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Exhibit 8 Pro Forma Financial Statements for the Collinsville Plant

For the days Ended December 31


1980 1981 1982 1983 1984
Revenues
Sales-tons 32000 35000 38000 38000 38000
Average price/ton $ 415.00 $ 480.00 $ 520.00 $ 562.00 $ 606.00
Sales-$000 $13,280.00 $16,800.00 $19,760.00 $21,356.00 $23,028.00

Manufacturing costs
Variable-Power $ 6,304.00 $ 7,735.00 $ 9,386.00 $10,526.00 $11,780.00
Graphite 645 791 875 940 992
Salt & other $ 1,285.00 $ 1,621.00 $ 1,753.00 $ 1,836.00 $ 1,956.00
Total variable $ 8,234.00 $10,147.00 $12,014.00 $13,302.00 $14,728.00

Fixed-labor $ 1,180.00 $ 1,297.00 $ 1,427.00 $ 1,580.00 $ 1,738.00


Maintenance 256 277 299 322 354
Other $ 1,154.00 $ 1,148.00 $ 1,179.00 $ 1,113.00 $ 1,153.00
Total fixed $ 2,590.00 $ 2,722.00 $ 2,905.00 $ 3,015.00 $ 3,245.00
Totalmanufacturing costs $10,824.00 $12,869.00 $14,919.00 $16,317.00 $17,973.00

Other charges
Selling $ 112.00 $ 125.00 $ 138.00 $ 152.00 $ 168.00
R&D 451 478 508 543 591
Depreciation $ 1,060.00 $ 1,110.00 $ 1,160.00 $ 1,210.00 $ 1,270.00
Total $ 1,623.00 $ 1,713.00 $ 1,806.00 $ 1,905.00 $ 2,029.00

Operating Profit $ 833.00 $ 2,218.00 $ 3,035.00 $ 3,134.00 $ 3,026.00


Exhibit 8 (continued)

Expected, December 31 For the years ended december 31

1979 1980 1981 1982


Assets
Accounts receivable 1622 1328 1680 1976
Inventories 651 598 756 889
Net property, plant 6 equip. 10600 10025 9440 8840
Total 12873 11951 11876 11705

Liabillities
Accounts payable 873 730 924 1087

Net assets 12000 11221 10952 10618

Percent of sales ratio


Power costs 47.5% 46.0% 47.5%
Variable costs 62 60.4 60.8
Fixed costs 19.5 16.2 14.7
Manufacturing costs 81.5 76.6 75.5
Operating profit 6.3 13.2 15.4

Accounts receivable 10 10 10
Inventories 4.5 4.5 4.5
Accounts payable 5.5 5.5 5.5
Net assets 84.5% 65.2% 53.7%

Operating profit/net assets 7.4% 20.3% 28.6%


s ended december 31

1983 1984

2136 2303
961 1036
8230 7560
11327 10899

1175 1267

10152 9632

49.3% 51.2%
62.3 64
14.1 14.1
76.4 78
14.7 13.1

10 10
4.5 4.5
5.5 5.5
47.5% 41.8%

30.9% 31.4%