1.

Initial investments:
a. Summarized initital investment:

Summarized Initial Investment

No. Name of capitals Price (VND) Total (VND)
1 Legal procedure 9,376,000 9,376,000
2 Renovation & Reconstruction 71,805,000 71,805,000
3 POS system, saleware 2 screen 16,890,000 16,890,000
4 Marketing 85,260,000 85,260,000
5 Furniture 162,570,000 162,570,000
6 Serveware 14,396,800 14,396,800
7 Kitchenware 133,595,000 133,595,000
8 Online platforms enrollment 1,000,000 2,000,000
9 Other costs 4,000,000 4,000,000
Total 499,892,800

The initial investment we spent to establish F-Fresh Juice & Detox was a total of
499,892,800 VND, then divided into 9 main categories. First is the legal procedure
such as registering a business license, trademark and necessary certificates such as
Food Hygiene and Safety Certificate, Fire Prevention Certificate. Next comes
renovation and construction, marketing, and various equipment such as POS
systems, point of sale sets, tableware, kitchen utensils, etc. Finally, there is the
online platform registration fee and other costs.
b. Depreciation and amortization allocation:
Total Cost Useful life Depreciation
No. Name of capitals Unit Quantity Price
(Book value) (year) per year (VND)
I Amortization 3 9,226,000
Legal procedure
Certificate of Food Hygiene and Safety bộ - set 1 1,150,000 1,150,000 3 383,333
Signing up the trademark bộ - set 1 1,860,000 1,860,000 10 186,000
Fire protection certificate bộ - set 1 6,216,000 6,216,000 5 1,243,200
II Depreciation
1 Renovation & reconstruct fee 584 71,805,000 14,361,000
2 Cost of sales computers, software 2 16,890,000 2,111,250
3 Prints 18 4,450,000 1,056,667
4 Furniture 155 187,570,000 35,639,000
5 Serveware 850 14,396,800 3,599,200
6 Kitchenware 30 133,595,000 20,893,655
Total 79,473,305

The table above shows depreciation and amortization costs. While legal documents
have no expiration date, the Food Hygiene and Safety Certificate is only valid for 3
years, the Trademark is valid for 10 years, and the Fire Prevention and Fighting
Certificate is valid for 10 years. 5 years. Total depreciation is 1,812,533 VND/year.
Items related to renovation and rebuilding (e.g. tiles, tempered glass doors, etc.),
point of sale computers, printing, furniture, tableware and kitchenware depreciate
at a rate money is 77,760,771 VND per year. Kitchen appliances contribute the
most to depreciation costs, followed by furniture. Total depreciation and
amortization costs are 79,473,305 VND/year.
2. Revenue stream:
F – Fresh's revenue is contributed by 2 main revenue sources. First, the source of
correspondence from product sales is juices, smoothies and other special juice
mixes. The second source of revenue comes from selling detox and body cleansing
treatments to customers who want to use them for a long time to be more effective
in detoxifying themselves. However, the main and most sustainable source of
revenue, contributing up to 99% of revenue, still comes from selling juices and
smoothies. The treatment only contributes 1% of F-Fresh store revenue. According
to the survey conducted, F - Fresh currently identifies the purchasing behavior of
customers including 2 cases. The first is the case of Store-in and Takeaways, in
which customers will come to F - Fresh stores to buy and use products, or buy and
take away. The second case is the case of buying online or through purchase
application apps, this case is named Delivery. According to the survey, we
collected only 168 responses for in-store purchases, while the remaining 364
responses prioritized online purchases for their personal convenience. Therefore,
the estimated ratio between dine-in and takeaway per delivery, which is calculated
by 168/364 and equals 0.46.
a. In year 1 ( 2024)
ESTIMATED UNIT SALES SERVED IN YEAR 1 (2024)
Scenario
Optimistic Most likely Pessimistic
Store in & Takeaway 165 150 128
Delivery 358 325 276
Total 523 475 404

Based on scenario analysis, we divide our estimates into 3 cases: Optimistic, Most
Likely and Pessimistic. In the optimistic scenario, we estimate that there will be
165 products for in-store or take-away use and 358 products ordered by customers
for delivery. The numbers decreased slightly in the Most Likely scenario with 150
products used in-store or for takeout and 325 products ordered for delivery. For the
Pessimist's scenario, we only have 128 products purchased in-store and to-go and
276 products delivered.
The table below details daily sales by type for each scenario. Let's say the store's
main products and treatments account for 99% and 1%, respectively.
% Est. Sales Store-in and takeaway unit sales Delivery unit sales
Type contribution Optimistic Most likely Pessimistic Optimistic Most likely Pessimistic
Main product 99% 163 149 126 354 322 273
Morning 26% 43 39 33 93 85 72
Noon 28% 46 42 36 100 91 77
Afternoon 24% 40 36 31 86 78 66
Evening 21% 35 32 27 75 68 58
Treatment 1% 2 2 1 4 3 3
Total 165 150 128 358 325 276
 With the estimated number of units sold per day, we can calculate the total sales
per day. Regarding the purchase and use of products in-store, takeout and delivery,
the total revenue per day is 32,500,000 VND in the optimistic case, 28,180,000
VND in the most likely case and 23,310,000 VND in the lower case. pessimistic.
Total Store -in and takeaway total sales per day Total Delivery total sales per day
Optimistic Most likely Pessimistic Optimistic Most likely Pessimisstic
Juice 1,290,000 1,140,000 870,000 2,850,000 2,520,000 2,130,000
Smoothie 1,645,000 1,470,000 1,260,000 3,570,000 3,255,000 2,800,000
Juice mix 1,920,000 1,740,000 1,500,000 4,140,000 3,840,000 3,240,000
Special drink 2,665,000 2,600,000 2,340,000 5,720,000 5,265,000 4,420,000
Detox treatment 2,650,000 2,650,000 1,050,000 6,050,000 3,700,000 3,700,000

TOTAL SALES PER DAY IN YEAR 1 (2024)

Optimistic Most likely Pessimisstic
32,500,000 28,180,000 23,310,000

b. In year 2 ( 2025):
In year 2, we have set expectations for a higher growth in the number of products
sold than in year 1. In the optimistic scenario, we estimate there will be 190
products for in-store or purchase. take away and 411 products ordered by
customers for delivery. The numbers decreased slightly in the Most Likely scenario
with 165 products used in-store or to-go and 358 products ordered for delivery. For
the Pessimisticscenario, we have only 138 products purchased in-store and
takeaways and 298 products delivered.
ESTIMATED UNIT SALES SERVED IN YEAR 2 (2025)
Scenario
Optimistic Most likely Pessimistic
Store in & Takeaway 190 165 138
Delivery 411 358 298
Total 601 523 436

The table below describes in detail unit sales per day by type for each scenario.
UNIT SALES PER DAY BY TYPE IN YEAR 2 (2025)
% Est. Sales Store-in and takeaway unit sales Delivery unit sales
Type contribution Optimistic Most likely Pessimistic Optimistic Most likely Pessimistic
Main product 99% 188 163 136 407 354 295
Morning 26% 49 43 36 107 93 78
Noon 28% 53 46 39 115 100 84
Afternoon 24% 46 40 33 99 86 72
Evening 21% 40 35 29 86 75 63
Treatment 1% 2 2 1 4 4 3
Total 190 165 138 411 358 298

The total sales per day are 37,375,000 VND in the optimistic case, 30,998,000 VND in
the most likely case and 25,174,800 VND in the pessimistic case.
TOTAL SALES PER DAY IN YEAR 1 (2025)
Optimistic Most likely Pessimisstic
37,375,000 30,998,000 25,174,800
c. In year 3 ( 2026)
After two years of opening, we estimate higher unit sales per day in year 3
compared to year 2. In the optimistic scenario, we estimate there will be 218 in-
store or takeaway products and 473 products sold. Customer orders delivery. The
numbers decreased slightly in the Most Likely scenario with 182 products used in-
store or to-go and 393 products ordered for delivery. For the Pessimist's scenario,
we have only 149 products purchased in-store and takeaways and 322 products
delivered.
ESTIMATED UNIT SALES SERVED IN YEAR 3 (2026)
Scenario
Optimistic Most likely Pessimistic
Store in & Takeaway 218 182 149
Delivery 473 393 322
Total 691 575 471
UNIT SALES PER DAY BY TYPE IN YEAR 3 (2026)
% Est. Sales Store-in and takeaway unit sales Delivery unit sales
Type contribution Optimistic Most likely Pessimistic Optimistic Most likely Pessimistic
Main product 99% 216 180 147 468 389 319
Morning 26% 57 47 39 123 102 84
Noon 28% 61 51 42 132 110 90
Afternoon 24% 52 44 36 113 94 77
Evening 21% 46 38 31 99 83 68
Treatment 1% 2 2 1 5 4 3
Total 218 182 149 473 393 322

The total sales per day are 42,981,250 VND in the optimistic case, 34,097,800
VND in the most likely case and 27,188,784 VND in the pessimistic case.
Total Store -in and takeaway total sales per day Total Delivery total sales per day
Optimistic Most likely Pessimistic Optimistic Most likely Pessimisstic
Juice 1,706,025 1,379,400 1,014,768 3,769,125 3,049,200 2,484,432
Smoothie 2,175,513 1,778,700 1,469,664 4,721,325 3,938,550 3,265,920
Juice mix 2,539,200 2,105,400 1,749,600 5,475,150 4,646,400 3,779,136
Special drink 3,524,463 3,146,000 2,729,376 7,564,700 6,370,650 5,155,488
Detox treatment 3,504,625 3,206,500 1,224,720 8,001,125 4,477,000 4,315,680

TOTAL SALES PER DAY IN YEAR 1 (2026)

Optimistic Most likely Pessimisstic
42,981,250 34,097,800 27,188,784

3. Cost structure and expenses:

a. Fixed costs:
Fixed costs of F – Fresh include rent, Internet expense, cleaning expense,
Equipment, supplies warranty expenses, and Depreciation & Amortization. In year
1, the total fixed cost is 719,973,305 VND
 Fixed costs in year 1 (2024)
No. Name of capitals Units Quantity
Optimistic Most likely Pessimistic
1 Rent month 1 52,000,000 52,000,000 52,000,000
2 Internet expense month 1 375,000 375,000 375,000
3 Cleaning expenses month 1 500,000 500,000 500,000
4 Equipment, supllies warranty expenses
month 1 500,000 500,000 500,000
5 Depreciation & Amortization month 1 6,622,775 6,622,775 6,622,775
Total one month 59,997,775 59,997,775 59,997,775
Total one year 719,973,305 719,973,305 719,973,305

For year 2, total fixed cost is 721,773,305 VND in 3 cases. Depreciation &
Amortization is calculated based on a straight-line method, thus unchanged.
Suppose that rent and internet expenses are also unchanged, cleaning and supplies
warranty expenses, in contrast, change relative to sales growth. The table below
describes in detail.
Fixed costs in year 2 (2025)
No. Name of capitals Units Quantity
Optimistic Most likely Pessimistic
1 Rent month 1 52,000,000 52,000,000 52,000,000
2 Internet expense month 1 375,000 375,000 375,000
3 Cleaning expenses month 1 575,000 550,000 540,000
4 Equipment, supllies warranty expenses
month 1 575,000 550,000 540,000
5 Depreciation & Amortization month 1 6,622,775 6,622,775 6,622,775
Total one month 60,147,775 60,097,775 60,077,775
Total one year 721,773,305 721,173,305 720,933,305

For year 3, total fixed cost is 723,843,305 VND in optimistic case, 723,843,305
VND in most likely case, 723,843,305 VND in pessimistic case
Fixed costs in year 3 (2026)
No. Name of capitals Units Quantity
Optimistic Most likely Pessimistic
1 Rent month 1 52,000,000 52,000,000 52,000,000
2 Internet expense month 1 375,000 375,000 375,000
3 Cleaning expenses month 1 661,250 605,000 583,200
4 Equipment, supllies warranty expenses
month 1 661,250 605,000 583,200
5 Depreciation & Amortization month 1 6,622,775 6,622,775 6,622,775
Total one month 60,320,275 60,207,775 60,164,175
Total one year 723,843,305 722,493,305 721,970,105

b. Variable cost:
Variable costs of F – Fresh include salary expense, marketing expense, electricity
expense, water expense, commission expense, cost of goods sold (COGS), and
other costs. In year 1, total variable cost is 422,183,354 VND in optimistic case,
368,083,998 VND in most likely case, 320,910,714 VND in a pessimistic case
 OPTIMISTIC MOST LIKELY PESSIMESTIC
No. VARIABLE COSTS OF YEAR 1 (2024)
By month By month By month
1 Salary expenses 91,700,000 66,200,000 66,200,000
2 Marketing expense 24,011,250 24,011,250 24,011,250
3 Electricity expense 9,646,560 8,769,600 7,454,160
4 Water expense 1,188,000 1,080,000 918,000
5 Commission expense (25%) 50,197,388 45,486,338 37,564,913
6 COGS 200,789,550 181,945,350 150,259,650
7 Other costs 44,650,606 40,591,460 34,502,741
Total 422,183,354 368,083,998 320,910,714

In year 2, total variable cost is 479,453,044 VND in optimistic case, 413,971,294

VND in most likely case, 356,165,546 VND in pessimistic case

OPTIMISTIC MOST LIKELY PESSIMESTIC

No. VARIABLE COSTS OF YEAR 2 (2025)
By month By month By month
1 Salary expenses 105,400,000 85,400,000 85,400,000
2 Marketing expense 21,610,125 21,610,125 21,610,125
3 Electricity expense 11,093,544 9,646,560 8,050,493
4 Water expense 1,366,200 1,188,000 991,440
5 Commission expense (25%) 57,726,996 50,295,201 40,570,106
6 COGS 230,907,983 201,180,803 162,280,422
7 Other costs 51,348,197 44,650,606 37,262,960
Total 479,453,044 413,971,294 356,165,546

In year 3, total variable cost is 527,947,430 VND in optimistic case, 441,075,137

VND in most likely case, 362,050,748 VND in pessimistic case.

OPTIMISTIC MOST LIKELY PESSIMESTIC

No. VARIABLE COSTS OF YEAR 3 (2026)
By month By month By month
1 Salary expenses 105,400,000 85,400,000 71,700,000
2 Marketing expense 19,449,113 19,449,113 21,262,894
3 Electricity expense 12,757,576 10,611,216 8,694,532
4 Water expense 1,571,130 1,306,800 1,070,755
5 Commission expense (25%) 65,943,837 55,038,468 43,815,714
6 COGS 263,775,348 220,153,874 175,262,856
7 Other costs 59,050,426 49,115,667 40,243,997
Total 527,947,430 441,075,137 362,050,748

c. Salary:
The table below shows our human resources and salary expenses in year 1. As we
can see, the number of staff depends on the business situation. In the optimistic
case, we have 14 employees in total. This number is 10 in the most likely case and
10 in the pessimistic case. As a result, the total salary in year 1 is 1,100,400,000
VND in optimistic case, 794,400,000 VND in most likely case, 794,400,000 VND
in pessimistic case.
 HUMAN RESOURCES AND SALARIES YEAR 1 (2024)
Number of position Basic Salary expense ( month)
Job title Basic Salary
Optimistic Most likely Pessimistic Optimistic Most likely Pessimistic
Manager 8,000,000 đ 1 1 1 8,000,000 đ 8,000,000 đ 8,000,000 đ
Bartender & cashier 8,000,000 đ 3 2 2 24,000,000 đ 16,000,000 đ 16,000,000 đ
Treatment consultant 8,200,000 đ 1 1 1 8,200,000 đ 8,200,000 đ 8,200,000 đ
Staff manages sales apps and online platforms 5,500,000 đ 2 1 1 11,000,000 đ 5,500,000 đ 5,500,000 đ
Service & cleaning staff 6,500,000 đ 3 2 2 19,500,000 đ 13,000,000 đ 13,000,000 đ
Washing staff 5,500,000 đ 2 1 1 11,000,000 đ 5,500,000 đ 5,500,000 đ
Security 5,000,000 đ 2 2 2 10,000,000 đ 10,000,000 đ 10,000,000 đ
46,700,000 đ 14 10 10 91,700,000 đ 66,200,000 đ 66,200,000 đ
Total salaries/year 1,100,400,000 đ 794,400,000 đ 794,400,000 đ

In year 2, we increased the number of employees in both optimistic and Most likely
cases. In the pessimistic case, we still decided to keep the same employees. The
total salary in year 1 is 1,264,800,000 VND in optimistic case, 1,024,800,000 VND
in most likely case, 794,400,000 VND in pessimistic case.
HUMAN RESOURCES AND SALARIES YEAR 2 (2025)
Number of position Basic Salary expense ( month)
Job title Basic Salary
Optimistic Most likely Pessimistic Optimistic Most likely Pessimistic
Manager 8,000,000 đ 1 1 1 8,000,000 đ 8,000,000 đ 8,000,000 đ
Bartender & cashier 8,000,000 đ 3 2 2 24,000,000 đ 16,000,000 đ 16,000,000 đ
Treatment consultant 8,200,000 đ 2 2 1 16,400,000 đ 16,400,000 đ 8,200,000 đ
Staff manages sales apps and online platforms 5,500,000 đ 2 2 1 11,000,000 đ 11,000,000 đ 5,500,000 đ
Service & cleaning staff 6,500,000 đ 3 2 2 19,500,000 đ 13,000,000 đ 13,000,000 đ
Washing staff 5,500,000 đ 3 2 1 16,500,000 đ 11,000,000 đ 5,500,000 đ
Security 5,000,000 đ 2 2 2 10,000,000 đ 10,000,000 đ 10,000,000 đ
46,700,000 đ 16 13 10 105,400,000 đ 85,400,000 đ 66,200,000 đ
Total salaries/year 1,264,800,000 đ 1,024,800,000 đ 794,400,000 đ

In year 3, The total salary in year 1 is 1,264,800,000 VND in optimistic case,

1,024,800,000 VND in most likely case, 860,400,000 VND in pessimistic case.
HUMAN RESOURCES AND SALARIES YEAR 3 (2026)
Number of position Basic Salary expense
Job title Basic Salary
Optimistic Most likely Pessimistic Optimistic Most likely Pessimistic
Manager 8,000,000 đ 1 1 1 8,000,000 đ 8,000,000 đ 8,000,000 đ
Bartender & cashier 8,000,000 đ 3 2 2 24,000,000 đ 16,000,000 đ 16,000,000 đ
Treatment consultant 8,200,000 đ 2 2 1 16,400,000 đ 16,400,000 đ 8,200,000 đ
Staff manages sales apps and online platforms 5,500,000 đ 2 2 1 11,000,000 đ 11,000,000 đ 5,500,000 đ
Service & cleaning staff 6,500,000 đ 3 2 2 19,500,000 đ 13,000,000 đ 13,000,000 đ
Washing staff 5,500,000 đ 3 2 2 16,500,000 đ 11,000,000 đ 11,000,000 đ
Security 5,000,000 đ 2 2 2 10,000,000 đ 10,000,000 đ 10,000,000 đ
46,700,000 đ 16 13 11 105,400,000 đ 85,400,000 đ 71,700,000 đ
Total salaries/year 1,264,800,000 đ 1,024,800,000 đ 860,400,000 đ

d. Operating expenses:
Optimistic scenario: In an optimistic scenario, the operating expense is estimated to
be 2,694,856,992VND in year 1, 2,932,116,791 VND in year 2 and 3,023,108,934
VND in year 3.
 Optimistic Year 1 Year 2 Year 3
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 1,100,400,000 1,264,800,000 1,264,800,000
Electricity expense 115,758,720 133,122,528 153,090,907
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 14,256,000 16,394,400 18,853,560
Cleaning expenses 6,000,000 6,900,000 7,935,000
Equipment, supllies warranty expenses 6,000,000 6,900,000 7,935,000
Other cost 535,807,272 616,178,363 708,605,117
Total Operating expenses 2,694,856,992 2,932,116,791 3,023,108,934

In the most likely scenation, the operating expense is estimated to be 2,328,327,720

VND in year 1, 2,591,643,492 VND in year 2 and 2,663,613,541 VND in year 3.
Most Likely Year 1 Year 2 Year 3
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 794,400,000 1,024,800,000 1,024,800,000
Electricity expense 105,235,200 115,758,720 127,334,592
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 12,960,000 14,256,000 15,681,600
Cleaning expenses 6,000,000 6,600,000 7,260,000
Equipment, supllies warranty expenses 6,000,000 6,600,000 7,260,000
Other cost 487,097,520 535,807,272 589,387,999
Total Operating expenses 2,328,327,720 2,591,643,492 2,633,613,541

In pessimestic scenation, the operating expense is estimated to be 2,237,533,812

VND in year 1, 2,250,840,217 VND in year 2 and 2,336,397,564 VND in year 3.
Pessimestic Year 1 Year 2 Year 3
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 794,400,000 794,400,000 860,400,000
Electricity expense 89,449,920 96,605,914 104,334,387
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 11,016,000 11,897,280 12,849,062
Cleaning expenses 6,000,000 6,480,000 6,998,400
Equipment, supllies warranty expenses 6,000,000 6,480,000 6,998,400
Other cost 414,032,892 447,155,523 482,927,965
Total Operating expenses 2,237,533,812 2,250,840,217 2,336,397,564

4. Financial analysis:
a. Assumption for Sales growth rate:
Senario
Optimistic Most likely Pessimistic
Est. Sales growth 15% 10% 8%
As described in the table below, we estimate the sales growth to be 15% in
optimistic case, 10% in most likely case, and 8% in pessimistic case. This
expectation is based on market predictions as well as our store potential.
b. Income statement:
- Optimistic scenario:
OPTIMISTIC SCENARIO: Shop Income Statement
Year 1 - 2024 Year 2 - 2025 Year 3 - 2026
Sales
Store-in and takeaway 3,661,200,000 4,210,380,000 4,841,937,000
Delivery 8,038,800,000 9,244,620,000 10,631,313,000
Total Sales 11,700,000,000 13,455,000,000 15,473,250,000
Less: Sales commission 2,009,700,000 2,311,155,000 2,657,828,250
Net sales 9,690,300,000 11,143,845,000 12,815,421,750
COGS 2,409,474,600 2,770,895,790 3,165,304,176
Gross Profit 7,280,825,400 8,372,949,210 9,650,117,574
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 1,100,400,000 1,264,800,000 1,264,800,000
Electricity expense 115,758,720 133,122,528 153,090,907
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 14,256,000 16,394,400 18,853,560
Cleaning expenses 6,000,000 6,900,000 7,935,000
Equipment, supllies warranty expenses 6,000,000 6,900,000 7,935,000
Other costs 535,807,272 616,178,363 708,605,117
Total Operating expenses 2,694,856,992 2,932,116,791 3,023,108,934
Earnings before Interest, taxes,
depreciation, and amortization 4,585,968,408 5,440,832,419 6,627,008,640
(EBITDA)
Depreciation expense 77,660,771 77,660,771 77,660,771
Amortization expense 1,812,533 1,812,533 1,812,533
Total Depreciation & Amortization expense 79,473,305 79,473,305 79,473,305
Earnings before interest, taxes (EBIT) 4,506,495,103 5,361,359,114 6,547,535,335
Earnings before taxes (EBT) 4,506,495,103 5,361,359,114 6,547,535,335
Taxes 901,299,021 1,072,271,823 1,309,507,067
Net income (NI) 3,605,196,083 4,289,087,292 5,238,028,268

- Most likely scenario:

 MOST LIKELY SCENARIO: Shop Income Statement Yearly
Year 1 - 2024 Year 2 - 2025 Year 3 - 2026
Sales
Store-in and takeaway 3,456,000,000 3,801,600,000 4,181,760,000
Delivery 6,688,800,000 7,357,680,000.00 8,093,448,000
Total Sales 10,144,800,000 11,159,280,000 12,275,208,000
Less: Sales commission 1,672,200,000 1,839,420,000 2,023,362,000
Net sales 8,472,600,000 9,319,860,000 10,251,846,000
COGS 2,183,344,200 2,414,169,630 2,641,846,482
Gross Profit 6,289,255,800 6,905,690,370 7,609,999,518
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 794,400,000 1,024,800,000 1,024,800,000
Electricity expense 105,235,200 115,758,720 127,334,592
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 12,960,000 14,256,000 15,681,600
Cleaning expenses 6,000,000 6,600,000 7,260,000
Equipment, supllies warranty expenses 6,000,000 6,600,000 7,260,000
Other cost 487,097,520 535,807,272 589,387,999
Total Operating expenses 2,328,327,720 2,591,643,492 2,633,613,541
Earnings before Interest, taxes,
depreciation, and amortization 3,960,928,080 4,314,046,878 4,976,385,977
(EBITDA)
Depreciation expense 77,660,771 77,660,771 77,660,771
Amortization expense 1,812,533 1,812,533 1,812,533
Total Depreciation & Amortization expense 79,473,305 79,473,305 79,473,305
Earnings before interest, taxes (EBIT) 3,881,454,775 4,234,573,573 4,896,912,672
Earnings before taxes (EBT) 3,881,454,775 4,234,573,573 4,896,912,672
Taxes 776,290,955 846,914,715 979,382,534
Net income (NI) 3,105,163,820 3,387,658,859 3,917,530,138

- Pessimestic scenario:
 PESSMISTIC SCENARIO: Shop Income Statement Yearly
Year 1 - 2024 Year 2 - 2025 Year 3 - 2026
Sales
Store-in and takeaway 2,527,200,000 2,729,376,000 2,947,726,080
Delivery 5,864,400,000 6,333,552,000 6,840,236,160
Total Sales 8,391,600,000 9,062,928,000 9,787,962,240
Less: Sales commission 1,466,100,000 1,583,388,000 1,710,059,040
Net sales 6,925,500,000 7,479,540,000 8,077,903,200
COGS 1,803,115,800 1,947,365,064 2,103,154,269
Gross Profit 5,122,384,200 5,532,174,936 5,974,748,931
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 794,400,000 794,400,000 860,400,000
Electricity expense 89,449,920 96,605,914 104,334,387
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 11,016,000 11,897,280 12,849,062
Cleaning expenses 6,000,000 6,480,000 6,998,400
Equipment, supllies warranty expenses 6,000,000 6,480,000 6,998,400
Other cost 414,032,892 447,155,523 482,927,965
Total Operating expenses 2,237,533,812 2,250,840,217 2,336,397,564
Earnings before Interest, taxes,
depreciation, and amortization 2,884,850,388 3,281,334,719 3,638,351,367
(EBITDA)
Depreciation expense 77,660,771 77,660,771 77,660,771
Amortization expense 1,812,533 1,812,533 1,812,533
Total Depreciation & Amortization expense 79,473,305 79,473,305 79,473,305
Earnings before interest, taxes (EBIT) 2,805,377,083 3,201,861,414 3,558,878,062
Earnings before taxes (EBT) 2,805,377,083 3,201,861,414 3,558,878,062
Taxes 561,075,417 640,372,283 711,775,612
Net income (NI) 2,244,301,667 2,561,489,131 2,847,102,449

c. Free cash flows:

- Most likely scenario:
 MOST LIKELY SCENARIO: Restaurant Cash Flow
Year 0 - 2023 Year 1 - 2024 Year 2 - 2025 Year 3 - 2026
Cash and cash equivalents, beginning of the year (499,892,800) 2,684,744,325 6,151,876,488
Cash Inflows
Sales 10,144,800,000 11,159,280,000 12,275,208,000
Total Cash Inflows 10,144,800,000 11,159,280,000 12,275,208,000
Cash Outflows
Sales commission 1,672,200,000 1,839,420,000 2,023,362,000
COGS 2,183,344,200 2,414,169,630 2,641,846,482
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 794,400,000 1,024,800,000 1,024,800,000
Electricity expense 105,235,200 115,758,720 127,334,592
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 12,960,000 14,256,000 15,681,600
Cleaning expenses 6,000,000 6,600,000 7,260,000
Equipment, supllies warranty expenses 6,000,000 6,600,000 7,260,000
Other costs 487,097,520 535,807,272 589,387,999
Taxes expense 776,290,955 846,914,715 979,382,534
Total Cash Outflows 6,960,162,875 7,692,147,837 8,278,204,558
Net cash flow (499,892,800) 3,184,637,125 3,467,132,163 3,997,003,442
Cumulative net cash flow (499,892,800) 2,684,744,325 6,151,876,488 10,148,879,931

- Most Likely scenario:

MOST LIKELY SCENARIO: Restaurant Cash Flow
Year 0 - 2023 Year 1 - 2024 Year 2 - 2025 Year 3 - 2026
Cash and cash equivalents, beginning of the year (499,892,800) 2,684,744,325 6,151,876,488
Cash Inflows
Sales 10,144,800,000 11,159,280,000 12,275,208,000
Total Cash Inflows 10,144,800,000 11,159,280,000 12,275,208,000
Cash Outflows
Sales commission 1,672,200,000 1,839,420,000 2,023,362,000
COGS 2,183,344,200 2,414,169,630 2,641,846,482
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 794,400,000 1,024,800,000 1,024,800,000
Electricity expense 105,235,200 115,758,720 127,334,592
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 12,960,000 14,256,000 15,681,600
Cleaning expenses 6,000,000 6,600,000 7,260,000
Equipment, supllies warranty expenses 6,000,000 6,600,000 7,260,000
Other costs 487,097,520 535,807,272 589,387,999
Taxes expense 776,290,955 846,914,715 979,382,534
Total Cash Outflows 6,960,162,875 7,692,147,837 8,278,204,558
Net cash flow (499,892,800) 3,184,637,125 3,467,132,163 3,997,003,442
Cumulative net cash flow (499,892,800) 2,684,744,325 6,151,876,488 10,148,879,931

- Pessimestic:
 PESSIMISTIC SCENARIO: Restaurant Cash Flow
Year 0 - 2023 Year 1 - 2024 Year 2 - 2025 Year 3 - 2026
Cash and cash equivalents, beginning of the year (499,892,800) 1,823,882,171 4,464,844,608
Cash Inflows
Sales 8,391,600,000 9,062,928,000 9,787,962,240
Total Cash Inflows 8,391,600,000 9,062,928,000 9,787,962,240
Cash Outflows
Sales commission 1,466,100,000 1,583,388,000 1,710,059,040
COGS 1,803,115,800 1,947,365,064 2,103,154,269
Marketing expense 288,135,000 259,321,500 233,389,350
Rent expenses 624,000,000 624,000,000 624,000,000
Employee salaries 794,400,000 794,400,000 860,400,000
Electricity expense 89,449,920 96,605,914 104,334,387
Internet expense 4,500,000 4,500,000 4,500,000
Water expense 11,016,000 11,897,280 12,849,062
Cleaning expenses 6,000,000 6,480,000 6,998,400
Equipment, supllies warranty expenses 6,000,000 6,480,000 6,998,400
Other costs 414,032,892 447,155,523 482,927,965
Taxes expense 561,075,417 640,372,283 711,775,612
Total Cash Outflows 6,067,825,029 6,421,965,564 6,861,386,486
Net cash flow (499,892,800) 2,323,774,971 2,640,962,436 2,926,575,754
Cumulative net cash flow (499,892,800) 1,823,882,171 4,464,844,608 7,391,420,362