3 Statement Model Strictly Confidential

Table of Contents
#VALUE!

Notes
This Excel model is for educational purposes only and should not be used for any other reason.
All content is Copyright material

All rights reserved. The contents of this publication, including but not limited to all written material, content layout, images, formulas, and code, are protected under international copyright and trademark laws.
No part of this publication may be modified, manipulated, reproduced, distributed, or transmitted in any form by any means, including photocopying, recording, or other electronic or mechanical methods,
without prior written permission of the publisher, except in the case of certain noncommercial uses permitted by copyright law.
 Historical --> Forecast -->
3 Statement Model
USD millions, except per share data 2022 2023 2024 2025 2026 2027 2028 2029
Balance Sheet Check OK OK OK OK OK OK OK OK

Assumptions & Drivers

Days in Period 365 365 365 365 365 365 365 365 Alternative Methods
Inflation 4% 4% 4% 4% 4%
Income Statement
Sales Growth 6.5% 7.4% Alternative: Regression, Bottom Up, Top Down
Gross Margin 53.2% 56.5% 57.4% Alternative: COGS Margin
Distribution Expense (Percent of Sales) 7.2% 7.4% 6.6%
Marketing Expense (Fixed Cost) 23,507.00 26,569.00 30,830.07
Research Expense (Percent of Sales) 2.2% 2.2% 2.2%
Depreciation (Percent of Sales) 3.6% 3.2% 3.1% Alternative: Depreciation Percent of PP&E
Long Term Debt Interest (Average Debt) 0.06 0.06 0.06
Tax Rate (Percent of EBT) 34.7% 24.3% 15.3%

Balance Sheet
Capital Asset Turnover Ratio 4.23 4.26 4.40 Alternative: Capex $
Receivable Days (Sales Basis) 57 59 58
Inventory Days (COGS Basis) 69 74 74
Payable Days (COGS Basis) 96 102 102
Income Tax Payable 39.4% 36.8% 37.0%
Long Term Debt 20,000 20,000 20,000
Common Share Capital 7,627 7,627 7,627 Alternative: Debt/Equity Ratio
Dividend Payout Ratio 83.2% 55.8% 33.7%

Income Statement

Revenues 81,422 86,698 93,086

Cost of Goods Sold 38,121 37,756 39,639
Gross Profit 43,301 48,942 53,447
Distribution Expenses 5,884 6,421 6,166
Marketing and Administration 23,507 26,569 30,830
Research and Development 1,764 1,931 2,026
Depreciation 2,960 2,803 2,907
EBIT (Operating Profit) 9,186 11,218 11,518
Interest 1,240 1,240 1,240
Income Before Taxes 7,946 9,978 10,278
Taxes 2,761 2,429 1,570
Net Income 5,185 7,549 8,708

Common Dividends 4,312 4,209 2,931

Balance Sheet

ASSETS
Current Assets:
Cash 5,289 5,918 10,159

© Management Development Associates (NA) Inc. - 21317

Trade and Other Receivables 12,685 14,074 14,721
Inventories 7,168 7,691 8,036
Total Current Assets 25,142 27,683 32,916
Non-Current Assets:
Property Plant and Equipment 19,263 20,371 21,175
TOTAL ASSETS 44,405 48,054 54,091

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Trade and Other Payables 10,001 10,504 11,077
Income Taxes Payable 1,088 894 581
Total Current Liabilities: 11,089 11,398 11,658
Non-Current Liabilities:
Long-Term Debt 20,000 20,000 20,000
Shareholder's Equity:
Common Stock and Additional Paid-In Capital 7,627 7,627 7,627
Retained Earnings 5,689 9,029 14,806
Total Shareholders' Equity 13,316 16,656 22,433
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 44,405 48,054 54,091

Check 0.000 0.000 0.000

Cash Flow Statement

Cash Flows from Operating Activities:

Net Income 5,185 7,549 8,708
Depreciation 2,960 2,803 2,907
Changes in Operating Assets and Liabilities:
Trade and Other Receivables (1,280) (1,389) (647)
Inventories (470) (523) (345)
Trade and Other Payables 490 503 573
Income Taxes Payable 50 (194) (313)
Net Cash Provided by Operating Activities 6,935 8,749 10,883

Investing Activities:
Acquisitions of Property and Equipment (3,005) (3,911) (3,711)
Cash Flows from Investing Activities (3,005) (3,911) (3,711)

Financing Activities:
Issuance of Common Stock - - -
Dividends (current year) (4,312) (4,209) (2,931)
Increase/(Decrease) in Long-Term Debt - - -
Cash Flows from Financing Activities (4,312) (4,209) (2,931)

Increase/(Decrease) in Cash and Equivalents (382) 629 4,241

Cash and Equivalents, Beginning of the Year 5,671 5,289 5,918
Cash and Equivalents, End of the Year 5,289 5,918 10,159

Supporting Schedules

Property Plant and Equipment (PP&E)

Net PP&E net ppe = beginn balance + capex - depreciaiton

© Management Development Associates (NA) Inc. - 21317

Beginning of Period 19,218 19,263 20,371 21,175
Capital Expenditures/Additions (Disposals) 3,005 3,911 3,711 -
Depreciation Expense 2,960 2,803 2,907 -
Net PP&E End of Period 19,263 20,371 21,175 21,175

Retained Earnings (RE)

Beginning of Period 4,816 5,689 9,029
Net Income 5,185 7,549 8,708
Dividends 4,312 4,209 2,931
RE End of Period 5,689 9,029 14,806

Long Term Debt (LTD)

Beginning of Period 20,000 20,000 20,000 -
Additions (Repayments)
LTD End of Period 20,000 20,000 20,000 -

Long Term Debt Interest 1,240 1,240 1,240 -

Total Interest 1,240 1,240 1,240 -

Charts & Graphs

Income Statement
Revenue
EBITDA
EBITDA Margin
Net Income
Net Income Margin

Cash Flow
Operations
Investing
Financing
Change in Cash

Income Statement Cash Flow Statement

Revenue EBITDA Margin Net Income Margin Investing Financing Operations Change in Cash
12 30.0% 12

10 25.0%
10

20.0%
8 8
15.0%
6 6
10.0%
4 4
5.0%

2 0.0% 2

- -5.0% -
2022 2023 2024 2025 2026 2027 2028 2029
2022 2023 2024 2025 2026 2027 2028 2029

© Management Development Associates (NA) Inc. - 21317