Financial Analysis and Projections of a Wine Company

This assignment provides a comprehensive financial analysis and projection of a wine company's performance over five years. It includes detailed financial statements, such as sales, gross profit, operating profit, and net profit, for each year. The projections are based on a specific template and follow the guidelines provided by Brigham & Michael (2013) and other relevant references. The assignment is suitable for students studying business accounting and finance, and it requires them to apply their knowledge of financial management concepts to a real-world scenario.

1
Financial Plan

2
Solution 18:
1: Currently there are sales orders from the firm in hand but it is expected that soon there be bull order from nearby firms who
organizes parties at multiples venue located in near locality.
2: The target customers are people living in nearby region, tourists, and customers who provide online orders.
Expected Sales to each category of people
Type of Customers Number of units sold
Frequenc
y
Tinhorn Creek Icewine Reif Estate Riesling Icewine
Customers in nearby region 1000 1000 Per month
Online orders 1500 1500 Per month
Tourists 750 750 Per month
3:
The growing demand of ice wine in the Canadian market is providing motivational factor for the manufactures to make it
popular across the world. Canada is having large production of ice wine and thus it can utilize its competency to boost its economic
growth and development. As such, the market of Thailand seems to have good potential for ice wine manufacturers and they can seek
to gain expansion in the respective market. This is because exports growth in the market of Thailand has increased by 5.2% in the year
2017 and thus there seems to be a large potential in the country for Canadian ice wine to be exported. Also, the manufactures can
easily do a partnership with local gent for distributing ice wine in Thailand as it is the most effective way for entering into Thai
market. Thus, the sales forecast of ice wine in the potential market of Thailand is predicted to be good (Consumer and Market
Insights: Wine in Thailand, 2016).
4:
Assumptions:
 Major Products Sold by the Canadian Ice Wine are Tinhorn Creek Vineyards Kerner Icewine Oldfield Series (Sales Price:
29.99$) and Reif Estate Riesling Icewine (Sales Price: 29.95) (Maclean, N. (2018).
 It is expected sales volume in each category of product will rise by 5 % each month in year 1 and 2.5% in each month in year 2
and 5% each quarter in year 3 to year 5.

3
 There is no increase in sales price over five years
 Variable cost is expected to remain 55% of the actual sales in year 1 and 50% in year 2 and thereafter.
 Fixed Cost every month is expected to cost $80000 in year 1 and year 2 and $ 125000 in year 3 to 5.
 Tax rate to be remain at 35% (Lumby & Jones, 2007)
Projected Profit and Loss Statement for year 1
Particular
s Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales
Volume
Tinhorn
Creek
Icewine 3250 3413 3583 3762 3950 4148 4355 4573 4802 5042 5294 5559
Reif Estate
Riesling
Icewine 3250 3413 3583 3762 3950 4148 4355 4573 4802 5042 5294 5559
Unit Price
Tinhorn
Creek
Icewine 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99
Reif Estate
Riesling
Icewine 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95
Sales By
Value
Tinhorn
Creek
Icewine 97468
10234
1
10745
8
11283
1
11847
2
12439
6
13061
6
13714
7
14400
4
15120
4
15876
4
16670
3
Reif Estate
Riesling
Icewine 97338
10220
4
10731
5
11268
0
11831
4
12423
0
13044
2
13696
4
14381
2
15100
2
15855
3
16648
0
Total
Sales
19480
5
20454
5
21477
3
22551
1
23678
7
24862
6
26105
7
27411
0
28781
6
30220
6
31731
7
33318
3

4
Less:
Variable
Cost
10714
3
11250
0
11812
5
12403
1
13023
3
13674
4
14358
2
15076
1
15829
9
16621
4
17452
4
18325
0
Gross
Profit 87662 92045 96648
10148
0
10655
4
11188
2
11747
6
12335
0
12951
7
13599
3
14279
3
14993
2
Fixed Cost 80000 80000 80000 80000 80000 80000 80000 80000 80000 80000 80000 80000
Profit
Before
Tax 7662 12045 16648 21480 26554 31882 37476 43350 49517 55993 62793 69932
Tax @
35% 2682 4216 5827 7518 9294 11159 13117 15172 17331 19598 21977 24476
Net Profit 4980 7829 10821 13962 17260 20723 24359 28177 32186 36395 40815 45456
Projected Profit and Loss Statement for year 2
Particular
s Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales
Volume
Tinhorn
Creek
Icewine 5698 5840 5986 6136 6289 6446 6607 6773 6942 7115 7293 7476
Reif Estate
Riesling
Icewine 5698 5840 5986 6136 6289 6446 6607 6773 6942 7115 7293 7476
Unit Price
Tinhorn
Creek
Icewine 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99 29.99
Reif Estate
Riesling
Icewine 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95 29.95
Sales By

5
Value
Tinhorn
Creek
Icewine
17087
0
17514
2
17952
0
18400
8
18860
9
19332
4
19815
7
20311
1
20818
9
21339
3
21872
8
22419
6
Reif Estate
Riesling
Icewine
17064
2
17490
8
17928
1
18376
3
18835
7
19306
6
19789
3
20284
0
20791
1
21310
9
21843
6
22389
7
Total
Sales
34151
2
35005
0
35880
1
36777
1
37696
6
38639
0
39604
9
40595
1
41609
9
42650
2
43716
5
44809
4
Less:
Variable
Cost
17075
6
17502
5
17940
1
18388
6
18848
3
19319
5
19802
5
20297
5
20805
0
21325
1
21858
2
22404
7
Gross
Profit
17075
6
17502
5
17940
1
18388
6
18848
3
19319
5
19802
5
20297
5
20805
0
21325
1
21858
2
22404
7
Fixed Cost 80000 80000 80000 80000 80000 80000 80000 80000 80000 80000 80000 80000
Profit
Before
Tax 90756 95025 99401
10388
6
10848
3
11319
5
11802
5
12297
5
12805
0
13325
1
13858
2
14404
7
Tax @
35% 31765 33259 34790 36360 37969 39618 41309 43041 44817 46638 48504 50416
Net Profit 58991 61766 64610 67526 70514 73577 76716 79934 83232 86613 90078 93630
Projected Profit and Loss Statement for year 3
Sales Volume Quarter1 Quarter2 Quarter3 Quarter4
Tinhorn Creek Icewine 23548 24726 25962 27260
Reif Estate Riesling
Icewine 23548 24726 25962 27260
Unit Price
Tinhorn Creek Icewine 29.99 29.99 29.99 29.99
Reif Estate Riesling
Icewine 29.95 29.95 29.95 29.95

6
Sales By Value
Tinhorn Creek Icewine 706218 741529 778606 817536
Reif Estate Riesling
Icewine 705277 740540 777567 816446
Total Sales 1411495 1482070 1556173 1633982
Less: Variable Cost 705747 741035 778087 816991
Gross Profit 705747 741035 778087 816991
Fixed Cost 375000 375000 375000 375000
Profit Before Tax 330747 366035 403087 441991
Tax @ 35% 115762 128112 141080 154697
Net Profit 214986 237923 262006 287294
Projected Profit and Loss Statement for year 4
Sales Volume Quarter1 Quarter2 Quarter3 Quarter4
Tinhorn Creek Icewine 28623 30054 31557 33135
Reif Estate Riesling
Icewine 28623 30054 31557 33135
Unit Price
Tinhorn Creek Icewine 29.99 29.99 29.99 29.99
Reif Estate Riesling
Icewine 29.95 29.95 29.95 29.95
Sales By Value
Tinhorn Creek Icewine 858413 901334 946400 993720
Reif Estate Riesling
Icewine 857268 900131 945138 992395
Total Sales 1715681 1801465 1891538 1986115
Less: Variable Cost 857840 900732 945769 993058
Gross Profit 857840 900732 945769 993058

7
Fixed Cost 375000 375000 375000 375000
Profit Before Tax 482840 525732 570769 618058
Tax @ 35% 168994 184006 199769 216320
Net Profit 313846 341726 371000 401737
Projected Profit and Loss Statement for year 5
Sales Volume Quarter1 Quarter2 Quarter3 Quarter4
Tinhorn Creek Icewine 34792 36531 38358 40276
Reif Estate Riesling
Icewine 34792 36531 38358 40276
Unit Price
Tinhorn Creek Icewine 29.99 29.99 29.99 29.99
Reif Estate Riesling
Icewine 29.95 29.95 29.95 29.95
Sales By Value
Tinhorn Creek Icewine 1043406 1095577 1150355 1207873
Reif Estate Riesling
Icewine 1042015 1094115 1148821 1206262
Total Sales 2085421 2189692 2299177 2414135
Less: Variable Cost 1042710 1094846 1149588 1207068
Gross Profit 1042710 1094846 1149588 1207068
Fixed Cost 375000 375000 375000 375000
Profit Before Tax 667710 719846 774588 832068
Tax @ 35% 233699 251946 271106 291224
Net Profit 434012 467900 503482 540844
5:

8
The potential success of Canadian Ice Wine in Thailand market can be supported with the venture of the company Wine
Garage that was created have a simple vision to help people to consume good quality of wine. The large success attributed by the
company at present is due to its unique products and the natural process used for creating the wine (Wine Garage, 2018). As such,
Canadian ice wine can also prove to be successful in Thailand market by providing unique taste products to the people of the country
having manufacture from natural processes.
6:
The market share of the Canadian Ice Wine will be assumed to remain at 10% to 15% as sales are in local region and at some
places of tourist interest (Consumer and Market Insights: Wine in Thailand, 2016).
Solution 19:
1:
Cash Flow Statement for the pre Trading period
Particulars Amount
Cost incurred in market research $ 7,500.00
Equipment Purchased $ 52,500.00
Website Development $ 12,500.00
Advertising $ 25,000.00
Furniture and Fitting $ 67,500.00
Legal expenses $ 6,250.00
Other expenses $ 6,750.00
Total $ 178,000.00
2:
Key Assumptions:
 It is assumed that all sales are made on cash basis
 It is assumed that all expenses variables and fixed are on cash basis
 Cash is collected in the same month and expenses are paid in same month
 Starting Cash at the start of month in year 1 is $5000.

9
 Tax has not been paid
Projected Cash Flow Statement Year 1
Particulars Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Starting cash
position $5,000 $12,662 $24,708 $41,355 $62,835 $89,389 $121,271 $158,747 $202,096 $251,613 $307,606 $370,399
Incoming
Cash sales
$194,80
5
$204,54
5
$214,77
3
$225,51
1
$236,78
7 $248,626 $261,057 $274,110 $287,816 $302,206 $317,317 $333,183
Total
$194,80
5
$204,54
5
$214,77
3
$225,51
1
$236,78
7 $248,626 $261,057 $274,110 $287,816 $302,206 $317,317 $333,183
Cash Outflow
Fixed costs $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
Variable costs
$107,14
3
$112,50
0
$118,12
5
$124,03
1
$130,23
3 $136,744 $143,582 $150,761 $158,299 $166,214 $174,524 $183,250
Total Cash
Outflow
$187,14
3
$192,50
0
$198,12
5
$204,03
1
$210,23
3 $216,744 $223,582 $230,761 $238,299 $246,214 $254,524 $263,250
Result
Change during
month $7,662 $12,045 $16,648 $21,480 $26,554 $31,882 $37,476 $43,350 $49,517 $55,993 $62,793 $69,932
Closing cash
position $12,662 $24,708 $41,355 $62,835 $89,389 $121,271 $158,747 $202,096 $251,613 $307,606 $370,399 $440,331
Projected Cash Flow Statement Year 2
Particulars Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Starting cash
position
$440,33
1
$531,08
7
$626,11
2
$725,51
3
$829,39
9 $937,881
$1,051,0
76
$1,169,1
01
$1,292,0
76
$1,420,1
26
$1,553,3
77
$1,691,9
59
Incoming
Cash sales
$341,51
2
$350,05
0
$358,80
1
$367,77
1
$376,96
6 $386,390 $396,049 $405,951 $416,099 $426,502 $437,165 $448,094
Total
$341,51
2
$350,05
0
$358,80
1
$367,77
1
$376,96
6 $386,390 $396,049 $405,951 $416,099 $426,502 $437,165 $448,094

10
Cash Outflow
Fixed costs $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
Variable costs
$170,75
6
$175,02
5
$179,40
1
$183,88
6
$188,48
3 $193,195 $198,025 $202,975 $208,050 $213,251 $218,582 $224,047
Total Cash
Outflow
$250,75
6
$255,02
5
$259,40
1
$263,88
6
$268,48
3 $273,195 $278,025 $282,975 $288,050 $293,251 $298,582 $304,047
Result
Change during
month $90,756 $95,025 $99,401
$103,88
6
$108,48
3 $113,195 $118,025 $122,975 $128,050 $133,251 $138,582 $144,047
Closing cash
position
$531,08
7
$626,11
2
$725,51
3
$829,39
9
$937,88
1
$1,051,0
76
$1,169,1
01
$1,292,0
76
$1,420,1
26
$1,553,3
77
$1,691,9
59
$1,836,0
06
(Davies & Crawford, 2011)
Projected Cash Flow Statement for year 3
Sales Volume Quarter1 Quarter2 Quarter3 Quarter4
Starting cash
position
$1,836,00
6
$2,166,75
4
$2,532,78
8
$2,935,87
5
Incoming
Cash sales
$1,411,49
5
$1,482,07
0
$1,556,17
3
$1,633,98
2
Total
$1,411,49
5
$1,482,07
0
$1,556,17
3
$1,633,98
2
Cash Outflow
Fixed costs $375,000 $375,000 $375,000 $375,000
Variable costs $705,747 $741,035 $778,087 $816,991
Total Cash
Outflow
$1,080,74
7
$1,116,03
5
$1,153,08
7
$1,191,99
1
Result
Change during
month $330,747 $366,035 $403,087 $441,991
Closing cash
position
$2,166,75
4
$2,532,78
8
$2,935,87
5
$3,377,86
6

11
Projected Cash Flow Statement for year 4
Sales Volume Quarter1 Quarter2 Quarter3 Quarter4
Starting cash
position
$3,377,86
6
$3,860,70
6
$4,386,43
9
$4,957,20
8
Incoming
Cash sales
$1,715,68
1
$1,801,46
5
$1,891,53
8
$1,986,11
5
Total
$1,715,68
1
$1,801,46
5
$1,891,53
8
$1,986,11
5
Cash Outflow
Fixed costs $375,000 $375,000 $375,000 $375,000
Variable costs $857,840 $900,732 $945,769 $993,058
Total Cash
Outflow
$1,232,84
0
$1,275,73
2
$1,320,76
9
$1,368,05
8
Result
Change during
month $482,840 $525,732 $570,769 $618,058
Closing cash
position
$3,860,70
6
$4,386,43
9
$4,957,20
8
$5,575,26
6
Projected Cash Flow Statement for year 5
Sales Volume Quarter1 Quarter2 Quarter3 Quarter4
Starting cash
position
$5,575,26
6
$6,242,97
6
$6,962,82
2
$7,737,41
0
Incoming
Cash sales
$2,085,42
1
$2,189,69
2
$2,299,17
7
$2,414,13
5
Total $2,085,42 $2,189,69 $2,299,17 $2,414,13

12
1 2 7 5
Cash Outflow
Fixed costs $375,000 $375,000 $375,000 $375,000
Variable costs
$1,042,71
0
$1,094,84
6
$1,149,58
8
$1,207,06
8
Total Cash
Outflow
$1,417,71
0
$1,469,84
6
$1,524,58
8
$1,582,06
8
Result
Change during
month $667,710 $719,846 $774,588 $832,068
Closing cash
position
$6,242,97
6
$6,962,82
2
$7,737,41
0
$8,569,47
8
(Damodaran, 2011)
Solution 20:
1:
Key Assumptions:
 Tax rate @35%
 There are no accrued expenses, no advance payment, unearned income and accrued income in each of year.
 Sales is realised as it was expected
 No change in expenses over the year
 Fixed Cost will not fluctuate
Income Statement for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 3,100,735.83 $ 4,711,349.99 $ 6,083,719.66 $ 7,394,799.27 $ 8,988,424.73
Less: Variable Cost $ 1,705,404.71 $ 2,355,675.00 $ 3,041,859.83 $ 3,697,399.63 $ 4,494,212.36
Gross Profit $ 1,395,331.12 $ 2,355,675.00 $ 3,041,859.83 $ 3,697,399.63 $ 4,494,212.36
Fixed Cost $ 960,000.00 $ 960,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
Profit Before Tax $ 435,331.12 $ 1,395,675.00 $ 1,541,859.83 $ 2,197,399.63 $ 2,994,212.36

13
Tax @ 35% $ 152,365.89 $ 488,486.25 $ 539,650.94 $ 769,089.87 $ 1,047,974.33
Net Profit $ 282,965.23 $ 907,188.75 $ 1,002,208.89 $ 1,428,309.76 $ 1,946,238.04
(Bromwich & Bhimani, 2005)
2:
Four Line Summary for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 3,100,735.83 $ 4,711,349.99 $ 6,083,719.66 $ 7,394,799.27 $ 8,988,424.73
Gross Profit $ 1,395,331.12 $ 2,355,675.00 $ 3,041,859.83 $ 3,697,399.63 $ 4,494,212.36
Operating Profit $ 435,331.12 $ 1,395,675.00 $ 1,541,859.83 $ 2,197,399.63 $ 2,994,212.36
Profit Before Tax $ 435,331.12 $ 1,395,675.00 $ 1,541,859.83 $ 2,197,399.63 $ 2,994,212.36
3: Sensitivity Analysis
When Sales decrease 10%
Income Statement for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 2,790,662.25 $ 4,240,214.99 $ 5,475,347.69 $ 6,655,319.34 $ 8,089,582.26
Less: Variable Cost $ 1,534,864.24 $ 2,120,107.50 $ 2,737,673.85 $ 3,327,659.67 $ 4,044,791.13
Gross Profit $ 1,255,798.01 $ 2,120,107.50 $ 2,737,673.85 $ 3,327,659.67 $ 4,044,791.13
Fixed Cost $ 960,000.00 $ 960,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
Profit Before Tax $ 295,798.01 $ 1,160,107.50 $ 1,237,673.85 $ 1,827,659.67 $ 2,544,791.13
Tax @ 35% $ 103,529.30 $ 406,037.62 $ 433,185.85 $ 639,680.88 $ 890,676.89
Net Profit $ 192,268.71 $ 754,069.87 $ 804,488.00 $ 1,187,978.79 $ 1,654,114.23

14
Four Line Summary for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 2,790,662.25 $ 4,240,214.99 $ 5,475,347.69 $ 6,655,319.34 $ 8,089,582.26
Gross Profit $ 1,255,798.01 $ 2,120,107.50 $ 2,737,673.85 $ 3,327,659.67 $ 4,044,791.13
Operating Profit $ 295,798.01 $ 1,160,107.50 $ 1,237,673.85 $ 1,827,659.67 $ 2,544,791.13
Profit Before Tax $ 295,798.01 $ 1,160,107.50 $ 1,237,673.85 $ 1,827,659.67 $ 2,544,791.13
When Fixed Cost increase 20 %
Income Statement for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 3,100,735.83 $ 4,711,349.99 $ 6,083,719.66 $ 7,394,799.27 $ 8,988,424.73
Less: Variable Cost $ 1,705,404.71 $ 2,355,675.00 $ 3,041,859.83 $ 3,697,399.63 $ 4,494,212.36
Gross Profit $ 1,395,331.12 $ 2,355,675.00 $ 3,041,859.83 $ 3,697,399.63 $ 4,494,212.36
Fixed Cost $ 1,152,000.00 $ 1,152,000.00 $ 1,800,000.00 $ 1,800,000.00 $ 1,800,000.00
Profit Before Tax $ 243,331.12 $ 1,203,675.00 $ 1,241,859.83 $ 1,897,399.63 $ 2,694,212.36
Tax @ 35% $ 85,165.89 $ 421,286.25 $ 434,650.94 $ 664,089.87 $ 942,974.33
Net Profit $ 158,165.23 $ 782,388.75 $ 807,208.89 $ 1,233,309.76 $ 1,751,238.04
Four Line Summary for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 3,100,735.83 $ 4,711,349.99 $ 6,083,719.66 $ 7,394,799.27 $ 8,988,424.73

15
Gross Profit $ 1,395,331.12 $ 2,355,675.00 $ 3,041,859.83 $ 3,697,399.63 $ 4,494,212.36
Operating Profit $ 243,331.12 $ 1,203,675.00 $ 1,241,859.83 $ 1,897,399.63 $ 2,694,212.36
Profit Before Tax $ 243,331.12 $ 1,203,675.00 $ 1,241,859.83 $ 1,897,399.63 $ 2,694,212.36
When cost of goods 15 %
Income Statement for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 3,100,735.83 $ 4,711,349.99 $ 6,083,719.66 $ 7,394,799.27 $ 8,988,424.73
Less: Variable Cost $ 1,961,215.41 $ 2,709,026.25 $ 3,498,138.80 $ 4,252,009.58 $ 5,168,344.22
Gross Profit $ 1,139,520.42 $ 2,002,323.75 $ 2,585,580.86 $ 3,142,789.69 $ 3,820,080.51
Fixed Cost $ 960,000.00 $ 960,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 1,500,000.00
Profit Before Tax $ 179,520.42 $ 1,042,323.75 $ 1,085,580.86 $ 1,642,789.69 $ 2,320,080.51
Tax @ 35% $ 62,832.15 $ 364,813.31 $ 379,953.30 $ 574,976.39 $ 812,028.18
Net Profit $ 116,688.27 $ 677,510.44 $ 705,627.56 $ 1,067,813.30 $ 1,508,052.33
Four Line Summary for Five Years
Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Sales $ 3,100,735.83 $ 4,711,349.99 $ 6,083,719.66 $ 7,394,799.27 $ 8,988,424.73
Gross Profit $ 1,139,520.42 $ 2,002,323.75 $ 2,585,580.86 $ 3,142,789.69 $ 3,820,080.51
Operating Profit $ 179,520.42 $ 1,042,323.75 $ 1,085,580.86 $ 1,642,789.69 $ 2,320,080.51
Profit Before Tax $ 179,520.42 $ 1,042,323.75 $ 1,085,580.86 $ 1,642,789.69 $ 2,320,080.51
(Brigham & Michael, 2013)

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References
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