Example of Business Plan Perth Mint

8/13/2019 Example of Business Plan Perth Mint

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Strategic Development Plan 2011/12-2015/16 - FINAL14 June 2011TRIM: 11/28632 (includes efficiency dividend)

GOLD CORPORATION

STRATEGIC DEVELOPMENT PLAN

2011/12 2015/16


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TABLE OF CONTENTS

1. INTRODUCTION ............................................................................................................. 1

2. THE BUSINESS .............................................................................................................. 1

3. BUSINESS PRIORITIES FOR 2011/12 2015/16 ......................................................... 4

4. BUSINESS ENVIRONMENT ........................................................................................... 4

5. SIGNIFICANT ISSUES .................................................................................................... 6

6. PERSONNEL .................................................................................................................. 6

7. FINANCIAL PLAN ........................................................................................................... 7

8. CAPITAL INVESTMENT PLAN ...................................................................................... 8

9. NOTE ON FINANCIAL PARAMETERS .......................................................................... 9

10. EFFICIENCY DIVIDED .................................................................................................... 9

APPENDIX A FINANCIAL OUTCOMES AND BUSINESS / TARGETS .......................................... 11

APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET / INCOME STATEMENT ............. 12

APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET / BALANCE SHEET .................... 13

APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET / CASH FLOW STATEMENTS ... 14


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STRATEGIC DEVELOPMENT PLAN 2011/12 2015/16

Strategic Development Plan 2011/12-2015/16 Page 114 June 2011TRIM: 11/28632 (includes efficiency dividend)

1. INTRODUCTION

The growth in demand for precious metal products over the last few years has

presented Gold Corporation with unprecedented opportunities for profitability and

growth. The organisation has been able to take advantage of these opportunities

because of an ongoing capital expenditure programme, organisation development

and the acquisition of full ownership of the gold refinery.

It is anticipated that demand for precious metals will continue at a high level during

the plan period and that Gold Corporation will continue to deliver satisfactory profits,

make significant tax equivalent and dividend payments to the Western Australian

Government and meet its funding needs from its own resources.

2. THE BUSINESS

Gold Corporation, using the trading name The Perth Mint, is an integrated precious

metals business, starting with the refining of gold and silver, moving on to the

production of London Good Delivery bullion bars, value added bars, bullion coins,

coin blanks and other bullion products and finally providing safe storage for bullion to

investors from around the world. It is Australias sole gold refiner and sole producer ofthe Australian legal tender bullion coin series. It is also licensed to produce Australian

legal tender numismatic, collector or commemorative coins and produces such coins

on behalf of other issuing authorities as well. Over 90% of its revenue is generated

from exports and it is one of Western Australias major exporters.

Gold Corporation has two subsidiaries; Western Australian Mint and GoldCorp

Australia but its integrated business operates within Gold Corporation itself and the

two subsidiaries in such a way that it is impossible to give meaningful financial figures

for the subsidiaries. The figures in this plan are for Gold Corporation as a whole and

its integrated business.

Aspects of the business are:

Gold Refining

The refinery located near Perth International Airport refines nearly all of Australias

gold production, gold produced in surrounding countries and varying quantities of

recycled gold, mainly from Asia.

Gold mines produce most of their gold in the form of dor a gold alloy with silver

usually the main other metal, together with some base metals. After the dor arrives


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at the refinery it is weighed, melted and assayed, after which the producers bullion

account is credited with the precious metal ounces. It takes the refinery about ten

days to refine the gold and silver and after that it is ready to be used elsewhere in the

organisation, to be sold to customers around the world as bullion (bars and other

forms) or, failing either of these, to be shipped to the bullion market in London as

London Good Delivery bars.

Coin Blanks, Bullion Coins, Numismatic Coins and Minted Bars

Some of the gold and silver is turned into coin blanks, either for sale to other mints

around the world or for use in The Perth Mints own products. The latter include;

Bullion Coins

The Perth Mint is one of a handful of mints worldwide which produce bullion coins

and is the sole official issuer of Australias bullion coin series which includes coinslike the Australian gold Kangaroo, the silver Kookaburra and Koala, and the Lunar

series in both metals. The purpose of bullion coins is to make available to the public

and institutions a convenient way of acquiring precious metals in a form that can be

trusted, is difficult to forge, is easily recognisable and is readily tradable.

Numismatic Coins

These are also sometimes referred to as modern numismatic coins, commemorative

coins or collector coins. The Perth Mint is one of two mints issuing Australian legal

tender numismatic coins and it also issues coins which are legal tender of Tuvalu,

Cook Islands and, occasionally, other countries.

The Australian numismatic coins celebrate Australian culture, places, history, nature

and events, and they also promote Australia around the world.

Minted Bars

These are becoming popular in some markets around the world and are minted in the

same way as coins. Bearing the mark of a known mint or refiner and packed in

tamper proof packaging, they represent another way in which precious metal can be

acquired conveniently.

Deposi tory The Safe Storage of Precious Metals

Perth Mint Depository allows customers to own precious metals with the following

advantages:

They do not have to deal with the problems associated with taking physical

possession of the metal, like transport, physical security or insurance.

The metal can be liquidated (sold for cash) readily and the cash remitted to the

customers bank account. The customer does not have to transport it anywhere

and can give the instruction to sell from anywhere in the world.


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Customers wishing to invest in precious metals in Perth Mint Depository have access

to the following types of products:

Unallocated Metal:A customer owns part of a pool of precious metal. The metal is in

various locations: the mint, the refinery, vaults or in bullion banks in London. Themetal is used to fund the bullion needs of Gold Corporation and the metal in London

is kept there for liquidity and transactional purposes. The advantage to customers is

that they pay no storage fees.

Allocated Metal: Specific precious metal items (coins or bars) are kept for customers

in the vaults. The metal is not used by Gold Corporation and there is a storage

charge for the service.

Pool Allocated Metal: (Soon to be launched). Customers own a share in a stock of

bullion bars kept in vaults. Gold Corporation does not use the metal and a storage

charge (lower than for Allocated Metal) is payable.

The ways in which customers have access to these products are:

Perth Mint Certificate Program: This is for small investors.

Perth Mint Depository Services: This is for investors wishing to invest larger amounts.

Perth Mint Gold; This is for gold only and is a security listed on the Australian Stock

Exchange.

The Visitor Experience

The Perth Mint is housed in a beautiful heritage building, erected when the Perth

Branch of the (British) Royal Mint was founded in 1899. The site contains all of Gold

Corporations operations, other than the refinery, and accommodation has been

increased over the years with the addition of a number of new buildings. Part of the

ground floor of the original building is taken up by the Visitor Experience which

includes a retail outlet as well as the exhibition.

The retail outlet sells not only The Perth Mints own products; coins and bullion bars,

but other Australian goods like natural gold nuggets, South Sea pearls, opals, pinkdiamonds and all these items set in jewellery.

The exhibition is an interesting tourist attraction displaying historical and modern

coins and gold bars, and visitors get a glimpse of the actual coin minting process

through security glass. The highlight of any visit is the hourly gold pour in the historic

melt house, in which a 200 ounce bar of pure gold is melted and poured into a bar

with much drama.


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3. BUSINESS PRIORITIES FOR 2011/12 2015/16

The business priorities for the period are:

Unallocated Metal:As the need for unallocated silver has been more than met,

the new Pool Allocated product, for which storage fees will be charged, will be

launched during the current financial year and this will be promoted during the

period. More unallocated gold is required and this will be promoted during the

period until needs are met, when Pool Allocated gold will also be launched

and promoted. This is likely to happen two years into the period. Perth Mint

Gold, re-listed on the ASX under AQUA rules, will be promoted to

superannuation funds and institutional investors as part of the drive to increase

unallocated gold.

Bullion Coins:During the period the production capacity of bullion coins will be

increased by the purchase of a third automatic press and some ancillary

equipment. Penetration of the USA market for bullion coins will be a priority and

this will involve appointing new distributors, developing internet B2B capability,

safe storage depositories in the USA and the launch, early in the period, of a

new marketing campaign.

E-Commerce: The web site will continuously be updated to maintain the growth

of e-commerce around the world, including the internet sales of bullion

products.

Visitor Experience Redevelopment:The shop redevelopment will be completed

in the current financial year and the exhibition redevelopment will be done

during the period.

New ERP Computer System:The main ERP computer system will be replaced

during the period.

4. BUSINESS ENVIRONMENT

The world financial crisis and associated economic recession has resulted in greater

profit opportunities for The Perth Mint. Whereas there is talk of recovery there is no

certainty that the causes of the financial crisis have been adequately addressed or

that the much wished for economic recovery has indeed started. A two speed

economy has arisen in the world with North America, Europe and Japan languishing

while many parts of the developing world are booming. What is apparent is that the

business environment faced by The Perth Mint for the next five or so years will be

uncertain and could be volatile and full of surprises. In the face of such uncertainty it


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is best to consider a number of environmental scenarios any of which, singly or in

combination, could eventuate. These are listed below:

Environmental Scenarios

ENVIRONMENTAL SCENARIOS EFFECT ON THE PERTH MINT

The worlds financial crisis remainsunresolved and the economic recession inthe developed world continues. Stock marketrallies in the developed world are notsupported by corporate earnings and proveto be unsustainable.

High levels of interest in precious metalscontinue. Metal flows into Depository andthe demand for bullion coins booms.Disposable income reduces affectingdemand for numismatic coins. Tourismsuffers and jewellery sales languish,affecting the Visitor Experience.

The financial crisis worsens and somefinancial institutions, currencies andgovernments are threatened. The boomingdeveloping countries are eventually affected.Trade barriers spring up or competitivedevaluations of currencies are attempted.Depression conditions, possibly combinedwith social unrest, develop.

Precious metal prices soar. Sales of GCinvestment products boom. There may be arush for ownership of physical coins andbars and a flight from Depository products.Restrictions could be placed on ownershipof precious metals in certain countries andmetal may even be confiscated. Lack oftrust between banking counterparties couldmake doing business difficult.

Financial institutions stabilise and the worldeconomy begins to recover and then even to

boom. Inflation is kept under control.

Investors dump gold and silver as otherinvestment assets become more attractive.

Metals flow out of Depository and ETFsand precious metal prices crash. Thedemand for bullion coins goes negative asthese are melted in large quantities. Use ofprecious metals in jewellery and industrialapplications increases but not enough tomaintain prices which languish at lowlevels for years. GCs business badlyaffected except for the refinery,numismatic coins and the VisitorExperience.

Governments stimulus packages result inexcess money creation and high inflation.

Metals prices will soar and demand forbullion coins and Depository investmentswill boom.

It would be unwieldy to work with four environmental scenarios in the figures

presented in the Strategic Development Plan so a view about the future will have to

be taken.

It is assumed that the current uncertainties in the world economy will persist and the

current high level of demand for precious metal will continue. Every now and again


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an event like the Greek sovereign debt issue will occur, causing a spike in demand

for bullion coins and other forms of precious metals very much the first scenario in

the table above with conditions tending towards those described in the second

scenario for short periods from time to time.

5. SIGNIFICANT ISSUES

The past few years have shown the extent to which Gold Corporation is

affected by the environment. The global financial crisis created a boom for the

organisation and demand for precious metals still remains higher than before.

The world economy continues to be unstable and there is little consensus as to

what the future may hold. The key for Gold Corporation is to be flexible andoptimise its performance irrespective of economic and market conditions.

The consolidation of the gold refinery into Gold Corporations operations and

the actions mentioned in the Business Priorities section above should allow for

more consistent profits in the future despite changing market conditions.

Gold Corporation is self funding but it does have a significant ongoing capital

expenditure programme. Raising the dividend payout ratio to 75% may, if

maintained for a long time, affect the ability of the organisation to fund

necessary capital expenditure without increasing borrowings.

6. PERSONNEL

Gold Corporation has 328 permanent employees and just over 100 casual staff. The

permanent staff numbers are not expected to change significantly over the plan

period and, based on the business environment assumed, the casual staff are

expected to fluctuate around the current figure.

Professional skills include the disciplines of accounting, finance, informationtechnology, metallurgy, artistic design, marketing, sales, customer service,

production management, process control, treasury, science, engineering, and human

resources. There are also tradespersons, factory and clerical staff and security staff.

Historically, staff turnover has been low and no problems are anticipated in

maintaining the necessary skills during the plan period.


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7. FINANCIAL PLAN

Because of a change in the way gold going through the refinery is sold as from the

beginning of the 2010/11 financial year, and the change in accounting treatment

required, the revenue and cost of sales figures in the plan will be lower than in the

2009/10 year and the figures previously entered into TIMS. Not only is Gold

Corporations turnover lower, it is also not as affected by the gold price. The fees,

premiums and other revenues actually earned by Gold Corporation are not affected

by this change and nor are the profits or cash flows.

The financial objectives of Gold Corporation are:

To earn a commercial return on its capital.

To meet its capital expenditure and other funding requirements from its own

resources.

To pay tax equivalent and a 75% dividend to Government.

To maintain a conservative level of debt.

According to the financial projections, Gold Corporation will achieve its financial

objectives during the plan period.

It will be seen that the return on net assets increases to and remains at a high level.

This is due to the incorporation of the refinery and the benefits from the capital

expenditure programme and marketing activities.

The debt to equity ratio remains low as all capital expenditure will be internally

funded and now further borrowings will be required.

Forecast Accruals to Government

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

Net Flows $000 $000 $000 $000 $000 $000

Income tax equivalent 6,006 7,666 8,143 8,497 8,766 8,821

Rates and taxes equivalent 1,330 1,370 1,411 1,453 1,497 1,542

Dividend 9,772 10,511 13,416 14,251 14,869 15,340

Total 17,108 19,547 22,970 24,201 25,132 25,703


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Forecast Net Debt Levels

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

$000 $000 $000 $000 $000 $000

Cash and cash equivalents 23,974 23,364 23,521 27,577 31,613 35,314

Less: Borrowings (3,500) (3,500) (3,500) (3,500) (3,500) (3,500)

Net Debt-Forecast Surplus 20,474 19,864 20,021 24,077 28,113 31,814

8. CAPITAL INVESTMENT PLAN

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

$000 $000 $000 $000 $000 $000

Fixed assets- plant andequipment etc

7,718 6,000 6,000 6,000 6,000 6,000

Intangibles - Computersoftware

1,600 1,500 1,500 1,500 1,500 1,500

Total forecast 9,318 7,500 7,500 7,500 7,500 7,500

Fixed Assets, Including Plant and Equipment

The Capital expenditure in the mint and refinery is managed in terms of a

rolling 10-year plan. This contains replacement of equipment due to wear and

tear, technology upgrades, efficiency improvements, waste reduction, safety

enhancements and security enhancements.

A third automatic press will be bought in the 2010/11 year, after which no more

presses will be required.

The spike in the 2011/12 year is caused by the building of a bullion vault at a

cost of $3.5 million.

The Perth Mint Visitor Experience has successfully operated for nearly two

decades and is in need of refurbishment. The shop refurbishment has just been

completed and the refurbishment of the exhibition will be done during the plan

period; in the 2011/12 and 2012/13 years.


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Intangibles

The implementation of an enterprise wide computer system is essential for the

organisations future success and will be done during the plan period.

Growth in e-commerce has been significant and further exciting growth is

forecast. The technology develops rapidly so continuous development of the

web site is required.

Note:

The lease on the refining site near the airport expires in 2026. If it cannot be

renewed, the refinery will have to be relocated to a new site (to be leased or

purchased) between 2022 and 2026 at a considerable capital cost. This is for

information only it is beyond the term of this plan.

9. NOTE ON FINANCIAL PARAMETERS

The financial parameters within this document contain unapproved capital

expenditure, net debt and net flows to/from government. State Government approval

will be obtained prior to any commitments and/or actions being undertaken which will

affect approved parameters. State Government approval will also be sought prior to

commencing new projects not included within the State Governments approved

financial parameters.

10. EFFICIENCY DIVIDEND

As announced by the Government on 19 May 2011, Gold Corporation will be

enacting a series of savings initiatives designed to meet a 5% efficiency dividend

between 2011-2012 to 2014-2015. The savings targeted in each year are displayed

below:

2011-2012 2012-2013 2013-2014 2014-2015

Discretionary OperatingExpenses ($000) 71,496 74,386 77,072 79,855

Rate (%) 5 5 5 5

Reduction in expenses ($000) 3,575 3,719 3,854 3,993

Estimated increase in TaxEquivalent Payments ($000)

1,072 1,116 1,156 1,198

Estimated increase in Dividends($000)

- 1,877 1,953 2,023


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An implementation plan, detailing where exact savings will be made, will be provided

to the Minister and Treasurer by 30 June 2011. A progress report will then be

provided by 10 October, with this information used for the Governments 2011-12 MidYear Review (MYR).

The dividend and tax implications resulting from the above reductions in expenditure

will be modelled between now and the October progress report.

M E HARBUZ

Chief Executive Officer

14 June 2011


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APPENDIX A FINANCIAL OUTCOMES AND BUSINESS

TARGETS

Forecast

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

$000 $000 $000 $000 $000 $000

Assumptions

Gold price - USD 1150 1294 1315 1322 1328 1328

Exchange rate USD/AUD 0.900 0.883 0.825 0.771 0.736 0.736

Dividend provision rate

- percentage after-tax profit 75% 75% 75% 75% 75% 75%

Financial outcomeOperating profit before income tax 20,021 25,554 27,144 28,322 29,220 29,403

Operating profit after income tax 14,015 17,888 19,001 19,826 20,454 20,582

Dividend (for previous fin year) 9,772 10,511 13,416 14,251 14,869 15,340

Total debt 3,500 3,500 3,500 3,500 3,500 3,500

Net debt - Forecast Surplus 20,474 19,864 20,021 24,077 28,113 31,814

Net asset/Equity 100,910 108,777 114,852 120,917 126,991 132,723

Capital expenditure 9,318 9,140 11,000 7,000 7,000 7,000

Performance IndicatorsReturn on fixed assets(projected 26% 31% 31% 32% 33% 33%

Debt to equity ratio 3% 3% 3% 3% 3% 3%

Return on equity (before tax) 20% 23% 24% 23% 23% 22%

Accruals to GovernmentIncome tax 6,006 7,666 8,143 8,497 8,766 8,821

Local Government Rates expense 1,330 1,370 1,411 1,453 1,497 1,542

Dividend 9,772 10,511 13,416 14,251 14,869 15,340

Total accrual to government 17,108 19,547 22,970 24,201 25,132 25,703

Projected


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APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET

INCOME STATEMENT

APPENDIX B - FINANCIAL STATEMENTS FOR THE BUDGET

INCOME STATEMENT

Audited Forecast

2009/10 2010/11 2011-12 2012/13 2013-14 2014/15 2015/16

REVENUE $000 $000 $000 $000 $000 $000 $000

Sale of goods & Services 5,759,926 5,384,737 5,941,585 6,658,688 7,380,508 8,002,506 8,245,688

EXPENSES

Cost of sales 5,682,934 5,288,350 5,835,206 6,546,768 7,264,667 7,882,857 8,122,800Salaries & wages 17,286 24,181 24,907 25,654 26,424 27,216 28,033

Staff costs - other 415 505 747 770 793 816 841

Superannuation 1,601 1,792 2,191 2,565 2,642 2,722 2,803

Borrowing costs 2,918 281 281 281 281 281 281

Depreciation & Amortisation 3,574 4,780 5,654 6,572 6,481 6,452 6,459

State tax on payroll 900 1,330 1,370 1,411 1,453 1,497 1,542

Electricity and water exp 1,025 1,525 2,025 2,126 2,233 2,344 2,461

All other expenses 30,573 41,972 43,651 45,397 47,213 49,101 51,065

Total Expenditure 5,741,226 5,364,716 5,916,031 6,631,544 7,352,186 7,973,286 8,216,285

Net profit before tax/dividend 18,700 20,021 25,554 27,144 28,322 29,220 29,403

Income tax expenses 5,671 6,006 7,666 8,143 8,497 8,766 8,821Dividend expense 15,991 9,772 10,511 13,416 14,251 14,869 15,340Total tax and dividend 21,662 15,778 18,177 21,559 22,747 23,635 24,161

Profit after tax & dividend -2,962 4,243 7,377 5,585 5,575 5,585 5,241

Projected


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BALANCE SHEET

Final audited

Year to Forecast

CURRENT ASSETS 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

$000 $000 $000 $000 $000 $000 $000

Cash and cash equivalents 94,269 88,974 88,364 88,521 92,577 96,613 100,314

Receivables 6,150 6,200 6,200 6,200 6,200 6,200 6,200

Precious metal 2,699,127 2,670,000 2,670,000 2,670,000 2,670,000 2,670,000 2,670,000

Inventories 11,908 14,500 14,500 14,500 14,500 14,500 14,500

Prepayments 2,040 2,050 2,050 2,050 2,050 2,050 2,050

Total Current Asse ts 2,813,494 2,781,724 2,781,114 2,781,271 2,785,327 2,789,363 2,793,064

NON-CURRENT ASSETSProperty, Plant & Equipment

Land and Buildings at fair value- (net) 48,724 49,303 49,885 50,469 51,057 51,647 52,240

Plant & equipment ( at cost-net) 19,321 26,764 29,145 32,873 33,961 34,923 35,774

Total prop, plant & equipt net 68,045 76,067 79,030 83,342 85,018 86,570 88,014

Intangibles (at cost-net) 396 1,331 2,554 3,369 2,913 2,609 2,406

Total Non-Current Asse ts 68,441 77,398 81,584 86,712 87,931 89,179 90,420

TOTAL ASSETS 2,881,935 2,859,121 2,862,698 2,867,983 2,873,258 2,878,542 2,883,484

CURRENT LIABILITIES

Payables 99,360 79,045 74,340 73,430 72,552 71,695 70,891

Prec Metal borrowigs-leases 217,001 150,000 70,000 0 0 0 0

Borrowings WATC 3,500 3,500 3,500 3,500 3,500 3,500 3,500Precious metal borrowings 2,458,619 2,520,000 2,600,000 2,670,000 2,670,000 2,670,000 2,670,000

Current tax Liability 3,253 1,502 1,917 2,036 2,124 2,191 2,205

Provisions 87 95 95 95 95 95 95

Employee benefits 3,604 3,700 3,700 3,700 3,700 3,700 3,700

Total Current Liabilities 2,785,424 2,757,842 2,753,552 2,752,761 2,751,971 2,751,181 2,750,391

Non - Current Liabilities

Deferred tax liability 130 150 150 150 150 150 150

Employee benefits 204 220 220 220 220 220 220

Total Non-Current Liabilities 334 370 370 370 370 370 370

TOTAL LIABILITIES 2,785,758 2,758,212 2,753,922 2,753,131 2,752,341 2,751,551 2,750,761

NET ASSETS 96,177 100,910 108,776 114,852 120,917 126,991 132 ,723

EQUITY

Share capital 31,603 31,603 31,603 31,603 31,603 31,603 31,603

Asset revaluation reserve 20,819 21,309 21,799 22,289 22,779 23,269 23,759

Accumulated surplus 43,755 47,998 55,375 60,960 66,535 72,119 77,361

TOTAL EQUITY 96,177 100,910 108,777 114,852 120,917 126,991 132 ,723

Projected


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CASH FLOW STATEMENTS

Forecast

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

$000 $000 $000 $000 $000 $000 $000

Receipts - sales goods & services 5,753,103 5,134,737 5,681,585 6,398,688 7,120,508 7,742,506 7,985,688

Other - receipts 6,150 250,000 260,000 260,000 260,000 260,000 260,000

Total Re ce ipts 5,759,253 5 ,384,737 5,941,585 6,658,688 7,380,508 8,002,506 8,245,688

Payments salaries & wages 17,300 24,181 24,907 25,654 26,424 27,216 28,033

Superannuation 1,530 1,792 2,191 2,565 2,642 2,722 2,803

Payment of interest 3,360 281 281 281 281 281 281

State taxes 1,250 1,330 1,370 1,411 1,453 1,497 1,542

All other payments 324,000 344,877 369,478 379,049 386,150 394,070 392,629

Payments for electricity & water 1,320 1,525 2,025 2,126 2,233 2,344 2,461

Payment for inventories 5,368,984 4,990,950 5,516,266 6,218,386 6,927,022 7,539,204 7,782,578

Total payments 5,717,744 5,364,936 5,916,517 6,629,472 7,346,205 7,967,334 8,210,327

Ne t cash flow Ope rating 41,509 19,801 25,068 29,216 34,303 35,172 35,361

Cash flow from Investing

Payment fixed assets 13,769 7,718 6,000 6,000 6,000 6,000 6,000

Payment - intangibles 216 1,600 1,500 1,500 1,500 1,500 1,500

Net cash flow Investing -13,985 -9,318 -7,500 -7,500 -7,500 -7,500 -7,500

Cash flow to/from Governments

TER -Income tax payment 7,962 6,006 7,666 8,143 8,497 8,766 8,821

Dividend payment 15,991 9,772 10,511 13,416 14,251 14,869 15,340

Net cas h flow Governments -23,953 -15,778 -18,177 -21,559 -22,747 -23,635 -24,161

SUMMARY

Net cash flows Operating 41,509 19,801 25,068 29,216 34,303 35,172 35,361

Net cash flows Investing -13,985 -9,318 -7,500 -7,500 -7,500 -7,500 -7,500

Net cash flows Governments -23,953 -15,778 -18,177 -21,559 -22,747 -23,635 -24,161

Net movement in cash 3,571 -5,295 -609 157 4,056 4,037 3,700

Cash at beginning period 25,698 29,269 23,974 23,364 23,521 27,577 31,614

GC - Closing Balance 29,269 23,974 23,364 23,521 27,577 31,614 35,314

Other adjustments - Depositors Funds 65,000 65,000 65,000 65,000 65,000 65,000 65,000

Cash at end of period 94,269 88,974 88,364 88,521 92,577 96,614 100,314

Projected

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