Income statement

2008
33,125,000
(21,696,875)
11,428,125

Revenue
COGS
Gross profit
Operating expenses
Fixed cash operating expenses
Variable cash operating expenses
Depreciation expense
Net operating income
Non operating income
Earnings before interest and taxes
Interest expense
Earnings before taxes
Taxes
Net income
Dividends paid
Addition to RE

(2,000,000)
(5,300,000)
(1,343,750)
2,784,375
300,000
3,084,375
(974,438)
2,109,937
(843,975)
1,265,962
(200,000)
1,065,962

Balance Sheet
Cash and marketable securities
Accounts receivable
Inventories
Current assets
Net PPE
Investments
Total

2007
624,000
6,651,500
10,001,000
17,276,500
13,437,500
3,000,000
33,714,000

2008
650,000
7,102,000
10,643,000
18,395,000
14,243,750
3,000,000
35,638,750

Accounts payable
Short-term debt
Current liabilities
Long term liabilities
Total liabilities
Deferred income taxes
Common stock
Retained earnings
Total owners' equity
Total liabilities and owners' equity

7,812,500
6,875,000
14,687,500
4,603,061
19,290,561
329,749
10,000,000
4,093,690
14,093,690
33,714,000

8,281,250
7,287,500
15,568,749
4,563,719
20,132,468
346,629
10,000,000
5,159,653
15,159,653
35,638,750

Input Assumption
Revenue
COGS
Fixed cash operating expenses
Variable cash operating expenses
Depreciation expense

6% constant growth
64.8% percentage of sales
2,000,000 constant
16% percentage of sales
10% percentage of fixed asset (t-1)

Non operating income

Interest expense
Taxes
Dividends paid
Cash and marketable securities
Accounts receivable
Inventories
Net PPE
Investments
Accounts payable
Short-term debt
Deferred income taxes
Common stock
k operating CF
k non operating CF

300,000 constant
7% percentage
40%
200,000 constant
2% percentage
21% percentage
33% percentage
43% percentage
3,000,000 costant
22.8% percentage
20.30% percentage
1% percentage
10,000,000 constant
15%
10%

of interest bearing debt (

of
of
of
of

sales
sales
sales
sales

of sales
of sales
of tax liability

Proforma Income Statement

Revenue
COGS
Gross profit
Operating expenses
Fixed cash operating expenses
Variable cash operating expenses
Depreciation expense
Net operating income
Non operating income
Earnings before interest and taxes
Interest expense
Earnings before taxes
Taxes
Net income
Dividends paid
Addition to RE

Proforma Balance Sheet

Excess Cash
Cash and marketable securities
Accounts receivable
Inventories
Current assets
Net PPE
Investments
Total

2010
37,219,250
(24,192,513)
13,026,737

2011
39,452,405
(25,578,309)
13,874,096

(2,000,000)
(6,029,519)
(1,509,838)
3,487,380
300,000
3,787,380
(888,841)
2,898,539
(1,159,416)
1,739,123
(200,000)
1,539,123

(2,000,000)
(6,338,687)
(1,600,428)
3,934,981
300,000
4,234,981
(885,724)
3,349,257
(1,339,703)
2,009,554
(200,000)
1,809,554

2010

2011
0
749,596
8,442,815
12,900,936
22,093,347
16,964,534
3,000,000
42,057,881

744,385
8,113,797
12,282,353
21,140,534
16,004,278
3,000,000
40,144,812

Accounts payable
Short-term debt
Current liabilities
Long term liabilities
Total liabilities
Deferred income taxes
Common stock
Retained earnings
Total owners' equity
Total liabilities and owners' equity
Trial Asset
Trial Liabilities
Plug: Long term liabilities (excess cash)

8,800,100
8,188,235
16,988,335
4,464,966
21,453,301
370,372
10,000,000
8,321,139
18,321,139
40,144,812

8,995,148
8,008,838
17,003,987
4,526,036
21,530,022
397,166
10,000,000
10,130,693
20,130,693
42,057,881
42,057,881
37,531,846
4,526,036

Firm FCF
Net operating income
Taxes
NOPAT
Plus: Depreciation
Less: CAPEX
Less: Change in operating net working capital
Increase (decrease) in deferred tax
Firm FCF (from operation)
Non Operating income after tax
Firm FCF available to investors
Pv of Firm FCF (from operation)
PV of non operating income
PV of TV firm FCF (from operation)
PV of TV non operating income

Equity FCF
Net income
Increase (decrease) in ST Debt
Increase (decrease) in LT Debt
Increase (decrease) in deferred tax
Plus: Depreciation
Less: CAPEX
Less: Change in operating net working capital
Equity FCF

2011
3,934,981
(1,573,992)
2,360,988
1,600,428
(2,560,684)
(757,765)
26,794
669,761
180,000
849,761
$2,985,096.81
$682,341.62
$12,160,116
$4,336,364
$20,163,918.28
2011
2,009,554
(179,397)
61,070
26,794
1,600,428
(2,560,684)
(757,765)
200,000

2008
ACP

2009
78

Sensitivity analysis
Revenue growth

77

2011
849,761

2012
980,593

2011
849,761

2012
980,593

2011
849,761

2012
980,593

2011
849,761

2012
980,593

4%
5%
6%
7%
8%
COGS/Sales
63%
64%
65%
66%
68%
Net PPE/Sales
41%
42%
43%
44%
45%
Inventory/sales
31%
32%
33%
34%
35%

Revenue
Excess Cash

LT Debt
-

4%
5%
6%
7%

562,280

8%
COGS
Excess Cash

LT Debt
-

562,280

63%
64%
65%
66%
68%
Net PPE/Sales
Excess Cash

LT Debt
0

562,280

41%
42%
43%
44%
45%

Inventory/sales
Excess Cash

LT Debt
-

31%
32%
33%
34%
35%

562,280

2009
35,112,500
(22,472,000)
12,640,500

2010
37,219,250
(24,192,513)
13,026,737

2008
100%
-66%
35%

(2,000,000)
(5,618,000)
(1,424,375)
3,598,125
300,000
3,898,125
(860,855)
3,037,270
(1,214,908)
1,822,362
(200,000)
1,622,362

(2,000,000)
(6,029,519)
(1,509,838)
3,487,380
###
3,787,380
(888,841)
2,898,539
(1,159,416)
1,739,123
(200,000)
1,539,123

-6%
-16%
-4%
8%
1%
9%
-3%
6%
-3%
4%
-1%
3%

2009
702,500
7,408,738
11,938,250
20,049,488
15,098,375
3,000,000
38,147,863

2010
744,385
8,113,797
12,282,353
21,140,534
16,004,278
###
40,144,812

8,778,125
7,724,750
16,502,875
4,504,195
21,007,070
358,778
10,000,000
6,782,015
16,782,015
38,147,863

8,800,100
8,188,235
16,988,335
4,464,966
21,453,301
370,372
###
8,321,139
18,321,139
40,144,812

ge of sales

ge of sales
ge of fixed asset (t-1)

2007

2008

2%
20%
30%
51%
40%
9%
100%

2%
20%
30%
52%
40%
8%
100%

23%
20%
44%
14%
57%
1%
30%
12%
42%
100%

23%
20%
44%
13%
56%
1%
28%
14%
43%
100%

ge of interest bearing debt (t-1)

ge
ge
ge
ge

of
of
of
of

sales
sales
sales
sales

ge of sales
ge of sales
ge of tax liability

2012
41,819,549
(27,113,008)
14,706,541

2013
44,328,722
(28,739,788)
15,588,934

2014
46,988,446
(30,464,176)
16,524,270

2015
49,807,752
(32,292,026)
17,515,726

(2,000,000)
(6,719,008)
(1,696,454)
4,291,080
300,000
4,591,080
(877,441)
3,713,638
(1,485,455)
2,228,183
(200,000)
2,028,183

(2,000,000)
(7,122,148)
(1,798,241)
4,668,544
300,000
4,968,544
(859,652)
4,108,892
(1,643,557)
2,465,335
(200,000)
2,265,335

(2,000,000)
(7,549,477)
(1,906,136)
5,068,657
300,000
5,368,657
(832,617)
4,536,040
(1,814,416)
2,721,624
(200,000)
2,521,624

(2,000,000)
(8,002,446)
(2,020,504)
5,492,776
300,000
5,792,776
(795,433)
4,997,344
(1,998,937)
2,998,406
(200,000)
2,798,406

2012
0
794,572
8,949,384
13,674,993
23,418,948
17,982,406
3,000,000
44,401,354

2013
0
842,246
9,486,347
14,495,492
24,824,085
19,061,350
3,000,000
46,885,435

2014
0
892,781
10,055,528
15,365,222
26,313,530
20,205,031
3,000,000
49,518,562

2015
0
946,348
10,658,859
16,287,135
27,892,342
21,417,333
3,000,000
52,309,675

9,534,857
8,489,369
18,024,226
3,791,377
21,815,603
426,875
10,000,000
12,158,876
22,158,876
44,401,354

10,106,949
8,998,731
19,105,679
2,895,799
22,001,478
459,746
10,000,000
14,424,211
24,424,211
46,885,435

10,713,366
9,538,654
20,252,020
1,824,671
22,076,691
496,035
10,000,000
16,945,835
26,945,835
49,518,562

11,356,168
10,110,974
21,467,141
562,280
22,029,421
536,013
10,000,000
19,744,241
29,744,241
52,309,675

44,401,354
40,609,977
3,791,377

46,885,435
43,989,637
2,895,799

49,518,562
47,693,890
1,824,671

52,309,675
51,747,396
562,280

2012
4,291,080
(1,716,432)
2,574,648
1,696,454
(2,714,326)
(785,892)
29,709
800,593
180,000
980,593

2013
4,668,544
(1,867,418)
2,801,127
1,798,241
(2,877,186)
(833,045)
32,871
922,008
180,000
1,102,008

2014
5,068,657
(2,027,463)
3,041,194
1,906,136
(3,049,817)
(883,028)
36,289
1,050,774
180,000
1,230,774

2015
5,492,776
(2,197,111)
3,295,666
2,020,504
(3,232,806)
(936,010)
39,978
1,187,332
180,000
1,367,332

2012
2,228,183
480,530
(734,658)
29,709
1,696,454
(2,714,326)
(785,892)
200,000

2013
2,465,335
509,362
(895,579)
32,871
1,798,241
(2,877,186)
(833,045)
200,000

2014
2,721,624
539,924
(1,071,128)
36,289
1,906,136
(3,049,817)
(883,028)
200,000

2015
2,998,406
572,319
(1,262,392)
39,978
2,020,504
(3,232,806)
(936,010)
200,000

TV

13,984,134
4,770,000

2010

2011
80

2012
78

2013
78

2013
1,102,008
1,545,155
1,328,432
1,102,008
865,739
619,481

2014
1,230,774
1,649,865
1,447,628
1,230,774
998,858
751,428

2015
1,367,332
837,228
1,376,559
1,367,332
1,141,327
893,928

2013
1,102,008
1,633,952
1,367,980
1,102,008
836,035
304,091

2014
1,230,774
1,420,664
1,512,705
1,230,774
948,843
384,982

2015
1,367,332
28,304
784,119
1,367,332
1,068,486
470,793

2013
1,102,008
1,202,375
1,152,191
1,102,008
1,051,824
1,001,641

2014
1,230,774
1,337,163
1,283,968
1,230,774
1,177,580
1,124,385

2015
1,367,332
672,460
1,301,036
1,367,332
1,310,946
1,254,560

2013
1,102,008
1,152,191
1,127,100
1,102,008
1,076,916
1,051,824

2014
1,230,774
1,283,968
1,257,371
1,230,774
1,204,177
1,177,580

2015
1,367,332
835,938
1,382,775
1,367,332
1,339,139
1,310,946

2014
78

78

2009
100%
-64%
36%

2010
100%
-65%
35%

-6%
-16%
-4%
10%
1%
11%
-2%
9%
-3%
5%
-1%
5%

-5%
-16%
-4%
9%
1%
10%
-2%
8%
-3%
5%
-1%
4%

2009

Asumsi
6%
64.8%

2,000,000
-16%
10%
300,000
-7%
40%
200,000

2010
2%
19%
31%
53%
40%
8%
100%

2%
20%
31%
53%
40%
7%
100%

23%
20%
43%
12%
55%
1%
26%
18%
44%
100%

22%
20%
42%
11%
53%
1%
25%
21%
46%
100%

2%
20%
30%
40%
3,000,000

23%
20%

1%
10,000,000

Interest after tax

(Increase)decrease in ST debt
(Increase)decrease in LT debt
Dividends
(Increase)decrease in CS
FCF Firm

Dividends
Less: Stock issuance
Plus: Stock repurchase
Equity FCF

2011
531,434
179,397
(61,070)
200,000

2012
526,465
(480,530)
734,658
200,000

2013
515,791
(509,362)
895,579
200,000

849,761

980,593

1,102,008

2011
200,000

2012
200,000

2013
200,000

200,000

200,000

200,000

2015
78

constant growth
percentage of sales
calculated
constant
percentage of sales
percentage of fixed asset (t-1)
calculated
constant
calculated
percentage of liabilities (t-1)
calculated
tax rate x EBT
calculated
constant
calculated

percentage
percentage
percentage
calculated
percentage
costant
calculated

of sales
of sales
of sales
of sales

percentage of sales
percentage of sales
calculated
plug
calculated
percentage of tax liability
constant

Net PPE
Depreciation expense
%
interest bearing debt
Interest expense
%

2014
499,570
(539,924)
1,071,128
200,000

2015
477,260
(572,319)
1,262,392
200,000

1,230,774

1,367,332

2014
200,000

2015
200,000

200,000

200,000

2007
13,437,500

2008
14,243,750
(1,343,750)
10%

2009
15,098,375
(1,424,375)
10%

2010
16,004,278
(1,509,838)
10%

11,478,061

11,851,219
(974,438)
-8%

12,228,945
(860,855)
-7%

12,653,201
(888,841)
-7%