P&L Dec-19 Dec-20 Dec-21

Revenues (Sales) 192,538 258,055 276,120

COGS (56,587) (59,416) (62,387)
Gross Margin 135,951 198,639 213,733

Total OPEX (130,412) (152,850) (159,372)

EBITDA 5,539 45,789 54,361

Depreciation (2,040) (1,836) (1,652)

EBIT 3,499 43,953 52,709

Interest Expenses (1,083) (1,083) (1,083)

EBT 2,416 42,870 51,626

Taxes Incurred (725) (12,861) (15,488)

Tax % 30.0% 30.0% 30.0%
Net Profit 1,691 30,009 36,138

Dividends - (20,000) (25,000)

Retained Earnings 1,691 11,700 22,838

BS Dec-19 Dec-20 Dec-21

Cash 36,978 49,424 61,937

Accounts Receivable 3,000 2,500 3,200
Inventory 1,720 1,806 1,896
NFA 18,260 16,424 14,772
Total Assets 59,958 70,154 81,805

Accounts Payable 9,267 9,454 9,967

Debt 19,000 19,000 19,000
Equity 30,000 30,000 30,000
Retained Earnings 1,691 11,700 22,838
Total Liabilities & Capital 59,958 70,154 81,805
Check - - -

OTHERS Dec-19 Dec-20 Dec-21

NFA
BoP - 18,260 16,424
Add (CAPEX) 20,300 - -
Red (Depreciation) (2,040) (1,836) (1,652)
EoP 18,260 16,424 14,772

Inventory
BoP - 1,720 1,806
Add (Purchases) 58,307 59,502 62,477
Red (COGS) (56,587) (59,416) (62,387)
EoP 1,720 1,806 1,896
Cash Flows Dec-19 Dec-20 Dec-21

EBITDA 5,539 45,789 54,361

Mov. Acc Receivable (3,000) 500 (700)
Mov. Inventory (1,720) (86) (90)
Mov. Acc. Payable 9,267 187 513
CAPEX (20,300) - -
Cash Taxes (725) (12,861) (15,488)
Cash interest (1,083) (1,083) (1,083)
Cash Debt 19,000 - -
Cash Equity 30,000 - -
Cash Dividends - (20,000) (25,000)

Cash Flows 36,978 12,446 12,513

Accumulated CF 36,978 49,424 61,937

Working Capital Dec-19 Dec-20 Dec-21

Working Capital (FM)

Cash 36,978 49,424 61,937
Accounts Receivable 3,000 2,500 3,200
Inventory 1,720 1,806 1,896
Accounts Payable 9,267 9,454 9,967
Working Capital (Fondo de Maniobra) 32,431 44,276 57,066

Trade Working Capital

Accounts Receivable 3,000 2,500 3,200
Inventory 1,720 1,806 1,896
Accounts Payable 9,267 9,454 9,967
Trade Working Capital (4,547) (5,148) (4,871)

Working Capital Cycle (WCC)

Days Receivable 5.7 days 3.5 days 4.2 days
Days Inventory 11.1 days 11.1 days 11.1 days
Days Payable 58.0 days 58.0 days 58.2 days
WCC -41.2 days -43.4 days -42.9 days
PMC
PMM
PMA
PMP -PMP
PMMF