Introduction

The Boston Beer Company is the fourth largest brewer in the United States
with products available throughout the United States and internationally.It
produces a variety of craft-brewed beers and cider products at various
contract breweries and Company-owned breweries. The Company sells its
products under brand names such as Boston Beer Company, Oregon Beer and
Brewing Company, Samuel Adams, and HardCore.
Name of the Company The Boston Beer Co. Hard coded historical data
Ticker SAM Calculations
Date of Preparation 3/26/2024

Statement of Earnings FY-2021

(Dollars and shares in thousands, except per share data)

Net Sales $ 2,057,622

Cost of sales 1,259,830
Gross Profit 797,792
Advertising, promotional, and selling expenses 606,994
General and administrative expenses 133,624
Impairment of intangible assets -
Impairment of brewery assets 18,499
Contract termination costs and other 30,678
Total operating expenses 789,795
Operating Earnings 7,997
Interest income (Expenses) (110)
Other expense (Net) (978)
Earning before Income Tax 6,909
Income tax provision (benefit) (7,644)
Net Earnings 14,553

Basic net earnings per share of common stock $ 1.19

Diluted net earnings per share of common stock $ 1.17

Weighted-average number of shares of common stock outstanding – Basic 12,280

Weighted-average number of shares of common stock outstanding – Diluted 12,436

Balance sheet FY-2021

(Dollars and shares in thousands, except per share data)

ASSETS
Cash and Cash Equivalent $ 26,853
Restricted cash 39,468
Accounts Receivables 55,022
Inventories, net 149,118
Prepaid expenses and other current assets 21,462
Income tax receivable 53,418
Total Current Assests 345,341

Property, plant and equipment, net 664,815

Operating right-of-use assets 52,774
Goodwill 112,529
intangible assets 103,677
Third-party production prepayments 88,294
Other assets 19,354
Total assets 1,386,784

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable $ 85,920
Accrued expense and other current liability 161,552
Current operating lease liabilities 7,634
Total current liabilities 255,106

Deferred income taxes 87,495

Non-current operating lease liabilities 53,849
Other liabilities 6,925

Stockholders' equity:
Total stockholders' equity 983,409
Total liabilities and stockholders' equity 1,386,784

Check -

Cashflow statement
(Dollars and shares in thousands, except per share data)

Cashflow from Operating Activities:

Net Earnings $
Adjustments to reconcile net earnings to net cash provided by operating activities:
Less: Income to be considered under other activities (Interest Income)
Depreciation of property, plant, and equipments
Depreciation on leased asset

Changes in operating assets and liabilities, net:

Receivables, net
Inventories, net
Prepaid Expenses and other current asset
Other assets
Accounts payable
Accrued liabilities
Net cash provided by operating activities

Cash flows from investing activities:

Purchases & Sales of Fixed Assets
Interest income
Net cash used in investing activities

Cash flows from financing activities:

Leased liability debt repayment
Net cash used in financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents as of the beginning of the fiscal period
Cash and cash equivalents as of the end of the fiscal period

Statement of Earnings Forcast FY-2021

Sales growth
Cost of sales as a % of sales 61.23%
Advertising, promotional, and selling expenses as a % of sales 29.50%
General and administrative expenses as a % of sales 6.49%
GP margin 38.77%
EBIT margin 0.39%
Other expense as a % of sales 0.05%
Provision for income tax as % of EBT -110.64%

Balance sheet Forcast FY-2021

Debtor days 10
Creditor days 25
inventory days 43
Prepaid expenses and other current assets as % sales 1.04%

Property, plant and equipment, net

Opening balance 623,083
Add: Net purchases of PP&E 113,828
Property, plant and equipment before charging depreciation 736,911
Less: Depreciation 72,096
Property, plant and equipment after charging depreciation 664,815

Rate of depreciation 9.78%

Fixed asset turnover ratio 2.79

Operating right-of-use assets as % of fixed assets 7.94%

Total lease liabilities as % of Operating Right-of-use assets 116.50%
Current operating lease liabilities as % of total lease liabilities 12.42%
Non-Current operating lease liabilities as % of total lease liabilities 87.58%

Other assets as % of sales 0.94%

Accrued liabilities as a % of total cost 8.08%

Dividend -
Buyback -
Dividend as % of net earning -
Buyback as % of net earning 0.00%
Historical Projection
FY-2022 FY-2023 FY-2024 FY-2025 FY-2026 FY-2027 FY-2028

2,090,334 2,008,625 2,028,711 2,048,998 2,069,488 2,090,183 2,111,085

1,228,348 1,156,256 1,167,819 1,179,497 1,191,292 1,203,205 1,215,237
861,986 852,369 860,893 869,502 878,197 886,979 895,848
578,400 555,998 561,558 567,174 572,845 578,574 584,359
157,534 174,548 176,293 178,056 179,837 181,635 183,452
27,100 16,426 - - - - -
2,782 5,396 - - - - -
5,379 - - - - - -
771,195 752,368 737,851 745,230 752,682 760,209 767,811
90,791 100,001 123,041 124,272 125,514 126,770 128,037
2,561 10,995 10,995 10,995 10,995 10,995 10,995
(1,916) (1,408) (1,422) (1,436) (1,451) (1,465) (1,480)
91,436 109,588 132,614 133,830 135,059 136,299 137,552
24,173 33,338 40,343 40,713 41,086 41,464 41,845
67,263 76,250 92,271 93,118 93,972 94,835 95,707

5.46 6.23 7.54 7.61 7.68 7.75 7.82

5.44 6.21 7.53 7.60 7.67 7.74 7.81

12,317 12,243 12,243 12,243 12,243 12,243 12,243

12,345 12,258 12,258 12,258 12,258 12,258 12,258

Historical Projection
FY-2022 FY-2023 FY-2024 FY-2025 FY-2026 FY-2027 FY-2028

180,560 298,491 400,569 497,874 596,803 695,761 793,570

- - - - - - -
56,672 66,997 73,225 79,571 86,037 92,623 99,333
148,450 115,773 116,931 118,100 119,281 120,474 121,679
27,461 20,538 20,743 20,951 21,160 21,372 21,586
10,126 1,711 1,711 1,711 1,711 1,711 1,711
423,269 503,510 613,179 718,207 824,992 931,941 1,037,879

667,909 642,509 634,429 616,456 601,259 589,426 576,359

43,768 35,559 35,112 34,117 33,276 32,621 31,898
112,529 112,529 112,529 112,529 112,529 112,529 112,529
 76,324 59,644 59,644 59,644 59,644 59,644 59,644
61,339 33,581 33,581 33,581 33,581 33,581 33,581
35,635 42,661 32,251 37,008 38,077 36,479 37,938
1,420,773 1,429,993 1,520,726 1,611,542 1,703,358 1,796,222 1,889,829

84,248 87,245 84,918 82,536 80,097 77,602 75,048

111,153 126,930 129,978 131,278 132,590 133,916 135,255
8,866 9,113 8,658 8,413 8,206 8,044 7,866
204,267 223,288 223,554 222,226 220,893 219,562 218,169

96,592 85,721 85,721 85,721 85,721 85,721 85,721

45,274 36,161 34,356 33,383 32,560 31,919 31,212
6,091 6,894 6,894 6,894 6,894 6,894 6,894

1,068,549 1,077,929 1,170,200 1,263,318 1,357,290 1,452,125 1,547,833

1,420,773 1,429,993 1,520,726 1,611,542 1,703,358 1,796,222 1,889,829

- - - - - - -

Projection
FY-2024 FY-2025 FY-2026 FY-2027 FY-2028

92,271 93,118 93,972 94,835 95,707

(10,995) (10,995) (10,995) (10,995) (10,995)

77,626 78,333 77,464 74,315 73,386
447 995 841 655 723

(6,228) (6,346) (6,466) (6,587) (6,710)

(1,158) (1,169) (1,181) (1,193) (1,205)
(205) (207) (210) (212) (214)
10,410 (4,756) (1,069) 1,598 (1,459)
(2,327) (2,382) (2,438) (2,495) (2,553)
3,048 1,300 1,313 1,326 1,339
162,889 147,889 151,231 151,247 148,020

(69,546) (60,360) (62,266) (62,482) (60,320)

10,995 10,995 10,995 10,995 10,995
(58,551) (49,365) (51,271) (51,487) (49,325)

(2,260) (1,219) (1,030) (802) (886)

(2,260) (1,219) (1,030) (802) (886)
 102,078 97,305 98,929 98,958 97,809
298,491 400,569 497,874 596,803 695,761
400,569 497,874 596,803 695,761 793,570

Historical Projection
FY-2022 FY-2023 FY-2024 FY-2025 FY-2026 FY-2027 FY-2028

1.59% -3.91% 1.00% 1.00% 1.00% 1.00% 1.00%

58.76% 57.56% 57.56% 57.56% 57.56% 57.56% 57.56%
27.67% 27.68% 27.68% 27.68% 27.68% 27.68% 27.68%
7.54% 8.69% 8.69% 8.69% 8.69% 8.69% 8.69%
41.24% 42.44% 42.44% 42.44% 42.44% 42.44% 42.44%
4.34% 4.98% 6.06% 6.06% 6.06% 6.06% 6.06%
0.09% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
26.44% 30.42% 30.42% 30.42% 30.42% 30.42% 30.42%

Historical Projection
FY-2022 FY-2023 FY-2024 FY-2025 FY-2026 FY-2027 FY-2028

10 12 13 14 15 16 17
25 28 27 26 25 24 23
44 37 37 37 37 37 37
1.31% 1.02% 1.02% 1.02% 1.02% 1.02% 1.02%

664,815 667,909 642,509 634,429 616,456 601,259 589,426

84,450 62,741 69,546 60,360 62,266 62,482 60,320
749,265 730,650 712,055 694,789 678,723 663,741 649,746
81,356 88,141 77,626 78,333 77,464 74,315 73,386
667,909 642,509 634,429 616,456 601,259 589,426 576,359

10.86% 12.06% 10.90% 11.27% 11.41% 11.20% 11.29%

2.79 2.75 2.85 2.95 3.05 3.15 3.25

6.55% 5.53% 5.53% 5.53% 5.53% 5.53% 5.53%

123.70% 127.32% 122.51% 122.51% 122.51% 122.51% 122.51%
16.38% 20.13% 20.13% 20.13% 20.13% 20.13% 20.13%
83.62% 79.87% 79.87% 79.87% 79.87% 79.87% 79.87%

1.70% 2.12% 1.59% 1.81% 1.84% 1.75% 1.80%

5.66% 6.73% 6.82% 6.82% 6.82% 6.82% 6.82%

- - - - - - -
- 92,877
- - - - - - -
0.00% 121.81% - - - - -