Financial Model for a Manufacturing and Retail Business.

1. ABU CAPITAL LTD
Projection Projection Projection
INPUTS / YEARS 2000 2001 2002 2003 2004 2005 GUIDE ON USAGE
INCOME STATEMENT
Revenues 825.0 900.0 1,000.0 All cells in gray shade are input cells
Percent growth % na 9.1% 11.1% 10.0% 10.0% 10.0% and can be modified
Revenues 825.0 900.0 1,000.0 1,100.0 1,210.0 1,331.0
Cells in white will be automatically
COGS 450.0 490.0 550.0 calculated from the input data you enter
As % revenues 54.5% 54.4% 55.0% 55.0% 55.0% 55.0% Coloured sheets are calculated automati
COGS 450.0 490.0 550.0 605.0 665.5 732.1 Thanks
Gross Profit 375.0 410.0 450.0 495.0 544.5 599.0 Contact
Gross Margin 45.5% 45.6% 45.0% 45.0% 45.0% 45.0% Abungong Elisha Abungong(Financial M
eabungong@yahoo.com
SGA 125.0 135.0 150.0 Tel: (+237)97333187/77238818
As % revenues 15.2% 15.0% 15.0% 15.0% 15.0% 15.0% P.O.Box 15744 Douala,
SGA 125.0 135.0 150.0 165.0 181.5 199.7 Cameroon
Operating expenses 25.0 28.0 30.0
As % revenues 3.0% 3.1% 3.0% 3.0% 3.0% 3.0%
Operating expenses 25.0 28.0 30.0 33.0 36.3 39.9
EBITDA 225.0 247.0 270.0 297.0 326.7 359.4
EBITDA margin 27.3% 27.4% 27.0% 27.0% 27.0% 27.0%
Depreciation 60.0 75.0 80.0
As % prior Net PPE na 8.6% 8.4% 8.5% 8.5% 8.5%
As % revenues 19.5% 18.7% 18.6%
Depreciation 60.0 75.0 80.0 85.0 91.8 102.5
Amort of intangibles 4.0 4.0 4.0 4.0 4.0 4.0

2. Amort of intangibles 4.0 4.0 4.0 4.0 4.0 4.0
EBIT 161.0 168.0 186.0 208.0 230.9 252.9
EBIT margin 19.5% 18.7% 18.6% 18.9% 19.1% 19.0%
Non-oper expenses 10.0 10.0 8.0 10.0 11.0 12.0
As % revenues 1.2% 1.1% 0.8%
Non-oper expenses 10.0 10.0 8.0 10.0 11.0 12.0
Interest income 3.0 5.0 6.0
Surplus fund 0.8 0.8 0.0
Cash 4.0 4.0 4.0
ST investments 1.7 1.7 1.8
Interest income 3.0 5.0 6.0 6.4 6.5 5.8
Interest Expense 50.0 50.0 50.0
Necessary to Finance 0.0 0.7 5.4
ST Notes 1.4 1.4 1.4
Debt 1 15.0 15.0 15.0
Debt 2 22.5 22.5 22.5
Debt 3 8.8 8.8 8.8
Interest Expense 50.0 50.0 50.0 47.7 47.7 47.7
EBT 104.0 113.0 134.0 156.7 178.7 198.9
EBT Margin 12.6% 12.6% 13.4% 14.2% 14.8% 14.9%
Provision for Taxes 36.0 40.0 47.0
Tax Rate % 34.6% 35.4% 35.1% 35.0% 35.0% 35.0%
Provision for Taxes 36.0 40.0 47.0 54.9 62.5 69.6
Net Income 68.0 73.0 87.0 101.9 116.2 129.3
Net Margin 8.2% 8.1% 8.7% 9.3% 9.6% 9.7%
Dividends 10.0 12.0 11.0

3. Payout Ratio% 14.7% 16.4% 12.6% 10.0% 10.0% 10.0%
Dividends 10.0 12.0 11.0 10.2 11.6 12.9
Net to Retained Earnings 58.0 61.0 76.0 91.7 104.5 116.4
BALANCE SHEET
CURRENT ASSET INPUT
BALANCE SHEET 2000 2001 2002 2003 2004 2005
ASSETS
Surplus fund 0.0 0.0 0.0 30.8 0.0 0.0
Interest rate % 5.000% 5.000% 5.000%
Interest Income 0.8 0.8 0.0
Cash 60.0 75.0 80.0 80.0 80.0 80.0
% of Revenue 7.3% 8.3% 8.0%
Cash 60.0 75.0 80.0 80.0 80.0 80.0
Interest rate 5.000% 5.000% 5.000%
Interest income 4 4 4
ST investments 30.0 32.0 33.0 34.0 35.0 36.1
% growth 3.6% 3.6% 3.3%
ST investments 30.0 32.0 33.0 34.0 35.0 36.1
Interest rate 5.000% 5.000% 5.000%
Interest Income 1.7 1.7 1.8
Account Receivable 60.0 75.0 90.0
% of revenues 7.3% 8.3% 9.0%
Days of revenues 26.5 30.4 32.9 30.0 30.0 30.0
Account Receivable 60.0 75.0 90.0 49.7 54.7 60.2
Inventory 120.0 135.0 150.0

4. % of revenues 14.5% 15.0% 15.0%
Days of COGS 53.1 54.8 54.8 98.0 95.0 95.0
Inventory 120.0 135.0 150.0 162.4 173.2 190.5
Other Current Assets 10.0 10.0 12.0
% of revenues 1.2% 1.1% 1.2% 10% 10% 10%
Other Current Assets 10.0 10.0 12.0 110.0 121.0 133.1
Current Assets 280.0 327.0 365.0 467.0 463.9 499.9
Net PPE 870.0 950.0 1,000.0
CapEx 130.0 155.0 130.0
% of revenues 15.8% 17.2% 13.0% 15.0% 18.0% 20.0%
CapEx 130.0 155.0 130.0 165.0 217.8 266.2
Depreciation 60.0 75.0 80.0 85.0 91.8 102.5
Net PPE 870.0 950.0 1,000.0 1,080.0 1,206.0 1,369.7
Intangibles 58.0 54.0 50.0
Amortization 4.0 4.0 4.0
Intangibles 58.0 54.0 50.0 46.0 42.0 38.0
Long-term Assets 92.0 116.0 150.0
% of revenues 11.2% 12.9% 15.0% 14.0% 14.0% 14.0%
% growth na 26.1% 29.3%
Long-term Assets 92.0 116.0 150.0 154.0 169.4 186.3
Total Assets 1,300.0 1,447.0 1,565.0 1,747.0 1,881.3 2,093.9
LIABILITIES
Short-term notes 10.0 12.0 14.0 14.0 14.0 14.0
Short-term notes 10.0 12.0 14.0 14.0 14.0 14.0
Interest rate 10.0% 10.0% 10.0%
interest expense 1.4 1.4 1.4

5. Account payable 60.0 70.0 80.0
% of revenues 7.3% 7.8% 8.0%
days of COGS 48.7 52.1 53.1 55.0 55.0 55.0
Account payable 60.0 70.0 80.0 91.2 100.3 110.3
Other Current liabilities 10.0 20.0 20.0
% of revenues 1.2% 2.2% 2.0% 2.0% 2.0% 2.0%
Other Current liabilities 10.0 20.0 20.0 22.0 24.2 26.6
Current Liabilities 80.0 102.0 114.0 127.2 138.5 150.9
Necessary to Finance 0.0 14.1 93.2
Interest rate 10.0% 10.0% 10.0%
Interest Expense 0.0 0.7 5.4
Debt 1 200.0 225.0 150.0
Debt 1 200.0 225.0 150.0 150.0 150.0 150.0
Interest Rate 10.0% 10.0% 10.0%
Interest expense 15.0 15.0 15.0
Debt 2 200.0 200.0 225.0
Debt 2 200.0 200.0 225.0 225.0 225.0 225.0
Interest rate 10.0% 10.0% 10.0%
Interest expense 22.5 22.5 22.5
Debt 3 110.0 110.0 110.0
Debt 3 110.0 110.0 110.0 110.0 110.0 110.0
Interest Rate 8.0% 8.0% 8.0%
Interest expense 8.8 8.8 8.8
Long-term Liabilities 40 38 37

6. % of Revenues 4.8% 4.2% 3.7% 4.0% 4.0% 4.0%
% growth N/A -5.0% -2.6%
Long-term Liabilities 40.0 38.0 37.0 44.0 48.4 53.2
Total Liabilities 630.0 675.0 636.0 656.2 686.0 782.3
SHAREHOLDERS EQUITY
Common stock 460.0 500.0 580.0 650.0 650.0 650.0
Common stock 460.0 500.0 580.0 650.0 650.0 650.0
Retained Earnings 200.0 261.0 337.0
Net to Retained earnings 91.7 104.5 116.4
Retained Earnings 200.0 261.0 337.0 428.7 533.2 649.6
Other Equity account 10.0 11.0 12.0
% of revenues 1.2% 1.2% 1.2% 1.1% 1.0% 0.9%
Other Equity account 10.0 11.0 12.0 12.1 12.1 12.0
Total SH Equity 670.0 772.0 929.0 1,090.8 1,195.3 1,311.6
Total Liab & SH Equity 1,300.0 1,447.0 1,565.0 1,747.0 1,881.3 2,093.9
N.B Do not Change the Formulas in this Section. If you Alter your Balance sheet will not Balance
Assets Without SF 1300 1447 1565 1,716.2 1,881.3 2,093.9
Liab, Equity without NTF 1300 1447 1565 1,747.0 1,867.2 2,000.8
Surplus Funds 0.0 0.0 0.0 30.8 0.0 0.0
Necessary to Finance 0.0 0.0 0.0 0.0 14.1 93.2

7. GUIDE ON USAGE
gray shade are input cells
hite will be automatically
from the input data you enter
sheets are calculated automatically
g Elisha Abungong(Financial Modeler)
g@yahoo.com
)97333187/77238818
15744 Douala,

13. ABU CAPITAL LTD
Projection Projection Projection
INPUTS / YEARS 2000 2001 2002 2003 2004 2005
INCOME STATEMENT
Revenues 825.0 900.0 1,000.0 1,100.0 1,210.0 1,331.0
COGS 450.0 490.0 550.0 605.0 665.5 732.1
Gross Profit 375.0 410.0 450.0 495.0 544.5 599.0
Gross Margin 45.5% 45.6% 45.0% 45.0% 45.0% 45.0%
SGA 125.0 135.0 150.0 165.0 181.5 199.7
Operating expenses 25.0 28.0 30.0 33.0 36.3 39.9
EBITDA 225.0 247.0 270.0 297.0 326.7 359.4
EBITDA margin 27.3% 27.4% 27.0% 27.0% 27.0% 27.0%
Depreciation 60.0 75.0 80.0 85.0 91.8 102.5
Amort of intangibles 4.0 4.0 4.0 4.0 4.0 4.0
EBIT 161.0 168.0 186.0 208.0 230.9 252.9
EBIT margin 19.5% 18.7% 18.6% 18.9% 19.1% 19.0%
Non-oper expenses 10.0 10.0 8.0 10.0 11.0 12.0
Interest income 3.0 5.0 6.0 6.4 6.5 5.8
Interest Expense 50.0 50.0 50.0 47.7 47.7 47.7
EBT 104.0 113.0 134.0 156.7 178.7 198.9
EBT Margin 12.6% 12.6% 13.4% 14.2% 14.8% 14.9%
Provision for Taxes 36.0 40.0 47.0 54.9 62.5 69.6
Net Income 68.0 73.0 87.0 101.9 116.2 129.3
Net Margin 8.2% 8.1% 8.7% 9.3% 9.6% 9.7%
Dividends 10.0 12.0 11.0 10.2 11.6 12.9
Net to Retained Earnings 58.0 61.0 76.0 91.7 104.5 116.4

14. ABU CAPITAL LTD
BALANCE SHEET 2000 2001 2002 2003 2004 2005
ASSETS
Surplus fund 0.0 0.0 0.0 30.8 0.0 0.0
Cash 60.0 75.0 80.0 80.0 80.0 80.0
ST investments 30.0 32.0 33.0 34.0 35.0 36.1
Account Receivable 60.0 75.0 90.0 49.7 54.7 60.2
Inventory 120.0 135.0 150.0 162.4 173.2 190.5
Other Current Assets 10.0 10.0 12.0 110.0 121.0 133.1
Current Assets 280.0 327.0 365.0 467.0 463.9 499.9
Net PPE 870.0 950.0 1,000.0 1,080.0 1,206.0 1,369.7
Intangibles 58.0 54.0 50.0 46.0 42.0 38.0
Long-term Assets 92.0 116.0 150.0 154.0 169.4 186.3
Total Assets 1,300.0 1,447.0 1,565.0 1,747.0 1,881.3 2,093.9
LIABILITIES
Short-term notes 10.0 12.0 14.0 14.0 14.0 14.0
Account payable 60.0 70.0 80.0 91.2 100.3 110.3
Other Current liabilities 10.0 20.0 20.0 22.0 24.2 26.6
Current Liabilities 80.0 102.0 114.0 127.2 138.5 150.9
Necessary to Finance 0.0 0.0 0.0 0.0 14.1 93.2
Debt 1 200.0 225.0 150.0 150.0 150.0 150.0
Debt 2 200.0 200.0 225.0 225.0 225.0 225.0
Debt 3 110.0 110.0 110.0 110.0 110.0 110.0
Long-term Liabilities 40.0 38.0 37.0 44.0 48.4 53.2
Total Liabilities 630.0 675.0 636.0 656.2 686.0 782.3
SHAREHOLDERS EQUITY
Common stock 460.0 500.0 580.0 650.0 650.0 650.0
Retained Earnings 200.0 261.0 337.0 428.7 533.2 649.6
Other Equity account 10.0 11.0 12.0 12.1 12.1 12.0
Total SH Equity 670.0 772.0 929.0 1,090.8 1,195.3 1,311.6
Total Liab & SH Equity 1,300.0 1,447.0 1,565.0 1,747.0 1,881.3 2,093.9

15. ABU CAPITAL LTD
CASH FLOW STATEMENT 2000 2001 2002 2003 2004 2005
Net Income 73.0 87.0 101.9 116.2 129.3
Add Back:
Depreciation 75.0 80.0 85.0 91.8 102.5
Amort. of Intangibles 4.0 4.0 4.0 4.0 4.0
Operating Cash Flow 152.0 171.0 190.9 212.0 235.8
(Inc) in Acct Receivable (15.0) (15.0) 40.3 (5.0) (5.5)
(Inc) in Inventory (15.0) (15.0) (12.4) (10.8) (17.3)
(Inc) other Current Assets 0.0 (2.0) (98.0) (11.0) (12.1)
Inc in Account Payable 10.0 10.0 11.2 9.1 10.0
Inc in Other Current Liabs 10.0 0.0 2.0 2.2 2.4
(Inc) in Oper. Working Capital (10.0) (22.0) (57.0) (15.4) (22.4)
Cash from Operations 142.0 149.0 133.9 196.5 213.4
CapEx (155.0) (130.0) (165.0) (217.8) (266.2)
Other (Inc) dec in net PPE 0.0 0.0 0.0 0.0 0.0
Other (Inc) dec in intangibles 0.0 0.0 0.0 0.0 0.0
(Inc) dec in long-term Assets (24.0) (34.0) (4.0) (15.4) (16.9)
Cash from Investments (179.0) (164.0) (169.0) (233.2) (283.1)
Inc (dec) in ST Notes 2.0 2.0 0.0 0.0 0.0
Inc (dec) in Nec. To finance 0.0 0.0 0.0 14.1 79.1
Inc (dec) in Debt 1 25.0 (75.0) 0.0 0.0 0.0
Inc (dec) in Debt 2 0.0 25.0 0.0 0.0 0.0
Inc (dec) in Debt 3 0.0 0.0 0.0 0.0 0.0
Dividends (12.0) (11.0) (10.2) (11.6) (12.9)
Inc (dec) in Long Term Liabs. (2.0) (1.0) 7.0 4.4 4.8
Inc (dec) in Common Stock 40.0 80.0 70.0 0.0 0.0
Other inc (dec) retained earnings 0.0 0.0 0.0 0.0 0.0
Inc (dec) in other equity accounts 1.0 1.0 0.1 0.0 (0.1)
Cash from Financing 54.0 21.0 66.9 6.9 70.9
Change in cash and Equity 17.0 6.0 31.8 (29.8) 1.1
Cash and Equivalents 90.0 107.0 113.0 144.8 115.0 116.1
Cash and Equiv in B/S 90.0 107.0 113.0 144.8 115.0 116.1
Parity Check 0.0 0.0 0.0 0.0 0.0 0.0

16. RECONCILIATION 2000 2001 2002 2003 2004 2005
Net PPE
Beginning Amount 870.0 950.0 1,000.0 1,080.0 1,206.0
CapEx 155.0 130.0 165.0 217.8 266.2
Depreciation 75.0 80.0 85.0 91.8 102.5
Expected ending Amount 950.0 1,000.0 1,080.0 1,206.0 1,369.7
B/S Amount 950.0 1,000.0 1,080.0 1,206.0 1,369.7
Other (Inc) dec Net PPE 0.0 0.0 0.0 0.0 0.0
Intangibles
Beginning Amount 58.0 54.0 50.0 46.0 42.0
Amortization 4.0 4.0 4.0 4.0 4.0
Expected ending Amount 54.0 50.0 46.0 42.0 38.0
B/S Amount 54.0 50.0 46.0 42.0 38.0
Other (Inc) dec intangibles 0.0 0.0 0.0 0.0 0.0
Retained Earnings
Beginning Amount 200.0 261.0 337.0 428.7 533.2
Net to Retained Earnings 61.0 76.0 91.7 104.5 116.4
Expected ending Amount 261.0 337.0 428.7 533.2 649.6
B/S Amount 261.0 337.0 428.7 533.2 649.6
Other inc(dec) Retained earnings 0.0 0.0 0.0 0.0 0.0

17. ABU CAPITAL LTD
Common Size Income Statement
Projection Projection Projection
INPUTS / YEARS 2000 2001 2002 2003 2004 2005
INCOME STATEMENT
Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
COGS 54.5% 54.4% 55.0% 55.0% 55.0% 55.0%
Gross Profit 45.5% 45.6% 45.0% 45.0% 45.0% 45.0%
SGA 15.2% 15.0% 15.0% 15.0% 15.0% 15.0%
Operating expenses 3.0% 3.1% 3.0% 3.0% 3.0% 3.0%
EBITDA 27.3% 27.4% 27.0% 27.0% 27.0% 27.0%
Depreciation 7.3% 8.3% 8.0% 7.7% 7.6% 7.7%
Amort of intangibles 0.5% 0.4% 0.4% 0.4% 0.3% 0.3%
EBIT 19.5% 18.7% 18.6% 18.9% 19.1% 19.0%
Non-oper expenses 1.2% 1.1% 0.8% 0.9% 0.9% 0.9%
Interest income 0.4% 0.6% 0.6% 0.6% 0.5% 0.4%
Interest Expense 6.1% 5.6% 5.0% 4.3% 3.9% 3.6%
EBT 12.6% 12.6% 13.4% 14.2% 14.8% 14.9%
Provision for Taxes 4.4% 4.4% 4.7% 5.0% 5.2% 5.2%
Net Income 8.2% 8.1% 8.7% 9.3% 9.6% 9.7%
Dividends 1.2% 1.3% 1.1% 0.9% 1.0% 1.0%
Net to Retained Earnings 7.0% 6.8% 7.6% 8.3% 8.6% 8.7%

18. ABU CAPITAL LTD
Common Size Statement
BALANCE SHEET 2000 2001 2002 2003 2004 2005
ASSETS
Surplus fund 0.0% 0.0% 0.0% 1.8% 0.0% 0.0%
Cash 4.6% 5.2% 5.1% 4.6% 4.3% 3.8%
ST investments 2.3% 2.2% 2.1% 1.9% 1.9% 1.7%
Account Receivable 4.6% 5.2% 5.8% 2.8% 2.9% 2.9%
Inventory 9.2% 9.3% 9.6% 9.3% 9.2% 9.1%
Other Current Assets 0.8% 0.7% 0.8% 6.3% 6.4% 6.4%
Current Assets 21.5% 22.6% 23.3% 26.7% 24.7% 23.9%
Net PPE 66.9% 65.7% 63.9% 61.8% 64.1% 65.4%
Intangibles 4.5% 3.7% 3.2% 2.6% 2.2% 1.8%
Long-term Assets 7.1% 8.0% 9.6% 8.8% 9.0% 8.9%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
LIABILITIES
Short-term notes 0.8% 0.8% 0.9% 0.8% 0.7% 0.7%
Account payable 4.6% 4.8% 5.1% 5.2% 5.3% 5.3%
Other Current liabilities 0.8% 1.4% 1.3% 1.3% 1.3% 1.3%
Current Liabilities 6.2% 7.0% 7.3% 7.3% 7.4% 7.2%
Necessary to Finance 0.0% 0.0% 0.0% 0.0% 0.7% 4.4%
Debt 1 15.4% 15.5% 9.6% 8.6% 8.0% 7.2%
Debt 2 15.4% 13.8% 14.4% 12.9% 12.0% 10.7%
Debt 3 8.5% 7.6% 7.0% 6.3% 5.8% 5.3%
Long-term Liabilities 3.1% 2.6% 2.4% 2.5% 2.6% 2.5%
Total Liabilities 48.5% 46.6% 40.6% 37.6% 36.5% 37.4%
SHAREHOLDERS EQUITY
Common stock 35.4% 34.6% 37.1% 37.2% 34.6% 31.0%
Retained Earnings 15.4% 18.0% 21.5% 24.5% 28.3% 31.0%
Other Equity account 0.8% 0.8% 0.8% 0.7% 0.6% 0.6%
Total SH Equity 51.5% 53.4% 59.4% 62.4% 63.5% 62.6%
Total Liab & SH Equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%