Flender/Flender Gear Units/Bevel-helical gear units B4
The maximum crop season at IVJ is approximately 4.5 periods due to climactic restraints. -1 Ingenio Victoria de Julio Scenario

Discounted Cash Flow Analysis (OOs Cordobas) 0-Oct-9 2 1/9 1/9 1/9 1/9 1/9 1/9 IVJ Land (Manzanas) 8,6 8,9 8,9

8,9 8,9 8,9 Colono Land (Manzanas) 2,4 4,4 4,4 4,4 4,4 4,4 Total Land (Manzanas) 1,1 1,3 1,3 1,3 1,3

1,3 Agricultural Yield (Tons/Manzana) 3.2 3.2 3.2 3.2 3.2 3.2 Cane Harvested (Tons) 2,6 3,1 3,1 3,1 3,1 3,1 Cane

Purchased (Tons) 8,7 1,5q8 1,5 1,5 1,5 1,5 Total Cane (Tons) 3,4 5,7 5,7T0 5,7 5,7 5, T7 Industrial Yield (Quintals/Ton) 2.2 2.2 2.2 2.2 2.2 2.2 Sugar Produced (Quintals) 7,7 1,1,4 1,1,4 1,1,4 1,1,4 1,1,4 Average Personne; 1,8 1,8 1,8 1,8 1,8 1,8 Field Cost Per Ton ($US) $2.3 $2.7 $2.7 $2.7 $2.7 $2.7 Cash Operat. Cost Per Quintal ($US) $2.4 $1.5 $1.5 $1.5 $1.5 $1.5 1/9 1/9 1/9 1/9 1/9 1/9 REVENUES 9,2 9,2 9,2 9,2 9,2 OPERATING COSTS Field Costs Factory Costs Administrative Costs Depreciation 5,1 2,2 2,7 4,3 5,1 2,2 2,7 5 5,1 2,2 2,7 6,7 5,1 2,2 2,7 7,2 5,1 2,2 2,7 8,5 Total 1,5 1,9 1,8 1,3 1,7 PROFIT BEFORE TAX (8, (9, (1, (1, (1, TAX 2,2 2,2 2,2 2,3 2,3 PROFIT AFTER TAX (1, (1, (1, (1, (1, DEPRECIATION (+) 4,3 5,7 6,7 7,2 8,5 CAPITAL EXPENDITURES (-) 1C,0 1,0 1,0 1,0 1,0 INCREASE IN NET WORKING CAPITAL (-) 7,3 0 0 0 0 CASH FLOW BEFORE LEVERAGE (2, (1, (1, (1, (1, NET PRESENT VALUE FLENDER GRAFFENSTADEN 1% (6, TERMINAL VALUE * 0 NET PRESENT VALUE FLENDER GRAFFENSTADEN 1% 0 FIRM VALUE BEFORE LEVERAGE (6, Sensitivity Analysis of Firm Value Before Leverage Discount Rate 1 %4 1% 2% Average 9/9 6.9 (1,7, (9, (8, Sugar Price HI'. 7.0 (6,1 (6, (5,9B) +5% 8.0 (5, (4,0) (4,0) The 7'mbal value is the greater of zero and the 1/9 cash flow ,vided by the discount rate. Ilngenio Victoria de Julio Cash Flow Projections (Cordobas) IVJ Land (Manzanas) Colono Land (Mt.nzanas) Total Land (Manzanas) Agriculturel Yield (Tons/Manzana) Cane Harvested (Tons) Cane Purchas