Income Statement 2015 2016 % Change 2017

Sales 24,455.00 25,477.00 4% 26,858.00

COGS (20,391.00) (21,448.00) 5% (22,480.00)
Gross Profit 4,064.00 4,029.00 -1% 4,378.00
Depreciation (1,374.00) (1,391.00) 1% (1,426.00)
Operating Profit 2,690.00 2,638.00 -2% 2,952.00
Interest Expense (655.00) (955.00) 46% (2,215.00)
Non Operating Income/Expense 412.00 179.00 -57% 661.00
Pretax Income 2,327.00 1,862.00 -20% 1,398.00
Total Income Taxes (725.00) (625.00) -14% (316.00)
Minority Interest (178.00) (201.00) 13% (208.00)
Net Income 1,424.00 1,036.00 -27% 874.00

Balance Sheet 2015 2016 % Change 2017

ASSETS
Cash 336 634 89% 393
Net Receivables 3,332 3,705 11% 3,895
Inventories 616 669 9% 710
Other CA 931 1,070 15% 1,207
Total Current Assets 5,215 6,078 17% 6,205
Gross PPE 20,818 21,907 5% 22,579
Accumulated Depreciation 9,439 10,238 8% 11,137
Net PPE 11,379 11,669 3% 11,442
Investments at Equity 627 679 8% 688
Other Investments 2,134 1,886 -12% 1,669
Intangibles 2,626 2,601 -1% 2,629
Deferred Charges 85 614 622% 539
Other Assets 159 148 -7% 853
TOTAL ASSETS 22,225 23,675 7% 24,025
LIABILITIES
Current Portion of LTD 586 293 -50% 308
Accounts Payables 1,484 1,415 -5% 1,370
Taxes Payables 0 0 190
Accrued Expenses 1,825 1,868 2% 1,981
Total Current Liabilities 3,895 3,576 -8% 3,849
Long Term Debt 9,889 28,115 184% 27,000
Deferred Taxes 830 390 -53% 0
Minority Interest 828 907 10% 938
Other Liabilities 1,920 1,936 1% 2,612
TOTAL LIABILITIES 17,362 34,924 101% 34,399
EQUITY
Preferred Srock 0 125 164
Common Stock 4 1 -75% 1
Capital Surplus 0 0 112
Retained Earnings 4,859 -11,375 -334% -10,651
Common Equity 4,863 -11,374 -334% -10,538
TOTAL EQUITY 4,863 -11,249 -331% -10,374
TOTAL LIABILITIES & EQUITY 22,225 23,675 7% 24,025
% Change 2018 % Change 2019 % Change
5% 28,374.00 6% 30,052.00 6%
5% (24,023.00) 7% (24,826.00) 3%
9% 4,351.00 -1% 5,226.00 20%
3% (1,416.00) -1% (1,425.00) 1%
12% 2,935.00 -1% 3,801.00 30%
132% (2,021.00) -9% (1,987.00) -2%
269% 256.00 -61% 188.00 -27%
-25% 1,170.00 -16% 2,002.00 71%
-49% (268.00) -15% (627.00) 134%
3% (229.00) 10% (321.00) 40%
-16% 673.00 -23% 1,054.00 57%

% Change 2018 % Change 2019 % Change

-38% 465 18% 312 -33%

5% 3,780 -3% 3,692 -2%
6% 737 4% 802 9%
13% 1,319 9% 1,771 34%
2% 6,301 2% 6,577 4%
3% 23,714 5% 24,669 4%
9% 12,185 9% 13,242 9%
-2% 11,529 1% 11,427 -1%
1% 842 22% 853 1%
-12% 1,422 -15% 1,166 -18%
1% 2,580 -2% 2,577 0%
-12% 458 -15% 418 -9%
476% 1,148 35% 1,113 -3%
1% 24,280 1% 24,131 -1%

5% 404 31% 846 109%

-3% 1,370 0% 1,460 7%
224 18% 0 -100%
6% 1,912 -3% 2,007 5%
8% 3,910 2% 4,313 10%
-4% 26,585 -2% 24,824 -7%
-100% 0 0
3% 995 6% 1,008 1%
35% 2,890 11% 2,825 -2%
-2% 34,380 0% 32,970 -4%

31% 155 -5% 147 -5%

0% 1 0% 1 0%
165 47% 226 37%
-6% -10,421 -2% -9,213 -12%
-7% -10,255 -3% -8,986 -12%
-8% -10,100 -3% -8,839 -12%
1% 24,280 1% 24,131 -1%
Income Statement 2015 2016 2017
Sales 24,455.00 100% 25,477.00 100% 26,858.00
COGS (20,391.00) -83% (21,448.00) -84% (22,480.00)
Gross Profit 4,064.00 17% 4,029.00 16% 4,378.00
Depreciation (1,374.00) -6% (1,391.00) -5% (1,426.00)
Operating Profit 2,690.00 11% 2,638.00 10% 2,952.00
Interest Expense (655.00) -3% (955.00) -4% (2,215.00)
Non Operating Income/Expense 412.00 2% 179.00 1% 661.00
Pretax Income 2,327.00 10% 1,862.00 7% 1,398.00
Total Income Taxes (725.00) -3% (625.00) -2% (316.00)
Minority Interest (178.00) -1% (201.00) -1% (208.00)
Net Income 1,424.00 6% 1,036.00 4% 874.00

Balance Sheet 2015 2016 2017

ASSETS
Cash 336 2% 634 3% 393
Net Receivables 3,332 15% 3,705 16% 3,895
Inventories 616 3% 669 3% 710
Other CA 931 4% 1,070 5% 1,207
Total Current Assets 5,215 23% 6,078 26% 6,205
Gross PPE 20,818 94% 21,907 93% 22,579
Accumulated Depreciation 9,439 42% 10,238 43% 11,137
Net PPE 11,379 51% 11,669 49% 11,442
Investments at Equity 627 3% 679 3% 688
Other Investments 2,134 10% 1,886 8% 1,669
Intangibles 2,626 12% 2,601 11% 2,629
Deferred Charges 85 0% 614 3% 539
Other Assets 159 1% 148 1% 853
TOTAL ASSETS 22,225 100% 23,675 100% 24,025
LIABILITIES 0% 0%
Current Portion of LTD 586 3% 293 1% 308
Accounts Payables 1,484 7% 1,415 6% 1,370
Taxes Payables 0 0% 0 0% 190
Accrued Expenses 1,825 8% 1,868 8% 1,981
Total Current Liabilities 3,895 18% 3,576 15% 3,849
Long Term Debt 9,889 44% 28,115 119% 27,000
Deferred Taxes 830 4% 390 2% 0
Minority Interest 828 4% 907 4% 938
Other Liabilities 1,920 9% 1,936 8% 2,612
TOTAL LIABILITIES 17,362 78% 34,924 148% 34,399
EQUITY 0% 0%
Preferred Srock 0 0% 125 1% 164
Common Stock 4 0% 1 0% 1
Capital Surplus 0 0% 0 0% 112
Retained Earnings 4,859 22% -11,375 -48% -10,651
Common Equity 4,863 22% -11,374 -48% -10,538
TOTAL EQUITY 4,863 22% -11,249 -48% -10,374
TOTAL LIABILITIES & EQUITY 22,225 23,675 24,025
 2018 2019
100% 28,374.00 100% 30,052.00
-84% (24,023.00) -85% (24,826.00)
16% 4,351.00 15% 5,226.00
-5% (1,416.00) -5% (1,425.00)
11% 2,935.00 10% 3,801.00
-8% (2,021.00) -7% (1,987.00)
2% 256.00 1% 188.00
5% 1,170.00 4% 2,002.00
-1% (268.00) -1% (627.00)
-1% (229.00) -1% (321.00)
3% 673.00 2% 1,054.00

2018 2019

2% 465 2% 312
16% 3,780 16% 3,692
3% 737 3% 802
5% 1,319 5% 1,771
26% 6,301 26% 6,577
94% 23,714 98% 24,669
46% 12,185 50% 13,242
48% 11,529 47% 11,427
3% 842 3% 853
7% 1,422 6% 1,166
11% 2,580 11% 2,577
2% 458 2% 418
4% 1,148 5% 1,113
100% 24,280 100% 24,131
0% 0%
1% 404 2% 846
6% 1,370 6% 1,460
1% 224 1% 0
8% 1,912 8% 2,007
16% 3,910 16% 4,313
112% 26,585 109% 24,824
0% 0 0% 0
4% 995 4% 1,008
11% 2,890 12% 2,825
143% 34,380 142% 32,970
0% 0%
1% 155 1% 147
0% 1 0% 1
0% 165 1% 226
-44% -10,421 -43% -9,213
-44% -10,255 -42% -8,986
-43% -10,100 -42% -8,839
24,280 24,131
Herz Car Cash Flow Statement 2019|Q1
Cash from Operations
Net Income for the quarter 18,833.00
Adjustment for Depreciation 1,650.00
Changes in Receivables (17,199.00)
Merchandise (704.00)
Inventory - Computer Supplies (2,585.00)
Inventory - Prepaid Insurance 555.00
Changes in Account Payables (1,100.00)
Changes in Wages Payables (375.00)
Net cashflow from Operations (925.00)
Cash from Investing
Investment in Equipments -
Net Cashflow from Investing -
Cash from Financing
Cash raised against additional equity 25,000.00
Dividends paid to equity holders (4,800.00)
Net cash from Financing 20,200.00
Net Change in Cash Flow 19,275.00
Opening Cash at Beginning of Quarter 68,057.00
Closing Cash for Quarter 87,332.00
 2015 2016 2017 2018 2019
Sales 24,455.00 25,477.00 26,858.00 28,374.00 30,052.00
COGS (20,391.00) (21,448.00) (22,480.00) (24,023.00) (24,826.00)
Gross Profit 4,064.00 4,029.00 4,378.00 4,351.00 5,226.00
Depreciation (1,374.00) (1,391.00) (1,426.00) (1,416.00) (1,425.00)
Operating Profit 2,690.00 2,638.00 2,952.00 2,935.00 3,801.00
Interest Expense (655.00) (955.00) (2,215.00) (2,021.00) (1,987.00)
Non Operating Income/Expense 412.00 179.00 661.00 256.00 188.00
Pretax Income 2,327.00 1,862.00 1,398.00 1,170.00 2,002.00
Total Income Taxes (725.00) (625.00) (316.00) (268.00) (627.00)
Minority Interest (178.00) (201.00) (208.00) (229.00) (321.00)
Net Income 1,424.00 1,036.00 874.00 673.00 1,054.00

Balance Sheet 2015 2016 2017 2018 2019

ASSETS
Cash 336 634 393 465 312
Net Receivables 3,332 3,705 3,895 3,780 3,692
Inventories 616 669 710 737 802
Other CA 931 1,070 1,207 1,319 1,771
Total Current Assets 5,215 6,078 6,205 6,301 6,577
Gross PPE 20,818 21,907 22,579 23,714 24,669
Accumulated Depreciation 9,439 10,238 11,137 12,185 13,242
Net PPE 11,379 11,669 11,442 11,529 11,427
Investments at Equity 627 679 688 842 853
Other Investments 2,134 1,886 1,669 1,422 1,166
Intangibles 2,626 2,601 2,629 2,580 2,577
Deferred Charges 85 614 539 458 418
Other Assets 159 148 853 1,148 1,113
TOTAL ASSETS 22,225 23,675 24,025 24,280 24,131
LIABILITIES
Current Portion of LTD 586 293 308 404 846
Accounts Payables 1,484 1,415 1,370 1,370 1,460
Taxes Payables 0 0 190 224 0
Accrued Expenses 1,825 1,868 1,981 1,912 2,007
Total Current Liabilities 3,895 3,576 3,849 3,910 4,313
Long Term Debt 9,889 28,115 27,000 26,585 24,824
Deferred Taxes 830 390 0 0 0
Minority Interest 828 907 938 995 1,008
Other Liabilities 1,920 1,936 2,612 2,890 2,825
TOTAL LIABILITIES 17,362 34,924 34,399 34,380 32,970
EQUITY
Preferred Srock 0 125 164 155 147
Common Stock 4 1 1 1 1
Capital Surplus 0 0 112 165 226
Retained Earnings 4,859 -11,375 -10,651 -10,421 -9,213
Common Equity 4,863 -11,374 -10,538 -10,255 -8,986
TOTAL EQUITY 4,863 -11,249 -10,374 -10,100 -8,839
TOTAL LIABILITIES & EQUITY 22,225 23,675 24,025 24,280 24,131