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Firm A
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XYZ
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XYZFeasibility Report
Table of Contents
Firm A
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XYZ
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2
Page No.
Executive Summary…….………………………………………………………………………………………. 3
Macro Overview……….………………………………………………………………………………………… 4
Tourism in Kenya…...………………………………………………………………………………………….... 9
Mount Kenya.....…………………………………………………………………………………………………. 14
XYZ Holiday Homes…………………………………………………………………………………................. 18
XXX………………………………………………………………………………………………. 26
Financing And Cash Flow Projections………………………………………………………………………... 30
Conclusion………………………………………………………………………………………………….......... 36
Appendix…………………………………………………………………………………………....................... 38
Firm A
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XYZ
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Kenya Macro
• Kenya displays strong macroeconomic fundamentals and strong demographics with a
young and ethnically diverse population.
• Real disposable income in Kenya is on the rise and FDI inflows are expected to strengthen
over the next five years, on the back of increased government reforms.
Tourism Growth
• Tourism in Kenya is on an upward trajectory, with the sector’s total contribution to GDP
increasing by XX% in XXXX from XXXX. High net-worth individuals are demanding more
and more luxury residences.
• A booming tourist destination, Mount Kenya offers a multitude of adventures activities and
exquisite beauty of flora and fauna, making it an attractive real estate destination.
Salient Features
of the Resort
• XYZ Holiday Homes is a mixed use residential and holiday homes with planned
development of 67 villas, 214 town houses/apartments and 75 hotel suites. Currently
owned by XXX. and its sister company, it will be managed and operated by XXX, a global
hospitality company.
• Currently, a funding of KES XX mn (USD XX mn) is being sought to complete the first
phase of construction 19 villas, of which as of date, 11 villas are contracted and 8 villas are
in inventory.
• Other major attractions include a 9 hole golf course, extensive biodiversity in the region,
various recreational activities and a boutique hotel.
Financial Viability • A robust cash flow for XYZ Holiday Homes is projected even under extreme circumstances.
4
MACRO OVERVIEW
Firm A
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2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E
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1. IMF World Economic Outlook, XXXX XXXX
2. African Economic Outlook, XXXX
3. Trading Economics
Kenya Macroeconomic Overview
Strong Macro Fundamentals
Robust GDP Growth1 Increasing GDP Per Capita (USD)1
HighlightsControlled Inflation1
• Kenya’s GDP growth has been primarily driven by
expansion in construction, manufacturing, finance and
insurance, information, communications and technology,
and wholesale and retail trade2.
• The Government has implemented relatively sound
macroeconomic policies in recent years, resulting in
stable macroeconomic fundamentals, as demonstrated
by:
o Stable and manageable inflation of under XX% in
XXXX
o Controlled fiscal deficit of under XX% in XXXX3.
2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E
2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E
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2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E
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1. IMF World Economic Outlook, XXXX XXXX
2. World Bank, World Development Indicators
3. African Economic Outlook, XXXX; Net Enrolment: The share of children of official primary school age that are enrolled in primary school; Gross enrollment: The share of children of any age that are enrolled in primary school
4. CIA World Factbook
5. Daily Nation
6. Daily Nation
Demographics
Growing Consumer Base
Stable Population Growth (mn)1 Favourable Demographics (% of Total)2
Highlights
• Population growth remains high, expected to grow at a CAGR of XX% over XXXX-X, compared to XX% in East Africa1.
• Kenya has made significant strides in achieving universal primary education. The net enrolment ratio increased from
XX% in XXXX to XX% in XXXX, while the gross enrolment ratio in XXXX amounted to XX%3.
• The literacy rate of the total population over 15 years of age, stood at XX% in XXXX and the education expenditure
stood at XX% of GDP in XXXX4.
• Kenya’s emerging middle class is wealthier than peers in developed economies such as Britain and the United States
and saves six times more than their American and British financial peers in the West5.
• The number of high-wealth Kenyans is rising rapidly, and the country is now among the top five in Sub-Saharan Africa
with a high number of dollar millionaires. It has 8,500 millionaires, the largest number in the East African region6.
42.1%
55.1%
2.8%
Ages 0-14
Ages 15-64
Ages 65 and above
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2008 2009 2010 2011 2012 2013 2014
2008 2009 2010 2011 2012 2013 20142010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E
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1. World Bank, World Development Indicators (Per Capita)
2. IMF World Economic Outlook, XXXX XXXX
3. Euromonitor
4. Biz Connect
5. Trading Economics
Consumer Spending and External Investment
Growing Consumer Spending
Growing Household Consumption (USD)1 Growing Gross National Savings (% of GDP)2
Highlights
• Kenya’s real disposable income stood at around USD
XX bn in XXXX and is expected to grow at a CAGR of
XX% over XXXX-XX3.
• Since XXXX, Kenya received 5% of Africa’s total FDI for
new projects and XX% of capital invested. As the hub of
East Africa, it has seen robust investment growth,
especially into manufacturing-led and consumer-facing
activity4:
o In XXXX, foreigners invested in at least 78 projects
including a social impact energy project where the
largest wind farm in Africa is being set up in Turkana.
Foreign Direct Investment (USD mn)1
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1. African Economic Outlook, XXXX
2. World Bank
3. World Bank Doing Business
4. Fortune of Africa – Tax Incentives
Favourable Business Environment
Monetary Policy
• The Central Bank of Kenya (CBK) has pursued prudent monetary policy stance, and has been able
to provide relative stability in domestic prices and exchange rate since XXXX.
• To control inflation, the CBK retained the central bank rate of XX% between May XXXX and March
XXXX.
• The lending rate was reduced from XX% in XXXX XXXX to XX% in XXXX XXXX1.
Ease of Doing
Business
• Kenya has a relatively market-friendly business environment, due to strong financial inclusion and
small-business access to credit.
• The country ranked 108th out of 189 economies in the World Bank Doing Business XXXX ranking,
which is an improvement of 21 positions from XXXX2.
Reforms
• The Government has mainly focused on bureaucratic and fiscal reforms, and has been able to
bring down corruption in the country’s public sector.
• It has also focused on business reforms and has taken steps to make the process of starting a
business, getting credit and electricity and registering property easier, especially for small and
medium businesses3.
• In XXXX, the Government undertook VAT and other taxation reforms, leading to higher revenues1.
Taxation
• The Government is providing a wide range of tax incentives to businesses to attract greater levels
of Foreign Direct Investments into the country and exports.
• It is granting tax incentives in the form of enhanced investment deductions and allowance
structured according to lead and priority sectors which include agriculture, agro based industries,
manufacturing, mining4.
• Tax incentives for real estate are available in the form of tax breaks, remissions and allowances.
9
TOURISM IN KENYA
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Tourism Industry on a Growth Trajectory
Overview
• Kenya’s tourism sector has been negatively affected by the country’s economy and terrorist
attacks in recent years.
• President Uhuru Kenyatta is expected to drive the growth of the country's tourism industry and
tackle challenges in the sector, since he was a former chairman of the Kenya Tourism Board.
• In XXXX XXXX, the Government announced a number of plans to boost tourism, including the
lifting of visa fees for children younger than 16, extending incentive packages for charter
operations and lowering entrance fees to national parks.
Key Developments
• Kenya is known for its safari holidays, coastal resorts & well-developed tourism infrastructure. It
enjoys the status of a safe destination with good facilities for the risk-averse travellers.
• It is one of the more diversified tourism markets in Africa, attracting visitors across the globe,
making the hotel industry a lucrative market for investors. A number of prominent international
hospitality chains operate in Kenya.
• The sector’s total contribution to GDP, including both direct & indirect activity, was over USD XX
bn in XXXX, around XX% of GDP, a XX% increase from XXXX (USD XX bn, XX% of GDP)1.
• The tourism industry is the third biggest foreign exchange earner for Kenya, behind tea exports &
remittances from Kenyans living abroad.
Government Initiatives
• In XXXX XXXX, Kenya was voted the world's leading safari destination at the World Travel
Awards, a recognition that could boost the tourism sector.
• The Masaai Mara National Reserve won a World Travel Award in XXXX for being Africa's leading
National Park, and Diani Beach won Africa's leading beach destination.
• The Government is investing heavily in air travel, and there have been talks about further
increasing Kenya's air links, with the country expecting the start of direct flights to and from the
United States, possibly by XXXX XXXX.
1. Oxford Business Group
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2015E 2016E 2017E 2018E 2019E 2020E2014E 2015E 2016E 2017E 2018E 2019E 2020E
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1. Kenya Tourism Report, BMI Research, XXXX XXXX
Kenya – Travel and Tourism Industry Forecasts
Increasing Tourist Arrivals Contributing to Growth
International Tourism Receipts (KES bn)1 Tourist Arrivals (‘XXX)1
Highlights
• Inbound tourism is forecast to grow from XXXX. Over the long term this growth will increase at a faster pace than
previously expected, with total arrivals projected to hit XX mn by XXXX1.
• High-end travelers are increasingly seeing Kenya as a favoured tourism destination, which is expected to boost tourism
receipts and arrivals after XXXX.
• The Kenyan Tourism Board (KTB) is working on a USD XX mn global tourism campaign, targeting markets in Asia,
Europe, Africa and the US. It has also recently identified regional markets such as Ghana and Nigeria as potential
source markets and has been working on promotional campaigns to boost their interest. These steps are expected to
help the sector recover after the recent years of decline1.
• Europe is set to remain the largest regional source market for Kenya, with 316,650 arrivals expected in XXXX. North
America is the second largest, with 294,190 arrivals expected in XXXX1.
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Kenya – Hospitality Industry
Luxury Accommodation Sector Showing Positive Signs
Hotel and Restaurant Industry Value (KES bn)1 Luxury Hotel Market
Highlights
• Hotel industry investors are finding room for growth in the luxury accommodation sector, particularly in Nairobi's
business district, as seen by recent expansions by major international chains. More low-cost chains are looking to
expand outside of the capital, with Asian hotel chains showing particular interest.
• In XXXX, 870 hotels and establishments were present in Kenya, expected to increase by XX% to 910 in XXXX. There
are a number of hotel chains planning to enter the market (or expand their presence)1.
• Most international hotel groups are located in Nairobi and cater to the business traveller market, while smaller domestic
groups dominate the safari and wildlife markets.
• By XXXX, the higher number of inbound tourists will push international tourism receipts up, to KES XX bn.
2014E 2015E 2016E 2017E 2018E 2019E 2020E
• International hotel chains are continuing to expand into
the market, focused on attracting business and higher-
income leisure travellers, reflecting the growing demand
for luxury accommodation in Kenya.
• Kenya is beginning to be seen as a preferred destination
for high-end travellers. As international receipts are
expected to grow during XXXX-XX, it is important to
consider the rise of the luxury tourism market in Kenya
and the growing demand for luxury resorts.
1. Kenya Tourism Report, BMI Research, XXXX XXXX
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Luxury Real Estate Attracting Increased Investments
• Kenya was upgraded to middle-income status last year by the World Bank, following a
recalculation of its GDP.
• Kenya’s attractiveness as an investment destination for luxury properties is driven by:
o a burgeoning middle and upper middle class that is demanding western-style goods.
o increase in the number of foreign investors coming to the country and requiring high-end
living spaces.
o attractive returns in the luxury homes space.
Real Estate
Investment
Overview
• Kenya dominates the East African property market because of its stability and investment
opportunities.
• A recent positive development in the country’s real estate sector is the implementation of the Real
Estate Investment Trust (REITs) structure and tax dispensation for companies, indicating that the
listed property market in the country has developed markedly over the past few years.
• From here on, more REITs are expected to list on the Nairobi Stock Exchange.
• Mixed-use developments have entered into the market, with the construction of several malls. The
growing middle class, willing to pay premium prices for quality goods and services, has driven the
development of these mixed-use complexes.
Luxury Real
Estate
• Prices of high-end homes in Kenya rose by XX% in XXXX from the marginal XX% in XXXX1.
• The two major factors that supported this growth were:
o luxury homes considered to be an attractive investment by high net-worth individuals after
other investment classes such as equities underperformed.
o demand outstripping supply for luxury homes1.
• Kenya has a mixed market, predominately attracting tourists through its beaches and safari
offerings as well as business travellers, principally to Nairobi.
1. Cytonn Investments
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MOUNT KENYA
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• Mount Kenya is an extinct volcano that lies immediately south of the
Equator. The second highest mountain in Africa after Kilimanjaro, it is
located in central Kenya, about 16.5 kilometre south of the equator, and
150 km north-northeast of Nairobi.
• The highest peaks of the mountain are Batian (5,199 metre), Nelion
(5,188 metre) and Point Lenana (4,985 metre).
• Mount Kenya is the main water catchment area for two large rivers in
Kenya: the Tana, which is the largest river in Kenya, and the Ewaso Ngiro
River. The ecosystem provides water for over 2 million people.
• There are several retreating glaciers on Mount Kenya. In less than 30
years the mountain may be completely free of ice.
• The mountain houses ecological diversity with 81 species of plants found
nowhere else in the world.
• Among the wildlife sighted in the forest zone is buffalo, elephant, sykes
monkey, bushbuck, hyena, leopard, buffalo and civet cats.
• The mountain has a typical equatorial mountain climate with large daily
temperature fluctuations.
• The mountain receives direct sunlight which causes the temperatures to
rise quickly during the day. At night, the sky is usually clear with winds
blowing down the valleys.
Mount Kenya Houses a Variety of Flora and Fauna
1. Kenya Tourism Report, BMI Research, XXXX XXXX
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• The mountain attracts over 30,000 enthusiasts every year1. While Lenana
can be reached by any reasonably fit person, the twin peaks of Batian and
Nelion are accessible to only those with technical mountaineering and
rock climbing experience.
• Mount Kenya is in fact considered to be more technically challenging than
the higher Kilimanjaro (5,894 metre).
• Hotels, lodges and tented camps have proliferated all around the
mountain in the last fifty years, providing base accommodation for
mountaineers and for other tourists.
• The Mount Kenya National Park protects the region surrounding the
mountain and is a UNESCO Biosphere Reserve. The national park and the
forest reserve, combined, became a UNESCO World Heritage Site in
XXXX. The park attracts over 16,000 visitors each year2.
• Although hiking and mountaineering are popular here, wildlife viewing and
bird watching are also popular activities at the park. About 340 species of
birds can be seen here.
• The National Park’s major attractions include wilderness, lakes, tarns,
glaciers, geological variety, forest, mineral springs, rare and endangered
species of animals, alpine vegetation with 11 species of endemic plants.
The Region Offers Plenty of Tourist Attractions
1. Kenya Travel Ideas
2. Primary Facts
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LogoMount Kenya - Nanyuki
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Attractive Tourist Destination with Proximity to Nairobi
Overview
• The town of Nanyuki, which is about 190 km north of Nairobi by rail, lies at the northwestern foot of
the mountain.
• The climate in this region is sought to be the best in Kenya, enjoying a temperature range of 10°C-
28°C and an average rainfall of 68 mm.
• The development site is located 24 km from Nanyuki and is easily accessible by road and by air.
• There is also a local airport at Nanyuki, a 20 minutes’ drive from the site which is served by daily
domestic flights from Wilson Airport, which takes about 35 minutes from Nairobi.
Tourism and
Competition
• One of the most popular tourist attractions in Nanyuki is Mount Kenya National park at the heart of
Mount Kenya. It houses wilderness with lakes, tarns, glaciers and dense forests.
• Ol Jogi Wildlife Conservancy is located in the heart of Nanyuki, Laikipia and has a magnificent
wildlife and stunning scenery.
• In Nanyuki, a strong competitor is the Fairmont Mt. Kenya Safari Club that serves the same market
segment. The hotel offers a total of 120 rooms and charges over USD 300 per night for double
occupancy.
Real Estate
• The Nanyuki Mall is in the heart of the town and rents out spaces at KES 140 per square foot.
Other buildings coming up in the vicinity sell at an average of KES 60 to 80 per square foot1.
• Land prices increase as one gets nearer the town. Further from the town, an acre of land can go
for anything between KES XX to KES XX mn, while nearer the town an acre fetches between KES
XX mn to KES XX mn1.
• New developers flocking the area have seen land prices rise as much as ten-fold, with an eighth-
acre selling at between KES 700,000 and KES XX mn in XXXX from KES XX in XXXX2.
• Many holiday home developments have come up, spurred by demand from expatriates, foreign
buyers and wealthy Kenyans.
1. Minto Real Estates
2. Star Kenya
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XYZ HOLIDAY HOMES
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XYZ Holiday Homes
123-acre Holiday Homes and Golf Resort
• A mixed use residential, holiday homes and golf resort located in the foothills of Mount Kenya offering outstanding
natural beauty with spectacular views of preserved natural forest areas in Central Kenya.
• The development site is located 24 km from Nanyuki and consists of a triangular plot of approximately 123 acres of
gently undulating and sloping well drained land.
• The outstanding beauty of Mount Kenya and the easy access to the site location are excellent selling features which will
appeal to an international audience.
• The project offers 3 and 4 bedroom apartments giving owners value for their investment and residents a luxury break
from the everyday. Other recreational facilities include restaurants, villa spa, golf club house, gym, swimming pool and
car park.
• The property is owned by XXX Ltd and its sister company XXX. It will be operated and managed by XXX, a global
hospitality company catering to business and leisure travellers.
• The Company is seeking a funding of KES XX mn (USD XX mn) to complete the first phase of construction of 13 Batian
and 6 Nelion villas, of which, as of date, 11 villas are contracted and 8 villas are in inventory.
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Overview
• Spectacular views of Mount Kenya and The Aberdare.
• Traditional safari and lifestyle activities such as bird watching, bush spa, etc.
• A nine hole international standard ‘Executive Golf Course’.
• Club House, ample parking and Helipad.
• High quality boutique hotel with leisure facilities such as a gym, swimming pool and spa.
• Abundant natural reserve with animal attractions such as zebra, ostriches, etc.
Key Attractions
• A total of 123 acres divided into:
o 17 acres for the nature reserve.
o 50 acres for the golf course, the hotel and roads, car parking etc.
o 56 acres for development of apartments and villas.
• 67 3-4 bedroom villas for sale, each on their own self-contained plot of 0.5 acre, and up to
214 town houses/apartments.
• Boutique hotel with initial capacity of 75 suites.
About the Site
Accessibility
• Nestled at the heart of Mount Kenya, the largest mountain in Kenya and the second
largest mountain in Africa.
• Located approximately XX km by road from XXX, taking XX hours to reach from Nairobi
CBD.
• Also, it is located only 15 minutes away from XXX with 20-minute flights from XXX.
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XYZ Holiday Homes
3 and 4 Bedroom Units with Exquisite Natural Beauty
Batian Design Lenana DesignNelion Design
• Batian is a 4 bedroom holiday
home. It comes with elegant
interiors and contrasting textures
which makes the luxury home
characterful.
• It provides a 262 square meter
vintage country style décor
against the backdrop of Mount
Kenya.
• Lenana is the 3 bedroom 200
square meter home styled
offering with exposed beams,
wooden floors and rustic
exteriors.
• A distinguishing feature about
Lenana is its fireplace in the
master bedroom providing for
perfect evenings.
• Nelion is a 240 square meter 4
bedroom home offering rustic
exteriors and fine finishing.
• Its wood-clad ceilings and rustic
stone walls create a mountain
lodge appeal. It also has a double
vault window in the living room.
• Nelion owners will enjoy views
and open spaces.
Home owners at XYZ Holiday Homes & Golf Resort have a selection of 3 beautiful house designs to pick
from; Grand Batian, Exquisite Nelion and Cozy Lenana.
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Exclusive Facilities Offered
A Golfer’s Dream
• The golf course is set in the valley between Mount Kenya and The
Aberdares.
• A 9 hole golf course, with double tees, enabling 18 holes to be played.
• International standard Bent grass greens have been established and will
provide some of the finest putting surfaces in the country.
• The construction is complete and the course is due to open in XXXX.
• The gold club the golf club will have its own changing rooms, pro shop and
an equipment storage area.
Biodiversity
• Lush green forests, mountains, sapphire lakes and meadows awash with
wildflowers of Mount Kenya create a beautiful landscape and experience
for the home owners.
• It is home to over 100 species of birds and wildlife.
• At its centre, the site incorporates a natural reserve of 17 acres fully
fenced with indigenous species such as zebra, gazelle, dik diks, ostrich as
well as a range of birds.
• This nature reserve is supported by the Kenyan Wildlife Service and
enhances the green and ecological attributes of the development.
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Recreational Activities
• XYZ Holiday Homes, will offer a wide array of lifestyle options to relax,
refresh and rejuvenate the mind.
• Lifestyle options will include health spa situated in the forest, gym, sauna
& steam facilities, picnic and recreational facilities and indoor sports and
games facilities.
• Inhabitants can also enjoy various recreational activities such as catch and
release fishing at the dam, nature walks amongst the wildlife and bird
watching, cozy log fires, camping, and jogging at 2,000 m above sea level.
Provision for Boutique Hotel
• The Company has now acquired further land on the south-east boundary
of the site for the hotel.
• The new location enables a stand-alone hotel to be constructed with
attractive views of Mount Kenya and the wildlife conservatory.
• Its location will also ensure easier access and management of the town
house and apartment accommodation, with better operational access to
the outdoors areas earmarked for weddings and other functions.
• Initial plan for the hotel is 75 suites.
Exclusive Facilities Offered
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XYZ Holiday Homes
Competitive Properties
This is a first of its kind property in the region combining hotel, luxury homes, conservancy with animals
and golf courses, giving it a competitive edge over other properties.
XXX Club
• Located approximately 20km from XYZ HolidayHomes, XXX Club is a 15-minute drive from theNanyuki Airport.
• Has a 9 hole golf course, abar and offers a wide rangeof cuisines.
• It has a total of 120 rooms1.
XXX Lodge
• XXX Lodge is located on aprivate wildlife sanctuary, XXXreserve, between Mount Kenyaand Aberdare Mountains,directly north of Nairobi.
• It is home to a diversepopulation of wildlife, includingboth black and white rhino andis few minutes drive from XYZHoliday Homes.
• It is a small and intimate campwith only six rooms2.
XXX Lodge
• XXX lodge is located in theXXX Group Ranch in thenorth of Lewa WildlifeConservancy, north-west ofNanyuki.
• It has 6 individual cottages,which can hold a maximumcapacity of 17 guests3.
• The lodge offers guests avariety of activities – culturalvisits to villages on foot orby camel, swimming, gamedrives, sundowners.
1. Booking.com
2. Go2Africa
3. Eco Tourism Kenya
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Current Status
• XXX, a global hospitality company, and XYZ Holiday HomesLtd. have announced their
commitment by signing a MoU on XXth XXX, XXXX.
• As per the agreement, they will co-develop a resort with a total of 67 villas, 214
apartments and townhouses and a 75 suite hotel.
• The deal is in the final stage and is expected to be finalized by mid XXXX. The project will
then be called XXX XYZ Holiday Homes.
XXX Partnership
• The project operates on a build and transfer model whereby deposits are collected from
the home owners and then constructed by the developer.
• Phase One of the project started in the XXXX for the construction of 19 homes (6 Nelion
and 13 Batian).
• Each house is at a different stage of completion. 11 houses are under contract and 8 are
held as inventory for resale.
Development
Status
Increasing
Demand and
Prices
• Increasing demand has resulted in an increase in prices – recent sale at KES XX mn, a
12% increase from the first contract at KES XX mn.
• The recently announced partnership with XXX will lead to global branding and international
quality of facilities and services.
• This combined with the increase in demand for luxury homes and foreign visitors in Mount
Kenya will further drive demand and prices –expected to increase to upto KES XX mn.
The partnership with XXX will result in a global brand recognition, international quality standards driving
demand for XYZ Holiday Homes.
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XXX
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XXX
A Hospitality Company with Swiss Values at its Core
• The XXX Hospitality Commons is a global hospitality company catering to the up scale to upper up scale market for
business and leisure travellers. Its international services center is located in Ras Al Khaimah, UAE, which gives the
Company easy access to fast developing markets.
• The Company is centered on Swiss values and believes that it needs to strive to involve these values in its own
initiatives, as well as in the member hotels of the XXX Hotels & Resorts and the hotels operated by the Company.
• XXX envisions to expand globally via strategic co-operations and alliances. It has signed several co-operations across
the globe in more than 50 countries:
Asia (Greater China, Southern Asia).
Africa (Western and Eastern Africa).
Middle East and North Africa.
Europe (Southern, central and Northern).
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XXX
Brands and Concepts
The Brands
Food and
Beverage
Meetings and
Events, Leisure
Loyalty Program
XXX’s portfolio of own brands and partnerships.
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XXX
Advantages of XXX
High level of prestige, trust and experience in the market.
Powerful global distribution and revenue management systems.
Advanced sales, marketing and social media initiatives undertaken.
Continuous support and customized services to its partners which includes extensivecommercial and operational business support sessions.
Global team of professionals with local expertise enhancing the output.
Flexible design capable to adapt to a range of site needs, constraints and geographiclocations.
Appealing existing portfolio of hotels and food and beverage.
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FINANCING AND CASH FLOW PROJECTIONS
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Financing
Financing to Help Fast Track Completion
Financing
• The Company is seeking a funding of KES XX mn (USD XX mn) to complete the first phase of construction of 13 Batian
and 6 Nelion villas, of which, as of date, 11 villas are contracted and 8 villas are in inventory.
• The homes are for sale, and can either be used for residential or rental purposes, which adds to their value in terms of
both an investment and a fulfilling living experience. The rental and leasing out process will be managed by XXX to
maximize rental income for home owners.
• Financing is required to fast track development and overcome the challenges of erratic payments and cash flow
constraints.
• The Company has financed KES XX mn so far. Mr X has financed an additional KES XX mn for the golf course, dam,
irrigation, electric fence and generator.
Balance Sheet – as at XX XXXX XXXX (KES mn)
Equity Bank Deposits Payments
Presales XX Contractor payments XX
Owner Equity XX Management expenses XX
Consultant payments XX
Government taxes XX
Bank charges XX
Total Bank Deposits XX Total Payments XX
Bank Balance: XX
Phase 1 Cost Summary (KES mn)
Phase
1A XX
1B XX
1C XX
Total XX
Certificates Presented* XX
Balance to Complete XX
*Refer to Appendix II for detailed breakup; The total contractor’s certificates received is KES XX mn and the total paid is KES XX mn.
Note: In addition to the cash deposits of KES XX mn, the owner has built the golf course entirely from his personal cash amounting to
approximately KES XX mn, which brings the total equity to KES XX mn. The costs exclude cost of land.
Firm A
Logo
XYZ
Logo
32
Cash Flow Projections
Base Case – Interest Rate XX%
Month
(in KES mn) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Total
Cash Inflows
Houses on sale - 12.4 11.5 44.0 8.3 30.0 8.3 4.3 8.3 4.3 9.8 2.1 - - - - - - - - - - - - 143.0
Inventory houses - - - - - 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 - - - - - - - - - - 252.0
Golf club inflows - - - 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 8.8
Loan draw down - 30.0 30.0 20.0 30.0 25.0 25.0 10.0 20.0 10.0 - - - - - - - - - - - - - - 200.0
Total Cash Inflows - 42.4 41.5 64.1 38.4 83.2 61.5 42.5 56.6 42.6 38.1 30.5 28.4 28.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 603.8
Cash Outflows
Contractors payment - - 34.4 35.6 24.6 35.6 29.5 28.5 14.8 25.1 6.2 17.3 6.2 13.9 6.2 9.6 - - - - - - - -
Unpaid bills - 12.6 - - - - - - - - - - - - - - - - - - - - - - 12.6
Office expenses 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2.4
Payments to consulants - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 24.0
Interest paid - - 0.4 0.8 1.1 1.5 1.8 2.1 2.3 2.5 2.7 2.7 2.7 2.4 2.1 1.9 1.6 1.3 1.1 0.8 0.5 0.3 - - 32.5
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - - 200.0
Total Cash Outflows 0.1 12.7 37.9 36.5 25.8 40.2 31.4 30.8 20.2 27.7 9.0 23.1 29.0 36.4 31.4 31.6 21.7 24.4 21.2 20.9 23.6 20.4 0.1 3.1 271.5
Surplus / Deficit (0.1) 29.7 3.5 27.5 12.6 43.0 30.1 11.8 36.3 14.9 29.2 7.4 (0.6) (7.9) (31.0) (31.1) (21.2) (23.9) (20.6) (20.3) (23.0) (19.7) 0.6 (2.4)
Balance b/f 9.0 8.9 38.6 42.2 69.7 82.3 125.3 155.4 167.1 203.5 218.4 247.5 255.0 254.4 246.5 215.5 184.4 163.2 139.3 118.7 98.4 75.3 55.6 56.1
Bank Balance c/f 8.9 38.6 42.2 69.7 82.3 125.3 155.4 167.1 203.5 218.4 247.5 255.0 254.4 246.5 215.5 184.4 163.2 139.3 118.7 98.4 75.3 55.6 56.1 53.7
Loan
Loan drawdown - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - - - - - - - - - - - - -
Interest @ 16% - - (0.4) (0.8) (1.1) (1.5) (1.8) (2.1) (2.3) (2.5) (2.7) (2.7) (2.7) (2.4) (2.1) (1.9) (1.6) (1.3) (1.1) (0.8) (0.5) (0.3) - -
Interest paid - - 0.4 0.8 1.1 1.5 1.8 2.1 2.3 2.5 2.7 2.7 2.7 2.4 2.1 1.9 1.6 1.3 1.1 0.8 0.5 0.3 - -
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Net position - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Loan Balance - (30.0) (60.0) (80.0) (110.0) (135.0) (160.0) (170.0) (190.0) (200.0) (200.0) (200.0) (180.0) (160.0) (140.0) (120.0) (100.0) (80.0) (60.0) (40.0) (20.0) - - -
In the base case scenario, the Company will generate a cash flow surplus of KES XX mn in XXX years.
Firm A
Logo
XYZ
Logo
33
Cash Flow Projections
Scenario 1 – One Month Sales Delay
Month
(in KES mn) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Total
Cash Inflows
Houses on sale - 12.4 11.5 44.0 8.3 30.0 8.3 4.3 8.3 4.3 9.8 2.1 - - - - - - - - - - - - 143.0
Inventory houses - - - - - 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 - - - - - - - - - - 252.0
Golf club inflows - - - 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 8.8
Loan draw down - 30.0 30.0 20.0 30.0 25.0 25.0 10.0 20.0 10.0 - - - - - - - - - - - - - - 200.0
Total Cash Inflows - 42.4 41.5 64.1 38.4 83.2 61.5 42.5 56.6 42.6 38.1 30.5 28.4 28.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 603.8
Cash Outflows
Contractors payment - - 34.4 35.6 24.6 35.6 29.5 28.5 14.8 25.1 6.2 17.3 6.2 13.9 6.2 9.6 - - - - - - - -
Unpaid bills - 12.6 - - - - - - - - - - - - - - - - - - - - - - 12.6
Office expenses 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2.4
Payments to consulants - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 24.0
Interest paid - - 0.4 0.8 1.1 1.5 1.8 2.1 2.3 2.5 2.7 2.7 2.7 2.4 2.1 1.9 1.6 1.3 1.1 0.8 0.5 0.3 - - 32.5
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - - 200.0
Total Cash Outflows 0.1 12.7 37.9 36.5 25.8 40.2 31.4 30.8 20.2 27.7 9.0 23.1 29.0 36.4 31.4 31.6 21.7 24.4 21.2 20.9 23.6 20.4 0.1 3.1 271.5
Surplus / Deficit (0.1) 29.7 3.5 27.5 12.6 43.0 30.1 11.8 36.3 14.9 29.2 7.4 (0.6) (7.9) (31.0) (31.1) (21.2) (23.9) (20.6) (20.3) (23.0) (19.7) 0.6 (2.4)
Balance b/f 9.0 8.9 38.6 42.2 69.7 82.3 125.3 155.4 167.1 203.5 218.4 247.5 255.0 254.4 246.5 215.5 184.4 163.2 139.3 118.7 98.4 75.3 55.6 56.1
Bank Balance c/f 8.9 38.6 42.2 69.7 82.3 125.3 155.4 167.1 203.5 218.4 247.5 255.0 254.4 246.5 215.5 184.4 163.2 139.3 118.7 98.4 75.3 55.6 56.1 53.7
Loan
Loan drawdown - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - - - - - - - - - - - - -
Interest @ 16% - - (0.4) (0.8) (1.1) (1.5) (1.8) (2.1) (2.3) (2.5) (2.7) (2.7) (2.7) (2.4) (2.1) (1.9) (1.6) (1.3) (1.1) (0.8) (0.5) (0.3) - -
Interest paid - - 0.4 0.8 1.1 1.5 1.8 2.1 2.3 2.5 2.7 2.7 2.7 2.4 2.1 1.9 1.6 1.3 1.1 0.8 0.5 0.3 - -
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Net position - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Loan Balance - (30.0) (60.0) (80.0) (110.0) (135.0) (160.0) (170.0) (190.0) (200.0) (200.0) (200.0) (180.0) (160.0) (140.0) (120.0) (100.0) (80.0) (60.0) (40.0) (20.0) - - -
The company will generate a Cash flow surplus of KES XX mn over XX years, with XX month delay in
sales.
Firm A
Logo
XYZ
Logo
34
Cash Flow Projections
Scenario 2 - Two Months Sales Delay
Month
(in KES mn) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Total
Cash Inflows
Houses on sale - 12.4 11.5 44.0 8.3 30.0 8.3 4.3 8.3 4.3 9.8 2.1 - - - - - - - - - - - - 143.0
Inventory houses - - - - - - 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 - - - - - - - - - 252.0
Golf club inflows - - - 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 8.8
Loan draw down - 30.0 30.0 20.0 30.0 25.0 25.0 10.0 20.0 10.0 - - - - - - - - - - - - - - 200.0
Total Cash Inflows - 42.4 41.5 64.1 38.4 55.2 61.5 42.5 56.6 42.6 38.1 30.5 28.4 28.4 28.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 603.8
Cash Outflows
Contractors payment - - 34.4 35.6 24.6 35.6 29.5 28.5 14.8 25.1 6.2 17.3 6.2 13.9 6.2 9.6 - - - - - - - -
Unpaid bills - 12.6 - - - - - - - - - - - - - - - - - - - - - - 12.6
Office expenses 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2.4
Payments to consulants - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 24.0
Interest paid - - 0.4 0.8 1.1 1.5 1.8 2.1 2.3 2.5 2.7 2.7 2.7 2.4 2.1 1.9 1.6 1.3 1.1 0.8 0.5 0.3 - - 32.5
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - - 200.0
Total Cash Outflows 0.1 12.7 37.9 36.5 25.8 40.2 31.4 30.8 20.2 27.7 9.0 23.1 29.0 36.4 31.4 31.6 21.7 24.4 21.2 20.9 23.6 20.4 0.1 3.1 271.5
Surplus / Deficit (0.1) 29.7 3.5 27.5 12.6 15.0 30.1 11.8 36.3 14.9 29.2 7.4 (0.6) (7.9) (3.0) (31.1) (21.2) (23.9) (20.6) (20.3) (23.0) (19.7) 0.6 (2.4)
Balance b/f 9.0 8.9 38.6 42.2 69.7 82.3 97.3 127.4 139.1 175.5 190.4 219.5 227.0 226.4 218.5 215.5 184.4 163.2 139.3 118.7 98.4 75.3 55.6 56.1
Bank Balance c/f 8.9 38.6 42.2 69.7 82.3 97.3 127.4 139.1 175.5 190.4 219.5 227.0 226.4 218.5 215.5 184.4 163.2 139.3 118.7 98.4 75.3 55.6 56.1 53.7
Loan
Loan drawdown - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - - - - - - - - - - - - -
Interest @ 16% - - (0.4) (0.8) (1.1) (1.5) (1.8) (2.1) (2.3) (2.5) (2.7) (2.7) (2.7) (2.4) (2.1) (1.9) (1.6) (1.3) (1.1) (0.8) (0.5) (0.3) - -
Interest paid - - 0.4 0.8 1.1 1.5 1.8 2.1 2.3 2.5 2.7 2.7 2.7 2.4 2.1 1.9 1.6 1.3 1.1 0.8 0.5 0.3 - -
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Net position - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Loan Balance - (30.0) (60.0) (80.0) (110.0) (135.0) (160.0) (170.0) (190.0) (200.0) (200.0) (200.0) (180.0) (160.0) (140.0) (120.0) (100.0) (80.0) (60.0) (40.0) (20.0) - - -
With a XX month delay in sales, the Company would comfortably pay down the loan as per terms.
Firm A
Logo
XYZ
Logo
Scenario 3 - Interest Rate Spike to XX% With Two Months Sales Delay
35
Cash Flow Projections
Month
(in KES mn) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Total
Cash Inflows
Houses on sale - 12.4 11.5 44.0 8.3 30.0 8.3 4.3 8.3 4.3 9.8 2.1 - - - - - - - - - - - - 143.0
Inventory houses - - - - - - - 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0 - - - - - - - - 252.0
Golf club inflows - - - 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 8.8
Loan draw down - 30.0 30.0 20.0 30.0 25.0 25.0 10.0 20.0 10.0 - - - - - - - - - - - - - - 200.0
Total Cash Inflows - 42.4 41.5 64.1 38.4 55.2 33.5 42.5 56.6 42.6 38.1 30.5 28.4 28.4 28.5 28.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 603.8
Cash Outflows
Contractors payment - - 34.4 35.6 24.6 35.6 29.5 28.5 14.8 25.1 6.2 17.3 6.2 13.9 6.2 9.6 - - - - - - - -
Unpaid bills - 12.6 - - - - - - - - - - - - - - - - - - - - - - 12.6
Office expenses 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2.4
Payments to consulants - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 - - 3.0 24.0
Interest paid - - 0.6 1.1 1.5 2.0 2.5 2.9 3.1 3.5 3.7 3.7 3.7 3.3 2.9 2.6 2.2 1.8 1.5 1.1 0.7 0.4 - - 44.6
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - - 200.0
Total Cash Outflows 0.1 12.7 38.1 36.8 26.2 40.8 32.1 31.6 21.1 28.6 10.0 24.1 30.0 37.3 32.2 32.3 22.3 24.9 21.6 21.2 23.8 20.5 0.1 3.1 283.6
Surplus / Deficit (0.1) 29.7 3.4 27.2 12.2 14.4 1.4 11.0 35.5 13.9 28.2 6.4 (1.6) (8.8) (3.8) (3.8) (21.8) (24.4) (21.0) (20.6) (23.2) (19.8) 0.6 (2.4)
Balance b/f 9.0 8.9 38.6 42.0 69.2 81.5 95.9 97.3 108.2 143.7 157.7 185.8 192.3 190.7 181.9 178.1 174.3 152.5 128.1 107.1 86.5 63.2 43.4 44.0
Bank Balance c/f 8.9 38.6 42.0 69.2 81.5 95.9 97.3 108.2 143.7 157.7 185.8 192.3 190.7 181.9 178.1 174.3 152.5 128.1 107.1 86.5 63.2 43.4 44.0 41.5
Loan
Loan drawdown - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - - - - - - - - - - - - -
Interest @ 22% - - (0.6) (1.1) (1.5) (2.0) (2.5) (2.9) (3.1) (3.5) (3.7) (3.7) (3.7) (3.3) (2.9) (2.6) (2.2) (1.8) (1.5) (1.1) (0.7) (0.4) - -
Interest paid - - 0.6 1.1 1.5 2.0 2.5 2.9 3.1 3.5 3.7 3.7 3.7 3.3 2.9 2.6 2.2 1.8 1.5 1.1 0.7 0.4 - -
Principal repaid - - - - - - - - - - - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Net position - (30.0) (30.0) (20.0) (30.0) (25.0) (25.0) (10.0) (20.0) (10.0) - - 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 - -
Loan Balance - (30.0) (60.0) (80.0) (110.0) (135.0) (160.0) (170.0) (190.0) (200.0) (200.0) (200.0) (180.0) (160.0) (140.0) (120.0) (100.0) (80.0) (60.0) (40.0) (20.0) - - -
The Company will generate a cash flow surplus of KES XX mn over XX years, at higher interest rates
and XX months delay in sales.
36
CONCLUSION
Firm A
Logo
XYZ
LogoConclusion
37
XYZ Holiday Homes is a Promising Investment Opportunity
• Mount Kenya attracts over 30,000 enthusiasts every year owing to favourable climate and beautiful
landscapes.
• Located at the foothills of Mount Kenya, XYZ Holiday Homes offers homes with natural beauty with
spectacular views of preserved natural forest areas in Central Kenya.
• The outstanding beauty of Mount Kenya and the easy access to the site location by air and road
are excellent selling features which will appeal to an international audience.
Strong Financials
• Kenya’s economy has experienced a strong GDP growth and increase in household consumption.
• The number of high-wealth Kenyans is rising rapidly, and the country is now among the top five in
Sub-Saharan Africa with a high number of dollar millionaires.
Strong Macro-
economic Landscape
Growing Tourism
Industry
• Kenya is beginning to be seen as a preferred destination for high-end travelers with total tourist
arrivals projected to increase to from XX mn in XXXX to XX mn in XXXX
• The hotel and restaurant industry is expected to grow at a CAGR of XX% from XXXX to XXXX
• XYZ Holiday Homes, a one of its kind offering a combination of luxury homes, golf course and hotel
suites, has a competitive advantage in the region.
• Along with 3 beautiful house designs with its own unique characteristics, it offers various exclusive
attractions such as a nine hole international standard golf course, traditional safari and lifestyle
activities, high quality boutique hotel and abundant natural reserve of flora and fauna.
Favourable Location
• XXX, having managed a vast portfolio of hotels and various brands worldwide, will bring high level
of prestige, trust and experience in the market, resulting in global branding for XYZ Holiday Homes
• It offers powerful global distribution and revenue management system and advanced sales,
marketing and social media techniques.
Competitive
Attractions
• A strong positive cash flow is projected ensuring debt servicing even under extreme scenarios.
• As of date, all expenses have been financed through equity and money raised from deposits and no
debt has been raised.
XXX Advantage
38
APPENDIX
Firm A
Logo
XYZ
Logo
39
Appendix I - Site Map
Strategically Located and Easily Accessible Homes
XYZ Holiday Homes is located at the heart of Kenya in the valley between the beautiful Mount Kenya and The Aberdare
ranges. It is well connected by air and road, providing ease of access.
Map of XYZ Holiday
Homes
Firm A
Logo
XYZ
Logo
40
Appendix II - Phase 1 Total Certificates
Phase 1A Cost Summary
(KES mn)
Certificate Amount
Valuation No. 01 XX
Valuation No. 02 XX
Valuation No. 03 XX
Valuation No. 04 XX
Valuation No. 05 XX
Valuation No. 06 XX
Valuation No. 07 XX
Valuation No. 08 XX
Total Certificates XX
Phase 1B Cost Summary
(KES mn)
Certificate Amount
Valuation No. 01 XX
Valuation No. 02 XX
Valuation No. 03 XX
Valuation No. 04 XX
Total Certificates XX
Phase 1C Cost Summary
(KES mn)
Certificate Amount
Valuation No. 01 XX
Valuation No. 02 XX
Valuation No. 03 XX
Valuation No. 04 XX
Total Certificates XX
Phase 1 Cost Summary (KES mn)
Total Certificates for Phase 1 XX
Total Payments XX
Balance payable as at XX
XXXX XXXX
XX
Note: The total contractor’s certificates received is KES XX mn and the total paid is KES XX mn.