Income statement

2004 2005 2006 1Q07 2Q07 3Q07 4Q07

Net sales 1,624 1,916 2,242 608 2,700
COGS 1,304 1,535 1,818 499
Gross profit 320 381 424 109

Op. expenses 272 307 347 94

Interest expense 27 30 31 8
NI before taxes 21 44 46 7

provision for income taxes 7 15 16 2

NI 14 29 30 5

Balance sheet
2004 2005 2006 1Q07
Cash 45 53 23 32
Acc. Rec 187 231 264 290
Inventory 243 278 379 432
Current assets 475 562 666 754

PPE 187 202 252 252

Acc. Depr -74 -99 -134 -142
Total L-T assets 113 103 118 110
Total assets 588 665 784 864

Acc. Pay 36 42 120 203

Credit line 149 214 249 250
Accrued expenses 13 14 14 12
L-T debt, current porsion 24 24 24 24
Current liabilities 222 294 407 489

L-T debt 182 158 134 128

Total liabilities 404 452 541 617
Net worth 184 213 243 247
Total liabilities and net wor 588 665 784 864
 2005 2006 1Q07
1Q08 2Q08 AAI DIO 61.94 65.95 73.14
ACP DSO 39.81 40.29 41.00
APP DPO 9.27 16.26 29.13

CCC 92.48 89.98 85.01

2004 2005 2006 1Q07

NOWC 253 268 259 265
NWC as % 16% 14% 12% 44%

EBITDA

2004 2005 2006 1Q07

NI 14 29 30 5
Interest e 27 30 31 8
tax 14 29 30 5
D&A 25 35 8

Resulting balance 113 126 26

DSCR უნდა დავთვალოთ ალბათ =Op. cashflow/Pmt

Op. cashflow

2004 2005 2006 1Q07

NI 14 29 30 5
Interest e 27 30 31 8
tax 7 15 16 2
D&A 25 35 8
Change in WC:
Acc rec -44 -33 -26
Inventory -35 -101 -53
Acc. Payable 6 78 83

Resulting balance 26 56 27
Income statement
2004 2005 2006 2007
Net sales 1,624 1,916 2,242 2,700
COGS 1,304 1,535 1,818 2,130
Gross profit 320 381 424 570

Op. expenses excl depr 282 312 387

depreciation 25 35 40.71

Interest expense 27 30 31
NI before taxes 21 44 46 142.71

provision for income taxes 7 15 16 48.62

NI 14 29 30 94.09

Balance sheet
2004 2005 2006 2007
Cash 45 53 23
Acc. Rec 187 231 264 328.6
Inventory 243 278 379 367.4
Current assets 475 562 666 695.93791

PPE 187 202 252 295.46

Acc. Depr -74 -99 -134
Total L-T assets 113 103 118 295.4577
Total assets 588 665 784 991.39561 991.39561

Acc. Pay 36 42 120 0 -3.3

Credit line 149 214 249 -250
Accrued expenses 13 14 14
L-T debt, current porsion 24 24 24
Current liabilities 222 294 407 0

L-T debt 182 158 134

Total liabilities 404 452 541
Net worth 184 213 243 337.09
Total liabilities and net wor 588 665 784 337.09096 337.09096
 2004 2005 2006 Average
COGS 80% 80% 81% 80.5%
Gross profit

Op. expenses excl depr 15% 14% 14.3%

Decreciation 12% 14% 13.1%

Interest expense
NI before taxes

provision for income taxes

NI

fixed asset turnover 9.85 9.88 9.86

PPE 295.4577 sales/((PPE6+PPE7)/2)=9.86

TAX 33.3% 34.1% 34.8% 34.1%

Opex 272 307 347

სცენარი: discounts 2%/10 2005 2006 2007 სცენარი: 0 discount

DIO 61.94 65.95 63.95 DIO
DSO 39.81 40.29 40.05 DSO
DPO 9.27 16.26 10 სცენარი DPO
CCC 92.48 89.98 94.00 CCC
inv turnover 5.89 5.53 5.71 Inventory by Inv turnov
Q of cycles 3.95 4.06 3.88 Q of cycles
Daily sales 5.25 6.14 7.40
Funds needed per cycle 485.47818 552.72277 695.35708
Daily cogs 4.21 4.98 5.84
Funds needed per cycle 388.94 448.1936 548.5643
 1Q07
608
499
109

94
8
7

2
5

1Q07
32
290
432
754

252
-142
სცენარი: 0 discount 2005 2006 2007
61.943 65.95297 63.94798
39.81472 40.293265 40.05399
9.273616 16.262376 30
92.48 89.98 74.00
Inventory by Inv turnover 366.6246
Q of cycles 3.95 4.06 4.93

128
617
#REF!
#REF!
Income statement
2004 2005 2006 1Q07 2Q07 3Q07 4Q07
Net sales 1,624 1,916 2,242 608 0.01%
COGS 1,304 1,535 1,818 499
Gross profit 320 381 424 109

Op. expenses excl depr 282 312 94

depreciation 25 35 8
7
Interest expense 27 30 31
NI before taxes 21 44 46 2
5
provision for income taxes 7 15 16
NI 14 29 30

Balance sheet
2004 2005 2006 1Q07
Cash 45 53 23 32
Acc. Rec 187 231 264 290
Inventory 243 278 379 432
Current assets 475 562 666 754

PPE 187 202 252 252

Acc. Depr -74 -99 -134 -142
Total L-T assets 113 103 118 110
Total assets 588 665 784 864 #REF!

Acc. Pay 36 42 120 203 #REF!

Credit line 149 214 249 250 -250
Accrued expenses 13 14 14 12
L-T debt, current porsion 24 24 24 24
Current liabilities 222 294 407 489

L-T debt 182 158 134 128

Total liabilities 404 452 541 617
Net worth 184 213 243 247
Total liabilities and net wor 588 665 784 864 #REF!
23% 2004 2005 2006 Average
COGS 80% 80% 81% 80.5%
Gross profit

Op. expenses excl depr 15% 14% 14.3%

Decreciation 12% 14% 13.1%

Interest expense
NI before taxes

provision for income taxes

NI

fixed asset turnover 9.85 9.88 9.86

PPE #REF!

TAX 33.3% 34.1% 34.8% 34.1%

Opex 272 307 347

სცენარი: discounts 2%/10 2005 2006 2007

DIO 61.94 65.95 63.95
DSO 39.81 40.29 40.05
DPO 9.27 16.26 10
CCC 92.48 89.98 94.00
inv turnover 5.89 5.53 5.71
Q of cycles 3.95 4.06 3.88

სცენარი: 0 discount 2005 2006 2007

DIO 61.943 65.95297 63.94798
DSO 39.81472 40.29326 40.05399
DPO 9.273616 16.26238 30
CCC 92.48 89.98 74.00
Inventory by Inv turnover #REF!
Q of cycles 3.95 4.06 4.93
sales/((PPE6+PPE7)/2)=9.86

სცენარი
 Take trade discounts very large need for financing

Rapid sales growth

Forgo Trade discounts Large need for financing

Take trade discounts Moderate need for financing

slow or No sales growth

Fargo Trade discounts no need for additional financing

 Bank
Debt financing
L-T debt

Raise new equity

Bank
Debt financing
L-T debt

Raise new equity

Bank
Debt financing
L-T debt

Raise new equity