TEXTUAL SUMMARY REPORT
Cashflow & Financials
 
   
  Date prepared: 05-Jan-04  
   
  The following assumption and financial reports for ANY CORP INC  
  cover the year commencing in Jan 2004. They have been derived from  
  the detailed assumptions in Cashflow Plan's monthly reports.  
                 
   
  ASSUMPTIONS  - ANY CORP INC  
   
  This report covers the twelve months to end Dec 2004 and has been  
  based on detailed monthly projections and assumptions.  
   
  The following table and chart summarize sales projections for the year:  
   
                                      Quarter Ends in Year to Dec 2004   Annual  
  Sales 1 Qtr 2 Qtr 3 Qtr 4 Qtr Total  
    $000 $000 $000 $000 $000  
  Sales Groups:    
   Subgroup a 52.5 57.0 61.5 66.0 237.0  
   Subgroup b 15.8 18.2 21.1 24.5 79.6  
   Subgroup c    
   Subgroup d    
   Subgroup e    
  Total sales 68.3 75.2 82.6 90.5 316.6  
  % Quarterly changes NA 10.2 9.8 9.5    
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Projected inventory levels for the four quarters are as follows:  
   
    Opening              Quarter Ends in Year to Dec 2004  
  Inventories Levels  1st 2nd 3rd 4th  
    $000 $000 $000 $000 $000  
       
  Materials/goods 50.0 50.0 50.0 50.0 50.0  
   
  The projected average materials/goods cost percentages are as follows:  
   
                     Quarterly Averages for Year to Dec 2004 Annual  
  Material/Goods costs  1st 2nd 3rd 4th Averages  
    % Sales % Sales % Sales % Sales % Sales  
       
  Materials/goods 41.0 41.0 41.0 41.0 41.0  
   
  The projected headcounts at quarter ends are as follows:  
   
                   Quarter Ends in Year to Dec 2004  
  Functions    1st 2nd 3rd 4th  
    Nos Nos Nos Nos  
       
  Direct labor 1 2 2 2  
  Clerical 1 1 1 1  
  Management 1 1 1 1  
  Total headcount   3 4 4 4  
   
  Direct costs and overhead expenses are summarized below.  
   
        Quarters in Year to Dec 2004 Annual  
  Cost  Analysis    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Materials/packaging/goods 28.0 30.9 33.9 37.1 129.8  
  Direct labor 2.6 3.9 5.2 5.2 16.9  
  Other direct 9.3 10.2 11.1 12.0 42.6  
  Total cost of sales 39.9 44.9 50.2 54.3 189.3  
  Overhead expenses:    
  Selling & freight 2.9 3.0 3.2 3.3 12.3  
  Management/admin staff 8.3 8.3 8.3 8.3 33.0  
  Admin/establish 7.8 7.8 7.8 7.8 31.2  
  Total overhead expenses 18.9 19.1 19.2 19.4 76.5  
  Total direct costs & expenses 58.8 64.0 69.4 73.6 265.8  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Proposed capital expenditure (excluding finance leasing) is summarized in the next table.  
   
        Quarters in Year to Dec 2004 Annual  
  Capital Expenditure    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Total capital expenditure     30.0   30.0  
   
  Changes in longterm debt and leasing are summarized below.  
   
        Quarters in Year to Dec 2004 Annual  
  Debt & Leasing    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Increase in longterm debt/notes 10.0 10.0  
  Longterm debt/note repayments 5.0 5.0 5.0 5.0 20.0  
  Net changes in longterm debt/notes 5.0 (5.0) (5.0) (5.0) (10.0)  
   
  Other significant transactions during the year include the following:  
   
        Quarters in Year to Dec 2004 Annual  
  Other Transactions    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Revenue grants/subsidies    
       
  Proceeds of new stock issues 5.0 5.0  
       
  Proceeds of fixed asset sales 6.0 6.0  
       
  Dividends for current year            
   
  The following key assumptions regarding rates etc. were used  
  in compiling the projections for the year to end Dec 2004.  
   
  Items   Value Basis  
  Depreciation 10.0   Annual % rates  
  Interest rates (% pa):    
      Cash at bank 4.0   Monthly average  
      Short-term loans/line of credit 13.5   Monthly average  
      Longterm debt/notes 12.5   Monthly average  
  Working capital:    
      Accounts receivable (days sales) 39   Based on full-yr sales  
      Inventory (days sales) 58   Based on full-yr sales  
      Accounts payable (days costs/exs) 23   Based on full-yr costs  
   
  The projected monthly levels of inventory, receivables and payables  
  are indicated below:  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  CASHFLOW & FINANCIALS - ANY CORP INC
Top
 
   
  CASHFLOW PROJECTIONS  
   
  Based on detailed monthly projections, the net cash OUTFLOW for the  
  year will be $16 000. The projected year-end bank position will  
  be a $38 000 short-term loan (line of credit) requirement.  
   
  The following table analyses cashflows for the year:  
   
  Year to end Dec 2004       $000  
       
  CASH RECEIPTS    
  Cash sales & accounts receivable 328.8  
  Proceeds of new stock issues 5.0  
  Increases in longterm debt/notes 10.0  
  Proceeds from sale of fixed assets 6.0  
  Sales Tax recovered from State 9.1  
  Capital grants/subsidies received    
  Revenue grants/subsidies received    
  Miscellaneous income received 12.0  
  Interest received 0.1  
  Total cash receipts 371.0  
       
  CASH PAYMENTS    
  Materials/goods accounts payable 166.2  
  Total direct cost payments 58.8  
  Total overhead expense payments 75.4  
  Taxes paid    
  Dividends paid    
  Capital expenditure payments 39.0  
  Operating lease  payments 13.2  
  Longterm debt/note repayments 20.0  
  Sales Tax paid on overheads, capex etc.    
  Sales Tax paid to State    
  Opening payroll taxes/benefits paid 5.0  
  Changes in prepaid expenses (2.0)  
  Changes in accrued expenses 4.0  
  Interest paid 7.5  
  Total cash payments 387.2  
       
  Net cashflow (16.1)  
       
  Closing net cash balance (deficit)     (38.1)  
   
  The following chart highlights the monthly net cashflows and cash balances for the year:  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The next chart highlights the net cashflows and cash balances for the initial three months:  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The following table summarizes the net cashflows and balances over the full year and  
  for the initial three months:  
   
  Cashflow Summary   Full Year   Initial 3 Months  
    $000 $000  
       
  Peak cash surplus 0.0  0.0   
  Peak cash deficit (47.0) (46.8)  
       
  Net cashflow (16.1) 2.2  
  Closing cash surplus (deficit) (38.1)   (19.8)  
   
   
  INCOME STATEMENTS  
   
  The following chart summarizes sales and income projections for the year:  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Based on projected sales of $317 000, ANY CORP INC  
  expects to report an income before tax of $24 000 for the year.  
  The following table analyses these projections:  
   
  Year to end Dec 2004   $000 % Sales  
  Sales 316.6 100  
  Cost of sales 189.3 60  
  Gross Margin 127.3 40  
  Overhead expenses 76.5 24  
  Depreciation 7.8 2  
  Operating lease payments 13.2 4  
  Total operating expenses 97.5 31  
  Income from operations 29.8 9  
  Other income/expenses:    
   -Profit (loss) disposal of fixed assets 2.0 1  
   -Intangible asset amortization 12.0 4  
   -Capital grant/subsidy amortization    
   -Revenue grants/subsidies    
   -Miscellaneous income 12.0 4  
  Total other income (expenses) 2.0 1  
  Earnings before interest & taxes 31.8 10  
  Interest expense/income:    
   -Interest expense 7.5 2  
   -Interest income 0.1 0  
  Net interest expense (income) 7.4 2  
  Net income before taxes 24.3 8  
   
   
  BALANCE SHEETS  
   
  The next table shows the opening & projected balance sheets for the year.  
   
  Year to end Dec 2004     Opening Closing  
  ASSETS $000 $000  
  Current assets:    
    Cash 2.0    
    Other 100.0 102.6  
  Total Current Assets 102.0 102.6  
       
  Fixed & intang assets 64.0 70.2  
       
  Total assets 166.0 172.8  
       
  LIABILITIES    
  Current liabilities:    
    Short-term loans/credit 24.0 38.1  
    Other 70.0 30.0  
  Total Current Liabilities 94.0 68.2  
       
  Total longterm liabilities 10.0 15.0  
       
  Total provisions for liabilities    
       
  Total owners' equity 62.0 89.6  
       
  Total liabilities     166.0 172.8  
   
   
  PERFORMANCE RATIOS  
   
  The following key ratios have been derived from the 12-month  
  projections for the year ending Dec 2004:  
   
      Max/Min   Full Year  
  Ratios   Monthly   or Year End  
       
  Profitability:    
    Gross margin (% sales) 41.7 Max Value 40.2  
    Net income before taxes (% sales) 13.4 Max Value 7.7  
       
  Current asset ratio (times) 1.2 Min Value 1.5  
       
  Debt/equity (%)   93 Max Value 65  
   
  This table indicates that the following financial indicators  
  derived from the detailed projections, may be out-of-line with  
  generally-accepted norms:  
   
      * Debt/equity ratio may be too high