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 summarise 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  
  Product Group:    
   - Group1 305.0 330.0 370.0 430.0 1,435.0  
   - Group2 160.9 231.3 308.3 341.7 1,042.2  
   - Group3 79.3 114.0 151.9 168.3 513.5  
   - Group4 30.0 30.0 30.0 30.0 120.0  
   - Group5 60.0 60.0 60.0 60.0 240.0  
   - Group6 285.0 320.0 345.0 380.0 1,330.0  
  Total sales 920.2 1,085.3 1,265.2 1,410.0 4,680.7  
  % Quarterly changes NA 17.9 16.6 11.4    
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Projected stock levels for the four quarters are as follows:  
   
    Opening              Quarter Ends in Year to Dec 2004  
  Stocks Levels  1st 2nd 3rd 4th  
    $000 $000 $000 $000 $000  
       
  Finished goods 126.3 151.4 181.6 208.7 227.6  
  Materials/goods 140.0 140.0 140.0 140.0 140.0  
  Total stocks 266.3 291.4 321.6 348.7 367.6  
   
  The projected average materials/goods cost percentages are as follows:  
   
                     Quarterly Averages for Year to Dec 2004 Annual  
  Product Groups  1st 2nd 3rd 4th Averages  
    % Sales % Sales % Sales % Sales % Sales  
       
  Group1 35.4 39.8 37.0 36.8 37.3  
  Group2 46.7 40.2 41.3 38.4 40.9  
  Group3 43.0 37.0 38.0 35.3 37.7  
  Group4 28.0 28.0 28.0 28.0 28.0  
  Group5 25.0 25.0 25.0 25.0 25.0  
  Group6 31.1 31.4 30.9 31.2 31.1  
   
  The projected manpower at quarter ends are as follows:  
   
                   Quarter Ends in Year to Dec 2004  
  Functions    1st 2nd 3rd 4th  
    Nos Nos Nos Nos  
       
  Direct labour 12 15 18 21  
  Indirect labour 10 10 10 10  
  Supervisory staff 5 5 5 5  
  Sales 5 5 5 5  
  Clerical 10 10 10 10  
  Management 10 10 10 10  
  Research & development 5 5 5 5  
  Total manpower   57 60 63 66  
   
  Direct costs and overhead costs are summarised below.  
   
        Quarters in Year to Dec 2004 Annual  
  Cost  Analysis    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Materials/packaging/goods 310.1 367.8 432.0 477.3 1,587.3  
  Direct labour 34.4 43.9 53.7 64.2 196.2  
  Other direct 78.3 97.3 107.7 123.9 407.2  
  Total cost of sales 422.9 509.0 593.4 665.4 2,190.6  
  Overheads:    
  Operational (indirect) 96.0 96.0 96.0 96.0 384.0  
  Selling & freight 137.1 142.1 147.5 151.8 578.4  
  Management/admin staff 150.0 150.0 150.0 150.0 600.0  
  Research & development 63.0 63.0 63.0 63.0 252.0  
  Administration 27.0 27.0 27.0 27.0 108.0  
  Establishment & General 43.5 43.5 43.5 43.5 174.0  
  Total overhead costs   516.6 521.6 527.0 531.3 2,096.4  
  Total direct & overhead costs 939.5 1,030.6 1,120.3 1,196.7 4,287.1  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Proposed capital expenditure (excluding finance leasing) is summarised 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     150.0   150.0  
   
  Changes in loan finance and finance leasing are summarised below.  
   
        Quarters in Year to Dec 2004 Annual  
  Debt & Leasing    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Increase in longterm debt 50.0 250.0 250.0 550.0  
  Longterm debt repayments 25.0 25.0 25.0 25.0 100.0  
  Net change in longterm debt 25.0 (25.0) 225.0 225.0 450.0  
       
  Increases in 'other loans' 125.0 125.0  
  'Other loan' repayments 25.0 25.0  
  Net changes in 'other loans' 125.0 (25.0) 100.0  
       
  Increases in finance leases 75.0 75.0  
  Finance lease repayments 30.0 38.0 38.0 8.0 114.0  
  Net change in finance leases (30.0) 37.0 (38.0) (8.0) (39.0)  
       
  Overall changes in loans & leases (5.0) 137.0 187.0 192.0 511.0  
   
  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 25.0 300.0 325.0  
       
  Proceeds of fixed asset sales 50.0 50.0  
       
  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  
  Bad debts 0.5   As percent sales  
  Depreciation 10.0   Annual % rates  
  Interest rates (% pa):    
      Cash at bank 4.0   Monthly average  
      Overdraft 13.5   Monthly average  
      Longterm debt 12.5   Monthly average  
  Working capital:    
      Debtors (days sales) 38   Based on full-yr sales  
      Stocks (days sales) 26   Based on full-yr sales  
      Creditors (days costs) 30   Based on full-yr costs  
   
  The projected monthly levels of stocks, debtors and creditors  
  are indicated below:  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  CASHFLOW & FINANCIALS - ANY CORP INC
Top
 
   
  CASHFLOW PROJECTIONS  
   
  Based on detailed monthly projections, the net cash inflow for the  
  year will be $654 000. The projected year-end bank position will  
  be a $544 000 cash balance.  
   
  The following table analyses cashflows for the year:  
   
  Year to end Dec 2004       $000  
       
  CASH RECEIPTS    
  Cash sales & debtors 4,633.9  
  Proceeds of new stock issues 325.0  
  Increases in longterm debt 550.0  
  Increases in other loans 125.0  
  Proceeds from sale of fixed assets 50.0  
  VAT recovered from State 30.8  
  Capital grants/subsidies received    
  Revenue grants/subsidies received    
  Miscellaneous income received 120.0  
  Interest received 6.5  
  Total cash receipts 5,841.2  
       
  CASH PAYMENTS    
  Materials/goods creditors 1,943.7  
  Total direct cost payments 557.9  
  Total overhead cost payments 1,955.2  
  Taxes paid    
  Dividends paid    
  Finance lease debt repayments 114.0  
  Finance lease interest paid 60.0  
  Capital expenditure payments 195.0  
  Operating lease & HP payments 66.0  
  Longterm debt repayments 100.0  
  'Other loan' repayments 25.0  
  VAT paid on overheads, capex etc.    
  VAT paid to State 21.0  
  Opening payroll taxes/benefits paid 25.0  
  Changes in prepayments (10.0)  
  Changes in accruals 20.0  
  Interest paid 114.2  
  Total cash payments 5,187.0  
       
  Net cashflow 654.2  
       
  Closing net cash balance (deficit)     544.2  
   
  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 summarises 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 559.4 0.0   
  Peak cash deficit (308.2) (388.5)  
       
  Net cashflow 654.2 (113.9)  
  Closing cash surplus (deficit) 544.2   (223.9)  
   
   
  PROFIT & LOSS ACCOUNTS  
   
  The following chart summarises sales and profit projections for the year:  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Based on projected sales of $4681 000, ANY CORP INC  
  expects to report a profit before tax of $143 000 for the year.  
  The following table analyses these projections:  
   
  Year to end Dec 2004   $000 % Sales  
  Sales 4,680.7 100  
  Cost of sales 2,190.6 47  
  Gross Margin 2,490.1 53  
  Overhead costs 2,096.4 45  
  Trading Profit 393.6 1  
  Less:  Bad debts 23.4 1  
        Depreciation 93.8 2  
        Intangible asset amortisation 60.0 1  
        Interest payable 114.2 2  
        Finance lease interest payable 60.0 1  
        Operating lease & HP payments 66.0 1  
  Plus:  Interest receivable 6.5 0  
        Miscellaneous income 120.0 3  
        Revenue grants/subsidies    
        Capital grant/subsidy amortisation    
        Profit (loss) sale of fixed assets 40.0 1  
  Net Profit before Tax   142.9 3  
   
   
   
  BALANCE SHEETS  
   
  The next table shows the opening & projected balance sheets for the year.  
   
  Year to end Dec 2004     Opening Closing  
    $000 $000  
       
  Fixed & intang assets 745.0 806.3  
       
  Current assets:    
    Cash 10.0 544.2  
    Other 626.3 1,043.8  
  Total Current Assets 636.3 1,588.0  
       
  Current liabilities:    
    Overdraft 120.0    
    Other 545.0 701.9  
  Total Current Liabilities 665.0 701.9  
       
  Net current assets (28.7) 886.1  
  Creditors after one year 125.0 643.2  
  Provision for liabilities    
  Capital employed 591.3 1,049.2  
       
  Shareholders' funds     591.3 1,049.2  
   
   
  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 profit (% sales) 56.4 Max Value 53.2  
    Net profit before tax (% sales) 18.9 Max Value 3.1  
       
  Current asset ratio (times) 1.0 Min Value 2.3  
       
  Net debt/shareholders' funds (%) 115 Max Value 24  
   
  This table indicates that the following financial indicators  
  derived from the detailed projections, may be out-of-line with  
  generally-accepted norms:  
   
      * Net debt/shareholders' funds ratio may be too high