Front Sheet

ABC PSP 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_Actuals' (if applicable) and 'i_Assumptions' tabs.

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 consistently 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, e.g. fixed
assets and borrowings you need to make sure the additional calculations (e.g. 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

END OF WORKSHEET

Payment Solutions Model v1 Page 1 of 14 Printed on: 20/02/2025 20:34

 i_Setup

ABC PSP 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 PSP Ltd

2 Currency List USD

3 Timeline Start Year List 2024

4 First Projection Year List 2024

5 First Projection Month List 6

1.2 Naming Inputs

6 Type of Merchants
Name Sales Tax
Merchant Type 1 (MT1) Text / List Retail Merchants Yes
Merchant Type 2 (MT2) Text / List Service Merchants Yes
Merchant Type 3 (MT3) Text / List Marketplace Merchants Yes
Merchant Type 4 (MT4) Text / List Franchise Merchants Yes
Merchant Type 5 (MT5) Text / List E-Commerce Merchants Yes
Merchant Type 6 (MT6) Text / List Subscription Merchants Yes
Merchant Type 7 (MT7) Text / List
Merchant Type 8 (MT8) Text / List
Merchant Type 9 (MT9) Text / List
Merchant Type 10 (MT10) Text / List
Merchant Type 11 (MT11) Text / List
Merchant Type 12 (MT12) Text / List

7 Additional Value-Added Services

Name Sales Tax
Addtional Service Category 1 (AS1) Text / List FX and Cross-Border Payments Yes
Addtional Service Category 2 (AS2) Text / List Fraud & Security Solutions Yes
Addtional Service Category 3 (AS3) Text / List Analytics / Business Insights Yes
Addtional Service Category 4 (AS4) Text / List
Addtional Service Category 5 (AS5) Text / List

8 Direct Expenses
Name Sales Tax
Direct Expense Category 1 (DE1) Text / List Interchange Fees Yes
Direct Expense Category 2 (DE2) Text / List Assessment Fees No
Direct Expense Category 3 (DE3) Text / List Processing & Other Transaction Fees Yes
Direct Expense Category 4 (DE4) Text / List Chargeback and Refund Fees Yes
Direct Expense Category 5 (DE5) Text / List
Direct Expense Category 6 (DE6) Text / List
Direct Expense Category 7 (DE7) Text / List
Direct Expense Category 8 (DE8) Text / List

9 Staff costs
Name
Staff Category 1 Text / List Admin
Staff Category 2 Text / List Operations
Staff Category 3 Text / List Management
Staff Category 4 Text / List
Staff Category 5 Text / List
Staff Category 6 Text / List
Staff Category 7 Text / List
Staff Category 8 Text / List
Staff Category 9 Text / List
Staff Category 10 Text / List

10 Marketing Costs
Name Sales Tax
Marketing Cost Category 1 Text / List Digital Advertising Yes
Marketing Cost Category 2 Text / List Content Marketing Yes
Marketing Cost Category 3 Text / List SEO & SEM Yes
Marketing Cost Category 4 Text / List Events & Trade Shows Yes
Marketing Cost Category 5 Text / List

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

Payment Solutions Model v1 Page 2 of 14 Printed on: 20/02/2025 20:34

 i_Setup

ABC PSP Ltd Financial Projection

i_Setup

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

12 Fixed Assets
Name Sales Tax
Fixed Asset 1 Text / List Furniture & Fittings Yes
Fixed Asset 2 Text / List Electronic Equipment Yes
Fixed Asset 3 Text / List IT Equipment 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

Payment Solutions Model v1 Page 3 of 14 Printed on: 20/02/2025 20:34

 i_Actuals

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26 01-Apr-26 01-May-26 01-Jun-26 01-Jul-26
i_Actuals End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26 30-Apr-26 31-May-26 30-Jun-26 31-Jul-26

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 Number of Users

Existing Merchants

MT1 - Retail Merchants no. - - - - - 100

MT2 - Service Merchants no. - - - - - 100
MT3 - Marketplace Merchants no. - - - - - 100
MT4 - Franchise Merchants no. - - - - - 100
MT5 - E-Commerce Merchants no. - - - - -
MT6 - Subscription Merchants no. - - - - -
MT7 - N/A no. - - - - -
MT8 - N/A no. - - - - -
MT9 - N/A no. - - - - -
MT10 - N/A no. - - - - -
MT11 - N/A no. - - - - -
MT12 - N/A no. - - - - -
Total Number of Merchants no. - - - - - - - - - 400 - - - - - - - - - - - - - - - - - - - - - - - - - -

1.2 Income Statement

Revenue - Payment Solutions

MT1 - Retail Merchants USD - - - - -
MT2 - Service Merchants USD - - - - -
MT3 - Marketplace Merchants USD - - - - -
MT4 - Franchise Merchants USD - - - - -
MT5 - E-Commerce Merchants USD - - - - -
MT6 - Subscription Merchants USD - - - - -
MT7 - N/A USD - - - - -
MT8 - N/A USD - - - - -
MT9 - N/A USD - - - - -
MT10 - N/A USD - - - - -
MT11 - N/A USD - - - - -
MT12 - N/A USD - - - - -
Total Revenue Payment Solutions USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Revenue - Additional Services

AS1 - FX and Cross-Border Payments USD - - - - -
AS2 - Fraud & Security Solutions USD - - - - -
AS3 - Analytics / Business Insights USD - - - - -
AS4 - N/A USD - - - - -
AS5 - N/A USD - - - - -
Total Revenue Additional Services USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Revenue USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Direct Expenses

Payment Solutions
DE1 - Interchange Fees USD - - - - -
DE2 - Assessment Fees USD - - - - -
DE3 - Processing & Other Transaction Fees USD - - - - -
DE4 - Chargeback and Refund Fees USD - - - - -
DE5 - N/A USD - - - - -
DE6 - N/A USD - - - - -
DE7 - N/A USD - - - - -
DE8 - N/A USD - - - - -

Additional Services
AS1 - FX and Cross-Border Payments USD - - - - -
AS2 - Fraud & Security Solutions USD - - - - -
AS3 - Analytics / Business Insights USD - - - - -
AS4 - N/A USD - - - - -
AS5 - N/A USD - - - - -
Total Direct Expenses USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

Staff Costs
SC1 - Admin USD - - - - -
SC2 - Operations USD - - - - -
SC3 - Management USD - - - - -
SC4 - N/A USD - - - - -
SC5 - N/A USD - - - - -
SC6 - N/A USD - - - - -
SC7 - N/A USD - - - - -
SC8 - N/A USD - - - - -
SC9 - N/A USD - - - - -
SC10 - N/A USD - - - - -
Total Staff Costs USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Marketing Costs
MC1 - Digital Advertising USD - - - - -
MC2 - Content Marketing USD - - - - -
MC3 - SEO & SEM USD - - - - -
MC4 - Events & Trade Shows 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 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1.3 Balance Sheet

Remaining Useful
Assets
Life (Yrs.)

Fixed Assets
FA1 - Furniture & Fittings USD 1 - - - - - 500
FA2 - Electronic Equipment USD 1 - - - - - 600
FA3 - IT Equipment USD 1 - - - - - 700

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 i_Actuals

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26 01-Apr-26 01-May-26 01-Jun-26 01-Jul-26
i_Actuals End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26 30-Apr-26 31-May-26 30-Jun-26 31-Jul-26

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

FA4 - N/A USD 1 - - - - - 800

FA5 - N/A USD 1 - - - - - 900

Current Assets
Cash USD - - - - - 75,000
Tax Asset USD - - - - -
Other Assets USD - - - - - 3,000

Total Assets USD - - - - - - - - - 81,500 - - - - - - - - - - - - - - - - - - - - - - - - - -

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

Sales Tax Liability USD 1 - - - - - (7,000)

Corporate Tax Liability USD - - - - -
Other Liabilities USD - - - - - (18,000)

Total Liabilities USD - - - - - - - - - (45,000) - - - - - - - - - - - - - - - - - - - - - - - - - -

Equity

Share Capital USD - - - - - (36,500)

Retained Earnings USD - - - - -

Total Equity USD - - - - - - - - - (36,500) - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Liabilities & Equity USD - - - - - - - - - (81,500) - - - - - - - - - - - - - - - - - - - - - - - - - -

OK Balance Sheet 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

END OF WORKSHEET

Payment Solutions Model v1 Page 5 of 14 Printed on: 20/02/2025 20:34

 i_Assumptions

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26
i_Assumptions End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26

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
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

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

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
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

1 Revenues

1.1 Merchant & Transaction Volumes

New Merchants
Input:
MT1 - Retail Merchants no. Annual 250 200 160 160 160
MT2 - Service Merchants no. Annual 200 160 128 128 128
MT3 - Marketplace Merchants no. Annual 150 120 96 96 96
MT4 - Franchise Merchants no. Annual 100 80 64 64 64
MT5 - E-Commerce Merchants no. Annual
MT6 - Subscription Merchants no. Annual
MT7 - N/A no. Annual
MT8 - N/A no. Annual
MT9 - N/A no. Annual
MT10 - N/A no. Annual
MT11 - N/A no. Annual
MT12 - N/A no. Annual

Monthly Churn Rate

MT1 - Retail Merchants % 10% 10% 10% 10% 10%

MT2 - Service Merchants % 10% 10% 10% 10% 10%
MT3 - Marketplace Merchants % 10% 10% 10% 10% 10%
MT4 - Franchise Merchants % 10% 10% 10% 10% 10%
MT5 - E-Commerce Merchants % 10% 10% 10% 10% 10%
MT6 - Subscription Merchants % 10% 10% 10% 10% 10%
MT7 - N/A %
MT8 - N/A %
MT9 - N/A %
MT10 - N/A %
MT11 - N/A %
MT12 - N/A %

Average Annual Number of Transactions per Merchant

MT1 - Retail Merchants no. 12,000 12,000 12,000 12,000 12,000

MT2 - Service Merchants no. 30,000 30,000 30,000 30,000 30,000
MT3 - Marketplace Merchants no. 3,000 3,000 3,000 3,000 3,000
MT4 - Franchise Merchants no. 15,000 15,000 15,000 15,000 15,000
MT5 - E-Commerce Merchants no. 5,000 5,000 5,000 5,000 5,000
MT6 - Subscription Merchants no. 20,000 20,000 20,000 20,000 20,000
MT7 - N/A no.
MT8 - N/A no.
MT9 - N/A no.
MT10 - N/A no.
MT11 - N/A no.
MT12 - N/A no.

Approval Rate % of Attempted Transactions

MT1 - Retail Merchants % 97.00%

MT2 - Service Merchants % 97.00%
MT3 - Marketplace Merchants % 97.00%
MT4 - Franchise Merchants % 97.00%
MT5 - E-Commerce Merchants % 90.00%
MT6 - Subscription Merchants % 90.00%
MT7 - N/A %
MT8 - N/A %
MT9 - N/A %
MT10 - N/A %
MT11 - N/A %
MT12 - N/A %

Chargeback Rate

MT1 - Retail Merchants % 0.60%

MT2 - Service Merchants % 0.60%
MT3 - Marketplace Merchants % 0.60%
MT4 - Franchise Merchants % 0.60%
MT5 - E-Commerce Merchants % 0.60%
MT6 - Subscription Merchants % 0.60%
MT7 - N/A %
MT8 - N/A %
MT9 - N/A %
MT10 - N/A %
MT11 - N/A %
MT12 - N/A %

Average Value of Transaction

MT1 - Retail Merchants USD 50.00 51.50 53.05 54.64 56.28

MT2 - Service Merchants USD 100.00 103.00 106.09 109.27 112.55
MT3 - Marketplace Merchants USD 70.00 72.10 74.26 76.49 78.79
MT4 - Franchise Merchants USD 25.00 25.75 26.52 27.32 28.14
MT5 - E-Commerce Merchants USD 60.00 61.80 63.65 65.56 67.53
MT6 - Subscription Merchants USD 10.00 10.30 10.61 10.93 11.26
MT7 - N/A USD
MT8 - N/A USD
MT9 - N/A USD
MT10 - N/A USD
MT11 - N/A USD
MT12 - N/A USD

1.2 Fee Revenue

Setup Fee

MT1 - Retail Merchants USD 200.00 206.00 212.18 218.55 225.10

MT2 - Service Merchants USD 200.00 206.00 212.18 218.55 225.10
MT3 - Marketplace Merchants USD 200.00 206.00 212.18 218.55 225.10
MT4 - Franchise Merchants USD 200.00 206.00 212.18 218.55 225.10
MT5 - E-Commerce Merchants USD 200.00 206.00 212.18 218.55 225.10
MT6 - Subscription Merchants USD 200.00 206.00 212.18 218.55 225.10
MT7 - N/A USD
MT8 - N/A USD
MT9 - N/A USD
MT10 - N/A USD
MT11 - N/A USD
MT12 - N/A USD

Fee Per Transaction

MT1 - Retail Merchants USD 0.15 0.15 0.16 0.16 0.17

MT2 - Service Merchants USD 0.15 0.15 0.16 0.16 0.17
MT3 - Marketplace Merchants USD 0.15 0.15 0.16 0.16 0.17
MT4 - Franchise Merchants USD 0.15 0.15 0.16 0.16 0.17
MT5 - E-Commerce Merchants USD 0.15 0.15 0.16 0.16 0.17
MT6 - Subscription Merchants USD 0.15 0.15 0.16 0.16 0.17
MT7 - N/A USD
MT8 - N/A USD
MT9 - N/A USD
MT10 - N/A USD
MT11 - N/A USD
MT12 - N/A USD

Fee % on Processed Payments

Payment Solutions Model v1 Page 6 of 14 Printed on: 20/02/2025 20:34

 i_Assumptions

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26
i_Assumptions End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26

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
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

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

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
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

MT1 - Retail Merchants % 2.00% 2.00% 2.00% 2.00% 2.00%

MT2 - Service Merchants % 2.00% 2.00% 2.00% 2.00% 2.00%
MT3 - Marketplace Merchants % 2.00% 2.00% 2.00% 2.00% 2.00%
MT4 - Franchise Merchants % 2.00% 2.00% 2.00% 2.00% 2.00%
MT5 - E-Commerce Merchants % 2.00% 2.00% 2.00% 2.00% 2.00%
MT6 - Subscription Merchants % 2.00% 2.00% 2.00% 2.00% 2.00%
MT7 - N/A %
MT8 - N/A %
MT9 - N/A %
MT10 - N/A %
MT11 - N/A %
MT12 - N/A %

1.3 Additional Services

Additonal Service Take-on Percentage

AS3 -
AS1 - FX and AS2 - Fraud &
Analytics /
Cross-Border Security AS4 - N/A AS5 - N/A
Business
Payments Solutions
Insights
MT1 - Retail Merchants % 10.0% 15.0% 20.0%
MT2 - Service Merchants % 10.0% 15.0% 20.0%
MT3 - Marketplace Merchants % 10.0% 15.0% 20.0%
MT4 - Franchise Merchants % 10.0% 15.0% 20.0%
MT5 - E-Commerce Merchants % 10.0% 15.0% 20.0%
MT6 - Subscription Merchants % 10.0% 15.0% 20.0%
MT7 - N/A %
MT8 - N/A %
MT9 - N/A %
MT10 - N/A %
MT11 - N/A %
MT12 - N/A %

Additional Service Fees

Metric
AS1 - FX and Cross-Border Payments USD Per Transaction 4.00 4.20 4.41 4.63 4.86
AS2 - Fraud & Security Solutions USD Per Merchant per Month 15.00 15.75 16.54 17.36 18.23
AS3 - Analytics / Business Insights USD Per Merchant per Month 10.00 10.50 11.03 11.58 12.16
AS4 - N/A USD
AS5 - N/A USD

2 Direct Costs

2.1 Direct Costs

Percentage of Transactions Applicacable to

DE1 - Interchange Fees % 100% 100% 100% 100% 100%

DE2 - Assessment Fees % 50% 50% 50% 50% 50%
DE3 - Processing & Other Transaction Fees % 80% 80% 80% 80% 80%
DE4 - Chargeback and Refund Fees % 5% 5% 5% 5% 5%
DE5 - N/A %
DE6 - N/A %
DE7 - N/A %
DE8 - N/A %

Direct Cost % of Processed Payments

DE1 - Interchange Fees % 1.50% 1.50% 1.50% 1.50% 1.50%

DE2 - Assessment Fees % 0.10% 0.10% 0.10% 0.10% 0.10%
DE3 - Processing & Other Transaction Fees %
DE4 - Chargeback and Refund Fees %
DE5 - N/A %
DE6 - N/A %
DE7 - N/A %
DE8 - N/A %

Direct Cost Fee Per Transaction

DE1 - Interchange Fees USD

DE2 - Assessment Fees USD
DE3 - Processing & Other Transaction Fees USD (0.15) (0.15) (0.15) (0.15) (0.15)
DE4 - Chargeback and Refund Fees USD (2.00) (2.00) (2.00) (2.00) (2.00)
DE5 - N/A USD
DE6 - N/A USD
DE7 - N/A USD
DE8 - N/A USD

2.2 Direct Costs Additional Services

Direct Cost per Unit

Metric
AS1 - FX and Cross-Border Payments USD Per Transaction (1.50) (1.50) (1.50) (1.50) (1.50)
AS2 - Fraud & Security Solutions USD Per Merchant per Month (2.00) (2.00) (2.00) (2.00) (2.00)
AS3 - Analytics / Business Insights USD Per Merchant per Month (1.00) (1.00) (1.00) (1.00) (1.00)
AS4 - N/A USD
AS5 - N/A USD

3 Other Expenses

3.1 Staff Costs

Staff Numbers

SC1 - Admin no 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
SC2 - Operations no 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
SC3 - 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
SC4 - N/A no - - - - -
SC5 - N/A no - - - - -
SC6 - N/A no - - - - -
SC7 - N/A no - - - - -
SC8 - N/A no - - - - -
SC9 - N/A no - - - - -
SC10 - N/A no - - - - -

Average salary per full time position

SC1 - Admin USD (17,000) (17,850) (18,743) (19,680) (20,664)

SC2 - Operations USD (20,000) (21,000) (22,050) (23,153) (24,310)
SC3 - Management USD
SC4 - N/A USD
SC5 - N/A USD
SC6 - N/A USD
SC7 - N/A USD
SC8 - N/A USD
SC9 - N/A USD
SC10 - N/A USD

Average Employer's Social Security as a % of Salary

SC1 - Admin % 5.0%

SC2 - Operations % 5.0%
SC3 - Management %
SC4 - N/A %
SC5 - N/A %

Payment Solutions Model v1 Page 7 of 14 Printed on: 20/02/2025 20:34

 i_Assumptions

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26
i_Assumptions End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26

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
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

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

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
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

SC6 - N/A %
SC7 - N/A %
SC8 - N/A %
SC9 - N/A %
SC10 - N/A %

Average Annual Bonus

SC1 - Admin % 10% 10% 10% 10% 10%

SC2 - Operations % 5% 5% 5% 5% 5%
SC3 - Management %
SC4 - N/A %
SC5 - N/A %
SC6 - N/A %
SC7 - N/A %
SC8 - N/A %
SC9 - N/A %
SC10 - 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 Expenses

Marketing Costs
Input:
MC1 - Digital Advertising USD Annual (25,000) (26,250) (27,563) (28,941) (30,388)
MC2 - Content Marketing USD Annual (20,000) (21,000) (22,050) (23,153) (24,310)
MC3 - SEO & SEM USD Annual (15,000) (15,750) (16,538) (17,364) (18,233)
MC4 - Events & Trade Shows USD Annual (35,000) (36,750) (38,588) (40,517) (42,543)
MC5 - N/A USD Annual

Other Expenses
Input:
OE1 - Rent USD Annual (25,000) (25,750) (26,523) (27,318) (28,138)
OE2 - Utilities USD Annual (7,000) (7,210) (7,426) (7,649) (7,879)
OE3 - Insurances USD Annual (5,000) (5,150) (5,305) (5,464) (5,628)
OE4 - IT USD Annual (10,000) (10,300) (10,609) (10,927) (11,255)
OE5 - Legal & Professional fees USD Annual (15,000) (15,450) (15,914) (16,391) (16,883)
OE6 - Audit fees USD Annual (3,500) (3,605) (3,713) (3,825) (3,939)
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

4 Other P&L Assumptions

4.1 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
2024 2025 2026 2027 2028
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

4.2 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 - - - - -

5 Balance Sheet

5.1 Fixed Assets

Addition Amounts (Excl. Sales Tax)

FA1 - Furniture & Fittings USD 20,000 - - - - 20,000

FA2 - Electronic Equipment USD 3,500 - - - - 3,500
FA3 - IT Equipment USD 2,000 - - - - 2,000
FA4 - N/A USD - - - - -
FA5 - N/A USD - - - - -

Useful Life

FA1 - Furniture & Fittings Years 5

FA2 - Electronic Equipment Years 4
FA3 - IT Equipment Years 5
FA4 - N/A Years
FA5 - N/A Years

5.2 Borrowing

Loan Details
Maturity Interest Rate
Month Per Annum

BF1 - Loan XYZ List / USD Dec-33 2.5%

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

Additions / (Repayments)

BF1 - Loan XYZ USD - - - - -

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

Payment Solutions Model v1 Page 8 of 14 Printed on: 20/02/2025 20:34

 i_Assumptions

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26
i_Assumptions End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26

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
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

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

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
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

5.3 Share Capital

Share Capital

Additions USD - - - - -

END OF WORKSHEET

Payment Solutions Model v1 Page 9 of 14 Printed on: 20/02/2025 20:34

 o_Fin Stats

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26 01-Apr-26 01-May-26 01-Jun-26 01-Jul-26 01-Aug-26 01-Sep-26 01-Oct-26 01-Nov-26
o_Fin Stats End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26 30-Apr-26 31-May-26 30-Jun-26 31-Jul-26 31-Aug-26 30-Sep-26 31-Oct-26 30-Nov-26

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
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
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
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

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

1 Income Statement

1.1 Income Statement

Revenue - Payment Solutions

MT1 - Retail Merchants USD 1,082,171 2,250,488 2,147,538 2,040,896 2,052,358 - - - - - 127,059 137,870 147,600 156,357 164,238 171,331 177,715 183,347 184,390 185,329 186,174 186,934 187,619 188,235 188,789 189,288 189,737 190,141 190,505 191,929 188,703 185,800 183,188 180,836 178,720 176,815 175,101 173,558 172,170 170,920
MT2 - Service Merchants USD 4,447,320 8,623,545 8,026,073 7,556,308 7,576,297 - - - - - 556,130 587,225 615,210 640,397 663,065 683,466 701,827 721,423 720,728 720,103 719,539 719,033 718,577 718,166 717,797 717,464 717,165 716,896 716,653 722,701 709,303 697,246 686,394 676,627 667,837 659,925 652,805 646,397 640,630 635,440
MT3 - Marketplace Merchants USD 300,561 518,928 461,514 430,550 430,432 - - - - - 40,796 41,637 42,393 43,074 43,687 44,239 44,735 45,060 44,608 44,202 43,836 43,507 43,210 42,943 42,703 42,487 42,293 42,118 41,960 41,856 41,011 40,251 39,566 38,951 38,396 37,897 37,448 37,044 36,681 36,353
MT4 - Franchise Merchants USD 529,953 790,390 654,401 593,535 587,924 - - - - - 78,701 77,526 76,468 75,516 74,659 73,889 73,195 73,059 71,270 69,659 68,210 66,906 65,732 64,675 63,724 62,869 62,098 61,405 60,781 60,635 59,118 57,752 56,522 55,416 54,420 53,524 52,717 51,991 51,338 50,750
MT5 - E-Commerce Merchants USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MT6 - Subscription Merchants USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MT7 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MT8 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MT9 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MT10 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MT11 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MT12 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Revenue - Payment Solutions USD 6,360,004 12,183,351 11,289,526 10,621,288 10,647,011 - - - - - 802,686 844,257 881,671 915,344 945,649 972,924 997,472 1,022,889 1,020,996 1,019,293 1,017,759 1,016,380 1,015,138 1,014,020 1,013,014 1,012,108 1,011,294 1,010,560 1,009,900 1,017,122 998,136 981,048 965,670 951,829 939,373 928,162 918,072 908,991 900,818 893,463

Revenue - Additional Services

AS1 - FX and Cross-Border Payments USD 18,717 33,691 35,375 37,144 39,001 - - - - - 2,674 2,674 2,674 2,674 2,674 2,674 2,674 2,808 2,808 2,808 2,808 2,808 2,808 2,808 2,808 2,808 2,808 2,808 2,808 2,948 2,948 2,948 2,948 2,948 2,948 2,948 2,948 2,948 2,948 2,948
AS2 - Fraud & Security Solutions USD 7,251 13,672 12,740 12,151 12,395 - - - - - 941 978 1,012 1,042 1,069 1,093 1,115 1,164 1,158 1,152 1,147 1,143 1,139 1,135 1,132 1,129 1,126 1,124 1,122 1,153 1,130 1,110 1,091 1,075 1,060 1,047 1,035 1,024 1,014 1,005
AS3 - Analytics / Business Insights USD 6,445 12,153 11,324 10,801 11,018 - - - - - 837 870 899 926 950 972 991 1,035 1,029 1,024 1,020 1,016 1,012 1,009 1,006 1,004 1,001 999 997 1,025 1,005 986 970 955 942 930 920 910 901 893
AS4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
AS5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Revenue - Additional Services USD 32,413 59,516 59,439 60,096 62,415 - - - - - 4,452 4,522 4,585 4,642 4,693 4,739 4,780 5,006 4,995 4,984 4,975 4,966 4,959 4,952 4,946 4,940 4,935 4,931 4,927 5,125 5,083 5,044 5,009 4,978 4,950 4,925 4,902 4,882 4,863 4,847

Total Revenue USD 6,392,417 12,242,867 11,348,964 10,681,385 10,709,425 - - - - - 807,138 848,779 886,256 919,986 950,342 977,663 1,002,252 1,027,896 1,025,991 1,024,277 1,022,734 1,021,346 1,020,096 1,018,972 1,017,960 1,017,049 1,016,229 1,015,491 1,014,827 1,022,247 1,003,218 986,092 970,679 956,807 944,323 933,086 922,974 913,872 905,681 898,309

Direct Expenses

Payment Solutions
DE1 - Interchange Fees USD (4,264,006) (8,215,544) (7,627,610) (7,172,345) (7,188,511) - - - - - (536,205) (564,841) (590,613) (613,809) (634,684) (653,472) (670,382) (689,223) (688,081) (687,052) (686,126) (685,293) (684,543) (683,868) (683,261) (682,714) (682,222) (681,779) (681,381) (687,490) (674,592) (662,983) (652,535) (643,132) (634,669) (627,052) (620,197) (614,028) (608,475) (603,478)
DE2 - Assessment Fees USD (142,134) (273,851) (254,254) (239,078) (239,617) - - - - - (17,873) (18,828) (19,687) (20,460) (21,156) (21,782) (22,346) (22,974) (22,936) (22,902) (22,871) (22,843) (22,818) (22,796) (22,775) (22,757) (22,741) (22,726) (22,713) (22,916) (22,486) (22,099) (21,751) (21,438) (21,156) (20,902) (20,673) (20,468) (20,283) (20,116)
DE3 - Processing & Other Transaction Fees USD (474,397) (865,190) (772,418) (703,014) (683,412) - - - - - (60,864) (63,576) (66,016) (68,213) (70,190) (71,969) (73,570) (73,252) (72,965) (72,707) (72,475) (72,266) (72,078) (71,908) (71,756) (71,619) (71,496) (71,385) (71,285) (69,787) (68,439) (67,226) (66,134) (65,152) (64,267) (63,471) (62,755) (62,110) (61,530) (61,008)
DE4 - Chargeback and Refund Fees USD (395,331) (720,992) (643,682) (585,845) (569,510) - - - - - (50,720) (52,980) (55,013) (56,844) (58,491) (59,974) (61,308) (61,043) (60,804) (60,589) (60,396) (60,221) (60,065) (59,924) (59,797) (59,683) (59,580) (59,487) (59,404) (58,156) (57,033) (56,022) (55,112) (54,293) (53,556) (52,893) (52,296) (51,759) (51,275) (50,840)
DE5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DE6 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DE7 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DE8 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Additional Services
AS1 - FX and Cross-Border Payments USD (7,019) (12,032) (12,032) (12,032) (12,032) - - - - - (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003) (1,003)
AS2 - Fraud & Security Solutions USD (967) (1,736) (1,541) (1,400) (1,360) - - - - - (126) (130) (135) (139) (143) (146) (149) (148) (147) (146) (146) (145) (145) (144) (144) (143) (143) (143) (142) (139) (137) (134) (132) (130) (128) (127) (125) (124) (123) (122)
AS3 - Analytics / Business Insights USD (645) (1,157) (1,027) (933) (906) - - - - - (84) (87) (90) (93) (95) (97) (99) (99) (98) (98) (97) (97) (96) (96) (96) (96) (95) (95) (95) (93) (91) (89) (88) (87) (85) (84) (83) (83) (82) (81)
AS4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
AS5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Direct Expenses USD (5,284,497) (10,090,504) (9,312,563) (8,714,648) (8,695,350) - - - - - (666,874) (701,444) (732,558) (760,560) (785,762) (808,443) (828,857) (847,741) (846,033) (844,496) (843,113) (841,868) (840,747) (839,739) (838,831) (838,015) (837,279) (836,618) (836,022) (839,585) (823,780) (809,556) (796,755) (785,233) (774,864) (765,532) (757,132) (749,573) (742,770) (736,647)

Gross Profit USD 1,107,920 2,152,363 2,036,401 1,966,737 2,014,076 - - - - - 140,264 147,335 153,699 159,426 164,581 169,220 173,395 180,155 179,958 179,781 179,621 179,478 179,349 179,233 179,128 179,034 178,949 178,873 178,805 182,662 179,438 176,536 173,925 171,574 169,459 167,555 165,841 164,299 162,911 161,662

Staff Costs
SC1 - Admin USD (31,238) (61,583) (64,662) (67,895) (71,289) - - - - - (4,463) (4,463) (4,463) (4,463) (4,463) (4,463) (4,463) (4,686) (4,686) (4,686) (10,041) (4,686) (4,686) (4,686) (4,686) (4,686) (4,686) (4,686) (4,686) (4,920) (4,920) (4,920) (10,543) (4,920) (4,920) (4,920) (4,920) (4,920) (4,920) (4,920)
SC2 - Operations USD (24,500) (46,200) (48,510) (50,936) (53,482) - - - - - (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,500) (3,675) (3,675) (3,675) (5,775) (3,675) (3,675) (3,675) (3,675) (3,675) (3,675) (3,675) (3,675) (3,859) (3,859) (3,859) (6,064) (3,859) (3,859) (3,859) (3,859) (3,859) (3,859) (3,859)
SC3 - Management USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC4 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC6 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC7 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC8 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC9 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SC10 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Staff Costs USD (55,738) (107,783) (113,172) (118,830) (124,772) - - - - - (7,963) (7,963) (7,963) (7,963) (7,963) (7,963) (7,963) (8,361) (8,361) (8,361) (15,816) (8,361) (8,361) (8,361) (8,361) (8,361) (8,361) (8,361) (8,361) (8,779) (8,779) (8,779) (16,606) (8,779) (8,779) (8,779) (8,779) (8,779) (8,779) (8,779)

Marketing Costs
MC1 - Digital Advertising USD (14,583) (26,250) (27,563) (28,941) (30,388) - - - - - (2,083) (2,083) (2,083) (2,083) (2,083) (2,083) (2,083) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,188) (2,297) (2,297) (2,297) (2,297) (2,297) (2,297) (2,297) (2,297) (2,297) (2,297) (2,297)
MC2 - Content Marketing USD (11,667) (21,000) (22,050) (23,153) (24,310) - - - - - (1,667) (1,667) (1,667) (1,667) (1,667) (1,667) (1,667) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,750) (1,838) (1,838) (1,838) (1,838) (1,838) (1,838) (1,838) (1,838) (1,838) (1,838) (1,838)
MC3 - SEO & SEM USD (8,750) (15,750) (16,538) (17,364) (18,233) - - - - - (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,313) (1,313) (1,313) (1,313) (1,313) (1,313) (1,313) (1,313) (1,313) (1,313) (1,313) (1,313) (1,378) (1,378) (1,378) (1,378) (1,378) (1,378) (1,378) (1,378) (1,378) (1,378) (1,378)
MC4 - Events & Trade Shows USD (20,417) (36,750) (38,588) (40,517) (42,543) - - - - - (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (3,063) (3,063) (3,063) (3,063) (3,063) (3,063) (3,063) (3,063) (3,063) (3,063) (3,063) (3,063) (3,216) (3,216) (3,216) (3,216) (3,216) (3,216) (3,216) (3,216) (3,216) (3,216) (3,216)
MC5 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Marketing Costs USD (55,417) (99,750) (104,738) (109,974) (115,473) - - - - - (7,917) (7,917) (7,917) (7,917) (7,917) (7,917) (7,917) (8,313) (8,313) (8,313) (8,313) (8,313) (8,313) (8,313) (8,313) (8,313) (8,313) (8,313) (8,313) (8,728) (8,728) (8,728) (8,728) (8,728) (8,728) (8,728) (8,728) (8,728) (8,728) (8,728)

Other Expenses
OE1 - Rent USD (14,583) (25,750) (26,523) (27,318) (28,138) - - - - - (2,083) (2,083) (2,083) (2,083) (2,083) (2,083) (2,083) (2,146) (2,146) (2,146) (2,146) (2,146) (2,146) (2,146) (2,146) (2,146) (2,146) (2,146) (2,146) (2,210) (2,210) (2,210) (2,210) (2,210) (2,210) (2,210) (2,210) (2,210) (2,210) (2,210)
OE2 - Utilities USD (4,083) (7,210) (7,426) (7,649) (7,879) - - - - - (583) (583) (583) (583) (583) (583) (583) (601) (601) (601) (601) (601) (601) (601) (601) (601) (601) (601) (601) (619) (619) (619) (619) (619) (619) (619) (619) (619) (619) (619)
OE3 - Insurances 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)
OE4 - IT 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)
OE5 - Legal & Professional fees USD (8,750) (15,450) (15,914) (16,391) (16,883) - - - - - (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,288) (1,288) (1,288) (1,288) (1,288) (1,288) (1,288) (1,288) (1,288) (1,288) (1,288) (1,288) (1,326) (1,326) (1,326) (1,326) (1,326) (1,326) (1,326) (1,326) (1,326) (1,326) (1,326)
OE6 - Audit fees USD (2,042) (3,605) (3,713) (3,825) (3,939) - - - - - (292) (292) (292) (292) (292) (292) (292) (300) (300) (300) (300) (300) (300) (300) (300) (300) (300) (300) (300) (309) (309) (309) (309) (309) (309) (309) (309) (309) (309) (309)
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 (38,208) (67,465) (69,489) (71,574) (73,721) - - - - - (5,458) (5,458) (5,458) (5,458) (5,458) (5,458) (5,458) (5,622) (5,622) (5,622) (5,622) (5,622) (5,622) (5,622) (5,622) (5,622) (5,622) (5,622) (5,622) (5,791) (5,791) (5,791) (5,791) (5,791) (5,791) (5,791) (5,791) (5,791) (5,791) (5,791)

EBITDA USD 958,557 1,877,366 1,749,003 1,666,359 1,700,110 - - - - - 118,927 125,997 132,361 138,089 143,243 147,882 152,058 157,859 157,663 157,486 149,871 157,183 157,054 156,938 156,833 156,739 156,654 156,578 156,509 159,365 156,141 153,239 142,799 148,277 146,161 144,257 142,544 141,002 139,614 138,365

Other Income & Expenses

Depreciation USD (4,679) (6,733) (5,275) (5,275) (4,838) - - - - - (292) (731) (731) (731) (731) (731) (731) (731) (731) (731) (731) (731) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440)
Financing Costs USD (282) (446) (399) (350) (300) - - - - - (41) (41) (41) (40) (40) (40) (39) (39) (39) (38) (38) (38) (37) (37) (37) (36) (36) (36) (35) (35) (35) (34) (34) (34) (33) (33) (33) (32) (32) (32)
Total Other Income & Expenses USD (4,961) (7,179) (5,674) (5,625) (5,137) - - - - - (333) (772) (772) (771) (771) (771) (771) (770) (770) (770) (769) (769) (477) (477) (476) (476) (476) (475) (475) (475) (474) (474) (474) (473) (473) (473) (472) (472) (472) (471)

Total Profit Before Tax USD 953,596 1,870,187 1,743,330 1,660,734 1,694,973 - - - - - 118,594 125,225 131,589 137,317 142,472 147,112 151,287 157,089 156,893 156,716 149,102 156,414 156,577 156,461 156,357 156,263 156,179 156,103 156,034 158,890 155,666 152,765 142,326 147,803 145,688 143,785 142,072 140,530 139,142 137,893

Taxes USD (190,719) (374,037) (348,666) (332,147) (338,995) - - - - - (23,719) (25,045) (26,318) (27,463) (28,494) (29,422) (30,257) (31,418) (31,379) (31,343) (29,820) (31,283) (31,315) (31,292) (31,271) (31,253) (31,236) (31,221) (31,207) (31,778) (31,133) (30,553) (28,465) (29,561) (29,138) (28,757) (28,414) (28,106) (27,828) (27,579)

Total Profit After Tax USD 762,877 1,496,149 1,394,664 1,328,587 1,355,978 - - - - - 94,875 100,180 105,271 109,854 113,978 117,689 121,030 125,671 125,514 125,373 119,282 125,131 125,261 125,169 125,085 125,010 124,943 124,882 124,827 127,112 124,533 122,212 113,861 118,243 116,551 115,028 113,657 112,424 111,314 110,315

Dividends Paid USD (190,719) (517,077) (736,473) (884,502) (1,002,371) - - - - - - - - - - - (190,719) - - - - - - - - - - - (517,077) - - - - - - - - - - -

Total Retained Earnings USD 572,158 979,073 658,190 444,085 353,607 - - - - - 94,875 100,180 105,271 109,854 113,978 117,689 (69,690) 125,671 125,514 125,373 119,282 125,131 125,261 125,169 125,085 125,010 124,943 124,882 (392,249) 127,112 124,533 122,212 113,861 118,243 116,551 115,028 113,657 112,424 111,314 110,315

2 Balance Sheet

2.1 Assets

Non-Current Assets
FA1 - Furniture & Fittings USD 18,208 14,000 10,000 6,000 2,000 - - - - 500 20,458 20,083 19,708 19,333 18,958 18,583 18,208 17,833 17,458 17,083 16,708 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 11,000 10,667 10,333
FA2 - Electronic Equipment USD 3,313 2,188 1,313 438 0 - - - - 600 4,050 3,927 3,804 3,681 3,558 3,435 3,313 3,190 3,067 2,944 2,821 2,698 2,625 2,552 2,479 2,406 2,333 2,260 2,188 2,115 2,042 1,969 1,896 1,823 1,750 1,677 1,604 1,531 1,458 1,385
FA3 - IT Equipment USD 2,092 1,400 1,000 600 200 - - - - 700 2,642 2,550 2,458 2,367 2,275 2,183 2,092 2,000 1,908 1,817 1,725 1,633 1,600 1,567 1,533 1,500 1,467 1,433 1,400 1,367 1,333 1,300 1,267 1,233 1,200 1,167 1,133 1,100 1,067 1,033
FA4 - N/A USD 333 0 0 0 0 - - - - 800 733 667 600 533 467 400 333 267 200 133 67 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
FA5 - N/A USD 375 - - - - - - - - 900 825 750 675 600 525 450 375 300 225 150 75 - - - - - - - - - - - - - - - - - - -
Total Non-Current Assets USD 24,321 17,588 12,313 7,037 2,200 - - - - 3,500 28,708 27,977 27,246 26,515 25,783 25,052 24,321 23,590 22,858 22,127 21,396 20,665 20,225 19,785 19,346 18,906 18,467 18,027 17,588 17,148 16,708 16,269 15,829 15,390 14,950 14,510 14,071 13,631 13,192 12,752

Current Assets
Cash USD 889,760 2,061,609 2,688,622 3,118,909 3,484,546 - - - - 75,000 179,433 328,466 466,743 629,926 799,140 900,950 889,760 1,076,125 1,181,467 1,367,391 1,545,672 1,454,519 1,639,934 1,825,212 1,924,625 2,109,669 2,294,612 2,393,913 2,061,609 2,249,769 2,348,740 2,529,733 2,699,842 2,415,609 2,588,321 2,758,805 2,845,927 3,012,602 3,177,654 3,262,821
Tax Asset USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Other Assets USD 3,000 3,000 3,000 3,000 3,000 - - - - 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
Total Current Assets USD 892,760 2,064,609 2,691,622 3,121,909 3,487,546 - - - - 78,000 182,433 331,466 469,743 632,926 802,140 903,950 892,760 1,079,125 1,184,467 1,370,391 1,548,672 1,457,519 1,642,934 1,828,212 1,927,625 2,112,669 2,297,612 2,396,913 2,064,609 2,252,769 2,351,740 2,532,733 2,702,842 2,418,609 2,591,321 2,761,805 2,848,927 3,015,602 3,180,654 3,265,821

Total Assets USD 917,081 2,082,197 2,703,935 3,128,947 3,489,746 - - - - 81,500 211,141 359,443 496,989 659,440 827,924 929,002 917,081 1,102,715 1,207,325 1,392,518 1,570,068 1,478,184 1,663,159 1,847,998 1,946,971 2,131,575 2,316,079 2,414,940 2,082,197 2,269,917 2,368,449 2,549,001 2,718,671 2,433,999 2,606,271 2,776,315 2,862,998 3,029,234 3,193,845 3,278,573

2.2 Liabilities & Equity

Liabilities
Borrowings
BF1 - Loan XYZ USD (18,913) (17,013) (15,066) (13,070) (11,024) - - - - (20,000) (19,846) (19,691) (19,536) (19,381) (19,225) (19,069) (18,913) (18,757) (18,600) (18,443) (18,285) (18,127) (17,969) (17,811) (17,652) (17,493) (17,333) (17,173) (17,013) (16,853) (16,692) (16,531) (16,369) (16,208) (16,045) (15,883) (15,720) (15,557) (15,394) (15,230)
BF2 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BF3 - N/A USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sales Tax Liability USD (80,791) (85,416) (76,283) (75,724) (78,115) - - - - (7,000) (18,202) (41,433) (47,545) (72,834) (99,001) (53,123) (80,791) (109,492) (57,367) (86,001) (114,606) (57,185) (85,742) (114,278) (57,053) (85,554) (114,039) (56,957) (85,416) (114,407) (57,433) (85,382) (112,887) (54,611) (81,356) (107,779) (52,553) (78,422) (104,055) (51,053)
Corporate Tax Liability USD (190,719) (374,037) (348,666) (332,147) (338,995) - - - - - (23,719) (48,764) (75,082) (102,545) (131,039) (160,462) (190,719) (222,137) (253,516) (284,859) (314,679) (155,243) (186,558) (217,850) (249,122) (280,374) (311,610) (342,830) (374,037) (405,815) (436,949) (467,502) (495,967) (151,490) (180,628) (209,385) (237,799) (265,905) (293,733) (321,312)
Other Liabilities USD (18,000) (18,000) (18,000) (18,000) (18,000) - - - - (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000) (18,000)
Total Liabilities USD (308,423) (494,467) (458,014) (438,941) (446,133) - - - - (45,000) (79,766) (127,887) (160,163) (212,760) (267,266) (250,655) (308,423) (368,386) (347,482) (407,302) (465,571) (248,555) (308,269) (367,939) (341,827) (401,420) (460,982) (434,961) (494,467) (555,075) (529,073) (587,414) (643,223) (240,308) (296,030) (351,046) (324,072) (377,884) (431,182) (405,595)

Equity
Share Capital USD (36,500) (36,500) (36,500) (36,500) (36,500) - - - - (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500) (36,500)
Retained Earnings USD (572,158) (1,551,230) (2,209,420) (2,653,506) (3,007,113) - - - - - (94,875) (195,055) (300,327) (410,180) (524,158) (641,847) (572,158) (697,829) (823,343) (948,716) (1,067,998) (1,193,129) (1,318,390) (1,443,559) (1,568,644) (1,693,655) (1,818,597) (1,943,479) (1,551,230) (1,678,342) (1,802,875) (1,925,087) (2,038,948) (2,157,190) (2,273,741) (2,388,769) (2,502,426) (2,614,850) (2,726,164) (2,836,478)
Total Equity USD (608,658) (1,587,730) (2,245,920) (2,690,006) (3,043,613) - - - - (36,500) (131,375) (231,555) (336,827) (446,680) (560,658) (678,347) (608,658) (734,329) (859,843) (985,216) (1,104,498) (1,229,629) (1,354,890) (1,480,059) (1,605,144) (1,730,155) (1,855,097) (1,979,979) (1,587,730) (1,714,842) (1,839,375) (1,961,587) (2,075,448) (2,193,690) (2,310,241) (2,425,269) (2,538,926) (2,651,350) (2,762,664) (2,872,978)

Total Liabilities & Equity USD (917,081) (2,082,197) (2,703,935) (3,128,947) (3,489,746) - - - - (81,500) (211,141) (359,443) (496,989) (659,440) (827,924) (929,002) (917,081) (1,102,715) (1,207,325) (1,392,518) (1,570,068) (1,478,184) (1,663,159) (1,847,998) (1,946,971) (2,131,575) (2,316,079) (2,414,940) (2,082,197) (2,269,917) (2,368,449) (2,549,001) (2,718,671) (2,433,999) (2,606,271) (2,776,315) (2,862,998) (3,029,234) (3,193,845) (3,278,573)

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

Payment Solutions Model v1 Page 10 of 14 Printed on: 20/02/2025 20:34

 o_Fin Stats

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Jan-25 01-Jan-26 01-Jan-27 01-Jan-28 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 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 01-Feb-26 01-Mar-26 01-Apr-26 01-May-26 01-Jun-26 01-Jul-26 01-Aug-26 01-Sep-26 01-Oct-26 01-Nov-26
o_Fin Stats End date 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 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 31-Jan-26 28-Feb-26 31-Mar-26 30-Apr-26 31-May-26 30-Jun-26 31-Jul-26 31-Aug-26 30-Sep-26 31-Oct-26 30-Nov-26

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
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
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
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

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

3 Cash Flow

3.1 Cash Flow Statement

Cash Flows from Operating Activities

Revenue Receipts - Payment Solutions USD 7,314,004 14,010,854 12,982,954 12,214,482 12,244,062 923,089 970,896 1,013,922 1,052,646 1,087,497 1,118,863 1,147,092 1,176,323 1,174,146 1,172,187 1,170,423 1,168,836 1,167,408 1,166,123 1,164,966 1,163,925 1,162,988 1,162,144 1,161,385 1,169,690 1,147,856 1,128,206 1,110,520 1,094,604 1,080,279 1,067,386 1,055,783 1,045,340 1,035,941 1,027,482
Revenue Receipts - Additional Services USD 37,275 68,443 68,355 69,111 71,777 5,120 5,200 5,273 5,338 5,397 5,450 5,497 5,757 5,744 5,732 5,721 5,711 5,703 5,695 5,688 5,681 5,675 5,670 5,666 5,894 5,845 5,801 5,761 5,725 5,693 5,663 5,637 5,614 5,593 5,573
Direct Expenses - Payment Solutions USD (6,045,927) (11,545,837) (10,654,519) (9,969,463) (9,947,266) (762,830) (802,433) (838,077) (870,155) (899,026) (925,010) (948,395) (970,020) (968,063) (966,302) (964,717) (963,290) (962,007) (960,851) (959,811) (958,875) (958,033) (957,275) (956,593) (960,665) (942,559) (926,264) (911,599) (898,400) (886,521) (875,830) (866,208) (857,549) (849,755) (842,740)
Direct Expenses - Additional Services USD (9,925) (17,165) (16,790) (16,520) (16,443) (1,394) (1,403) (1,412) (1,419) (1,426) (1,432) (1,438) (1,436) (1,435) (1,434) (1,432) (1,431) (1,430) (1,429) (1,429) (1,428) (1,427) (1,427) (1,426) (1,420) (1,415) (1,410) (1,406) (1,402) (1,399) (1,396) (1,393) (1,390) (1,388) (1,386)
Staff Costs USD (55,738) (107,783) (113,172) (118,830) (124,772) (7,963) (7,963) (7,963) (7,963) (7,963) (7,963) (7,963) (8,361) (8,361) (8,361) (15,816) (8,361) (8,361) (8,361) (8,361) (8,361) (8,361) (8,361) (8,361) (8,779) (8,779) (8,779) (16,606) (8,779) (8,779) (8,779) (8,779) (8,779) (8,779) (8,779)
Marketing Costs USD (63,729) (114,713) (120,448) (126,471) (132,794) (9,104) (9,104) (9,104) (9,104) (9,104) (9,104) (9,104) (9,559) (9,559) (9,559) (9,559) (9,559) (9,559) (9,559) (9,559) (9,559) (9,559) (9,559) (9,559) (10,037) (10,037) (10,037) (10,037) (10,037) (10,037) (10,037) (10,037) (10,037) (10,037) (10,037)
Other Expenses USD (41,752) (73,722) (75,934) (78,212) (80,558) (5,965) (5,965) (5,965) (5,965) (5,965) (5,965) (5,965) (6,144) (6,144) (6,144) (6,144) (6,144) (6,144) (6,144) (6,144) (6,144) (6,144) (6,144) (6,144) (6,328) (6,328) (6,328) (6,328) (6,328) (6,328) (6,328) (6,328) (6,328) (6,328) (6,328)
Sales Tax Payments / Refunds USD (98,036) (338,087) (330,576) (308,296) (311,505) (7,000) - (18,202) - - (72,834) - - (80,791) - - (86,001) - - (85,742) - - (85,554) - - (85,416) - - (85,382) - - (81,356) - - (78,422)
Corporate Tax Payments USD - (190,719) (374,037) (348,666) (332,147) - - - - - - - - - - - (190,719) - - - - - - - - - - - (374,037) - - - - - -
Total CF from Operating Activities USD 1,036,173 1,691,272 1,365,832 1,317,135 1,370,354 - - - - - 133,953 149,228 138,473 163,378 169,410 102,005 179,725 186,560 105,538 186,120 178,477 (90,957) 185,610 185,473 99,608 185,239 185,139 99,496 184,969 188,355 99,167 181,188 170,304 (284,037) 172,907 170,680 87,318 166,870 165,247 85,363

Cash Flows from Investing Activities

Fixed Asset Additions USD (29,325) - - - - (29,325) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total CF from Investing Activities USD (29,325) - - - - - - - - - (29,325) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Cash Flows from Financing Activities

Borrowings additional/(repayments) USD (1,087) (1,900) (1,947) (1,996) (2,046) (154) (155) (155) (155) (156) (156) (156) (157) (157) (157) (158) (158) (158) (158) (159) (159) (159) (160) (160) (160) (161) (161) (161) (162) (162) (162) (163) (163) (163) (164)
Interest Paid USD (282) (446) (399) (350) (300) (41) (41) (41) (40) (40) (40) (39) (39) (39) (38) (38) (38) (37) (37) (37) (36) (36) (36) (35) (35) (35) (34) (34) (34) (33) (33) (33) (32) (32) (32)
Dividend Payments USD (190,719) (517,077) (736,473) (884,502) (1,002,371) - - - - - - (190,719) - - - - - - - - - - - (517,077) - - - - - - - - - - -
Share Capital Additions USD - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total CF from Financing Activities USD (192,088) (519,423) (738,820) (886,848) (1,004,717) - - - - - (196) (196) (196) (196) (196) (196) (190,915) (196) (196) (196) (196) (196) (196) (196) (196) (196) (196) (196) (517,272) (196) (196) (196) (196) (196) (196) (196) (196) (196) (196) (196)

Cash Balance
Total Net Cash flow movement USD 814,760 1,171,849 627,013 430,287 365,637 - - - - - 104,433 149,033 138,278 163,182 169,215 101,810 (11,190) 186,365 105,342 185,924 178,281 (91,153) 185,415 185,278 99,413 185,044 184,944 99,300 (332,304) 188,160 98,971 180,992 170,109 (284,233) 172,712 170,484 87,123 166,675 165,051 85,168
Opening Cash Balance USD - 889,760 2,061,609 2,688,622 3,118,909 - - - - - 75,000 179,433 328,466 466,743 629,926 799,140 900,950 889,760 1,076,125 1,181,467 1,367,391 1,545,672 1,454,519 1,639,934 1,825,212 1,924,625 2,109,669 2,294,612 2,393,913 2,061,609 2,249,769 2,348,740 2,529,733 2,699,842 2,415,609 2,588,321 2,758,805 2,845,927 3,012,602 3,177,654
Closing Cash Balance USD 889,760 2,061,609 2,688,622 3,118,909 3,484,546 - - - - 75,000 179,433 328,466 466,743 629,926 799,140 900,950 889,760 1,076,125 1,181,467 1,367,391 1,545,672 1,454,519 1,639,934 1,825,212 1,924,625 2,109,669 2,294,612 2,393,913 2,061,609 2,249,769 2,348,740 2,529,733 2,699,842 2,415,609 2,588,321 2,758,805 2,845,927 3,012,602 3,177,654 3,262,821

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

4 Metrics

4.1 Breakeven Analysis

Break-Even

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

END OF WORKSHEET

Payment Solutions Model v1 Page 11 of 14 Printed on: 20/02/2025 20:34

 o_DCF

ABC PSP Ltd Financial Projection Start date 01-Jan-24 01-Feb-24 01-Mar-24 01-Apr-24 01-May-24 01-Jun-24 01-Jul-24 01-Aug-24 01-Sep-24 01-Oct-24 01-Nov-24 01-Dec-24 01-Jan-25 01-Jun-27 01-Jul-27 01-Aug-27 01-Sep-27 01-Oct-27 01-Nov-27 01-Dec-27 01-Jan-28 01-Feb-28 01-Mar-28 01-Apr-28 01-May-28 01-Jun-28 01-Jul-28 01-Aug-28 01-Sep-28 01-Oct-28 01-Nov-28 01-Dec-28 01-Jan-29
o_DCF End date 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24 31-May-24 30-Jun-24 31-Jul-24 31-Aug-24 30-Sep-24 31-Oct-24 30-Nov-24 31-Dec-24 31-Jan-25 30-Jun-27 31-Jul-27 31-Aug-27 30-Sep-27 31-Oct-27 30-Nov-27 31-Dec-27 31-Jan-28 29-Feb-28 31-Mar-28 30-Apr-28 31-May-28 30-Jun-28 31-Jul-28 31-Aug-28 30-Sep-28 31-Oct-28 30-Nov-28 31-Dec-28 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 MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MULTIPLE
Tab Check LINK TO FRONT SHEET Year index 1 1 1 1 1 1 1 1 1 1 1 1 2 4 4 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 10 11 12 1 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 6 7 8 9 10 11 12 13 42 43 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 Forecast Forecast Forecast Forecast Forecast Forecast Terminal Year

1 DCF

1.1 Discount Rate Inputs

General Inputs

Valuation Date Date 31-May-24

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 % 7.40%

Cost of Debt after tax % 4.00%
WACC % 6.72%

1.3 Valuation Calculation

Income Method

Cash Flow from Operating activities USD 133,953 149,228 138,473 163,378 169,410 102,005 179,725 186,560 165,109 164,447 86,621 163,314 162,831 86,037 162,005 169,893 93,835 169,259 160,359 (242,316) 168,528 168,331 89,593 167,995 167,851 89,419 167,606 114,196
Cash flow from Investing Activities USD (29,325) - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cash Flow before Terminal Value USD - - - - - 104,628 149,228 138,473 163,378 169,410 102,005 179,725 186,560 165,109 164,447 86,621 163,314 162,831 86,037 162,005 169,893 93,835 169,259 160,359 (242,316) 168,528 168,331 89,593 167,995 167,851 89,419 167,606 114,196

Terminal Value USD 26,251,992

Cash Flow before Discounting USD - - - - - 104,628 149,228 138,473 163,378 169,410 102,005 179,725 186,560 165,109 164,447 86,621 163,314 162,831 86,037 162,005 169,893 93,835 169,259 160,359 (242,316) 168,528 168,331 89,593 167,995 167,851 89,419 167,606 26,366,188 33,117,629

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 0.08 0.08 0.08 0.08 0.08 0.08
Discounting Period Cumulative Months - - - - - 0.08 0.17 0.25 0.33 0.42 0.50 0.58 0.67 3.08 3.17 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 % 6.720% 1.0000 1.0000 1.0000 1.0000 1.0000 0.9946 0.9892 0.9839 0.9786 0.9733 0.9680 0.9628 0.9576 0.8183 0.8139 0.8095 0.8051 0.8007 0.7964 0.7921 0.7878 0.7836 0.7793 0.7751 0.7709 0.7668 0.7626 0.7585 0.7544 0.7503 0.7463 0.7422 0.7382

Discounted Cash Flow USD - - - - - 104,063 147,619 136,240 159,874 164,881 98,741 173,034 178,644 135,108 133,838 70,117 131,483 130,386 68,521 128,326 133,846 73,526 131,910 124,298 (186,809) 129,222 128,373 67,956 126,735 125,943 66,730 124,403 19,464,064 25,327,148

Discount for Lack of Marketability USD 3.00% (759,814)

Estimated Discounted Cash Flow Valuation USD 24,567,334
(Enterprise Value)

Less Market Value of Debt USD (18,913)

Add Cash USD 889,760
Equity Value USD 25,438,181

Ratios

Price / Current EBITDA x. 26.5 x

Price / Forward EBITDA x. 13.5 x

END OF WORKSHEET

Payment Solutions Model v1 Page 12 of 14 Printed on: 20/02/2025 20:34

 o_Dashboard
ABC PSP Ltd Financial Projection
o_Dashboard

Tab Check LINK TO FRONT SHEET

OK OK All file checks & alerts OK
Err Alert

1 Dashboard Workings
2 Dashboard

2.3 Cash Flow Charts

Key Ratios

Cash Balance by Month Free Cash Flow Generation Cash Flow Statement Breakdown
5,000,000 1,800,000 2,000,000

4,500,000
1,600,000
1,500,000
1,172k
4,000,000
1,400,000
1,000,000 815k
3,500,000
627k
1,200,000
430k
3,000,000 500,000 366k

1,000,000
2,500,000
0
1,673k
2,000,000 800,000

1,402k 1,370k (£500,000)

1,318k
1,500,000 600,000

1,000,000 (£1,000,000)
400,000

500,000
(£1,500,000)
200,000 392k Forecast Forecast Forecast Forecast Forecast
0
2024 2025 2026 2027 2028
01-Feb-24
01-Mar-24

01-Feb-25
01-Mar-25

01-Feb-26
01-Mar-26

01-Feb-27
01-Mar-27

01-Feb-28
01-Mar-28
01-Jan-24

01-Apr-24
01-May-24
01-Jun-24
01-Jul-24
01-Aug-24
01-Sep-24
01-Oct-24
01-Nov-24
01-Dec-24
01-Jan-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

01-Apr-26
01-May-26
01-Jun-26
01-Jul-26
01-Aug-26
01-Sep-26
01-Oct-26
01-Nov-26
01-Dec-26
01-Jan-27

01-Apr-27
01-May-27
01-Jun-27
01-Jul-27
01-Aug-27
01-Sep-27
01-Oct-27
01-Nov-27
01-Dec-27
01-Jan-28

01-Apr-28
01-May-28
01-Jun-28
01-Jul-28
01-Aug-28
01-Sep-28
01-Oct-28
01-Nov-28
01-Dec-28
0
Forecast Forecast Forecast Forecast Forecast Cash Flow From Investing Activities Cash Flow From Operations
2024 2025 2026 2027 2028 Cash Flow from Financing Activities Net Cash Flow Movement

2.4 Financial Performance Charts

Profit Margins Income Statement Breakdown Net Income vs Net Cash

20% 14000000 1,800,000
18.8%
18.4%
17.9%
17.3% 17.6%
18% 1,600,000
12000000
15.6% 15.9%
15.3% 15.4%
16% 15.0% 1,400,000
3,915k
14% 10000000
3,667k 1,200,000
3,509k 3,584k
12%
12.4% 12.7% 275k
12.2% 12.3% 8000000
11.9% 287k
1,000,000
10% 300k 314k
1,691k
800,000
6000000 1,496k
8% 1,395k
2,006k 1,366k 1,329k 1,317k 1,356k 1,370k
600,000
6% 149k
4000000 8,046k 1,007k
7,389k
6,867k 6,806k 400,000 763k
4%

2000000 4,232k
2% 200,000

0% 0 0
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
2024 2025 2026 2027 2028 2024 2025 2026 2027 2028 2024 2025 2026 2027 2028

Gross Profit Margin EBITDA Margin Net Profit Margin Direct Expenses Non-Direct Expenses Finance Charges & Depreciation Net Profit Before Tax Net Income After Tax Net Operating & Investing Cash Flow

2.5 Balance Sheet Charts

Working Capital Capital Structure Business Valuation

4,000,000 9.0 3,500,000 3.5% 30,000,000
8.0 3.1%
8.0
3,500,000 7.3 3,000,000 3.0%
25,000,000
7.0
3,000,000
6.1 2,500,000 2.5%
6.0
Working Capital Ratio

Debt to Equity Ratio

2,500,000 20,000,000

5.0 2,000,000 2.0%

4.3
2,000,000

3,488k 4.0
1,500,000 3,044k 1.5% 15,000,000
1,500,000
3.1 3,122k 2,690k
1.1% 25,438k
2,692k 3.0
2,246k 24,567k
1,000,000 1.0%
1,000,000 2,065k 0.7% 10,000,000
2.0 1,588k
0.5%
500,000 0.4% 0.5%
500,000 893k 1.0
609k
290k 477k 443k 426k 435k 19k 17k 15k 13k 11k
5,000,000

0 - 0 0.0%
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
82k
2024 2025 2026 2027 2028 2024 2025 2026 2027 2028
0
Enterprise Value Equity Value Book Value
Current Assets Current Liabilities Working Capital Ratio Equity & Retained Earning Borrowings Debt to Equity Ratio

END OF WORKSHEET

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Payment Solutions Model v1 Page 14 of 14 Printed on: 20/02/2025 20:34