PH SOLAR ADVANCE CORP.

(PSAC)
Projected Income Staement (without ITH Incentives)

Total Sales
Less: 1% Sales Commissions and discounts
Net Sales
Less:Cost of sales
Gross Profit of Sales
Less: Operating Expense
Net Profit (Loss) from Operations
Add: Other Income Net
Less: Interest Expense
net Income before tax (NBIT)
Less: Corporate Income Tax (30% of NIBT)
Net Income per Tax (NIAT)
Note: Year 1 (12 month-period

YEAR 1
685,119,600
0
685,119,600
265,107,888
512,343,508
8,087,165
504,256,343
0
0
504,256,343
151,276,903
352,979,440

YEAR 2
685,119,600
0
685,119,600
265,107,888
512,343,508
8,127,165
504,216,343
0
0
504,216,343
151,264,903
352,951,440

YEAR 3
685,119,600
0
685,119,600
265,107,888
512,343,508
8,152,165
504,191,343
0
0
504,191,343
151,257,403
352,933,940

YEAR 4
685,119,600
0
685,119,600
265,107,888
512,343,508
8,170,165
504,173,343
0
0
504,173,343
151,252,003
352,921,340

YEAR 5
685,119,600
0
685,119,600
265,107,888
512,343,508
8,190,165
504,153,343
0
0
504,153,343
151,246,003
352,907,340

PH SOLAR ADVANCE CORP. (PSAC)

Projected Operating Expenses in '000 php
YEAR 1
General and Administrative Expenses:
Salaries and Wages
Fringe Benefits
Normal Depreciation
Amortization of Pre-Operating Expense
Office Supplies
Government Share*
Other Taxes and Licenses**
Communication, Light,water
Transportation and Travel
Total General and Administrative Expenses

5,595,300
466,275
165,000
65,000
25,000
1,678,590
50,000
7,000
35,000
8,087,165

* For Renewable Energy Projects only (except for biomass project)

= 1% of Gross Income for Hydro, Wind, Solar and Ocean projects
= 1.5% of Gross Income for Geothermal projects
** Real property tax, Local Business tax

YEAR 2

5,595,300
466,275
165,000
65,000
27,000
1,678,590
50,000
10,000
70,000
8,127,165

YEAR 3

5,595,300
466,275
165,000
65,000
35,000
1,678,590
50,000
12,000
85,000
8,152,165

YEAR 4

5,595,300
466,275
165,000
65,000
40,000
1,678,590
50,000
15,000
95,000
8,170,165

YEAR 5

5,595,300
466,275
165,000
65,000
50,000
1,678,590
50,000
20,000
100,000
8,190,165

PH SOLAR ADVANCE CORP. (PSAC)

Projected Cost of sales
YEAR 1
Raw Materials
Local
Imported
Total
Direct Labor
Manufacturing Overhead:
Indirect Labor
Factory Supplies
Light,Power & Water
Insurance Expenses
Depreciation & Amortization
Repairs and Maintenance
Total Cost of Sales

YEAR 2

YEAR 3

YEAR 4

37,650,505
92,460,639
130,111,444
4,155,300

37,650,505
92,460,639
130,111,444
4,155,300

37,650,505
92,460,639
130,111,444
4,155,300

37,650,505
92,460,639
130,111,444
4,155,300

0
250,000
200,000
25,000
55,000
200,000
265,107,888

0
250,000
200,000
25,000
55,000
200,000
265,107,888

0
250,000
200,000
25,000
55,000
200,000
265,107,888

0
250,000
200,000
25,000
55,000
200,000
265,107,888

YEAR 5

37,650,505
92,460,639
130,111,444
4,155,300
0
250,000
200,000
25,000
55,000
200,000
265,107,888