Fleury, Inc.

Income Statement 20% 80% Capcity 2011 D/E 15%

2011 Pro-Forma 2012Pro-Forma 2012 Pro-Forma 2012 Pro-Forma 2012
Sales $ 743,000 $ 891,600$ 891,600 $ 891,600 $ 854,450
Costs 578,000 $ 693,600$ 693,600 $ 693,600 $ 664,700
Other expenses 15,200 $ 18,240$ 18,240 $ 18,240 $ 17,480 Growth Rate & EFN
EBIT $ 149,800 $ 179,760$ 179,760 $ 179,760 $ 172,270 $25,000
Interest expense 11,200 $ 11,200$ 11,200 $ 11,200 $ 11,200 $20,000
Taxable income $ 138,600 $ 168,560$ 168,560 $ 168,560 $ 161,070 $15,000
Taxes 48,510 $ 58,996$ 58,996 $ 58,996 $ 56,375 $10,000
Net income $ 90,090 $ 109,564$ 109,564 $ 109,564 $ 104,696 $5,000

EFN
$-
15.00% 20.00% 25.00%
Dividends $ 27,027 $ 32,869 $ 32,869 $ 32,869 $ 31,409 $(5,000)
$(10,000)
Add. to retained earnings 63,063 $ 76,695 $ 76,695 $ 76,695 $ 73,287
$(15,000)
Sales increase 20%
$(20,000)
Growth Rate
Fleury, Inc. Balance Sheet 20% 80% Capcity D/E 15%
Assets 2011 Pro-Forma 2012 Pro-Forma 2012 Pro-Forma 2012 Pro-Forma 2012
Current assets Growth Rate EFN
Cash $ 20,240 $ 24,288 $ 24,288 $ 24,288 $ 23,276 15.00% $ (13,539)
AR 32,560 $ 39,072 $ 39,072 $ 39,072 $ 37,444 20.00% $ 2,969
Inventory 69,520 $ 83,424 $ 83,424 $ 83,424 $ 79,948 25.00% $ 19,477
Total $ 122,320 $ 146,784 $ 146,784 $ 146,784 $ 140,668
Fixed assets
Net Plant $ 330,400 $ 396,480 $ 317,184 $ 396,480 $ 379,960
Total assets $ 452,720 $ 543,264 $ 463,968 $ 543,264 $ 520,628

Liabilities and owners' equity

Current liabilities
AP $ 54,400 $ 65,280 $ 65,280 $ 65,280 $ 62,560
NP 13,600 $ 13,600 $ 13,600 $ 13,600 $ 13,600
Total $ 68,000 $ 78,880 $ 78,880 $ 78,880 $ 76,160
Long-term debt $ 126,000 $ 126,000 $ 126,000 $ 172,629 $ 126,000
Leverage Total $ 194,000 $ 204,880 $ 204,880 $ 251,509 $ 202,160
Owners' equity
CS $ 112,000 $ 112,000 $ 112,000 $ 112,000 $ 112,000
RE 146,720 $ 223,415 $ 223,415 $ 223,415 $ 220,007
Total $ 258,720 $ 335,415 $ 335,415 $ 335,415 $ 332,007
Total L + SE $ 452,720 $ 540,295 $ 540,295 $ 586,924 $ 534,167
EFN: $ 2,969 $ (76,327) $ (43,660) $ (13,539)