modelo básico de planeación financiera

Mobile Business Planning Model

Confidential File Name: document.xls Print Date: 04/18/2023 Page: 1

The Economist Guide to Business Planning

Generic Business Model

© Coleago Consulting Ltd Version 1.0 - 1st May 2003www.coleago.com

About The Model Model Set-Up Operational Forecasts Accounting

Financial Results

http://www.coleago.com/



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 [email protected].



Model Set Up

Range Name

Business Imperative Widgets Limited Company_Name

Currency € Currency

Units Thousands Units

Years 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Years

Your TaskThe basis information required in this sheet will be used throughout the model. All cells with blue font are a required input.



Operational Forecasts

Revenue

Operating Costs

Operational Forecasts

This section examines revenues, costs of sale and operating costs.

Cost of Sales



RevenueWidgets LimitedUnits as Specified

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Revenue Line 1Revenue Description Widget Revenue_Description_1Opening Customers - 000s - Closing Customers - 000s 50 150 330 890 1,900 3,330 4,880 5,960 6,350 6,480 Closing_Customers_1Sales of Widget per Customer 2.0 1.8 1.7 1.6 1.5 1.4 1.3 1.3 1.3 1.3 Sales_per_Customer_1Widget Selling Price - € 37 36 35 34 32 30 28 25 23 22 Selling_Price_1

Average Customers 25 100 240 610 1,395 2,615 4,105 5,420 6,155 6,415 Average_Customers_1Total Revenue 1 1,850 6,480 14,280 33,184 66,960 109,830 149,422 176,150 184,035 183,469 Total_Revenue_1

Revenue Line 2Revenue Description Revenue_Description_2Opening Customers - 000sClosing Customers - 000s Closing_Customers_2Sales of Widget per Customer Sales_per_Customer_2Widget Selling Price - € Selling_Price_2

Average Customers - - - - - - - - - - Average_Customers_2Total Revenue 2 - - - - - - - - - - Total_Revenue_2

Your TaskEnter the assumptions as indicated below to create a revenue forecast.



Cost of SalesWidgets LimitedUnits as Specified

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Cost of Sales Item 1Cost of Sales Description 1 Zapper Cost_of_Sales_Description_1Zapper Quantity Purchased - 000s 55 200 450 1,100 2,300 4,100 5,900 7,750 8,800 9,200 Quantity_of_Stock_1Zapper Cost per Unit of Stock - € 15.0 14.6 14.2 13.8 13.7 13.3 13.1 11.6 10.7 10.2 Cost_of_Stock_1

Total Cost of Sales 1 750 2,628 5,794 13,469 28,667 48,691 69,908 81,734 85,616 85,063 Cost_of_Sales_1

Cost of Sales Item 2Cost of Sales Description 2 Cost_of_Sales_Description_2 Quantity Purchased - 000s Quantity_of_Stock_2 Cost per Unit of Stock - € Cost_of_Stock_2

Total Cost of Sales 2 - - - - - - - - - - Cost_of_Sales_2

Your TaskEnter the assumptions required below to generate a cost of sales forecast.



Operating CostsWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Staff Cost AssumptionsHeadcount 22 28 30 35 40 61 125 175 199 205 Headcount_RatioOpening Salary 35 Opening_SalarySalary Growth 3% Salary_GrowthAdditional Salary Costs 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% Additional_Salary_Costs

Staff NumbersOpening Staff - Closing Number of Staff 22 28 30 35 40 61 125 175 199 205 Average Number of Staff 11 25 29 33 38 51 93 150 187 202 Average_Staff

Salary CostsSalary Levels 35 36 37 38 39 41 42 43 44 46 SalaryTotal Salary Costs 385 901 1,077 1,243 1,477 2,049 3,887 6,457 8,291 9,225 Additional Employment Costs 116 270 323 373 443 615 1,166 1,937 2,487 2,767 Total Staff Costs 501 1,172 1,400 1,616 1,920 2,664 5,053 8,394 10,778 11,992 Staff_Costs

Operating Costs - 000sRent 2,100 2,200 2,320 2,520 3,090 3,190 3,280 3,360 3,480 3,590 Operating_Costs_3Light and Heat 210 221 235 255 310 320 330 340 350 360 Operating_Costs_4Advertising 1,500 1,800 2,400 3,200 3,930 4,370 4,520 4,630 4,740 4,800 Operating_Costs_5Legal and Professional 600 800 1,000 1,100 1,200 1,260 1,330 1,390 1,460 1,530 Operating_Costs_6Telephone, Fax and IT 550 700 750 875 920 1,220 1,500 1,750 1,990 2,050 Operating_Costs_7Stationery 300 310 320 335 450 600 900 1,200 1,300 1,350 Operating_Costs_8Leasing of Equipment 2,000 2,040 2,080 2,400 2,600 2,700 2,800 2,850 2,900 2,970 Operating_Costs_9Travel and Subsistence 220 280 300 350 600 800 1,250 1,750 1,990 2,050 Operating_Costs_10

Bad DebtZapper Bad Debt Rate 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% Bad_Debt_Rate_1 Bad Debt Rate Bad_Debt_Rate_2

Zapper Bad Debt 56 194 428 996 2,009 3,295 4,483 5,285 5,521 5,504 Bad Debt 0 0 0 0 0 0 0 0 0 0 Total Bad Debt 56 194 428 996 2,009 3,295 4,483 5,285 5,521 5,504 Total_Bad_Debt

Your TaskThis section examines staff costs, other operating costs and bad debt. Enter the assumptions as indicated below.



Accounting

Depreciation

Working Capital

Accounting

This section performs basic accounting operations necessary to produce the financial statements.

Financing

Amortisation

Taxation



DepreciationWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

AssumptionsCapital Expenditure 55,000 20,000 5,000 5,000 20,000 8,000 8,000 8,000 8,000 8,000 Capital_ExpenditureDepreciation Period 8 Depreciation_PeriodDepreciation of Opening Gross Capex Opening_Depreciation_CapexGross Capex to DateAccumulated Depreciation to Date

Tangible Fixed Asset AccountOpening Balance 0 55,000 75,000 80,000 85,000 105,000 113,000 121,000 129,000 137,000 Capital Expenditure 55,000 20,000 5,000 5,000 20,000 8,000 8,000 8,000 8,000 8,000 Closing Balance 55,000 75,000 80,000 85,000 105,000 113,000 121,000 129,000 137,000 145,000 Gross_Fixed_Assets

Depreciation AccountOpening Balance 0 3,438 11,563 21,250 31,563 43,438 57,063 71,688 87,313 100,500 Depreciation Charge 3,438 8,125 9,688 10,313 11,875 13,625 14,625 15,625 13,188 9,500 Closing Balance 3,438 11,563 21,250 31,563 43,438 57,063 71,688 87,313 100,500 110,000 Accumulated_Depreciation

Tangible Net Book Value 51,563 63,438 58,750 53,438 61,563 55,938 49,313 41,688 36,500 35,000 Tangible_Net_Book_Value

Depreciation WorkingsOpening Fixed Assets 0 0 0 0 0 0 0 0 0 0 0

2003 55,000 3,438 6,875 6,875 6,875 6,875 6,875 6,875 6,875 3,438 2004 20,000 1,250 2,500 2,500 2,500 2,500 2,500 2,500 2,500 1,250 2005 5,000 313 625 625 625 625 625 625 625 2006 5,000 313 625 625 625 625 625 625 2007 20,000 1,250 2,500 2,500 2,500 2,500 2,500 2008 8,000 500 1,000 1,000 1,000 1,000 2009 8,000 500 1,000 1,000 1,000 2010 8,000 500 1,000 1,000 2011 8,000 500 1,000 2012 8,000 500

3,438 8,125 9,688 10,313 11,875 13,625 14,625 15,625 13,188 9,500 Depreciation_Charge

Your TaskEnter the assumptions relating to capital expenditure and depreciation.



AmortisationWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

AssumptionsIntangible Expenditure 10,000 10,000 10,000 Intangible_ExpenditureAmortisation Period 4 Amortisation_PeriodAmortisation of Opening Intangible Spend Opening_AmortisationGross Intangible Expenditure to DateAccumulated Amortisation

Intangible Fixed Asset AccountOpening Balance 0 10,000 10,000 10,000 20,000 20,000 20,000 20,000 30,000 30,000 Capital Expenditure 10,000 0 0 10,000 0 0 0 10,000 0 0 Closing Balance 10,000 10,000 10,000 20,000 20,000 20,000 20,000 30,000 30,000 30,000 Gross_Intangible_Fixed_Assets

Amortisation AccountOpening Balance 0 1,250 3,750 6,250 10,000 13,750 16,250 18,750 21,250 23,750 Amortisation Charge 1,250 2,500 2,500 3,750 3,750 2,500 2,500 2,500 2,500 2,500 Closing Balance 1,250 3,750 6,250 10,000 13,750 16,250 18,750 21,250 23,750 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 3,750 Intangible_Net_Book_Value

Amortisation WorkingsOpening Intangible Assets 0 0 0 0 0 0 0 0 0 0 0

2003 10,000 1,250 2,500 2,500 2,500 1,250 2004 0 0 0 0 0 0 2005 0 0 0 0 0 0 2006 10,000 1,250 2,500 2,500 2,500 1,250 2007 0 0 0 0 0 0 2008 0 0 0 0 0 0 2009 0 0 0 0 0 2010 10,000 1,250 2,500 2,500 2011 0 0 0 2012 0 0

1,250 2,500 2,500 3,750 3,750 2,500 2,500 2,500 2,500 2,500 Amortisation_Charge

Your TaskEnter the assumptions relating to expenditure on intangible assets and their amortisation.



Working CapitalWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Widget Debtors AccountWidget Debtor Days 30 30 30 30 30 30 30 30 30 30 Debtor_Days_1Opening Balance 0 152 533 1,174 2,727 5,504 9,027 12,281 14,478 15,126 Sales in the Period 1,850 6,480 14,280 33,184 66,960 109,830 149,422 176,150 184,035 183,469 Cash Received (1,698) (6,099) (13,639) (31,630) (64,184) (106,306) (146,168) (173,953) (183,386) (183,515)Closing Balance 152 533 1,174 2,727 5,504 9,027 12,281 14,478 15,126 15,080 Debtors_1

Debtors Account Debtor Days Debtor_Days_2Opening Balance 0 0 0 0 0 0 0 0 0 0 Sales in the Period 0 0 0 0 0 0 0 0 0 0 Cash Received 0 0 0 0 0 0 0 0 0 0 Closing Balance 0 0 0 0 0 0 0 0 0 0 Debtors_2

Zapper Stock AccountOpening Stock 0 75 367 963 2,675 5,517 11,356 18,738 26,904 35,448 Stock Purchased 825 2,920 6,390 15,180 31,510 54,530 77,290 89,900 94,160 93,840 Cost_of_stock_purchased_1Cost of Goods Sold (750) (2,628) (5,794) (13,469) (28,667) (48,691) (69,908) (81,734) (85,616) (85,063)Closing Stock 75 367 963 2,675 5,517 11,356 18,738 26,904 35,448 44,225 Stock_1

Zapper Creditors AccountZapper Creditor Days 30 30 30 30 30 30 30 30 30 30 Creditor_Days_1Opening Balance 0 68 240 525 1,248 2,590 4,482 6,353 7,389 7,739 Costs in the Period 825 2,920 6,390 15,180 31,510 54,530 77,290 89,900 94,160 93,840 Cash Paid (757) (2,748) (6,105) (14,458) (30,168) (52,638) (75,419) (88,864) (93,810) (93,866)Closing Balance 68 240 525 1,248 2,590 4,482 6,353 7,389 7,739 7,713 Creditors_1

Stock AccountOpening Stock 0 0 0 0 0 0 0 0 0 0 Stock Purchased 0 0 0 0 0 0 0 0 0 0 Cost_of_stock_purchased_2Cost of Goods Sold 0 0 0 0 0 0 0 0 0 0 Closing Stock 0 0 0 0 0 0 0 0 0 0 Stock_2

Creditors Account Creditor Days Creditor_Days_2Opening Balance 0 0 0 0 0 0 0 0 0 0 Costs in the Period 0 0 0 0 0 0 0 0 0 0 Cash Paid 0 0 0 0 0 0 0 0 0 0 Closing Balance 0 0 0 0 0 0 0 0 0 0 Creditors_2

Capital Expenditure Creditors AccountCapex Creditor Days 20 20 20 20 20 20 20 20 20 20 Capex_Creditor_DaysOpening Balance 0 3,014 1,096 274 274 1,096 438 438 438 438 Costs in the Period 55,000 20,000 5,000 5,000 20,000 8,000 8,000 8,000 8,000 8,000 Cash Paid (51,986) (21,918) (5,822) (5,000) (19,178) (8,658) (8,000) (8,000) (8,000) (8,000) Capex_PaidClosing Balance 3,014 1,096 274 274 1,096 438 438 438 438 438 Capex_Creditors

Intangible Expenditure Creditors AccountIntangible Creditor Days 180 180 180 180 180 180 180 180 180 180 Intangible_Creditor_DaysOpening Balance 0 4,932 0 0 4,932 0 0 0 4,932 0 Costs in the Period 10,000 0 0 10,000 0 0 0 10,000 0 0 Cash Paid (5,068) (4,932) 0 (5,068) (4,932) 0 0 (5,068) (4,932) 0 Intangibles_PaidClosing Balance 4,932 0 0 4,932 0 0 0 4,932 0 0 Intangible_Creditors

Your TaskEnter assumptions relating to debtor and creditor days.



FinancingWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Financing AssumptionsEquity Issued 38,490 18,450 8,650 2,260 4,060 Equity_IssuedDebt Raised 19,245 9,220 4,315 1,130 2,027 Debt_IssuedDebt Repaid 8,984 8,984 8,984 Debt_RepaidInterest Rate on Debt 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Interest_On_DebtInterest Rate on Overdraft 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% Interest_On_OverdraftInterest on Cash Deposits 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% Interest_On_DepositsDividend Proportion 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% Dividend_Proportion

Equity AccountOpening Balance 0 38,490 56,940 65,590 67,850 71,910 71,910 71,910 71,910 71,910 Equity Issued 38,490 18,450 8,650 2,260 4,060 0 0 0 0 0 Equity_CreatedClosing Balance 38,490 56,940 65,590 67,850 71,910 71,910 71,910 71,910 71,910 71,910 Closing_Equity

Debt AccountOpening Balance 0 19,245 28,465 32,780 33,910 35,937 26,953 17,969 8,985 8,985 Debt Raised 19,245 9,220 4,315 1,130 2,027 0 0 0 0 0 Debt_CreatedDebt Repaid 0 0 0 0 0 (8,984) (8,984) (8,984) 0 0 Debt_RetiredClosing Balance 19,245 28,465 32,780 33,910 35,937 26,953 17,969 8,985 8,985 8,985 Closing_Debt

Interest on Debt AccountInterest Charge 481 1,193 1,531 1,667 1,746 1,572 1,123 674 449 449 Debt_Interest_Charge

Interest on OverdraftInterest Charge 213 648 837 979 1,275 1,006 307 0 0 0 Overdraft_Interest_Charge

Interest Income on Short Term DepositsInterest Income 0 0 0 0 0 0 313 781 1,006 1,171 Interest_Income

Shares In IssueOpening Shares in Issue - 38,490 56,940 65,590 67,850 71,910 71,910 71,910 71,910 71,910 Shares Issued During the Year 38,490 18,450 8,650 2,260 4,060 - - - - - Shares Repurchased During the YearClosing Shares in Issue 38,490 56,940 65,590 67,850 71,910 71,910 71,910 71,910 71,910 71,910

Average Shares in the Year 19,245 47,715 61,265 66,720 69,880 71,910 71,910 71,910 71,910 71,910 Average_Shares

Your TaskEnter assumptions relating to the financing of the business.



TaxationWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Taxation AssumptionsTax Rate 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% Taxation_RateTax Creditor Days 365 365 365 365 365 365 365 365 365 365 Tax_Creditor_DaysProfit Adjustments Profit_Adjustments

Profit and Loss Taxation WorkingsProfits / (Loss) Before Tax (12,318) (18,331) (17,303) (10,640) 2,618 22,017 35,826 45,451 48,778 50,932 Profits Before Losses 0 0 0 0 2,618 22,017 35,826 45,451 48,778 50,932 Losses Carried Forward 0 0 0 0 (2,618) (22,017) (33,957) 0 0 0 Other Adjustments 0 0 0 0 0 0 0 0 0 0 Profits Liable to Corporation Tax 0 0 0 0 0 0 1,869 45,451 48,778 50,932 Profits_Liable_To_TaxCorporation Tax 0 0 0 0 0 0 561 13,635 14,633 15,279 Corporation_Tax_Charge

Corporation Tax AccountOpening Balance 0 0 0 0 0 0 0 561 13,635 14,633 Tax Charge in the Period 0 0 0 0 0 0 561 13,635 14,633 15,279 Tax Paid 0 0 0 0 0 0 0 (561) (13,635) (14,633) Tax_PaidClosing Balance 0 0 0 0 0 0 561 13,635 14,633 15,279 Taxation_Creditor

Losses AccountOpening Losses - 12,318 30,649 47,952 58,592 55,974 33,957 0 0 0 Increase in Losses in the Period 12,318 18,331 17,303 10,640 0 0 0 0 0 0 Losses Utilised 0 0 0 0 (2,618) (22,017) (33,957) 0 0 0 Losses_UtilisedClosing Losses 12,318 30,649 47,952 58,592 55,974 33,957 0 0 0 0

Valuation Taxation WorkingsProfit Before Interest and Tax (11,624) (16,490) (14,934) (7,994) 5,639 24,595 36,944 45,343 48,222 50,210 Profits Before Losses 0 0 0 0 5,639 24,595 36,944 45,343 48,222 50,210 Losses Carried Forward 0 0 0 0 (5,639) (24,595) (20,808) 0 0 0 Other Adjustments 0 0 0 0 0 0 0 0 0 0 Profits Liable to Corporation Tax 0 0 0 0 0 0 16,136 45,343 48,222 50,210 Corporation Tax 0 0 0 0 0 0 4,841 13,603 14,466 15,063

Corporation Tax AccountOpening Balance 0 0 0 0 0 0 0 4,841 13,603 14,466 Tax Charge in the Period 0 0 0 0 0 0 4,841 13,603 14,466 15,063 Tax Paid 0 0 0 0 0 0 0 (4,841) (13,603) (14,466) Valuation_Tax_PaidClosing Balance 0 0 0 0 0 0 4,841 13,603 14,466 15,063

Losses AccountOpening Losses - 11,624 28,114 43,048 51,042 45,403 20,808 0 0 0 Increase in Losses in the Period 11,624 16,490 14,934 7,994 0 0 0 0 0 0 Losses Utilised 0 0 0 0 (5,639) (24,595) (20,808) 0 0 0 Closing Losses 11,624 28,114 43,048 51,042 45,403 20,808 0 0 0 0

Your TaskEnter the tax rate, tax creditor days and any adjustments to profits liable to corporation tax in the "Profit Adjustments" row.



Financial Results

Profit and Loss

Cash Flow Statement

Financial Results

This chapter contains the financial results from the model.

Balance Sheet

Ratios

Valuation



Profit and LossWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Widget 1,850 6,480 14,280 33,184 66,960 109,830 149,422 176,150 184,035 183,469 0 0 0 0 0 0 0 0 0 0 0 Total Revenue 1,850 6,480 14,280 33,184 66,960 109,830 149,422 176,150 184,035 183,469

Zapper (750) (2,628) (5,794) (13,469) (28,667) (48,691) (69,908) (81,734) (85,616) (85,063)0 0 0 0 0 0 0 0 0 0 0 Total Cost of Sales (750) (2,628) (5,794) (13,469) (28,667) (48,691) (69,908) (81,734) (85,616) (85,063)

Gross Profit 1,100 3,852 8,486 19,715 38,293 61,139 79,514 94,416 98,418 98,406

Bad Debt (56) (194) (428) (996) (2,009) (3,295) (4,483) (5,285) (5,521) (5,504)Staff Costs (501) (1,172) (1,400) (1,616) (1,920) (2,664) (5,053) (8,394) (10,778) (11,992)Rent (2,100) (2,200) (2,320) (2,520) (3,090) (3,190) (3,280) (3,360) (3,480) (3,590)Light and Heat (210) (221) (235) (255) (310) (320) (330) (340) (350) (360)Advertising (1,500) (1,800) (2,400) (3,200) (3,930) (4,370) (4,520) (4,630) (4,740) (4,800)Legal and Professional (600) (800) (1,000) (1,100) (1,200) (1,260) (1,330) (1,390) (1,460) (1,530)Telephone, Fax and IT (550) (700) (750) (875) (920) (1,220) (1,500) (1,750) (1,990) (2,050)Stationery (300) (310) (320) (335) (450) (600) (900) (1,200) (1,300) (1,350)Leasing of Equipment (2,000) (2,040) (2,080) (2,400) (2,600) (2,700) (2,800) (2,850) (2,900) (2,970)Travel and Subsistence (220) (280) (300) (350) (600) (800) (1,250) (1,750) (1,990) (2,050)Total Operating Costs (8,036) (9,717) (11,233) (13,646) (17,029) (20,419) (25,445) (30,948) (34,509) (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 (3,438) (8,125) (9,688) (10,313) (11,875) (13,625) (14,625) (15,625) (13,188) (9,500)Amortisation (1,250) (2,500) (2,500) (3,750) (3,750) (2,500) (2,500) (2,500) (2,500) (2,500)

Profits Before Interest and Tax (11,624) (16,490) (14,934) (7,994) 5,639 24,595 36,944 45,343 48,222 50,210

Interest Paid on Debt (481) (1,193) (1,531) (1,667) (1,746) (1,572) (1,123) (674) (449) (449)Interest Paid on Overdrafts (213) (648) (837) (979) (1,275) (1,006) (307) 0 0 0 Interest Received on Cash Deposits 0 0 0 0 0 0 313 781 1,006 1,171

Profit Before Tax (12,318) (18,331) (17,303) (10,640) 2,618 22,017 35,826 45,451 48,778 50,932

Taxation 0 0 0 0 0 0 (561) (13,635) (14,633) (15,279)

Profit After Tax (12,318) (18,331) (17,303) (10,640) 2,618 22,017 35,265 31,815 34,145 35,652

Dividends Declared 0 0 0 0 0 0 (1,308) (23,862) (25,609) (26,739)

Retained Profit for the Year (12,318) (18,331) (17,303) (10,640) 2,618 22,017 33,957 7,954 8,536 8,913

Information OnlyNo inputs are required in this section.



Balance SheetWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Tangible Fixed Assets 0 51,563 63,438 58,750 53,438 61,563 55,938 49,313 41,688 36,500 35,000 Intangible Fixed Assets 0 8,750 6,250 3,750 10,000 6,250 3,750 1,250 8,750 6,250 3,750 Total Fixed Assets 0 60,313 69,688 62,500 63,438 67,813 59,688 50,563 50,438 42,750 38,750

Widget Debtors 0 152 533 1,174 2,727 5,504 9,027 12,281 14,478 15,126 15,080 Debtors 0 0 0 0 0 0 0 0 0 0 0 Zapper Stock 0 75 367 963 2,675 5,517 11,356 18,738 26,904 35,448 44,225 Stock 0 0 0 0 0 0 0 0 0 0 0 Cash at Bank 0 0 0 0 0 0 0 15,649 23,423 26,872 31,674 Total Current Assets 0 227 900 2,137 5,402 11,021 20,383 46,668 64,805 77,446 90,979

Zapper Creditors 0 (68) (240) (525) (1,248) (2,590) (4,482) (6,353) (7,389) (7,739) (7,713) Creditors 0 0 0 0 0 0 0 0 0 0 0 Capital Expenditure Creditor 0 (3,014) (1,096) (274) (274) (1,096) (438) (438) (438) (438) (438)Intangible Expenditure Creditor 0 (4,932) 0 0 (4,932) 0 0 0 (4,932) 0 0 Taxation Creditor 0 0 0 0 0 0 0 (561) (13,635) (14,633) (15,279)Overdraft 0 (7,109) (14,495) (13,420) (19,218) (23,275) (10,244) 0 0 0 0 Total Current Liabilities 0 (15,122) (15,831) (14,219) (25,671) (26,961) (15,165) (7,352) (26,394) (22,811) (23,431)

Net Current Assets 0 (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 0 45,417 54,756 50,418 43,168 51,873 64,906 89,879 88,849 97,385 106,298

Equity 0 38,490 56,940 65,590 67,850 71,910 71,910 71,910 71,910 71,910 71,910 Retained Profits 0 (12,318) (30,649) (47,952) (58,592) (55,974) (33,957) 0 7,954 16,490 25,403 Debt 0 19,245 28,465 32,780 33,910 35,937 26,953 17,969 8,985 8,985 8,985

Total Capital Employed 0 45,417 54,756 50,418 43,168 51,873 64,906 89,879 88,849 97,385 106,298

Check 0 0 0 0 0 0 0 0 0 (0) (0)




Cash FlowWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Operating Profit / (Loss) (6,936) (5,865) (2,747) 6,069 21,264 40,720 54,069 63,468 63,909 62,210

Widget Debtors (152) (381) (641) (1,554) (2,776) (3,524) (3,254) (2,197) (648) 46 Debtors 0 0 0 0 0 0 0 0 0 0 Zapper Stock (75) (292) (596) (1,711) (2,843) (5,839) (7,382) (8,166) (8,544) (8,777) Stock 0 0 0 0 0 0 0 0 0 0 Zapper Creditors 68 172 285 722 1,342 1,892 1,871 1,036 350 (26) Creditors 0 0 0 0 0 0 0 0 0 0 Movement in Working Capital (159) (500) (952) (2,542) (4,277) (7,470) (8,765) (9,327) (8,842) (8,757)

Cashflow from Operating Activities (7,095) (6,365) (3,699) 3,526 16,987 33,250 45,303 54,141 55,067 53,453

Tangible Capital Expenditure (51,986) (21,918) (5,822) (5,000) (19,178) (8,658) (8,000) (8,000) (8,000) (8,000)Intangible Capital Expenditure (5,068) (4,932) 0 (5,068) (4,932) 0 0 (5,068) (4,932) 0 Tax Paid 0 0 0 0 0 0 0 (561) (13,635) (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

Interest Paid on Debt (481) (1,193) (1,531) (1,667) (1,746) (1,572) (1,123) (674) (449) (449)Interest Paid on Overdrafts (213) (648) (837) (979) (1,275) (1,006) (307) 0 0 0 Interest Received on Cash Deposits 0 0 0 0 0 0 313 781 1,006 1,171

Cashflow before Financing (64,844) (35,056) (11,890) (9,189) (10,144) 22,015 36,186 40,620 29,057 31,541

Equity Issued 38,490 18,450 8,650 2,260 4,060 0 0 0 0 0 Debt Issued 19,245 9,220 4,315 1,130 2,027 0 0 0 0 0 Debt Repaid 0 0 0 0 0 (8,984) (8,984) (8,984) 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

Dividends Paid 0 0 0 0 0 0 (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 AccountOpening Cash Balance 0 (7,109) (14,495) (13,420) (19,218) (23,275) (10,244) 15,649 23,423 26,872 Cash Movement in the Year (7,109) (7,386) 1,075 (5,799) (4,057) 13,031 25,893 7,774 3,449 4,802 Closing Cash Balance (7,109) (14,495) (13,420) (19,218) (23,275) (10,244) 15,649 23,423 26,872 31,674




RatiosWidgets Limited

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

ProfitabilityGross Profit Margin 59.5% 59.4% 59.4% 59.4% 57.2% 55.7% 53.2% 53.6% 53.5% 53.6%Operating Profit Margin (EBITDA Margin) -374.9% -90.5% -19.2% 18.3% 31.8% 37.1% 36.2% 36.0% 34.7% 33.9%Profit Before Tax Margin (PBT Margin) -665.8% -282.9% -121.2% -32.1% 3.9% 20.0% 24.0% 25.8% 26.5% 27.8%Earnings Per Share (EPS) (0.64) (0.38) (0.28) (0.16) 0.04 0.31 0.49 0.44 0.47 0.50

Liquidity and the Balance SheetCurrent Ratio 0.02 0.06 0.15 0.21 0.41 1.34 6.35 2.46 3.40 3.88 Quick Ratio 0.01 0.03 0.08 0.11 0.20 0.60 3.80 1.44 1.84 2.00 Net Book Value of Assets 60,312.5 69,687.5 62,500.0 63,437.5 67,812.5 59,687.5 50,562.5 50,437.5 42,750.0 38,750.0 Capital Expenditure to Depreciation 15.1 2.7 0.6 0.5 1.6 0.6 0.5 0.5 0.6 0.8 Asset Turnover 0.0 0.1 0.3 0.8 1.3 1.7 1.7 2.0 1.9 1.7 Debtor Days 15.0 19.3 21.8 21.5 22.4 24.1 26.0 27.7 29.4 30.0 Creditor Days 22.2 43.5 17.1 35.6 26.5 20.2 20.7 28.4 28.7 23.1 Stock Turnover Days 36.5 51.0 60.7 72.5 70.2 85.1 97.8 120.1 151.1 189.8

ReturnsReturn on Average Capital Employed (ROACE) 0.0% 0.0% 0.0% 0.0% 8.2% 32.7% 42.8% 41.3% 41.1% 40.2%Return On Total Average Assets (ROTAA) 0.0% 0.0% 0.0% 0.0% 11.9% 42.1% 41.5% 35.5% 36.3% 34.5%Return on Equity (ROE) 0.0% 0.0% 0.0% 0.0% 16.4% 58.0% 49.0% 39.8% 38.6% 36.6%Dividend Cover 0.0 0.0 0.0 0.0 0.0 0.0 27.0 1.3 1.3 1.3

FinancialGearing 42.4% 52.0% 65.0% 78.6% 69.3% 41.5% 20.0% 10.1% 9.2% 8.5%Debt - Equity Ratio 73.5% 108.3% 185.8% 366.3% 225.5% 71.0% 25.0% 11.3% 10.2% 9.2%Interest Cover 0.0 0.0 0.0 2.3 7.0 15.8 37.8 94.2 142.3 138.5

Information OnlyNo user inputs are required in this section.



ValuationWidgets Limited€ Thousands

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Valuation AssumptionsDiscount Rate 7.7% Discount_RateTerminal Value Growth Rate 2.0% Terminal_Value_RateEBITDA Exit Multiple 8 EBITDA_Exit_Multiple

Prospective Widgets Limited Company Comparable Valuation Metrics2004

PE Ratio PE_RatioEV / EBITDA EV_EBITDAEV / SALES 30 EV_SalesEV / Customer 1,500 EV_Customer

Free Cash FlowOperating Cash Flow (7,095) (6,365) (3,699) 3,526 16,987 33,250 45,303 54,141 55,067 53,453 Capital Expenditure (51,986) (21,918) (5,822) (5,000) (19,178) (8,658) (8,000) (8,000) (8,000) (8,000)Intangibles Expenditure (5,068) (4,932) 0 (5,068) (4,932) 0 0 (5,068) (4,932) 0 Cash Taxes 0 0 0 0 0 0 0 (4,841) (13,603) (14,466)Free Cash Flow (64,150) (33,215) (9,521) (6,542) (7,123) 24,592 37,303 36,232 28,533 30,986 Free_Cash_Flow

Discount FactorDiscount Factor 1.04 1.12 1.20 1.30 1.40 1.50 1.62 1.74 1.88 2.02 Discount_Factor

NPV of Free Cash FlowNPV of Free Cash Flow (61,814) (29,717) (7,909) (5,046) (5,101) 16,354 23,033 20,772 15,188 15,315

Total NPV of Free Cash Flow (18,927)

Terminal ValueMethod 1: Terminal Value Growth Rate Method 2: EBITDA Exit MultipleFinal Year Cash Flow 30,986 Final Year EBITDA 62,210 Final Year Cash Grown 1 year by Growth Rate 31,606 Final Year Company Value 497,679 Perpetuity Calculation 554,494 NPV of Final Cash Flow to Perpetuity 274,062 Terminal Value - Method 1 274,062 Terminal Value - Method 2 245,980

Terminal Value EBITDADCF Based Company Valuation Growth Rate Exit MultipleForecast Cash Flows (18,927) (18,927)Terminal Value 274,062 245,980 Enterprise Value 255,135 227,054

Less: Net Debt (26,354) (26,354)

Equity Value 228,780 200,699

Comparable Company ValuationsEnterprise Net Equity

Value Debt ValuePE Ratio n/aEV / EBITDA n/a (26,354) n/aEV / SALES 194,400 (26,354) 168,046 EV / Customer 225,000 (26,354) 198,646

Your TaskNormalise the final year cash flow if required. Select the basis for valuation.

modelo básico de planeación financiera

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