All hard-coded; no formulas.

DE F Assumptions Income Statement (SM) Cash flow statement (SM) Supporting schedules ($M) 2020 2021 2020 2021 2019 2020 2019 2.00% 20.00% 38.46% 15.38% 5.00% 20.00% 2020 3.00% 20.00% 38.00% 16.00% 5.00% 20.00% 2021 3.00% 20.00% 38.00% 16.00% 5.00% 20.00% 3 Revenue growth Depreciation (% of opening PPE) COGS (% of revenues) 6 SG&A (% of revenues) 7 Interest on debt 8 Tax rate 1300 400 Net income Depreciation Change in Working Capital Cash from operations 2019 80 400 40 440 2019 1800 200 2000 Opening debt Net debt issuance Closing debt Revenue Depreciation COGS SG&A Interest Taxes Net income 500 200 100 200 Capex Cash from investing Starting inventory Additions to inventory Closing inventory 133 17 150 -200 10 Closing receivables (% of revenues) 11 Closing inventory (% of revenues) 12 Closing payables (% of COGS) 7.69% 11.54% 10.00% 7.00% 11.00% 10.00% 8.00% 11.00% 10.00% 200 77 Balance sheet (SM) Net debt issuance Net equity issuance Dividends paid Cash from financing Starting receivables Additions to receivables Closing receivables 2020 2021 100 200 2019 500 100 150 2000 2750 50 Net cash increase 440 Starting payables Additions to payables Closing payables 50 14 Capex (PP&E, SM) 200 500 300 Cash 15 Net debt issuance (SM) 200 100 175 Receivables 16 Net equity issuance (SM) 0 20 20 Inventory 17 Dividends 0 0 0 PP&E Total Assets 19 Conventions Payables 21 1. Interest payment (Opening debt balance + End debt balance)/2 times assumed interest rate Debt 22 2. Cash balances adjust as needed, they are the "plug." (In practice, one should forecast cash-balances a Retained earnings Equity Total Liabilities + equity Change in WK 40 50 2000 50 Opening PPE Investment Depreciation Closing PP&E 2200 200 400 2000 650 2750 Check 0