	250	250	250	250	250	250	250	250	250	250	250	5.250
Officer Salaries¹⁰	26.667	26.667	26.667	26.667	26.667	26.667	26.667	26.667	26.667	26.667	26.667	26.667	320.004
Benefits¹¹	5.333	5.333	5.333	5.333	5.333	5.333	5.333	5.333	5.333	5.333	5.333	5.333	63.996
Office Rent¹²	3.050	3.050	3050	3050	3050	3.050	3.050	3.050	3.050	3.050	3.050	3.050	36600
Startup Expense¹³	26.910	0	0	0	0	0	0	0	0	0	0	0	26.910
Telephones¹⁴	1.250	1.500	2.500	2.500	2.500	2.500	2.500	2.500	2.500	2500	2.500	2.500	27.750
Utilities¹⁵	300	300	300	300	300	300	300	300	300	300	300	300	3.600
Marketing Expenses
Advertising¹⁶	0	0	0	20.000	30.000	20.000	0	0	10.000	10.000	10.000	0	100.000
Public Relations	0	0	0	40.000	40.000	0	0	0	20.000	0	0	0	100.000
Postage & Courier Services¹⁷	200	200	300	230	230	285	285	285	285	285	265	400	3.250
Promotional Materials¹⁸	0	15000	140	192	87	179	369	369	369	369	341	240	17.655
Trade Show Participation¹⁹	0	0	0	0	6.438	0	0	0	0	0	0	0	6.438
Selling Expenses
Credit Verification²⁰	0	0	113	34	45	188	188	188	188	188	128	75	1.335
Entertainment & Catering²¹	0	0	0	135	41	135	257	279	450	450	450	378	2.575
Demonstration Flights²²	0	0	2.919	4.233	7.692	2.773	6.884	7.094	5.839	5.839	8.758	5.138	57.169
Total Operational Expenses	74.800	65.840	44.662	106.014	125.723	64.750	49.173	49.405	83.121	63.121	65.932	55.221	847.762
Operating Income (or Loss)	-74.800	-65.840	-52.486	-110.248	-130.647	-68.657	-52.026	-33.824	-47.894	-12.604	-17.983	-4.722	-671.731
Less Depreciation²³	-999	-999	-999	-999	-999	-999	-999	-999	-999	-999	-999	-999	-11.988
EBIT	-75.799	-66.839	-53.485	-111.247	-131.646	-69.656	-53.025	-34.823	-48.893	-13.603	-18.982	-5.721	-683.719
Plus extraordinary income²⁴	0	10.806	3.927	3.412	2.802	2.479	2.233	2.233	4.668	7.044	5.513	217.513	262.630
Less extraordinary expenses²⁵	0	0	-2.500	-2.500	-2.500	-2.500	-2.500	-2.500	-2.500	-2.500	-2.500	-2.500	-25.000
Income from Sale²⁶	0	0	0	0	0	0	0	182.500	182.500	182.500	182.500	0	730.000
Less Interest Expense²⁷	0	0	0	0	0	0	0	0	0	0	0	0	0
Income (or Loss) Before Taxes	-75.799	-56.033	-52.058	-110.335	-131.344	-69.677	-53.292	147.410	135.775	173.441	166.531	209.292	283.911
Less Income Taxes²⁸	0	0	0	0	0	0	0	0	0	0	33.582	94.182	127.764
Net Income (or Loss)	-75.799	-56.033	-52.058	-110.335	-131.344	-69.677	-53.292	147.410	135.775	173.441	132.949	115.110	156.147
Cummulative Net income (or Loss)	-75.799	-131.832	-183.890	-294.225	-425.569	-495.246	-548.538	-401.128	-265.353	-91.912	41.037	156.147	156.147
Return on Sales	0%	0%	-78%	-158%	-190%	-99%	-75%	150%	104%	105%	63%	53%	13%

Notes to the Income Statement
1 See Sales Projections Sheet.
2 See Cost of Goods Sold Sheet.
3 Telephone system with 5 telephones.
4 Renters Insurance up to DM 50,000 and Business Insurance up to 100,000 DM.
5 Service contract @ 10% of computer price.
6 Tax and Legal Services.
7 Non Business Aircraft Travel. Includes Sales School in February in Wichita, KS.
8 One secretary @ salary 48,000 DM/yr + benefits 20%. First six months are fully (incl. benefits) paid by Employment agency. Hired in March.
9 Letterheads and miscellaneous office supplies.
10 Yearly salary per executive of 80,000 DM excluding benefits.
11 20% of Salary.
12 Office Rent at Augsburg airport. 100 m2 @ 30.50DM per m2.
13 Includes special software (Bookkeeping & Operations), cost of incorporation (3.000 DM per company), additional equipment (coffee machine etc.). See start-up budget.
14 General ISDN phone line, 2hrs. per day per person phone time.
15 Electricity and water @ 3 DM per m2.
16 See Advertising & PR Budget. PR firm will be hired (hourly compensation @ 290 DM).
17 For mailing of contract and collateral materials (see Sales Forecast), incl. Christmas mailings.
18 For development and duplication of collateral materials.
19 Participation at AERO (April, bi-annual), ILA (May, bi-annual), assumes two representatives; figure includes travel, hotel, entertainment, one aircraft on site, promotional material etc.
20 Assumes 75 DM per prospect.
21 Assumes 150 DM per Flight Demo Hour.
22 Costs for demonstration flights (DOC, includes ferry), plus PR flights (includes ferry to trade shows).
23 Assumes 5% depreciation per year on office equipment and 10% per year on computer equipment.
24 Interest Income from investing Cash Balances. See Cash Management Sheet.
25 Bonus and Trustee expenses.
26 Net Income from Share sale (Share price - repayment of debt - cost of investment).
27 Interest on Long Term Debt.
28 German Federal Taxes equal 45%.

Income Statement
All figures are in DM (1 DM = $0.59)

BASE CASE	Year 2	Year 2	Year 2	Year 2	Year 2	Year 3	Year 3	Year 3	Year 3	Year 3	Year 4	Year 4	Year 4	Year 4	Year 4	Year 5	Year 5	Year 5	Year 5	Year 5
	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total
Sales¹
Management Fee	54.000	63.000	81.000	99.000	297.000	108.000	108.000	126.000	144.000	486.000	162.000	171.000	189.000	207.000	729.000	216.000	234.000	243.000	270.000	963.000
Office Usage Fee	18.000	21.000	27.000	33.000	99.000	36.000	36.000	42.000	48.000	162.000	54.000	57.000	63.000	69.000	243.000	72.000	78.000	81.000	90.000	321000
Hourly Fee	260.792	427.903	537.562	607.403	1.833.660	711.685	897.329	977.577	1.030.367	3.616.957	1.171.688	1.514.406	1.589.699	1.585.375	5.861.168	1.729.311	2.173.614	2.246.500	2.166.719	8.316.145
Monthly Fee	276.000	379.500	483.000	603.750	1.742.250	686.205	738.990	844.560	1.002.915	3.272.670	1.141.088	1.249.763	1.358.438	1.521.450	5.270.738	1.656.000	1.766.400	1.895.200	2.042.400	7.360.000
Crew Overnight	4.308	5.923	7.538	9.423	27.192	11.025	11.873	13.569	16.113	52.581	18.700	20.481	22.262	24.933	86.377	28.05	29.920	32.102	34.595	124.667
Customer Aircraft Standby Request	8.974	12.340	15.705	19.631	56.650	22.969	24.736	28.269	33.570	109.543	38.959	42.669	46.379	51.945	179.951	58.438	62.334	66.879	72.073	259.724
Demonstration flights	14.272	16.311	17.767	15.049	63.399	9.902	14.384	18.762	22.097	65.144	17.434	19.275	21.008	21.225	78.943	16.040	20.324	18.677	21.972	77.013
Brokerage Income	20.113	25.765	25.470	24.630	95.978	26.459	31.734	45.495	50.430	154.117	53.493	55.610	39.982	65.820	214.905	84.615	99.009	96.238	91.585	371.446
Charter Income	153.092	100.530	153.092	151.709	558.423	162.136	87.441	201.770	271.161	722.507	326.882	81.270	1.476.344	379.795	935.290	420.078	98.603	106.905	472.444	1.098.030
Total Sales	809.551	1.052.272	1.348.134	1.563.596	4.773.552	1.774.381	1.950.486	2.298.002	2.618.652	8.641.520	2.984.243	3.211.474	3.477.112	3.926.542	13.599.371	4.280.532	4.562.204	4.786.500	5.261.789	18.891.025
Costs of Goods Sold²
Usage Fee	90.000	105.000	135.000	165.000	495.000	180.000	180.000	210.000	240.000	810.000	270.000	285.000	315.000	345.000	1.215.000	360.000	390.000	405.000	450.000	1.605.000
Hourly Fee	159.984	262.498	329.768	372.612	1.124.862	458.281	577.825	629.499	663.493	2.329.098	766.827	991.123	1.040.400	1.037.569	3.835.919	1.123.784	1.412.512	1.459.876	1.408.031	5.404.203
Crew Overnight	3.231	4.442	5.654	7.067	20.394	8.269	8.905	10.177	12.085	39.436	14.025	15.361	16.697	18.700	64.782	21.038	22.440	24.076	25.946	93.500
Customer Aircraft Standby Request	897	1.234	1.571	1.963	5.665	2.297	2.474	2.827	3.357	10.954	3.896	4.267	4.638	5.194	17.995	5.844	6.233	6.688	7.207	25.972
Charter Flights	98.903	66.258	98.903	98.051	362.115	104.641	58.104	131.811	176.842	471.397	209.814	53.120	95.190	243.837	601.961	270.806	67.000	72.642	301.977	712.424
Ferry Flights	47.995	78.749	98.930	111.784	337.458	137.484	173.347	188.850	199.048	698.730	230.048	297.337	312.120	311.271	1.150.776	337.135	423.754	437.963	422.409	1.621.261
Monthly Fee	173.426	202.330	260.139	317.947	953.842	358.570	358.570	418.332	478.094	1.613.567	556.144	587.041	648.835	710.628	2.502.6481	766.899	830.808	862.762	958.624	3.419.093
Charter for Share owners	19.030	67.957	65.504	54.513	207.004	41.908	114.540	109.976	81.547	347.971	62.952	155.550	159.744	101.738	479.985	84.797	188.235	200.130	120.590	593.753
Total Costs of Goods Sold	593.466	788.468	995.469	1.128.938	3.506.340	1.291.451	1.473.765	1.701.472	1.854.465	6.321.153	2.113.706	2.388.799	2.592.623	2.773.938	9.869.065	2.970.303	3.340.982	3.469.137	3.694.786	13.475.207
Gross margin	216.086	263.804	352.667	434.658	1.267.214	482.930	476.721	596.529	764.187	2.320.367	870.537	822.675	884.490	1.152.600	3.730.307	1.310.229	1.221.222	1.317.363	1.567.004	5.415.818
Gross Profit Margin	27%	25%	26%	28%	27%	27%	24%	26%	29%	27%	29%	26%	25%	29%	27%	31%	27%	28%	30%	29%
Fixed Cost
G & A Expenses
Communication Equipment Lease³	1.229	1.229	1.229	1.229	4.916	1.290	1.290	1.290	1.290	5.160	1.354	1.354	1.354	1.354	5.418	1.422	1.422	1.422	1.422	5.689
Office & Business Insurance⁴	630	630	630	630	2.520	662	662	662	662	2.646	695	695	695	695	2.778	729	729	729	729	2.917
Computer Service Contracts⁵	5.500	0	0	0	5.500	5.500	0	0	0	5.500	5.500	0	0	0	5.500	5.500	0	0	0	5.500
Tax & Legal⁶	1.575	1.575	1.575	5.125	9.850	1.654	1.654	1.654	5.654	10.615	1.736	1.736	1.736	5.836	11.046	1.823	1.823	1.823	6.323	11.793
Non-sales Travel⁷	6.300	6.300	6.300	6.300	25.200	6.615	6.615	6.615	6.615	26.460	6.946	6.946	6.946	6.946	27.783	7.293	7.293	7.293	7.293	29.172
Office Salaries & Benefits⁸	15.120	15.120	27.120	39.120	96.480	41.076	41.076	41.076	41.076	164.304	43.130	43.130	43.130	43.130	172.519	45.286	45.286	45.286	45.286	181.145
Office Supplies⁹	788	788	788	788	3.152	827	827	827	827	3.308	868	868>	868	868	3.473	912	912	912	912	3.647
Officer Salaries¹⁰	84.000	84.000	84.000	84.000	336.000	90.300	90.300	90.300	90.300	361.200	97.073	97.073	97.073	97073	388.290	104.353	104.353	104.353	104.353	417.412
Benefits¹¹	16.800	16.800	16.800	16.800	67.200	18.060	18.060	18.06	18.060	72.24	19.415	19.415	19.415	19.415	77.658	20.871	20.871	20.871	20.671	83.482
Office Rent¹²	9.608	9.608	9.608	9.608	38.432	10.088	10.088	10.088	10.088	40.352	10.592	10.592	10.592	10.592	42.369	11.122	11.122	11.122	11.122	44.488
Startup Expense¹³	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Telephones¹⁴	7.875	7.875	7.875	7.875	31.500	8.269	8.269	8.269	8.269	33.075	8.682	8.682	8.682	8.682	34.729	9.116	9.116	9.116	9.116	36.465
Utilities¹⁵	945	945	945	945	3.780	992	992	992	992	3.969	1.042	1.042	1.042	1.042	4.167	1.094	1.094	1.094	1.094	4.376
Marketing Expenses
Advertising¹⁶	40.000	20.000	20.000	10.000	90.000	10.000	70.000	10.000	10.000	100.000	10.000	70.000	0	20.000	100.000	10.000	70.000	10.000	10.000	100.000
Public Relations	0	40.000	20.000	0	60.000	0	80.000	20.000	0	100.000	0	40.000	0	30.000	70.000	0	70.000	20.000	0	90.000
Postage & Courier Services¹⁷	880	870	905	935	3.590	916	916	1.011	1.116	3.959	1.039	1.039	1.074	1.139	4.289	1.118	1.063	1.133	1.248	4.564
Promotional Materials¹⁸	834	961	1.202	633	3.630	10.564	830	1.499	1.387	14.280	1.073	1.299	1.577	1.246	5.195	11.224	1.184	1.621	1.549	15.578
Trade Show Participation¹⁹	0	4.563	0	0	4.563	0	14.875	0	0	14.875	0	7.547	0	0	7.547	0	31.75	0	0	31.750
Selling Expenses
Credit Verification²⁰	450	435	488	188	1.561	345	345	608	480	1.778	480	480	593	345	1.898	600	338	563	450	1.950
Entertainment & Catering²¹	960	1.168	1.317	1.040	4.485	490	958	1.416	1.764	4.628	1.33	1.533	1.725	1.749	6.337	1.265	1.779	1.581	1.977	6.602
Demonstration Flights²²	15.917	19.241	16.152	18.094	69.404	13.740	17.814	22.583	23.247	77.384	22.412	19.164	24.020	20.936	86.533	21.24	23.471	16.979	29.962	91.652
Total Operational Expenses	209.411	232.108	216.934	203.307	861.763	221.386	365.570	236.949	221.825	1.045.731	233.366	332.594	720.521	271.047	1.057.528	254.969	403.606	255.898	253.708	1.168.181
Operating Income (or Loss)	6.675	31.696	135.733	231.348	405.451	261.543	111.151	359.581	542.361	1.274.636	637.171	490.081	663.968	881.558	2.672.779	1.065.260	817.616	1.061.465	1.313.296	4.247.637
Less Depreciation²³	-2.996	-2.996	-2.996	-2.996	-11.984	-2.996	-2.996	-2.996	-2.996	-11.985	-2.996	-2.996	-2.996	-2.996	-11.985	-2.996	-2.996	-2.966	-2.996	-11.985
EBIT	3.679	28.700	132.737	228.355	393.468	258.547	108.155	356.585	539.365	1.262.652	634.175	487.085	660.972	878.562	2.660.794	1.052.264	814.620	1.058.469	1.310.300	4.2135.653
Plus extraordinary income²⁴	27.534	33.647	32.593	107.282	201.056	-65.462	50.212	58.183	289.969	332.902	-139.629	90.269	95.145	182.684	228.469	-232.138	140.816	157.974	401.016	467.726
Less extraordinary expenses²⁵	-23.116	-7.500	-7.500	-7.500	-45.616	-139.990	-7.500	-7.500	-7.500	-162.490	-209.519	-7.500	-7.500	-7.500	-232.019	-316.586	-7.500	-7.500	-7.500	-339.086
Income from Sale²⁶	465.000	465.000	465.000	465.000	1.860.000	282.500	565	565	847.500	2.260.000	665.000	665.000	665.000	997.500	2.992.500	765.000	765.000	765.000	1.147.500	3.442.500
Less Interest²⁷	0	0	0	0	0	-5.000	-5.000	-5.000	-5.000	-20.000	-7.500	-7.500	-7.500	-7.500	-30.000	-12.500	-12.500	-12.500	-12.500	-50.000
Income (or Loss) Before Taxes	473.097	519.847	622.830	793.137	2.408.908	330.595	710.866	967.268	1.664.335	3.673.064	942.527	1.227.354	1.406.117	2.043.746	5.619.744	1.256.098	1.700.436	1.961.443	2.838.816	7.756.793
Less Income Taxes²⁸	212.895	233.931	280.274	356.912	1.084.012	148.768	319.89	435.270	748.961	1.652.879	424.137	552.309	632.753	919.686	2.528.885	565.244	765.196	882.649	1.277.467	3.490.557
Net Income (or Loss)	260.202	285.916	342.556	436.225	1.324.896	181.827	390.977	531.997	915.384	2.020.185	518.390	675.045	773.364	1.124.060	3.090.859	690.854	935.24	1.078.794	1.561.349	4.266.236
Cummulative Net income (or Loss)	416.361	702.277	1.044.833	1.481.059	1.481.055	1.662.886	2.053.663	2.585.860	3.501.244	3.501.244	4.019.634	4.694.679	5.468.044	6.592.104	6.592.104	7.282.958	8.218.197	9.296.991	10.858.340	10.885.340
Return on Sales	32%	27%	25%	28%	28%	10%	20%	23%	35%	23%	17%	21%	22%	29%	23%	16%	20%	23%	30%	23%

Balance Sheet (1) All figures are in DM (1 DM = $0.59)

BASE CASE	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1
	January	February	March	April	May	June	July	August	September	October	November	December	Total
Assets
Current Assets
Cash	2.360.355	2.305.321	837.206	727.932	597.691	528.861	476.411	995.812	1.502.678	2.046.949	1.176.189	1.351.671	1.351.671
Accounts Receivables¹	0	0	9.958	10.496	10.393	10.545	10.703	14.711	19.621	24.789	31.582	32.808	32.808
Inventory²	0	0	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.125.000	750.000	375.000	1.500.000	1.500.000	1.500.000
Total Current Assets	2.360.355	2.305.321	2.347.764	2.238.429	2.108.084	2.039.406	1.987.114	2.135.524	2.272.298	2.446.739	2.707.771	2.884.480	2.884.480
Fixed Assets³
Computer Equipment	54.083	53.167	52.250	51.333	50.417	49.500	48.583	47.667	46.750	45.833	44.917	44.000	44.000
Office Equipment	9.763	9.681	9.599	9.517	9.435	9.353	9.271	9.189	9.107	9.025	8.943	8.861	8.861
Total Fixed Assets	63.846	62.848	61.849	60.850	59.851	58.853	57.854	56.855	55.857	54.858	53.859	52.861	52.861
Total Assets	2.424.201	2.368.169	2.409.613	2.299.279	2.167.936	2.098.259	2.044.968	2.192.379	2.328.160	2.501.597	2.761.630	2.937.340	2.937.340
Liabilities & Equity
Current Liabilities
Accounts Payable, Other	0	0	93.501	93.501	93.501	93.501	93.501	93.501	93.501	93.501	187.002	187.002	187.002
Accrued Taxes	0	0	0	0	0	0	0	0	0	0	33.582	94.182	94.182
Interest Payable on Debt⁴	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities	0	0	93.501	93.501	93.501	93.501	93.501	93.501	93.501	93.501	220.585	281.184	281.184
Long Term Debt	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000
Equity
VC Equity	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000
Founders' Equity	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000
Total Equity	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000
Retained Earnings or Loss⁵	-75.799	-131.831	-183.888	-294.222	-425.566	-495.242	-548.533	-401.122	-265.346	-91.905	41.045	156.156	156.156
Net Worth	1.424.201	1.368.169	1.316.112	1.205.778	1.074.434	1.004.758	951.467	1.098.878	1.234.654	1.408.095	1.541.045	1.656.156	1.656.156
Total Liabilities & Equity	2.424.201	2.368.169	2.409.613	2.299.279	2.167.936	2.098.259	2.044.968	2.192.379	2.328.155	2.501.597	2.761.630	2.937.340	2.937.340
Debt Equity Ratio	0,70	0,73	0,76	0,93	0,93	1,00	1,05	0,91	0,81	0,71	0,65	0,60	0,60

BASE CASE	Year 2	Year 2	Year 2	Year 2	Year 2	Year 3	Year 3	Year 3	Year 3	Year 3	Year 4	Year 4	Year 4	Year 4	Year 4	Year 5	Year 5	Year 5	Year 5	Year 5
	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total
Assets
Current Assets
Cash	3.364.096	4.628.053	4.506.183	5.278.683	5.278.683	6.490.568	6.495.167	8.036.510	8.953.775	8.953.775	10.399.88	10.665.489	12.503.846	13.944.367	13.944.367
Accounts Receivables¹	91.518	99.037	123.577	137.960	137.960	156.203	171.380	177.291	205.042	205.042	215.466	236.387	238.801	265.849	265.849
Inventory²	1.125.000	375.000	1.125.00	1.500.000	1.500.000	750.000	1.500.000	750.000	1.125.000	1.125.000	375.000	1.125.000	375.000	750.000	750.000
Total Current Assets	4.580.614	5.102.89	5.754.759	6.916.643	6.916.643	7.396.771	8.166.547	8.963.801	10.283.817	10.283.817	10.990.346	12.026.877	13.117.647	14.960.216	14.960.216
Fixed Assets³
Computer Equipment	30.150	27.500	24.750	22.000	22.000	19.250	16.500	13.750	11.000	11.000	8.250	5.500	2.750	0	0
Office Equipment	7.630	7.384	7.138	6.892	6.892	6.645	6.399	6.153	5.907	5.907	5.661	5.415	5.169	4.923	4.923
Total Fixed Assets	37.880	34.884	31.888	28.892	28.892	25.895	22.899	19.903	16.907	16.907	13.911	10.915	7.919	4.923	4.923
Total Assets	4.618.494	5.137.774	5.786.647	6.945.534	6.945.534	7.422.667	8.189.446	8.983.704	10.300.724	10.300.724	11.004.257	12.037.791	13.125.566	14.965.139	14.965.139
Liabilities & Equity
Current Liabilities
Accounts Payable, Other	411.190	411.190	513.988	616.785	616.785	639.781	746.411	746.411	853.041	853.041	871.032	979.911	979.911	1.088.790	1.088.790
Accrued Taxes	42.751	171.054	185.132	325.838	325.838	260.751	245.856	266.749	353.079	353.079	346.101	335.517	344.498	513.843	513.843
Interest Payable on Debt⁴	1.667	1.667	1.667	1.667	1.667	2.500	2.500	2.500	2.500	2.500	4.167	4.167	4.167	4.167	4.167
Total Current Liabilities	455.608	583.911	700.787	944.290	944.290	903.032	994.767	1.015.660	1.208.620	1.208.620	1.221.300	1.319.594	1.328.575	1.606.799	1.606.799
Long Term Debt	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000
Equity
VC Equity	1.000.00	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000	1.000.000
Founders' Equity	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000	500.000
Total Equity	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000	1.500.000
Retained Earnings or Loss⁵	1.662.886	2.053.863	2.585.860	3.501.244	3.501.244	4.019.634	4.694.679	5.468.044	6.592.104	6.592.104	7.282.958	8.218.197	9.296.991	10.858.340	10.858.340
Net Worth	3.162.886	3.553.863	4.085.860	5.001.244	5.001.244	5.519.634	6.194.679	6.968.044	8.092.104	8.092.104	8.782.958	9.718.197	10.796.991	12.358.340	12.358.340
Total Liabilities & Equity	4.618.49	5.137.774	5.786.647	6.945.534	6.945.534	7.422.667	8.189.446	8.983.704	10.300.724	10.300.724	11.004.257	12.037.791	13.125.566	14.965.139	14.965.139
Debt Equity Ratio	0,32	0,28	0,24	0,20	0,20	0,18	0,16	0,14	0,12	0,12	0,11	0,10	0,09	0,06	0,08

Notes to the Balance Sheet
1 Assumes 85% of invoices are paid in the current month and 15% in the following month.
2 Shares of Aircraft still owned by Eurosky (=Equity interest in Aircraft LLP).
3 Assumes Computer Equipment worth 55,000 DM and Office furniture worth 9,845 DM.
4 First two years free of interest. Year 3: 2%, year 4: 3% from year 5 on 5%.
5 From Income Statement (takes into account tax loss carry forward and paid bonuses).

Cash Flow Statement (1)

BASE CASE	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1	Year 1
	January	February	March	April	May	June	July	August	September	October	November	December	Total
Operating Cash Inflows
+ Net Sales	0	0	66.385	69.975	69.285	70.302	71.356	98.076	130.805	165.263	210.546	218.722	1.170.714
+ Commission Income from A/C sales	0	0	0	0	0	0	0	0	0	0	0	212.000	212.000
- Accounts Receivable	0	0	(9.958)	(538)	103	(152)	(158)	(4.008)	(4.909)	(5.169)	(6.792)	(1.226)	(32.808)
1 Net Operating Cash Inflows	0	0	56.427	69.436	69.3118	70.149	71.198	94.068	125.896	160.094	201753	429.496	1.349.906
Operating Cash Outflows
+ Cost of Goods Sold	0	0	74.209	74.209	74.209	74.209	74.209	82.496	95.578	114.746	162.597	168.223	994.683
+ General & Administrative Expenses	112.145	50.250	40.800	40.800	40.800	40.800	40.800	40.800	45.600	45.600	45.600	48.600	592.595
+ Marketing Expenses	200	15.200	440	60.422	76.755	20.464	654	654	30.654	10.654	10.606	640	227.343
+ Selling Expenses	0	0	3.032	4.402	7.778	3.096	7.329	7.560	6.476	6.476	9.335	5.591	61.075
+ Taxes	0	0	0	0	0	0	0	0	0	0	33.582	94.182	127.764
- Accrued Taxes	0	0	0	0	0	0	0	0	0	0	(33.582)	(60.599)	(94.182
- Accounts Payable	0	(93.501)	0	0	0	0	0	0	0	0	(93.501)	0	(187.002)
2 Total Operating Cash Outflows	112.345	65.450	24.979	179.832	199.541	138.568	122.991	131.510	178.300	177.476	134.637	256.637	1.722.275
3 Net Operating Cash Flow (Item 1 - Item 2)	(112.345)	(65.450)	31.448	(110.396)	(130.153)	(68.419)	(51.793)	(37.442)	(52.413)	(17.382)	69.116	172.859	(372.370)
Priority Outflows
+ Debt Repayment for Aircraft LLP	0	0	0	0	0	0	0	1.392.500	1.392.500	1.392.500	1.392.500	0	5.570.000
+ Trustee Expense	0	0	2.500	2.500	2.500	2.500	2.500	2.500	2.500	2.500	2.500	2.500	25.000
+ Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0
+ VAT Payment¹	0	0	0	0	0	0	0	0	0	0	0	0	0
+ Lease Payments	390	390	390	390	390	390	390	390	390	390	390	390	4.680
4 Total Priority Outflows	390	390	2.890	2.090	2.890	2.890	2.890	1.395.390	1.395.390	1.395.390	1.395.390	2.890	5.599.680
Discretionary Outflows
+ Startup Expenses	26.910	0	0	0	0	0	0	0	0	0	0	0	26.910
+ Year End Bonus²	0	0	0	0	0	0	0	0	0	0	0	0	0
5 Total Discretionary Outflows	26.910	0	0	0	0	0	0	0	0	0	0	0	26.910
Financial Flows
- Founding of Aircraft LLPs	0	0	(1.500.000)	0	0	0	0	0	0	0	(1.500.000)	0	(3.000.000)
+ Sale of Interest in Aircraft LLPs	0	0	0	0	0	0	0	1.950.000	1.950.000	1.950.000	1.950.000	0	7.800.000
+ Debt Instruments	1.000.000	0	0	0	0	0	0	0	0	0	0	0	1.000.000
+ Stock Securities	1.500.000	0	0	0	0	0	0	0	0	0	0	0	1.500.000
+ Interest received	0	10.806	3.927	3.412	2.802	2.479	2.233	2.233	4.668	7.044	5.513	5.513	50.631
6 Total Financial Flows	2.500.000	10.806	(1.496.073)	3.412	2.002	2.479	2.233	1.952.233	1.954.668	1.957.044	455.513	5.513	7.350.631
Net change in Cash & Marketable Securities
+ Net Operating Cash Flow (Item 3)	(112.345)	(65.450)	31.448	(110.396)	(130.153)	(68.419)	(51.793)	(37.442)	(52.413)	(17.382)	69.116	172.859	(372.370)
- Priority Outflows (Item 4)	(390)	(390)	(2.890)	(2.890)	(2.890)	(2.890)	(2.890)	(1.3915.390)	(1.395.390)	(1.395.390)	(1.395.390)	(2.890)	(5.599.680)
- Discretionary Flows (Item 5)	(26.910)	0	0	0	0	0	0	0	0	0	0	0	(26.910)
+ Financial Flows (Item 5)	2.500.000	10.806	(1.496.073)	3.412	2.802	2.479	2.233	1.952.233	1.954.668	1.957.044	455.513	5.513	7.350.631
7 Net Change In Cash and Marketable Securities	2.360.355	(55.034)	(1.467.615)	(109.874)	(130.241)	(68.830)	(52.450)	519.401	506.865	544.272	(870.760)	175.482	1.351.671
End of Period Cash Balance	2.360.355	2.305.321	837.806	727.932	597.691	528.861	476.411	995.812	1.502.678	2.046.949	1.176.189	1.351.671	1.351.671

Notes to the Cash Flow Statement
1 German sales tax @ 15% of sales price. See VAT worksheet.
2 Bonus paid in January for previous year performance. See Salary calculation sheet.

BASE CASE	Year 2	Year 2	Year 2	Year 2	Year 2	Year 3	Year 3	Year 3	Year 3	Year 3	Year 4	Year 4	Year 4	Year 4	Year 4	Year 5	Year 5	Year 5	Year 5	Year 5
	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4	Total
Operating Cash Inflows
+ Net Sales	809.552	1.052.272	1.348.135	1.563.596	4.773.555	1.774.381	1.950.486	2.298.002	2.618.652	8.641.520	2.984.243	3.211.474	3.477.112	3.926.542	13.599.371	4.200.532	4.562.204	4.786.500	5.261.789	18.891.025
+ Commission Income from A/C sales	0	0	0	66.500	66.500	0	0	0	220.000	220.000	0	0	0	69.200	69.200	0	0	0	229.000	229.000
- Accounts Receivable	(11.784)	(16.124)	(10.817)	(8.545)	(47.271)	(11.439)	(8.319)	(23.740)	(14.383)	(57.081)	(18.243)	(15.177)	(5.911)	(27.751)	(67.082)	(10.424)	(20.922)	(2.414)	(27.048)	(60.807)
1 Net Operating Cash Inflows	797.768	1.036.148	1.337.318	1.621.550	4.792.785	1.762.942	1.942.167	2.274.261	2.824.269	8.803.639	2.966.000	3.196.297	3.471.202	3.967.991	13.601.490	4.270.107	4.541.283	4.784.086	5.463.741	19.059.218
Operating Cash Outflows
+ Cost of Goods Sold	593.466	788.468	995.469	1.128.938	3.506.341	1.291.451	1.473.765	1.701.472	1.854.485	6.321.153	2.113.706	2.388.799	2.592.623	2.773.938	9.869.065	2.970.303	3.340.982	3.469.137	3.694.786	13.475.207
+ General & Administrative Expenses	149.140	143.640	155.640	171.190	619.610	184.042	178.542	178.542	182.542	723.668	195.678	190.178	190.178	194.278	770.312	208.099	202.599	202.599	207.099	820.397
+ Marketing Expenses	41.714	66.394	42.107	11.568	161.783	21.480	166.621	32.510	12.503	233.114	12.111	119.884	2.651	52.384	187.031	22.342	173.998	32.754	12.797	241.892
+ Selling Expenses	17.327	20.845	17.956	19.321	75.449	14.575	19.117	24.607	25.491	83.789	24.222	21.177	26.338	23.030	94.767	23.105	25.587	19.122	32.389	100.203
+ Taxes	212.895	233.931	280.274	356.912	1.084.012	148.768	319.890	435.270	748.951	1.652.879	424.137	552.309	632.753	919.686	2.528.885	565.244	765.196	8112.649	1.277.467	3.490.557
- Accrued Taxes	(17.614)	(12.541)	(312)	51.412	20.944	30.487	(128.303)	(14.078)	(140.706)	(252.600)	65.086	14.895	(20.893)	(86.330)	(27.241)	6.978	10.584	(8.961)	(169.345)	(160.784)
- Accounts Payable	(6.969)	(96.986)	0	(96.986)	(200.940)	(23.247)	0	(102.798)	(102.798)	(220.843)	(22.995)	(108.630)	0	(106.630)	(236.256)	(17.991)	(108.879)	0	(108.879)	(235.749)
2 Total Operating Cash Outflows	989.959	1.143.751	1.491.134	1.642.354	5.267.198	1.867.554	2.029.632	2.255.525	2.580.448	8.533.160	2.811.946	3.180.513	3.423.649	3.770.355	13.106.563	3.778.081	4.410.067	4.597.281	4.946.314	17.731.744
3 Net Operating Cash Flow (Item 1 - Item 2)	(192.191)	(107.603)	(153.816)	(20.803)	(474.414)	95.387	(87.465)	18.736	243.821	270.479	154.054	15.684	47.553	197.636	414.927	492.027	131.215	186.805	517.427	1.327.474
Priority Outflows
+ Debt Repayment for Aircraft LLP	2.785.000	2.785.000	2.785.000	2.785.000	11.140.000	1.392.500	2.785.000	2.785.000	4.177.500	11.140.000	2.785.000	2.785,000	2.785.000	4.177.500	12.532.500	2.785.000	2.785.000	2.785.000	4.177.500	12.532.500
+ Trustee Expense	7.500	7.500	7.500	7.500	30.000	7.500	7.500	7.500	7.500	30.000	7.500	7.500	7.500	7.500	30.000	7.500	7.500	7.500	7.500	30.000
+ Interest Expense	0	0	0	0	0	3.333	5.000	5.000	5.000	18.333	6.667	7.500	7.500	7.500	29.167	10.833	12.500	12.500	12.500	48.333
+ VAT Payment	(4.727)	0	0	0	(4.127)	109.576	0	0	0	109.576	211.498	0	0	0	211.498	355.062	0	0	0	356.062
+ Lease Payments	1.229	1.229	1.229	1.229	4.914	1.290	1.290	1.290	1.290	5.160	1.354	1.354	1.354	1.354	5.418	1.422	1.422	1.422	1.422	5.689
4 Total Priority Outflows	2.789.001	2.793.729	2.793.729	2.793.729	11.170.187	1.514.199	2.798.790	2.798.790	4.191.290	11.303.069	3.012.019	2.801.354	2.801.354	4.193.854	12.808.583	3.159.817	2.806.422	2.806.422	4.198.922	12.971.584
Discretionary Outflows
+ Startup Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
+ Year End Bonus 2	15.616	0	0	0	15.616	132.490	0	0	0	132.490	202.019	0	0	0	202.019	309.086	0	0	0	309.086
5 Total Discretionary Outflows	15.616	0	0	0	15.616	132.490	0	0	0	132.490	202.019	0	0	0	202.019	309.086	0	0	0	309.086
Financial Flows
- Founding of Aircraft LLPs	0	(1.500.000)	0	(1.500.000)	(3.000.000)	0	0	(1,500.000)	(1.500.000)	(3.000.000)	0	(1.500.000)	0	(1.500.000)	(3.000.00)	0	(1.500.000)	0	(1.500.000)	(3.000.000)
+ Sale of Interest in Aircraft LLPs	4.000.000	4.000.000	4.000.000	4.000.000	16.000.000	2.050.000	4.100.000	4.100.000	6.150.000	16.400.000	4.200.000	4.200.000	4.200.000	6.300.000	18.900.000	4.300.000	4.300.000	4.300.000	6.450.000	19.350.000
+ Debt Instruments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
+ Stock Securities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
+ Interest received	22.807	33.647	32.593	40.782	129.829	44.114	50.212	58.183	69.969	222.478	71.869	90.269	95.145	113.484	370.767	122.982	1404816	157.974	172.016	593.787
6 Total Financial Flows	4.022.807	2.533.647	4.032.593	2.540.782	13.129.829	2.094.114	4.150.212	2.658.183	4.719.969	13.622.478	4.271.869	2.790.269	4.295.145	4.913.484	16.270.167	4.422.982	2.940.816	4.457.974	5.122.016	16.943.787
Net change in Cash & Marketable Securities
+ Net Operating Cash Flow (Item 3)	(192.191)	(107.603)	(153.816)	(20.803)	(474.414)	95.387	(87.465)	18.736	243.821	270.479	154.054	15.684	47.553	197.636	414.927	492.027	131.215	186.805	517.427	1.327.474
- Priority Outflows (Item 4)	(2.789.001)	(2.793.729)	(2.793.729)	(2.793.729)	(11.170.187)	(1.514.199)	(2.798.790)	(2.798.790)	(4.191.290)	(11.303.069)	(3.012.019)	(2.801.354)	(2.801.354)	(4.193.854)	(12.808.583)	(3.159.817)	(2.806.422)	(2.806.422)	(4.198.922)	(12.971.584)
- Discretionary Flows (Item 5)	(15.616)	0	0	0	(15.616)	(132.490)	0	0	0	(132.490)	(202.019)	0	0	0	(202.019)	(309.086)	0	0	0	(309.086)
+ Financial Flows (Item 5)	4.022.807	2.533.647	4.032.593	2.540.782	13.129.829	2.094.114	4.150.212	2.658.183	4.719.969	13.622.478	4.271.869	2.790.269	4.295.145	4.913.484	16.270.767	4.422.982	2.940.816	4.457.974	5.122.016	16.943.787
7 Net Change In Cash and Marketable Securities	1.025.999	(367.685)	1.085.049	(273.750)	1.469.613	542.812	1.263.957	(121.871)	772.500	2.457.398	1.211.885	4.509	1.541.343	917.265	3.675.093	1.446.105	265.609	1.838.357	1.440.521	4.990.592
End of Period Cash Balance	2.377.670	2.009.986	3.095.034	2.821.284	2.821.284	3.364.096	4.628.053	4.506.193	5.278.683	5.278.683	6.490.568	6.495.167	8.036.510	8.953.775	8.953.775	10.399.880	10.665.489	12.503.846	13.944.367	13.944.367

8.1.7 Scenario & Ratio Analysis

Scenarios

Eurosky
Table of Contents	Appendices
1. Executive Summary 2. Market Analysis 3. Products 4. Company 5. Marketing and Sales 6. Operations 7. Financials	Pro-forma Financials Resumes of the Founder Team Board of Advisors Key Advisors
The information and ideas herein are the confidential, proprietary, sole, and exclusive property of Eurosky's founders.