Page 1 Front Page Page 5 Thrift Segment Analysis Page 9 Market Share

Page 2 Stocks & Bonds Page 6 Core Segment Analysis Page 10 Perceptual Map
Page 3 Financial Summary Page 7 Nano Segment Analysis Page 11 HR/TQM Report
Page 4 Production Analysis Page 8 Elite Segment Analysis

Annual Report Andrews Annual Report Baldwin Annual Report Chester Annual Report Digby

Print

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Round 4
Dec. 31 2028 80512400490
Report NALLAM INDRANEEL

Andrews Baldwin Chester

80512400490 NALLAM INDRANEEL

Digby

Selected Financial Statistics

Andrews Baldwin Chester Digby

ROS 18.6% 17.4% 6.4% 3.5%

Asset Turnover 1.11 1.48 0.86 0.76

ROA 20.6% 25.7% 5.5% 2.7%

Leverage (Assets/Equity) 1.4 1.7 2.3 2.2

ROE 28.8% 42.5% 12.8% 5.9%

Emergency Loan $0 $0 $0 $0

Sales $244,279,215 $226,957,979 $144,963,118 $167,882,940

EBIT $79,203,178 $67,688,643 $26,269,508 $24,017,058

Profits $45,499,749 $39,397,072 $9,342,248 $5,918,359

Cumulative Profit $111,906,250 $86,259,899 $12,302,292 $2,613,775

SG&A / Sales 13.2% 6.3% 10.5% 12.7%

Contrib. Margin % 50.8% 42.9% 41.8% 40.4%

Percent Of Sales $ Market Share

125%
Digby
Digby
21.4 %
%

100% Andrews
Andrews
Other 31.2 %
%
SGA
Depr
75% Var Costs
Profit

50%

Chester
Chester
18.5 %
%
25%

0% Baldwin
Baldwin
Andrews Baldwin Chester Digby 29.0 %
%

Market Share information is provided on Page 7.

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80512400490 NALLAM Round 4
Stocks & Bonds INDRANEEL Dec. 31 2028
Stock Market Summary

Company Close Change Shares MarketCap($M) Book Value Per Share EPS Dividend Yield P/E

Andrews $193.45 $45.25 2,045,881 $396 $77.14 $22.24 $8.00 4.1% 8.7

Baldwin $155.26 $57.77 1,832,936 $285 $50.52 $21.49 $14.19 9.1% 7.2

Chester $38.22 $13.42 3,097,550 $118 $23.63 $3.02 $3.00 7.8% 12.7

Digby $31.24 $8.48 3,578,203 $112 $28.04 $1.65 $0.00 0.0% 18.9

Closing Stock Price Andrews

Baldwin
$250
Chester
Digby

$200

$150

$100

$50

$0
2020 2021 2022 2023 2024 2025 2026 2027 2028

Bond Market Summary

Company Series# Face Yield Close$ S&P

Andrews

12.5S2038 $40,000,000 11.8% 105.77 A

Baldwin

11.2S2034 $4,564,458 11.6% 96.31 BBB

12.0S2035 $1,377,083 12.1% 99.55 BBB

12.2S2036 $15,662,345 12.1% 100.50 BBB

12.5S2037 $5,906,983 12.2% 102.12 BBB

Chester

12.5S2032 $9,794,630 13.1% 95.63 CC

12.5S2033 $7,969,218 13.2% 94.85 CC

12.5S2034 $9,570,210 13.3% 94.17 CC

13.4S2035 $14,272,791 13.8% 97.43 CC

14.0S2036 $21,471,641 14.0% 100.00 CC

Digby

11.9S2034 $11,500,670 12.8% 92.94 CCC

13.1S2035 $17,807,701 13.4% 97.40 CCC

13.7S2036 $35,669,859 13.7% 100.00 CCC

13.9S2037 $18,584,995 13.8% 101.00 CCC

Next Year's Prime Rate 9%

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80512400490 NALLAM Round 4
Financial Summary INDRANEEL Dec. 31 2028

Cash Flow Statement Survey

Andrews Baldwin Chester Digby
Cash flows from operating activities
Net Income (Loss) $45,500 $39,397 $9,342 $5,918
Adjustment for non-cash items:
Depreciation $13,507 $9,371 $14,260 $17,283
Extraordinary gains/losses/writeoffs ($4,453) ($207) ($830) ($1,571)
Changes in current assets and liabilities:
Accounts payable ($1,950) $428 $319 $46
Inventory $10,163 ($143) ($9,860) ($1,740)
Accounts receivable $343 ($3,685) ($596) ($1,436)
Net cash from operations $63,109 $45,161 $12,634 $18,501

Cash flows from investing activities

Plant improvements (net) $19,305 $0 $0 $0
Cash flows from financing activities
Dividends paid ($16,367) ($26,002) ($9,292) $0
Sales of common stock $14,434 $0 $0 $7,576
Purchase of common stock $0 ($3,800) $0 $0
Cash from long term debt issued $40,000 $0 $0 $0
Early retirement of long term debt ($60,000) ($3,404) ($10,539) ($16,991)
Retirement of current debt ($25,000) ($21,808) ($24,253) ($22,891)
Cash from current debt borrowing $25,000 $22,659 $25,532 $27,555
Cash from emergency loan $0 $0 $0 $0

Net cash from financing activities ($21,933) ($32,354) ($18,551) ($4,751)

Net change in cash position $60,481 $12,807 ($5,917) $13,750

Balance Sheet Survey

Andrews Baldwin Chester Digby
Cash $78,714 $45,187 $35,373 $38,748
Accounts Receivable $16,731 $18,654 $11,915 $13,799
Inventory $6,378 $16,510 $13,385 $12,672
Total Current Assets $101,824 $80,351 $60,674 $65,218

Plant and equipment $202,600 $140,560 $213,900 $259,240

Accumulated Depreciation ($83,770) ($67,639) ($105,151) ($104,765)
Total Fixed Assets $118,830 $72,921 $108,749 $154,475

Total Assets $220,655 $153,273 $169,423 $219,693

Accounts Payable $8,977 $10,497 $7,616 $8,247

Current Debt $25,000 $22,659 $25,532 $27,555
Total Current Liabilities $33,977 $33,156 $33,148 $35,802

Long Term Debt $40,000 $27,511 $63,078 $83,563

Total Liabilities $73,977 $60,667 $96,227 $119,365

Common Stock $26,927 $9,014 $40,090 $58,946

Retained Earnings $130,886 $83,591 $33,106 $41,383
Total Equity $157,813 $92,605 $73,196 $100,328

Total Liabilities & Owner's Equity $220,655 $153,273 $169,423 $219,693

Income Statement Survey

Andrews Baldwin Chester Digby
Sales $244,279 $226,958 $144,963 $167,883
Variable Costs (Labor, Material, Carry) $120,147 $129,557 $84,402 $100,117
Contribution Margin $124,132 $97,401 $60,561 $67,766
Depreciation $13,507 $9,371 $14,260 $17,283
SGA (R&D, Promo, Sales, Admin) $32,154 $14,190 $15,203 $21,403
Other (Fees, Writeoffs, TQM, Bonuses ($732) $6,151 $4,828 $5,063
EBIT $79,203 $67,689 $26,270 $24,017
Interest (Short term, Long term) $7,775 $5,841 $11,603 $14,726
Taxes $25,000 $21,647 $5,133 $3,252
Profit Sharing $929 $804 $191 $121
Net Profit $45,500 $39,397 $9,342 $5,918

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80512400490 NALLAM Round 4
Production Analysis INDRANEEL Dec. 31 2028

Production Capacity

Andrews

Baldwin

Chester

Digby

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,…

Capacity Production

Andrews Baldwin Chester Digby

Units Produced 8,119 6,486 8,169 8,020

Production Information
Capacity
Primary Units Unit Revision Age Pfmn Size Material Labor Contr. 2nd Shift & Automation Next Plant
Name Segment Sold Inventory Date Dec.31 MTBF Coord Coord Price Cost Cost Marg. Overtime Next Round Round Utiliz.

Apple Elite 1,728 149 5/14/2028 1.6 26000 15.5 7.4 $38.00 $12.59 $7.38 46% 100% 6.0 700 198%

Ate Thrift 1,513 437 12/1/2028 1.9 20000 7.6 12.6 $17.00 $6.56 $1.34 53% 36% 10.0 1,250 135%

Attic Core 2,077 0 10/20/2028 1.6 22000 10.2 10.0 $23.00 $8.82 $1.43 55% 70% 10.0 1,000 168%

Alan Nano 1,390 0 4/21/2028 1.6 24000 13.0 3.8 $37.50 $12.46 $7.18 47% 75% 6.0 800 173%

Agthri Thrift 990 0 9/17/2028 1.6 20000 8.5 11.7 $20.00 $7.16 $1.42 57% 67% 10.0 600 165%

Abcore Core 495 0 12/24/2027 1.8 22000 11.8 8.4 $27.50 $9.89 $1.48 58% 100% 10.0 250 198%

Adnano Nano 297 0 6/27/2028 1.3 24000 13.7 3.3 $38.50 $12.84 $6.43 50% 20% 6.0 250 119%

Afeli Elite 198 0 10/1/2028 1.2 26000 16.2 6.8 $41.00 $13.02 $5.95 55% 0% 6.0 250 79%

Beetle Nano 1,873 225 9/12/2028 1.3 23000 14.3 3.4 $34.00 $13.04 $6.56 42% 90% 7.0 1,050 189%

Bill Elite 1,604 136 8/20/2028 1.6 25000 17.4 5.9 $34.00 $13.82 $6.63 39% 100% 7.0 800 198%

Boat Nano 1,388 174 8/12/2028 1.4 23000 14.7 3.1 $37.00 $13.28 $5.99 47% 33% 7.0 1,050 132%

Best Elite 1,550 295 8/20/2028 1.3 25000 17.2 5.6 $37.00 $13.83 $6.09 44% 41% 7.0 1,100 140%

Cent Thrift 1,533 366 6/9/2028 2.6 17000 8.8 11.4 $15.00 $6.69 $1.46 44% 38% 10.0 1,300 137%

Clack Thrift 1,561 444 6/9/2028 2.6 17000 9.0 11.2 $15.00 $6.82 $1.43 43% 31% 10.0 1,450 130%

Coat Core 2,085 26 12/13/2028 1.6 18000 11.5 8.0 $23.00 $9.03 $4.79 41% 100% 8.0 1,050 198%

Creak Core 2,024 446 12/13/2028 1.6 20000 12.2 8.5 $25.00 $9.64 $4.77 42% 96% 8.0 1,250 194%

Deft Thrift 1,035 251 12/20/2027 3.2 14000 8.5 11.7 $15.00 $5.93 $1.23 49% 0% 10.0 1,250 71%

Dim Thrift 1,310 565 12/7/2025 4.1 16000 9.4 10.8 $17.00 $7.14 $1.34 46% 23% 10.0 1,500 122%

Don Nano 1,351 144 12/20/2028 1.0 18000 13.6 3.6 $28.00 $11.83 $5.80 37% 59% 7.0 850 157%

Drum Elite 981 184 12/20/2028 1.0 20000 17.0 6.4 $34.00 $12.62 $5.30 46% 19% 7.0 800 118%

Daft Core 1,485 0 12/13/2028 1.0 16000 11.4 8.6 $19.00 $8.63 $4.24 33% 44% 8.0 1,040 143%

Deal Core 1,535 0 12/13/2028 1.0 16000 11.1 9.0 $20.00 $8.38 $4.28 38% 49% 8.0 1,040 148%

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Thrift Market Segment 80512400490 NALLAM Round 4
Analysis INDRANEEL Dec. 31 2028

Thrift Statisitcs Accessibility Thrift

Total Industry Unit Demand 7,751

Actual Industry Unit Sales 7,751

Andrews
Segment % of Total Industry 25.8%

Next Year's Segment Growth Rate 11%

Baldwin
Thrift Customer Buying Criteria
Expectations Importance

1. Price $14.00 - 26.00 55% Chester

2. Reliability MTBF 14000-20000 20%

3. Ideal Position Pfmn 8.5 Size 11.7 15%

4. Age Ideal Age = 3.0 10%

Digby

0% 20% 40% 60% 80% 100% 120%

Perceptual Map For Thrift Actual vs Potential Market Share Thrift

20 50%

18

16 40%

14
Ate
Agthri
Deft
Cent
Cent 30%
12 Clack
Dim
Attic
Attic
Size

10 Deal
Deal
Daft
Coat 20%
8

6
10%
4

2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Actual Potential
Performance

Top Products in Thrift Segment

Units
Market Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Ate 20% 1,513 12/1/2028 7.6 12.6 $17.00 20000 1.9 $1,400 100% $1,700 99% 72

Cent 19% 1,452 6/9/2028 8.8 11.4 $15.00 17000 2.65 $1,300 83% $1,600 83% 69

Clack 19% 1,438 6/9/2028 9.0 11.2 $15.00 17000 2.6 $1,300 83% $1,600 83% 67

Deft 13% 994 12/20/2027 8.5 11.7 $15.00 14000 3.25 $1,200 72% $1,000 78% 46

Agthri 11% 857 9/17/2028 YES 8.5 11.7 $20.00 20000 1.57 $1,800 100% $1,500 99% 57

Dim 10% 765 12/7/2025 9.4 10.8 $17.00 16000 4.11 $1,200 72% $1,000 78% 36

Attic 6% 479 10/20/2028 YES 10.2 10.0 $23.00 22000 1.6 $1,400 100% $1,700 99% 27

Deal 2% 170 12/13/2028 YES 11.1 9.0 $20.00 16000 0.96 $1,200 62% $900 78% 2

Daft 1% 80 12/13/2028 YES 11.4 8.6 $19.00 16000 0.96 $1,200 67% $900 78% 0

Coat 0% 3 12/13/2028 11.5 8.0 $23.00 18000 1.56 $1,300 83% $1,400 83% 0

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80512400490 NALLAM Round 4
Core Market Segment Analysis INDRANEEL Dec. 31 2028

Core Statisitcs Accessibility Core

Total Industry Unit Demand 9,785

Actual Industry Unit Sales 9,785

Andrews
Segment % of Total Industry 32.6%

Next Year's Segment Growth Rate 10%

Baldwin
Core Customer Buying Criteria
Expectations Importance

1. Price $20.00 - 32.00 46% Chester

2. Age Ideal Age = 2.0 20%

3. Reliability MTBF 16000-22000 18%

4. Ideal Position Pfmn 11.8 Size 8.4 16%

Digby

0% 20% 40% 60% 80% 100% 120%

Perceptual Map For Core Actual vs Potential Market Share Core

20 50%

18

16 40%

14

Agthri
Deft
Deft
Cent 30%
12 Clack
Dim
Attic
Attic
Size

10 Deal
Deal
Daft
Creak
Abcore
Coat 20%
8
Afeli
Afeli

6
10%
4

2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Performance Actual Potential

Top Products in Core Segment

Units
Market Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Coat 21% 2,077 12/13/2028 11.5 8.0 $23.00 18000 1.56 $1,300 83% $1,400 81% 53

Creak 21% 2,016 12/13/2028 12.2 8.5 $25.00 20000 1.57 $1,300 83% $1,400 81% 52

Attic 16% 1,598 10/20/2028 YES 10.2 10.0 $23.00 22000 1.6 $1,400 100% $1,700 96% 63

Daft 14% 1,405 12/13/2028 YES 11.4 8.6 $19.00 16000 0.96 $1,200 67% $900 73% 37

Deal 14% 1,365 12/13/2028 YES 11.1 9.0 $20.00 16000 0.96 $1,200 62% $900 73% 39

Dim 6% 545 12/7/2025 9.4 10.8 $17.00 16000 4.11 $1,200 72% $1,000 73% 10

Abcore 4% 401 12/24/2027 YES 11.8 8.4 $27.50 22000 1.82 $1,800 100% $1,700 96% 61

Agthri 1% 134 9/17/2028 YES 8.5 11.7 $20.00 20000 1.57 $1,800 100% $1,500 96% 0

Clack 1% 123 6/9/2028 9.0 11.2 $15.00 17000 2.6 $1,300 83% $1,600 81% 3

Cent 1% 80 6/9/2028 8.8 11.4 $15.00 17000 2.65 $1,300 83% $1,600 81% 2

Deft 0% 40 12/20/2027 8.5 11.7 $15.00 14000 3.25 $1,200 72% $1,000 73% 0

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80512400490 NALLAM Round 4
Nano Market Segment Analysis INDRANEEL Dec. 31 2028

Nano Statisitcs Accessibility Nano

Total Industry Unit Demand 6,168

Actual Industry Unit Sales 6,168

Andrews
Segment % of Total Industry 20.6%

Next Year's Segment Growth Rate 14%

Baldwin
Nano Customer Buying Criteria
Expectations Importance

1. Ideal Position Pfmn 13.7 Size 3.3 35% Chester

2. Price $28.00 - 40.00 27%

3. Age Ideal Age = 1.0 20%

4. Reliability MTBF 18000-24000 18%

Digby

0% 20% 40% 60% 80% 100% 120%

Perceptual Map For Nano Actual vs Potential Market Share Nano

20 60%

18
50%
16

14 40%

12
30%
Size

10
Creak
Abcore
Coat
8 Apple
Afeli 20%

6
Best
Best

Alan
Don
Beetle 10%
4 Adnano
Boat

2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Performance Actual Potential

Top Products in Nano Segment

Units
Market Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Beetle 27% 1,684 9/12/2028 14.3 3.4 $34.00 23000 1.27 $1,400 92% $1,100 80% 66

Alan 23% 1,390 4/21/2028 YES 13.0 3.8 $37.50 24000 1.56 $1,400 100% $1,800 99% 65

Boat 22% 1,336 8/12/2028 14.7 3.1 $37.00 23000 1.36 $1,400 92% $1,000 80% 51

Don 22% 1,334 12/20/2028 13.6 3.6 $28.00 18000 1.02 $1,200 73% $2,400 74% 56

Adnano 5% 297 6/27/2028 YES 13.7 3.3 $38.50 24000 1.31 $1,800 100% $1,300 99% 67

Abcore 1% 53 12/24/2027 YES 11.8 8.4 $27.50 22000 1.82 $1,800 100% $1,700 99% 0

Apple 1% 50 5/14/2028 15.5 7.4 $38.00 26000 1.62 $1,400 100% $1,700 99% 1

Best 0% 16 8/20/2028 17.2 5.6 $37.00 25000 1.35 $1,400 91% $1,000 80% 0

Coat 0% 4 12/13/2028 11.5 8.0 $23.00 18000 1.56 $1,300 83% $1,400 12% 0

Creak 0% 3 12/13/2028 12.2 8.5 $25.00 20000 1.57 $1,300 83% $1,400 12% 0

Afeli 0% 2 10/1/2028 YES 16.2 6.8 $41.00 26000 1.16 $1,800 100% $1,300 99% 0

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80512400490 NALLAM Round 4
Elite Market Segment Analysis INDRANEEL Dec. 31 2028

Elite Statisitcs Accessibility Elite

Total Industry Unit Demand 6,301

Actual Industry Unit Sales 6,301

Andrews
Segment % of Total Industry 21%

Next Year's Segment Growth Rate 16%

Baldwin
Elite Customer Buying Criteria
Expectations Importance

1. Age Ideal Age = 0.0 34% Chester

2. Price $30.00 - 42.00 24%

3. Ideal Position Pfmn 16.9 Size 6.5 22%

4. Reliability MTBF 20000-26000 20%

Digby

0% 20% 40% 60% 80% 100% 120%

Perceptual Map For Elite Actual vs Potential Market Share Elite

20 60%

18
50%
16

14 40%

12
30%
Size

10
Creak
Abcore
8 Apple
Afeli
Drum 20%
Bill
Best
6

Don
Beetle 10%
4 Boat

2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Performance Actual Potential

Top Products in Elite Segment

Units
Market Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Apple 27% 1,679 5/14/2028 15.5 7.4 $38.00 26000 1.62 $1,400 100% $1,700 99% 47

Bill 25% 1,604 8/20/2028 17.4 5.9 $34.00 25000 1.63 $1,400 92% $1,000 87% 54

Best 24% 1,535 8/20/2028 17.2 5.6 $37.00 25000 1.35 $1,400 91% $1,000 87% 50

Drum 16% 981 12/20/2028 17.0 6.4 $34.00 20000 1.03 $1,200 72% $2,400 74% 37

Afeli 3% 196 10/1/2028 YES 16.2 6.8 $41.00 26000 1.16 $1,800 100% $1,300 99% 54

Beetle 3% 190 9/12/2028 14.3 3.4 $34.00 23000 1.27 $1,400 92% $1,100 87% 0

Boat 1% 53 8/12/2028 14.7 3.1 $37.00 23000 1.36 $1,400 92% $1,000 87% 0

Abcore 1% 41 12/24/2027 YES 11.8 8.4 $27.50 22000 1.82 $1,800 100% $1,700 99% 0

Don 0% 17 12/20/2028 13.6 3.6 $28.00 18000 1.02 $1,200 73% $2,400 74% 0

Creak 0% 6 12/13/2028 12.2 8.5 $25.00 20000 1.57 $1,300 83% $1,400 5% 0

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80512400490 NALLAM Round 4
Market Share Report INDRANEEL Dec. 31 2028

Units Sold vs Demand Market Share

11,000 60%

10,000

9,000 50%

8,000
40%
7,000

6,000
30%
5,000

4,000
20%
3,000

2,000 10%
1,000

0 0%
Thrift Core Nano Elite Andrews Baldwin Chester Digby

Industry Unit Sales Total Unit Demand Thrift Core Nano Elite

Actual Market Share in Units Potential Market Share in Units

Thrift Core Nano Elite Total Thrift Core Nano Elite Total

Industry Unit Sales 7,751 9,785 6,168 6,301 30,004 Units Demanded 7,751 9,785 6,168 6,301 30,004

% of Market 25.8% 32.6% 20.6% 21.0% 100.0% % of Market 25.8% 32.6% 20.6% 21.0% 100.0%

Apple 0.8% 26.6% 5.8% Apple 0.6% 21.9% 4.7%

Ate 19.5% 5.0% Ate 18.1% 4.7%

Attic 6.2% 16.3% 6.9% Attic 7.7% 19.7% 8.4%

Alan 22.5% 4.6% Alan 22.3% 4.6%

Agthri 11.1% 1.4% 3.3% Agthri 15.5% 2.3% 4.7%

Abcore 4.1% 0.9% 0.7% 1.7% Abcore 17.0% 3.7% 2.9% 6.9%

Adnano 4.8% 1.0% Adnano 21.2% 4.4%

Afeli 3.1% 0.7% Afeli 0.2% 18.4% 3.9%

Total 36.8% 21.8% 29.1% 30.4% 29.0% Total 41.3% 38.9% 48.1% 43.2% 42.3%

Beetle 27.3% 3.0% 6.2% Beetle 20.0% 2.5% 4.6%

Bill 25.5% 5.4% Bill 20.8% 4.4%

Boat 21.7% 0.8% 4.6% Boat 15.8% 0.7% 3.4%

Best 0.3% 24.4% 5.2% Best 0.2% 19.9% 4.2%

Total 49.2% 53.7% 21.4% Total 36.0% 43.8% 16.6%

Cent 18.7% 0.8% 5.1% Cent 17.4% 0.6% 4.7%

Clack 18.6% 1.3% 5.2% Clack 17.2% 0.9% 4.7%

Coat 21.2% 0.1% 7.0% Coat 16.1% 0.1% 5.3%

Creak 20.6% 0.1% 6.8% Creak 15.6% 0.1% 5.1%

Total 37.3% 43.9% 0.1% 0.1% 24.0% Total 34.6% 33.1% 0.1% 0.1% 19.8%

Deft 12.8% 0.4% 3.5% Deft 11.9% 0.3% 3.2%

Dim 9.9% 5.6% 4.4% Dim 9.1% 4.2% 3.7%

Don 21.6% 0.3% 4.5% Don 15.8% 0.2% 3.3%

Drum 15.6% 3.3% Drum 12.7% 2.7%

Daft 1.0% 14.4% 5.0% Daft 1.0% 11.4% 4.0%

Deal 2.2% 14.0% 5.1% Deal 2.1% 12.0% 4.5%

Total 25.9% 34.3% 21.6% 15.8% 25.7% Total 24.1% 28.0% 15.8% 12.9% 21.3%

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80512400490 NALLAM Round 4
Perceptual Map INDRANEEL Dec. 31 2028

20

18

16

14
Ate
Ate

12 Agthri
Deft
Deft
Cent
Clack
Dim
Dim
Attic
Attic
Size 10
Deal
Daft
Creak
Abcore
Coat
Coat
8 Apple
Afeli
Drum
Drum
Bill
Bill
Best
Best
6

Alan
Don
4 Beetle
Adnano
Boat

0
0 2 4 6 8 10 12 14 16 18 20
Performance

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised

Apple 15.5 7.4 5/14/2028 Beetle 14.3 3.4 9/12/2028 Cent 8.8 11.4 6/9/2028

Ate 7.6 12.6 12/1/2028 Bill 17.4 5.9 8/20/2028 Clack 9.0 11.2 6/9/2028

Attic 10.2 10.0 10/20/2028 Boat 14.7 3.1 8/12/2028 Coat 11.5 8.0 12/13/2028

Alan 13.0 3.8 4/21/2028 Best 17.2 5.6 8/20/2028 Creak 12.2 8.5 12/13/2028

Agthri 8.5 11.7 9/17/2028

Abcore 11.8 8.4 12/24/2027

Adnano 13.7 3.3 6/27/2028

Afeli 16.2 6.8 10/1/2028

Digby

Name Pfmn Size Revised

Deft 8.5 11.7 12/20/2027

Dim 9.4 10.8 12/7/2025

Don 13.6 3.6 12/20/2028

Drum 17.0 6.4 12/20/2028

Daft 11.4 8.6 12/13/2028

Deal 11.1 9.0 12/13/2028

COMP-XM® INQUIRER Page 10

COOKIE SETTINGS
 TOP
80512400490 NALLAM Round 4
HR/TQM Report INDRANEEL Dec. 31 2028

Human Resources Summary

Andrews Baldwin Chester Digby

Needed Complement 409 542 352 418

Complement 409 542 352 418

1st Shift Complement 246 331 196 302

2nd Shift Complement 163 211 156 116

Overtime % 0.2% 0.0% 0.0% 0.0%

Turnover Rate 6.7% 10.0% 8.0% 6.1%

New Employees 28 54 28 25

Separated Employees 148 45 28 82

Recruiting Spend $5,000 $0 $2,500 $5,000

Training Hours 80 0 40 80

Productivity Index 117.1% 100.0% 118.0% 130.3%

Recruiting Cost $165 $54 $98 $152

Separation Cost $740 $225 $139 $411

Training Cost $654 $0 $282 $668

Total HR Admin Cost $1,560 $279 $519 $1,231

Labor Contract Next Year

Wages $31.04 $31.04 $31.04 $31.04

Benefits 2,500 2,500 2,500 2,500

Profit Sharing 2.0% 2.0% 2.0% 2.0%

Annual Raise 5.0% 5.0% 5.0% 5.0%

TQM Summary

Andrews Baldwin Chester Digby

Process Mgt Budgets Last Year

CPI Systems $10 $0 $1,250 $1,500

Vendor/JIT $10 $0 $1,250 $1,500

Quality Initiative Training $10 $1,250 $0 $0

Channel Support Systems $10 $1,250 $1,500 $0

Concutrent Engineering $10 $1,250 $0 $0

UNEP Green Programs $10 $0 $0 $1,500

TQM Budgets Last Year

Benchmarking $10 $0 $0 $1,500

Quality Function Deployment Effort $10 $0 $0 $0

CCE/6 Sigma Training $10 $1,250 $750 $0

GEMI TQEM Sustainability Initiatives $10 $1,250 $750 $0

Total Expenditures $100 $6,250 $5,500 $6,000

Cumulative Impacts

Material Cost Reduction 11.80% 9.48% 10.20% 6.07%

Labor Cost Reduction 14.00% 14.00% 4.39% 0.28%

Reduction R&D Cycle Time 40.01% 40.01% 0.00% 0.00%

Reduction Admin Costs 60.02% 0.00% 34.91% 60.02%

Demand Increase 14.40% 12.78% 10.57% 2.35%

COMP-XM® INQUIRER Page 11

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Andrews C59559 Dec. 31 2028

Balance Sheet

ASSETS 2028 2027

DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $78,714 35.7% $18,234

end-of-year cash position. Accounts Accounts Receivable $16,731 7.6% $17,074

Receivable: Reflects the lag between delivery and
Inventory $6,378 2.9% $16,541
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $101,823 46.1% $51,849

zero indicates your company stocked out. Unmet Plant & Equipment $202,600 91.8% $232,300
demand would, of course, fall to your competitors.
Accumulated Depreciation ($83,770) -38% ($82,776)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $118,830 53.9% $149,524
depreciation from your plant. Accts Payable: Total assets $220,655 100% $201,373
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $8,977 4.1% $10,927
of operations. It includes emergency loans used to
Current Debt $25,000 11.3% $25,000
keep your company solvent should you run out of
Long Term Debt $40,000 18.1% $51,201
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $73,977 33.5% $87,128
this represents the total value of your bonds.
Common Stock $26,927 12.2% $12,493
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $130,886 59.3% $101,753

Earnings: The profits that the company chose to Total Equity $157,813 71.5% $114,246
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $220,655 100% $201,373

Cash Flow Statement

Cash Flows from Operating Activities: 2028 2027

The Cash Flow Statement examines what happened in the Cash
Net income (Loss) $45,500 $35,648
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $13,507 $15,487

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs ($4,453) $0
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable ($1,950) ($352)
if sales are bad and you find yourself carrying an abundance of excess
inventory, the report would show the increase in inventory as a huge Inventory $10,163 ($10,445)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable $343 ($453)
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations $63,109 $39,885
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements $19,305 ($31,500)

Cash Flow Summary Andrews
Cash Flows from Financing Activities:
75k
Dividends paid ($16,367) ($9,742)

Sales of Common Stock $14,434 $0

50k
Purchase of Common Stock $0 ($8,616)

Cash from long term debt $40,000 $20,000

25k Retirement of long term debt ($60,000) $0

Change in current debt (net) $0 $8,208

0 Net cash from financing activities ($21,933) $9,849

Net change in cash position $60,481 $18,234

Closing cash position $78,714 $18,234

-25k

-50k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Andrews C59559 Dec. 31 2028

2028 Income Statement

Product Name Apple Ate Attic Alan Agthri Abcore Adnano Afeli Total Common Size

Sales $65,679 $25,717 $47,781 $52,128 $19,803 $13,615 $11,436 $8,119 $244,279 100%

Variable Costs:

Direct Labor $12,775 $2,019 $2,981 $9,979 $1,405 $731 $1,910 $1,179 $32,979 13.5%

Direct Material $22,295 $9,594 $18,378 $17,621 $7,148 $5,016 $3,836 $2,514 $86,403 35.4%

Inventory Carry $362 $403 $0 $0 $0 $0 $0 $0 $765 0.3%

Total Variable $35,432 $12,016 $21,359 $27,600 $8,553 $5,747 $5,746 $3,693 $120,147 49.2%

Contribution Margin $30,247 $13,701 $26,421 $24,529 $11,250 $7,867 $5,690 $4,426 $124,132 50.8%

Period Costs:

Depreciation $1,400 $3,833 $3,067 $1,600 $1,840 $767 $500 $500 $13,507 5.5%

R&D $373 $931 $815 $310 $724 $0 $495 $763 $4,411 1.8%

Promotions $1,400 $1,400 $1,400 $1,400 $1,800 $1,800 $1,800 $1,800 $12,800 5.2%

Sales $1,700 $1,700 $1,700 $1,800 $1,500 $1,700 $1,300 $1,300 $12,700 5.2%

Admin $603 $236 $439 $479 $182 $125 $105 $75 $2,243 0.9%

Total Period $5,476 $8,101 $7,421 $5,589 $6,046 $4,392 $4,200 $4,437 $45,661 18.7%

Net Margin $24,771 $5,601 $19,001 $18,940 $5,204 $3,476 $1,490 ($11) $78,471 32.1%

Other ($732) -0.3%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred
to produce the product that was sold. Inventory Carry Cost: the cost to carry unsold EBIT $79,203 32.4%

goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $2,775 1.1%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $5,000 2%
Administration overhead is estimated at 1.5% of sales. Promotions: The promotion
budget for each product. Sales: The sales force budget for each product. Other: Taxes $25,000 10.2%

Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $929 0.4%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit $45,500 18.6%
bonds plus consulting fees your instructor might assess. Write-offs include the loss you
might experience when you sell capacity or liquidate inventory as the result of eliminating
a production line. If the amount appears as a negative amount, then you actually made Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
80%
Taxes. Short Term Interest: Interest expense based on last year's current debt,
including short term debt, long term notes that have become due, and emergency loans.
Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based
upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor 60%
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

40%

20%

0%

Apple Ate Attic Alan Agthri

Abcore Adnano Afeli

COOKIE SETTINGS
 Profit History Market Share History
$50,000 40%

$40,000
30%

$30,000

20%

$20,000

10%
$10,000

$0 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROE History Asset Turnover History

40% 2.0

30% 1.5

20% 1.0

10% 0.5

0% 0.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROS History ROA History

20% 25%

20%
15%

15%

10%

10%

5%
5%

0% 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

COOKIE SETTINGS
Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Baldwin C59559 Dec. 31 2028

Balance Sheet
ASSETS 2028 2027
DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $45,187 29.5% $32,380

end-of-year cash position. Accounts Accounts Receivable $18,654 12.2% $14,969

Receivable: Reflects the lag between delivery and
Inventory $16,510 10.8% $16,367
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $80,351 52.4% $63,716

zero indicates your company stocked out. Unmet Plant & Equipment $140,560 91.7% $140,560
demand would, of course, fall to your competitors.
Accumulated Depreciation ($67,639) -44.1% ($58,268)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $72,921 47.6% $82,292

depreciation from your plant. Accts Payable: Total assets $153,273 100% $146,009
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $10,497 6.8% $10,070
of operations. It includes emergency loans used to
Current Debt $22,659 14.8% $21,808
keep your company solvent should you run out of
Long Term Debt $27,511 17.9% $31,121
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $60,667 39.6% $62,999
this represents the total value of your bonds.
Common Stock $9,014 5.9% $9,447
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $83,591 54.5% $73,563

Earnings: The profits that the company chose to Total Equity $92,605 60.4% $83,010
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $153,273 100% $146,009

Cash Flow Statement

Cash Flows from Operating Activities: 2028 2027

The Cash Flow Statement examines what happened in the Cash
Net income (Loss) $39,397 $22,350
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $9,371 $9,371

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs ($207) $0
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable $428 $2,995
if sales are bad and you find yourself carrying an abundance of excess
inventory, the report would show the increase in inventory as a huge Inventory ($143) ($12,766)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable ($3,685) ($2,479)
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations $45,161 $19,470
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements $0 ($26,400)

Cash Flow Summary Baldwin
Cash Flows from Financing Activities:
60k
Dividends paid ($26,002) ($4,099)

Sales of Common Stock $0 $0

40k
Purchase of Common Stock ($3,800) ($1,679)

Cash from long term debt $0 $5,907

20k Retirement of long term debt ($3,404) $0

Change in current debt (net) $851 ($6,799)

0 Net cash from financing activities ($32,354) ($6,670)

Net change in cash position $12,807 ($13,600)

Closing cash position $45,187 $32,380

-20k

-40k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Baldwin C59559 Dec. 31 2028

2028 Income Statement

Product Name Beetle Bill Boat Best Na Na Na Na Total Common Size

Sales $63,692 $54,528 $51,370 $57,368 $0 $0 $0 $0 $226,958 100%

Variable Costs:

Direct Labor $12,436 $10,655 $8,478 $9,814 $0 $0 $0 $0 $41,383 18.2%

Direct Material $24,076 $22,121 $18,479 $21,517 $0 $0 $0 $0 $86,193 38%

Inventory Carry $526 $334 $405 $716 $0 $0 $0 $0 $1,981 0.9%

Total Variable $37,039 $33,110 $27,362 $32,046 $0 $0 $0 $0 $129,557 57.1%

Contribution Margin $26,653 $21,419 $24,007 $25,322 $0 $0 $0 $0 $97,401 42.9%

Period Costs:

Depreciation $2,684 $1,813 $2,380 $2,493 $0 $0 $0 $0 $9,371 4.1%

R&D $710 $645 $623 $645 $0 $0 $0 $0 $2,622 1.2%

Promotions $1,400 $1,400 $1,400 $1,400 $0 $0 $0 $0 $5,600 2.5%

Sales $1,100 $1,000 $1,000 $1,000 $0 $0 $0 $0 $4,100 1.8%

Admin $524 $449 $423 $472 $0 $0 $0 $0 $1,868 0.8%

Total Period $6,418 $5,307 $5,826 $6,010 $0 $0 $0 $0 $23,561 10.4%

Net Margin $20,235 $16,112 $18,182 $19,311 $0 $0 $0 $0 $73,840 32.5%

Other $6,151 2.7%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred
to produce the product that was sold. Inventory Carry Cost: the cost to carry unsold EBIT $67,689 29.8%

goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $2,515 1.1%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $3,326 1.5%
Administration overhead is estimated at 1.5% of sales. Promotions: The promotion
budget for each product. Sales: The sales force budget for each product. Other: Taxes $21,647 9.5%

Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $804 0.4%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit $39,397 17.4%
bonds plus consulting fees your instructor might assess. Write-offs include the loss you
might experience when you sell capacity or liquidate inventory as the result of eliminating
a production line. If the amount appears as a negative amount, then you actually made Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
50%
Taxes. Short Term Interest: Interest expense based on last year's current debt,
including short term debt, long term notes that have become due, and emergency loans.
Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based
40%
upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

30%

20%

10%

0%

Beetle Bill Boat Best NA

NA NA NA

COOKIE SETTINGS
 Profit History Market Share History
$50,000 40%

$40,000
30%

$30,000

20%

$20,000

10%
$10,000

$0 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROE History Asset Turnover History

50% 2.0

40%
1.5

30%

1.0

20%

0.5
10%

0% 0.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROS History ROA History

20% 30%

25%

15%

20%

10% 15%

10%

5%

5%

0% 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

COOKIE SETTINGS
Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Chester C59559 Dec. 31 2028

Balance Sheet

ASSETS 2028 2027

DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $35,373 20.9% $41,290

end-of-year cash position. Accounts Accounts Receivable $11,915 7% $11,318

Receivable: Reflects the lag between delivery and
Inventory $13,385 7.9% $3,525
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $60,673 35.8% $56,133

zero indicates your company stocked out. Unmet Plant & Equipment $213,900 126.3% $213,900
demand would, of course, fall to your competitors.
Accumulated Depreciation ($105,151) -62.1% ($90,891)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $108,749 64.2% $123,009
depreciation from your plant. Accts Payable: Total assets $169,423 100% $179,143
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $7,616 4.5% $7,297
of operations. It includes emergency loans used to
Current Debt $25,532 15.1% $24,253
keep your company solvent should you run out of
Long Term Debt $63,078 37.2% $74,447
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $96,226 56.8% $105,997
this represents the total value of your bonds.
Common Stock $40,090 23.7% $40,090
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $33,106 19.5% $33,056

Earnings: The profits that the company chose to Total Equity $73,196 43.2% $73,146
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $169,423 100% $179,143

Cash Flow Statement

Cash Flows from Operating Activities: 2028 2027

The Cash Flow Statement examines what happened in the Cash
Net income (Loss) $9,342 $3,938
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $14,260 $14,260

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs ($830) ($388)
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable $319 $1,391
if sales are bad and you find yourself carrying an abundance of excess
inventory, the report would show the increase in inventory as a huge Inventory ($9,860) ($3,525)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable ($596) ($945)
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations $12,634 $14,731
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements $0 ($11,000)

Cash Flow Summary Chester
Cash Flows from Financing Activities:
20k
Dividends paid ($9,292) $0

Sales of Common Stock $0 $5,480

10k
Purchase of Common Stock $0 $0

Cash from long term debt $0 $0

0 Retirement of long term debt ($10,539) ($3,531)

Change in current debt (net) $1,280 ($14,481)

-10k Net cash from financing activities ($18,551) ($12,533)

Net change in cash position ($5,917) ($8,802)

Closing cash position $35,373 $41,290

-20k

-30k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Chester C59559 Dec. 31 2028

2028 Income Statement

Product Name Cent Clack Coat Creak Na Na Na Na Total Common Size

Sales $22,989 $23,416 $47,946 $50,612 $0 $0 $0 $0 $144,963 100%

Variable Costs:

Direct Labor $2,370 $2,373 $9,967 $9,638 $0 $0 $0 $0 $24,348 16.8%

Direct Material $10,151 $10,558 $18,517 $19,222 $0 $0 $0 $0 $58,447 40.3%

Inventory Carry $359 $441 $43 $763 $0 $0 $0 $0 $1,606 1.1%

Total Variable $12,880 $13,373 $28,527 $29,622 $0 $0 $0 $0 $84,402 58.2%

Contribution Margin $10,109 $10,043 $19,419 $20,989 $0 $0 $0 $0 $60,561 41.8%

Period Costs:

Depreciation $3,987 $4,447 $2,660 $3,167 $0 $0 $0 $0 $14,260 9.8%

R&D $446 $446 $966 $966 $0 $0 $0 $0 $2,824 1.9%

Promotions $1,300 $1,300 $1,300 $1,300 $0 $0 $0 $0 $5,200 3.6%

Sales $1,600 $1,600 $1,400 $1,400 $0 $0 $0 $0 $6,000 4.1%

Admin $187 $191 $390 $412 $0 $0 $0 $0 $1,180 0.8%

Total Period $7,519 $7,983 $6,716 $7,245 $0 $0 $0 $0 $29,463 20.3%

Net Margin $2,590 $2,060 $12,703 $13,745 $0 $0 $0 $0 $31,098 21.5%

Other $4,828 3.3%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred
to produce the product that was sold. Inventory Carry Cost: the cost to carry unsold EBIT $26,270 18.1%

goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $3,268 2.3%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $8,335 5.7%
Administration overhead is estimated at 1.5% of sales. Promotions: The promotion
budget for each product. Sales: The sales force budget for each product. Other: Taxes $5,133 3.5%

Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $191 0.1%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit $9,342 6.4%
bonds plus consulting fees your instructor might assess. Write-offs include the loss you
might experience when you sell capacity or liquidate inventory as the result of eliminating
a production line. If the amount appears as a negative amount, then you actually made Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
50%
Taxes. Short Term Interest: Interest expense based on last year's current debt,
including short term debt, long term notes that have become due, and emergency loans.
Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based
40%
upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

30%

20%

10%

0%

Cent Clack Coat Creak NA

NA NA NA

COOKIE SETTINGS
 Profit History Market Share History
$15,000 40%

$10,000 30%

$5,000 20%

$0 10%

$-5,000 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROE History Asset Turnover History

20% 1.5

15%

10% 1.0

5%

0% 0.5

-5%

-10% 0.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROS History ROA History

10% 10%

7.5%
7.5%

5%
5%

2.5%

2.5%
0%

0%
-2.5%

-5% -2.5%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

COOKIE SETTINGS
Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Digby C59559 Dec. 31 2028

Balance Sheet
ASSETS 2028 2027
DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $38,748 17.6% $24,998

end-of-year cash position. Accounts Accounts Receivable $13,799 6.3% $12,363

Receivable: Reflects the lag between delivery and
Inventory $12,672 5.8% $10,932
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $65,219 29.7% $48,293

zero indicates your company stocked out. Unmet Plant & Equipment $259,240 118% $259,240
demand would, of course, fall to your competitors.
Accumulated Depreciation ($104,765) -47.7% ($87,482)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $154,475 70.3% $171,758
depreciation from your plant. Accts Payable: Total assets $219,693 100% $220,050
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $8,247 3.8% $8,200
of operations. It includes emergency loans used to
Current Debt $27,555 12.5% $22,891
keep your company solvent should you run out of
Long Term Debt $83,563 38% $102,125
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $119,365 54.3% $133,216
this represents the total value of your bonds.
Common Stock $58,946 26.8% $51,370
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $41,383 18.8% $35,464

Earnings: The profits that the company chose to Total Equity $100,329 45.7% $86,834
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $219,693 100% $220,050

Cash Flow Statement

Cash Flows from Operating Activities: 2028 2027
The Cash Flow Statement examines what happened in the Cash
Net income (Loss) $5,918 ($2,860)
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $17,283 $17,283

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs ($1,571) $0
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable $46 $2,624
if sales are bad and you find yourself carrying an abundance of excess
inventory, the report would show the increase in inventory as a huge Inventory ($1,740) ($8,501)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable ($1,436) ($2,377)
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations $18,501 $6,168
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements $0 ($43,480)

Cash Flow Summary Digby
Cash Flows from Financing Activities:
20k
Dividends paid $0 $0

Sales of Common Stock $7,576 $14,589

15k
Purchase of Common Stock $0 $0

10k Cash from long term debt $0 $18,585

Retirement of long term debt ($16,991) $0

5k Change in current debt (net) $4,664 ($8,223)

Net cash from financing activities ($4,751) $24,951

0 Net change in cash position $13,750 ($12,362)

Closing cash position $38,748 $24,998

-5k

-10k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Digby C59559 Dec. 31 2028

2028 Income Statement

Product Name Deft Dim Don Drum Daft Deal Na Na Total Common Size

Sales $15,519 $22,270 $37,815 $33,364 $28,220 $30,695 $0 $0 $167,883 100%

Variable Costs:

Direct Labor $1,443 $1,834 $7,961 $5,377 $6,297 $6,568 $0 $0 $29,479 17.6%

Direct Material $6,287 $9,672 $15,739 $12,291 $12,550 $12,579 $0 $0 $69,117 41.2%

Inventory Carry $225 $595 $303 $398 $0 $0 $0 $0 $1,521 0.9%

Total Variable $7,954 $12,102 $24,003 $18,066 $18,847 $19,146 $0 $0 $100,117 59.6%

Contribution Margin $7,565 $10,168 $13,813 $15,298 $9,373 $11,549 $0 $0 $67,766 40.4%

Period Costs:

Depreciation $3,833 $4,600 $1,927 $1,813 $2,635 $2,475 $0 $0 $17,283 10.3%

R&D $0 $0 $985 $985 $966 $966 $0 $0 $3,902 2.3%

Promotions $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $0 $0 $7,200 4.3%

Sales $1,000 $1,000 $2,400 $2,400 $900 $900 $0 $0 $8,600 5.1%

Admin $157 $226 $383 $338 $286 $311 $0 $0 $1,701 1%

Total Period $6,191 $7,026 $6,895 $6,736 $5,987 $5,852 $0 $0 $38,686 23%

Net Margin $1,374 $3,143 $6,918 $8,562 $3,386 $5,697 $0 $0 $29,080 17.3%

Other $5,063 3%
Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred
to produce the product that was sold. Inventory Carry Cost: the cost to carry unsold EBIT $24,017 14.3%
goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $3,555 2.1%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $11,171 6.7%
Administration overhead is estimated at 1.5% of sales. Promotions: The promotion
budget for each product. Sales: The sales force budget for each product. Other: Taxes $3,252 1.9%

Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $121 0.1%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit $5,918 3.5%
bonds plus consulting fees your instructor might assess. Write-offs include the loss you
might experience when you sell capacity or liquidate inventory as the result of eliminating
a production line. If the amount appears as a negative amount, then you actually made Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
60%
Taxes. Short Term Interest: Interest expense based on last year's current debt,
including short term debt, long term notes that have become due, and emergency loans.
Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based 50%
upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.
40%

30%

20%

10%

0%

Deft Dim Don Drum Daft

Deal NA NA

COOKIE SETTINGS
 Profit History Market Share History
$15,000 30%

25%

$10,000

20%

$5,000 15%

10%

$0

5%

$-5,000 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROE History Asset Turnover History

25% 1.5

20%

15% 1.0

10%

5% 0.5

0%

-5% 0.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

ROS History ROA History

12.5% 12.5%

10% 10%

7.5% 7.5%

5% 5%

2.5% 2.5%

0% 0%

-2.5% -2.5%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2028 2026 2027 2028

COOKIE SETTINGS
Annual Report Page 2

COOKIE SETTINGS
COOKIE SETTINGS