SOURCES OF FUNDS

SOURCE AMOUNT
Owner's funds 500,000.00
Loan 500,000.00
Equity 200,000.00
Short term debt 38,136.22
1,238,136.22

USES OF FUNDS
SOURCE AMOUNT
Land 100,000.00
Building 300,000.00
Building Remodeling 200,000.00
Equipment 350,000.00
Office and Computer Equipment 20,000.00
Inventory 45,050.00

Loss 115,269.23

Total Required Funds 1,130,319.23

 1,177,819.56
 Income statement
2018
Revenues -
Direct Production costs -
Contribution margin -
Direct Labour costs 34,595.00
SSP on labour costs -
Contribution margin net of direct labour (34,595.00)
Indirect labour cost -
Severance pay for indirect labour -
Excise tax on alcohol -
License cost 274.23
Marketing expenses -
General & Administrative costs 2,000.00
EBITDA (36,869.23)
Depreciation 78,400.00
EBIT (115,269.23)
Interest expenses on long term debt 17,130.83
Interest expenses on short term debt (bank overdraft) 625.43
Pre-tax income (133,025.49)
Income taxes -
Net Income (133,025.49)

Income taxes and tax payable

Pre-tax income (133,025)
Previous years' losses -
Taxable basis (133,025)
Income taxes -

Break Even Point

Fixed costs (excluding direct labor) 80,674.23
Contribution margin %
BEP- in terms of revenue
Safety edge (80,674.23)
Safety edge %
 2019 2020 2021 2022 2023
- 385,750.00 424,325.00 466,757.50 513,433.25
- 42,541.44 44,978.45 50,465.82 56,622.65
- 343,208.56 379,346.55 416,291.68 456,810.60
38,815.59 43,551.09 51,085.43 59,923.21 67,404.13
- - 2,838.08 3,329.07 3,744.67
(38,815.59) 299,657.47 325,423.04 353,039.40 385,661.79
- - 90,000.00 108,000.00 126,000.00
- - 5,000.00 6,000.00 7,000.00
- 25,690.95 28,260.05 31,086.05 34,194.65
274.23 274.23 274.23 274.23 274.23
- 1,500.00 15,300.00 15,606.00 15,918.12
2,000.00 2,000.00 4,500.00 4,725.00 4,961.25
(41,089.82) 295,883.24 210,348.81 218,434.17 231,508.19
78,400.00 78,400.00 78,400.00 8,400.00 8,400.00
(119,489.82) 217,483.24 131,948.81 210,034.17 223,108.19
15,628.18 14,072.48 12,461.85 10,794.36 9,067.99
3,818.23 2,973.45 #VALUE! #VALUE! #VALUE!
(138,936.23) 200,437.31 #VALUE! #VALUE! #VALUE!
- - #VALUE! #VALUE! #VALUE!
(138,936.23) 200,437.31 #VALUE! #VALUE! #VALUE!

(138,936) 200,437 #VALUE! #VALUE! #VALUE!

(133,025) (271,962) (71,524) #VALUE! #VALUE!
(271,962) (71,524) #VALUE! #VALUE! #VALUE!
- - #VALUE! #VALUE! #VALUE!

80,674.23 107,865.18 221,734.28 174,091.28 196,748.25

0.77 0.76 0.75
289,123.34 230,168.1 261,931.82
(80,674.23) 277,884.82 202,590.73 292,666.22 316,685.00
48% 63% 62%
 2024 2025 2026 2027
539,104.91 566,060.16 594,363.17 624,081.32
60,642.86 64,948.50 69,559.85 74,498.60
478,462.05 501,111.66 524,803.32 549,582.73
68,752.22 70,127.26 71,529.81 72,960.40
3,819.57 3,895.96 3,973.88 4,053.36
405,890.27 427,088.44 449,299.64 472,568.97
126,000.00 126,000.00 126,000.00 126,000.00
7,000.00 7,000.00 7,000.00 7,000.00
35,904.39 37,699.61 39,584.59 41,563.82
274.23 274.23 274.23 274.23
16,236.48 16,561.21 16,892.44 17,230.29
5,209.31 5,469.78 5,743.27 6,030.43
251,170.25 271,783.22 293,389.70 316,034.03
8,400.00 8,400.00 6,079.20 6,079.20
242,770.25 263,383.22 287,310.50 309,954.83
7,280.68 5,430.26 3,514.50 1,531.12

235,489.57 257,952.96 283,796.00 308,423.71

#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!

235,490 257,953 283,796 308,424

#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!

199,024.41 201,404.83 201,573.72 204,177.96

0.75 0.75 0.76 0.76
264,344.94 266,940.61 266,655.00 269,640.33
340,080.50 364,655.33 392,789.45 419,903.36
63% 64% 66% 67%
 Assumptions
INVENTORY FORECAST 2018 2019
Volume produced (bottles) 8,500 9,350
Production growth - 10%
Ready to Sale inventory at the begining of
0 0
the year
Number of bottles sold (0.7l) 0 0
Sales growth - -
Ready to Sale inventory at the end of the
0 0
year
Work in process inventory 8,500 17,850

Excise tax 3.33

DIRECT PRODUCTION COSTS

Barley and Yeast 1.87 1.91
Biomass Fuel 0.46 0.47
Analyses and Maintenance 0.49 0.50
Cask costs 1.57 1.60
Bottling costs 0.91 0.93
Total Direct costs 5.30 5.41
Direct costs growth= 2%

Labor Direct costs 4.07 4.15

Indirect Labor cost - -

# Employees 5 5

Marketing expense - -

General and Administrative Expenses 2,000.00 2,000.00

Fixed Assets DEPRECIATION RATE

Land 100,000.00 0%
Building (Depreciated) 300,000.00 0%
Remodelling 200,000.00 3%
Equipment 350,000.00 20%
Office furniture and equipment 20,000.00 12%

Tax Rate 45.23%

VAT Rate 22%
Short Term Rate 3.28%

DIRECT PRODUCTION COSTS 2018 2027

Barley and Yeast 1.87 2.28
Biomass Fuel 0.46 0.56
Analyses and Maintenance 0.49 0.60
Cask costs 1.57 1.91
Bottling costs 0.91 1.11
Total Direct costs 5.30 6.33
Direct costs growth= 2%

LOAN AMORTIZATION
Interest Principal
1-Jun-18 8,750.0 21,095.6
31-Dec-18 8,380.8 21,464.8
1-Jun-19 8,005.2 21,840.4
31-Dec-19 7,623.0 22,222.6
1-Jun-20 7,234.1 22,611.5
31-Dec-20 6,838.4 23,007.2
1-Jun-21 6,435.8 23,409.9
31-Dec-21 6,026.1 23,819.5
1-Jun-22 5,609.3 24,236.4
31-Dec-22 5,185.1 24,660.5
1-Jun-23 4,753.6 25,092.1
31-Dec-23 4,314.4 25,531.2
1-Jun-24 3,867.7 25,978.0
31-Dec-24 3,413.0 26,432.6
1-Jun-25 2,950.5 26,895.2
31-Dec-25 2,479.8 27,365.8
1-Jun-26 2,000.9 27,844.7
31-Dec-26 1,513.6 28,332.0
1-Jun-27 1,017.8 28,827.8
31-Dec-27 513.3 29,332.3
Totale 96,912.3 500,000.0
mptions
2020 2021 2022 2023 2024
10,285 11,828 13,602 15,000 15,000
10% 15% 15% 10% 0%
0 8,500 9,364 10,313 11,872
7715 8,487 9,335 10,269 10,782
- - 10% 10% 5%
0 14 28 45 1,090
28,135 31,463 35,715 40,430 43,602

1.95 1.98 2.02 2.06 2.11

0.48 0.49 0.50 0.51 0.52
0.51 0.52 0.53 0.54 0.55
1.63 1.67 1.70 1.73 1.77
0.95 0.97 0.99 1.00 1.02
5.51 5.62 5.74 5.85 5.97
owth= 2%

4.23 4.32 4.41 4.49 4.58

- 18,000.00 18,000.00 18,000.00 18,000.00

5 5 6 7 7

1,500.00 15,300.00 15,606.00 15,918.12 16,236.48

2,000.00 4,500.00 4,725.00 4,961.25 5,209.31

DEPRECIATION RATE Receivable Turnover 9.87

0% Days Payable Ratio 45
0% # of Working Days 360
 3%
20%
12%

Payment Type: Semi Annual

Balance Interest Rate : 3.50%
478,904.4 Loan Amount : 500,000.00
457,439.6 Term Years : 10
435,599.2
413,376.6
390,765.0
367,757.8
344,348.0
320,528.4
296,292.1
271,631.6
246,539.5
221,008.3
195,030.4
168,597.8
141,702.6
114,336.8
 86,492.1
58,160.1
29,332.3
-
-
 2025 2026 2027
15,000 15,000 15,000
0% 0% 0%
14,692 18,371 21,484
11,321 11,887 12,482
5% 5% 5%
3,371 6,484 9,002
45,000 45,000 45,000

2.15 2.19 2.23

0.53 0.54 0.55
0.56 0.57 0.59
1.80 1.84 1.88
1.05 1.07 1.09
6.09 6.21 6.33

4.68 4.77 4.86

18,000.00 18,000.00 18,000.00

7 7 7

16,561.21 16,892.44 17,230.29

5,469.78 5,743.27 6,030.43



 Contributed Capital
Matteo Serone 400,000.00
Brian Barbieri 25,000.00
Giulia Passaro 25,000.00
Mathieu Benavolli 25,000.00
Andrijana Radojicic 25,000.00
External Investors 200,000.00
Total 700,000.00

SCENARIO ANALYSIS
BEST BASE
2021 2023 2021
Revenues 424,350.00 513,463.50 385,750.00
EBIT 131,971.16 223,135.11 97,462.76
Net Income 109,989.02 170,293.88 74,779.87
Working Capital 263,154.96 226,093.14 270,674.25
Net financial debt 530,593.49 111,154.10 573,321.93

Ratios
PROFITABILITY
2018 2019 2020
Return on Assets -106.70% -13.2% 19.9%
Return on Sales #DIV/0! #DIV/0! 51.96%
LIQUIDITY
2018 2019 2020

Current Ratio 4.48 1.14 -35.02

OVERALL FINANCIAL STABILITY

2018 2019 2020
Debt ratio 46.6% 58.7% 37.7%
 YEAR BASE WORST BEST
2021 7715 6944 8487

ANALYSIS
BASE WORST
2023 2021 2023
466,757.50 347,200.00 420,112.00
181,579.96 62,999.06 140,078.63
170,393.15 39,616.33 125,511.37
279,527.08 278,183.79 287,910.89
239,547.09 615,995.01 367,773.76

2021 2022 2023 2024 2025 2026 2027

#VALUE! #VALUE! #VALUE! ### ### #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! ### ### #VALUE! #VALUE!

2021 2022 2023 2024 2025 2026 2027

#VALUE! #VALUE! #VALUE! ### ### #VALUE! #VALUE!

ABILITY
2021 2022 2023 2024 2025 2026 2027
#VALUE! #VALUE! #VALUE! -3.4% -18.9% -32.9% -46.6%
Industry
Ratios
8.55%
18.74%

2.10
83%
 2018 2019
+ Accounts receivable - -
+ Work in process inventory 45,050.0 96,497.1
+ Ready to Sale inventory - -
+ VAT receivable 125,900.3 126,400.7
- Accounts payable - -
- Severance pay fund - -
- VAT payable - -
- Tax payable - -
= Working capital 170,950.33 222,897.76
Fixed assets 970,000.0 970,000.0
- Depreciation fund 78,400.0 156,800.0
Net fixed assets 891,600.00 813,200.00
Invested Capital 1,062,550.3 1,036,097.8

2018 2019
Cash - -
Long term loan 457,439.60 413,376.56
Short term debt (bank overdraft) 38,136.22 194,682.93
Total financial debts 495,575.82 608,059.49
Contributed Capital 700,000.00 700,000.00
Retained earnings (133,025.49)
Net income (133,025.49) (138,936.23)
Equity 566,974.51 428,038.27
Total liabilities and equity 1,062,550.3 1,036,097.8

2018 2019
VAT on costs 500.3 500.3
VAT on investments 125,400.0 -
VAT on revenues - -
VAT on costs and investments -
125,900.3 500.3
VAT on revenues
Previous year credit - 125,900.3
(VAT on costs and investments
-VAT on revenues) + Previous 125,900.3 126,400.7
year credit
VAT receivable/payable 125,900.33 126,400.66
 ASSETS
2020 2021 2022
47,681.4 52,449.5 57,694.4
155,139.8 176,959.2 204,891.1
- 71.6 153.3
51,725.1 - -
6,487.6 7,279.1 8,167.1
- 7,838.1 17,167.1
- (2,225.8) (7,197.6)
- #VALUE! #VALUE!
248,058.66 #VALUE! #VALUE!
970,000.0 970,000.0 970,000.0
235,200.0 313,600.0 322,000.0
734,800.00 656,400.00 648,000.00
982,858.7 #VALUE! #VALUE!

LIABILITIES AND EQUITY

2020 2021 2022
(13,374.73) #VALUE! #VALUE!
367,757.81 320,528.44 271,631.57
(13,374.73) #VALUE! #VALUE!
354,383.08 #VALUE! #VALUE!
700,000.00 700,000.00 700,000.00
(271,961.73) (71,524.42) #VALUE!
200,437.31 #VALUE! #VALUE!
628,475.58 #VALUE! #VALUE!
982,858.7 #VALUE! #VALUE!

VAT account
2020 2021 2022
10,189.4 14,917.3 16,315.2
- - -
84,865.0 93,351.5 102,686.7
 (74,675.6) (78,434.2) (86,371.5)

126,400.7 51,725.1 -

51,725.1 (26,709.1) (86,371.5)

51,725.11 (2,225.76) (7,197.62)

SSETS
2023 2024 2025
63,463.9 66,637.1 69,968.9
236,579.4 260,245.0 273,961.5
246.4 6,132.5 19,339.3
- - -
9,163.5 9,814.1 10,510.9
27,911.8 38,731.4 49,627.3
(7,923.5) (8,305.6) (8,705.2)
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
970,000.0 970,000.0 970,000.0
330,400.0 338,800.0 347,200.0
639,600.00 631,200.00 622,800.00
#VALUE! #VALUE! #VALUE!

S AND EQUITY
2023 2024 2025
#VALUE! 102,277.27 166,124.02
221,008.34 168,597.79 114,336.83
#VALUE!
#VALUE! 66,320.52 (51,787.19)
700,000.00 700,000.00 700,000.00
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!

account
2023 2024 2025
17,873.2 18,936.4 20,070.4
- - -
112,955.3 118,603.1 124,533.2
 (95,082.1) (99,666.6) (104,462.8)

- - -

(95,082.1) (99,666.6) (104,462.8)

(7,923.51) (8,305.55) (8,705.24)

 2026 2027
73,467.4 77,140.8
279,440.8 285,029.6
37,940.7 53,730.8
- -
11,257.2 12,056.4
60,601.2 71,654.6
(9,123.3) (9,560.6)
#VALUE! #VALUE!
#VALUE! #VALUE!
970,000.0 970,000.0
353,279.2 359,358.4
616,720.80 610,641.60
#VALUE! #VALUE!

2026 2027
233,210.84 312,041.59
58,160.11 -

(175,050.73) (312,041.59)
700,000.00 700,000.00
#VALUE! #VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE!

2026 2027
21,280.0 22,570.6
- -
130,759.9 137,297.9
 (109,479.9) (114,727.3)

- -

(109,479.9) (114,727.3)

(9,123.32) (9,560.61)