Submitted By:

M. Tanveer Ahmed
Ahmed Ali Malik
M.Ejaz-ul-haq
Usman Khalid

Confidentiality Agreement
The undersigned reader acknowledges that the information provided by
_______________ in this business plan is confidential; therefore, reader agrees not to
disclose it without the express written permission of _______________.
It is acknowledged by reader that information to be furnished in this business plan
is in all respects confidential in nature, other than information which is in the public

domain through other means and that any disclosure or use of same by reader,
may cause serious harm or damage to _______________.
Upon request, this document is to be immediately returned to _______________.
___________________
Signature
___________________
Name (typed or printed)
___________________
Date
This is a business plan. It does not imply an offering of securities.

Table of Contents
Confidentiality Agreement...........................................................................................................................1
Table of Contents.........................................................................................................................................1
1.0 Executive Summary...............................................................................................................................1
1.1 Objectives..............................................................................................................................................2
1.2 Mission...................................................................................................................................................2
1.3 Keys to Success......................................................................................................................................3
2.0 Company Summary...............................................................................................................................3
2.1 Company Ownership.............................................................................................................................3
2.2 Start-up Summary..................................................................................................................................4
Table: Start-up.....................................................................................................................................4
3.0 Products and Services............................................................................................................................5
4.0 Market Analysis Summary....................................................................................................................5
4.1 Market Segmentation.............................................................................................................................6
Table: Market Analysis............................................................................................................................6
4.2 Target Market Segment Strategy...........................................................................................................7
4.3 Service Business Analysis.....................................................................................................................7
4.3.1 Competition and Buying Patterns...................................................................................................7
5.0 Web Plan Summary...............................................................................................................................9
5.1 Website Marketing Strategy..................................................................................................................9
Development Requirements.......................................................................................................................10
Website Outline.....................................................................................................................................10
6.0 Strategy and Implementation Summary...............................................................................................10
6.1 SWOT Analysis...................................................................................................................................11
6.1.1 Strengths.......................................................................................................................................11
6.1.2 Weaknesses...................................................................................................................................11
6.1.3 Opportunities.................................................................................................................................11
6.1.4 Threats...........................................................................................................................................11
6.2 Competitive Edge.................................................................................................................................11
6.3 Marketing Strategy...............................................................................................................................12
6.4 Sales Strategy.......................................................................................................................................12
6.4.1 Sales Forecast................................................................................................................................12
Table: Sales Forecast.........................................................................................................................12
6.5 Milestones............................................................................................................................................14
Table: Milestones...............................................................................................................................14
7.0 Management Summary........................................................................................................................15
7.1 Personnel Plan......................................................................................................................................15
Table: Personnel.................................................................................................................................15
8.0 Financial Plan.......................................................................................................................................16
8.1 Start-up Funding..................................................................................................................................16
Table: Start-up Funding.....................................................................................................................16
8.3 Break-even Analysis............................................................................................................................17
Table: Break-even Analysis...............................................................................................................17
8.4 Projected Profit and Loss.....................................................................................................................18

Table: Profit and Loss........................................................................................................................18

8.5 Projected Cash Flow............................................................................................................................21
Table: Cash Flow...............................................................................................................................21
8.6 Projected Balance Sheet.......................................................................................................................23
Table: Balance Sheet..........................................................................................................................23
....................................................................................................................................................................25
8.7 Business Ratios....................................................................................................................................25
Table: Ratios......................................................................................................................................25
Table: Sales Forecast...........................................................................................................................1
..............................................................................................................................................................1
Table: Personnel...................................................................................................................................2
..............................................................................................................................................................2
Table: Profit and Loss..........................................................................................................................3
..............................................................................................................................................................4
Table: Cash Flow.................................................................................................................................5
..............................................................................................................................................................7
Table: Balance Sheet............................................................................................................................8

1.0 Executive Summary

E-Mechanic Business (EMB) is a start-up organization that offers a complete
domestic and foreign car repair service as well as a full-featured retail parts
store and Online part providers. EMB will serve the Islamabad- Rawalpindi, OR
market. EMB will grow into a business with outstanding sales by year three.
The Concept
The auto repair market has a lot of competition, however, almost all only offer
service. EMB will differentiate themselves by not only offering a hassle-free
repair service, but a fully stocked parts store physical and Online based. Not
only will this serve a wide range of customers for both service and parts, but
the parts department will support the service department by allowing the
service department to turnaround jobs far faster than the competition with
generally all of the needed parts in stock and on location.
EMB also differentiates themselves by having 5 bays at location. This offers
incredible value to customers who need their cars fixed right away. Waits for
service and parts are ideas not entertained by EMB. Lastly, EMB offers unlimited
shuttle service for repair customers making the entire service experience as
painless and convenient as possible.
EMB will attract and maintain a loyal customer base through their customeroriented focus on business. All employees are trained and held responsible for
providing superior service, developing a long lasting trust bond with customers.
This is very important, especially in the auto repair industry where trust and
honesty are not the image of repair facilities.

Highlights
$3,000,000
$2,700,000
$2,400,000
$2,100,000

Sales

$1,800,000

Gross Margin

$1,500,000

Net Profit

$1,200,000
$900,000
$600,000
$300,000
$0
FY 2012

FY 2013

FY 2014

1.1 Objectives
The objectives of the E-Mechanic business website are:

To drive traffic from the website to the garage those need repair.
To expand the community of E-Mechanic business customers.
To provide customers with a substantial list of questions and answers
regarding typical car
repairs.
To allow convenient online and offline bookings for service and repairs.
To achieve a modest initial gross profit margin, increasing that by at least
1% per year until reaching our final target.
To sell a substantial amount of product the first year.
To maintain a solid growth rate per year for the first five years.

1.2 Mission
E-Mechanic business aims to offer high-quality auto repair services at their door
steps and a full range of auto parts over internet. EMB focuses on personalized
service to its customers by offering convenience and rapid service.
Additionally, EMB is technologically savvy with computerized monitoring of all
2

parts inventory, to ensure that parts are always in stock, while keeping a
balanced level of inventory to maximize inventory turnover. Finally, EMB has
strong vendor relationships with the most service conscious vendors who are
capable of shipping major parts rapidly (on an overnight timeline in most
cases).

1.3 Keys to Success

EMB's keys to success will include:
1. Expedient and convenient auto repair services.
2. Growing and maintaining a referral network of local towing service
companies.
3. A wide range of auto parts inventory that is (nearly) never out of stock.
4. Rapid order and delivery of major auto parts items over internet.

2.0 Company Summary

E-Mechanic Business is a new start-up incorporated business managed by four
partners. Three of the four partners represent sales/management, and one
focuses on the finance/administration section of the business.
The economic growth of the last several years has resulted in increased
disposable income. Many people have chosen to spend part of their increased
income on their automobiles. As a result, the need for reliable and convenient
auto services has substantially risen as well. E-Mechanic Business will position
itself to capitalize on the growing need of the middle and upper class market for
quality auto service in the Islamabad- Rawalpindi area. The company will be
privately owned by four co-owners, with the additional funding coming
from loans.

2.1 Company Ownership

E-Mechanic Business is incorporated in the state of Islamabad. It is privately
owned by M. Ejaz ul Haq, Ahmed Ali Malik, Usman Khalid and M. Tanveer
Ahmed. To attract additional financing, the owners may consider taking EMechanic business public several years down the road.

2.2 Start-up Summary

Each of the four co-owners will invest an equal amount. The remainder of the
required financing will come from a ten year Small Business Administration
(SBA) loan and a short-term loan.
Table: Start-up
Start-up
Requirements
Start-up
Expenses
Legal
Rent
Consultant
Fees
Others
Total Start-up
Expenses
Start-up
Assets
Cash Required
Start-up
Inventory
Other Current
Assets
Long-term
Assets
Total Assets
Total
Requirements

$30,000
$10,000
$10,000
$0
$50,000

$5,000,0
00
$1,000,0
00
$100,00
0
$1,000,0
00
$7,100,0
00
$7,150,0
00

Start-up
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
Expenses

Assets

Investment

Loans

3.0 Products and Services

E-Mechanic business has the core competencies amongst its large crew to work
on all makes and models of domestic and foreign vehicles. With five service
bays at location, and all employees focused on superior customer service, quick
turnaround is always the standard at EMB. E-Mechanic business strives to be
accurate and honest with customers in terms of quoting cost estimates and
repair completion time estimates. E-Mechanic business employees focus on
delivering what they promise. This focus on building strong customer
relationships based on trust and integrity will be the catalyst in establishing a
strong regular customer base.
E-Mechanic business utilizes the highest degree of technology in managing a
full range of auto parts inventory. The goal is to never be out of a specific part,
while maximizing inventory turnover. Strong vendor relationships have been
established with the most reputable vendors in terms of shipping time of major
parts.

4.0 Market Analysis Summary

E-Mechanic Business has a focus on meeting the demand of a regular local
resident customer base, as well as towed vehicle drop-ins from local and
freeway traffic traveling on nearby freeways. E-Mechanic Business has
established relationships with a few major local tow truck companies for referral
business of stalled vehicles requiring a tow to an auto repair facility.
The company estimates that about 80% of revenues will come from the
established local clientele and 20% from the local and freeway traffic tow-ins.
5

The table below further estimates the total market potential of type of services
rendered by E-Mechanic Business in the Islamabad- Rawalpindi area.

4.1 Market Segmentation

E-Mechanic Business focuses on the middle and upper income markets. This
market looks for high quality, rapid service with as much convenience as
possible. Most individuals in this market segment are willing to pay an extra
premium within the pricing of auto repair services to avoid the common
inconveniences of having a vehicle tied up in a repair shop.
Local residents regular customer base:E-Mechanic Business wants to establish a significantly large regular customer
base. This will establish a healthy, consistent revenue base to ensure stability of
the business.
Emergency towing local and freeway traffic:Emergency towing of local and freeway traffic comprises approximately 20% of
revenues. Convenience, regular referrals from tow truck companies, and high
quality, rapid service are critical to capture this segment of the market.

Table: Market Analysis

Market
Analysis
2011
Potential
Customers
Local
Resident
Freeway
Traffic
Online
Customers'
Others

Growt
h
12%

Total

12.20
%

5%
15%
0%

2012

2013

2014

2015
CAGR

150,0
00
40,00
0
100,0
00
0

168,0
00
42,00
0
115,0
00
0

188,1
60
44,10
0
132,2
50
0

210,7
39
46,30
5
152,0
88
0

236,0
28
48,62
0
174,9
01
0

290,0
00

325,0
00

364,5
10

409,1
32

459,5
49

12.00
%
5.00
%
15.00
%
0.00
%
12.20
%

Market Analysis (Pie)

Local Resident
Freeway Traffic
Online Customers'
Others

4.2 Target Market Segment Strategy

E-Mechanic Business will focus on its target market, the middle and upper class
market, and establish a reputable image from that target market's perspective,
by offering convenience, online spare-parts booking and timely delivery,
expedient auto repair services, customer service excellence, and by working
with local towing companies.

4.3 Service Business Analysis

The market of auto repair services and parts sales is very fragmented. The
majority of auto shops usually offer either repair services or parts inventory.
The niche where E-Mechanic Business positions itself represents auto centers
that offer both auto services and parts at one convenient location. Middle and
upper class customers to whom E-Mechanic Business will cater its services are
less price sensitive as they value the convenience of quick turnaround (on any
model/make of car) and high quality of services.

4.3.1 Competition and Buying Patterns

E-Mechanic business access over 1000 auto repair and parts competitors in the
local area. Only a quarter of these competitors offer both auto repair services
and auto parts inventories. Among these, only a few are major national chains.
The remainders are small privately-owned establishments. E-Mechanic business
will compete well by focusing on convenience and offering a high level of
7

customer service. Additionally, its honest reputation will be a major factor in

repeat business and building a large base of regular, loyal customers.
Primary competitors are engaged principally in the retail sale of automotive
parts, tires and accessories, automotive maintenance and service and the
installation of parts. Larger competitors have adopted the "supercenter" store
model, a freestanding, "one-stop" shopping automotive warehouse that
features state-of-the-art service bays. These "supercenters" carry thousands of
stock-keeping units and serve the automotive aftermarket needs of the "do-ityourself," the "do-it-for-me" (automotive service), tire and "buy-for-resale"
customer sectors.
Large competitors' stores typically carry the same basic product line, with
variations based on the number and type of cars registered in the different
markets. A full complement of inventory at a typical supercenter includes an
average of approximately 25,000 items.
Automotive product lines usually include:

Tires.
Batteries.
New and remanufactured parts for domestic and imported cars, including:
Suspension parts.
Ignition parts.
Exhaust systems.
Engines and engine parts.
Oil and air filters, belts, hoses, and air conditioning parts.
Lighting.
Wiper blades.
brake parts.
Chemicals, including oil, antifreeze, polishes, additives, cleansers and
paints.
Mobile electronics, including sound systems, alarms, and remote vehicle
starters.
Car accessories, including seat covers, floor mats, and exterior
accessories.
Hand tools, including sockets, wrenches, ratchets, paint and body tools,
jacks and lift equipment, automotive specialty tools and test gauges.
A selection of truck, van, and sport utility vehicle accessories.

Many competitors have adopted point-of-sale systems in their stores, which

gathers sales and gross profit data by a stock-keeping unit from each store on a
daily basis. This information is then used to help formulate pricing, marketing
and merchandising strategies. Electronic parts catalogs are available in many
competitor stores along electronic commercial invoicing systems that offer
commercial parts delivery.
Additionally, a number of competitors have electronic work order systems
8

available amongst their various service centers. This type of system creates a
service history for each vehicle, provides customers with a comprehensive sales
document, and enables the service center to maintain a service customer
database.

5.0 Web Plan Summary

The key champion for the development of the website is the co-owner of EMechanics, Ejaz-ul-Haq. He will be responsible for managing the development of
the site and will work closely with Mr. Shakeel ur Rehman on the design and
creation. He will also be responsible for implementing the promotions that will
be run at least monthly on the site.
Most of the site development will be carried out by the consultant, Shakeel ur
Rehman. He will initially be paid a pre-arranged fee as he completes each stage
of development. Later he will be paid a monthly retainer to maintain the site. M.
Tanveer Ahmed will work with Shakeel to develop the content section of the site
dealing with typical car problems and tips on maintaining your vehicle during
the different seasons.

5.1 Website Marketing Strategy

The website will have two main goals:
1. To provide potential and existing customers with information about their cars
through the provision of a typical problems area, plus an Ask the Mechanic
Question and Answer section, where they can have specific questions about
their cars answered.
2.

To ease the service experience and improve customer service through

online booking database section that will allow them to review their cars
service and repair records.

Key sections of the website will be:

Question and Answer section.

Ask the Mechanic section.

Development Requirements

Website Outline

The site will be designed with the following technology: Drupal, SQL and HTML.
Home Page: explains the website's relation to the company, with visible links
to the other sections of the site.

Section 1
Q&A:
Begins with search. Visible links will go off to the subsections below.
Ask the Mechanic: simple form that sends directly to the head mechanic.
Q&A Browse: users will be able to browse through other customer's Q&A
sessions.

Section 2
Booking
Page 1: first page will display available dates, customer clicks on preferred
available time, and proceeds to the next page.
Page 2: customer fills out name, phone number, and car problem.
Page 3: confirmation page for customer to print off as a reminder.

6.0 Strategy and Implementation Summary

E-Mechanic Business will succeed by offering its customers high-quality, rapid,
and convenient auto repair service. Additionally, E-Mechanic Business will
succeed by ensuring a full range of auto parts inventory and rapid shipping
capability of major auto parts.

10

6.1 SWOT Analysis

6.1.1 Strengths
First mover advantage as being the first online auto-parts supplier in
Islamabad-Rawalpindi.
Customer oriented services as E-Mechanic business provides solution at your
door steps.
Educated, well-trained and experienced work-force.
Vast variety of spare-parts (Local + foreign cars).
24/7 service on the shop as well as on the freeways service.

6.1.2 Weaknesses
More cost of freeways service as compared to the traditional service.

6.1.3 Opportunities
Wide range of online customers'.
Upcoming new technology could be the opportunity for E-Mechanic Business.
New markets or Expansion of business.

6.1.4 Threats
Bad economy might affect the E-Mechanic business.
Expected increase in competition.
Increase in the operation cost might increase the purchasing and selling
cost.

6.2 Competitive Edge

E-Mechanic Business competitive edge is the heavy focus on customer
convenience by offering Online part service, rapid turnaround on auto repair
jobs, and a referral network of a few local major tow truck companies.

11

6.3 Marketing Strategy

Our strategy is based on serving the niche market size. This area is full of
customers' that can't get online parts and on their door step services from the
major vendors who focus only on their specified work area. Also:
What begins as a customized version of a standard product, tailored to the
needs of local customers, can eventually become a niche product that will fill
the needs of similar customers across the country.
We are planning our marketing strategy so that we can eventually reach
specific kinds of customers across broad geographic lines.
We focus on satisfying the needs of customers.

6.4 Sales Strategy

E-Mechanic business will focus its sales strategy on effectively reaching the
target customer segment of upper and middle class customers. For this
purposes, the company will employ direct sales staff. At the same time, the
company will further strengthen its relationships with the tow truck companies
to capture auto repair needs of the local and highway traffic. EMB will have its
own website which can be used as a marketing tool and help EMB to strengthen
relationship with customers; through their feedbacks.
E-Mechanic business plans to deliver sales as shown in the table and charts
below.

6.4.1 Sales Forecast

The following table and related charts show our present sales forecast. We are
projecting sales to grow at steadily for the next three years.
Our seasonality, as shown in the chart, is a factor in the racing industry. We will
tend to sell much better in the period January through June, while sales trail off
in late summer and fall.

Table: Sales Forecast

Sales Forecast
FY 2012

FY 2013

Sales
12

FY 2014

Auto Repair Jobs

Auto parts
Total Sales
Direct Cost of
Sales
Auto Repair Jobs
Auto Parts
Subtotal Direct
Cost of Sales

$1,273,3
62
$1,591,7
03
$2,865,0
65

$1,337,0
30
$1,671,2
88
$3,008,3
18

$1,403,8
81
$1,754,8
52
$3,158,7
33

FY 2012

FY 2013

FY 2014

$318,34
0
$1,273,3
62
$1,591,7
02

$334,25
7
$1,337,0
30
$1,671,2
87

$350,96
9
$1,403,8
81
$1,754,8
50

Sales Monthly
$180,000
$150,000
$120,000

Auto Repair Jobs

$90,000

Auto parts

$60,000
$30,000

Nov
Auto Repair J obs
Auto parts

$80,000

Dec
$84,000

J an
$88,200

Feb
$92,610

Mar

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

$0

Apr

May

J un

$97,240 $102,102 $107,207 $112,567

$100,000 $105,000 $110,250 $115,762 $121,550 $127,628 $134,009 $140,709

13

Sales by Year
$3,200,000
$2,800,000
$2,400,000
$2,000,000

Auto Repair Jobs

$1,600,000

Auto parts

$1,200,000
$800,000
$400,000
$0
FY 2012

FY 2013

FY 2014

6.5 Milestones
Table: Milestones
Milestones
Milestone
Sample
Milestones
Finish Business
Plan
Acquire
Financing
Website
Development
Registration
Procurement
Hiring
Employees'
Marketing
Program Starts
Grand Opening

Start
Date
10/16/20
11
10/17/20
11
11/17/20
11
11/17/20
11
11/29/20
11
12/4/201
1
12/10/20
11
12/18/20
11
1/1/2012

End Date
10/16/20
11
11/17/20
11
12/17/20
11
11/28/20
11
12/2/201
1
12/17/20
11
12/16/20
11
12/31/20
11
1/1/2012
14

Budget
$0

Manag
er
ABC

$500

ABC

$5,000

ABC

$10,000

ABC

$10,000

ABC

$5,000,0
00
$1,000

ABC

$25,000

ABC

$50,000

ABC

ABC

Departm
ent
Departm
ent
Departm
ent
Departm
ent
Departm
ent
Departm
ent
Departm
ent
Departm
ent
Departm
ent
Departm
ent

Review
Business Plan

2/1/2012

2/1/2012

Totals

$0

ABC

Departm
ent

$5,101,5
00

Milestones
0
Review Business Plan
Grand Opening
Marketing Program Starts
Hiring Employees'
Procuremen t
Registration
Website Development
Acquire Financing
Fin ish Business Plan
Sample Milestones
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

7.0 Management Summary

Ahmed Ali Malik, Ejaz ul Haq and Usman Khalid all three has 2 years of
combined experience in sales, marketing, and management within the auto
repair and auto parts industries. M. Tanveer Ahmed has 8 months of experience
in the area of finance and administration, also within the auto repair and auto
parts industries.

7.1 Personnel Plan

Table: Personnel
Personne
l Plan
Mechanic
s

FY
2012
$335,3
01

FY
2013
$342,0
07

FY
2014
$348,8
47
15

Consulta
nt
Total
People

$120,0
00
10

$120,0
00
11

$120,0
00
12

Total
Payroll

$455,3
01

$462,0
07

$468,8
47

8.0 Financial Plan

Salaries and rent are the two major expenses, while depreciation is another
significant cost that will increase as the company develops.
We want to finance growth mainly through cash flow. We recognize that this
means we will have to grow slowly.

8.1 Start-up Funding

Table: Start-up Funding
Start-up Funding
Start-up Expenses to
Fund
Start-up Assets to
Fund
Total Funding
Required
Assets
Non-cash Assets from
Start-up
Cash Requirements
from Start-up
Additional Cash
Raised
Cash Balance on
Starting Date
Total Assets

$50,000
$7,100,0
00
$7,150,0
00
$2,100,0
00
$5,000,0
00
$1,850,0
00
$6,850,0
00
$8,950,0
00

Liabilities and Capital

Liabilities
Current Borrowing

$1,000,0
16

Long-term Liabilities
Accounts Payable
(Outstanding Bills)
Other Current
Liabilities (interestfree)
Total Liabilities

00
$2,000,0
00
$0
$4,000,0
00
$7,000,0
00

Capital
Planned Investment
M. Ejaz ul Haq
M. Tanveer Ahmed
Additional Investment
Requirement
Total Planned
Investment

$1,000,0
00
$1,000,0
00
$0
$2,000,0
00

Loss at Start-up
(Start-up Expenses)
Total Capital

($50,000
)
$1,950,0
00

Total Capital and

Liabilities

$8,950,0
00

Total Funding

$9,000,0
00

8.3 Break-even Analysis

Table: Break-even Analysis
Break-even
Analysis
17

Monthly Revenue
Break-even

$98,0
35

Assumptions:
Average Percent
Variable Cost
Estimated Monthly
Fixed Cost

56%
$43,5
71

Break-even Analysis
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
($10,000)
($20,000)
($30,000)
($40,000)
$0

$40,000
$80,000
$120,000
$160,000
$200,000
$20,000
$60,000
$100,000
$140,000
$180,000
$220,000

8.4 Projected Profit and Loss

Table: Profit and Loss
Pro Forma Profit
and Loss
Sales
Direct Cost of Sales
Other Costs of Sales

FY 2012
$2,865,0
65
$1,591,7
02
$0

FY 2013
$3,008,3
18
$1,671,2
87
$0
18

FY 2014
$3,158,7
33
$1,754,8
50
$0

Total Cost of Sales

$1,591,7
02

$1,671,2
87

$1,754,8
50

Gross Margin

$1,273,3
63
44.44%

$1,337,0
31
44.44%

$1,403,8
83
44.44%

$455,30
1
$15,000

$462,00
7
$5,000

$468,84
7
$2,500

Gross Margin %
Expenses
Payroll
Marketing/Promotio
n
Depreciation
Machinery
General &
Administration
Expense
Marketing Expense

$0
$26,824
$10,728

$0
$27,360
$10,942

$0
$27,907
$11,160

$15,000

$5,000

$2,500

Total Operating
Expenses

$522,85
3

$510,30
9

$512,91
4

Profit Before
Interest and Taxes
EBITDA

$750,51
0
$750,51
0
$350,00
0
$108,11
8

$826,72
2
$826,72
2
$350,00
0
$95,344

$890,96
9
$890,96
9
$350,00
0
$108,19
4

$292,39
2
10.21%

$381,37
8
12.68%

$432,77
5
13.70%

Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales

19

Profit Monthly
$50,000
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Profit Yearly

$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
FY 2012

FY 2013

FY 2014

20

Sep

Oct

Gross Margin Monthly

$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Gross Margin Yearly

$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
FY 2012

FY 2013

FY 2014

8.5 Projected Cash Flow

Table: Cash Flow
21

Sep

Oct

Pro Forma Cash Flow

FY 2012

FY 2013

FY 2014

$2,865,0
65
$2,865,0
65

$3,008,3
18
$3,008,3
18

$3,158,7
33
$3,158,7
33

$429,76
0
$0
$0

$451,24
8
$0
$0

$473,810

Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from
Operations
Additional Cash
Received
Sales Tax, VAT, HST/GST
Received
New Current Borrowing
New Other Liabilities
(interest-free)
New Long-term
Liabilities
Sales of Other Current
Assets
Sales of Long-term
Assets
New Investment
Received
Subtotal Cash Received
Expenditures
Expenditures from
Operations
Cash Spending
Bill Payments
Subtotal Spent on
Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST
Paid Out
Principal Repayment of
Current Borrowing
Other Liabilities Principal
Repayment

$0
$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$200,00
0
$3,494,8
25

$3,459,5
66

$3,632,5
43

FY 2012

FY 2013

FY 2014

$455,30
1
$1,071,4
42
$1,526,7
43

$462,00
7
$2,211,8
04
$2,673,8
11

$468,847
$2,258,4
78
$2,727,3
25

$0

$0

$0

$0

$0

$0

$0

$0

$0

22

Long-term Liabilities
Principal Repayment
Purchase Other Current
Assets
Purchase Long-term
Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0
$1,526,7
43

$0
$2,673,8
11

$0
$2,727,3
25

$1,968,0
82
$8,818,0
82

$785,75
4
$9,603,8
36

$905,217
$10,509,
054

Cash
$9,000,000
$8,000,000
$7,000,000
$6,000,000
$5,000,000

Net Cash Flow

$4,000,000

Cash Balance

$3,000,000
$2,000,000
$1,000,000

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

$0

8.6 Projected Balance Sheet

Table: Balance Sheet
Pro Forma
Balance Sheet
FY 2012

FY 2013
23

FY 2014

Assets
Current Assets
Cash

$8,818,0
82
$171,032
$100,000

$9,603,8
36
$179,584
$100,000

$10,509,
054
$188,563
$100,000

$9,089,1
14

$9,883,4
20

$10,797,
616

$1,000,0
00
$0

$1,000,0
00
$0

$1,000,0
00
$0

$1,000,0
00
$10,089,
114

$1,000,0
00
$10,883,
420

$1,000,0
00
$11,797,
616

FY 2012

FY 2013

FY 2014

$216,962

$178,643

$186,254

$1,000,0
00
$4,429,7
60
$5,646,7
22

$1,000,0
00
$4,881,0
07
$6,059,6
50

$1,000,0
00
$5,354,8
17
$6,541,0
71

Long-term
Liabilities
Total Liabilities

$2,000,0
00
$7,646,7
22

$2,000,0
00
$8,059,6
50

$2,000,0
00
$8,541,0
71

Paid-in Capital

$2,200,0
00
($50,000)

$2,200,0
00
$242,392

$2,200,0
00
$623,770

Inventory
Other Current
Assets
Total Current
Assets
Long-term
Assets
Long-term
Assets
Accumulated
Depreciation
Total Long-term
Assets
Total Assets
Liabilities and
Capital
Current
Liabilities
Accounts
Payable
Current
Borrowing
Other Current
Liabilities
Subtotal
Current
Liabilities

Retained
Earnings

24

Earnings
Total Capital
Total Liabilities
and Capital
Net Worth

$292,392
$2,442,3
92
$10,089,
114

$381,378
$2,823,7
70
$10,883,
420

$432,775
$3,256,5
45
$11,797,
616

$2,442,3
92

$2,823,7
70

$3,256,5
45

8.7 Business Ratios

Table: Ratios
Ratio Analysis
Sales Growth
Percent of Total Assets
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
Percent of Sales
Sales
Gross Margin
Selling, General &
Administrative Expenses
Advertising Expenses
Profit Before Interest and
Taxes
Main Ratios
Current
Quick

FY 2012

FY 2013

FY 2014

0.00%

5.00%

5.00%

Industry
Profile
0.00%

1.70%
0.99%
90.09%
9.91%
100.00%

1.65%
0.92%
90.81%
9.19%
100.00%

55.97%
19.82%
75.79%
24.21%

55.68%
18.38%
74.05%
25.95%

100.00%
44.44%
34.24%

100.00%
44.44%
31.77%

0.52%
26.20%

0.17%
27.48%

0.08%
28.21%

0.00%
0.00%

1.61
1.58

1.63
1.60

1.65
1.62

0.00
0.00

25

1.60%
0.00%
0.85% 100.00%
91.52% 100.00%
8.48%
0.00%
100.00% 100.00%
55.44%
16.95%
72.40%
27.60%

0.00%
0.00%
0.00%
100.00%

100.00% 100.00%
44.44%
0.00%
30.74%
0.00%

Total Debt to Total Assets

Pre-tax Return on Net
Worth
Pre-tax Return on Assets

75.79%
16.40%

74.05%
16.88%

72.40%
16.61%

0.00%
0.00%

3.97%

4.38%

4.59%

0.00%

Additional Ratios
Net Profit Margin
Return on Equity

FY 2012
10.21%
11.97%

FY 2013
12.68%
13.51%

FY 2014
13.70%
13.29%

Activity Ratios
Inventory Turnover
Accounts Payable
Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout

n.a
n.a

4.08
5.94

9.53
12.17

9.53
12.17

n.a
n.a

27
0.28

33
0.28

29
0.27

n.a
n.a

3.13
0.74

2.85
0.75

2.62
0.77

n.a
n.a

$3,442,3
92
2.14

$3,823,7
70
2.36

3.52
56%
1.58
1.17
0.00

3.62
56%
1.60
1.07
0.00

26

$4,256,5
45
2.55
3.73
55%
1.62
0.97
0.00

n.a
n.a
n.a
n.a
n.a
n.a
n.a

Appendix

Table: Sales Forecast

Sales
Forecast
Sales
Auto Repair
Jobs
Auto parts
Total Sales

Direct Cost
of Sales
Auto Repair
Jobs
Auto Parts
Subtotal
Direct Cost
of Sales

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

$80,
000

$84,
000

$88,
200

$92,
610

$97,
240

$10
0,00
0
$18
0,00
0

$10
5,00
0
$18
9,00
0

$11
0,25
0
$19
8,45
0

$11
5,76
2
$20
8,37
2

$12
1,55
0
$21
8,79
0

$10
2,10
2
$12
7,62
8
$22
9,73
0

$10
7,20
7
$13
4,00
9
$24
1,21
6

$11
2,56
7
$14
0,70
9
$25
3,27
6

$11
8,19
5
$14
7,74
4
$26
5,93
9

$12
4,10
5
$15
5,13
1
$27
9,23
6

$13
0,31
0
$16
2,88
8
$29
3,19
8

$13
6,82
6
$17
1,03
2
$30
7,85
8

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

$20,
000
$80,
000

$21,
000
$84,
000

$22,
050
$88,
200

$23,
152
$92,
610

$24,
310
$97,
240

$10
0,00
0

$10
5,00
0

$11
0,25
0

$11
5,76
2

$12
1,55
0

$25,
526
$10
2,10
2
$12
7,62
8

$26,
802
$10
7,20
7
$13
4,00
9

$28,
142
$11
2,56
7
$14
0,70
9

$29,
549
$11
8,19
5
$14
7,74
4

$31,
026
$12
4,10
5
$15
5,13
1

$32,
577
$13
0,31
0
$16
2,88
7

$34,
206
$13
6,82
6
$17
1,03
2

Page 1

Appendix

Table: Personnel
Person
nel
Plan
Mecha
nics
Consul
tant
Total
People
Total
Payroll

Nov
$25,
000
$10,
000
10

Dec
$25,
500
$10,
000
10

Jan
$26,
010
$10,
000
10

Feb
$26,
530
$10,
000
10

Mar
$27,
061
$10,
000
10

Apr
$27,
602
$10,
000
10

May
$28,
154
$10,
000
10

Jun
$28,
717
$10,
000
10

Jul
$29,
291
$10,
000
10

Aug
$29,
877
$10,
000
10

Sep
$30,
475
$10,
000
10

Oct
$31,
084
$10,
000
10

$35, $35, $36, $36, $37, $37, $38, $38, $39, $39, $40, $41,
000 500 010 530 061 602 154 717 291 877 475 084

Page 2

Appendix

Table: Profit and Loss

Pro Forma
Profit and Loss
Nov
$18
0,00
0
$10
0,00
0
$0

Dec
$18
9,00
0
$10
5,00
0
$0

Jan
$19
8,45
0
$11
0,25
0
$0

Feb
$20
8,37
2
$11
5,76
2
$0

Mar
$21
8,79
0
$12
1,55
0
$0

Apr
$22
9,73
0
$12
7,62
8
$0

May
$24
1,21
6
$13
4,00
9
$0

Jun
$25
3,27
6
$14
0,70
9
$0

Jul
$26
5,93
9
$14
7,74
4
$0

Aug
$27
9,23
6
$15
5,13
1
$0

Sep
$29
3,19
8
$16
2,88
7
$0

Oct
$30
7,85
8
$17
1,03
2
$0

$10
0,00
0

$10
5,00
0

$11
0,25
0

$11
5,76
2

$12
1,55
0

$12
7,62
8

$13
4,00
9

$14
0,70
9

$14
7,74
4

$15
5,13
1

$16
2,88
7

$17
1,03
2

Gross Margin

$80,
000

$84,
000

$88,
200

$92,
610

$97,
240

Gross Margin
%

44.4
4%

44.4
4%

44.4
4%

44.4
4%

44.4
4%

$10
2,10
2
44.4
4%

$10
7,20
7
44.4
4%

$11
2,56
7
44.4
4%

$11
8,19
5
44.4
4%

$12
4,10
5
44.4
4%

$13
0,31
1
44.4
4%

$13
6,82
6
44.4
4%

$35,
000
$5,0
00
$0
$2,0
00
$80
0

$35,
500
$5,0
00
$0
$2,0
40
$81
6

$36,
010
$5,0
00
$0
$2,0
81
$83
2

$36,
530
$0

$37,
061
$0

$37,
602
$0

$38,
154
$0

$38,
717
$0

$39,
291
$0

$39,
877
$0

$40,
475
$0

$41,
084
$0

$0
$2,1
23
$84
9

$0
$2,1
65
$86
6

$0
$2,2
08
$88
3

$0
$2,2
52
$90
1

$0
$2,2
97
$91
9

$0
$2,3
43
$93
7

$0
$2,3
90
$95
6

$0
$2,4
38
$97
5

$0
$2,4
87
$99
4

Sales
Direct Cost of
Sales
Other Costs of
Sales
Total Cost of
Sales

Expenses
Payroll
Marketing/Pro
motion
Depreciation
Machinery
General &
Administration

15
%
0
%

Page 3

Appendix
Expense
Marketing
Expense

$5,0
00

$5,0
00

$5,0
00

$0

$0

$0

$0

$0

$0

$0

$0

$0

Total
Operating
Expenses

$47,
800

$48,
356

$48,
923

$39,
502

$40,
092

$40,
693

$41,
307

$41,
933

$42,
571

$43,
223

$43,
888

$44,
565

Profit Before
Interest and
Taxes
EBITDA

$32,
200

$35,
644

$39,
277

$53,
108

$57,
148

$61,
409

$65,
900

$70,
634

$75,
624

$80,
882

$86,
423

$92,
261

$32,
200
$29,
167
$91
0

$35,
644
$29,
167
$1,9
43

$39,
277
$29,
167
$3,0
33

$53,
108
$29,
167
$7,1
82

$57,
148
$29,
167
$8,3
94

$61,
409
$29,
167
$9,6
73

$65,
900
$29,
167
$11,
020

$70,
634
$29,
167
$12,
440

$75,
624
$29,
167
$13,
937

$80,
882
$29,
167
$15,
515

$86,
423
$29,
167
$11,
451

$92,
261
$29,
167
$12,
619

$2,1
23
1.18
%

$4,5
34
2.40
%

$7,0
77
3.57
%

$16,
759
8.04
%

$19,
587
8.95
%

$22,
570
9.82
%

$25,
713
10.6
6%

$29,
027
11.4
6%

$32,
520
12.2
3%

$36,
201
12.9
6%

$45,
805
15.6
2%

$50,
475
16.4
0%

Interest
Expense
Taxes
Incurred
Net Profit
Net
Profit/Sales

0
%

Page 4

Appendix

Table: Cash Flow

Pro Forma Cash
Flow
Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Cash Received
Cash from
Operations
Cash Sales
Subtotal Cash
from Operations
Additional Cash
Received
Sales Tax, VAT,
HST/GST
Received
New Current
Borrowing
New Other
Liabilities
(interest-free)
New Long-term
Liabilities
Sales of Other
Current Assets
Sales of Longterm Assets
New Investment
Received
Subtotal Cash
Received

$180, $189, $198, $208, $218, $229, $241, $253, $265, $279, $293, $307,
000
000
450
372
790
730
216
276
939
236
198
858
$180, $189, $198, $208, $218, $229, $241, $253, $265, $279, $293, $307,
000
000
450
372
790
730
216
276
939
236
198
858

15. $27,0 $28,3 $29,7 $31,2 $32,8 $34,4 $36,1 $37,9 $39,8 $41,8 $43,9 $46,1
00
00
50
68
56
19
60
82
91
91
85
80
79
%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$200,
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
000
$407, $217, $228, $239, $251, $264, $277, $291, $305, $321, $337, $354,
000
350
218
628
609
190
398
267
830
121
178
037
Page 5

Appendix
Expenditures
Expenditures
from Operations
Cash Spending
Bill Payments
Subtotal Spent on
Operations
Additional Cash
Spent
Sales Tax, VAT,
HST/GST Paid Out
Principal
Repayment of
Current
Borrowing
Other Liabilities
Principal
Repayment
Long-term
Liabilities
Principal
Repayment
Purchase Other
Current Assets
Purchase Longterm Assets
Dividends
Subtotal Cash
Spent

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

$35,0 $35,5 $36,0 $36,5 $37,0 $37,6 $38,1 $38,7 $39,2 $39,8 $40,4 $41,0
00
00
10
30
61
02
54
17
91
77
75
84
$1,42 $42,9 $44,0 $44,9 $39,3 $40,6 $41,9 $46,5 $142, $201, $210, $215,
9
13
04
20
63
37
77
76
464
476
683
000
$36,4 $78,4 $80,0 $81,4 $76,4 $78,2 $80,1 $85,2 $181, $241, $251, $256,
29
13
14
50
24
39
31
93
755
353
158
084

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$36,4 $78,4 $80,0 $81,4 $76,4 $78,2 $80,1 $85,2 $181, $241, $251, $256,
29
13
14
50
24
39
31
93
755
353
158
084
Page 6

Appendix
Net Cash Flow
Cash Balance

$370, $138, $148, $158, $175, $185, $197, $205, $124, $79,7 $86,0 $97,9
571
937
203
178
184
951
267
974
075
69
20
53
$7,22 $7,35 $7,50 $7,66 $7,84 $8,02 $8,22 $8,43 $8,55 $8,63 $8,72 $8,81
0,571 9,508 7,711 5,889 1,073 7,024 4,291 0,265 4,340 4,109 0,129 8,082

Page 7

Appendix

Table: Balance Sheet

Pro Forma
Balance
Sheet
Assets

Current
Assets
Cash
Inventory
Other
Current
Assets
Total
Current
Assets
Long-term
Assets
Long-term
Assets
Accumulate
d
Depreciatio
n
Total Longterm Assets
Total Assets

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

$7,22
0,571
$900,
000
$100,
000

$7,35
9,508
$795,
000
$100,
000

$7,50
7,711
$684,
750
$100,
000

$7,66
5,889
$568,
988
$100,
000

$7,84
1,073
$447,
438
$100,
000

$8,02
7,024
$319,
810
$100,
000

$8,22
4,291
$185,
801
$100,
000

$8,43
0,265
$140,
709
$100,
000

$8,55
4,340
$147,
744
$100,
000

$8,63
4,109
$155,
131
$100,
000

$8,72
0,129
$162,
887
$100,
000

$8,81
8,082
$171,
032
$100,
000

$7,950, $8,22 $8,25 $8,29 $8,33 $8,38 $8,44 $8,51 $8,67 $8,80 $8,88 $8,98
000 0,571 4,508 2,461 4,877 8,511 6,834 0,092 0,974 2,084 9,240 3,016

$9,08
9,114

$1,000, $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00
000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

$1,00
0,000
$0

$1,000, $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00 $1,00
000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000
$8,950, $9,22 $9,25 $9,29 $9,33 $9,38 $9,44 $9,51 $9,67 $9,80 $9,88 $9,98

$1,00
0,000
$10,0

Starting
Balance
s

$6,850,
000
$1,000,
000
$100,0
00

Page 8

Appendix
000
Liabilities
and Capital

0,571 4,508 2,461 4,877 8,511 6,834 0,092 0,974 2,084 9,240 3,016

89,11
4

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

$41,4
47
$1,000, $1,00
000 0,000
$4,000, $4,02
000 7,000

$42,5
00
$1,00
0,000
$4,05
5,350

$43,6
09
$1,00
0,000
$4,08
5,118

$38,0
10
$1,00
0,000
$4,11
6,373

$39,2
39
$1,00
0,000
$4,14
9,192

$40,5
33
$1,00
0,000
$4,18
3,651

$41,8
95
$1,00
0,000
$4,21
9,834

$135,
759
$1,00
0,000
$4,25
7,825

$194,
457
$1,00
0,000
$4,29
7,716

$203,
527
$1,00
0,000
$4,33
9,601

$207,
518
$1,00
0,000
$4,38
3,581

$216,
962
$1,00
0,000
$4,42
9,760

$5,000, $5,06 $5,09 $5,12 $5,15 $5,18 $5,22 $5,26 $5,39 $5,49 $5,54 $5,59
000 8,447 7,850 8,727 4,384 8,431 4,184 1,729 3,584 2,173 3,128 1,099

$5,64
6,722

Long-term
Liabilities
Total
Liabilities

$2,000,
000
$7,000,
000

$2,00
0,000
$7,12
8,727

$2,00
0,000
$7,15
4,384

$2,00
0,000
$7,18
8,431

$2,00
0,000
$7,22
4,184

$2,00
0,000
$7,26
1,729

$2,00
0,000
$7,39
3,584

$2,00
0,000
$7,49
2,173

$2,00
0,000
$7,54
3,128

$2,00
0,000
$7,59
1,099

$2,00
0,000
$7,64
6,722

Paid-in
Capital
Retained
Earnings
Earnings

$2,000, $2,20 $2,20 $2,20

000 0,000 0,000 0,000
($50,00 ($50, ($50, ($50,
0) 000) 000) 000)
$0 $2,12 $6,65 $13,7
3
7
35
$1,950, $2,15 $2,15 $2,16
000 2,123 6,657 3,735
$8,950, $9,22 $9,25 $9,29
000 0,571 4,508 2,461

$2,20
0,000
($50,
000)
$30,4
94
$2,18
0,494
$9,33
4,877

$2,20
0,000
($50,
000)
$50,0
81
$2,20
0,081
$9,38
8,511

$2,20
0,000
($50,
000)
$72,6
50
$2,22
2,650
$9,44
6,834

$2,20
0,000
($50,
000)
$98,3
64
$2,24
8,364
$9,51
0,092

$2,20
0,000
($50,
000)
$127,
391
$2,27
7,391
$9,67
0,974

$2,20
0,000
($50,
000)
$159,
911
$2,30
9,911
$9,80
2,084

$2,20
0,000
($50,
000)
$196,
112
$2,34
6,112
$9,88
9,240

$2,20
0,000
($50,
000)
$241,
917
$2,39
1,917
$9,98
3,016

$2,20
0,000
($50,
000)
$292,
392
$2,44
2,392
$10,0
89,11
4

Current
Liabilities
Accounts
Payable
Current
Borrowing
Other
Current
Liabilities
Subtotal
Current
Liabilities

Total
Capital
Total
Liabilities
and Capital

$0

$2,00
0,000
$7,06
8,447

$2,00
0,000
$7,09
7,850

Page 9

Appendix
Net Worth

$1,950, $2,15 $2,15 $2,16 $2,18 $2,20 $2,22 $2,24 $2,27 $2,30 $2,34 $2,39
000 2,123 6,657 3,735 0,494 0,081 2,650 8,364 7,391 9,911 6,112 1,917

$2,44
2,392

Page 10