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Purpose of Spreadsheet:
Revised:
5/21/2005
Worksheet
3
4
5
This spreadsheet consists of the following worksheets, divided into three sections:
:
A) Input Worksheets for financial analysis using historical data:
Title
Purpose
Genaral in put
Enter general information here - used on several w
Balance Sheet
Enter comparative balances sheets for up to
Income Statement
Cash Flow Statement
Caution: If you enter less than five years of historical information, certain worksheet
formulas may have to be revised.
active
Wksh2
Wksh3
Wksh4
Wksh5
Wksh6
Wksh7
Wksh8
Wksh9
Wksh10
Wksh11
Wksh12
Wksh13
Wksh14
Wksh15
Wksh16
Purpose
2-1
2-2
2-3
2-4
2-5
2-6
2-7
2-8
2-9
2-10
millions of dollars
gogo
Annual
2000
1999
1998
1997
1996
Home
active
Wksh3
Wksh4
Wksh5
Wksh6
Wksh7
Wksh8
Wksh9
Wksh10
Wksh11
Wksh12
Wksh13
Wksh14
Wksh15
Wksh16
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Annual
End
Period
Currrent Liab
Current Assets
NonCurrent Assets
Ref
Description
3-1
3-2
3-3
3-4
3-5
3-6
3-7
3-8
3-9
3-10
3-11
3-12
3-13
Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Longterm Investments
Investments in Other Companies
Intangibles and Other Assets
Total Non Current Assets
Total Assets
3-14
3-15
3-16
3-17
3-18
Accounts Payable
Short Term Borrowings
Short Term Portion of LT Debt
Other Current Liabilities
Total Current Liabilities
3-19
3-20
3-21
1996
Annual
Period
1997
gogo
Annual
Period
1998
Annual
Period
1999
990
10
1,020
1,005
870
950
15
1,550
1,360
1,150
901
12
1,830
1,650
1,370
998
6
2,250
1,900
1,650
14,006
(1,280)
12,726
360
65
100
17,605
(1,700)
15,905
320
0
110
21,826
(2,100)
19,726
120
0
105
26,950
(2,550)
24,400
590
250
135
2,050
1,200
12
1,050
3,150
1,830
15
1,250
3,290
2,580
25
1,480
3,870
3,100
30
1,590
1,160
650
1,750
750
2,600
701
3,600
890
Page 6
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Annual
End
Period
Equity
Ref
3-22
3-23
3-24
3-25
3-26
3-27
3-28
Description
Preferred Equity
Common Equity
Additional Paid in Capital
Retained Earnings
Adj for Foreign Currency Transl
Treasury Stock
Total Shareholder Equity
1996
Additional Information
gogo
Annual
Period
1998
Annual
Period
1999
0
2,044
5,013
5,097
275
(1,405)
+=
0
Balances
0
Balances
0
Balances
0
Balances
0
112
0
1,320
$10.00
0
0
101
0
1,290
$10.00
0
0
90
0
1,302
$10.00
0
0
98
0
1,345
$10.00
0
$22.65
$0.00
0
0
$0.00
$1.01
#DIV/0!
0
1,330
1,330
$28.90
$0.00
0
0
$0.00
$1.49
#DIV/0!
0
1,918
1,918
$37.05
$0.00
0
0
$0.00
$1.89
#DIV/0!
0
2,461
2,461
$33.60
$0.00
0
0
$0.00
$1.75
#DIV/0!
0
2,354
2,354
Comment =>
3-30
3-31
3-32
3-33
3-34
3-35
3-36
3-37
3-38
3-39
3-40
3-41
3-42
3-43
3-44
3-45
3-46
Annual
Period
1997
0
2,005
4,900
7,050
120
(1,460)
0
2,069
5,159
9,840
(550)
(1,480)
0
2,090
5,626
15,050
(2,147)
(1,520)
Page 7
Annual
Period
2000
870
11
3,040
2,060
1,530
28,100
(3,010)
25,090
905
412
195
4,800
3,550
36
1,301
3,950
995
Page 8
Annual
Period
2000
0
2,120
5,628
20,005
(6,722)
(1,550)
0
Balances
0
109
0
1,322
$10.00
0
$29.40
$0.00
0
0
$0.00
$1.76
#DIV/0!
0
2,329
2,329
Page 9
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gogo
<
End
Operating
NonOperating
Other
Ref
Description
Annual
Period
1996
Annual
Period
1997
Annual
Period
1998
Annual
Period
1999
4-1
4-2
4-3
4-4
4-5
4-6
4-7
4-8
Net Sales
Other Operating Revenues
Total Revenues
Cost of Goods Sold
Other Operating Expenses
Total Direct Expenses
Selling, General & Administrative
Operating Income
12,060
16
16,700
19
21,170
26
24,700
37
(4,950)
(11)
(7,050)
(13)
(8,233)
(17)
(9,050)
(22)
(3,300)
(3,880)
(4,637)
(5,670)
4-9
4-10
4-11
4-12
4-13
4-14
4-15
Interest Expenses
Foreign Exchange (Loss) Gain
Associated Company (Loss) Gain
Other NonOperating (Loss) Gain
Income Tax Expense
Reserve Charges
Income Before Extra Ord Items
(117)
0
0
0
(790)
0
(122)
0
0
17
(1,005)
0
(216)
0
(22)
0
(2,050)
0
(282)
0
0
0
(2,105)
0
4-16
4-17
4-18
4-19
) (
4-20
Primary EPS
Earnings Before Int & Taxes
Depreciation & Amortization
Research & Devel Expenses
Capitalized Interest Expense
Interest Income
Total Non Operating Expenses
Total Extra Ordinary Items
Tax Rate
4-22
4-23
4-23
4-24
4-25
4-26
4-27
0
0
17
$0.00
907
(310)
0
(16)
4
(907)
17
0.00%
0
0
302
$0.00
1,127
(420)
0
(19)
6
(1,110)
302
0.00%
0
0
219
$0.00
2,266
(400)
0
(33)
11
(2,288)
219
0.00%
0
0
303
$0.00
2,387
(450)
0
(39)
19
(2,387)
303
0.00%
Page 10
Annual
Period
2000
27,400
48
(10,150)
(28)
(7,120)
(304)
0
0
0
(2,660)
0
0
0
515
$0.00
2,964
(460)
0
(30)
27
(2,964)
515
0.00%
Page 11
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End
Operations
5-1
5-2
5-3
5-4
5-5
5-6
5-7
Net Income
Depreciation and Amortization
(Increase) Decrease Defer Taxes
(Gain) Loss on Sale of Assets
(Increase) Decrease Current Assets
Increase (Decrease) Current Liab
Cash Flow from Operations
0
310
(2)
(55)
(162)
206
INVESTMENTS
Description
Annual
Period
1997
5-8
5-9
5-10
5-11
5-12
5-13
5-14
Capital Expenditures
Acquisition in Other Co's
Proceeds from Sales of Assets
Purchases of Investments
Sale of Investments
Other Investment Activities
Cash Provided (Used) from Investmts
(1,455)
(135)
112
(712)
162
33
(2,750)
0
35
(1,979)
129
(166)
Financing
Ref
Annual
Period
1996
5-15
5-16
5-17
5-18
5-19
5-20
5-21
5-22
1,070
(1,112)
(1,330)
5
195
0
(75)
(1,247)
5-23
5-24
5-25
5-26
1,010
1,010
(20)
Not Balanced
0
420
11
0
0
0
gogo
Annual
Period
1998
0
400
11
45
0
0
Annual
Period
1999
Annual
Period
2000
0
450
(8)
0
0
0
0
460
(11)
0
0
0
(3,880)
0
0
(1,801)
330
61
(5,220)
0
150
(2,314)
221
(12)
(4,108)
0
182
(2,609)
50
0
1,044
(650)
(1,918)
12
1
0
0
(1,511)
1,460
(898)
(2,461)
7
45
0
0
(1,847)
1,880
(801)
(2,354)
7
13
0
0
(1,255)
1,105
(961)
(2,329)
8
6
0
(12)
(2,183)
990
990
(40)
Not Balanced
950
950
(49)
Not Balanced
901
901
97
Not Balanced
998
998
(128)
Not Balanced
Page 12
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End
Ref
Description
4-15
4-9
4-23
4-13
4-14
4-22
6-1
EBITDA :
Income before ExtraOrd Items
Interest Expense
Capitalized Interest Expense
Income Tax Expense
Reserve Charges
Depreciation and Amortization
EBITDA
gogo
Annual Annual Annual Annual Annual
Period
Period
Period
Period
Period
1996
1997
1998
1999
2000
0
117
16
790
0
310
1,233
0
122
19
1,005
0
420
1,566
0
216
33
2,050
0
400
2,699
0
282
39
2,105
0
450
2,876
0
304
30
2,660
0
460
3,454
EBITDA Margin
10%
9%
13%
12%
13%
5-7
5-14
3-43
5-16
6-2
6-3
0
0
0
(1,112)
(35)
(1,147)
0
0
0
(650)
(45)
(695)
0
0
0
(898)
(42)
(940)
0
0
0
(801)
(30)
(831)
0
0
0
(961)
(25)
(986)
3-6
3-18
6-4
Working Capital:
Current Assets
Current Liabilities
Working Capital
3-1
3-2
3-3
6-5
3-18
3-19
3-22
6-6
Liquid Capital:
Cash and Cash Equivalents
Marketable Securities
Accounts Receivable
Notes Receivable
Total Current Liabilities
Long Term Debt
Preferred Equity
Liquid Capital
0
0
0
990
10
1,020
0
0
(1,160)
0
860
0
0
0
950
15
1,550
0
0
(1,750)
0
765
0
0
0
901
12
1,830
0
0
(2,600)
0
143
0
0
0
998
6
2,250
0
0
(3,600)
0
(346)
0
0
0
870
11
3,040
0
0
(3,950)
0
(29)
Valuation Indicators
The following valuation indicators are very simple and basic; they are used as quick, rough estmates.
6-7
6-8
6-9
Market Capitalization:
Market Cap - Common Stk
Market Cap - Preferred Stk
Total Market Capitalization
6-10
6-11
6-12
6-13
6-14
6-15
6-16
Present Value:
Normalized Cash Flow Weight %'s
Normalized Cash Flow
Number of Future Periods
Required Rate of Return
Present Value of Free Cash Flow
Present Value of Selling Price
Present Value of Business
$29,898
$0.00
$29,898
5.00%
$37,281
$0.00
$37,281
10.00%
$48,239
$0.00
$48,239
15.00%
$45,192
$0.00
$45,192
30.00%
$38,867
$0.00
$38,867
40.00%
(912)
15
11.00%
($6,555)
$65,836
$59,282
Leverage
Operating Indicators
Valuation Indicators
>>
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gogo
Annual Annual Annual Annual Annual
Period
Period
Period
Period
Period
1996
1997
1998
1999
2000
End
Ref
Description
Revenue Multiplier:
Recent Gross Revenues
Average Competitive Rev Multiplier
Value based on Revenue Multiple
6-18
6-19
6-20
6-21
6-22
6-23
Capitalization of Earnings:
Normalized Net Income Weights %
Normalized Net Income
Capitalization Rate
Nominal Growth Rate
Net Capitalization Rate
Value based on Earnings
6-24
Operating Leverage
6-25
Financial Leverage
6-26
Total Leverage
6-27
Check Totals
6-28
6-29
6-30
6-31
6-32
6-33
6-34
6-35
6-36
6-37
4-3
6-17
0
3.14
$0
5.00%
5.00%
0.70
25.00%
2.70
30.00%
0.39
35.00%
0
12.00%
3.50%
8.50%
$0
1.84
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
NOPAT/
0.00
(121)
2,372
121
212
(650)
1,372
(438)
1,372
-28%
57
(128)
3,595
128
880
(750)
2,630
130
2,630
98%
19
(227)
5,205
227
1,692
(701)
4,292
991
4,292
23%
13
(301)
6,730
301
2,126
(890)
5,726
1,236
5,726
24%
12
(331)
7,536
331
2,705
(995)
6,655
1,710
6,655
19%
10
100.00%
100.00%
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Annual
Period
1996
Annual
Period
1997
Annual
Period
1998
Annual
Period
1999
Annual
Period
2000
End
Ref
Title of Ratio
7-1
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-2
Current Ratio
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-3
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-4
3-1
7-5
7-6
3-2
7-7
7-22
3-3
7-8
7-26
3-4
7-9
7-10
3-5
7-11
7-12
Liquidity Index:
Cash - Days Removed
Cash Balance
Cash Balance Total
Marketable Sec - Days Removed
Marketable Securities Balance
Marketable Securities Total
Receivables - Days Removed
Receivable Balance
Receivable Balance Total
Inventory - Days Removed
Inventory Balance
Inventory Balance Total
Other - Days Removed
Other Current Assets Balance
Other Current Assets Total
Liquidity Index (Days)
7-13
7-14
7-15
7-16
7-17
7-18
Z Score:
1.2 x (working capital / total assets)
1.4 x (retained earn / total assets)
3.3 x (EBIT / total assets)
.6 x (market value equity / b.v. debt)
.999 x (sales / total assets)
Z Score
7-19
7-20
7-21
Receivable Turnover:
Credit Sales
Average Receivable Balance
Receivable Turnover
7-22
7-24
7-25
Inventory Turnover:
Average Inventory Balance
Inventory Turnover
7-26
Days in Inventory
7-27
7-28
7-29
7-30
Operating Margin
7-31
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-32
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-33
7-34
7-35
0
12,726
0.00%
0
15,905
0.00%
0
19,726
0.00%
0
24,400
0.00%
0
25,090
0.00%
7-36
0%
0%
0%
0%
0%
7-37
7-38
7-39
7-40
7-41
7-42
Stock Yield
0
990
0
11
10
110
0
950
0
12
15
180
0
901
0
16
12
192
0
998
0
15
6
90
0
870
0
14
11
154
#DIV/0!
1,020
#DIV/0!
79
1,005
79,745
16
870
13,920
#DIV/0!
#DIV/0!
1,550
#DIV/0!
61
1,360
83,261
22
1,150
25,300
#DIV/0!
#DIV/0!
1,830
#DIV/0!
67
1,650
110,092
26
1,370
35,620
#DIV/0!
#DIV/0!
2,250
#DIV/0!
72
1,900
136,018
21
1,650
34,650
#DIV/0!
#DIV/0!
3,040
#DIV/0!
71
2,060
146,676
19
1,530
29,070
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
15.46
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
12.78
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
11.13
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
11,520
1,060
15,750
1,285
20,080
1,690
Z Score:
/
/
Z Score:
A/R
#DIV/0!
#DIV/0!
1,046
4.6
#DIV/0!
1,183
6.0
79
23,200
2,040
26,500
2,645
#DIV/0!
1,775
5.1
67
5.90
#DIV/0!
#DIV/0!
#DIV/0!
1,505
5.5
61
7.53
#DIV/0!
#DIV/0!
1,980
5.1
72
71
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0.00
0.00
0.00
0.00
0.00
10
10
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
4.45%
5.14%
5.10%
5.21%
5.99%
Home
Wksh2
Wksh3
Wksh4
Wksh5
Wksh6
You need to collect benchmark data on the respective industry for the subject company.
Enter the benchmark data in the appropriate input cells. This information is used to
Wksh11
Wksh12 generate trend line graphs in this worksheet. If you do not have any benchmark data,
Wksh13
Wksh14 then fill in the highlighted yellow cell with numeric zero "0". The "industry" line will be null
Wksh15
Wksh16 in the graph and show only the company specific ratio trend.
.
Annual
Period
Ref
Description
1996
Wksh7
active
Wksh9
Wksh10
/
/
8-1
7-1
8-2
7-2
8-3
7-21
8-4
7-22
/ A/R
/ A/R
8-5
7-25
/
/
8-6
7-26
8-7
7-27
8-8
7-29
8-10
7-31
8-11
8-12
0.51
#DIV/0!
/
/
1.12
#DIV/0!
/
/
8.50
0.00
41
#DIV/0!
4.40
4.60
/
/
/
/
86
79
1.60
#DIV/0!
/
/
55.00%
0.00%
/
/
20.00%
#DIV/0!
/
/
38.00%
30.00%
8-13
8-14
/
/
26.00%
0.00%
8-15
7-38
/
/
35%
0%
8-16
7-39
/
/
40
8
4-13
8-17
8-18
We added the following two ratios to assess if the Company has excessive growth:
Provision for Taxes
Trading Ratio - Company
/
Trading Ratio - Industry
/
(790)
(16.11)
1.26
8-19
8-20
/
/
-15.27
1.22
Source for Benchmark Data: Almanac of Business and Industrial Financial Ratios by Leo Troy, Prentice Hall
Ratio
1997
1998
1999
2000
Ratio
Periods
1.20
1.00
0.80
0.60
0.40
0.20
0.00
1996
1997
1998
1999
2000
Periods
10.00
8.00
6.00
4.00
2.00
0.00
1996
1997
1998
Periods
1999
2000
1997
1998
1999
2000
Periods
Turnover Rate
1997
1998
1999
2000
Periods
100
80
60
40
20
0
1996
1997
1998
Periods
1999
2000
Turnover Rate
1997
1998
1999
2000
Periods
1997
1998
1999
2000
Periods
1997
1998
Periods
1999
2000
1997
1998
1999
2000
Periods
Return on Total A
Return on Total A
1996
1997
1998
1999
2000
Periods
1997
1998
Periods
1999
2000
1997
1998
1999
2000
Periods
Ratio
(5.00)
1996
1997
1998
1999
2000
(10.00)
(15.00)
(20.00)
Periods
-5.00
1996
1997
1998
-10.00
1999
2000
Net Sales to
Industry
Net Sales to
Company
-15.00
-20.00
Periods
Annual
Period
2000
0.52
#DIV/0!
0.50
#DIV/0!
0.49
#DIV/0!
0.48
#DIV/0!
1.10
#DIV/0!
1.05
#DIV/0!
1.08
#DIV/0!
1.07
#DIV/0!
8.70
0.00
8.40
0.00
8.20
0.00
8.30
0.00
39
#DIV/0!
40
#DIV/0!
4.45
5.96
88
61
1.55
#DIV/0!
41
#DIV/0!
4.20
5.47
81
67
1.62
#DIV/0!
41
#DIV/0!
4.30
5.10
89
72
1.68
#DIV/0!
4.38
5.13
82
71
1.69
#DIV/0!
52.00%
0.00%
60.00%
0.00%
62.00%
0.00%
63.00%
0.00%
23.00%
#DIV/0!
22.00%
#DIV/0!
19.00%
#DIV/0!
20.00%
#DIV/0!
36.00%
#DIV/0!
37.00%
#DIV/0!
34.00%
#DIV/0!
36.00%
#DIV/0!
22.00%
0.00%
24.00%
0.00%
19.00%
0.00%
20.00%
0.00%
38%
0%
31%
0%
34%
0%
32%
0%
38
9
36
10
39
8
43
10
(1,005)
(15.83)
1.28
(2,050)
(9.62)
1.31
(2,105)
(11.59)
1.30
(2,660)
(9.43)
1.27
-16.62
1.20
-10.33
1.19
-11.73
1.22
-10.30
1.20
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Horizontal Analysis expresses change between periods as percentages for each account in
the financial statements. The basic formula for horizontal analysis is:
% change = (most recent period - previous period) / previous period
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/
Ref
- = % Annual
Period
Description
1996
9-1
32.50%
9-2
29.00%
9-3
2.90%
9-4
9-5
16.50%
12.90%
9-6
3.80%
9-7
96.00%
9-8
33.50%
9-9
32.60%
9-10
9-11
9-12
9-13
9-14
9-15
3.08%
12.00%
26.70%
19.90%
26.70%
21.50%
9-16
9-17
9-18
9-19
9-20
17.80%
6.20%
0.00%
16.50%
32.50%
9-21
1.05%
9-22
9-23
9-24
9-25
9-26
Accounts Payable
Short Term Borrowings
Short Term Portion of LT Debt
Other Current Liabilities
Total Current Liabilities
lt
26.20%
33.50%
16.70%
12.80%
38.02%
46.00%
11.30%
37.10%
31.05%
9-31
9-32
9-33
9-34
9-35
9-36
Preferred Equity
Common Equity
Additional Paid in Capital
Retained Earnings
Adj for Foreign Currency Transl
Treasury Stock
0.00%
2.60%
1.50%
38.00%
-166.00%
2.01%
9-37
6.11%
9-38
9-39
9-40
9-27
9-28
9-29
9-30
1
2
#DIV/0!
#DIV/0!
14.50%
% Change
32.50%
38.47%
26.77%
16.67%
1996
1997
1998
1999
Periods
% Change
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
42.42%
29.00%
16.78%
1996
1997
1998
Periods
9.92%
1999
% Change
2.90%
0.00%
1997
1996
0.00%
1998
0.00%
1999
2000
Periods
% Change
33.50%
1996
0.00%
1997
0.00%
1998
0.00%
1999
2000
Periods
% Change
32.60%
1996
0.00%
1997
0.00%
1998
0.00%
1999
0.00%
2000
Periods
% Change
1.05%
1996
0.00%
1997
0.00%
1998
Periods
0.00%
1999
2000
% Change
6.11%
0.00%
1997
1996
0.00%
1998
0.00%
1999
0.00%
2000
Periods
% Change
0.00%
1996
0.00%
1997
0.00%
1998
0.00%
1999
0.00%
2000
Period
% Change
24.69%
29.39%
14.50%
1996
1997
1998
Periods
1999-6.32%
2000
-14.00%
Annual
Period
1997
1999
2000
38.47%
26.77%
16.67%
10.93%
42.42%
16.78%
9.92%
12.15%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
4.27%
27.22%
77.05%
103.98%
30.56%
2.68%
7.80%
26.37%
22.38%
106.13%
4.33%
24.17%
1676.47%
-27.48%
38.36%
69.97%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-4.04%
50.00%
51.96%
35.32%
32.18%
#DIV/0!
-5.16%
-20.00%
18.06%
21.32%
19.13%
#DIV/0!
10.77%
-50.00%
22.95%
15.15%
20.44%
#DIV/0!
-12.83%
83.33%
35.11%
8.42%
-7.27%
#DIV/0!
24.98%
-11.11%
-100.00%
10.00%
#DIV/0!
24.02%
-62.50%
#DIV/0!
-4.55%
#DIV/0!
23.69%
391.67%
#DIV/0!
28.57%
#DIV/0!
2.83%
53.39%
64.80%
44.44%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
53.66%
52.50%
25.00%
19.05%
#DIV/0!
4.44%
40.98%
66.67%
18.40%
#DIV/0!
17.63%
20.16%
20.00%
7.43%
#DIV/0!
24.03%
14.52%
20.00%
-18.18%
#DIV/0!
50.86%
15.38%
#DIV/0!
48.57%
-6.53%
#DIV/0!
38.46%
26.96%
#DIV/0!
9.72%
11.80%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-1.91%
-2.25%
38.32%
-56.36%
3.91%
#DIV/0!
3.19%
5.29%
39.57%
-558.33%
1.37%
#DIV/0!
1.01%
9.05%
52.95%
290.36%
2.70%
#DIV/0!
1.44%
0.04%
32.92%
213.09%
1.97%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
24.69%
29.39%
-6.32%
10.93%
2000
12.15%
2000
-14.00%
0.00%
2000
0.00%
2000
0.00%
0.00%
2000
0.00%
0.00%
2000
14.00%
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%100 %100
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Ref
Account Title
10-1
10-2
10-3
10-4
10-5
10-6
10-6
10-7
10-8
10-9
10-10
Balance Sheet
Accounts Payable
Short Term Borrowings
Short Term Portion of LT Debt
Other Current Liabilities
Total Current Liabilities
Preferred Equity
Common Equity
Additional Paid in Capital
Retained Earnings
Adj for Foreign Currency Transl
Treasury Stock
Total Equity
Annual
Period
1996
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expressed in p
Income Statement
#DIV/0!
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10-40
10-41
10-42
10-43
% of Total Assets
Current to Revenues
0.00%
#DIV/0!
10-36
10-37
10-38
10-39
#DIV/0!
100.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
1996
Accounts Receivab
1997
1998
Periods
1999
2000
% of Total
1997
1998
1999
2000
Periods
% of Total
1997
1998
1999
2000
Periods
% of Total
1997
1998
Periods
1999
2000
Periods
% to Total Revenues
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
1996
Non Operating
Expenses
Operating Expense
1997
1998
1999
2000
Periods
The following graph is created directly from the Cash Flow Statement:
1997
1998
1999
2000
Periods
#DIV/0!
#DIV/0!
#DIV/0!
expressed in percentages
Annual Annual Annual Annual
Period
Period
Period
Period
1997
1998
1999
2000
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100.00%
#DIV/0!
0.00%
100.00%
#DIV/0!
0.00%
100.00%
#DIV/0!
0.00%
#DIV/0!
0.00%
#DIV/0!
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2000
100.00%
iabilities
2000
Accounts Payable
Total Equity
Total Liabilities
Non Operating
Expenses
Operating Expenses
Cost of Goods Sold
w Trend
#DIV/0!
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. .
.
Ref
11-1
9-1
Gross Revenues
Growth Assumptions
11-2
10-8
11-3
10-9
Operating Expenses
Growth Assumptions
4-24
NonOperating Expenses
4-25
ExtraOrdinary Items
11-4
Net Income
11-5
11-6
11-7
11-8
11-9
11-10
11-12
11-13
11-14
11-15
Planned Investments:
11-16 Capital Expenditures
11-17 Acquisitions in Other Co's
11-18 Purchases of Investments
Ref
11-20
11-21
11-22
11-23
11-24
11-25
11-26
11-27
11-28
11-38
11-39
11-40
11-41
11-42
11-43
11-44
Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Longterm Investments
Investments in Other Companies
Intangibles and Other Assets
Total Non Current Assets
Accounts Payable
Short Term Borrowings
Short Term Portion of LT Debt
Other Current Liabilities
Total Current Liabilities
Ref
11-55
11-56
11-57
11-58
11-59
11-60
11-61
Annual
Period
2001
0
12.00%
0
12.00%
0
12.00%
0
12.00%
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
)(3,600
700
)(3,600
650
)(3,200
650
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
520
0
3
0
0
!#DIV/0
!#DIV/0
490
0
9
0
0
!#DIV/0
!#DIV/0
)(3,200
650
!#DIV/0
!#DIV/0
500
0
2
0
0
!#DIV/0
470
0
15
0
0
!#DIV/0
25
1,800
0
1,825
20
1,900
0
1,920
60
2,100
0
2,160
100
2,200
0
2,300
)(2,700
)(650
)(6,000
)(3,100
)(1,200
)(4,500
)(3,000
)(750
)(3,500
)(3,500
)(500
)(3,000
750
90
0
840
)(500
)(5,500
)(1,000
0
)(7,000
Annual
Period
2001
)(8,800
)(7,250
)(7,000
950
80
0
1,030
1,000
60
0
1,060
1,300
20
0
1,320
)(600
)(4,000
)(1,500
0
)(6,100
)(1,000
)(3,000
)(2,000
0
)(6,000
)(1,500
)(2,500
)(2,000
0
)(6,000
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
870
!#DIV/0
0
0
0
0
!#DIV/0
0
0
0
0
!#DIV/0
40,400
)(4,990
35,410
9,905
3,512
400
49,227
!#DIV/0
37,700
)(4,470
33,230
5,705
2,862
320
42,117
!#DIV/0
0
0
20
0
20
!#DIV/0
0
0
0
0
0
0
0
0
!#DIV/0
34,600
)(3,970
30,630
3,105
1,662
240
35,637
!#DIV/0
0
0
25
0
25
!#DIV/0
!#DIV/0
31,600
)(3,480
28,120
1,705
912
200
30,937
!#DIV/0
0
0
30
0
30
!#DIV/0
0
0
30
0
30
4,350
800
5,150
4,100
800
4,900
3,750
750
4,500
3,750
700
4,450
5,170
4,925
4,530
4,480
Annual
Period
2001
0
2,200
5,700
!#DIV/0
)(2,500
)(7,050
!#DIV/0
0
2,200
5,700
!#DIV/0
)(4,000
)(5,550
!#DIV/0
0
2,200
5,700
!#DIV/0
)(5,000
)(3,550
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
( )
()
Annual
Period
2005
0
12.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(4,000)
700
#DIV/0!
#DIV/0!
550
0
6
0
0
#DIV/0!
35
1,700
0
1,735
(2,600)
(350)
(7,000)
Annual
Period
2005
(9,950)
650
100
0
750
(500)
(7,000)
(500)
0
(8,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
43,000
(5,540)
37,460
15,205
3,862
650
57,177
#DIV/0!
0
0
15
0
15
4,500
800
5,300
5,315
Annual
Period
2005
0
2,200
5,700
#DIV/0!
(500)
(8,550)
#DIV/0!
#DIV/0!
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A set of pro forma (forecasted) financial statements are generated using the results of
the historical analysis in the previous worksheets. A statistical method known as
linear regression is used to predict future values. If you have important assumptions
that are important to the forecast, then these assumptions should over-ride the
linear calculations since we want our forecast to be as accurate as possible.
Key Point => If your historical information has gradual trends, then linear regression
is an appropriate model for forecasting. However, if your historical information has
distinct steps up or down, then you should consider using a smoothing model .
Before we adopt a regression model, it's a good idea to generate a scatter graph of the actual data
and observe if there is a clear trend for fitting a straight regression line into the data:
Total Revenues
Total Revenues
1
1
1
1
0
0
0
1994
Total Revenues
1996
1998
2000
2002
Periods
The calculation of linear values is determined by defining the slope of the line and the y intercept:
Order
Total Rev
Linear
Slope
Formula for Linear Trendline:
Year
variable x
actual y
Value y
m factor
1996
1
0
0
0.00
y=(m*x)+b
1997
2
0
0
1998
3
0
0
m: slope of line
1999
4
0
0
x: independent variable
2000
5
0
0
b: y intercept
2001
6
0
2002
7
0
2003
8
0
2004
9
0
2005
10
0
The degree of linear fit with the actual data can be expressed as R Square
#DIV/0!
Gross Revenues
12-2
(11,607)
(12,847)
(14,087)
(15,327)
(16,567)
12-3
Operating Expenses
(7,750)
(8,693)
(9,636)
(10,579)
(11,522)
12-4
Operating Income
12-5
4-25
#VALUE!
#VALUE!
(3,549)
#VALUE!
#VALUE!
(4,088)
#VALUE!
#VALUE!
(4,627)
#VALUE!
#VALUE!
(5,166)
#VALUE!
#VALUE!
(5,705)
271
271
271
271
271
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Intercept
b factor
0.00
#VALUE!
470
0
15
#VALUE!
#VALUE!
#VALUE!
490
0
9
#VALUE!
#VALUE!
#VALUE!
500
0
2
#VALUE!
#VALUE!
#VALUE!
520
0
3
#VALUE!
#VALUE!
#VALUE!
550
0
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
100
2,200
0
2,300
60
2,100
0
2,160
20
1,900
0
1,920
25
1,800
0
1,825
35
1,700
0
1,735
Planned Investments:
Capital Expenditures
Acquisitions
Purchases of Investments
Total Investment Applications of Cash
(3,500)
(500)
(3,000)
(7,000)
(3,000)
(750)
(3,500)
(7,250)
(3,100)
(1,200)
(4,500)
(8,800)
(2,700)
(650)
(6,000)
(9,350)
(2,600)
(350)
(7,000)
(9,950)
1,300
20
0
1,320
1,000
60
0
1,060
950
80
0
1,030
(1,500)
(2,500)
(2,000)
0
(6,000)
(1,000)
(3,000)
(2,000)
0
(6,000)
(600)
(4,000)
(1,500)
0
(6,100)
750
90
0
840
(500)
(5,500)
(1,000)
0
(7,000)
650
100
0
750
(500)
(7,000)
(500)
0
(8,000)
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
870
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
31,600
(3,480)
28,120
1,705
912
200
30,937
34,600
(3,970)
30,630
3,105
1,662
240
35,637
37,700
(4,470)
33,230
5,705
2,862
320
42,117
40,400
(4,990)
35,410
9,905
3,512
400
49,227
43,000
(5,540)
37,460
15,205
3,862
650
57,177
Total Assets
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Accounts Payable
Short Term Borrowings
Short Term Portion of LT Debt
Other Current Liabilities
Total Current Liabilities
#VALUE!
#VALUE!
30
#VALUE!
#VALUE!
#VALUE!
#VALUE!
30
#VALUE!
#VALUE!
#VALUE!
#VALUE!
25
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20
#VALUE!
#VALUE!
#VALUE!
#VALUE!
15
#VALUE!
#VALUE!
3,750
700
4,450
3,750
750
4,500
4,100
800
4,900
4,350
800
5,150
4,500
800
5,300
Total Liabilities
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Preferred Equity
Common Equity
Additional Paid in Capital
Retained Earnings
Adj for Foreign Currency Transl
Treasury Stock
Total Equity
0
2,200
5,700
#VALUE!
(5,000)
(3,550)
#VALUE!
0
2,200
5,700
#VALUE!
(4,000)
(5,550)
#VALUE!
0
2,200
5,700
#VALUE!
(2,500)
(7,050)
#VALUE!
0
2,200
5,700
#VALUE!
(1,500)
(8,050)
#VALUE!
0
2,200
5,700
#VALUE!
(500)
(8,550)
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
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A set of pro forma (forecasted) financial statements are generated using the results of
the historical analysis in the previous worksheets. A statistical method known as
exponential smoothing is used to plot a trend over historical data. Additionally, we
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can use a weighted moving average to forecast future periods.
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Key Point => If you have a general upward historical trend, weighted average will tend
to underestimate forecasted values and vice versa (downward trend = overestimate).
.
oxponential smothing
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0
1.00
0.00%
1999
2000
0
0
21,605
2001
0
0
0
4.50%
34.50%
Total
Exponent
Revenues
Amounts
0
0
0
0
0
0
0
0
0
0
Mean Squared Error
Difference
0
0
0
0
0
Square
Total
Weighted
Revenues
Amounts
0
11,105
0
15,230
0
18,890
0
21,605
0
0
Mean Squared Error
Difference
(11,105)
(15,230)
(18,890)
(21,605)
0
Square
123,321,025
231,952,900
356,832,100
466,776,025
0
235,776,410
0
0
0
0
0
0
Exponential Comparison
1
1
1
1
1
1
0
0
0
0
0
2001
2002
2003
2004
2005
Periods
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Operating Expenses
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Operating Income
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
NonOperating Expenses
ExtraOrdinary Items
Net Income
(3,200)
650
(3,200)
650
(3,600)
650
(3,600)
700
(4,000)
700
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
470
0
15
0
#DIV/0!
490
0
9
0
#DIV/0!
500
0
2
0
#DIV/0!
520
0
3
0
#DIV/0!
550
0
6
0
2002
0
100.00%
59.50%
Total Revenues
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100.00%
2003
2004
2005
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100
2,200
0
2,300
60
2,100
0
2,160
20
1,900
0
1,920
25
1,800
0
1,825
35
1,700
0
1,735
Planned Investments:
Capital Expenditures
Acquisitions
Purchases of Investments
Total Investment Applications of Cash
(3,500)
(500)
(2,000)
(6,000)
(3,000)
(750)
(3,000)
(6,750)
(3,100)
(500)
(3,000)
(6,600)
(3,900)
0
(1,000)
(4,900)
(4,600)
0
(1,000)
(5,600)
1,300
20
0
1,320
2,000
60
0
2,060
3,000
80
0
3,080
4,500
90
0
4,590
7,000
100
0
7,100
(1,500)
(2,500)
0
0
(4,000)
(1,800)
(3,000)
0
0
(4,800)
(2,500)
(4,000)
0
0
(6,500)
(4,000)
(4,000)
0
0
(8,000)
(6,000)
(3,000)
0
0
(9,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
870
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
31,600
(3,480)
28,120
705
912
75
29,812
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
34,600
(3,970)
30,630
1,605
1,662
100
33,997
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
37,700
(4,470)
33,230
2,705
2,162
150
38,247
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
41,600
(4,990)
36,610
1,905
2,162
150
40,827
#DIV/0!
0
0
0
0
#DIV/0!
46,200
(5,540)
40,660
1,205
2,162
100
44,127
#DIV/0!
0
0
30
0
30
0
0
30
0
30
0
0
25
0
25
0
0
20
0
20
0
0
15
0
15
3,750
700
4,450
3,950
750
4,700
4,450
800
5,250
4,950
800
5,750
5,950
800
6,750
Total Liabilities
4,480
4,730
5,275
5,770
6,765
0
2,200
5,700
17,505
(5,000)
(1,550)
18,855
0
2,200
5,700
14,505
(3,500)
(1,550)
17,355
0
2,200
5,700
10,505
(1,000)
(1,550)
15,855
0
2,200
5,700
6,505
0
(1,550)
12,855
0
2,200
5,700
3,505
0
(1,550)
9,855
Preferred Equity
Common Equity
Additional Paid in Capital
Retained Earnings
Adj for Foreign Currency Transl
Treasury Stock
Total Equity
External Financing Required (EFR)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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0
#DIV/0!
#DIV/0!
(3,200)
650
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,200)
650
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,100)
650
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,100)
700
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,000)
700
#DIV/0!
Instead of copying our forecast into this worksheet, we can simply do scenario analysis directly in
the forecast itself.
Pro Forma Income Statement (Linear Trend Method)
Goal Seek => What total revenues are required if Net Income must be $ 13.5 million in Year 2004?
Gross Revenues
Cost of Goods Sold
Operating Expenses
Non Operating Expenses
Extra Ordinary Items
Net Income (formula cells)
32,064
(11,607)
(7,750)
(3,549)
271
9,430
35,940
(12,847)
(8,693)
(4,088)
271
10,584
39,816
(14,087)
(9,636)
(4,627)
271
11,738
44,301
(15,327)
(10,579)
(5,166)
271
13,500
47,569
(16,567)
(11,522)
(5,705)
271
14,046
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Once we complete our forecast, we can summarize and review it before finalizing it
into the form of budgets. We also need to summarize our assumptions that should
go into our final budget. We can start our budget process by reviewing the different
revenue forecast:
Annual Annual Annual Annual Annual
Period
Period
Period
Period
Period
2001
2002
2003
2004
2005
Summarize Revenue Forecast:
Simple Projection Model
Linear Trend Model
Wt Moving Avg Model
Declining Growth Model
Historical Data
0
#VALUE!
0
0
0
0
#VALUE!
0
0
0
0
#VALUE!
0
0
0
0
#VALUE!
0
0
0
0
#VALUE!
0
31,000
0
31,000
Forecast Comparisons
35,000
30,000
Total Revenues
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Simple Projection
Model
25,000
20,000
15,000
Wt Moving Avg
Model
10,000
Declining Growth
Model
5,000
0
Historical Data
In addition to using linear models for forecasting, we can apply several non-linear (curve) models:
Logarithmic - Used when rate of change in data suddenly shifts upward or downward.
Power - Used when rate of change in data occurs at a specific rate.
Exponential - Used when rate of change is increasing or decreasing at ever higher rates.
Polynomial - Used when rate of change fluctuates with no pattern.
Logarithmic Trend
Formula for Logarithmic Trendline
y = ( c * LN (x)) - b
LN: Natural Logarithm
x factor
Actual
Values
1
2
3
4
5
6
7
8
9
10
0
0
0
0
0
Predicted
Value y
0
0
0
0
0
0
0
0
0
0
Slope
c factor
Predicted
Value y
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
Slope
c factor
#NUM!
Intercept
b factor
0
Power Trendline
y = b * x^c
x factor
1
2
3
4
5
6
7
8
9
10
Actual
Values
0
0
0
0
0
Intercept
b factor
#NUM!
#NUM!
Exponential Trendline
Actual
Values
x factor
y = b * EXP ( c * x )
1
2
3
4
5
6
7
8
9
10
0
0
0
0
0
Predicted
Value y
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
Slope
c factor
#NUM!
Intercept
b factor
#NUM!
#NUM!
Polynomial Trendline
y = (c2 * x^2) + (c1 * x^1) + b
x factor
1
2
3
4
5
6
7
8
9
10
Actual
Values
0
0
0
0
0
Predicted
Value y
0
0
0
0
0
0
0
0
0
0
c2
c1
0
b
0
1996
0
#NUM!
#NUM!
1997
0
#NUM!
#NUM!
0
0
1998
0
#NUM!
#NUM!
0
0
1999
0
#NUM!
#NUM!
0
0
2000
0
#NUM!
#NUM!
0
0
2001
0
#NUM!
#NUM!
0
0
Total Revenues
Logarithmic
Trendline
Power Trendline
Exponential
Trendline
Polynomial
Trendline
Actual Revenues
Periods
10,500
0
#DIV/0!
(4,500)
(4,950)
-9%
3,100
0
#DIV/0!
1997
14,500
0
#DIV/0!
(6,500)
(7,050)
-8%
4,900
0
#DIV/0!
1998
22,500
0
#DIV/0!
(8,648)
(8,233)
5%
9,000
0
#DIV/0!
1999
28,500
0
#DIV/0!
(9,650)
(9,050)
7%
11,000
0
#DIV/0!
2000
30,000
0
#DIV/0!
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2001
30,500
TBD
#VALUE!
(11,000)
(10,150)
8%
#DIV/0!
TBD
#DIV/0!
10,500
0
#DIV/0!
#DIV/0!
TBD
#DIV/0!
2002
0
#NUM!
#NUM!
2003
0
#NUM!
#NUM!
2004
0
#NUM!
#NUM!
0
2005
0
#NUM!
#NUM!
0
#DIV/0!
2,100
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
10,900
0
#DIV/0!
14,000
0
#DIV/0!
22,000
0
#DIV/0!
27,500
0
#DIV/0!
29,500
0
#DIV/0!
31,555
TBD
#VALUE!
3,750
0
#DIV/0!
5,600
0
#DIV/0!
8,200
0
#DIV/0!
9,050
0
#DIV/0!
9,400
0
#DIV/0!
10,715
TBD
#VALUE!
1,750
0
#DIV/0!
2,450
0
#DIV/0!
3,750
0
#DIV/0!
4,900
0
#DIV/0!
5,100
0
#DIV/0!
5,250
TBD
#VALUE!
Ratio Items
Current Ratio - Budgeted
Current Ratio - Actual
% difference from actual
0.92
#DIV/0!
#DIV/0!
0.79
#DIV/0!
#DIV/0!
0.76
#DIV/0!
#DIV/0!
0.83
#DIV/0!
#DIV/0!
0.80
#DIV/0!
#DIV/0!
#DIV/0!
TBD
#DIV/0!
0.68
#DIV/0!
#DIV/0!
0.72
#DIV/0!
#DIV/0!
0.80
#DIV/0!
#DIV/0!
0.80
#DIV/0!
#DIV/0!
0.79
#DIV/0!
#DIV/0!
#DIV/0!
TBD
#DIV/0!
60%
0%
#DIV/0!
60%
0%
#DIV/0!
60%
0%
#DIV/0!
60%
0%
#DIV/0!
60%
0%
#DIV/0!
#DIV/0!
TBD
#DIV/0!
19%
#DIV/0!
#DIV/0!
25%
#DIV/0!
#DIV/0!
28%
#DIV/0!
#DIV/0!
30%
#DIV/0!
#DIV/0!
28%
#DIV/0!
#DIV/0!
#DIV/0!
TBD
#DIV/0!
0.45
0.00
#DIV/0!
0.50
0.00
#DIV/0!
0.60
0.00
#DIV/0!
0.65
0.00
#DIV/0!
0.55
0.00
#DIV/0!
#DIV/0!
TBD
#DIV/0!
20%
0%
#DIV/0!
29%
0%
#DIV/0!
32%
0%
#DIV/0!
35%
0%
#DIV/0!
30%
0%
#DIV/0!
#DIV/0!
TBD
#DIV/0!
3,450
0
4,100
0
#DIV/0!
4,400
0
6,500
0
#DIV/0!
6,250
0
9,000
0
#DIV/0!
7,500
0
9,300
0
#DIV/0!
7,900
0
#DIV/0!
TBD
#DIV/0!
#DIV/0!
TBD
#DIV/0!
21,200
#########
47,405
47,405
Error
Squared
##########
##########
##########
##########
##########
##########
Is Error
Outside
Limit?
No
No
No
No
No
Yes
Home
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Ref
Operating Plan
16-1
16-2
16-3
16-4
Total Revenues
Cost of Goods Sold
Operating Expenses
Operating Income
30,500
#DIV/0!
#DIV/0!
#DIV/0!
16-5
16-6
16-7
Interest Expenses
Income Taxes
Other Non Operating Expenses
16-8
16-9
#DIV/0!
650
16-10
Net Income
#DIV/0!
(310)
(3,300)
(200)
Financial Plan
Budgeted Cash Flows
16-11
16-12
16-13
16-14
16-15
16-16
Net Income
Depreciation and Amortization
(Increase) Decrease Defer Taxes
(Gain) Loss on Sale of Assets
(Increase) Decrease Current Assets
(Increase) Decrease Current Liab
#DIV/0!
470
0
15
(8,235)
10,675
16-17
#DIV/0!
16-18
16-19
16-20
16-21
100
2,200
0
2,300
16-22
16-23
16-24
16-25
Planned Investments:
Capital Expenditures
Acquisitions in Other Co's
Purchases of Investments
Total Investment Applications of Cash
(4,500)
(350)
(2,500)
(7,350)
16-26
16-27
16-28
16-29
1,450
15
0
1,465
16-30
16-31
16-32
16-33
16-34
(1,250)
(2,500)
(1,500)
0
(5,250)
16-35
#DIV/0!
16-36
16-37
870
#DIV/0!
#DIV/0!
10
3,050
2,440
1,983
#DIV/0!
16-44
16-45
16-46
16-47
16-48
16-49
16-50
Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Longterm Investments
Investments in Other Companies
Intangibles and Other Assets
Total Non Current Assets
16-51
Total Assets
16-52
16-53
16-54
16-55
16-56
Accounts Payable
Short Term Borrowings
Short Term Portion of LT Debt
Other Current Liabilities
Total Current Liabilities
16-57
16-58
16-59
16-60
Total Liabilities
16-61
16-62
16-63
16-64
16-65
16-66
16-67
Preferred Stock
Common Equity
Additional Paid in Capital
Retained Earnings
Adj for Foreign Currency Translation
Treasury Stock
Total Equity
0
2,200
5,700
#DIV/0!
(5,000)
(3,050)
#DIV/0!
16-68
#DIV/0!
16-69
#DIV/0!
32,600
(3,480)
29,120
1,205
1,000
230
31,555
Per above
Per historical financials
Same formula as used in forecast models
Same formula as used in forecast models
Same formula as used in forecast models
#DIV/0!
5,185
3,660
40
1,830
10,715
4,150
1,100
5,250
15,965
Original Value
20,525,549
Final Value
12,297,836
Adjustable Cells
Cell
Name
$D$24 Set Smoothing Factor
Original Value
0.70
Final Value
1.00
Constraints
Cell
Name
$D$23 Smoothing Factor must be between 0 and 1
$D$24 Set Smoothing Factor
Cell Value
Formula
Status Slack
0 $D$23>=$D$23 Binding
0
1.00 $D$24<=$E$23 Binding
0
Name
Original Value
65,536,151
Final Value
59,853,342
Adjustable Cells
Cell
Name
$D$25 Assign weights to appropriate periods
$E$25 Assign weights to appropriate periods
$F$25 Assign weights to appropriate periods Total weights should add up to =>
$G$25 Assign weights to appropriate periods
$H$25 Assign weights to appropriate periods
Original Value
0.00%
2.00%
5.00%
35.00%
60.00%
Final Value
0.00%
1.50%
4.50%
34.50%
59.50%
Constraints
Cell
Name
$I$25 Assign weights to appropriate periods
$D$25 Assign weights to appropriate periods
$E$25 Assign weights to appropriate periods
$F$25 Assign weights to appropriate periods Total weights should add up to =>
$G$25 Assign weights to appropriate periods
$H$25 Assign weights to appropriate periods
$D$25 Assign weights to appropriate periods
$E$25 Assign weights to appropriate periods
$F$25 Assign weights to appropriate periods Total weights should add up to =>
$G$25 Assign weights to appropriate periods
$H$25 Assign weights to appropriate periods
Cell Value
100.00%
0.00%
1.50%
4.50%
34.50%
59.50%
0.00%
1.50%
4.50%
34.50%
59.50%
Formula
$I$25=$E$23
$D$25<=$E$23
$E$25<=$E$23
$F$25<=$E$23
$G$25<=$E$23
$H$25<=$E$23
$D$25>=$D$23
$E$25>=$D$23
$F$25>=$D$23
$G$25>=$D$23
$H$25>=$D$23
Status
Slack
Binding
0
Not Binding
1
Not Binding
0.985
Not Binding
0.955
Not Binding
0.655
Not Binding
0.405
Binding
0.00%
Not Binding 1.50%
Not Binding 4.50%
Not Binding 34.50%
Not Binding 59.50%