Annual Projection in the Existing Cleat

Salles $ 260,000.00 Common Assumptions

Cost of goof sold $ 182,000.00 Market Testing
Probability of
Administrative cost $ 30,000.00 Success
Probability of
Marketing $ 5,000.00 Failure
Cost of
Miscellaneous fixed Capital/Discoun
(cash) $ 15,000.00 t Rate

Depreciation Negligble Tax Rate

Total $ 28,000.00 Terminal Value

Tax 40% $ 11,200.00

Aftertax cash flow $ 16,800.00

Full Production
Tahun 1 Tahun 2 Tahun 3 Tahun 4
1997 1998 1999 2000

Intial Investment $ 800,000.00

Sales Price $ 28.00 $ 28.00 $ 28.00
Unit Sales 70,000 80,000 110,000
Adjusted Unit Sales 70,000 80,000 110,000
COGS (% of Sales) 64% 64% 64%
Administrative $ 156,800.00 $ 179,200.00 $ 246,400.00
Marketing $ 137,200.00 $ 112,000.00 $ 77,000.00
Misc. $ 70,600.00 $ 78,400.00 $ 80,100.00

CashFlow New Cleat Full Production

Tahun 1 Tahun 2 Tahun 3 Tahun 4
1997 1998 1999 2000
Initial Investment $ 800,000.00
Revenues $ 1,960,000.00 $ 2,240,000.00 $ 3,080,000.00
COGS $ 1,254,400.00 $ 1,433,600.00 $ 1,971,200.00
Depreciation $ 133,333.33 $ 133,333.33 $ 133,333.33
Administrative $ 156,800.00 $ 179,200.00 $ 246,400.00
Marketing $ 137,200.00 $ 112,000.00 $ 77,000.00
Misc. $ 70,600.00 $ 78,400.00 $ 80,100.00
EBT $ 207,666.67 $ 303,466.67 $ 571,966.67
Taxes $ 83,066.67 $ 121,386.67 $ 228,786.67
Net Income $ 124,600.00 $ 182,080.00 $ 343,180.00
Depreciation $ 133,333.33 $ 133,333.33 $ 133,333.33
Cash Flow $ 257,933.33 $ 315,413.33 $ 476,513.33
Common Assumptions NWC Assumptions
$125,000 Old NWC $49,000

75% ACP 35.9

Inventory (% of
25% Sales) 15%

Accurals (% of
15% Sales) 2.2%
Purchases (% of
40% COGS) 80%
Average Payment
30% Period 30
Days in year
(NWC) 360

Tahun 5 Tahun 6 Tahun 7

2001 2002 2003

Intial Investment
$ 28.00 $ 28.00 $ 28.00 Sales Price
110,000 110,000 110,000 Unit Sales
110,000 110,000 110,000 Adjusted Unit Sales
64% 64% 64% COGS (% of Sales)
$ 246,400.00 $ 246,400.00 $ 246,400.00 Administrative
$ 77,000.00 $ 77,000.00 $ 77,000.00 Marketing
$ 80,100.00 $ 80,100.00 $ 80,100.00 Misc.

roduction
Tahun 5 Tahun 6 Tahun 7
2001 2002 2003
Initial Investment
$ 3,080,000.00 $ 3,080,000.00 $ 3,080,000.00 Revenues
$ 1,971,200.00 $ 1,971,200.00 $ 1,971,200.00 COGS
$ 133,333.33 $ 133,333.33 $ 133,333.33 Depreciation
$ 246,400.00 $ 246,400.00 $ 246,400.00 Administrative
$ 77,000.00 $ 77,000.00 $ 77,000.00 Marketing
$ 80,100.00 $ 80,100.00 $ 80,100.00 Misc.
$ 571,966.67 $ 571,966.67 $ 571,966.67 EBT
$ 228,786.67 $ 228,786.67 $ 228,786.67 Taxes
$ 343,180.00 $ 343,180.00 $ 343,180.00 Net Income
$ 133,333.33 $ 133,333.33 $ 133,333.33 Depreciation
$ 476,513.33 $ 476,513.33 $ 476,513.33 Cash Flow
 Scenario Analysis Assumtions
Additional
Sales Price $0.00
Fixed Costs
(Ball
Department) $0.00
Unit Sales (New
Cleat) 100%

Unit Sales (Old

Cleat) 100%

COGS (FP) 64%

COGS (LP) 67%

COGS (Old Cleat 70%

Limited Production
Tahun 1 Tahun 2 Tahun 3 Tahun 4 Tahun 5 Tahun 6
1997 1998 1999 2000 2001 2002

$ 390,000.00
$ 28.00 $ 28.00 $ 28.00 $ 28.00 $ 28.00
20,000 25,000 30,000 30,000 30,000
20,000 25,000 30,000 30,000 30,000
67% 67% 67% 67% 67%
$84,000 $105,000 $100,800 $100,800 $100,800
$30,000 $30,000 $25,000 $25,000 $25,000
$39,200 $49,000 $50,400 $50,400 $50,400

CashFlow New Cleat Limited Production

Tahun 1 Tahun 2 Tahun 3 Tahun 4 Tahun 5 Tahun 6
1997 1998 1999 2000 2001 2002
$ 390,000.00
$ 560,000.00 $ 700,000.00 $ 840,000.00 $ 840,000.00 $ 840,000.00
$ 375,200.00 $ 469,000.00 $ 562,800.00 $ 562,800.00 $ 562,800.00
$ 65,000.00 $ 65,000.00 $ 65,000.00 $ 65,000.00 $ 65,000.00
$ 84,000.00 $ 105,000.00 $ 100,800.00 $ 100,800.00 $ 100,800.00
$ 30,000.00 $ 30,000.00 $ 25,000.00 $ 25,000.00 $ 25,000.00
$ 39,200.00 $ 49,000.00 $ 50,400.00 $ 50,400.00 $ 50,400.00
$ -33,400.00 $ -18,000.00 $ 36,000.00 $ 36,000.00 $ 36,000.00
$ -13,360.00 $ -7,200.00 $ 14,400.00 $ 14,400.00 $ 14,400.00
$ -20,040.00 $ -10,800.00 $ 21,600.00 $ 21,600.00 $ 21,600.00
$ 65,000.00 $ 65,000.00 $ 65,000.00 $ 65,000.00 $ 65,000.00
$ 44,960.00 $ 54,200.00 $ 86,600.00 $ 86,600.00 $ 86,600.00
 Tahun 7
2003

$ 28.00
30,000
30,000
67%
$100,800
$25,000
$50,400

Tahun 7
2003

$ 840,000.00
$ 562,800.00
$ 65,000.00
$ 100,800.00
$ 25,000.00
$ 50,400.00
$ 36,000.00
$ 14,400.00
$ 21,600.00
$ 65,000.00
$ 86,600.00