Values in U$ MM

Cash
A/R
Inventory
PP&E net
OLTA
TOTAL ASSETS

Year 0
15
45
65
254
23
402

Year 1

Year 2
30
55
70
274
26
455

A/P
STB
LTD
OLTL
TOTAL LIAB

38
46
105
38
227

45
55
120
45
265

OCI
C/S + APIC
R/E
TOTAL EQUITY
TOTAL L+E
Control
SALES
COGS
GROSS PROFIT
DEPRECIATION EXPENSE
SG&A
EBIT
INTEREST EXPENSES
TAXES (@35%)
NET INCOME

55
95
25
175
402

55
95
40
190
455

295
165
130
25
56
49
10
13.65
25.35

405
225
180
35
64
81
15
28.35
37.65

SALES
COGS
GROSS PROFIT
DEPRECIATION EXPENSE
SG&A
EBIT
INTEREST EXPENSES
TAXES (@35%)
NET INCOME
NET INCOME
(+) DEPRECIATION

Year 2
Incr 10%
Incr 10%

Year3
inc 5%
25

inc 15%

28
inc12%

15 inc 20%

(-) INCREASE IN WK
TOTAL OPERATING CF
(-) PP&E PURCHASES
(+) PP&E SALES
TOTAL INVESTMENTS CF
(+) EQUITY ISSUES OR
(-) EQUITY REPURCHASES
(+) DEBT ISSUES OR (-) DEBT PAYMENTS
(-) DIVIDENDS
TOTAL FINANCING CF
DELTA CASH

Year 3
T.O.
T.O.

Y2
inc 10%
0.179574
0.179574
inc 5%
Inc5%

y1

Sales

0.135802
0.17284

A/R T.O.
INV T.O.
Aplicar crecimiento
Gross profit = Sales-COGS
EBIT=
Taxes= EBI-Taxes
NI = UAI-Taxes
Balance Sheet

inc 10%
inc 12%
1.54 (D/E)
Inc 7%
1.54

A/R =
Inv =
A/P

??
??
Inc 25%

0
0
0

STB
R/E

1.74375
500

Total equit
200
LTD =
Cash =

Other expenses and costs

EBIT = Sales - Dep - COGS

LTD increase = LTD 1 - LTD

Nmero de unidades
Precio

100
5

Total Liabilities = A/P + ST

WK = (A/R+Inv y1) - (A/P

Change in WK = WK perio

CAPEX = just apply the in

Equity isues
Sales

AR/Sales
INV/Sales
plicar crecimiento
ross profit = Sales-COGS

axes= EBI-Taxes
I = UAI-Taxes

alance Sheet
(((AR/sales)*sales)*(1+%growth)
(((Inv/sales)*sales)*(1+%growth)
(((A/P/sales)*sales)*(1+%growth)

(((STB/sales)*sales)*(1+%growth)
NI period 0 + NI year 1-Div

OCI+ c/S+APIC+NE
TE period 1 * (FL - 1)
Cash + Change in cash

Other expenses and costs (COGSOE =SG&A

BIT = Sales - Dep - COGS - OE

TD increase = LTD 1 - LTD period 0

otal Liabilities = A/P + STB + LTD + OLTL

WK = (A/R+Inv y1) - (A/P+STB y1)

hange in WK = WK period 1 - WK period 0

APEX = just apply the increase

quity isues
P*Q

(C/S + APIC ) period 1 - (C/S + APIC) period 0