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"y2030": 7, "y2031": 10, "avg_salary_2027": 30000, "avg_salary_2028": 31500, "avg_salary_2029": 33075, "avg_salary_2030": 34728.75, "avg_salary_2031": 36465.1875, "annual_cost_2027": 360000, "annual_cost_2031": 4375822.5 }, { "department": "Total Headcount", "y2027": 12, "y2028": 26, "y2029": 44, "y2030": 63, "y2031": 84, "avg_salary_2027": null, "avg_salary_2028": null, "avg_salary_2029": null, "avg_salary_2030": null, "avg_salary_2031": null, "annual_cost_2027": 1200000, "annual_cost_2028": 2600000, "annual_cost_2029": 4500000, "annual_cost_2030": 6800000, "annual_cost_2031": 9500000 } ], "cap_table": [ { "shareholder": "Founders", "pre_investment_pct": 1, "post_investment_pct": 0.8334944527566237, "at_exit_pct": 0.8334944527566237, "shares_pre": 1000000, "shares_post": 1000000 }, { "shareholder": "ESOP Pool", "pre_investment_pct": 0, "post_investment_pct": 0, "at_exit_pct": 0, "shares_pre": 0, "shares_post": 0 }, { "shareholder": "New Investor", "pre_investment_pct": 0, "post_investment_pct": 0.16650554724337624, "at_exit_pct": 0.16650554724337624, "shares_pre": 0, "shares_post": 199768.0328797522 } ], "investment_ask": [ { "metric": "Total Investment Required (SAR)", "value": 3750000, "unit": "SAR" }, { "metric": "Total Investment Required (USD)", "value": 1000000, "unit": "USD" }, { "metric": "Target Investment (USD)", "value": 1000000, "unit": "USD" }, { "metric": "Target Stake %", "value": 0.2, "unit": "pct" }, { "metric": "Round Pricing Basis", "value": 2, "unit": "code" }, { "metric": "Pre-Money - Cash-Need Driven (SAR)", "value": 15000000, "unit": "SAR" }, { "metric": "Pre-Money - IP Floor (SAR)", "value": 18771772.169660725, "unit": "SAR" }, { "metric": "Pre-Money Valuation (SAR)", "value": 18771772.169660725, "unit": "SAR" }, { "metric": "Post-Money Valuation (SAR)", "value": 22521772.169660725, "unit": "SAR" }, { "metric": "Pre-Money Valuation (USD)", "value": 5005805.911909526, "unit": "USD" }, { "metric": "Post-Money Valuation (USD)", "value": 6005805.911909526, "unit": "USD" }, { "metric": "Investor Stake %", "value": 0.16650554724337624, "unit": "pct" }, { "metric": "Cash Deficit Coverage (Years 1-2)", "value": 2355755.869537671, "unit": "SAR" }, { "metric": "Operating Reserve", "value": 648965.48125, "unit": "SAR" }, { "metric": "Safety Buffer", "value": 706726.7608613013, "unit": "SAR" }, { "metric": "Total Required Funds", "value": 3711448.1116489726, "unit": "SAR" }, { "metric": "Funding Surplus", "value": 38551.88835102739, "unit": "SAR" }, { "metric": "Exit Year", "value": 5, "unit": "years" }, { "metric": "Exit Multiple (EBITDA)", "value": 10, "unit": "x" }, { "metric": "EBITDA at Exit", "value": 159199209.9652471, "unit": "SAR" }, { "metric": "Enterprise Value at Exit", "value": 1591992099.652471, "unit": "SAR" }, { "metric": "Equity Value at Exit", "value": 1607915801.6257172, "unit": "SAR" }, { "metric": "Liquidation Preference (x)", "value": 1, "unit": "x" }, { "metric": "Investor Exit Value", "value": 267726900.47096202, "unit": "SAR" }, { "metric": "Founders Exit Value", "value": 1340188901.154755, "unit": "SAR" }, { "metric": "Cumulative Dividends to Investor", "value": 22310615.90382476, "unit": "SAR" }, { "metric": "Total Investor Value (Exit + Dividends)", "value": 290037516.3747868, "unit": "SAR" }, { "metric": "Total Investment Multiple (incl. Dividends)", "value": 77.34333769994315, "unit": "x" }, { "metric": "IRR (Annual, incl. Dividends)", "value": 1.386077700430333, "unit": "pct" }, { "metric": "Founders In-Kind IP Contribution", "value": 2078000, "unit": "SAR" } ], "model_health": [ { "check": "P&L Statement Check", "category": "accounting", "status": "PASS", "citation": "P&L Statement!C69:G69", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Balance Sheet Balance Check", "category": "accounting", "status": "PASS", "citation": "Balance Sheet!C49:G49", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Cash Flow Ending Cash = BS Cash Check", "category": "accounting", "status": "PASS", "citation": "Cash Flow!C59:G59", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Revenue Mix Sum = Total P&L Revenue Check", "category": "accounting", "status": "PASS", "citation": "Revenue Model!C40:G40", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Debt Schedule Balance & Interest Tie-Out", "category": "accounting", "status": "PASS", "citation": "Debt Schedule!C20:G20", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Cash Balance (should be >= 0)", "category": "accounting", "status": "PASS", "citation": "Model Health!C12:G12", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Capitalisation Allocation Equals Total Spend", "category": "intangibles", "status": "PASS", "citation": "Intangibles!C14:G14", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Asset Category Distribution Equals 100%", "category": "intangibles", "status": "PASS", "citation": "Intangibles!C22:G22", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Asset Register Equals Category Totals", "category": "intangibles", "status": "PASS", "citation": "Intangibles!C106:G106", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Additions Match Asset Schedule Movement", "category": "intangibles", "status": "PASS", "citation": "Intangibles!C112:G112", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Accumulated Amortisation Does Not Exceed Cost", "category": "intangibles", "status": "PASS", "citation": "Intangibles!C131:G131", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "No Double Counting of Pre-2027 Spend", "category": "intangibles", "status": "PASS", "citation": "Intangibles!C84", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Impairment Indicator Check", "category": "intangibles", "status": "PASS", "citation": "Intangibles!C135:G135", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "Total Depreciation & Amortization Tie-Out", "category": "accounting", "status": "PASS", "citation": "P&L Statement!C57:G57", "diff_2027": 0, "diff_2028": 0, "diff_2029": 0, "diff_2030": 0, "diff_2031": 0 }, { "check": "#REF! Errors", "category": "formula", "status": "CLEAN", "count": 0 }, { "check": "#VALUE! Errors", "category": "formula", "status": "CLEAN", "count": 0 }, { "check": "#DIV/0! Errors", "category": "formula", "status": "CLEAN", "count": 0 }, { "check": "#N/A Errors", "category": "formula", "status": "CLEAN", "count": 0 } ], "intangibles": { "kpis": { "net_book_value_2031": 5401564.23968016, "capitalisation_rate": 0.6, "book_ip_contribution": 2078000, "negotiated_ip_value": 18771772.169660725 }, "dual_basis": { "book_basis": { "method": "IAS 38 Replacement Cost", "gross_replacement_cost": 2578000.0, "less_pre2027_expensed": -500000.0, "net_recognised_book_ip": 2078000, "note": "محمي بحد أدنى صفر. الأساس الوحيد الذي يبلغ الميزانية العمومية وفق IAS 38." }, "negotiated_basis": { "weighted_value": 18771772.169660725, "note": "لا يمس القوائم المالية الحالية. يُستخدم لتحديد أرضية التقييم التفاوضي فقط." } }, "methods_comparison": [ { "method": "تكلفة الإحلال (Replacement Cost)", "value": 2578000.0, "citation": "Intangibles!C41" }, { "method": "الإعفاء من الإتاوة (Royalty Relief)", "value": 14250000.0, "citation": "Intangibles!C72" }, { "method": "الأرباح الزائدة (Excess Earnings)", "value": 24500000.0, "citation": "Intangibles!C73" }, { "method": "القيمة المرجحة (Weighted Average)", "value": 18771772.169660725, "citation": "Intangibles!C83" } ], "roll_forward": [ { "year": 2027, "gross_cost": 2331793.25, "accumulated_amortisation": -256497.26, "net_book_value": 2075296.0 }, { "year": 2028, "gross_cost": 3391793.25, "accumulated_amortisation": -674000.0, "net_book_value": 2717793.0 }, { "year": 2029, "gross_cost": 4561793.25, "accumulated_amortisation": -1211000.0, "net_book_value": 3350793.0 }, { "year": 2030, "gross_cost": 5831793.25, "accumulated_amortisation": -1873000.0, "net_book_value": 3958793.0 }, { "year": 2031, "gross_cost": 8073275.87, "accumulated_amortisation": -2671711.63, "net_book_value": 5401564.24 } ], "rd_split": [ { "year": 2027, "capitalised": 253793.25, "expensed": 169195.5 }, { "year": 2028, "capitalised": 1060000.0, "expensed": 706666.67 }, { "year": 2029, "capitalised": 1170000.0, "expensed": 780000.0 }, { "year": 2030, "capitalised": 1270000.0, "expensed": 846666.67 }, { "year": 2031, "capitalised": 2939551.38, "expensed": 1959700.92 } ], "amortisation_split": [ { "year": 2027, "legacy_ip_amort": 207800.0, "capitalised_dev_amort": 48697.26 }, { "year": 2028, "legacy_ip_amort": 207800.0, "capitalised_dev_amort": 209700.0 }, { "year": 2029, "legacy_ip_amort": 207800.0, "capitalised_dev_amort": 329200.0 }, { "year": 2030, "legacy_ip_amort": 207800.0, "capitalised_dev_amort": 454500.0 }, { "year": 2031, "legacy_ip_amort": 207800.0, "capitalised_dev_amort": 846617.29 } ], "asset_register": [ { "category": "التصميم الهندسي والصناعي (Design)", "pct": 0.5, "useful_life": "10 سنوات", "cost": 1289000.0 }, { "category": "المنصة البرمجية وتطبيقات السحاب (Software)", "pct": 0.25, "useful_life": "5 سنوات", "cost": 644500.0 }, { "category": "التقنية والحساسات المدمجة (Tech & Patents)", "pct": 0.15, "useful_life": "15 سنة", "cost": 386700.0 }, { "category": "العلامة التجارية والإنتاج (Brand Name)", "pct": 0.1, "useful_life": "غير محددة (لا تُطفأ)", "cost": 257800.0 } ], "pre2027_debt_treatment": { "pre2027_debt": 500000.0, "expensed_to_retained_earnings": 500000.0, "cash_received": 0.0, "repayment_2027": 500000.0, "explanation": "إنفاق تطويري بقيمة 500 ألف ريال موّل بدَيْن قبل الخطة وصُرف في الأرباح المحتجزة الافتتاحية. لم يُعاد رسملته لمنع التكرار، ويُخصم من قاعدة الأصل قبل الاعتراف." } }, "round_pricing": { "selected_basis": "IP Floor", "bases": [ { "id": "liquidity_gap", "name": "مدفوع بفجوة السيولة (Liquidity Gap Driven)", "pre_money": 15000000, "ask": 3750000.0, "stake_pct": 0.2, "share_price": 15.0, "status": "متاح للمقارنة" }, { "id": "ip_floor", "name": "أرضية الملكية الفكرية (IP Floor)", "pre_money": 18771772.169660725, "ask": 3750000.0, "stake_pct": 0.1665, "share_price": 18.77, "status": "المُختار حالياً" }, { "id": "higher_of_both", "name": "الأعلى منهما (Higher of Both)", "pre_money": 18771772.169660725, "ask": 3750000.0, "stake_pct": 0.1665, "share_price": 18.77, "status": "متاح للمقارنة" } ], "repricing_comparison": [ { "item": "التقييم قبل الاستثمار (Pre-Money Valuation)", "target_20": "15,000,000 SAR", "repriced": "18,771,772 SAR", "diff": "+3,771,772 SAR" }, { "item": "التقييم بعد الاستثمار (Post-Money Valuation)", "target_20": "18,750,000 SAR", "repriced": "22,521,772 SAR", "diff": "+3,771,772 SAR" }, { "item": "مبلغ الاستثمار المطلوب (Investment Ask)", "target_20": "3,750,000 SAR", "repriced": "3,750,000 SAR", "diff": "0 SAR" }, { "item": "نسبة المستثمر المشتقة (Investor Stake %)", "target_20": "20.0%", "repriced": "16.65%", "diff": "-3.35pp" }, { "item": "سعر السهم (Share Price)", "target_20": "15.00 SAR", "repriced": "18.77 SAR", "diff": "+3.77 SAR" }, { "item": "عدد أسهم المستثمر (Investor Shares)", "target_20": "250,000", "repriced": "199,768", "diff": "-50,232" }, { "item": "مضاعف الاستثمار عند الخروج (Multiple)", "target_20": "92.9x", "repriced": "77.3x", "diff": "-15.6x" }, { "item": "معدل العائد الداخلي (IRR)", "target_20": "147.5%", "repriced": "138.6%", "diff": "-8.9pp" } ], "downside_protection": { "liquidation_preference_floor": 3750000.0, "lowest_cash_balance": 1394244.0, "breakeven_year": 2027, "founder_inkind_contribution": 2078000.0, "founder_inkind_premium_multiple": 7.21 } }, "accounting_policies": { "policies": [ { "id": "ias38", "title": "1. سياسة الاعتراف بالأصول غير الملموسة (IAS 38)", "content": "تطبيق معياري محكم يتوافق مع IAS 38. يتم رسملة 60% من تكاليف التطوير المؤهلة فور تحقق الشروط الستة (الجدوى الفنية، النية، القدرة، توفر الموارد، توليد منافع مستقبلية، والقدرة على القياس). 40% المتبقية تذهب كمصروف تشغيلي في P&L." }, { "id": "amortisation", "title": "2. سياسة الإطفاء (Amortisation Policy)", "content": "إطفاء بقسط ثابت على فترات محددة (التصميم 10 سنوات، البرمجيات 5 سنوات، والتقنية 15 سنة). العلامة التجارية ذات عمر غير محدد ولا تُطفأ بل تخضع لاختبار انخفاض القيمة سنوياً." }, { "id": "dual_basis", "title": "3. الأساس المزدوج (Dual Basis Rationale)", "content": "فصل تام بين الأساس الدفتري (تكلفة الإحلال 2.08M) والأساس التفاوضي (18.77M). الأساس الدفتري فقط هو الذي يظهر في الميزانية العمومية لحماية نزاهة القوائم المالية، بينما الأساس التفاوضي يُستخدم كأرضية لتقييم الجولة." }, { "id": "pre2027", "title": "4. معالجة إنفاق ما قبل الخطة", "content": "الإنفاق التطويري البالغ 500 ألف ريال قبل 2027 صُرف بالكامل في الأرباح المحتجزة الافتتاحية ولم يُعاد رسملته لمنع التكرار، ويُخصم من قاعدة الأصل." }, { "id": "signs", "title": "5. اصطلاح الإشارات الموحد", "content": "عرض التكاليف والنفقات والمصروفات بإشارة سالبة صريحة في كافة القوائم المالية والجداول لرفع الشفافية وسهولة التتبع." }, { "id": "tax", "title": "6. الضريبة والزكاة والضريبة المؤجلة", "content": "تطبيق معدل ضريبة بنسبة 20% على الأرباح المحققة بعد استنفاد الخسائر المرحلة. نلاحظ بشفافية أن الضريبة المؤجلة الناشئة عن الفروق التوقيتية لرسملة التطوير لم تُدرج بعد في هذا الإصدار." }, { "id": "statutory", "title": "7. الاحتياطي النظامي", "content": "اقتطاع 10% من صافي أرباح كل سنة وتجنيبها في حساب الاحتياطي النظامي حتى يصل السقف إلى 30% من إجمالي رأس المال المدفوع الكامل." } ], "version_changelog": [ { "version": "v2.2", "date": "16/08/2026", "category": "Major Update", "description": "تفعيل معالجة الأصول غير الملموسة وفق IAS 38، ضبط الأساس المزدوج، وتعديل التسعير وفق أرضية الملكية الفكرية وفجوة السيولة.", "sheets": "Intangibles, Balance Sheet, P&L, Investment, Cap Table" }, { "version": "v2.1", "date": "30/07/2026", "category": "Enhancement", "description": "تحديث هامش الأمان إلى 30% وضبط فجوة السيولة والمحميات التشغيلية.", "sheets": "Investment, Cash Flow" }, { "version": "v2.0", "date": "27/07/2026", "category": "Template Conversion", "description": "تحويل النموذج للنسخة الهيكلية وتفعيل بطاقات الصحة وقواعد التحقق.", "sheets": "All Sheets" } ] } }