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    Ceres Spreadsheet

    Uploaded by

    Shannan Richards
    The document contains balance sheets and income statements for Ceres from 2002-2009. The balance sheets show increasing assets and liabilities over time. The income statements show increasing sales, costs, and profits. The statement of cash flows shows that despite profits, cash flows from operations were negative from 2003-2005 due to investments in working capital and property, plant & equipment, but debt financing provided positive cash flows.

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    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd

    Ceres Spreadsheet

    Uploaded by

    Shannan Richards
    63 views1 page
    The document contains balance sheets and income statements for Ceres from 2002-2009. The balance sheets show increasing assets and liabilities over time. The income statements show increasing sales, costs, and profits. The statement of cash flows shows that despite profits, cash flows from operations were negative from 2003-2005 due to investments in working capital and property, plant & equipment, but debt financing provided positive cash flows.

    Original Title

    CERES SPREADSHEET (3)

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    The document contains balance sheets and income statements for Ceres from 2002-2009. The balance sheets show increasing assets and liabilities over time. The income statements show increasing sales, costs, and profits. The statement of cash flows shows that despite profits, cash flows from operations were negative from 2003-2005 due to investments in working capital and property, plant & equipment, but debt financing provided positive cash flows.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    63 views1 page

    Ceres Spreadsheet

    Uploaded by

    Shannan Richards
    The document contains balance sheets and income statements for Ceres from 2002-2009. The balance sheets show increasing assets and liabilities over time. The income statements show increasing sales, costs, and profits. The statement of cash flows shows that despite profits, cash flows from operations were negative from 2003-2005 due to investments in working capital and property, plant & equipment, but debt financing provided positive cash flows.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 1

    Ceres exhibits

    Exhibit 2 - Balance Sheet


    At December 31 2002 2003 2004 2005 2006E 2007F 2008F 2009F
    Assets Equity Cash Flow
    Cash 705 1,542 1,818 2,158 1,955 2002 2003 2004 2005 2006E
    Accounts Receivable 3,485 4,405 6,821 10,286 14,471 EBIT 1,641 2,338 2,408 2,836 3,018
    Inventories 3,089 2,795 3,201 3,291 3,847 Less Capital Expenditure 2,707 4,430 5,811 6,470 7,199
    Current Assets 7,279 8,742 11,839 15,735 20,273 - - - Add Depreciation 347 412 455 557 669
    Less Change in Net Working Capital 486 999 1,929 1,855
    Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617 4,347 Operating Cash Flow (2,166) (3,947) (5,007) (5,367)
    Other Assets 645 645 645 645 645 Less Taxes 264 696 689 801
    Land 450 1,750 2,853 2,853 2,853 Less Interest 187 349 440 547
    Non-Current Assets 3,352 5,075 6,456 7,115 7,844 - - - Less Debt Payments
    Add Debt Issues / Borrowings 1,494 1,850 2,128 2,006
    Total Assets 10,631 13,817 18,295 22,850 28,117 - - - Equity Cash Flow (1,122) (3,142) (4,008) (4,708)
    Discount at Expected Equity Return
    Liabilities & Shareholders Equity Equity Cash Flow Value
    Accounts Payable 2,034 2,973 4,899 6,660 9,424 Debt Value
    Current Portion of Long-term Debt 315 352 525 730 649 Equity Cash Flow & Debt Value
    Current Liabilities 2,349 3,325 5,423 7,390 10,074 - - -

    Long-Term Debt 3,258 4,400 5,726 7,123 8,480


    Shareholders Equity 5,024 6,091 7,146 8,336 9,563

    Total Liabilities & Shareholders Equity 10,631 13,817 18,295 22,850 28,117 - - -

    Exhibit 3 - Income Statement


    For Years Ending December 31 2002 2003 2004 2005 2006E 2007F 2008F 2009F
    Sales 24,652 26,797 29,289 35,088 42,597
    Cost of Goods Sold 20,461 21,706 23,841 28,597 35,100
    Gross Profit 4,191 5,091 5,448 6,491 7,497 - - -

    General & Administrative Expense 1,999 2,138 2,372 2,877 3,578


    Research & Development 203 203 212 222 232
    Depreciation & Amortization 347 412 455 557 669
    Earnings before Interest & Taxes 1,641 2,338 2,408 2,836 3,018 - - -

    Interest 187 349 440 547 658


    Earnings before Taxes 1,454 1,989 1,968 2,289 2,360 - - -
    Taxes 264 696 689 801 826
    Net Income 1,191 1,293 1,279 1,488 1,534 - - -

    Derived Statement of Cash Flows


    For Years Ending December 31 2003 2004 2005 2006E 2007F 2008F 2009F
    Net Income 1,293 1,279 1,488 1,534
    Depreciation & Amortization 412 455 557 669
    Change in Accounts Receivable (920) (2,416) (3,465) (4,185)
    Change in Inventories 294 (406) (90) (556)
    Change in Accounts Payable 939 1,926 1,761 2,765
    Operating Cash Flow 2,019 838 250 226 - - -

    Investment in PP&E (835) (734) (1,215) (1,398)


    Investment in Other Assets - - - -
    Investment in Land (1,300) (1,103) - -
    Investing Cash Flow (2,135) (1,836) (1,215) (1,398) - - -

    Debt Issuance 1,494 1,850 2,128 2,006


    Retirement of Debt (315) (352) (525) (730)
    Dividends (226) (224) (298) (307)
    Financing Cash Flow 953 1,274 1,306 969 - - -

    Change in Cash 837 276 340 (203) - - -

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