TABLE OF CONTENT

Sheet Meaning

INS Instructions
ASSUM Assumptions
MC Model checks
HF Historical financials statements
HFV Historical financials visual
BVA Budget variance analysis
RA Ratio analysis
REV COGS Revenue and COGS
REV COGS A Alternative schedule Revenue and COGS
SH Salaries and headcount
HA Headcount alternative
SA Salaries alternative
OH Overhead expenses
OTH Other expenses
NWC Net working capital
TA Tangible assets
IA Intangible assets
FIN Financial schedules
IT Income tax
PL Profit and loss account projection
BS Balance sheet projection
CF Cash flow statement projection
VHA Vertical and horizontal analysis
RAP Ratio analysis of projected financials
Cash KPIs Cash KPIs
EBITDA KPIs EBITDA KPIs
BEA Break-even analysis
WACC Weighted average cost of capital
DCF Discounted cash flow
VbM Valuation by multiple
CC Comparable companies method
Explanation

Short instructions how to use model (see more details in comprehensive PDF file or video)
Assumptions used in model
Validation and errors checks, consistency checks
Historical financials statements
Visually presented financial statements
Analysis of variance between actual and budgeted figures
Ratio analysis of historical financials
Schedule of revenues form sales, cost of goods sold and gross profit
Alternative schedule of revenues form sales, cost of goods sold and gross profit
Basic salaries and headcount projections4
Alternative approach for headcount projection
Alternative approach for salaries projections
Projection of variable and fixed expenses
Projection of other, non-cash expenses
Schedule of net working capital
Schedule of tangible assets with purchase value, depreciation, accumulated depreciation and carrying value
Schedule of intangible assets with purchase value, amortization, accumulated amortization and carrying value
Schedules of debt, interest expenses, dividends and capital increase
Schedule of income taxes for projecting profit and loss account
Profit and loss account projection
Balance sheet projection
Cash flow statement projection
Vertical and horizontal analysis of projected financial statements
Ratio analysis of projected financials
Cash KPIs of projected financial statements
EBITDA KPIs of projected financial statements
Break-even analysis of projected financial statements
Calculation WACC as discounted rate for application of DCF valuation method
Business valuation calculation based on discounted cash flow method
Business valuation calculation based on multiple of comparable transactions
Business valuation calculation based on comparable companies method
rrying value
NET WORKING CAPITAL

1 NET WORKING CAPITAL PROJECTIONS

Working capital projections 2022 2023 2024 2025

$ thousands

Days sales outstanding 16 16 17 20

Days inventory outstanding 12 13 14 15
Days payable outstanding 6 12 12 12
Other current assets % in revenues 1.0% 1.4% 1.4% 1.4%
Other current liabilities % in revenu 1.3% 1.4% 1.4% 1.4%

Revenues from sales 10,000 11,000 12,100 13,310

COGS 6,200 6,800 7,480 8,228
Suppliers turnover 6,200 6,800 7,480 8,228

Account receivable 450 500 564 729

Inventory 200 300 287 338
Account payable 100 350 248 272
Other current assets 100 150 165 182
Other liabilities 125 150 165 182

Working capital, net 525 450 603 795

Check 0 0
 2026 2027 2028 2029 2030 2031 2032 2033 2034

20 20 20 20 20 20 20 20 20
16 17 18 18 18 18 18 18 18
12 12 12 12 12 12 12 12 12
1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%

14,641 16,105 17,716 19,487 21,436 23,579 25,937 28,531 31,384

9,051 9,956 10,951 12,047 13,251 14,576 16,034 17,637 19,401
9,051 9,956 10,951 12,047 13,251 14,576 16,034 17,637 19,401

802 882 971 1,068 1,175 1,292 1,421 1,563 1,720

397 464 540 594 653 719 791 870 957
299 329 362 399 438 482 531 584 642
200 220 242 266 292 322 354 389 428
200 220 242 266 292 322 354 389 428

900 1,017 1,148 1,263 1,390 1,529 1,681 1,850 2,035

 2035

20
18
12
1.4%
1.4%

34,523
21,341
21,341

1,892
1,052
706
471
471

2,238
INSTRUCTIONS

100 Input cell

100 Cell under formula

100 SUM formula applied

0 Accuracy check, should be 0 always

1 Fill blue cells only

2 Try not to change formula in other cells
3 The formulas are opened due to flexibility of model, we suggest to protect your formulas wh
4 If you want to add rows or columns make sure you update and check SUM formula in bottom
5 Follow validation and consistency check sheet and investigate any significant differences tha
6 For some categories I provide basic and alternative schedules. Alternative schedules are just
protect your formulas when start working
k SUM formula in bottom line
significant differences that may appear
rnative schedules are just given as example, while basic schedules are linked in further 3 statements model and other calc
nts model and other calculations
ASSUMPTIONS

Project name
Currency
Current year
Corporate income tax rate
Local inflation rate estimate
Discount rate
Long term cash flow growth rate
Headcount
Average Headcount current period
Average Headcount last period
Estimate revenue growth rate that will be applied in projections
Gross margin rate that will be applied in projections
Minimum cash level at the end of period
 Acme Ltd.
$ thousands
2023
15%
10%
n-a
n-a
16
16
16
10%
0%
1400
HISTORICAL FINANCIALS AND RATIO ANALYSIS

Check 0 0 0

Balance sheet 2022 2023 Change

$ thousands

Cash 175 1,310 1,135

Account Receivable 450 500 50
Inventories 200 300 100
Other current assets 100 150 50
Current assets 925 2,260 1,335

Intangible assets 100 200 100

Tangible assets 300 400 100
Other investments and assets 100 150 50
Non-current assets 500 750 250

Total assets 1,425 3,010 1,585

Trade payables 100 350 250

Financial liabilities 200 200 0
Other liabilities 125 150 25
Current liabilities 425 700 275

Long term financial debt 250 250 0

Other long term liabilities 250 270 20
Long term fin. liabilities 500 520 20

Equity 500 1,790 1,290

Total Equity and liabilities 1,425 3,010 1,585

Dividends paid 200 200 0

Increase of subscribed equity 100 100 0
Cash received from sale of non-current assets 100 125 25

Profit and Loss Account 2022 2023 Change

$ thousands

Revenue 10,000 11,000 1,000

COGS variable 6,000 6,600 600
COGS fixed 200 200 0
COGS 6,200 6,800 600

Gross profit 3,800 4,200 400

0
Overhead - variable 1,000 1,100 100
Overhead - fixed 1,000 1,100 100
Overhead costs 2,000 2,200 200
0
Gains from sale of non-current assets 50 50 0
Losses from sale of non-current assets 120 90 (30)
Impairment of receivables 10 10 0
Impairment of inventories 10 10 0
Other 190 160 (30)

EBITDA / Operating profit 1,610 1,840 230

Depreciation and amortization 100 100 0

EBIT 1,510 1,740 230

Interest and financial expenses 50 50 0

Financial income 10 10 0
EBT 1,470 1,700 230
0
Tax 280 310 30
0
Net income 1,190 1,390 200

Check 0

Cash flow statement 2022 2023

$ thousands

Net income 1,190 1,390

Depreciation and amortization 100 100

Impairment of receivables 10 10
Impairment of inventories 10 10
Losses (gains) from sale of non-current assets, ne 70 40
(Incerease) or decrease of other current assets (100) (60)
(Incerease) or decrease in account receivables (250) (60)
(Incerease) or decrease in inventories (120) (100)
Increase (decrease) in trade payables (120) 250
Increase (decrease) in other liabilities (100) 25
CF from operating activities 690 1,605

Sales of non-current assets 200 125

Purchase of non-current assets 650 515
CF from investing activities (450) (390)

Increase of share capital 0 100

Increase (decrease) in financial liabilities (70) 20
Dividends paid (45) (200)
CF from financing activities (115) (80)

Total cash flow 125 1,135

Cash at the beginning of period 50 175

Cash at the end of period 175 1,310

Check 0 0
RATIO ANALYSIS

Profitability ratios 2022 2023 Budget

Gross profit margin

EBITDA margin
Net profit rate
ROE
ROCE
ROA
Revenue per employee
Profit per employee
EBITDA per employee

Liquidity 2022 2023 Budget

Net working capital

Current assets - Current liabilities
Current ratio
Cash ratio
Quick ratio
Working capital ratio

Efficiency 2022 2023 Budget

Days sales outstanding 16 16 20

Days inventory outstanding 12 13 15
Days payable outstanding 6 12 15
Cash conversion cycle days
Asset turnover
Fixed asset turnover
EBITDA to interest coverage
Total cost per employee
Overhead cost per employee

Structure 2022 2023 Budget

Total COGS in Revenue 62% 62% 65%

COGS variable in revenue 60% 60% 50%
COGS fixed in revenue 2% 2% 2%
Overhead in revenue 20% 20% 25%
Interest expense in loans 7% 7% 8%
Equity ratio 35% 59% 60%
Debt ratio 65% 41% 45%
Fixed assets in total assets 54% 33% 33%
Current assets in total assets 65% 65% 65%
Total cash in total assets 12% 12% 15%
Inventories in current assets 22% 22% 25%
vs LY vs BUD Nissan Audi Volvo

vs LY vs BUD Nissan Audi Volvo

vs LY vs BUD Nissan Audi Volvo

(1) (4.2) 30 15 60
2 (1.6) 75 60 75
6 (2.9) 25 60 60

vs LY vs BUD Nissan Audi Volvo

0% -3% 60% 70% 55%

0% 10% 56% 58% 55%
0% 0% 4% 3% 2%
 0% -5% 15% 10% 14%
0% -1% 12% 10% 6%
24% -1% 10% 12% 15%
-24% -4% 90% 88% 75%
-21% 0% 50% 40% 50%
0% 0% 50% 60% 50%
0% -3% 2% 7% 6%
0% -3% 15% 48% 25%