Historical financial statements 1993 1994 1995

Income statement
Sales 2,921 3,477 4,519
COGS 2,202 2,634 3,424
Gross profit 719 843 1,095
Operating expenses 622 717 940
EBIT 97 126 155
Interest expense 23 42 56
Purchase discount
EBT 74 84 99
Taxes 14 16 22
Net income 60 68 77

Assets
Cash 43 52 56
AR 306 411 606
Inventory 337 432 587
PP&E 233 262 388
Total assets 919 1157 1637

Liabilities & SE
Accounts payable 213 340 376
Notes payable, trade 127
Accrued expenses 42 45 75
Notes payable, bank 60 390
Notes paybale, Holtz current portion 100 100
Notes paybale, Holtz long term portion 100
Term loan - current portion 20 20 20
Term loan - long term portion 140 120 100
Total liabilities 415 785 1188
Net worth 504 372 449
Total liabilities and Net worth 919 1,157 1,637

Statement of cash flows 1994 1995

Cash flow from operating activities
Net income 60 68 77
∆ AR -105 -195
∆ Inventory -95 -155
∆ Trade and accounts payable 127 163
∆ Accrued expenses 3 30
Cash flow from operating activities -2 -80

Cash flow from investng activities

CAPEX 29 126
Cash flow from investing activities

Cash flow from financing activities

Buyout of partner
Proceeds / (Repayment) from bank loan for buyout
Repayment of long term loan
Proceeds / (repayment) from bank loan
Net cash flow from financing activities

Change in cash during the year

Opening cash
Closing cash
Key ratios 1993 1994 1995 1996 1997 1998 Projected financial statements 1996 1997 1998
Income statement
Sales growth Sales
COGS / Sales COGS
Gross margin Gross profit
Opex / Sales Operating expenses
EBIT / Sales EBIT
Interest expense / Debt Interest expense
Purchase discount Purchase discount
EBT
Income tax Taxes
NI / Sales Net income
NI / Sales growth
Assets
Cash
AR days AR
Inventory days Inventory
PP&E / Sales PP&E
Sales / Total assets Total assets

Liabilities & SE
AP days Accounts payable
Notes payable, trade
Accrued expenses / Sales Accrued expenses
Notes payable, bank
Notes paybale, Holtz current portion
Current ratio Notes paybale, Holtz long term portion
Total liabilities / Total Assets Term loan - current portion
D/E Term loan - long term portion
ICR Total liabilities
DSCR Net worth
ROA Total liabilities and Net worth

Statement of cash flows

Cash flow from operating activities
Net income
∆ AR
∆ Inventory
∆ Trade and accounts payable
∆ Accrued expenses
Cash flow from operating activities

Cash flow from investng activities

CAPEX
Cash flow from investing activities

Cash flow from financing activities

Repayment of notes payable - trade
Proceeds / (Repayment) from bank loan for buyout
Repayment of long term loan
Proceeds / (repayment) from bank loan
Net cash flow from financing activities

Change in cash during the year

Opening cash
Closing cash