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Coe & CoEducation and Management ConsultingValhalla VideoNoteThese answers show the spreadsheet as it would normally appear on the rightpage. The left page shows the formulae that were used in to obtain thoseresults.The formulae are only shown for columns D and E since the formulae used incolumns beyond E are direct copies of the formulae found in column E.Also note that the footers at the bottom of each page show the spreadsheetname and the page name within the spreadsheet. This allows you to trace thesource of every number in the model.Answer to Exercise10Data Tables & Graphs
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Valhalla VideoFinancial ForecastsModel name: =RIGHT(CELL(“filename”),LEN(CELL(“filename”))-(SEARCH(“[“,CELL(“filename”))-1))Model author: Stephen CoeDate written: Monday, 25 March 2019Run date: =NOW()
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Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Title Page 1 of 22 © Coe & CoValhalla VideoFinancial ForecastsModel name: [Valhalla_10 – Data Tables (v215).xlsx]GraphsModel author: Stephen CoeDate written: Monday, 25 March 2019Run date: Monday, 10 May 2021Valhalla_10 – Data Tables (v215).xlsx: Title Page 1 of 22 © Coe & Co
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=Title!B3Input Data (€’000)2021 2022Income Statement DataSalesSales price (€ per DVD) € 2.15 € 2.05Sales volume (‘000 DVDs) 9,500 11,000Cost of SalesUnit raw material cost (€ per DVD) (€ 0.50) (€ 0.50)Unit production labour cost (€ per DVD) (€ 0.75) (€ 0.35)Distribution CostsUnit distribution cost (€ per DVD) (€ 0.30) (€ 0.30)Administrative ExpensesAdministrative salary costs (2,000) (2,000)Other administrative costs (1,500) (1,300)Rent and rates (750) (750)Interest RatesBase rate 3.75% 3.50%Overdraft margin 2.75% 2.75%Deposit rate (flat rate) 1.50% 1.50%Senior debt margin 1.25% 1.25%TaxationCorporation tax rate 17% 17%% of tax charge paid during the year 50% 50%Writing Down Allowance rate 25% 25%Inflation RatesAnnual inflation rate (1 Jan to 31 Dec) 1.50% 2.00%Sensitivity Analysis DriversSales price increase/(reduction) 0.0%  Cell named “Sales_price_increace”Sales volume increase/(reduction) 0.0%  Cell named “Sales_volume_increace”Cost of sales increase/(reduction) 0.0%  Cell named “Cost_of_sales_increace”DCF ValuationNominal discount rate 9.50%Long term inflation expectation 2.75%
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Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Input Page 2 of 22 © Coe & CoValhalla VideoInput Data (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Income Statement DataSalesSales price (€ per DVD)
€ 2.159,500
€ 2.0511,000
€ 2.0012,250
€ 2.0012,250
€ 2.00 € 2.00 € 2.00 € 2.00 € 2.00 € 2.00Sales volume (‘000 DVDs) 12,250 12,250 12,250 12,250 12,250 12,250Cost of SalesUnit raw material cost (€ per DVD)
(€ 0.50)(€ 0.75)
(€ 0.50)(€ 0.35)
(€ 0.50)(€ 0.25)
(€ 0.50)(€ 0.25)
(€ 0.50) (€ 0.50) (€ 0.50) (€ 0.50) (€ 0.50) (€ 0.50)Unit production labour cost (€ per DVD) (€ 0.25) (€ 0.25) (€ 0.25) (€ 0.25) (€ 0.25) (€ 0.25)Distribution CostsUnit distribution cost (€ per DVD) (€ 0.30) (€ 0.30) (€ 0.30) (€ 0.30) (€ 0.30) (€ 0.30) (€ 0.30) (€ 0.30) (€ 0.30) (€ 0.30)Administrative ExpensesAdministrative salary costs
(2,000)(1,500)(750)
(2,000)(1,300)(750)
(2,000)(1,100)(750)
(2,000)(1,100)(750)
(2,000) (2,000) (2,000) (2,000) (2,000) (2,000)Other administrative costs (1,100) (1,100) (1,100) (1,100) (1,100) (1,100)Rent and rates (750) (750) (750) (750) (750) (750)Interest RatesBase rate
3.75%2.75%1.50%1.25%
3.50%2.75%1.50%1.25%
4.25%2.75%1.50%1.25%
4.25%2.75%1.50%1.25%
4.25% 4.25% 4.25% 4.25% 4.25% 4.25%Overdraft margin 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%Deposit rate (flat rate) 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%Senior debt margin 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%TaxationCorporation tax rate
17%50%25%
17%50%25%
17%50%25%
17%50%25%
17% 17% 17% 17% 17% 17%% of tax charge paid during the year 50% 50% 50% 50% 50% 50%Writing Down Allowance rate 25% 25% 25% 25% 25% 25%Inflation RatesAnnual inflation rate (1 Jan to 31 Dec) 1.50% 2.00% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%Sensitivity Analysis DriversSales price increase/(reduction) 0.0%  Cell named “Sales_price_increace”Sales volume increase/(reduction) 0.0%  Cell named “Sales_volume_increace”Cost of sales increase/(reduction) 0.0%  Cell named “Cost_of_sales_increace”DCF ValuationNominal discount rate 9.50%Long term inflation expectation 2.75%Valhalla_10 – Data Tables (v215).xlsx: Input Page 2 of 22 © Coe & Co
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=Title!B3Input Data (€’000)2021 2022Opening BalancesBalances Brought Forward at 1st January 2021
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Fixed asset cost 0Fixed aset accumulated depreciation 0Goodwill 0Inventory 180Trade receivables 1,540Cash =-570-680Value of ordinary shares 0Value of 9.6% preference shares 0Value of share premium 0Senior debt 0Deferred tax on accelerated capital allowances 0Deferred tax on tax losses 680Trade payables (1,150)Preference dividend payable 0Ordinary dividend payable 0Taxes payable 0Retained earnings 0Number of ordinary shares 0Number of 8% preference shares 0Tax written down value of assets 0Tax losses 4,000Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Input Page 3 of 22 © Coe & CoValhalla VideoInput Data (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Opening BalancesBalances Brought Forward at 1st January 2021
Fixed asset cost

Fixed aset accumulated depreciation

Goodwill

Inventory
180
Trade receivables
1,540
Cash
(1,250)
Value of ordinary shares

Value of 9.6% preference shares

Value of share premium

Senior debt

Deferred tax on accelerated capital allowances

Deferred tax on tax losses
680
Trade payables
(1,150)
Preference dividend payable

Ordinary dividend payable

Taxes payable

Retained earnings

Number of ordinary shares

Number of 8% preference shares

Tax written down value of assets

Tax losses
4,000
Valhalla_10 – Data Tables (v215).xlsx: Input Page 3 of 22 © Coe & Co
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=Title!B3Input Data (€’000)2021 2022Balance Sheet DataFixed AssetsOriginal production line acquisition 2,750 0Cost of other assets acquired 0 500New production line downpayment: 1 Jan 2021 4,000 0New production line completion payment: 31 Dec 2021 3,000 0Cost of assets disposed (2,750) 0Accumulated depreciation on assets disposed 550 0Disposal proceeds 2,250 0Asset life (years) 5Goodwill Arising on AcquisitionGoodwill paid on 1 January 2021 430Life of goodwill (years) 5Current Assets and LiabilitiesInventory days held (days inventory usage) 15 15Receivable days (days of sales made) 30 29Payable days (days of purchases made) 90 75Days in year (for ratio purposes) 365 365EquityNumber of ordinary shares issued (‘000) 2,000 0Par value of ordinary shares (€) € 0.10 € 0.10Premium on issue of ordinary shares (€) € 0.90 € 0.90Number of preference shares issued (‘000) 1,000 0Number of preference shares redeemed (‘000) 0 0Par value of preference shares (€) € 1.00 € 1.00Premium on redemption of preference shares 20% 20%Senior DebtSenior debt drawdowns (5,000) 0Senior debt repayments 0 1,000DividendsPreference share dividend rate 9.6% 9.6%% of preference dividend paid during the year 50% 50%Ordinary dividend payout ratio 20.0% 20.0%% of ordinary dividend paid during the year 0% 0%Data TablesYrs 1-10 Terminal
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Value -v- Discount RateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rateDiscount rate
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=Reports!D133 =Reports!D1345% =TABLE(,D43) =TABLE(,D43)6% =TABLE(,D43) =TABLE(,D43)7% =TABLE(,D43) =TABLE(,D43)8% =TABLE(,D43) =TABLE(,D43)9% =TABLE(,D43) =TABLE(,D43)10% =TABLE(,D43) =TABLE(,D43)11% =TABLE(,D43) =TABLE(,D43)12% =TABLE(,D43) =TABLE(,D43)13% =TABLE(,D43) =TABLE(,D43)14% =TABLE(,D43) =TABLE(,D43)15% =TABLE(,D43) =TABLE(,D43)16% =TABLE(,D43) =TABLE(,D43)17% =TABLE(,D43) =TABLE(,D43)18% =TABLE(,D43) =TABLE(,D43)19% =TABLE(,D43) =TABLE(,D43)20% =TABLE(,D43) =TABLE(,D43)21% =TABLE(,D43) =TABLE(,D43)22% =TABLE(,D43) =TABLE(,D43)23% =TABLE(,D43) =TABLE(,D43)24% =TABLE(,D43) =TABLE(,D43)25% ‘=TABLE(,D43) ‘=TABLE(,D43)Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Input Page 4 of 22 © Coe & CoValhalla VideoInput Data (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Balance Sheet DataFixed Assets
Original production line acquisition
2,750









Cost of other assets acquired

500
1,250
2,000
2,000
2,000
2,000
2,000
2,000
2,000
New production line downpayment: 1 Jan 2021
4,000









New production line completion payment: 31 Dec 2021 3,000









Cost of assets disposedAccumulated depreciation on assets disposedDisposal proceedsAsset life (years)
(2,750)5502,250
000
000
000
000
000
000
000
000
000
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Goodwill Arising on AcquisitionGoodwill paid on 1 January 2021 430Life of goodwill (years) 5Current Assets and LiabilitiesInventory days held (days inventory usage) 15 15 15 15 15 15 15 15 15 15Receivable days (days of sales made) 30 29 27 27 27 27 27 27 27 27Payable days (days of purchases made) 90 75 60 60 60 60 60 60 60 60Days in year (for ratio purposes) 365 365 365 365 365 365 365 365 365 365EquityNumber of ordinary shares issued (‘000) 2,000 0 0 0 0 0 0 0 0 0Par value of ordinary shares (€) € 0.10 € 0.10 € 0.10 € 0.10 € 0.10 € 0.10 € 0.10 € 0.10 € 0.10 € 0.10Premium on issue of ordinary shares (€) € 0.90 € 0.90 € 0.90 € 0.90 € 0.90 € 0.90 € 0.90 € 0.90 € 0.90 € 0.90Number of preference shares issued (‘000) 1,000 0 0 0 0 0 0 0 0 0Number of preference shares redeemed (‘000) 0 0 0 0 (1,000) 0 0 0 0 0Par value of preference shares (€) € 1.00 € 1.00 € 1.00 € 1.00 € 1.00 € 1.00 € 1.00 € 1.00 € 1.00 € 1.00Premium on redemption of preference shares 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%Senior DebtSenior debt drawdowns (5,000) 0 0 0 0 0 0 0 0 0Senior debt repayments 0 1,000 1,000 1,000 1,000 1,000 0 0 0 0DividendsPreference share dividend rate 9.6% 9.6% 9.6% 9.6% 9.6% 9.6% 9.6% 9.6% 9.6% 9.6%% of preference dividend paid during the year 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%Ordinary dividend payout ratio 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%% of ordinary dividend paid during the year 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%Data TablesYrs 1-10 Terminal TotalValue -v- Discount Rate 24,599 39,166 63,765Discount rate 5% 31,975 175,051 207,026Discount rate 6% 30,127 110,753 140,880Discount rate 7% 28,407 77,466 105,873Discount rate 8% 26,804 57,406 84,210Discount rate 9% 25,309 44,179 69,488Discount rate 10% 23,913 34,920 58,833Discount rate 11% 22,608 28,159 50,768Discount rate 12% 21,388 23,064 44,452Discount rate 13% 20,244 19,128 39,373Discount rate 14% 19,173 16,029 35,201Discount rate 15% 18,167 13,548 31,715Discount rate 16% 17,222 11,537 28,759Discount rate 17% 16,334 9,887 26,221Discount rate 18% 15,498 8,521 24,019Discount rate 19% 14,711 7,381 22,092Discount rate 20% 13,969 6,421 20,390Discount rate 21% 13,269 5,609 18,878Discount rate 22% 12,608 4,918 17,526Discount rate 23% 11,983 4,326 16,310Discount rate 24% 11,393 3,818 15,210Discount rate 25% 10,834 3,378 14,212Valhalla_10 – Data Tables (v215).xlsx: Input Page 4 of 22 © Coe & Co
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=Title!B3Input Data (€’000)2021 2022Data Tables (Cont…)TotalValue -v- Selling Price Change Change =Reports!$D$136Selling price change -50% =TABLE(,D38)Selling price change -45% =TABLE(,D38)Selling price change -40% =TABLE(,D38)Selling price change -35% =TABLE(,D38)Selling price change -30% =TABLE(,D38)Selling price change -25% =TABLE(,D38)Selling price change -20% =TABLE(,D38)Selling price change -15% =TABLE(,D38)Selling price change -10% =TABLE(,D38)Selling price change -5% =TABLE(,D38)Selling price change 0% =TABLE(,D38)Selling price change 5% =TABLE(,D38)Selling price change 10% =TABLE(,D38)Selling price change 15% =TABLE(,D38)Selling price change 20% =TABLE(,D38)Selling price change 25% =TABLE(,D38)Selling price change 30% =TABLE(,D38)Selling price change 35% =TABLE(,D38)Selling price change 40% =TABLE(,D38)Selling price change 45% =TABLE(,D38)Selling price change 50% ‘=TABLE(,D38)TotalValue -v- Sales Volume Change =Reports!$D$136Sales volume change -50% =TABLE(,D398)Sales volume change -45% =TABLE(,D398)Sales volume change -40% =TABLE(,D398)Sales volume change -35% =TABLE(,D398)Sales volume change -30% =TABLE(,D398)Sales volume change -25% =TABLE(,D398)Sales volume change -20% =TABLE(,D398)Sales volume change -15% =TABLE(,D398)Sales volume change -10% =TABLE(,D398)Sales volume change -5% =TABLE(,D398)Sales volume change 0% =TABLE(,D398)Sales volume change 5% =TABLE(,D398)Sales volume change 10% =TABLE(,D398)Sales volume change 15% =TABLE(,D398)Sales volume change 20% =TABLE(,D398)Sales volume change 25% =TABLE(,D398)Sales volume change 30% =TABLE(,D398)Sales volume change 35% =TABLE(,D398)Sales volume change 40% =TABLE(,D398)Sales volume change 45% =TABLE(,D398)Sales volume change 50% ‘=TABLE(,D398)Total
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Value -v- Cost of Goods Sold Change
=Reports!$D$136-50% =TABLE(,D40)-45% =TABLE(,D40)-40% =TABLE(,D40)-35% =TABLE(,D40)-30% =TABLE(,D40)-25% =TABLE(,D40)-20% =TABLE(,D40)-15% =TABLE(,D40)-10% =TABLE(,D40)-5% =TABLE(,D40)0% =TABLE(,D40)5% =TABLE(,D40)10% =TABLE(,D40)15% =TABLE(,D40)20% =TABLE(,D40)25% =TABLE(,D40)30% =TABLE(,D40)35% =TABLE(,D40)40% =TABLE(,D40)45% =TABLE(,D40)50% ‘=TABLE(,D40)
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Cost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold change
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Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Input Page 5 of 22 © Coe & CoValhalla VideoInput Data (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Data Tables (Cont…)TotalValue -v- Selling Price Change Change 63,765Selling price change
-50%-45%-40%-35%-30%-25%-20%
(90,892)(75,426)(59,961)(44,495)(29,029)(13,564)1,902
-15%
17,368
-10%
32,834
-5%
48,299
0%
63,765
5%
79,231
10%
94,696
15%
110,162
20%
125,628
25%
141,094
30%
156,559
35%
172,025
40%
187,491
45%
202,956
50%
218,422
Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change Selling price change TotalValue -v- Sales Volume Change 63,765Sales volume change
-50%-45%-40%
(7,670)(527)6,617
-35%
13,760
-30%
20,904
-25%
28,047
-20%
35,191
-15%
42,334
-10%
49,478
-5%
56,622
0%
63,765
5%
70,909
10%
78,052
15%
85,196
20%
92,339
25%
99,483
30%
106,626
35%
113,770
40%
120,913
45%
128,057
50%
135,200
Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change Sales volume change TotalValue -v- Cost of Goods Sold Change 63,765Cost of goods sold change
-50%
123,725
-45%
117,729
-40%
111,733
-35%
105,737
-30%
99,741
-25%
93,745
-20%
87,749
-15%
81,753
-10%
75,757
-5%
69,761
0%
63,765
5%
57,769
10%
51,773
15%
45,777
20%
39,781
25%
33,785
30%
27,789
35%
21,793
40%
15,797
45%
9,801
50%
3,805
Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Cost of goods sold change Valhalla_10 – Data Tables (v215).xlsx: Input Page 5 of 22 © Coe & Co
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=Title!B3Input Data (€’000)2021 2022Selling price Sales volume
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Value -v- All Sensitivity Driver Changes
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Cost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold changeCost of goods sold change
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=D150 =D175-50% =D151 =D176-45% =D152 =D177-40% =D153 =D178-35% =D154 =D179-30% =D155 =D180-25% =D156 =D181-20% =D157 =D182-15% =D158 =D183-10% =D159 =D184-5% =D160 =D1850% =D161 =D1865% =D162 =D18710% =D163 =D18815% =D164 =D18920% =D165 =D19025% =D166 =D19130% =D167 =D19235% =D168 =D19340% =D169 =D19445% =D170 =D19550% =D171 =D196Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Input Page 6 of 22 © Coe & CoValhalla VideoInput Data (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030SellingpriceSalesvolumeCost ofgoodssoldValue -v- All Sensitivity Driver Changes 63,765 63,765 63,765Cost of goods sold change -50% (90,892) (7,670) 123,725Cost of goods sold change -45% (75,426) (527) 117,729Cost of goods sold change -40% (59,961) 6,617 111,733Cost of goods sold change -35% (44,495) 13,760 105,737Cost of goods sold change -30% (29,029) 20,904 99,741Cost of goods sold change -25% (13,564) 28,047 93,745Cost of goods sold change -20% 1,902 35,191 87,749Cost of goods sold change -15% 17,368 42,334 81,753Cost of goods sold change -10% 32,834 49,478 75,757Cost of goods sold change -5% 48,299 56,622 69,761Cost of goods sold change 0% 63,765 63,765 63,765Cost of goods sold change 5% 79,231 70,909 57,769Cost of goods sold change 10% 94,696 78,052 51,773Cost of goods sold change 15% 110,162 85,196 45,777Cost of goods sold change 20% 125,628 92,339 39,781Cost of goods sold change 25% 141,094 99,483 33,785Cost of goods sold change 30% 156,559 106,626 27,789Cost of goods sold change 35% 172,025 113,770 21,793Cost of goods sold change 40% 187,491 120,913 15,797Cost of goods sold change 45% 202,956 128,057 9,801Cost of goods sold change 50% 218,422 135,200 3,805Valhalla_10 – Data Tables (v215).xlsx: Input Page 6 of 22 © Coe & Co
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=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3Sensitivity and Inflation AdjustmentsNote that all unit prices are shown here to 3 decimal placesInflation Factors=D8*(1+Input!D35)^0.5*(1+Input!E35)^0.5=D9*(1+Input!D35)Note: The above two rows are named “Inflation_factor_mid_year” and “Inflation_factor_January”Sales Price=Input!E8=E13*(Inflation_factor_Mid_year-1)________=SUM(E13:E15)=E16*Sales_price_increase________=SUM(E16,E18:E19)________________=Input!E9=E25*Sales_volume_increase________=SUM(E25:E27)________________=Input!E12=E33*(Inflation_factor_Mid_year-1)________=SUM(E33:E35)Sensitivity adjustment =D36*Cost_of_sales_increase =E36*Cost_of_sales_increase________ ________Raw material unit cost used in model (Nominal € per CD) =SUM(D36,D38:D39) =SUM(E36,E38:E39)________ ________________ ________Production Labour Unit CostInput production labour unit cost (Jan 2011 € per CD)=Input!D13 =Input!E13Inflation uplift to mid year =D45*(Inflation_factor_Mid_year-1) =E45*(Inflation_factor_Mid_year-1)________ ________Input production labour unit cost (Nominal € per CD)=SUM(D45:D47) =SUM(E45:E47)=E48*Cost_of_sales_increase________=SUM(E48,E50:E51)________________=Input!E16=E57*(Inflation_factor_Mid_year-1)________=SUM(E57:E59)________________=Input!E19=E65*(Inflation_factor_Mid_year-1)________=SUM(E65:E67)________________=Input!E20=E73*(Inflation_factor_Mid_year-1)________=SUM(E73:E75)________________=Input!E21=E81*(Inflation_factor_January-1)________=SUM(E81:E83)________________=Input!E81=E89*(Inflation_factor_January-1)________Cost of other assets acquired used in model (Nominal €’000) =SUM(D89:D91) =SUM(E89:E91)________ ________________ ________
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3
4
5
6
7
8
9
10
11
12
13
1415
16
17
1819
2021
22
23
24
25
2627
2829
30
31
32
33
3435
36
37
3839
4041
42
43
44
45
4647
48
49
5051
5253
54
55
56
57
5859
6061
62
63
64
65
6667
6869
70
71
72
73
7475
7677
78
79
80
81
8283
8485
86
87
88
89
9091
9293
94
95
96
A
B
C
D
E
To turn Jan ’21 € to mid year nominal =(1+Input!D35)^0.5 To turn Jan ’21 € to January nominal 1.0000 Input sales price (Jan ‘21 € per DVD) =Input!D8 Inflation uplift to mid year =D13*(Inflation_factor_Mid_year-1) ________ Input sales price (Nominal € per CD) =SUM(D13:D15) Sensitivity adjustment =D16*Sales_price_increase ________ Sales price (€ per DVD) =SUM(D16,D18:D19) ________ ________ Sales VolumeInput sales volume (‘000 CDs) =Input!D9 Sensitivity adjustment =D25*Sales_volume_increase ________ Sales volume used in model (‘000 CDs) =SUM(D25:D27) ________ ________ Raw Material Unit CostInput raw material unit cost (Jan 2011 € per CD) =Input!D12 Inflation uplift to mid year =D33*(Inflation_factor_Mid_year-1) ________ Input raw material unit cost (Nominal € per CD) =SUM(D33:D35) Sensitivity adjustment =D48*Cost_of_sales_increase ________ Production labout unit cost used in model (Nominal € per CD) =SUM(D48,D50:D51) ________ ________ Distribution Unit CostsInput distribution unit cost (Jan 2011 € per CD) =Input!D16 Inflation uplift to mid year =D57*(Inflation_factor_Mid_year-1) ________ Distribution unit cost used in model (Nominal € per CD) =SUM(D57:D59) ________ ________ Administrative Salary CostInput administrative salary cost (Jan 2011 €’000) =Input!D19 Inflation uplift to mid year =D65*(Inflation_factor_Mid_year-1) ________ Administrative salary costs used in model (Nominal €’000) =SUM(D65:D67) ________ ________ Other Administrative CostInput other administrative cost (Jan 2011 €’000) =Input!D20 Inflation uplift to mid year =D73*(Inflation_factor_Mid_year-1) ________ Other administrative costs used in model (Nominal €’000) =SUM(D73:D75) ________ ________ Rent and RatesInput rent and rates (Jan 2011 €’000) =Input!D21 Inflation uplift to January values =D81*(Inflation_factor_January-1) ________ Rent and rates used in model (Nominal €’000) =SUM(D81:D83) ________ ________ Fixed Asset Additions: Other AssetsInput additions of other assets (Jan 2011 €’000) =Input!D81 Inflation uplift to January values =D89*(Inflation_factor_January-1) ________ Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 7 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Sensitivity and Inflation AdjustmentsNote that all unit prices are shown here to 3 decimal placesInflation Factors
To turn Jan ’21 € to mid year nominalTo turn Jan ’21 € to January nominal
1.00751.0000
1.02511.0150
1.04941.0353
1.07831.0638
1.10801.0930
1.13841.1231
1.16971.1540
1.20191.1857
1.23491.2183
1.26891.2518
Note: The above two rows are named “Inflation_factor_mid_year” and “Inflation_factor_January”Sales Price
Input sales price (Jan ‘21 € per DVD)Inflation uplift to mid yearInput sales price (Nominal € per CD)
€ 2.15
€ 2.05
€ 2.00
€ 2.00
€ 2.00
€ 2.00
€ 2.00
€ 2.00
€ 2.00
€ 2.00
€ 0.02 € 0.05 € 0.10 € 0.16 € 0.22 € 0.28 € 0.34 € 0.40 € 0.47 € 0.54________ ________ ________ ________ ________ ________ ________ ________ ________ ________
€ 2.17
€ 2.10
€ 2.10
€ 2.16
€ 2.22
€ 2.28
€ 2.34
€ 2.40
€ 2.47
€ 2.54
Sensitivity adjustmentSales price (€ per DVD)
€ 0.00 € 0.00 € 0.00 € 0.00 € 0.00 € 0.00 € 0.00 € 0.00 € 0.00 € 0.00________ ________ ________ ________ ________ ________ ________ ________ ________ ________€ 2.17 € 2.10 € 2.10 € 2.16 € 2.22 € 2.28 € 2.34 € 2.40 € 2.47 € 2.54________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Sales VolumeInput sales volume (‘000 CDs)Sensitivity adjustmentSales volume used in model (‘000 CDs)
9,500
11,000
12,250
12,250
12,250
12,250
12,250
12,250
12,250
12,250
0 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________9,500 11,000 12,250 12,250 12,250 12,250 12,250 12,250 12,250 12,250________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Raw Material Unit CostInput raw material unit cost (Jan 2011 € per CD)Inflation uplift to mid yearInput raw material unit cost (Nominal € per CD)
(€ 0.500) (€ 0.500) (€ 0.500) (€ 0.500) (€ 0.500) (€ 0.500) (€ 0.500) (€ 0.500) (€ 0.500) (€ 0.500)(€ 0.004) (€ 0.013) (€ 0.025) (€ 0.039) (€ 0.054) (€ 0.069) (€ 0.085) (€ 0.101) (€ 0.117) (€ 0.134)________ ________ ________ ________ ________ ________ ________ ________ ________ ________(€ 0.504) (€ 0.513) (€ 0.525) (€ 0.539) (€ 0.554) (€ 0.569) (€ 0.585) (€ 0.601) (€ 0.617) (€ 0.634)
Sensitivity adjustment € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000________ ________ ________ ________ ________ ________ ________ ________ ________ ________Raw material unit cost used in model (Nominal € per CD) (€ 0.504) (€ 0.513) (€ 0.525) (€ 0.539) (€ 0.554) (€ 0.569) (€ 0.585) (€ 0.601) (€ 0.617) (€ 0.634)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Production Labour Unit CostInput production labour unit cost (Jan 2011 € per CD) (€ 0.750) (€ 0.350) (€ 0.250) (€ 0.250) (€ 0.250) (€ 0.250) (€ 0.250) (€ 0.250) (€ 0.250) (€ 0.250)Inflation uplift to mid year (€ 0.006) (€ 0.009) (€ 0.012) (€ 0.020) (€ 0.027) (€ 0.035) (€ 0.042) (€ 0.050) (€ 0.059) (€ 0.067)________ ________ ________ ________ ________ ________ ________ ________ ________ ________Input production labour unit cost (Nominal € per CD) (€ 0.756) (€ 0.359) (€ 0.262) (€ 0.270) (€ 0.277) (€ 0.285) (€ 0.292) (€ 0.300) (€ 0.309) (€ 0.317)
Sensitivity adjustment
€ 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000 € 0.000________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Production labout unit cost used in model (Nominal € per CD) (€ 0.756) (€ 0.359) (€ 0.262) (€ 0.270) (€ 0.277) (€ 0.285) (€ 0.292) (€ 0.300) (€ 0.309) (€ 0.317)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Distribution Unit CostsInput distribution unit cost (Jan 2011 € per CD)Inflation uplift to mid year
(€ 0.300) (€ 0.300) (€ 0.300) (€ 0.300) (€ 0.300) (€ 0.300) (€ 0.300) (€ 0.300) (€ 0.300) (€ 0.300)(€ 0.002) (€ 0.008) (€ 0.015) (€ 0.023) (€ 0.032) (€ 0.042) (€ 0.051) (€ 0.061) (€ 0.070) (€ 0.081)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Distribution unit cost used in model (Nominal € per CD) (€ 0.302) (€ 0.308) (€ 0.315) (€ 0.323) (€ 0.332) (€ 0.342) (€ 0.351) (€ 0.361) (€ 0.370) (€ 0.381)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Administrative Salary CostInput administrative salary cost (Jan 2011 €’000)Inflation uplift to mid year
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(15) (50) (99) (157) (216) (277) (339) (404) (470) (538)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Administrative salary costs used in model (Nominal €’000) (2,015) (2,050) (2,099) (2,157) (2,216) (2,277) (2,339) (2,404) (2,470) (2,538)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Other Administrative CostInput other administrative cost (Jan 2011 €’000)Inflation uplift to mid year
(1,500)
(1,300)
(1,100)
(1,100)
(1,100)
(1,100)
(1,100)
(1,100)
(1,100)
(1,100)
(11) (33) (54) (86) (119) (152) (187) (222) (258) (296)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Other administrative costs used in model (Nominal €’000) (1,511) (1,333) (1,154) (1,186) (1,219) (1,252) (1,287) (1,322) (1,358) (1,396)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Rent and RatesInput rent and rates (Jan 2011 €’000)Inflation uplift to January valuesRent and rates used in model (Nominal €’000)
(750)
(750)
(750)
(750)
(750)
(750)
(750)
(750)
(750)
(750)
0 (11) (26) (48) (70) (92) (115) (139) (164) (189)________ ________ ________ ________ ________ ________ ________ ________ ________ ________(750) (761) (776) (798) (820) (842) (865) (889) (914) (939)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Fixed Asset Additions: Other AssetsInput additions of other assets (Jan 2011 €’000)Inflation uplift to January values

500
1,250
2,000
2,000
2,000
2,000
2,000
2,000
2,000
0 7 44 128 186 246 308 371 437 504________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Cost of other assets acquired used in model (Nominal €’000) 0 508 1,294 2,128 2,186 2,246 2,308 2,371 2,437 2,504________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 7 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3Income StatementSalesSales price (€ per DVD) =Calcs!D20 =Calcs!E20Sales volume (‘000 DVDs) =D28 =E28Total sales revenue =D100*D101 =E100*E101________ ________________ ________Cost of SalesUnit raw material cost (€ per DVD) =D40 =E40Unit production labour cost (€ per DVD) =D52 =E52Sales volume (‘000 DVDs) =D28 =E28Total raw material cost =D108*D$110 =E108*E$110Total labour cost =D109*D$110 =E109*E$110________ ________Total cost of sales =SUM(D112:D114) =SUM(E112:E114)________ ________________ ________Distribution CostUnit distribution cost (€ per DVD) =D60 =E60Sales volume (‘000 DVDs) =D28 =E28Total distribution cost =D120*D121 =E120*E121________ ________________ ________Administrative ExpensesAdministrative salary costs =D68 =E68Other administrative costs =D76 =E76Rent and rates =D84 =E84Depreciation =D246 =E246Amortisation =D269 =E269________ ________Total administrative cost =SUM(D128:D133) =SUM(E128:E133)________ ________________ ________Net Financing CostInterest on senior debt =D413 =E413Interest on cash =D615 =E615________ ________Total net financing cost =SUM(D139:D141) =SUM(E139:E141)________ ________________ ________
2
3
A
B
C
D
E
97
98
99
100
101
102
103104
105
106
107
108
109
110
111
112
113
114
115116
117
118
119
120
121
122
123124
125
126
127
128
129
130
131
132
133
134135
136
137
138
139
140
141
142143
144
145
146
Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 8 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Income StatementSalesSales price (€ per DVD)
€ 2.179,500
€ 2.1011,000
€ 2.1012,250
€ 2.1612,250
€ 2.2212,250
€ 2.2812,250
€ 2.3412,250
€ 2.4012,250
€ 2.4712,250
€ 2.5412,250
Sales volume (‘000 DVDs) Total sales revenue 20,578 23,116 25,711 26,418 27,145 27,891 28,658 29,446 30,256 31,088________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Cost of SalesUnit raw material cost (€ per DVD)
(€ 0.50)(€ 0.76)9,500
(€ 0.51)(€ 0.36)11,000
(€ 0.52)(€ 0.26)12,250
(€ 0.54)(€ 0.27)12,250
(€ 0.55)(€ 0.28)12,250
(€ 0.57)(€ 0.28)12,250
(€ 0.58)(€ 0.29)12,250
(€ 0.60)(€ 0.30)12,250
(€ 0.62)(€ 0.31)12,250
(€ 0.63)(€ 0.32)12,250
Unit production labour cost (€ per DVD) Sales volume (‘000 DVDs) Total raw material cost
(4,785)(7,178)
(5,638)(3,947)
(6,428)(3,214)
(6,605)(3,302)
(6,786)(3,393)
(6,973)(3,486)
(7,165)(3,582)
(7,362)(3,681)
(7,564)(3,782)
(7,772)(3,886)
Total labour cost ________ ________ ________ ________ ________ ________ ________ ________ ________ ________Total cost of sales (11,964) (9,585) (9,642) (9,907) (10,179) (10,459) (10,747) (11,042) (11,346) (11,658)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Distribution CostUnit distribution cost (€ per DVD)
(€ 0.30)9,500
(€ 0.31)11,000
(€ 0.31)12,250
(€ 0.32)12,250
(€ 0.33)12,250
(€ 0.34)12,250
(€ 0.35)12,250
(€ 0.36)12,250
(€ 0.37)12,250
(€ 0.38)12,250
Sales volume (‘000 DVDs) Total distribution cost (2,871) (3,383) (3,857) (3,963) (4,072) (4,184) (4,299) (4,417) (4,538) (4,663)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Administrative ExpensesAdministrative salary costs
(2,015)(1,511)(750)
(2,050)(1,333)(761)
(2,099)(1,154)(776)
(2,157)(1,186)(798)
(2,216)(1,219)(820)
(2,277)(1,252)(842)
(2,339)(1,287)(865)
(2,404)(1,322)(889)
(2,470)(1,358)(914)
(2,538)(1,396)(939)
Other administrative costs Rent and rates Depreciation (500) (1,502) (1,760) (2,186) (2,623) (3,072) (2,032) (2,248) (2,310) (2,373)Amortisation (86) (86) (86) (86) (86) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Total administrative cost (4,862) (5,732) (5,876) (6,412) (6,963) (7,444) (6,524) (6,863) (7,052) (7,246)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Net Financing CostInterest on senior debt (167) (206) (183) (128) (73) (18) 0 0 0 0Interest on cash (123) 16 80 134 181 213 278 351 424 500________ ________ ________ ________ ________ ________ ________ ________ ________ ________Total net financing cost (289) (190) (104) 6 108 195 278 351 424 500________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 8 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3TaxationCorporation TaxProfit before tax =Reports!D17 =Reports!E17Add: Depreciation =-D131 =-E131Add: Amortisation =-D132 =-E132Less: Capital allowances =D257 =E257________ ________Taxable profit before loss offset =SUM(D150:D154) =SUM(E150:E154)Tax losses incurred and carried forward =-MIN(D155,0) =-MIN(E155,0)Tax losses offset =IF(D155>0,-MIN(D155,D169),0) =IF(E155>0,-MIN(E155,E169),0)________ ________Taxable profit after loss offset =SUM(D155,D157:D159) =SUM(E155,E157:E159)Corporation tax rate =Input!D30 =Input!E30Corporation tax charge =-D160*D162 =-E160*E162________ ________________ ________Tax LossesTotal Tax ChargeProforma Tax ChargeProforma Tax Payments
2
3
A
B
C
D
E
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164165
166
167
168
169
170
171
172
173174
175
176
177
178
179
180
181
182183
184
185
186
187
188
189
190191
192
193
194
195
196
197
198
199200
201
202
203
Tax losses brought forward =Input!D73 =D173Losses incurred in the year and carried forward =D157 =E157Tax losses offset =D158 =E158________ ________Tax losses carried forward =SUM(D169:D172) =SUM(E169:E172)________ ________________ ________Mainstream tax charge =D164 =E164Deferred tax on accelerated capital allowances (charge)/credit =D431 =E431Deferred tax on tax losses (charge)/credit =D286 =E286________ ________Total tax charge =SUM(D178:D181) =SUM(E178:E181)________ ________________ ________Profit before interest and tax (Profit from operations)=Reports!D13 =Reports!E13Tax rate =Input!D30 =Input!E30Proforma tax charge =-D187*D188 =-E187*E188________ ________________ ________Opening proforma tax payable 0 =D199Proforma tax charge =D190 =E190Proforma tax paid =-D195-D196*Input!D31 =-E195-E196*Input!E31________ ________Closing proforma tax payable =SUM(D195:D198) =SUM(E195:E198)________ ________________ ________Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 9 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030TaxationCorporation TaxProfit before tax 591 4,227 6,233 6,142 6,038 6,000 7,366 7,475 7,744 8,021Add: Depreciation 500 1,502 1,760 2,186 2,623 3,072 2,032 2,248 2,310 2,373Add: Amortisation 86 86 86 86 86 0 0 0 0 0Less: Capital allowances
(1,875)
(1,533)
(1,473)
(1,637)
(1,774)
(1,892)
(1,996)
(2,090)
(2,177)
(2,258)
________ ________ ________ ________ ________ ________ ________ ________ ________ ________
(698)
4,281
6,606
6,777
6,973
7,180
7,403
7,633
7,877
8,136
Taxable profit before loss offset Tax losses incurred and carried forward 698 0 0 0 0 0 0 0 0 0Tax losses offset 0 (4,281) (417) 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Taxable profit after loss offset 0 0 6,189 6,777 6,973 7,180 7,403 7,633 7,877 8,136Corporation tax rate 17% 17% 17% 17% 17% 17% 17% 17% 17% 17%Corporation tax charge 0 0 (1,052) (1,152) (1,185) (1,221) (1,258) (1,298) (1,339) (1,383)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Tax Losses
Tax losses brought forward
4,000
4,698
417







Losses incurred in the year and carried forward
698









Tax losses offset

(4,281)
(417)







________ ________ ________ ________ ________ ________ ________ ________ ________ ________4,698 417 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Tax losses carried forward
Total Tax Charge
Mainstream tax charge

0(5)(728)
(1,052)49(71)
(1,152)93
(1,185)144
(1,221)201
(1,258)6
(1,298)27
(1,339)23
(1,383)20
Deferred tax on accelerated capital allowances (charge)/credit (234)
Deferred tax on tax losses (charge)/credit
119







________ ________ ________ ________ ________ ________ ________ ________ ________ ________(115) (733) (1,074) (1,059) (1,041) (1,020) (1,252) (1,271) (1,316) (1,364)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Total tax charge
Proforma Tax Charge
Profit before interest and tax (Profit from operations)Tax rate
88017%
4,41717%
6,33717%
6,13617%
5,93017%
5,80517%
7,08917%
7,12417%
7,32017%
7,52117%
Proforma tax charge
(150) (751) (1,077) (1,043) (1,008) (987) (1,205) (1,211) (1,244) (1,279)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Proforma Tax Payments
Opening proforma tax payableProforma tax chargeProforma tax paid
0(150)75
(75)(751)450
(375)(1,077)914
(539)(1,043)1,060
(522)(1,008)1,026
(504)(987)997
(493)(1,205)1,096
(603)(1,211)1,208
(606)(1,244)1,228
(622)(1,279)1,262
________ ________ ________ ________ ________ ________ ________ ________ ________ ________(75) (375) (539) (522) (504) (493) (603) (606) (622) (639)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Closing proforma tax payable
Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 9 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3Non-Current AssetsFixed Asset Cost=D216=Input!E80+E92________=SUM(E207:E209)Cost of fixed assets brought into use on 31st December =Input!D82+Input!D83 =Input!E82+Input!E83Historic cost of disposals =Input!D84 =Input!E84Accumulated DepreciationProfit/(Loss) on DisposalsNet Depreciation per Income StatementTax Value of AssetsTax written down value brought forward =Input!D72 =D259Cost of additions during the year =D208+D212 =E208+E212Proceeds from disposal of pool assets =-D236 =-E236________ ________Balance eligible for writing down allowances =SUM(D251:D254) =SUM(E251:E254)Writing down allowance =-D255*Input!D32 =-E255*Input!E32________ ________Tax written down value carried forward =SUM(D255,D257:D258) =SUM(E255,E257:E258)________ ________________ ________
2
3
A
B
C
D
E
204
205
206
207
208209
210
211
212
213
214215
216
217
218
219
220
221
222223
224
225
226227
228
229
230
231
232233
234
235
236237
238239
240
241
242
243
244245
246247
248
249
250
251
252
253254
255
256
257258
259260
261
262
263
Cost of fixed assets brought forward =Input!D52 Cost of fixed assets brought into use on 1st January =Input!D80+D92 ________ Depreciable cost carried forward =SUM(D207:D209) Historic cost of fully depreciated assets=IF(COLUMN(D212)<‘=Input!$D$87+3,0,-OFFSET(D212,0,-Input!$D$87)-OFFSET(D208,0,-Input!$D$87+1))=IF(COLUMN(E212)<‘=Input!$D$87+3,0,-OFFSET(E212,0,-Input!$D$87)-OFFSET(E208,0,-Input!$D$87+1))________ ________Cost of fixed assets carried forward =SUM(D210,D212:D215) =SUM(E210,E212:E215)Accumulated depreciation brought forward =Input!D53 =D224Accumulated depreciation on disposals =Input!D85 =Input!E85Charge for the year =-D210/Input!$D$87 =-E210/Input!$D$87Accumulated depreciation on fully depreciated assets=-D214 =-E214________ ________Accumulated depreciation carried forward =SUM(D219:D223) =SUM(E219:E223)________ ________Net book value =D216+D224 =E216+E224________ ________________ ________Cost of assets disposed =D213 =E213Accumulated depreciation on assets disposed =D220 =E220________ ________Net book value of assets disposed =SUM(D231:D233) =SUM(E231:E233)Disposal proceeds =Input!D86 =Input!E86________ ________Profit/(loss) on disposal =SUM(D234,D236:D237) =SUM(E234,E236:E237)________ ________________ ________Depreciation charge per balance sheet =D221 =E221Profit/(loss) on disposal =D238 =E238________ ________Net depreciation charge per income statement =SUM(D243:D245) =SUM(E243:E245)________ ________________ ________Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 10 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Non-Current AssetsFixed Asset Cost
Cost of fixed assets brought forward

7,000
7,508
8,802
10,929
13,115
7,854
8,868
9,112
9,362
Cost of fixed assets brought into use on 1st January 2,750 508 1,294 2,128 2,186 2,246 2,308 2,371 2,437 2,504________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Depreciable cost carried forward
2,750
7,508
8,802
10,929
13,115
15,361
10,162
11,239
11,548
11,866
Cost of fixed assets brought into use on 31st December 7,000









Historic cost of disposals
(2,750)









Historic cost of fully depreciated assets
0 0 0 0 0 (7,508) (1,294) (2,128) (2,186) (2,246)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Cost of fixed assets carried forward
7,000
7,508
8,802
10,929
13,115
7,854
8,868
9,112
9,362
9,620
Accumulated Depreciation
Accumulated depreciation brought forwardAccumulated depreciation on disposalsCharge for the year
0550(550)
00(1,502)
(1,502)0(1,760)
(3,262)0(2,186)
(5,448)0(2,623)
(8,071)0(3,072)
(3,635)0(2,032)
(4,374)0(2,248)
(4,494)0(2,310)
(4,618)0(2,373)
Accumulated depreciation on fully depreciated assets 0 0 0 0 0 7,508 1,294 2,128 2,186 2,246________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Accumulated depreciation carried forward

(1,502)
(3,262)
(5,448)
(8,071)
(3,635)
(4,374)
(4,494)
(4,618)
(4,745)
________ ________ ________ ________ ________ ________ ________ ________ ________ ________7,000 6,006 5,540 5,482 5,045 4,218 4,494 4,618 4,745 4,875________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Net book value
Profit/(Loss) on Disposals
Cost of assets disposed
(2,750)









Accumulated depreciation on assets disposed
550 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Net book value of assets disposed
(2,200)









Disposal proceeds
2,250 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Profit/(loss) on disposal
50 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Net Depreciation per Income Statement
Depreciation charge per balance sheetProfit/(loss) on disposalNet depreciation charge per income statement
(550)
(1,502)
(1,760)
(2,186)
(2,623)
(3,072)
(2,032)
(2,248)
(2,310)
(2,373)
50 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________(500) (1,502) (1,760) (2,186) (2,623) (3,072) (2,032) (2,248) (2,310) (2,373)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Tax Value of AssetsTax written down value brought forward

5,625
4,599
4,420
4,911
5,323
5,677
5,988
6,270
6,530
9,750
508
1,294
2,128
2,186
2,246
2,308
2,371
2,437
2,504
(2,250) 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________
7,500
6,133
5,894
6,548
7,097
7,569
7,985
8,360
8,706
9,033
Cost of additions during the year Proceeds from disposal of pool assets Balance eligible for writing down allowances Writing down allowance (1,875) (1,533) (1,473) (1,637) (1,774) (1,892) (1,996) (2,090) (2,177) (2,258)________ ________ ________ ________ ________ ________ ________ ________ ________ ________Tax written down value carried forward 5,625 4,599 4,420 4,911 5,323 5,677 5,988 6,270 6,530 6,775________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 10 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3Non-Current Assets: Goodwill & Deferred TaxGoodwill=D271=Input!E90=-MIN($D$268/Input!$D$91,E267)________=SUM(E267:E270)________________Deferred Tax on Tax Losses – Closing BalanceTax losses carried forward at year end =D173 =E173Corporate income tax rate =Input!D30 =Input!E30=E276*E278________________Deferred Tax on Tax Losses=D288=E288-E285________=E280________________Net Deferred Tax=E288=E433________=SUM(E293:E295)________________ ________
2
3
A
B
C
D
E
264
265
266
267
268
269
270
271272
273
274
275
276
277
278
279
280281
282
283
284
285
286
287
288289
290
291
292
293
294
295
296297
298
299
300
Goodwill brought forward =Input!D54 Goodwill paid on 1 January 2021 =Input!D90 Amortisation of goodwill paid on 1 Jan 2021 =-$D$268/Input!$D$91 ________ Goodwill carried forward =SUM(D267:D270) ________ ________ Closing balance of deferred tax on tax losses =D276*D278 ________ ________ Opening deferred tax on tax losses =Input!D63 Deferred tax on tax losses (charge)/credit =D288-D285 ________ Closing deferred tax on tax losses =D280 ________ ________ Closing deferred tax on tax losses =D288 Closing deferred tax on accelerated capital allowances =D433 ________ Net deferred tax – closing balance =SUM(D293:D295) ________ Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 11 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Non-Current Assets: Goodwill & Deferred TaxGoodwill
Goodwill brought forward

344
258
172
86





Goodwill paid on 1 January 2021Amortisation of goodwill paid on 1 Jan 2021
430(86)
0(86)
0(86)
0(86)
0(86)
00
00
00
00
00
________ ________ ________ ________ ________ ________ ________ ________ ________ ________344 258 172 86 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Goodwill carried forward
Deferred Tax on Tax Losses – Closing BalanceTax losses carried forward at year end 4,698 417 0 0 0 0 0 0 0 0Corporate income tax rate 17% 17% 17% 17% 17% 17% 17% 17% 17% 17%
Closing balance of deferred tax on tax losses
799 71 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Deferred Tax on Tax Losses
Opening deferred tax on tax losses
680
799
71







Deferred tax on tax losses (charge)/credit
119
(728)
(71)







________ ________ ________ ________ ________ ________ ________ ________ ________ ________799 71 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Closing deferred tax on tax losses
Net Deferred TaxClosing deferred tax on tax losses 799 71 0 0 0 0 0 0 0 0Closing deferred tax on accelerated capital allowances (234) (239) (190) (97) 47 248 254 281 304 323________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Net deferred tax – closing balance
565 (168) (190) (97) 47 248 254 281 304 323________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 11 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3Current AssetsInventory: Closing BalanceRaw materials used =D112 =E112Inventory days held =Input!D94 =Input!E94Days in year (for ratio purposes) =Input!D98 =Input!E98Closing inventory =-D304*D305/D306 =-E304*E305/E306________ ________________ ________InventoryOpening raw material inventory =Input!D55 =D317Raw materials used =D112 =E112Raw materials purchased =-D313-D314+D317 =-E313-E314+E317________ ________Closing raw material inventory =D308 =E308________ ________________ ________Trade Receivables: Closing BalanceSales made =D103 =E103Receivable days =Input!D95 =Input!E95Days in year (for ratio purposes) =Input!D98 =Input!E98Closing trade receivables =D322*D323/D324 =E322*E323/E324________ ________________ ________Trade ReceivablesOpening trade receivables =Input!D56 =D335Sales made =D103 =E103Cash received =-D331-D332+D335 =-E331-E332+E335________ ________Closing trade receivables =D326 =E326________ ________________ ________
2
3
A
B
C
D
E
301
302
303
304
305
306
307
308309
310
311
312
313
314
315
316
317318
319
320
321
322
323
324
325
326327
328
329
330
331
332
333
334
335336
337
338
339
Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 12 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Current AssetsInventory: Closing BalanceRaw materials used (4,785) (5,638) (6,428) (6,605) (6,786) (6,973) (7,165) (7,362) (7,564) (7,772)Inventory days held 15 15 15 15 15 15 15 15 15 15Days in year (for ratio purposes) 365 365 365 365 365 365 365 365 365 365Closing inventory 197 232 264 271 279 287 294 303 311 319________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________InventoryOpening raw material inventory
180(4,785)4,802
197(5,638)5,673
232(6,428)6,460
264(6,605)6,612
271(6,786)6,794
279(6,973)6,980
287(7,165)7,172
294(7,362)7,370
303(7,564)7,572
311(7,772)7,781
Raw materials used Raw materials purchased ________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing raw material inventory 197 232 264 271 279 287 294 303 311 319________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Trade Receivables: Closing BalanceSales made 20,578 23,116 25,711 26,418 27,145 27,891 28,658 29,446 30,256 31,088Receivable days 30 29 27 27 27 27 27 27 27 27Days in year (for ratio purposes) 365 365 365 365 365 365 365 365 365 365Closing trade receivables 1,691 1,837 1,902 1,954 2,008 2,063 2,120 2,178 2,238 2,300________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Trade ReceivablesOpening trade receivables
1,540
1,691
1,837
1,902
1,954
2,008
2,063
2,120
2,178
2,238
20,578(20,426)
23,116(22,971)
25,711(25,646)
26,418(26,366)
27,145(27,091)
27,891(27,836)
28,658(28,602)
29,446(29,388)
30,256(30,196)
31,088(31,027)
Sales made Cash received ________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing trade receivables 1,691 1,837 1,902 1,954 2,008 2,063 2,120 2,178 2,238 2,300________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 12 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3EquityNumber of Ordinary Shares (‘000)Number of ordinary shares brought forward =Input!D70 =D346Number of ordinary shares issued =Input!D101 =Input!E101________ ________Number of ordinary shares carried forward =SUM(D343:D345) =SUM(E343:E345)________ ________________ ________Number of Preference Shares (‘000)Number of preference shares brought forward =Input!D71 =D355Number of preference shares issued =Input!D104 =Input!E104Number of preference shares redeemed =Input!D105 =Input!E105________ ________Number of preference shares carried forward =SUM(D351:D354) =SUM(E351:E354)________ ________________ ________Value of Ordinary Shares (€’000)Nominal value of ordinary shares brought forward =Input!D58 =D363Nominal value of ordinary shares issued =Input!D101*Input!D102 =Input!E101*Input!E102________ ________Nominal value of ordinary shares carried forward =SUM(D360:D362) =SUM(E360:E362)________ ________________ ________Value of Preference Shares (€’000)Nominal value of preference shares brought forward =Input!D59 =D372Nominal value of preference shares issued =Input!D104*Input!D$106 =Input!E104*Input!E$106Nominal value of preference shares redeemed =Input!D105*Input!D$106 =Input!E105*Input!E$106________ ________Nominal value of preference shares carried forward =SUM(D368:D371) =SUM(E368:E371)________ ________________ ________Share Premium (€’000)Share premium brought forward =Input!D60 =D380Premium on ordinary shares issued =Input!D101*Input!D103 =Input!E101*Input!E103________ ________Share premium carried forward =SUM(D377:D379) =SUM(E377:E379)________ ________________ ________Preference Share Redemption PremiumNumber of preference shares redeemed =D353 =E353Nominal value of preference shares (€) =Input!D106 =Input!E106Premium on redemption of preference shares =Input!D107 =Input!E107Preference share redemption premium =D385*D386*D387 =E385*E386*E387________ ________________ ________
2
3
A
B
C
D
E
340
341
342
343
344
345
346347
348
349
350
351
352
353
354
355356
357
358
359
360
361
362
363364
365
366
367
368
369
370
371
372373
374
375
376
377
378
379
380381
382
383
384
385
386
387
388
389390
391
392
393
Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 13 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030EquityNumber of Ordinary Shares (‘000)Number of ordinary shares brought forward 0 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000Number of ordinary shares issued 2,000 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Number of ordinary shares carried forward 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Number of Preference Shares (‘000)Number of preference shares brought forward 0 1,000 1,000 1,000 1,000 0 0 0 0 0Number of preference shares issued 1,000 0 0 0 0 0 0 0 0 0Number of preference shares redeemed 0 0 0 0 (1,000) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Number of preference shares carried forward 1,000 1,000 1,000 1,000 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Value of Ordinary Shares (€’000)Nominal value of ordinary shares brought forward 0 200 200 200 200 200 200 200 200 200Nominal value of ordinary shares issued 200 0 0 0 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Nominal value of ordinary shares carried forward 200 200 200 200 200 200 200 200 200 200________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Value of Preference Shares (€’000)Nominal value of preference shares brought forward

1,000
1,000
1,000
1,000





1,000









Nominal value of preference shares issued Nominal value of preference shares redeemed 0 0 0 0 (1,000) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Nominal value of preference shares carried forward 1,000 1,000 1,000 1,000 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Share Premium (€’000)Share premium brought forward

1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800









Premium on ordinary shares issued ________ ________ ________ ________ ________ ________ ________ ________ ________ ________Share premium carried forward 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Preference Share Redemption PremiumNumber of preference shares redeemed
0€1.0020%
0€1.0020%
0€1.0020%
0€1.0020%
(1,000)€1.0020%
0€1.0020%
0€1.0020%
0€1.0020%
0€1.0020%
0€1.0020%
Nominal value of preference shares (€) Premium on redemption of preference shares Preference share redemption premium 0 0 0 0 (200) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 13 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3Non-Current LiabilitiesSenior DebtInterest rate =Input!D24+Input!D27 =Input!E24+Input!E27Deferred Tax on Accelerated Capital Allowances – Closing BalanceCorporate income tax rate =Input!D30 =Input!E30Deferred Tax on Accelerated Capital Allowances
2
3
A
B
C
D
E
394
395
396
397
398
399
400
401402
403
404
405
406
407
408
409
410
411
412
413414
415
416
417
418
419
420
421
422
423
424
425426
427
428
429
430
431
432
433434
435
436
437
Opening senior debt =Input!D61 =D401Senior debt drawdowns =Input!D110 =Input!E110Senior debt repayments =Input!D111 =Input!E111________ ________Closing senior debt =SUM(D397:D400) =SUM(E397:E400)________ ________________ ________Opening senior debt 100% =D397*$C405 =E397*$C405Senior debt drawdowns =8/12 =D398*$C406 =E398*$C406Senior debt repayments =8/12 =D399*$C407 =E399*$C407________ ________Average senior debt =SUM(D405:D408) =SUM(E405:E408)Interest on senior debt =D409*D411 =E409*E411________ ________________ ________Accounting net book value of assets =D226 =E226Less: Tax written down value of assets =-D259 =-E259________ ________Accelerated capital allowances =SUM(D418:D420) =SUM(E418:E420)Closing balance of deferred tax on ACAs =-D421*D423 =-E421*E423________ ________________ ________Opening deferred tax on accelerated capital allowances =Input!D62 =D433Deferred tax on accelerated capital allowances (charge)/credit =D433-D430 =E433-E430________ ________Closing deferred tax on accelerated capital allowances =D425 =E425________ ________________ ________Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 14 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Non-Current LiabilitiesSenior Debt
Opening senior debtSenior debt drawdowns
0(5,000)
(5,000)0
(4,000)0
(3,000)0
(2,000)0
(1,000)0
00
00
00
00
Senior debt repayments

1,000
1,000
1,000
1,000
1,000




________ ________ ________ ________ ________ ________ ________ ________ ________ ________(5,000) (4,000) (3,000) (2,000) (1,000) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Closing senior debt
Opening senior debtSenior debt drawdowns
100%67%
0(3,333)
(5,000)0
(4,000)0
(3,000)0
(2,000)0
(1,000)0
00
00
00
00
Senior debt repayments
67%

667
667
667
667
667




________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Average senior debt
(3,333)
(4,333)
(3,333)
(2,333)
(1,333)
(333)




Interest rate 5.00% 4.75% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
Interest on senior debt
(167) (206) (183) (128) (73) (18) 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Deferred Tax on Accelerated Capital Allowances – Closing Balance
Accounting net book value of assetsLess: Tax written down value of assets
7,000(5,625)
6,006(4,599)
5,540(4,420)
5,482(4,911)
5,045(5,323)
4,218(5,677)
4,494(5,988)
4,618(6,270)
4,745(6,530)
4,875(6,775)
________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Accelerated capital allowances
1,375
1,407
1,120
571
(278)
(1,458)
(1,494)
(1,652)
(1,785)
(1,900)
Corporate income tax rate 17% 17% 17% 17% 17% 17% 17% 17% 17% 17%
Closing balance of deferred tax on ACAs
(234) (239) (190) (97) 47 248 254 281 304 323________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Deferred Tax on Accelerated Capital AllowancesOpening deferred tax on accelerated capital allowances 0 (234) (239) (190) (97) 47 248 254 281 304Deferred tax on accelerated capital allowances (charge)/credit (234) (5) 49 93 144 201 6 27 23 20________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing deferred tax on accelerated capital allowances (234) (239) (190) (97) 47 248 254 281 304 323________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 14 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3Current LiabilitiesTrade Payables: Closing BalanceRaw materials purchased =D315 =E315Payable days =Input!D96 =Input!E96Days in year (for ratio purposes) =Input!D98 =Input!E98Closing trade payables =-D441*D442/D443 =-E441*E442/E443________ ________________ ________Trade PayablesOpening trade payables =Input!D64 =D454Raw materials purchased =-D315 =-E315Cash paid =-D450-D451+D454 =-E450-E451+E454________ ________Closing trade payables =D445 =E445________ ________________ ________Preference Dividend PayableOpening preference dividend payable =Input!D65 =D463Preference dividend declared =D519 =E519Preference dividend paid =-D459-D460*Input!D115 =-E459-E460*Input!E115________ ________Closing preference dividend payable =SUM(D459:D462) =SUM(E459:E462)________ ________________ ________Ordinary Dividend PayableOpening ordinary dividend payable =Input!D66 =D472Ordinary dividend declared =D547 =E547Ordinary dividend paid =-D468-D469*Input!D117 =-E468-E469*Input!E117________ ________Closing ordinary dividend payable =SUM(D468:D471) =SUM(E468:E471)________ ________________ ________Trade and Other Accounts PayableTrade payables =D454 =E454Preference dividend payable =D463 =E463Ordinary dividend payable =D472 =E472________ ________Trade and other accounts payable =SUM(D477:D480) =SUM(E477:E480)________ ________________ ________Taxes PayableOpening taxes payable =Input!D67 =D490Tax charge for the year =D164 =E164Tax paid during the year =-D486-D487*Input!D31 =-E486-E487*Input!E31________ ________Closing taxes payable =SUM(D486:D489) =SUM(E486:E489)________ ________________ ________
2
3
A
B
C
D
E
438
439
440
441
442
443
444
445446
447
448
449
450
451
452
453
454455
456
457
458
459
460
461
462
463464
465
466
467
468
469
470
471
472473
474
475
476
477
478
479
480
481482
483
484
485
486
487
488
489
490491
492
493
494
Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 15 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Current LiabilitiesTrade Payables: Closing BalanceRaw materials purchased 4,802 5,673 6,460 6,612 6,794 6,980 7,172 7,370 7,572 7,781Payable days 90 75 60 60 60 60 60 60 60 60Days in year (for ratio purposes) 365 365 365 365 365 365 365 365 365 365Closing trade payables (1,184) (1,166) (1,062) (1,087) (1,117) (1,147) (1,179) (1,211) (1,245) (1,279)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Trade PayablesOpening trade payables
(1,150)(4,802)4,768
(1,184)(5,673)5,691
(1,166)(6,460)6,564
(1,062)(6,612)6,587
(1,087)(6,794)6,764
(1,117)(6,980)6,950
(1,147)(7,172)7,141
(1,179)(7,370)7,337
(1,211)(7,572)7,539
(1,245)(7,781)7,746
Raw materials purchased Cash paid ________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing trade payables (1,184) (1,166) (1,062) (1,087) (1,117) (1,147) (1,179) (1,211) (1,245) (1,279)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Preference Dividend PayableOpening preference dividend payable 0 (48) (48) (48) (48) (48) 0 0 0 0Preference dividend declared (96) (96) (96) (96) (96) 0 0 0 0 0Preference dividend paid 48 96 96 96 96 48 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing preference dividend payable (48) (48) (48) (48) (48) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Ordinary Dividend PayableOpening ordinary dividend payable 0 (76) (680) (1,013) (998) (980) (996) (1,223) (1,241) (1,285)Ordinary dividend declared (76) (680) (1,013) (998) (980) (996) (1,223) (1,241) (1,285) (1,332)Ordinary dividend paid 0 76 680 1,013 998 980 996 1,223 1,241 1,285________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing ordinary dividend payable (76) (680) (1,013) (998) (980) (996) (1,223) (1,241) (1,285) (1,332)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Trade and Other Accounts PayableTrade payables
(1,184)(48)
(1,166)(48)
(1,062)(48)
(1,087)(48)
(1,117)(48)
(1,147)0
(1,179)0
(1,211)0
(1,245)0
(1,279)0
Preference dividend payable Ordinary dividend payable (76) (680) (1,013) (998) (980) (996) (1,223) (1,241) (1,285) (1,332)________ ________ ________ ________ ________ ________ ________ ________ ________ ________Trade and other accounts payable (1,308) (1,893) (2,123) (2,132) (2,145) (2,143) (2,402) (2,452) (2,530) (2,611)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Taxes PayableOpening taxes payable 0 0 0 (526) (576) (593) (610) (629) (649) (670)Tax charge for the year 0 0 (1,052) (1,152) (1,185) (1,221) (1,258) (1,298) (1,339) (1,383)Tax paid during the year 0 0 526 1,102 1,169 1,203 1,239 1,278 1,318 1,361________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing taxes payable 0 0 (526) (576) (593) (610) (629) (649) (670) (692)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 15 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3DividendsRetained earnings before any distribution=Reports!E80=Reports!E21________Total reserves from which law allows dividends to be paid =MAX(SUM(D498:D500),0) =MAX(SUM(E498:E500),0)________ ________________ ________Note: The above calculation is needed to check that the preference dividend can be paid legallyExpected Preference DividendNominal value of preference shares qualifying for a dividend =D368+D369 =E368+E369Preference dividend rate =Input!D114 =Input!E114=E508*E509________________Preference Dividend DeclaredTotal reserves from which law allows dividends to be paid =D501 =E501Expected preference dividend =D511 =E511=-MIN(E516,E517)________________Distributable Reserves After Preference Dividend=E501=E519________=MAX(SUM(E524:E526),0)________________Profit for the Year Attributable to Ordinary Shareholders=Reports!E21=E519________ ________Profit for the year attributable to ordinary shareholders =SUM(D532:D534) =SUM(E532:E534)Ordinary dividend payout ratio =Input!D116 =Input!E116=E535*E537________________Ordinary Dividend DeclaredDistributable reserves after preference dividend =D527 =E527Expected ordinary dividend =D539 =E539Ordinary dividend declared =-MIN(D544,D545) =-MIN(E544,E545)________ ________________ ________
2
3
A
B
C
D
E
495
496
497
498
499
500
501502
503
504
505
506
507
508
509
510
511512
513
514
515
516
517
518
519520
521
522
523
524
525
526
527528
529
530
531
532
533
534
535
536
537
538
539540
541
542
543
544
545
546
547548
549
550
551
Opening retained earnings =Reports!D80 Profit for the year =Reports!D21 ________ Expected preference dividend =D508*D509 ________ ________ Preference dividend declared =-MIN(D516,D517) ________ ________ Distributable reserves before preference dividend =D501 Preference dividend declared =D519 ________ Distributable reserves after preference dividend =MAX(SUM(D524:D526),0) ________ ________ Profit after tax =Reports!D21 Less: Preference dividends declared =D519 Expected ordinary dividend =D535*D537 ________ ________ Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 16 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030DividendsRetained earnings before any distribution
Opening retained earnings

304
3,022
7,072
11,062
14,783
18,767
23,658
28,622
33,763
Profit for the year
476
3,494
5,159
5,084
4,997
4,980
6,114
6,204
6,427
6,658
________ ________ ________ ________ ________ ________ ________ ________ ________ ________Total reserves from which law allows dividends to be paid 476 3,798 8,181 12,156 16,059 19,763 24,881 29,862 35,049 40,421________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Note: The above calculation is needed to check that the preference dividend can be paid legallyExpected Preference Dividend
Nominal value of preference shares qualifying for a dividend 1,000
1,0009.6%
1,0009.6%
1,0009.6%
1,0009.6%
09.6%
09.6%
09.6%
09.6%
09.6%
Preference dividend rate
9.6%
Expected preference dividend
96 96 96 96 96 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Preference Dividend Declared
Total reserves from which law allows dividends to be paid 476
3,798
8,181
12,156
16,059
19,763
24,881
29,862
35,049
40,421
Expected preference dividend
96
96
96
96
96





Preference dividend declared
(96) (96) (96) (96) (96) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Distributable Reserves After Preference Dividend
Distributable reserves before preference dividend
476
3,798
8,181
12,156
16,059
19,763
24,881
29,862
35,049
40,421
Preference dividend declared
(96)
(96)
(96)
(96)
(96)





________ ________ ________ ________ ________ ________ ________ ________ ________ ________380 3,702 8,085 12,060 15,963 19,763 24,881 29,862 35,049 40,421________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Distributable reserves after preference dividend
Profit for the Year Attributable to Ordinary Shareholders
Profit after tax
476
3,494
5,159
5,084
4,997
4,980
6,114
6,204
6,427
6,658
Less: Preference dividends declared
(96)
(96)
(96)
(96)
(96)





________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Profit for the year attributable to ordinary shareholders
380
3,398
5,063
4,988
4,901
4,980
6,114
6,204
6,427
6,658
Ordinary dividend payout ratio 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
Expected ordinary dividend
76 680 1,013 998 980 996 1,223 1,241 1,285 1,332________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Ordinary Dividend DeclaredDistributable reserves after preference dividend 380 3,702 8,085 12,060 15,963 19,763 24,881 29,862 35,049 40,421Expected ordinary dividend 76 680 1,013 998 980 996 1,223 1,241 1,285 1,332Ordinary dividend declared (76) (680) (1,013) (998) (980) (996) (1,223) (1,241) (1,285) (1,332)________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 16 of 22 © Coe & Co
1
=Title!B3Calculations (€’000)=Input!D$3 =Input!E$3CashCashOpening cash balance =Input!D57 =D583Interest on CashOpening cash balance 100% =D555*$C588 =E555*$C588Interest rate =IF(D611<0,Input!D24+Input!D25,Input!D26) =IF(E611<0,Input!E24+Input!E25,Input!E26)
2
3
A
B
C
D
E
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
611
612
613
614
615616
617
Cash received from customers =-D333 =-E333Cash paid to raw material suppliers =-D452 =-E452Labour cost =D113 =E113Distribution cost =D123 =E123Administrative salary costs =D128 =E128Other administrative costs =D129 =E129Rent and rates =D130 =E130Senior debt drawdowns =-D398 =-E398Senior debt repayments =-D399 =-E399Interest on senior debt =D413 =E413Original production line acquisition =-Input!D80 =-Input!E80Cost of other assets acquired =-D92 =-E92New production line downpayment: 1 Jan 2021 =-Input!D82 =-Input!E82New production line completion payment: 31 Dec 2021 =-Input!D83 =-Input!E83Disposal proceeds =Input!D86 =Input!E86Goodwill paid on 1 January 2021 =-Input!D90 =-Input!E90Nominal value of ordinary shares issued =D361 =E361Nominal value of preference shares issued =D369 =E369Nominal value of preference shares redeemed =D370 =E370Premium on ordinary shares issued =D378 =E378Preference dividend paid =-D461 =-E461Ordinary dividend paid =-D470 =-E470Preference share redemption premium =D389 =E389Tax paid during the year =-D488 =-E488Interest on cash =D615 =E615________ ________Closing cash balance =SUM(D555,D557:D582) =SUM(E555,E557:E582)________ ________________ ________Cash received from customers 50% =D557*$C590 =E557*$C590Cash paid to raw material suppliers 50% =D558*$C591 =E558*$C591Labour cost 50% =D559*$C592 =E559*$C592Distribution cost 50% =D560*$C593 =E560*$C593Administrative salary costs 50% =D561*$C594 =E561*$C594Other administrative costs 50% =D562*$C595 =E562*$C595Rent and rates 100% =D563*$C596 =E563*$C596Senior debt drawdowns =8/12 =D564*$C597 =E564*$C597Senior debt repayments =8/12 =D565*$C598 =E565*$C598Interest on senior debt 50% =D566*$C599 =E566*$C599Original production line acquisition 100% =D567*$C600 =E567*$C600Cost of other assets acquired 100% =D568*$C601 =E568*$C601New production line downpayment: 1 Jan 2021 100% =D569*$C602 =E569*$C602New prod line completion payment: 31 Dec 20210% =D570*$C603 =E570*$C603Disposal proceeds 0% =D571*$C604 =E571*$C604Goodwill paid on 1 January 2021 100% =D572*$C605 =E572*$C605Nominal value of ordinary shares issued 100% =D573*$C606 =E573*$C606Nominal value of preference shares issued 100% =D574*$C607 =E574*$C607Nominal value of preference shares redeemed 0% =D575*$C608 =E575*$C608Premium on ordinary shares issued 100% =D576*$C609 =E576*$C609________ ________Time weighted averaage cash balance =SUM(D588,D590:D610) =SUM(E588,E590:E610)Interest on cash =D611*D613 =E611*E613________ ________________ ________Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Calcs Page 17 of 22 © Coe & CoValhalla VideoCalculations (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030CashCashOpening cash balance (1,250) (185) 3,751 8,033 11,075 13,142 16,705 21,527 26,343 31,366
Cash received from customersCash paid to raw material suppliersLabour costDistribution costAdministrative salary costsOther administrative costsRent and ratesSenior debt drawdowns
20,426(4,768)(7,178)(2,871)(2,015)(1,511)(750)5,000
22,971(5,691)(3,947)(3,383)(2,050)(1,333)(761)0
25,646(6,564)(3,214)(3,857)(2,099)(1,154)(776)0
26,366(6,587)(3,302)(3,963)(2,157)(1,186)(798)0
27,091(6,764)(3,393)(4,072)(2,216)(1,219)(820)0
27,836(6,950)(3,486)(4,184)(2,277)(1,252)(842)0
28,602(7,141)(3,582)(4,299)(2,339)(1,287)(865)0
29,388(7,337)(3,681)(4,417)(2,404)(1,322)(889)0
30,196(7,539)(3,782)(4,538)(2,470)(1,358)(914)0
31,027(7,746)(3,886)(4,663)(2,538)(1,396)(939)0
Senior debt repaymentsInterest on senior debtOriginal production line acquisitionCost of other assets acquiredNew production line downpayment: 1 Jan 2021
0(167)(2,750)0(4,000)
(1,000)(206)0(508)0
(1,000)(183)0(1,294)0
(1,000)(128)0(2,128)0
(1,000)(73)0(2,186)0
(1,000)(18)0(2,246)0
000(2,308)0
000(2,371)0
000(2,437)0
000(2,504)0
New production line completion payment: 31 Dec 2021 (3,000)









Disposal proceeds
2,250









Goodwill paid on 1 January 2021
(430)









Nominal value of ordinary shares issued
200









Nominal value of preference shares issued
1,000









Nominal value of preference shares redeemed




(1,000)





Premium on ordinary shares issuedPreference dividend paidOrdinary dividend paidPreference share redemption premiumTax paid during the yearInterest on cash
1,800(48)000(123)
0(96)(76)0016
0(96)(680)0(526)80
0(96)(1,013)0(1,102)134
0(96)(998)(200)(1,169)181
0(48)(980)0(1,203)213
00(996)0(1,239)278
00(1,223)0(1,278)351
00(1,241)0(1,318)424
00(1,285)0(1,361)500
________ ________ ________ ________ ________ ________ ________ ________ ________ ________(185) 3,751 8,033 11,075 13,142 16,705 21,527 26,343 31,366 36,574________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Closing cash balance
Interest on CashOpening cash balance 100% (1,250) (185) 3,751 8,033 11,075 13,142 16,705 21,527 26,343 31,366
Cash received from customersCash paid to raw material suppliersLabour costDistribution costAdministrative salary costsOther administrative costsRent and ratesSenior debt drawdownsSenior debt repaymentsInterest on senior debtOriginal production line acquisitionCost of other assets acquired
50%50%50%50%50%50%100%67%67%50%100%100%
10,213(2,384)(3,589)(1,436)(1,007)(756)(750)3,3330(83)(2,750)0(4,000)0
11,485(2,846)(1,973)(1,691)(1,025)(666)(761)0(667)(103)0(508)00
12,823(3,282)(1,607)(1,928)(1,049)(577)(776)0(667)(92)0(1,294)00
13,183(3,293)(1,651)(1,981)(1,078)(593)(798)0(667)(64)0(2,128)00
13,546(3,382)(1,697)(2,036)(1,108)(609)(820)0(667)(37)0(2,186)00
13,918(3,475)(1,743)(2,092)(1,138)(626)(842)0(667)(9)0(2,246)00
14,301(3,570)(1,791)(2,149)(1,170)(643)(865)0000(2,308)00
14,694(3,669)(1,840)(2,208)(1,202)(661)(889)0000(2,371)00
15,098(3,770)(1,891)(2,269)(1,235)(679)(914)0000(2,437)00
15,513(3,873)(1,943)(2,332)(1,269)(698)(939)0000(2,504)00
New production line downpayment: 1 Jan 202100%New prod line completion payment: 31 Dec 20210%
Disposal proceeds
0%










Goodwill paid on 1 January 2021
100%
(430)









Nominal value of ordinary shares issued
100%
200









Nominal value of preference shares issued
100%
1,000









Nominal value of preference shares redeemed
0%










Premium on ordinary shares issued
100%
1,800









________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Time weighted averaage cash balance
(1,889)
1,060
5,301
8,963
12,080
14,222
18,508
23,380
28,247
33,322
Interest rate 6.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Interest on cash
(123) 16 80 134 181 213 278 351 424 500________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Valhalla_10 – Data Tables (v215).xlsx: Calcs Page 17 of 22 © Coe & Co
1
=Title!B3Income Statement (€’000)2021 2022Revenue =Calcs!D103 =Calcs!E103Cost of sales =Calcs!D115 =Calcs!E115________ ________Gross profit =SUM(D5:D7) =SUM(E5:E7)Distribution costs =Calcs!D123 =Calcs!E123Administrative expenses =Calcs!D134 =Calcs!E134________ ________Profit from operations =SUM(D8,D10:D12) =SUM(E8,E10:E12)Net financing cost =Calcs!D142 =Calcs!E142________ ________Profit before tax =SUM(D13,D15:D16) =SUM(E13,E15:E16)Corporation tax =Calcs!D182 =Calcs!E182________ ________Profit after tax =SUM(D17,D19:D20) =SUM(E17,E19:E20)________ ________________ ________=Title!$B$3Balance Sheet (€’000)=Input!D$3 =Input!E$3AssetsNon-current AssetsProperty, plant and equipment =Calcs!D226 =Calcs!E226Goodwill =Calcs!D271 =Calcs!E271Deferred tax =MAX(Calcs!D296,0) =MAX(Calcs!E296,0)________ ________=SUM(D34:D37) =SUM(E34:E37)Current AssetsInventories =Calcs!D317 =Calcs!E317Trade and other receivables =Calcs!D335 =Calcs!E335Cash and cash equivalents =MAX(Calcs!D583,0) =MAX(Calcs!E583,0)________ ________=SUM(D40:D43) =SUM(E40:E43)________ ________Total assets =D38+D44 =E38+E44________ ________________ ________=IF(ABS(D47-D74)<0.001,”OK “,D47-D74) =IF(ABS(E47-E74)<0.001,”OK “,E47-E74)Equity and LiabilitiesCapital and ReservesIssued ordinary share capital =Calcs!D363 =Calcs!E363Issued preference share capital =Calcs!D372 =Calcs!E372Share premium =Calcs!D380 =Calcs!E380Retained earnings =D86 =E86________ ________=SUM(D55:D59) =SUM(E55:E59)Non-current LiabilitiesLong term debt =-Calcs!D401 =-Calcs!E401Deferred tax =-MIN(Calcs!D296,0) =-MIN(Calcs!E296,0)________ ________=SUM(D62:D64) =SUM(E62:E64)Current LiabilitiesInterest bearing loans and borrowings =-MIN(Calcs!D583,0) =-MIN(Calcs!E583,0)Trade and other payables =-Calcs!D481 =-Calcs!E481Tax payable =-Calcs!D490 =-Calcs!E490________ ________=SUM(D67:D70) =SUM(E67:E70)________ ________Total equity and liabilities =D60+D65+D71 =E60+E65+E71________ ________________ ________Retained EarningsOpening retained earnings =Input!D68 =D86Net profit for the year =D21 =E21Preference dividends =Calcs!D519 =Calcs!E519Ordinary dividends =Calcs!D547 =Calcs!E547Preference share redemption premium =Calcs!D389 =Calcs!E389________ ________Closing retained earnings =SUM(D80:D85) =SUM(E80:E85)________ ________________ ________
2
3
4
5
67
8
9
10
1112
13
14
1516
17
18
1920
2122
23
24
25
26
27
28
29
30
31
32
33
34
35
3637
38
39
40
41
4243
44
4546
4748
49
50
51
52
53
54
55
56
57
5859
60
61
62
6364
65
66
67
68
6970
71
7273
7475
76
77
78
79
80
81
82
83
8485
8687
88
89
90
A
B
C
D
E
Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Reports Page 18 of 22 © Coe & CoValhalla VideoIncome Statement (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Revenue
20,578
23,116
25,711
26,418
27,145
27,891
28,658
29,446
30,256
31,088
Cost of sales
(11,964) (9,585) (9,642) (9,907) (10,179) (10,459) (10,747) (11,042) (11,346) (11,658)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Gross profit
8,614
13,531
16,070
16,511
16,966
17,432
17,911
18,404
18,910
19,430
Distribution costs
(2,871)
(3,383)
(3,857)
(3,963)
(4,072)
(4,184)
(4,299)
(4,417)
(4,538)
(4,663)
Administrative expenses
(4,862) (5,732) (5,876) (6,412) (6,963) (7,444) (6,524) (6,863) (7,052) (7,246)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Profit from operations
880
4,417
6,337
6,136
5,930
5,805
7,089
7,124
7,320
7,521
Net financing cost
(289) (190) (104) 6 108 195 278 351 424 500________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Profit before tax
591
4,227
6,233
6,142
6,038
6,000
7,366
7,475
7,744
8,021
Corporation tax
(115) (733) (1,074) (1,059) (1,041) (1,020) (1,252) (1,271) (1,316) (1,364)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Profit after tax
476 3,494 5,159 5,084 4,997 4,980 6,114 6,204 6,427 6,658________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Valhalla VideoBalance Sheet (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030AssetsNon-current AssetsProperty, plant and equipment
7,000
6,006
5,540
5,482
5,045
4,218
4,494
4,618
4,745
4,875
344
258
172
86






565 0 0 0 47 248 254 281 304 323________ ________ ________ ________ ________ ________ ________ ________ ________ ________
7,909
6,264
5,712
5,568
5,092
4,466
4,748
4,898
5,048
5,198
Goodwill Deferred tax Current AssetsInventories
197
232
264
271
279
287
294
303
311
319
1,691
1,837
1,902
1,954
2,008
2,063
2,120
2,178
2,238
2,300
0 3,751 8,033 11,075 13,142 16,705 21,527 26,343 31,366 36,574________ ________ ________ ________ ________ ________ ________ ________ ________ ________
1,888
5,820
10,199
13,300
15,429
19,054
23,941
28,824
33,915
39,193
________ ________ ________ ________ ________ ________ ________ ________ ________ ________9,797 12,084 15,911 18,868 20,521 23,521 28,689 33,723 38,963 44,391________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________
OK
OK
OK
OK
OK
OK
OK
OK
OK
OK
Trade and other receivables Cash and cash equivalents Total assets Equity and LiabilitiesCapital and ReservesIssued ordinary share capital
200
200
200
200
200
200
200
200
200
200
1,000
1,000
1,000
1,000






1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
304 3,022 7,072 11,062 14,783 18,767 23,658 28,622 33,763 39,089________ ________ ________ ________ ________ ________ ________ ________ ________ ________
3,304
6,022
10,072
14,062
16,783
20,767
25,658
30,622
35,763
41,089
Issued preference share capital Share premium Retained earnings Non-current LiabilitiesLong term debt
5,000
4,000
3,000
2,000
1,000





0 168 190 97 0 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________
5,000
4,168
3,190
2,097
1,000





Deferred tax Current LiabilitiesInterest bearing loans and borrowings
185









1,308
1,893
2,123
2,132
2,145
2,143
2,402
2,452
2,530
2,611
0 0 526 576 593 610 629 649 670 692________ ________ ________ ________ ________ ________ ________ ________ ________ ________
1,493
1,893
2,649
2,708
2,738
2,754
3,031
3,101
3,200
3,302
Trade and other payables Tax payable ________ ________ ________ ________ ________ ________ ________ ________ ________ ________Total equity and liabilities 9,797 12,084 15,911 18,868 20,521 23,521 28,689 33,723 38,963 44,391________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Retained EarningsOpening retained earnings 0 304 3,022 7,072 11,062 14,783 18,767 23,658 28,622 33,763Net profit for the year 476 3,494 5,159 5,084 4,997 4,980 6,114 6,204 6,427 6,658Preference dividends (96) (96) (96) (96) (96) 0 0 0 0 0Ordinary dividends (76) (680) (1,013) (998) (980) (996) (1,223) (1,241) (1,285) (1,332)Preference share redemption premium 0 0 0 0 (200) 0 0 0 0 0________ ________ ________ ________ ________ ________ ________ ________ ________ ________Closing retained earnings 304 3,022 7,072 11,062 14,783 18,767 23,658 28,622 33,763 39,089________ ________ ________ ________ ________ ________ ________ ________ ________ ________________ ________ ________ ________ ________ ________ ________ ________ ________ ________Valhalla_10 – Data Tables (v215).xlsx: Reports Page 18 of 22 © Coe & Co
91
=Title!$B$3DCF Valuation (€’000)=Input!D$3 =Input!E$3Free Cash Flow=E13=-Calcs!E131=-Calcs!E132=Calcs!E313-Calcs!E317=Calcs!E331-Calcs!E335=Calcs!E450-Calcs!E454________=SUM(E96:E102)=SUM(Calcs!E567:E572)=-Calcs!E197________=SUM(E103,E105:E107)=”Discount factor with a nominal disc’t rate of “&TEXT(Input!D43,”0.00%”) =1/(1+Input!D43)^0.5 =D110/(1+Input!$D$43)Discounted free cash flow =D108*D110 =E108*E110Terminal ValueAnnual free cash flow from year 11 (2031) onwards =SUM(D119:D121)=”Multiplier with disc’t “&TEXT(Input!D43,”0.00%”)&” and LT inflat’n “&TEXT(Input!D44,”0.00%”) =1/(Input!D43-Input!D44)Terminal value expressed in mid year 2030 € =D122*D124DCF Valuation=”Total DCF valuation of “&Title!B3&” (Jan 2021 €)” =SUM(D133:D135)________________
92
93
94
95
96
97
98
99
100
101102
103
104
105
106107
108
109
110
111
112
113
114115
116
117
118
119
120121
122
123
124
125
126
127
128129
130
131
132
133
134135
136137
138
A
B
C
D
E
Profit before interest and tax =D13 Add: Depreciation =-Calcs!D131 Add: Amortisation =-Calcs!D132 Less: Increase in inventory =Calcs!D313-Calcs!D317 Less: Increase in trade receivables =Calcs!D331-Calcs!D335 Add: Increase in trade payables =Calcs!D450-Calcs!D454 ________ Cash flow from operations =SUM(D96:D102) Net capital expenditure =SUM(Calcs!D567:D572) Proforma tax paid =-Calcs!D197 ________ Free cash flow =SUM(D103,D105:D107) Present value of free cash flows (Jan 2021 €) =SUM(D112:M112)________________Free cash flow in year 10 (2030) =M108=”Inflation uplift of “&TEXT(Input!D44,”0.00%”) =D119*Input!D44________Present value of terminal value (Jan 2021 €) =D126*M110________________Present value of free cash flows (Jan 2021 €) =D114Present value of terminal value (Jan 2021 €) =D128________Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Reports Page 19 of 22 © Coe & CoValhalla VideoDCF Valuation (€’000)2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Free Cash Flow
Profit before interest and taxAdd: DepreciationAdd: AmortisationLess: Increase in inventoryLess: Increase in trade receivablesAdd: Increase in trade payablesCash flow from operations
88050086(17)(151)
4,4171,50286(35)(145)
6,3371,76086(32)(65)
6,1362,18686(7)(52)
5,9302,62386(7)(54)
5,8053,0720(8)(55)
7,0892,0320(8)(57)
7,1242,2480(8)(58)
7,3202,3100(8)(60)
7,5212,3730(9)(62)
34 (18) (104) 25 30 31 32 32 33 34________ ________ ________ ________ ________ ________ ________ ________ ________ ________
1,333
5,806
7,982
8,373
8,608
8,845
9,088
9,338
9,595
9,859
Net capital expenditure
(7,930)
(508)
(1,294)
(2,128)
(2,186)
(2,246)
(2,308)
(2,371)
(2,437)
(2,504)
Proforma tax paid
(75) (450) (914) (1,060) (1,026) (997) (1,096) (1,208) (1,228) (1,262)________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Free cash flow
(6,672)
4,848
5,773
5,186
5,396
5,601
5,684
5,758
5,930
6,093
Discount factor with a nominal disc’t rate of 9.50% 0.9556 0.8727 0.7970 0.7279 0.6647 0.6070 0.5544 0.5063 0.4624 0.4222Discounted free cash flow (6,376) 4,231 4,601 3,775 3,587 3,400 3,151 2,915 2,742 2,573
Present value of free cash flows (Jan 2021 €)
24,599________________
Terminal ValueFree cash flow in year 10 (2030) 6,093Inflation uplift of 2.75% 168________Annual free cash flow from year 11 (2031) onwards 6,261Multiplier with disc’t 9.50% and LT inflat’n 2.75% 14.8148Terminal value expressed in mid year 2030 € 92,756Present value of terminal value (Jan 2021 €) 39,166________________DCF ValuationPresent value of free cash flows (Jan 2021 €) 24,599Present value of terminal value (Jan 2021 €) 39,166________Total DCF valuation of Valhalla Video (Jan 2021 €) 63,765________________Valhalla_10 – Data Tables (v215).xlsx: Reports Page 19 of 22 © Coe & Co
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=Title!B3Graphs
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1 1 1 1 1 1 0 0 0 0 0Value of Victor Video (€’000)Discount Rate (%)Split of DCF Valuation of Victor Video -v- DCF Discount RateTerminalYrs 1-10
37
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59
60
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A
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Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Graphs Page 20 of 22 © Coe & CoValhalla VideoGraphs050,000100,000150,000200,000250,0005% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25%Value of Victor Video (€’000)Discount Rate (%)Total Value of Victor Video -v- DCF Discount Rate050,000100,000150,000200,000250,000Value of Victor Video (€’000)Discount Rate (%)Split of DCF Valuation of Victor Video -v- DCF Discount RateTerminalYrs 1-10Valhalla_10 – Data Tables (v215).xlsx: Graphs Page 20 of 22 © Coe & Co
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=Title!B3Graphs
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69
0-50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%Value of Victor Video (€’000)Sales Price Increace/(Decreace) (%)Value of Victor Video -v- Changes in Sales Price
70
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(100,000)-50% 50%Value of Victor Video (€’000)Sales Volume Increace/(Decreace) (%)Value of Victor Video -v- Changes in Sales Volume
94
95
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97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
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114
115
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(100,000)-50% 50%Value of Victor Video (€’000)Cost of Goods Sold Increace/(Decreace) (%)Value of Victor Video -v- Changes in Cost of Goods Sold
118
119
120
121
122
123
124
125
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136
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20,00040,00060,00080,000100,000120,000140,000160,000180,000200,000(50,000)050,000100,000150,000200,000-45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% (50,000)050,000100,000150,000200,000-45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Graphs Page 21 of 22 © Coe & CoValhalla VideoGraphs(150,000)(100,000)(50,000)050,000100,000150,000200,000-50%
-45% -40% -35% -30% -25% -20% -15% -10% -5% 0
% 5% 10% 15% 20% 25% 30% 35% 40% 45%
50%Value of Victor Video (€’000)Sales Price Increace/(Decreace) (%)Value of Victor Video -v- Changes in Sales Price(100,000)(50,000)050,000100,000150,000200,000-50%
-45% -40% -35% -30% -25% -20% -15% -10% -5% 0
% 5% 10% 15% 20% 25% 30% 35% 40% 45%
50%Value of Victor Video (€’000)Sales Volume Increace/(Decreace) (%)Value of Victor Video -v- Changes in Sales Volume(100,000)(50,000)050,000100,000150,000200,000-50%
-45% -40% -35% -30% -25% -20% -15% -10% -5% 0
% 5% 10% 15% 20% 25% 30% 35% 40% 45%
50%Value of Victor Video (€’000)Cost of Goods Sold Increace/(Decreace) (%)Value of Victor Video -v- Changes in Cost of Goods SoldValhalla_10 – Data Tables (v215).xlsx: Graphs Page 21 of 22 © Coe & Co
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=Title!B3Graphs
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(100,000)-50% 50%Value of Victor Video (€’000)Sensitivity Driver Increace/(Decreace) (%)Value of Victor Video -v- Changes in All Sensitivity DriversSelling price Sales volume
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(50,000)050,000100,000150,000200,000-45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Valhalla_10 – Data Tables (v215) – Formulae.xlsx: Graphs Page 22 of 22 © Coe & CoValhalla VideoGraphs(100,000)(50,000)050,000100,000150,000200,000-50%
-45% -40% -35% -30% -25% -20% -15% -10% -5% 0
% 5% 10% 15% 20% 25% 30% 35% 40% 45%
50%Value of Victor Video (€’000)Sensitivity Driver Increace/(Decreace) (%)Value of Victor Video -v- Changes in All Sensitivity DriversSelling price Sales volume Cost of goods soldValhalla_10 – Data Tables (v215).xlsx: Graphs Page 22 of 22 © Coe & Co

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