2008 2009 2010

Net Sales Revenue 4,010,167,059 4,868,254,915 6,490,847,353

Avg. sales 0.235 0.2139780821 0.3333006316
Cost of Goods Sold -2,002,871,181 -2,566,206,626 -3,317,640,254
Avg. COGS -0.517 -0.4994483151 -0.527130701 -0.5111259091
Gross Profit 2,007,295,878 2,302,048,289 3,173,207,099
Operating Expenses -861,317,201 -1,014,621,420 -1,103,294,204
Avg. Opx -0.186 -0.2147833714 -0.2084158364 -0.1699769143
EBITDA 2,868,613,079 3,316,669,709 4,276,501,303
Depriciation 147,183,829 286,144,458 434,132,703
Interest ex -249,654,298 -289,427,992 -662,182,384
EBT 2,471,774,952 2,741,097,259 3,180,186,216
Tax 0.25 617,943,738 685,274,315 795,046,554
EAT 1,853,831,214 2,055,822,944 2,385,139,662
Depriciation 147,183,829 286,144,458 434,132,703
Change In NWC 346260016 459555697
CAPex 1303566200 2639668852
Net Browings 128,646,907 205,892,753
FCFE 820,788,093 -74,059,431

NPV ($2,717,832,913.41)
 2011 2012 2013E 2014E 2015E 2016E
7,890,241,843 9,289,115,284 11,472,057,376 14,167,990,859 17,497,468,711 21,609,373,858
0.2155950393 0.1772915798
-4,103,709,021 -4,899,713,857 -5932200869 -7326268073.21 -9047941070.41 -11174207222
-0.5200992698 -0.527468301
3,786,532,822 4,389,401,427 5,539,856,507 6,841,722,786 8,449,527,640 10,435,166,636
-1,300,063,239 -1,591,883,671 -2133802671.89 -2635246299.78 -3254529180.23 -4019343537.58
-0.1647684906 -0.1713708596
5,086,596,061 5,981,285,098 7,673,659,179 9,476,969,086 11,704,056,821 14,454,510,174
497,989,885 589,638,196 677,427,595 836,623,080 1,033,229,504 1,276,038,437
-567,645,757 -645,406,575 -884233319.891 -1092028150.07 -1348654765.33 -1665588635.18
4,020,960,419 4,746,240,327 6,111,998,264 7,548,317,856 9,322,172,552 11,512,883,102
1,005,240,105 1,186,560,082 1,527,999,566 1,887,079,464 2,330,543,138 2,878,220,775
3,015,720,314 3,559,680,245 4,583,998,698 5,661,238,392 6,991,629,414 8,634,662,326
497,989,885 589,638,196 677427595 836623079.79 1033229503.54 1276038437
396398059 439102591 1195971966.3 1078373393.32 1331791140.75 1644762058.83
1202135987 1097149055 10339946454.9 6959526342.03 8595015032.41 10614843565
5,062,612 -235,250,583 51,958,182 35,902,455 44,339,532 54,759,323
1,920,238,765 2,377,816,212 -6,222,533,946 -1,504,135,808 -1,857,607,723 -2,294,145,538
2017E
26,687,576,715

-13800145919

12,887,430,795
-4963889268.92

17,851,320,064
1,575,907,470
-2057001964.45
14,218,410,630
3,554,602,658
10,663,807,973
1575907469.54
2031281142.65
13109331802.8
67,627,763
-2,833,269,740
Year 2011 2012 2013 2014 2015
4.635132 14.42237 -3.6628 2.49097 8.198758
0.681508 -7.41693 -1.73863 1.616235 6.19977
2.888087 -0.60199 0.524985 -3.9823 19.67568
-9.23246 -11.4605 -21.2186 -4.86985 0.993677
10.1957 -5.02499 35.62485 7.619796 -2.59392
2.082877 5.540166 8.616944 0.121655 4.315886
-14.0893 2.125984 12.53333 4.981774 -1.67254
3.875 30.30069 -7.61256 -4.05093 -1.61146
-4.5728 25.22682 9.313883 0.723764 -0.09099
-10.4666 -5.71744 -0.55727 -8.50299 -11.4754
14.84507 -6.66555 8.140392 7.984293 7.921811
0 -2.7564 9.491341 -2.42424 -0.19066
Ri 0.070182 3.164351 4.121325 0.142348 2.47255
 2008 2009 2010 2011 2012
Overhead 130,993,608 254,668,568 392,890,096 440,597,325 520,837,622
Administrative 5,887,353 11,445,778 15,194,645 17,039,676 20,142,891
Sales 10,302,868 20,030,112 26,047,962 40,352,884 48,657,683
Depriciation 147,183,829 286,144,458 434,132,703 497,989,885 589,638,196

NAT 545,341,273 624,740,307 1,051,648,808 1,198,525,342 1,319,389,328

Equity 10,450,202,145 10,885,706,614 15,974,086,451 17,128,128,177 18,408,161,859
ROE 0.0521847583 0.0573908823 0.0658346761 0.0699740993 0.0716741486
 1
2
3
4
5

2008 Current asset 1,722,953,284 242,034,855 694,111,730 2,659,099,869

2009 1,505,288,093 234,530,326 503,916,401 2,243,734,820
2010 1,983,809,444 276,520,188 821,356,439 3,081,686,071
2011 2,291,844,631 325,881,244 978,224,317 3,595,950,192
2012 2,433,987,981 396,175,790 1,162,404,807 3,992,568,578

2008 2009 2010 2011 2012

PPE 11,957,773,787 12,975,195,529 15,180,731,678 15,884,877,780 16,392,388,639
Depriciation 147183829 286144458 434132703 497989885 589638196
CAPEX 1,303,566,200 2,639,668,852 1,202,135,987 1,097,149,055

Loan B NB
2008 1,446,600,500 1,461,666,227 648,165,841 3,556,432,568
2009 1,924,933,065 1,451,326,354 308,820,056 3,685,079,475 128,646,907
2010 1,902,150,733 1,639,961,052 348,860,443 3,890,972,228 205,892,753
2011 1,890,074,651 1,642,216,008 363,744,181 3,896,034,840 5,062,612
2012 1,469,621,611 1,526,449,918 664,712,728 3,660,784,257 -235,250,583
 1751534621
NWC
Liability 409,898,122 79,094,905 1,727,724 70,584,481 561,305,232 1,751,534,621
263,176,822 81,776,450 3,169,568 144,077,359 492,200,199 2,097,794,637
432,315,660 90,512,178 1,507,899 524,335,737 2,557,350,334
523,798,136 101,559,917 1,361,452 15,482,294 642,201,799 2,953,748,393
470,097,685 128,598,961 1,020,948 599,717,594 3,392,850,984

2013 2014 2015 2016 2017

26,054,907,499 32,177,810,761 39,739,596,290 49,078,401,418 60,611,825,751
677427594.972 836623079.79 1033229503.54 1276038436.87 1575907469.54
10,339,946,455 6,959,526,342 8,595,015,032 10,614,843,565 13,109,331,803

% of Loan
1,767,431,029 2,602,032,267 4,369,463,296 0.8139289261
2,321,451,642 6,684,775,166 9,006,226,808 0.4091701834
2,885,155,826 2,513,157,232 5,398,313,058 0.7207755805
3,257,050,368 2,648,161,988 5,905,212,356 0.6597620213
3,116,703,964 3,064,944,769 6,181,648,733 0.5922019214
0.6391677265
Change in NWC

346,260,016
459,555,697
396,398,059
439,102,591
 2010 2011 2012 2013 2014 2015
Index 3876 4412 4452 4332 5205 5708
Rm 13.82869 0.906618 -2.69542 20.15235 9.663785 8.371206
Ri 0.070182 3.164351 4.121325 0.142348 2.47255
cov -15.9934
Var 87.11014
Beta -0.1836
Rf 7.8 7.8 7.5 6.3 6.3 7.14

Required re 15.81695
 2008 2009 2010 2011 2012
opx -1008501030 -1300765878 -1537426907 -1798053124 -2181521867
147183829 286144458 434132703 497989885 589638196
opxwDI -861317201 -1014621420 -1103294204 -1300063239 -1591883671

2008 2009
Sales Revenue 4010167059 4868254915
TA 14,819,665,441 19,891,933,422
FA 11,957,773,787 12,975,195,529
Avg 0.307871068 TAT 0.2705976781 0.2447351302
avg 0.440303132 FAT 0.3353606725 0.3751970368
Depriciation 147183829 286144458
Avg 0.026 Dep % 0.0123086313 0.0220531904
TD 3556432568 3685079475
avg 0.1851 TD/TA 0.2399806245 0.1852549673
Interest ex -249654298 -289427992
Avg -0.12818478 % -0.0701979563 -0.078540502
Net Borrowings 128646907
TA change 5,072,267,981
Avg 0.0041 % 0.0253627978
NWC 1751534621 2097794637
avg 0.40 % 0.4367734798 0.430913063
Change In NWC 346260016
Other income 686,510 198,986,379
0.05 % of Sales 0.0001711924 0.0408742727
other cost 35706050 43373371
Avg 0.009842753 % of Sales 0.0089038809 0.0089094289
EBT 2471774952 2741097259
PBT 2,436,755,412 2,896,710,267
NAT 1827566559 2172532700.25
Equity 10450202145 10885706614
Avg 0.70 % of Asset 0.705157764 0.5472422606
ROE 0.1748833691 0.1995766354
0.834 RR 0.9 0.9
Growth 0.1573950322 0.1796189719
 2010 2011 2012 2013E 2014E 2015E
6490847353 7890241843 9289115284 11472057375.7 14167990859 17497468710.9
21,372,399,509 23,033,340,533 24,589,810,592 37262538017.2 46019234451.2 56833754547.3
15,180,731,678 15,884,877,780 16,392,388,639 26054907498.9 32177810761.2 39739596290
0.3037023218 0.3425574259 0.3777627831
0.4275714432 0.4967140416 0.5666724654
434132703 497989885 589638196 677427594.972 836623079.79 1033229503.54
0.0285976139 0.0313499349 0.0359702426
3890972228 3896034840 3660784257 6897295786.98 8518160296.92 10519927966.7
0.1820559374 0.1691476247 0.1488740323
-662182384 -567645757 -645406575 -884233319.891 -1092028150.07 -1348654765.33
-0.1701842998 -0.1456983267 -0.1763028165
205892753 5062612 -235250583 51958182.4432 35902455.3796 44339532.3937
1,480,466,087 1,660,941,024 1,556,470,059 12,672,727,425 8,756,696,434 10,814,520,096
0.1390729276 0.0030480384 -0.151143661
2557350334 2953748393 3392850984 4588822950.3 5667196343.62 6998987484.37
0.3939932947 0.3743546081 0.3652501751
459555697 396398059 439102591 1195971966.3 1078373393.32 1331791140.75
456,011,134 340,907,774 442,847,713 573602868.787 708399542.952 874873435.546
0.0702544844 0.0432062516 0.0476738311
68076616 83892463 95491462 112999765.151 139554709.962 172350066.802
0.0104880938 0.0106324324 0.0102799308
3180186216 4020960419 4746240327 6111998263.77 7548317855.76 9322172551.86
3,568,120,734 4,277,975,730 5,093,596,578 6,572,601,367 8,117,162,689 10,024,695,921
2676090550.5 3208481797.5 3820197433.5 4929451025.55 6087872016.56 7518521940.45
15974086451 17128128177 18408161859 26083776612 32213464115.9 39783628183.1
0.7474166129 0.7436232774 0.7486093392
0.1675269856 0.1873223836 0.2075273709 0.188985326 0.188985326 0.188985326
0.8 0.77 0.8 0.85 0.85 0.85
0.1340215885 0.1442382354 0.1660218967 0.1606375271 0.1606375271 0.1606375271
2016E 2017E
21609373858 26687576714.6
70189686865.9 86684263279.34
49078401418.2 60611825751.45

1276038436.87 1575907469.538

12992111038.9 16045257133

-1665588635.18 -2057001964.45

54759322.5063 67627763.29526
13,355,932,319 16,494,576,413

8643749543.19 10675030685.84

1644762058.83 2031281142.65
1080468692.9 1334378835.73

212852332.501 262872630.6388

11512883101.5 14218410630.41
12,380,499,462 15,289,916,835
9285374596.46 11467437626.62
49132780806.1 60678984295.54

0.188985326 0.188985326
0.85 0.85
0.1606375271 0.1606375271