Historical Results Forecast Period

FINANCIAL STATEMENTS 2022 2023 2024 2025 2026 2027 2028 2029
Balance Sheet Check OK OK OK OK OK OK OK OK

Assumptions
Income statement
Revenue Growth (% Change) 11.2% 8.4% 5.9% 5.0% 4.5% 4.0% 3.5% 3.0%
Cost of Goods Sold (% of Revenue) 37.4% 37.4% 38.0% 37.0% 37.0% 36.0% 36.0% 35.0%
Salaries and Benefits ($000's) 1,193,600 1,150,100 1,262,250 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000
Rent and Overhead ($000's) 504,350 551,000 570,600 500,000 500,000 500,000 500,000 500,000
Depreciation & Amortization (% of PP&E Open Bal) 40.6% 41.2% 41.7% 40.0% 40.0% 40.0% 40.0% 40.0%
Interest (% of Debt Open Bal) 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Tax Rate (% of Earnings Before Tax) 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
Balance Sheet
Accounts Receivable (Days) 18 18 18 18 18 18 18 18
Inventory (Days) 73 72 72 73 73 73 73 73
Accounts Payable (Days) 37 36 36 37 37 37 37 37
Capital Expenditures ($000's) 750,000 750,000 750,000 750,000 500,000 1,250,000 500,000 750,000
Debt Issuance (Repayment) ($000's) (1,000,000) - - - - (1,000,000) - -
Equity Issued (Repaid) ($000's) - - - - - - (7,500,000) -

Historical Results Forecast Period

Income Statement 2022 2023 2024 2025 2026 2027 2028 2029
Sale 6,567,250 7,117,050 7,538,600 7,915,530 8,271,729 8,602,598 8,903,689 9,170,800
Cost of Goods Sold (COGS) 2,456,150 2,662,700 2,865,500 2,928,746 3,060,540 3,096,935 3,205,328 3,209,780
Gross Profit 4,111,100 4,454,350 4,673,100 4,986,784 5,211,189 5,505,663 5,698,361 5,961,020
GP Margin 63% 63% 62% 63% 63% 64% 64% 65%
Operating Expenses
Salaries , Wages and Benefits 1,193,600 1,150,100 1,262,250 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000
Rent Expenses 504,350 551,000 570,600 500,000 500,000 500,000 500,000 500,000
Depreciation & Amortization 860,250 827,175 804,023 750,421 750,253 650,152 890,091 734,055
Interest 75,000 45,000 45,000 45,000 45,000 45,000 15,000 15,000
Total Expenses 2,633,200 2,573,275 2,681,873 2,545,421 2,545,253 2,445,152 2,655,091 2,499,055
Earnings Before Tax 1,477,900 1,881,075 1,991,228 2,441,363 2,665,937 3,060,511 3,043,270 3,461,965
EBIT Margin 24% 27% 27% 31% 33% 36% 34% 38%
Taxes 443,370 564,323 597,368 732,409 799,781 918,153 912,981 1,038,590
Net Earnings 1,034,530 1,316,753 1,393,859 1,708,954 1,866,156 2,142,358 2,130,289 2,423,376
 Historical Results Forecast Period
FINANCIAL STATEMENTS 2022 2023 2024 2025 2026 2027 2028 2029
Balance Sheet Check OK OK OK OK OK OK OK OK

Balance Sheet
Assets:
Current Asset
Cash 9,161,808 10,510,590 11,917,114 13,607,752 15,693,595 16,216,198 11,211,039 13,604,857
Accounts Receivable 328,363 355,853 376,930 390,355 407,921 424,238 439,086 452,259
Inventory 491,230 526,540 567,100 585,749 612,108 619,387 641,066 641,956
Non-current Asset
Property & Equipment 2,007,250 1,930,075 1,876,053 1,875,632 1,625,379 2,225,227 1,835,136 1,851,082
Total Assets 11,988,650 13,323,058 14,737,197 16,459,487 18,339,003 19,485,050 14,126,327 16,550,154

Liabilities:
Current Liability
Accounts Payable 245,615 263,270 283,550 296,887 310,246 313,936 324,924 325,375
Non-current Liability
Long-term Debt (interest bearing) 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 500,000 500,000 500,000
Total Liabilities 1,745,615 1,763,270 1,783,550 1,796,887 1,810,246 813,936 824,924 825,375
Shareholder's Equity
Equity Capital 8,500,000 8,500,000 8,500,000 8,500,000 8,500,000 8,500,000 1,000,000 1,000,000
Retained Earnings 1,743,035 3,059,788 4,453,647 6,162,601 8,028,756 10,171,114 12,301,403 14,724,779
Shareholder's Equity 10,243,035 11,559,788 12,953,647 14,662,601 16,528,756 18,671,114 13,301,403 15,724,779
Total Liabilities & Shareholder's Equity 11,988,650 13,323,058 14,737,197 16,459,487 18,339,003 19,485,050 14,126,327 16,550,154

Check 0.000 0.000 0.000 0 0.000 0.000 0.000 0.000

 Historical Results Forecast Period
FINANCIAL STATEMENTS 2022 2023 2024 2025 2026 2027 2028 2029
Balance Sheet Check OK OK OK OK OK OK OK OK

Cash Flow Statement

Operating Cash Flow
Net Earnings 1,034,530 1,316,753 1,393,859 1,708,954 1,866,156 2,142,358 2,130,289 2,423,376
Plus: Depreciation & Amortization 860,250 827,175 804,023 750,421 750,253 650,152 890,091 734,055
Less: Changes in Working Capital 38,742 45,145 41,357 18,738 30,565 19,907 25,539 13,612
Cash from Operations 1,856,038 2,098,783 2,156,524 2,440,637 2,585,843 2,772,603 2,994,841 3,143,819

Investing Cash Flow

Investments in Property & Equipment 750,000 750,000 750,000 750,000 500,000 1,250,000 500,000 750,000
Cash from Investing 750,000 750,000 750,000 750,000 500,000 1,250,000 500,000 750,000

Financing Cash Flow

Issuance (repayment) of debt (1,000,000) - - - - (1,000,000) - -
Issuance (repayment) of equity - - - - - - (7,500,000) -
Cash from Financing (1,000,000) - - - - (1,000,000) (7,500,000) -

Net Increase (decrease) in Cash 106,038 1,348,783 1,406,524 1,690,637 2,085,843 522,603 (5,005,159) 2,393,819
Opening Cash Balance 9,055,770 9,161,808 10,510,590 11,917,114 13,607,752 15,693,595 16,216,198 11,211,039
Closing Cash Balance 9,161,808 10,510,590 11,917,114 13,607,752 15,693,595 16,216,198 11,211,039 13,604,857

Check 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

 Historical Results Forecast Period
FINANCIAL STATEMENTS 2022 2023 2024 2025 2026 2027 2028 2029
Balance Sheet Check OK OK OK OK OK OK OK OK

Supporting Schedules
Working Capital Schedule
Accounts Receivable 328,363 355,853 376,930 390,355 407,921 424,238 439,086 452,259
Inventory 491,230 526,540 567,100 585,749 612,108 619,387 641,066 641,956
Accounts Payable 245,615 263,270 283,550 296,887 310,246 313,936 324,924 325,375
Net Working Capital (NWC) 573,978 619,123 660,480 679,218 709,782 729,689 755,228 768,840
Change in NWC 38,743 45,145 41,358 18,738 30,565 19,907 25,539 13,612
NWC/Sales 9% 9% 9% 9% 9% 8% 8% 8%

Depreciation Schedule
PPE Opening 2,117,500 2,007,250 1,930,075 1,876,053 1,875,632 1,625,379 2,225,227 1,835,136
Plus Capex 750,000 750,000 750,000 750,000 500,000 1,250,000 500,000 750,000
Less Depreciation 860,250 827,175 804,023 750,421 750,253 650,152 890,091 734,055
PPE Closing 2,007,250 1,930,075 1,876,053 1,875,632 1,625,379 2,225,227 1,835,136 1,851,082

Debt & Interest Schedule

Debt Opening 2,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 500,000 500,000
Issuance (repayment) (1,000,000) - - - - (1,000,000) - -
Debt Closing 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 500,000 500,000 500,000
Interest Expense 75,000 45,000 45,000 45,000 45,000 45,000 15,000 15,000