Eveliana Bakery

Chapter 1:Executive Summary

Chapter 2:Company Summary
Chapter 3:Products and Services
Chapter 4:Market Analysis
Chapter 5:Competitive Edge
Chapter 6:Financial Plan

Executive Summary

Eveliana is a dessert bar and bakery located in Bucharest,Romania.We can loosely be

described as a quick-service restaurant where customers sit around a bar and watch
their desserts being made. The show, as well as the dessert, is our main selling point.
Eveliana will hold true to its vision of being a new concept with an old fashioned feel
in order to become a favorite spot for Bucharest natives. As the reported national
leader in money spent in restaurants, Bucharest is an optimal location for launching a
new restaurant concept. Eveliana also hopes to become a destination for the
thousands of tourists, who visit BUCHAREST every year.
By creating a new niche in the restaurant industry, Eveliana will increase sales
by more than 145,000 over three years while maintaining a gross margin of
80%. Through a philosophy of "nothing but the best" regarding both product and
service, Eveliana will establish itself as an exceptional dessert bar in BUCHAREST.
We also will gain a competitive advantage in take out and catered desserts.
This plan outlines our company concept, philosophy and forecasted financials.
Eveliana will invest 300,000 to launch our business in June of this year.

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Eveliana

Chart: Highlights

Objectives
1. Attain sales of 166,000 in the first year.
2. Increase second year sales by 50% and third year by 30%.
3. Expand to two stores by the third year of business.
Mission
Eveliana is a hospitality company dedicated to providing high-quality desserts in a
comfortable atmosphere for clients who seek a fun "gourmet" experience outside
restaurants. We intend to make enough profit to generate a fair return for our
investors and to finance continued growth and development in quality products. We
also maintain a friendly, fair, and creative work environment, which respects diversity,
new ideas, and hard work.
Keys to Success
Dedication to the finest quality ingredients and "make it happen no matter what"
customer service.
Ongoing employee education and recognition programs.
Give back to the community.
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Eveliana

Company Summary
Eveliana is a dessert bar concept in Bucharest. It emphasizes handmade gourmet
desserts in a casual atmosphere. Watching your dessert be prepared right in front of
you is the unique selling point of our business.
Start-up Summary
Our start-up costs come to 300,000 which is mostly kitchen equipment, store
furnishings and construction, and starting inventory expenses associated with opening
our first store. The start-up costs are to be financed by inside investment. The
assumptions are shown in Table 1 and Illustration 2.

Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal
Office Supplies
Beginning Inventory
Sommelier consulting
Menus, etc
Insurance
Rent
Design & Construction
Research and Development
Furnishings
Expensed Equipment
Dishes, silverware, glassware, etc
Total Start-up Expenses
Start-up Assets
Cash Required
Start-up Inventory
Other Current Assets

1,000
2,000
5,000
500
1,000
500
5,000
125,000
1,000
10,000
125,000
5,000
281,000
19,000
0
0
Page 2

Eveliana

Long-term Assets
Total Assets
Total Requirements

0
19,000
300,000

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

281,000
19,000
300,000
0
19,000
0
19,000
19,000

Liabilities and Capital

Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities

0
0
0
0
0

Capital
Planned Investment
Investor 1
Other
Additional Investment Requirement
Total Planned Investment

300,000
0
0
300,000

Loss at Start-up (Start-up Expenses)

Total Capital

(281,000)
19,000
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Eveliana

Total Capital and Liabilities

Total Funding

19,000
300,000

Chart: Start-up

Products and Services

Eveliana sells gourmet desserts coupled with exceptional customer service in a
comforting atmosphere. Customers can dine-in and watch the chef create their
dessert. We also offer carry-out to prepare our desserts at home or have a special cake
for a celebration. And every month customers can join in the fun and take a cooking
class taught by a Cordon Bleu trained chef.
We will also offer special promotions such as After School Cookie Club. Moms will
be encouraged to bring in their children for milk and cookies they help prepare! Or
moms can come in with friends for some relaxing time away during our Tea Time.
And to promote Eveliana as a choice for celebrating, we will offer a large table that
can be reserved for parties.

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Eveliana

Chapter 4:Market Analysis Summary

Eveliana focuses on local markets, with a special focus on restaurant and ice cream
shop customers. BUCHAREST provides an excellent climate for our dessert bar as
households there spend more money dining out than anywhere else in the country.
Market Segmentation
Our market is divided into four different psychographics: Comfort Creatures,
Celebrators, Soccer Moms, and Gourmet Wanna-bes. They represent groups of people
sharing similar behavior patterns and reasons for patronizing Eveliana.

Chart: Market Analysis (Pie)

Table: Market Analysis

Market
Analysis
Year 1
Potential
Customers
Comfort
Creatures
Celebrators

Year 2

Year 3

Year 4

Year 5

Growth

CAGR

10%

5,000

5,500

6,050

6,655

7,321

10.00%

15%

5,000

5,750

6,613

7,605

8,746

15.00%
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Eveliana

Gourmet
Wanna-bes
Soccer Mom's
Total

15%

5,000

5,750

6,613

7,605

8,746

15.00%

10%
12.59%

5,000
20,000

5,500
22,500

6,050
25,326

6,655
28,520

7,321
32,134

10.00%
12.59%

Target Market Segment Strategy

We have specifically targeted segments of people with an appreciation for delicious
desserts and a need for comfort and relaxation. Eveliana is a haven for the busy &
successful who want to treat themselves to something soothing and a little sinful! It
doesn't take a lot of time, yet is so rewarding. These people will value the high quality
product presented without pretension. Our customers will also appreciate the fun and
fast service - whether celebrating a birthday or stopping in before a concert at the MCI
Center.
Competition and Buying Patterns
Although Eveliana is opening up a new niche in the restaurant industry, there is no
doubt that we are competing with a variety of similar businesses. We need to compete
against the ideas that dessert is something that only follows a special dinner and
needn't be any better than a frozen cake. We want every day to be a reason to
celebrate. And being able to watch your gourmet dessert be prepared by a chef is a
treat that appeals to everyone.
While price may be a factor when competing against Ice Cream and Coffee Shops,
these same consumers who are willing to pay five dollars for a latte or a scoop of ice
cream are already conscious of a better quality product. We believe they will be
equally as willing to spend a little extra for an extraordinary dessert in a warm and
friendly setting.
The comfort factor also plays an important role in consumer decisions about sweets.
Both the atmosphere and staff of Eveliana excel at warm & friendly. And the menu
will reflect "comfort food" desserts as opposed to intimidating desserts that resemble
architectural collosi. We will use the highest quality products; sometimes paring the
ordinary with the exotic, but we will always present our desserts in a unintimidating
manner.

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Eveliana

Competitive Edge
Our competitive edge is our unique niche in an old market. Although restaurants,
cafes, bakeries, ice cream shops, etc have an established position in the marketplace,
none are quite like Eveliana. We are offering the customers a completely new
experience and far higher quality product. No where else will they find a
professional chef preparing gourmet desserts right in front of them. The amazing
popularity of the Food Network is proof of the public's new-found interest in being a
spectator in the kitchen.
Marketing Strategy
Eveliana' marketing strategy will be education of the consumer and subsequent wordof-mouth. We will become known as a unique dining experience as well as a superior
pastry shop. Customers will be reached through fliers, newspaper advertisements and
special holiday promotions.
Location will also play a crucial role in marketing and promotion. The business will
be located in high-traffic retail area in Bucharest, BUCHAREST known as the BID.
Bucharest BUCHAREST's Business Improvement District offers many incentives to
businesses operating there. Additionally, there is the traffic that will come from being
located near the MCI Center.
Eveliana will target progressive and generally well-educated and affluent consumers
who are interested in trying new products and experiences and are dissatisfied with the
limited selection and lack of personal service found in grocery store bakeries,
neighborhood cafes and ice cream shops and area restaurants.
Sales Strategy
1. We need to sell the company as well as the product. Just as Starbucks
became synonymous with great coffee drinks, Eveliana will come to be known as a
gathering place with spectacular desserts.
2. We have to sell not only an amazing "show" as the desserts are created, but also an
above and beyond service team who are knowledgeable and friendly. People will
always feel welcome and at home at Eveliana.
The Yearly Total Sales chart summarizes our ambitious sales forecast.

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Eveliana

Sales Forecast
Our Sales Forecast shows modest estimates for the first year of operations beginning
in May of 2015. After establishing Eveliana as 'the' place for sweets and celebrations,
we project aggressive sales increases for the following years. In the second year of
operation we estimate sales increase of 30% and of 50% in the third year for desserts,
POP and carry-out. We are planning a 10% increase in Weekly Lesson fees each of
the two following years while keeping costs constant.
Our cost of sales is based on an average food cost of 20% for dine in desserts and 15%
for point of purchase items, carry-out and weekly lessons. We project a consistent
food cost percentage of these amounts for the following two years. Keeping food
costs low while sales increase is vital to the profitability of Eveliana.
Table: Sales Forecast
Sales Forecast
Sales
Dessert Sales
POP Sales
Carry Out
Weekly Lessons
Total Sales
Direct Cost of Sales
Dessert Sales
POP Sales
Carry Out
Weekly Lessons
Subtotal Direct Cost of Sales

Year 1

Year 2

Year 3

144,000
2,650
5,100
14,400
166,150

216,000
3,445
6,240
15,840
241,525

280,800
5,167
9,360
17,424
312,751

Year 1
28,800
398
765
2,160
32,123

Year 2
43,200
936
936
2,160
47,232

Year 3
56,160
775
1,404
2,160
60,499

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Eveliana

Chart: Sales Monthly

Chart: Sales by Year

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Eveliana

Milestones
Eveliana plans to be profitable within the first year of operation. Our goal is to
reinvest in the company and expand to three stores by the third year. From that point
we hope to establish partnerships with each store's chef; similar to Outback's
proprietor program. They will each invest in their store and be directly rewarded for
its profitability.
Management Summary
Eveliana will be slow to hire people in the first few years of operation, but very loyal
to those who are hired. Initially all employees will be part-time as the majority of the
work will be done by the chef-proprietor. As the company grows, new employees will
be trained and supervised by original employees who have been promoted to a
leadership position. It is our belief that employees who are dedicated to the success of
Eveliana should be rewarded. They will be leaders in our future store developments.
Personnel Plan
Our Personnel Plan begins at ground zero with the founder being the only employee.
Wendi James, the chef and proprietor, will initially serve as the only dessert bar chef,
as well as the store manager and the instructor for the weekly lessons. Being a
graduate of Le Cordon Bleu in Paris, France with experience in three five-star
restaurants she is well prepared for the jobs of chef and instructor. In addition, her
degree from the University of Illinois, C-U in Restaurant Management equally
prepares her for the managerial aspects of the business.
Evelianaintends to promote from within and reward the best employees with
leadership roles. Our opening employment goal is 4 with a goal to increase to 7 by the
end of the first year, 10 the second year and 12 the third year. We realize that this is
very aggressive staffing, but intend to hire culinary professionals who are used to the
demands of the restaurant business. By this hiring philosophy, we will be able to
operate with fewer, but more productive employees and reward them accordingly.
From that point we intend to increase the responsibilities of each employee as opposed
to hiring more people. Thereby rewarding those who have worked hard to establish
Evelianaas a superior dessert shop. These people will then be vital in our expansion as
we open new stores.
Table: Personnel

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Eveliana

Personnel Plan
Chef/Proprietor
Baker
Host
Dessert Bar Assistants
Dishwasher/Busser
Total People

Year 1
28,800
3,920
4,347
7,200
5,796
7

Year 2
31,680
4,312
4,347
7,920
5,760
10

Year 3
34,848
6,720
4,347
8,712
5,760
12

Total Payroll

50,063

54,019

60,387

Financial Plan
It is key to our financial success to grow Eveliana not just as a dessert bar, but as a
company. We are looking for an investment of 300,000 seed money with the hopes
of eventually selling an established chain of dessert bars or establishing our company
as a gourmet franchise. This means we must always be reinvesting in the future of
Eveliana.
Important Assumptions
The financial plan depends on important assumptions, most of which are shown in the
following table. The key underlying assumptions are:
We assume a slow-growth economy, without major recession.
We assume of course that there are no unforeseen changes in technology to make
products immediately obsolete.
We assume access to equity capital and financing sufficient to maintain our
financial plan as shown in the tables.
Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate

Year 1
1
10.00%
10.00%
30.00%

Year 2
2
10.00%
10.00%
30.00%

Year 3
3
10.00%
10.00%
30.00%
Page 11

Eveliana

Other

Break-even Analysis
For our break-even analysis, we assume running costs including our full payroll, rent,
and utilities, and an estimation of other running costs. Payroll alone, at our present run
rate, is only about 4,000.
Margins are harder to assume that far in the future.

Chart: Break-even Analysis

Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even

13,251

Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost

19%
10,689
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Eveliana

Projected Profit and Loss

An important assumption when calculating our P&L is the increase in sales from year
to year. We are basing our assumptions on the financial success of Finale Dessertery
in Bucharest. They reported a 50% increase in sales the second year of business
followed by a 30% increase the next year. We feel Eveliana can match, if not beat
those sales, considering the National Restaurant Association's analysis of the Bureau
of Labor Statistics Consumer Expenditure Survey states that Bucharest households
spend the most at restaurants per year.
It is also vital that we hold our food cost at 20% and 15% respectively for dine-in
desserts and POP, carry-out and weekly lessons. That will assure our gross margin
remains high.
Table: Profit and Loss
Pro Forma Profit and Loss
Sales
Direct Cost of Sales
Other Production Expenses
Total Cost of Sales

Year 1
166,150
32,123
0
32,123

Year 2
241,525
47,232
0
47,232

Year 3
312,751
60,499
0
60,499

Gross Margin
Gross Margin %

134,028
80.67%

194,293
80.44%

252,252
80.66%

50,063
2,300

54,019
2,500

60,387
2,500

0
0
6,000
2,400
60,000
7,509
0

0
0
6,000
2,400
60,000
8,103
0

0
0
6,000
2,400
60,000
9,058
0

Expenses
Payroll
Sales and Marketing and Other
Expenses
Depreciation
Leased Equipment
Utilities
Insurance
Rent
Payroll Taxes
Other

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Eveliana

Total Operating Expenses

128,272

133,022

140,345

Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred

5,755
5,755
0
1,727

61,271
61,271
0
18,381

111,907
111,907
0
33,572

Net Profit
Net Profit/Sales

4,029
2.42%

42,890
17.76%

78,335
25.05%

Chart: Profit Monthly

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Eveliana

Chart: Profit Yearly

Projected Cash Flow

Being a quick-service oriented business, our cash flow depends on sales assumptions.
It is critical to keep our food cost low. We also need to be careful to balance slow
(non-holiday) months with busy months with big holidays such as Christmas,
Valentine's Day and Mother's Day.
Table: Cash Flow
Pro Forma Cash Flow
Year 1

Year 2

Year 3

166,150
166,150

241,525
241,525

312,751
312,751

0
0
0
0

0
0
0
0

0
0
0
0

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

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Eveliana

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
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
166,150

0
0
0
241,525

0
0
0
312,751

Year 1

Year 2

Year 3

50,063
104,118
154,181

54,019
146,921
200,940

60,387
172,515
232,902

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
154,181

0
0
0
200,940

0
0
0
232,902

11,969
30,969

40,585
71,554

79,849
151,403

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Eveliana

Chart: Cash

7.5 Projected Balance Sheet

The balance sheet is quite solid. We do not project any real trouble meeting our debt
obligations - as long as we can achieve our specific objectives. We realize we've
projected aggressively, but are confident the location we've chosen for Eveliana, as
well as the dessert bar concept itself , will be very successful.
At this point we haven't included any assets or depreciation in our calculations.
Whether we purchase new or used kitchen equipment will determine those numbers at
a later date.
Table: Balance Sheet
Pro Forma Balance Sheet
Year 1

Year 2

Year 3

30,969
3,834
0
34,802

71,554
6,467
0
78,021

151,403
7,216
0
158,619

Assets
Current Assets
Cash
Inventory
Other Current Assets
Total Current Assets

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Eveliana

Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets

0
0
0
34,802

0
0
0
78,021

0
0
0
158,619

Year 1

Year 2

Year 3

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

11,774
0
0
11,774

12,103
0
0
12,103

14,365
0
0
14,365

Long-term Liabilities
Total Liabilities

0
11,774

0
12,103

0
14,365

300,000
(281,000)
4,029
23,029
34,802

300,000
(276,971)
42,890
65,918
78,021

300,000
(234,082)
78,335
144,253
158,619

23,029

65,918

144,253

Liabilities and Capital

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth

Page 18

Table: Sales Forecast

Sales
Forecast
Month
1
Sales
Dessert
Sales
POP
Sales
Carry
Out
Weekly
Lessons
Total
Sales
Direct
Cost of
Sales
Dessert
Sales
POP
Sales
Carry
Out
Weekly
Lessons

Month
2

Month
3

Month
4

Month
5

Month
6

Month
7

Mont
h8

Month
9

Mont
h 10

Month
11

Month
12

0% 12,000 12,000 12,000 12,000 12,000 12,000 16,000 8,000 12,000 8,000 12,000 16,000
0%

200

200

200

100

100

100

300

50

500

100

300

500

0%

300

300

300

300

300

500

1,000

200

700

200

500

500

0%

1,800

1,800

1,800

900

900

900

1,800

900

900

900

900

900

14,300 14,300 14,300 13,300 13,300 13,500 19,100 9,150 14,100 9,200 13,700 17,900
Month
1

Month
2

Month
3

Month
4

Month
5

Month
6

Month
7

Mont
h8

Month
9

Mont
h 10

Month
11

Month
12

2,400

2,400

2,400

2,400

2,400

2,400

3,200

1,600

2,400

1,600

2,400

3,200

30

30

30

15

15

15

45

75

15

45

75

45

45

45

45

45

75

150

30

105

30

75

75

270

270

270

135

135

135

270

135

135

135

135

135
Page 1

Subtotal
Direct
Cost of
Sales

2,745

2,745

2,745

2,595

2,595

2,625

3,665

1,773

2,715

1,780

2,655

3,485

Table: Personnel
Personnel Plan
Chef/Proprietor
Baker
Host
Dessert Bar
Assistants
Dishwasher/Busse
r
Total People
Total Payroll

0%
0%
0%
0%
0%

Mont Mont Mont Mont Mont Mont Mont Mont Mont Mont Mont Mont
h1
h2
h3
h4
h5
h6
h7
h8
h9
h 10
h 11
h 12
2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400
0
0
0
0
0
560
560
560
560
560
560
560
483
0
0
0
483
483
483
483
483
483
483
483
600
600
600
600
600
600
600
600
600
600
600
600
483

483

483

483

483

483

483

483

483

483

483

483

3,966 3,483 3,483 3,483 3,966 4,526 4,526 4,526 4,526 4,526 4,526 4,526

Page 2

Table: Profit and Loss

Pro Forma
Profit and
Loss
Month Month Month Month Month Month Month
1
2
3
4
5
6
7
14,300 14,300 14,300 13,300 13,300 13,500 19,100
2,745 2,745 2,745 2,595 2,595 2,625 3,665

Month Month
8
9
9,150 14,100
1,773 2,715

Month Month M
10
11
9,200 13,700 1
1,780 2,655 3

Total Cost
of Sales

2,745

3,665

1,773

2,715

1,780

2,655

Gross
Margin
Gross
Margin %

11,555 11,555 11,555 10,705 10,705 10,875 15,435

7,378

11,385

7,420

11,045 1

80.80% 80.80% 80.80% 80.49% 80.49% 80.56% 80.81% 80.63%

80.74% 80.65%

80.62% 80

3,966
1,000

4,526
0

4,526
0

Sales
Direct Cost
of Sales

Expenses
Payroll
Sales and
Marketing
and Other
Expenses

2,745

3,483
0

2,745

3,483
0

2,595

3,483
0

2,595

3,966
0

2,625

4,526
300

4,526
500

4,526
0

4,526
0

Page 3

Utilities
Insurance
Rent
Payroll
Taxes

500
200
5,000
595

500
200
5,000
522

500
200
5,000
522

500
200
5,000
522

500
200
5,000
595

11,261

9,705

9,705

9,705

10,261 11,205 11,405 10,905 10,905 10,905 10,905 1

Profit
Before
Interest and
Taxes
EBITDA
Taxes
Incurred

294

1,850

1,850

1,000

444

(330)

4,030

(3,527)

480

(3,485)

140

294
88

1,850
555

1,850
555

1,000
300

444
133

(330)
(99)

4,030
1,209

(3,527)
(1,058)

480
144

(3,485)
(1,045)

140
42

Net Profit
Net
Profit/Sales

206
1.44%

1,295
9.05%

1,295
9.05%

700
5.26%

311
2.34%

(231) 2,821 (2,469)

-1.71% 14.77% -26.99%

336
2.38%

(2,439)
-26.52%

98
0.72%

2
11

Total
Operating
Expenses

15%

500
200
5,000
679

500
200
5,000
679

500
200
5,000
679

500
200
5,000
679

500
200
5,000
679

500
200
5,000
679

Page 4

Table: Balance Sheet

Pro Forma
Balance
Sheet
Assets
Current
Assets
Cash
Inventory
Other
Current
Assets
Total
Current
Assets
Long-term
Assets
Long-term
Assets
Accumulated
Depreciation
Total Long-

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

19,000
0
0

28,896
3,020
0

26,686
3,020
0

27,981
3,020
0

28,294
2,855
0

28,674
2,855
0

28,617
2,888
0

33,831
4,032
0

25,811
2,259
0

19,000

31,915

29,705

31,000

31,149

31,528

31,505

37,863

28,070

Starting
Balances

Page 5

term Assets
Total Assets

19,000

31,915

29,705

31,000

31,149

31,528

31,505

37,863

28,070

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

12,709

9,205

9,205

8,654

8,722

8,930

12,467

5,143

12,709

9,205

9,205

8,654

8,722

8,930

12,467

5,143

12,709

9,205

9,205

8,654

8,722

8,930

12,467

5,143

Liabilities
and Capital
Current
Liabilities
Accounts
Payable
Current
Borrowing
Other
Current
Liabilities
Subtotal
Current
Liabilities
Long-term
Liabilities
Total
Liabilities

Paid-in
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 3
Capital
Retained
(281,000) (281,000) (281,000) (281,000) (281,000) (281,000) (281,000) (281,000) (281,000) (2
Earnings
Earnings
0
206
1,501
2,795
3,495
3,806
3,575
6,396
3,927
Total Capital
19,000
19,206
20,501
21,795
22,495
22,806
22,575
25,396
22,927

Total
19,000
31,915
29,705
31,000
31,149
31,528
31,505
37,863
28,070

Page 6

Liabilities
and Capital
Net Worth

19,000

19,206

20,501

21,795

22,495

22,806

22,575

25,396

22,927

Page 7