BUNDU MARKET

“Quality Seafood”

BUSINESS PLAN

JANUARY 2022

Alie Bundu Bangura

CEO
Bundu’s Market
158 Waterloo Highway

1.0 Executive Summary............................................................................1

1.1 Objectives............................................................................................................................1
1.2 Mission................................................................................................................................1
1.3 Keys to Success....................................................................................................................1
Chart: Highlights......................................................................Error! Bookmark not defined.

2.0 Company Summary.............................................................................2

2.1 Company Ownership.............................................................................................................2
2.2 Company History..................................................................................................................2
Table: Past Performance.........................................................................................................3
Chart: Past Performance...........................................................Error! Bookmark not defined.
2.3 Company Locations and Facilities...........................................................................................4

Page
3.0 Products..................................................................................................5
4.0 Market Analysis Summary................................................................6
4.1 Market Segmentation............................................................................................................6
Table: Market Analysis............................................................................................................6

5.0 Strategy and Implementation Summary....................................7

5.1 Competitive Edge.................................................................................................................7
5.2 Sales Strategy......................................................................................................................7
5.2.1 Sales Forecast................................................................................................................8
Table: Sales Forecast..........................................................................................................8

6.0 Management Summary.....................................................................9

6.1 Personnel Plan......................................................................................................................9
Table: Personnel.....................................................................................................................9

7.0 Financial Plan......................................................................................11

7.0 Financial Plan......................................................................................11
7.1 Break-even Analysis............................................................................................................11
Table: Break-even Analysis....................................................................................................11
7.2 Projected Profit and Loss.....................................................................................................12
7.2 Projected Profit and Loss.....................................................................................................12
Table: Profit and Loss........................................................................................................... 12
7.3 Projected Cash Flow............................................................................................................14
7.3 Projected Cash Flow............................................................................................................14
Table: Cash Flow..................................................................................................................14
7.4 Projected Balance Sheet......................................................................................................16
7.4 Projected Balance Sheet......................................................................................................16
Table: Balance Sheet............................................................................................................16
7.5 Business Ratios...................................................................................................................17
Table: Ratios........................................................................................................................18

Table: Sales Forecast.................................................................................1

Table: Personnel..........................................................................................2
Page
Table: Personnel..........................................................................................2
Table: General Assumptions...................................................................2
Table: General Assumptions...................................................................2
Table: Profit and Loss................................................................................3
Table: Profit and Loss................................................................................3
Table: Cash Flow.........................................................................................4
Table: Cash Flow.........................................................................................4
Table: Balance Sheet...................................................................5

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 BUNDU MARKET

1.0 Executive Summary

BUNDU MARKET has been providing customers with the finest quality seafood for five
years. The business is primarily wholesale to area restaurants. We purchase seafood
directly from local fishermen and contacts all along the Freetown panhandle. This allows us
to pick from the finest selection of seafood available anywhere. Currently, we sell to over
sixty restaurants. This a 10% increase over last year and we estimate that we will
have additional restaurants as customers next year.

BUNDU MARKET plans to expand our storefront and sell direct to the public. In
our expanded market, we will bring our commitment of quality, freshness and great prices
to the public. By purchasing in large quantities we are able to pass the savings on to our
customer.

The planned renovation will cost Le150, 000,000. Additional service staff will be hired to
assist customers. Bundu, owner of BUNDU MARKET, will invest Le50, 000,000 in the
expansion and also secure a Le100, 000,000 short-term loan.

1.1 Objectives

 Establish BUNDU MARKET as the leader in selling fresh seafood to the public.
 Increase the number of customers buying from BUNDU MARKET by 10% over the next
two years.
 Establish a Seafood Discount Club for customers that will build customer loyalty.

1.2 Mission

The mission of BUNDU MARKET is to offer customers the best seafood prices on the
highest quality seafood.

1.3 Keys to Success

 Superior products will promote customer loyalty.

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 A location that will assure walk-in traffic.

 A program that will create customer loyalty.

2.0 Company Summary

BUNDU MARKET is primarily a wholesaler to area restaurants. Bundu, owner of BUNDU

MARKET, has utilized his wholesale background, his experience in the restaurant industry,
and his contacts with the area's fishermen to build a loyal customer base.

Bill wants to open a seafood market to the public by renovating the building's storefront to
accommodate the public.

2.1 Company Ownership

Bundu is the owner of BUNDU MARKET.

2.2 Company History

Bundu started BUNDU MARKET in response to the dramatic growth of the Freetown
panhandle. Over the past five years, the population has increased by 30% in communities
along the panhandle. But most importantly, tourists have returned to the area. Last year
tourists spent over 400 million dollars with panhandle businesses. A significant portion of
those sales were with the area's loyalty. Currently, there are over 1,350 restaurants but
that number grows by 15% annually.

Against this backdrop of growth, Bundu launched his market. Starting with ten customers
BUNDU MARKET now serves sixty restaurants.

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Table: Past Performance

Past Performance
1999 2000 2001
Sales Le560,000 Le644,000 Le710,600
Gross Margin Le270,000 Le320,000 Le350,000
Gross Margin % 48.21% 49.69% 49.25%
Operating Expenses Le150,000 Le170,000 Le190,000
Collection Period (days) 0 0 15
Inventory Turnover 0.00 0.00 0.00

Balance Sheet
1999 2000 2001

Current Assets
Cash Le40,000 Le50,000 Le50,000
Accounts Receivable Le0 Le0 Le23,686
Inventory Le0 Le0 Le30,050
Other Current Assets Le20,000 Le30,000 Le50,000
Total Current Assets Le60,000 Le80,000 Le153,736

Long-term Assets
Long-term Assets Le80,000 Le80,000 Le80,000
Accumulated Depreciation Le5,000 Le10,000 Le15,000
Total Long-term Assets Le75,000 Le70,000 Le65,000

Total Assets Le135,000 Le150,000 Le218,736

Current Liabilities
Accounts Payable Le10,000 Le12,000 Le20,000
Current Borrowing Le0 Le0 Le0

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Other Current Liabilities (interest free) Le0 Le0 Le0

Total Current Liabilities Le10,000 Le12,000 Le20,000

Long-term Liabilities Le30,000 Le20,000 Le20,000

Total Liabilities Le40,000 Le32,000 Le40,000

Paid-in Capital Le0 Le0 Le0

Retained Earnings (Le67,000) (Le80,000) (Le37,964)
Earnings Le162,000 Le198,000 Le216,700
Total Capital Le95,000 Le118,000 Le178,736

Total Capital and Liabilities Le135,000 Le150,000 Le218,736

Other Inputs
Payment Days 0 0 30
Sales on Credit Le0 Le0 Le284,240
Receivables Turnover 0.00 0.00 12.00

2.3 Company Locations and Facilities

BUNDU MARKET is located 158 ABERDEEN ROAD. After renovation, the market will have
an additional 5,000 ft. of floor space that will be used for the new retail operation.

3.0 Products

BUNDU MARKET currently provides numerous seafood products to restaurants in the

Freetown panhandle. The market's new public retail outlet will focus on popular seafood
selections that will bring customers into the store.

BUNDU MARKET will have the following retail products:

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 Jumbo Fresh Gulf Shrimp;

 Alaskan King Crab;
 Freetown Lobster;
 Sea Scallops;
 Fresh Gulf Fish Filets;
 Yellow fin Tuna;
 Grouper;
 Snapper;
 Amberjack.

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4.0 Market Analysis Summary

Tallahassee has a population of over 160,000 residents but the area receives thousands of
day tourists each year. BUNDU MARKET is located in the busiest commercial section of
Tallahassee with excellent foot traffic. Expanding the market's storefront by 5,000 ft. will
create an inviting environment for the public. The market's interior design will focus on the
motif of an open air fish market. We will advertise the market as a place where the public
can get quality seafood at wholesale prices.

4.1 Market Segmentation

BUNDU MARKET is focused on two customer groups:

 Urban professional working downtown.

 Day tourists.

Table: Market Analysis

Market Analysis
2022 2023 2024 2025 2026
Potential Growth CAGR
Customers
Urban 10% 30,000 33,000 36,300 39,930 43,923 10.00%
Professionals
Day Tourists 0% 60,000 60,000 60,000 60,000 60,000 0.00%
Total 3.66% 90,000 93,000 96,300 99,930 103,923 3.66%

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Chart: Market Analysis (Pie)

Market Analysis (Pie)

Urban Professionals

Day Tourists

5.0 Strategy and Implementation Summary

BUNDU MARKET will expand its storefront and sell direct to the public. The market is
known as a wholesale operation and we will use that identity to advertise the new service
to the public. We will ask the public "Why pay retail when you can get better quality at
wholesale prices!" Additional staff will be hired to serve the public.

5.1 Competitive Edge

The competitive edge of BUNDU MARKET is the market's commitment of quality, freshness
and great prices. The market's location also assures excellent tourist and resident foot
traffic.

5.2 Sales Strategy

BUNDU MARKET will employ two sales approaches for its target customers.

 For Urban Professionals: The market will promote membership in its Seafood Discount
Club. Residents will be encouraged to join for Le20 a year. As a member, all purchases
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will be discounted Le1 per pound. This will result in considerable saving for members
who shop regularly at the market.

 For the Day Tourist: The market will offer free 24-hour shipping of purchases in excess
of Le1, 000,000. The customer will be able to select the day the seafood will be
shipped. The customers will then receive a regular newsletter that will include an
invitation to purchase seafood again with same free shipping option.

5.2.1 Sales Forecast

The following is a very conservative sales forecast for the next three years. We anticipate
actual sales will be much higher after the renovation, but we want to plan for other
contingencies.

Table: Sales Forecast

Sales Forecast
2022 2023 2024
Sales
Over-counter Le334,000 Le350,000 Le380,000
Shipped Le122,000 Le140,000 Le155,000
Restaurant Deliveries Le720,000 Le800,000 Le900,000
Total Sales Le1,176,000 Le1,290,000 Le1,435,000

Direct Cost of Sales 2022 2023 2024

Over-counter Le166,500 Le173,000 Le188,000
Shipped Le64,100 Le74,000 Le81,000
Restaurant Deliveries Le359,000 Le409,000 Le459,000
Subtotal Direct Cost of Sales Le589,600 Le656,000 Le728,000

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6.0 Management Summary

Prior to beginning BUNDU MARKET, Bundu worked as an account manager for William's
Wholesale Foods and Wilson Seafood for ten years. In his last position with Wilson
Seafood, Bill developed an excellent network of fishing contacts in the Freetown
panhandle, generating sales in excess of Le2 million annually. His strength has always
been his customer relation skills.

Bundu has a BA in marketing from Institute of Public Administration and Management

University. His first position after graduation was as a shift manager with Johnson Seafood
Restaurant. In three years, he was promoted to the manager position. During that time,
Bill demonstrated the ability to effectively manage a large staff.

6.1 Personnel Plan

The personnel for BUNDU MARKET is as follows:

 Manager;
 Market staff (4 by year end);
 Delivery crew (4 by year end);
 Sales staff (4 by year end);
 Cleanup crew (2);

Table: Personnel

Personnel Plan
2022 2023 2024
Manager Le36,000 Le38,000 Le40,000
Market Staff (2-4) Le71,750 Le90,000 Le96,000
Clean-up Crew (2) Le45,600 Le47,000 Le49,000
Delivery Staff (2-4) Le82,000 Le102,000 Le108,000
Sales Staff (3-4) Le110,000 Le130,000 Le140,000

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Total People 15 15 15

Total Payroll Le345,350 Le407,000 Le433,000

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7.0 Financial Plan

The following is the financial plan for expansion of BUNDU MARKET to include a new retail
market space.

7.1 Break-even Analysis

The following table and chart show our Break-even Analysis for the coming year.

Table: Break-even Analysis

Break-even Analysis

Monthly Revenue Break-even Le95,418

Assumptions:
Average Percent Variable Cost 50%
Estimated Monthly Fixed Cost Le47,579

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7.2 Projected Profit and Loss

Table: Profit and Loss

Pro Forma Profit and Loss

2022 2023 2024
Sales Le1,176,000 Le1,290,000 Le1,435,000
Direct Cost of Sales Le589,600 Le656,000 Le728,000
Other Production Expenses Le0 Le0 Le0
Total Cost of Sales Le589,600 Le656,000 Le728,000

Gross Margin Le586,400 Le634,000 Le707,000

Gross Margin % 49.86% 49.15% 49.27%

Expenses
Payroll Le345,350 Le407,000 Le433,000
Sales and Marketing and Other Le24,000 Le30,000 Le40,000
Expenses
Depreciation Le9,600 Le9,600 Le9,600
Renovation Expenses Le150,000 Le0 Le0
Utilities Le6,000 Le6,000 Le6,000
Insurance Le0 Le0 Le0
Rent Le36,000 Le36,000 Le36,000
Payroll Taxes Le0 Le0 Le0
Other Le0 Le0 Le0

Total Operating Expenses Le570,950 Le488,600 Le524,600

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Profit Before Interest and Taxes Le15,450 Le145,400 Le182,400

EBITDA Le25,050 Le155,000 Le192,000
Interest Expense Le10,675 Le8,331 Le5,885
Taxes Incurred Le1,432 Le41,121 Le52,955

Net Profit Le3,342 Le95,948 Le123,561

Net Profit/Sales 0.28% 7.44% 8.61%

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 BUNDU MARKET

7.3 Projected Cash Flow

The following table and chart highlight the projected cash flow for three years.

Table: Cash Flow

Pro Forma Cash Flow

2022 2023 2024
Cash Received

Cash from Operations

Cash Sales Le705,600 Le774,000 Le861,000
Cash from Receivables Le397,286 Le506,616 Le562,065
Subtotal Cash from Operations Le1,102,886 Le1,280,616 Le1,423,065

Additional Cash Received

Sales Tax, VAT, HST/GST Received Le0 Le0 Le0
New Current Borrowing Le100,000 Le0 Le0
New Other Liabilities (interest-free) Le0 Le0 Le0
New Long-term Liabilities Le0 Le0 Le0
Sales of Other Current Assets Le0 Le0 Le0
Sales of Long-term Assets Le0 Le0 Le0
New Investment Received Le50,000 Le0 Le0
Subtotal Cash Received Le1,252,886 Le1,280,616 Le1,423,065

Expenditures 2022 2023 2024

Expenditures from Operations

Cash Spending Le345,350 Le407,000 Le433,000
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Bill Payments Le800,535 Le787,822 Le867,651

Subtotal Spent on Operations Le1,145,885 Le1,194,822 Le1,300,651

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out Le0 Le0 Le0
Principal Repayment of Current Le21,600 Le21,600 Le21,600
Borrowing
Other Liabilities Principal Repayment Le0 Le0 Le0
Long-term Liabilities Principal Le2,860 Le2,860 Le2,860
Repayment
Purchase Other Current Assets Le0 Le0 Le0
Purchase Long-term Assets Le0 Le0 Le0
Dividends Le0 Le0 Le0
Subtotal Cash Spent Le1,170,345 Le1,219,282 Le1,325,111

Net Cash Flow Le82,541 Le61,334 Le97,954

Cash Balance Le132,541 Le193,876 Le291,830

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7.4 Projected Balance Sheet

The following table highlights the projected balance sheet for three years.

Table: Balance Sheet

Pro Forma Balance Sheet

2022 2023 2024
Assets

Current Assets
Cash Le132,541 Le193,876 Le291,830
Accounts Receivable Le96,800 Le106,184 Le118,119
Inventory Le69,850 Le66,905 Le74,058
Other Current Assets Le50,000 Le50,000 Le50,000
Total Current Assets Le349,191 Le416,965 Le534,006

Long-term Assets
Long-term Assets Le80,000 Le80,000 Le80,000
Accumulated Depreciation Le24,600 Le34,200 Le43,800
Total Long-term Assets Le55,400 Le45,800 Le36,200
Total Assets Le404,591 Le462,765 Le570,206

Liabilities and Capital 2022 2023 2024

Current Liabilities
Accounts Payable Le76,973 Le63,658 Le71,999
Current Borrowing Le78,400 Le56,800 Le35,200
Other Current Liabilities Le0 Le0 Le0
Subtotal Current Liabilities Le155,373 Le120,458 Le107,199

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Long-term Liabilities Le17,140 Le14,280 Le11,420

Total Liabilities Le172,513 Le134,738 Le118,619

Paid-in Capital Le50,000 Le50,000 Le50,000

Retained Earnings Le178,736 Le182,078 Le278,027
Earnings Le3,342 Le95,948 Le123,561
Total Capital Le232,078 Le328,027 Le451,587
Total Liabilities and Capital Le404,591 Le462,765 Le570,206

Net Worth Le232,078 Le328,027 Le451,587

7.5 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on
the Standard Industrial Classification (SIC) code 5146, Fish and Seafood, are shown for
comparison.

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Table: Ratios

Ratio Analysis
2022 2023 2024 Industry
Profile
Sales Growth 65.49% 9.69% 11.24% 4.60%

Percent of Total Assets

Accounts Receivable 23.93% 22.95% 20.72% 33.30%
Inventory 17.26% 14.46% 12.99% 25.40%
Other Current Assets 12.36% 10.80% 8.77% 24.00%
Total Current Assets 86.31% 90.10% 93.65% 82.70%
Long-term Assets 13.69% 9.90% 6.35% 17.30%
Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 38.40% 26.03% 18.80% 47.70%

Long-term Liabilities 4.24% 3.09% 2.00% 10.10%
Total Liabilities 42.64% 29.12% 20.80% 57.80%
Net Worth 57.36% 70.88% 79.20% 42.20%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 49.86% 49.15% 49.27% 14.20%
Selling, General & 46.23% 45.05% 43.86% 9.00%
Administrative Expenses
Advertising Expenses 1.02% 1.16% 1.39% 0.30%
Profit Before Interest and 1.31% 11.27% 12.71% 0.80%
Taxes

Main Ratios
Current 2.25 3.46 4.98 1.64
Quick 1.80 2.91 4.29 0.97
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Total Debt to Total Assets 42.64% 29.12% 20.80% 57.80%

Pre-tax Return on Net Worth 2.06% 41.79% 39.09% 3.60%
Pre-tax Return on Assets 1.18% 29.62% 30.96% 8.40%

Additional Ratios 2022 2023 2024

Net Profit Margin 0.28% 7.44% 8.61% n.a
Return on Equity 1.44% 29.25% 27.36% n.a

Activity Ratios
Accounts Receivable Turnover 4.86 4.86 4.86 n.a
Collection Days 57 72 71 n.a
Inventory Turnover 10.91 9.59 10.33 n.a
Accounts Payable Turnover 11.14 12.17 12.17 n.a
Payment Days 28 33 28 n.a
Total Asset Turnover 2.91 2.79 2.52 n.a

Debt Ratios
Debt to Net Worth 0.74 0.41 0.26 n.a
Current Liab. to Liab. 0.90 0.89 0.90 n.a

Liquidity Ratios
Net Working Capital Le193,818 Le296,507 Le426,807 n.a
Interest Coverage 1.45 17.45 30.99 n.a

Additional Ratios
Assets to Sales 0.34 0.36 0.40 n.a
Current Debt/Total Assets 38% 26% 19% n.a
Acid Test 1.17 2.02 3.19 n.a
Sales/Net Worth 5.07 3.93 3.18 n.a
Dividend Payout 0.00 0.00 0.00 n.a

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 Appendix

Table: Sales Forecast

Sales
Forecast
Jan Feb Mar Apr May Jun Jul
Sales
Over- 0% Le10,000 Le10,000 Le16,000 Le16,000 Le21,000 Le26,000 Le30,000 Le40
counter
Shipped 0% Le2,000 Le3,000 Le5,000 Le7,000 Le9,000 Le11,000 Le14,000 Le15
Restaurant 0% Le30,000 Le30,000 Le50,000 Le55,000 Le55,000 Le60,000 Le70,000 Le80
Deliveries
Total Sales Le42,000 Le43,000 Le71,000 Le78,000 Le85,000 Le97,000 Le114,000 Le135

Direct Cost Jan Feb Mar Apr May Jun Jul

of Sales
Over- Le5,000 Le5,000 Le8,000 Le8,000 Le10,000 Le13,000 Le15,000 Le20
counter
Shipped Le1,100 Le1,600 Le2,600 Le3,800 Le4,500 Le5,500 Le7,500 Le8
Restaurant Le15,000 Le15,000 Le25,000 Le27,000 Le27,000 Le30,000 Le35,000 Le40
Deliveries
Subtotal Le21,100 Le21,600 Le35,600 Le38,800 Le41,500 Le48,500 Le57,500 Le68
Direct
Cost of
Sales

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 Appendix

Table: Personnel

Personnel
Plan
Jan Feb Mar Apr May Jun Jul Aug
Manager 0% Le3,000 Le3,000 Le3,000 Le3,000 Le3,000 Le3,000 Le3,000 Le3,000
Market 0% Le3,500 Le3,500 Le3,500 Le5,250 Le7,000 Le7,000 Le7,000 Le7,000
Staff (2-4)
Clean-up 0% Le3,800 Le3,800 Le3,800 Le3,800 Le3,800 Le3,800 Le3,800 Le3,800
Crew (2)
Delivery 0% Le4,000 Le4,000 Le4,000 Le6,000 Le8,000 Le8,000 Le8,000 Le8,000
Staff (2-4)
Sales Staff 0% Le7,500 Le7,500 Le7,500 Le7,500 Le10,000 Le10,000 Le10,000 Le10,000
(3-4)
Total 10 10 10 12 15 15 15 15
People

Total Le21,800 Le21,800 Le21,800 Le25,550 Le31,800 Le31,800 Le31,800 Le31,800

Payroll

Table: General Assumptions

General
Assumpt
ions
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Plan 1 2 3 4 5 6 7 8 9 10 11 12
Month
Current 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Rate
Long- 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
term 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Interest
Rate
Tax 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
Rate 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other 0 0 0 0 0 0 0 0 0 0 0 0

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 Appendix

Table: Profit and Loss

Pro Forma
Profit and Loss
Jan Feb Mar Apr May Jun
Sales Le42,000 Le43,000 Le71,000 Le78,000 Le85,000 Le97,000 Le114,0
Direct Cost of Le21,100 Le21,600 Le35,600 Le38,800 Le41,500 Le48,500 Le57,5
Sales
Other Le0 Le0 Le0 Le0 Le0 Le0 L
Production
Expenses
Total Cost of Le21,100 Le21,600 Le35,600 Le38,800 Le41,500 Le48,500 Le57,5
Sales

Gross Margin Le20,900 Le21,400 Le35,400 Le39,200 Le43,500 Le48,500 Le56,5

Gross Margin 49.76% 49.77% 49.86% 50.26% 51.18% 50.00% 49.56
%

Expenses
Payroll Le21,800 Le21,800 Le21,800 Le25,550 Le31,800 Le31,800 Le31,8
Sales and Le2,000 Le2,000 Le2,000 Le2,000 Le2,000 Le2,000 Le2,0
Marketing and
Other
Expenses
Depreciation Le800 Le800 Le800 Le800 Le800 Le800 Le8
Renovation Le60,000 Le40,000 Le20,000 Le30,000 Le0 Le0 L
Expenses
Utilities Le500 Le500 Le500 Le500 Le500 Le500 Le5
Insurance Le0 Le0 Le0 Le0 Le0 Le0 L
Rent Le3,000 Le3,000 Le3,000 Le3,000 Le3,000 Le3,000 Le3,0
Payroll Taxes 15% Le0 Le0 Le0 Le0 Le0 Le0 L
Other Le0 Le0 Le0 Le0 Le0 Le0 L

Total Le88,100 Le68,100 Le48,100 Le61,850 Le38,100 Le38,100 Le38,1

Operating
Expenses

Profit Before (Le67,200) (Le46,700) (Le12,700) (Le22,650) Le5,400 Le10,400 Le18,4

Interest and
Taxes
EBITDA (Le66,400) (Le45,900) (Le11,900) (Le21,850) Le6,200 Le11,200 Le19,2
Interest Le983 Le966 Le949 Le932 Le915 Le898 Le8
Expense
Taxes (Le20,455) (Le14,300) (Le4,095) (Le7,075) Le1,345 Le2,851 Le5,2
Incurred

Net Profit (Le47,728) (Le33,366) (Le9,554) (Le16,507) Le3,139 Le6,651 Le12,2

Net -113.64% -77.60% -13.46% -21.16% 3.69% 6.86% 10.76
Profit/Sales

Page 3
 Appendix

Table: Cash Flow

Pro Forma
Cash Flow
Jan Feb Mar Apr May Jun
Cash
Received

Cash from
Operations
Cash Sales Le25,200 Le25,800 Le42,600 Le46,800 Le51,000 Le58,200 Le68
Cash from Le11,843 Le12,403 Le16,813 Le17,573 Le28,493 Le31,293 Le34
Receivables
Subtotal Cash Le37,043 Le38,203 Le59,413 Le64,373 Le79,493 Le89,493 Le102
from
Operations

Additional
Cash
Received
Sales Tax, 0.00% Le0 Le0 Le0 Le0 Le0 Le0
VAT,
HST/GST
Received
New Current Le100,000 Le0 Le0 Le0 Le0 Le0
Borrowing
New Other Le0 Le0 Le0 Le0 Le0 Le0
Liabilities
(interest-free)
New Long- Le0 Le0 Le0 Le0 Le0 Le0
term
Liabilities
Sales of Le0 Le0 Le0 Le0 Le0 Le0
Other Current
Assets
Sales of Le0 Le0 Le0 Le0 Le0 Le0
Long-term
Assets
New Le50,000 Le0 Le0 Le0 Le0 Le0
Investment
Received
Subtotal Cash Le187,043 Le38,203 Le59,413 Le64,373 Le79,493 Le89,493 Le102
Received

Expenditures Jan Feb Mar Apr May Jun

Expenditures
from
Operations
Cash Le21,800 Le21,800 Le21,800 Le25,550 Le31,800 Le31,800 Le31
Spending

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 Appendix

Bill Payments Le22,010 Le60,089 Le54,951 Le73,298 Le71,029 Le52,671 Le65

Subtotal Le43,810 Le81,889 Le76,751 Le98,848 Le102,829 Le84,471 Le97
Spent on
Operations

Additional
Cash Spent
Sales Tax, Le0 Le0 Le0 Le0 Le0 Le0
VAT,
HST/GST Paid
Out
Principal Le1,800 Le1,800 Le1,800 Le1,800 Le1,800 Le1,800 Le1
Repayment of
Current
Borrowing
Other Le0 Le0 Le0 Le0 Le0 Le0
Liabilities
Principal
Repayment
Long-term Le238 Le238 Le238 Le238 Le238 Le238 L
Liabilities
Principal
Repayment
Purchase Le0 Le0 Le0 Le0 Le0 Le0
Other Current
Assets
Purchase Le0 Le0 Le0 Le0 Le0 Le0
Long-term
Assets
Dividends Le0 Le0 Le0 Le0 Le0 Le0
Subtotal Cash Le45,848 Le83,927 Le78,789 Le100,886 Le104,867 Le86,509 Le99
Spent

Net Cash Le141,195 (Le45,724) (Le19,375) (Le36,513) (Le25,374) Le2,984 Le2

Flow
Cash Le191,195 Le145,471 Le126,096 Le89,583 Le64,209 Le67,193 Le70
Balance

Table: Balance Sheet

Pro Forma
Balance
Sheet
Jan Feb Mar Apr May Ju
Assets Starting
Balances

Current
Assets
Cash Le50,000 Le191,195 Le145,471 Le126,096 Le89,583 Le64,209 Le67,19
Accounts Le23,686 Le28,643 Le33,440 Le45,027 Le58,653 Le64,160 Le71,66
Receivable

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Inventory Le30,050 Le23,210 Le23,760 Le39,160 Le42,680 Le45,650 Le53,35

Other Current Le50,000 Le50,000 Le50,000 Le50,000 Le50,000 Le50,000 Le50,00
Assets
Total Current Le153,736 Le293,048 Le252,671 Le260,283 Le240,916 Le224,019 Le242,21
Assets

Long-term
Assets
Long-term Le80,000 Le80,000 Le80,000 Le80,000 Le80,000 Le80,000 Le80,00
Assets
Accumulated Le15,000 Le15,800 Le16,600 Le17,400 Le18,200 Le19,000 Le19,80
Depreciation
Total Long- Le65,000 Le64,200 Le63,400 Le62,600 Le61,800 Le61,000 Le60,20
term Assets
Total Assets Le218,736 Le357,248 Le316,071 Le322,883 Le302,716 Le285,019 Le302,41

Liabilities and Jan Feb Mar Apr May Ju

Capital

Current
Liabilities
Accounts Le20,000 Le58,279 Le52,506 Le70,909 Le69,288 Le50,490 Le63,26
Payable
Current Le0 Le98,200 Le96,400 Le94,600 Le92,800 Le91,000 Le89,20
Borrowing
Other Current Le0 Le0 Le0 Le0 Le0 Le0 Le
Liabilities
Subtotal Le20,000 Le156,479 Le148,906 Le165,509 Le162,088 Le141,490 Le152,46
Current
Liabilities

Long-term Le20,000 Le19,762 Le19,524 Le19,286 Le19,048 Le18,810 Le18,57

Liabilities
Total Le40,000 Le176,241 Le168,430 Le184,795 Le181,136 Le160,300 Le171,03
Liabilities

Paid-in Le0 Le50,000 Le50,000 Le50,000 Le50,000 Le50,000 Le50,00

Capital
Retained (Le37,964) Le178,736 Le178,736 Le178,736 Le178,736 Le178,736 Le178,73
Earnings
Earnings Le216,700 (Le47,728) (Le81,094) (Le90,649) (Le107,156) (Le104,017) (Le97,365
Total Capital Le178,736 Le181,008 Le147,642 Le138,087 Le121,580 Le124,719 Le131,37
Total Le218,736 Le357,248 Le316,071 Le322,883 Le302,716 Le285,019 Le302,41
Liabilities and
Capital

Net Worth Le178,736 Le181,008 Le147,642 Le138,087 Le121,580 Le124,719 Le131,37

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