1. $ Thousands $ Thousands $ Thousands
ACTUAL
Year 2011 2012 2013 2014 Year 2011 2012 2013 2014 Year 2011 2012 2013 2014
Revenue 2,403$ 3,605$ 4,686$ 6,092$ Cash from customers 2,403$ 3,605$ 4,686$ 6,092$ Revenue 2,403$ 3,605$ 4,686$ 6,092$
COGS 1,492$ 2,321$ 2,940$ 4,036$ Cash for operating expenses (1,910)$ (2,865)$ (3,725)$ (4,842)$ COGS (1,492)$ (2,321)$ (2,940)$ (4,036)$
Gross Profit 911$ 1,284$ 1,746$ 2,056$ Cash for interest (pretax) (100)$ (75)$ (250)$ (450)$ Selling and General Expense
Personnel expenses 216$ 324$ 422$ 548$ Cash for taxes (112)$ (190)$ (203)$ (229)$ Personnel expenses (216)$ (324)$ (422)$ (548)$
Depreciation 20$ 32$ 170$ 58$ Cash from Operations 281$ 475$ 508$ 571$ Depreciation (20)$ (32)$ (170)$ (58)$
Amortization 170$ 170$ 170$ 170$ Cash for investments Amortization (170)$ (170)$ (170)$ (170)$
Other operating expenses 12$ 18$ 23$ 30$ Free Cash Flow 987.56$ 1,299.04$ 1,858.44$ 1,945.35$ Other operating expenses (12)$ (18)$ (23)$ (30)$
Interest 100$ 75$ 250$ 450$ Interest (net of tax) Operating Income 493$ 740$ 961$ 1,250$
Taxes 112$ 190$ 203$ 229$ New debt Interest (100)$ (75)$ (250)$ (450)$
Net Income 281$ 475$ 508$ 571$ Cash for financing Income before Tax 393$ 665$ 711$ 800$
net change in cash 1,268$ 1,774$ 2,366$ 2,517$ Taxes 262$ 443$ 474$ 533$
EBIT= 1,329$ 1,828$ 2,531$ 2,862$ Net Income 655$ 1,108$ 1,185$ 1,333$
INTEREST RATES: 6% 25% 33%
FCF to the firm (FCFF): EBIT*(1-t)+D&A +/- Working Capital changes - Capital expenditures
FCFF for 2011 2012 2013 2014
987.56$ 1,299.04$ 1,858.44$ 1,945.35$
AMOUNT CHANGE
Year 2011 2012 2013 2014
Revenue N/A 1,202$ 1,081$ 1,406$
COGS N/A 829$ 619$ 1,096$
Gross Profit N/A 373$ 462$ 310$
Personnel expenses N/A 108$ 97$ 127$
Depreciation N/A 12$ 138$ (112)$
Amortization N/A -$ -$ -$
Other operating expenses N/A 6$ 5$ 7$
Interest N/A (25)$ 175$ 200$
Taxes N/A 78$ 13$ 25$
Net Income N/A 194$ 33$ 63$
EBIT= - 499$ 702$ 332$
PERCENT CHANGE
Year 2011 2012 2013 2014 avg
Revenue N/A 50.02% 29.99% 30.00% ##
COGS N/A 55.56% 26.67% 37.28% ##
Gross Profit N/A 40.94% 35.98% 17.75% ##
Personnel expenses N/A 50.00% 30.00% 30.00% ##
Depreciation N/A 60.00% 431.25% -65.88% ##
Amortization N/A 0.00% 0.00% 0.00% ##
Other operating expenses N/A 50.00% 27.78% 30.43% ##
Interest N/A -25.00% 233.33% 80.00% ##
Taxes N/A 69.22% 7.02% 12.44% ##
Net Income N/A 69.22% 7.02% 12.44% ##
EBIT= -$ 37.55% 38.41% 13.10% ##
P&L for Steelwood Healthcare, LLC.
P&L for Steelwood Healthcare, LLC.
P&L for Steelwood Healthcare, LLC.
Income Statement for Steelwood Healthcare, LLC. -
ACTUAL
CASHFLOW -ACTUAL