Income Statement						Cash Flow Statement						Balance Sheet
	All figures in USD thousands		2023F	2024F	2025F		All figures in USD thousands	2023F	2024F	2025F		All figures in USD thousands		2022A	2023F	2024F	2025F
								CASH FROM OPERATIONS						ASSETS
	Revenue			58,150	65,570	73,230		Net Income						Cash			5,000	13,100	6,520	4,260
	COGS			(45,540)	(47,230)	(49,250)		Depreciation						Accounts Receivable			6,000	5,150	4,100	3,000
	Gross Profit			12,610	18,340	23,980		Deferred Tax						Inventory			2,000	3,200	4,000	5,000
								Cash from Accounts Receivable					Property Plant & Equipment			65,000	66,000	67,500	69,500
								Cash from Inventory					Total Assets			78,000	87,450	82,120	81,760
	SG&A			(6,120)	(7,310)	(8,250)		Cash from Accounts Payable
	Other			(1,940)	(2,150)	(2,250)		Subtotal								850
	EBITDA			4,550	8,880	13,480
														LIABILITIES
								CASH FROM INVESTING						Accounts Payable			3,000	3,950	5,000	5,950
	Depreciation			(4,120)	(4,150)	(4,190)		Capital Expenditure						Line of Credit			5,000	4,000	2,000	1,000
	EBIT			430	4,730	9,290		Subtotal						Term Loan			20,000	17,000	14,000	11,000
														Deferred Taxes			1,000	1,000	1,000	1,800
														Total Liabilities			29,000	25,950	22,000	19,750
	Interest Expense		(5,930)	(6,110)	(6,180)		CASH FROM FINANCING
	EBT			(5,500)	(1,380)	3,110		Line of Credit Issue / (Repay)
								Term Loan Issue / (Repay)
								Equity Issue / (Buyback)					EQUITY
	Current Tax					(120)		Payment of Dividends					Equity Capital			34,000	52,000	52,000	52,000
	Deferred Tax							Subtotal						Retained Earnings			15,000	9,500	8,120	10,010
	Total Tax					2,990								Shareholders' Equity			49,000	61,500	60,120	62,010
								CASH BALANCE						Total Liabilities & Equity			78,000	87,450	82,120	81,760
	Net Income			(5,500)	(1,380)	2,990		Beginning
								Change in Cash
								Ending						Check

Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Cash from Accounts Payable in 2024F? (\$950) $950 ($1,050) $1,050 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Line of Credit Issue / (Repay) in 2023F? $1,000 ($2,000) ($1,000) $2,000 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Cash from Accounts Receivable in 2023F? ($1,200) $850 $1,050 $18,000 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Term Loan Issue / (Repay) in 2024F? ($2,000) ($3,000) $3,000 ($1,000) Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What are the dividends paid on the cash flow statement in 2025F? (\$300) $300 ($1,890) $0 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the capital expenditure amount on the cash flow statement in 2025F? ($2,190) $6,190 ($6,190) ($2,000) Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Earnings Before Tax (EBT) in 2025F? ($1,380) $9,290 $2,190 $3,110 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Net Income in 2024F? ($1,380) ($2,300) ($5,500) $2,190 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Deferred Tax amount on the cash flow statement in 2025F? $800 $1,800 $1,000 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Equity Issue / (Buyback) in 2023F? ($18,000) $0 $18,000 ($5,500) Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the depreciation on the cash flow statement in 2024F? $4,120 $4,190 ($4,150) $4,150 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Cash from Accounts Payable in 2024F? (\$950) $950 ($1,050) $1,050 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Line of Credit Issue / (Repay) in 2023F? $1,000 ($2,000) ($1,000) $2,000 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Cash from Accounts Receivable in 2023F? ($1,200) $850 $1,050 $18,000 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Term Loan Issue / (Repay) in 2024F? ($2,000) ($3,000) $3,000 ($1,000) Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What are the dividends paid on the cash flow statement in 2025F? (\$300) $300 ($1,890) $0 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the capital expenditure amount on the cash flow statement in 2025F? ($2,190) $6,190 ($6,190) ($2,000) Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Earnings Before Tax (EBT) in 2025F? ($1,380) $9,290 $2,190 $3,110 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Net Income in 2024F? ($1,380) ($2,300) ($5,500) $2,190 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Deferred Tax amount on the cash flow statement in 2025F? $800 $1,800 $1,000 Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the Equity Issue / (Buyback) in 2023F? ($18,000) $0 $18,000 ($5,500) Linking the Three Financial Statements The most important aspect of this course is knowing the interconnectivity of the three core financial statements. - Open the attached Excel file and go to the worksheet labeled: Model What is the depreciation on the cash flow statement in 2024F? $4,120 $4,190 ($4,150) $4,150