IE CLT Financial Projections     Year 1 Year 2 Year 3 Year 4 Year 5
               
Revenue     41,660 330,000 440,000 550,000 660,000
Gross margin %     50.0% 40.0% 30.0% 20.0% 20.0%
Cost of sales     20,830 198,000 308,000 440,000 528,000
Gross margin     20,830 132,000 132,000 110,000 132,000
Research and development     1,800 1,800 1,800 1,800 1,800
Sales and marketing     4,000 7,000 8,000 8,000 8,000
General and administrative     11,560 71,000 71,000 71,000 71,000
Operating expenses     17,360 79,800 80,800 80,800 80,800
Depreciation 1.0%   0 100 299 496 691
Operating income     3,470 52,100 50,901 28,704 50,509
Finance costs 0.0%   0 0 0 0 0
Income before tax     3,470 52,100 50,901 28,704 50,509
Income tax expense 18.0%   625 9,378 9,162 5,167 9,092
Net income     2,845 42,722 41,739 23,537 41,417
               
Balance sheet Assumptions Opening Year 1 Year 2 Year 3 Year 4 Year 5
Assets              
Cash   41,659 23,133 17,547 26,111 20,076 49,035
Accounts receivable 45 5,000 5,136 40,685 54,247 67,808 81,370
Inventory 90 0 5,136 48,822 75,945 108,493 130,192
Current assets   46,659 33,405 107,054 156,303 196,378 260,597
Long-term assets   0 0 9,900 29,601 49,105 68,414
Total assets   46,659 33,405 116,954 185,904 245,483 329,011
               
Liabilities              
Accounts payable 60 0 3,424 32,548 50,630 72,329 86,795
Other liabilities 60 22,480 2,956 14,659 14,788 14,132 14,777
Current liabilities   22,480 6,380 47,207 65,418 86,460 101,571
Long-term debt 3 0 0 0 9,000 24,000 51,000
Total liabilities   22,480 6,380 47,207 74,418 110,460 152,571
               
Equity              
Capital   0 0 0 0 0 0
Retained earnings   24,179 27,024 69,746 111,485 135,022 176,440
Total equity   24,179 27,024 69,746 111,485 135,022 176,440
Total liabilities and equity   46,659 33,405 116,954 185,904 245,483 329,011
               
Cash Flow Statement Assumptions   Year 1 Year 2 Year 3 Year 4 Year 5
               
Net income     2,845 42,722 41,739 23,537 41,417
Add back depreciation     0 100 299 496 691
Changes in working capital              
Accounts receivable     -136 -35,549 -13,562 -13,562 -13,562
Inventory     -5,136 -43,686 -27,123 -32,548 -21,699
Accounts payable     3,424 29,124 18,082 21,699 14,466
Other liabilities     -19,524 11,703 129 -657 645
Cash flows from operating activities     8,526 4,414 19,564 1,034 21,959
               
Amount paid for long-term assets     0 -10,000 -20,000 -20,000 -20,000
Cash flows from investing activities     0 -10,000 -20,000 -20,000 -20,000
               
Proceeds from long-term debt 4   0 0 12,000 24,000 48,000
Proceeds from issue of share capital     0 0 0 0 0
Repayment of long-term debt     0 0 -3,000 -9,000 -21,000
Cash flow from financing activities     0 0 9,000 15,000 27,000
               
Cash flow   0 8,526 5,586 8,564 6,034 8,959
Beginning cash balance     41,659 23,133 17,547 26,111 20,076
Ending cash balance     23,133 17,547 26,111 20,076 49,035