2023 2024 2025 2026 2027

Assumptions
Oays 365 365 365 365 365
Revenue Growth Rate 10!6 10!6 1016 10!6
Ftxed Costs (" ol Revenue) 20!6 2°" 2°" 2016 20!6
V111&bleCosts (" of Revenue) 5°" 5°" 50!6 5°" 5°"
WorklngCapital Rrq (" of Revenue) 13" 12" 11" 10!6 Capital EJ<pendltures (S
$2,600 $500 $500
S2.500
$500
°"
$500 Capital Assel$Salvaae Value

Olsrount Rate 1°" 10!6 1016 l°" 1°"

lnSOOO

FlxedCosts 1.000 1.100 1.210 1.331

Variable Cos1$ 2.500 2.750 3.025 3.328
Toul Cosu 3.500 3.850 4.235 4.659
Revrnut 5.000 5.500 6.050 6.655
Contrlbutlon Margln 2.500 2.750 3,025 3.328
Contrlbutlon Margln" 5°" 5°" 5°" 5°"
Breakeven Revenu• 2,000 2200 2420 2,662
Tax Rate 25" 259' 25" 259' 25"

lnltlal Revenue (S000) S5,000

lnitial Equity (S000) $1,475

10$000

lnítla1 lnvestment • CAPEX (2.600)

Reve.nut 5.000 5.500 6.050 6.655
Varl.,ble Costs (2,500) (2.750) (3.025) (3.328)
FlxedCosts (1.000) (1.100) (1.210) (1.331)
1,500 1,650 1,815 1,997
Taxúpense (375) (413) (454) (499)
Altor Tox Annuol C.sh flow1 1.125 1.238 1.361 1.497
lnvestment In WO<tr:lng Capital (650) (738) (738) (738)
Salvage value of CAPEX . . . .
Net lnatmental Cash Flow (2.125) 500 623 759
Olscount Rate (frorn assumptlons) 0.9091 0.8264 0.7513 0.6830
PVof Muro C.sh Flows 119321 413 468 519
lncome Statement
••SOOO
Revenue 5,000 5,500 6,050 6,655 7,321
Variable COGS 1,000 1,000 1,225 1,328 1.461
Flxed COGS
500 500 510 531 564
Gron Proflt 3,500 4,000 4,315 4,797
5,296
Variable Overhead 1,500 1,750 1,800 2,000 2,200
Flxed Overhead 500 600 700 800 900
EBITOA/Oporattnc lncom• 1,500 1,650 1,815 1,997 2,196
Oepreciation & Amortitation 100 100 100 100 100
EBIT 1,400
1,5S0 J,71S 1,897
2,096
Tax 375 413 454 499 549
Net lncom• 1,02S 1,138 1,262 1,398 1,548

INPV (SOOO) 1,585

Balance Sheet
Currtnt Assets 750 825 908 1,098
998 lnitial lnvestme
FlxedA>se1$ 2.500 2,900 3,300 3,700 4,100 A
ToulA>seu 3,250 3,725 4,208 4,698 5,198
Current Uabllitles 100 100 100 100 100
l.on&·Term Uabllities 650
Total Uabllltles
750 100 100 100 100
Equlty 2.500 3,625 4,108 4,598 5,098

Toul Uobllll.los & Equlty 3,250 3,725 4,208 4,698 5,198

Cash Flow Statement
·•SOOO
Net tncome 1,025 1,138 1,262 1,398 1,548
Oepreclalion & Amortlzetlon 100 100 100 100 100
Cha!!J!e In Worlcing Capital (650)
(751 (83) (90) (100)

Cash fn>m Oporatinc Actlvltl•• 475 1,163 1,279 1,408 1,548

 Sales of SKuritles Purchase oí Securlties Sales of Capital Assel$
Purchase ol Capital Assel$ (2,600)
(500! (500) (500) (500)

C.,h from lnv■stinc Activitle1 (2,600) (500) (500) (500) (500)

Net Oebt Proceeds 650 (650)
Net Equlty Proceeds 1,475 100 (500) (500) (850)
Cash from Flnontlnc Actlvftl•• 2,125 (550) (500) (500) (850)

fOI su•nc,,l1<1r,, ótbtWH HS:umecito ti. <-Of'l'ttt'ttb.i.ótbtncwtts•th .caued l,Mertst,, ••• no a,n,al lfttiN'Hl tll,l)ffl$f
_..sreOOl'tiN:1

Revenue 1 l 18" 1 20'6 l

2°" 9" 8"
10!6 739' 71"
Variable COGS 7°" 32" 30'6
Flxed OOGS 3°" 11" 12"
Gro» Proflt 1016 3°" 30'6
3°" 2" 29'
Variable Overhead 28"
29' 28"
Flxed Olerhead 8"
ª"
28"
EBITOA/Oporatinc lncomo 8" 21"
Oepredatlon & Amortliatlon 21" 21"
E8IT
Tax
Net lncomo
NetCashFlow 113 279 408 198
Beglnnlng cash balance 113 392 800
Endln• cash balance 113 392 800 998

Working Capital Schedule

Horizontal An■Mls / lncome St■tement Trend Analwls

Accounts Recelvab 300 330 363 399

lnventory 225 248 272 299
Other Current Assel$ 225 247 273 300
Total Current Aaseu 750 825 908 998

Acc.ou.nts Payable Other Current 70 70 70 10

U.billties 30 30 30 30

Totol Current Uobrlitios 100 100 100 100

Oays Sales Oul$tandlng OSO 22 22 22 22

Oays tnventory Outstandlng OKl SS 60 57 59
Oavs Pavable Outstandln• OPO 17 17 15 14
Cosh Convonlon Cyde 60 65 64 67
Equlvalent Revanue Dayt 817 983 1067 1219
Revenue 016 1016 1016 1016

Variable COGS Flxed OOGS Groso Proflt

°°"" 23"
ª"
°" ° " 4"
Vañable Overhead 01 6 2" 11"
°"
°" 016 14" ª " 11"
17" 39 ' 14"
°" 1016
Flxed Orerhead
E8ITDA/Oporatlnc lncom•
°"
016
2°"
1016
17"
1°" °"
Oepredalion & Amorlliatlon °" 016 016 11"
1016
EBIT 11" 11" 11"
Tox 1016 1016
Net lncom• 11" 11"
026 2027 2023 2024 20
Bre■bven An■'-ls
65 365

20!6

ital EJ<pendltures (SOOO)

e Value

1.331 1.464
3.328 3.661
4.659 5.125
6.655 7,321
3.328 3,661
5°" s°"
2,662 2,928
"

C■oitalBud RI!

6.655 7,321
(3.328) (3.661)
(1.331) (1.464)
1,997 2,196
(499) (549)
1.497 1.647
(738) (738)
. 2.500

759 3.409
0.6830 0.6209
519 2117
5 7,321
28 1.461

296
00 2,200

7 2,196

096
499 549
8 1,548

IRR
lnitial lnvestment (nowo,kingcap) (2,600)
4,100 After Tu Annual Cash Flows 1,125 1,238 1,361 1,497
5,198 Amount left to repay (1,475) (238) 1,124
100 100 1P1yb1dc poriod 2yoan
2 month1
Flnanclal Analysls 2023 025
5,098

ROE ROIC
698 5,198 ■tlos &Capital
RWork.. Metrla
(S000) Gross Proflt
Margln Net Prcfot
8 1,548 Margln Contrlbutlon
100 Mar¡¡ln Current Ratio
Oebt to Equlty Equlty
08 1,548 RatlO Oebt Ratio
Asset Tumove.r
Flxed Asset Turnover
 Mar¡¡ln Current Ratio
Oebt to Equlty Equlty
RatlO Oebt Ratio
Asset Tumove.r
ssel$ VertlcelA Flxed Asset Turnover
(500) (500)

(500) (500) n■ •
0) Common
(850) Slze
(500) (850)
lncome
a,n,al lfttiN'Hl tll,l)ffl$f
St■temen
t

2°" 1
8" 2°"
72" 8"
3°" 2"
12" 30!6
3016 12"
29' 30!6
28" 1"
89' 29"
21" 8"
21"

8 198
392 800
800 998

399 439
299 329
300 330
 998 1098

10 70
30 30

100 100

22 22
59 59
14 13
67 69
1219 1376
1016 10!6

ª"
1°"
6"
4" 10!6
11" 10!6
11" 13"
14" 1°"
1016
°"
°" 11"
10'6
11"
1016 11"
11"

1
 2023 2024 2025 2026 2027
-ls

!
 33"

1,125 1,238 1,361 1,497 1,647

(1,475) (238) 1,124
2yoan
2 month1
ysls 2023 025 2026 027

41" 31" 319' 3°" 3°"

a 32" 31" 3016 3°" 30!6
650 725 808 898 998
7°" 73" 71" 729' 72"
219' 21" 21" 21" 21"
5°" 5°" 5°" 5°" 5°"
7.50 8.25 9.08 9.98 10.98
0.30 0.03 0.02 0.02 0.02
0.77 0.97 0.98 0.98 0.98
0.23 0.03 0.02 0.02 0.02
0.32 0.31 0.30 0.30 0.30
0.41 0.39 038 0.38 0.38
5°" 5°" 5°" 5°" 5°"
7.50 8.25 9.08 9.98 10.98
0.30 0.03 0.02 0.02 0.02
0.77 0.97 0.98 0.98 0.98
0.23 0.03 0.02 0.02 0.02
0.32 0.31 0.30 0.30 0.30
0.41 0.39 038 0.38 0.38