Johnson Pte Ltd as at 31 Dec 2008

Business Unit Expenses Analysis

Business Unit - Service Operations, Sales & Marketing, Finance & Accounting
A. Service Operations
Expenses 2005 2006 2007
Salaries 2,000,000 2,005,000 2,008,000
Benefits (such as healthcare, training, EPF) 300,000 300,750 301,200
Net travel and entertainment 80,000 82,000 85,000
Supplies 70,000 71,000 73,000
General and miscellaneous 36,000 34,000 29,000
Total service operations expenses 2,486,000 2,492,750 2,496,200

B. Sales & Marketing

Expenses 2005 2006 2007
Salaries 2,000,000 2,006,000 2,009,000
Benefits (such as healthcare, training, EPF) 300,000 300,900 301,350
Marketing programmes 101,000 100,000 102,000
Public relations 70,000 72,000 60,000
Advertisement & promotion expenses 1,300,000 1,100,000 1,200,000
Travel and entertainment 60,000 62,000 61,000
Supplies 15,000 17,000 16,000
General and miscellaneous 6,000 7,000 6,500
Total sales & marketing expenses 3,852,000 3,664,900 3,755,850

C. Finance & Accounting

Expenses 2005 2006 2007
Salaries 3,000,000 3,000,000 3,006,000
Benefits (such as healthcare, training, EPF) 450,000 450,000 450,900
Depreciation 76,500 96,500 97,500
Rent 100,000 100,000 100,000
Insurance 6,000 6,000 6,000
Professional services 4,000 4,300 4,200
Dues & subscriptions 500 500 500
Provision for bad debt 4,000,000 4,000,000 4,000,000
Bank charges 2,000 2,000 2,000
Telephone 700 700 700
Recruiting 500 500 500
Postage 300 300 300
Interest expense 8,000 9,000 10,000
Other supplies 3,000 3,000 3,000
Miscellaneous 500 500 500
Total finance & accounting expenses 7,652,000 7,673,300 7,682,100

Depreciable assets 2005 2006

Beginning bal
Buildings 300,000 0 0
Equipment 95,000 20,000 0
IT infrastructure 250,000 100,000 200,000
Other 0 0 0
Total depreciable assets 645,000 120,000 200,000
Depreciation base 645,000 765,000 965,000
 2008 2023
2,007,000 2,007,000
301,050 301,050
80,000 80,000
70,000 70,000
25,000 25,000
2,483,050 2,483,050

2008 2023
2,007,000 2,007,000
301,050 301,050
99,000 69,300
65,000 45,500
5,000,000 2,905,000
60,000 60,000
18,000 18,000
6,300 6,300
7,556,350 5,412,150

2008 2023
3,007,000 3,007,000
451,050 451,050
97,500 97,500
100,000 100,000
6,000 6,000
4,000 4,000
500 500
4,000,000 4,000,000
2,000 2,000
700 700
500 500
300 300
11,000 11,000
3,000 3,000
500 500
7,684,050 7,684,050

2007 2008
Add purchase
0 0
 10,000 0
0 0
0 0
10,000 0
975,000 975,000
Johnson Pte Ltd as at 31 Dec 2022
Income Statement 2019 2020 2021
Revenue 45,000,000 55,000,000 54,000,000
Cost of sales 38,250,000 45,100,000 45,360,000
Gross margin 6,750,000 9,900,000 8,640,000
Margin contribution 15% 18% 16%

Expenses
Service operations 2,486,000 2,492,750 2,496,200
Sales & marketing 2,552,000 2,564,900 2,555,850
Finance & accounting 8,952,000 8,773,300 8,882,100
Total expenses 13,990,000 13,830,950 13,934,150

Operating profit -7,240,000 -3,930,950 -5,294,150

Other gains/(losses) 5,000 21,000 20,000
Other income 5,000 5,000 5,000
Total income -7,230,000 -3,904,950 -5,269,150
Tax (26%) -1,879,800 -1,015,287 -1,369,979
Net income -5,350,200 -2,889,663 -3,899,171
 2022 2023
50,000,000 50,000,000
42,500,000 42,500,000
7,500,000 7,500,000
15% 15%

2,483,050 2,483,050
2,556,350 5,412,150
12,684,050 7,684,050
17,723,450 15,579,250

-10,223,450 -8,079,250
35,000 35,000
5,000 5,000
-10,183,450 -8,039,250
-2,647,697 -2,090,205
-7,535,753 -5,949,045

-21.0557325857
Johnson Pte Ltd as at 31 Dec 2008
Balance Sheet
ASSETS Beginning bal 2005 2006 2007
Cash 325,000 -1,494,200 -4,582,360 -7,989,030
Accounts receivable 30,000,000 31,000,000 32,000,000 32,500,000
Inventory 15,000,000 13,000,000 13,000,000 13,000,000
Total current assets 45,325,000 42,505,800 40,417,640 37,510,970

Depreciable assets 645,000 765,000 965,000 975,000

Accumulated depreciation 64,500 141,000 237,500 335,000
Net book value of depreciable assets 580,500 624,000 727,500 640,000
Land 90,000,000 90,000,000 90,000,000 90,000,000
Net property, plant, and equipment 90,580,500 90,624,000 90,727,500 90,640,000

Other assets 101,464,500 100,000,000 101,000,000 102,000,000

Total assets 237,370,000 233,129,800 232,145,140 230,150,970

LIABILITIES & EQUITY Beginning bal 2005 2006 2007

Accounts payable 33,000,000 34,000,000 36,000,000 38,000,000
Accrued liabilities 100,000 120,000 125,000 130,000
Other current liabilities 20,000 10,000 10,000 10,000
Total current liabilities 33,120,000 34,130,000 36,135,000 38,140,000

Long-term debt 4,000,000 4,100,000 4,000,000 3,900,000

Notes payable 0 0 0 0
Other long-term liabilities 250,000 250,000 250,000 250,000
Total long-term liabilities 4,250,000 4,350,000 4,250,000 4,150,000
Total liabilities 37,370,000 38,480,000 40,385,000 42,290,000

Ordinary share 300,000,000 300,000,000 300,000,000 300,000,000

Cumulative net income -100,000,000 -105,350,200 -108,239,860 -112,139,030
Net equity 200,000,000 194,649,800 191,760,140 187,860,970

Total liabilities & equity 237,370,000 233,129,800 232,145,140 230,150,970

 2008
-11,134,280
33,000,000
13,000,000
34,865,720

975,000
432,500
542,500
90,000,000
90,542,500

99,000,000
224,408,220

2008
40,000,000
123,000
10,000
40,133,000

3,700,000
0
250,000
3,950,000
44,083,000

300,000,000
-119,674,780
180,325,220

224,408,220
Johnson Pte Ltd as at 31 Dec 2008
Cash Flow Summary
Sources of funds 2005 2006 2007
From operations -5,360,200 -2,915,660 -3,924,170
Add depreciation 76,500 96,500 97,500

Net changes in balance sheet accounts

Current assets 1,000,000 -1,000,000 -500,000
Current liabilities 1,010,000 2,005,000 2,005,000

Other sources of funds

Other gains/(losses) 5,000 21,000 20,000
Other 5,000 5,000 5,000
Total sources -3,263,700 -1,788,160 -2,296,670

Uses of funds 2005 2006 2007

Repurchase of Ordinary shares 0 0 0
Debt retirement 100,000 -100,000 -1,000,000
Purchase of equipment and assets -120,000 -200,000 -10,000
Other uses 0 0 0
Land 0 0 0
Other assets 1,464,500 -1,000,000 -1,000,000
Total uses 1,444,500 -1,300,000 -2,010,000

Net change in cash -1,819,200 -3,088,160 -3,406,670

Cumulative cash -1,819,200 -4,907,360 -8,314,030

Beginning balance 325,000 -1,494,200 -4,582,360

Ending balance -1,494,200 -4,582,360 -7,989,030
 2008
-7,575,750
97,500

-500,000
1,993,000

35,000
5,000
-5,945,250

2008
0
-200,000
0
0
0
-3,000,000
-3,200,000

-3,145,250
-11,459,280

-7,989,030
-11,134,280
Johnson Pte Ltd as at 31 Dec 2008
Sales analysis by segment in USD
2005 2006 2007 2008
Noodles 20,000,000 25,000,000 25,000,000 25,000,000
Bakery 4,000,000 5,000,000 5,000,000 4,000,000
Consumer flour products 5,000,000 6,000,000 6,000,000 5,000,000
Further processes meat products 3,500,000 3,500,000 3,500,000 3,500,000
Cooking oil 3,500,000 4,500,000 3,500,000 3,500,000
Retail, food and beverage operations 4,500,000 5,500,000 5,500,000 4,500,000
Bakery raw ingredients 4,500,000 5,500,000 5,500,000 4,500,000
Total 45,000,000 55,000,000 54,000,000 50,000,000
Johnson Pte Ltd as at 31 Dec 2008
Segmental reporting in USD (2008)

Items Noodles Bakery

Sales 25,000,000 4,000,000
Less: Variable expenses
Variable cost of goods sold 15,000,000 2,000,000
Other variable expenses 5,000,000 500,000
Total variable expenses 20,000,000 2,500,000
Contribution 5,000,000 1,500,000
Contribution margin 20% 38%

Less: Traceable fixed expenses 1,000,000 22,000

Divisional segment margin 4,000,000 1,478,000
Less: Common fixed expenses not traceable to the individual divisions 500,000 300,000
Net operating income/(loss) 3,500,000 1,178,000
 Further Retail, food and
Consumer flour processes meat beverage Bakery raw
products products Cooking oil operations ingredients Total
5,000,000 3,500,000 3,500,000 4,500,000 4,500,000 50,000,000

4,000,000 2,500,000 2,800,000 4,000,000 4,500,000 34,800,000

500,000 600,000 400,000 200,000 500,000 7,700,000
4,500,000 3,100,000 3,200,000 4,200,000 5,000,000 42,500,000
500,000 400,000 300,000 300,000 -500,000 7,500,000
10% 11% 9% 7% -11% 15%

1,800,000 250,000 1,200,000 3,200,000 1,400,000 8,872,000

-1,300,000 150,000 -900,000 -2,900,000 -1,900,000 -1,372,000
1,500,000 1,500,000 500,000 1,664,050 2,799,900 8,763,950
-2,800,000 -1,350,000 -1,400,000 -4,564,050 -4,699,900 -10,135,950