Years ending           2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009    
Dec           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 4th & 5th YEARS AND PROJECTIONS FOR 3rd YEAR - OTHER ITEMS    
  Help with Entering Assumptions
   
Various Items                    
Annualised sales per employee ($000) ->> 57 60 63 66 69 72 75 78 81 84 87 90     101
Operating lease payments ($000) ->> 27 27 27 27 35 35 35 35 45 45 45 45     190
Miscellaneous income ($000) ->> 30 30 30 30 30 30 30 30 30 30 30 30     120
Bad debts ($000) ->> 19 22 26 30 35 39 42 47 51 56 62 68     350
Intangible asset amortization ($000) ->>        
Purchases of intangible assets ($000) ->>        
Dividends declared ($000) ->> 300     1,000   1,250     2,000
Dividend payments ($000) ->>   300   1,000       1,665
                     
Tax    
Effective federal/state tax rate (%) ->> ->> ->> ->> 8.0 ->> ->> ->> 15.0 ->> ->> ->> 20.0     20
Federal/state tax payments ($000) ->>     113       506         904
     
Fixed Assets    
Closing fixed assets at cost ($000) 2,585 3,035 4,135 4,135 4,135 5,485 5,485 5,425 7,425 7,725 7,725 10,425 10,425     16,625
Opening accumulated depreciation ($000) 729 812 910 1,048 1,176 1,341 1,505 1,608 1,831 2,063 2,294 2,607     4,342
                     
Composite depreciation rate (% pa)* ->> 12.8 12.3 13.3 12.4 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0     12
                     
Capital expend - excl leases ($000) ->> 450 830   1,100   2,000   2,700       3,000
Capital expend payments ($000) ->> 1,150 130       1,100   2,000   1,000     2,925
                     
Disposals of fixed assets ($000):                    
 -Proceeds ->> 60     150      
 -Cost ->> 30     60      
 -Accumulated depreciation ->> 15     60      
                     
Stocks & Shares                    
Proceeds of new stock issues ($000) ->> 1,000          
No. of new shares issued (000s) ->> 150          
                     
Debt & Loans                    
Increases in longterm debt/notes ($000) ->>          
Longterm debt/note repayments ($000) ->> 50   50   50       50
Increase in 'other loans' ($000) ->>        
'Other loan' repayments ($000) ->> 20   20   20       20
                     
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 * ->> 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0     10
 -Longterm debt/notes * ->> 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0     9
Int payable on 'other loans' ($000) ->>        
                     
Leases                    
New  lease obligations ($000) ->> 300   250   300       350
Lease interest expenses ($000) ->> 32 32 15 32 50 50 50 50 50 50 50 50     200
Lease repayments ($000) ->> 49 49 30 49 55 55 55 55 55 55 55 55     220
                     
Allocation of Debt    
Total longterm debt/notes outstanding ($000) 550 550 550 550 500 500 500 500 450 450 450 450     350
Total 'other loans' outstanding ($000) 110 110 110 110 90 90 90 90 70 70 70 70     30
Total lease obligations outstanding ($000) 101 352 322 273 468 413 358 303 548 493 438 383     643
Proportions payable within one year:                    
 -Longterm debt/notes (as % total) * ->> 25 25 25 25 25 25 25 25 25 25 25 25     25
 -'Other loans' (as % total) * ->> 20 20 20 20 20 20 20 20 20 20 20 20     20
 -Leases (as % total) * ->> 30 30 30 30 30 30 30 30 30 30 30 30     30
                     
Working Capital If you adjusted receivable/payable levels in M_F, you may wish to review the assumption values below                    
Accounts receivable (days sales) ->> 44 44 44 44 44 44 44 44 44 44 44 44     48
Inventory (days sales) ->> 31 30 29 28 29 29 29 29 29 29 29 29     32
Accounts payable (days costs & exs) ->> 28 27 27 27 27 27 27 27 27 27 27 27     30
                     
Level of prepaid expenses ($000) ->> 65 65 65 65 65 80 80 80 80 80 80 80 80     80
Level of accrued expenses ($000) ->> 10 10 10 10 10 15 15 15 15 15 15 15 15     15
                     
Sales tax                    
Effective Sales tax rate for sales (%) * ->> 17.8 17.8 17.9 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0     18
Effective Sales tax rate on inputs (%) * ->> 9.6 9.7 8.9 8.9 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0     9
                                       
  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: