ࡱ> rtopqxg bjbjVV 0(r<r<./nPnP]]]]]]]]8^t^4]aa(aaabd#c4Wcڀ܀܀܀܀܀܀$Cu]scbbscsc]]aauYqYqYqsc]a]aڀYqscڀYqYq~apQe2j"ƀ0džjdžDdž](scscYqscscscscscYqscscscscscscscdžscscscscscscscscscnP \: Appendix 2: Sample Format for Financial Statement Projections BUSINESS PLANSAPPENDIX 2: Sample Format for Financial Statement ProjectionsProjection of Financial StatementsSubmitted By: ActualProjectionsSpreadsheet in Hundreds &Date6/30/066/30/076/30/086/30/09Spreadsheet in Thousands &Period12341NET SALES2PCOST OF GOODS SOLD3RGROSS PROFIT00004OLess:Sales Expense5FGeneral & Administrative Expense6IDepreciation7TOPERATING PROFIT00008andLess:Other Expense9LAdd:Other Income10OGain/(Loss) on Sale of Fixed Assets11SPRE TAX PROFIT000012SLess:Income Tax Provision13NET PROFIT000014MEMOInventory Purchases15CASH BALANCE (Opening)00016CAdd:Cash Sales Plus Receivable Collections17AOther Income000018SBank Loan Proceeds19HOther Loan Proceeds20Proceeds from Fixed Asset Sales21PTOTAL CASH AND RECEIPTS000022R Less Disbursements: Trade Payables23OOther Expense000024JOperating Expenses000025ECapital Expenditures26CIncome Taxes27TDividends or Withdrawals28IBank Loan Repayments29OOther Loan Repayments30NPayment on LTD31STOTAL CASH DISBURSEMENTS000032CASH BALANCE (Closing)000033ASSETSCash & Cash Equivalents000034Receivables00035BInventory (Net)00036ACURRENT ASSETS000037LFixed Assets (Net)00038ATOTAL ASSETS000039N LIABILITIESNotes Payable Banks00040CNotes Payable Others00041ETrade Payables00042Income Tax Payable00043SCurrent Portion L T D00044HCURRENT LIABILITIES000045ELong Term Liabilities00046E TOTAL LIABILITIES000047TNET WORTHCapital Stock00048Retained Earnings00049 TOTAL LIABILITIES AND NET WORTH0000 HOW TO USE THE FINANCIAL STATEMENT PROJECTION TEMPLATE The Financial Statements projection is presented as an interactive template and may be completed by the banker, the customer, or both working together. It is designed to be flexible and may be used as a 1) Projection tool to provide a picture of the customers present and future financial condition. Actual and estimated financial data form the basis of the calculations. 2) Tool for Analysis of the customers borrowing needs and debt repayment ability. 3) Budget to aid in planning for the customers financial requirements and repaying the bankers credit accommodation. INSTRUCTIONS In the first column, enter the actual PROFIT AND LOSS STATEMENT and BALANCE SHEET of the date immediately prior to projection period. Then, in each subsequent column, covering a projection period (e.g. month, quarter, annual). Enter on the date line, the ending date of each projection period (e.g. 1/31, 3/31, 20____). Then follow the line-by-line instructions below. Line NoTitleInstructionsPROFIT AND LOSS STATEMENT1NET SALESEnter the actual or beginning net sales figure in the first vertical column. We suggest you project future net sales based upon a % sales increase or decrease. Estimate acceptable % figure and record here __________%. (This % is generally calculated based on historical changes in net sales. However, consideration must also be given to factors, such as general business conditions, net products and services, and competition.)2COST OF GOODS SOLDEnter all relevant components of customers cost of goods sold calculation. Project future cost of goods sold based upon % increase or decrease. Estimate acceptable percentage figure and insert here ______%. (This figure is generally based on an increase or decrease. Estimate acceptable percentage.3GROSS PROFITLine 1 minus line 2. This field is automatically calculated and protected from overwrite.4 through 6Sales Expense, Other Expense, General and Administrative Expense.Enter all items. Project future expenses based on an increase or decrease. Estimate acceptable percentage figure and insert here ________%. (This figure is generally estimated as a percentage of sales based on prior years. Anticipated increases in major expenses, such as lease, officers salaries, etc. should also be considered).7OPERATING PROFITLine 2 minus the sum of lines 4 through 6 (calculated).8 through 10Various adjustments to Operating ProfitEnter all items and estimate future adjustments (e.g. rents received, interest earned, gain (loss) on asset disposals, and miscellaneous income).11PRE-TAX PROFITLine 3 minus the sum of lines 8 through 10 (calculated).12Income Tax ProvisionCommon methods used for calculating Income Tax Provision include the must current years tax as a % of the Pre-Tax Profit.13NET PROFITLine 7 minus the sum of lines 8 through 15 (calculated).MEMORANDUM ENTRY14Inventory PurchasesThis input is necessary for calculation of inventory and trade payables (line 35 and line 41) in the balance sheet section. If inventory purchase figure is not available, calculate balances based on historic turnover ratios.CASH PROJECTION CALCULATION15CASH BALANCEEnter opening cash balance. For subsequent periods, the closing cash balance (Line 32) from previous period is automatically carried forward in the template. Or, enter an adjusted amount to reflect a desired cash balance.16ReceiptsEnter total cash sales plus receivables collection. Receivable collections must be calculated separately. This requires an analysis of the customers sale and collection pattems. (1) Estimate the portion of each months sales collected in that month and subsequent months. (2) From the sales figure last month and the previous month(s), calculate how much of the existing receivable figure will be collected in the current month. (3) Deduct the collected receivables balance calculated in (2) above from the month-end balance of accounts receivables. (4) Add this months sales figure to the remainder of receivable calculated in (3) above. This figure is the new accounts receivable figure for the end of the current month. EXAMPLE Assumptions: Projection calculation - monthly Monthly net sales 9/30 - $250M 10/30 - $300M 11/30 - $150M Accounts Receivable Balance 9/30 - $250M 10/30 - $367M The average collection period is 45 days. This means that 66.7% (30 days:45 days) of each months sales will be collected the following month and the remaining 33.3% in the second month. To determine receivable collections for November Accounts Receivable Balance 10/30 $ 367M Deduct 66% of 10/31 sales 200M 33% of 9/30 sales 83M 283M 84M Add 11/30 sales 150M Accounts Receivable Balance, 11/30 $ 234M 17Other IncomeAutomatically transfers from entry on line 9.18Bank Loan ProceedsEnter actual or projected bank loan proceeds on line 18.19Other Loan ProceedsEnter any other loan proceeds on line 19.20Fixed Asset ProceedsEnter cash amount received for sale of assets during the period on line 20.21TOTAL CASH AND RECEIPTSSum of line 15 through 20 (calculated).22 through 30DisbursementsEnter actual or estimated cash disbursements on these lines. Except, note line 23 and 24, other and operating expenses automatically transfer from the Profit and Loss section - lines 4, 5, and 8.31TOTAL DISBURSEMENTSSum of lines 22 through 30 (calculated).32CASH BALANCE (Closing)Line 21 minus line 31 (calculated). Note: The closing cash balance on line 32 is automatically entered on line 15 in the next column. However, if the closing cash balance is negative or below the desired opening cash balance, then bank loans (line 18 and 19) may be needed to raise the closing cash balance to zero, or to the desired opening cash balance. The bank loan necessitates planning for repayment (line 28 and 29) in subsequent columns.BALANCE SHEET(33 through 37)ASSETS33Cash and EquivalentsThe closing cash balance (line 32) automatically transfers for all periods.34ReceivablesEnter actual receivables in the first column, only. Spreadsheet automatically projects subsequent amounts using previous receivables figure plus projected net sales (line 1), minus projected cash sales and receivables collections (line 19).35InventoryEnter actual inventory in the first column, only. Spreadsheet projects subsequent periods by adding purchases (line 14) to beginning inventory. Then subtracting materials used (line 2) to calculate the ending inventory amount.36Current AssetsSum of line 33 through 35 (calculated).37Fixed Assets (Net)Enter fixed assets in first column. Spreadsheet projects subsequent periods by, adding previous years fixed asset balance to fixed asset additions (line 25) and loss on sale of fixed assets (line 10). Then, deduct amount received from sale of asset (line 20), any gain on fixed asset sale (line 10) and depreciation expense (line6).38TOTAL ASSETSSum of lines 33 through 37 (calculated).(39 through 46)LIABILITIES39Notes Payable-BanksEnter first column, only. Spreadsheet projects subsequent periods using prior period balance plus loan proceeds (line 18), less repayments (line 28).40Notes Payable-OthersEnter first column, only. Spreadsheet projects subsequent periods using prior period balance plus note proceeds (line 19), less repayments (line 29).41Trade PayablesEnter first column, only. Spreadsheet projects subsequent periods using prior period balance plus purchases (line 14) less payments (line 22).42Income Tax PayableEnter first column, only. Spreadsheet projects subsequent periods by adding prior period balance to income tax provision (line 12) and deducting income taxes paid (line 26).43Current Portion Long-Term DebtEnter first column, only. Spreadsheet projects subsequent periods current maturities equal to the first column payments. Changes will need to be made to subsequent periods current portion of long term debt, if this assumption is not true.44CURRENT LIABILITIESSum of lines 46 through 51 (calculated).45Long-Term LiabilitiesEnter long-term liabilities in first column, only. Spreadsheet projects subsequent periods by addition of the previous period long-term debt (line 45) to current portion (line 43) less loan payments (line 30). 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An increase will occur if capital stock is sold, a decrease will occur if existing stock is repurchased or retired. Spreadsheet assumes no changes to capital stock for subsequent periods.48Retained EarningsEnter first column, only. Spreadsheet will calculate subsequent periods by adding prior period retained earnings to projected net profit (line 13), and deducting dividends or withdrawals (line 27).49TOTAL LIABILITIES AND NET WORTHSum of lines 46 through 48 (calculated). NOTE: Additional rows may need to be inserted in the appropriate section of the template to allow for items not included in the example due to space limitations (e.g. other current or non-current assets, stockholder receivables, intangibles, current or long term liabilities, equities, etc.). If rows are inserted in the template, formulas may be affected, therefore, adjustments to formulas within the template will also be necessary.     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