TEXTUAL SUMMARY REPORT
First-Year Financial Report
Three-Year Financial Report
 
   
  Date prepared: 31-Dec-03  
   
  The following three operational & financial reports for ANY CORP INC cover  
  the months and years commencing in Feb 2005. They have been derived  
  from the detailed assumptions in Exl-Plan's Monthly, Quarterly and Annual  
  Reports.  
                 
   
  1.  FIRST-YEAR OPERATIONAL  REPORT - ANY CORP INC  
   
  This First-Year Operational Report covers the twelve months to end Jan 2006  
  based on detailed monthly projections and assumptions. The  
  following table summarizes quarterly sales projections for this year:  
   
                                      Quarter Ends in Year to Jan 2006   Annual  
  Sales 1 Qtr 2 Qtr 3 Qtr 4 Qtr Total  
    $000 $000 $000 $000 $000  
  Product Group:    
   - Group1 61.0 66.0 74.0 86.0 287.0  
   - Group2 57.0 64.0 69.0 76.0 266.0  
  Total sales 118.0 130.0 143.0 162.0 553.0  
  % Quarterly changes NA 10.2 10.0 13.3    
   
  This shows that Group1 will account for 52% of projected sales and that Group2 will  
  account for the balance of 48%.  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Projected inventory levels for the four quarters are as follows:  
   
    Opening              Quarter Ends in Year to Jan 2006  
  Inventories Levels  1st 2nd 3rd 4th  
    $000 $000 $000 $000 $000  
       
  Materials/goods 43.0 43.0 43.0 43.0 43.0  
   
  The projected average materials/goods cost percentages for the four quarters are  
  as follows:  
   
                     Quarterly Averages for Year to Jan 2006 Annual  
  Product Groups  1st 2nd 3rd 4th Averages  
    % Sales % Sales % Sales % Sales % Sales  
       
  Group1 41.0 41.0 41.0 41.0 41.0  
  Group2 39.0 39.0 39.0 39.0 39.0  
  Based on Cost of Materials (Assumption Report No. 2) as % Sales (Report No. 1)  
   
  The projected headcounts at quarter ends are as follows:  
   
                   Quarter Ends in Year to Jan 2006  
  Functions    1st 2nd 3rd 4th  
    Nos Nos Nos Nos  
  Direct labor:    
   - Group1 1 2 2 2  
   - Group2 1 2 2 2  
  Total direct labor 2 3 4 4  
  Indirect labor 2 2 2 2  
  Sales 1 1 1 1  
  Clerical 1 1 1 1  
  Management   1 1 1 1  
  Total headcount   7 8 9 9  
   
  Direct costs and overhead expenses are summarized below.  
   
        Quarters in Year to Jan 2006 Annual  
  Cost  Analysis    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Materials/packaging/goods 47.2 52.0 57.3 64.9 221.4  
  Direct labor 5.2 6.9 9.5 10.4 32.0  
  Other direct 21.3 26.2 29.1 33.0 109.6  
  Total Cost of sales 73.7 85.1 95.9 108.3 363.1  
  Overhead expenses:    
  Operational (indirect) 8.9 8.9 8.9 8.9 35.4  
  Selling & freight 11.9 12.1 12.4 12.7 49.1  
  Management/admin staff 8.3 8.3 8.3 8.3 33.0  
  Administration 5.3 5.3 5.3 5.3 21.0  
  Occupancy/general 2.6 2.6 2.6 2.6 10.2  
  Total overhead expenses 36.8 37.0 37.3 37.6 148.7  
  Total direct costs & expenses 110.5 122.2 133.1 145.9 511.7  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Proposed capital expenditure (excluding leasing) is summarized in the next table.  
   
        Quarters in Year to Jan 2006 Annual  
  Capital Expenditure    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Land, buildings & improvements 30.0 30.0  
  Plant, equipment & vehicles 10.0 10.0  
  Total capital expenditure 10.0   30.0   40.0  
   
  Changes in longterm debt and leasing are summarized below  
   
        Quarters in Year to Jan 2006 Annual  
  Debt & Leasing    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Increase in longterm debt/notes 10.0 50.0 50.0 110.0  
  Longterm debt/note repayments 5.0 5.0 5.0 5.0 20.0  
  Net changes in longterm debt/notes 5.0 (5.0) 45.0 45.0 90.0  
       
  Increases in leases 15.0 15.0  
  Lease repayments 6.0 7.3 7.3 1.3 21.9  
  Net changes in leases (6.0) 7.7 (7.3) (1.3) (6.9)  
       
  Overall changes in loans & leases (1.0) 2.7 37.7 43.7 83.1  
   
  Other significant transactions during the year include the following:  
   
        Quarters in Year to Jan 2006 Annual  
  Other Transactions    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Proceeds of share issues 5.0 5.0  
       
  Proceeds of fixed asset sales 10.0 10.0  
       
  Dividends declared              
   
   
  2.  FIRST-YEAR FINANCIAL  REPORT - ANY CORP INC
Top
 
   
  This First-Year Financial Report covers the twelve months to end Jan 2006  
  based on detailed monthly projections and assumptions.  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The following table analyses sales and gross margins by  
  main product group for the full year:  
   
    Total Gross Gross  
  Year to end Jan 2006 Sales Margin Margin  
    $000 $000 % Sales  
  Product Group:    
   - Group1 287.0 98.5 34.3  
   - Group2 266.0 91.4 34.4  
  Total 553.0 189.9 34.3  
   
  This shows that Group1 will account for 52% of projected sales  
  (52% of total gross margin) and that Group2 will account for the   
  balance of 48% of sales (48% of total gross margin).  
   
  The projected overall gross margin is 34%.  
   
  Based on projected sales of $553 000, ANY CORP INC  
  expects to report a pretax profit of $11 000 for the year.  
  The following table analyses these projections:  
   
  Year to end Jan 2006   $000 % Sales  
  Sales 553.0 100  
  Cost of sales 363.1 66  
  Gross Margin 189.9 34  
  Overhead expenses:    
   -Operational (indirect) 35.4 6  
   -Selling & freight 49.1 9  
   -Management/admin staff 33.0 6  
   -Administration 21.0 4  
   -Occupancy/general 10.2 2  
  Depreciation 13.1 2  
  Operating lease payments 13.2 2  
  Total operating expenses 174.9 32  
  Income from operations 15.0 3  
  Other income/expenses:    
   -Profit (loss) disposal of fixed assets 8.0 1  
   -Intangible asset amortization 12.0 2  
   -Miscellaneous income 24.0 4  
  Total other income (expenses) 20.0 4  
  Earnings before interest & taxes 35.0 6  
  Interest expense/income:    
   -Interest expense 12.0 2  
   -Lease interest expense 12.0 2  
   -Interest income 0.3 0  
  Net interest expense (income) 23.7 4  
  Net income before taxes 11.3 2  
   
  Based on detailed monthly projections, the net cash inflow  
  for the twelve months will be $44 000. The projected year-end bank  
  position will be a $31 000 cash balance.  
   
  The next table compares the projected results with those for   
  the previous year which ended in Jan 2005.  
  Years ending:     Jan 2005   Jan 2006  Change  
    $000 $000 %  
       
  Sales 335.0 553.0 65  
  Cost of sales 260.0 363.1 40  
  Gross margin 75.0 189.9 153  
  Total operating expenses 144.0 174.9 21  
  Income from operations (69.0) 15.0    
  Other income, interest expense etc. (7.0) (3.7)    
  Net income before taxes (76.0) 11.3    
  Taxes 0.8    
  Net income (76.0) 10.5    
  Dividends declared    
  Transferred to reserves   (76.0) 10.5    
   
  This indicates that sales could increase by $218 000 while  
  net income could improve by $87 000 over the year.  
   
  The following table summarizes cashflows for the year by quarter.  
   
        Quarters in Year to Jan 2006 Annual  
  Cashflows    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Total cash receipts 155.9 133.0 201.7 231.4 722.0  
  Total cash payments 172.2 147.3 191.3 167.5 678.3  
  Net cashflow (16.3) (14.3) 10.4 63.9 43.7  
       
  Closing cash balance (deficit) (29.3) (43.6) (33.2) 30.7    
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The following key assumptions regarding rates etc. were used  
  in compiling the projections for the year to end Jan 2006.  
   
  Items   Value Basis  
  Headcount:    
    Direct workers 3.1   Avg monthly numbers  
    All other staff 5.0   Avg monthly numbers  
  Depreciation:    
    Land, buildings & improvements 3.0   Annual % rates  
    Plant, equipment & vehicles 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) 47   Based on full-yr sales  
    Inventory (days sales) 28   Based on full-yr sales  
    Accounts payable (days costs & exs) 20   Based on full-yr costs  
   
  The following key ratios have been derived from the 12-month  
  projections for the year ending Jan 2006:  
   
      Max/Min   Full Year  
  Ratios   Monthly   or Year End  
       
  Profitability:    
    Gross margin (% sales) 39.4 Max Value 34.3  
    Net income before taxes (% sales) 21.8 Max Value 2.0  
       
  Current asset ratio (times) 1.1 Min Value 2.0  
       
  Debt/equity (%) 106 Max Value 79  
       
  Sales/total assets (times) 1.7  
  Net income before taxes/total assets (%) 3.5  
  Projected sales as % breakeven     109  
   
  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  
   
      * Net income before taxes/total assets may be low  
   
  3.  THREE-YEAR FINANCIAL REPORT - ANY CORP INC
Top
 
   
  This Financial Report covers the three years to the end of Jan 2008. It has  
  been based on detailed monthly projections for the first year and   
  quarterly projections for the following years.  
   
  The following table summarizes the projected trading performance:  
   
  Years to end Jan 04-05 05-06 06-07 07-08  
    Act/Est Proj Proj Proj  
    $000 $000 $000 $000  
       
  Sales 335 553 728 1,044  
  Cost of sales 260 363 480 668  
  Gross margin 75 190 248 376  
  Total operating expenses 144 175 212 296  
  Income from operations (69) 15 36 80  
  Other income, interest expense etc. (7) (4) 38 45  
  Net income before taxes (76) 11 74 125  
  Taxes 1 5 10  
  Net income (76) 11 69 115  
  Dividends declared 10 25  
  Transferred to reserves (76) 11 59 90  
   
  For the three years under review, sales should change by 212%  
  and projected net income before taxes for the third year is $125 000.  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The projected cashflows for ANY CORP INC during the years  
  under review are summarized below:  
   
  Years to end Jan 05-06 06-07 07-08  
    Proj Proj Proj  
    $000 $000 $000  
  Net cashflows from:    
      Operations 10 32 54  
      Investing activities (39) (20) (10)  
      Financing 73 (8) (54)  
  Increase (decr) cash 44 4 (10)  
   
  The projected cumulative net cash inflow over the three years is  
  $38 000.  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The next table shows the projected balance sheets.  
   
  Years to end Jan 04-05 05-06 06-07 07-08  
    Act/Est Proj Proj Proj  
    $000 $000 $000 $000  
  ASSETS    
  Current assets:    
    Cash 2 31 35 25  
    Other 115 127 188 270  
  Total Current Assets 117 157 223 295  
       
  Fixed & intang assets 139 167 204 221  
       
  Total assets 256 324 427 516  
       
  LIABILITIES    
  Current liabilities:    
    Short-term loans/credit 15    
    Other 92 80 133 149  
  Total Current Liabilities 107 80 133 149  
       
  Total longterm liabilities 38 118 78 62  
       
  Total owners' equity 111 127 215 305  
       
  Total liabilities 256 324 427 516  
   
  The projected change in owners' equity is $194 000 and the  
  expected closing net cash position is $25 000.  
   
  The overall projected performance of ANY CORP INC for the years   
  under review is assessed in the following table:  
   
  Years to end Jan   05-06 06-07 07-08  
      Proj Proj Proj  
       
  Gross margin (% sales) 34.3 34.1 36.0  
  Net income before taxes (% sales) 2.0 10.2 12.0  
  Sales as % breakeven 109 117 127  
       
  Net income before taxes/total assets (%) 3.5 17.3 24.2  
  Sales/total assets (times) 1.7 1.7 2.0  
  Net debt as percent    
    owners' equity (Max=200%) 79 35 21  
       
  Net assets per share ($) 1.23 1.75 2.48  
  Earnings per share ($) 0.10 0.61 0.93  
  Dividend per share ($)     0.08 0.20  
   
  This table indicates that the following financial ratios may be   
  out-of-line with generally accepted norms for one or more years:  
   
      * Net debt as % of owners' equity may be too high  
   
      * Net income before taxes as % total assets may be low