TEXTUAL SUMMARY REPORT
First-Year Financial Report
Five-Year Financial Report
 
   
  Date prepared: 31-Dec-03  
  The following three operational & financial reports for ANY INC cover  
  the months and years commencing in Jan 2005. They have been derived  
  from the detailed assumptions in Exl-Plan's Monthly and Quarterly Reports.      
  1.  FIRST-YEAR OPERATIONAL  REPORT - ANY INC  
   
  This First-Year Operational Report covers the initial twelve months to end Dec 2005  
  based on detailed monthly projections and assumptions.  
   
  The following table summarizes quarterly sales projections for the year:  
   
                                      Quarters in Year to Dec 2005   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 160.9 231.3 308.3 342.8 1,043.3  
   - Group3 79.3 114.0 151.9 177.2 522.4  
   - Group4 30.0 30.0 30.0 30.0 120.0  
   - Group5 60.0 60.0 60.0 60.0 240.0  
   - Group6 164.4 166.2 168.0 168.0 666.7  
   - Group7    
   - Group8    
   - Group9    
   - Group10    
  Total sales 799.6 931.5 1,088.2 1,208.0 4,027.4  
  % Quarterly changes NA 16.5 16.8 11.0    
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Projected inventory levels for the four quarters are as follows:  
   
    Opening              Quarters in Year to Dec 2005  
  Inventories Levels  1st 2nd 3rd 4th  
    $000 $000 $000 $000 $000  
  Finished goods 401.3 158.2 185.8 214.2 233.8  
  Materials/goods 202.0 204.5 204.5 204.5 204.5  
  Total inventory 603.3 362.7 390.3 418.7 438.3  
   
  The projected average materials/goods cost percentages for the four quarters are:  
   
                     Quarterly Averages for Year to Dec 2005 Annual  
  Product Groups  1st 2nd 3rd 4th Averages  
    % Sales % Sales % Sales % Sales % Sales  
  Group1 30.2 39.4 36.9 36.8 36.0  
  Group2 39.4 40.0 41.0 38.4 39.7  
  Group3 41.6 42.1 43.1 42.1 42.3  
  Group4 40.0 40.0 40.0 40.0 40.0  
  Group5 40.0 40.0 40.0 40.0 40.0  
  Group6 37.3 34.7 35.0 35.3 35.6  
  Group7    
  Group8    
  Group9    
  Group10            
   
  The projected headcounts at quarter ends are as follows:  
   
                   Quarters in Year to Dec 2005  
  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 1 1 1 1  
   - Group5 2 3 4 4  
   - Group6 8 8 8 8  
   - Group7    
   - Group8    
   - Group9    
   - Group10    
  Total direct labor 39 49 54 59  
  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   84 94 99 104  
   
  Direct costs and overhead expenses are summarized below.  
   
        Quarters in Year to Dec 2005 Annual  
  Cost  Analysis    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Materials/packaging/goods 416.3 347.7 406.1 448.3 1,618.4  
  Direct labor 189.3 139.6 161.6 186.3 676.8  
  Other direct 128.7 97.9 108.0 124.2 458.8  
  Total Cost of sales 734.3 585.1 675.7 758.9 2,754.0  
  Operational (indirect) 96.0 96.0 96.0 96.0 384.0  
  Selling & freight 133.5 137.4 142.1 145.7 558.8  
  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 513.0 516.9 521.6 525.2 2,076.8  
  Total direct costs & expenses 1,247.3 1,102.1 1,197.3 1,284.2 4,830.9  
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Proposed capital expenditure (excluding leasing) is summarized in the next table.  
   
        Quarters in Year to Dec 2005 Annual  
  Capital Expenditure    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Land, buildings & improvements 150.0 150.0  
  Plant & machinery 150.0 150.0  
  Computers & equipment 100.0 100.0  
  Automobiles, vehicles etc. 50.0 50.0  
  Total capital expenditure     400.0 50.0 450.0  
   
  Changes in longterm debt and leasing are summarized below  
   
        Quarters in Year to Dec 2005 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 210.0 210.0  
  Lease repayments 38.0 48.0 48.0 48.0 182.0  
  Net changes in leases (38.0) 162.0 (48.0) (48.0) 28.0  
       
  Overall changes in loans & leases (13.0) 262.0 177.0 152.0 578.0  
   
  Other significant transactions during the year include the following:  
   
        Quarters in Year to Dec 2005 Annual  
  Other Transactions    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Proceeds of share issues 1,000.0 1,000.0  
       
  Proceeds of fixed asset sales 25.0 100.0 125.0  
       
  Purchases of intangible assets    
       
  Dividends declared              
   
  2.  FIRST-YEAR FINANCIAL  REPORT - ANY INC
Top
 
   
  This First-Year Financial Report covers the twelve months to end Dec 2005  
  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 Dec 2005 Sales Margin Margin  
    $000 $000 % Sales  
  Product Group:    
   - Group1 1,435.0 577.5 40.2  
   - Group2 1,043.3 273.3 26.2  
   - Group3 522.4 78.4 15.0  
   - Group4 120.0 50.0 41.7  
   - Group5 240.0 75.9 31.6  
   - Group6 666.7 218.2 32.7  
   - Group7    
   - Group8    
   - Group9    
   - Group10    
  Total 4,027.4 1,273.3 31.6  
   
  The projected overall gross margin is 32%.  
   
  Based on projected sales of $4027 000, ANY INC  
  expects to report a LOSS of $1040 000 for the year.  
  The following table analyses these projections:  
   
  Year to end Dec 2005   $000 % Sales  
  Sales 4,027.4 100  
  Cost of sales 2,754.0 68  
  Gross Margin 1,273.3 32  
  Overhead expenses:    
   -Operational (indirect) 384.0 10  
   -Selling & freight 558.8 14  
   -Management/admin staff 600.0 15  
   -Research & development 252.0 6  
   -Administration 108.0 3  
   -Occupany/general 174.0 4  
  Bad debts 20.1 1  
  Depreciation 191.2 5  
  Operating lease payments 66.0 2  
  Total operating expenses 2,354.2 58  
  Income from operations (1,080.9) (27)  
  Other income/expenses:    
   -Profit(loss) disposal of fixed assets 100.0 2  
   -Intangible asset amortization 60.0 1  
   -Miscellaneous income 120.0 3  
  Total other income (expenses) 160.0 4  
  Earnings before interest & taxes (920.9) (23)  
  Interest expense/income:    
   -Interest expense 34.8 1  
   -Lease interest expense 102.5 3  
   -Interest income 17.9 0  
  Net interest expense (income) 119.4 3  
  Net income before taxes (1,040.3) (26)  
   
  Based on detailed monthly projections, the net cash inflow  
  for the twelve months will be $271 000. The projected year-end bank  
  position will be a $161 000 cash balance.  
   
  The next table compares the projected results with those for   
  the previous year which ended in Dec 2004.  
   
  Years ending:     Dec 2004   Dec 2005  Change  
    $000 $000 %  
       
  Sales 2,313.0 4,027.4 74  
  Cost of sales 1,350.0 2,754.0 104  
  Gross margin 963.0 1,273.3 32  
  Total operating expenses 1,090.0 2,354.2 116  
  Income from operations (127.0) (1,080.9)    
  Other income, interest expense etc. (35.0) 40.6    
  Net income before taxes (162.0) (1,040.3)    
  Taxes    
  Net income (162.0) (1,040.3)    
  Dividends declared    
  Transferred to reserves   (162.0) (1,040.3)    
   
  This indicates that sales could increase by $1714 000 while  
  net income could DECLINE by $878 000 over the year.  
   
  The following table summarizes cashflows for the year by quarter.  
   
        Quarters in Year to Dec 2005 Annual  
  Cashflows    1st 2nd 3rd 4th Total  
    $000 $000 $000 $000 $000  
       
  Total cash receipts 1,945.9 1,152.8 1,463.7 1,756.1 6,318.5  
  Total cash payments 1,161.2 1,330.1 1,545.7 2,010.6 6,047.5  
  Net cashflow 784.7 (177.3) (82.0) (254.4) 270.9  
       
  Closing cash balances (deficit) 674.7 497.4 415.4 160.9    
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The following key assumptions regarding rates etc. were used  
  in compiling the projections for the year to end Dec 2005.  
   
  Items   Value Basis  
  Headcount:    
    Direct workers 47.6   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 & machinery 10.0   Annual % rates  
    Computers & equipment 25.0   Annual % rates  
    Automobiles, vehicles etc. 25.0   Annual % rates  
  Interest rates (% pa):    
    Cash at bank 4.0   Monthly average  
    Short-term loans/ine of credit 10.0   Monthly average  
    Longterm debt/notes 9.0   Monthly average  
  Working capital:    
    Accounts receivable (days sales) 52   Based on full-yr sales  
    Inventory (days sales) 40   Based on full-yr sales  
    Accounts payable (days costs & expenses) 30   Based on full-yr costs  
   
  The following key ratios have been derived from the 12-month  
  projections for the year ending Dec 2005:  
   
      Max/Min   Full Year  
  Ratios   Monthly   or Year End  
       
  Profitability:    
    Gross margin (%) 41.2 Max Value 31.6  
    Net income before taxes (% sales) 5.6 Max Value -25.8  
       
  Current asset ratio (times) 1.3 Min Value 1.6  
       
  Debt/equity (%) 70 Max Value 60  
       
  Sales/total assets (times) 1.6  
  Net income before taxes/total assets (%) na  
  Projected sales as % breakeven     61  
   
  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  
   
   
   
  3.  FIVE-YEAR FINANCIAL REPORT - ANY INC
Top
 
   
  This Financial Report covers the five years to the end of Dec 2009. It has  
  been based on detailed monthly projections for the initial three years and   
  quarterly projections for the following two years.  
   
  The following table summarizes the projected trading performance:  
   
  Years to end Dec 2004 2005 2006 2007 2008 2009  
    Act/Est Proj Proj Proj Proj Proj  
    $000 $000 $000 $000 $000 $000  
       
  Sales 2,313 4,027 8,911 19,402 29,796 39,379  
  Cost of sales 1,350 2,754 4,963 9,569 14,187 18,918  
  Gross margin 963 1,273 3,949 9,833 15,609 20,461  
  Total operating expenses 990 2,077 4,079 7,731 11,272 14,729  
  Income from operations (27) (803) (130) 2,102 4,337 5,732  
  Other income, interest etc. (135) (237) (488) (688) (961) (1,614)  
  Net income before taxes (162) (1,040) (618) 1,414 3,375 4,118  
  Taxes 113 506 824  
  Net income (162) (1,040) (618) 1,301 2,869 3,294  
  Dividends declared 300 1,000 1,250  
  Transferred to reserves (162) (1,040) (618) 1,001 1,869 2,044  
   
  For the first three years under review, sales should change by 739%  
  and projected net income before taxes for the third year is $1414 000.  
   
  By the fifth year, sales should reach $39379 000 and the projected  
  net income before taxes could be $4118 000.  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The projected cashflows for ANY INC during the five years  
  under review are summarized below:  
   
  Years to end Dec 2005 2006 2007 2008 2009  
    Proj Proj Proj Proj Proj  
    $000 $000 $000 $000 $000  
  Net cashflows from:    
      Operations (727) (1,105) 538 2,827 3,736  
      Investing activities (370) (695) (1,220) (950) (3,000)  
      Financing activities 1,368 1,762 753 (590) (1,290)  
  Increase (decr) cash 271 (38) 71 1,287 (554)  
   
  The projected cumulative net cash inflow over the five years is  
  $1037 000.  
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  The next table shows the projected balance sheets.  
   
  Years to end Dec 2004 2005 2006 2007 2008 2009  
    Act/Est Proj Proj Proj Proj Proj  
    $000 $000 $000 $000 $000 $000  
       
  ASSETS    
  Current assets:    
  Cash 10 161 123 193 1,481 927  
  Other 988 1,074 2,616 4,880 6,691 8,733  
  Total current assets 998 1,235 2,738 5,073 8,172 9,660  
       
  Fixed & intang assets 895 1,279 1,856 2,959 5,594 7,505  
       
  Total assets 1,893 2,513 4,594 8,032 13,766 17,165  
       
  LIABILITIES    
  Current liabilities:    
  Short-term loans/credit 120    
  Other 545 760 1,490 2,894 6,792 8,144  
  Total current liabilities 665 760 1,490 2,894 6,792 8,144  
       
  Total longterm liabilities 125 690 659 692 659 662  
       
  Total owners' equity 1,103 1,063 2,445 4,446 6,315 8,359  
       
  Total liabilities 1,893 2,513 4,594 8,032 13,766 17,165  
   
  The projected change in owners' equity is $7256 000 and the  
  expected closing net cash position is $927 000.  
   
  The overall projected performance of ANY INC for the five years   
  under review is assessed in the following table:  
   
  Years to end Dec   2005 2006 2007 2008 2009  
      Proj Proj Proj Proj Proj  
       
  Gross margin (% sales) 31.6 44.3 50.7 52.4 52.0  
  Net income before taxes (% sales) -25.8 -6.9 7.3 11.3 10.5  
  Sales as % breakeven 61 97 127 138 139  
       
  Net income before taxes/total assets (%) 17.6 24.5 24.0  
  Sales/total assets (times) 1.6 1.9 2.4 2.2 2.3  
  Net debt as percent    
    owners' equity (Max=200%) 60 25 10    
       
  Net assets per share ($) 1.33 2.04 3.29 4.68 6.19  
  Earnings per share ($) -1.60 -0.62 1.02 2.13 2.44  
  Dividend per share ($)       0.22 0.74 0.93  
   
  This table indicates that the following financial ratios may be   
  out-of-line with generally accepted norms for one or more years:  
   
      * Net borrowings as % owners' equity may be too high  
   
      * Net income before taxes as % total assets may be low