Spreadsheet: 883380d1732010256-sumifs-rows-test_sumif
Sheet: Joy

 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ACCEPT |  |  |  |  |  | ACCEPT |  |  |  |  |  | ACCEPT |  |  |  |  |  | ACCEPT |  |  |  |  |  | ACCEPT |  |  |  |  |  | ACCEPT |  |  |  |  |  | ACCEPT |  |  |  |  |  | ACCEPT |  |  |  |  | ACCEPT |  |  |  |  | ACCEPT
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | PHASE 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | PHASE 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | PHASE 3
 | Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Opportunity 1: Acquire customer |  |  |  |  |  | Opportunity 2: Leverage supplier discount |  |  |  |  |  | Opportunity 3: [NAME] |  |  |  |  |  | Opportunity 4: [NAME] poorly selling products |  |  |  |  |  | Opportunity 1: Pursue big box distribution |  |  |  |  |  | Opportunity 2: Expand online presence |  |  |  |  |  | Opportunity 3: Develop a private label product |  |  |  |  |  | Opportunity 1: Acquire a high risk customer |  |  |  |  | Opportunity 2: Renegotiate supplier credit terms |  |  |  |  | Opportunity 3: Adopt a global expansion strategy
 | (data in thousands of dollars) |  | Yr 0 | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Y5 | Y6 | Y7 | [NAME] | Y9 | Y11 |  |  | Incremental Balance Sheet ($ in thousands) | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 3 | Yr 4 | Yr 5 | Post Yr 5 |  |  | Yr 6 | Yr 7 | Yr 8 | Post Yr 8 |  |  | Yr 6 | Yr 7 | Yr 8 | Post Yr 8 |  |  | Yr 6 | Yr 7 | Yr 8 | Post Yr 8 |  |  | Yr 9 | Yr 10 | Yr 11 |  |  | Yr 9 | Yr 10 | Yr 11 |  |  | Yr 9 | Yr 10 | Yr 11 |  | Account | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Yr 7 | Yr 8 | Yr 9 | Yr 10 | Yr 11
 | Minimum Cash Requirement |  | 300 | 300 | 300 | 300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incremental Balance Sheet ($ in thousands) |  |  |  |  |  | Incremental Balance Sheet ($ in thousands) |  |  |  |  |  | Incremental Balance Sheet ($ in thousands)
 | Cash & Equivalents (Shortfall)* |  | 0 | 0 | 0 | 0 |  |  |  |  |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  |  | Cash |  |  |  |  | Cash |  |  |  |  | Cash
 | Accounts Receivable |  | 3123 | 3096 | 3014 | 3014 |  |  |  |  |  |  |  |  |  | Accounts Receivable |  |  |  |  |  | Accounts Receivable |  |  |  |  |  | Accounts Receivable |  |  |  |  |  | Accounts Receivable |  |  |  |  |  | Change in Accounts Receivable |  |  |  |  |  | Change in Accounts Receivable |  |  |  |  |  | Change in Accounts Receivable |  |  |  |  |  | Change in Accounts Receivable |  |  |  |  | Change in Accounts Receivable |  |  |  |  | Change in Accounts Receivable
 | Inventories |  | 2357 | 2348 | 2305 | 2305 |  |  |  |  |  |  |  |  |  | Inventories |  |  |  |  |  | Inventories |  |  |  |  |  | Inventories |  |  |  |  |  | Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  | Change in Inventories |  |  |  |  | Change in Inventories
 | Other CA |  | 0 | 0 | 0 | 0
 | Total Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets |  |  |  |  |  | Total Current Assets
 | Net PP&E |  | 40 | 40 | 40 | 40
 | Other FA |  | 0 | 0 | 0 | 0
 | Total Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  |  | Total Assets |  |  |  |  | Total Assets |  |  |  |  | Total Assets
 | Accounts Payable |  | 1021 | 1055 | 1050 | 1050 |  |  |  |  |  |  |  |  |  | Accounts Payable |  |  |  |  |  | Accounts Payable |  |  |  |  |  | Accounts Payable |  |  |  |  |  | Accounts Payable |  |  |  |  |  | Change in Accounts Payable |  |  |  |  |  | Change in Accounts Payable |  |  |  |  |  | Change in Accounts Payable |  |  |  |  |  | Change in Accounts Payable |  |  |  |  | Change in Accounts Payable |  |  |  |  | Change in Accounts Payable
 | Accrued Expenses |  | 0 | 0 | 0 | 0
 | Total Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  |  | Total Current Liabilities |  |  |  |  | Total Current Liabilities
 | Amount Borrowed from Credit Line |  | 3332 | 3200 | 2844 | 2844 |  |  |  |  |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  |  | Borrowings |  |  |  |  | Borrowings |  |  |  |  | Borrowings
 | Total Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  |  | Total Liabilities |  |  |  |  | Total Liabilities |  |  |  |  | Total Liabilities
 | Common Stock |  | 200 | 200 | 200 | 200
 | [NAME] |  | 1267 | 1329 | 1565 | 1565 |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  |  | [NAME] |  |  |  |  | [NAME] |  |  |  |  | [NAME]
 | Total Stockholder's Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  |  | Total Stockholder's Equity |  |  |  |  | Total Stockholder's Equity |  |  |  |  | Total Stockholder's Equity
 | Total Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  |  | Total Liabilities & Equity |  |  |  |  | Total Liabilities & Equity |  |  |  |  | Total Liabilities & Equity
 | Check
 | Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands) |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands) |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands) |  |  |  |  |  | Incremental Summary Income Statement ($ in thousands)
 | (data in thousands of dollars) |  | Yr 0 | Yr 1 | Yr 2 | Yr 2
 | Sales |  | 10000 | 10000 | 10000 | 10000 |  |  |  |  |  |  |  |  |  | Sales |  |  |  |  |  | Sales |  |  |  |  |  | Sales |  |  |  |  |  | Sales |  |  |  |  |  | Change in Sales |  |  |  |  |  | Change in Sales |  |  |  |  |  | Change in Sales |  |  |  |  |  | Change in Sales |  |  |  |  | Change in Sales |  |  |  |  | Change in Sales
 | Cost of Sales |  | 9560 | 9630 | 9350 | 9350 |  |  |  |  |  |  |  |  |  | Cost of Sales |  |  |  |  |  | Cost of Sales |  |  |  |  |  | Cost of Sales |  |  |  |  |  | Cost of Sales |  |  |  |  |  | Change in Cost of Sales |  |  |  |  |  | Change in Cost of Sales |  |  |  |  |  | Change in Cost of Sales |  |  |  |  |  | Change in Cost of Sales |  |  |  |  | Change in Cost of Sales |  |  |  |  | Change in Cost of Sales
 | EBIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  | EBIT |  |  |  |  |  | EBIT |  |  |  |  |  | EBIT |  |  |  |  |  | EBIT |  |  |  |  |  | Change in EBIT |  |  |  |  |  | Change in EBIT |  |  |  |  |  | Change in EBIT |  |  |  |  |  | Change in EBIT |  |  |  |  | Change in EBIT |  |  |  |  | Change in EBIT
 | Interest Expense |  | 180 | 267 | 256 | 256 |  |  |  |  |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  |  | Interest Expense |  |  |  |  | Interest Expense |  |  |  |  | Interest Expense
 | Pre-Tax Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  |  | Pre-Tax Income |  |  |  |  | Pre-Tax Income |  |  |  |  | Pre-Tax Income
 | Income Taxes |  | 104 | 41 | 157 | 157 |  |  |  |  |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  |  | Income Taxes |  |  |  |  | Income Taxes |  |  |  |  | Income Taxes
 | Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  | Net Income |  |  |  |  | Net Income
 | Free cash flow |  | Yr 0 | Yr 1 | Yr 2 | Yr 2 |  |  |  |  |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  | Free cash flow |  |  |  |  | Free cash flow
 | NOPAT |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  | NOPAT |  |  |  |  | NOPAT
 | + Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  |  | + Depreciation |  |  |  |  | + Depreciation |  |  |  |  | + Depreciation
 | - CAPEX |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  |  | - CAPEX |  |  |  |  | - CAPEX |  |  |  |  | - CAPEX
 | (Increase) decrease in NWC |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  |  | (Increase) decrease in NWC |  |  |  |  | (Increase) decrease in NWC |  |  |  |  | (Increase) decrease in NWC
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  |  | Free cash flow |  |  |  |  | Free cash flow |  |  |  |  | Free cash flow
 | Cash Flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Cash Flow |  |  |  |  |  | Cash Flow |  |  |  |  |  | Cash Flow |  |  |  |  |  | Cash Flow |  |  |  |  |  | Cash Flow |  |  |  |  |  | Cash Flow |  |  |  |  |  | Cash Flow |  |  |  |  |  | Cash Flow |  |  |  |  | Cash Flow |  |  |  |  | Cash Flow
 | (data in thousands of dollars) |  | Yr 0 | Yr 1 | Yr 2 | Yr 2 |  |  |  |  |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  |  | (data in thousands of dollars) |  |  |  |  | (data in thousands of dollars) |  |  |  |  | (data in thousands of dollars)
 | Net Income |  | 156 | 62 | 236 | 236 |  |  |  |  |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  |  | Net Income |  |  |  |  | Net Income |  |  |  |  | Net Income
 | Depreciation |  | 0 | 0 | 0 | 0 |  |  |  |  |  |  |  |  |  | Depreciation |  |  |  |  |  | Depreciation |  |  |  |  |  | Depreciation |  |  |  |  |  | Depreciation |  |  |  |  |  | Depreciation |  |  |  |  |  | Depreciation |  |  |  |  |  | Depreciation |  |  |  |  |  | Depreciation |  |  |  |  | Depreciation |  |  |  |  | Depreciation
 | Change in Account Receivable |  | 0 | 27 | 82 | 82 |  |  |  |  |  |  |  |  |  | Change in Account Receivable |  |  |  |  |  | Change in Account Receivable |  |  |  |  |  | Change in Account Receivable |  |  |  |  |  | Change in Account Receivable |  |  |  |  |  | Change in Account Receivable |  |  |  |  |  | Change in Account Receivable |  |  |  |  |  | Change in Account Receivable |  |  |  |  |  | Change in Account Receivable |  |  |  |  | Change in Account Receivable |  |  |  |  | Change in Account Receivable
 | Change in Inventories |  | 0 | 9 | 43 | 43 |  |  |  |  |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  |  | Change in Inventories |  |  |  |  | Change in Inventories |  |  |  |  | Change in Inventories
 | Change in Other CA |  | 0 | 0 | 0 | 0 |  |  |  |  |  |  |  |  |  | Change in Other CA |  |  |  |  |  | Change in Other CA |  |  |  |  |  | Change in Other CA |  |  |  |  |  | Change in Other CA |  |  |  |  |  | Change in Other CA |  |  |  |  |  | Change in Other CA |  |  |  |  |  | Change in Other CA |  |  |  |  |  | Change in Other CA |  |  |  |  | Change in Other CA |  |  |  |  | Change in Other CA
 | Change in Account Payable |  | 0 | 34 | -5 | -5 |  |  |  |  |  |  |  |  |  | Change in Account Payable |  |  |  |  |  | Change in Account Payable |  |  |  |  |  | Change in Account Payable |  |  |  |  |  | Change in Account Payable |  |  |  |  |  | Change in Account Payable |  |  |  |  |  | Change in Account Payable |  |  |  |  |  | Change in Account Payable |  |  |  |  |  | Change in Account Payable |  |  |  |  | Change in Account Payable |  |  |  |  | Change in Account Payable
 | Change in Accrued Expenses |  | 0 | 0 | 0 | 0 |  |  |  |  |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  |  | Change in Accrued Expenses |  |  |  |  | Change in Accrued Expenses |  |  |  |  | Change in Accrued Expenses
 | Cash Flow from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Cash Flow from Operations |  |  |  |  |  | Cash Flow from Operations |  |  |  |  |  | Cash Flow from Operations |  |  |  |  |  | Cash Flow from Operations |  |  |  |  |  | Cash Flow from Operations |  |  |  |  |  | Cash Flow from Operations |  |  |  |  |  | Cash Flow from Operations |  |  |  |  |  | Cash Flow from Operations |  |  |  |  | Cash Flow from Operations |  |  |  |  | Cash Flow from Operations
 | CAPEX |  | 0 | 0 | 0 | 0 |  |  |  |  |  |  |  |  |  | CAPEX |  |  |  |  |  | CAPEX |  |  |  |  |  | CAPEX |  |  |  |  |  | CAPEX |  |  |  |  |  | CAPEX |  |  |  |  |  | CAPEX |  |  |  |  |  | CAPEX |  |  |  |  |  | CAPEX |  |  |  |  | CAPEX |  |  |  |  | CAPEX
 | Cash Flow from Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Cash Flow from Investments |  |  |  |  |  | Cash Flow from Investments |  |  |  |  |  | Cash Flow from Investments |  |  |  |  |  | Cash Flow from Investments |  |  |  |  |  | Cash Flow from Investments |  |  |  |  |  | Cash Flow from Investments |  |  |  |  |  | Cash Flow from Investments |  |  |  |  |  | Cash Flow from Investments |  |  |  |  | Cash Flow from Investments |  |  |  |  | Cash Flow from Investments
 | Change in Credit Line |  | 0 | -132 | -356 | -356 |  |  |  |  |  |  |  |  |  | Change in Credit Line |  |  |  |  |  | Change in Credit Line |  |  |  |  |  | Change in Credit Line |  |  |  |  |  | Change in Credit Line |  |  |  |  |  | Change in Credit Line |  |  |  |  |  | Change in Credit Line |  |  |  |  |  | Change in Credit Line |  |  |  |  |  | Change in Credit Line |  |  |  |  | Change in Credit Line |  |  |  |  | Change in Credit Line
 | Equity Issuance |  | 0 | 0 | 0 | 0 |  |  |  |  |  |  |  |  |  | Equity Issuance |  |  |  |  |  | Equity Issuance |  |  |  |  |  | Equity Issuance |  |  |  |  |  | Equity Issuance |  |  |  |  |  | Equity Issuance |  |  |  |  |  | Equity Issuance |  |  |  |  |  | Equity Issuance |  |  |  |  |  | Equity Issuance |  |  |  |  | Equity Issuance |  |  |  |  | Equity Issuance
 | Dividends |  | 0 | 0 | 0 | 0 |  |  |  |  |  |  |  |  |  | Dividends |  |  |  |  |  | Dividends |  |  |  |  |  | Dividends |  |  |  |  |  | Dividends |  |  |  |  |  | Dividends |  |  |  |  |  | Dividends |  |  |  |  |  | Dividends |  |  |  |  |  | Dividends |  |  |  |  | Dividends |  |  |  |  | Dividends
 | Cash Flow from Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Cash Flow from Financing |  |  |  |  |  | Cash Flow from Financing |  |  |  |  |  | Cash Flow from Financing |  |  |  |  |  | Cash Flow from Financing |  |  |  |  |  | Cash Flow from Financing |  |  |  |  |  | Cash Flow from Financing |  |  |  |  |  | Cash Flow from Financing |  |  |  |  |  | Cash Flow from Financing |  |  |  |  | Cash Flow from Financing |  |  |  |  | Cash Flow from Financing
 | Net Cash Flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net Cash Flow |  |  |  |  |  | Net Cash Flow |  |  |  |  |  | Net Cash Flow |  |  |  |  |  | Net Cash Flow |  |  |  |  |  | Net Cash Flow |  |  |  |  |  | Net Cash Flow |  |  |  |  |  | Net Cash Flow |  |  |  |  |  | Net Cash Flow |  |  |  |  | Net Cash Flow |  |  |  |  | Net Cash Flow
 | Beginning Excess Cash and Cash Equivalents |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  | Beginning Excess Cash and Cash Equivalents |  |  |  |  | Beginning Excess Cash and Cash Equivalents
 | Ending Cash and Equivalents |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  |  | Ending Cash and Equivalents |  |  |  |  | Ending Cash and Equivalents |  |  |  |  | Ending Cash and Equivalents
 | Cash Cycle |  | Yr 0 | Yr 1 | Yr 2 | Yr 2
 | Accounts Receivables (days) | AR/Sales x 365 |  |  |  |  |  |  |  |  |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  |  | Accounts Receivables (days) |  |  |  |  | Accounts Receivables (days) |  |  |  |  | Accounts Receivables (days)
 | Inventories (days) | Inv/ COGS x 365 |  |  |  |  |  |  |  |  |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  |  | Inventories (days) |  |  |  |  | Inventories (days) |  |  |  |  | Inventories (days)
 | Accounts Payables (days) | [NAME] 365 |  |  |  |  |  |  |  |  |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  |  | Accounts Payables (days) |  |  |  |  | Accounts Payables (days) |  |  |  |  | Accounts Payables (days)
 | Cash Cycle (days) | DSO+DIO-DPO |  |  |  |  |  |  |  |  |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  |  | Cash Cycle (days) |  |  |  |  | Cash Cycle (days) |  |  |  |  | Cash Cycle (days)
 | Cash Cycle (months) |  | 6 | 5 | 5 | 5 |  |  |  |  |  |  |  |  |  | Cash Cycle (months) |  |  |  |  |  | Cash Cycle (months) |  |  |  |  |  | Cash Cycle (months) |  |  |  |  |  | Cash Cycle (months) |  |  |  |  |  | Cash Cycle (months) |  |  |  |  |  | Cash Cycle (months) |  |  |  |  |  | Cash Cycle (months) |  |  |  |  |  | Cash Cycle (months) |  |  |  |  | Cash Cycle (months) |  |  |  |  | Cash Cycle (months)
 |  |  | Yr 0 | Yr 1 | Yr 2 | Yr 2
 | GM | GP/Sales |  |  |  |  |  |  |  |  |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  |  | GM |  |  |  |  | GM |  |  |  |  | GM
 | Operating Margin | Operating profit/Sales |  |  |  |  |  |  |  |  |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  |  | Operating Margin |  |  |  |  | Operating Margin |  |  |  |  | Operating Margin
 | Net income/revenue | Net income/Sales |  |  |  |  |  |  |  |  |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  |  | Net income/revenue |  |  |  |  | Net income/revenue |  |  |  |  | Net income/revenue
 | ROA | Net income/Assets |  |  |  |  |  |  |  |  |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  |  | ROA |  |  |  |  | ROA |  |  |  |  | ROA
 | ROE | Net income/Equity |  |  |  |  |  |  |  |  |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  |  | ROE |  |  |  |  | ROE |  |  |  |  | ROE
 | Net profit margin |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  |  | Net profit margin |  |  |  |  | Net profit margin |  |  |  |  | Net profit margin
 | Asset Turnover |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  |  | Asset Turnover |  |  |  |  | Asset Turnover |  |  |  |  | Asset Turnover
 | Equity Multiplier |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  |  | Equity Multiplier |  |  |  |  | Equity Multiplier |  |  |  |  | Equity Multiplier
 | SGR % |  |  |  |  |  |  |  |  |  |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  |  | SGR % |  |  |  |  | SGR % |  |  |  |  | SGR %
 | ROC | ROC = Net Profit(NIAT) / Total Capital |  |  |  |  |  |  |  |  |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  |  | ROC |  |  |  |  | ROC |  |  |  |  | ROC
 | LEV | [NAME] = Total Capital / Net Worth(Equity) |  |  |  |  |  |  |  |  |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  |  | LEV |  |  |  |  | LEV |  |  |  |  | LEV
 | Retention rate | [NAME] = (NIAT – Dividends, if any/ NIAT) |  |  |  |  |  |  |  |  |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  |  | Retention rate |  |  |  |  | Retention rate |  |  |  |  | Retention rate
 | Sustainable Growth | ROC x LEV x [NAME] |  |  |  |  |  |  |  |  |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  |  | Sustainable Growth |  |  |  |  | Sustainable Growth |  |  |  |  | Sustainable Growth
 | Check |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  |  | Check |  |  |  |  | Check |  |  |  |  | Check
 | Economic Profit (EVA) | (ROC - Cost of Capital) x Total Capital |  |  |  |  |  |  |  |  |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  |  | Economic Profit (EVA) |  |  |  |  | Economic Profit (EVA) |  |  |  |  | Economic Profit (EVA)
 | NOPAT | EBIT x (1-40% tax) |  |  |  |  |  |  |  |  |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  |  | NOPAT |  |  |  |  | NOPAT |  |  |  |  | NOPAT
 | Cost of capital of 12% |  | 0.12 | 0.12 | 0.12 | 0.12 |  |  |  |  |  |  |  |  |  | Cost of capital of 12% |  |  |  |  |  | Cost of capital of 12% |  |  |  |  |  | Cost of capital of 12% |  |  |  |  |  | Cost of capital of 12% |  |  |  |  |  | Cost of capital of 12% |  |  |  |  |  | Cost of capital of 12% |  |  |  |  |  | Cost of capital of 12% |  |  |  |  |  | Cost of capital of 12% |  |  |  |  | Cost of capital of 12% |  |  |  |  | Cost of capital of 12%
 | Growth |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  |  | Growth |  |  |  |  | Growth |  |  |  |  | Growth
 | Firm Value | NOPAT 2013/WACC-g |  |  |  |  |  |  |  |  |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  |  | Firm Value |  |  |  |  | Firm Value |  |  |  |  | Firm Value
 | Equity value | Firm value - debt |  |  |  |  |  |  |  |  |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  |  | Equity value |  |  |  |  | Equity value |  |  |  |  | Equity value