FEF Chapter 03 Financial Projections Model - (Blank)

© 2020 Marco Da Rin and Thomas Hellmann
Fundamentals of Entrepreneurial Finance

Chapter 03
Financial Projections Model - blank version
Welcome to the Entrepreneurial Finance - Financial Projection Model for Wo
Introduction
The model is designed to auto-populate based on the information you provide
Use the colour guide to determine which inputs are needed
Key Example
Green Fill
No Fill
Starting Inputs
Company Name: WorkHorse
Start Date: Tuesday, March 31, 2020
Currency, Units: USD

ance - Financial Projection Model for WorkHorse
mation you provide
Meaning
Required numerical inputs
The user should not enter any information in empty cells

All data in cells with no colour fill will be calculated automatically for the user
Top-Down Revenue Projection
Revenues (USD)
Market Size and Sales Assumptions

Market 1 Notes on assumptions
Year of Market Sizing 2020
Overall market size 1
Target segment share 1.00%
Target market size 1
Market Growth Rate 1.0%
Market Size (prior to margin for retailers & distributors)

Market Size (years 1 and 2)
Year 1
Mar 2020 Jun 2020 Sep 2020 Dec 2020
Market 1 0 0 0 0
Market 2 0 0 0 0
Market 3 0 0 0 0
Assumption: Third Party Margins

Third Party Margins (years 1 and 2)
Year 1
Mar 2020 Jun 2020 Sep 2020 Dec 2020
Market 1 0.0% 0.0% 0.0% 0.0%
Market 2 0.0% 0.0% 0.0% 0.0%
Market 3 0.0% 0.0% 0.0% 0.0%
Assumption: Market Penetration by period

Market penetration (years 1 and 2)
Year 1
Mar 2020 Jun 2020 Sep 2020 Dec 2020
Market 1 0.0% 0.0% 0.0% 0.0%
Market 2 0.0% 0.0% 0.0% 0.0%
Market 3 0.0% 0.0% 0.0% 0.0%
Top-Down Revenue Projection

Quarterly Projections (years 1 and 2)
Year 1
Mar 2020 Jun 2020 Sep 2020 Dec 2020
Market 1 - - - -
Market 2 - - - -
Market 3 - - - -
Total - - - -
Market 2 Notes on assumptions Market 3 Notes on assumpti
2020 2020
1 1
1.00% 1.00%
1 1
1.0% 1.0%
Market Size (years 1 and 2) Market Size

Year 2 Year 3
Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
0 0 0 0 1
0 0 0 0 1
0 0 0 0 1
Party Margins (years 1 and 2) Third Party Marg

Year 2 Year 3
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
et penetration (years 1 and 2) Market Penetrati

Year 2 Year 3
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
erly Projections (years 1 and 2) Annual Projectio

Year 2 Year 3
- - - - -
- - - - -
- - - - -
- - - - -
WorkHorse Revenue Forecast
First two years - Quarterly
Notes on assumptions
Quarterly Re
1
Revenues (USD)
1
Market Size (years 3 to 6) 0

Dec 2019 Mar 2020 Jun 2020 Sep
Year 4 Year 5 Year 6
Mar 2023 Mar 2024 Mar 2025 Market
1 1 1
1 1 1
1 1 1
Full Forecast - Annual (6 years)
Third Party Margins (years 3 to 6)

Year 4 Year 5 Year 6 Year 1
Mar 2023 Mar 2024 Mar 2025 Mar 2020
0.0% 0.0% 0.0% Market 1 -
0.0% 0.0% 0.0% Market 2 -
0.0% 0.0% 0.0% Market 3 -
-
Market Penetration (years 3 to 6)

Year 4 Year 5 Year 6 Annual
Mar 2023 Mar 2024 Mar 2025 1
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
Revenues (USD)
Annual Projections (years 3 to 6)

Mar 2023 Mar 2024 Mar 2025
- - - 0
- - - Feb 2019 Jun 2020
- - -
Mark
- - -
venue Forecast
Quarterly Revenues (first two years)
Mar 2020 Jun 2020 Sep 2020 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Feb 2022
Market 1 Market 2 Market 3
al (6 years)
Annual Projections
Year 2 Year 3 Year 4 Year 5 Year 6
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
- - - - -
- - - - -
- - - - -
- - - - -
Annual Revenues by Product
9 Jun 2020 Oct 2021 Mar 2023 Jul 2024 Dec 2025
Market 1 Market 2 Market 3

Bottom-Up Revenue Projection
Revenues (USD)
Product Information
Product 1 Notes on assumptions Product 2
List price (net of tax) 1 1
Third party margin 1% 1%
Rate of returns 1% 1%
Net price 0.98 0.98
Sales Projections
Quarterly Units sold (years 1 and 2)
Year 1 Year 2
Product 1 - - - - -
Product 2 - - - - -
Product 3 - - - - -
Bottom-up Revenue Projection

Quarterly Projections - 2 years from start
Year 1 Year 2
Product 1 - - - - -
Product 2 - - - - -
Product 3 - - - - -
Total - - - - -
Notes on assumptions Product 3 Notes on assumptions
years 1 and 2) Annual Units sold (years 3 to 6)

Jun 2021 Sep 2021 Dec 2021 Mar 2022 Mar 2023 Mar 2024
- - - - - -
- - - - - -
- - - - - -
years from start Annual Projections (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -

1
Revenues (USD)
1
years 3 to 6)
Year 6 0
Mar 2025 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Jan 2021 Apr 2021 Jul 2021
- Product 1 Product 2 Product 3
-
-
(years 3 to 6) Annual Projections

Mar 2025 Mar 2020 Mar 2021 Mar 2022
- Product 1 - - -
- Product 2 - - -
- Product 3 - - -
- - - -

1
Revenues (USD)
0
Feb 2019 Jun 2020 Oct 2021 Mar 2023 Jul
Product 1 Product 2 Product 3

es (first two years)
an 2021 Apr 2021 Jul 2021 Oct 2021 Feb 2022
roduct 2 Product 3
Annual Projections
Mar 2023 Mar 2024 Mar 2025
- - -
- - -
- - -
- - -
nues by Product
Mar 2023 Jul 2024 Dec 2025
Product 2 Product 3
Revenue Projections - Final
Revenues (USD)
Method Choice
Revenues Bottom-up
Revenues can be projected using either of the following methods:

Top-down
Bottom-up
Revenue Projection
Quarterly Units sold (years 1 and 2)
Year 1 Year 2
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
Product 1 - - - - - -
Product 2 - - - - - -
Product 3 - - - - - -
Total - - - - - -
) Annual Units sold (years 3 to 6)
Sep 2021 Dec 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
- - - - - -
- - - - - -
- - - - - -
- - - - - -

1
Revenues (USD)
0
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Feb
Annual Projections
Mar 2020 Mar 2021 Mar 2022 Mar 2023
Product 1 - - - -
Product 2 - - - -
Product 3 - - - -
- - - -

(2020-2025)
1
Revenues (USD)
0
Feb 2019 Jun 2020 Oct 2021 Mar 2023 Jul 2024 Dec

Re
0

o years)
21 Jul 2021 Oct 2021 Feb 2022
oduct 3
ons
Year 5 Year 6
Mar 2024 Mar 2025
- -
- -
- -
- -
duct
Jul 2024 Dec 2025
oduct 3
Jul 2024 Dec 2025
oduct 3
Projected Cost of Good Sold (COGS)
COGS (USD)
Note: On Expenses tab, the preferred method can be selected from:

Bottom-up
Top-down
COGS Projection - Top-down
Top-down Assumptions - Expected Gross Margin

Expected Gross Margin 0% 0%
Top-down COGS Estimate

Quarterly COGS (years 1 and 2)
Year 1 Year 2
Product 1 - - - - -
Product 2 - - - - -
Product 3 - - - - -
Total - - - - -
COGS Projection - Bottom-up
Bottom-up Assumptions - Unit Costs to Manufacture (in USD)

Component 1 - -
Component 2 - -
Component 3 - -
Component 4 - -
Component 5 - -
Component 6 - -
Component 6 - -
Assembly - -
Enclosure - -
Shipping - -
Total COGS per unit - -
Year of estimate 2020 2020

CAGR of COGS 0.00% 0.00%
Bottom-up COGS Estimate
Quarterly COGS (years 1 and 2)
Year 1 Year 2
Product 1 - - - - -
Product 2 - - - - -
Product 3 - - - - -
Total - - - - -
ars 1 and 2) Annual COGS (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
0.00%
ars 1 and 2) Annual COGS (years 3 to 6)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
WorkHorse COGS Forecast - Top-down
Quarterly COGS - Top-down (first two y

1
1
COGS (USD)
0
ars 3 to 6) Dec 2019 Mar 2020 Jun 2020 Sep 2020 Jan 2021 Apr 2021
Year 6
Mar 2025
-
-
-
-
Annual Projections
Mar 2020 Mar 2021 Mar 2022
Product 1 - - -
Product 2 - - -
Product 3 - - -
- - -
Annual COGS - Top-down
1
COGS (USD)
0
Feb 2019 Jun 2020 Oct 2021 Mar 2023 Jul 2024

COGS (US
0
ars 3 to 6)
Year 6
Mar 2025 Product 1 Product 2 Product 3
-
-
- WorkHorse COGS Forecast - Bottom-up

-
Quarterly COGS - Bottom-up (first two y

1
1
COGS (USD)
0
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Jan 2021 Apr 2021
Annual Projections
Mar 2020 Mar 2021 Mar 2022
Product 1 - - -
Product 2 - - -
Product 3 - - -
- - -
Annual COGS - Bottom-up
1
COGS (USD)
0
1
COGS (USD)
0

op-down (first two years)
Sep 2020 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Feb 2022
Product 2 Product 3
Annual Projections
Mar 2023 Mar 2024 Mar 2025
- - -
- - -
- - -
- - -
GS - Top-down
ct 2021 Mar 2023 Jul 2024 Dec 2025
Product 2 Product 3
ct 2021 Mar 2023 Jul 2024 Dec 2025
Product 2 Product 3
ottom-up (first two years)
Sep 2020 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Feb 2022
Product 2 Product 3
Annual Projections
Mar 2023 Mar 2024 Mar 2025
- - -
- - -
- - -
- - -
GS - Bottom-up
ct 2021 Mar 2023 Jul 2024 Dec 2025

ct 2021 Mar 2023 Jul 2024 Dec 2025
Product 2 Product 3
Projected Payroll Costs
Payroll (USD)
Assumptions - Annual Payroll Needs (costs in USD)

Founders (first Founders
year) Notes on assumptions (later years)
Gross Pay - -
Employer Taxes - -
Employment Insurance - -
Pension - -
Health Insurance - -
Other Benefits - -
Annual cost per person - -
Sales Notes on assumptions Admin

Gross Pay - -
Employer Taxes - -
Employment Insurance - -
Pension - -
Health Insurance - -
Other Benefits - -
Annual cost per person - -
Assumptions - Number of persons employed

Count of Employees by Quarter (years 1 and 2)
Year 1 Yea
Founders (first year) - - - - -
Founders (later years) - - - - -
Engineers - - - - -
Sales - - - - -
Admin - - - - -
Finance - - - - -
Total - - - - -
Total Payroll Costs

Quarterly Payroll Costs (years 1 and 2)
Year 1 Yea
Founders (first year) - - - - -
Founders (later years) - - - - -
Engineers - - - - -
Sales - - - - -
Admin - - - - -
Finance - - - - -
Total - - - - -
Engineers
Notes on assumptions Notes on assumptions
-
-
-
-
-
-
-
Notes on assumptions Finance Notes on assumptions

-
-
-
-
-
-
-
ter (years 1 and 2) Count of Employees by year (years 3 to 6)

- -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
years 1 and 2) Annual Payroll Costs (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
WorkHorse Projected Payroll Charts
Quarterly Payroll Costs (first two yea

1
Payroll (USD)
1
0
Dec 2019 Jun 2020 Jan 2021 Jul 2021
Founders (first year) Founders (later years) Eng

Sales Admin Fin
Annual Projections
Mar 2020 Mar 2021 Mar 2022
Founders (first ye $0 $0 $0
ear (years 3 to 6) Founders (later years) $0 $0
Year 6 Founders $0 $0 $0
Mar 2025 Engineers $0 $0 $0
Sales $0 $0 $0
- Admin $0 $0 $0
- Finance $0 $0 $0
- $0 $0 $0
-
-
- $1
(years 3 to 6)
Year 6 $1
Mar 2025
-
-
-
-
- $0
2020 2021 2022 2023 2024
Founders Engineers Sales Admin Finance

$0
2020 2021 2022 2023 2024
-
- Founders Engineers Sales Admin Finance
2020 2021 2022

Founders $0 $0 $0
Engineers $0 $0 $0
Sales $0 $0 $0
Admin $0 $0 $0
Finance $0 $0 $0
Costs (first two years)
Jan 2021 Jul 2021 Feb 2022
Founders (later years) Engineers

Admin Finance
Annual Projections
Mar 2023 Mar 2024 Mar 2025
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
2023 2024 2025
Sales Admin Finance

2023 2024 2025
Sales Admin Finance
2023 2024 2025

$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
Other Operating Expenses
Operating Expenses (USD)
Assumptions - Costs and Growth Rates

Annual Cost CAGR Notes on assumptions
Professional Services - 0%
Office - 0%
R&D Expenses - 0%
Sales and Marketing - 0%
Travel - 0%
Administrative - 0%
Other costs - 0%
Operating Expenses Projection

Quarterly Operating Costs (years 1 and 2)
Year 1 Year 2
Initial Startup costs - - - - - -
Professional Services - - - - - -
Office - - - - - -
R&D Expenses - - - - - -
Sales and Marketing - - - - - -
Travel - - - - - -
Administrative - - - - - -
Other costs - - - - - -
Total - - - - - -
Other Expenses
Corporate Tax Rate 0%
Tax on Profit over - per year
ns
d 2) Annual Operating Costs (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
WorkHorse Projected Operating Costs Chart
Quarterly Operating Costs (first two

years)
Operating Expenses (USD) 1
0
Dec 2019 Jun 2020 Jan 2021 Jul 2021 Feb 2022
Initial Startup costs Professional Services Office
R&D Expenses Sales and Marketing Travel
Administrative Other costs
Annual Projections
Initial Startup cost - - - - -
Professional Servi - - - - -
Office - - - - -
R&D Expenses - - - - -
Sales and Marketi - - - - -
Travel - - - - -
Administrative - - - - -
Other costs - - - - -
Total - - - - -
Operating Costs (excluding payroll)

100%
90%
80%
70%
60%
50%
40%
30%
20%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Initial Startup costs Professional Services Office R&D Expenses

Sales and Marketing Travel Administrative Other costs
Year 6
Mar 2025
-
-
-
-
-
-
-
-
-
Capital Expenditure
Capital Expenditure (USD)
Capital Expenditures - Items, value, and ownership length

Ownership Value at end
Date of
Cost length of Notes on assumptions
Purchase
(years) ownership
Lab Tools - Sep 2020
Product Testing Unit - Nov 2020
Office Furniture - Nov 2020
Company Vehicle - Jun 2021
High Cap Testing Unit - Jul 2021
Office Furniture US - Aug 2021
Storage Racks - Apr 2022
Lab Tools pt 2 - Apr 2023
Company Vehicle US - Sep 2025
Item description
Item description
Capital Expenditure - Impact on Income Statement (Depreciation & Amortization)

Quarterly CapEx (years 1 and 2)
Year 1 Year 2
Lab Tools - - - - - -
Product Testing Unit - - - - - -
Office Furniture - - - - - -
Company Vehicle - - - - - -
High Cap Testing Unit - - - - - -
Office Furniture US - - - - - -
Storage Racks - - - - - -
Lab Tools pt 2 - - - - - -
Company Vehicle US - - - - - -
Item description - - - - - -
Total - - - - - -
Capital Expenditure - Impact on Cash Flow

Quarterly Cash Flow from CapEx (years 1 and 2)
Year 1 Year 2
Lab Tools - - - - - -
Lab Tools pt 2 - - - - - -
Total - - - - - -
Capital Expenditures Value - Impact on Balance Sheet

Quarterly Balance Sheet impact from CapEx (years 1 and 2)
Year 1 Year 2
Lab Tools - - - - - -
Lab Tools pt 2 - - - - - -
Total - - - - - -
on assumptions
rtization)
Annual CapEx (years 3 to 6)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
and 2) Annual Cash Flow from CapEx (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
ears 1 and 2) Annual Balance Sheet impact from CapEx (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
WorkHorse Projected Capital Expenditure Annualised
Capital Expenditure - Impact on Income Statement (Depreciation & Amortization)

Annual Projections
Lab Tools - - - - -
Product Testing Unit - - - - -
Office Furniture - - - - -
Company Vehicle - - - - -
High Cap Testing Unit - - - - -
Office Furniture US - - - - -
Storage Racks - - - - -
Lab Tools pt 2 - - - - -
Company Vehicle US - - - - -
Item description - - - - -
- - - - -
Capital Expenditure - Impact on Cash Flow

Annual Projections
Lab Tools - - - - -
- - - - -
Capital Expenditures Value - Impact on Balance Sheet

Annual Projections
Lab Tools - - - - -
- - - - -
WorkHorse Projected Capital Expenditure Charts
Capital Expenditure - Depreciation

1
Year 6
Mar 2025
Depreciation
-
- 1
-
-
-
- 0
- Feb 2019 Jun 2020 Oct 2021 Mar 2023 Jul 2024 Dec 2025
-
- Lab Tools Product Testing Unit Office Furniture
Company Vehicle High Cap Testing Unit Office Furniture US
- Storage Racks Lab Tools pt 2 Company Vehicle US
- Item description
Capital Expenditure - Impact on Cash-

Year 6 flow
Mar 2025
1
xpenditure (USD)
1
Capital Expenditure - Impact on Cash-
flow
1
Capital Expenditure (USD)

-
-
- 1
-
-
- 0
- Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-
- Lab Tools Product Testing Unit Office Furniture
Company Vehicle High Cap Testing Unit Office Furniture US
Capital Expenditure - Impact on

Year 6
Mar 2025
Balance Sheet
1
-
-
Capital Asset Value
-
- 1
-
-
- 0
- Feb 2019 Jun 2020 Oct 2021 Mar 2023 Jul 2024 Dec 2025
-
Lab Tools Product Testing Unit Office Furniture
- Company Vehicle High Cap Testing Unit Office Furniture US
Item description
tion
l 2024 Dec 2025
Office Furniture
Office Furniture US
Company Vehicle US
Cash-
Cash-
2024 Mar 2025
niture
niture US
Vehicle US
on
ul 2024 Dec 2025
Office Furniture
Office Furniture US
Company Vehicle US
Expenses Projections
Expenses (USD)
Total Expenses
Total Expenses by Quarter (years 1 and 2)
Year 1 Year
COGS - - - - -
Operating Expenses (incl. payroll) - - - - -
Depreciation and Amortization - - - - -
Total - - - - -
ter (years 1 and 2) Annual Total Expenses (years 3 to 6)
Jun 2021 Sep 2021 Dec 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
WorkHorse Projected Expenses Chart
Quarterly Expenses by Type (first two

years)
£1
Expenses (USD)
£1
£0
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Feb 2022
COGS Operating Expenses (incl. payroll)

Depreciation and Amortization
Annual Projections
Mar 2020 Mar 2021 Mar 2022 Mar 2023
COGS - - - -
Operating Expenses - - - -
Depreciation and - - - -
- - - -
Annual Expenses by Type

1
Revenues (USD)
0

0

(first two
1 Jul 2021 Oct 2021 Feb 2022
Expenses (incl. payroll)
ons
Year 5 Year 6
Mar 2024 Mar 2025
- -
- -
- -
- -
ype
Jul 2024 Dec 2025
penses (incl. payroll)

Jul 2024 Dec 2025
penses (incl. payroll)

Working Capital Schedule
Working Capital (USD)
Assumptions
COGS method choice Bottom-up
Inputs and Assumptions

Quarterly (years 1 and 2
Year 1
Mar 2020 Jun 2020 Sep 2020
Assumptions
Accounts Receivable (collection period in days)
Inventories (days outstanding)
Accounts Payable (days outstanding)
Accrued Liabilities (as % of cost of sales)
Costs and Revenues (previously calculated)
Revenues - - -
Cost of Good Sold - - -
Working Capital Balances

Quarterly (years 1 and 2
Year 1
Mar 2020 Jun 2020 Sep 2020
Non-Cash Current Assets
Accounts Receivable - - -
Inventories - - -
Total - - -
Non-Debt Current Liabilities

Accounts Payable - - -
Total - - -
Net Working Capital / (Deficit) - - -

Change in Net Working Capital - - -
Cash Flows by Individual Accounts

Accounts Receivable - - -
Inventories - - -
Accounts Payable - - -
(Increase) / Decrease in Net Working Capital - - -
Quarterly (years 1 and 2) Annual (years 3
Year 2 Year 3
Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
- - - - -
- - - - -
- - - - -
- - - - -
- - - - - -
- - - - - -
Quarterly (years 1 and 2) Annual (years 3

Year 2 Year 3
Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Annual (years 3 to 6)
Mar 2023 Mar 2024 Mar 2025
- - -
- - -
- - -
- - -
- - -
- - -
Annual (years 3 to 6)
Mar 2023 Mar 2024 Mar 2025
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
Financing: Fundraising and Debt
Financing Income and Costs (USD)
Equity Fundraising
Amount Date Notes
Raised
Round 1 - Jan 2020
Round 2 - Jan 2021
Round 3
Round 4
Round 5
Round 6
Round 7
Investor 8
Debt
Monthly Start date of Length of
Amount of No
payments Loan Loan (years)
Loan
Loan 1
Loan 2
Loan 3
Loan 4
Loan 5
Income from Equity Fundraising

Income from Equity Fundraising by Quarter (years 1 and 2)
Year 1 Year 2
Round 1 - - - - - -
Round 2 - - - - - -
Round 3 - - - - - -
Round 4 - - - - - -
Round 5 - - - - - -
Round 6 - - - - - -
Round 7 - - - - - -
Investor 8 - - - - - -
Total - - - - - -
Change in Debt
Change in Debt by Quarter (years 1 and 2)
Year 1 Year 2
Loan 1 - - - - - -
Loan 2 - - - - - -
Loan 3 - - - - - -
Loan 4 - - - - - -
Loan 5 - - - - - -
Total - - - - - -
Interest Payments
Interest Payments by Quarter (years 1 and 2)
Year 1 Year 2
Loan 1
Loan 2
Loan 3
Loan 4
Loan 5
Total - - - - - -
Notes
ars 1 and 2) Annual Income from Equity Fundraising (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
d 2) Annual Change in Debt (years 3 to 6)

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
nd 2) Annual Interest Payments (years 3 to 6)

- - - - - -
Cash Flow Statement
All Values in USD
Cash Flow Statement Projection

Quarterly Cash Flow (years 1 and 2)
Year 1 Ye
Starting date Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
Beginning Cash Balance 0 0 0 0 0
Operating
Revenues 0 0 0 0 0
COGS 0 0 0 0 0
Operating Expenses 0 0 0 0 0
Change in Net Working Capital 0 0 0 0 0
Taxes 0 0 0 0 0
Total Operating - - - - -
Investing
Capital Expenses 0 0 0 0 0
Other Investments 0 0 0 0 0
Total Investing - - - - -
Cash flow before financing
Cash flows - - - - -
Ending cash balance - - - - -
Financing
Equity Funding 0 0 0 0 0
Change in Debt 0 0 0 0 0
Interest Payments 0 0 0 0 0
Total Financing - - - - -
Cash Flow 0 0 0 0 0
Ending Cash Balance 0 0 0 0 0

(years 1 and 2) Annual Cash Flow (years 3 to 6)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
0 0 0 0 0 0
WorkHorse Annual Cash Flow Statement
(years 3 to 6) Annual Pr
Mar 2025 Starting date Mar 2020 Mar 2021
0 Beginning Cash Balance 0 0
Operating
0 Revenues 0 0
0 COGS 0 0
0 Operating Expenses 0 0
0 Change in Net Working Capital 0 0
0 Taxes 0 0
- Total Operating - -
Investing
0 Capital Expenses 0 0
0 Other Investments 0 0
- Total Investing - -
Cash flow before financing
- Cash flows - -
- Ending cash balance - -
Financing
0 Equity Funding 0 0
0 Change in Debt 0 0
0 Interest Payments 0 0
- Total Financing - -
0 Cash Flow 0 0
0 Ending Cash Balance 0 0

Annual Projections
Mar 2022 Mar 2023 Mar 2024 Mar 2025
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
- - - -
0 0 0 0
0 0 0 0
- - - -
- - - -
- - - -
0 0 0 0
0 0 0 0
0 0 0 0
- - - -
0 0 0 0
0 0 0 0
Income Statement
All Values in USD
Income Statement Projection

Quarterly Cash Flow (years 1 and 2)
Year 1
Starting date Mar 2020 Jun 2020 Sep 2020 Dec 2020
Revenues 0 0 0 0
COGS 0 0 0 0
Gross Profit 0 0 0 0
Gross Margin 0% 0% 0% 0%
Operating Expenses 0 0 0 0
EBITDA - - - -
Depreciation/Amortisation 0 0 0 0
Operating Profit (EBIT) - - - -
Financing Expenses 0 0 0 0
Profit before Tax - - - -
Taxes 0 0 0 0
Profit after Tax (Net Income) - - - -
erly Cash Flow (years 1 and 2) Annual Cash Flow (years 3 to 6)
Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Mar 2023 Mar 2024
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0% 0% 0% 0% 0% 0% 0%
0 0 0 0 0 0 0
- - - - - - -
0 0 0 0 0 0 0
- - - - - - -
0 0 0 0 0 0 0
- - - - - - -
0 0 0 0 0 0 0
- - - - - - -
WorkHorse Annual Income Statement
(years 3 to 6) Annual Projections

Mar 2025 Starting date Mar 2020 Mar 2021 Mar 2022
0 Revenues 0 0 0
0 COGS 0 0 0
0 Gross Profit 0 0 0
0% Gross Margin 0% 0% 0%
0 Operating Expenses 0 0 0
- EBITDA - - -
0 Depreciation/Amortisation 0 0 0
- Operating Profit (EBIT) - - -
0 Financing Expenses 0 0 0
- Profit before Tax - - -
0 Taxes 0 0 0
- Profit after Tax (Net Income) - - -
Annual Projections
Mar 2023 Mar 2024 Mar 2025
0 0 0
0 0 0
0 0 0
0% 0% 0%
0 0 0
- - -
0 0 0
- - -
0 0 0
- - -
0 0 0
- - -
Balance Sheet
All Values in USD
Balance Sheet Projections

Quarterly Balance Sheet (years 1 and 2)
Year 1 Year 2
Starting date Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
Assets
Cash 0 0 0 0 0
Fixed Assets 0 0 0 0 0
Depreciation 0 0 0 0 0
Accounts Receivable 0 0 0 0 0
Inventories 0 0 0 0 0
Total Assets - - - - -
Liabilities
Debt 0 0 0 0 0
Accounts Payable 0 0 0 0 0
Total Liabilities - - - - -
Equity Value 0 0 0 0 0
Equity and Total Liabilities 0 0 0 0 0
et (years 1 and 2) Annual Balance Sheet (years 3 to 6)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
0 0 0 0 0 0
WorkHorse Annual Balance Sheet
t (years 3 to 6) Annual Projections

Mar 2025 Starting date Mar 2020 Mar 2021 Mar 2022
Assets
0 Cash 0 0 0
0 Fixed Assets 0 0 0
0 Depreciation 0 0 0
0 Accounts Receivable 0 0 0
0 Inventories 0 0 0
- Total Assets 0 0 -
Liabilities
0 Debt 0 0 0
0 Accounts Payable 0 0 0
- Total Liabilities - - -
0 Equity Value 0 0 0
0 Equity and Total Liabilities 0 0 0
Annual Projections
Mar 2023 Mar 2024 Mar 2025
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
- - -
0 0 0
0 0 0
- - -
0 0 0
0 0 0
Discounted Cash Flow Valuation (DCF)
DCF (USD)
Inputs and Assumptions

Discount Rate 0%
Company Growth Rate 5%
Free Cash Flow and Terminal Value

Annual Projections
WorkHorse DCF model Year 1 Year 2 Year 3 Year 4
Starting date Mar 2020 Mar 2021 Mar 2022 Mar 2023
EBIT 0 0 0 0
Taxes 0 0 0 0
Depreciation 0 0 0 0
Capital Expenditure 0 0 0 0
Change in Net Working Capital 0 0 0 0
Other 0 0 0 0
Free Cash Flow 0 0 0 0
Discount factor 1.0000 1.0000 1.0000 1.0000
Discounted free cash flows 0 0 0 0
Net Present Value -
tions
Year 5 Year 6
Mar 2024 Mar 2025
0 0
0 0
0 0
0 0
0 0
0 0 Terminal Value
0 0 0
1.0000 1.0000 1.0000
0 0 0
For charting
Before Financing 2019 2020 2021 2022 2023 2024 2025
Cash flows 0 0 0 0 0 0 0
Before Financing 2019 2020 2021 2022 2023 2024 2025
Ending cash balance 0 0 0 0 0 0
Ending cash balance

1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2019 2020 2021 2022 2023 2024 2025
Q1 2020 Q2 2020 Q3 2020 Q4 202 Q1 2021 Q2 2021 Q3 2021 Q4 2021

Beginning cash balan 500000 0 0 0 0 0 0 0
Beginning cash balance

600000
500000
400000
300000
200000
100000
0
Q1 2020 Q2 2020 Q3 2020 Q4 202 Q1 2021 Q2 2021 Q3 2021 Q
Cash flows
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2019 2020 2021 2022 2023 2024 2025
Q1 2022
0
h balance
2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Additional Charts
USD
Measures of Profitability
Quarterly Profit (years 1 and 2)
Year 1 Year 2
Gross Profit 0 0 0 0 0
EBITDA 0 0 0 0 0
Operating Profit (EBIT) 0 0 0 0 0
Profit before Tax 0 0 0 0 0
Profit after Tax (Net Income) 0 0 0 0 0
Cashflow
12/31/2019 1/1/2020 1/2/2020 6/30/2020 9/30/2020
Cash Flow 0 500000 -500000 0 0
Ending Cash Balance 0 500000 0 0 0
1/2/2020 6/30/2020 9/30/2020 12/30/2020
Cash Flow 500,000 - 500,000 - -
Ending Cash Balance 500,000 - - -
0
0 12/30/1899 12/30/1899 12/30/1899
0 - - -
ears 1 and 2) Annual Profit (years 3 to 6)
Jun 2021 Sep 2021 Dec 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12/30/2020 12/31/2020 1/1/2021 1/2/2021 6/30/2021 9/30/2021 12/30/2021

0 0 2000000 -2000000 0 0 0
0 0 2000000 0 0 0 0
1/2/2021 6/30/2021 9/30/2021 12/30/2021 3/30/2022
- - 2,000,000 - - -
- - - - -
Cash Flows
2,500,000.0
2,000,000.0
1,500,000.0
1,000,000.0
500,000.0
Cash Flow (USD)

0.0
-500,000.0
-1,000,000.0
-1,500,000.0
-2,000,000.0
-2,500,000.0
Dec 1899 Oct 1954 Jul 2009 Apr
Cash Flow
12/30/1899 12/30/1899 12/30/1899 12/30/1899 12/30/1899 12/30/1899 12/30/1899

- - - - - - -
Annual Projections
Mar 2020 Mar 2021 Mar 2022 Mar 2023
Gross Profit 0 0 0 0
EBITDA 0 0 0 0
Operating Profit (EBIT) 0 0 0 0
Profit before Tax 0 0 0 0
Profit after Tax (Net Income) 0 0 0 0
Measures of Company Profitability

1
USD
0
Feb 2019 Jun 2020 Oct 2021 Mar 2023 Jul 2024 Dec 2025
Gross Profit EBITDA Operating Profit (EBIT)

Profit before Tax Profit after Tax (Net Income)
### ### 3/30/2024 3/30/2025

0 0 0 0
0 0 0 0
### ### 3/30/2025 #REF!
- - - -
- - - -
Cash Flows Cash Balances

2,500,000.0
2,000,000.0
1,500,000.0
Cash Flow (USD)
1,000,000.0
500,000.0
0.0
Oct 1954 Jul 2009 Apr 2064 Dec 1899 May 1927 Oct 1954 Feb 1982 Jul 2009 Nov 2036
Cash Flow Ending Cash Balance
### ### 12/30/1899

- - -
jections
Year 5 Year 6
Mar 2024 Mar 2025
0 0
0 0
0 0
0 0
0 0
fitability
Jul 2024 Dec 2025
Operating Profit (EBIT)

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© 2020 Marco Da Rin and Thomas Hellmann

Fundamentals of Entrepreneurial Finance

Company Name: WorkHorse

Start Date: Tuesday, March 31, 2020

Currency, Units: USD

mation you provide

The user should not enter any information in empty cells

Market Size and Sales Assumptions

Market Size (prior to margin for retailers & distributors)

Assumption: Third Party Margins

Assumption: Market Penetration by period

Top-Down Revenue Projection

Market Size (years 1 and 2) Market Size

Party Margins (years 1 and 2) Third Party Marg

et penetration (years 1 and 2) Market Penetrati

erly Projections (years 1 and 2) Annual Projectio

Market Size (years 3 to 6) 0

Third Party Margins (years 3 to 6)

Market Penetration (years 3 to 6)

Annual Projections (years 3 to 6)

Quarterly Revenues (first two years)

Market 1 Market 2 Market 3

Annual Revenues by Product

Market 1 Market 2 Market 3

Bottom-up Revenue Projection

years 1 and 2) Annual Units sold (years 3 to 6)

years from start Annual Projections (years 3 to 6)

Quarterly Revenues (first two years)

Full Forecast - Annual (6 years)

(years 3 to 6) Annual Projections

Annual Revenues by Product

Product 1 Product 2 Product 3

an 2021 Apr 2021 Jul 2021 Oct 2021 Feb 2022

Mar 2023 Jul 2024 Dec 2025

Revenues can be projected using either of the following methods:

Quarterly Revenues (first two years)

Product 1 Product 2 Product 3

Full Forecast - Annual (6 years)

Annual Revenues by Product

Product 1 Product 2 Product 3

Product 1 Product 2 Product 3

21 Jul 2021 Oct 2021 Feb 2022

Jul 2024 Dec 2025

Note: On Expenses tab, the preferred method can be selected from:

COGS Projection - Top-down

Top-down Assumptions - Expected Gross Margin

Top-down COGS Estimate

COGS Projection - Bottom-up

Bottom-up Assumptions - Unit Costs to Manufacture (in USD)

Year of estimate 2020 2020

ars 1 and 2) Annual COGS (years 3 to 6)

Notes on assumptions Product 3 Notes on assumptions

Quarterly COGS - Top-down (first two y

Annual COGS - Top-down

Product 1 Product 2 Product 3

- WorkHorse COGS Forecast - Bottom-up

Quarterly COGS - Bottom-up (first two y

Product 1 Product 2 Product 3