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MASTER FINANCIAL PROJECTIONS - SAMPLE - DEWITT

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  1. 1. Dee Dewitt ! 1997-2015, Veridian Financial, Inc. dba Summit Venture Strategies ALL RIGHTS RESERVED Facility Company SAMPLE COMPANY Financial Projections Assisted Living
  2. 2. Company Projected Income Statement, Balance Sheet & Cash Flow 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Gross Revenues Beds at Rate 1 $3,822,140 $5,878,340 $10,495,680 $12,856,320 $15,552,000 $21,672,000 $28,903,680 $34,894,080 $42,456,960 $48,677,760 Beds at Rate 2 $997,080 $1,651,440 $2,926,680 $5,178,240 $6,220,800 $8,668,800 $11,487,360 $13,868,160 $16,773,120 $19,230,720 Beds at Rate 3 $1,139,520 $2,516,480 $4,440,480 $5,892,480 $7,050,240 $9,824,640 $12,969,600 $15,657,600 $18,869,760 $21,634,560 Total Revenues $5,958,740 $10,046,260 $17,862,840 $23,927,040 $28,823,040 $40,165,440 $53,360,640 $64,419,840 $78,099,840 $89,543,040 Cost of Goods Sold (COGS) $3,325,215 $5,606,215 $9,968,179 $13,352,245 $16,084,409 $22,413,922 $29,777,372 $35,948,848 $43,582,835 $49,968,598 Gross Profit $2,633,525 $4,440,045 $7,894,661 $10,574,795 $12,738,631 $17,751,518 $23,583,268 $28,470,992 $34,517,005 $39,574,442 Other Operating Costs Corporate G&A Expenses $668,764 $1,144,000 $1,395,370 $1,877,697 $2,167,096 $2,469,322 $2,785,601 $3,117,280 $3,465,838 $3,782,898 Net Operating Income $1,964,761 $3,296,045 $6,499,291 $8,697,098 $10,571,535 $15,282,196 $20,797,668 $25,353,713 $31,051,167 $35,791,544 % Operating Margin 33% 33% 36% 36% 37% 38% 39% 39% 40% 40% Mortgage/Bond Interest $1,785,321 $3,575,000 $3,575,000 $5,135,900 $5,135,900 $6,696,800 $6,696,800 $8,257,700 $8,257,700 $9,818,600 Depreciation & Amortization $1,837,064 $3,162,091 $4,673,315 $4,857,428 $5,292,622 $4,888,393 $5,549,683 $5,319,890 $5,757,693 $5,779,917 Interest Income $2,544,159 $1,898,463 $1,567,019 $1,089,538 $612,058 $612,058 $612,058 $612,058 $612,058 $612,058 Mgmt Developer Fees $950,000 $1,000,000 $0 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 Earnings Before Taxes $1,836,535 ($542,583) ($182,006) $793,308 $1,755,071 $5,309,061 $10,163,243 $13,388,181 $18,647,832 $21,805,084 Cumulative Income Tax Shield $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Income Tax Expense (0%) - LLC $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Income (Loss) $1,836,535 ($542,583) ($182,006) $793,308 $1,755,071 $5,309,061 $10,163,243 $13,388,181 $18,647,832 $21,805,084 Percent Net Margin 31% -5% -1% 3% 6% 13% 19% 21% 24% 24% 10-Yr. Income Statement Projections
  3. 3. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Current Assets Cash $49,339,045 $31,471,870 $22,119,019 $38,666,155 $23,334,073 $42,942,457 $33,721,446 $48,963,435 $53,076,523 $13,951,983 Accounts Receivable, net $163,253 $275,240 $489,393 $655,535 $789,672 $1,100,423 $1,461,935 $1,764,927 $2,139,722 $2,453,234 Other Current Assets $148,969 $251,157 $446,571 $598,176 $720,576 $1,004,136 $1,334,016 $1,610,496 $1,952,496 $2,238,576 Inventory $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Current Assets $49,651,267 $31,998,266 $23,054,983 $39,919,867 $24,844,321 $45,047,016 $36,517,397 $52,338,858 $57,168,741 $18,643,793 Property & Equipment $9,092,991 $28,960,544 $42,602,842 $52,017,054 $72,509,890 $80,399,627 $98,820,708 $115,408,526 $124,822,738 $145,315,574 Less Cummulative Depreciation ($1,837,064) ($4,999,156) ($9,672,471) ($14,529,899) ($19,822,521) ($24,710,914) ($30,260,596) ($35,580,486) ($41,338,179) ($47,118,097) Net Fixed Assets $7,255,927 $23,961,388 $32,930,371 $37,487,155 $52,687,369 $55,688,713 $68,560,112 $79,828,040 $83,484,559 $98,197,477 Other Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Assets $56,907,194 $55,959,655 $55,985,354 $77,407,022 $77,531,691 $100,735,729 $105,077,509 $132,166,898 $140,653,300 $116,841,270 Current Liabilities Borrowings, current portion $300,000 $0 $0 $1,040,600 $1,040,600 $2,081,200 $2,081,200 $3,121,800 $3,121,800 $4,162,400 Accounts Payable $109,424 $184,937 $311,330 $417,259 $500,041 $681,733 $892,136 $1,070,305 $1,289,005 $1,472,644 Other Current Liabilities $27,483 $47,014 $57,344 $77,166 $89,059 $101,479 $114,477 $128,107 $142,432 $155,462 Total Current Liabilities $436,908 $231,951 $368,674 $1,535,024 $1,629,700 $2,864,412 $3,087,813 $4,320,212 $4,553,236 $5,790,505 Long Term Borrowings - Shareholder $200,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 Long Term Borrowings - Bond $55,000,000 $55,000,000 $55,000,000 $55,000,000 $55,000,000 $55,000,000 $55,000,000 $55,000,000 $55,000,000 $0 Long Term Borrowings - Refinancing $0 $0 $0 $19,771,400 $18,730,800 $37,461,600 $35,380,400 $53,070,600 $49,948,800 $66,598,400 Total Long Term Liabilities $55,200,000 $55,000,000 $55,000,000 $74,771,400 $73,730,800 $92,461,600 $90,380,400 $108,070,600 $104,948,800 $66,598,400 Owners' Equity Paid In Capital - Investors $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Paid In Capital - Founders $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 Accumulated Retained Earnings $1,836,535 $577,703 $395,697 $1,259,988 $2,705,668 $7,330,251 $15,422,960 $24,847,476 $38,273,918 $52,806,347 Distribution to Shareholders ($716,249) $0 $70,982 ($309,390) ($684,478) ($2,070,534) ($3,963,665) ($5,221,390) ($7,272,654) ($8,503,983) Total Owners' Equity $1,270,286 $727,703 $616,680 $1,100,598 $2,171,191 $5,409,718 $11,609,296 $19,776,086 $31,151,263 $44,452,364 Total Liabilities & Owners' Equity $56,907,194 $55,959,655 $55,985,354 $77,407,022 $77,531,691 $100,735,729 $105,077,509 $132,166,898 $140,653,300 $116,841,270 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 10-Yr. Balance Sheet Projections
  4. 4. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Cash Flow From Operations Net Income/Loss $1,836,535 ($542,583) ($182,006) $793,308 $1,755,071 $5,309,061 $10,163,243 $13,388,181 $18,647,832 $21,805,084 Plus Depreciation Charges $1,837,064 $3,162,091 $4,673,315 $4,857,428 $5,292,622 $4,888,393 $5,549,683 $5,319,890 $5,757,693 $5,779,917 Less Distribution to Shareholders ($716,249) $0 $70,982 ($309,390) ($684,478) ($2,070,534) ($3,963,665) ($5,221,390) ($7,272,654) ($8,503,983) Minus Change in Accounts Receivable ($163,253) ($111,987) ($214,153) ($166,142) ($134,137) ($310,751) ($361,512) ($302,992) ($374,795) ($313,512) Minus Change in Other Current Assets ($148,969) ($102,188) ($195,415) ($151,605) ($122,400) ($283,560) ($329,880) ($276,480) ($342,000) ($286,080) Minus Change in Inventory $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Plus Change in Current Liabilities $436,908 ($204,956) $136,723 $125,750 ($945,924) ($846,488) ($1,857,799) ($1,889,401) ($2,888,776) ($2,925,131) Net Cash Flow from Operations $3,082,036 $2,200,377 $4,289,447 $5,149,348 $5,160,753 $6,686,121 $9,200,070 $11,017,807 $13,527,300 $15,556,295 Cash Flows from Investing Activities Purchases - Capital Expenditures ($9,092,991) ($19,867,553) ($13,642,298) ($9,414,212) ($20,492,836) ($7,889,737) ($18,421,081) ($16,587,818) ($9,414,212) ($20,492,836) Net Cash Flow from Investing ($9,092,991) ($19,867,553) ($13,642,298) ($9,414,212) ($20,492,836) ($7,889,737) ($18,421,081) ($16,587,818) ($9,414,212) ($20,492,836) Cash Flows from Financing Activities Cash Received from Borrowing $55,300,000 ($200,000) $0 $20,812,000 $0 $20,812,000 $0 $20,812,000 $0 ($34,188,000) Cash Received from Investors $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Cash Flow from Financing $55,300,000 ($200,000) $0 $20,812,000 $0 $20,812,000 $0 $20,812,000 $0 ($34,188,000) Net Cash Flow $49,289,045 ($17,867,176) ($9,352,851) $16,547,136 ($15,332,083) $19,608,384 ($9,221,011) $15,241,989 $4,113,088 ($39,124,541) Cash Available at beginning of period $50,000 $49,339,045 $31,471,870 $22,119,019 $38,666,155 $23,334,073 $42,942,457 $33,721,446 $48,963,435 $53,076,523 Net Cumulative Cash Flow $49,339,045 $31,471,870 $22,119,019 $38,666,155 $23,334,073 $42,942,457 $33,721,446 $48,963,435 $53,076,523 $13,951,983 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Quick Ratio 112.928 135.683 59.996 25.189 14.318 14.992 10.921 11.334 11.657 2.409 Current Ratio 113.643 137.953 62.535 26.006 15.245 15.726 11.826 12.115 12.556 3.220 Gross Margin 0.442 0.442 0.442 0.442 0.442 0.442 0.442 0.442 0.442 0.442 Net Margin 0.308 -0.054 -0.010 0.033 0.061 0.132 0.190 0.208 0.239 0.244 10-Yr. Cash Flow Statement Projections Performance Ratios
  5. 5. $80,194,835 Based on a discount rate of: 25% for risk $49,339,045 $49,289,045 -$17,867,176 -$9,352,851 $16,547,136 -$15,332,083 $19,608,384 -$9,221,011 $15,241,989 $4,113,088 $36,966,784 (13,400,382) (7,014,638) 12,410,352 (11,499,062) 14,706,288 (6,915,758) 11,431,492 3,084,816 -$10,050,286 (5,260,978) 9,307,764 (8,624,296) 11,029,716 (5,186,819) 8,573,619 2,313,612 -$3,945,734 6,980,823 (6,468,222) 8,272,287 (3,890,114) 6,430,214 1,735,209 $5,235,617 (4,851,167) 6,204,215 (2,917,586) 4,822,661 1,301,407 -$3,638,375 4,653,161 (2,188,189) 4,822,661 976,055 $3,489,871 (1,641,142) 4,822,661 732,041 -$1,230,856 4,822,661 732,041 $3,616,996 549,031 $411,773 Company Valuation Based on PV of Future Cash Flows = PRESENT VALUE VALUATION ANALYSIS
  6. 6. $77,545,427 Based on a discount rate of: 25% for risk See Next Page for 10-year present value analysis. $49,339,045 $49,289,045 -$17,867,176 -$9,352,851 $16,547,136 $36,966,784 (13,400,382) (7,014,638) 12,410,352 -$10,050,286 (5,260,978) 9,307,764 -$3,945,734 6,980,823 $5,235,617 EBIT Multiple 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 6 $11,788,566 $19,776,270 $38,995,745 $52,182,586 $63,429,207 $91,693,176 $124,786,006 $152,122,275 $186,307,004 $214,749,262 8 $15,718,088 $26,368,361 $51,994,326 $69,576,781 $84,572,276 $122,257,569 $166,381,342 $202,829,700 $248,409,338 $286,332,349 10 $19,647,610 $32,960,451 $64,992,908 $86,970,976 $105,715,346 $152,821,961 $207,976,677 $253,537,126 $310,511,673 $357,915,436 12 $23,577,131 $39,552,541 $77,991,489 $104,365,171 $126,858,415 $183,386,353 $249,572,012 $304,244,551 $372,614,007 $429,498,523 14 $27,506,653 $46,144,631 $90,990,071 $121,759,366 $148,001,484 $213,950,745 $291,167,348 $354,951,976 $434,716,342 $501,081,610 P/E

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