Side 4
JOTUl NORTH AMERICA, INC. STATEMENT OF INCOME AND RETAINED EARNINGS for the year ended December 31, 2016 Net revenue Cost of revenue Gross profit Operating costs: Distribution costs Sales commissions Manufacturing overhead Purchasing and logistics Warranty claims Selling, marketing and shipping General and administrative expenses Research and development Bad debt expense Depreciation and amortization expense Total operating costs Income from operations Other income (expense): Gain on sale of fixed assets Other nonoperating income/(expenses) Interest expense Total other income (expenses) Income before income taxes Provision for income taxes Net income Retained earnings, beginning of year Retained earnings, end of year The accompanying notes are an integral part of the financial statements. page 3 $ 21,214,712 11,782,668 9,432,044 898,877 913,829 1,471,972 523,277 140,310 1,463,465 1,503,361 542,191 11,000 616,433 8,084,715 1,347,329 11,193 (10,676) (134,785) {134,268) 1,213,061 368,006 845,055 2,137,381
Side 5
JOTUL NORTH AMERICA STATEMENT OF CASH FLOWS for the year ended December 31, 2016 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Gain on sale of fixed assets Deferred income taxes Changes In current assets and liabilities: Accounts receivable Inventories Other current assets Accounts payable and accrued expenses Income taxes payable Net cash provided by operating activities Cash flows from investing activities: Proceeds from sale of fixed assets Purchase of fixed assets Net cash used by investing activities Cash flows from financing activities: Net repayments on short-term borrowings Net advance from bank overdraft Net cash used by financing activities Net increase (decrease) in cash and cash equivalents Cash and equivalents, beginning of year Cash and equivalents, end of year Supplemental disclosures of cash flow information: Cash paid during the year for: Interest Income taxes $ 845,055 616,433 (11,193) 52,857 (490,475) (478,105) 52,529 306,164 111,322 1,004,587 29,000 (618,723) (589,723) (327,800) (154,588) (482,388) (67,524) 220,143 $ 152,619 $ 134,785 $ 256,078 The accompanying notes are an integral part of the financial statements. page 4
