القوائم المالية مح تحليل مالي شامل

Financial Analysis & Forecasting
Purpose of Spreadsheet:
Revised:
5/21/2005
To illustrate concepts related to financial analysis and forecasting.

The financial analysis uses a combination of ratios and industry averages to
evaluate the financial performance of the company. Trend line graphs are also
generated, comparing the company's performance with the industry averages.
Finally, the historical information is used to prepare a set of pro forma
financial statements using both linear and non-linear functions.

.

Required Inputs:

You will need to collect financial statements for several reporting periods. If you
want to benchmark the performance against the industry, then you will also need
to collect industry averages. The spreadsheet is setup to capture five reporting
periods (annual, quarterly, monthly). All input fields are highlighted in yellow.
For best results, SEC Filings are suggested since these reports provide more
detail than published financial statements.
.

),annual, quarterly , monthly ( ,
sec .
Note: A small red triangle in the upper right corner of a cell indicates that a comment has
been inserted. Point your mouse over the cell and the comment will appear.
,
If a cell appears in red, this indicates a warning concerning a calculation.

Worksheets:

Worksheet
3
4
5
This spreadsheet consists of the following worksheets, divided into three sections:
:
A) Input Worksheets for financial analysis using historical data:

Title
Purpose
Genaral in put
Enter general information here - used on several w
Balance Sheet
Enter comparative balances sheets for up to
Income Statement

Cash Flow Statement

Caution: If you enter less than five years of historical information, certain worksheet
formulas may have to be revised.
B) Output Worksheets for evaluating financial performance:

6
Key Financial Data
7
Ratio Analysis
8
Benchmark Analysis
9
Horizontal Analysis
10
Vertical Analysis
C) Pro Forma / Forecasted Financials for Budgeting:
11
12
13
14
15
16
Pro Forma - Simple

Pro Forma - Regression
Pro Forma - Exponential
Scenario Analysis
Budget Analysis
Final Budgets
Calculates key financial information for furthe

Calculates a series of ratios for further analy
Compare ratio analysis to industry averages.
Horizontal analysis with corresponding trend
Common size financials in percentages and
Set of pro forma financials using simple assu

Set of pro forma financials using linear trend
Set of pro forma financials using exponential
Example of Scenario Analysis and Goal See
Preliminary budget analysis
Set of budgets per various assumptions and
active
Wksh2
Wksh3
Wksh4
Wksh5
Wksh6
Wksh7
Wksh8
Wksh9
Wksh10
Wksh11
Wksh12
Wksh13
Wksh14
Wksh15
Wksh16
Purpose
general information here - used on several worksheets.
comparative balances sheets for up to five periods.
lates key financial information for further analysis.

lates a series of ratios for further analysis.
are ratio analysis to industry averages.
ontal analysis with corresponding trend lines.
mon size financials in percentages and graphs.
pro forma financials using simple assumptions

pro forma financials using linear trending
pro forma financials using exponential smoothing
ple of Scenario Analysis and Goal Seek Analysis
minary budget analysis
budgets per various assumptions and forecasts.
2-1
2-2
2-3
2-4
2-5
2-6
2-7
2-8
2-9
2-10
General Input Panel

The following general information should be entered:
Note: Sample data has been entered in the input cells to help you get started .
Name of Company =>
Reporting Periods =>
Number of Days in Reporting Period are
What reporting periods will be entered?
Most Current Period
Previous Period
2nd Previous Period
3rd Previous Period
4th Previous Period
Number of historical periods to be analyzed
How are the amounts expressed in the financial statements?
(such as: in millions of dollars, thousands of Canadian dollars, etc.) ..... , :
millions of dollars
gogo
Annual
2000
1999
1998
1997
1996
(Annual, Semi-annual, Quarterly or Monthly)

(, , , )
365
(1999, July 1998, 6/30/97, etc.)

(1999, July 1998, 6/30/97, etc.)
(1999, July 1998, 6/30/97, etc.)
(1999, July 1998, 6/30/97, etc.)
(1999, July 1998, 6/30/97, etc.)
5
Home
active
Wksh3
Wksh4
Wksh5
Wksh6
Wksh7
Wksh8
Wksh9
Wksh10
Wksh11
Wksh12
Wksh13
Wksh14
Wksh15
Wksh16
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Balance Sheet for

gogo

Annual
End
Period
Currrent Liab
Current Assets
NonCurrent Assets
Ref
Description
3-1
3-2
3-3
3-4
3-5
3-6
Cash and Cash Equivalents

Short Term Marketable Securities
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
3-7
3-8
3-9
3-10
3-11
3-12
3-13
Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Longterm Investments
Investments in Other Companies
Intangibles and Other Assets
Total Non Current Assets
Total Assets
3-14
3-15
3-16
3-17
3-18
Accounts Payable
Short Term Borrowings
Short Term Portion of LT Debt
Other Current Liabilities
Total Current Liabilities
3-19
3-20
Longterm Debt / Borrowings

Other Longterm Liabilities
Total Non Current Liabilities
Total Liabilities
3-21
1996
Annual
Period
1997
gogo
Annual
Period
1998
Annual
Period
1999
990
10
1,020
1,005
870
950
15
1,550
1,360
1,150
901
12
1,830
1,650
1,370
998
6
2,250
1,900
1,650
14,006
(1,280)
12,726
360
65
100
17,605
(1,700)
15,905
320
0
110
21,826
(2,100)
19,726
120
0
105
26,950
(2,550)
24,400
590
250
135
2,050
1,200
12
1,050
3,150
1,830
15
1,250
3,290
2,580
25
1,480
3,870
3,100
30
1,590
1,160
650
1,750
750
2,600
701
3,600
890
Prepared by Matt H. Evans 2/21/2014
Page 6
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Balance Sheet for

gogo
Annual
End
Period
Equity
Ref
3-22
3-23
3-24
3-25
3-26
3-27
3-28
Description
Preferred Equity
Common Equity
Additional Paid in Capital
Retained Earnings
Adj for Foreign Currency Transl
Treasury Stock
Total Shareholder Equity
Total Liabilities & Equity

3-29
Check: Assets = Liab + Equity ?
1996
Additional Information
NonDepreciable Fixed Assets

Deferred Taxes
Goodwill Write Off
No of Common Shares o/s
Par Value of Common Stock
No of Preferred Shares o/s
Par Value of Preferred Stock
Market Price of Common Stock
Market Price of Preferred Stock
Preferred Dividends in Arrears
Liquidating value of Preferred Stk
Book Value per Share
Dividends per Common Share
Dividend Payout Ratio
Cash Dividends to Preferred Stock
Cash Dividends to Common Stock
Total Dividends Paid
gogo
Annual
Period
1998
Annual
Period
1999
0
2,044
5,013
5,097
275
(1,405)
+=
0
Balances
0
Balances
0
Balances
0
Balances
0
112
0
1,320
$10.00
0
0
101
0
1,290
$10.00
0
0
90
0
1,302
$10.00
0
0
98
0
1,345
$10.00
0
$22.65
$0.00
0
0
$0.00
$1.01
#DIV/0!
0
1,330
1,330
$28.90
$0.00
0
0
$0.00
$1.49
#DIV/0!
0
1,918
1,918
$37.05
$0.00
0
0
$0.00
$1.89
#DIV/0!
0
2,461
2,461
$33.60
$0.00
0
0
$0.00
$1.75
#DIV/0!
0
2,354
2,354
Comment =>
3-30
3-31
3-32
3-33
3-34
3-35
3-36
3-37
3-38
3-39
3-40
3-41
3-42
3-43
3-44
3-45
3-46
Annual
Period
1997
0
2,005
4,900
7,050
120
(1,460)
0
2,069
5,159
9,840
(550)
(1,480)
0
2,090
5,626
15,050
(2,147)
(1,520)
Page 7
Annual
Period
2000
870
11
3,040
2,060
1,530
28,100
(3,010)
25,090
905
412
195
4,800
3,550
36
1,301
3,950
995
Page 8
Annual
Period
2000
0
2,120
5,628
20,005
(6,722)
(1,550)
0
Balances
0
109
0
1,322
$10.00
0
$29.40
$0.00
0
0
$0.00
$1.76
#DIV/0!
0
2,329
2,329
Page 9
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Income Statement for

gogo

gogo
<
End
Operating
NonOperating
Other
Ref
Description
Annual
Period
1996
Annual
Period
1997
Annual
Period
1998
Annual
Period
1999
4-1
4-2
4-3
4-4
4-5
4-6
4-7
4-8
Net Sales
Other Operating Revenues
Total Revenues
Cost of Goods Sold
Other Operating Expenses
Total Direct Expenses
Selling, General & Administrative
Operating Income
12,060
16
16,700
19
21,170
26
24,700
37
(4,950)
(11)
(7,050)
(13)
(8,233)
(17)
(9,050)
(22)
(3,300)
(3,880)
(4,637)
(5,670)
4-9
4-10
4-11
4-12
4-13
4-14
4-15
Interest Expenses
Foreign Exchange (Loss) Gain
Associated Company (Loss) Gain
Other NonOperating (Loss) Gain
Income Tax Expense
Reserve Charges
Income Before Extra Ord Items
(117)
0
0
0
(790)
0
(122)
0
0
17
(1,005)
0
(216)
0
(22)
0
(2,050)
0
(282)
0
0
0
(2,105)
0
4-16
4-17
4-18
4-19
Extra Ordinary Items (Loss) Gain

Tax Effects of Extraordinary Items
Minority Interests
Net Income
) (

4-20
Primary EPS
Earnings Before Int & Taxes
Depreciation & Amortization
Research & Devel Expenses
Capitalized Interest Expense
Interest Income
Total Non Operating Expenses
Total Extra Ordinary Items
Tax Rate
4-22
4-23
4-23
4-24
4-25
4-26
4-27
0
0
17
$0.00
907
(310)
0
(16)
4
(907)
17
0.00%
0
0
302
$0.00
1,127
(420)
0
(19)
6
(1,110)
302
0.00%
0
0
219
$0.00
2,266
(400)
0
(33)
11
(2,288)
219
0.00%
0
0
303
$0.00
2,387
(450)
0
(39)
19
(2,387)
303
0.00%
Page 10
Annual
Period
2000
27,400
48
(10,150)
(28)
(7,120)
(304)
0
0
0
(2,660)
0
0
0
515
$0.00
2,964
(460)
0
(30)
27
(2,964)
515
0.00%
Page 11
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Cash Flow Statement for

gogo
End
Operations
5-1
5-2
5-3
5-4
5-5
5-6
5-7
Net Income
Depreciation and Amortization
(Increase) Decrease Defer Taxes
(Gain) Loss on Sale of Assets
(Increase) Decrease Current Assets
Increase (Decrease) Current Liab
Cash Flow from Operations
0
310
(2)
(55)
(162)
206
INVESTMENTS
Description
Annual
Period
1997
5-8
5-9
5-10
5-11
5-12
5-13
5-14
Capital Expenditures

Acquisition in Other Co's

Proceeds from Sales of Assets

Purchases of Investments

Sale of Investments

Other Investment Activities

Cash Provided (Used) from Investmts
(1,455)
(135)
112
(712)
162
33
(2,750)
0
35
(1,979)
129
(166)
Financing
Ref
Annual
Period
1996
5-15
5-16
5-17
5-18
5-19
5-20
5-21
5-22
Proceeds from Borrowings

Payments on Borrowings
Dividends Paid to Shareholders
Proceeds from Minority Interest
Issue Stock / Exercise Options
Purchase / Retire Common Stock
Other Financing Activities
Cash Provided (Used) from Financing
1,070
(1,112)
(1,330)
5
195
0
(75)
(1,247)
5-23
Increase (Decrease) to Cash
5-24
5-25
5-26
Beginning Cash Balance

Ending Cash Balance
Check: Should agree to Balance Sheet
Comment =>
1,010
1,010
(20)
Not Balanced
0
420
11
0
0
0
gogo
Annual
Period
1998
0
400
11
45
0
0
Annual
Period
1999
Annual
Period
2000
0
450
(8)
0
0
0
0
460
(11)
0
0
0
(3,880)
0
0
(1,801)
330
61
(5,220)
0
150
(2,314)
221
(12)
(4,108)
0
182
(2,609)
50
0
1,044
(650)
(1,918)
12
1
0
0
(1,511)
1,460
(898)
(2,461)
7
45
0
0
(1,847)
1,880
(801)
(2,354)
7
13
0
0
(1,255)
1,105
(961)
(2,329)
8
6
0
(12)
(2,183)
990
990
(40)
Not Balanced
950
950
(49)
Not Balanced
901
901
97
Not Balanced
998
998
(128)
Not Balanced
Page 12
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Key Financial Data for

gogo
Cash Flow / Liquidity Indicators
End
Ref
Description
4-15
4-9
4-23
4-13
4-14
4-22
6-1
EBITDA :
Income before ExtraOrd Items
Interest Expense
Capitalized Interest Expense
Income Tax Expense
Reserve Charges
EBITDA
gogo
Annual Annual Annual Annual Annual
Period
Period
Period
Period
Period
1996
1997
1998
1999
2000
0
117
16
790
0
310
1,233
0
122
19
1,005
0
420
1,566
0
216
33
2,050
0
400
2,699
0
282
39
2,105
0
450
2,876
0
304
30
2,660
0
460
3,454
EBITDA Margin
10%
9%
13%
12%
13%
5-7
5-14
3-43
5-16
6-2
6-3
Free Cash Flow:

Operating Cash Flow
Investment Cash Flows
Preferred Dividends Paid (fixed)
Redemption of Fixed Obligations
Other Critical Outlays
Free Cash Flow
0
0
0
(1,112)
(35)
(1,147)
0
0
0
(650)
(45)
(695)
0
0
0
(898)
(42)
(940)
0
0
0
(801)
(30)
(831)
0
0
0
(961)
(25)
(986)
3-6
3-18
6-4
Working Capital:
Current Assets
Current Liabilities
Working Capital
3-1
3-2
3-3
6-5
3-18
3-19
3-22
6-6
Liquid Capital:
Marketable Securities
Accounts Receivable
Notes Receivable
Long Term Debt
Preferred Equity
Liquid Capital
0
0
0
990
10
1,020
0
0
(1,160)
0
860
0
0
0
950
15
1,550
0
0
(1,750)
0
765
0
0
0
901
12
1,830
0
0
(2,600)
0
143
0
0
0
998
6
2,250
0
0
(3,600)
0
(346)
0
0
0
870
11
3,040
0
0
(3,950)
0
(29)
Valuation Indicators
The following valuation indicators are very simple and basic; they are used as quick, rough estmates.
6-7
6-8
6-9
Market Capitalization:
Market Cap - Common Stk
Market Cap - Preferred Stk
Total Market Capitalization
6-10
6-11
6-12
6-13
6-14
6-15
6-16
Present Value:
Normalized Cash Flow Weight %'s
Normalized Cash Flow
Number of Future Periods
Required Rate of Return
Present Value of Free Cash Flow
Present Value of Selling Price
Present Value of Business
$29,898
$0.00
$29,898
5.00%
$37,281
$0.00
$37,281
10.00%
$48,239
$0.00
$48,239
15.00%
$315,000 <= estimated selling price
$45,192
$0.00
$45,192
30.00%
$38,867
$0.00
$38,867
40.00%
(912)
15
11.00%
($6,555)
$65,836
$59,282
Leverage
Operating Indicators
Valuation Indicators
>>
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>
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Key Financial Data for

gogo

gogo
Period
Period
Period
Period
Period
1996
1997
1998
1999
2000
End
Ref
Description
Revenue Multiplier:
Recent Gross Revenues
Average Competitive Rev Multiplier
Value based on Revenue Multiple
6-18
6-19
6-20
6-21
6-22
6-23
Capitalization of Earnings:
Normalized Net Income Weights %
Normalized Net Income
Capitalization Rate
Nominal Growth Rate
Net Capitalization Rate
Value based on Earnings
6-24
Operating Leverage
6-25
Financial Leverage
6-26
Total Leverage
6-27
Check Totals
6-28
6-29
6-30
6-31
6-32
6-33
6-34
6-35
6-36
6-37
NOPAT / Operating Indicators:

Net Interest Expense After Tax
Interest Bearing Liabilities
NOPAT
Operating Working Capital
Net Longterm Assets
Net Debt
Net Assets
Net Capital
Operating ROA
Operating WC Turnover
4-3
6-17
0
3.14
$0
5.00%
5.00%
0.70
25.00%
2.70
30.00%
0.39
35.00%
0
12.00%
3.50%
8.50%
$0
1.84
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

NOPAT/

0.00
(121)
2,372
121
212
(650)
1,372
(438)
1,372
-28%
57
(128)
3,595
128
880
(750)
2,630
130
2,630
98%
19
(227)
5,205
227
1,692
(701)
4,292
991
4,292
23%
13
(301)
6,730
301
2,126
(890)
5,726
1,236
5,726
24%
12
(331)
7,536
331
2,705
(995)
6,655
1,710
6,655
19%
10
100.00%
100.00%
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Ratio Analysis for

gogo
Annual
Period
1996
Annual
Period
1997
Annual
Period
1998
Annual
Period
1999
Annual
Period
2000
End
Liquidity / Ability to Meet Obligations

Asset Management
Profitability
Leverage
Market
Ref
Title of Ratio
7-1
Acid Test Ratio
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-2
Current Ratio
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-3
Operating Cash Flow to Net Income
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-4
3-1
7-5
7-6
3-2
7-7
7-22
3-3
7-8
7-26
3-4
7-9
7-10
3-5
7-11
7-12
Liquidity Index:
Cash - Days Removed
Cash Balance
Cash Balance Total
Marketable Sec - Days Removed
Marketable Securities Balance
Marketable Securities Total
Receivables - Days Removed
Receivable Balance
Receivable Balance Total
Inventory - Days Removed
Inventory Balance
Inventory Balance Total
Other - Days Removed
Other Current Assets Balance
Other Current Assets Total
Liquidity Index (Days)
7-13
7-14
7-15
7-16
7-17
7-18
Z Score:
1.2 x (working capital / total assets)
1.4 x (retained earn / total assets)
3.3 x (EBIT / total assets)
.6 x (market value equity / b.v. debt)
.999 x (sales / total assets)
Z Score
7-19
7-20
7-21
Receivable Turnover:
Credit Sales
Average Receivable Balance
Receivable Turnover
7-22
Days Required to Collect A/R
7-24
7-25
Inventory Turnover:
Average Inventory Balance
Inventory Turnover
7-26
Days in Inventory
7-27
Total Asset Turnover
7-28
Operating Assets Ratio
7-29
Gross Profit Margin
7-30
Operating Margin
7-31
Net Profit Margin
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-32
Direct Cost to Operating Revenues
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7-33
7-34
7-35
Capitalization Rate / Asset Return:

Net Operating Income
Total Investments / Operating Assets
Capitalization Rate / Return
0
12,726
0.00%
0
15,905
0.00%
0
19,726
0.00%
0
24,400
0.00%
0
25,090
0.00%
7-36
Return on Shareholder Equity
0%
0%
0%
0%
0%
7-37
Debt to Total Assets
7-38
Debt to Common Equity
7-39
Times Interest Earned
7-40
Price to Earnings (P/E)
7-41
Price to Book Value
7-42
Stock Yield
0
990
0
11
10
110
0
950
0
12
15
180
0
901
0
16
12
192
0
998
0
15
6
90
0
870
0
14
11
154
#DIV/0!
1,020
#DIV/0!
79
1,005
79,745
16
870
13,920
#DIV/0!
#DIV/0!
1,550
#DIV/0!
61
1,360
83,261
22
1,150
25,300
#DIV/0!
#DIV/0!
1,830
#DIV/0!
67
1,650
110,092
26
1,370
35,620
#DIV/0!
#DIV/0!
2,250
#DIV/0!
72
1,900
136,018
21
1,650
34,650
#DIV/0!
#DIV/0!
3,040
#DIV/0!
71
2,060
146,676
19
1,530
29,070
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
15.46
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
12.78
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
11.13
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
11,520
1,060
15,750
1,285
20,080
1,690
Z Score:
/

/
Z Score:

A/R
#DIV/0!
#DIV/0!
1,046
4.6
#DIV/0!
1,183
6.0
79
23,200
2,040
26,500
2,645
#DIV/0!
1,775
5.1
67
5.90
#DIV/0!
#DIV/0!
#DIV/0!
1,505
5.5
61
7.53
#DIV/0!
#DIV/0!
1,980
5.1
72
71
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0%
#DIV/0!
0.00
0.00
0.00
0.00
0.00
10
10
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
4.45%
5.14%
5.10%
5.21%
5.99%
Home
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Benchmark Analysis for

gogo
You need to collect benchmark data on the respective industry for the subject company.
Enter the benchmark data in the appropriate input cells. This information is used to
Wksh11
Wksh12 generate trend line graphs in this worksheet. If you do not have any benchmark data,
Wksh13
Wksh14 then fill in the highlighted yellow cell with numeric zero "0". The "industry" line will be null
Wksh15
Wksh16 in the graph and show only the company specific ratio trend.
.

Annual

Period
Ref
Description
1996
Wksh7
active
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Wksh10
/
/
8-1
7-1
Acid Test Ratio - Industry

Acid Test Ratio - Company
8-2
7-2
Current Ratio - Industry

Current Ratio - Company
8-3
7-21
Receivable Turnover - Industry

Receivable Turnover - Company
8-4
7-22
Days to Collect A/R - Industry

Days to Collect A/R - Company
/ A/R
/ A/R
8-5
7-25
Inventory Turnover - Industry

Inventory Turnover - Company
/
/
8-6
7-26
Days in Inventory - Industry

Days in Inventory - Company
8-7
7-27
Asset Turnover - Industry

Asset Turnover - Company
8-8
7-29
Gross Profit Margin - Industry

Gross Profit Margin - Company
8-10
7-31
Net Profit Margin - Industry

Net Profit Margin - Company
8-11
8-12
0.51
#DIV/0!
/
/
1.12
#DIV/0!
/
/
8.50
0.00
41
#DIV/0!
4.40
4.60
/
/
/
/
86
79
1.60
#DIV/0!
/
/
55.00%
0.00%
/
/
20.00%
#DIV/0!
Return on Total Assets - Industry

Return on Total Assets - Company
/
/
38.00%
30.00%
8-13
8-14
Return on Equity - Industry

Return on Equity - Company
/
/
26.00%
0.00%
8-15
7-38
Debt to Equity - Industry

Debt to Equity - Company
/
/
35%
0%
8-16
7-39
Times Interest Earned - Industry

Times Interest Earned - Company
/
/
40
8
4-13
8-17
8-18
We added the following two ratios to assess if the Company has excessive growth:
Provision for Taxes
Trading Ratio - Company
/
Trading Ratio - Industry
/
(790)
(16.11)
1.26
8-19
8-20
Net Sales to Net Worth - Company

Net Sales to Net Worth - Industry
/
/
-15.27
1.22
Source for Benchmark Data: Almanac of Business and Industrial Financial Ratios by Leo Troy, Prentice Hall
Graphs appear below for each of the above comparisons:
Ratio
Acid Ratio Comparison

0.60
0.50
0.40
0.30
0.20
0.10
0.00
1996
1997
1998
1999
2000
Ratio
Periods
Current Ratio Comparison

1.20
1.00
0.80
0.60
0.40
0.20
0.00
1996
1997
1998
1999
2000
Periods
Receivable Turnover Comparison

Turnover Rate
10.00
8.00
6.00
4.00
2.00
0.00
1996
1997
1998
Periods
1999
2000
Days to Collect A/R
Receivable Collection Comparison

45
40
35
30
25
20
15
10
5
0
1996
1997
1998
1999
2000
Periods
Turnover Rate
Inventory Turnover Comparison

7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
1996
1997
1998
1999
2000
Periods
Inventory Days Comparison

Days Held in Inventory
100
80
60
40
20
0
1996
1997
1998
Periods
1999
2000
Turnover Rate
Asset Turnover Comparison

1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
1996
1997
1998
1999
2000
Periods
Gross Profit Margin
Gross Profit Margin

70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
1996
1997
1998
1999
2000
Periods
Net Profit Margin
Net Profit Margin

25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
1996
1997
1998
Periods
1999
2000
Return on Total Assets
Return on Total Assets

40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
1996
1997
1998
1999
2000
Periods
Return on Common Equity
Return on Equity Comparison

40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Return on Total A
Return on Total A
1996
1997
1998
1999
2000
Periods
Debt to Equity Ratio
Debt to Equity Comparison

40%
35%
30%
25%
20%
15%
10%
5%
0%
1996
1997
1998
Periods
1999
2000

50
40
30
20
10
0
1996
1997
1998
1999
2000
Periods
Trading Ratio Comparison

0.00
Ratio
(5.00)
1996
1997
1998
1999
2000
(10.00)
(15.00)
(20.00)
Periods
Sales to Worth Comparison

0.00
Ratio
-5.00
1996
1997
1998
-10.00
1999
2000
Net Sales to
Industry
Net Sales to
Company
-15.00
-20.00
Periods
Annual Annual Annual

Period
Period
Period
1997
1998
1999
Annual
Period
2000
0.52
#DIV/0!
0.50
#DIV/0!
0.49
#DIV/0!
0.48
#DIV/0!
1.10
#DIV/0!
1.05
#DIV/0!
1.08
#DIV/0!
1.07
#DIV/0!
8.70
0.00
8.40
0.00
8.20
0.00
8.30
0.00
39
#DIV/0!
40
#DIV/0!
4.45
5.96
88
61
1.55
#DIV/0!
41
#DIV/0!
4.20
5.47
81
67
1.62
#DIV/0!
41
#DIV/0!
4.30
5.10
89
72
1.68
#DIV/0!
4.38
5.13
82
71
1.69
#DIV/0!
52.00%
0.00%
60.00%
0.00%
62.00%
0.00%
63.00%
0.00%
23.00%
#DIV/0!
22.00%
#DIV/0!
19.00%
#DIV/0!
20.00%
#DIV/0!
36.00%
#DIV/0!
37.00%
#DIV/0!
34.00%
#DIV/0!
36.00%
#DIV/0!
22.00%
0.00%
24.00%
0.00%
19.00%
0.00%
20.00%
0.00%
38%
0%
31%
0%
34%
0%
32%
0%
38
9
36
10
39
8
43
10
(1,005)
(15.83)
1.28
(2,050)
(9.62)
1.31
(2,105)
(11.59)
1.30
(2,660)
(9.43)
1.27
-16.62
1.20
-10.33
1.19
-11.73
1.22
-10.30
1.20
Acid Test Ratio - Industry

Acid Test Ratio - Company
Current Ratio - Industry

Current Ratio - Company
Receivable Turnover - Industry

Receivable Turnover - Company
Days to Collect A/R - Industry
Days to Collect A/R - Company
Inventory Turnover - Industry

Inventory Turnover - Company
Days in Inventory - Industry

Days in Inventory - Company
Asset Turnover - Industry

Asset Turnover - Company
Gross Profit Margin - Industry

Gross Profit Margin - Company
Net Profit Margin - Industry

Net Profit Margin - Company


Debt to Equity - Industry

Debt to Equity - Company
Times Interest Earned - Industry

Times Interest Earned - Company
Trading Ratio - Industry

Trading Ratio - Company
Net Sales to Net Worth Industry

Net Sales to Net Worth Company
Home
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active
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Horizontal Analysis for

gogo
Horizontal Analysis expresses change between periods as percentages for each account in
the financial statements. The basic formula for horizontal analysis is:
% change = (most recent period - previous period) / previous period
Wksh15
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/
Ref
- = % Annual
Period
Description
1996
9-1
Growth in Net Sales
32.50%
9-2
Cost of Goods Sold
29.00%
9-3
Growth in Gross Profits
2.90%
9-4
9-5
Growth in Interest Expense

Growth in Income Tax Expense
16.50%
12.90%
9-6
Growth in Non Operating Expenses
3.80%
9-7
Growth in Minority Interest
96.00%
9-8
Growth in Net Income
33.50%
9-9
Growth in Earnings Per Share
32.60%
9-10
9-11
9-12
9-13
9-14
9-15

Accounts Receivable
Inventory
3.08%
12.00%
26.70%
19.90%
26.70%
21.50%
9-16
9-17
9-18
9-19
9-20
Net Fixed Assets

17.80%
6.20%
0.00%
16.50%
32.50%
9-21
Growth in Total Assets
1.05%
9-22
9-23
9-24
9-25
9-26
Accounts Payable

lt

26.20%
33.50%
16.70%
12.80%
38.02%
46.00%
11.30%
37.10%
Growth in Total Liabilities
31.05%
9-31
9-32
9-33
9-34
9-35
9-36
Preferred Equity
Common Equity
Retained Earnings
Treasury Stock
0.00%
2.60%
1.50%
38.00%
-166.00%
2.01%
9-37
Growth in Total Equity (Net Worth)
6.11%
9-38
9-39
Sustainable Growth Rate #1

9-40
Growth in Market Capitalization
9-27
9-28
9-29

9-30
1
2
#DIV/0!
#DIV/0!
14.50%
Trend Line Graphs Appear Below for Selected Comparisons:
% Change
Growth in Net Sales

50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
32.50%
38.47%
26.77%
16.67%
1996
1997
1998
1999
Periods
% Change
Cost of Goods Sold
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
42.42%
29.00%
16.78%
1996
1997
1998
Periods
9.92%
1999
% Change

3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2.90%
0.00%
1997
1996
0.00%
1998
0.00%
1999
2000
Periods
% Change

40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
33.50%
1996
0.00%
1997
0.00%
1998
0.00%
1999
2000
Periods
% Change

35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
32.60%
1996
0.00%
1997
0.00%
1998
0.00%
1999
0.00%
2000
Periods
% Change

1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
1.05%
1996
0.00%
1997
0.00%
1998
Periods
0.00%
1999
2000
% Change

7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
6.11%
0.00%
1997
1996
0.00%
1998
0.00%
1999
0.00%
2000
Periods
% Change

100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
0.00%
1996
0.00%
1997
0.00%
1998
0.00%
1999
0.00%
2000
Period
% Change

40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
24.69%
29.39%
14.50%
1996
1997
1998
Periods
1999-6.32%
2000
-14.00%
Annual
Period
1997

Period
Period
Period
1998
1999
2000
38.47%
26.77%
16.67%
10.93%
42.42%
16.78%
9.92%
12.15%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
4.27%
27.22%
77.05%
103.98%
30.56%
2.68%
7.80%
26.37%
22.38%
106.13%
4.33%
24.17%
1676.47%
-27.48%
38.36%
69.97%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-4.04%
50.00%
51.96%
35.32%
32.18%
#DIV/0!
-5.16%
-20.00%
18.06%
21.32%
19.13%
#DIV/0!
10.77%
-50.00%
22.95%
15.15%
20.44%
#DIV/0!
-12.83%
83.33%
35.11%
8.42%
-7.27%
#DIV/0!
24.98%
-11.11%
-100.00%
10.00%
#DIV/0!
24.02%
-62.50%
#DIV/0!
-4.55%
#DIV/0!
23.69%
391.67%
#DIV/0!
28.57%
#DIV/0!
2.83%
53.39%
64.80%
44.44%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
53.66%
52.50%
25.00%
19.05%
#DIV/0!
4.44%
40.98%
66.67%
18.40%
#DIV/0!
17.63%
20.16%
20.00%
7.43%
#DIV/0!
24.03%
14.52%
20.00%
-18.18%
#DIV/0!
50.86%
15.38%
#DIV/0!
48.57%
-6.53%
#DIV/0!
38.46%
26.96%
#DIV/0!
9.72%
11.80%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-1.91%
-2.25%
38.32%
-56.36%
3.91%
#DIV/0!
3.19%
5.29%
39.57%
-558.33%
1.37%
#DIV/0!
1.01%
9.05%
52.95%
290.36%
2.70%
#DIV/0!
1.44%
0.04%
32.92%
213.09%
1.97%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
24.69%
29.39%
-6.32%
Growth in Net Sales
10.93%
2000
Cost of Goods Sold
12.15%
2000
-14.00%
0.00%
2000
0.00%
2000
0.00%
0.00%
2000
0.00%
0.00%
2000
14.00%
Vertical Analysis for

gogo
Home
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active
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%100 %100
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Vertical analysis expresses financial statements as percentages. On the Balance Sheet,

Total Assets is assigned 100% and on the Income Statement, Total Revenues is assigned 100%.
Ref
Account Title
10-1
10-2
10-3
10-4
10-5
10-6

Accounts Receivable
Inventory
Current Assets
10-6
10-7
10-8
10-9
10-10
Net Fixed Assets

Non Current Assets
Balance Sheet
10-11 Total Assets

10-12
10-13
10-14
10-15
10-16
Accounts Payable
10-17 Longterm Debt / Borrowings

10-18 Other Longterm Liabilities
10-19 Total NonCurrent Liabilities
10-20 Total Liabilities
10-21
10-22
10-23
10-24
10-25
10-26
10-27
Preferred Equity
Common Equity
Retained Earnings
Treasury Stock
Total Equity
10-28 Total Liabilities & Equity
Annual
Period
1996
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
expressed in p
10-29 Total Revenues
Income Statement
10-30 Cost of Goods Sold
10-31 Gross Profit
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
10-40
10-41
10-42
10-43
Accounts Payable to Revenues

Short Term Borrowings to Revenues
Other Current Liabilities to Revenues
Current Liabilities to Revenues
Graphs for the Vertical Analysis appear below:
Breakdown of Current Assets
% of Total Assets
Current to Revenues
10-35 Net Income
Accounts Receivable to Revenues

Inventory to Revenues
Other Current Assets to Revenues
Current Assets to Revenues
0.00%
#DIV/0!
10-33 Non Operating Expenses
10-36
10-37
10-38
10-39
#DIV/0!
10-32 Operating Expenses
10-34 Income Before Extra Ord Items
100.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
1996
Other Current Asse

Inventory
Accounts Receivab
Short Term Marketa
1997
1998
Periods
1999
2000
Cash and Cash Equ
% of Total
Current / NonCurrent Assets

100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
1996
Non Current Asset

Current Assets
1997
1998
1999
2000
Periods
% of Total
Breakdown of Current Liabilities

100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
1996
1997
1998
1999
2000
Periods
% of Total
Liab & Equity to Total Assets

100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
1996
1997
1998
Periods
1999
2000
Periods
Major Cost Breakdown
% to Total Revenues
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
1996
Non Operating
Expenses
Operating Expense
1997
1998
1999
2000
Cost of Goods Sold
Periods
The following graph is created directly from the Cash Flow Statement:
Operating Cash Flow
Operating Cash Flow Trend

$500
$400
$300
$200
$100
$0
1996
1997
1998
1999
2000
Periods
Cost of Goods Sold

Operating Expenses
Non Operating Expenses
#DIV/0!
#DIV/0!
#DIV/0!
expressed in percentages
Annual Annual Annual Annual
Period
Period
Period
Period
1997
1998
1999
2000
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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100.00%
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0.00%
100.00%
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0.00%
100.00%
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0.00%
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0.00%
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Inventory
Accounts Receivable
2000
100.00%
Non Current Assets

Current Assets
iabilities

Short Term Portion of LT
Debt
2000
Accounts Payable
Total Equity
Total Liabilities
Non Operating
Expenses
Operating Expenses
Cost of Goods Sold
w Trend

Net Income
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ProForma Financials (Simple Projection Model)

gogo
A set of pro forma (forecasted) financial statements are generated using the results of
the historical analysis in the previous worksheets. Growth assumptions appear where
applicable. You can override any growth assumptions with your own rates.
This forecast is very simple and does not rely on any statistical methods.
. .
.
Ref
Enter Your Forecast Periods =>

Pro Forma Income Statement
11-1
9-1
Gross Revenues
Growth Assumptions
11-2
10-8
Cost of Goods Sold

Growth Assumptions
11-3
10-9
Operating Expenses
Growth Assumptions
4-24
NonOperating Expenses
4-25
ExtraOrdinary Items
11-4
Net Income
Pro Forma Cash Flow Statement
11-5
11-6
11-7
11-8
11-9
11-10
Sources of Operating Cash Flow:

Net Income
11-11 Operating Cash Flow
11-12
11-13
11-14
11-15
Investment Sources of Cash Flow:

Planned Sale of Assets
Planned Sale of Investments
Other Investment Sources to be used
Total Investment Sources of Cash
Planned Investments:
11-16 Capital Expenditures
11-17 Acquisitions in Other Co's
11-18 Purchases of Investments
Ref
11-19 Total Investment Applications of Cash
11-20
11-21
11-22
11-23
Cash Flow from Financing Activities:

Proceeds from Loans & Debt
Total Financing Sources of Cash
11-24
11-25
11-26
11-27
11-28
Cash Flow Applied for Financing:

Payments on Loans & Debt
Purchase / Retire Stock
Total Financing Applications of Cash
11-29 Total Change to Cash

11-30 Beginning Cash Balance
11-31 Forecasted Ending Balance
Pro Forma Balance Sheet

11-32
11-33
11-34
11-35
11-36
11-37

Accounts Receivable
Inventory
11-38
11-39
11-40
11-41
11-42
11-43
11-44
Fixed Assets
Net Fixed Assets
11-45 Total Assets

11-46
11-47
11-48
11-49
11-50
Accounts Payable
11-51 Longterm Debt / Borrowings

11-52 Other Longterm Liabilities
11-53 Total Non Current Liabilities
11-54 Total Liabilities
Ref
11-55
11-56
11-57
11-58
11-59
11-60
11-61

Preferred Equity
Common Equity
Retained Earnings
Treasury Stock
Total Equity
11-62 External Financing Required (EFR)

Formula for Calculating EFR:
Assets to Sales - Historical
Projected Increase to Sales
Liabilities to Sales - Historical
Profit Margin
Retention Ratio (1 - Dividend Payout)
External Financing Required
s are generated using the results of

Growth assumptions appear where
ons with your own rates.
ny statistical methods.

Period
Period
Period
2002
2003
2004

Annual
Period
2001

0
12.00%
0
12.00%
0
12.00%
0
12.00%
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
)(3,600
700
)(3,600
650
)(3,200
650
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
520
0
3
0
0
!#DIV/0
!#DIV/0
490
0
9
0
0
!#DIV/0
!#DIV/0
)(3,200
650
!#DIV/0
!#DIV/0
500
0
2
0
0
!#DIV/0
470
0
15
0
0
!#DIV/0
25
1,800
0
1,825
20
1,900
0
1,920
60
2,100
0
2,160
100
2,200
0
2,300
)(2,700
)(650
)(6,000
)(3,100
)(1,200
)(4,500
)(3,000
)(750
)(3,500
)(3,500
)(500
)(3,000

Period
Period
Period
2002
2003
2004
)(9,350
750
90
0
840
)(500
)(5,500
)(1,000
0
)(7,000
Annual
Period
2001
)(8,800
)(7,250
)(7,000
950
80
0
1,030
1,000
60
0
1,060
1,300
20
0
1,320
)(600
)(4,000
)(1,500
0
)(6,100
)(1,000
)(3,000
)(2,000
0
)(6,000
)(1,500
)(2,500
)(2,000
0
)(6,000
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
870

!#DIV/0
0
0
0
0
!#DIV/0
0
0
0
0
!#DIV/0
40,400
)(4,990
35,410
9,905
3,512
400
49,227
!#DIV/0
37,700
)(4,470
33,230
5,705
2,862
320
42,117
!#DIV/0
0
0
20
0
20
!#DIV/0
0
0
0
0
0
0
0
0
!#DIV/0
34,600
)(3,970
30,630
3,105
1,662
240
35,637
!#DIV/0
0
0
25
0
25
!#DIV/0
!#DIV/0
31,600
)(3,480
28,120
1,705
912
200
30,937
!#DIV/0
0
0
30
0
30
!#DIV/0
0
0
30
0
30
4,350
800
5,150
4,100
800
4,900
3,750
750
4,500
3,750
700
4,450
5,170
4,925
4,530
4,480
Annual
Period
2001

Period
Period
Period
2002
2003
2004
0
2,200
5,700
!#DIV/0
)(1,500
)(8,050
!#DIV/0
0
2,200
5,700
!#DIV/0
)(2,500
)(7,050
!#DIV/0
0
2,200
5,700
!#DIV/0
)(4,000
)(5,550
!#DIV/0
0
2,200
5,700
!#DIV/0
)(5,000
)(3,550
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
0
!#DIV/0
!#DIV/0
!#DIV/0
!#DIV/0
( )

()

Annual
Period
2005
0
12.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(4,000)
700
#DIV/0!
#DIV/0!
550
0
6
0
0
#DIV/0!
35
1,700
0
1,735
(2,600)
(350)
(7,000)
Annual
Period
2005
(9,950)
650
100
0
750
(500)
(7,000)
(500)
0
(8,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
43,000
(5,540)
37,460
15,205
3,862
650
57,177
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0
0
15
0
15
4,500
800
5,300
5,315
Annual
Period
2005
0
2,200
5,700
#DIV/0!
(500)
(8,550)
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ProForma Financials (Linear Trend Model)

gogo
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the historical analysis in the previous worksheets. A statistical method known as
linear regression is used to predict future values. If you have important assumptions
that are important to the forecast, then these assumptions should over-ride the
linear calculations since we want our forecast to be as accurate as possible.
Key Point => If your historical information has gradual trends, then linear regression
is an appropriate model for forecasting. However, if your historical information has
distinct steps up or down, then you should consider using a smoothing model .
Before we adopt a regression model, it's a good idea to generate a scatter graph of the actual data
and observe if there is a clear trend for fitting a straight regression line into the data:
Total Revenues
Total Revenues
1
1
1
1
0
0
0
1994
Total Revenues
1996
1998
2000
2002
Periods
The calculation of linear values is determined by defining the slope of the line and the y intercept:
Order
Total Rev
Linear
Slope
Formula for Linear Trendline:
Year
variable x
actual y
Value y
m factor
1996
1
0
0
0.00
y=(m*x)+b
1997
2
0
0
1998
3
0
0
m: slope of line
1999
4
0
0
x: independent variable
2000
5
0
0
b: y intercept
2001
6
0
2002
7
0
2003
8
0
2004
9
0
2005
10
0
The degree of linear fit with the actual data can be expressed as R Square
#DIV/0!

Period
Period
Period
Period
Period
2001
2002
2003
2004
2005
12-1
Gross Revenues
12-2
Cost of Goods Sold
(11,607)
(12,847)
(14,087)
(15,327)
(16,567)
12-3
Operating Expenses
(7,750)
(8,693)
(9,636)
(10,579)
(11,522)
12-4
Operating Income
12-5
4-25
Extra Ordinary Items

Net Income
#VALUE!
#VALUE!
(3,549)
#VALUE!
#VALUE!
(4,088)
#VALUE!
#VALUE!
(4,627)
#VALUE!
#VALUE!
(5,166)
#VALUE!
#VALUE!
(5,705)
271
271
271
271
271
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Intercept
b factor
0.00

Net Income
#VALUE!
470
0
15
#VALUE!
#VALUE!
#VALUE!
490
0
9
#VALUE!
#VALUE!
#VALUE!
500
0
2
#VALUE!
#VALUE!
#VALUE!
520
0
3
#VALUE!
#VALUE!
#VALUE!
550
0
6
#VALUE!
#VALUE!
Operating Cash Flow
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

100
2,200
0
2,300
60
2,100
0
2,160
20
1,900
0
1,920
25
1,800
0
1,825
35
1,700
0
1,735
Acquisitions
Total Investment Applications of Cash
(3,500)
(500)
(3,000)
(7,000)
(3,000)
(750)
(3,500)
(7,250)
(3,100)
(1,200)
(4,500)
(8,800)
(2,700)
(650)
(6,000)
(9,350)
(2,600)
(350)
(7,000)
(9,950)

1,300
20
0
1,320
1,000
60
0
1,060
950
80
0
1,030

(1,500)
(2,500)
(2,000)
0
(6,000)
(1,000)
(3,000)
(2,000)
0
(6,000)
(600)
(4,000)
(1,500)
0
(6,100)
750
90
0
840
(500)
(5,500)
(1,000)
0
(7,000)
650
100
0
750
(500)
(7,000)
(500)
0
(8,000)
Total Change to Cash
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!

Forecasted Ending Balance
870
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!

Accounts Receivable
Inventory
Fixed Assets
Net Fixed Assets
31,600
(3,480)
28,120
1,705
912
200
30,937
34,600
(3,970)
30,630
3,105
1,662
240
35,637
37,700
(4,470)
33,230
5,705
2,862
320
42,117
40,400
(4,990)
35,410
9,905
3,512
400
49,227
43,000
(5,540)
37,460
15,205
3,862
650
57,177
Total Assets
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Accounts Payable
#VALUE!
#VALUE!
30
#VALUE!
#VALUE!
#VALUE!
#VALUE!
30
#VALUE!
#VALUE!
#VALUE!
#VALUE!
25
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20
#VALUE!
#VALUE!
#VALUE!
#VALUE!
15
#VALUE!
#VALUE!

3,750
700
4,450
3,750
750
4,500
4,100
800
4,900
4,350
800
5,150
4,500
800
5,300
Total Liabilities
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Preferred Equity
Common Equity
Retained Earnings
Treasury Stock
Total Equity
0
2,200
5,700
#VALUE!
(5,000)
(3,550)
#VALUE!
0
2,200
5,700
#VALUE!
(4,000)
(5,550)
#VALUE!
0
2,200
5,700
#VALUE!
(2,500)
(7,050)
#VALUE!
0
2,200
5,700
#VALUE!
(1,500)
(8,050)
#VALUE!
0
2,200
5,700
#VALUE!
(500)
(8,550)
#VALUE!
External Financing Required (EFR)
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
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the historical analysis in the previous worksheets. A statistical method known as
exponential smoothing is used to plot a trend over historical data. Additionally, we
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can use a weighted moving average to forecast future periods.
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Key Point => If you have a general upward historical trend, weighted average will tend
to underestimate forecasted values and vice versa (downward trend = overestimate).
.
oxponential smothing
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Exponential Smoothing and Weighted Moving Averages for Total Revenues:

Years =>
1996
1997
1998
Total Revenues - Historical
0
0
0
Total Revenues - Exponential
0
0
0
Total Revenues - Wt Moving Avg
11,105
15,230
18,890
Smoothing Factor must be between 0 and 1
Set Smoothing Factor
Assign weights to appropriate periods
0
1.00
0.00%
1999
2000
0
0
21,605
2001
0
0
0
1 Total weights should add up to =>

1.50%
4.50%
34.50%
Total
Exponent
Revenues
Amounts
0
0
0
0
0
0
0
0
0
0
Mean Squared Error
Difference
0
0
0
0
0
Square
Total
Weighted
Revenues
Amounts
0
11,105
0
15,230
0
18,890
0
21,605
0
0
Mean Squared Error
Difference
(11,105)
(15,230)
(18,890)
(21,605)
0
Square
123,321,025
231,952,900
356,832,100
466,776,025
0
235,776,410
0
0
0
0
0
0
Find the Optimal Moving Weights:
Exponential Comparison
1
1
1
1
1
1
0
0
0
0
0
Total Revenues Historical

Total Revenues Exponential
Total Revenues Wt Moving Avg
2001
2002
2003
2004
2005
Periods

Period
Period
Period
Period
Period
2001
2002
2003
2004
2005
Gross Revenues
Cost of Goods Sold
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Operating Expenses
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Operating Income
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
ExtraOrdinary Items
Net Income
(3,200)
650
(3,200)
650
(3,600)
650
(3,600)
700
(4,000)
700
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
470
0
15
0
#DIV/0!
490
0
9
0
#DIV/0!
500
0
2
0
#DIV/0!
520
0
3
0
#DIV/0!
550
0
6
0

Net Income
2002
0
100.00%
59.50%
Find the Optimal Smoothing Factor:
Total Revenues
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ProForma Financials (Exponential Smoothing / Weighted Moving Average)

gogo
100.00%
2003
2004
2005
Operating Cash Flow
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

100
2,200
0
2,300
60
2,100
0
2,160
20
1,900
0
1,920
25
1,800
0
1,825
35
1,700
0
1,735
Acquisitions
(3,500)
(500)
(2,000)
(6,000)
(3,000)
(750)
(3,000)
(6,750)
(3,100)
(500)
(3,000)
(6,600)
(3,900)
0
(1,000)
(4,900)
(4,600)
0
(1,000)
(5,600)

1,300
20
0
1,320
2,000
60
0
2,060
3,000
80
0
3,080
4,500
90
0
4,590
7,000
100
0
7,100

(1,500)
(2,500)
0
0
(4,000)
(1,800)
(3,000)
0
0
(4,800)
(2,500)
(4,000)
0
0
(6,500)
(4,000)
(4,000)
0
0
(8,000)
(6,000)
(3,000)
0
0
(9,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

870
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Accounts Receivable
Inventory
Fixed Assets
Net Fixed Assets
Total Assets
Accounts Payable
0
0
0
0
#DIV/0!
31,600
(3,480)
28,120
705
912
75
29,812
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
34,600
(3,970)
30,630
1,605
1,662
100
33,997
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
37,700
(4,470)
33,230
2,705
2,162
150
38,247
#DIV/0!
#DIV/0!
0
0
0
0
#DIV/0!
41,600
(4,990)
36,610
1,905
2,162
150
40,827
#DIV/0!
0
0
0
0
#DIV/0!
46,200
(5,540)
40,660
1,205
2,162
100
44,127
#DIV/0!
0
0
30
0
30
0
0
30
0
30
0
0
25
0
25
0
0
20
0
20
0
0
15
0
15

3,750
700
4,450
3,950
750
4,700
4,450
800
5,250
4,950
800
5,750
5,950
800
6,750
Total Liabilities
4,480
4,730
5,275
5,770
6,765
0
2,200
5,700
17,505
(5,000)
(1,550)
18,855
0
2,200
5,700
14,505
(3,500)
(1,550)
17,355
0
2,200
5,700
10,505
(1,000)
(1,550)
15,855
0
2,200
5,700
6,505
0
(1,550)
12,855
0
2,200
5,700
3,505
0
(1,550)
9,855
Preferred Equity
Common Equity
Retained Earnings
Treasury Stock
Total Equity
External Financing Required (EFR)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Home
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active
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Scenario Analysis for

gogo
We can copy our forecast into a new worksheet and do scenario analysis and goal-seek analysis.
Although Microsoft Excel includes Scenario Manager, it can be easier and quicker to simply do our
scenario analysis manually. We can use Goal Seek to find a value for a cell given a corresponding
formula in another cell.
Period
Period
Period
Period
Period
2001
2002
2003
2004
2005
Pro Forma Income Statement (Simple Projection Method)
Scenario => Non Operating Expenses will decline by $ 100,000 in year 2003 and again in year 2005:
Gross Revenues
Cost of Goods Sold
Operating Expenses
ExtraOrdinary Items
Net Income
0
#DIV/0!
#DIV/0!
(3,200)
650
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,200)
650
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,100)
650
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,100)
700
#DIV/0!
0
#DIV/0!
#DIV/0!
(3,000)
700
#DIV/0!
Instead of copying our forecast into this worksheet, we can simply do scenario analysis directly in
the forecast itself.
Pro Forma Income Statement (Linear Trend Method)
Goal Seek => What total revenues are required if Net Income must be $ 13.5 million in Year 2004?
Gross Revenues
Cost of Goods Sold
Operating Expenses
Net Income (formula cells)
32,064
(11,607)
(7,750)
(3,549)
271
9,430
35,940
(12,847)
(8,693)
(4,088)
271
10,584
39,816
(14,087)
(9,636)
(4,627)
271
11,738
44,301
(15,327)
(10,579)
(5,166)
271
13,500
47,569
(16,567)
(11,522)
(5,705)
271
14,046
Do not change formula cells (goals) to values

when using Goal Seek (Tools > Goal Seek)
This is the target cell that Goal Seek is seeking
to change per the value 13,500 in cell G34
Home
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Once we complete our forecast, we can summarize and review it before finalizing it
into the form of budgets. We also need to summarize our assumptions that should
go into our final budget. We can start our budget process by reviewing the different
revenue forecast:
Period
Period
Period
Period
Period
2001
2002
2003
2004
2005
Summarize Revenue Forecast:
Simple Projection Model
Linear Trend Model
Wt Moving Avg Model
Declining Growth Model
Historical Data
0
#VALUE!
0
0
0
0
#VALUE!
0
0
0
0
#VALUE!
0
0
0
0
#VALUE!
0
0
0
0
#VALUE!
0
31,000
0
Projection using declining growth rates:

Gross Revenues
31,000
Forecast Comparisons
35,000
30,000
Total Revenues
Wksh5
Budget Analysis for

gogo
Simple Projection
Model
25,000
Linear Trend Model
20,000
15,000
Wt Moving Avg
Model
10,000
Declining Growth
Model
5,000
0
Historical Data
2001 2002 2003 2004 2005

Periods
In addition to using linear models for forecasting, we can apply several non-linear (curve) models:
Logarithmic - Used when rate of change in data suddenly shifts upward or downward.
Power - Used when rate of change in data occurs at a specific rate.
Exponential - Used when rate of change is increasing or decreasing at ever higher rates.
Polynomial - Used when rate of change fluctuates with no pattern.
Logarithmic Trend
Formula for Logarithmic Trendline
y = ( c * LN (x)) - b
LN: Natural Logarithm
x factor
Actual
Values
1
2
3
4
5
6
7
8
9
10
0
0
0
0
0
Predicted
Value y
0
0
0
0
0
0
0
0
0
0
Slope
c factor
Predicted
Value y
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
Slope
c factor
#NUM!
Intercept
b factor
0
Power Trendline
y = b * x^c
x factor
1
2
3
4
5
6
7
8
9
10
Actual
Values
0
0
0
0
0
Intercept
b factor
#NUM!
#NUM!
Exponential Trendline
Actual
Values
x factor
y = b * EXP ( c * x )
1
2
3
4
5
6
7
8
9
10
0
0
0
0
0
Predicted
Value y
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
Slope
c factor
#NUM!
< - calculate using c and b factor - >

Predicted
( c * x)
EXP
Value y
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
Intercept
b factor
#NUM!
#NUM!
Polynomial Trendline
y = (c2 * x^2) + (c1 * x^1) + b
x factor
1
2
3
4
5
6
7
8
9
10
Actual
Values
0
0
0
0
0
Predicted
Value y
0
0
0
0
0
0
0
0
0
0
c2
c1
0
b
0
Summarize Non Linear Curves on Graph:

Logarithmic Trendline
Power Trendline
Exponential Trendline
Polynomial Trendline
Actual Revenues
1996
0
#NUM!
#NUM!
1997
0
#NUM!
#NUM!
0
0
1998
0
#NUM!
#NUM!
0
0
1999
0
#NUM!
#NUM!
0
0
2000
0
#NUM!
#NUM!
0
0
2001
0
#NUM!
#NUM!
0
0
Total Revenues
Non Linear Trends

1
1
1
1
1
1
0
0
0
0
0
Logarithmic
Trendline
Power Trendline
Exponential
Trendline
Polynomial
Trendline
Actual Revenues
Periods
Variance Analysis of Past Budgets:

Accuracy in the budget process should be examined to determine the degree of error or
variance in the budget process. If the variance is high, this indicates a need to improve
planning techniques within the company.
TBD: To be Determined
1996
Income Statement Items
Total Revenues - Budgeted
Total Revenues - Actual
% difference from actual
Cost of Goods Sold - Budgeted
Cost of Goods Sold - Actual
Operating Income - Budgeted
Operating Income - Actual
10,500
0
#DIV/0!
(4,500)
(4,950)
-9%
3,100
0
#DIV/0!
1997
14,500
0
#DIV/0!
(6,500)
(7,050)
-8%
4,900
0
#DIV/0!
1998
22,500
0
#DIV/0!
(8,648)
(8,233)
5%
9,000
0
#DIV/0!
1999
28,500
0
#DIV/0!
(9,650)
(9,050)
7%
11,000
0
#DIV/0!
2000
30,000
0
#DIV/0!
(Wksht 16)
2001
30,500
TBD
#VALUE!
(11,000)
(10,150)
8%
#DIV/0!
TBD
#DIV/0!
10,500
0
#DIV/0!
#DIV/0!
TBD
#DIV/0!
2002
0
#NUM!
#NUM!
2003
0
#NUM!
#NUM!
2004
0
#NUM!
#NUM!
0
2005
0
#NUM!
#NUM!
0
Net Income - Budgeted

Net Income - Actual
#DIV/0!
2,100
0
Balance Sheet Items

Current Assets - Budgeted
Current Assets - Actual
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
NonCurrent Assets - Budgeted

NonCurrent Assets - Actual
10,900
0
#DIV/0!
14,000
0
#DIV/0!
22,000
0
#DIV/0!
27,500
0
#DIV/0!
29,500
0
#DIV/0!
31,555
TBD
#VALUE!
Current Liabilities - Budgeted

Current Liabilities - Actual
3,750
0
#DIV/0!
5,600
0
#DIV/0!
8,200
0
#DIV/0!
9,050
0
#DIV/0!
9,400
0
#DIV/0!
10,715
TBD
#VALUE!
NonCurrent Liabilities - Budgeted

NonCurrent Liabilities - Actual
1,750
0
#DIV/0!
2,450
0
#DIV/0!
3,750
0
#DIV/0!
4,900
0
#DIV/0!
5,100
0
#DIV/0!
5,250
TBD
#VALUE!
Ratio Items
Current Ratio - Budgeted
Current Ratio - Actual
0.92
#DIV/0!
#DIV/0!
0.79
#DIV/0!
#DIV/0!
0.76
#DIV/0!
#DIV/0!
0.83
#DIV/0!
#DIV/0!
0.80
#DIV/0!
#DIV/0!
#DIV/0!
TBD
#DIV/0!
Total Asset Turnover - Budgeted

Total Asset Turnover - Actual
0.68
#DIV/0!
#DIV/0!
0.72
#DIV/0!
#DIV/0!
0.80
#DIV/0!
#DIV/0!
0.80
#DIV/0!
#DIV/0!
0.79
#DIV/0!
#DIV/0!
#DIV/0!
TBD
#DIV/0!
Gross Profit Margin - Budgeted

Gross Profit Margin - Actual
60%
0%
#DIV/0!
60%
0%
#DIV/0!
60%
0%
#DIV/0!
60%
0%
#DIV/0!
60%
0%
#DIV/0!
#DIV/0!
TBD
#DIV/0!
Net Profit Margin - Budgeted

Net Profit Margin - Actual
19%
#DIV/0!
#DIV/0!
25%
#DIV/0!
#DIV/0!
28%
#DIV/0!
#DIV/0!
30%
#DIV/0!
#DIV/0!
28%
#DIV/0!
#DIV/0!
#DIV/0!
TBD
#DIV/0!
Debt to Common Equity - Budgeted

Debt to Common Equity - Actual
0.45
0.00
#DIV/0!
0.50
0.00
#DIV/0!
0.60
0.00
#DIV/0!
0.65
0.00
#DIV/0!
0.55
0.00
#DIV/0!
#DIV/0!
TBD
#DIV/0!
Return on Equity - Budgeted

Return on Equity - Actual
20%
0%
#DIV/0!
29%
0%
#DIV/0!
32%
0%
#DIV/0!
35%
0%
#DIV/0!
30%
0%
#DIV/0!
#DIV/0!
TBD
#DIV/0!
3,450
0
4,100
0
#DIV/0!
4,400
0
6,500
0
#DIV/0!
6,250
0
9,000
0
#DIV/0!
7,500
0
9,300
0
#DIV/0!
7,900
0
#DIV/0!
TBD
#DIV/0!
#DIV/0!
TBD
#DIV/0!
We can use specific measurements to track and control forecasting errors:

Mean Absolute Error - An absolute value of forecast errors, does not place weight on the
amount of the error. Calculated as the sum of (actual values - predicted values) / n.
Mean Square Error - Similar to Mean Absolute Error, but does place more emphasis on
the amount of error; i.e. an error of 8 is twice as significant as 4. Calculated as the
sum of (actual values - predicted values)^2 / n.
Root Mean Square Error - To make the Mean Square Error useful and comparable to the Mean
Absolute Error, we can take the square root of the Mean Square Error. We can then use this
as a guide to establish an error limit or standard for flagging unacceptable errors.
Actual
Forecasted
Example: Total Revenues
Period
Revenues Revenues
Error
Absolute
n: total number of periods
1996
0
10,500
(10,500)
10,500
1997
0
14,500
(14,500)
14,500
1998
0
22,500
(22,500)
22,500
1999
0
28,500
(28,500)
28,500
2000
0
30,000
(30,000)
30,000
n =>
5
Sum =>
(106,000)
106,000
Mean Absolute Error
Mean Square Error
Root Mean Sqr Error
Establish Error Limits
21,200
#########
47,405
47,405
Error
Squared
##########
##########
##########
##########
##########
##########
Is Error
Outside
Limit?
No
No
No
No
No
Yes
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active
Final Budgets for

gogo
Now that we have analyzed our historical data and placed it into a set of
forecast, we can pull it all together with our assumptions for a final budget.
Many of these assumptions should be included in our forecast for improved
accuracy. However, we need to fine tune and finalize all assumptions
so that we can produce a final finished budget for planning purposes.
Budget
Period
2001
Ref
Assumptions & Comments
Operating Plan
16-1
16-2
16-3
16-4
Total Revenues
Cost of Goods Sold
Operating Expenses
Operating Income
30,500
#DIV/0!
#DIV/0!
#DIV/0!
16-5
16-6
16-7
Interest Expenses
Income Taxes
Other Non Operating Expenses
16-8
16-9
Earnings Before Extra Ord Items

#DIV/0!
650
16-10
Net Income
#DIV/0!
(310)
(3,300)
(200)
Based on review of Pro Forma Financials, Marketing, etc.

Volume projections, production budgets, and vertical analysis
Average % of Sales per Vertical Analysis
Based on anticipated levels of debt and past history

Based on anticipated taxable income and effective rate
Provision for contingency was added on this line item
Per our Simple Model Forecast
Financial Plan
Budgeted Cash Flows
16-11
16-12
16-13
16-14
16-15
16-16
Net Income
(Increase) Decrease Current Liab
#DIV/0!
470
0
15
(8,235)
10,675
16-17
Operating Cash Flow
#DIV/0!
16-18
16-19
16-20
16-21
Investment Sources of Cash:

100
2,200
0
2,300
16-22
16-23
16-24
16-25
Acquisitions in Other Co's
(4,500)
(350)
(2,500)
(7,350)
16-26
16-27
16-28
16-29
Cash Flow from Financing Activities

1,450
15
0
1,465
16-30
16-31
16-32
16-33
16-34

Payments on Loans and Debt
(1,250)
(2,500)
(1,500)
0
(5,250)
16-35
#DIV/0!
16-36
16-37

870
#DIV/0!
Review of Simple Model Forecast and Capital Expenditure Budget

Per Simple Forecast Model
Same formula as used in forecast models
Per Simple Model Forecast

Budgeted $ 4.5 million in Capital Expenditure Budget

Per forecast, strategic plan, and other budgets
Per forecast, strategic plan, and other budgets
Per Financing Requirements and other budgets

Per historical financials and investment budget
Per forecast and other budgets

Per strategic plan and other budgets
Budgeted Balance Sheet

16-38
16-39
16-40
16-41
16-42
16-43

Accounts Receivable
Inventory
#DIV/0!
10
3,050
2,440
1,983
#DIV/0!
16-44
16-45
16-46
16-47
16-48
16-49
16-50
Fixed Assets
Net Fixed Assets
16-51
Total Assets
16-52
16-53
16-54
16-55
16-56
Accounts Payable
16-57
16-58
16-59

16-60
Total Liabilities
16-61
16-62
16-63
16-64
16-65
16-66
16-67
Preferred Stock
Common Equity
Retained Earnings
Adj for Foreign Currency Translation
Treasury Stock
Total Equity
0
2,200
5,700
#DIV/0!
(5,000)
(3,050)
#DIV/0!
16-68
Total Liabilities and Equity
#DIV/0!
16-69
External Financing Required
#DIV/0!
32,600
(3,480)
29,120
1,205
1,000
230
31,555
Per above
Per historical financials

Per review of forecast and strategic plans
Per review of forecast and historical balances
#DIV/0!
5,185
3,660
40
1,830
10,715
4,150
1,100
5,250

Per review of forecast and historical information

Per review of historical information and expected growth rates.
15,965

Microsoft Excel 9.0 Answer Report

Worksheet: [Detail_Analysis.xls]13 - Pro Forma (Exp)
Report Created: 3/16/2002 3:42:28 PM
Target Cell (Min)

Cell
Name
$G$60 Mean Squared Error Square
Original Value
20,525,549
Final Value
12,297,836
Adjustable Cells
Cell
Name
$D$24 Set Smoothing Factor
Original Value
0.70
Final Value
1.00
Constraints
Cell
Name
$D$23 Smoothing Factor must be between 0 and 1
$D$24 Set Smoothing Factor
Cell Value
Formula
Status Slack
0 $D$23>=$D$23 Binding
0
1.00 $D$24<=$E$23 Binding
0
Microsoft Excel 9.0 Answer Report

Worksheet: [Detail_Analysis.xls]13 - Pro Forma (Exp)
Report Created: 3/16/2002 5:19:05 PM
Target Cell (Min)

Cell
$G$46 Mean Squared Error Square
Name
Original Value
65,536,151
Final Value
59,853,342
Adjustable Cells
Cell
Name
$D$25 Assign weights to appropriate periods
$E$25 Assign weights to appropriate periods
$F$25 Assign weights to appropriate periods Total weights should add up to =>
$G$25 Assign weights to appropriate periods
$H$25 Assign weights to appropriate periods
Original Value
0.00%
2.00%
5.00%
35.00%
60.00%
Final Value
0.00%
1.50%
4.50%
34.50%
59.50%
Constraints
Cell
Name
$I$25 Assign weights to appropriate periods
Cell Value
100.00%
0.00%
1.50%
4.50%
34.50%
59.50%
0.00%
1.50%
4.50%
34.50%
59.50%
Formula
$I$25=$E$23
$D$25<=$E$23
$E$25<=$E$23
$F$25<=$E$23
$G$25<=$E$23
$H$25<=$E$23
$D$25>=$D$23
$E$25>=$D$23
$F$25>=$D$23
$G$25>=$D$23
$H$25>=$D$23
Status
Slack
Binding
0
Not Binding
1
Not Binding
0.985
Not Binding
0.955
Not Binding
0.655
Not Binding
0.405
Binding
0.00%
Not Binding 1.50%
Not Binding 4.50%
Not Binding 34.50%
Not Binding 59.50%

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القوائم المالية مح تحليل مالي شامل

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Financial Analysis & Forecasting

To illustrate concepts related to financial analysis and forecasting.

B) Output Worksheets for evaluating financial performance:

Pro Forma - Simple

Calculates key financial information for furthe

Set of pro forma financials using simple assu

general information here - used on several worksheets.

comparative balances sheets for up to five periods.

lates key financial information for further analysis.

pro forma financials using simple assumptions

General Input Panel

(Annual, Semi-annual, Quarterly or Monthly)

(1999, July 1998, 6/30/97, etc.)

Balance Sheet for

Cash and Cash Equivalents

Longterm Debt / Borrowings

Prepared by Matt H. Evans 2/21/2014

Balance Sheet for

Total Liabilities & Equity

Check: Assets = Liab + Equity ?

NonDepreciable Fixed Assets

Prepared by Matt H. Evans 2/21/2014

Prepared by Matt H. Evans 2/21/2014

Prepared by Matt H. Evans 2/21/2014

Income Statement for

Extra Ordinary Items (Loss) Gain

Prepared by Matt H. Evans 2/21/2014

Prepared by Matt H. Evans 2/21/2014

Cash Flow Statement for

Proceeds from Borrowings

Increase (Decrease) to Cash

Beginning Cash Balance

Prepared by Matt H. Evans 2/21/2014

Key Financial Data for

Cash Flow / Liquidity Indicators

Free Cash Flow:

$315,000 <= estimated selling price

Key Financial Data for

NOPAT / Operating Indicators:

Ratio Analysis for

Liquidity / Ability to Meet Obligations

Acid Test Ratio

Operating Cash Flow to Net Income

Days Required to Collect A/R

Total Asset Turnover

Operating Assets Ratio

Gross Profit Margin

Net Profit Margin

Direct Cost to Operating Revenues

Capitalization Rate / Asset Return:

Return on Shareholder Equity

Debt to Total Assets

Debt to Common Equity

Times Interest Earned

Price to Earnings (P/E)

Price to Book Value

Benchmark Analysis for

Acid Test Ratio - Industry

Current Ratio - Industry

Receivable Turnover - Industry

Days to Collect A/R - Industry

Inventory Turnover - Industry

Days in Inventory - Industry