Boston Beer Company
Balance Sheet
(Millions of $)
	2021	2020	2019
Cash	66.00	163.00	37.00
Receivables	108.00	89.00	65.00
Inventory	149.00	131.00	106.00
Other Current Assetes	41.00	6.00	2.00
Total Current Assets	364.00	389.00	210.00
Property, Plant, and Equipment	718.00	682.00	595.00
Goodwill and Intangible Assets	216.00	216.00	216.00
Other Long-Term Assets	108.00	68.00	24.00
Total Long-Term Assets	1042.00	966.00	865.00
Total Assets	1406.00	1355.00	1045.00
Accounts Payable	86.00	122.00	76.00
Accruals	21.00	51.00	35.00
Other Current Liabiliites	148.00	86.00	70.00
Total Current Liabilities	255.00	259.00	181.00
Long-Term Debt-- Capital Lease Obligations	2.00	3.00	2.00
Deferred Income Tax--Long Term Liabilities	87.00	93.00	75.00
Other Long-Term Liabilities	59.00	67.00	61.00
Total Long-Term Debt	198.00	163.00	138.00
Total Liabilities	403.00	422.00	319.00
Common Stock	630.00	575.00	560.00
Retained Earnings	373.00	368.00	166.00
Total Shareholders Equity	1003.00	933.00	726.00
Total Liabilities and Shareholder Equity	1406.00	1355.00	1045.00

Boston Beer Company
Income Statement
(Millions $)
	2021	2020	2019
Sales/Revenue	$ 2,058.00	$ 1,740.00	$ 1,250.00
COGS	$ (1,197.00)	$ (902.00)	$ (625.00)
Gross Income	$ 861.00	$ 838.00	$ 625.00
Depreciation Expense	$ (80.00)	$ (73.00)	$ (56.00)
SG&A Expense	$ (741.00)	$ (561.00)	$ (468.00)
Other Operating Income or Expense	$ (77.00)	$ 40.00	$ 44.00
OPERATING INCOME (EBIT)	$ 7.00	$ 244.00	$ 145.00
Income Tax	$ 8.00	$ (52.00)	$ (35.00)
Net Income	$ 15.00	$ 192.00	$ 110.00

Boston Beer Company
Statement of Cashflow
(Miilions of $)
	2021	2020	2019
Operations:
Net Income/Loss	15.00	192.00	110.00
Total Depreciation	80.00	73.00	56.00
Change in Accounts Receivables	(19.00)	(24.00)	(24.00)
Change in Inventory	(18.00)	(25.00)	(36.00)
Other Current Assets	(35.00)	(4.00)	(21.00)
Change in Accounts Payable	(35.00)	46.00	29.00
Change in Accruals	49.00	25.00	22.00
Change in Other Current Liabiltiies	62.00	16.00	8.00
Totals	99.00	299.00	164.00
Investing:
Change in Plant and Equipment	(36.00)	(87.00)	(204.00)
Change in Long-Term Assets	(340.00)	(43.00)	(9.00)
Totals	(76.00)	(130.00)	(213.00)
Financing
Change in Long-Term Debt	35.00	25.00	54.00
Change in Equity	70.00	207.00	266.00
Totals	105.00	232.00	323.00
Year-end Cash Flow	128.00	401.00	274.00
Adjustment	(62.00)	238.00	(237.00)
Adjusted Year-End Cash Flow	66.00	163.00	37.00

Boston Beer Company
Pro Forma Income Statement
(Millions $)
Period Ending	2019	% of Sales 2019	2020	% Of Sales 2020	2021	% Of Sales 2021	2022	% Of Sales 2022	2023	% Of Sales 2023	2024	% Of Sales 2024
Sales/Revenue	1,250.00	100.00	1,740.00	100.00	2,058.00	100.00	2,416.00	100.00	2,851.00	100.00	3,378.00	100.00	% Of Sales Model
COGS	(625.00)	(50.00)	(902.00)	(51.84)	(1,197.00)	(58.16)	(500.79)	(58.16)	(209.53)	(58.16)	(87.67)	(58.16)	% Of Sales Model
Gross Income	625.00	50.00	838.00	48.16	861.00	41.84	1,221.21	51.16	1,846.00	66.69	1,133.00	35.60	% Of Sales Model
Depreciation Expense	(56.00)	(4.48)	(73.00)	(4.20)	(80.00)	(3.89)	(76.89)	(3.89)	(73.90)	(3.89)	(71.02)	(3.89)	% Of Sales Model
SG&A Expense	(468.00)	(37.44)	(561.00)	(32.24)	(741.00)	(36.01)	(474.20)	(36.01)	(303.44)	(36.01)	(194.17)	(36.01)	% Of Sales Model
Other Operating Income or Expense	44.00	3.52	40.00	2.30	(77.00)	(3.74)	(74.12)	(3.74)	(71.35)	(3.74)	(68.68)	(3.74)	% Of Sales Model
OPERATING INCOME (EBIT)	145.00	11.60	244.00	14.02	7.00	0.34	7.02	0.29	7.04	0.25	7.06	0.22	% Of Sales Model
Income Tax	(35.00)	(2.80)	(52.00)	(2.99)	8.00	0.39	8.03	0.34	8.06	0.29	8.08	0.25	% Of Sales Model
Net Income	110.00	8.80	192.00	11.03	15.00	0.73	15.11	0.63	15.20	0.55	15.29	0.48	% Of Sales Model

Hold Other Long-Term Assets Constant at $41 Hold Long Term Debt---Capital Lease Obligations constant at $2 Hold Deferred Income Tax constant at $87 Hold Other Long-Term Liabilities constant at $59