2016 2017 2018 2019

A Revenue 102007 118086 131345 142341

B COGS 39023 48004 49123 53254
C=A-B Gross profit 62984 70082 82222 89087
Expenses
salaries and benefits 26427 22658 23872 23002
Rent and overheads 10963 10125 10087 11020
Depreciation and amortization 19500 18150 17205 16544
Interest 2500 2500 1500 900
D Total expenses 59390 53433 52664 51466

EBT=C-D EBT 3594 16649 29558 37621

Taxes 1120 4858 8483 10908

NE=EBT-Tax Net Earnings 2474 11791 21075 26713

Balance sheet
Year
Assets 2016 2017 2018 2019
cash 67971 81210 83715 111069
Accounts receivables 5100 5904 6567 7117
Inventory 7805 9601 9825 10531
Property and equipment 45500 42350 40145 38602
Total assets 126376 139065 140252 167319

Liablities
Accounts payable 3902 4800 4912 5265
Debt 50000 50000 30000 30000
Total liablities 53902 54800 34912 35265
Shareholder's Equity
Equity Capitaal 70000 70000 70000 70000
Retained earnings 2474 14265 35340 62054
Shareholder's Equity 72474 84265 105340 132054
Total liablities and shareholder's equity 126376 139065 140252 167319

Supporting Schedules
Working Capital Schedule
Accounts Receivable 5100 5904 6567 7117
Inventory 7805 9601 9825 10531
Accounts payable 3902 4800 4912 5265

Net Working Capital 9003 10705 11480 12383

Change In NWC 9003 1702 775 903
 Depreciation Schedule
PPE Opening 50000 45500 42350 40145
Add CapEX 15000 15000 15000 15000
Less Depreciation 19500 18150 17205 16544
PPE Closing 45500 42350 40145 38601

Debt and Interest Schedule

Debt Opening 50000 50000 50000 30000
Fresh Issue/repayment 0 -20000 0
Debt Closing 50000 50000 30000 30000
Interest Expense 2500 2500 1500 900

Cash Flow Statement

Operating Cash Flow
Net Earnings 2474 11791 21075 26713
Plus: Depreciation & Amortization 19500 18150 17205 16544
Less: Changes In Working Capital 9003 1702 775 903
A Cash From Operations 12971 28239 37505 42354

Investing Cash Flow

Investment in Property and Equipment 65000 15000 15000 15000
B Cash From Investing 65000 15000 15000 15000

Financing Cash Flow

Issuance (repayment) of debt 50000 0 -20000 0
Issuance (repayment) of equity 70000 0 0 0
C Cash from Financing 120000 0 -20000 0

D=A-B+C Net Increase(decrease) in Cash 67971 13239 2505 27354

E Opening Cash Balance 0 67971 81210 83715
F=D+E Closing Cash Balance 67971 81210 83715 111069

Verification/Check 0 0 0 0

Assumptions
Income Statement
Revenue Growth(% Change) 15.76% 11.23% 8.37%
COGS(%Revenue) 38.26% 40.65% 37.40% 37.41%
Salaries and benefits 26427 22658 23872 23002
Rent and Overheads 10963 10125 10087 11020
Depreciation and Amortization(% of PP&E Open bal) 39.00% 39.89% 40.63% 41.21%
Interest 5.00% 5.00% 3.00% 3.00%
Tax Rate 31.16% 29.18% 28.70% 28.99%
Balance Sheet
Accounts Receivable(days) 18.24875 18.24907 18.24931 18.24987
Inventory(No of days) 73.00374 73.00152 73.00297 72.1789
Accounts Payable( No of Days) 36.49719 36.49696 36.49777 36.08602
Capital Expenditure 65000 15000 15000 15000
Debt Issuance 0 0 -20000 0
Equity Issued 70000 0 0 0

Ratios
 2020 2021 2022 2023 2024 2025
150772 158310.6 165434.6 172052 178073.8 183416
57310 58574.92 61210.79 61938.71 64106.56 64195.6
93462 99735.68 104223.8 110113.3 113967.2 119220.4

25245 25000 25000 25000 25000 25000

11412 10000 10000 10000 10000 10000
16080 15008.4 15005.04 13003.02 17801.81 14681.09
900 900 900 900 300 300
53637 50908.4 50905.04 48903.02 53101.81 49981.09

39825 48827.28 53318.74 61210.23 60865.4 69239.31

11598 13671.64 14929.25 17138.86 17042.31 19387.01

28227 35155.64 38389.5 44071.37 43823.09 49852.3

2020
139550 174338.7 217121.9 228798.2 229912.3 279173.5
7538 7807.098 8158.417 8484.754 8781.721 9045.172
11342 11714.98 12242.16 12387.74 12821.31 12839.12
37521 37512.6 32507.56 44504.54 36702.72 37021.63
195951 231373.4 270030.1 294175.2 288218.1 338079.4

5671 5937.732 6204.93 6278.718 6498.473 6507.499

30000 30000 30000 10000 10000 10000
35671 35937.73 36204.93 16278.72 16498.47 16507.5

70000 70000 70000 70000 20000 20000

90280 125435.6 163825.1 207896.5 251719.6 301571.9
160280 195435.6 233825.1 277896.5 271719.6 321571.9
195951 231373.4 270030.1 294175.2 288218.1 338079.4
Check 0 0 0 0 0

7538 7807.098 8158.417 8484.754 8781.721 9045.172

11342 11714.98 12242.16 12387.74 12821.31 12839.12
5671 5937.732 6204.93 6278.718 6498.473 6507.499

13209 13584.35 14195.65 14593.78 15104.56 15376.79

826 375.3507 611.2958 398.1308 510.7822 272.2333
 38601 37521 37512.6 32507.56 44504.54 36702.72
15000 15000 10000 25000 10000 15000
16080 15008.4 15005.04 13003.02 17801.81 14681.09
37521 37512.6 32507.56 44504.54 36702.72 37021.63

30000 30000 30000 30000 10000 10000

0 0 0 -20000 0 0
30000 30000 30000 10000 10000 10000
900 900 900 900 300 300

28227 35155.64 38389.5 44071.37 43823.09 49852.3

16080 15008.4 15005.04 13003.02 17801.81 14681.09
826 375.3507 611.2958 398.1308 510.7822 272.2333
43481 49788.69 52783.24 56676.26 61114.12 64261.16

15000 15000 10000 25000 10000 15000

15000 15000 10000 25000 10000 15000

0 0 0 -20000 0 0
0 0 0 0 -50000 0
0 0 0 -20000 -50000 0

28481 34788.69 42783.24 11676.26 1114.123 49261.16

111069 139550 174338.7 217121.9 228798.2 229912.3
139550 174338.7 217121.9 228798.2 229912.3 279173.5

5.92% 5.00% 4.50% 4% 3.50% 3%

38.01% 37.00% 37.00% 36.00% 36.00% 35.00%
25245 25000 25000 25000 25000 25000
11412 10000 10000 10000 10000 10000
41.66% 40.00% 40.00% 40.00% 40.00% 40.00%
3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
29.12% 28.00% 28.00% 28.00% 28.00% 28.00%
18.24855 18 18 18 18 18
72.23574 73 73 73 73 73
36.11787 37 37 37 37 37
15000 15000 10000 25000 10000 15000
0 0 0 -20000 0 0
0 0 0 0 -50000 0