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ACCEPT DECLINE
 Historical Data

Assumptions Sales

Cost of Good Sold

Sensitivity & Scenario

Analysis

OPEX

CAPEX

Debt

Tax

Equity
Financial Statment

Fianancial Ratios

Chart
 A B C D E F G H I J K L
1 Historical Financial Statements
2 [Company's Name] CORRECT
3
4 Start Date 31-Jan-10 31-Jan-11 31-Jan-12
5 End Date 31-Dec-10 31-Dec-11 31-Dec-12
6 Period
7
8
9 Income Statement (US$ million)
10
11 SALES 135
12 COST OF GOODS SOLD (72)
13 DEPRECIATION (13.2)
14 GROSS PROFIT - - 50
15
16 OPEX (0.3)
17 OPERATING PROFIT - - 49
18
19 INTEREST EXPENSE (6.6)
20 PROFIT BEFORE TAX (PBT) - - 43
21
22 INCOME TAX (7.5)
23 NET PROFIT AFTER TAX (NPAT) - - 35
24
25 DIVIDEND DECLARED -
26 CURRENT EARNINGS - - 35
27
28 CHG IN COMMON STOCK (20.0)
29 NET WORTH INCREASE - - 55
30
31
32 Balance Sheet (US$ million)
33
34 Current Assets
35
36
37
38 CASH - 52
39 ACCOUNTS RECEIVABLE 18
40 OTHER CURRENT ASSETS 0.1
41 TOTAL CURRENT ASSETS - - 70
42
43 Non-Current Assets
44
45 PP&E 66
46 DEFERRED TAX ASSETS 50
47 TOTAL NON-CURRENT ASSETS - - 116
48
49 TOTAL ASSETS - - 186
50
51 Current Liabilities
52
53 ACCOUNTS PAYBLE 15
54 INTEREST PAYABLE -
55 DIVIDENDS PAYABLE -
56 TAX PAYABLE -
57 OTHER CURRENT LIABILITIES 1.2
58 TOTAL CURRENT LIABILITIES - - 16
59
60 Non-Current Liabilities
61
62 DEBT 65
63 DEFERRED TAX LIABILITIES 50
64 TOTAL NON CURRENT LIABILITIES - - 115
65
66 TOTAL LIABILITIES - - 131
67
68 Equity
69
70 COMMON STOCK 20
71 EARNINGS FROM PREVIOUS YEAR -
72 CURRENT EARNINGS 35
73 RETAINED EARNINGS - - 35
74
75 TOTAL EQUITY - - 55
76
77 TOTAL LIABILITY & EQUITY 186
78
79
80 Cash Flow Statement (US$ million)
81
82 CASH FLOW FROM OPERATING ACTIVITIES
83
84 CASH RECEIPTS 126
85 DIRECT CASH PAYMENTS (73)
86 INDIRECT CASH PAYMENTS (0.3)
87 CASH PAYMENTS - - (73)
88 INTEREST PAID (7)
89 TAX PAID -
90 CASH FLOW FROM OPERATING ACTIVITIES - - 46
91
92 CASH FLOWS FROM INVESTING ACTIVITIES
93
94 CAPITAL EXPENDITURE (79)
95 CASH FLOWS FROM INVESTING ACTIVITIES - - (79)
96
97 CASH FLOWS FROM FINANCING ACTIVITIES
98
99 DEBT DRAWDOWNS 65
100 DEBT REPAYMENTS -
101 ISSUANCE OF COMMONT STOCK 20
102 EQUITY BUYBACKS -
103 DIVIDEND PAID -
104 CASH FLOWS FROM FINANCING ACTIVITIES - - 85
105
106 CASH BALANCE SCHEDULE
107
108 BEGINNING CASH BALANCE - -
109 CHANGE IN CASH - - 52
110 ENDING CASH BALANCE - - 52
Scenarios
[Company's Name] CORRECT

Scenarios
VARIABLES 2013
SALES GROWTH 8.00%
DAYS RECEIVABLE 30
GROSS MARGIN 68.00%
DAYS PAYABLE 40
INTEREST RATE 6.00%
DIVIDEND PAYOUT RATIO 25.00%
CELL LINKS, DO NOT ERASE ► 6

BASE CASE SCENARIO 2013

SALES GROWTH 10.00%
DAYS RECEIVABLE 30
GROSS MARGIN 68.00%
DAYS PAYABLE 40
INTEREST RATE 6.00%
DIVIDEND PAYOUT RATIO 25.00%

BEST CASE SCENARIO 2013

SALES GROWTH 12.00%
DAYS RECEIVABLE 30
GROSS MARGIN 70.00%
DAYS PAYABLE 40
INTEREST RATE 6.00%
DIVIDEND PAYOUT RATIO 25.00%

WORST CASE SCENARIO 2013

SALES GROWTH 8.00%
DAYS RECEIVABLE 30
GROSS MARGIN 68.00%
DAYS PAYABLE 40
INTEREST RATE 6.00%
DIVIDEND PAYOUT RATIO 25.00%

Financial Ratios
RATIOS 2013
RETURN ON EQUITY (ROE) 38.7%
RETURN ON SALES (ROS) 26.3%
ASSET TURNOVER (ATO) 0.56
ASSET LEVERAGE (ALEV) 2.62
SALES GROWTH 8.0%
GROSS PROFIT 61
GROSS PROFIT MARGIN 41.8%
EBITDA 99
EBITDA MARGIN 67.8%
PROFIT BEFORE TAX (PBT) 56
PBT MARGIN 38.5%
NET PROFIT AFTER TAX (NPAT) 38
NPAT MARGIN 26.3%
CASH 78
CURRENT RATIO 5.64
QUICK RATIO 5.64
DEBT TO EQUITY RATIO 0.86
LEVERAGE 1.62
CELL LINKS, DO NOT ERASE ► 8

Multiplying Factors & Timeline

MULTIPLYING FACTORS
SALES GROWTH 2.00%
DAYS RECEIVABLE 3
GROSS MARGIN 2.00%
DAYS PAYABLE 3
INTEREST RATE 0.50%
DIVIDEND PAYOUT RATIO 2.00%
 ● BASE CASE BEST CASE WORST CASE

2014 2015 2016 2017 2018 2019 2020

7.00% 6.00% 5.50% 5.25% 5.00% 4.75% 4.50%
30 30 30 30 30 30 30
68.00% 68.00% 68.00% 68.00% 68.00% 68.00% 68.00%
40 40 40 40 40 40 40
6.50% 7.00% 6.00% 8.00% 8.00% 8.00% 8.00%
30.00% 35.00% 40.00% 45.00% 45.00% 45.00% 45.00%
3

2014 2015 2016 2017 2018 2019 2020

10.00% 8.00% 6.50% 5.00% 5.00% 5.00% 5.00%
30 30 30 30 30 30 30
68.00% 68.00% 68.00% 68.00% 68.00% 68.00% 68.00%
40 40 40 40 40 40 40
6.50% 7.00% 6.00% 8.00% 8.00% 8.00% 8.00%
30.00% 35.00% 40.00% 45.00% 45.00% 45.00% 45.00%

2014 2015 2016 2017 2018 2019 2020

11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.50%
30 30 30 30 30 30 30
70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%
40 40 40 40 40 40 40
6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
30.00% 35.00% 40.00% 45.00% 45.00% 45.00% 45.00%

2014 2015 2016 2017 2018 2019 2020

7.00% 6.00% 5.50% 5.25% 5.00% 4.75% 4.50%
30 30 30 30 30 30 30
68.00% 68.00% 68.00% 68.00% 68.00% 68.00% 68.00%
40 40 40 40 40 40 40
6.50% 7.00% 6.00% 8.00% 8.00% 8.00% 8.00%
30.00% 35.00% 40.00% 45.00% 45.00% 45.00% 45.00%

2014 2015 2016 2017 2018 2019 2020

30.5% 30.9% 27.4% 24.0% 26.0% 24.4% 23.0%
30.8% 35.7% 36.8% 34.6% 40.8% 41.6% 42.3%
0.43 0.41 0.40 0.39 0.36 0.34 0.33
2.33 2.11 1.87 1.78 1.78 1.70 1.63
7.0% 6.0% 5.5% 5.3% 5.0% 4.8% 4.5%
 68 87 93 99 119 125 131
43.5% 52.5% 53.3% 54.0% 61.5% 61.8% 62.1%
106 112 118 124 131 137 143
67.8% 67.8% 67.7% 67.7% 67.7% 67.7% 67.7%
61 79 87 93 113 120 127
39.1% 47.7% 50.0% 50.7% 58.7% 59.6% 60.3%
48 59 64 64 79 84 89
30.8% 35.7% 36.8% 34.6% 40.8% 41.6% 42.3%
122 142 163 191 223 231 241
6.39 5.60 5.39 5.69 3.57 3.39 3.33
6.39 5.60 5.38 5.68 3.57 3.39 3.33
0.73 0.52 0.32 0.25 0.18 0.13 0.09
1.33 1.11 0.87 0.78 0.78 0.70 0.63

YEARS
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

2
WORST CASE

2021 2022
4.25% 4.00%
30 30
68.00% 68.00%
40 40
8.00% 8.00%
45.00% 45.00%

2021 2022
5.00% 5.00%
30 30
68.00% 68.00%
40 40
8.00% 8.00%
45.00% 45.00%

2021 2022
5.25% 5.00%
30 30
70.00% 70.00%
40 40
6.00% 6.00%
45.00% 45.00%

2021 2022
4.25% 4.00%
30 30
68.00% 68.00%
40 40
8.00% 8.00%
45.00% 45.00%

2021 2022
21.7% 20.5%
42.9% 43.5%
0.32 0.31
1.57 1.52
4.3% 4.0%
 137 143
62.3% 62.5%
149 155
67.7% 67.7%
134 141
61.0% 61.6%
94 99
42.9% 43.5%
253 268
3.32 3.33
3.31 3.33
0.06 0.03
0.57 0.52
 Co Name : Project Name

A B C D E F G H I L M N O P Q R S T U V
1 Assumptions
2 [Company's Name] CORRECT
3
4 Start Date 01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22
5 End Date 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
6 Period 1 2 3 4 5 6 7 8 9 10
7 Cash Balance 78 122 142 163 191 223 231 241 253 268
8
9 Last Reporting Date
10
11 LAST REPORTING DATE 31-Dec-12
12

13 Operation
14
15 Sales
16
17 Sales
18 SALES US$ (Million) / % 8.00% 7.00% 6.00% 5.50% 5.25% 5.00% 4.75% 4.50% 4.25% 4.00%
19
20 Accounts Receivable Turnover
21 DAYS RECEIVABLE # Days 30 30 30 30 30 30 30 30 30 30
22
23
24 COGS
25
26 COGS
27 GROSS MARGIN % 68% 68% 68% 68% 68% 68% 68% 68% 68% 68%
28
29 Accounts Payable Turnover
30 DAYS PAYABLE # Days 40 40 40 40 40 40 40 40 40 40
31
32
33 Operating Expenses
34 All expenses are assumed to be paid as they are incurred.
35
36 Opex
37 GROWTH RATES ARE USED FROM THE YEAR Year 2019
38 OPERATING EXPENSE US$ (Million) 0.3 0.4 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.8
39 GROWTH RATES % 5% 4% 3% 2% 2% 2% 2% 2% 2%
40
41
42 Tax
43
44 Tax Rate
45 TAX RATE % 25%
46
47 Permanent Differences
48 NON-TAXABLE INCOME US$ (Million) 25 25 25 25 25 25 25 25 25 25
49 NON-TAX DEDUCTABLE EXPENSES US$ (Million) 40 16 25 30 50 50 50 50 50 50
50
51 Tax Depreciation (Declining Balance)
52 DECLINING BALANCE MULTIPLIER x 2.00x
53
54 REMAINING USEFUL LIFE OF TAX ASSETS Year(s) 5 Year(s)
55 ANNUAL RATE % 40.00%
56
57 TAX ASSET USEFUL LIFE OF NEW CAPEX Year(s) 4 Year(s)
58 ANNUAL RATE % 50.00%
59
60 Deferred Tax Assets
61 Deferred Tax Assets are assumed to arise through losses carried forward.
62 DEFERRED TAX ASSETS US$ (Million) 50
63
64 Deferred Tax Liabilities
65 Deferred Tax Liabilities are assumed to arise through depreciation timing differences.
66 DEFERRED TAX LIABILITIES US$ (Million) 50
67
68 Tax Payable and Paid
69 Tax is assumed to be paid on the following period after it accrues.
70
71
72 Investment
73
74 Capital Expenditure
75
76 Capital Expenditure
77 CAPITAL EXPENDITURE US$ (Million) 100 100 50 50 50 50 50 50 50 50
78
79 Accounting Depreciation (Straight Line)
80 REMAINING USEFUL LIFE OF EXISTING ASSETS Year(s) 5 Year(s)
81 ANNUAL RATE % 20.00%
82
83 USEFUL LIFE OF NEW CAPEX Year(s) 4 Year(s)
84 ANNUAL RATE % 25.00%
85
86
87 Financing
88
89 Debt
90
91 Debt
92 Movements are assumed to occur at the end of each period.
93 DEBT DRAWDOWNS US$ (Million) 20 30 - - - - - - - -
94 DEBT REPAYMENT US$ (Million) - - 15 25 10 10 10 10 10 10
95
96 Interest
97 Interest is assumed to be paid at the end of each period.
98 INTEREST RATE % 6.00% 6.50% 7.00% 6.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
99
100
101
102 Equity
103
104 Equity
105 ISSUANCE OF COMMON STOCK US$ (Million) 15 25 - 10 - - - - - -
106 COMMON STOCK BUYBACKS US$ (Million) - - 5 5 5 5 5 5 5 5
107
108 Dividends
109 Dividends are assumed to be paid in the period after they are declared.
110 DIVIDEND PAYOUT RATIO % NPAT 25% 30% 35% 40% 45% 45% 45% 45% 45% 45%
111
112
113

513156730.xlsx 14 Corality
 A B C D E F G H I L M N O P Q R S T U V W
1 Sales & Collection
2 [Company's Name] CORRECT
3
4 Start Date 01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22
5 End Date 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
6 Period 1 2 3 4 5 6 7 8 9 10
7
8
9 Sales
10
11 Sales
12 SALES GROWTH 8% 7% 6% 6% 5% 5% 5% 5% 4% 4%
13 SALES 135 146 156 165 174 184 193 202 211 220 229
14
15 Accounts Receivable Turnover
16 DAYS RECEIVABLE # Days 30 30 30 30 30 30 30 30 30 30
17
18 DAYS IN A YEAR # Days 365 365 365 366 365 365 365 366 365 365
19
20 ENDING ACCOUNTS RECEIVABLE US$ (Million) 12 13 14 14 15 16 17 17 18 19
21
22 Balance Check
23 BEGINNING ACCOUNTS RECEIVABLE US$ (Million) 18 12 13 14 14 15 16 17 17 18
24 SALES US$ (Million) 146 156 165 174 184 193 202 211 220 229 IS
25 CASH RECEIPTS US$ (Million) (152) (155) (165) (174) (183) (192) (201) (210) (219) (228) CFS
26 ENDING ACCOUNTS RECEIVABLE US$ (Million) 18 12 13 14 14 15 16 17 17 18 19 BS
27 CHECK - - - - - - - - - -
Cost of Goods Sold
[Company's Name] CORRECT

Start Date
End Date 31-Dec-12
Period

COGS

COGS
SALES US$ (Million)
GROSS MARGIN %
COGS US$ (Million)

Accounts Payable Turnover

DAYS PAYABLE # Days

DAYS IN A YEAR # Days

ENDING ACCOUNTS PAYABLE US$ (Million)

Balance Check
BEGINNING ACCOUNTS PAYABLE US$ (Million)
COGS US$ (Million)
CASH PAYMENTS US$ (Million)
ENDING ACCOUNTS PAYABLE US$ (Million) 15
CHECK
01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20
31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
1 2 3 4 5 6 7 8

146 156 165 174 184 193 202 211

68% 68% 68% 68% 68% 68% 68% 68%
47 50 53 56 59 62 65 68

40 40 40 40 40 40 40 40

365 365 365 366 365 365 365 366

5 5 6 6 6 7 7 7

15 5 5 6 6 6 7 7
47 50 53 56 59 62 65 68
(56) (50) (53) (55) (58) (61) (64) (67)
5 5 6 6 6 7 7 7
- - - - - - - -
01-Jan-21 01-Jan-22
31-Dec-21 31-Dec-22
9 10

220 229
68% 68%
70 73

40 40

365 365

8 8

7 8
70 73 IS
(70) (73) CFS
8 8 BS
- -
Operating Expense
[Company's Name] CORRECT

Start Date
End Date 31-Dec-12
Period

Operating Expenses
All expenses are assumed to be paid as they are incurred.

Opex
GROWTH RATES ARE USED FROM THE YEAR FLAG [1,0] 2019

OPERATING EXPENSE US$ (Million)

GROWTH RATES %

OPEX US$

Balance Check
BEGINNING ACCOUNTS PAYABLE US$ (Million)
OPEX US$ (Million)
CASH PAYMENTS US$ (Million)
ENDING ACCOUNTS PAYABLE US$ (Million)
CHECK
01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20
31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
1 2 3 4 5 6 7 8

- - - - - - 1 1

0.3 0.4 0.4 0.4 0.5 0.5 0.6 0.6

5% 4% 3% 2% 2% 2% 2%

0.3 0.4 0.4 0.4 0.5 0.5 0.5 0.6

- - - - - - - -
0.3 0.4 0.4 0.4 0.5 0.5 0.5 0.6
(0.3) (0.4) (0.4) (0.4) (0.5) (0.5) (0.5) (0.6)
- - - - - - - -
- - - - - - - -
01-Jan-21 01-Jan-22
31-Dec-21 31-Dec-22
9 10

1 1

0.7 0.8
2% 2%

0.6 0.6

- -
0.6 0.6 IS
(0.6) (0.6) CFS
- - BS
- -
Capital Expenditure
[Company's Name] CORRECT

Start Date
End Date 31-Dec-12
Period

Capital Expenditure

Capital Expenditure
EXISTING ASSETS US$ (Million) 66
CAPITAL EXPENDITURE US$ (Million)

Accounting Depreciation (Straight Line)

REMAINING USEFUL LIFE OF EXISTING ASSETS Year(s) 5
ANNUAL RATE % 0.2

USEFUL LIFE OF NEW CAPEX Year(s) 4

ANNUAL RATE % 0.25

DEPRECIATION - EXISTING ASSETS US$ (Million) 13

DEPRECIATION - NEW ASSETS US$ (Million)

AGGREGATE DEPRECIATION - EXISTING ASSETS US$

AGGREGATE DEPRECIATION - NEW ASSETS US$ (Million)
TOTAL DEPRECIATION US$ (Million)

Balance Check
BEGINNING NET BOOK VALUE OF ASSETS US$ (Million)
CAPITAL EXPENDITURE US$ (Million)
DEPRECIATION US$ (Million)
ENDING NET BOOK VALUE OF ASSETS US$ (Million) 66
CHECK
01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20
31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
1 2 3 4 5 6 7 8

100 100 50 50 50 50 50 50

25 25 13 13 13 13 13 13

13 13 13 13 13 - - -
25 25 13 13 13 13 13 13
38 38 26 26 26 13 13 13

66 128 190 214 238 263 300 338

100 100 50 50 50 50 50 50
(38) (38) (26) (26) (26) (13) (13) (13)
128 190 214 238 263 300 338 375
- - - - - - - -
01-Jan-21 01-Jan-22
31-Dec-21 31-Dec-22
9 10

50 50

13 13

- -
13 13
13 13

375 413
50 50 CFS
(13) (13) IS
413 450 BS
- -
Debt
[Company's Name] CORRECT

Start Date
End Date
Period

Debt

Debt
Movements are assumed to occur at the end of each period.
DEBT DRAWDOWNS US$ (Million)
DEBT REPAYMENT US$ (Million)

Balance Check
BEGINNING DEBT BALANCE US$ (Million)
DEBT DRAWDOWNS US$ (Million)
DEBT REPAYMENT US$ (Million)
ENDING DEBT BALANCE US$ (Million)
CHECK

Interest
Interest is assumed to be paid at the end of each period.
INTEREST RATE %

AVERAGE DEBT BALANCE US$ (Million)

INTEREST US$ (Million)

Balance Check
BEGINNING INTEREST PAYABLE US$ (Million)
INTEREST EXPENSE US$ (Million)
INTEREST PAID US$ (Million)
ENDING INTEREST PAYABLE US$ (Million)
CHECK
 01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19
31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
1 2 3 4 5 6 7

20 30 - - - - -
- - 15 25 10 10 10

65 85 115 100 75 65 55
20 30 - - - - -
- - (15) (25) (10) (10) (10)
65 85 115 100 75 65 55 45
- - - - - - -

6.00% 6.50% 7.00% 6.00% 8.00% 8.00% 8.00%

75 100 108 88 70 60 50
5 7 8 5 6 5 4

- - - - - - -
5 7 8 5 6 5 4
(5) (7) (8) (5) (6) (5) (4)
- - - - - - -
- - - - - - -
01-Jan-20 01-Jan-21 01-Jan-22
31-Dec-20 31-Dec-21 31-Dec-22
8 9 10

- - -
10 10 10

45 35 25
- - - CFS
(10) (10) (10) CFS
35 25 15 BS
- - -

8.00% 8.00% 8.00%

40 30 20
3 2 2

- - -
3 2 2 IS
(3) (2) (2) CFS
- - - BS
- - -
Common Equity
[Company's Name] CORRECT

Start Date
End Date 31-Dec-12
Period

Equity

Equity
ISSUANCE OF COMMON STOCK US$ (Million)
COMMON STOCK BUYBACKS US$ (Million)

Balance Check
BEGINNING EQUITY US$ (Million)
ISSUANCE OF COMMON STOCK US$ (Million)
COMMON STOCK BUYBACKS US$ (Million)
ENDING EQUITY US$ (Million) 20
CHECK

Dividends
Dividends are assumed to be paid in the period after they are declared.
DIVIDEND PAYOUT RATIO % NPAT

RETAINED EARNINGS US$ (Million)

NET PROFIT AFTER TAX (NPAT) US$ (Million)
CASH AVAILABLE FOR DIVIDENDS US$ (Million) 52

MAXIMUM DIVIDEND US$ (Million)

DIVIDENDS PAYOUT BASED ON RATIO US$ (Million)
DIVIDEND DECLARED US$ (Million)

Balance Check
BEGINNING DIVIDEND PAYABLE US$ (Million)
DIVIDEND DECLARED US$ (Million)
DIVIDEND PAID US$ (Million)
ENDING DIVIDEND PAYABLE US$ (Million) -
CHECK
01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20
31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
1 2 3 4 5 6 7 8

15 25 - 10 - - - -
- - 5 5 5 5 5 5

20 35 60 55 60 55 50 45
15 25 - 10 - - - -
- - (5) (5) (5) (5) (5) (5)
35 60 55 60 55 50 45 40
- - - - - - - -

25% 30% 35% 40% 45% 45% 45% 45%

35 74 122 181 245 308 387 471

38 48 59 64 64 79 84 89
78 131 165 208 261 322 365 413

74 122 165 208 261 322 365 413

10 14 21 26 29 35 38 40
10 14 21 26 29 35 38 40

- 10 14 21 26 29 35 38
10 14 21 26 29 35 38 40
- (10) (14) (21) (26) (29) (35) (38)
10 14 21 26 29 35 38 40
- - - - - - - -
01-Jan-21 01-Jan-22
31-Dec-21 31-Dec-22
9 10

- -
5 5

40 35
- - CFS
(5) (5) CFS
35 30 BS
- -

45% 45%

560 654
94 99
465 523

465 523
42 45
42 45

40 42
42 45 IS
(40) (42) CFS
42 45 BS
- -
Tax
[Company's Name] CORRECT

Start Date
End Date
Period

Tax

Permanent Differences
NON-TAXABLE INCOME US$ (Million)
NON-TAX DEDUCTABLE EXPENSES US$ (Million)

Taxable Profit
PROFIT BEFORE TAX (PBT) US$ (Million)
DEDUCT: NON-TAXABLE INCOME US$ (Million)
ADD: NON-TAX DEDUCTABLE EXPENSES US$ (Million)
TAXABLE PROFIT US$ (Million)

TAX RATE %

TAX EXPENSE / (CREDIT) US$ (Million)

Tax Depreciation (Declining Balance)

EXISTING ASSETS US$ (Million)
CAPITAL EXPENDITURE US$ (Million)

DECLINING BALANCE MULTIPLIER x

REMAINING USEFUL LIFE OF TAX ASSETS Year(s)

ANNUAL RATE %

TAX ASSET USEFUL LIFE OF NEW CAPEX Year(s)

ANNUAL RATE %

DEPRECIATION - EXISTING ASSETS US$ (Million) 66

DEPRECIATION - NEW CAPEX: YEAR 1 US$ (Million) 100
DEPRECIATION - NEW CAPEX: YEAR 2 US$ (Million) 100
DEPRECIATION - NEW CAPEX: YEAR 3 US$ (Million) 50
DEPRECIATION - NEW CAPEX: YEAR 4 US$ (Million) 50
DEPRECIATION - NEW CAPEX: YEAR 5 US$ (Million) 50
DEPRECIATION - NEW CAPEX: YEAR 6 US$ (Million) 50
DEPRECIATION - NEW CAPEX: YEAR 7 US$ (Million) 50
DEPRECIATION - NEW CAPEX: YEAR 8 US$ (Million) 50
DEPRECIATION - NEW CAPEX: YEAR 9 US$ (Million) 50
DEPRECIATION - NEW CAPEX: YEAR 10 US$ (Million) 50
TAX DEPRECIATION US$ (Million) 666

Accounting Depreciation
ACCOUNTING DEPRECIATION US$ (Million)

Depreciation Timing Difference

ACCOUNTING DEPRECIATION US$ (Million)
 TAX DEPRECIATION US$ (Million)
DEPRECIATION TIMING DIFFERECE US$ (Million)

TAX RATE %

MOVEMENT IN DEFERRED TAX LIABILITIES US$ (Million)

BEGINNING DEFERRED TAX LIABILITIES US$ (Million)

MOVEMENT IN DEFERRED TAX LIABILITIES US$ (Million)
ENDING DEFERRED TAX LIABILITIES US$ (Million)

Tax Payable and Paid

TAXABLE PROFIT US$ (Million)
DEPRECIATION TIMING DIFFERECE US$ (Million)
TAXABLE PROFIT / (LOSS) BEFORE LOSSES US$ (Million)
TAX LOSSES USED US$ (Million)
TAXABLE PROFIT / (LOSS) AFTER LOSSES US$ (Million)
TAX RATE %
TAX PAYABLE FOR THE PERIOD US$ (Million)

BEGINNING TAX PAYABLE US$ (Million)

TAX PAYABLE FOR THE PERIOD US$ (Million)
TAX PAID US$ (Million)
ENDING TAX PAYABLE US$ (Million)

Tax Losses
DEFERRED TAX ASSETS US$ (Million)
TAX RATE %
BEGINNING TAX LOSSES US$ (Million)

BEGINNING TAX LOSSES US$ (Million)

TAX LOSSES CREATED DURING PERIOD US$ (Million)
TAX LOSSES USED US$ (Million)
ENDING TAX LOSSES US$ (Million)

MOVEMENT IN TAX LOSSES US$ (Million)

TAX RATE %

MOVEMENT IN DEFERRED TAX ASSETS US$ (Million)

BEGINNING DEFERRED TAX ASSETS US$ (Million)

MOVEMENT IN DEFERRED TAX ASSETS US$ (Million)
ENDING DEFERRED TAX ASSETS US$ (Million)

Balance Check
BEGINNING TAX PAYABLE US$ (Million)
TAX EXPENSE / (CREDIT) US$ (Million)
TAX PAID US$ (Million)
MOVEMENT IN DEFERRED TAX ASSETS US$ (Million)
MOVEMENT IN DEFERRED TAX LIABILITIES US$ (Million)
ENDING TAX PAYABLE US$ (Million)
CHECK
 01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18
31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
1 2 3 4 5 6

25 25 25 25 25 25
40 16 25 30 50 50

56 61 79 87 93 113
(25) (25) (25) (25) (25) (25)
40 16 25 30 50 50
71 52 79 92 118 138

25% 25% 25% 25% 25% 25% 25%

18 13 20 23 30 35

66
100 100 50 50 50 50

2.00x

5 Year(s)
40.00%

4 Year(s)
50.00%

66 26 16 10 6 9 -
100 50 25 13 13 - -
100 - 50 25 13 13 -
50 - - 25 13 6 6
50 - - - 25 13 6
50 - - - - 25 13
50 - - - - - 25
50 - - - - - -
44 - - - - - -
38 - - - - - -
25 - - - - - -
622 76 91 72 68 65 50

216 38 38 26 26 26 13

38 38 26 26 26 13
 (76) (91) (72) (68) (65) (50)
(38) (53) (46) (43) (39) (38)

25% 25% 25% 25% 25% 25%

10 13 12 11 10 9

50 60 73 84 95 105
10 13 12 11 10 9
50 60 73 84 95 105 114

71 52 79 92 118 138
(38) (53) (46) (43) (39) (38)
33 (1) 32 50 79 101
(33) - (32) (50) (79) (7)
- (1) - - - 94
25% 25% 25% 25% 25% 25%
- - - - - 23

- - - - - -
- - - - - 23
- - - - - -
- - - - - - 23

50
25%
200

200 167 168 135 86 7

- 1 - - - -
(33) - (32) (50) (79) (7)
200 167 168 135 86 7 -

(33) 1 (32) (50) (79) (7)

25% 25% 25% 25% 25% 25%

(8) 0 (8) (12) (20) (2)

50 42 42 34 21 2
(8) 0 (8) (12) (20) (2)
50 42 42 34 21 2 -

- - - - - -
18 13 20 23 30 35
- - - - - -
(8) 0 (8) (12) (20) (2)
(10) (13) (12) (11) (10) (9)
- - - - - - 23
- - - - - -
01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22
31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
7 8 9 10

25 25 25 25
50 50 50 50

120 127 134 141

(25) (25) (25) (25)
50 50 50 50
145 152 159 166

25% 25% 25% 25%

36 38 40 41

50 50 50 50

- - - -
- - - -
- - - -
- - - -
6 - - -
6 6 - -
13 6 6 -
25 13 6 6
- 25 13 6
- - 25 13
- - - 25
50 50 50 50

13 13 13 13

13 13 13 13
 (50) (50) (50) (50)
(38) (38) (38) (38)

25% 25% 25% 25%

9 9 9 9

114 123 133 142

9 9 9 9
123 133 142 152 BS

145 152 159 166

(38) (38) (38) (38)
108 115 122 128
- - - -
108 115 122 128
25% 25% 25% 25%
27 29 30 32

23 27 29 30
27 29 30 32
(23) (27) (29) (30)
27 29 30 32

- - - -
- - - -
- - - -
- - - -

- - - -

25% 25% 25% 25%

- - - -

- - - -
- - - -
- - - - BS

23 27 29 30
36 38 40 41 IS
(23) (27) (29) (30) CFS
- - - -
(9) (9) (9) (9)
27 29 30 32 BS
- - - -
 A B C D E F G H I J K L M N O P Q R S T U V
1 Financial Statements
2 [Company's Name] CORRECT
3
4 Start Date 31-Jan-10 31-Jan-11 31-Jan-12 01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22
5 End Date 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
6 Period 1 2 3 4 5 6 7 8 9 10
7
8
9 Income Statement (US$ million)
10
11 SALES - - 135 146 156 165 174 184 193 202 211 220 229
12 COST OF GOODS SOLD - - (72) (47) (50) (53) (56) (59) (62) (65) (68) (70) (73)
13 DEPRECIATION - - (13.2) (38) (38) (26) (26) (26) (13) (13) (13) (13) (13)
14 GROSS PROFIT - - 50 61 68 87 93 99 119 125 131 137 143
15
16 OPEX - - (0.3) (0.3) (0.4) (0.4) (0.4) (0.5) (0.5) (0.5) (0.6) (0.6) (0.6)
17 OPERATING PROFIT - - 49 61 67 86 92 99 118 124 130 136 142
18
19 INTEREST EXPENSE - - (7) (5) (7) (8) (5) (6) (5) (4) (3) (2) (2)
20 PROFIT BEFORE TAX (PBT) - - 43 56 61 79 87 93 113 120 127 134 141
21
22 INCOME TAX - - (7) (18) (13) (20) (23) (30) (35) (36) (38) (40) (41)
23 NET PROFIT AFTER TAX (NPAT) - - 35 38 48 59 64 64 79 84 89 94 99
24
25 DIVIDEND DECLARED - - - (10) (14) (21) (26) (29) (35) (38) (40) (42) (45)
26 CURRENT EARNINGS - - 35 29 34 38 38 35 43 46 49 52 55
27
28 CHG IN COMMON STOCK - - (20) (15) (25) 5 (5) 5 5 5 5 5 5
 A B C D E F G H I J K L M N O P Q R S T U V
29 NET WORTH INCREASE - - 55 44 59 33 43 30 38 41 44 47 50
30
31
32 Balance Sheet (US$ million)
33
34 Current Assets
35
36 OPENING CASH 52 78 122 142 163 191 223 231 241 253
37 NET INCREASE / (DECREASE) IN CASH HELD 26 44 20 22 28 32 8 10 12 15
38 CASH - - 52 78 122 142 163 191 223 231 241 253 268
39 ACCOUNTS RECEIVABLE - - 18 12 13 14 14 15 16 17 17 18 19
40 OTHER CURRENT ASSETS - - 0 0 0 0 0 0 0 0 0 0 0
41 TOTAL CURRENT ASSETS - - 70 90 135 155 178 206 239 248 258 271 287
42
43 Non-Current Assets
44
45 PP&E - - 66 128 190 214 238 263 300 338 375 413 450
46 DEFERRED TAX ASSETS - - 50 42 42 34 21 2 - - - - -
47 TOTAL NON-CURRENT ASSETS - - 116 170 232 248 260 264 300 338 375 413 450
48
49 TOTAL ASSETS - - 186 259 366 403 437 470 539 585 633 684 737
50
51 Current Liabilities
52
53 ACCOUNTS PAYBLE - - 15 5 5 6 6 6 7 7 7 8 8
54 INTEREST PAYABLE - - - - - - - - - - - - -
55 DIVIDENDS PAYABLE - - - 10 14 21 26 29 35 38 40 42 45
56 TAX PAYABLE - - - - - - - - 23 27 29 30 32
57 OTHER CURRENT LIABILITIES - - 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2
58 TOTAL CURRENT LIABILITIES - - 16 16 21 28 33 36 67 73 77 82 86
59
60 Non-Current Liabilities
61
62 DEBT - - 65 85 115 100 75 65 55 45 35 25 15
63 DEFERRED TAX LIABILITIES - - 50 60 73 84 95 105 114 123 133 142 152
64 TOTAL NON CURRENT LIABILITIES - - 115 145 188 184 170 170 169 168 168 167 167
65
66 TOTAL LIABILITIES - - 131 160 209 212 203 206 236 241 245 249 253
67
68 Equity
69
70 COMMON STOCK - - 20 35 60 55 60 55 50 45 40 35 30
71 EARNINGS FROM PREVIOUS YEAR - - - 35 64 98 136 174 209 253 299 348 400
72 CURRENT EARNINGS - - 35 29 34 38 38 35 43 46 49 52 55
73 RETAINED EARNINGS - - 35 64 98 136 174 209 253 299 348 400 454
74
75 TOTAL EQUITY - - 55 99 158 191 234 264 303 344 388 435 484
76
77 TOTAL LIABILITY & EQUITY - - 186 259 366 403 437 470 539 585 633 684 737
 A B C D E F G H I J K L M N O P Q R S T U V
78
79
80 Direct Cash Flow Statement (US$ million)
81
82 CASH FLOW FROM OPERATING ACTIVITIES
83
84 CASH RECEIPTS - - 126 152 155 165 174 183 192 201 210 219 228
85 DIRECT CASH PAYMENTS - - (73) (56) (50) (53) (55) (58) (61) (64) (67) (70) (73)
86 INDIRECT CASH PAYMENTS - - (0.3) (0.3) (0.4) (0.4) (0.4) (0.5) (0.5) (0.5) (0.6) (0.6) (0.6)
87 CASH PAYMENTS - - (73) (57) (50) (53) (56) (59) (62) (65) (68) (71) (73)
88 INTEREST PAID - - (7) (5) (7) (8) (5) (6) (5) (4) (3) (2) (2)
89 TAX PAID - - - - - - - - - (23) (27) (29) (30)
90 CASH FLOW FROM OPERATING ACTIVITIES - - 46 91 99 104 112 118 125 109 112 117 123
91
92 CASH FLOWS FROM INVESTING ACTIVITIES
93
94 CAPITAL EXPENDITURE - - (79) (100) (100) (50) (50) (50) (50) (50) (50) (50) (50)
95 CASH FLOWS FROM INVESTING ACTIVITIES - - (79) (100) (100) (50) (50) (50) (50) (50) (50) (50) (50)
96
97 CASH FLOWS FROM FINANCING ACTIVITIES
98
99 DEBT DRAWDOWNS - - 65 20 30 - - - - - - - -
100 DEBT REPAYMENTS - - - - - (15) (25) (10) (10) (10) (10) (10) (10)
101 ISSUANCE OF COMMONT STOCK - - 20 15 25 - 10 - - - - - -
102 EQUITY BUYBACKS - - - - - (5) (5) (5) (5) (5) (5) (5) (5)
103 DIVIDEND PAID - - - - (10) (14) (21) (26) (29) (35) (38) (40) (42)
104 CASH FLOWS FROM FINANCING ACTIVITIES - - 85 35 45 (34) (41) (41) (44) (50) (53) (55) (57)
105
106 CASH BALANCE SCHEDULE
107
108 BEGINNING CASH BALANCE - - 52 78 122 142 163 191 223 231 241 253
109 CHANGE IN CASH - - 52 26 44 20 22 28 32 8 10 12 15
110 ENDING CASH BALANCE - - 52 78 122 142 163 191 223 231 241 253 268
111
112
113 Indirect Cash Flow Statement (US$ million)
114
115 CASH FLOW FROM OPERATING ACTIVITIES
116
117 NET PROFIT AFTER TAX (NPAT) - - 35 38 48 59 64 64 79 84 89 94 99
118 ADD:
119 DEPRECIATION - - 13 38 38 26 26 26 13 13 13 13 13
120 WORKING CAPITAL SOURCE (USE):
121 (INCREASE) DECREASE IN ACCOUNTS RECEIVABLE - - (18.2) 6.2 (0.8) (0.8) (0.7) (0.8) (0.8) (0.8) (0.7) (0.8) (0.7)
122 (INCREASE) DECREASE IN OTHER CURRENT ASSETS - - (50.1) 8.2 (0.2) 8.1 12.4 19.7 1.7 - - - -
123 INCREASE (DECREASE) IN ACCOUNTS PAYABLE - - 14.8 (9.7) 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
124 INCREASE (DECREASE) IN INTEREST PAYABLE - - - - - - - - - - - - -
125 INCREASE (DECREASE) IN OTHER CURRENT LIABILITIES - - 51.2 9.6 13.2 11.6 10.6 9.8 32.9 12.8 11.1 11.1 11.1
126 CASH FLOW FROM OPERATING ACTIVITIES - - 46 91 99 104 112 118 125 109 112 117 123
127
128 CASH FLOWS FROM INVESTING ACTIVITIES
129
130 (INCREASE) DECREASE IN FIXED ASSETS - - (79) (100) (100) (50) (50) (50) (50) (50) (50) (50) (50)
131 CASH FLOWS FROM INVESTING ACTIVITIES - - (79) (100) (100) (50) (50) (50) (50) (50) (50) (50) (50)
132
133 CASH FLOWS FROM FINANCING ACTIVITIES
134
135 INCREASE (DECREASE) IN COMMON STOCK - - 20 15 25 (5) 5 (5) (5) (5) (5) (5) (5)
136 INCREASE (DECREASE) IN DIVIDENDS PAYABLE - - - - (10) (14) (21) (26) (29) (35) (38) (40) (42)
137 INCREASE (DECREASE) IN DEBT - - 65 20 30 (15) (25) (10) (10) (10) (10) (10) (10)
138 CASH FLOWS FROM FINANCING ACTIVITIES - - 85 35 45 (34) (41) (41) (44) (50) (53) (55) (57)
 A B C D E F G H I J K L M N O P Q R S T U V
139
140 CASH BALANCE SCHEDULE
141
142 BEGINNING CASH BALANCE - - 52 78 122 142 163 191 223 231 241 253
143 CHANGE IN CASH - - 52 26 44 20 22 28 32 8 10 12 15
144 ENDING CASH BALANCE - - 52 78 122 142 163 191 223 231 241 253 268
145
146
147 Parity Check
148
149 BALANCE SHEET FOOTING [1,0] CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT
150 CHG IN RETAINED EARNINGS [1,0] CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT
151 CHG IN CASH [1,0] CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT CORRECT
152 OVERALL CHECK [1,0] CORRECT
Financial Ratios
[Company's Name] CORRECT

Start Date 31-Jan-10 31-Jan-11

End Date 31-Dec-10 31-Dec-11
Period

DuPont Formula

RETURN ON EQUITY (ROE) 0.0% 0.0%

RETURN ON SALES (ROS) 0.0% 0.0%

ASSET TURNOVER (ATO) - -

ASSET LEVERAGE (ALEV) - -

Profitability (US$ million)

SALES GROWTH 0.0% 0.0%

GROSS PROFIT - -

GROSS PROFIT MARGIN 0.0% 0.0%

EBITDA - -

EBITDA MARGIN 0.0% 0.0%

PROFIT BEFORE TAX (PBT) - -

PBT MARGIN 0.0% 0.0%

NET PROFIT AFTER TAX (NPAT) - -

NPAT MARGIN 0.0% 0.0%

LIQUIDITY & LEVERAGE

CASH - -

CURRENT RATIO - -
QUICK RATIO - -

DEBT TO EQUITY RATIO - -

LEVERAGE - -
31-Jan-12 01-Jan-13 01-Jan-14 01-Jan-15 01-Jan-16 01-Jan-17 01-Jan-18
31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
1 2 3 4 5 6

63.8% 38.7% 30.5% 30.9% 27.4% 24.0% 26.0%

26.1% 26.3% 30.8% 35.7% 36.8% 34.6% 40.8%

0.72 0.56 0.43 0.41 0.40 0.39 0.36

3.37 2.62 2.33 2.11 1.87 1.78 1.78

0.0% 8.0% 7.0% 6.0% 5.5% 5.3% 5.0%

50 61 68 87 93 99 119

36.8% 41.8% 43.5% 52.5% 53.3% 54.0% 61.5%

63 99 106 112 118 124 131

46.3% 67.8% 67.8% 67.8% 67.7% 67.7% 67.7%

43 56 61 79 87 93 113

31.6% 38.5% 39.1% 47.7% 50.0% 50.7% 58.7%

35 38 48 59 64 64 79

26.1% 26.3% 30.8% 35.7% 36.8% 34.6% 40.8%

52 78 122 142 163 191 223

4.39 5.64 6.39 5.60 5.39 5.69 3.57

4.38 5.64 6.39 5.60 5.38 5.68 3.57

1.18 0.86 0.73 0.52 0.32 0.25 0.18

2.37 1.62 1.33 1.11 0.87 0.78 0.78

01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22
31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
7 8 9 10

24.4% 23.0% 21.7% 20.5%

41.6% 42.3% 42.9% 43.5%

0.34 0.33 0.32 0.31

1.70 1.63 1.57 1.52

4.8% 4.5% 4.3% 4.0%

125 131 137 143

61.8% 62.1% 62.3% 62.5%

137 143 149 155

67.7% 67.7% 67.7% 67.7%

120 127 134 141

59.6% 60.3% 61.0% 61.6%

84 89 94 99

41.6% 42.3% 42.9% 43.5%

231 241 253 268

3.39 3.33 3.32 3.33

3.39 3.33 3.31 3.33

0.13 0.09 0.06 0.03

0.70 0.63 0.57 0.52

Dynamic Chart
[Company's Name] CORRECT

2013 2014 2015

GROSS PROFIT MARGIN 41.79% 43.50% 52.45%
RETURN ON SALES (ROS) 26.28% 30.77% 35.74%

RATIO 1 50.00%

45.00%

40.00%

35.00%
RATIO 2

RETURN ON EQUITY (ROE) 30.00%

RETURN ON SALES (ROS)
ASSET TURNOVER (ATO)
ASSET LEVERAGE (ALEV)
SALES GROWTH 25.00%
GROSS PROFIT
GROSS PROFIT MARGIN
EBITDA
EBITDA MARGIN 20.00%
PROFIT BEFORE TAX (PBT)
PBT MARGIN
YEAR
NET PROFIT AFTER TAX (NPAT)
NPAT MARGIN 15.00%
FIRST YEAR
CASH
CURRENT RATIO
QUICK RATIO 10.00%
SECOND
DEBT YEARRATIO
TO EQUITY
LEVERAGE

5.00%
SCENARIOS

0.00%
2013 2014 2015 2016

GROSS PROFIT MARGIN

Financial Ratios 2013 2014 2015
RETURN ON EQUITY (ROE) 38.7% 30.5% 30.9%
RETURN ON SALES (ROS) 26.3% 30.8% 35.7%
ASSET TURNOVER (ATO) 0.56 0.43 0.41
ASSET LEVERAGE (ALEV) 2.62 2.33 2.11
SALES GROWTH 8.0% 7.0% 6.0%
GROSS PROFIT 61 68 87
GROSS PROFIT MARGIN 41.8% 43.5% 52.5%
EBITDA 99 106 112
EBITDA MARGIN 67.8% 67.8% 67.8%
PROFIT BEFORE TAX (PBT) 56 61 79
PBT MARGIN 38.5% 39.1% 47.7%
NET PROFIT AFTER TAX (NPAT) 38 48 59
NPAT MARGIN 26.3% 30.8% 35.7%
CASH 78 122 142
CURRENT RATIO 5.64 6.39 5.60
QUICK RATIO 5.64 6.39 5.60
DEBT TO EQUITY RATIO 0.86 0.73 0.52
LEVERAGE 1.62 1.33 1.11
7 2

Year 14 8-YEARS GROSS PROFIT MARGIN &

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
1
8
 2016 2017 2018 2019 2020 2021 2022
53.26% 54.00% 61.51% 61.81% 62.07% 62.32% 62.53%
36.78% 34.61% 40.82% 41.57% 42.26% 42.88% 43.45%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2015 2016 2017 2018 2019 2020

GROSS PROFIT MARGIN RETURN ON SALES (ROS)

 2016 2017 2018 2019 2020 2021 2022
27.4% 24.0% 26.0% 24.4% 23.0% 21.7% 20.5%
36.8% 34.6% 40.8% 41.6% 42.3% 42.9% 43.5%
0.40 0.39 0.36 0.34 0.33 0.32 0.31
1.87 1.78 1.78 1.70 1.63 1.57 1.52
5.5% 5.3% 5.0% 4.8% 4.5% 4.3% 4.0%
93 99 119 125 131 137 143
53.3% 54.0% 61.5% 61.8% 62.1% 62.3% 62.5%
118 124 131 137 143 149 155
67.7% 67.7% 67.7% 67.7% 67.7% 67.7% 67.7%
87 93 113 120 127 134 141
50.0% 50.7% 58.7% 59.6% 60.3% 61.0% 61.6%
64 64 79 84 89 94 99
36.8% 34.6% 40.8% 41.6% 42.3% 42.9% 43.5%
163 191 223 231 241 253 268
5.39 5.69 3.57 3.39 3.33 3.32 3.33
5.38 5.68 3.57 3.39 3.33 3.31 3.33
0.32 0.25 0.18 0.13 0.09 0.06 0.03
0.87 0.78 0.78 0.70 0.63 0.57 0.52

YEARS GROSS PROFIT MARGIN & RETURN ON SALES (ROS)

2017
Sensitivity & Scenario Analysis
[Company's Name] CORRECT

BASE CASE

10566.82%

44.00%
ROW INPUTS

SALES GROWTH
DAYS RECEIVABLE 52.00%
GROSS MARGIN
DAYS PAYABLE
INTEREST RATE
DIVIDEND PAYOUT RATIO
60.00%

GROSS MARGIN
68.00%

COLUMN INPUTSA
76.00%
SALES GROWTH
DAYS RECEIVABLE
GROSS MARGIN
DAYS PAYABLE
INTEREST RATE 84.00%
DIVIDEND PAYOUT RATIO

92.00%

VARIABLES 2013
SALES GROWTH 8.00%
DAYS RECEIVABLE 30
GROSS MARGIN 68.00%
DAYS PAYABLE 40
INTEREST RATE 6.00%
DIVIDEND PAYOUT RATIO 25.00%

Note:
Input data harus satu sheet dengan working paper
BASE CASE BEST CASE WORST CASE

DIVIDEND PAYOUT RATIO

24.00% 26.00% 28.00% 30.00% 32.00% 34.00% 36.00%

EBITDA

2014 2015 2016 2017 2018 2019 2020

7.00% 6.00% 5.50% 5.25% 5.00% 4.75% 4.50%
 30 30 30 30 30 30 30
68.00% 68.00% 68.00% 68.00% 68.00% 68.00% 68.00%
40 40 40 40 40 40 40
6.50% 7.00% 6.00% 8.00% 8.00% 8.00% 8.00%
30.00% 35.00% 40.00% 45.00% 45.00% 45.00% 45.00%
 1

RATIOS

RETURN ON EQUITY (ROE)

RETURN ON SALES (ROS)
ASSET TURNOVER (ATO)
ASSET LEVERAGE (ALEV)
SALES GROWTH
GROSS PROFIT
GROSS PROFIT MARGIN
EBITDA
EBITDA MARGIN
PROFIT BEFORE TAX (PBT)
PBT MARGIN
NET PROFIT AFTER TAX (NPAT)
NPAT MARGIN
CASH YEARS
CURRENT RATIO
QUICK RATIO
2013
DEBT TO EQUITY RATIO
2014
LEVERAGE
2015
2016
2017
2018
2019
2020
2021
2022

2014

2021 2022
4.25% 4.00%
 30 30
68.00% 68.00%
40 40
8.00% 8.00%
45.00% 45.00%
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