3 Statement Model

The three statement financial model consists of the assumptions, income statement, balance sheet, cash flow statement and the supporting schedules.

Table of Contents
3 Statement Model

Notes
This Excel model is for educational purposes only and should not be used for any other reason.
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 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015 2016 2017 2018 2019 2020 2021 2022
Balance Sheet Check OK OK OK OK OK ERROR ERROR ERROR

Assumptions
Income statement
Revenue Growth (% Change) 12.7% 17.8% 7.6% 11.6% 5.0% 4.5% 4.0%
Cost of Goods Sold (% of Revenue) 0.0% 0.0% 0.0% 0.0% 0.0% 37.0% 37.0% 36.0%
Salaries and Benefits ($000's) 650 661 764 772 898 749 25,000 25,000
Rent and Overhead ($000's) 457 414 667 659 600 559 10,000 10,000
Depreciation & Amortization (% of PP&E Open Bal) 0.0% 0.1% 0.1% 0.2% 0.1% 40.0% 40.0% 40.0%
Interest (% of Debt Open Bal) 5.0% 5.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Tax Rate (% of Earnings Before Tax) 35% 35% 35% 35% 35% 35.0% 35.0% 35.0%
Balance Sheet
Accounts Receivable (Days)
Inventory (Days)
Accounts Payable (Days)
Capital Expenditures ($000's)
Debt Issuance (Repayment) ($000's)
Equity Issued (Repaid) ($000's)

Income Statement
Reveneue 4,314 4,861 5,729 6,162 6,878 7,222 7,547 7,849

Gross Profit 4,314 4,861 5,729 6,162 6,878 7,222 7,547 7,849
Expenses
Salaries and Benefits 650 661 764 772 898 749 25,000 25,000
Miscellaneous Expenses 457 414 667 659 600 559 10,000 10,000
Selling and Admin Expenses - 63 53 72 28 15,008 9,005 5,403
Depreciation & Amortization 84 162 48 44 42
Interest 2,106 2,258 2,258 1,940 2,237 900 900 900
Total Expenses 3,297 3,558 3,790 3,486 3,804 17,216 44,905 41,303
Earnings Before Tax 1,017 1,303 1,939 2,676 3,074 (9,994) (37,358) (33,454)

Taxes 355.95 456.10 678.66 936.50 1,076.04 (3,498) (13,075) (11,709)

Net Earnings 661 847 1,260 1,739 1,998 (6,496) (24,283) (21,745)
 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015 2016 2017 2018 2019 2020 2021 2022
Balance Sheet Check OK OK OK OK OK ERROR ERROR ERROR

Balance Sheet
ASSETS
NON-CURRENT ASSETS
Tangible Assets 252 214 202 192 215 215 215 215
Intangible Assets 5 5 6 8 -
Capital Work-In-Progress 6 9 10 6 -
Intangible Assets Under Development 1 - - - -
Fixed Assets 264 227 218 206 215 215 215 215
Non-Current Investments 38 98 209 383 -
Deferred Tax Assets [Net] 35 52 56 34 18
Long Term Loans And Advances 98 100 113 340 -
Other Non-Current Assets - - 0 0 -
Total Non-Current Assets 436 478 597 964 233 215 215 215
CURRENT ASSETS
Current Investments - - - 1 983
Trade Receivables 1,154 1,467 1,271 961 16 - - -
Cash And Cash Equivalents 1,737 679 1,534 487 1,736
Short Term Loans And Advances 23,443 24,424 27,311 28,968 34,933
Other Current Assets 0 1 1 1 169
Total Current Assets 26,333 26,571 30,116 30,418 37,836 - - -
Total Assets 26,769 27,049 30,713 31,382 38,069 215 215 215

LIABILITIES
NON-CURRENT LIABILITIES
Long Term Borrowings 6,713 5,276 4,231 4,512 -
Other Long Term Liabilities 1,208 1,127 672 278 -
Long Term Provisions 1 0 1 17 -
Total Non-Current Liabilities 7,921 6,403 4,904 4,807 -
CURRENT LIABILITIES
Short Term Borrowings 7,761 8,364 12,755 14,188 18,417
Trade Payables 5,705 6,150 111 126 163
Other Current Liabilities - - 5,776 3,604 9,484
Short Term Provisions 299 513 651 896 211
Total Current Liabilities 13,765 15,026 19,293 18,814 28,276
Total Liabilities 21,686 21,429 24,197 23,621 28,276 - - -
 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015 2016 2017 2018 2019 2020 2021 2022
Balance Sheet Check OK OK OK OK OK ERROR ERROR ERROR
Shareholder's Equity
Equity Capital 398 399 399 400 401 401 401 401
Retained Earnings 4,686 5,220 6,117 7,360 9,392 2,896 (21,387) (43,132)
Shareholder's Equity 5,084 5,619 6,516 7,760 9,793 3,296 (20,986) (42,731)
Total Liabilities & Shareholder's Equity 26,769.26 27,049 30,713 31,382 38,069 3,296 (20,986) (42,731)

Check 0.000 0.000 0.000 0.000 0.000 -3081.000 21201.000 42946.000

 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015 2016 2017 2018 2019 2020 2021 2022
Balance Sheet Check OK OK OK OK OK ERROR ERROR ERROR

Cash Flow Statement

Operating Cash Flow
Net Earnings 4,314 4,861 5,729 6,162 6,878 7,222 7,547 7,849
Plus: Depreciation & Amortization 84 162 48 44 42 - - -
Less: Changes in Working Capital (4,551) (131) 5,842 (324) (982) 147 - -
Cash from Operations 8,949 5,155 (65) 6,530 7,902 7,075 7,547 7,849

Investing Cash Flow

Investments in Property & Equipment 15,000 15,000 15,000 15,000 15,000 - - -
Cash from Investing 15,000 15,000 15,000 15,000 15,000 - - -

Financing Cash Flow

Issuance (repayment) of debt - - (20,000) - - - - -
Issuance (repayment) of equity 170,000 - - - - - - -
Cash from Financing 170,000 - (20,000) - - - - -

Net Increase (decrease) in Cash 163,949 (9,845) (35,065) (8,470) (7,098) 7,075 7,547 7,849
Opening Cash Balance - 167,971 181,210 183,715 211,069 203,972 211,047 218,594
Closing Cash Balance 163,949 158,126 146,145 175,245 203,972 211,047 218,594 226,443

Check #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015 2016 2017 2018 2019 2020 2021 2022
Balance Sheet Check OK OK OK OK OK ERROR ERROR ERROR

Supporting Schedules
Working Capital Schedule
Trade Receivable 1,154 1,467 1,271 961 16 - - -

Trade Payable 5,705 6,150 111 126 163 - - -

Net Working Capital (NWC) (4,551) (4,683) 1,159 835 (147) - - -
Change in NWC (4,551) (131) 5,842 (324) (982) 147 - -

Depreciation Schedule
PPE Opening 50,000 45,500 42,350 40,145 38,602 37,521 22,513 13,508
Plus Capex 15,000 15,000 15,000 15,000 15,000 - - -
Less Depreciation 19,500 18,150 17,205 16,544 16,080 15,008 9,005 5,403
PPE Closing 45,500 42,350 40,145 38,602 37,521 22,513 13,508 8,105

Debt & Interest Schedule

Debt Opening 50,000 50,000 50,000 30,000 30,000 30,000 30,000 30,000
Issuance (repayment) - - (20,000) - - - - -
Debt Closing 50,000 50,000 30,000 30,000 30,000 30,000 30,000 30,000
Interest Expense 2,500 2,500 1,500 900 900 900 900 900
t Period
2023
ERROR

3.5%
36.0%
25,000
10,000
40.0%
3.0%
35.0%

8,124

8,124

25,000
10,000
3,242

900
39,142
(31,018)

(10,856)
(20,162)
t Period
2023
ERROR

215

215

215

-
215

-
t Period
2023
ERROR

401
(63,294)
(62,893)
(62,893)

63108.000
t Period
2023
ERROR

8,124
-
-
8,124

-
-

-
-
-

8,124
226,443
234,566

#REF!
t Period
2023
ERROR

-
-
-

8,105
-
3,242
4,863

30,000
-
30,000
900
Long Term
Borrowings

Other Long
Term
Liabilities

Long Term
Provisions