<순서>
- Revenue to EBITDA
- AR, Inventory, AP
- PP&E
- Capital Structure
- Finish Income Statement
- Balance Sheet
- Cash Flow Statement
<구성>
1. Assumption
[Income statement]
1) Revenue Growth (% Change)
2) Cost of Goods Sold (% of Revenue)
3) Fixed Cost (Salary, Rent)
4) Depreciation & Amortization (% of PP&E Open Bal)
5) Interest (% of Debt Open Bal)
6) Tax Rate (% of Earnings Before Tax)
[Balance sheet]
1) Accounts Receivable (Days) = AR/Revenue*365
2) Inventory (Days) = Inventory/Cost of Goods Sold*365
3) Accounts Payable (Days) = Accounts Payable/Cost of Goods Sold*365
4) Capital Expenditures
5) Debt Issuance (Repayment)
6) Equity Issued (Repaid)
2. Income Statement
1) Revenue -> Revenue Growth (% Change) in Assumption
2) Cost of Goods Sold-> Cost of Goods Sold (% of Revenue) in Assumption
3) Fixed Cost (Salary, Rent)-> Fixed Cost (Salary, Rent) in Assumption
4) Depreciation & Amortization-> Depreciation Schedule
5) Interest-> Debt & Interest Schedule
6) Taxes-> % of Earnings Before Tax using Tax Rate in Assumption
3. Balance Sheet
1) Cash -> Closing Cash Balance in CF statement
2) Accounts Receivable-> Accounts Receivable (Days)/365*Revenue
3) Inventory-> Inventory (Days)/365*Cost of Goods Sold (COGS)
4) Property & Equipment-> PP&E Closing in Depreciation Schedule
5) Accounts Payable-> Accounts Payable (Days)*Cost of Goods Sold (COGS)
6) Debt-> Debt Closing in Debt & Interest Schedule
7) Equity Capital-> Previous Equity Capital + Equity Issued (Repaid) in assumption
8) Retained Earning(RE)-> Previous RE + Net Earning in Income statement
4. Cash Flow Statement
1) Cash from Operations
1-1) Net Earnings
1-2) Plus: Depreciation & Amortization
1-3) Less: Changes in Working Capital
2) Cash from Investing
2-1) Investments in Property & Equipment
3) Cash from Financing
3-1) Issuance (repayment) of debt
3-2) Issuance (repayment) of equity
4) Net Increase (decrease) in Cash = 1)-2)+3)
5) Opening Cash Balance = From Previous Closing Cash Balance
6) Closing Cash Balance = 4) + 5)
5. Supporting schedule
1) Working Capital Schedule
1-1) Accounts Receivable -> Balance Sheet
1-2) Inventory -> Balance Sheet
1-3) Accounts Payable -> Balance Sheet
1-4) Net Working Capital (NWC)-> 1-1)+1-2)-1-3)
1-5) Change in NWC -> Current 1-4) - Previous 1-4)
2) Depreciation Schedule
1-1) PP&E Opening -> From Previous PP&E Closing
1-2) Plus Capex-> From Capital Expenditures in Assumption
1-3) Less Depreciation -> PP&E Opening * Depreciation Rate in Assumption
1-4) PP&E Closing -> 1-1) + 1-2) - 1-3)
3) Debt & Interest Schedule
1-1) Debt Opening -> From Previous Debt Closing
1-2) Issuance (repayment) -> Debt Issuance (Repayment) in Assumption
1-3) Debt Closing -> 1-1) + 1-2)
1-4) Interest Expense -> Debt Opening * Interest in Assumption
6. Chart & Graph
1) Earnings
1-1) Revenue
1-2) Gross Profit
1-3) Earning Before Tax
2) Cash Flows
2-1) Operating Cash Flow
2-2) Investing Cash Flow
2-3) Financing Cash Flow