Income Statement

For Year ending December 31

2003 2002 2001 Ratio
Sales 6,500,000 € 5,550,000 € 4,050,000 € Current Ratio
-Cost of Goods Sold 3,965,000 € 3,385,500 € 2,430,000 € Quick Ratio
Gross Profit 2,535,000 € 2,164,500 € 1,620,000 € Cash ratio
-Depreciation 485,600 € 287,200 € 158,500 € Working Capital
Other Operating Expenses 1,690,000 € 1,387,500 € 1,012,500 €
Ernings Before Interest and Taxes 359,400 € 489,800 € 449,000 € Asset Management
-Interest 331,956 € 160,125 € 50,645 € Total Assets Turnover
Earings Before Taxes 27,444 € 329,675 € 398,355 € Fixed assets Turnover
-Income Taxes 10,978 € 131,870 € 159,342 € Current Assets Turnover
Net Income 16,466 € 197,805 € 239,013 €
40% A/R Turnover
A/R Turnover days
Inventory Turnover
Inventory Turnover days
A/P Turnover
A/P Turnover days
Balance Sheet
For Year Ending December 31 Long Term Debt
2003 2002 2001 Leverage ratios
Cash 57,000 € 110,000 € 155,000 € Dept Ratio
Accounts Receivable 95,000 € 59,000 € 45,000 € Dept to Equity
Inventories 1,050,000 € 723,000 € 540,000 € Maturity Debt
Prepaid Expenses 42,000 € 36,000 € 25,000 € Coverage Ratios
Total Current Assets 1,244,000 € 928,000 € 765,000 € Times interest earned
Property, Plant and Equipment 7,288,800 € 4,819,200 € 3,245,000 € interest Expense on Sales
Less: Accumulative Depreciation 2,432,800 € 1,947,200 € 1,660,000 € Effective interest
Net Property, Plant and Equipment 4,856,000 € 2,872,000 € 1,585,000 €
Total Assets 6,100,000 € 3,800,000 € 2,350,000 € Profitability
In realation to sales
Accounts Payable 440,556 € 165,000 € 99,000 € Gross Profit Margin
Line of Credit 570,638 € 353,000 € 267,435 € Operating profit Margin
Current Portion of Long-term Debt 325,346 € 162,000 € 41,460 € Net Profit Margin
Total Current Liabilities 1,336,540 € 680,000 € 407,895 €
Long-term Debt 3,253,460 € 1,620,000 € 414,605 € In Ralation to investment
Equity 1,510,000 € 1,500,000 € 1,527,500 € ROI
Total Liabilities and Equity 6,100,000 € 3,800,000 € 2,350,000 € ROE

Ratio
Current Ratio
Cash ratio
Total Assets Turnover
Fixed Assets Turnover
A/R Turnover days
Inventory Turnover days
A/P Turnover days
Dept Ratio
Times interest earned
Gross Profit Margin
Operating profit Margin
Net Profit Margin
ROI
ROE
 2003 2002 2001 Industry Avg.
0.93 1.36 1.88 1.9
0.15 0.30 0.55
0.04 0.16 0.38 0.51
-92540.00 248000.00 357105.00

1.07 1.46 1.72 2

1.34 1.93 2.56 3.19
5.23 5.98 5.29

27.37 37.63 36.00

13.34 9.70 10.14 30
3.78 4.68 4.50
96.66 77.95 81.11 60
9.00 20.52 24.55
40.56 17.79 14.87 15

75.25% 60.53% 35.00% 30%

303.97% 153.33% 53.85%
29.12% 29.57% 49.59%

0.08 2.06 7.87 14.63

5.11% 2.89% 1.25%
39.00% 39.00% 40.00% 42%
5.53% 8.83% 11.09% 12%
0.25% 3.56% 5.90% 6.71%

0.45% 8.68% 16.95% 13.42%

1.09% 13.19% 15.65% 19.17%

2003 2002 2001 Industry Avg.

0.93 1.36 1.88 1.9
0.04 0.16 0.38 0.51
1.07 1.46 1.72 2
1.34 1.93 2.56 3.19
13.34 9.70 10.14 30
96.66 77.95 81.11 60
40.56 17.79 14.87 15
75.25% 60.53% 35.00% 30.00%
0.08 2.06 7.87 14.63
39.00% 39.00% 40.00% 42.00%
5.53% 8.83% 11.09% 12.00%
0.25% 3.56% 5.90% 6.71%
0.45% 8.68% 16.95% 13.42%
1.09% 13.19% 15.65% 19.17%
 Income Statement Income Statement
For Year ending December 31 Horizontal Analysis
2003 2002 2001 2003 2002
Sales 6,500,000 € 5,550,000 € 4,050,000 € 160.5% 137.0%
-Cost of Goods Sold 3,965,000 € 3,385,500 € 2,430,000 € 163.2% 139.3%
Gross Profit 2,535,000 € 2,164,500 € 1,620,000 € 156.5% 133.6%
-Depreciation 485,600 € 287,200 € 158,500 € 306.4% 181.2%
Other Operating Expenses 1,690,000 € 1,387,500 € 1,012,500 € 166.9% 137.0%
Ernings Before Interest and Taxes 359,400 € 489,800 € 449,000 € 80.0% 109.1%
-Interest 331,956 € 160,125 € 50,645 € 655.5% 316.2%
Earings Before Taxes 27,444 € 329,675 € 398,355 € 6.9% 82.8%
-Income Taxes 10,978 € 131,870 € 159,342 € 6.9% 82.8%
Net Income 16,466 € 197,805 € 239,013 € 6.9% 82.8%

Balance Sheet Balance Sheet

For Year Ending December 31 Horizontal Analysis
2003 2002 2001 2003 2002
Cash 57,000 € 110,000 € 155,000 € 36.8% 71.0%
Accounts Receivable 95,000 € 59,000 € 45,000 € 211.1% 131.1%
Inventories 1,050,000 € 723,000 € 540,000 € 194.4% 133.9%
Prepaid Expenses 42,000 € 36,000 € 25,000 € 168.0% 144.0%
Total Current Assets 1,244,000 € 928,000 € 765,000 € 162.6% 121.3%
Property, Plant and Equipment 7,288,800 € 4,819,200 € 3,245,000 € 224.6% 148.5%
Less: Accumulative Depreciation 2,432,800 € 1,947,200 € 1,660,000 € 146.6% 117.3%
Net Property, Plant and Equipment 4,856,000 € 2,872,000 € 1,585,000 € 306.4% 181.2%
Total Assets 6,100,000 € 3,800,000 € 2,350,000 € 259.6% 161.7%
Accounts Payable 440,556 € 165,000 € 99,000 € 445.0% 166.7%
Line of Credit 570,638 € 353,000 € 267,435 € 213.4% 132.0%
Current Portion of Long-term Debt 325,346 € 162,000 € 41,460 € 784.7% 390.7%
Total Current Liabilities 1,336,540 € 680,000 € 407,895 € 327.7% 166.7%
Long-term Debt 3,253,460 € 1,620,000 € 414,605 € 784.7% 390.7%
Equity 1,510,000 € 1,500,000 € 1,527,500 € 98.9% 98.2%
Total Liabilities and Equity 6,100,000 € 3,800,000 € 2,350,000 € 259.6% 161.7%
 Income Statement
Vertical Analysis
2003 2002 2001
100.0% 100.0% 100.0%
61.0% 61.0% 60.0%
39.0% 39.0% 40.0%
7.5% 5.2% 3.9%
26.0% 25.0% 25.0%
5.5% 8.8% 11.1%
5.1% 2.9% 1.3%
0.4% 5.9% 9.8%
0.2% 2.4% 3.9%
0.3% 3.6% 5.9%

Balance Sheet
Vertical Analysis
2003 2002 2001
0.9% 2.9% 6.6%
1.6% 1.6% 1.9%
17.2% 19.0% 23.0%
0.7% 0.9% 1.1%
20.4% 24.4% 32.6%
119.5% 126.8% 138.1%
39.9% 51.2% 70.6%
79.6% 75.6% 67.4%
100.0% 100.0% 100.0%
 7.2% 4.3% 4.2%
9.4% 9.3% 11.4%
5.3% 4.3% 1.8%
21.9% 17.9% 17.4%
53.3% 42.6% 17.6%
24.8% 39.5% 65.0%
100.0% 100.0% 100.0%
 Income Statement
For Year ending December 31
2003 2002 2001
Sales 6,500,000 € 5,550,000 € 4,050,000 €
-Cost of Goods Sold 3,965,000 € 3,385,500 € 2,430,000 €
Gross Profit 2,535,000 € 2,164,500 € 1,620,000 €
-Depreciation 485,600 € 287,200 € 158,500 €
Other Operating Expenses 1,690,000 € 1,387,500 € 1,012,500 €
Ernings Before Interest and Taxe 359,400 € 489,800 € 449,000 €
-Interest 331,956 € 160,125 € 50,645 €
Earings Before Taxes 27,444 € 329,675 € 398,355 €
-Income Taxes 10,978 € 131,870 € 159,342 €
Net Income 16,466 € 197,805 € 239,013 €

Balance Sheet Comparative Balance Sheet

For Year Ending December 31
2003 2002 2001 2002-2001
Cash 57,000 € 110,000 € 155,000 € - 45,000 €
Accounts Receivable 95,000 € 59,000 € 45,000 € 14,000 €
Inventories 1,050,000 € 723,000 € 540,000 € 183,000 €
Prepaid Expenses 42,000 € 36,000 € 25,000 € 11,000 €
Total Current Assets 1,244,000 € 928,000 € 765,000 € 163,000 €
Property, Plant and Equipment 7,288,800 € 4,819,200 € 3,245,000 € 1,574,200 €
Less: Accumulative Depreciation 2,432,800 € 1,947,200 € 1,660,000 € 287,200 €
Net Property, Plant and Equipme 4,856,000 € 2,872,000 € 1,585,000 € 1,287,000 €
Total Assets 6,100,000 € 3,800,000 € 2,350,000 € 1,450,000 €

Accounts Payable 440,556 € 165,000 € 99,000 € 66,000 €

Line of Credit 570,638 € 353,000 € 267,435 € 85,565 €
Current Portion of Long-term Deb 325,346 € 162,000 € 41,460 € 120,540 €
Total Current Liabilities 1,336,540 € 680,000 € 407,895 € 272,105 €
Long-term Debt 3,253,460 € 1,620,000 € 414,605 € 1,205,395 €
Equity 1,510,000 € 1,500,000 € 1,527,500 € - 27,500 €
Total Liabilities and Equity 6,100,000 € 3,800,000 € 2,350,000 € 1,450,000 €
 Cashflow from operations
2002

Net income 197,805 €

Adjustment
Depreciation 287,200 €
increase Acc receivable - 14,000 €
increase Inventory - 183,000 €
increase Prepaid expense - 11,000 €
increase accounts payable 66,000 €

Net cash 343,005 €

Cashflow from operations

2003
mparative Balance Sheet
Net income 16,466 €
2003-2002
- 53,000 € Adjustment
36,000 € Depreciation 485,600 €
327,000 € increase Acc receivable - 36,000 €
6,000 € increase Inventory - 327,000 €
316,000 € increase Prepaid expense - 6,000 €
2,469,600 € increase accounts payable 275,556 €
485,600 €
1,984,000 € Net cash 408,622 €
2,300,000 €

275,556 €
217,638 €
163,346 €
656,540 €
1,633,460 €
10,000 €
2,300,000 €