INSTRUCTIONS

Fill just blue and yellow cells

2,000 Starting amounts, make sure everything is in balance after these inputs

25.0% Assumptions for forecast. Feel free to change or update these assumptions.

Try not to change formula in other cells

The formulas are opened due to flexibility of model, we suggest to protect your formulas when start working

If you want to add rows or columns make sure your formulas are unchanged and total SUMs AVERAGE or other functions take into account such new

Follow validation checks at the end of each sheet and investigate any differences that may appear

ABBREVIATIONS

AP Account payables

AR Account receivables

BS Balance sheet

CAPEX Capital expenditures

CCC Cash conversion cycle

CF Cash flow

CIT Corporate income tax

COGS Cost of goods sold

D&A Depreciation and amortization

DIO Days inventories outstanding

DPO Days payable outstanding

DSO Days sales outstanding

EBIT Earnings before interest and taxes

EBITDA Earnings before interest, taxes, depreciation and amortization

FS Financial statements

G&A General and administration costs

GM Gross margin

GP Gross profit

IP Intellectual property

IS Income statement

KPI Key performance indicator

LY Stands for period prior actual period (last year)

MoM Month on month growth

NFP Net financial position

NPV Net present value

NWC Net working capital

P&L Profit and loss account

PV Purchase value
R&D Research and development

ROA Return on assets

ROCE Return on capital employed

ROE Return on equity

SG&A (Selling, General, and Administrative Expenses)

YoY Year on year growth

YTD Year to date

ctions take into account such new addings
 Baseline
figures Assumptions Year 1 Year 2 Year 3
0 0 0 0
Income Statement
Revenues 10,000 10,890 11,979 13,177
Revenue type 1 7,900 10.0% 8,690 9,559 10,515
Revenue type 2 1,800 10.0% 1,980 2,178 2,396
Revenue type 3 200 10.0% 220 242 266
One time gain or loss adjustment, net 100
COGS 8,000 80.0% 8,712 9,583 10,542
Gross profit 2,000 20.0% 2,178 2,396 2,635
Overhead expense 1,400 1,520 1,675 1,847
Overhead variable 865 942 1,036 1,140
Salaries and wages 395 4.0% 430 473 520
Bonuses 250 2.5% 272 299 329
SG&A 50 0.5% 54 60 66
R&D 50 0.5% 54 60 66
Maintenance 75 0.8% 82 90 99
Other 45 0.4% 49 54 59
Overhead fixed 535 578 639 707
Salaries and wages 250 10.0% 275 303 333
Bonuses 100 19.9% 100 110 119
SG&A 120 5.0% 126 132 139
R&D 15 5.0% 16 17 17
D&A 25 35 50 70
Other 25 5.0% 26 28 29
EBIT 600 658 721 789
EBITDA 625 693 771 859
Interest expenses 25 5.4% 25 36 47
Other financial loses and gains, net 15 0.2% 16 18 20
Income before tax 560 617 667 722
Tax 58 10.4% 64 69 75
Net income 502 553 598 647

Balance sheet
Fixed assets 300 340 440 520
PPE and IP 250 290 390 520
Other investments 50 2.6% 50 50 0
Current assets 1,600 2,263 2,995 3,846
Inventories 450 539 652 789
Account Receivable 400 479 580 702
Other current assets 250 13.2% 250 342 452
Cash 500 995 1,420 1,903
Total assets 1,900 2,603 3,435 4,366
Equity 305 858 1,456 2,103
Long term fin. liabilities 200 350 500 690
Long term financial debt 150 300 450 600
Other long term liabilities 50 2.6% 50 50 90
Current liabilities 1,395 1,395 1,479 1,573
Trade payables 900 882 873 865
Short term financial debt 260 310 360 410
Other short-term liabilities 235 203 246 299
Total equity and liabilities 1,900 2,603 3,435 4,366

Cash flow statement

CF from operating activities 605 370 376 393
Net income 502 553 598 647
D&A 25 35 50 70
Changes in inventories 65 (89) (113) (137)
Changes in account receivables (25) (79) (101) (122)
Changes in other assets (12) 0 (92) (109)
Changes in trade payables 48 (18) (9) (9)
Changes in other short term liabilities 2 (32) 43 52
CF from investing activities (110) (75) (150) (150)
(Purchase) or sales of capital assets (110) (75) (150) (200)
Changes in other investments 0 0 50
CF from financing activities (20) 200 200 240
Changes in financial liabilities (20) 200 200 200
Changes in other long term liabilities 0 0 0 40
Total cash flow 475 495 426 483
Cash at the beginning of period 25 500 995 1,420
Cash at the end of period 500 995 1,420 1,903

CCC & NWC

DIO 21 10.0% 23 25 27
DSO 15 10.0% 16 18 19
DPO 41 -10.0% 37 33 30
DOH 44 10.0% 49 54 59
NWC 183 455 780
Inventories 539 652 789
Account Receivable 479 580 702
Other short-term assets 250 342 452
Trade payables 882 873 865
Other short-term liabilities 203 246 299

Debt
Increase (decrease) long term debt, net 150 150 150
Increase (decrease) short term debt, net 50 50 50

CAPEX
New investments (disposal) net 100 150 200
Accumulated PV 350 500 700
D&A 10.0% 35 50 70
Accumulated D&A 60 110 180
NPV 290 390 520

Ratio analysis
Profitability ratios
Gross margin 20% 20% 20% 20%
Net margin 5% 5% 5% 5%
EBIT margin 6% 6% 6% 6%
EBITDA margin 6% 6% 6% 7%
ROA 26% 21% 17% 15%
ROE 165% 64% 41% 31%
ROCE 99% 46% 31% 23%

Liquidity ratios
Current ratio 205 868 1,516 2,273
Quick ratio (245) 329 863 1,484
Net working capital Ratio 11% 33% 44% 52%

Solvency ratios
Equity ratio 16% 33% 42% 48%
Debt ratio 84% 67% 58% 52%

Efficiency ratios
Asset turnover 5 4 3 3
Fixed asset turnover 33 32 27 25
Account receivables turnover 25 25 23 21
Account payables turnover 9 10 11 12
Inventory turnover 18 18 29 16
NWC turnover 59 26 17

Validations
Assets = Equity and Liabilities 0 0 0 0
Cash in BS = Cash in CF 0 0 0 0
Net income = Increase in Equity 0 0 0
Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
0 0 0 0 0 0 0 0

14,495 15,944 17,538 19,292 21,222 23,344 25,678 28,246

11,566 12,723 13,995 15,395 16,934 18,628 20,491 22,540
2,635 2,899 3,189 3,508 3,858 4,244 4,669 5,136
293 322 354 390 429 472 519 571

11,596 12,755 14,031 15,434 16,977 18,675 20,542 22,597

2,899 3,189 3,508 3,858 4,244 4,669 5,136 5,649
2,013 2,235 2,458 2,689 2,944 3,224 3,530 3,866
1,254 1,379 1,517 1,669 1,836 2,019 2,221 2,443
573 630 693 762 838 922 1,014 1,116
362 399 438 482 531 584 642 706
72 80 88 96 106 117 128 141
72 80 88 96 106 117 128 141
109 120 132 145 159 175 193 212
65 72 79 87 95 105 116 127
759 855 941 1,020 1,109 1,205 1,309 1,423
366 403 443 487 536 589 648 713
129 144 153 168 186 207 230 256
146 153 161 169 177 186 195 205
18 19 20 21 22 23 24 26
70 105 130 140 150 160 170 180
30 32 34 35 37 39 41 43
886 954 1,050 1,170 1,300 1,445 1,605 1,783
956 1,059 1,180 1,310 1,450 1,605 1,775 1,963
60 72 84 97 109 122 135 148
22 24 26 29 32 35 39 42
804 858 939 1,044 1,159 1,288 1,432 1,593
83 89 97 108 120 133 148 165
721 769 842 936 1,039 1,155 1,284 1,428

518 785 930 916 894 865 828 785

450 695 815 775 725 665 595 515
68 90 115 141 169 200 233 270
4,844 5,643 6,652 7,931 9,347 10,917 12,658 14,594
955 1,156 1,398 1,692 2,047 2,477 2,997 3,626
849 1,027 1,243 1,504 1,820 2,202 2,664 3,224
575 706 846 998 1,164 1,348 1,550 1,774
2,466 2,755 3,165 3,738 4,316 4,890 5,447 5,969
5,362 6,429 7,582 8,847 10,241 11,781 13,486 15,378
2,824 3,593 4,435 5,371 6,410 7,564 8,848 10,276
865 1,041 1,219 1,400 1,583 1,770 1,960 2,155
750 900 1,050 1,200 1,350 1,500 1,650 1,800
115 141 169 200 233 270 310 355
1,674 1,794 1,928 2,077 2,249 2,447 2,678 2,947
856 847 839 830 822 814 806 798
460 510 560 610 660 710 760 810
358 437 529 636 767 923 1,112 1,340
5,362 6,429 7,582 8,847 10,241 11,781 13,486 15,378

406 435 457 469 473 468 449 414

 721 769 842 936 1,039 1,155 1,284 1,428
70 105 130 140 150 160 170 180
(166) (201) (243) (294) (355) (430) (520) (629)
(147) (178) (216) (261) (316) (382) (462) (559)
(123) (131) (140) (152) (167) (183) (203) (224)
(9) (9) (8) (8) (8) (8) (8) (8)
59 79 92 108 130 157 189 228
(68) (372) (275) (126) (128) (130) (133) (137)
0 (350) (250) (100) (100) (100) (100) (100)
(68) (22) (25) (26) (28) (30) (33) (37)
225 226 228 230 233 237 241 245
200 200 200 200 200 200 200 200
25 26 28 30 33 37 41 45
562 289 410 573 578 574 557 523
1,903 2,466 2,755 3,165 3,738 4,316 4,890 5,447
2,466 2,755 3,165 3,738 4,316 4,890 5,447 5,969

30 33 36 40 44 48 53 59
21 24 26 28 31 34 38 42
27 24 22 20 18 16 14 13
65 71 79 86 95 105 115 126
1,164 1,604 2,119 2,726 3,442 4,289 5,294 6,487
955 1,156 1,398 1,692 2,047 2,477 2,997 3,626
849 1,027 1,243 1,504 1,820 2,202 2,664 3,224
575 706 846 998 1,164 1,348 1,550 1,774
856 847 839 830 822 814 806 798
358 437 529 636 767 923 1,112 1,340

150 150 150 150 150 150 150 150

50 50 50 50 50 50 50 50

0 350 250 100 100 100 100 100

700 1,050 1,300 1,400 1,500 1,600 1,700 1,800
70 105 130 140 150 160 170 180
250 355 485 625 775 935 1,105 1,285
450 695 815 775 725 665 595 515

20% 20% 20% 20% 20% 20% 20% 20%

5% 5% 5% 5% 5% 5% 5% 5%
6% 6% 6% 6% 6% 6% 6% 6%
7% 7% 7% 7% 7% 7% 7% 7%
13% 12% 11% 11% 10% 10% 10% 9%
26% 21% 19% 17% 16% 15% 15% 14%
20% 17% 15% 14% 13% 12% 12% 11%

3,170 3,849 4,724 5,854 7,099 8,469 9,980 11,647

2,215 2,693 3,326 4,163 5,051 5,992 6,983 8,020
59% 60% 62% 66% 69% 72% 74% 76%

53% 56% 58% 61% 63% 64% 66% 67%

47% 44% 42% 39% 37% 36% 34% 33%

3 2 2 2 2 2 2 2
28 20 19 21 24 27 31 36
19 17 15 14 13 12 11 10
13 15 17 18 21 23 25 28
14 13 12 11 10 9 8 7
12 10 8 7 6 5 5 4

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Year 12 Instructions
0

31,070
24,794 The assumption is that YoY revenue growth rate is 10% (column C). You need to make best assessment of annual growth for each revenue
5,649
628
This is adjustment for expected one time revenues of missing revenues. For example if you have agreed one time service that is agreed for n
24,856
6,214 The assumption of gross profit rate is calculated on the basis of baseline figures. For the purpose of this model you can re-enter the best esti
4,234
2,688 Projected as share in revenue
1,227 Per this model variable costs are projected on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis
777 Per this model variable costs are projected on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis
155 Per this model variable costs are projected on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis
155 Per this model variable costs are projected on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis
233 Per this model variable costs are projected on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis
140 This is the same as previous. We suggest to put all other costs in this cell in order to match your IS with this model.
1,546 Projected as per expected YoY growth rate
785 Projected as per expected YoY growth rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and
284 Per this model bonuses are projected on the basis of share in net income. Given % is share in net income. The share is calculated on the basi
216 Projected as per expected YoY growth rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and
27 Projected as per expected YoY growth rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and
190 D&A is projected as the basis on current and new investment, per assessed D&A rate. See the line 97 in this sheet
45 We suggest to put all other costs in this cell in orter to match your IS with this model. Projected as per expected YoY growth rate in relation
1,980
2,170 EBITDA is EBIT increased for D&A
161 Projected as % of total financial debt.
47 Per this model these costs are projected on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis of
1,772
184 The tax costs are projected on the tax rate calculated on the basis of historical effective tax rate. Please make best estimate of expected tax r
1,589

735
425 Projected as per separate model for CAPEX given under row of 94 in this sheet
310 Projected as share in total assets
16,748
4,388 Projected as per separate model for Net Working Capital - given under row of 76 in this sheet
3,900 Projected as per separate model for Net Working Capital - given under row of 76 in this sheet
2,023 Projected as share in total assets
6,436 Linked from projected Cash Flow statement - see row 73 in this sheet
17,483
11,865 Baseline figure increased for current result i.e.net income (loss) of period is linked in Equity (Retained earnings)
2,355
1,950 Projected as per separate model for Debt - given under row of 89 in this sheet
405 Projected as share in total equity and liabilities
3,264
790 Projected as per separate model for Net Working Capital - given under row of 76 in this sheet
860 Projected as per separate model for Debt - given under row of 89 in this sheet
1,614 Projected as per separate model for Net Working Capital - given under row of 76 in this sheet
17,483

358
 1,589
190 Taken from CAPEX and D&A calculation given below
(762)
(677)
(249)
(8)
274
(141)
(100)
(41)
250
200
50
467
5,969 Should be equal with row 43 (cash position in the balance sheet for previous period)
6,436 Should be equal with row 43 (cash position in the balance sheet)

64 Per this model it is allowed to make adjustment in future DIO, by input of expected increase or decrease of day in %. For, example -10% me
46 Same as previous
12 Same as previous
139 Same as previous
7,908
4,388
3,900
2,023
790
1,614

150 Input positive number for expected new loans withdraws (increases cash flow) or negative for loan repayment (decreases cash flow).
50 Input positive number for expected new loans withdraws or negative for loan repayment.

100 Input new investment in PPE or IP

1,900
190 D&A is calculated as per average D&A rate assumption given in column C. Please revise the rate if needed.
1,475
425

20%
5%
6%
7%
9%
13%
11%

13,485
9,097
77%

68%
32%

2
42
9
31
7
4

0
0
0
 f annual growth for each revenue line and put the assumptions in column C instead of given 10%

ne time service that is agreed for next year and not probable to repeat you can enter these revenues in relevant year

model you can re-enter the best estimate of gross profit rate for the projections

The share is calculated on the basis of historical data. Please revise this share if needed.
The share is calculated on the basis of historical data. Please revise this share if needed.
The share is calculated on the basis of historical data. Please revise this share if needed.
The share is calculated on the basis of historical data. Please revise this share if needed.
The share is calculated on the basis of historical data. Please revise this share if needed.

nual growth rate of these costs and re-enter your assumption in column C
The share is calculated on the basis of historical data. Please revise this share if needed.
nual growth rate of these costs and re-enter your assumption in column C
nual growth rate of these costs and re-enter your assumption in column C

pected YoY growth rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and re-enter your assumption in column C

e share is calculated on the basis of historical data. Please revise this share if needed.

ake best estimate of expected tax rate and refill % in column C

of day in %. For, example -10% means we expect to decrease DSO from 60 to 54 days in average in the future. So please adjust this % if needed.

ment (decreases cash flow).

 Revenues & Gross profit
35000

30000

25000

20000

15000

10000

5000

0
Revenues

Overhead fixed vs variable

3000

2500

2000

1500

1000

500

0
1 2 3 4 5 6 7 8 9 10 11 12

Overhead variable Overhead fixed

Assets & Equity

20000
18000
16000
14000
12000
10000
8000
6000
4000
 Assets & Equity
20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
1 2 3 4 5 6 7 8 9 10 11 12

Total assets Equity

CCC Days
70
60
50
40
30
20
10
0
1 2 3 4 5 6 7 8 9 10 11 12

DIO DSO DPO

4500
4000
3500
3000
2500
2000
1500
1000
500
0
1 2 3 4 5 6 7 8 9 10 11 12

1800
1600
1400
1200
1000
800
600
400
200
0
1 2 3 4 5 6 7 8 9 10 11 12

Cash flows
600

400

200

0
1 2 3 4 5 6 7 8 9 10 11 12
-200
 Cash flows
600

400

200

0
1 2 3 4 5 6 7 8 9 10 11 12
-200

-400

-600

CF from operating activities CF from investing activities CF from financing activities

Profitability rates
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
1 2 3 4 5 6 7 8 9 10 11 12

Gross margin Net margin EBIT margin EBITDA margin ROA ROE
 Baseline -typical
month Assumptions Jan Feb Mar
0 0 0 0
Income Statement
Seasonality factor 1.00 1.00 1.00
Revenues 1,750 1,783 1,796 1,840
Revenue type 1 1,000 10.0% 1,008 1,016 1,024
Revenue type 2 500 10.0% 504 508 512
Revenue type 3 150 10.0% 151 152 154
One time gain or loss adjustment, net 100 120 120 150
COGS 850 48.6% 866 873 894
Gross profit 900 51.4% 917 924 946
Overhead expense 530 562 579 606
Overhead variable 340 346 349 357
Salaries and wages 200 11.4% 204 205 210
Bonuses 70 4.0% 71 72 74
SG&A 20 1.1% 20 21 21
R&D 20 1.1% 20 21 21
Maintenance 20 1.1% 20 21 21
Other 10 0.6% 10 10 11
Overhead fixed 190 216 229 249
Salaries and wages 100 10.0% 101 102 102
Bonuses 50 18.4% 50 48 46
SG&A 10 5.0% 10 10 10
R&D 10 5.0% 10 10 10
D&A 10 35 50 70
Other 10 5.0% 10 10 10
EBIT 370 355 345 340
EBITDA 380 390 395 410
Interest expenses 25 2.0% 25 28 30
Other financial loses and gains, net 15 0.9% 15 15 16
Income before tax 330 314 302 294
Tax 58 17.6% 55 53 52
Net income 272 259 249 243

Balance sheet
Fixed assets 300 355 455 535
PPE and IP 250 305 405 535
Other investments 50 2.3% 50 50 0
Current assets 1,880 2,212 2,495 2,829
Inventories 535 544 547 560
Account Receivable 950 966 972 994
Other current assets 150 6.9% 150 177 203
Cash 245 552 799 1,072
Total assets 2,180 2,567 2,950 3,364
Equity 305 564 813 1,056
Long term fin. liabilities 1,075 1,150 1,225 1,326
Long term financial debt 1,000 1,075 1,150 1,225
Other long term liabilities 75 3.4% 75 75 101
Current liabilities 800 853 911 981
Trade payables 600 614 621 639
Short term financial debt 150 200 250 300
Other short-term liabilities 50 39 41 43
Total equity and liabilities 2,180 2,567 2,950 3,364
Cash flow statement Jan Feb Mar
CF from operating activities 350 272 272 272
Net income 272 259 249 243
D&A 10 35 50 70
Changes in inventories (20) (9) (3) (12)
Changes in account receivables (25) (16) (6) (22)
Changes in other assets (12) 0 (27) (26)
Changes in trade payables 100 14 7 18
Changes in other short term liabilities 25 (11) 1 2
CF from investing activities (110) (90) (150) (150)
(Purchase) or sales of capital assets (110) (90) (150) (200)
Changes in other investments 0 (0) 50
CF from financing activities (20) 125 125 151
Changes in financial liabilities (20) 125 125 125
Changes in other long term liabilities 0 0 0 26
Total cash flow 220 307 247 273
Cash at the beginning of period 25 245 552 799
Cash at the end of period 245 552 799 1,072

CCC & NWC

DIO 19 -2.0% 19 19 19
DSO 17 -2.0% 16 16 16
DPO 21 5.0% 22 22 22
DOO 2 5.0% 2 2 2
NWC 985 1,008 1,034 1,075
Inventories 535 544 547 560
Account Receivable 950 966 972 994
Other short-term assets 150 150 177 203
Trade payables 600 614 621 639
Other short-term liabilities 50 39 41 43

Debt
Increase (decrease) long term debt, net 75 75 75
Increase (decrease) short term debt, net 50 50 50

CAPEX
New investments (disposal) net 100 150 200
Accumulated PV 350 500 700
D&A 10.0% 35 50 70
Accumulated D&A 45 95 165
NPV 305 405 535

Ratio analysis
Profitability ratios
Gross margin 51% 51% 51% 51%
Net margin 16% 15% 14% 13%
EBIT margin 21% 20% 19% 18%
EBITDA margin 22% 22% 22% 22%
ROA 12% 10% 8% 7%
ROE 89% 46% 31% 23%
ROCE 20% 15% 12% 10%

Liquidity ratios
Current ratio 1,080 1,359 1,583 1,847
Quick ratio 545 815 1,036 1,288
Net working capital Ratio 50% 53% 54% 55%

Solvency ratios
Equity ratio 14% 22% 28% 31%
Debt ratio 86% 78% 72% 69%

Efficiency ratios
Asset turnover 1 1 1 1
Fixed asset turnover 6 5 4 3
Account receivables turnover 2 2 2 2
Account payables turnover 1 1 1 1
Inventory turnover 2 2 3 2
NWC turnover 2 2 2

Validations
Assets = Equity and Liabilities 0 0 0 0
Cash in BS = Cash in CF 0 0 0 0
Net income = Increase in Equity 0 0 0
Apr May Jun Jul Aug Sep Oct Nov
0 0 0 0 0 0 0 0

1.20 1.20 1.00 0.80 0.80 1.00 1.00 1.00

2,164 2,592 2,392 2,129 1,740 1,753 1,766 1,779
1,239 1,498 1,510 1,218 982 990 998 1,006
619 749 755 609 491 495 499 503
186 225 227 183 147 148 150 151
120 120 (100) 120 120 120 120 120
1,051 1,259 1,162 1,034 845 852 858 864
1,113 1,333 1,230 1,095 895 902 908 915
669 803 802 746 669 664 679 691
420 504 465 414 338 341 343 346
247 296 273 243 199 200 202 203
87 104 96 85 70 70 71 71
25 30 27 24 20 20 20 20
25 30 27 24 20 20 20 20
25 30 27 24 20 20 20 20
12 15 14 12 10 10 10 10
248 299 337 332 331 324 336 346
103 104 105 106 107 107 108 109
45 59 72 56 44 25 26 25
10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10
70 105 130 140 150 160 170 180
10 10 10 10 10 10 10 10
444 530 428 349 226 237 229 224
514 635 558 489 376 397 399 404
33 36 39 42 45 48 48 49
19 22 21 18 15 15 15 15
392 472 369 289 166 175 166 160
69 83 65 51 29 31 29 28
323 389 304 238 137 144 137 132

524 778 907 881 846 795 732 655

465 710 830 790 740 680 610 530
59 68 77 91 106 115 122 125
3,423 3,866 4,123 4,432 4,598 4,830 5,069 5,318
657 786 724 643 525 528 531 534
1,167 1,395 1,285 1,142 932 937 943 948
231 272 319 346 366 375 387 399
1,367 1,413 1,794 2,301 2,775 2,990 3,209 3,436
3,946 4,643 5,030 5,313 5,444 5,625 5,801 5,972
1,379 1,769 2,073 2,310 2,447 2,591 2,728 2,860
1,416 1,511 1,610 1,698 1,783 1,862 1,944 2,025
1,300 1,375 1,450 1,525 1,600 1,675 1,750 1,825
116 136 160 173 183 187 194 200
1,151 1,364 1,347 1,304 1,214 1,171 1,130 1,088
754 907 840 751 616 624 631 638
350 400 450 500 550 500 450 400
47 57 57 53 48 48 49 50
3,946 4,643 5,030 5,313 5,444 5,625 5,801 5,972
Apr May Jun Jul Aug Sep Oct Nov
215 259 491 482 456 294 294 299
323 389 304 238 137 144 137 132
70 105 130 140 150 160 170 180
(97) (129) 62 81 118 (3) (3) (3)
(173) (229) 110 143 210 (5) (5) (5)
(28) (40) (48) (27) (19) (9) (12) (12)
116 153 (67) (89) (135) 7 7 7
5 10 0 (4) (5) (0) 1 1
(59) (359) (259) (113) (116) (109) (106) (103)
0 (350) (250) (100) (100) (100) (100) (100)
(59) (9) (9) (13) (16) (9) (6) (3)
139 145 149 138 135 30 31 31
125 125 125 125 125 25 25 25
14 20 24 13 10 5 6 6
295 46 381 507 475 214 219 227
1,072 1,367 1,413 1,794 2,301 2,775 2,990 3,209
1,367 1,413 1,794 2,301 2,775 2,990 3,209 3,436

19 19 19 19 19 19 19 19
16 16 16 16 16 16 16 16
22 22 22 22 22 22 22 22
2 2 2 2 2 2 2 2
1,254 1,489 1,431 1,327 1,158 1,169 1,181 1,193
657 786 724 643 525 528 531 534
1,167 1,395 1,285 1,142 932 937 943 948
231 272 319 346 366 375 387 399
754 907 840 751 616 624 631 638
47 57 57 53 48 48 49 50

75 75 75 75 75 75 75 75
50 50 50 50 50 (50) (50) (50)

0 350 250 100 100 100 100 100

700 1,050 1,300 1,400 1,500 1,600 1,700 1,800
70 105 130 140 150 160 170 180
235 340 470 610 760 920 1,090 1,270
465 710 830 790 740 680 610 530

51% 51% 51% 51% 51% 51% 51% 51%

15% 15% 13% 11% 8% 8% 8% 7%
21% 20% 18% 16% 13% 14% 13% 13%
24% 25% 23% 23% 22% 23% 23% 23%
8% 8% 6% 4% 3% 3% 2% 2%
23% 22% 15% 10% 6% 6% 5% 5%
12% 12% 8% 6% 3% 3% 3% 3%
2,271 2,502 2,775 3,128 3,383 3,658 3,940 4,229
1,614 1,716 2,051 2,485 2,859 3,130 3,409 3,695
58% 54% 55% 59% 62% 65% 68% 71%

35% 38% 41% 43% 45% 46% 47% 48%

65% 62% 59% 57% 55% 54% 53% 52%

1 1 0 0 0 0 0 0
4 3 3 2 2 2 2 3
2 2 2 2 2 2 2 2
2 2 1 1 1 1 1 1
2 2 2 1 1 1 2 2
2 2 2 2 2 2 1 1

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Dec Total FY MoM Instructions
0 0

1.00 Input seasonality factor if applicable for example if the sales in June expe
1,793 23,529
1,014 13,503 0.8% The assumption is that YoY revenue growth rate is 10% (column C). You
507 6,751 0.8%
152 2,025 0.8%
120 1,250 This is adjustment for expected one time revenues of missing revenues. F
871 11,428
922 12,101 The assumption of gross profit rate is calculated on the basis of baseline
704 8,175
348 4,571 Projected as share in revenue
205 2,689 Per this model variable costs are projected on the basis of share in revenu
72 941 Per this model variable costs are projected on the basis of share in revenu
20 269 Per this model variable costs are projected on the basis of share in revenu
20 269 Per this model variable costs are projected on the basis of share in revenu
20 269 Per this model variable costs are projected on the basis of share in revenu
10 134 This is the same as previous. We suggest to put all other costs in this cell
356 3,603 Projected as per expected YoY growth rate
110 1,264 0.8% Projected as per expected YoY growth rate in relation to baseline figures
24 520 Per this model bonuses are projected on the basis of share in net income.
11 123 0.4% Projected as per expected YoY growth rate in relation to baseline figures
11 123 0.4% Projected as per expected YoY growth rate in relation to baseline figures
190 1,450 D&A is projected as the basis on current and new investment, per assesse
11 123 0.4% We suggest to put all other costs in this cell in orter to match your IS with
218 3,926
408 5,376 EBITDA is EBIT increased for D&A
49 472 Projected as % of total financial debt.
15 202 Per this model these costs are projected on the basis of share in revenue.
153 3,252
27 572 The tax costs are projected on the tax rate calculated on the basis of histo
126 2,681

569 569
440 440 Projected as per separate model for CAPEX given under row of 94 in thi
129 129 Projected as share in total assets
5,569 5,569
537 537 Projected as per separate model for Net Working Capital - given under r
954 954 Projected as per separate model for Net Working Capital - given under r
411 411 Projected as share in total assets
3,667 3,667 Linked from projected Cash Flow statement - see row 73 in this sheet
6,138 6,138
2,986 2,986 Baseline figure increased for current result i.e.net income (loss) of period
2,105 2,105
1,900 1,900 Projected as per separate model for Debt - given under row of 89 in this
205 205 Projected as share in total equity and liabilities
1,047 1,047
645 645 Projected as per separate model for Net Working Capital - given under r
350 350 Projected as per separate model for Debt - given under row of 89 in this
51 51 Projected as per separate model for Net Working Capital - given under r
6,138 6,138
Dec
304 4,040
126 2,681
190 1,450 Taken from CAPEX and D&A calculation given below
(3) (2)
(5) (4)
(12) (261)
7 45
1 130
(104) (1,719)
(100) (1,640)
(4) (79)
31 1,101
25 1,100
6 1
231 3,422
3,436 245 Should be equal with row 43 (cash position in the balance sheet for previ
3,667 3,667 Should be equal with row 43 (cash position in the balance sheet)

19 19 -0.2% Per this model it is allowed to make adjustment in future DIO, by input o
16 16 -0.2% Same as previous
23 23 0.4% Same as previous
2 2 0.4% Same as previous
1,205 1,205
537 537
954 954
411 411
645 645
51 51

75 900 Input positive number for expected new loans withdraws (increases cash
(50) 200 Input positive number for expected new loans withdraws or negative for

100 1,650 Input new investment in PPE or IP

1,900 1,900
190 1,450 D&A is calculated as per average D&A rate assumption given in column
1,460 1,460
440 440

51% 51%
7% 11%
12% 17%
23% 23%
2% 44%
4% 90%
2% 53%
4,522 4,522
3,985 3,985
74% 74%

49% 49%
51% 51%

0 4
3 41
2 49
1 35
2 21
1 20

0 0
0 0
0 0
or example if the sales in June expected to be higher 50% type 1.5. and adjust other months

rowth rate is 10% (column C). You need to make best assessment of annual growth for each revenue line and put the assumptions in column C instead of given 10%

me revenues of missing revenues. For example if you have agreed one time service that is agreed for next year and not probable to repeat you can enter these revenues in relevant year

calculated on the basis of baseline figures. For the purpose of this model you can re-enter the best estimate of gross profit rate for the projections

cted on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis of historical data. Please revise this share if needed.
cted on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis of historical data. Please revise this share if needed.
cted on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis of historical data. Please revise this share if needed.
cted on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis of historical data. Please revise this share if needed.
cted on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis of historical data. Please revise this share if needed.
est to put all other costs in this cell in order to match your IS with this model.

h rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and re-enter your assumption in column C
n the basis of share in net income. Given % is share in net income. The share is calculated on the basis of historical data. Please revise this share if needed.
h rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and re-enter your assumption in column C
h rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and re-enter your assumption in column C
ent and new investment, per assessed D&A rate. See the line 97 in this sheet
s cell in orter to match your IS with this model. Projected as per expected YoY growth rate in relation to baseline figures. Please make best estimate of annual growth rate of these costs and re-

d on the basis of share in revenue. Given % is share in revenue. The share is calculated on the basis of historical data. Please revise this share if needed.

rate calculated on the basis of historical effective tax rate. Please make best estimate of expected tax rate and refill % in column C

APEX given under row of 94 in this sheet

et Working Capital - given under row of 76 in this sheet

et Working Capital - given under row of 76 in this sheet

ement - see row 73 in this sheet

esult i.e.net income (loss) of period is linked in Equity (Retained earnings)

ebt - given under row of 89 in this sheet

et Working Capital - given under row of 76 in this sheet

ebt - given under row of 89 in this sheet
et Working Capital - given under row of 76 in this sheet
ation given below

sition in the balance sheet for previous period)

sition in the balance sheet)

djustment in future DIO, by input of expected increase or decrease of day in %. For, example -10% means we expect to decrease DSO from 60 to 54 days in average in the future. So please adj

w loans withdraws (increases cash flow) or negative for loan repayment (decreases cash flow).
w loans withdraws or negative for loan repayment.

A rate assumption given in column C. Please revise the rate if needed.

 revenues in relevant year

al growth rate of these costs and re-enter your assumption in column C

average in the future. So please adjust this % if needed.
 Revenues & Gross profit
3000

2500

2000

1500

1000

500

0
1 2 3 4 5 6 7 8 9 10 11 12

Overhead fixed vs variable

600

500

400

300

200

100

0
1 2 3 4 5 6 7 8 9 10 11 12

Overhead variable Overhead fixed

Assets & Equity

7000
6000
5000
4000
3000
2000
 Assets & Equity
7000
6000
5000
4000
3000
2000
1000
0
1 2 3 4 5 6 7 8 9 10 11 12

Total assets Equity

CCC Days
25

20

15

10

0
1 2 3 4 5 6 7 8 9 10 11 12

DIO DSO DPO

900
800
700
600
500
400
300
200
100
0
1 2 3 4 5 6 7 8 9 10 11 12

450
400
350
300
250
200
150
100
50
0
1 2 3 4 5 6 7 8 9 10 11 12

Cash flows
600

400

200

0
1 2 3 4 5 6 7 8 9 10 11 12
-200
 Cash flows
600

400

200

0
1 2 3 4 5 6 7 8 9 10 11 12
-200

-400

-600

CF from operating activities CF from investing activities CF from financing activities

Profitability rates
0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
1 2 3 4 5 6 7 8 9 10 11 12

Net margin EBIT margin EBITDA margin ROA ROE

Opção 2