Years ending           05-06 05-06 05-06 05-06 06-07 06-07 06-07 06-07 07-08 07-08 07-08 07-08    
Jan           1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr    
ASSUMPTIONS FOR 2nd & 3rd YEARS AND PROJECTIONS FOR 1st YEAR - OTHER ITEMS    
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Various Items                    
Annualised sales per employee ($000) ->> 42 44 47 49 45 46 47 48 49 50 51 52     60
Operating lease payments ($000) ->> 17 17 17 17 18 18 18 18 18 18 18 18     90
Miscellaneous income ($000) ->> 30 30 30 30 30 30 30 30 30 30 30 30     230
Bad debts ($000) ->> 5 5 6 7 9 10 11 12 13 14 15 16     45
Intangible asset amortization ($000) ->> 15 15 15 15 2      
Purchases of intangible assets ($000) ->>        
Dividends declared ($000) ->>       50   75     140
Dividend payments ($000) ->>       50       147
                     
Tax    
Effective federal/state tax rate (%) ->> ->> ->> ->> ->> ->> ->> 7.0 ->> ->> ->> 8.0     8
Federal/state tax payments ($000) - - - - 53 - -     116
     
Fixed Assets    
Closing fixed assets at cost ($000) 850 830 1,025 1,325 1,405 1,405 1,440 1,690 1,665 1,665 1,890 1,870 2,170     2,985
Opening accumulated depreciation ($000) 175 184 208 236 265 300 326 369 395 437 484 496     768
                     
Composite depreciation rate (% pa)* ->> 8.8 10.2 10.8 11.4 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0     10
                     
Capital expend - excl leases ($000) ->> 300 100     250   225   300     300
Capital expend payments ($000) ->> 45 400     250   50 175       308
                     
Disposals of fixed assets ($000):                    
 -Proceeds ->> 50 50   75   75   70      
 -Cost ->> 20 20   25   25   20      
 -Accumulated depreciation ->> 10 10   10   15   35      
                     
Stocks & Shares                    
Proceeds of new stock issues ($000) ->> 25 300     200      
No of new shares issued (000s) ->> 15 100     50      
                     
Debt & Loans                    
Increases in longterm debt/notes ($000) ->> 50 250 250     200      
Longterm debt/note repayments ($000) ->> 25 25 25 25 25 25 25 25 25 25 25 25    
Increase in 'other loans' ($000) ->> 125     150       50
'Other loan' repayments ($000) ->> 25   25   25    
                     
Interest    
Interest rates (% pa):                    
 -Cash at bank * ->> 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0     4
 -Short-term loans/line of credit * ->> 13.5 13.5 13.5 13.5 13.5 13.5 13.5 13.5 13.5 13.5 13.5 13.5     14
 -Longterm debt/notes * ->> 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5     13
Int payable on 'other loans' ($000) ->>     1 1 1 1 1 1 1     10
                     
Leases                    
New lease obligations ($000) ->> 195     60       100
Lease interest expense ($000) ->> 15 25 25 10 10 10 10 10 10 10 10 10     30
Lease repayments ($000) ->> 30 42 42 12 10 10 10 10 10 10 10 10     50
                     
Allocation of Debt    
Total longterm debt/notes outstanding ($000) 225 200 425 650 625 600 575 550 525 700 675 650     650
Total 'other loans' outstanding ($000) 50 175 175 150 150 300 300 300 275 275 275 250     350
Total lease obligations outstanding ($000) 60 213 171 159 149 199 189 179 169 159 149 139     239
Proportions payable within one year:                    
 -Longterm debt/notes (as % total) * ->> 25 25 25 25 50 50 50 50 50 50 50 50     50
 -'Other loans' (as % total) * ->> 20 20 20 20 33 33 33 33 33 33 33 33     33
 -Leases (as % total) * ->> 30 30 30 30 30 30 30 30 30 30 30 30     30
                     
Working Capital                    
Accounts receivable (days sales) ->> 38 39 39 38 42 42 42 42 42 42 42 42     45
Inventory (days sales) ->> 31 29 27 26 28 28 28 28 28 28 28 28     30
Accounts payable (days costs & expenses) ->> 25 26 26 26 28 28 28 28 28 28 28 28     32
                     
Level of prepaid expenses ($000) ->> 75 65 65 65 65 60 60 60 60 60 60 60 60     60
Level of accrued expenses ($000) ->> 30 10 10 10 10 10 10 10 10 10 10 10 10     10
                     
Sales Tax                    
Effective Sales Tax rate for sales (%) * ->> 3.2 3.2 3.3 3.3 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6     4
Effective Sales Tax rate on inputs (%) * ->>          
                                       
  For items marked * in the Quarterly Assumptions, the rates entered for the fourth quarter of the third year are also used for the fourth & fifth years.
            
Supplementary Data & Calculations: