Modelo Básico de Planeación Financiera

Mobile Business Planning Model
The Economist Guide to Business Planning

Generic Business Model
About The Model
Model Set-Up
Operational Forecasts
Accounting
Financial Results
Coleago Consulting Ltd
Confidential
www.coleago.com
File Name: 290333716.xls Print Date: 10/15/2015
Version 1.0 - 1st May 2003
Page: 1
About the Model
This model has been designed to be used in conjunction with The Economists Guide to Business Modelling. The model was developed by
Graham Friend and remains the copyright of Profile Books. Neither Profile Books, The Economist or Coleago Consulting Ltd accpets any
responsibility for any losses, accidents or events that occur directly or indirectly as a result of the use of the model.
For further information on consulting, bespoke modelling and business modelling training courses please contact Graham Friend at
graham.friend@coleago.com.
Confidential
Page: 2
Model Set Up
Your Task
The basis information required in this sheet will be used throughout the model. All cells with blue font are a required input.
Range Name
Business Imperative
Widgets Limited
Company_Name
Currency
Currency
Units
Thousands
Units
Years
Confidential
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 Years
Page: 3
Revenue
This section examines revenues, costs of sale and operating costs.
Cost of Sales
Operating Costs
Confidential
Page: 4
Revenue
Widgets Limited
Units as Specified
Your Task
Enter the assumptions as indicated below to create a revenue
forecast.
Year
Revenue Line 1
Revenue Description
Opening Customers - 000s
Closing Customers - 000s
Sales of Widget per Customer
Widget Selling Price -
Average Customers
Total Revenue 1
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Widget
Revenue_Description_1
50
2.0
37
150
1.8
36
330
1.7
35
890
1.6
34
1,900
1.5
32
3,330
1.4
30
4,880
1.3
28
5,960
1.3
25
6,350
1.3
23
25
1,850
100
6,480
240
14,280
610
33,184
1,395
66,960
2,615
109,830
4,105
149,422
5,420
176,150
6,155
184,035
6,480 Closing_Customers_1
1.3 Sales_per_Customer_1
22 Selling_Price_1
6,415 Average_Customers_1
183,469 Total_Revenue_1
Revenue Line 2
Revenue Description
Opening Customers - 000s
Closing Customers - 000s
Sales of Widget per Customer
Widget Selling Price -
Average Customers
Total Revenue 2
Confidential
Revenue_Description_2
Closing_Customers_2
Sales_per_Customer_2
Selling_Price_2
-
Average_Customers_2
Total_Revenue_2
Page: 5
Cost of Sales
Widgets Limited
Units as Specified
Your Task
Enter the assumptions required below to generate a cost of sales
forecast.
Year
Cost of Sales Item 1
Cost of Sales Description 1
Zapper Quantity Purchased - 000s
Zapper Cost per Unit of Stock -
Total Cost of Sales 1
2003
2004
2005
2006
2007
2008
2009
2010
2011
55
15.0
200
14.6
450
14.2
1,100
13.8
2,300
13.7
4,100
13.3
5,900
13.1
7,750
11.6
8,800
10.7
750
2,628
5,794
13,469
28,667
48,691
69,908
81,734
85,616
Zapper
2012
Cost_of_Sales_Description_1
9,200 Quantity_of_Stock_1
10.2 Cost_of_Stock_1
85,063 Cost_of_Sales_1
Cost of Sales Item 2

Cost of Sales Description 2
Quantity Purchased - 000s
Cost per Unit of Stock -
Total Cost of Sales 2
Confidential
Cost_of_Sales_Description_2
Quantity_of_Stock_2
Cost_of_Stock_2
-
Cost_of_Sales_2
Page: 6
Operating Costs
Widgets Limited
Thousands
Your Task
This section examines staff costs, other operating costs and bad debt. Enter
the assumptions as indicated below.
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Staff Cost Assumptions

Headcount
Opening Salary
Salary Growth
Additional Salary Costs
22
35
3%
30%
28
30
35
40
61
125
175
199
30%
30%
30%
30%
30%
30%
30%
30%
205 Headcount_Ratio
Opening_Salary
Salary_Growth
30% Additional_Salary_Costs
Staff Numbers
Opening Staff
Closing Number of Staff
Average Number of Staff
22
11
28
25
30
29
35
33
40
38
61
51
125
93
175
150
199
187
205
202 Average_Staff
35
385
116
501
36
901
270
1,172
37
1,077
323
1,400
38
1,243
373
1,616
39
1,477
443
1,920
41
2,049
615
2,664
42
3,887
1,166
5,053
43
6,457
1,937
8,394
44
8,291
2,487
10,778
2,100
210
1,500
600
550
300
2,000
220
2,200
221
1,800
800
700
310
2,040
280
2,320
235
2,400
1,000
750
320
2,080
300
2,520
255
3,200
1,100
875
335
2,400
350
3,090
310
3,930
1,200
920
450
2,600
600
3,190
320
4,370
1,260
1,220
600
2,700
800
3,280
330
4,520
1,330
1,500
900
2,800
1,250
3,360
340
4,630
1,390
1,750
1,200
2,850
1,750
3,480
350
4,740
1,460
1,990
1,300
2,900
1,990
Bad Debt
Zapper Bad Debt Rate
Bad Debt Rate
3%
3%
3%
3%
3%
3%
3%
3%
3%
Zapper Bad Debt

Bad Debt
Total Bad Debt
56
0
56
194
0
194
428
0
428
996
0
996
2,009
0
2,009
3,295
0
3,295
4,483
0
4,483
5,285
0
5,285
5,521
0
5,521
Salary Costs
Salary Levels
Total Salary Costs
Additional Employment Costs
Total Staff Costs
Operating Costs - 000s

Rent
Light and Heat
Advertising
Legal and Professional
Telephone, Fax and IT
Stationery
Leasing of Equipment
Travel and Subsistence
Confidential
46 Salary
9,225
2,767
11,992 Staff_Costs
3,590
360
4,800
1,530
2,050
1,350
2,970
2,050
Operating_Costs_3
Operating_Costs_4
Operating_Costs_5
Operating_Costs_6
Operating_Costs_7
Operating_Costs_8
Operating_Costs_9
Operating_Costs_10
3% Bad_Debt_Rate_1
Bad_Debt_Rate_2
5,504
0
5,504 Total_Bad_Debt
Page: 7
Accounting
Depreciation
Accounting
This section performs basic accounting operations necessary to produce the financial statements.
Amortisation
Working Capital
Financing
Taxation
Confidential
Page: 8
Depreciation
Your Task
Enter the assumptions relating to capital expenditure and depreciation.
Widgets Limited
Thousands
Year
Assumptions
Capital Expenditure
Depreciation Period
Depreciation of Opening Gross Capex
Gross Capex to Date
Accumulated Depreciation to Date
Tangible Fixed Asset Account
Opening Balance
Capital Expenditure
Closing Balance
Depreciation Account
Opening Balance
Depreciation Charge
Closing Balance
Tangible Net Book Value
Depreciation Workings
Opening Fixed Assets
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
55,000
20,000
5,000
5,000
20,000
8,000
8,000
8,000
8,000
8,000
2003
2004
2005
2006
2007
2008
2009
2010
2011
55,000
8
20,000
5,000
5,000
20,000
8,000
8,000
8,000
8,000
0
55,000
55,000
55,000
20,000
75,000
75,000
5,000
80,000
80,000
5,000
85,000
85,000
20,000
105,000
105,000
8,000
113,000
113,000
8,000
121,000
121,000
8,000
129,000
129,000
8,000
137,000
137,000
8,000
145,000 Gross_Fixed_Assets
0
3,438
3,438
3,438
8,125
11,563
11,563
9,688
21,250
21,250
10,313
31,563
31,563
11,875
43,438
43,438
13,625
57,063
57,063
14,625
71,688
71,688
15,625
87,313
87,313
13,188
100,500
100,500
9,500
110,000 Accumulated_Depreciation
51,563
63,438
58,750
53,438
61,563
55,938
49,313
41,688
36,500
35,000 Tangible_Net_Book_Value
0
3,438
0
6,875
1,250
0
6,875
2,500
313
0
6,875
2,500
625
313
0
6,875
2,500
625
625
1,250
0
6,875
2,500
625
625
2,500
500
0
6,875
2,500
625
625
2,500
1,000
500
0
6,875
2,500
625
625
2,500
1,000
1,000
500
0
3,438
2,500
625
625
2,500
1,000
1,000
1,000
500
8,125
9,688
10,313
11,875
13,625
14,625
15,625
13,188
3,438
Confidential
2012
8,000 Capital_Expenditure
Depreciation_Period
Opening_Depreciation_Capex
0
1,250
625
625
2,500
1,000
1,000
1,000
1,000
500
9,500 Depreciation_Charge
Page: 9
Amortisation
Thousands
Your Task
Enter the assumptions relating to expenditure on intangible assets and their
amortisation.
Year
2003
Widgets Limited
Assumptions
Intangible Expenditure
Amortisation Period
Amortisation of Opening Intangible Spend
Gross Intangible Expenditure to Date
Accumulated Amortisation
2004
2005
10,000
4
Intangible Fixed Asset Account

Opening Balance
Capital Expenditure
Closing Balance
2006
2007
2008
2009
10,000
2010
2011
2012
10,000
Intangible_Expenditure
Amortisation_Period
Opening_Amortisation
0
10,000
10,000
10,000
0
10,000
10,000
0
10,000
10,000
10,000
20,000
20,000
0
20,000
20,000
0
20,000
20,000
0
20,000
20,000
10,000
30,000
30,000
0
30,000
30,000
0
30,000 Gross_Intangible_Fixed_Assets
Amortisation Account
Opening Balance
Amortisation Charge
Closing Balance
0
1,250
1,250
1,250
2,500
3,750
3,750
2,500
6,250
6,250
3,750
10,000
10,000
3,750
13,750
13,750
2,500
16,250
16,250
2,500
18,750
18,750
2,500
21,250
21,250
2,500
23,750
23,750
2,500
26,250 Accumulated_Amortisation
Intangible Net Book Value
8,750
6,250
3,750
10,000
6,250
3,750
1,250
8,750
6,250
0
1,250
0
2,500
0
0
2,500
0
0
0
2,500
0
0
1,250
0
1,250
0
0
2,500
0
Amortisation Workings
Opening Intangible Assets
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
10,000
0
0
10,000
0
0
0
10,000
0
0
1,250
Confidential
2,500
2,500
3,750
3,750
0
0
2,500
0
0
2,500
0
2,500
0
0
0
2,500
1,250
0
0
0
1,250
2,500
0
0
0
2,500
0
2,500
3,750 Intangible_Net_Book_Value
0
0
2,500
0
0
2,500 Amortisation_Charge
Page: 10
Working Capital
Widgets Limited
Your Task
Enter assumptions relating to debtor and creditor days.
Thousands
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
30
0
1,850
(1,698)
152
30
152
6,480
(6,099)
533
30
533
14,280
(13,639)
1,174
30
1,174
33,184
(31,630)
2,727
30
2,727
66,960
(64,184)
5,504
30
5,504
109,830
(106,306)
9,027
30
9,027
149,422
(146,168)
12,281
30
12,281
176,150
(173,953)
14,478
30
14,478
184,035
(183,386)
15,126
30 Debtor_Days_1
15,126
183,469
(183,515)
15,080 Debtors_1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Debtor_Days_2
0
0
0
0 Debtors_2
Zapper Stock Account

Opening Stock
Stock Purchased
Cost of Goods Sold
Closing Stock
0
825
(750)
75
75
2,920
(2,628)
367
367
6,390
(5,794)
963
963
15,180
(13,469)
2,675
2,675
31,510
(28,667)
5,517
5,517
54,530
(48,691)
11,356
11,356
77,290
(69,908)
18,738
18,738
89,900
(81,734)
26,904
26,904
94,160
(85,616)
35,448
35,448
93,840 Cost_of_stock_purchased_1
(85,063)
44,225 Stock_1
Zapper Creditors Account

Zapper Creditor Days
Opening Balance
Costs in the Period
Cash Paid
Closing Balance
30
0
825
(757)
68
30
68
2,920
(2,748)
240
30
240
6,390
(6,105)
525
30
525
15,180
(14,458)
1,248
30
1,248
31,510
(30,168)
2,590
30
2,590
54,530
(52,638)
4,482
30
4,482
77,290
(75,419)
6,353
30
6,353
89,900
(88,864)
7,389
30
7,389
94,160
(93,810)
7,739
30 Creditor_Days_1
7,739
93,840
(93,866)
7,713 Creditors_1
Stock Account
Opening Stock
Stock Purchased
Cost of Goods Sold
Closing Stock
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0 Cost_of_stock_purchased_2
0
0 Stock_2
Creditors Account
Creditor Days
Opening Balance
Costs in the Period
Cash Paid
Closing Balance
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Creditor_Days_2
0
0
0
0 Creditors_2
20
0
55,000
(51,986)
3,014
20
3,014
20,000
(21,918)
1,096
20
1,096
5,000
(5,822)
274
20
274
5,000
(5,000)
274
20
274
20,000
(19,178)
1,096
20
1,096
8,000
(8,658)
438
20
438
8,000
(8,000)
438
20
438
8,000
(8,000)
438
20
438
8,000
(8,000)
438
180
0
10,000
(5,068)
4,932
180
4,932
0
(4,932)
0
180
0
0
0
0
180
0
10,000
(5,068)
4,932
180
4,932
0
(4,932)
0
180
0
0
0
0
180
0
0
0
0
180
0
10,000
(5,068)
4,932
180
4,932
0
(4,932)
0
Widget Debtors Account

Widget Debtor Days
Opening Balance
Sales in the Period
Cash Received
Closing Balance
Debtors Account
Debtor Days
Opening Balance
Sales in the Period
Cash Received
Closing Balance
Capital Expenditure Creditors Account

Capex Creditor Days
Opening Balance
Costs in the Period
Cash Paid
Closing Balance
Intangible Expenditure Creditors Account
Intangible Creditor Days
Opening Balance
Costs in the Period
Cash Paid
Closing Balance
Confidential
2012
20 Capex_Creditor_Days
438
8,000
(8,000) Capex_Paid
438 Capex_Creditors
180 Intangible_Creditor_Days
0
0
0 Intangibles_Paid
0 Intangible_Creditors
Page: 11
Financing
Widgets Limited
Your Task
Enter assumptions relating to the financing of the business.
Thousands
Year
2003
2004
2005
2006
2007
38,490
19,245
18,450
9,220
8,650
4,315
2,260
1,130
4,060
2,027
5%
6%
4%
75%
5%
6%
4%
75%
5%
6%
4%
75%
5%
6%
4%
75%
5%
6%
4%
75%
8,984
5%
6%
4%
75%
8,984
5%
6%
4%
75%
8,984
5%
6%
4%
75%
5%
6%
4%
75%
Equity Account
Opening Balance
Equity Issued
Closing Balance
0
38,490
38,490
38,490
18,450
56,940
56,940
8,650
65,590
65,590
2,260
67,850
67,850
4,060
71,910
71,910
0
71,910
71,910
0
71,910
71,910
0
71,910
71,910
0
71,910
71,910
0 Equity_Created
71,910 Closing_Equity
Debt Account
Opening Balance
Debt Raised
Debt Repaid
Closing Balance
0
19,245
0
19,245
19,245
9,220
0
28,465
28,465
4,315
0
32,780
32,780
1,130
0
33,910
33,910
2,027
0
35,937
35,937
0
(8,984)
26,953
26,953
0
(8,984)
17,969
17,969
0
(8,984)
8,985
8,985
0
0
8,985
8,985
0 Debt_Created
0 Debt_Retired
8,985 Closing_Debt
Interest on Debt Account

Interest Charge
481
1,193
1,531
1,667
1,746
1,572
1,123
674
449
Interest on Overdraft
Interest Charge
213
648
837
979
1,275
1,006
307
313
781
1,006
38,490
38,490
18,450
56,940
8,650
65,590
2,260
67,850
4,060
71,910
-
71,910
-
71,910
-
71,910
-
71,910
-
38,490
56,940
65,590
67,850
71,910
71,910
71,910
71,910
71,910
71,910
19,245
47,715
61,265
66,720
69,880
71,910
71,910
71,910
71,910
71,910 Average_Shares
Financing Assumptions
Equity Issued
Debt Raised
Debt Repaid
Interest Rate on Debt
Interest Rate on Overdraft
Interest on Cash Deposits
Dividend Proportion
Interest Income on Short Term Deposits

Interest Income
Shares In Issue
Opening Shares in Issue
Shares Issued During the Year
Shares Repurchased During the Year
Closing Shares in Issue
Average Shares in the Year
Confidential
2008
2009
2010
2011
2012
5%
6%
4%
75%
Equity_Issued
Debt_Issued
Debt_Repaid
Interest_On_Debt
Interest_On_Overdraft
Interest_On_Deposits
Dividend_Proportion
449 Debt_Interest_Charge
0 Overdraft_Interest_Charge
1,171 Interest_Income
Page: 12
Taxation
Widgets Limited
Thousands
Your Task
Enter the tax rate, tax creditor days and any adjustments to profits liable to
corporation tax in the "Profit Adjustments" row.
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Taxation Assumptions
Tax Rate
Tax Creditor Days
Profit Adjustments
30%
365
30%
365
30%
365
30%
365
30%
365
30%
365
30%
365
30%
365
30%
365
30% Taxation_Rate
365 Tax_Creditor_Days
Profit_Adjustments
(12,318)
0
0
0
0
0
(18,331)
0
0
0
0
0
(17,303)
0
0
0
0
0
(10,640)
0
0
0
0
0
2,618
2,618
(2,618)
0
0
0
22,017
22,017
(22,017)
0
0
0
35,826
35,826
(33,957)
0
1,869
561
45,451
45,451
0
0
45,451
13,635
48,778
48,778
0
0
48,778
14,633
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
561
0
561
561
13,635
(561)
13,635
13,635
14,633
(13,635)
14,633
Losses Account
Opening Losses
Increase in Losses in the Period
Losses Utilised
Closing Losses
12,318
0
12,318
12,318
18,331
0
30,649
30,649
17,303
0
47,952
47,952
10,640
0
58,592
58,592
0
(2,618)
55,974
55,974
0
(22,017)
33,957
33,957
0
(33,957)
0
0
0
0
0
0
0
0
0
Valuation Taxation Workings

Profit Before Interest and Tax
Profits Before Losses
Losses Carried Forward
Other Adjustments
Profits Liable to Corporation Tax
Corporation Tax
(11,624)
0
0
0
0
0
(16,490)
0
0
0
0
0
(14,934)
0
0
0
0
0
(7,994)
0
0
0
0
0
5,639
5,639
(5,639)
0
0
0
24,595
24,595
(24,595)
0
0
0
36,944
36,944
(20,808)
0
16,136
4,841
45,343
45,343
0
0
45,343
13,603
48,222
48,222
0
0
48,222
14,466
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,841
0
4,841
4,841
13,603
(4,841)
13,603
13,603
14,466
(13,603)
14,466
11,624
0
11,624
11,624
16,490
0
28,114
28,114
14,934
0
43,048
43,048
7,994
0
51,042
51,042
0
(5,639)
45,403
45,403
0
(24,595)
20,808
20,808
0
(20,808)
0
0
0
0
0
0
0
0
0
Profit and Loss Taxation Workings

Profits / (Loss) Before Tax
Profits Before Losses
Losses Carried Forward
Other Adjustments
Profits Liable to Corporation Tax
Corporation Tax
Corporation Tax Account
Opening Balance
Tax Charge in the Period
Tax Paid
Closing Balance
Corporation Tax Account

Opening Balance
Tax Charge in the Period
Tax Paid
Closing Balance
Losses Account
Opening Losses
Increase in Losses in the Period
Losses Utilised
Closing Losses
Confidential
50,932
50,932
0
0
50,932 Profits_Liable_To_Tax
15,279 Corporation_Tax_Charge
14,633
15,279
(14,633) Tax_Paid
15,279 Taxation_Creditor
0
0
0 Losses_Utilised
0
50,210
50,210
0
0
50,210
15,063
14,466
15,063
(14,466) Valuation_Tax_Paid
15,063
0
0
0
0
Page: 13
Financial Results
Profit and Loss
Financial Results
This chapter contains the financial results from the model.
Balance Sheet
Cash Flow Statement
Ratios
Valuation
Confidential
Page: 14
Profit and Loss

Widgets Limited
Information Only
No inputs are required in this section.
Thousands
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
1,850
0
1,850
6,480
0
6,480
14,280
0
14,280
33,184
0
33,184
66,960
0
66,960
109,830
0
109,830
149,422
0
149,422
176,150
0
176,150
184,035
0
184,035
183,469
0
183,469
(750)
0
(750)
(2,628)
0
(2,628)
(5,794)
0
(5,794)
(13,469)
0
(13,469)
(28,667)
0
(28,667)
(48,691)
0
(48,691)
(69,908)
0
(69,908)
(81,734)
0
(81,734)
(85,616)
0
(85,616)
(85,063)
0
(85,063)
1,100
3,852
8,486
19,715
38,293
61,139
79,514
94,416
98,418
98,406
Bad Debt
Staff Costs
Rent
Light and Heat
Advertising
Legal and Professional
Telephone, Fax and IT
Stationery
Leasing of Equipment
Travel and Subsistence
Total Operating Costs
(56)
(501)
(2,100)
(210)
(1,500)
(600)
(550)
(300)
(2,000)
(220)
(8,036)
(194)
(1,172)
(2,200)
(221)
(1,800)
(800)
(700)
(310)
(2,040)
(280)
(9,717)
(428)
(1,400)
(2,320)
(235)
(2,400)
(1,000)
(750)
(320)
(2,080)
(300)
(11,233)
(996)
(1,616)
(2,520)
(255)
(3,200)
(1,100)
(875)
(335)
(2,400)
(350)
(13,646)
(2,009)
(1,920)
(3,090)
(310)
(3,930)
(1,200)
(920)
(450)
(2,600)
(600)
(17,029)
(3,295)
(2,664)
(3,190)
(320)
(4,370)
(1,260)
(1,220)
(600)
(2,700)
(800)
(20,419)
(4,483)
(5,053)
(3,280)
(330)
(4,520)
(1,330)
(1,500)
(900)
(2,800)
(1,250)
(25,445)
(5,285)
(8,394)
(3,360)
(340)
(4,630)
(1,390)
(1,750)
(1,200)
(2,850)
(1,750)
(30,948)
(5,521)
(10,778)
(3,480)
(350)
(4,740)
(1,460)
(1,990)
(1,300)
(2,900)
(1,990)
(34,509)
(5,504)
(11,992)
(3,590)
(360)
(4,800)
(1,530)
(2,050)
(1,350)
(2,970)
(2,050)
(36,196)
Operating Profit
(6,936)
(5,865)
(2,747)
6,069
21,264
40,720
54,069
63,468
63,909
62,210
Depreciation
Amortisation
(3,438)
(1,250)
(8,125)
(2,500)
(9,688)
(2,500)
(10,313)
(3,750)
(11,875)
(3,750)
(13,625)
(2,500)
(14,625)
(2,500)
(15,625)
(2,500)
(13,188)
(2,500)
(9,500)
(2,500)
(11,624)
(16,490)
(14,934)
(7,994)
5,639
24,595
36,944
45,343
48,222
50,210
(481)
(213)
0
(1,193)
(648)
0
(1,531)
(837)
0
(1,667)
(979)
0
(1,746)
(1,275)
0
(1,572)
(1,006)
0
(1,123)
(307)
313
(674)
0
781
(449)
0
1,006
(449)
0
1,171
(12,318)
(18,331)
(17,303)
(10,640)
2,618
22,017
35,826
45,451
48,778
50,932
(561)
(13,635)
(14,633)
(15,279)
(12,318)
(18,331)
(17,303)
(10,640)
2,618
22,017
35,265
31,815
34,145
35,652
(1,308)
(23,862)
(25,609)
(26,739)
(12,318)
(18,331)
(17,303)
(10,640)
2,618
22,017
33,957
7,954
8,536
8,913
Widget
0
Total Revenue
Zapper
0
Total Cost of Sales
Gross Profit
Profits Before Interest and Tax

Interest Paid on Debt
Interest Paid on Overdrafts
Interest Received on Cash Deposits
Profit Before Tax
Taxation
Profit After Tax
Dividends Declared
Retained Profit for the Year
Confidential
Page: 15
Balance Sheet
Information Only
Widgets Limited
Thousands
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Tangible Fixed Assets

Intangible Fixed Assets
Total Fixed Assets
0
0
0
51,563
8,750
60,313
63,438
6,250
69,688
58,750
3,750
62,500
53,438
10,000
63,438
61,563
6,250
67,813
55,938
3,750
59,688
49,313
1,250
50,563
41,688
8,750
50,438
36,500
6,250
42,750
35,000
3,750
38,750
Widget Debtors
Debtors
Zapper Stock
Stock
Cash at Bank
Total Current Assets
0
0
0
0
0
0
152
0
75
0
0
227
533
0
367
0
0
900
1,174
0
963
0
0
2,137
2,727
0
2,675
0
0
5,402
5,504
0
5,517
0
0
11,021
9,027
0
11,356
0
0
20,383
12,281
0
18,738
0
15,649
46,668
14,478
0
26,904
0
23,423
64,805
15,126
0
35,448
0
26,872
77,446
15,080
0
44,225
0
31,674
90,979
Zapper Creditors
Creditors
Capital Expenditure Creditor
Intangible Expenditure Creditor
Taxation Creditor
Overdraft
Total Current Liabilities
0
0
0
0
0
0
0
(68)
0
(3,014)
(4,932)
0
(7,109)
(15,122)
(240)
0
(1,096)
0
0
(14,495)
(15,831)
(525)
0
(274)
0
0
(13,420)
(14,219)
(1,248)
0
(274)
(4,932)
0
(19,218)
(25,671)
(2,590)
0
(1,096)
0
0
(23,275)
(26,961)
(4,482)
0
(438)
0
0
(10,244)
(15,165)
(6,353)
0
(438)
0
(561)
0
(7,352)
(7,389)
0
(438)
(4,932)
(13,635)
0
(26,394)
(7,739)
0
(438)
0
(14,633)
0
(22,811)
(7,713)
0
(438)
0
(15,279)
0
(23,431)
Net Current Assets
(14,895)
(14,931)
(12,082)
(20,269)
(15,940)
5,219
39,317
38,411
54,635
67,548
Total Assets less Current Liabilities
45,417
54,756
50,418
43,168
51,873
64,906
89,879
88,849
97,385
106,298
Equity
Retained Profits
Debt
0
0
0
38,490
(12,318)
19,245
56,940
(30,649)
28,465
65,590
(47,952)
32,780
67,850
(58,592)
33,910
71,910
(55,974)
35,937
71,910
(33,957)
26,953
71,910
0
17,969
71,910
7,954
8,985
71,910
16,490
8,985
71,910
25,403
8,985
Total Capital Employed
45,417
54,756
50,418
43,168
51,873
64,906
89,879
88,849
97,385
106,298
Check
(0)
Confidential
Page: 16
Cash Flow
Widgets Limited
Information Only
Thousands
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
(6,936)
(5,865)
(2,747)
6,069
21,264
40,720
54,069
63,468
63,909
62,210
(152)
0
(75)
0
68
0
(159)
(381)
0
(292)
0
172
0
(500)
(641)
0
(596)
0
285
0
(952)
(1,554)
0
(1,711)
0
722
0
(2,542)
(2,776)
0
(2,843)
0
1,342
0
(4,277)
(3,524)
0
(5,839)
0
1,892
0
(7,470)
(3,254)
0
(7,382)
0
1,871
0
(8,765)
(2,197)
0
(8,166)
0
1,036
0
(9,327)
(648)
0
(8,544)
0
350
0
(8,842)
46
0
(8,777)
0
(26)
0
(8,757)
(7,095)
(6,365)
(3,699)
3,526
16,987
33,250
45,303
54,141
55,067
53,453
Tangible Capital Expenditure

Intangible Capital Expenditure
Tax Paid
(51,986)
(5,068)
0
(21,918)
(4,932)
0
(5,822)
0
0
(5,000)
(5,068)
0
(19,178)
(4,932)
0
(8,658)
0
0
(8,000)
0
0
(8,000)
(5,068)
(561)
(8,000)
(4,932)
(13,635)
(8,000)
0
(14,633)
Cashflow before Financial Cashflows
(64,150)
(33,215)
(9,521)
(6,542)
(7,123)
24,592
37,303
40,512
28,501
30,819
(481)
(213)
0
(1,193)
(648)
0
(1,531)
(837)
0
(1,667)
(979)
0
(1,746)
(1,275)
0
(1,572)
(1,006)
0
(1,123)
(307)
313
(674)
0
781
(449)
0
1,006
(449)
0
1,171
(64,844)
(35,056)
(11,890)
(9,189)
(10,144)
22,015
36,186
40,620
29,057
31,541
Equity Issued
Debt Issued
Debt Repaid
38,490
19,245
0
18,450
9,220
0
8,650
4,315
0
2,260
1,130
0
4,060
2,027
0
0
0
(8,984)
0
0
(8,984)
0
0
(8,984)
0
0
0
0
0
0
Cashflow for the Period Before Dividends
(7,109)
(7,386)
1,075
(5,799)
(4,057)
13,031
27,202
31,636
29,057
31,541
(1,308)
(23,862)
(25,609)
(26,739)
Cashflow for the Period
(7,109)
(7,386)
1,075
(5,799)
(4,057)
13,031
25,893
7,774
3,449
4,802
Cash Account
Opening Cash Balance
Cash Movement in the Year
Closing Cash Balance
0
(7,109)
(7,109)
(7,109)
(7,386)
(14,495)
(14,495)
1,075
(13,420)
(13,420)
(5,799)
(19,218)
(19,218)
(4,057)
(23,275)
(23,275)
13,031
(10,244)
(10,244)
25,893
15,649
15,649
7,774
23,423
23,423
3,449
26,872
26,872
4,802
31,674
Operating Profit / (Loss)

Widget Debtors
Debtors
Zapper Stock
Stock
Zapper Creditors
Creditors
Movement in Working Capital
Cashflow from Operating Activities
Interest Paid on Debt

Interest Paid on Overdrafts
Interest Received on Cash Deposits
Cashflow before Financing
Dividends Paid
Confidential
Page: 17
Ratios
Widgets Limited
Year
Profitability
Gross Profit Margin
Operating Profit Margin (EBITDA Margin)
Profit Before Tax Margin (PBT Margin)
Earnings Per Share (EPS)
Liquidity and the Balance Sheet
Current Ratio
Quick Ratio
Net Book Value of Assets
Capital Expenditure to Depreciation
Asset Turnover
Debtor Days
Creditor Days
Stock Turnover Days
Returns
Return on Average Capital Employed (ROACE)
Return On Total Average Assets (ROTAA)
Return on Equity (ROE)
Dividend Cover
Financial
Gearing
Debt - Equity Ratio
Interest Cover
Confidential
Information Only
No user inputs are required in this section.
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
59.5%
-374.9%
-665.8%
(0.64)
59.4%
-90.5%
-282.9%
(0.38)
59.4%
-19.2%
-121.2%
(0.28)
59.4%
18.3%
-32.1%
(0.16)
57.2%
31.8%
3.9%
0.04
55.7%
37.1%
20.0%
0.31
53.2%
36.2%
24.0%
0.49
53.6%
36.0%
25.8%
0.44
53.5%
34.7%
26.5%
0.47
53.6%
33.9%
27.8%
0.50
0.02
0.01
60,312.5
15.1
0.0
15.0
22.2
36.5
0.06
0.03
69,687.5
2.7
0.1
19.3
43.5
51.0
0.15
0.08
62,500.0
0.6
0.3
21.8
17.1
60.7
0.21
0.11
63,437.5
0.5
0.8
21.5
35.6
72.5
0.41
0.20
67,812.5
1.6
1.3
22.4
26.5
70.2
1.34
0.60
59,687.5
0.6
1.7
24.1
20.2
85.1
6.35
3.80
50,562.5
0.5
1.7
26.0
20.7
97.8
2.46
1.44
50,437.5
0.5
2.0
27.7
28.4
120.1
3.40
1.84
42,750.0
0.6
1.9
29.4
28.7
151.1
3.88
2.00
38,750.0
0.8
1.7
30.0
23.1
189.8
0.0%
0.0%
0.0%
0.0
0.0%
0.0%
0.0%
0.0
0.0%
0.0%
0.0%
0.0
0.0%
0.0%
0.0%
0.0
8.2%
11.9%
16.4%
0.0
32.7%
42.1%
58.0%
0.0
42.8%
41.5%
49.0%
27.0
41.3%
35.5%
39.8%
1.3
41.1%
36.3%
38.6%
1.3
40.2%
34.5%
36.6%
1.3
42.4%
73.5%
0.0
52.0%
108.3%
0.0
65.0%
185.8%
0.0
78.6%
366.3%
2.3
69.3%
225.5%
7.0
41.5%
71.0%
15.8
20.0%
25.0%
37.8
10.1%
11.3%
94.2
9.2%
10.2%
142.3
8.5%
9.2%
138.5
Page: 18
Valuation
Widgets Limited
Your Task
Normalise the final year cash flow if required. Select the basis for valuation.
Thousands
Year
Valuation Assumptions
Discount Rate
Terminal Value Growth Rate
EBITDA Exit Multiple
2003
2004
2005
2006
2007
2008
2009
2010
2011
(7,095)
(51,986)
(5,068)
0
(64,150)
(6,365)
(21,918)
(4,932)
0
(33,215)
(3,699)
(5,822)
0
0
(9,521)
3,526
(5,000)
(5,068)
0
(6,542)
16,987
(19,178)
(4,932)
0
(7,123)
33,250
(8,658)
0
0
24,592
45,303
(8,000)
0
0
37,303
54,141
(8,000)
(5,068)
(4,841)
36,232
55,067
(8,000)
(4,932)
(13,603)
28,533
2012
7.7% Discount_Rate
2.0% Terminal_Value_Rate
8 EBITDA_Exit_Multiple
Prospective Widgets Limited Company Comparable Valuation Metrics

2004
PE Ratio
PE_Ratio
EV / EBITDA
EV_EBITDA
EV / SALES
30 EV_Sales
EV / Customer
1,500 EV_Customer
Free Cash Flow
Operating Cash Flow
Capital Expenditure
Intangibles Expenditure
Cash Taxes
Free Cash Flow
Discount Factor
Discount Factor
1.04
1.12
1.20
1.30
1.40
1.50
1.62
1.74
1.88
NPV of Free Cash Flow

NPV of Free Cash Flow
(61,814)
(29,717)
(7,909)
(5,046)
(5,101)
16,354
23,033
20,772
15,188
Total NPV of Free Cash Flow
(18,927)
Terminal Value
Method 1: Terminal Value Growth Rate
Final Year Cash Flow
Final Year Cash Grown 1 year by Growth Rate
Perpetuity Calculation
NPV of Final Cash Flow to Perpetuity
Terminal Value - Method 1
30,986
31,606
554,494
274,062
274,062
DCF Based Company Valuation

Forecast Cash Flows
Terminal Value
Enterprise Value
Method 2: EBITDA Exit Multiple

Final Year EBITDA
Final Year Company Value
62,210
497,679
Terminal Value - Method 2
245,980
Terminal Value
Growth Rate
(18,927)
274,062
255,135
53,453
(8,000)
0
(14,466)
30,986 Free_Cash_Flow
2.02 Discount_Factor
15,315
EBITDA
Exit Multiple
(18,927)
245,980
227,054
Less: Net Debt
(26,354)
(26,354)
Equity Value
228,780
200,699
Comparable Company Valuations

Enterprise
Value
PE Ratio
EV / EBITDA
EV / SALES
EV / Customer
Confidential
n/a
194,400
225,000
Net
Debt
(26,354)
(26,354)
(26,354)
Equity
Value
n/a
n/a
168,046
198,646
Page: 19

Modelo Básico de Planeación Financiera

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Modelo Básico de Planeación Financiera

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Mobile Business Planning Model

The Economist Guide to Business Planning

About The Model

Coleago Consulting Ltd

File Name: 290333716.xls Print Date: 10/15/2015

Version 1.0 - 1st May 2003

Mobile Business Planning Model

About the Model

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Cost of Sales Item 2

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Staff Cost Assumptions

Zapper Bad Debt

Operating Costs - 000s

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Intangible Fixed Asset Account

Intangible Net Book Value

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Zapper Stock Account

Zapper Creditors Account

Widget Debtors Account

Capital Expenditure Creditors Account

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Interest on Debt Account

Interest Income on Short Term Deposits

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Valuation Taxation Workings

Profit and Loss Taxation Workings

Corporation Tax Account

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Profit and Loss

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Profit and Loss

Profits Before Interest and Tax

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Tangible Fixed Assets

Net Current Assets

Total Assets less Current Liabilities

Total Capital Employed

File Name: 290333716.xls Print Date: 10/15/2015

Mobile Business Planning Model

Tangible Capital Expenditure

Cashflow before Financial Cashflows

Cashflow for the Period Before Dividends

Cashflow for the Period