Income Statement
All figures in USD thousands 2023F 2024F 2025F
Revenue 58,000 62,000 65,000
COGS (30,000) (31,000) (32,000)
Gross Profit 28,000 31,000 33,000
SG&A (6,000) (7,000) (8,000)
Other (2,000) (2,000) (2,000)
EBITDA 20,000 22,000 23,000
Depreciation (4,000) (4,000) (4,000)
EBIT 16,000 18,000 19,000
Interest Expense (6,000) (6,000) (6,000)
EBT 10,000 12,000 13,000
Current Tax (1,000) (1,000) (1,000)
Deferred Tax (2,000) (2,000) (2,000)
Total Tax (3,000) (3,000) (3,000)
Net Income 7,000 9,000 10,000
Cash Flow Statement
All figures in USD thousands 2023F 2024F 2025F
CASH FROM OPERATIONS
Net Income 7,000 9,000 10,000
Depreciation 4,000 4,000 4,000
Deferred Tax 2,000 2,000 2,000
Cash from Accounts Receivable 1,000 1,000 1,000
Cash from Inventory (1,000) (1,000) (1,000)
Cash from Accounts Payable 1,000 1,000 1,000
Subtotal 14,000 16,000 17,000
CASH FROM INVESTING
Capital Expenditure (Capex) (4,000) (4,000) (4,000)
Subtotal (4,000) (4,000) (4,000)
CASH FROM FINANCING
Line of Credit Issue / (Repay) (1,000) (2,000) (1,000)
Term Loan Issue / (Repay) (3,000) (3,000) (3,000)
Equity Issue / (Buyback) 1,000 – –
Payment of Dividends (1,000) (1,000) (1,000)
Subtotal (4,000) (6,000) (5,000)
CASH BALANCE
Beginning 5,000 11,000 17,000
Change in Cash 6,000 6,000 8,000
Ending 11,000 17,000 25,000
Balance Sheet
All figures in USD thousands 2022A 2023F 2024F 2025F
ASSETS
Cash 5,000 11,000 17,000 25,000
Accounts Receivable 6,000 5,000 4,000 3,000
Inventory 2,000 3,000 4,000 5,000
Property Plant & Equipment 65,000 65,000 65,000 65,000
Total Assets 78,000 84,000 90,000 98,000
LIABILITIES
Accounts Payable 3,000 4,000 5,000 6,000
Line of Credit 5,000 4,000 2,000 1,000
Term Loan 20,000 17,000 14,000 11,000
Deferred Taxes 1,000 3,000 5,000 7,000
Total Liabilities 29,000 28,000 26,000 25,000
EQUITY
Equity Capital 44,000 45,000 45,000 45,000
Retained Earnings 5,000 11,000 19,000 28,000
Shareholders' Equity 49,000 56,000 64,000 73,000
Total Liabilities & Equity 78,000 84,000 90,000 98,000
Check – – – –
