2010

Revenue
Revenue Growth
Production Cost
Fixed Production expense (excl depreciation)
Variable Production Costs
Depreciation
Total Prodution Cost
Selling, General & Administrative
Total Operating Expenses

0
1,250
1,250

Operating Profit

-1,250

Working Capital Assumptions:

Minimum Cash Balance as % of Sales
Days Sales Outstanding
Inventory Turnover (prod. Cost/ending inv)
Days Payable Outstanding (based on tot op exp)
Capital Expenditures

Net Working Capital

MINIMUN CASH BALANCE
RECEIVABLES
INVENTORY
PAYABLES
Total Net Working Capital
Change in Net Working Capital
FREE CASH FLOW
EBIT
TAX @40%
EARNING AFTER TAX
DEPRECIATION
CAPITAL EXPENDITURES
TAX BENEFIT
FREE CASH FLOW

1,470

800
800

2011
4,500

2012
6,860
52.4%

2013
8,409
22.6%

2014
9,082
8.0%

2015
9,808
8.0%

2016
10,593
8.0%

575
2,035
152
2,762
1,155
3,917

575
3,404
152
4,131
1,735
5,866

587
4,291
152
5,030
2,102
7,132

598
4,669
152
5,419
2,270
7,689

610
5,078
1,164
6,852
2,452
9,304

622
5,521
178
6,321
2,648
8,969

583

994

1,277

1,393

504

1,624

3.0%
59.2
7.7
30.8

3.0%
59.2
8.3
30.9

3.0%
59.2
12.7
31.0

3.0%
59.2
12.7
31.0

3.0%
59.2
12.7
31.0

3.0%
59.2
12.7
31.0

952

152

152

334

361

389

205.80
1,112.64
497.71
483.73
1,332.41
426.55

252.27
1,363.87
396.06
592.82
1,419.38
86.97

272.45
1,472.98
426.69
640.13
1,532.00
112.61

294.25
1,590.82
539.53
691.34
1,733.25
201.26

317.79
1,718.08
497.72
746.63
1,786.96
53.70

339.84

135.00
729.86
358.70
317.70
905.86
105.86

2017
11,440
8.0%

2018
12,355
8.0%

2019
13,344
8.0%

2020
14,411
8.0%

635
6,000
192
6,827
2,860
9,687

648
6,519
207
7,374
3,089
10,463

660
7,079
224
7,963
3,336
11,299

674
7,685
242
8,601
3,603
12,204

1,753

1,892

2,045

2,207

3.0%
59.2
12.7
31.0

3.0%
59.2
12.7
31.0

3.0%
59.2
12.7
31.0

3.0%
59.2
12.7
31.0

421

454

491

530

343.21
1,855.53
537.56
806.42
1,929.88
142.92

370.65
2,003.88
580.63
871.06
2,084.10
154.23

400.32
2,164.29
627.01
940.62
2,251.00
166.90

432.33
2,337.35
677.24
1,015.95
2,430.97
179.97