Sales 422,733 13% contra 2001

Cost of good (COGS) 38% of sales

Operating expenses 50% of sales
Interest expense 6% of debt (about the current interest rate)
Profit before tax Sales COGS - Depreciation and amortization - Interest
Tax 30%
Dividends 10,900 same as 3 previous years
Earning retained Profit tax - Dividends
Current assets 32% of sales
Fixed assets 110,600
Total assets Current assets + Fixed assets
Current liabilities 28% of sales
Debt Total assets - Current liabilities+ shareholder´s equity
Common equity 121,600 plus Retentions of earnings

INCOME STATEMENT
Sales 422,733
COGS 160,638.54
Operating expenses 211,366.50
Interest expense (income) - 1,171 -1171
Profit before tax 51,899
Tax 15,570
Profit after tax 36,329
Dividends 10,900
Earning retained 25,429

BALANCE SHEET

Current asssets 135,274.56

Fixed assets 110,600
Total assets 245,875

Current liabilities 118,365.24

Debt - 19,520
Equity 147,029
Total Liab & Net worth 245,875

EXCESS CASH
INCOME STATEMENT Sensitivity Analysis
Sales 422,733 of Debt and Excess Cash
COGS 160,639 To COGS/Sales Ratio
Operating expenses 211,367
Interest expense (income) - 1,171 COGS/Sales Debt Ex. Cash
Profit before tax 51,899 - 19,520
Tax 15,570 0.35
Profit after tax 36,329 0.38
Dividends 10,900 0.40
Earning retained 25,429 0.42
0.44
BALANCE SHEET 0.45
Excess Cash 19,520 0.48
Current asssets 135,275
Fixed assets 110,600
Total assets 265,395

Current Liabilities 118,365

Debt -
Equity 147,029
Total liab & net worth

Trial assets 245,875

Tial liabilities and equity 265,395
Plug: Debt (excess cash) - 19,520
Historical Financial Statements
1999 1999 2000 2000 2001
Income Statement GBP % Sales GBP % Sales GBP
Turnover 303.7 100% 330.1 100% 374.1
Cost of sales 127.7 42% 130.9 39.7% 149
Gross proft 176 58% 199.2 60% 225.1

Operating expenses:
(-) excluding exceptional costs 151.4 49.90% 166.2 50.30% 195.7
(-) exceptional costs 4.5 1.50% 0 0.00% 11.2
Restructuring costs 16.6 5.50% 2.7 0.80% 1
Net interest expense 0.1 0.00% 1.5 0.50% 4.4
Profit before tax 3.4 1.10% 28.8 8.70% 12.8
Tax expense 8 2.60% 10.4 3.20% 3.5
Profit (loss) after tax -4.6 -1.50% 18.4 5.60% 9.3

Ordinary dividends 10.9 3.60% 10.9 3.30% 10.9

Profit (loss) retained -15.5 0.051 7.5 0.023 -1.6

1999 1999 2000 2000 2001

Balance Sheet GBP % Sales GBP % Sales GBP
Assets
Cash 34 11.20% 19.2 5.82% 13.7
Accounts receivable 27.8 9.15% 30.3 9.18% 30.3
Inventories 38.6 12.71% 13.5 4.09% 51.3
Other current assets 12.5 4.12% 4.7 1.42% 17.5
Net fixed assets 87.8 28.91% 31.7 9.60% 110.6
Other assets 0 0.00% 1.8 0.55% 6.7
Total assets 200.7 66.1 101.2 66.8 230.1
Liabilities and equity
Accounts payable 13 4.28% 20.5 6.21% 10.7
Taxes payable 11.3 3.72% 11.7 3.54% 7.1
Accruals 10.8 3.56% 15.6 4.73% 11.5
Overdrafts 0 0.00% 0.3 0.09% 0.7
Other current liabilities 21.6 7.11% 13.3 4.03% 16.9
Long-term liabilities 28 9.22% 36.7 11.12% 61.2
Other liabilities 1.7 0.56% 1 0.30% 0.4
Shareholder´s equity 114.3 37.64% 121.4 36.78% 121.6
Total liabilities and equity 200.7 66.1 220.5 66.8 230.1
 Forecast Financial Statements
2001 2002 2002 2003
% Sales Income Statement GBP % Sales GBP
100% Turnover 396.55 100% 436.20
39.8% Cost of sales 151.41 38% 153.43
60% Gross proft 245.1322 62% 282.772996

Operating expenses:
52.31% (-) excluding exceptional costs 205.485 51.82% 208.22
3.00% (-) exceptional costs 2 0.50% 0
0.30% Restructuring costs 2 0.50% 2.2
1.20% Net interest expense 3 0.76% 3.1
3.40% Profit before tax 32.65 8.23% 69.26
0.90% Tax expense 9.79 2.47% 20.78
2.50% Profit (loss) after tax 22.85 -1.50% 48.48

2.90% Ordinary dividends 10.9 2.75% 10.9

-0.4% Profit (loss) retained 11.95 3% 37.58

2001 2002 2002 2003

% Sales Balance Sheet GBP % Sales GBP
Assets
3.66% Cash 12 3.03% 18
8.10% Accounts receivable 32.12 8.10% 35.33
13.71% Inventories 42.75 10.78% 36.23
4.68% Other current assets 17.78 4.48% 18.02
29.56% Net fixed assets 110.6 27.89% 112.07
1.79% Other assets 7.370 1.86% 7.468
61.5 Total assets 222.62 56.14% 227.12
Liabilities and equity
2.86% Accounts payable 11.30 2.85% 11.93
1.90% Taxes payable 8.3 2.09% 10
3.07% Accruals 10.10 2.55% 10.50
0.19% Overdrafts 0 0.00% 0
4.52% Other current liabilities 13.3 3.35% 13.48
16.36% Long-term liabilities 62.2 15.68% 62.2
0.11% Other liabilities 0.16 0.04% 0.192
32.50% Shareholder´s equity 117.27 29.57% 118.83
61.5 Total liabilities and equity 222.62 56.14% 227.12

Capital de trabajo
 2003 2004 2004
% Sales GBP % Sales Ventas sube menos el primer año por los planes de acción
100% 497.27 100% 2002 2003
35.2% 155.99 31.4% Inflación UK 0.0162 0.0133
65% 341.278839 69% Fuente: https://es.inflation.eu/tasas-de-inflacion/gran-bretan

47.73% 229.04 46.06% Aumentan considerablemente debido a la inversión en tiend

0.00% 0 0.00%
0.50% 2.5 0.50%
0.71% 3.2 0.64%
15.88% 106.54 21.42%
4.76% 31.96 6.43% Tax rate 30%
5.60% 74.58 2.50%

3.30% 10.9 2.90%

9% 63.68 13%

2003 2004 2004

% Sales GBP % Sales

4.13% 20.2 4.06% Disminuye primer año por nuevas inversiones

8.10% 40.28 8.10% En relación con el aumento de ventas
8.31% 20.13 4.05% Se esperan reducir costos de inventario, teniendo el mayor ca
4.13% 18.32 3.68% Aumentan su valor con la inflación o suponiendo que se hace
25.69% 113.94 22.91%
1.71% 7.593 1.53% Pequeñas compras de otros activos
52.07% 220.46 44.33%

2.74% 12.60 2.53% 0.63 -0.52 0.06

2.29% 11 2.21%
2.41% 10.29 2.07% 0.69 - 0.74 -0.02
0.00% 0 0.00% Es la extensión de un crédito existente, suponiendo que no s
3.09% 13.48 2.71%
14.26% 61.2 12.31% Aumentan un poco en los primeros años
0.04% 0.16 0.03% 2.5
27.24% 111.73 22.47%
52.07% 220.46 44.34%
er año por los planes de acción
2004
0.0167
eu/tasas-de-inflacion/gran-bretana/inflacion-historica/ipc-inflacion-gran-bretana.aspx

nte debido a la inversión en tiendas

nuevas inversiones

e inventario, teniendo el mayor cambio en el primer año

flación o suponiendo que se hacen pequeñas compras de activos

o existente, suponiendo que no se solicita alguno este valor permanece en ceor

rimeros años
 2002 2003 2004
Sales 396,546 436,201 497,269
Cost of good (COGS) 38% 35% 31% of sales
Operating expenses 52% 48% 46% of sales
Interest expense 6% 6% 6% of debt (about the current interest rate)
Profit before tax Sales COGS - Depreciation and amortization - Interest
Tax 30%
Dividends 10,900 10,900 10,900
Earning retained Profit tax - Dividends
Current assets 28% 26% 21% of sales
Fixed assets 110,600 112,071 113,943
Total assets Current assets + Fixed assets
Current liabilities 11% 11% 10% of sales
Debt Total assets - Current liabilities+ shareholder´s equity
Common equity 117,270 118,830 111,730 plus Retentions of earnings

INCOME STATEMENT
Sales 396,546 436,201 497,269
COGS 151,414 153,428 155,990
Operating expenses 207,485 208,218 229,040
Interest expense (income) - - -
Profit before tax 37,647 74,555 112,239
Tax 11,294 22,367 33,672
Profit after tax 26,353 52,189 78,567
Dividends 10,900 10,900 10,900
Earning retained 15,453 41,289 67,667

BALANCE SHEET

Current asssets 112,022 115,047 106,517

Fixed assets 110,600 112,071 113,943
Total assets 222,622 227,118 220,459

Current liabilities 43,000.24 45,911.05 47,374.64

Debt 46,898 21,088 - 6,313
Equity 132,723 160,118 179,397
Total Liab & Net worth 222,622 227,118 220,459

EXCESS CASH
INCOME STATEMENT
Sales 396,546 436,201 497,269
COGS 151,414 153,428 155,990
Operating expenses 207,485 208,218 229,040
Interest expense (income) 2,814 1,265 - 379
Profit before tax 34,833 73,290 112,618
Tax 10,450 - -
Profit after tax 24,383 73,290 112,618
Dividends 10,900 10,900 10,900
Earning retained 13,483 62,390 101,718

BALANCE SHEET
Excess Cash - - 6,313
Current asssets 112,022 115,047 106,517
Fixed assets 110,600 112,071 113,943
Total assets 222,622 227,118 226,772

Current Liabilities 43,000 45,911 47,375

Debt 46,898 21,088 -
Equity 132,723 160,118 179,397
Total liab & net worth

Trial assets 222,622 227,118 220,459

Tial liabilities and equity 175,723 206,029 226,772
Plug: Debt (excess cash) 46,898 21,088 - 6,313

2002 2003 2004

EFN sin equity 69,021 69,136 59,142
Debt 46,898 21,088 -
nterest rate)