build-up of a 5-year financial plan. I assumed that in this exercise a group of partners set up their venture in late 2019 and prepared a plan for the 5-year-period 2020-2024. The partners prepared forecasts for the year 2020 and then annual % growth vs. the previous year (for the years 2020-2024). The cost of borrowing money (i.e. interest rate) is estimated constant at 5% of long-term debt at the beginning of each year, the corporate tax rate is estimated constant at 30% of pre-tax income (taxes to be paid only if annual pre-tax profit is positive) and dividends estimated at 30% of net income (only if annual net income is positive).

I expect you to post completed income statement and balance sheet (excluding long-term debt) for the 2020-2024 period

2021 2024 Projections 2022 2020 2021 2023 2024 Latest And Projected Income Statement ( thousands) Revenues less: Operating Costs Actual Dec-19 90.0 101.0 2020 thousands 300 290 2022 2023 annual% growth vs. previous year 20% 25% 13% 16% 15% 9% 25% 10% less: Depreciation 20 1 4% 25% 30% 15% EBIT 5% of long-term debt at the beginning of every year less: Interest expenses Earnings Before Taxes less: Taxes Net Income 8.0 -19.0 1.0 -20.0 0.0 -20.0 0.0 30% of pre-tax profit (only if positive) of which 30% of net income (only if positive) Dividends Retained Earnings -20.0 2021 2024 Projections 2022 2020 2021 2023 2024 Latest And Projected Balance Sheet ( thousands) Cash on hand Inventory Account Receivables Payables Net Working Capital Actual Dec-19 20.0 0.0 53.0 -5.0 68.0 2020 thousands 20 0 140 40 0% 0% 12% 11% 2022 2023 annual % growth vs. previous year 0% 0% 0% 0% 15% 11% 14% 16% 0% 0% 10% 11% 40.0 100 14% 25% 30% 15% Gross Fixed Assets less accumulated depreciation -8.0 32.0 Net Fixed Assets Total Net Assets 100.0 Long-Term Debt (if positive - credit vs. banks if negative) 20.0 Equity 180 0% 0% 0% 0% Share Capital Retained Earnings 100.0 -20.0 100.0 Total Long-Term Liabilities and Equity