Stage 7 (2023) “It’s Depreciation, Not Depression!”


This is an actual case study that was presented to the participants of the Financial Modeling World Cup 2023, Stage 7 (October 13-16).

Case description:

Your friend has recently founded a new high-tech manufacturing company, Garage Technologies Inc (GTI). She has tapped into her family’s savings and raised a round of investment, so now she has the required funds to invest into a small manufacturing facility in a fictional country of Accountia.

While your friend is fond of the new project and has lots of ideas about product quality and sales growth, she mentioned to you that accounting is something that gets her deeply depressed. Accountia is well known for its weird accounting rules. Different types of assets are depreciated through almost all the possible depreciation methods. Your friend has no clue on how to forecast depreciation of the company’s assets.

Fortunately, you are a well-known financial modeler in the country thanks to your recent success at local financial modeling and Excel Esports competitions. You have the right knowledge and you offer your friend a helping hand. This comes in handy, as your friend is about to present an updated version of the company’s financial model to investors and you agree to create the depreciation section of the model.

The downloadable file consists of the following:
Task: PDF file with Case Materials; PDF file with Questions; Excel file with Case Assumptions
Solution: Excel file with full Solution Model; PDF file with correct Answers in Bold