ICELAND

STATEMENT OF FINANCIAL PERFORMANCE

FIVE YEARS PROJECTION
(In Philippine Currency)
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
1,728,000.00 2,304,000.00 2,937,600.00 3,369,600.00 3,830,400.00
Sales
LESS: Operating Expense
Permits and Licenses (6,835.46) (7,519.01) (8,270.91) (9,098.00) (10,007.80)
Utilities Expense (94,280.95) (105,702.24) (126,886.00) (144,276.36) (163,780.08)
Consumable Supplies (72,000.00) (90,000.00) (108,000.00) (117,000.00) (126,000.00)
Ice Tube Equipment (10,400.00) (2,400.00) (2,400.00) (2,400.00) (4,400.00)
Rent Expense (144,000.00) (144,000.00) (144,000.00) (144,000.00) (144,000.00)
Office Supplies (20,944.75) (18,246.00) (19,992.00) (22,832.00) (25,610.00)
Uniform Allowance (7,040.00) (6,940.00) (6,940.00) (12,960.00) (12,960.00)
Maintenance Expense (4,175.00) (4,325.00) (4,625.00) (4,625.00) (4,625.00)
Advertising Expense (2,500.00) (1,750.00) (1,250.00) (1,100.00) (950.00)
Renovation Expense (5,000.00) - - - -
Gas and Oil Expense (35,280.00) (50,716.00) (53,040.00) (63,000.00) (73,680.00)
Repair and Maintenance - (3,800.00) (8,800.00) (12,600.00) (13,600.00)
Percentage Tax (51,840.00) - - - -
Value Added Tax - (245,650.10) (316,887.17) (364,300.73) (414,627.35)
Salaries Expense (538,688.60) (564,494.19) (601,266.14) (809,484.54) (827,184.57)
Philhealth (7,050.00) (7,200.00) (7,650.00) (10,350.00) (10,500.00)
SSS (39,778.80) (41,548.80) (44,199.60) (60,110.40) (59,668.80)
HDMF (6,000.00) (6,000.00) (6,000.00) (8,400.00) (8,400.00)
13th month pay (44,890.71) (47,041.19) (50,105.50) (67,457.05) (68,932.05)
Depreciation Expense-Service Vehicle (12,500.00) (12,500.00) (12,500.00) (12,500.00) (12,500.00)
Depreciation Expense-Office Equipment (3,244.40) (3,244.40) (3,244.40) (3,244.40) (3,244.40)
Depreciation Expense-Furnitures & (2,600.00) (2,600.00) (2,600.00) (2,600.00) (2,600.00)
Fixtures
Depreciation Expense-Machineries (89,923.33) (89,923.33) (89,923.33) (89,923.33) (89,923.33)
Total Operating Expense (1,198,972.00) (1,455,600.26) (1,618,580.05) (1,962,261.81) (2,077,193.38)
EBIT 529,028.00 848,399.74 1,319,019.95 1,407,338.19 1,753,206.62
LESS:
INCOME TAX (30%) (158,708.40) (254,519.92) (395,705.99) (422,201.46) (525,961.99)
NET INCOME 370,319.60 593,879.82 923,313.96 985,136.73 1,227,244.63

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 ICELAND
STATEMENT OF CASHFLOW
FIVE YEARS PROJECTION
(In Philippine Currency)
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Cash Flow From Operating Activities
Cash Receipts from Customers 1,728,000.00 2,304,000.00 2,937,600.00 3,369,600.00 3,830,400.00
Payment to Employees:
Salaries Expense (490,077.83) (559,256.33) (594,992.03) (787,921.51) (821,304.62)
SSS (36,463.90) (43,036.40) (45,686.00) (60,601.20) (62,085.40)
Philhealth (6,462.50) (7,775.00) (8,276.00) (10,762.50) (11,350.00)
HDMF (5,500.00) (6,500.00) (6,500.00) (8,700.00) (9,100.00)
13th month pay (44,890.71) (47,041.19) (50,105.50) (67,457.05) (68,932.05)
Payment for Office Supplies (21,696.75) (18,724.00) (20,778.00) (23,557.00) (26,047.00)
Payment for Permit and Licenses (6,835.46) (7,519.01) (8,270.91) (9,098.00) (10,007.80)
Payment for Advertisement (2,500.00) (1,750.00) (1,250.00) (1,100.00) (950.00)
Payment for Maintenance (4,175.00) (4,325.00) (4,625.00) (4,625.00) (4,625.00)
Payment for Repair And Maintenance - (3,800.00) (8,800.00) (12,600.00) (13,600.00)
Payment For Gas And Oil (35,280.00) (50,716.00) (53,040.00) (63,000.00) (73,680.00)
Payment for Consumable (75,000.00) (91,875.00) (109,500.00) (118,125.00) (126,750.00)
Payment for Uniform Allowance (7,040.00) (6,940.00) (6,940.00) (12,960.00) (12,960.00)
Payment for Utilities (94,280.95) (105,702.24) (126,886.00) (144,276.36) (163,780.08)
Payment for Ice tube Equipment (10,400.00) (2,400.00) (2,400.00) (2,400.00) (4,400.00)
Payment for Rent (156,000.00) (144,000.00) (144,000.00) (144,000.00) (144,000.00)
Payment for Renovation (5,000.00) - - - -
Payment for Percentage tax (47,520.00) (4,320.00) - - -
Payment for VAT - (225,179.26) (310,950.75) (360,349.60) (412,266.79)
Payment for Income Tax - (158,708.40) (254,519.92) (395,705.99) (422,201.46)
Net Cash Outflow From Operating Activities 678,876.90 814,432.17 1,180,079.89 1,142,360.79 1,442,359.80

Cash flow From Investing Activities

Payment to Acquire Furnitures and Fixtures (13,000.00) - - - -

Paymnet to Acquire Office Equipment (16,222.00) - - - -

Payment to Acquire Service Vehicle (125,000.00) - - - -
Payment to Acquire Machineries (1,059,400.00) - - - -
Net Cash Outflow From Investing Activities (1,213,622.00) - - - -

67
 Cash Flow From Financing Activities
Cash Received by Investment of Partners
Patricia Inna Dizon 200,000.00 - - - -
Mae Ebalobor 200,000.00 - - - -
Bea Fernandez 200,000.00 - - - -
Kristine Kaye Lacasandile 200,000.00 - - - -
Imee Legaspi 200,000.00 - - - -
Berlyn Mariano 200,000.00 - - - -
Lalaine Tolentino 200,000.00 - - - -
Net Cash Flow From Financing Activities 1,400,000.00 - - - -

Net Increase in Cash 865,254.90 814,432.17 1,180,079.89 1,142,360.79 1,442,359.80

Cash at the beginning of the year - 585,254.9 1,091,687.07 1,932,966.96 2,702,647.75

Total 865,254.90 1,399,687.07 2,271,766.96 3,075,327.75 4,145,007.55

LESS: Cash Withdrawals by partners
Withdrawals of Patricia Inna Dizon
(40,000.00) (44,000.00) (48,400.00) (53,240.00) (58,564.00)
Withdrawals of Mae Ebalobor
(40,000.00) (44,000.00) (48,400.00) (53,240.00) (58,564.00)
Withdrawals of Bea Fernandez
(40,000.00) (44,000.00) (48,400.00) (53,240.00) (58,564.00)
Withdrawals of Kristine Kaye Lacasandile
(40,000.00) (44,000.00) (48,400.00) (53,240.00) (58,564.00)
Withdrawals of Imee Legaspi
(40,000.00) (44,000.00) (48,400.00) (53,240.00) (58,564.00)

Withdrawals of Berlyn Mariano

(40,000.00) (44,000.00) (48,400.00) (53,240.00) (58,564.00)

Withdrawals of Lalaine Tolentino

(40,000.00) (44,000.00) (48,400.00) (53,240.00) (58,564.00)

Total Withdrawals:
(280,000.00) (308,000.00) (338,800.00) (372,680.00) (409,948.00)
Ending Cash Balance
585,254.90 1,091,687.07 1,932,966.96 2,702,647.75 3,735,059.55

68
 ICELAND
STATEMENT OF FINANCIAL POSITION
FIVE YEARS PROJECTION
(In Philippine Currency)

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

ASSETS
Current Assets
Cash 585,254.90 1,091,687.07 1,932,966.96 2,702,647.75 3,735,059.55
Prepaid Rent 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00
Office Supplies 752.00 1,230.00 2,016.00 2,741.00 3,178.00
Consumable Supplies 3,000.00 4,875.00 6,375.00 7,500.00 8,250.00
Total Current Assets 601,006.9 1,109,792.07 1,953,357.96 2,724,888.75 3,758,487.55
Non-Current Assets
Ice Tube Machineries 1,059,400.00 1,059,400.00 1,059,400.00 1,059,400.00 1,059,400.00
Accumulated Depreciation-Ice tube Machineries (89,923.33) (179,846.66) (269,769.99) (359,693.32) (449,616.65)
Office Equipment 16,222.00 16,222.00 16,222.00 16,222.00 16,222.00
Accumulated Depreciation-Office Equipment (3,244.40) (6,488.80) (9,733.20) (12,977.60) (16,222.00)
Service Vehicle 125,000.00 125,000.00 125,000.00 125,000.00 125,000.00
Accumulated Depreciation-Service Vehicle (12,500.00) (25,000.00) (37,500.00) (50,000.00) (62,500.00)
Furnitures and Fixtures 13,000.00 13,000.00 13,000.00 13,000.00 13,000.00
Accumulated Depreciation-Funitures and Fixtures (2,600.00) (5,200.00) (7,800.00) (10,400.00) (13,000.00)
Total Non-Current Assets 1,105,354.27 997,086.54 888,818.81 780,551.08 672,283.35
TOTAL ASSETS 1,706,361.17 2,106,878.61 2,842,176.77 3,505,439.83 4,430,770.98
Liabilities and Owner’s Equity
Liabilities
Salaries Payable 44,890.71 47,041.19 50,105.50 67,457.05 68,932.05
SSS Contribution Payable 4,950.00 5,170.00 5,500.00 7,389.00 7,425.00
PhilHealth Contribution Payable 1,175.00 1,263.50 1,275.00 1,725.00 1,750.00
HDMF ContributionPayable 1000.00 1,000.00 1,000.00 1,400.00 1,400.00
Withholding Tax Payable 997.38 1,213.75 1,469.21 1,738.45 2,115.83
Income Tax Payable 158,708.40 254,519.92 395,705.99 422,201.46 525,961.99
Percentage Tax payable 4,320.00 - - - -
VAT Payable - 20,470.84 26,407.26 30,358.39 34,718.95

Total Liabilities 216,041.49 330,678.70 481,462.96 532,269.35 642,303.82

69
 Partner's Capital
Patricia Inna Dizon 252,902.80 297,742.77 385,644.74 477,978.56 599,773.51
Mae Ebalobor 252,902.80 297,742.77 385,644.74 477,978.56 599,773.51
Sonlyn Bea Fernandez 252,902.80 297,742.77 385,644.74 477,978.56 599,773.51
Kristine Kaye Lacasandile 252,902.80 297,742.77 385,644.74 477,978.56 599,773.51
Imee Legaspi 252,902.80 297,742.77 385,644.74 477,978.56 599,773.51
Berlyn Mariano 252,902.80 297,742.77 385,644.74 477,978.56 599,773.51
Lalaine Tolentino 252,902.80 297,742.77 385,644.74 477,978.56 599,773.51
PARTNERS' CAPITAL 1,770,319.60 2,084,199.42 2,699,513.18 3,345,849.91 4,198,414.54

LESS: Withdrawals (280,000.00) (308,000.00) (338,800.00) (372,680.00) (409,948.00)

Total Partners' Capital 1,490,319.60 1,776,199.22 2,360,713.18 2,973,169.91 3,788,466.54
TOTAL LIABILITIES
AND PARTNERS' CAPITAL 1,706,361.17 2,106,878.61 2,842,176.77 3,505,439.83 4,430,770.98

70
 ICELAND
Statement of Changes In Partners' Equity
For the Year Ended December 30, 2016

Dizon Ebalobor Fernandez Lacasandile Legaspi Mariano Tolentino Total

Partners' Capital 200,000.00 200,000.00 200,000.00 1,400,000.00
200,000.00 200,000.00 200,000.00 200,000.00
Add: Profit 52,902.80 370,319.60
52,902.80 52,902.80 52,902.80 52,902.80 52,902.80 52,902.80
Total 252,902.80 252,902.80 1,770,319.80
252,902.80 258,086.80 252,902.80 252,902.80 252,902.80
Less: Withdrawal 40,000.00 280,000.00
40,000.00 40,000.00 40,000.00 40,000.00 40,000.00 40,000.00
Total Partners' Equity 212,902.80 1,490,319.60
212,902.80 212,902.80 212,902.80 212,902.80 212,902.80 212,902.80

ICELAND
Statement of Changes In Partners' Equity
For the Year Ended December 30, 2017

Dizon Ebalobor Fernandez Lacasandile Legaspi Mariano Tolentino Total

Partners' Capital 212,902.80 212,902.80 1,490,319.60

212,902.80 212,902.80 212,902.80 212,902.80 212,902.80
Add: Profit 84,839.97 84,839.97 84,839.97 84,839.97 84,839.97 593,879.82
84,839.97 84,839.97
Total 297,742.77
297,742.77 297,742.77 297,742.77 297,742.77 297,742.77 297,742.77 2,084,199.42
Less: Withdrawal 44,000.00 308,000.00
44,000.00 44,000.00 44,000.00 44,000.00 44,000.00 44,000.00
Total Partners' Equity 253,742.77 1,776,199.22
253,742.77 253,742.77 253,742.77 253,742.77 253,742.77 253,742.77

71
 ICELAND
Statement of Changes In Partners' Equity
For the Year Ended December 30, 2018

Dizon Ebalobor Fernandez Lacasandile Legaspi Mariano Tolentino Total

Partners' Capital 253,742.77 253,742.77 1,776,199.22
253,742.77 253,742.77 253,742.77 253,742.77 253,742.77
Add: Profit 131,901.99 131,901.99 131,901.99 923,313.96
131,901.99 131,901.99 131,901.99 131,901.99
Total 385,644.74 385,644.74 2,699,513.18
385,644.74 385,644.74 385,644.74 385,644.74 385,644.74
Less: Withdrawal 48,400.00 48,400.00 338,800.00
48,400.00 48,400.00 48,400.00 48,400.00 48,400.00
Total Partners'
337,244.74 337,244.74 2,360,713.18
Equity 337,244.74 337,244.74 337,244.74 337,244.74 337,244.74

ICELAND
Statement of Changes In Partners' Equity
For the Year Ended December 30, 2019

Dizon Ebalobor Fernandez Lacasandile Legaspi Mariano Tolentino Total

Partners' Capital 337,244.74 337,244.74 337,244.74 2,360,713.18

337,244.74 337,244.74 337,244.74 337,244.74
Add: Profit 140,733.82 140,733.82 140,733.82 985,136.73
140,733.82 140,733.82 140,733.82 140,733.82
Total 477,978.56 3,345,849.91
477,978.56 477,978.56 477,978.56 477,978.56 477,978.56 477,978.56
Less: Withdrawal 53,240.00 53,240.00 372,680.00
53,240.00 53,240.00 53,240.00 53,240.00 53,240.00
Total Partners'
424,738.56 424,738.56 2,973,169.91
Equity 424,738.56 424,738.56 424,738.56 424,738.56 424,738.56

72
 ICELAND
Statement of Changes In Partners' Equity
For the Year Ended December 30, 2020

Dizon Ebalobor Fernandez Lacasandile Legaspi Mariano Tolentino Total

Partners' Capital 424,738.56 2,973,169.91
424,738.56 424,738.56 424,738.56 424,738.56 424,738.56 424,738.56
Add: Profit 170,821.86 1,227,244.63
175,320.66 170,821.86 170,821.86 170,821.86 170,821.86 170,821.86
Total 599,773.51 4,198,414.54
599,773.51 599,773.51 599,773.51 599,773.51 599,773.51 599,773.51
Less: Withdrawal 58,564.00 409,948.00
58,564.00 58,564.00 58,564.00 58,564.00 58,564.00 58,564.00
Total Partners'
541,209.51 3,788,466.54
Equity 541,209.51 541,209.51 541,209.51 541,209.51 541,209.51 541,209.51

73
 ICELAND

FINANCIAL RATIO ANALYSIS

2016 2017 2018 2019 2020

Current Assets 601,006.90 1,109,792.07 1,953,357.96 2,724,888.75 358,487.55
Current Liabilities 216,041.49 330,678.70 481,462.96 532,269.35 642,343.82

CURRENT RATIO 2.78 3.36 4.06 5.12 5.85

Total Liabilities 216,041.49 330,678.70 481,462.96 532,269.35 642,303.82

Total Assets 1,706,361.17 2,106,878.61 2,842,176.77 3,505,439.83 4,430,770.98

DEBT RATIO 12.66% 15.70% 16.94% 15.18% 14.50%

Net Income 370,319.60 503,879.82 923,313.96 985,136.73 1,227,224.63

Sales 1,728,000 2,304,000 2,937,600 3,336,600 3,830,400

NET PROFIT MARGIN 21.43% 25.90% 31.40% 29.24% 32.04%

Sales 1,728,000 2,304,000 2,304,000 2,304,000 2,304,000

Total Assets 1,706,361.17 2,106,878.61 2,842,176.77 3,505,439.83 4,430,770.98

TOTAL ASSET
TURNOVER 1.01 1.09 1.03 0.96 0.86

Quick Assets 585,254.90 1,091,687.07 1,932,966.96 2,702,647.75 3,735,059.55

Current Liabilities 216,041.49 330,678.70 481,462.96 532,269.35 642,303.82

74
Quick Ratio 2.71 2.30 4.01 5.08 5.82
Partners' Equity 1,490,319.60 1,776,199.22 2,360,713.18 2,973,169.91 3,788,466.54
Total Asset 1,706,361.17 2,106,878.61 2,842,176.77 3,505,439.83 4,430,770.98

EQUITY RATIO 0.87 0.84 0.83 0.85 0.86

Net Income 370,319.60 503,879.82 923,313.96 985,136.73 1,227,224.63

Total Asset 1,706,361.17 2,106,878.61 2,842,176.77 3,505,439.83 4,430,770.98

RETURN ON ASSETS 0.22 0.23 0.32 0.28 0.27

Net Income 370,319.60 503,879.82 923,313.96 985,136.73 1,227,224.63

Total Investment 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000

RETURN ON
INVESTMENTS 0.26 0.35 0.66 0.7 0.86

75