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HISTORICAL DATAFORECAST PERIOD - EXPECTED RESULT
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2021202220232024202520262027202820292030
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Balance sheet checkOKOKOKOKOKOKOKOKOKOK
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ASSUMPTIONS
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Key Assumptions
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Revenue Growth (% Change)15.80%11.20%8.40%5.90%10.00%10.00%10.00%10.00%10.00%
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Cost of Goods Sold (% of Revenue)38.30%40.70%37.40%37.00%37.60%42.00%47.00%50.00%36.00%35.00%
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Salaries and Benefits (% of Revenue)
25.90%19.20%18.20%16.20%16.70%17.00%17.00%17.00%17.00%17.00%
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Rent and Overhead ($000's)10,96310,12510,08711,02011,41215,00015,00015,00015,00015,000
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Depreciation & Amortization (% of PP&E)
42.90%42.90%42.90%42.90%42.90%35.00%35.00%35.00%35.00%35.00%
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Interest (% of Debt)5.00%5.00%5.00%5.00%5.00%10.00%10.00%10.00%10.00%10.00%
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Tax Rate (% of Earnings Before Tax)
31.20%29.20%28.70%29.00%29.10%28.00%28.00%28.00%28.00%28.00%
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Accounts Receivable (Days)18181818181818181818
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Inventory (Days)73737373738090100100100
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Accounts Payable (Days)36363637363737373737
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Capital Expenditures ($000's)15,00015,00015,00015,00015,00015,00015,00015,00015,00015,000
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Debt Issuance (Repayment) ($000's)
---20,000-- - - (20,000) - -
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Equity Issued (Repaid) ($000's)70,000---- - - - - -
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Days in Period365365365365365365365365365365
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INCOME STATEMENT
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 Revenue 102,007 118,086 131,345 142,341 150,772 165,849182,434200,678220,745242,820
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 Cost of Goods Sold (COGS) 39,023 48,004 49,123 52,654 56,710 69,65785,744100,33979,46884,987
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 Gross Profit 62,984 70,082 82,222 89,687 94,062 96,19396,690100,339141,277157,833
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 Expenses
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 Salaries and Benefits 26,427 22,658 23,872 23,002 25,245 28,19431,01434,11537,52741,279
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 Rent and Overhead 10,963 10,125 10,087 11,020 11,412 15,00015,00015,00015,00015,000
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 Depreciation & Amortization 19,500 18,150 17,205 16,544 16,080
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 Interest 2,500 2,500 1,500 1,500 1,500
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 Total Expenses 59,390 53,433 52,664 52,066 54,237 43,19446,01449,11552,52756,279
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 Earnings Before Tax 3,594 16,649 29,558 37,621 39,825 52,99850,67651,22488,750101,554
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 Taxes 1,120 4,858 8,483 10,908 11,598 14,83914,18914,34324,85028,435
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 Net Earnings 2,474 11,791 21,075 26,713 28,227 38,15936,48736,88163,90073,119
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BALANCE SHEET
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 Assets
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 Cash 67,971 81,210 83,715 111,070 139,549 172,665202,876213,200279,200349,944
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 Accounts Receivable 5,100 5,904 6,567 7,117 7,538 8,179 8,997 9,896 10,886 11,975
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 Inventory 7,805 9,601 9,825 10,531 11,342 15,267 21,142 27,490 21,772 23,284
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 Property & Equipment 45,500 42,350 40,145 38,601 37,521 39,389 40,603 41,392 41,905 42,238
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 Total Assets 126,376 139,065 140,252 167,319 195,950 235,500 273,617 291,978 353,762 427,440
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 Liabilities
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 Accounts Payable 3,902 4,800 4,912 5,266 5,670 7,061 8,692 10,171 8,056 8,615
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 Debt 50,000 50,000 30,000 30,000 30,000 30,000 30,000 10,000 10,000 10,000
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 Total Liabilities 53,902 54,800 34,912 35,266 35,670 37,061 38,692 20,171 18,056 18,615
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 Shareholder's Equity
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 Equity Capital 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
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 Retained Earnings 2,474 14,265 35,340 62,053 90,280 128,439 164,926 201,807 265,707 338,825
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 Shareholder's Equity 72,474 84,265 105,340 132,053 160,280 198,439 234,926 271,807 335,707 408,825
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Total Liabilities & Shareholder's Equity
 126,376 139,065 140,252 167,319 195,950 235,500 273,617 291,978 353,762 427,440
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check0.000.000.000.000.000.000.000.000.000.00
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CASH FLOW STATEMENT
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 Operating Cash Flow
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 Net Earnings 2,474 11,791 21,075 26,713 28,227 38,15936,48736,88163,90073,119
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 Plus: Depreciation & Amortization 19,500 18,150 17,205 16,544 16,080 13,132 13,786 14,211 14,487 14,667
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 Less: Changes in Working Capital 9,003 1,702 775 902 828 3,175 5,062 5,768 (2,613) 2,041
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 Cash from Operations 12,971 28,239 37,505 42,355 43,479 48,11645,21145,32481,00085,744
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 Investing Cash Flow
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Investments in Property & Equipment
 15,000 15,000 15,000 15,000 15,000 15,00015,00015,00015,00015,000
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 Cash from Investing 15,000 15,000 15,000 15,000 15,000 15,00015,00015,00015,00015,000
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 Financing Cash Flow
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 Issuance (repayment) of debt - - (20,000) - - - - (20,000) - -
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 Issuance (repayment) of equity 70,000 - - - -
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 Cash from Financing 70,000 - (20,000) - - - - (20,000) - -
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 Net Increase (decrease) in Cash 67,971 13,239 2,505 27,355 28,479 33,11630,21110,32466,00070,744
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 Opening Cash Balance - 67,971 81,210 83,715 111,070 139,549 172,665202,876213,200279,200
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 Closing Cash Balance 67,971 81,210 83,715 111,070 139,549 172,665202,876213,200279,200349,944
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SUPPORTING SCHEDULE
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 Working Capital Schedule
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 Accounts Receivable 5,100 5,904 6,567 7,117 7,538 8,179 8,997 9,896 10,886 11,975
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 Inventory 7,805 9,601 9,825 10,531 11,342 15,267 21,142 27,490 21,772 23,284
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 Accounts Payable 3,902 4,800 4,912 5,266 5,670 7,061 8,692 10,171 8,056 8,615
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 Net Working Capital (NWC) 9,003 10,705 11,480 12,382 13,210 16,385 21,447 27,215 24,603 26,644
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 Change in NWC 9,003 1,702 775 902 828 3,175 5,062 5,768 (2,613) 2,041
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 Depreciation Schedule
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 PPE Opening 50,000 45,500 42,350 40,145 38,601 37,521 39,389 40,603 41,392 41,905
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 Plus Capex 15,000 15,000 15,000 15,000 15,000 15,00015,00015,00015,00015,000
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 Less Depreciation 19,500 18,150 17,205 16,544 16,080 13,132 13,786 14,211 14,487 14,667
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 PPE Closing 45,500 42,350 40,145 38,601 37,521 39,389 40,603 41,392 41,905 42,238
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