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Caskey Trucking
28th February 2017A 2018A 2019A 2020E

Balance Sheet
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Current assets
Cash 12,004 20,233 6,136 34,706
Accounts receivable 26,569 32,404 57,881 30,000
Prepaid expenses 5,917 2,889 4,857 5,500
Total current assets 44,490 55,526 68,874 70,206

Property, plant, and equipment 102,293 66,328 30,363 425,000

TOTAL ASSETS 146,783 121,854 99,237 495,206

Current liabilities
Accounts payable 49,875 31,020 16,219 16,000
Short-term debt 12,518 27,540 43,946 -
Current portion of long-term debt 9,479 9,587 9,389 80,700
Total current liabilities 71,872 68,147 69,554 96,700

Long-term liabilities
Long-term debt 18,976 9,389 - 322,800
Shareholder loan 43,971 43,971 23,971 23,971
Total long-term liabilities 62,947 53,360 23,971 346,771

Shareholders' Equity
Common shares 100 100 100 100
Retained earnings 11,864 247 5,612 51,635
Total equity 11,964 347 5,712 51,735

TOTAL LIABILITIES 146,783 121,854 99,237 495,206

Income Statement

Revenues 258,410 239,178 284,252 485,000

Expenses
Advertising and promotion 3,694 4,089 1,586 3,000
Depreciation 27,315 35,965 37,621 30,363
Fuel and oil 29,345 32,603 30,232 60,000
Insurance 11,498 9,856 6,041 30,000
Bank charges 4,633 1,352 843 2,000
Licenses, fees, and dues 900 711 1,472 1,000
Office 4,782 765 3,575 1,000
Professional fees 3,187 1,900 1,150 2,000
Rental 10,913 8,925 9,349 10,000
Repairs and maintenance 46,491 48,905 51,199 50,000
Salaries, wages, and benefits 3,125 2,870 612 95,000
Sub-contracts 22,957 2,395 30,000 65,000
Supplies 6,383 396 1,243 2,500
Telephone 6,725 8,342 5,638 -
Utilities 5,201 5,315 5,415 5,500
Total expenses 187,149 164,389 185,976 357,363

Operating Profit (EBIT) 71,261 74,789 98,276 127,637

Interest 2,983 2,763 6,383 18,520

Income before taxes (EBIT) 68,278 72,026 91,893 109,117

Income taxes 8,193 8,643 11,027 13,094
Net income 60,085 63,383 80,866 96,023

Retained earnings - start of year 37,582 11,864 247 5,612

Net income 60,085 63,383 80,866 96,023
Dividends (85,803) (75,000) (75,500) (50,000)
Retained earnings - end of year 11,864 247 5,612 51,635

Cash Flow Statement

Operating Activities
Net income 60,085 63,383 80,866 96,023
Add back depreciation 27,315 35,965 37,621 30,363
Add back interest 2,983 2,763 6,383 18,520
Change in working capital (22,587) (21,662) (42,246) 27,019
67,796 80,449 82,624 171,925

Investing Activities
Acquisitions - - (1,656) (425,000)
Disposals - - - -
- - (1,656) (425,000)

Financing Activities
Change in debt funding - 5,543 6,819 350,165
Interest (2,983) (2,763) (6,383) (18,520)
Change in equity funding - (20,000) -
Dividends (85,803) (75,000) (75,500) (50,000)
(88,786) (72,220) (95,064) 281,645

Net movement in cash (20,990) 8,229 (14,096) 28,570

Cash at start of year 32,994 12,004 20,233 6,136
Cash at end of year 12,004 20,233 6,136 34,706

Working Capital (Current) Ratio

Current assets 44,490 55,526 68,874 70,206
Current liabilities 71,872 68,147 69,554 96,700

Working Capital (Current) Ratio 0.62 0.81 0.99 0.73

Total Liabilities/Equity Ratio

Current liabilities 71,872 68,147 69,554 96,700
Long-term debt 18,976 9,389 - 322,800
Total liabilities 90,848 77,536 69,554 419,500

Equity 11,964 347 5,712 51,735

Shareholder loans 43,971 43,971 23,971 23,971
Total equity 55,935 44,318 29,683 75,706

Total Liabilities/Equity Ratio 1.62 1.75 2.34 5.54

Funded Debt to Equity

Short-term debt 12,518 27,540 43,946 -
Current portion of long-term debt 9,479 9,587 9,389 80,700
Long-term debt 18,976 9,389 - 322,800
Total liabilities 40,973 46,516 53,335 403,500

Equity 11,964 347 5,712 51,735

Shareholder loans 43,971 43,971 23,971 23,971
Total equity 55,935 44,318 29,683 75,706

Funded Debt/Equity Ratio 0.73 1.05 1.80 5.33

Funded Debt/EBITDA
Short-term debt 12,518 27,540 43,946 -
Current portion of long-term debt 9,479 9,587 9,389 80,700
Long-term debt 18,976 9,389 - 322,800
40,973 46,516 53,335 403,500

EBIT 71,261 74,789 98,276 127,637

Depreciation 27,315 35,965 37,621 30,363
EBITDA 98,576 110,754 135,897 158,000

Funded Debt/EBITDA 0.42 0.42 0.39 2.55

Debt Service Coverage Ratio

Income
Net income 60,085 63,383 80,866 96,023
Depreciation 27,315 35,965 37,621 30,363
Interest expense on long-term debt 2,983 2,763 6,383 18,520
Dividends (85,803) (75,000) (75,500) (50,000)
Total 4,580 27,111 49,370 94,906
Interest and principal payments 12,462 12,350 15,772 91,374

Debt Service Coverage Ratio 0.37 2.20 3.13 1.04

Profitability Ratios
Revenues 258,410 239,178 284,252 485,000
Operating Profit (EBIT) 71,261 74,789 98,276 127,637
Net Profit 60,085 63,383 80,866 96,023

Operating Margin Ratio 28% 31% 35% 26%

Net Profit Margin Ratio 23% 27% 28% 20%

Efficiency Ratios
Revenues 258,410 239,178 284,252 485,000
Total Assets 146,783 121,854 99,237 495,206
Accounts Receivable 26,569 32,404 57,881 30,000

Asset Turnover Ratio 1.76 1.96 2.86 0.98

Receivable Turnover Ratio 9.73 7.38 4.91 16.17
Receivable Days Ratio 37.53 49.45 74.32 22.58

Debt Payment Details and Schedule

Amount 403,500
Rate 5%
Term 5
Frequency per year 12
Monthly Payment 7,614.54
Annual Payment 91,374.51
Interest First Year 18,520.47

Number Payment Interest Principal Closing

1 7,614.54 1,681.25 5,933.29 397,566.71
2 7,614.54 1,656.53 5,958.01 391,608.69
3 7,614.54 1,631.70 5,982.84 385,625.85
4 7,614.54 1,606.77 6,007.77 379,618.08
5 7,614.54 1,581.74 6,032.80 373,585.28
6 7,614.54 1,556.61 6,057.94 367,527.35
7 7,614.54 1,531.36 6,083.18 361,444.17
8 7,614.54 1,506.02 6,108.53 355,335.64
9 7,614.54 1,480.57 6,133.98 349,201.66
10 7,614.54 1,455.01 6,159.54 343,042.13
11 7,614.54 1,429.34 6,185.20 336,856.93
12 7,614.54 1,403.57 6,210.97 330,645.96
13 7,614.54 1,377.69 6,236.85 324,409.10
14 7,614.54 1,351.70 6,262.84 318,146.27
15 7,614.54 1,325.61 6,288.93 311,857.33
16 7,614.54 1,299.41 6,315.14 305,542.20
17 7,614.54 1,273.09 6,341.45 299,200.75
18 7,614.54 1,246.67 6,367.87 292,832.87
19 7,614.54 1,220.14 6,394.41 286,438.47
20 7,614.54 1,193.49 6,421.05 280,017.42
21 7,614.54 1,166.74 6,447.80 273,569.61
22 7,614.54 1,139.87 6,474.67 267,094.94
23 7,614.54 1,112.90 6,501.65 260,593.30
24 7,614.54 1,085.81 6,528.74 254,064.56
25 7,614.54 1,058.60 6,555.94 247,508.62
26 7,614.54 1,031.29 6,583.26 240,925.36
27 7,614.54 1,003.86 6,610.69 234,314.68
28 7,614.54 976.31 6,638.23 227,676.44
29 7,614.54 948.65 6,665.89 221,010.55
30 7,614.54 920.88 6,693.67 214,316.89
31 7,614.54 892.99 6,721.56 207,595.33
32 7,614.54 864.98 6,749.56 200,845.77
33 7,614.54 836.86 6,777.69 194,068.08
34 7,614.54 808.62 6,805.93 187,262.16
35 7,614.54 780.26 6,834.28 180,427.87
36 7,614.54 751.78 6,862.76 173,565.11
37 7,614.54 723.19 6,891.35 166,673.76
38 7,614.54 694.47 6,920.07 159,753.69
39 7,614.54 665.64 6,948.90 152,804.79
40 7,614.54 636.69 6,977.86 145,826.93
41 7,614.54 607.61 7,006.93 138,820.00
42 7,614.54 578.42 7,036.13 131,783.88
43 7,614.54 549.10 7,065.44 124,718.43
44 7,614.54 519.66 7,094.88 117,623.55
45 7,614.54 490.10 7,124.44 110,499.10
46 7,614.54 460.41 7,154.13 103,344.98
47 7,614.54 430.60 7,183.94 96,161.04
48 7,614.54 400.67 7,213.87 88,947.16
49 7,614.54 370.61 7,243.93 81,703.24
50 7,614.54 340.43 7,274.11 74,429.12
51 7,614.54 310.12 7,304.42 67,124.70
52 7,614.54 279.69 7,334.86 59,789.84
53 7,614.54 249.12 7,365.42 52,424.43
54 7,614.54 218.44 7,396.11 45,028.32
55 7,614.54 187.62 7,426.92 37,601.39
56 7,614.54 156.67 7,457.87 30,143.52
57 7,614.54 125.60 7,488.94 22,654.58
58 7,614.54 94.39 7,520.15 15,134.43
59 7,614.54 63.06 7,551.48 7,582.95
60 7,614.54 31.60 7,582.95 0.00