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Date: 20 08 08

Gypsum Board (Drywall) Production

Financial Feasibility Study

Prepared by:
Ahmad Tubeileh
Corporate Finance Specialist
Mobile: 00962 79 6899911

Disclaimer
The information presented in this study has been obtained from related parties which
believed to be reliable. It makes no guarantee, representation or warranty as to its accuracy
or completeness and accepts no responsibility or liability in respect thereof or for any
reliance placed by any person on such information.

Index
Assumptions
Market Analysis
Capital Expenditures
Project Financing
Depreciation
Production & Revenues
Bill of Materials (BOM)
Manufacturing Expenses
General & Administrative Expenses
Employees
Profit & Loss Statement
Balance Sheet Statement
Cash Flow Statement
Cost of Capital
Financial Summary
Financial Ratios
Sensitivity Analysis
Scenarios Analysis
Break-Even Analysis

Assumptions

Index

1)

All the values are presented in Jordanian Dinars (JOD)

2)

All Inputs are in BLUE font.

3)

Market Analysis Assumptions: Current Consumption (Tons) = 17,000, forecasted growth rates (2008 - 2010) = 15.0% and for the remaining years is 8.0%

4)

The construction & preparation stage for the factory is assumed to be in Year 2008

5)

Project initial investment = 3.98 Million JOD

6)

The project will be financed through a Debt to Equity Ratio of (0/100)

7)

Loan Information: Interest Rate = 8%, Debt Term = 5 yrs

8)

The applied depreciation rates are according to the Jordanian Accounting Laws

9)

The production capicity for the factory is 30,137 (Tons)

10) Two range of products were considered with different specifications (Product (1): 2.80m*1.20m*0.009m ,Product (2): 2.80m*1.20m*0.012m)
11) The production will be segmented 20%/80%, while the selling prices are assumed to be 5.25 JOD and 6.00 JOD for product 1 & 2 respectively.
12) All the production quantities is assumed to be sold
13) The production efficiency varies over the projection period to equal the targeted sold quantities
14) Selling and Distribution Expenses are assumed 0.4% as a percentage of Revenues.
15) The Financial Model disregard the export sales
16) Income Tax Rate: 15.0%
17) Woking Capital Assumptions: Accounts Receivable (30 Days), Raw Materials Inventory (30 Days) and Accounts Payable (45 Days)
18) Cost of Equity: calculated by using the CAPM model; assuming the Risk Free Rate (10Yrs US T.Bond) = 3.8%, Equity Risk Premium = 5.0% and the Country Risk Premium for Jordan = 3.2%
19) Terminal growth rate is assumed @ 3.0%
20) Financial Summary: two methods are used to calculate the capital budgeting indicators ==> Un-levered Free Cash Flow and Free Cash Flow to Equity
21) Terminal Value is calculated by using the Gordon Model

Market Analysis

Valuation Window
IRR
28.90%
NPV
4,469,724

All Values in JOD


All Inputs in BLUE Font

Estimated Current Market Consumption (Tons)


Selling Price (JOD)/ Ton
Estimated Growth Rates:
2008
2011
2014

MKT Consumption (Tons)


MKT Value (JOD)
New Factory Assumptions:
First Operating Year

Estimated Market Share


Estimated Sales (Tons)
Estimated Sales (JOD)

Index

Avg Selling Prices for GB


Weight KG/Sqm

17,000
166.65

==> 1 GB Sqm

3.36
1.00
10.0
1,000

15.0%
8.0%
5.0%
2008
19,550
3,257,995

2009
22,483
3,746,694

2010
25,855
4,308,698

2011
27,923
4,653,394

2012
30,157
5,025,665

5.625 JOD/GB
10.05
sqm
sqm
KG
KG

5.63
1.67
1.67
166.65

2013
32,570
5,427,719

2014
34,198
5,699,105

2009
2009
35%
7,869
1,311,343

2010
60%
15,513
2,585,219

2011
75%
20,942
3,490,045

2012
75%
22,618
3,769,249

2013
75%
24,427
4,070,789

2014
75%
25,649
4,274,328

2015
75%
26,931
4,488,045

JOD
JOD
JOD
JOD
2015
35,908
5,984,060

2.8 * 1.2 * 0.009


2.8 * 1.2 * 0.012
2.98
3.36

7.00
8.00
8.90
10.05

75%
5.25
6.00

Capital Expenditures

Index

Valuation Window
IRR
28.90%
NPV
4,469,724

All Values in JOD


All Inputs in BLUE Font

First: Capital Expenditures (Summary)


Machines & Equipment
Land
Building
Vehicles
Office Equipment & Furniture
Working Capital
Contingencies
Total Capital Expenditures

7.00%

JOD
757,000
1,300,000
1,269,300
90,000
140,000
172,841
248,941
3,978,082

Second: Capital Expenditures (Details)


1) Land
Land Area (Sqm)
Land Cost (JOD/Sqm)
Total Land Cost

2) Building
Hanger
Offices
Asphalt
Concrete
Hedge
Gates
Water, Electricity & Other Installations
Total Building Cost
3) Machines & Equipment
Equipment & Machines
Supportive Equipment
Pre-Operating Expenses
Total Machines & Equipment Cost
4) Vehicles
Total Vehicles Cost

20,000
65
1,300,000
Unit
2
M
2
M
2
M
2
M
M
#
-

500,000
207,000
50,000
757,000

90,000

Area
10,000
300
6,000
10,000
600
5
-

JOD/Unit
98
300
5
15
3
500
15,000

Total Cost
980,000
90,000
30,000
150,000
1,800
2,500
15,000
1,269,300

5) Office Equipments & Furniture


Furniture
Computer & Printers
Phone System
Conditions
Miscellaneous
Total Office Equipments & Furniture

50,000
50,000
5,000
10,000
25,000
140,000

Third: Additional Capital Expenditures


Description:
Machines & Equipment
Vehicles
Office Equipment & Furniture
Total Additional CAPEX

2009

2010
0
0
0
0

0
0
2,000
2,000

2011
0
30,000
2,000
32,000

2012
0
0
2,000
2,000

2013
0
30,000
2,000
32,000

2014
0
0
2,000
2,000

2015
0
0
2,000
2,000

Project Financing

Index

Valuation Window
IRR
28.90%
NPV
4,469,724

All Values in JOD


All Inputs in BLUE Font
Equity Financing
Debt Financing
Total

100%
0%
100%

Debt Schedule
Debt Amount
Debt Terms (Yrs)
Interest Rate

3,978,082
0
3,978,082

0
5.00
8.00%
2008

2009

2010

2011

2012

2013

2014

2015

Beg, Balance
Less: Repayment
End, Balance

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Interest Expense

0
0
172,841
3,805,241
0
3,978,082
0

34,735
173,173
19,994
0
0

507,540
173,398
106,105
2,000
0

809,677
177,073
60,984
32,000
0

873,380
178,498
28,876
2,000
0

936,709
182,173
26,152
32,000
0

952,810
183,598
21,894
2,000
0

971,819
172,398
23,131
2,000
0

187,915

572,833

893,766

1,021,003

1,060,730

1,112,514

1,119,086

Beg, Balance
Add: Cash Deficit
Less: Repayment
End, Balance

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

Interest Expense

Total Interest Expense

Bank Overdraft
Net Income
Add: Depreciation
Less: Additions to Working Capital
Less: Capital Expenditures
Less: Loan Installments
Add: Financing
Cash Surplus (Deficit)

Depreciation

Index

All Values in JOD


All Inputs in BLUE Font

==> Before Operations


Description
Machines & Equipment
Building
Vehicles
Office Equipment & Furniture
Contingencies
Total Depreciation

Amount
757,000
1,269,300
90,000
140,000
248,941
2,505,241

Rate
10%
3%
15%
15%
10%

2009
75,700
38,079
13,500
21,000
24,894
173,173

2010
75,700
38,079
13,500
21,000
24,894
173,173

2011
75,700
38,079
13,500
21,000
24,894
173,173

2012
75,700
38,079
13,500
21,000
24,894
173,173

2013
75,700
38,079
13,500
21,000
24,894
173,173

2014
75,700
38,079
13,500
21,000
24,894
173,173

2015
75,700
38,079
9,000
14,000
24,894
161,673

2009

2010

2011

2012

2013

2014

2015

Total
529,900
266,553
90,000
140,000
174,259
1,200,712

NBV
227,100
1,002,747
0
0
74,682
1,304,529

Total

NBV

==> After Operations

Machines & Equipment

2009
2010
2011
2012
2013
2014
2015

0
0
0
0
0
0
0

Total Depreciation

0
0

0
0
0

0
0
0
0

0
0
0
0
0

0
0
0
0
0
0

2009

Vehicles

2009
2010
2011
2012
2013
2014
2015

0
0
30,000
0
30,000
0
0

Total Depreciation

2010

Office Equipment & Furniture

Total Depreciation

0
2,000
2,000
2,000
2,000
2,000
2,000

2012

2013

2014

0
0

0
0
3,375

0
0
4,500
0

0
0
4,500
0
3,375

0
0
4,500
0
4,500
0

3,375

4,500

7,875

9,000

2009
2009
2010
2011
2012
2013
2014
2015

2011

2010

2011

2012

2013

2014

0
225

0
300
225

0
300
300
225

0
300
300
300
225

0
300
300
300
300
225

225

525

825

1,125

1,425

0
0
0
0
0
0
0
0
2015
0
0
4,500
0
4,500
0
0
9,000
2015
0
300
300
300
300
300
225
1,725

0
0
0
0
0
0
0
0
Total
0
0
21,375
0
12,375
0
0
33,750
Total
0
1,725
1,425
1,125
825
525
225
5,850

0
0
0
0
0
0
0
0
NBV
0
0
8,625
0
17,625
0
0
26,250
NBV
0
275
575
875
1,175
1,475
1,775
6,150

Production & Revenues

Index

Valuation Window
IRR
28.90%
NPV
4,469,724

All Values in JOD


All Inputs in BLUE Font

Production Capacity:
==> in Tons

3,000,000 Sq m
30,137

Expected Sales from MKT Analysis Sheet (Tons)


Waste
7.0%
Total Production
% of Capacity
No. of shifts
Range of Products:
Product (1): 2.80m*1.20m*0.009m
Product (2): 2.80m*1.20m*0.012m
==> in Quantity:
Product (1): 2.80m*1.20m*0.009m
Product (2): 2.80m*1.20m*0.012m
Selling Prices/GB:
Product (1): 2.80m*1.20m*0.009m
Product (2): 2.80m*1.20m*0.012m

Total Revenues

Production Equation:
Production (KG)/Hr
Hrs/Day
Efficiency
Daily Production (KG)
Days/Year
Annual Production (KG)
Annual Production (Ton)
No. of Shifts Required

2009
7,869
551
8,420
27.9%
1.00

2010
15,513
1,086
16,599
55.1%
2.00

2011
20,942
1,466
22,408
74.4%
3.00

2012
22,618
1,583
24,201
80.3%
3.00

2013
24,427
1,710
26,137
86.7%
3.00

2014
25,649
1,795
27,444
91.1%
3.00

2015
26,931
1,885
28,816
95.6%
3.00

20%
80%

20%
80%

20%
80%

20%
80%

20%
80%

20%
80%

20%
80%

46,626
186,502
5.25
6.00

1,363,797

2009
4,186
24
27.9%
28,066
300
8,419,696
8,420
1.0

91,919
367,676
5.25
6.00

124,091
496,362
5.25
6.00

134,018
536,071
5.25
6.00

144,739
578,957
5.25
6.00

151,976
607,904
5.25
6.00

159,575
638,300
5.25
6.00

2,688,628

3,629,647

3,920,019

4,233,621

4,445,302

4,667,567

2010
4,186
24
55.1%
55,329
300
16,598,830
16,599
2.0

2011
4,186
24
74.4%
74,695
300
22,408,420
22,408
3.0

2012
4,186
24
80.3%
80,670
300
24,201,094
24,201
3.0

2013
4,186
24
86.7%
87,124
300
26,137,181
26,137
3.0

2014
4,186
24
91.1%
91,480
300
27,444,040
27,444
3.0

2015
4,186
24
95.6%
96,054
300
28,816,242
28,816
3.0

0%
0%

Bill Of Materials (BOM)


IRR
NPV

All Values in JOD


All Inputs in BLUE Font

Valuation Window
28.90%
4,469,724

BOM Summary:
Description:
GB Liner
Gypsum Plaster
Water
Modified Starch
Foaming Agent
White Latex
Electricity
Diesel

Index

2009
UNIT
KG
KG
KG
KG
KG
KG
KW/Hr
Liter

Q
385,734
7,133,541
4,148,469
45,218
10,699
5,913
320,976
230,877

2010
JOD
3,086
428,012
1,245
2,713
642
3,548
128,390
133,332
700,967

Q
760,447
14,063,267
8,178,409
89,144
21,093
11,656
632,780
455,158

JOD
617
67,574
196
429
101
710
20,272
25,366
115,265

Q
152,089
2,220,282
1,291,094
14,099
3,330
2,331
99,913
86,591

JOD
2,469
360,439
1,048
2,284
541
2,838
108,118
107,966
585,702

Q
608,357
11,842,985
6,887,315
75,046
17,762
9,325
532,868
368,567

2011
JOD
6,084
843,796
2,454
5,349
1,266
6,994
253,112
262,854
1,381,907

Q
1,026,603
18,985,411
11,040,853
120,345
28,475
15,736
854,254
614,463

JOD
1,217
133,217
387
846
200
1,399
39,965
50,006
227,237

Q
205,321
2,997,381
1,742,977
19,033
4,496
3,147
134,882
116,898

JOD
4,867
710,579
2,066
4,503
1,066
5,595
213,147
212,847
1,154,670

Q
821,282
15,988,030
9,297,876
101,311
23,979
12,589
719,371
497,565

JOD
8,213
1,139,125
3,312
7,221
1,709
9,442
341,701
354,852
1,865,575

Product (1): 2.80m*1.20m*0.009m


2009
Raw Material
GB Liner
Gypsum Plaster
Water
Modified Starch
Foaming Agent
White Latex
Electricity
Diesel
Total RM Cost

Consumption
1.546
22.575
13.127
0.143
0.034
0.024
1.016
0.880

Unit
KG
KG
KG
KG
KG
KG
KW/Hr
Liter

Cost
0.0080
0.0600
0.0003
0.0600
0.0600
0.6000
0.4000
0.5775

Total Cost
0.0124
1.3545
0.0039
0.0086
0.0020
0.0142
0.4063
0.5084
2.3104

Q
77,147
1,126,230
654,903
7,152
1,689
1,183
50,680
43,923

Unit
KG
KG
KG
KG
KG
KG
KW/Hr
Liter

Cost
0.0080
0.0600
0.0003
0.0600
0.0600
0.6000
0.4000
0.5775

Total Cost
0.0124
1.8062
0.0053
0.0114
0.0027
0.0142
0.5418
0.5410
2.9350

Q
308,587
6,007,311
3,493,566
38,067
9,010
4,730
270,295
186,954

2010

2011
JOD
1,643
179,843
523
1,142
270
1,888
53,953
67,509
306,770

Product (2): 2.80m*1.20m*0.012m


2009
Raw Material
GB Liner
Gypsum Plaster
Water
Modified Starch
Foaming Agent
White Latex
Electricity
Diesel
Total RM Cost

Consumption
1.546
30.103
17.507
0.191
0.045
0.024
1.354
0.937

2010

2011
JOD
6,570
959,282
2,789
6,079
1,439
7,553
287,749
287,344
1,558,805

Bill Of Materials (BOM)


IRR
NPV

All Values in JOD


All Inputs in BLUE Font

Valuation Window
28.90%
4,469,724

BOM Summary:
Description:
GB Liner
Gypsum Plaster
Water
Modified Starch
Foaming Agent
White Latex
Electricity
Diesel

2012
UNIT
KG
KG
KG
KG
KG
KG
KW/Hr
Liter

Q
1,108,731
20,504,244
11,924,121
129,972
30,753
16,995
922,594
663,620

2013
JOD
8,870
1,230,255
3,577
7,798
1,845
10,197
369,038
383,241
2,014,821

Q
1,197,430
22,144,583
12,878,051
140,370
33,213
18,355
996,401
716,710

JOD
1,774
194,230
565
1,233
291
2,039
58,269
72,909
331,311

Q
239,486
3,496,145
2,033,008
22,201
5,244
3,671
157,327
136,350

JOD
7,096
1,036,024
3,013
6,565
1,554
8,158
310,768
310,331
1,683,509

Q
957,944
18,648,438
10,845,042
118,170
27,969
14,684
839,075
580,360

2014
JOD
9,579
1,328,675
3,863
8,422
1,993
11,013
398,561
413,900
2,176,006

Q
1,257,301
23,251,813
13,521,953
147,389
34,874
19,273
1,046,221
752,545

JOD
1,916
209,769
610
1,332
315
2,203
62,931
78,742
357,816

Q
251,460
3,670,952
2,134,659
23,311
5,506
3,855
165,193
143,167

JOD
7,664
1,118,906
3,254
7,090
1,678
8,810
335,630
335,158
1,818,190

Q
1,005,841
19,580,860
11,387,294
124,078
29,368
15,418
881,029
609,378

2015
JOD
10,058
1,395,109
4,057
8,843
2,092
11,564
418,489
434,595
2,284,806

Q
1,320,166
24,414,403
14,198,051
154,758
36,618
20,236
1,098,533
790,173

JOD
2,012
220,257
640
1,399
330
2,313
66,077
82,679
375,707

Q
264,033
3,854,500
2,241,392
24,476
5,782
4,047
173,453
150,326

JOD
8,047
1,174,852
3,416
7,445
1,762
9,251
352,411
351,916
1,909,099

Q
1,056,133
20,559,903
11,956,659
130,282
30,836
16,189
925,080
639,847

JOD
10,561
1,464,864
4,259
9,285
2,197
12,142
439,413
456,325
2,399,047

Product (1): 2.80m*1.20m*0.009m


2012
Raw Material
GB Liner
Gypsum Plaster
Water
Modified Starch
Foaming Agent
White Latex
Electricity
Diesel
Total RM Cost

Consumption
1.546
22.575
13.127
0.143
0.034
0.024
1.016
0.880

Unit
KG
KG
KG
KG
KG
KG
KW/Hr
Liter

Cost
0.0080
0.0600
0.0003
0.0600
0.0600
0.6000
0.4000
0.5775

Total Cost
0.0124
1.3545
0.0039
0.0086
0.0020
0.0142
0.4063
0.5084
2.3104

Q
221,746
3,237,171
1,882,415
20,556
4,856
3,399
145,673
126,250

Unit
KG
KG
KG
KG
KG
KG
KW/Hr
Liter

Cost
0.0080
0.0600
0.0003
0.0600
0.0600
0.6000
0.4000
0.5775

Total Cost
0.0124
1.8062
0.0053
0.0114
0.0027
0.0142
0.5418
0.5410
2.9350

Q
886,985
17,267,073
10,041,706
109,416
25,897
13,596
776,921
537,370

2013

2014

2015
JOD
2,112
231,270
672
1,469
347
2,428
69,381
86,813
394,492

Product (2): 2.80m*1.20m*0.012m


2012
Raw Material
GB Liner
Gypsum Plaster
Water
Modified Starch
Foaming Agent
White Latex
Electricity
Diesel
Total RM Cost

Consumption
1.546
30.103
17.507
0.191
0.045
0.024
1.354
0.937

2013

2014

2015
JOD
8,449
1,233,594
3,587
7,817
1,850
9,713
370,032
369,512
2,004,554

Manufacturing Expenses

Index

Valuation Window
IRR
28.90%
NPV
4,469,724

All Values in JOD


All Inputs in BLUE Font
Annual Increase
10%
Increase @ 2 shifts
15%
Increase @ 3 shifts
25%
Note: Please check the affected items by the number of shifts/day

2009
Maintenance & repair

2.00%

2010

10,582

2011

14,814

2012

19,047

2013

23,279

2014

29,628

2015

38,093

50,791

Hospitality

1,500

1,650

1,815

1,997

2,196

2,416

2,657

FALSE

Cleaning material

6,000

6,900

8,625

10,781

13,477

16,846

21,057

TRUE

FALSE

Fuel

9,000

10,350

12,938

16,172

20,215

25,269

31,586

TRUE

Clothing

2,000

2,200

2,420

2,662

2,928

3,221

3,543

FALSE

Car expenses

9,000

10,350

12,938

16,172

20,215

25,269

31,586

TRUE

Stationary

1,500

1,650

1,815

1,997

2,196

2,416

2,657

FALSE

Insurance policy

5,000

6,000

7,000

8,500

10,000

10,000

10,000

Bus rent expense

12,000

13,800

17,250

21,563

26,953

33,691

42,114

Others

10,000

11,000

12,100

13,310

14,641

16,105

17,716 FALSE

Transportation

Total Manufacturing Expenses

66,582

78,714

95,947

116,432

142,449

173,325

213,707

TRUE

General & Administrative Expenses

Index

Valuation Window
IRR
28.90%
NPV
4,469,724

All Values in JOD


All Inputs in BLUE Font

Annual Increase

10%

==> Description:
Maintenance Expenses
Printing & Stationery Expenses
Postage,Tel. , & Fax Expenses
Electricity Expenses
Traveling Expenses
Cleaning Expenses
Bad Debts
0.30%
Transportation Expenses
Legal & Professional Consultancy
Computer Expenses
Hospitality Expenses
Training Expenses
Audit Fees
Government Expenses
Miscellaneous
Total General & Administrative Expenses

2009
1,945
3,500
3,000
5,000
6,000
1,500
4,091
1,500
2,000
2,400
1,200
1,500
1,500
1,000
5,000
41,136

2010
2,723
3,850
3,300
5,500
6,600
1,650
8,066
1,650
2,200
2,640
1,320
1,650
1,500
1,100
5,500
49,248

2011
3,500
4,235
3,630
6,050
7,260
1,815
10,889
1,815
2,420
2,904
1,452
1,815
1,500
1,210
6,050
56,545

2012
4,278
4,659
3,993
6,655
7,986
1,997
11,760
1,997
2,662
3,194
1,597
1,997
1,500
1,331
6,655
62,260

2013
5,445
5,124
4,392
7,321
8,785
2,196
12,701
2,196
2,928
3,514
1,757
2,196
1,500
1,464
7,321
68,840

2014
7,001
5,637
4,832
8,053
9,663
2,416
13,336
2,416
3,221
3,865
1,933
2,416
1,500
1,611
8,053
75,950

2015
9,335
6,200
5,315
8,858
10,629
2,657
14,003
2,657
3,543
4,252
2,126
2,657
1,500
1,772
8,858
84,362

Employees

Index

All Values in JOD


All Inputs in BLUE Font
Annual Increase
Benefits

Valuation Window
IRR
28.90%
NPV
4,469,724

8.0%
25.0%

1) Direct Employees
Title
General Labor

==> No of Shifts
Annual Salary
Total Direct Labor Cost

No.
10

Monthly
Salary
220

Benefits
55

Total
275

Total
Annual
33,000

2009

2010

2011

2012

2013

1.00
33,000
33,000

2.00
35,640
71,280

3.00
38,491
115,474

3.00
41,570
124,711

3.00
44,896
134,688

2014
3.00
48,488
145,463

2015
3.00
52,367
157,101

2) Administrative Employees
Title
General Manger
Production Manager
Sales & Marketing Manager
Financial Manager
Maintenance Manager
Accounting Manager
IT Manager
Human Recourses Manager
Quality Control Manager
Quality Control & IT Engineer
Export Sales Executives
Local Sales Executives
Public Relation Manager
Accountants
Administrators
Secretary
Driver
Janitor
Guards
Total

No.
1
1
1
1
1
1
1
1
1
2
1
2
1
2
2
2
3
3
2
29

Administrative Employees

2009
303,300

Monthly
Salary
3,000
1,400
1,200
1,300
1,200
1,300
1,000
950
1,000
800
1,000
650
500
400
350
250
220
150
180

2010
327,564

Benefits
750
350
300
325
300
325
250
238
250
200
250
163
125
100
88
63
55
38
45

2011
353,769

Total
3,750
1,750
1,500
1,625
1,500
1,625
1,250
1,188
1,250
1,000
1,250
813
625
500
438
313
275
188
225

2012
382,071

Total
Annual
45,000
21,000
18,000
19,500
18,000
19,500
15,000
14,250
15,000
24,000
15,000
19,500
7,500
12,000
10,500
7,500
9,900
6,750
5,400
303,300
2013
412,636

2014
445,647

2015
481,299

Profit & Loss Statement

Index

All Values in JOD


All Inputs in BLUE Font

2008

Valuation Window
IRR
28.90%
NPV
4,469,724

Total Revenues

2009
1,363,797

Less:
Raw Materials Used in Production
Depreciation
Manufacturing Expenses
Employees Expenses
Cost of Goods Sold

0
0
0
0
0

700,967
152,173
66,582
33,000
952,722

1,381,907
152,173
78,714
71,280
1,684,074

1,865,575
155,548
95,947
115,474
2,232,543

2,014,821
156,673
116,432
124,711
2,412,637

2,176,006
160,048
142,449
134,688
2,613,192

2,284,806
161,173
173,325
145,463
2,764,768

2,399,047
156,673
213,707
157,101
2,926,528

411,075

1,004,553

1,397,104

1,507,382

1,620,429

1,680,533

1,741,039

30.1%

37.4%

38.5%

38.5%

38.3%

37.8%

37.3%

0
0
0
0
0

41,136
4,773
21,000
303,300
370,209

49,248
9,410
21,225
327,564
407,448

56,545
12,704
21,525
353,769
444,543

62,260
13,720
21,825
382,071
479,876

68,840
14,818
22,125
412,636
518,419

75,950
15,559
22,425
445,647
559,581

84,362
16,336
15,725
481,299
597,722

40,865

597,106

952,561

1,027,506

1,102,010

1,120,953

1,143,317

3.0%

22.2%

26.2%

26.2%

26.0%

25.2%

24.5%

0
40,865

0
597,106

0
952,561

0
1,027,506

0
1,102,010

0
1,120,953

0
1,143,317

Gross Profit
% of Revenues
Less:
General & Administrative Expenses
Selling & Distribution Expenses
Depreciation
Employees Expenses
Total Overheads

0.35%

Earnings Before Interest & Tax (EBIT)


% of Revenues
Less: Interest Expense
Earnings Before Tax (EBT)
Less: Income Tax

Net Income

0
0
15.0%

2011
3,629,647

2012
3,920,019

2013
4,233,621

2014
4,445,302

2015
4,667,567

6,130

89,566

142,884

154,126

165,302

168,143

171,497

34,735

507,540

809,677

873,380

936,709

952,810

971,819

2.5%

18.9%

22.3%

22.3%

22.1%

21.4%

20.8%

34,735

542,275

1,351,952

2,225,333

3,162,041

4,114,851

5,086,670

% of Revenues
Retained Earnings

2010
2,688,628

Balance Sheet Statement

Index

Valuation Window
IRR
28.90%
NPV
4,469,724

All Values in JOD


All Inputs in BLUE Font

Assets
Current Assets:
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets

2008

2009

2010

2011

2012

2013

2014

2015

0
0
172,841
0
172,841

187,915
112,093
165,785
2,242
468,035

760,748
220,983
245,613
4,420
1,231,764

1,654,514
298,327
287,933
5,967
2,246,740

2,675,517
322,193
311,049
6,444
3,315,203

3,736,246
347,969
330,981
6,959
4,422,155

4,848,760
365,367
348,676
7,307
5,570,111

5,967,847
383,636
367,399
7,673
6,726,554

3,805,241
0
3,805,241
3,805,241

3,805,241
173,173
3,632,068
3,632,068

3,807,241
346,571
3,460,670
3,460,670

3,839,241
523,644
3,315,597
3,315,597

3,841,241
702,142
3,139,099
3,139,099

3,873,241
884,316
2,988,926
2,988,926

3,875,241
1,067,914
2,807,327
2,807,327

3,877,241
1,240,312
2,636,929
2,636,929

3,978,082

4,100,103

4,692,433

5,562,337

6,454,301

7,411,081

8,377,438

9,363,483

Current Liabilities:
Bank Overdraft
Accounts Payable
Other Current Liabilities
Current Portion of LTD
Total Current Liabilities

0
0
0
0
0

0
86,421
864
0
87,285

0
170,372
1,704
0
172,076

0
230,002
2,300
0
232,302

0
248,403
2,484
0
250,887

0
268,275
2,683
0
270,957

0
281,688
2,817
0
284,505

0
295,773
2,958
0
298,731

Non-Current Liabilities:
Long Term Debt
Less: Current Portion of LTD
Ending Balance

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

3,978,082
0
3,978,082

3,978,082
34,735
4,012,818

3,978,082
542,275
4,520,358

3,978,082
1,351,952
5,330,034

3,978,082
2,225,333
6,203,415

3,978,082
3,162,041
7,140,123

3,978,082
4,114,851
8,092,933

3,978,082
5,086,670
9,064,752

3,978,082

4,100,103

4,692,433

5,562,337

6,454,301

7,411,081

8,377,438

9,363,483

Non-Current Assets:
Fixed Assets
Less: Accum. Depreciation
Fixed Assets (NBV)
Total Non-Current Assets

Total Assets

Liabilities & Owners Equity

Owners Equity:
Paid in Capital
Retained Earnings
Total Owners Equity

Total Liabilities & Owners Equity


Diff.

Working Capital Calculation:


Accounts Receivable
Raw Materials
Finished Goods
Other Current Asset
Accounts Payable
Other Current Liabilities
Working Capital
Additions

Unit
Sales
RM
COGS
A/R
RM
A/P

365
30
30
20
2.0%
45
1.0%

2008
0
172,841
0
0
0
0
172,841
172,841

2009
112,093
113,581
52,204
2,242
86,421
864
192,835
19,994

2010
220,983
153,335
92,278
4,420
170,372
1,704
298,940
106,105

2011
298,327
165,602
122,331
5,967
230,002
2,300
359,924
60,984

2012
322,193
178,850
132,199
6,444
248,403
2,484
388,800
28,876

2013
347,969
187,792
143,189
6,959
268,275
2,683
414,952
26,152

2014
365,367
197,182
151,494
7,307
281,688
2,817
436,845
21,894

2015
383,636
207,041
160,358
7,673
295,773
2,958
459,976
23,131

Cash Flow Statement

Index

All Values in JOD

2008
Net Income
Add: Depreciation
Changes in:
Accounts Receivable
Inventory
Other Current Assets
Accounts Payable
Other Current Liabilities
Cash Flow from Operating Activities

0
0
0
(172,841)
0
0
0
(172,841)

2009
34,735
173,173

2010
507,540
173,398

(112,093)
7,056
(2,242)
86,421
864
187,915

(108,890)
(79,828)
(2,178)
83,951
840
574,833
(2,000)
(2,000)

2011
809,677
177,073

2012
873,380
178,498

2013
936,709
182,173

2014
952,810
183,598

2015
971,819
172,398

(77,344)
(42,320)
(1,547)
59,630
596
925,766

(23,866)
(23,116)
(477)
18,400
184
1,023,003

(25,775)
(19,932)
(516)
19,872
199
1,092,730

(17,398)
(17,695)
(348)
13,414
134
1,114,514

(18,268)
(18,723)
(365)
14,084
141
1,121,086

(32,000)
(32,000)

(2,000)
(2,000)

(32,000)
(32,000)

(2,000)
(2,000)

(2,000)
(2,000)

Capital Expenditures
Cash Flow from Investing Activities

(3,805,241)
(3,805,241)

0
0

Bank Overdraft
Loan
Paid in Capital
Cash Flow from Financing Activities

0
0
3,978,082
3,978,082

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0

187,915
0
187,915

572,833
187,915
760,748

893,766
760,748
1,654,514

1,021,003
1,654,514
2,675,517

1,060,730
2,675,517
3,736,246

1,112,514
3,736,246
4,848,760

1,119,086
4,848,760
5,967,847

Net Cash Flow


Add: Beg, Cash
End, Cash

Cost of Capital

Index

All Inputs in BLUE Font


Weight of Equity
Weight of Debt

100%
0%

1) Cost of Debt:
Interest Rate
Tax Rate
==> Cost of Debt

8.00%
15.00%
6.80%

2) Cost of Equity:
US 10Yrs T.Bonds Rate
Un-Levered Beta
==> Levered Beta
Equity Risk Premium
Country Risk Premium (Jordan)
==> Cost of Equity

3.76%
1.19
1.19
5.00%
3.18%
12.89%

Weighted Average Cost of Capital (WACC)


Terminal Growth Rate

12.89%
3.00%

Valuation Window
IRR
28.90%
NPV
4,469,724

Financial Summary

Index

All Values in JOD

Free Cash Flow to Firm


EBITDA
Less: Taxes on EBIT
Less: Additions to Working Capital
Less: Capital Expenditures
Add: Terminal Value
FCFF
PV of FCFF
Project NPV
Project IRR
Discounted Payback Period (Yrs)

Free Cash Flow to Equity


Net Cash Flow
Less: Equity Investment
Add: Terminal Value
FCFE
PV of FCFE
Equity NPV
Equity IRR

2008
0
0
172,841
3,805,241
0
(3,978,082)
(3,978,082)

2009
214,038
6,130
19,994
0
0
187,915
166,457

2010
770,504
89,566
106,105
2,000
0
572,833
449,480

2011
1,129,634
142,884
60,984
32,000
0
893,766
621,222

2012
1,206,005
154,126
28,876
2,000
0
1,021,003
628,624

2013
1,284,183
165,302
26,152
32,000
0
1,060,730
578,509

2014
1,304,551
168,143
21,894
2,000
0
1,112,514
537,467

2015
1,315,715
171,497
23,131
2,000
11,653,717
12,772,804
5,466,048

2009
187,915
0
0
187,915
166,457

2010
572,833
0
0
572,833
449,480

2011
893,766
0
0
893,766
621,222

2012
1,021,003
0
0
1,021,003
628,624

2013
1,060,730
0
0
1,060,730
578,509

2014
1,112,514
0
0
1,112,514
537,467

2015
1,119,086
0
17,621,564
18,740,650
8,019,953

4,469,724
28.90%
6.18

2008
0
3,978,082
0
(3,978,082)
(3,978,082)
7,023,629
34.14%

Financial Ratios

Index
UNIT

2009

2010

2011

2012

2013

2014

2015

Times
JOD
%

5.36
192,835
14.1%

7.16
298,940
11.1%

9.67
359,924
9.9%

13.21
388,800
9.9%

16.32
414,952
9.8%

19.58
436,845
9.8%

22.52
459,976
9.9%

Times
Days
Times
Days
Days
Times
Days
Days
Times

12.17
30
18.25
20
50
8.11
45
5
0.33

12.17
30
18.25
20
50
8.11
45
5
0.57

12.17
30
18.25
20
50
8.11
45
5
0.65

12.17
30
18.25
20
50
8.11
45
5
0.61

12.17
30
18.25
20
50
8.11
45
5
0.57

12.17
30
18.25
20
50
8.11
45
5
0.53

12.17
30
18.25
20
50
8.11
45
5
0.50

%
%

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

%
%
%
%
%
%
%

na
30.1%
3.0%
15.7%
2.5%
1.0%
0.9%

97%
37.4%
22.2%
28.7%
18.9%
12.7%
11.2%

35%
38.5%
26.2%
31.1%
22.3%
17.1%
15.2%

8%
38.5%
26.2%
30.8%
22.3%
15.9%
14.1%

8%
38.3%
26.0%
30.3%
22.1%
14.9%
13.1%

5%
37.8%
25.2%
29.3%
21.4%
13.4%
11.8%

5%
37.3%
24.5%
28.2%
20.8%
12.2%
10.7%

1) Liquidity Ratios:
Current Ratio
Working Capital (Excluding Cash)
WC/Sales

2) Activity Ratios:
Accounts Receivable Turnover
Days Sales Outstanding (DSO)
Finished Goods Turnover
Finished Goods Cycle
Operating Cycle
Accounts Payable Turnover
Payables Payment
Cash Cycle
Total Assets Turnover

3) Leverage Ratios:
Debt to Assets
Debt to Equity

4) Profitability Ratios:
Growth Rate in Sales
Gross Profit Margin
EBIT Margin
EBITDA Margin
Net Income Margin
Return on Assets (ROA)
Return on Equity (ROE)

Sensitivity Analysis

Index

All Values in JOD

==> Performance Measure: Project NPV


Base Case
Negative NPV

* Market Consumption (Tons)

Current MKT
Consumption (Tons)

10,000
11,000
12,000
13,000
14,000
15,000
16,000
17,000
18,000
19,000
20,000

4,469,724
(777,239)
7,958
575,180
1,361,762
2,129,923
2,891,013
3,644,185
4,469,724
5,130,837
6,009,176
6,871,976

* Expected market growth rates


4,469,724

Growth Rates from


2011 - 2013

4%
5%
6%
7%
8%
9%
10%
11%
12%
13%

3%
157,642
377,928
602,202
567,074
799,437
991,832
1,232,431
1,414,714
1,663,697
1,916,927

6%
715,867
955,967
1,156,347
1,405,182
1,595,956
1,853,688
2,115,929
2,382,718
2,584,536
2,860,544

9%
1,540,529
1,739,107
2,004,902
2,205,908
2,481,290
2,761,530
3,046,673
3,336,761
3,631,839
3,931,951

12%

Growth Rates from 2008 - 2010


15%
18%

2,324,639
2,530,702
2,819,054
3,112,581
3,411,332
3,715,354
4,024,694
4,339,401
4,659,520
4,820,674

3,209,820
3,516,416
3,828,565
4,146,317
4,469,724
4,798,836
4,969,280
5,309,959
5,709,297
6,061,747

4,223,051
4,554,273
4,891,494
5,070,342
5,419,725
5,828,072
6,189,839
6,595,141
6,969,513
7,350,272

21%
5,288,484
5,481,191
5,897,592
6,267,719
6,681,693
7,065,053
7,455,120
7,851,952
8,289,027
8,699,571

24%
6,221,603
6,605,964
7,039,609
7,437,954
7,881,616
8,294,204
8,714,009
9,141,095
9,344,100
9,785,944

27%

30%

7,450,895
7,863,833
8,284,249
8,712,212
9,181,826
9,625,090
9,844,679
10,303,520
10,762,036
11,215,765

8,714,836
9,157,734
9,608,653
9,836,237
10,303,419
10,770,625
11,254,366
11,725,531
12,226,127
12,735,263

* Market Shares
4,469,724

Second Year MKT


Share

30%
35%
40%
45%
50%
55%
60%
65%
70%

10%
3,715,243
3,786,165
3,801,261
3,870,996
3,940,732
4,010,467
4,080,203
4,149,938
4,219,673

* Capital Expenditures

Contingency Rate

5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%

4,469,724
4,541,168
4,505,446
4,469,724
4,434,002
4,398,279
4,362,557
4,326,835

5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
20.0%

4,469,724
4,760,938
4,615,331
4,469,724
4,324,117
4,178,509
4,032,902
3,887,295
3,577,262
3,431,655
3,285,385
3,138,907
2,992,430
2,845,952
2,752,275
2,605,797
2,459,320

* Waste percentage

Waste %

15%
3,794,234
3,865,155
3,880,251
3,949,986
4,019,722
4,089,457
4,159,193
4,228,928
4,298,664

20%
3,873,224
3,944,145
3,959,241
4,028,977
4,098,712
4,168,447
4,238,183
4,307,918
4,377,654

25%

First Year MKT Share


30%
35%

3,952,214
4,023,135
4,038,231
4,107,967
4,177,702
4,247,438
4,317,173
4,386,909
4,456,644

4,031,204
4,102,126
4,117,221
4,186,957
4,256,692
4,326,428
4,396,163
4,465,899
4,535,634

4,104,764
4,175,686
4,190,782
4,260,517
4,330,253
4,399,988
4,469,724
4,539,459
4,609,195

40%
4,171,341
4,242,263
4,257,359
4,327,094
4,396,830
4,466,565
4,536,300
4,606,036
4,675,771

45%
4,212,888
4,283,810
4,298,906
4,368,641
4,438,376
4,508,112
4,577,847
4,647,583
4,717,318

50%
4,279,465
4,350,386
4,365,482
4,435,218
4,504,953
4,574,689
4,644,424
4,714,160
4,783,895

* Product Segmentation
4,469,724

Product (2):
2.80m*1.20m*0.012m

20%
30%
40%
50%
60%
70%
80%

20%

30%

Product (1): 2.80m*1.20m*0.009m


40%
50%
60%

Increase (Decrease)
in RM Prices

-10%
-5%
0%
5%
10%

4,302,843
4,336,219
4,369,595
4,402,971
4,436,348
4,469,724

-10%
3,063,048
2,279,393
1,495,738
712,083
(71,572)

Increase (Decrease) in Selling Prices


-5%
0%
5%
4,547,013
3,768,015
2,985,446
2,201,791
1,418,136

* Selling & Distribution Expenses (% of Revenues)


Selling &
Distribution
Expenses (% of
Revenues)

0.32%
0.35%
0.40%
0.48%
0.65%

80%
4,269,467

* Selling Prices vs. RM Prices


4,469,724

70%

4,469,724
4,480,287
4,469,724
4,453,878
4,429,581
4,378,557

6,027,720
5,248,722
4,469,724
3,690,726
2,907,844

7,508,426
6,729,428
5,950,430
5,171,432
4,392,434

10%
8,989,132
8,210,134
7,431,136
6,652,138
5,873,140

* Working Capital
4,469,724

Raw Materials Days

30
40
50
60
70
80
90
100

20

30

40

4,593,783
4,518,519
4,443,254
4,367,990
4,292,726
4,217,461
4,142,197
4,066,932

4,469,724
4,394,459
4,319,195
4,243,930
4,168,666
4,093,402
4,018,137
3,942,873

4,345,664
4,270,400
4,195,135
4,119,871
4,044,607
3,969,342
3,894,078
3,818,813

10.89%

11.89%

5,303,660
5,988,052
6,845,909
7,952,747
9,435,363

4,344,977
4,874,390
5,522,893
6,335,764
7,384,560

Accounts Receivable Days


50
60
4,221,605
4,146,340
4,071,076
3,995,812
3,920,547
3,845,283
3,770,018
3,694,754

70

4,097,545
4,022,281
3,947,016
3,871,752
3,796,488
3,721,223
3,645,959
3,570,694

3,973,486
3,898,221
3,822,957
3,747,693
3,672,428
3,597,164
3,521,899
3,446,635

Cost of Capital
12.89%
13.89%

14.89%

15.89%

3,550,358
3,967,833
4,469,724
5,084,514
5,855,127

2,311,191
2,582,919
2,900,351
3,276,076
3,727,775

1,819,456
2,042,770
2,300,730
2,602,078
2,958,766

* Cost of Capital
4,469,724

Growth Rate

1%
2%
3%
4%
5%

2,881,515
3,216,041
3,612,000
4,088,023
4,671,128

80
3,849,426
3,774,162
3,698,897
3,623,633
3,548,369
3,473,104
3,397,840
3,322,576

90
3,725,367
3,650,102
3,574,838
3,499,574
3,424,309
3,349,045
3,273,780
3,198,516

Scenarios Analysis

Index

All Values in JOD


All Inputs in BLUE Font

Note: Please click on the deactivate button after finishing from the analysis and before moving to other sheets
MKT
Consumption MKT G.R 2008
(Tons)
- 2010
1
Base Case
Best Case
Worst Case

Performance Measures:
Revenues
Net Profit
Project NPV
Project IRR

MKT G.R
2011 - 2013

1st Yr MKT
Share

2nd Yr Market
Share

Waste

Product (1) %
of Total

Inc (Dec) in
S.P

Inc (Dec) in
RM Prices

17,000
17,000
15,000

15.0%
15.0%
12.0%

8.0%
10.0%
7.0%

35.0%
50.0%
35.0%

60.0%
75.0%
60.0%

7.0%
5.0%
8.0%

20.0%
15.0%
20.0%

0.0%
5.0%
-3.0%

0.0%
0.0%
3.0%

17,000

15.0%

8.0%

35.0%

60.0%

7.0%

20.0%

0.0%

0.0%

2009
1,363,797
34,735
4,469,724
28.90%

2010
2,688,628
507,540

2011
3,629,647
809,677

2012
3,920,019
873,380

2013
4,233,621
936,709

2014
4,445,302
952,810

2015
4,667,567
971,819

WACC
12.89%
11.89%
13.89%

12.89%

Break-Even Analysis

Index

All Values in JOD

2009
Expected Production (Tons)
Total Revenues
Variable Costs:
RM Purchases
Variable Manufacturing Expenses
Direct Employees Expenses
Selling & Distribution Expenses
Bad Debts
Overdraft Interest Expense
Income Tax
Total Variable Costs
==> Total Fixed Costs
Break-Even Point (Tons)
Waste @ 7%

Total Production (Tons)


% Of Capacity

2011

2012

2013

2014

2015

15,513

20,942

22,618

24,427

25,649

26,931

1,363,797

2,688,628

3,629,647

3,920,019

4,233,621

4,445,302

4,667,567

700,967
36,000
33,000
4,773
4,091
0
6,130
784,962
544,099

1,381,907
41,400
71,280
9,410
8,066
0
89,566
1,601,629
579,459

1,865,575
51,750
115,474
12,704
10,889
0
142,884
2,199,275
620,695

2,014,821
64,688
124,711
13,720
11,760
0
154,126
2,383,826
662,813

2,176,006
80,859
134,688
14,818
12,701
0
165,302
2,584,374
712,538

2,284,806
101,074
145,463
15,559
13,336
0
168,143
2,728,382
764,110

2,399,047
126,343
157,101
16,336
14,003
0
171,497
2,884,327
811,421

7,451
522

8,977
628

10,737
752

11,609
813

12,616
883

13,600
952

14,607
1,023

7,972

9,605

11,488

12,421

13,499

14,552

15,630

26.5%

In Quantities:
Product (1): 2.44m*1.22m*0.009m
Product (2): 2.44m*1.22m*0.012m

2010

7,869

44,149
176,596

31.9%
53,192
212,768

38.1%
63,619
254,476

41.2%
68,785
275,139

44.8%
74,754
299,016

48.3%
80,587
322,348

51.9%
86,554
346,215

Tons

Break Even Analysis


18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-

11,488

7,972

2009

12,421

13,499

14,552

15,630

9,605

2010

2011

2012
Year

2013

2014

2015

Cost Analysis

Index

All Values in JOD

Product (1): 2.80m*1.20m*0.009m

2009

2010

2011

2012

2013

2014

2015

Selling Price for Each Gypsum Board

5.25

5.25

5.25

5.25

5.25

5.25

5.25

RM Costs & Overheads for Each Gypsum Board


Direct Raw Material
Manufacturing Expenses
Depreciation
Employees
General & Administrative Expenses
Selling & Distribution Expenses
Interest Expenses
Income Taxes
Total Expenses

2.47
0.23
0.61
1.19
0.15
0.02
0.00
0.02
4.69

2.47
0.14
0.31
0.71
0.09
0.02
0.00
0.16
3.90

2.47
0.13
0.23
0.62
0.07
0.02
0.00
0.19
3.74

2.47
0.14
0.22
0.62
0.08
0.02
0.00
0.19
3.74

2.47
0.16
0.21
0.62
0.08
0.02
0.00
0.19
3.75

2.47
0.19
0.20
0.64
0.08
0.02
0.00
0.18
3.78

2.47
0.22
0.18
0.66
0.09
0.02
0.00
0.18
3.81

0.56
10.7%

1.35
25.7%

1.51
28.8%

1.51
28.8%

1.50
28.7%

1.47
28.0%

1.44
27.5%

Net Profit for Each Gypsum Board


% of Selling Prices

Product (2): 2.80m*1.20m*0.012m

2009

2010

2011

2012

2013

2014

2015

Selling Price for Each Gypsum Board

6.00

6.00

6.00

6.00

6.00

6.00

6.00

RM Costs & Overheads for Each Gypsum Board


Direct Raw Material
Manufacturing Expenses
Depreciation
Employees
General & Administrative Expenses
Selling & Distribution Expenses
Interest Expenses
Income Taxes
Total Expenses

3.14
0.30
0.78
1.51
0.18
0.02
0.00
0.03
5.95

3.14
0.18
0.39
0.91
0.11
0.02
0.00
0.20
4.96

3.14
0.16
0.30
0.79
0.10
0.02
0.00
0.24
4.75

3.14
0.18
0.28
0.79
0.10
0.02
0.00
0.24
4.75

3.14
0.21
0.26
0.79
0.10
0.02
0.00
0.24
4.76

3.14
0.24
0.25
0.81
0.10
0.02
0.00
0.23
4.80

3.14
0.28
0.23
0.84
0.11
0.02
0.00
0.22
4.84

Net Profit for Each Gypsum Board


% of Selling Prices

0.05
0.8%

1.04
17.4%

1.25
20.9%

1.25
20.9%

1.24
20.7%

1.20
20.0%

1.16
19.4%