exhibits bayern

Topics: Balance sheet, Asset, Financial ratio Pages: 33 (409 words) Published: October 14, 2013
EXHIBIT 1
BAYERN BRAUEREI

HISTORICAL AND PROJECTED INCOME STATEMENTS AND BALANCE SHEETS

(fiscal year ended December 31; all figures in DM thousands)

increase/decrease

Historial and Projected Income Statements

ACTUAL
PROJECTED
ACTUAL
PROJECTED

1989
1990
1991
1992
1993
1994
1990
1991
1992
1993
1994
1
Sales: Western Länder
78,202
78,984
80,959
83,476
85,981
88,560
782.00
1,975.00
2,517.00
2,505.00
2,579.00
2
Sales: Eastern Länder
---
3,113
12,825
18,879
27,375
35,587
-
9,712.00
6,054.00
8,496.00
8,212.00
3
Net Sales
78,202
82,097
93,784
102,355
113,356
124,147
782.00
11,687.00
8,571.00
11,001.00
10,791.00

Operating Expenses

 
 
 
 
 
4
Production costs and expenses
40,667
43,390
50,159
56,298
64,302
69,272
2,723.00
6,769.00
6,139.00
8,004.00
4,970.00
5
Admin. And selling expenses
15,734
15,967
18,663
20,164
21,000
24,000
233.00
2,696.00
1,501.00
836.00
3,000.00
6
Depreciation
4,550
5,439
7,367
7,650
7,650
8,530
889.00
1,928.00
283.00
0.00
880.00
7
Excise Duties
11,526
11,174
11,734
11,949
12,469
13,656
(352.00)
560.00
215.00
520.00
1,187.00
8
Total operating expenses
(72,477)
(75,970)
(87,923)
(96,061)
(105,421)
(115,458)
(3,493.00)
(11,953.00)
(8,138.00)
(9,360.00)
(10,037.00)
9
Operating margin
5,725
6,127
5,861
6,294
7,935
8,689
402.00
(266.00)
433.00
1,641.00
754.00
10
Allowance for doubtful accounts
(9)
(6)
(28)
(19)
(188)
(46)
3.00
(22.00)
9.00
(169.00)
142.00
11
Interest expense
(841)
(778)
(2,260)
(2,085)
(2,406)
(2,679)
63.00
(1,482.00)
175.00
(321.00)
(273.00)
12
Earnings before taxes
4,875
5,343
3,573
4,190
5,341
5,964
468.00
(1,770.00)
617.00
1,151.00
623.00
13
Income taxes
(1,647)
(1,845)
(1,412)
(1,634)
(1,869)
(2,087)
(198.00)
433.00
(222.00)
(235.00)
(218.00)
14
Net earnings
3,228
3,498
2,161
2,556
3,472
3,877
270.00
(1,337.00)
395.00
916.00
405.00
15
Dividends to all common shares
2,428
2,628
1,622
1,917
2,604
2,908
200.00
(1,006.00)
295.00
687.00
304.00
16
Retention of earnings
800
870
539
639
868
969
70.00
(331.00)
100.00
229.00
101.00

Source: Case writer analysis

Historial and Projected Balance Sheet

ACTUAL
PROJECTED
ACTUAL
PROJECTED

1989
1990
1991
1992
1993
1994
1990
1991
1992
1993
1994

Assets

 
 
 
 
 
1
Cash
6,764
10,040
11,254
12,283
13,603
14,898
3,276.00
1,214.09
1,028.57
1,319.99
1,295.02
2
Accounts Receivable

 
 
 
 
 
 
Western Länder
8,740
9,004
9,104
9,477
9,658
9,948
264.00
100.00
373.00
181.11
289.74
 
Eastern Länder
0
310
2,987
4,505
6,750
8,775
310.00
2,677.00
1,518.00
2,244.93
2,024.98
 
Allowance for Doubtful Accounts
(87)
(93)
(121)
(140)
(328)
(374)
(6.00)
(28.00)
(19.00)
(188.16)
(46.29)
3
Inventories
7,732
7,853
8,965
14,330
15,870
17,381
121.00
1,112.00
5,364.78
1,539.98
1,510.86
4
Total Current Assets
23,149
27,114
32,189
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