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7.1 Financial Model Working - Lecture 31
7.1 Financial Model Working - Lecture 31
Minty
Date Notes
9/1/2022 Implemented basic 3-statements model
USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022
Operating Expenses
Salaries and Benefits % of Operating Expenses 72.6% 72.0% 71.8%
Supplies % of Operating Expenses 3.9% 4.1% 4.3%
Hired Services % of Operating Expenses 15.6% 16.2% 15.9%
Repairs and Maintenance % of Operating Expenses 1.3% 1.5% 1.1%
Facility Leases % of Operating Expenses 2.7% 2.9% 2.4%
Equipment Rent % of Operating Expenses 0.5% 0.6% 0.4%
Insurance % of Operating Expenses 0.7% 0.6% 0.8%
Advertising and Marketing % of Operating Expenses 1.2% 1.1% 1.4%
Utilities % of Operating Expenses 0.4% 0.5% 0.3%
Other % of Operating Expenses 1.1% 0.5% 1.6%
Non-operating Expenses
Depreciation & Amortization % of Operating Expenses 1.2% 1.3% 1.3%
Interest
Otner non-operating expense/(income) % of Operating Expenses -269.4% 0.0% 0.0%
Debt Schedule
Opening Balance
New Debt
Debt Amortization
Closing Balance
Interest Expense
Accounts Receivable
Days 365 365 365
Accounts Receivable Days - - -
Revenue - - -
Average Balance - - -
Opening Balance - -
Closing Balance - - -
Inventory
Days 365 365 365
Inventory Days - - -
Supplies (IS) 724 807 924
Average Balance - - -
Opening Balance - -
Closing Balance - - -
Accounts Payable
Days 365 365 365
Accounts Payable Days 164 160 157
Operating Expenses (IS) 18,560 19,581 21,480
Average Balance 8,352 8,582 9,239
Opening Balance 8,352 8,811
Closing Balance 8,352 8,811 9,666
Goodwill
Equity Schedule
Reveneue - - -
Cost of Sales - - -
Gross Profit - - -
Expenses
Salaries and Benefits 13,475 14,098 15,423
Supplies 724 807 924
Hired Services 2,895 3,172 3,415
Repairs and Maintenance 241 294 236
Facility Leases 501 568 516
Equipment Rent 93 117 86
Insurance 130 117 172
Advertising and Marketing 223 215 301
Utilities 74 98 64
Other 204 94 344
Total Operating Expenses 18,560 19,581 21,480
EBITDA (18,560) (19,581) (21,480)
EBITDA Margin %
Taxes 7,775 - -
Net Earnings 14,439 (28,156) (29,345)
Profit Margin %
Liabilities
Accounts Payable 8,352 8,811 9,666
Intercompany Payables - - -
Debt 138,620 126,557 113,770
Other Liabilities - - -
Total Liabilities 146,972 135,368 123,436
Shareholder's Equity
Equity Capital 50,000 50,000 50,000
Retained Earnings 14,439 (13,717) (43,061)
Shareholder's Equity 64,439 36,283 6,939
Total Liabilities & Shareholder's Equity 211,411 171,651 130,375
Check - - -
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes
- - - - -
- - - - -
(29,666) (29,998) (30,333) (30,679) (31,033)
- - (0) - -
- - - - -
(285) (304) (316) (332) (349)
- - - - -
- - - - -
- - - - -
- - - - -
Minty Dev
Minty
USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022
Operating Expenses
Salaries and Benefits % of Revenue 21.3% 19.2% 18.2%
Supplies % of Revenue 3.8% 3.6% 4.0%
Hired Services % of Revenue 8.6% 8.2% 9.1%
Repairs and Maintenance % of Revenue 2.1% 2.0% 2.2%
Facility Leases % of Revenue 3.0% 2.9% 3.2%
Equipment Rent % of Revenue 0.2% 0.1% 0.2%
Insurance % of Revenue 0.4% 0.3% 0.4%
Advertising and Marketing % of Revenue 0.5% 0.4% 0.5%
Utilities % of Revenue 1.9% 1.8% 2.0%
Other % of Revenue 1.0% 0.9% 1.0%
Non-operating Expenses
Depreciation & Amortization % of Revenue 11.2% 9.0% 8.7%
Interest
Otner non-operating expense/(income) % of Revenue 0.5% 0.5% 0.5%
Debt Schedule
Opening Balance
New Debt
Debt Amortization
Closing Balance
Interest Expense
Accounts Receivable
Days 365 365 365
Accounts Receivable Days 22 20 21
Revenue 282,131 326,602 363,274
Average Balance 17,108 18,219 20,747
Opening Balance 17,108 19,330
Closing Balance 17,108 19,330 22,164
Inventory
Days 365 365 365
Inventory Days 427 448 428
Supplies (IS) 10,749 11,858 14,618
Average Balance 12,568 14,561 17,139
Opening Balance 12,568 16,554
Closing Balance 12,568 16,554 17,723
Accounts Payable
Days 365 365 365
Accounts Payable Days 60 58 59
Operating Expenses (IS) 120,346 129,138 147,965
Average Balance 19,793 20,535 23,932
Opening Balance 19,793 21,277
Closing Balance 19,793 21,277 26,586
Goodwill
Goodwill OB - -
Acquisitions
Goodwill Closing Balance - - -
Equity Schedule
Expenses
Salaries and Benefits 60,092 62,667 66,025
Supplies 10,749 11,858 14,618
Hired Services 24,304 26,812 33,051
Repairs and Maintenance 5,796 6,394 7,882
Facility Leases 8,464 9,337 11,510
Equipment Rent 442 487 601
Insurance 996 1,099 1,354
Advertising and Marketing 1,321 1,458 1,797
Utilities 5,400 5,958 7,344
Other 2,781 3,068 3,782
Total Operating Expenses 120,346 129,138 147,965
EBITDA 53,855 64,695 72,445
EBITDA Margin %
Liabilities
Accounts Payable 19,793 21,277 26,586
Intercompany Payables 35,800 35,800 35,800
Debt - - -
Other Liabilities - - -
Total Liabilities 55,593 57,077 62,386
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 66,284 88,305 113,522
Shareholder's Equity 71,284 93,305 118,522
Total Liabilities & Shareholder's Equity 126,877 150,382 180,908
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes
- - - - -
- - - - - New Debt Assumptions here
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Minty Pipeline
Minty
USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022
Operating Expenses
Salaries and Benefits % of Revenue 17.0% 17.0% 17.0%
Supplies % of Revenue 3.9% 3.7% 3.5%
Hired Services % of Revenue 6.5% 6.5% 6.5%
Repairs and Maintenance % of Revenue 2.2% 2.3% 2.1%
Facility Leases % of Revenue 4.0% 3.9% 4.1%
Equipment Rent % of Revenue 0.5% 0.7% 0.6%
Insurance % of Revenue 0.5% 0.5% 0.6%
Advertising and Marketing % of Revenue 0.6% 0.5% 0.8%
Utilities % of Revenue 2.1% 1.9% 2.3%
Other % of Revenue 0.7% 0.6% 1.1%
Non-operating Expenses
Depreciation & Amortization % of Revenue 9.0% 9.0% 9.0%
Interest
Otner non-operating expense/(income) % of Revenue 0.8% 0.6% 0.7%
Debt Schedule
Opening Balance
New Debt
Debt Amortization
Closing Balance
Interest Expense
Accounts Receivable
Days 365 365 365
Accounts Receivable Days 44 43 42
Revenue 62,598 65,540 70,914
Average Balance 7,574 7,654 8,228
Opening Balance 7,574 7,734
Closing Balance 7,574 7,734 8,722
Inventory
Days 365 365 365
Inventory Days 702 704 702
Supplies (IS) 2,441 2,425 2,482
Average Balance 4,695 4,674 4,773
Opening Balance 4,695 4,653
Closing Balance 4,695 4,653 4,893
Accounts Payable
Days 365 365 365
Accounts Payable Days 192 192 186
Operating Expenses (IS) 23,787 24,643 27,373
Average Balance 12,520 12,978 13,916
Opening Balance 12,520 13,436
Closing Balance 12,520 13,436 14,396
Goodwill
Goodwill OB - -
Acquisitions
Goodwill Closing Balance - - -
Equity Schedule
Expenses
Salaries and Benefits 10,642 11,142 12,055
Supplies 2,441 2,425 2,482
Hired Services 4,069 4,260 4,609
Repairs and Maintenance 1,377 1,507 1,489
Facility Leases 2,504 2,556 2,907
Equipment Rent 313 459 425
Insurance 313 328 425
Advertising and Marketing 376 328 567
Utilities 1,315 1,245 1,631
Other 438 393 780
Total Operating Expenses 23,787 24,643 27,373
EBITDA 6,448 8,455 7,871
EBITDA Margin %
Taxes - - -
Net Earnings (2,807) (585) (1,361)
Profit Margin %
Liabilities
Accounts Payable 12,520 13,436 14,396
Intercompany Payables 15,600 15,600 15,600
Debt 45,805 39,238 32,278
Other Liabilities - - -
Total Liabilities 73,925 68,274 62,273
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 24,166 23,581 22,219
Shareholder's Equity 29,166 28,581 27,219
Total Liabilities & Shareholder's Equity 103,091 96,855 89,492
Check 0 0 0
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes
- - - - -
- - - - -
0 0 0 0 0
- - - - -
0 - - - -
- - - - -
- - - - -
Minty Solids
Minty
USD'000
ACTUAL ACTUAL ACTUAL
CY 2020 CY 2021 CY 2022
Operating Expenses
Salaries and Benefits % of Revenue 12.1% 11.6% 12.8%
Supplies % of Revenue 4.0% 4.1% 4.2%
Hired Services % of Revenue 3.9% 3.1% 3.0%
Repairs and Maintenance % of Revenue 2.1% 2.4% 2.2%
Facility Leases % of Revenue 2.5% 2.6% 2.4%
Equipment Rent % of Revenue 0.9% 1.1% 0.8%
Insurance % of Revenue 0.6% 0.6% 0.6%
Advertising and Marketing % of Revenue 0.6% 0.5% 0.8%
Utilities % of Revenue 1.0% 1.1% 0.9%
Other % of Revenue 1.4% 1.6% 1.5%
Non-operating Expenses
Depreciation & Amortization % of Revenue 6.4% 6.7% 6.1%
Interest
Otner non-operating expense/(income) % of Revenue 0.3% 0.4% 0.3%
Debt Schedule
Opening Balance
New Debt
Debt Amortization
Closing Balance
Interest Expense
Accounts Receivable
Days 365 365 365
Accounts Receivable Days 37 37 37
Revenue 135,697 146,281 159,300
Average Balance 13,705 14,825 16,256
Opening Balance 13,705 15,945
Closing Balance 13,705 15,945 16,567
Inventory
Days 365 365 365
Inventory Days 776 708 688
Supplies (IS) 5,428 6,027 6,691
Average Balance 11,534 11,692 12,615
Opening Balance 11,534 11,849
Closing Balance 11,534 11,849 13,381
Accounts Payable
Days 365 365 365
Accounts Payable Days 238 234 230
Operating Expenses (IS) 39,488 42,012 46,516
Average Balance 25,782 26,934 29,256
Opening Balance 25,782 28,086
Closing Balance 25,782 28,086 30,426
Goodwill
Goodwill OB - -
Acquisitions
Goodwill Closing Balance - - -
Equity Schedule
Expenses
Salaries and Benefits 16,419 16,969 20,390
Supplies 5,428 6,027 6,691
Hired Services 5,292 4,535 4,779
Repairs and Maintenance 2,850 3,511 3,505
Facility Leases 3,392 3,803 3,823
Equipment Rent 1,221 1,609 1,274
Insurance 814 878 956
Advertising and Marketing 814 731 1,274
Utilities 1,357 1,609 1,434
Other 1,900 2,341 2,390
Total Operating Expenses 39,488 42,012 46,516
EBITDA 25,647 25,277 28,355
EBITDA Margin %
Liabilities
Accounts Payable 25,782 28,086 30,426
Intercompany Payables - - -
Debt - - -
Other Liabilities - - -
Total Liabilities 25,782 28,086 30,426
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 22,660 32,339 44,144
Shareholder's Equity 27,660 37,339 49,144
Total Liabilities & Shareholder's Equity 53,442 65,425 79,570
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes
- - - - -
- - - - - New Debt Assumptions here
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
RockCode (Acquisition)
Minty
Revenue Growth %
Cost of Sales % of Revenue
Operating Expenses
Salaries and Benefits % of Revenue
Supplies % of Revenue
Hired Services % of Revenue
Repairs and Maintenance % of Revenue
Facility Leases % of Revenue
Equipment Rent % of Revenue
Insurance % of Revenue
Advertising and Marketing % of Revenue
Utilities % of Revenue
Other % of Revenue
Non-operating Expenses
Depreciation & Amortization % of Revenue
Interest
Otner non-operating expense/(income) % of Revenue
Acquisition
Recognized investment
Debt Schedule
Opening Balance
New Debt
Debt Amortization
Closing Balance
Interest Expense
Accounts Receivable
Days
Accounts Receivable Days
Revenue
Average Balance
Opening Balance
Closing Balance
Inventory
Days
Inventory Days
Supplies (IS)
Average Balance
Opening Balance
Closing Balance
Accounts Payable
Days
Accounts Payable Days
Operating Expenses (IS)
Average Balance
Opening Balance
Closing Balance
Goodwill OB
Acquisitions
Goodwill Closing Balance
Other Liabilities
OB
Recognized Deferred Purchase Price
Paid Deferred Purchase Price
CB
Equity Schedule
Equity OB
Issued Equity
Equity CB
Retained Earnings OB
Current Result
Dividend Payments
Retained Earnings CB
Expenses
Salaries and Benefits 5,182 6,631 8,189
Supplies 1,789 2,296 3,062
Hired Services 1,468 1,894 2,635
Repairs and Maintenance 2,293 2,953 3,489
Facility Leases 5,733 7,188 8,759
Equipment Rent - - -
Insurance 321 334 570
Advertising and Marketing - - -
Utilities 1,605 2,117 2,920
Other 2,568 3,232 2,991
Total Operating Expenses 20,958 26,645 32,614
EBITDA 9,585 10,743 14,598
EBITDA Margin %
Liabilities
Accounts Payable 12,612 15,713 19,868
Intercompany Payables - - -
Debt - - -
Other Liabilities - - -
Total Liabilities 12,612 15,713 19,868
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 72,816 74,366 76,819
Shareholder's Equity 77,816 79,366 81,819
Total Liabilities & Shareholder's Equity 90,428 95,079 101,687
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
Proforma View
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes
Growth %
Moving average (3) % of Revenue
% of Pre-tax income
New Debt Assumptions here
15,000
6.0%
7
1/1/2023
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027
(17,968) (15,991) (16,541) (17,118) (12,724) PPE Schedule, Acquisition Price Split
(7,500) (5,000) (5,000) (5,000) - Acquisition Price Split
- - - - -
- - - - -
(25,468) (20,991) (21,541) (22,118) (12,724)
- - - - -
- - - - -
- - - - -
- - - - -
ACTUAL ACTUAL ACTUAL FORECAST FORECAST FORECAST FORECAST
CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 CY 2025 CY 2026
45,000
15,000
10,000 10,000 10,000
15,000 - - -
5,000
40,000 - - -
20,000 - - -
20,000 - - -
13,213 11,319 9,311
15,000 - - -
(1,787) (1,894) (2,008) (2,128)
13,213 11,319 9,311 7,182
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
From Date of Acquisition View
FORECAST ACTUAL ACTUAL ACTUAL
CY 2027 Notes CY 2020 CY 2021 CY 2022
100.0%
50.0%
50.0%
-
-
-
7,182
- New Debt Assumptions here
(2,256)
4,926
(431)
CB Year Period
13,213 15,000 2023 1
11,319 6.0% 2024 2
9,311 7 2025 3
7,182 1/1/2023 2026 4
4,926 2027 5
2,535 2028 6
- 2029 7
- 2030 8
- 2031 9
- 2032 10
6,165 - - -
(281) - -
79,167 - -
(12,724) - -
12,724 - -
-
79,167 - - -
-
-
20,000 - -
-
20,000 - - -
-
-
-
-
-
-
5,000 - -
-
5,000 - - -
85,526 - -
2,694 - -
-
88,220 - - -
90,884
30,332
60,552 - - -
10,551
3,795
3,198
4,594
11,397
-
650
-
3,548
4,520
42,253 - - -
18,299 - - -
12,724
431 Debt Schedule
999
14,154 - - -
4,145 - - -
1,451
2,694 - - -
(0) - - -
2,694
12,724
431
(281)
16,130 - - -
-
(12,724) - - -
719 - - -
(12,906) - -
(12,186) - - -
- - - -
- - - -
- - - -
- - - -
FORECAST FORECAST FORECAST FORECAST FORECAST
CY 2023 CY 2024 CY 2025 CY 2026 CY 2027 Notes
45,000
15,000
10,000 10,000 10,000
15,000 - - - -
45,000 - - - -
22,500 - - - -
22,500 - - - -
13,213 11,319 9,311 7,182
15,000 - - - - New Debt Assumptions here
(1,787) (1,894) (2,008) (2,128) (2,256)
13,213 11,319 9,311 7,182 4,926
- - - - -
- - - - -
- - - - -
- - - - - Equity Schedule
1,923 3,915 6,219 8,706 11,400 Equity Schedule
1,923 3,915 6,219 8,706 11,400
64,566 55,793 46,977 38,837 39,786
- - - - -
(17,968) (15,991) (16,541) (17,118) (12,724) PPE Schedule, Acquisition Price Split
(7,500) (5,000) (5,000) (5,000) - Acquisition Price Split
- - - - -
(25,468) (20,991) (21,541) (22,118) (12,724)
- - - - -
- - - - -
- - - - -
- - - - -
RockCode Distributions
Target Acquisition
USD'000
Expenses
Salaries and Benefits 5,182 6,631 8,189
Materials 1,789 2,296 3,062
External Services 1,468 1,894 2,635
Maintenance 2,293 2,953 3,489
Rent Expenses 5,733 7,188 8,759
Insurance 321 334 570
Utilities & Servicing 1,605 2,117 2,920
Other Expenses 2,568 3,232 2,991
Total Operating Expenses 20,958 26,645 32,614
EBITDA 9,585 10,743 14,598
Liabilities
Accounts Payable 12,612 15,713 19,868
Total Liabilities 12,612 15,713 19,868
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 72,816 74,366 76,819
Shareholder's Equity 77,816 79,366 81,819
Total Liabilities & Shareholder's Equity 90,428 95,079 101,687
Check Cash - - -
Check NI - - -
Check DA - - -
Minty Holding
Minty Group Entity
USD'000
Reveneue - - -
Cost of Sales - - -
Gross Profit - - -
Expenses
Salaries and Benefits 13,475 14,098 15,423
Supplies 724 807 924
Hired Services 2,895 3,172 3,415
Repairs and Maintenance 241 294 236
Facility Leases 501 568 516
Equipment Rent 93 117 86
Insurance 130 117 172
Advertising and Marketing 223 215 301
Utilities 74 98 64
Other 204 94 344
Total Operating Expenses 18,560 19,581 21,480
EBITDA (18,560) (19,581) (21,480)
EBITDA Margin %
Taxes 7,775 - -
Net Earnings 14,439 (28,156) (29,345)
Profit Margin %
Liabilities
Accounts Payable 8,352 8,811 9,666
Intercompany Payables - - -
Debt 138,620 126,557 113,770
Other Liabilities - - -
Total Liabilities 146,972 135,368 123,436
Shareholder's Equity
Equity Capital 50,000 50,000 50,000
Retained Earnings 14,439 (13,717) (43,061)
Shareholder's Equity 64,439 36,283 6,939
Total Liabilities & Shareholder's Equity 211,411 171,651 130,375
Check - - -
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
Minty Dev
Minty Group Entity
USD'000
Expenses
Salaries and Benefits 60,092 62,667 66,025
Supplies 10,749 11,858 14,618
Hired Services 24,304 26,812 33,051
Repairs and Maintenance 5,796 6,394 7,882
Facility Leases 8,464 9,337 11,510
Equipment Rent 442 487 601
Insurance 996 1,099 1,354
Advertising and Marketing 1,321 1,458 1,797
Utilities 5,400 5,958 7,344
Other 2,781 3,068 3,782
Total Operating Expenses 120,346 129,138 147,965
EBITDA 53,855 64,695 72,445
Liabilities
Accounts Payable 19,793 21,277 26,586
Intercompany Payables 35,800 35,800 35,800
Debt - - -
Total Liabilities 55,593 57,077 62,386
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 66,284 88,305 113,522
Shareholder's Equity 71,284 93,305 118,522
Total Liabilities & Shareholder's Equity 126,877 150,382 180,908
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -
Minty Pipeline
Minty Group Entity
USD'000
Expenses
Salaries and Benefits 10,642 11,142 12,055
Supplies 2,441 2,425 2,482
Hired Services 4,069 4,260 4,609
Repairs and Maintenance 1,377 1,507 1,489
Facility Leases 2,504 2,556 2,907
Equipment Rent 313 459 425
Insurance 313 328 425
Advertising and Marketing 376 328 567
Utilities 1,315 1,245 1,631
Other 438 393 780
Total Operating Expenses 23,787 24,643 27,373
EBITDA 6,448 8,455 7,871
Taxes - - -
Net Earnings (2,807) (585) (1,361)
Liabilities
Accounts Payable 12,520 13,436 14,396
Intercompany Payables 15,600 15,600 15,600
Debt 45,805 39,238 32,278
Total Liabilities 73,925 68,274 62,273
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 24,166 23,581 22,219
Shareholder's Equity 29,166 28,581 27,219
Total Liabilities & Shareholder's Equity 103,091 96,855 89,492
Check 0 0 0
Cash Flow Statement FY2020 FY2021 FY2022
Operating Cash Flow
Net Earnings (2,807) (585) (1,361)
Plus: Depreciation & Amortization 5,634 5,899 6,382
Plus: Interest 3,120 2,748 2,354
Less: Changes in Working Capital (250) (798) 269
Cash from Operations 6,197 8,860 7,107
Check Cash - - -
Check NI - 0 0
Check DA - - -
Check Interest - - -
Minty Solids
Minty Group Entity
USD'000
Expenses
Salaries and Benefits 16,419 16,969 20,390
Supplies 5,428 6,027 6,691
Hired Services 5,292 4,535 4,779
Repairs and Maintenance 2,850 3,511 3,505
Facility Leases 3,392 3,803 3,823
Equipment Rent 1,221 1,609 1,274
Insurance 814 878 956
Advertising and Marketing 814 731 1,274
Utilities 1,357 1,609 1,434
Other 1,900 2,341 2,390
Total Operating Expenses 39,488 42,012 46,516
EBITDA 25,647 25,277 28,355
Liabilities
Accounts Payable 25,782 28,086 30,426
Intercompany Payables - - -
Debt - - -
Total Liabilities 25,782 28,086 30,426
Shareholder's Equity
Equity Capital 5,000 5,000 5,000
Retained Earnings 22,660 32,339 44,144
Shareholder's Equity 27,660 37,339 49,144
Total Liabilities & Shareholder's Equity 53,442 65,425 79,570
Check Cash - - -
Check NI - - -
Check DA - - -
Check Interest - - -