TEXTUAL SUMMARY REPORT
First-Year Financial Report
Five-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 the 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 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 285.0 320.0 345.0 380.0 1,330.0  
  Total sales 830.2 995.3 1,175.2 1,320.0 4,320.7  
  % Quarterly changes NA 19.9 18.1 12.3    
   
  This shows that Group1 will account for 33% of projected sales; that Group2 will account for   
  a further 24%; that Group3 will account  for 12%; and that Group4 will account  for 31%.  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  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  
       
  Finished goods 125.0 165.6 195.4 225.3 244.8  
  Materials/goods 120.0 120.0 120.0 120.0 120.0  
  Total inventory 245.0 285.6 315.4 345.3 364.8  
   
  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 38.3 35.0 39.5 36.4 37.3  
  Group2 46.2 40.5 39.5 38.7 40.5  
  Group3 42.5 37.3 36.4 35.6 37.3  
  Group4 35.2 31.3 30.8 30.7 31.8  
  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 12 15 18 21  
   - Group2 11 13 14 16  
   - Group3 5 10 10 10  
   - Group4 10 13 16 19  
  Total direct labor 38 51 58 66  
  Indirect labor 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 headcount   83 96 103 111  
   
  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 299.5 333.8 411.5 453.9 1,498.6  
  Direct labor 108.3 140.4 170.3 202.9 621.9  
  Other direct 76.2 97.7 107.8 124.4 406.1  
  Total Cost of sales 484.0 571.9 689.6 781.1 2,526.6  
  Overhead expenses:    
  Operational (indirect) 88.5 88.5 88.5 88.5 354.0  
  Selling & freight 89.3 94.1 99.8 102.3 385.3  
  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  
  Occupancy/general 43.5 43.5 43.5 43.5 174.0  
  Total overhead expenses 461.3 466.1 471.8 474.3 1,873.3  
  Total direct costs & expenses 945.3 1,037.9 1,161.3 1,255.4 4,399.9  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  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 150.0 150.0  
  Plant, equipment & machinery 150.0 150.0  
  Automobiles, vehicles etc. 50.0 50.0  
  Total capital expenditure     300.0 50.0 350.0  
   
  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 50.0 250.0 250.0 550.0  
  Longterm debt/note repayments 25.0 25.0 25.0 25.0 100.0  
  Net changes in longterm debt/notes 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 leases 135.0 135.0  
  Lease repayments 30.0 40.0 40.0 10.0 120.0  
  Net changes in leases (30.0) 95.0 (40.0) (10.0) 15.0  
       
  Overall changes in loans & leases (5.0) 195.0 185.0 190.0 565.0  
   
  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 25.0 300.0 325.0  
       
  Proceeds of fixed asset sales 25.0 50.0 75.0  
       
  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 1,435.0 593.3 41.3  
   - Group2 1,042.2 369.8 35.5  
   - Group3 513.5 177.3 34.5  
   - Group4 1,330.0 653.7 49.2  
  Total 4,320.7 1,794.1 41.5  
   
  This shows that Group1 will account for 33% of projected sales  
  (33% of total gross margin); that Group2 will account for a further  
  24% of sales (21% of total gross margin); that Group3 will account   
  for 12% of sales (10% of total gross margin); that Group4 will account   
  for the balance of 31% of sales (36% of total gross margin).  
   
  The projected overall gross margin is 42%.  
   
  Based on projected sales of $4321 000, ANY CORP INC  
  expects to report a LOSS of $272 000 for the year.  
  The following table analyses these projections:  
   
  Year to end Jan 2006   $000 % Sales  
  Sales 4,320.7 100  
  Cost of sales 2,526.6 58  
  Gross Margin 1,794.1 42  
  Overhead expenses:    
   -Operational (indirect) 354.0 8  
   -Selling & freight 385.3 9  
   -Management/admin staff 600.0 14  
   -Research & development 252.0 6  
   -Administration 108.0 2  
   -Occupancy/general 174.0 4  
  Bad debts 21.6 1  
  Depreciation 87.6 2  
  Operating lease payments 66.0 2  
  Total operating expenses 2,048.5 47  
  Income from operations (254.4) (6)  
  Other income/expenses:    
   -Profit (loss) disposal of fixed assets 60.0 1  
   -Intangible asset amortization 60.0 1  
   -Miscellaneous income 120.0 3  
  Total other income (expenses) 120.0 3  
  Earnings before interest & taxes (134.4) (3)  
  Interest expense/income:    
   -Interest expense 72.1 2  
   -Lease interest expense 67.5 2  
   -Interest income 2.1 0  
  Net interest expense (income) 137.5 3  
  Net income before taxes (271.9) (6)  
   
  Based on detailed monthly projections, the net cash inflow  
  for the twelve months will be $14 000. The projected year-end bank  
  position will be a $96 000 short-term loan (line of credit) requirement.  
   
  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 1,900.0 4,320.7 127  
  Cost of sales 1,350.0 2,526.6 87  
  Gross margin 550.0 1,794.1 226  
  Total operating expenses 1,090.0 2,048.5 88  
  Income from operations (540.0) (254.4)    
  Other income, interest expense etc. (35.0) (17.5)    
  Net income before taxes (575.0) (271.9)    
  Taxes    
  Net income (575.0) (271.9)    
  Dividends declared    
  Transferred to reserves   (575.0) (271.9)    
   
  This indicates that sales could increase by $2421 000 while  
  net income could improve by $303 000 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 926.1 1,093.3 1,713.3 1,645.9 5,378.6  
  Total cash payments 1,114.5 1,184.6 1,312.7 1,753.1 5,364.9  
  Net cashflow (188.4) (91.2) 400.6 (107.3) 13.7  
       
  Closing cash balance (deficit) (298.4) (389.7) 11.0 (96.3)    
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  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 49.3   Avg monthly numbers  
    All other staff 45.0   Avg monthly numbers  
  Bad debts 0.5   As percent sales  
  Depreciation:    
    Land, buildings & improvements 3.0   Annual % rates  
    Plant, equipment & machinery 10.0   Annual % rates  
    Automobiles, vehicles etc. 25.0   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) 31   Based on full-yr sales  
    Accounts payable (days costs & exs) 28   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) 44.6 Max Value 41.5  
    Net income before taxes (% sales) 9.9 Max Value -6.3  
       
  Current asset ratio (times) 0.8 Min Value 1.3  
       
  Debt/equity (%) 243 Max Value 150  
       
  Sales/total assets (times) 2.1  
  Net income before taxes/total assets (%) -13.4  
  Projected sales as % breakeven     88  
   
  This table indicates that the following financial indicators  
  derived from the detailed projections, may be out-of-line with  
  generally-accepted norms:  
      * Current asset ratio may be too low  
      * Debt/equity ratio may be too high  
   
   
   
  3.  FIVE-YEAR FINANCIAL REPORT - ANY CORP INC
Top
 
   
  This Financial Report covers the five years to the end of Jan 2010. It has  
  been based on detailed monthly projections for the first year and   
  quarterly/full-year 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 08-09 09-10  
    Act/Est Proj Proj Proj Proj Proj  
    $000 $000 $000 $000 $000 $000  
       
  Sales 1,900 4,321 5,242 6,295 7,239 7,963  
  Cost of sales 1,350 2,527 3,014 3,577 4,126 4,380  
  Gross margin 550 1,794 2,228 2,718 3,113 3,583  
  Total operating expenses 1,090 2,049 2,216 2,493 2,743 2,999  
  Income from operations (540) (254) 12 225 370 585  
  Other income, interest expense etc. (35) (18) 121 88 175 129  
  Net income before taxes (575) (272) 133 313 545 714  
  Taxes 9 25 44 57  
  Net income (575) (272) 124 288 501 657  
  Dividends declared 125 150 140  
  Transferred to reserves (575) (272) 124 163 351 517  
   
  For the first three years under review, sales should change by 231%  
  and projected net income before taxes for the third year are $313 000.  
   
  For the fifth year, sales should reach $7963 000 and projected  
  net income before taxes could be $714 000.  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  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 08-09 09-10  
    Proj Proj Proj Proj Proj  
    $000 $000 $000 $000 $000  
  Net cashflows from:    
      Operations (421) 90 269 565 831  
      Investing activities (320) (100) (155) (375) (325)  
      Financing activities 755 210 (40) (75) (150)  
  Increase (decr) cash 14 200 74 115 356  
   
  The projected cumulative net cash inflow over the five years is  
  $760 000.  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The next table shows the projected balance sheets.  
   
  Years to end Jan 04-05 05-06 06-07 07-08 08-09 09-10  
    Act/Est Proj Proj Proj Proj Proj  
    $000 $000 $000 $000 $000 $000  
  ASSETS    
  Current assets:    
    Cash 10 104 178 293 650  
    Other 605 984 1,150 1,341 1,548 1,696  
  Total Current Assets 615 984 1,254 1,519 1,841 2,346  
       
  Fixed & intang assets 720 1,042 1,185 1,551 1,763 1,899  
       
  Total assets 1,335 2,027 2,440 3,070 3,604 4,245  
       
  LIABILITIES    
  Current liabilities:    
    Short-term loans/credit 120 96    
    Other 545 651 954 1,433 1,547 1,603  
  Total Current Liabilities 665 748 954 1,433 1,547 1,603  
       
  Total longterm liabilities 125 681 564 552 621 689  
       
  Total owners' equity 545 598 922 1,085 1,436 1,953  
       
  Total liabilities 1,335 2,027 2,440 3,070 3,604 4,245  
   
  The projected change in owners' equity is $1408 000 and the  
  expected closing net cash position is $650 000.  
   
  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 08-09 09-10  
      Proj Proj Proj Proj Proj  
       
  Gross margin (% sales) 41.5 42.5 43.2 43.0 45.0  
  Net income before taxes (% sales) -6.3 2.5 5.0 7.5 9.0  
  Sales as % breakeven 88 101 109 113 120  
       
  Net income before taxes/total assets (%) 5.5 10.2 15.1 16.8  
  Sales/total assets (times) 2.1 2.1 2.1 2.0 1.9  
  Net debt as percent    
    owners' equity (Max=200%) 150 81 67 46 18  
       
  Net assets per share ($) 0.97 1.39 1.63 2.16 2.94  
  Earnings per share ($) -0.49 0.19 0.43 0.75 0.99  
  Dividend per share ($)       0.19 0.23 0.21  
   
  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