Pasqyrat Financiare te vitit 2014-2015-2016 MILO 2000

AKTIVET shenime 2014 2015

I AKTIVITET AFATSHKURTRA
1 Aktivitet monetare 72,922,266 107,615,581
Banka 72,675,904 107,366,004
Arka 246,362 249,577
2 Derivative dhe aktive te mbajtura per tregtim
(i) Derivatet
( ii ) Aktivet e mbajtura per tregtim
Totali 2 0 0
3 Aktive te tjera financiare afatshkurtra
(i) Llogari / Kerkesa te arketueshme/Klientet 35,350,071 40,846,539
( ii ) Llogari / Kerkesa te tjera te arketueshme/tvsh(444) 0 0
( iii ) Shpenzime per tu shpendare 0 0
( iv ) TVSH kreditore 0 0
Totali 3 35,350,071 40,846,539
4 Inventari
(i) Materiale te ndryshme 3,065,423 814,175
( ii ) Prodhimi ne proces(vlera e pallatit te sit) 321,140,708 100,720,568
( iii ) Produkte te gatshme
( iv ) Mallra per rishitje 18,420,076 10,338,339
(v) Parapagesat per furnizime
Totali 4 342,626,207 111,873,082
5 Aktivet biologjike afatshkurtra
6 Aktivet afatshkurtra te mbajtura per shitje
7 Parapagimet 39,909,453 25,895,837
TOTALI I AKTIVEVE AFATSHKURTRA 490,807,997 286,231,039

II AKTIVET AFATGJATA
1 Investimet financiare afatgjata
(i) Pjesmarrje te tjera ne njesi te kontrolluara(vetem ne PF) 0
( ii ) Aksione dhe investime te tjera ne pjesmarrje 0
( iii ) Aksione dhe letra te tjera me vlere 0
( iv ) Parapagimet (Per blerje nje vinxhi) 0
Totali 1. 0 0

2 Aktive afatgjata materiale

(i) Toka 1,050,000 1,050,000
( ii ) Ndertesa 0
( iii ) Te tjera mobileri e oriendi 375,026 444,316
( iv ) Arkive te tjera afatgjta materiale (me vl.kontab.) 7,097,314 6,392,143
Totali 2. 8,522,340 7,886,459
3 Aktivet biologjike afatgjata
4 Aktivet afatgjata jomateriale
 (i) Emri I mire
( ii ) Shpenzime e zhvillimit
( iii ) Aktive te tjera afatgjata jomateriale
Totali 4 0 0
5 Kapitalaksionar I papaguar
6 Aktive te tjera afatgjata
TOTALI I AKTIVEVE AFATGJTA (II) 8,522,340 7,886,459
TOTALI I AKTIVEVE (I+II) 499,330,337 294,117,498

DETYRIMET DHE KAPITALI 2014 2015

I DETYRIMET AFARSHKURTRA
1 Derivatet
2 Huamarrjet
(i) Huate obligacionet afarshkurtra 0 0
( ii ) Kthimet / ripagesat e huave afatgjata 0 0
( iii ) Bono te konvertueshme 0 0
Totali 2. 0 0
3 Huate dhe parapagimet
(i) Te pagueshme ndaj furnitoreve 126,811,663 97,109,743
( ii ) Te pagueshme ndaj punonjesve 2,043,604 2,125,856
( iii ) Detyrimet tatimore dhe sigurimet shoqerore 299,925 257,796
( iv ) Detyrimet Tatimore per TAP 5,850 9,750
(v) Dety.Tati. per TVSH 587,857 1,016,762
( vi ) Dety.Tati. per tatim fitimi 538,124 2,059,466
Totali 3 130,287,023 102,579,373
4 Parapagimet per pronotime 284,178,886 60,376,320
5 Provizionet afatshkurtra 0 0
TOTALI I DETYRU. AFATSHKURTRA ( I ) 414,465,909 162,955,693

II DETYRIME AFATGJATA

1 Huate afatgjata
(i) Hua bono dhe detyrime nga qeraja financiare 0 0
( ii ) Bono e konvertueshme 0 0
Totali 1 0 0
2 Huamarrje te tjera afatgjata 0 0
3 Te tjera 23,964,902 30,062,329
4 grandet dhe te ardhurat e shtyra 0 0
TOTALI I DETYRU. AFATGJATA ( II ) 23,964,902 30,062,329
TOTALI I DETYRIMEVE 438,430,811 193,018,022

III KAPITALI
Aksionet e pakices ( perdoret vetem ne pasqyrat financiare
1 te konsiliduara
 Kapitali qe I perket aksioneve te shoqerise meme (perdoret
2 vetem ne PF te konsoliduara)
3 Kapitali aksionar 13,900,000 13,900,000
4 Primi I aksionit
5 Njesite ose aksionet e thesarit (negative)
6 Rezervat statutore
7 Rezerva ligjore 140,020 140,020
8 Rezerva te tjera
9 Fitimet e pashperndara 31,622,936 46,859,506
10 Fitimi (humbja) e vitit financiar 15,236,570 40,199,950
TOTALI I KAPITALIT ( III ) 60,899,526 101,099,476

TOTALI I DETYRIMEVE KAPITALIT ( I,II,III) 499,330,337 294,117,498

000 Pasqyrat Financiare te Parashikuara MILO 2000 (2017-2021

2016 2017 2018 2019 2020

15,671,617 25,764,100 42,356,118 69,633,355 114,477,066

15,431,697 25,369,672 41,707,680 68,567,324 112,724,513
239,920 394,428 648,439 1,066,031 1,752,553

0 - - - -

55,717,955 91,600,182 150,590,477 247,570,378 407,005,099

0
96,335,073 158,374,626 260,367,499 428,043,535 703,702,530
5,070,179 8,335,362 13,703,315 22,528,216 37,036,332
157,123,207 258,310,170 424,661,291 698,142,129 1,147,743,961

480,389 789,758 1,298,361 2,134,502 3,509,116

12,187,785 20,036,689 32,940,268 54,153,720 89,028,584

38,171,860 62,754,445 103,168,155 169,608,195 278,835,461

50,840,034 83,580,892 137,406,783 225,896,418 371,373,161

13,532,082 22,246,710 36,573,537 60,126,806 98,848,322

237,166,940 389,901,872 640,997,729 1,053,798,707 1,732,442,511

1,050,000 1,050,000 1,050,000 1,050,000 1,050,000

239,067 393,026 646,133 1,062,241 1,746,322
685,863 1,127,557 1,853,701 3,047,480 5,010,050
6,777,245 11,141,774 18,317,050 30,113,185 49,506,003
8,752,175 13,712,357 21,866,884 35,272,907 57,312,375
 0

8,752,175 13,712,357 21,866,884 35,272,907 57,312,375

245,919,115 403,614,229 662,864,613 1,089,071,614 1,789,754,886

2016 2017 2018 2019 2020

96,526,709 158,689,675 260,885,439 428,895,027 705,102,381

1,704,777 2,802,649 4,607,549 7,574,799 12,452,950
284,229 467,272 768,194 1,262,909 2,076,219
41,600 68,390 112,433 184,840 303,877
353,729 581,530 956,034 1,571,718 2,583,901
2,017,055 3,316,034 5,451,551 8,962,337 14,734,060
100,574,370 165,925,550 272,781,200 448,451,629 737,253,388
0 - - - -

100,574,370 165,925,550 272,781,200 448,451,629 737,253,388

0
9,850,416 16,194,060 26,622,995 43,768,139 71,954,714

9,850,416 16,194,060 26,622,995 43,768,139 71,954,714

110,424,786 182,119,610 299,404,195 492,219,769 809,208,102
 13,900,000 13,900,000 13,900,000 13,900,000 13,900,000

140,020 140,020 140,020 140,020 140,020

29,252,929 77,926,203 157,944,948 289,495,569
87,059,456 121,454,309 178,201,671 271,494,195 424,866,878
34,394,853 56,747,362 93,292,524 153,372,683 252,144,318
135,494,329 221,494,619 363,460,418 596,851,845 980,546,784

245,919,115 403,614,229 662,864,613 1,089,071,614 1,789,754,886

000 (2017-2021

2021

188,200,018
185,318,826
2,881,193

669,115,392

1,156,885,247
60,887,640
1,886,888,280

5,768,978
146,362,776

458,404,819

610,536,573

162,506,401
2,848,131,272

1,050,000
2,870,949
8,236,510
81,387,749
93,545,208
 93,545,208
2,941,676,480

2021

1,159,186,599
20,472,620
3,413,298
499,573
4,247,927
24,222,758
1,212,042,775
-

1,212,042,775

118,293,375

118,293,375
1,330,336,151
 13,900,000

140,020
505,764,470
677,011,195
414,524,644
1,611,340,330

2,941,676,480
B - PASQYRA E TE ARDHURAVE DHE SHPENZIMEVE Janar-Dhjetor 2014-2021

( Bazuar ne klasifikimin e Shpenzimeve sipas Natyres)

Referenc
Nr Pershkrimi i Elementeve at Nr 2014 2015
llog,
1 Shitjet neto 272,782,921 766,238,923
Te ardhurat e tjera nga veprimtarite e
2
shfrytezimit 0 0
Ndryshimet ne inventarin e produkteve te
3
gatshme dhe prodhimit ne proces 0 -350,238,420
4 Materialet e konsumuara 185,452,251 169,774,835
Kosto e punes
-pagat e personelit
5
-shpenzimet per sigurimet shoqerore
dhe shendetesore 11,276,405 14,700,931
6 Amortizimet dhe zhvleresimet 1,823,092 1,513,219
7 Shpenzime te tjera 56,303,963 178,903,881
8 Totali I shpenzimeve (shuma 4 - 7) 254,855,711 364,892,866
9 EBIT 17,927,210 51,107,637
Te ardhurat dhe shpenzimet financiare nga
10
njesite e kontrolluara
Te ardhurat dhe shpenzimet financiare nga
11
pjesemarrjet
12 Te ardhurat dhe shpenzimet financiare

Te ardhurat dhe shpenzimet financiare nga

12.1
investimet te tjera financiare afatgjata

12.2 Te ardhurat dhe shpenzimet nga interesi 94,271 0

12.3 Fitimet (humbjet) nga kursi I kembimit -3,809,980
12.4 Te ardhurat dhe shpenzimet te tjera financiare
Totali I te ardhurave dhe shpenzimeve
13 financiare (12.1+/-12.2+/-12.3+/-12.4) 94,271 -3,809,980
14 EBT 18,021,481 47,297,657
15 Shpenzimet e tatimit mbi fitimin 2,784,911 7,097,707
Fitimi (humbja) neto e vitit financiar
16
(14-15) 15,236,570 40,199,950
17 Elementet e pasqyrave te konsoliduara
4-2021

2016 2017 2018 2019 2020

266,572,945 438,245,272.95 720,474,162.40 1,184,457,769.93 1,947,245,691.74

0 0 0 0 0

-104,372,545 - 171,588,210.02 - 282,090,599.77 - 463,756,259.63 - 762,414,162.42

95,094,908 156,335,797.37 257,015,670.48 422,533,136.89 694,643,448.94

14,915,217 24,520,580.46 40,311,774.61 66,272,459.37 108,951,761.94

1,634,624 2,687,317.88 4,417,944.05 7,263,089.27 11,940,501.09
9,348,791 15,369,389.66 25,267,239.20 41,539,279.76 68,290,474.86
120,993,540 198,913,085.36 327,012,628.33 537,607,965.29 883,826,186.84
41,206,860 67,743,977.58 111,370,934.30 183,093,545.00 301,005,342.48

0 0 0 0 0
-588,405 (982,375.78) (1,615,023.39) (2,655,094.53) (4,364,968.94)

-588,405 (982,375.78) (1,615,023.39) (2,655,094.53) (4,364,968.94)

40,618,455 66,761,601.79 109,755,910.91 180,438,450.47 296,640,373.53
6,223,602 10,014,240.27 16,463,386.64 27,065,767.57 44,496,056.03

34,394,853 56,747,361.53 93,292,524.27 153,372,682.90 252,144,317.50

0.1532210420116
2021
3,201,267,179.18 1.64 64%

- 1,253,407,027.92
1,141,992,139.85

179,116,431.54
19,630,154.75
112,269,374.50
1,453,008,100.64
494,852,050.63

0
(7,175,998.32) -0.03813

(7,175,998.32)
487,676,052.30
73,151,407.85

414,524,644.46
Kapital I INVESTUAR

Mln $ 2014 2015

Aktive Operative Korrente: 490,807,997 286,231,039
Cash & Ekuivalente 72,922,266 107,615,581
Llogari te arketueshme 35,350,071 40,846,539
Inventare 342,626,207 111,873,082
Parapagimet 39,909,453 25,895,837

Detyrime Operative Korrente: $414,465,909 $162,955,693

Llogari te pagueshme 130,287,023 102,579,373

Parapagimet per pronotime 284,178,886 60,376,320
Kapitali qarkullues neto $76,342,088 $123,275,346
+
(Asete te tjera-det te tjera) -$16,867,588 -$23,670,186
Prona, Ndertesa, Pajisje $1,425,026 $1,494,316
Kapitali i investuar $60,899,526 $101,099,476
FONDE TE INVESTUARA
$60,899,526 $101,099,476
GJITHESEJ

NOPLAT
Llogaritja e NOPLAT 2014 2015
Fitimi operativ 17,927,210 51,107,637
-

tatime operative $2,770,343 $7,669,450

NOPLAT $15,156,867 $43,438,187
Tr nga interesi neto 94,271 0
Fitimi disponibel per investitoret $15,251,138 $43,438,187

Parashikimi NOPLAT 2017 2018

Fitimi operativ 67,743,978 111,370,934
-
tatime operative 10,468,671 17,210,469
NOPLAT 57,275,307 94,160,465
Tr nga interesi neto - -
Fitimi disponibel per investitoret 57,275,307 94,160,465

Viti 2015 2016

Ndryshimi ne MM 34,693,315 (91,943,964)
Ndryshimi ne llogari te arketueshme 5,496,468 116,276,668
Ndryshimi ne inventare (230,753,125) (61,033,048)
Ndryshimi ne asete te tjera AFSH (14,013,616) (12,363,755)
Ndryshime ne asete te tjera AFGJ (635,881) 865,716
Ndryshime ne llogari te pagueshme (27,707,650) (2,005,003)
Ndryshimi ne det e tjera AFSH (223,802,566) (60,376,320)
Ndryshime ne DET e tjera AFGJ 6,097,427 (20,211,913)
Zgjerimi kapital 6,063,367 7,238,956

2015 2016
Llogaritja e FCF
NOPLAT 43,438,187 34,893,102
amortizim 1,513,219 1,634,624
FC bruto 41,924,968 33,258,478
rritja ne MM 34,693,315 (91,943,964)
rritja ne llogari te arketueshme 5,496,468 116,276,668
rrija ne inventare (230,753,125) (61,033,048)
rritja ne investime kapitale 6,063,367 7,238,956
Rritja ne asete AFSH (14,013,616) (12,363,755)
Rritja ne asete AFGJ (635,881) 865,716
Rritja ne llogari te pagueshme (27,707,650) (2,005,003)
Rritja ne det te tjera AFSH (223,802,566) (60,376,320)
Rritja ne DET te tjera AFGJ 6,097,427 (20,211,913)
FCF (402,637,293) (90,294,185)
TR jooperative neto - -
FC gjithsej per investitoret (402,637,293) (90,294,185)
 2014 2015
NOPLAT $15,156,867 $43,438,187
Kap investuar $60,899,526 $101,099,476
ROIC 25% 43%

Viti 2016
TATIMI 15.32%
Shuma e kapitalit vet $135,494,329 Pesha kapitalit
Shuma e borxhit $9,850,416 Pesha borxhit
Borxh + kap vet $145,344,745
Rf 3.5
Rm 13.60
BETA 0.76
Ke=RF+BETA(Rm-Rf) 11.18
Interesi borxhit= shp interesi/borxh 2%
WACC=wD*iD(1-T)+wE*kE 10.54%

FCF
Viti
2017 $296,055,660.08 1
2018 $485,457,057.08 2
2019 $797,414,023.19 3
2020 $1,310,270,516.41 4
2021 $2,153,405,343.38 5
shuma e PV-ve te FCF-ve

koeficenti i rritjes g 64%

Vlera e vazhduar= FCF 2021(1+g)/wacc-g 6,576,368,380

PV e Vleres se vazhduar 3,984,130,049
Vlera e kompanise $ 7,421,620,780

2014 2015
Mln $
EAN 15,236,570 40,199,950
Asete Totale 499,330,337 294,117,498
ROA% 3.05% 13.67%

2014 2015
Mln $
EAN 15,236,570 40,199,950
Kapitali Vet 60,899,526 101,099,476
ROE % 25.02% 39.76%
2016
237,166,940
15,671,617
157,123,207
50,840,034
13,532,082

$100,574,370

100,574,370
0
$136,592,570

-$3,073,171
$1,974,930
$135,494,329

$135,494,329

Riorg. I NOPLAT
2016 Fitimi Neto
41,206,860 shp. Joperative neto
Të ardhura/ Shpenzime të
tjera
Fitimifinanciare
/Humbja e
$6,313,758 pjesëmarrjeve dhe
$34,893,102 sipërmarrjeve
fit. Disponibeltë per inves
përbashkëta
0
$34,893,102

2019 2020 2021

183,093,545 301,005,342 494,852,051
 28,293,969 46,515,216 76,470,903
154,799,576 254,490,126 418,381,148
- - -
154,799,576 254,490,126 418,381,148

2017 2018 2019 2020

10,092,483 16,592,018 27,277,237 44,843,711
101,186,963 166,351,121 273,480,838 449,601,832
32,740,858 53,825,891 88,489,634 145,476,743
8,714,628 14,326,827 23,553,269 38,721,517
4,960,182 8,154,527 13,406,023 22,039,469
65,351,180 106,855,650 175,670,429 288,801,758
- - - -
6,343,644 10,428,935 17,145,144 28,186,575
12,077,733 19,179,566 30,854,963 50,049,286

2017 2018 2019 2020

57,275,307 94,160,465 154,799,576 254,490,126

2,687,318 4,417,944 7,263,089 11,940,501
54,587,989 89,742,521 147,536,487 242,549,625
10,092,483 16,592,018 27,277,237 44,843,711
101,186,963 166,351,121 273,480,838 449,601,832
32,740,858 53,825,891 88,489,634 145,476,743
12,077,733 19,179,566 30,854,963 50,049,286
8,714,628 14,326,827 23,553,269 38,721,517
4,960,182 8,154,527 13,406,023 22,039,469
65,351,180 106,855,650 175,670,429 288,801,758
- - - -
6,343,644 10,428,935 17,145,144 28,186,575
296,055,660 485,457,057 797,414,023 1,310,270,516
- - - -
296,055,660 485,457,057 797,414,023 1,310,270,516
 2016
$34,893,102
$135,494,329
26%

93.22%
6.78%

PV e flukseve

$267,819,900
$397,273,657
$590,326,519
$877,483,315
$1,304,587,341
$3,437,490,731.45

2016 2017 2018 2019

34,394,853 56,747,362 93,292,524 153,372,683
245,919,115 403,614,229 662,864,613 1,089,071,614
13.99% 14.06% 14.07% 14.08%

2016 2017 2018 2019

34,394,853 56,747,362 93,292,524 153,372,683

135,494,329 221,494,619 363,460,418 596,851,845
25.38% 25.62% 25.67% 25.70%
2014 2015 2016
15,236,570 40,199,950 34,394,853
0.00 -3238236.63 -498248.97
0.00 0.00 00
0.00 0.00 00

$15,251,138 $43,438,187 $34,893,102

 2021
73,722,952
739,144,318
239,163,412
63,658,079
36,232,833
474,789,388
-
46,338,661
81,604,707

2021

418,381,148
19,630,155
398,750,993
73,722,952
739,144,318
239,163,412
81,604,707
63,658,079
36,232,833
474,789,388
-
46,338,661
2,153,405,343
-
2,153,405,343
2020 2021
252,144,318 414,524,644
1,789,754,886 2,941,676,480
14.09% 14.09%

2020 2021

252,144,318 414,524,644
980,546,784 1,611,340,330
25.71% 25.73%
Riklasifikimi I kapit. te investuar 2014 2015 2016
Borxh AFSH - - -
Borxh AFGJ 23,964,902 30,062,329 9,850,416
Kapitali I vet 60,899,526 101,099,476 135,494,329
FONDE GJITHESEJ PER INVESTIM 84,864,428 131,161,805 145,344,745
Viti 2014 2015 2016
Tarifa e tatimit 15.45% 15.01% 15.32%