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PLANTOPERATIONSREPORT
CEO
Year11
Industry8
PLANTCAPACITY(000sofpairsw/oOT)
NorthAmerica
Plant
EuropeAfrica
Plant
2,000
0
0
0
2,000
0
2,000
PlantUpgrade Online(initiatedpriortoY11)
Options
Pending(initiatedinY11)
none
none
none
none
none
none
none
none
NorthAmerica
Plant
EuropeAfrica
Plant
AsiaPacific
Plant
LatinAmerica
Plant
GrossInvestmentattheEndofYear10
+UpgradeOptions(initiatedinYear10)
+NewConstruction(initiatedinYear10)
+CapacityPurchased(atbeginningofY11)
CapacitySoldOff(atbeginningofY11)
+EnergyEfficiencyInitiatives(inY11)
GrossInvestmentinYear11Capacity
AccumulatedDepreciation(throughY10)
CurrentDepreciation(incurredinY11)
NetInvestmentinYear11Capacity
UpgradeandConstructionWorkinProgress
LABORSTATISTICS
pairs
pairs
75,000
0
0
0
0
0
75,000
27,500
3,750
43,750
0
NorthAmerica
Year10
Year11
WorkerProductivity(pairsperworkerperyear)
NumberofWorkersEmployed
Compensation AnnualBaseWage
($000sperworker)
IncentivePay
TotalCompensation
IncentivePayPerPair($pernonrejectedpair)
4,000
501
15.0
5.1
20.1
1.25
4,021
475
15.2
4.8
19.9
1.25
CumulativeBest $PerWorker
Practices
$PerBrandedPair
1,000
0.25
NorthAmerica
PRODUCTIONSTATISTICS
Footwear RegularPairsProduced
Production
OvertimePairsProduced
(000sofpairs)
RejectedPairs
NetFootwearProduction
RejectRate(%ofregular+OTproduction)
NumberofModelsProduced
S/QRatingofPairsProduced
CapacityUtilization(maxutilizationatfullOT=120%)
BRANDEDPRODUCTIONCOSTS
Thissectionlists
costsforbranded
productiononly.
PrivateLabel
productioncosts
arelistedonthe
PrivateLabel
Operationsreport.
MaterialsCosts Standard
Superior
LaborCosts RegularPay
OvertimePay
BestPracticesTraining
PlantSupervision
EnhancedStyling/Features
TQM/6SigmaQualityProgram
ProductionRunSetUp
PlantMaintenance
Depreciation
TotalProductionCosts
CostofRejectedPairs
CompanyOperatingReports
4,000
0
0
0
4,000
0
4,000
LatinAmerica
Plant
PlantCapacityattheEndofYear10
+NewConstruction(initiatedinYear10)
+CapacityPurchased(atbeginningofY11)
CapacitySoldOff(atbeginningofY11)
CapacityAvailableforYear11Production
NewConstructionInitiatedinYear11
TotalCapacityAvailableforYear12
PLANTINVESTMENT($000s)
0
0
0
0
0
0
0
AsiaPacific
Plant
pairs
pairs
0
0
0
0
0
0
0
0
0
0
0
EuropeAfrica
pairs
180,000
0
0
0
0
0
180,000
31,500
9,000
139,500
0
AsiaPacific
Year10
Year11
Year10
Year11
0
0
0.0
0.0
0.0
0.00
0
0
0.0
0.0
0.0
0.00
2,500
1,412
2.8
0.9
3.7
0.40
2,500
1,600
2.8
0.9
3.8
0.40
0
0.00
EuropeAfrica
0
0
0
0
0
0
0
pairs
500
0.20
AsiaPacific
pairs
pairs
0
0
0
0
0
0
0
0
0
0
0
AllPlants
Combined
6,000
0
0
0
6,000
0
6,000
pairs
pairs
AllPlants
Combined
255,000
0
0
0
0
0
255,000
59,000
12,750
183,250
0
LatinAmerica
Year10
Year11
0
0
0.0
0.0
0.0
0.00
0
0
0.0
0.0
0.0
0.00
0
0.00
LatinAmerica
Overall
Branded
PLabel
Branded
PLabel
Branded
PLabel
Branded
PLabel
Branded
PLabel
1,800
0
90
1,710
5.0%
200
4
105
0
5
100
4.0%
100
4
0
0
0
0
0.0%
0
0
0
0
0
0
0.0%
0
0
3,500
0
249
3,251
7.1%
200
4
500
0
31
469
6.1%
100
4
0
0
0
0
0.0%
0
0
0
0
0
0
0.0%
0
0
5,300
0
339
4,961
6.4%
605
0
36
569
6.0%
95.3%
NorthAmerica
$000s
$/pair
4,951
11,829
8,938
0
423
2,693
2,000
945
6,000
4,607
3,544
45,930
2,296
2.90
6.92
5.23
0.00
0.25
1.57
1.17
0.55
3.51
2.69
2.07
26.86
1.34
0.0%
EuropeAfrica
$000s
$/pair
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
100.0%
AsiaPacific
$000s
$/pair
9,628
23,001
5,251
0
613
2,800
2,000
1,750
6,000
7,481
7,875
66,399
4,723
2.96
7.08
1.62
0.00
0.19
0.86
0.62
0.54
1.85
2.30
2.42
20.42
1.45
CopyrightGLOBUSSoftware,Inc.
0.0%
LatinAmerica
$000s
0
0
0
0
0
0
0
0
0
0
0
0
0
98.4%
Overall
$/pair
$000s
$/pair
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
14,579
34,830
14,189
0
1,036
5,493
4,000
2,695
12,000
12,088
11,419
112,329
7,020
2.94
7.02
2.86
0.00
0.21
1.11
0.81
0.54
2.42
2.44
2.30
22.64
1.42
Page1
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CEO
DISTRIBUTION&WAREHOUSEREPORT
Year11
Industry8
WAREHOUSEOPERATIONS
(thousandsof
brandedpairs)
EndingInventoryfromYear10
InventoryClearance(atthebeginningofY11)
BeginningInventory(carriedoverfromY11)
Incoming NorthAmericaPlant
Shipmentsfrom
EuropeAfricaPlant
AsiaPacificPlant
LatinAmericaPlant
PairsAvailableforSale(inventory+shipments)
PairsSold InternetSegment
WholesaleSegment
TotalBrandedSales
RequiredInventory(neededtoachievedeliverytime)
InventorySurplus(Shortfall)
EndingInventory(pairsleftoverattheendofY11)
ModelAvailability(weightedaverage)
S/QRating(weightedaverage)
COSTOFBRANDEDPAIRSSOLD
CostofBeginningYear11Inventory
+ProductionCostofIncomingPairs
ExchangeRateCostAdjustments
+FreightonIncomingPairs
+ImportTariffsonIncomingPairs
CostofEndingYear11Inventory
CostofBrandedPairsSoldinYear11
WAREHOUSEOPERATINGEXPENSES
InventoryStorageCosts
Packaging/ShippingInternet
Wholesale
WarehouseLeaseandMaintenance
TotalWarehouseOperatingExpenses
INVENTORYCLEARANCE
NetRevenuesfromPairsCleared
DirectCostsProduction/Freight/Tariffs
ofPairs
InventoryStorage
Cleared
Packaging/Shipping
MarginOverDirectCosts
CompanyOperatingReports
NorthAmerica
Warehouse
EuropeAfrica
Warehouse
AsiaPacific
Warehouse
LatinAmerica
Warehouse
Company
Total
39
0
39
1,442
0
0
0
1,481
82
1,354
1,436
45
78
45
39
0
39
0
0
1,461
0
1,500
85
1,369
1,454
46
94
46
26
0
26
0
0
1,050
0
1,076
57
986
1,043
33
95
33
26
0
26
268
0
740
0
1,034
57
945
1,002
32
83
32
130
0
130
1,710
0
3,251
0
5,091
281
4,654
4,935
156
350
156
pairs
pairs
200
4
$000s
$/pair
1,055
38,732
0
1,442
0
1,253
39,976
27.05
26.86
0.00
1.00
0.00
27.84
27.84
NorthAmerica
$/pair
20
820
2,531
1,000
4,371
pairs
200
4
NorthAmerica
$000s
pairs
0.01
0.57
1.76
0.70
3.04
EuropeAfrica
pairs
pairs
pairs
Weighted average of
beginning inventory +
new incoming pairs
shippedfromplants.
200
4
$/pair
$000s
AsiaPacific
$/pair
LatinAmerica
$000s
$/pair
$000s
$/pair
1,060
29,840
0
2,922
5,844
1,216
38,450
27.18
20.42
0.00
2.00
4.00
26.43
26.44
578
21,445
0
1,050
0
708
22,365
22.23
20.42
0.00
1.00
0.00
21.45
21.44
749
22,312
0
2,016
4,440
913
28,604
28.81
22.13
0.00
2.00
4.40
28.53
28.55
3,442
112,329
0
7,430
10,284
4,090
129,395
26.48
22.64
0.00
1.50
2.07
26.22
26.22
EuropeAfrica
$000s
AsiaPacific
$/pair
20
850
2,554
1,000
4,424
0
0
0
0
0
$000s
$000s
0.01
0.58
1.76
0.69
3.04
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
pairs
$000s
EuropeAfrica
$/pair
pairs
200
4
NorthAmerica
$000s
pairs
$/pair
$/pair
13
570
1,972
1,000
3,555
CopyrightGLOBUSSoftware,Inc.
$000s
$/pair
13
570
1,890
1,000
3,473
0.01
0.57
1.89
1.00
3.47
AsiaPacific
LatinAmerica
0
0
0
0
0
0
0
0
0
0
$000s
0.00
0.00
0.00
0.00
0.00
0.01
0.55
1.89
0.96
3.41
LatinAmerica
$/pair
0.00
0.00
0.00
0.00
0.00
$000s
$/pair
0.00
0.00
0.00
0.00
0.00
Overall
Overall
$000s
$/pair
66
2,810
8,947
4,000
15,823
0.01
0.57
1.81
0.81
3.21
Overall
$000s
$/pair
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
Page2
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MARKETING&ADMINISTRATIVEREPORT
CEO
Year11
Industry8
MARKETINGEXPENSES
NorthAmerica
$000s
$/pair
EuropeAfrica
$000s
AsiaPacific
$/pair
$000s
$/pair
LatinAmerica
$000s
$/pair
Overall
$000s
$/pair
Advertising 1
Internet
Segments
WebSiteMaintenance
CelebrityEndorsements2
TotalInternetMarketing
400
1,177
0
1,577
4.88
14.35
0.00
19.23
410
1,221
0
1,631
4.82
14.36
0.00
19.19
191
818
0
1,009
3.35
14.35
0.00
17.70
199
818
0
1,017
3.49
14.35
0.00
17.84
1,200
4,034
0
5,234
4.27
14.36
0.00
18.63
Wholesale Advertising 1
Segments
RebateRedemption
RetailerSupport
OnTimeDelivery
CelebrityEndorsements2
TotalWholesaleMarketing
6,600
1,016
1,200
1,016
0
9,832
4.87
0.75
0.89
0.75
0.00
7.26
6,590
1,027
1,200
1,027
0
9,844
4.81
0.75
0.88
0.75
0.00
7.19
3,309
740
600
740
0
5,389
3.36
0.75
0.61
0.75
0.00
5.47
3,301
378
600
709
0
4,988
3.49
0.40
0.63
0.75
0.00
5.28
19,800
3,161
3,600
3,492
0
30,053
4.25
0.68
0.77
0.75
0.00
6.46
1. Totalregionaladvertisingexpendituresareallocatedtointernetandwholesaleseg
mentsbasedoneachsegment'spercentageoftotalbrandedpairssoldintheregion.
ADMINISTRATIVEEXPENSES
GeneralAdministration
OtherCorporateOverhead
TotalAdministrativeExpenses
NorthAmerica
$000s
540
1,746
2,286
$/pair
0.38
1.22
1.59
2. Totalexpendituresforcelebrityendorsementsareallocatedtointernetandwhole
salesegmentsbasedoneachsegment'spercentageoftotalbrandedpairssold.
EuropeAfrica
$000s
AsiaPacific
$/pair
546
1,768
2,314
$000s
0.38
1.22
1.59
$/pair
392
1,268
1,660
0.38
1.22
1.59
LatinAmerica
$000s
$/pair
376
1,218
1,594
0.38
1.22
1.59
Overall
$000s
1,854
6,000
7,854
$/pair
0.38
1.22
1.59
Totalcompanyadministrativeexpensesareallocatedtoeachregionbasedontheregion'spercentageoftotalbrandedpairssold.
CEO
PRIVATELABELREPORT
Year11
Industry8
OFFERSSUBMITTED
OfferstoPrivate PairsOffered(000s)
LabelBuyers
S/QRating
BidPrice($perpair)
PairsOffered(000s)
PRODUCTIONSHIPPING
Production MaterialsStandard
Costs
Superior
LaborRegular
Overtime
Styling/Features
ProductionRunSetUp
OtherAllocatedCosts1
TotalProductionCosts
NorthAmerica
Market
EuropeAfrica
Market
AsiaPacific
Market
LatinAmerica
Market
Company
Total
100pairs
4
40.00
0pairs
0
35.00
469pairs
4
37.00
0pairs
0
35.00
569pairs
569pairs
100pairs
0pairs
469pairs
0pairs
NorthAmerica
EuropeAfrica
AsiaPacific
LatinAmerica
$000s
389
486
521
0
400
625
711
3,132
$/pair
$000s
3.89
4.86
5.21
0.00
4.00
6.25
7.11
31.32
$/pair
0
0
0
0
0
0
0
0
$000s
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,854
2,312
752
0
600
625
2,931
9,074
$/pair
$000s
3.95
4.93
1.60
0.00
1.28
1.33
6.25
19.35
$/pair
0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Overall
$000s
$/pair
2,243
2,798
1,273
0
1,000
1,250
3,642
12,206
3.94
4.92
2.24
0.00
1.76
2.20
6.40
21.45
PairsProduced(000sofpairsafterrejects)2
100
pairs
pairs
469
pairs
pairs
569
pairs
ShipmentsTo N.A.Warehouse
(000sofpairs)
EAWarehouse
APWarehouse
L.A.Warehouse
100
0
0
0
pairs
0
0
0
0
pairs
0
0
469
0
pairs
0
0
0
0
pairs
100
0
469
0
pairs
pairs
1. Bestpractices,plantsupervision,TQM/6Sigma,plantmaintenance,anddeprecia
tioncostallocationsbasedonpercentageoftotalpairsproducedbeforerejects.
REVENUES/COSTS/MARGINS
GrossPrivateLabelRevenues
ExchangeRateAdjustments
NetPrivateLabelRevenues
DirectProductionCosts
Costs
ExchangeRateAdjustments
Freight
ImportTariffs
Packaging/Shipping
MarginOverDirectCosts
CompanyOperatingReports
NorthAmerica
$000s
4,000
0
4,000
3,132
0
100
0
100
668
$/pair
40.00
0.00
40.00
31.32
0.00
1.00
0.00
1.00
6.68
pairs
pairs
pairs
pairs
2. Formoreprivatelabelproductioninfo(rejectedpairs,rejectrate,numberofmodels,
andS/Qrating)seetheProductionStatisticssectionofthePlantOperationsReport.
EuropeAfrica
$000s
AsiaPacific
$/pair
0
0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$000s
$/pair
17,353
0
17,353
9,074
0
469
0
469
7,341
37.00
0.00
37.00
19.35
0.00
1.00
0.00
1.00
15.65
CopyrightGLOBUSSoftware,Inc.
LatinAmerica
$000s
$/pair
0
0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Overall
$000s
$/pair
21,353
0
21,353
12,206
0
569
0
569
8,009
37.53
0.00
37.53
21.45
0.00
1.00
0.00
1.00
14.08
Page3
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INCOMESTATEMENT
CEO
Year11
Industry8
CONSOLIDATEDINCOMESTATEMENT
SegmentRevenues Internet
Wholesale1
PrivateLabel
GrossRevenuesfromFootwearSales
ExchangeRateAdjustments
NetRevenuesfromFootwearSales
OperatingCostofPairsSold 1
Costs
WarehouseExpenses
MarketingExpenses
AdministrativeExpenses
OperatingProfit(Loss)
PROFITABILITY&PAYOUT
EarningsPerShare
DividendPerShare
NorthAmerica
$000s
$/pair
6,806
64,992
4,000
75,798
0
75,798
43,208
4,471
11,409
2,286
14,424
83.00
48.00
40.00
49.35
0.00
49.35
28.13
2.91
7.43
1.49
9.39
Year10
Year11
$2.50
$1.00
$3.19
$0.00
EuropeAfrica
$000s
$/pair
$000s
AsiaPacific
$/pair
LatinAmerica
$000s
$/pair
$000s
$/pair
7,055
65,712
0
72,767
0
72,767
38,450
4,424
11,475
2,314
16,104
83.00
48.00
0.00
50.05
0.00
50.05
26.44
3.04
7.89
1.59
11.08
4,731
40,426
17,353
62,510
0
62,510
31,908
4,024
6,398
1,660
18,520
83.00
41.00
37.00
41.34
0.00
41.34
21.10
2.66
4.23
1.10
12.25
4,731
39,690
0
44,421
0
44,421
28,603
3,473
6,005
1,594
4,746
83.00
42.00
0.00
44.33
0.00
44.33
28.55
3.47
5.99
1.59
4.74
23,323
210,820
21,353
255,496
0
255,496
142,169
16,392
35,287
7,854
53,794
83.00
45.30
37.53
46.42
0.00
46.42
25.83
2.98
6.41
1.43
9.77
8,183
0
45,611
13,683
31,928
1.49
0.00
8.29
2.49
5.80
InterestIncome(Expenses)
OtherIncome(Expenses)2
PreTaxProfit(Loss)
IncomeTaxes3
NetProfit(Loss)
Overall
1. TheseitemsincluderevenuescollectedfromandcostsassociatedwithinventoryliquidatedatthebeginningofY11.SeethelastsectionoftheDistribution&WarehouseReport.
2. Thisitemincludesanycharitablecontributionsand/orinstructorimposedfines(appearingasnegative)and/orinstructorawardedrefunds(appearingaspositive).
3. Theincometaxrateis30%.IfanetlosswasrecordedinY10,thelossiscarriedforwardandmayoffsetsomeoralltaxableY11profitandreduceY11incometaxes.
REVENUECOSTPROFITPERFORMANCE
INTHEBRANDEDSEGMENTS
CEO
Industry8
INTERNETMARKETPERFORMANCE
RevenuesfromInternetSales
CustomerPaidShippingFees
GrossInternetRevenues
ExchangeRateAdjustments
NetInternetRevenues
Operating CostofPairsSold
Costs
WarehouseExpenses
MarketingExpenses
AdministrativeExpenses
OperatingProfit(Loss)
MARKETSTATISTICS
PairsSold(000s)
MarketShare
OperatingProfitMargin
WHOLESALEMARKETPERFORMANCE
GrossWholesaleRevenues
ExchangeRateAdjustments
NetWholesaleRevenues
Operating CostofPairsSold
Costs
WarehouseExpenses
MarketingExpenses
AdministrativeExpenses
OperatingProfit(Loss)
MARKETSTATISTICS
PairsSold(000s)
MarketShare
OperatingProfitMargin
CompanyOperatingReports
NorthAmerica
$000s
5,986
820
6,806
0
6,806
2,283
878
1,577
131
1,937
$/pair
73.00
10.00
83.00
0.00
83.00
27.84
10.71
19.23
1.60
23.62
EuropeAfrica
$000s
6,205
850
7,055
0
7,055
2,248
910
1,631
135
2,131
AsiaPacific
$/pair
$000s
73.00
10.00
83.00
0.00
83.00
26.45
10.71
19.19
1.59
25.07
4,161
570
4,731
0
4,731
1,222
625
1,009
91
1,784
$/pair
73.00
10.00
83.00
0.00
83.00
21.44
10.96
17.70
1.60
31.30
Year11
LatinAmerica
$000s
4,161
570
4,731
0
4,731
1,627
628
1,017
91
1,368
Overall
$/pair
$000s
$/pair
73.00
10.00
83.00
0.00
83.00
28.54
11.02
17.84
1.60
24.00
20,513
2,810
23,323
0
23,323
7,380
3,041
5,234
448
7,220
73.00
10.00
83.00
0.00
83.00
26.26
10.82
18.63
1.59
25.69
Year10
Year11
Year10
Year11
Year10
Year11
Year10
Year11
Year10
Year11
68
8.3%
26.8%
82
9.3%
28.5%
68
8.3%
26.6%
85
9.7%
30.2%
45
8.3%
33.6%
57
9.2%
37.7%
45
8.3%
25.8%
57
9.2%
28.9%
226
8.3%
27.9%
281
9.4%
31.0%
NorthAmerica
$000s
$/pair
64,992
0
64,992
37,693
3,493
9,832
2,155
11,819
48.00
0.00
48.00
27.84
2.58
7.26
1.59
8.73
EuropeAfrica
$000s
$/pair
$000s
AsiaPacific
$/pair
LatinAmerica
$000s
$/pair
$000s
Overall
$/pair
65,712
0
65,712
36,202
3,514
9,844
2,179
13,973
48.00
0.00
48.00
26.44
2.57
7.19
1.59
10.21
40,426
0
40,426
21,143
2,930
5,389
1,569
9,395
41.00
0.00
41.00
21.44
2.97
5.47
1.59
9.53
39,690
0
39,690
26,976
2,845
4,988
1,503
3,378
42.00
0.00
42.00
28.55
3.01
5.28
1.59
3.57
210,820
0
210,820
122,014
12,782
30,053
7,406
38,565
45.30
0.00
45.30
26.22
2.75
6.46
1.59
8.29
Year10
Year11
Year10
Year11
Year10
Year11
Year10
Year11
Year10
Year11
1,282
8.3%
18.7%
1,354
10.7%
18.2%
1,282
8.3%
18.4%
1,369
11.0%
21.3%
855
8.3%
20.0%
986
11.8%
23.2%
855
8.3%
6.2%
945
11.3%
8.5%
4,274
8.3%
16.4%
4,654
11.1%
18.3%
CopyrightGLOBUSSoftware,Inc.
Page4
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BALANCESHEET&CASHFLOWREPORT
CEO
Year11
Industry8
BALANCESHEET
CASHFLOWSTATEMENT
ASSETS
$000s
CashOnHand
AccountsReceivable(seeNote1)
FootwearInventories
TotalCurrentAssets
NetPlantInvestment(seeNote2)
ConstructionWorkinProgress
TotalFixedAssets
29,475
63,874
4,090
97,439
183,250
0
183,250
TotalAssets
280,689
LIABILITIES
$000s
AccountsPayable(seeNote3)
OverdraftLoanPayable(seeNote4)
1YearBankLoanPayable(seeNote5)
CurrentPortionofLongTermLoans(seeNote6)
TotalCurrentLiabilities
LongTermBankLoansOutstanding(seeNote7)
13,613
0
0
16,300
29,913
67,100
TotalLiabilities
97,013
Beginning
Balance
SHAREHOLDEREQUITY
CommonStock(seeNote8)
AdditionalCapital(seeNote9)
RetainedEarnings(seeNote10)
TotalShareholderEquity
Change
inY11
$000s
10,000
100,000
41,750
0
0
+31,926
10,000
100,000
73,676
151,750
+31,926
183,676
ReturnonAverageEquityforYear11(seeNote11)
19.0%
BalanceSheetNotes(alldollarandsharefiguresinthousands)
Note1: Ofthe$255,496netrevenuesreportedintheY11incomestatement,25%have
notbeencollectedfromcustomers(andwillbecollectedinY12).
Note2: For more details on net plant investment, see the Plant Investment section of
thePlantOperationsReport.
Note3: Ofthe$54,452inmaterialsusedforfootwearproductioninY11,25%havenot
beenpaidfor(andwillbepaidforinY12).
Note4: Loansforoverdraftsareincurredautomaticallytopreventanegativeyearend
cashbalanceandcarryaninterestrate2%abovetheratefor1yearloans.
Note5: Thecompany'sinterestratefora1yearloaninY11was7.0%.
Note6: Thisitemrepresentstheprincipalportionofalloutstanding5yearand10year
bankloansduetoberepaidinYear12.
Note7: Longtermbankloansoutstanding:
Loan
Number
Initial
Year
Original
Principal
Interest
Rate
Term
Out
standing
Principal
Annual
Principal
Payment
Year12
Interest
Payable
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Y7
Y9
115,000
24,000
8.5%
7.5%
10Yr
5Yr
69,000
14,400
11,500
4,800
5,865
1,080
Note8: There are 10,000 shares issued and outstanding at a par value of $1.00 per
share.Theauthorizedmaximumnumberofsharesoutstandingis40,000.
Note9: AdditionalCapitalrepresentstheamountoverandaboveparvaluethatshare
holdershavepaidtopurchasenewsharesofstock.
Note10: Retained Earnings is a summation of all aftertax profits the company has
earnedthathavenotbeendistributedtoshareholdersintheformofdividends.
Note11: TheformulaforReturn
onAverageEquityis:
AfterTaxprofit
(BeginningEquity+EndingEquity)2
CASHAVAILABLEINYEAR11
BeginningCashBalance
Cash ReceiptsfromSales(seeNote1)
Inflows
BankLoans 1Year
5Year
10Year
StockIssues(0sharesissued)
SaleofExistingPlantCapacity
LoantoCoverOverdrafts
InterestonY10CashBalance
TotalCashAvailablefromAllSources
CASHOUTLAYSINYEAR11
PaymentstoMaterialsSuppliers(seeNote2)
ProductionExpenses(seeNote3)
DistributionandWarehouseExpenses
MarketingandAdministrativeExpenses
CapitalPlantUpgradeOptionsInitiated
Outlays
PurchaseofUsedPlantCapacity
ConstructionofNewCapacity
EnergyEfficiencyInitiatives
RepaymentofPrincipal OverdraftLoan
onBankLoans(seeNote4)
1YearLoan
5YearLoans
10YearLoans
InterestPaymentson OverdraftLoan
BankLoans
StockRepurchases(0sharesrepurchased)
IncomeTaxPayments
DividendPaymentstoShareholders
CharitableContributions
TotalCashOutlays
NetCashBalance(attheendofYear11)
$000s
5,000
251,409
0
0
0
0
0
0
100
256,509
$000s
53,617
57,335
34,675
43,141
0
0
0
0
0
0
4,800
11,500
0
8,283
0
13,683
0
0
227,034
29,475
CashFlowNotes
Note1: ReceiptsfromSalesrepresents75%ofYear11revenuesand25%ofYear10
revenuesduetoa3monthlaginreceivablescollections.
Note2: Payments to Materials Suppliers represents 75% of the cost of materials used
forY11productionand25%oftehcostofmaterialsusedforY10productiondue
toa3monthlaginpaymentsmadetomaterialssuppliers.
Note3: ProductionExpensesincludeallY11productionrelatedexpenses(adjustedfor
the exchange rate effects of shipping to regional warehouses) except for
depreciation(whichisanoncashaccountingcharge).
Note4: Overdraft and 1year loans received in Year 10 were repaid in full in Year 11.
InterestonanoverdraftloanreceivedinY10wouldalsoberepaidinY11.
SELECTEDFINANCIALSTATISTICS
Credit InterestCoverageRatio(oper.profitinterestexp.)
6.57
Rating
DebtToAssetsRatio(totaldebttotalassets)
0.30
Measures DefaultRiskRatio(freecashflowprincipalpayments)
2.74
DefaultRiskRating(seeNote1)
Medium
CreditRating(attheendofYear11)
A
CurrentRatio(currentassetscurrentliabilities)
OperatingProfitMargin(operatingprofitnetsalesrevenues)
NetProfitMargin(aftertaxprofitnetsalesrevenues)
DividendPayout(dividendpershareearningspershare)
FreeCashFlow(aftertaxprofit+[depreciationdividends])
TotalPrincipalPayments($000stobepaidinYear12)
3.26
21.1%
12.5%
0.0%
44,678
16,300
Note1: Adefaultriskratioof3.00orhigherresultsinaLowdefaultriskrating,1.00to
3.00resultsinaMediumrating,andbelow1.00resultsinaHighrating.
CompanyOperatingReports
CopyrightGLOBUSSoftware,Inc.
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