Documente Academic
Documente Profesional
Documente Cultură
Exhibit 1
Selected Operating Projections for Match My Doll Clothing Line Expansion
2010
Revenue
2011
4,500
Revenue Growth
Production Costs
Fixed Production Expense (excl depreciation)
575
2,035
Depreciation
152
2,762
1,250
1,155
1,250
3,917
(1,250)
583
Operating Profit
Working Capital Assumptions:
Minimum Cash Balance as % of Sales
3.0%
59.2x
7.7x
30.8x
Capital Expenditures
1,470
952
Working Capital
2010
2011
135.00
Cash
Accounts Receivable
729.49
Inventory
359.66
Accounts Payable
317.29
800
906.86
106.86
2010
2011
-750
349.68
152
-106.86
(952)
-750.00
-557.38
2010
2011
-750.00
-557.38
(1470)
-2220.00
8.40%
$603.08
-557.38
12%
2013
2014
2015
2016
6,860
8,409
9,082
9,808
10,593
52.4%
22.6%
8.0%
8.0%
8.0%
575
587
598
610
622
3,404
4,291
4,669
5,078
5,521
152
152
152
164
178
4,131
5,029
5,419
5,853
6,321
1,735
2,102
2,270
2,452
2,648
5,866
7,132
7,690
8,305
8,969
994
1,277
1,392
1,503
1,623
3.0%
3.0%
3.0%
3.0%
3.0%
59.2x
59.2x
59.2x
59.2x
59.2x
8.3x
12.7x
12.7x
12.7x
12.7x
30.9x
31.0x
31.0x
31.0x
31.0x
152
152
334
361
389
2012
2013
2014
2015
2016
205.80
252.26
272.45
294.24
317.78
1112.07
1363.15
1472.20
1589.97
1717.17
500.12
396.01
426.72
460.86
497.72
483.72
592.95
640.38
691.61
746.93
1,334.28
1,418.47
1,530.99
1,653.46
1,785.74
427.41
84.19
112.52
122.47
132.28
2012
2013
2014
2015
2016
596.4
766.38
835.08
901.86
974.076
152
152
152
164
178
-427.41
-84.19
-112.52
-122.47
-132.28
(152)
(152)
(334)
(361)
(389)
168.79
681.99
540.76
582.89
630.50
2012
2013
2014
2015
2016
168.79
681.99
540.76
582.89
630.5
168.79
681.99
540.76
582.89
630.5
2017
2018
2019
2020
11,440
12,355
13,344
14,411
8.0%
8.0%
8.0%
8.0%
635
648
660
674
6,000
6,519
7,079
7,685
192
207
224
242
6,827
7,373
7,963
8,600
2,860
3,089
3,336
3,603
9,687
10,462
11,299
12,203
1,753
1,893
2,045
2,209
3.0%
3.0%
3.0%
3.0%
59.2x
59.2x
59.2x
59.2x
12.7x
12.7x
12.7x
12.7x
31.0x
31.0x
31.0x
31.0x
421
454
491
530
2017
2018
2019
2020
343.20
370.66
400.31
432.34
1854.55
2002.90
2163.14
2336.19
537.54
580.56
626.99
677.16
806.69
871.24
940.93
1016.21
1,928.60
2,082.87
2,249.52
2,429.48
142.85
154.28
166.64
179.96
2017
2018
2019
2020
1051.962
1135.98
1227
1325.1
192
207
224
242
-142.85
-154.28
-166.64
-179.96
(421)
(454)
(491)
(530)
680.61
734.60
793.86
857.44
2017
2018
2019
2020
680.61
734.6
793.86
857.44
680.61
734.6
793.86
857.44
2011
0
Revenue Growth
Production Costs
Fixed Production Expense (excl depreciation)
435
Depreciation
435
1,201
1,201
435
(1,201)
(435)
Capital Expenditures
4,610
Working Capital
2010
2011
Operating Profit
Working Capital Assumptions:
Minimum Cash Balance as % of Sales
Days Sales Outstanding
Inventory Turnover (prod. cost/ending inv.)
Days Payable Outstanding (based on tot. op. exp.)
Cash
Accounts Receivable
Inventory
Accounts Payable
Total Net Working Capital
1,000
1,000.00
Operating Cashflow
Net Operating Profit after Taxes (EBIT *(1- 40% Tax Rate))
-720.60
-261.00
(1,000.00)
(4,610)
-5330.60
-1261.00
9.00%
-$3,110.90
-1%
2010
2011
-5330.60
-1261.00
2012
2013
2014
2015
2016
2017
2018
2019
6,000
14,360
20,222
21,435
22,721
24,084
25,529
27,061
139.3%
40.8%
6.0%
6.0%
6.0%
6.0%
6.0%
1,650
1,683
1,717
1,751
1,786
1,822
1,858
1,895
2,250
7,651
11,427
12,182
12,983
13,833
14,736
15,694
310
310
310
436
462
490
520
551
4,210
9,644
13,454
14,369
15,231
16,145
17,113
18,140
1,240
2,922
4,044
4,287
4,544
4,817
5,106
5,412
5,450
12,566
17,498
18,656
19,775
20,962
22,219
23,553
550
1,794
2,724
2,779
2,946
3,123
3,310
3,509
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
59.2x
59.2x
59.2x
59.2x
59.2x
59.2x
59.2x
59.2x
12.2x
12.3x
12.6x
12.7x
12.7x
12.7x
12.7x
12.7x
33.7x
33.8x
33.9x
33.9x
33.9x
33.9x
33.9x
33.9x
310
310
2,192
826
875
928
983
1,043
2012
2013
2014
2015
2016
2017
2018
2019
180
431
607
643
682
723
766
812
973
2328
3278
3475
3683
3904
4139
4387
346
786
1065
1130
1197
1269
1345
1426
474
1135
1598
1694
1796
1904
2018
2139
1,024
2,410
3,352
3,553
3,766
3,992
4,232
4,486
24.13
1,385.58
941.99
201.58
213.21
225.99
239.55
253.92
330.18
1076.58
1634.22
1667.52
1767.48
1873.56
1986.06
2105.14
310
310
310
436
462
490
520
551
(24.13)
(1,385.58)
(941.99)
(201.58)
(213.21)
(225.99)
(239.55)
(253.92)
(310)
(310)
(2,192)
(826)
(875)
(928)
(983)
(1,043)
306.05
-309.00
-1189.57
1076.44
1141.37
1209.87
1282.61
1359.42
2012
2013
2014
2015
2016
2017
2018
2019
306.05
-309.00
-1189.57
1076.44
1141.37
1209.87
1282.61
1359.42
2020
28,685
6.0%
1,933
0
16,712
584
19,229
5,737
24,966
3,719
3.0%
59.2x
12.7x
33.9x
1,105
2020
861
4650
1512
2267
4,755
269.17
2231.40
584
(269.17)
(1,105)
1441.03
2020
1441.03