ORIGINATION | FICTIONAL WORKING EXAMPLE | v1.0 | 8 October 2026

PURPOSE AND SCOPE
Company A is fictional. All company figures and C-S01–04 extracts are synthetic,
with a model document date of 1 September 2026. The workbook extends the original
decision paper. It is not a complete financial, legal, tax or technical DD.
Amounts are CZK millions; the multiple is unitless and shares are percentages.

PACK CONTENTS
XLSX: editable inputs and formulas, findings, questions, review and change log.
PDF: original four-page analysis of the initial case.
CSV: original 2023–2025 values without formulas.
Source TXT: original synthetic extracts C-S01–04.
MANIFEST.json: SHA-256 of each file to identify the exact version handed over.

RECALCULATE
C-S02: disposal proceeds 3 less carrying value 1 = gain 2.
The signed EBITDA adjustment is -2. EBITDA: 12 - 2 = 10.
C-S03: bank debt 22 less cash 4 = simplified net debt 18.
C-S04: 6x is a hypothetical buyer assumption, not a market benchmark.
Before adjustment: EV 12 x 6 = 72; equity 72 - 18 = 54.
After adjustment: EV 10 x 6 = 60; equity 60 - 18 = 42. Difference = 12.
C-S01: largest customer share 35% x revenue 120 = 42. This is a different metric
from model equity value. Adjusted margins: 9.2/104; 10.5/112; 10/120.
The 2025 adjustment comes from C-S02, although the CSV labels its whole row C-S01.

UNRESOLVED
Working capital, leases, other debt-like items, transaction costs, customer
contract and margin, signing authority and owners' willingness to sell.
A blank value is not zero. The figure 42 is neither an offer nor a final price.
Zero adjustments in 2023/24 reflect the model, not verified due diligence.

AFTER CHANGING INPUTS
Work in a separate copy and edit the marked inputs. Formulas recalculate; the
original PDF, CSV, source extracts and initial finding narratives do not update.
Reassess conclusions and questions against the changed model. Record the source,
cells, previous/new values and impact in the change log.

SECOND-PERSON REVIEW
1. The preparer saves an identified version and records their name, scope and date.
2. A second person independently checks sources, periods, units, signs and main
   formulas, tests input changes and blanks, and reopens the saved workbook.
3. Log review comments by ID, cell, severity, expected correction and status.
4. The preparer records corrections and impact; the reviewer checks them again.
5. The reviewer records the final version, date, scope, outcome and unresolved points.
   Approval requires explicit sign-off and resolution of all blocking comments.
   Entering a name alone does not establish that review occurred.

CURRENT STATUS
No financial reviewer assigned; human financial review has not been performed.
Automated and agent formula checks do not constitute professional approval.
Method references in the workbook and website do not imply EY, PwC or ICAEW approval.
