Executive Summary

Pizzeria del Causamali is a new player in the restaurant industry. The

restaurant is in a comfortable, familiar, small town that has a strong need for
additional dining options. Bolstered by the need for more choices in family-
oriented dining experiences, combined with the option for home-delivery, the
restaurant is positioned to take advantage of the market need and serve the
families in the Deauville area.

The Deauville's population is rapidly growing with new subdivisions and young
families moving to the rural suburb of the Hewgton area. It is Pizzeria del
Causamali's strategy to exploit the first-mover opportunity and establish itself as
the preferred pizza provider to the area. We believe a locally-owned restaurant
is the best option to serve the rapidly growing population with a fresh, unique
menu as opposed to a national chain franchise.

This business plan calls for an exciting, profitable start-up year ahead with future
forecasted growth as we meet the demands of the community. In all, this
plan describes a healthy company with good growth prospects, looking to
manage its orderly growth in the near future

1.1 Mission
 Pizzeria del Causamali creates a friendly and pleasant atmosphere for customers
in a well-designed, and productive environment in which people can work
happily. We are sensitive to the look and taste of good pizza as well as to high-
quality ingredients. We look to provide the best possible value to our customers
who desire great tasting pizza and to provide customers with the satisfaction of
receiving a great value, both tangibly and intangibly. Additionally, we are the first
home-deliverer of pizzas in our area.

Our customers are our neighbors as we are residents of our market area. We
will also create and nurture a healthy, creative, respectful, and fun working
environment, in which our employees are fairly compensated and encouraged to
respect the customer and the quality of the product we produce. We seek fair
and responsible profit, enough to keep the company financially healthy for the
long term and to fairly compensate owners and investors for their investment and
risk.

1.2 Keys to Success

The keys to success in this business are:

 Delivering the customer value proposition.

 Marketing: promoting a new company, product, and delivery channels to a rural

community.

 Product quality and consistency.

 Pricing effectively with respect to the project quality and customer value
proposition.

 Family-oriented atmosphere with occasional nights of family entertainment.

 Management: products delivered on time, costs controlled, marketing budgets

managed. There is a temptation to fixate on growth at the expense of profits.

 Reporting and controls in place for inventory and financials.

 1.3 Objectives

The objectives for Pizzeria del Causamali are:

 To establish the market presence needed to support marketing and sales goals
and to attract customers.

 To reach healthy monthly sales by the end of the year, and average monthly
sales increasing modestly by steadily through Year 3.

 To achieve double digit profit margins.

 To develop top-rated relationships with 2-4 well-respected, all encompassing

distributors.

Company Summary
Pizzeria del Causamali is a privately-owned pizza restaurant offering a product
menu that does not currently exist in the area and first to offer home
delivery. Our customers are many of the young families and students in the
area.

2.1 Company Ownership

Pizzeria del Causamali will be established as a limited liability company (LLC)

with Marion E. and Marianne K. Bruxellesprot as the sole owners.

2.2 Start-up Summary

Our start-up costs cover the renovation of the occupied store space, professional
fees, and expenses associated with opening our first location. The start-up costs
are to be financed by direct owner investment, financial institutions, and private
investors. The assumptions are shown in the following table and illustration.
START-UP REQUIREMENTS

Start-up Expenses

Professional Fees (Legal, Accounting, $1,800

Consulting)

Placemats, Stationery, Business Cards $1,100

Renovation $8,300

Marketing $2,500

Rent $2,000

Expensed Equipment $5,000

Insurance $350

Website Development $1,000

Misc Expense $3,800

TOTAL START-UP EXPENSES $25,850

Start-up Assets

Cash Required $23,100

Start-up Inventory $6,000

Other Current Assets $5,250

Long-term Assets $20,300

TOTAL ASSETS $54,650

Total Requirements $80,500

START-UP FUNDING

Start-up Expenses to Fund $25,850

Start-up Assets to Fund $54,650

TOTAL FUNDING REQUIRED $80,500

Assets

Non-cash Assets from Start-up $31,550

Cash Requirements from Start-up $23,100

Additional Cash Raised $0

Cash Balance on Starting Date $23,100

TOTAL ASSETS $54,650

Liabilities and Capital

Liabilities
Current Borrowing $0

Long-term Liabilities $25,000

Accounts Payable (Outstanding Bills) $9,500

Other Current Liabilities (interest-free) $0

TOTAL LIABILITIES $34,500

Capital

Planned Investment

Investor 1 $15,000

Owners $30,000

Additional Investment Requirement $1,000

TOTAL PLANNED INVESTMENT $46,000

Loss at Start-up (Start-up Expenses) ($25,850)

 TOTAL CAPITAL $20,150

TOTAL CAPITAL AND LIABILITIES $54,650

Total Funding $80,500

Services
Pizzeria del Causamali offers high quality pizza to a growing community that
currently has limited availability of restaurants and no availability to delivery. At
start up we will be open for dinner 4 p.m. to 10 p.m. Sunday - Thursday and 3
p.m. to 11 p.m. Friday and Saturday. We will consider opening earlier and
serving lunch if there is a demand, and if forecast and financial analysis can
justify the increased costs.

Our menu will include 4 sizes of pizzas with various combinations of

toppings. Predefined, high-margin pizzas will be highlighted on the
menu. Additionally, breadsticks, beer, and soda will be included in the initial
menu offerings.

Market Analysis Summary

Our primary target market is people who desire a comfortable, family-oriented
environment for dine-in pizza. Our secondary target market also desires a
delivery service for pizza, or a take-out approach. There is overlap of these
segments.

Deauville and its surrounding communities are a growing middle-class area with
nearly 14,000 residents. A majority of these residents are families of four or
more. The boom in the area is primarily in response to an exodus of families
moving out of the over-populated areas and into a more rural setting.

According to a Growth Plan Deauville conducted in 2001, population within

Deauville is expected to increase. However, the number of persons per
household is expected to decline, meaning the need for additional housing in
Deauville will continue to grow. From the same plan, population is listed as being
evenly distributed by age groupings, with approximately 33% of the population
being minors. Another 40% are less than 54 years of age, indicating a major
concentration of the Deauville population being families. The report forecasts
there being nearly 1,900 households in the Deauville by 2005. This is driving the
need for more quality, family-oriented restaurants.

Additionally, Deauville residents frequently visit the building in which Pizzeria del
Causamali is located. Tanning and video rental businesses are adjacent to the
restaurant, so we are providing a new convenience for families to select a movie
and pick up a pizza.

With the expected continued growth in the area, estimated at 7% annually,

opportunities to serve Deauville and its surrounding communities will
increase. The company will sell predominantly to individuals, but it will also
accept some catering jobs to individual parties, schools, and company functions
in the Deauville area.

4.1 Market Segmentation

Those residents of neighboring communities of Deauville, including Doughbuoy,

d'Ohtown, and Doe Valley are included in the Market Segmentation. Only those
residents of Deauville are included in the delivery, as delivery radius is limited to
a 5-mile radius in the city of Deauville. An estimated 53% of Deauville residents
live within the Sanitary District, or within this 5-mile radius.
MARKET ANALYSIS

YEAR YEAR YEAR YEAR YEAR

1 2 3 4 5

Potential Growth CAGR

Customers

Dine-In or 7% 13,860 14,830 15,868 16,979 18,168 7.00%

Take-Out

Delivery 7% 5,000 5,350 5,725 6,126 6,555 7.00%

 Total 7.00% 18,860 20,180 21,593 23,105 24,723 7.00%

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4.2 Target Market Segment Strategy

Including Deauville and its surrounding areas, no pizza establishments exist. In

Deauville one to two restaurants serve pizza, but not as a primary menu
item. These pizza outlets are in taverns which are not conducive to family-type
atmosphere. No eating establishments in the Deauville area provide home-
delivery service.

4.3 Service Business Analysis

Other family-oriented restaurants in the area include: Subway(R), What's

Cookin' diner, and Colonial House supper club. Subway serves sandwiches,
wraps, and salads, none of which are direct competition to the pizza
establishment. The diner is open until 2 p.m. each day and focuses on the
breakfast crowd, with a limited sandwich availability for lunch. The supper club
has a Chicken and Pizza buffet once a week for approximately $6; the pizza
served as part of the buffet are frozen pizzas.

Other restaurants in Deauville are taverns and are not conducive to family
activities. One of the bars in Deauville serves a homemade pizza.
 In conversations with an independent pizza operator in Lakeshore Haven, an
hour's drive away, he indicated pizza sales in his community are thriving despite
competition from 4 other pizza establishments, including Pizza Hut(R). While
exact figures were not shared, he indicated a high level of penetration into the
pizza market in his area with profitable margins. He also provided suggestions
and tips to minimize costs, and components of his restaurant he would do
differently, including payroll handling, vendors, and layout.

4.3.1 Competition and Buying Patterns

There is minimal competition for pizza in the Deauville area, besides the bar
establishments previously mentioned. The closest locales for pizza to the
Deauville area are Bolingbrooke, Avro, and de Havilland. None of these
competing pizza locations deliver to the Deauville area. Additionally, Pizzeria del
Causamali would be the only family-oriented, non-smoking restaurant in
Deauville.

Strategy and Implementation Summary

Our strategy is based on delivering a strong customer value proposition in
a niche market. The world is full of small, family-oriented towns that do not have
endless opportunities for dining out. We are looking to offer the Deauville and its
surrounding areas a new choice in food options.

Also:

 What begins as a need to satisfy a need in the community, can eventually turn
into a mainstay in the small town community.

 We are building our marketing infrastructure so that we can eventually reach

additional towns with the same offering.

 We focus on satisfying the needs of small towns.

5.1 Competitive Edge

Our competitive edge is to be first-to-the-market with pizza in a friendly, non-

smoking, family-oriented dine-in experience, and first-to-the-area with food
delivery.

Additionally, the location of Pizzeria del Causamali is crucial as a convenience

model to customers. Deauville residents frequent the video rental store adjacent
to the restaurant. This location is directly in the center of activity in this rural
community--it is within walking distance of the middle and high schools, the local
church, and within 2 miles of the existing large subdivisions and apartment
complexes in the area.

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5.2 Marketing Strategy

To drive customers to Pizzeria del Causamali, we will employ several techniques

outlined below.

Advertising in Bolingbrooke Post, de Havilland Buyer's Guide, Deauville Register,

and Deauville Shopping News will be used to promote the Grand Opening of
Pizzeria del Causamali. As part of the advertising, a coupon will be available to
customers. Intermittent newspaper advertisements will continue throughout the
year to promote upcoming events. Most initiatives will focus on the local
Deauville papers as the target of these papers is specifically the Deauville
residents. Additional marketing efforts will come in the form of on-box coupons
for future purchases.

Additionally, family-oriented events will be hosted by Pizzeria del Causamali to

attract customers such as trivia nights, birthday parties, and prize
giveaways. Frequent buyer cards will be employed to entice repeat
customers. Pizzeria del Causamali will also sponsor a local Little League
baseball team, and a bowling team to publicize the restaurant within the
community events.

Future plans of working in coordination with the adjacent video store to offer
"bundle savings" if both pizza and video rentals are purchased will be pursued
within the second year of operation.

5.3 Sales Strategy

The Deauville area has expressed its need for additional restaurants, specifically
a desire for pizza. Because of this, there is pent-up demand for pizza in this
area. We will expect a high rate of sales growth within the first 3 months as this
customer desire is met.

For the next year, we continue to focus on a growing presence in the community
and advertising heavily throughout the community. As a major convention center
and water park open in nearby Fairchild, we will focus our attention on becoming
the recognized provider of pizza to that establishment.

5.3.1 Sales Forecast

Our sales forecast assumes a modest change in annual costs to accommodate new entry into the
market.
We are expecting to increase sales modestly but steadily over the next year,
which is a respectable growth rate. The growth forecast is assumed given this is
a new product for the area using new channels of availability. We are not
projecting significant change in the product line, or in the proportion between
different lines.

Based on industry averages and the absence of competition for pizza in the
Deauville area, we are predicting an average of 25 pizzas sold each week night
(Sunday - Wednesday). On the weekends (Thursday - Saturday), we are
 estimating 40 pizzas are sold each day. Of those pizzas ordered, we are
expecting approximately 1/3 to be dine-in customers. Those customers dining in
will most likely order drinks and/or beer (on average 4 for each
family). Additionally, we are estimating that approximately one-third of the pizza
orders will be accompanied by an order for breadsticks. Our estimated average
prices for each item are as follows:

 Pizza: $12

 Breadsticks: $2.50

 Beer: $2.50/pint

 Drinks: $1.70 refillable

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SALES FORECAST

YEAR 1 YEAR 2 YEAR 3

Sales

Pizza $133,900 $143,808 $153,875

Breadsticks $18,667 $19,973 $21,371

 Beer $37,333 $39,947 $42,743

Drinks $50,773 $54,327 $58,130

TOTAL $240,673 $258,055 $276,120

SALES

Direct Cost Year 1 Year 2 Year 3

of Sales

Pizza $42,848 $44,990 $47,240

Breadsticks $3,733 $3,920 $4,116

Beer $7,467 $7,840 $8,232

Drinks $2,539 $2,666 $2,799

Subtotal $56,587 $59,416 $62,387

Direct Cost
of Sales

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5.4 Milestones

The following table lists important program milestones, with dates and managers
in charge, and budgets for each. The milestone schedule indicates our emphasis
on planning for implementation.

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MILESTONES

Milestone Start End Date Budget Manager Department

Date
Business Plan 1/8/2004 1/31/200 $0 Marianne Manageme
4 Bruxellespr nt
ot

Secure Start-up 2/1/2004 3/1/2004 $0 Marianne Manageme

Funding Bruxellespr nt
ot

Site Selection 1/8/2004 2/1/2004 $0 Marion Operations

Bruxellespr
ot

Architect 2/15/200 3/1/2004 $500 Marion Operations

Designs/Redesi 4 Bruxellespr
gn ot

Technology 3/15/200 4/1/2004 $5,000 Marianne Technical

Design 4 Bruxellespr
ot

Personnel Plan 3/1/2004 3/15/200 $0 Marianne Manageme

4 Bruxellespr nt
ot

Accounting Plan 3/1/2004 3/31/200 $400 Marianne Manageme

4 Bruxellespr nt
ot

Renovation 4/1/2004 5/15/200 $7,800 Marion Operations

4 Bruxellespr
ot
 Equipment 5/1/2004 5/15/200 $2,000 Marion Operations
Installation 4 Bruxellespr
ot

Marketing Plans 3/4/2004 4/30/200 $2,500 Marianne Marketing

4 Bruxellespr
ot

Grand Opening 5/1/2004 5/15/200 $2,500 Marianne Marketing

4 Bruxellespr
ot

Totals $20,70
0

Web Plan Summary

The Pizzeria del Causamali website will be the virtual business card and portfolio
for the company, as well as its online "home." It will showcase the history,
product information, and offers for Pizzeria del Causamali. Special online-only
offers will be made available on the website, along with customer's opportunity to
sign-up for email news and offers.

The Pizzeria del Causamali website needs to be a simple yet classy and well
designed website that, at the same time, is in keeping with the latest trends in
user interface design. Customers will be coming to the site for product
information, history, and offers.

Future elements of the site can contain online ordering, if customers express an
interest in this functionality.
6.1 Website Marketing Strategy

Our Internet marketing activities will be focused on product information and

offers. Future opportunities exist in offering online ordering.

6.2 Development Requirements

The Pizzeria del Causamali website will be initially developed with few technical
resources. A simple hosting provider, Yahoo! Web services, will host the site
and provide the technical back end. The owner's expertise in professional Web
development will lead this effort.

The user interface designer will work with a graphic artist to come up with the
website logo, and the website graphics.

The maintenance of the site will be done by the owners. If the website rolls out
future development such as newsletters and online ordering, the internal staff at
Pizzeria del Causamali will design, implement, and execute the technology.

Management Summary
We are a small company owned and operated by Marion and Marianne
Bruxellesprot, husband and wife, as a partnership. Management style reflects
the participation of the owners. The company respects its community of co-
workers and treats all workers well.

Marianne Bruxellesprot is a 1998 graduate of University School of Business with

High Honors and Distinction in Business. Her experience with general business,
technology, and operations is a great asset to this venture.
Additionally, Otho Colderobby is an advisor to the owners. Otho is a 1991
graduate of State College with a degree in Economics. Furthermore, Otho
graduated in 1995 with a Masters in Business Administration from University
School of Business with emphases in Marketing and Finance. Otho held a senior
finance management position with Frito Lay for 5 years. Otho is currently a
managing consultant with a marketing strategy firm. He also spent 5 years in a
strategic services consulting practice.

7.1 Personnel Plan

The personnel table assumes a level need of employees, and 5% per annum pay
raises. Staffing for a 7-day a week restaurant necessitates two shifts. In addition
to the hours open for serving we anticipate an additional hour before opening for
prep and as much as an hour after closing for cleanup. This is approximately 8
hours of staffing necessary Sunday - Thursday and 10 hours on both Friday and
Saturday.

The two kitchen lead positions are part-time, earning $9/hr. The kitchen leads
will serve as the shift leaders of the kitchen/wait staff. Kitchen staff will serve as
the wait staff. There will be one dedicated dishwashing position per
shift. Wages for kitchen/wait staff, dishwashers, and delivery drivers, who are all
part-time, are $6/hr, with opportunities for all to share the combined earn tips. It
is imperative the people serving as the kitchen lead are over 21 and can legally
serve alcohol.

Hourly part-time positions as kitchen/wait, dishwashing, and delivery staff

average out to be approximately 30 hours per week each. Delivery staff will work
5 hour shifts each night, with an extra delivery staff member added on
Thursdays, Fridays, and Saturdays. During the week if this person is not
delivering, they will work in the kitchen as needed, directed by the kitchen lead.
 PERSONNEL PLAN

YEAR 1 YEAR 2 YEAR 3

Kitchen Leads $28,080 $29,484 $30,958

Kitchen/Wait $37,440 $39,312 $41,278

Dishwasher $15,600 $16,380 $17,199

Owner $9,000 $9,450 $9,923

Delivery $15,600 $16,380 $17,199

TOTAL 12 12 12
PEOPLE

Total Payroll $105,720 $111,006 $116,556

Financial Plan
The financial picture is quite encouraging. We will be slow to take on debt and
heavily investing our own assets, but with our increase in sales we do expect to
apply for a credit line with the bank, to a limit of $50,000. The credit line
is supported by assets.
 8.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown
in the following table. The key underlying assumptions are:

 We assume a fairly high-growth economy for pizza in the Deauville area, given
the lack of competition and interest in having a pizza restaurant available in the
area and pent-up demand.

 We assume, of course, that there are no unforeseen changes in technology to

make our products immediately obsolete.

 We assume access to equity capital and financing sufficient to maintain our

financial plan as shown in the tables.

GENERAL ASSUMPTIONS

YEAR 1 YEAR 2 YEAR 3

Plan Month 1 2 3

Current Interest 6.00% 6.00% 6.00%

Rate

Long-term 5.00% 5.00% 5.00%

Interest Rate

Tax Rate 30.00% 30.00% 30.00%

 Other 0 0 0

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8.2 Break-even Analysis

Our break-even analysis is based on running costs, the "burn-rate" costs we

incur to keep the business running, not on theoretical fixed costs that would be
relevant only if we were closing. The essential insight here is that our sales level
seems to be running comfortably above break-even.

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BREAK-EVEN ANALYSIS

Monthly Revenue Break-even $16,283

Assumptions:

Average Percent Variable Cost 24%

Estimated Monthly Fixed Cost $12,454

8.3 Projected Profit and Loss

We expect to be profitable in the first year, with profits increasing over the next
two years, as we establish a loyal customer base.
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PRO FORMA PROFIT AND LOSS

YEAR 1 YEAR 2 YEAR 3

Sales $240,673 $258,055 $276,120

Direct Cost of $56,587 $59,416 $62,387

Sales
Other Costs of $0 $0 $0
Goods

TOTAL COST $56,587 $59,416 $62,387

OF SALES

Gross Margin $184,087 $198,639 $213,733

Gross Margin 76.49% 76.98% 77.41%

%

Expenses

Payroll $105,720 $111,006 $116,556

Sales and $7,250 $7,250 $7,500

Marketing and
Other
Expenses

Depreciation $2,040 $1,836 $1,652

Rent $14,400 $14,400 $14,400

Utilities $7,200 $7,200 $7,200

Insurance $4,200 $4,500 $4,800

Payroll Taxes $8,042 $8,444 $8,866

Website $600 $50 $50

Hosting and
Maintenance

Other $0 $0 $0

Total $149,452 $154,686 $161,024

Operating
Expenses

Profit Before $34,635 $43,954 $52,709

Interest and
Taxes

EBITDA $36,675 $45,790 $54,361

Interest $1,088 $700 $225

Expense

Taxes $10,064 $12,976 $15,745

Incurred

Net Profit $23,483 $30,278 $36,739

Net 9.76% 11.73% 13.31%

Profit/Sales
8.4 Projected Cash Flow

The following table and chart is the projected cash flow for three years.

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PRO FORMA CASH FLOW

YEAR 1 YEAR 2 YEAR 3

Cash Received
Cash from
Operations

Cash Sales $240,673 $258,055 $276,120

SUBTOTAL $240,673 $258,055 $276,120

CASH FROM
OPERATIONS

Additional
Cash Received

Sales Tax, $0 $0 $0
VAT, HST/GST
Received

New Current $0 $0 $0
Borrowing

New Other $0 $0 $0
Liabilities
(interest-free)

New Long- $0 $0 $0
term Liabilities

Sales of Other $0 $0 $0
Current Assets
Sales of Long- $0 $0 $0
term Assets

New $0 $0 $0
Investment
Received

SUBTOTAL $240,673 $258,055 $276,120

CASH
RECEIVED

Expenditures Year 1 Year 2 Year 3

Expenditures
from
Operations

Cash $105,720 $111,006 $116,556

Spending

Bill Payments $105,383 $114,835 $120,750

SUBTOTAL $211,103 $225,841 $237,306

SPENT ON
OPERATIONS

Additional
Cash Spent
Sales Tax, $0 $0 $0
VAT, HST/GST
Paid Out

Principal $0 $0 $0
Repayment of
Current
Borrowing

Other $0 $0 $0
Liabilities
Principal
Repayment

Long-term $6,000 $10,000 $9,000

Liabilities
Principal
Repayment

Purchase $0 $0 $0
Other Current
Assets

Purchase $0 $0 $0
Long-term
Assets

Dividends $0 $0 $0

SUBTOTAL $217,103 $235,841 $246,306

CASH SPENT
 Net Cash Flow $23,570 $22,214 $29,813

Cash Balance $46,670 $68,884 $98,698

8.5 Projected Balance Sheet

As shown in the balance sheet in the following table, we expect a healthy growth
in net worth. The monthly projections are in the appendices.

PRO FORMA BALANCE SHEET

YEAR 1 YEAR 2 YEAR 3

Assets

Current
Assets

Cash $46,670 $68,884 $98,698

Inventory $1,720 $1,806 $1,896

Other Current $5,250 $5,250 $5,250

Assets
TOTAL $53,640 $75,940 $105,844
CURRENT
ASSETS

Long-term
Assets

Long-term $20,300 $20,300 $20,300

Assets

Accumulated $2,040 $3,876 $5,528

Depreciation

TOTAL $18,260 $16,424 $14,772

LONG-TERM
ASSETS

TOTAL $71,900 $92,364 $120,616

ASSETS

Liabilities and Year 1 Year 2 Year 3

Capital

Current
Liabilities

Accounts $9,267 $9,454 $9,967

Payable
Current $0 $0 $0
Borrowing

Other Current $0 $0 $0
Liabilities

SUBTOTAL $9,267 $9,454 $9,967

CURRENT
LIABILITIES

Long-term $19,000 $9,000 $0

Liabilities

TOTAL $28,267 $18,454 $9,967

LIABILITIES

Paid-in $46,000 $46,000 $46,000

Capital

Retained ($25,850) ($2,367) $27,911

Earnings

Earnings $23,483 $30,278 $36,739

TOTAL $43,633 $73,911 $110,649

CAPITAL

TOTAL $71,900 $92,364 $120,616

LIABILITIES
 AND
CAPITAL

Net Worth $43,633 $73,911 $110,649

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8.6 Business Ratios

Standard business ratios are included in the following table. Industry profile
ratios are shown for comparison, and are based on Standard Industrial
Classification (SIC) code 5812.0600, Pizza Restaurants. The ratios show a plan
for balanced, healthy growth. Our return on sales and return on assets
remain strong in percentage terms.

RATIO ANALYSIS

YEAR YEAR YEAR INDUSTRY

1 2 3 PROFILE

Sales 0.00% 7.22% 7.00% 5.24%

Growth
Percent
of Total
Assets

Inventory 2.39% 1.96% 1.57% 3.54%

Other 7.30% 5.68% 4.35% 34.82%

Current
Assets

Total Current 74.60% 82.22% 87.75% 43.85%

Assets

Long-term 25.40% 17.78% 12.25% 56.15%

Assets

TOTAL 100.00% 100.00% 100.00% 100.00%

ASSETS

Current 12.89% 10.24% 8.26% 20.80%

Liabilities

Long-term 26.43% 9.74% 0.00% 28.42%

Liabilities

Total 39.31% 19.98% 8.26% 49.22%

Liabilities

NET WORTH 60.69% 80.02% 91.74% 50.78%

Percent of
Sales

Sales 100.00% 100.00% 100.00% 100.00%

Gross Margin 76.49% 76.98% 77.41% 61.18%

Selling, 39.83% 39.27% 38.77% 38.56%

General &
Administrative
Expenses

Advertising 0.00% 0.00% 0.00% 2.28%

Expenses

Profit Before 14.39% 17.03% 19.09% 1.44%

Interest and
Taxes

Main Ratios

Current 5.79 8.03 10.62 0.99

Quick 5.60 7.84 10.43 0.67

Total Debt to 39.31% 19.98% 8.26% 52.80%

Total Assets
Pre-tax 76.88% 58.52% 47.43% 2.77%
Return on Net
Worth

Pre-tax 46.66% 46.83% 43.51% 5.88%

Return on
Assets

Additional Year 1 Year 2 Year 3

Ratios

Net Profit 9.76% 11.73% 13.31% n.a

Margin

Return on 53.82% 40.97% 33.20% n.a

Equity

Activity Ratios

Inventory 31.29 33.70 33.70 n.a

Turnover

Accounts 11.35 12.17 12.17 n.a

Payable
Turnover

Payment Days 30 30 29 n.a

Total Asset 3.35 2.79 2.29 n.a
Turnover

Debt Ratios

Debt to Net 0.65 0.25 0.09 n.a

Worth

Current Liab. 0.33 0.51 1.00 n.a

to Liab.

Liquidity
Ratios

Net Working $44,373 $66,487 $95,877 n.a

Capital

Interest 31.85 62.79 234.26 n.a

Coverage

Additional
Ratios

Assets to 0.30 0.36 0.44 n.a

Sales

Current 13% 10% 8% n.a

Debt/Total
Assets
Acid Test 5.60 7.84 10.43 n.a

Sales/Net 5.52 3.49 2.50 n.a

Worth

Dividend 0.00 0.00 0.00

Payout

Appendix

SALES FORECAST

M M M M M M M M M M M M
O O O O O O O O O O O O
N NT N N N N N N N N N N
T H T T T T T T T T T T
H 2 H H H H H H H H H H
1 3 4 5 6 7 8 9 10 11 12

Sal
es

Piz 0 $7 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
za % ,2 2, 1, 2, 1, 1, 1, 1, 1, 1, 0, 1,
00 60 16 00 46 34 82 16 32 64 56 64
0 0 0 0 0 0 0 0 0 0 0

Bre 0 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
ads % ,0 ,7 ,5 ,6 ,5 ,5 ,6 ,5 ,6 ,6 ,4 ,6
00 50 67 92 75 42 50 42 17 67 17
tick 50
s

Be 0 $2 $3 $3 $3 $3 $3 $3 $3 $3 $3 $2 $3
er % ,0 ,5 ,1 ,3 ,1 ,1 ,2 ,1 ,2 ,2 ,9 ,2
00 00 00 33 83 50 83 00 83 33 33 33

Dri 0 $2 $4 $4 $4 $4 $4 $4 $4 $4 $4 $3 $4
nks % ,7 ,7 ,2 ,5 ,3 ,2 ,4 ,2 ,4 ,3 ,9 ,3
20 60 16 33 29 84 65 16 65 97 89 97

TO $1 $2 $2 $2 $2 $2 $2 $2 $2 $2 $1 $2
TA 2, 2, 0, 1, 0, 0, 1, 0, 0, 0, 8, 0,
L 92 61 02 53 56 34 21 02 71 88 94 88
SA 0 0 6 3 4 9 0 6 0 7 9 7
LE
S

Dir Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo
ect nt nt nt nt nt nt nt nt nt nt nt nt
Cos h h h h h h h h h h h h
t of 1 2 3 4 5 6 7 8 9 10 11 12
Sal
es

Piz 3 $2 $4 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3
za 2 ,3 ,0 ,5 ,8 ,6 ,6 ,7 ,5 ,6 ,7 ,3 ,7
% 04 32 71 40 67 29 82 71 22 25 79 25

Bre 2 $2 $3 $3 $3 $3 $3 $3 $3 $3 $3 $2 $3
ads 0 00 50 10 33 18 15 28 10 28 23 93 23
%
 tick
s

Be 2 $4 $7 $6 $6 $6 $6 $6 $6 $6 $6 $5 $6
er 0 00 00 20 67 37 30 57 20 57 47 87 47
%

Dri 5 $1 $2 $2 $2 $2 $2 $2 $2 $2 $2 $1 $2
nks % 36 38 11 27 16 14 23 11 23 20 99 20

Su $3 $5 $4 $5 $4 $4 $4 $4 $4 $4 $4 $4
bto ,0 ,3 ,7 ,0 ,8 ,7 ,9 ,7 ,8 ,9 ,4 ,9
tal 40 20 12 67 39 88 91 12 31 15 59 15
Dir
ect
Cos
t of
Sal
es

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PERSONNEL PLAN

M M M M M M M M M M M M
O O O O O O O O O O O O
N N N N N N N N N N N N
 T T T T T T T T T T T T
H H H H H H H H H H H H
1 2 3 4 5 6 7 8 9 10 11 12

Kitc 0 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2
hen % ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3
Lea 40 40 40 40 40 40 40 40 40 40 40 40
ds

Kitc 0 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3
hen % ,1 ,1 ,1 ,1 ,1 ,1 ,1 ,1 ,1 ,1 ,1 ,1
/Wa 20 20 20 20 20 20 20 20 20 20 20 20
it

Dish 0 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
was % ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3
her 00 00 00 00 00 00 00 00 00 00 00 00

Own 0 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7
er % 50 50 50 50 50 50 50 50 50 50 50 50

Deli 0 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
very % ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3 ,3
00 00 00 00 00 00 00 00 00 00 00 00

TOT 12 12 12 12 12 12 12 12 12 12 12 12
AL
PEO
PLE
Tota $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8
l ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8
Payr 10 10 10 10 10 10 10 10 10 10 10 10
oll

GENERAL ASSUMPTIONS

M M M M M M M M M M M M
O O O O O O O O O O O O
NT NT NT NT NT NT NT NT NT NT NT NT
H H H H H H H H H H H H
1 2 3 4 5 6 7 8 9 10 11 12

Pla 1 2 3 4 5 6 7 8 9 10 11 12
n
Mo
nt
h

Cu 6. 6. 6.0 6. 6. 6. 6. 6. 6. 6. 6. 6.
rre 00 00 0 00 00 00 00 00 00 00 00 00
nt % % % % % % % % % % % %
Int
er
est
Ra
te

Lo 5. 5. 5.0 5. 5. 5. 5. 5. 5. 5. 5. 5.
ng 00 00 0 00 00 00 00 00 00 00 00 00
- % % % % % % % % % % % %
ter
m
Int
er
est
Ra
te

Ta 30 30 30. 30 30 30 30 30 30 30 30 30
x .0 .0 00 .0 .0 .0 .0 .0 .0 .0 .0 .0
Ra 0 0 % 0 0 0 0 0 0 0 0 0
te % % % % % % % % % % %

Ot 0 0 0 0 0 0 0 0 0 0 0 0
he
r

PRO FORMA PROFIT AND LOSS

M M M M M M M M M M M M
O O O O O O O O O O O O
NT NT N N N N N N N N N N
H H T T T T T T T T T T
1 2 H H H H H H H H H H
3 4 5 6 7 8 9 10 11 12

Sale $1 $2 $2 $2 $2 $2 $2 $2 $2 $2 $1 $2
s 2, 2, 0, 1, 0, 0, 1, 0, 0, 0, 8, 0,
92 61 02 53 56 34 21 02 71 88 94 88
0 0 6 3 4 9 0 6 0 7 9 7

Dire $3 $5 $4 $5 $4 $4 $4 $4 $4 $4 $4 $4
ct ,0 ,3 ,7 ,0 ,8 ,7 ,9 ,7 ,8 ,9 ,4 ,9
Cos 40 20 12 67 39 88 91 12 31 15 59 15
t of
Sale
s
Oth $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
er
Cos
ts
of
Goo
ds

TO $3 $5 $4 $5 $4 $4 $4 $4 $4 $4 $4 $4
TAL ,0 ,3 ,7 ,0 ,8 ,7 ,9 ,7 ,8 ,9 ,4 ,9
CO 40 20 12 67 39 88 91 12 31 15 59 15
ST
OF
SAL
ES

Gro $9 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
ss ,8 7, 5, 6, 5, 5, 6, 5, 5, 5, 4, 5,
Mar 80 29 31 46 72 56 22 31 88 97 49 97
gin 0 4 7 6 1 0 4 0 3 1 3

Gro 76 76 76 76 76 76 76 76 76 76 76 76
ss .4 .4 .4 .4 .4 .4 .4 .4 .6 .4 .4 .4
Mar 7 7 7 7 7 7 7 7 8 7 7 7
gin % % % % % % % % % % % %
%

Exp
ens
es

Pay $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8
roll ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8
10 10 10 10 10 10 10 10 10 10 10 10
Sale $5 $7 $7 $7 $7 $7 $7 $7 $2 $2 $5 $5
s 00 50 50 50 50 50 50 50 50 50 00 00
and
Mar
keti
ng
and
Oth
er
Exp
ens
es

Dep $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
reci 70 70 70 70 70 70 70 70 70 70 70 70
atio
n

Ren $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
t ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2
00 00 00 00 00 00 00 00 00 00 00 00

Utili $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6
ties 00 00 00 00 00 00 00 00 00 00 00 00

Ins $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3
ura 50 50 50 50 50 50 50 50 50 50 50 50
nce

Pay 1 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6
roll 5 70 70 70 70 70 70 70 70 70 70 70 70
Tax %
es
We 1 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5
bsit 5 0 0 0 0 0 0 0 0 0 0 0 0
e %
Hos
ting
and
Mai
nte
nan
ce

Oth $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
er

Tot $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
al 2, 2, 2, 2, 2, 2, 2, 2, 2, 2, 2, 2,
Ope 35 60 60 60 60 60 60 60 10 10 35 35
rati 0 0 0 0 0 0 0 0 0 0 0 0
ng
Exp
ens
es

Prof ($ $4 $2 $3 $3 $2 $3 $2 $3 $3 $2 $3
it 2, ,6 ,7 ,8 ,1 ,9 ,6 ,7 ,7 ,8 ,1 ,6
Bef 47 90 14 66 25 61 19 14 79 72 40 22
ore 0)
Inte
rest
and
Tax
es

EBI ($ $4 $2 $4 $3 $3 $3 $2 $3 $4 $2 $3
TDA 2, ,8 ,8 ,0 ,2 ,1 ,7 ,8 ,9 ,0 ,3 ,7
30 60 84 36 95 31 89 84 49 42 10 92
0)
Inte $1 $1 $9 $9 $9 $9 $9 $8 $8 $8 $8 $7
rest 02 00 8 6 4 2 0 8 5 3 1 9
Exp
ens
e

Tax ($ $1 $7 $1 $9 $8 $1 $7 $1 $1 $6 $1
es 77 ,3 85 ,1 10 61 ,0 88 ,1 ,1 18 ,0
Inc 2) 77 31 59 08 37 63
urre
d

Net ($ $3 $1 $2 $2 $2 $2 $1 $2 $2 $1 $2
Prof 1, ,2 ,8 ,6 ,1 ,0 ,4 ,8 ,5 ,6 ,4 ,4
it 80 13 31 39 22 08 71 38 86 52 41 80
1)

Net - 14 9. 12 10 9. 11 9. 12 12 7. 11
Prof 13 .2 14 .2 .3 87 .6 18 .4 .7 61 .8
it/S .9 1 % 6 2 % 5 % 9 0 % 7
ales 4 % % % % % % %
%

PRO FORMA CASH FLOW

M M M M M M M M M M M M
O O O O O O O O O O O O
NT N N N N N N N N N N N
H TH T T T T T T T T T T
1 2 H H H H H H H H H H
3 4 5 6 7 8 9 1 1 1
0 1 2

Cas
h
Rec
eive
d

Cas
h
fro
m
Ope
rati
ons

Cas $1 $2 $2 $2 $2 $2 $2 $2 $2 $2 $1 $2
h 2, 2, 0, 1, 0, 0, 1, 0, 0, 0, 8, 0,
Sale 92 61 02 53 56 34 21 02 71 88 94 88
s 0 0 6 3 4 9 0 6 0 7 9 7

SUB $1 $2 $ $ $ $ $ $ $ $ $ $
TOT 2, 2, 2 2 2 2 2 2 2 2 1 2
AL 92 61 0, 1, 0, 0, 1, 0, 0, 0, 8, 0,
CAS 0 0 0 5 5 3 2 0 7 8 9 8
H 2 3 6 4 1 2 1 8 4 8
FRO 6 3 4 9 0 6 0 7 9 7
M
OPE
RAT
ION
S

Addi
tion
al
Cas
h
Rec
eive
d
Sale 0. $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
s 0
Tax, 0
VAT %
,
HST
/GS
T
Rec
eive
d

New $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Curr
ent
Borr
owi
ng

New $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Oth
er
Liab
ilitie
s
(int
eres
t-
free
)

New $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Lon
g-
ter
m
Liab
ilitie
s
Sale $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
s of
Oth
er
Curr
ent
Ass
ets

Sale $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
s of
Lon
g-
ter
m
Ass
ets

New $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Inve
stm
ent
Rec
eive
d

SUB $1 $2 $ $ $ $ $ $ $ $ $ $
TOT 2, 2, 2 2 2 2 2 2 2 2 1 2
AL 92 61 0, 1, 0, 0, 1, 0, 0, 0, 8, 0,
CAS 0 0 0 5 5 3 2 0 7 8 9 8
H 2 3 6 4 1 2 1 8 4 8
REC 6 3 4 9 0 6 0 7 9 7
EIV
ED

Exp Mo Mo M M M M M M M M M M
endi nt nt on on on on on on on on on on
ture h h th th th th th th th th th th
s 1 2 3 4 5 6 7 8 9 10 11 12
Exp
endi
ture
s
fro
m
Ope
rati
ons

Cas $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8 $8
h ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8
Spe 10 10 10 10 10 10 10 10 10 10 10 10
ndin
g

Bill $9 $2 $9 $9 $1 $9 $9 $9 $9 $9 $9 $8
Pay ,5 ,9 ,3 ,0 0, ,3 ,3 ,8 ,1 ,1 ,2 ,4
men 90 21 09 37 01 81 59 06 13 89 54 09
ts 6

SUB $1 $1 $ $ $ $ $ $ $ $ $ $
TOT 8, 1, 1 1 1 1 1 1 1 1 1 1
AL 40 73 8, 7, 8, 8, 8, 8, 7, 7, 8, 7,
SPE 0 1 1 8 8 1 1 6 9 9 0 2
NT 1 4 2 9 6 1 2 9 6 1
ON 9 7 6 1 9 6 3 9 4 9
OPE
RAT
ION
S

Addi
tion
al
Cas
h
Spe
nt
Sale $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
s
Tax,
VAT
,
HST
/GS
T
Paid
Out

Prin $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
cipal
Rep
aym
ent
of
Curr
ent
Borr
owi
ng

Oth $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
er
Liab
ilitie
s
Prin
cipal
Rep
aym
ent

Lon $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5
g- 00 00 00 00 00 00 00 00 00 00 00 00
ter
m
Liab
ilitie
s
Prin
cipal
Rep
aym
ent

Purc $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
has
e
Oth
er
Curr
ent
Ass
ets

Purc $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
has
e
Lon
g-
ter
m
Ass
ets

Divi $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
den
ds

SUB $1 $1 $ $ $ $ $ $ $ $ $ $
TOT 8, 2, 1 1 1 1 1 1 1 1 1 1
AL 90 23 8, 8, 9, 8, 8, 9, 8, 8, 8, 7,
CAS 0 1 6 3 3 6 6 1 4 4 5 7
H 1 4 2 9 6 1 2 9 6 1
SPE 9 7 6 1 9 6 3 9 4 9
NT
 Net ($ $1 $1 $3 $1 $1 $2 $9 $2 $2 $3 $3
Cas 5, 0, ,4 ,1 ,2 ,6 ,5 10 ,2 ,3 86 ,1
h 98 37 07 87 38 58 41 88 88 68
Flow 0) 9

Cas $1 $2 $2 $3 $3 $3 $3 $3 $4 $4 $4 $4
h 7, 7, 8, 2, 3, 4, 7, 8, 0, 3, 3, 6,
Bala 12 49 90 09 33 98 53 44 72 11 50 67
nce 0 9 6 3 1 9 0 0 8 6 1 0

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PRO FORMA BALANCE SHEET

M M M M M M M M M M M M
O O O O O O O O O O O O
NT NT N N N N N N N N N N
H H T T T T T T T T T T
1 2 H H H H H H H H H H
3 4 5 6 7 8 9 10 11 12

As St
set art
s in
g
Ba
la
 nc
es

Cu
rre
nt
As
set
s

Ca $2 $1 $2 $2 $3 $3 $3 $3 $3 $4 $4 $4 $4
sh 3, 7, 7, 8, 2, 3, 4, 7, 8, 0, 3, 3, 6,
10 12 49 90 09 33 98 53 44 72 11 50 67
0 0 9 6 3 1 9 0 0 8 6 1 0

Inv $6 $2 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
ent ,0 ,9 ,8 ,6 ,7 ,6 ,6 ,7 ,6 ,6 ,7 ,5 ,7
ory 00 60 62 49 73 94 76 47 49 91 20 61 20

Ot $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5
her ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2
Cu 50 50 50 50 50 50 50 50 50 50 50 50 50
rre
nt
As
set
s

TO $3 $2 $3 $3 $3 $4 $4 $4 $4 $4 $5 $5 $5
TA 4, 5, 4, 5, 9, 0, 1, 4, 5, 7, 0, 0, 3,
L 35 33 61 80 11 27 91 52 33 66 08 31 64
CU 0 0 1 5 6 5 5 7 9 9 6 2 0
RR
EN
T
AS
SE
TS

PRO FORMA BALANCE SHEET

M M M M M M M M M M M M
O O O O O O O O O O O O
N N N N N N N N N N N N
T T T T T T T T T T T T
H H H H H H H H H H H H
1 2 3 4 5 6 7 8 9 10 11 12

Ass St
ets art
in
g
Ba
la
nc
es

Cur
ren
t
Ass
ets

Cas $2 $1 $2 $2 $3 $3 $3 $3 $3 $4 $4 $4 $4
h 3, 7, 7, 8, 2, 3, 4, 7, 8, 0, 3, 3, 6,
10 12 49 90 09 33 98 53 44 72 11 50 67
0 0 9 6 3 1 9 0 0 8 6 1 0
Inv $6 $2 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
ent ,0 ,9 ,8 ,6 ,7 ,6 ,6 ,7 ,6 ,6 ,7 ,5 ,7
ory 00 60 62 49 73 94 76 47 49 91 20 61 20

Oth $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5
er ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2 ,2
Cur 50 50 50 50 50 50 50 50 50 50 50 50 50
ren
t
Ass
ets

TO $3 $2 $3 $3 $3 $4 $4 $4 $4 $4 $5 $5 $5
TA 4, 5, 4, 5, 9, 0, 1, 4, 5, 7, 0, 0, 3,
L 35 33 61 80 11 27 91 52 33 66 08 31 64
CU 0 0 1 5 6 5 5 7 9 9 6 2 0
RR
EN
T
AS
SE
TS

Lon
g-
ter
m
Ass
ets

Lon $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2
g- 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0,
ter 30 30 30 30 30 30 30 30 30 30 30 30 30
m 0 0 0 0 0 0 0 0 0 0 0 0 0
Ass
ets
Acc $0 $1 $3 $5 $6 $8 $1 $1 $1 $1 $1 $1 $2
um 70 40 10 80 50 ,0 ,1 ,3 ,5 ,7 ,8 ,0
ulat 20 90 60 30 00 70 40
ed
Dep
reci
atio
n

TO $2 $2 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
TA 0, 0, 9, 9, 9, 9, 9, 9, 8, 8, 8, 8, 8,
L 30 13 96 79 62 45 28 11 94 77 60 43 26
LO 0 0 0 0 0 0 0 0 0 0 0 0 0
NG
-
TE
RM
AS
SE
TS

TO $5 $4 $5 $5 $5 $5 $6 $6 $6 $6 $6 $6 $7
TA 4, 5, 4, 5, 8, 9, 1, 3, 4, 6, 8, 8, 1,
L 65 46 57 59 73 72 19 63 27 43 68 74 90
AS 0 0 1 5 6 5 5 7 9 9 6 2 0
SE
TS

Lia M M M M M M M M M M M M
bilit on on on on on on on on on on on on
ies th th th th th th th th th th th th
and 1 2 3 4 5 6 7 8 9 10 11 12
Cap
ital

Cur
ren
t
Lia
bilit
ies

Acc $9 $2 $9 $8 $9 $9 $9 $9 $8 $8 $8 $8 $9
oun ,5 ,6 ,0 ,7 ,7 ,0 ,0 ,5 ,8 ,8 ,9 ,0 ,2
ts 00 11 08 02 03 70 31 03 06 80 75 89 67
Pay
abl
e

Cur $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
ren
t
Bor
row
ing

Oth $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
er
Cur
ren
t
Lia
bilit
ies

SU $9 $2 $9 $8 $9 $9 $9 $9 $8 $8 $8 $8 $9
BT ,5 ,6 ,0 ,7 ,7 ,0 ,0 ,5 ,8 ,8 ,9 ,0 ,2
OT 00 11 08 02 03 70 31 03 06 80 75 89 67
AL
CU
RR
EN
T
LIA
BIL
ITI
ES
Lon $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $1 $1
g- 5, 4, 4, 3, 3, 2, 2, 1, 1, 0, 0, 9, 9,
ter 00 50 00 50 00 50 00 50 00 50 00 50 00
m 0 0 0 0 0 0 0 0 0 0 0 0 0
Lia
bilit
ies

TO $3 $2 $3 $3 $3 $3 $3 $3 $2 $2 $2 $2 $2
TA 4, 7, 3, 2, 2, 1, 1, 1, 9, 9, 8, 7, 8,
L 50 11 00 20 70 57 03 00 80 38 97 58 26
LIA 0 1 8 2 3 0 1 3 6 0 5 9 7
BIL
ITI
ES

Pai $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4
d-in 6, 6, 6, 6, 6, 6, 6, 6, 6, 6, 6, 6, 6,
Cap 00 00 00 00 00 00 00 00 00 00 00 00 00
ital 0 0 0 0 0 0 0 0 0 0 0 0 0

Ret ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($
ain 25 25 25 25 25 25 25 25 25 25 25 25 25
ed ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8 ,8
Ear 50 50 50 50 50 50 50 50 50 50 50 50 50
nin ) ) ) ) ) ) ) ) ) ) ) ) )
gs

Ear $0 ($ $1 $3 $5 $8 $1 $1 $1 $1 $1 $2 $2
nin 1, ,4 ,2 ,8 ,0 0, 2, 4, 6, 9, 1, 3,
gs 80 12 43 83 05 01 48 32 90 56 00 48
1) 4 4 3 9 1 3 3

TO $2 $1 $2 $2 $2 $2 $3 $3 $3 $3 $3 $4 $4
TA 0, 8, 1, 3, 6, 8, 0, 2, 4, 7, 9, 1, 3,
L 15 34 56 39 03 15 16 63 47 05 71 15 63
CA 0 9 2 3 3 5 4 4 3 9 1 3 3
PIT
AL

TO $5 $4 $5 $5 $5 $5 $6 $6 $6 $6 $6 $6 $7
TA 4, 5, 4, 5, 8, 9, 1, 3, 4, 6, 8, 8, 1,
L 65 46 57 59 73 72 19 63 27 43 68 74 90
LIA 0 0 1 5 6 5 5 7 9 9 6 2 0
BIL
ITI
ES
AN
D
CA
PIT
AL

Net $2 $1 $2 $2 $2 $2 $3 $3 $3 $3 $3 $4 $4
Wo 0, 8, 1, 3, 6, 8, 0, 2, 4, 7, 9, 1, 3,
rth 15 34 56 39 03 15 16 63 47 05 71 15 63
0 9 2 3 3 5 4 4 3 9 1 3 3