HISTORICAL RESULTS
FINANCIAL STATEMENTS 2013 2014 2015 2016 2017
balance sheet check
ASSUMPTIONS
LIVE SCENARIO
revenue growth(as a % of sales) 15.8% 11.2% 8.4% 5.9%
cogs(as a % of sales) 38.3% 40.7% 37.4% 37.0% 37.6%
sales and benefits(as a % of sales) 25.9% 19.2% 18.2% 16.2% 16.7%
rent and overheads(000's) 10963 10125 10087 11020 11412
depcn and amortisation(as a % of PPE) 42.9% 42.9% 42.9% 42.9% 42.9%
Interest (% of debt) 5.0% 5.0% 5.0% 5.0% 5.0%
tax rate (% of ebt) 31.2% 29.2% 28.7% 29.0% 29.1%
accounts receivable(days) 18.2 18.2 18.2 18.2 18.2
inventory days 73.0 73.0 73.0 73.0 73.0
accounts payable(days) 36.5 36.5 36.5 36.5 36.5
capital expenditure($000's) 15000 15000 15000 15000 15000
debt insurance(repayment)($000's) 0 0 -20000 0 0
equity issued(repaid) 70000 0 0 0 0
INCOME STATEMENT
Revenue 102007 118086 131345 142341 150772
Cost Of Goods sold 39023 48004 49123 52654 56710
gross prof 62984 70082 82222 89687 94062
expenses
salaries and benefits 26427 22658 23872 23002 25245
rent and overhead 10963 10125 10087 11020 11412
depreciation and amortizarion 19500 18150 17205 16544 16080
interest 2500 2500 1500 1500 1500
total expense 59390 53433 52664 52066 54237
earnings brfore tax 3594 16649 29558 37622 39825
taxes 1120 4858 8483 10908 11598
net earnings 2474 11791 21075 26713 28227
balance sheet
assets
cash 67971 81210 83715 111069 139550
accounts receivable 5100 5904 6567 7117 7538
inventory 7805 9601 9825 10531 11342
property and equity 45500 42350 40145 38602 37521
total asset 126376 139065 140252 167319 195951
liabilities
accounts payable 3902 4800 4912 5265 5671
debt 50000 50000 30000 30000 30000
total liabilities 53902 54800 34912 35265 35671
shareholders equity
equity 70000 70000 70000 70000 70000
retained earning 2474 14265 35340 62054 90280
shareholders equity 72474 84265 105340 132054 160280
total l+e 126376 139065 140252 167319 195951
check
cash flow statement
operating cash flow
net earnings 2474 11791 21075 26713 28227
plus:dept and amor 19500 18150 17205 16544 16080
Less: Changes in Working Capital 9003 1702 775 903 827
Cash from Operations 12971 28239 37505 42354 43480
Investing Cash Flow
Investments in Property & Equipment 15000 15000 15000 15000 15000
Cash from Investing 15000 15000 15000 15000 15000
Financing Cash Flow
Issuance (repayment) of debt 0 0 -20000 0 0
Issuance (repayment) of equity 70000 0 0 0 0
Cash from Financing 70000 0 -20000 0 0
Net Increase (decrease) in Cash 67971 13239 2505 27354 28480
Opening Cash Balance 0 67971 81210 83715 111069
Closing Cash Balance 67971 81210 83715 111069 139550
supporting schedule
working capital schedule
accounts receivable 5100 5904 6567 7117 7538
inventory 7805 9601 9825 10531 11342
accounts payable 3902 4800 4912 5265 5671
net working capital(NWC) 9003 10705 11480 12383 13209
change in NWC 1702 775 903 826
depreciation schedule
PPE opening 50000 45500 42350 40145 38602
plis Capex 15000 15000 15000 15000 15000
less depreciation -19500 -18150 -17205 -16544 -16080
ppe closing 45500 42350 40145 38602 37522
debt and int schedule
debt opening 50000 50000 50000 30000 30000
issuance (repayment) 0 0 -20000 0 0
debt closing 50000 50000 30000 30000 30000
interest expense
FORECASTED PERIOD
2018 2019 2020 2021 2022
10.0% 10.0% 10.0% 10.0% 10.0%
42% 42% 42% 42% 42%
17% 17% 17% 17% 17%
15000 15000 15000 15000 15000
35% 35% 35% 35% 35%
10% 10% 10% 10% 10%
28% 28% 28% 28% 28%
18 18 18 18 18
80 90 100 100 100
37 37 37 37 37
15000 15000 15000 15000 15000
0 0 0 0 0
0 0 0 0
165849.2 182434.1 200677.5 220745.3 242819.8
-69656.66 -76622.3 -84284.6 -92713 -101984
96192.536 105811.8 116393 128032.3 140835.5
28194.364 31013.8 34115.18 37526.7 41279.37
15000 15000 15000 15000 15000
13132.543 13786.15 14211 14487.15 14666.65
3000 3000 3000 3000 3000
59326.907 62799.95 66326.18 70013.85 73946.02
36865.63 43011.84 50066.79 58018.42 66889.48
10322.376 12043.31 14018.7 16245.16 18729.05
26543.253 30968.52 36048.09 41773.26 48160.42
161049 187066 218004 256820 301958
8178.8647 8996.751 9896.426 10886.07 11974.68
15267.214 18893.18 23091.66 25400.83 27940.91
39389 40603 41392 41905 42238
223884.34 255559 292383.8 335011.4 384111.7
7061.0865 7767.195 8543.915 9398.306 10338.14
30000 30000 30000 30000 30000
37061.086 37767.2 38543.91 39398.31 40338.14
70000 70000 70000 70000 70000
116823 147792 183840 225613 273774
186823 217792 253840 295613 343774
223884 255559 292384 335011 384112
161049 187066 218004 256820 301958
26543.253 30968.52 36048.09 41773.26 48160.42
13133 13786 14211 14487 14667
-3176 -3738 -4321 -2444 -2689
36499.804 41016.93 45937.65 53815.99 60138.21
15000 15000 15000 15000 15000
15000 15000 15000 15000 15000
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
51499.804 56016.93 60937.65 68815.99 75138.21
139550 191049 247066 308004 376820
191049 247066 308004 376820 451958
8179 8997 9896 10886 11975
15267 18893 23092 25401 27941
7061 7767 8544 9398 10338
16385 20123 24444 26889 29577
3176 3738 4321 2444 2689
37522 39389 40603 41392 41905
15000 15000 15000 15000 15000
-13133 -13786 -14211 -14487 -14667
39389 40603 41392 41905 42238
30000 30000 30000 30000 30000
0 0 0 0 0
30000 30000 30000 30000 30000
