pelayo francisco y jaime mediwatch 2012-2013 finance plan template v6 (hasta punto 3)

8/11/2019 Pelayo Francisco y Jaime Mediwatch 2012-2013 Finance Plan Template v6 (Hasta Punto 3)

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241501285.xlsx.ms_office

Consolidated Income Statementat 31 October 2011

Note 2010 2011 2012 2013

Continuing operations revenue 3,5 10,484,000.00 10,587,000.00

Cost of sales 6,254,000.00 -59.65% 6,657,000.00 -62.88% -63.50% -64.00%

Gross profit 4,230,000.00 3,930,000.00

Other administrative expenses 4,107,000.00 -39.17% 3,716,000.00 -35.10% -35.10% -35.10%

Other operating income 7 146,000.00 1.39% 155,000.00 1.46% 1.46% 1.46%

Profit from operating activities 5,6 269,000.00 2.57% 369,000.00 3.49%

Net finance expense 9 36,000.00 -0.34% 47,000.00 -0.44% -0.50% -0.50%

Profit before taxation 233,000.00 322,000.00

Tax 10 14,000.00 -0.13% 5,000.00 -0.05% -0.05% -0.05%

Profit from continuing operations 219,000.00 317,000.00

Growth rate 0.9824%

Basic and diluted profit per ordinary share 11 0.16p 0.22p

Amortization

EBITDA 583,000.00 713,000.00

Consolidated Statement of Comprehensive Income

2010 2011

Profit from continuing operations 219,000.00 317,000.00

Exchange differences on translating foreign operations 21,000.00 13,000.00

Total comprehensive income for the year 198,000.00 304,000.00

Projections


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Consolidated Balance Sheetat 31 October 2011

Note 2010 2011 2012 2013

Non-current assets

Property, plant and equipment 13 647,000.00 505,000.00 50,000.00 60,000.00

Goodwill 14 2,256,000.00 2,256,000.00

Intangible assets 15 1,835,000.00 2,455,000.00 1,000,000.00 1,300,000.00Total non-current assets 4,738,000.00 5,216,000.00

Current assets

Inventories 17 1,735,000.00 1,407,000.00

Trade and other receivables 18 1,896,000.00 2,255,000.00

Cash and cash equivalents 18 91,000.00 170,000.00

Total current assets 3,722,000.00 3,832,000.00

Total assets 8,460,000.00 9,048,000.00

Current liabilities

Trade and other payables 21 2,045,000.00 2,186,000.00

Bank borrowings 19 683,000.00 589,000.00

Bank Loan 19 208,000.00

Total current liabilities 2,728,000.00 2,983,000.00

Total non-current liabilities

Total liabilities 2,728,000.00 2,983,000.00

Net assets 5,732,000.00 6,065,000.00

Capital and reserves

Called up share capital 25 3,830,000.00 3,842,000.00

Share premium account 26 6,077,000.00 6,095,000.00

Other reserves 27 7,000,000.00 7,000,000.00

Share based payment reserve 28 2,000.00 1,000.00

Profit and loss account 29 11,177,000.00 10,873,000.00Equity attributable to equity holders of the parent 5,732,000.00 6,065,000.00

Projections (investments of the year)


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Maturity terms + projections 2012 - 2013Note 2010 2011 2012 2013

days days days days

DSO 66.01 71.56 60.00 60.00

DPO 119.35 115.99 120.00 120.00

DIO 101.26 86.14 90.00 90.00

Security cash 150,000.00 150,000.00 150,000.00 200,000.00VAT 20% 20% 20% 20%

Consolidated Income Statement + Projections 2012 - 2013Note 2010 2011 2012 2013

Continuing operations revenue 3,5 10,484,000.00 10,587,000.00 10,691,011.92 10,796,045.71

Cost of sales 6,254,000.00 6,657,000.00 6,788,792.57 6,909,469.25

Gross profit 4,230,000.00 3,930,000.00 3,902,219.35 3,886,576.46

Other administrative expenses 4,107,000.00 3,716,000.00 3,752,507.82 3,789,374.31

Other operating income 7 146,000.00 155,000.00 156,522.80 158,060.55

Profit from operating activities 5,6 269,000.00 369,000.00 306,234.33 255,262.70

Net finance expense 9 36,000.00 47,000.00 53,455.06 53,980.23

Profit before taxation 233,000.00 322,000.00 252,779.27 201,282.47

Tax 10 14,000.00 5,000.00 5,049.12 5,098.73

Profit from continuing operations 219,000.00 317,000.00 247,730.14 196,183.74

Included in Operating Profitat 31 October 2011

Note 2010 2011 2012 2013

Research and development 43,000.00 96,000.00

Depreciation of property, plant and equipment 194,000.00 184,000.00 190,250.00 197,750.00

Loss on disposal of property, plant and equipment 35,000.00 105,000.00

Amortisation of intangible assets 150,000.00 130,000.00 275,000.00 437,500.00

Equity settled share base expense 1,000.00 4,000.00

Operating lease rental - land and buildings 311,000.00 248,000.00

Inventory monthly reduction goal 50,000.00 0.00

FCFF Terminal Value 4,000,000.00

Projections


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241501285.xlsx.ms_off

1. Proyected P&LNovember December January February March Ap

Continuing operations revenue 890,917.66 890,917.66 890,917.66 890,917.66 890,917.66 890

Cost of sales 565,732.71 565,732.71 565,732.71 565,732.71 565,732.71 565

Gross profit 325,184.95 325,184.95 325,184.95 325,184.95 325,184.95 325

Other administrative expenses 312,708.99 312,708.99 312,708.99 312,708.99 312,708.99 312

Other operating income 13,043.57 13,043.57 13,043.57 13,043.57 13,043.57 13

Profit from operating activities 25,519.53 25,519.53 25,519.53 25,519.53 25,519.53 25

Net finance expense 4,454.59 4,454.59 4,454.59 4,454.59 4,454.59 4

Profit before taxation 21,064.94 21,064.94 21,064.94 21,064.94 21,064.94 21

Tax 420.76 420.76 420.76 420.76 420.76

Profit from continuing operations 20,644.18 20,644.18 20,644.18 20,644.18 20,644.18 20

Tax rate 2.00% 2.00% 2.00% 2.00% 2.00%

2. Proyected Cash StatementNovember December January February March Ap

Initial cash and cash equivalents 170,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150

collections 870,164.38 899,169.86 890,917.66 890,917.66 890,917.66 890

supliers payments 848,000.00 515,732.71 565,732.71 565,732.71 565,732.71 565

Oth d i i t ti 312 708 99 312 708 99 312 708 99 312 708 99 312 708 99 312


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1. Proyected P&L

Continuing operations revenue

Cost of sales

Gross profit

Other administrative expenses

Other operating income

Profit from operating activities

Net finance expense

Profit before taxation

Tax

Profit from continuing operations

Tax rate

2. Proyected Cash Statement

Initial cash and cash equivalents

collections

supliers payments

Oth d i i t ti

November December January February March April

899,670.48 899,670.48 899,670.48 899,670.48 899,670.48 899,670.48

575,789.10 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10

323,881.37 323,881.37 323,881.37 323,881.37 323,881.37 323,881.37

315,781.19 315,781.19 315,781.19 315,781.19 315,781.19 315,781.19

13,171.71 13,171.71 13,171.71 13,171.71 13,171.71 13,171.71

21,271.89 21,271.89 21,271.89 21,271.89 21,271.89 21,271.89

4,498.35 4,498.35 4,498.35 4,498.35 4,498.35 4,498.35

16,773.54 16,773.54 16,773.54 16,773.54 16,773.54 16,773.54

424.89 424.89 424.89 424.89 424.89 424.89

16,348.64 16,348.64 16,348.64 16,348.64 16,348.64 16,348.64

2.53% 2.53% 2.53% 2.53% 2.53% 2.53%


150,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00

890,917.66 890,917.66 899,670.48 899,670.48 899,670.48 899,670.48

615,732.71 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10

315 781 19 315 781 19 315 781 19 315 781 19 315 781 19 315 781 19

201

201


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3. Proyected Balance sheetNovember December January February March Apri

Non-current assets

Property, plant and equipment 13 509,166.67 513,333.33 517,500.00 521,666.67 525,833.33 530,0

Goodwill 14 2,256,000.00 2,256,000.00 2,256,000.00 2,256,000.00 2,256,000.00 2,256,0

Intangible assets 15 2,538,333.33 2,621,666.67 2,705,000.00 2,788,333.33 2,871,666.67 2,955,0

Total non-current assets 5,303,500.00 5,391,000.00 5,478,500.00 5,566,000.00 5,653,500.00 5,741,0

Current assets

Inventories 17 1,697,198.14 1,647,198.14 1,647,198.14 1,647,198.14 1,647,198.14 1,647,1

Trade and other receivables 18 890,917.66 882,665.46 882,665.46 882,665.46 882,665.46 882,6

Cash and cash equivalents 18 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,0

Total current assets 2,738,115.80 2,679,863.60 2,679,863.60 2,679,863.60 2,679,863.60 2,679,8

Total assets 8,041,615.80 8,070,863.60 8,158,363.60 8,245,863.60 8,333,363.60 8,420,8

Current liabilities

Trade and other payables 21 2,262,930.86 2,262,930.86 2,262,930.86 2,262,930.86 2,262,930.86 2,262,9

Bank borrowings 19 938,876.38 947,480.00 1,014,335.82 1,081,191.64 1,148,047.47 1,214,9

Bank Loan 19 208,000.00 208,000.00 208,000.00 208,000.00 208,000.00 208,0

Total current liabilities 3,409,807.24 3,418,410.86 3,485,266.68 3,552,122.50 3,618,978.32 3,685,8


Total liabilities 3,409,807.24 3,418,410.86 3,485,266.68 3,552,122.50 3,618,978.32 3,685,8


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3. Proyected Balance sheet

Non-current assets

Property, plant and equipment 13

Goodwill 14

Intangible assets 15

Total non-current assets

Current assets

Inventories 17

Trade and other receivables 18

Cash and cash equivalents 18

Total current assets

Total assets

Current liabilities

Trade and other payables 21

Bank borrowings 19

Bank Loan 19

Total current liabilities


Total liabilities


560,000.00 560,000.00 560,000.00 560,000.00 560,000.00 560,000.00

2,256,000.00 2,256,000.00 2,256,000.00 2,256,000.00 2,256,000.00 2,256,000.00

3,563,333.33 3,563,333.33 3,563,333.33 3,563,333.33 3,563,333.33 3,563,333.33

6,379,333.33 6,379,333.33 6,379,333.33 6,379,333.33 6,379,333.33 6,379,333.33

1,727,367.31 1,727,367.31 1,727,367.31 1,727,367.31 1,727,367.31 1,727,367.31

891,418.27 900,171.09 900,171.09 900,171.09 900,171.09 900,171.09

200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00

2,818,785.59 2,827,538.40 2,827,538.40 2,827,538.40 2,827,538.40 2,827,538.40

9,198,118.92 9,206,871.74 9,206,871.74 9,206,871.74 9,206,871.74 9,206,871.74

2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42

1,811,719.33 1,917,456.83 2,014,441.52 2,014,441.52 2,014,441.52 2,014,441.52

208,000.00 208,000.00 304,984.69 401,969.38 498,954.07 595,938.75

4,322,875.75 4,428,613.25 4,622,582.63 4,719,567.32 4,816,552.00 4,913,536.69

4,322,875.75 4,428,613.25 4,622,582.63 4,719,567.32 4,816,552.00 4,913,536.69

2013


8/21


4. Proyected Uses and SourcesNovember December January February March April May June July

Working Capital Needs variation

Fixed Assets variation

Total Uses

Cash Flow

Equity

Long term debt

Short term debt net

Total Sources

Check

5.1 Projected FCFFNovember December January February March April May June July



Free Cash Flow Firm

EBIT(1-t)

Amortiz. + Depreta


Fixed Assets variationFCFF

2012

2012


9/21


4. Proyected Uses and Sources



Total Uses

Cash Flow

Equity

Long term debt

Short term debt net

Total Sources

Check

5.1 Projected FCFF



Free Cash Flow Firm

EBIT(1-t)

Amortiz. + Depreta



FCFF

November December January February March April May June July

November December January February March April May June July

2013

2013


10/21


5.2 Projected FCFE November December January February March April May JuneWorking Capital Needs variation


Free Cash Flow Equity

Net Income

Amortiz. + Depreta



Debt variation

FCFE

Check 2 #REF!

5.3 Projected CCFNovember December January February March April May June



Capital Cash Flow

FCFF

Interests*t

CCF

2012

2012


11/21


5.2 Projected FCFE



Free Cash Flow Equity

Net Income

Amortiz. + Depreta


Fixed Assets variationDebt variation

FCFE

Check 2

5.3 Projected CCF



Capital Cash Flow

FCFF

Interests*t

CCF

November December January February March April May June

50,000.00


2013

2013


12/21


7. Projected Ke, WACC, WACCbt

November December January February March April May

CCFDisocunt factor Jan 2012

Disocunt factor Feb2012

Disocunt factor Mar 2012

Disocunt factor Apr 2012

Disocunt factor May 2012

Disocunt factor Jun 2012

Disocunt factor Jul 2012

Disocunt factor Aug 2012

Disocunt factor Sep 2012

Disocunt factor Oct 2012

Disocunt factor Nov 2012

Disocunt factor Dec 2012

Disocunt factor Jan 2013












EV

D

E mp

D/E

beta

Ke

WACC

2012


13/21


7. Projected Ke, WACC, WACCbt

CCFDisocunt factor Jan 2012












Disocunt factor Jan 2013












EV

D

E mp

D/E

beta

Ke

WACC


2013


14/21


8. [FCFF, WACC]

November December January February March April May June July August

FCFF

WACC

Disocunt factor

Descounted FCFF

EV

D

E mp

8. [FCFE, Ke]


FCFE

Ke

Disocunt factor 2012

Descounted FCFE

EV

2012

2012


15/21


8. [FCFF, WACC]

FCFF

WACC

Disocunt factor

Descounted FCFF

EV

D

E mp

8. [FCFE, Ke]

FCFE

Ke


Descounted FCFE

EV

November December January February March April May June July August Septembe

November December January February March April May June July August Septembe

2013

2013


16/21


8. [CCF, WACCbt]


CCF

WACC bt


Descounted CCF

EV

D

E mp

8. Adjusted Present Value


Vu

FCFFKu


Descounted FCFF

Vu

Tax shields

D*Kd*t

Ku


Descounted Tax shields

PVTS

EV

D

E mp

2012

2012


17/21


8. [CCF, WACCbt]

CCF

WACC bt


Descounted CCF

EV

D

E mp

8. Adjusted Present Value

Vu

FCFFKu


Descounted FCFF

Vu

Tax shields

D*Kd*t

Ku


Descounted Tax shields

PVTS

EV

D

E mp

November December January February March April May June July August Sept

November December January February March April May June July August Sept

2013

2013


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Trade & PayablesNovember December January February March April May June

Puchases 855,930.86 515,732.71 565,732.71 565,732.71 565,732.71 565,732.71 565,732.71 565,732.71

Payments to supliers 848,000.00 515,732.71 565,732.71 565,732.71 565,732.71 565,732.71 565,732.71 565,732.71

Inventories initial 1,407,000.00 1,697,198.14 1,647,198.14 1,647,198.14 1,647,198.14 1,647,198.14 1,647,198.14 1,647,198.14

Inventories final 1697198.14 1647198.14 1647198.14 1647198.14 1647198.14 1647198.14 1647198.14 1647198.14

cogs 565,733 565,733 565,733 565,733 565,733 565,733 565,733 565,733 trade payb 2,262,930.86 2,262,930.86 2,262,930.86 2,262,930.86 2,262,930.86 2,262,930.86 2,262,930.86 2,262,930.86

Inventories reduction 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00

Trade & ReceivablesNovember December January February March April May June

Colletions 870,164.38 899,169.86 890,917.66 890,917.66 890,917.66 890,917.66 890,917.66 890,917.66

Receivables (final) 890,917.66 882,665.46 882,665.46 882,665.46 882,665.46 882,665.46 882,665.46 882,665.46

2012

2012


19/21


Trade & Payables

Puchases

Payments to supliers

Inventories initial

Inventories final

cogs

trade payb

Inventories reduction

Trade & Receivables

Colletions

Receivables (final)


655,958.28 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10

615,732.71 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10 575,789.10

1,647,198.14 1,727,367.31 1,727,367.31 1,727,367.31 1,727,367.31 1,727,367.31 1,727,367.31 1,727,367.31

1727367.31 1727367.31 1727367.31 1727367.31 1727367.31 1727367.31 1727367.31 1727367.

575,789 575,789 575,789 575,789 575,789 575,789 575,789 575,789

2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42 2,303,156.42


890,917.66 890,917.66 899,670.48 899,670.48 899,670.48 899,670.48 899,670.48 899,670.48

891,418.27 900,171.09 900,171.09 900,171.09 900,171.09 900,171.09 900,171.09 900,171.09

2013

2013


20/21


Collections and payments to suppliers from the closing Trade and Receivables and Trade and Payables respectivelyThis year collections and payments calculated separately

USING YEARS OF 365 DAYS2011 sales 10,587,000.00 2011 purchases

2011 Average daily sale 29,005.48 2011 Average daily purchase

Final AR 2,255,000.00 Final Trade and payables

Number of days in final AR 60.00 Number of days in final T&P

Trade & Receivables Trade & PayablesClosing 2011 AR collections November December January Closing 2011 AP payments November December January Febru

number of days 30 31 31 number of days 30 31 31 28

Colletions 870,164.38 899,169.86 payments

Receivables coming from 2011 870,164.38 899,169.86 899,169.86 Payables coming from 2011

USING YEARS OF 360 DAYS2011 sales 2011 purchases

2011 Average daily sale 2011 Average daily purchase

Final AR Final Trade and payables

Number of days in final AR Number of days in final T&P

Trade & Receivables Trade & PayablesClosing 2011 AR collections january february march Closing 2011 AP payments November December January Febru

number of days 30 30 30 number of days 30 30 30 30

Colletions payments

Receivables coming from 2011 Payables coming from 2011

2011 2012 2011 201

2011 2012 2011 201


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Summary

Equity value at market price

GBP

[CCF,Ku] [FCFF,WACC] [FCFE, Ke] [CCF,WACCbt]

Control

Check 3: Ku=WACCbtCheck 4: Same valuations by various models

Check 2: FCFE = Cash variation

MediWatch valuation

Epm

Ruback model. Terminal value 4,000,000

Check 1: Balance Sheet

Summary

pelayo francisco y jaime mediwatch 2012-2013 finance plan template v6 (hasta punto 3)

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