` 2012 2013 2014 2015 2016e Input

Profit and loss statement

Revenue 788.5 807.6 908.2 1,048.8 1,363.4 30.0%
Cost of goods sold 402.9 428.8 437.7 503.4 654.4
Gross profit 385.6 378.8 470.5 545.4 709.0 52%
SG&A expense 301.2 302.0 356.0 404.5 525.9 38.6%
Depreciation 34.2 38.4 36.3 40.9 46.0 46.0
Operating profit 50.2 38.4 78.2 100.0 137.2 Balance
Taxes 17.6 13.1 26.2 39.2 53.8 39.2%
Net profit 32.6 25.3 52.0 60.8 83.4 Balance

Balance sheet
Cash 120.1 105.2 66.8 9.4 (169.3) PLUG5
Accounts receivable 90.6 99.5 119.5 146.4 190.3
Inventory1 468.3 507.6 523.4 656.9 854.0
2
Other current assets 20.9 19.3 22.6 20.9 27.2
Current assets (CA) 699.9 731.6 732.3 833.6 902.2 Sum
Net fixed assets3 (NFA) 332.1 332.5 384.3 347.9 376.9 Calculate
Total assets 1,032.0 1,064.1 1,116.6 1,181.5 1,279.1 Sum

Accounts payable (AP) 6.0 5.3 4.5 5.0 6.5

Wages payable (WP) 19.7 22.0 22.1 24.4 31.7
Other payables (OP) 10.2 15.4 16.6 17.9 23.3
Current liabilities (CL) 35.9 42.7 43.2 47.3 61.5 Sum
Long-term debt (?) - - - - -
Net worth 996.1 1,021.4 1,073.4 1,134.2 1,217.6 Calculate
Total liabilities & net worth 1,032.0 1,064.1 1,116.6 1,181.5 1,279.1 Sum

Capital expenditure 22.0 38.8 88.1 4.5 75.0 75.0

4
Purchases 140.8 145.2 161.2 185.1 240.6 37%
Net Working Capital (NWC) 664.0 688.9 689.1 786.3 840.7 Calculate

Cash Flow Estimates 2012 2013 2014 2015 2016e

Option 1: Cash = PLUG
Operating profit 50.2 38.4 78.2 100.0 137.2
less: Taxes 17.6 13.1 26.2 39.2 53.8
equals: Net Operating Profit(NOPAT) 32.6 25.3 52.0 60.8
add back: Depreciation 34.2 38.4 36.3 40.9
equals: Operating Cash Flow 66.8 63.7 88.3 101.7 129.4
less: Capital Expenditures 22.0 38.8 88.1 4.5 75.0
less: Increase in NWC N.A. 24.9 0.2 97.2 54.4
equals: Free Cash Flow to Firm N.A. 0.00 0.00 0.00

Option 2: Cash =
Operating profit 50.2 38.4 78.2 100.0 137.2
less: Taxes 17.6 13.1 26.2 39.2 53.8
Net Operating Profit(NOPAT) 32.6 25.3 52.0 60.8
add back: Depreciation 34.2 38.4 36.3 40.9 46
equals: Operating Cash Flow 66.8 63.7 88.3 101.7 129.4
less: Capital Expenditures 22.0 38.8 88.1 4.5 75
less: Increase in NWC N.A. 24.9 0.2 97.2 332.7
equals Free Cash Flow to Firm N.A. 0.00 0.00 0.00 (278.3)