ATTOCK CEMENT PAKISTAN

RABIA HASHIM (CF-002) (GROUP LE

HADIYA FEROZ VAYANI (CF-026)
MUNIBA TANVEER (CF-028)
KISTAN LIMITED

GROUP LEADER)
CF-026)
8)
ATTOCK 3 STATEMENT MODEL
2009 2010

Assumptions
Income statement
Revenue Growth (% Change) -10%
Cost of Goods Sold (% of Revenue) 68% 74%
Gross Profit (% of Sales) 32% 26%
Finance Cost (% of Sales) 1.407% 1.012%
Depreciation (% of Revenues) 0.118% 0.118%
Income Tax Expense (% of total expenses) -65% -49%
Tax Rate (% of Earnings Before Tax) -25% -27%
Balance Sheet
Trade Receivable (Days) 26 17
Inventory (Days) 38 41
Trade & other Payables (Days) 54 65
Capital Expenditures ($000's) -286,642 -331317
Non-Current Liabilities/ Net Sales 0.124 0.078
Return on Assets 0.218 0.142
Debt-to-Equity Ratio 0.089 0.000
Fixed Asset Turnover 2.054 1.825
Unconsolidated Income Statement
Revenue 8,510,071 7,668,133
Cost of sales 5,801,099 5,710,166
Gross profit 2,708,972 1,957,967
Distribution costs 437,194 466,659
Administrative expenses 182,420 183,933
Other expenses 147,402 102,969
Total Expenses 767,016 753,561
Other income 166,533 261,539
Profit from operations (EBITDA) 2,108,489 1,465,945
Finance cost 119,763 77,628
Share of net income associate accounted for using equity method 12,134 0
Profit before income tax (PBT) 2,000,860 1,388,317
Income tax (expense) / credit -495775 -371632
Profit for the year (PAT) 1,505,085 1,016,685
Other comprehensive income/(loss): 12134 -13062
Total comprehensive income for the year 1,517,219 1,003,623

Unconsolidated Balance Sheet

ASSETS
Non-current assets
Fixed assets - property, plant and equipment 4,143,534 4,201,944
Long-term investments 4,500 4,500
Long-term loans and advances - considered good 19,438 16,922
Long-term deposits 42,980 42,980
Deferred tax assets 0 0
Total Non Current Assets 4,210,452 4,266,346
Current assets
Inventories 599,605 646,494
Trade receivables - considered good 613,934 366,170
Loans and advances - considered good 26,208 46,132
Short-term deposits and prepayments 12,362 10,538
Trade debts - considered good 46,485 55,366
Other receivables 26,988 28,836
Accrued interest 7,676 2,646
Taxation - payments less provisions 0 0
Tax refunds due from Government - Sales tax 0 0
Investments 557,265 1,194,272
Cash and bank balances 871,826 442,109
Total Current Assets 2,762,349 2,792,563
Total assets 6,972,801 7,058,909
EQUITY AND LIABILITIES
Share capital and reserves
Share capital - issued, subscribed and paid-up 721,629 865,955
Unappropriated profit 4,043,176 4,529,464
Total Equity 4,764,805 5,395,419
LIABILITIES
Non-current liabilities
Long-term loans 422,500 0
Liability against asset subject to finance lease 0 0
Deferred tax liabilities 636,870 598,300
Employee benefit obligations 0 0
Total Non-Current Liiabilities 1,059,370 598,300
Current liabilities
Trade and other payables 856,330 1,015,724
Unclaimed dividend/Dividend Payable 0 0
Taxation 70,320 49,466
Accrued mark-up 8,914 0
Short-term borrowings 0 0
Current maturity of liability against asset subject to finance lease 200,000 0
Current portion of long term loan 13,062 0
Total Current Liabilities 1148626 1065190
Total liabilities 2,207,996 1,663,490
Total equity and liabilities 6,972,801 7,058,909
Check 0 0
OK OK
Unconsolidated cash flow statement
Cashflows from operating activities
Cash generated from operations 2,108,489 1,465,945
Finance cost paid -123,580 -86,542
Income tax paid -341,084 -431,056
Employee benefit obligations paid 0 0
Decrease in long-term loans and advances -9,663 2,516
Increase in long-term deposits 0 0
Net cash generated from operating activities 1,634,162 950,863
Cashflows from investing activities
Fixed capital expenditure incurred (286,642) (331,317)
Placement in term deposit receipt -100,000 -503,028
Investment in subsidiary company 0 0
Purchase of Certificates of Investment 0 603028
Proceeds from disposal of operating assets 6043 4121
Purchase of open ended mutual fund units -1360000 -3779814
Proceeds from sale of open ended mutual fund units 955,501 3,136,227
Dividend received from open ended mutual fund units 0 0
Interest received 57,177 86,811
Net cash used in investing activities -727,921 -783,972
Cashflows from financial activities
Dividend paid -234,413 -385,556
Long term repaid -200,000 -622,500
Long-term loan received 0 0
Current portion of long term loan repaid 0 0
Lease rentals paid -109 0
Net cash generated from financing activities -434,522 -1,008,056

Net cash increase/decrease in cash and cash equivalents 471,719 -841,165

Cash and cash equivalent at beginning of the period 110,957 871,826
Cash and cash equivalent at end of the period 582,676 30,661

Supporting Shedule
Working Capital Schedule
Trade receivables - considered good 613,934 366,170
Inventory 599,605 646,494
Trade and other payables 856330 1015724
Net Working Capital (NWC) 357,209 -3,060
Change in NWC -360,269

Depreciation Schedule
PPE Opening 4,143,534 4,420,136
Plus Capex - Capital Expenditure -286,642 -331,317
Less Depreciation 10,040 9,034
PPE Closing 4,420,136 4,742,419

Debt & Interest Schedule

Long-term debt, Net of Current maturities 422,500 0
Current portion of long-term debt 13062 0
Interest on Workers’ Profits Participation Fund 194 467

Charts & Graphs

8,000,000
6,000,000
4,000,000
2,000,000
-
(2,000,000)
(4,000,000)
(6,000,000)
(8,000,000)
(10,000,000)

Cash from Operations 1,634,162 950,863

Cash from Investing -727,921 -783,972
Cash from Financing -434,522 -1,008,056
Net Changes in Cash 471,719 -841,165
Closing Cash Balance 582,676 30,661

Revenue 8,510,071 7,668,133

Gross Profit 2,708,972 1,957,967
Earnings Before Tax 2,000,860 1,388,317

35,000,000

30,000,000
35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0
2009 2010
 Annual Historical Da
2011 2012 2013 2014 2015 2016

12% 24% 8% 9% 4% 6%
80% 72% 69% 70% 66% 60%
20% 28% 31% 30% 34% 40%
0.284% 0.109% 0.129% 0.237% 0.199% 0.153%
0.101% 0.077% 0.095% 0.105% 0.102% 0.098%
-45% -57% -50% -47% -65% -81%
-34% -29% -20% -24% -32% -32%

23 19 18 15 21 16
72 67 44 48 41 58
70 57 73 83 74 117
-1403212 -448942 -876144 -517290 -294781 -1572267
0.066 0.088 0.104 0.100 0.082 0.089
0.043 0.165 0.196 0.149 0.166 0.185
0.000 0.000 0.000 0.000 0.000 0.000
1.604 1.944 1.918 2.048 2.181 1.949

8,553,921 10,638,021 11,507,706 12,547,251 13,086,120 13,918,340

6,823,346 7,691,421 7,972,732 8,843,288 8,689,940 8,331,840
1,730,575 2,946,600 3,534,974 3,703,963 4,396,180 5,586,500
512,936 705,125 577,636 806,050 986,673 954,746
186,365 221,577 263,216 307,163 346,946 401,792
76,722 119,173 230,172 195,420 238,821 314,042
776,023 1,045,875 1,071,024 1,308,633 1,572,440 1,670,580
104,221 145,899 227,029 269,529 422,910 341,095
1,058,773 2,046,624 2,690,979 2,664,859 3,246,650 4,257,015
24,287 11,593 14,894 29,794 25,999 21,309
0 0 0 0 0 0
1,034,486 2,035,031 2,676,085 2,635,065 3,220,651 4,235,706
-350057 -598382 -540000 -621000 -1015000 -1345683
684,429 1,436,649 2,136,085 2,014,065 2,205,651 2,890,023
-350,057 29271 -40666 -233837 -173056 -224510
334,372 1,465,920 2,095,419 1,780,228 2,032,595 2,665,513

5,331,951 5,471,655 5,998,663 6,125,796 5,999,669 7,140,508

4,500 4,500 4,500 4,500 4,500 4,500
16,237 24,348 28,653 32,968 55,754 41,538
42,980 42,980 42,980 42,980 42,980 42,980
0 0 0 0 0 0
5,395,668 5,543,483 6,074,796 6,206,244 6,102,903 7,229,526

1,342,341 1,419,739 956,276 1,160,074 986,146 1,317,012

541,028 539,343 564,899 523,402 763,715 599,753
25,754 35,390 35,434 48,728 61,115 81,935
11,789 13,902 19,423 18,477 16,938 17,518
50,772 190,444 349,283 262,063 124,414 211,112
47,419 57,909 22,594 28,737 68,117 114,864
2,149 2,149 4,298 0 0 0
0 0 0 0 0 0
0 0 0 45,014 147,585 0
116,064 879,362 2,282,729 3,165,428 3,104,907 4,273,362
210,165 219,762 389,014 467,835 858,698 581,318
2,347,481 3,358,000 4,623,950 5,719,758 6,131,635 7,196,874
7,743,149 8,901,483 10,698,746 11,926,002 12,234,538 14,426,400

865,955 865,955 995,848 1,145,225 1,145,225 1,145,225

4,932,457 5,762,938 6,852,976 7,300,828 7,789,909 9,301,618
5,798,412 6,628,893 7,848,824 8,446,053 8,935,134 10,446,843

0 0 0 0 0 0
0 0 6,517 11,883 7,956 4,029
566,358 938,078 1,041,977 1,003,706 813,378 809,516
0 0 148,952 240,493 252,336 425,333
566,358 938,078 1,197,446 1,256,082 1,073,670 1,238,878

1,311,132 1,205,215 1,591,671 2,022,790 1,772,101 2,680,056

0 0 0 0 0 0
63,267 129,297 0 0 449,706 56,696
3,980 0 58,943 197,150 0 0
 0 0 0 0 0 0
0 0 1,862 3,927 3,927 3,927
0 0 0 0 0 0
1378379 1334512 1652476 2223867 2225734 2740679
1,944,737 2,272,590 2,849,922 3,479,949 3,299,404 3,979,557
7,743,149 8,901,483 10,698,746 11,926,002 12,234,538 14,426,400
0 0 0 0 0 0
OK OK OK OK OK OK

1,058,773 2,046,624 2,690,979 2,664,859 3,246,650 4,257,015

-20,307 -15,573 -14,894 -29,794 -25,999 -21,309
-368,198 -160,632 -470,354 -491,793 -937,444 -1,693,873
0 0 -148,952 -240,493 -252,336 -425,333
685 -8,111 -4,305 -4,315 -22,786 14,216
0 0 0 0 0 0
670,953 1,862,308 2,052,474 1,898,464 2,008,085 2,130,716

(1,403,212) (448,942) (876,144) (517,290) (294,781) (1,572,267)

1,751,290 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2324 1747 9082 7027 5420 4364
-630000 -3130000 -4471944 -7383298 -12716170 -13526865
0 2,409,458 3,177,169 6,705,027 13,108,862 12,632,459
0 0 0 0 4,019 5,462
23,244 22,408 20,518 26,998 23,346 21,486
-256,354 -1,145,329 -2,141,319 -1,161,536 130,696 -2,435,361

-281,088 -605,594 -817,063 -1,338,548 -1,659,446 -1,201,683

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 -1421 -4044 -3927 -3927
-281,088 -605,594 -818,484 -1,342,592 -1,663,373 -1,205,610

133,511 111,385 -907,329 -605,664 475,408 -1,510,255

442,109 210,165 219,762 389,014 467,835 858,698
575,620 321,550 -687,567 -216,650 943,243 -651,557

541,028 539,343 564,899 523,402 763,715 599,753

1,342,341 1,419,739 956,276 1,160,074 986,146 1,317,012
 1311132 1205215 1591671 2022790 1772101 2680056
572,237 753,867 -70,496 -339,314 -22,240 -763,291
575,297 181,630 -824,363 -268,818 317,074 -741,051

4,742,419 6,136,950 6,577,734 7,442,964 7,947,063 8,228,551

-1,403,212 -448,942 -876,144 -517,290 -294,781 -1,572,267
8,681 8,158 10,914 13,191 13,293 13,594
6,136,950 6,577,734 7,442,964 7,947,063 8,228,551 9,787,224

0 0 0 0 0 0
0 0 0 0 0 0
983 768 2,763 2,246 2,378 2,269

CASH FLOW
8,000,000
6,000,000
4,000,000
2,000,000
-
(2,000,000)
(4,000,000)
(6,000,000)
(8,000,000)
(10,000,000)

Cash from Operations Cash from Investing Cash from Financing Net Changes in Cash

670,953 1,862,308 2,052,474 1,898,464 2,008,085 2,130,716

-256,354 -1,145,329 -2,141,319 -1,161,536 130,696 -2,435,361
-281,088 -605,594 -818,484 -1,342,592 -1,663,373 -1,205,610
133,511 111,385 -907,329 -605,664 475,408 -1,510,255
575,620 321,550 -687,567 -216,650 943,243 -651,557

8,553,921 10,638,021 11,507,706 12,547,251 13,086,120 13,918,340

1,730,575 2,946,600 3,534,974 3,703,963 4,396,180 5,586,500
1,034,486 2,035,031 2,676,085 2,635,065 3,220,651 4,235,706

Income Statement
35,000,000

30,000,000
 Income Statement
35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202

Revenue Gross Profit Earnings before tax

Annual Historical Data Annual Forecasted Period
2017 2018 2019 2020 2021 2022

6% 12% 26% -11% 15% 10%

60% 71% 77% 77% 69% 74%
40% 29% 23% 23% 31% 26%
0.193% 2% 3% 3% 1.612% 2.274%
0.098% 0.089% 0.101% 0.114% 8% 6%
-85% 86% 16% -17% 6% 23%
-32% 41% 14% -28% 2% 11%

4 16 14 10 11 13
80 114 78 89 90 93
158 156 82 107 132 119
-8752605 -2076529 -953141 -332522 -3927425 -1822404
0.191 0.233 0.135 0.093 0.186 0.162
0.141 0.169 0.102 0.036 0.153 0.106
0.300 0.407 0.427 0.311 0.522 1.057
0.884 0.918 1.175 1.072 0.985 0.774

14,735,172 16,495,659 20,780,934 18,500,574 21,201,316 23,403,631

8,842,960 11,697,583 15,978,032 14,251,503 14,686,409 17,207,813
5,892,212 4,798,076 4,802,902 4,249,071 6,514,907 6,195,818
905,531 782,218 1,414,820 1,830,945
419,378 533,111 505,149 506,937
333,645 163,000 149,756 92,274
1,658,554 1,478,329 2,069,725 2,430,156 1,735,536 1,928,437
236,632 60,804 293,803 233,547 197,080 196,308
4,470,290 3,380,551 3,026,980 2,052,462 4,976,451 4,463,690
28,369 251,172 648,444 525,894 341,734 532,285
0 0 2,500 2,501 0 0
4,441,921 3,129,379 2,381,036 1,529,069 4,634,717 3,931,405
-1409864 1270405 330000 -425000 97617 433972
3,032,057 4,399,784 2,711,036 1,104,069 4,732,333 4,365,378
-101734 71269 69803 -104586 13113 12400
2,930,323 4,471,053 2,780,839 999,483 4,745,446 4,377,777

16,660,338 17,962,931 17,685,584 17,255,963 21,519,471 30,255,400

786,112 1,435,379 1,836,541 1,858,089 1,352,677 1,620,672
48,588 47,311 47,593 38,818 47,831 45,388
42,980 99,940 99,940 99,940 80,953 95,193
0 131,543 0 0 43,848 43,848
17,538,018 19,677,104 19,669,658 19,252,810 23,044,780 32,060,501

1,929,782 3,649,066 3,395,522 3,465,940 3,635,818 4,367,446

180,490 709,917 795,061 494,535 661,090 814,494
76,383 78,499 87,931 162,443 80,938 102,453
23,655 22,593 45,212 13,248 30,487 27,885
0 0 0 0 0 0
105,787 201,370 235,807 324,522 180,988 235,672
0 0 0 0 0 0
236,663 1,453,299 2,602,240 2,866,866 1,430,734 2,088,285
496,755 289,270 182,587 56,521 322,871 212,812
0 0 0 0 1,475,654 958,169
121,847 324,936 302,586 785,559 249,790 415,718
3,171,362 6,728,950 7,646,946 8,169,634 8,068,369 9,222,933
20,709,380 26,406,054 27,316,604 27,422,444 31,113,149 41,283,434

1,145,225 1,145,225 1,374,270 1,374,270 1,221,573 1,278,835

10,802,410 13,727,410 14,725,189 15,178,386 13,085,003 14,178,997
11,947,635 14,872,635 16,099,459 16,552,656 14,306,576 15,457,832

1,500,000 3,437,500 2,187,500 236,250

1,033 10,793 7,915 46,456
817,747 0 351,283 1,081,132
489,453 387,093 266,878 359,643
2,808,233 3,835,386 2,813,576 1,723,481 3,946,846 3,786,823

3,823,679 4,983,843 3,577,440 4,185,436 5298626 5611567

0 8,998 10,182 10,416 6393 8997
0 0 0 0 0 0
45,990 88,773 143,867 33,590 92877 89777
2,080,847 2,612,508 4,669,202 4,902,750 7458569 16322397
2,996 3,911 2,878 14,115 3262 6041
0 0 0 0 0 0
5,953,512 7698033 8403569 9146307 12859726.5797 22038779.88986
8,761,745 11,533,419 11,217,145 10,869,788 16,806,572 25,825,602
20,709,380 26,406,054 27,316,604 27,422,444 31,113,149 41,283,434
0 0 0 0 0 0
OK OK OK OK OK OK

4,470,290 3,380,551 3,026,980 2,052,462 4,976,451 4,463,690

-28,369 -290,191 -593,350 -636,171 -303,970 -455,921
-1,694,992 -895,521 -996,115 40,223 -1,195,543 -761,739
-489,453 -387,093 -266,878 -359,643 0 0
-7,050 1,277 -282 8,775 -238 2,443
0 56,960 0 0 -18,987 14,240
2,250,426 1,865,983 1,170,355 1,105,646 3,457,714 3,262,713

(8,752,605) (2,076,529) (953,141) (332,522) -8,752,605 -3,028,699

0 0 0 -29,000 0 -7,250
-781612 -649267 -376497 -15625 -602,459 -410,962
0 0 0 0 0 0
3750 9508 5429 5687 6,229 6,713
-2498310 -165000 0 -540000 -887,770 -398,193
6,844,342 167,268 0 544,809 2,337,203 762,320
0 0 0 0 0 0
11,947 10,423 10,589 17,149 10,986 12,287
-5,172,488 -2,703,597 -1,313,620 -349,502 -7,888,415 -3,063,784

-1,430,045 -1,544,647 -914,996 -549,474

0 -212,500 0 -3,437,500
1600000 3400000 0 270000
0 -100000 -1250000 0
-3927 -5315 -3911 -11894
166,028 1,537,538 -2,168,907 -3,728,868 -155,114 -1,128,838

-2,756,034 699,924 -2,312,172 -2,972,724 -1,456,094 -1,510,267

581,318 -1,859,000 -1,037,572 -3,116,616 -771,751 -1,696,235
-2,174,716 -1,159,076 -3,349,744 -6,089,340 -2,227,845 -3,206,501

180,490 709,917 795,061 494,535 661,090 814,494

1,929,782 3,649,066 3,395,522 3,465,940 3,635,818 4,367,446
 3823679 4983843 3577440 4185436 5298626.266021 5611567.220225
-1,713,407 -624,860 613,143 -224,961 -1,001,718 -429,627
-950,116 1,088,547 1,238,003 -838,104 -1,614,861 572,091

9,787,224 18,525,433 20,587,331 21,519,471 21,519,471 30,255,400

-8,752,605 -2,076,529 -953,141 -332,522 -8,752,605 -3,028,699
14,396 14,631 21,001 21,002 16,676 18,328
18,525,433 20,587,331 21,519,471 21,830,991 30,255,400 33,265,772

1,500,000 3,437,500 2,187,500 236,250 0 0

0 0 0 0 0 0
3,846 8,025 1,476 1,477 4,449 3,857

Net Changes in Cash

2,250,426 1,865,983 1,170,355 1,105,646 3,457,714 3,262,713

-5,172,488 -2,703,597 -1,313,620 -349,502 -7,888,415 -3,063,784
166,028 1,537,538 -2,168,907 -3,728,868 -155,114 -1,128,838
-2,756,034 699,924 -2,312,172 -2,972,724 -1,456,094 -1,510,267
-2,174,716 -1,159,076 -3,349,744 -6,089,340 -2,227,845 -3,206,501

14,735,172 16,495,659 20,780,934 18,500,574 21,201,316 23,403,631

5,892,212 4,798,076 4,802,902 4,249,071 6,514,907 6,195,818
4,441,921 3,129,379 2,381,036 1,529,069 4,634,717 3,931,405
2021 2022 2023 2024 2025
ual Forecasted Period
2023 2024 2025 Quater 2017
March,31 June,

10% 12% 11% -21%

74% 72% 73% 57% 51%
26% 28% 27% 43% 49%
2.462% 2.116% 2.284% 0.046% 2%
5% 4% 4% 8% 18%
7% 12% 14% -98% -99%
3% 4% 4% -34% -34%

12 12 12 0 0
87 90 90 264 441.81
110 120 116 413 875.41
-1758873 -2502901 -2028059 (7,762,153) (9,881,431)
0.144 0.164 0.157 70% 89%
0.098 0.123 0.117 4.7% 3.1%
1.218 1.381 1.678 27.7% 30.0%
0.774 0.787 0.766 28% 19%

25,743,448 28,745,430 31,816,060 4,013,698.00 3,151,824.00

19,096,372 20,790,325 23,335,115 2,284,175.00 1,594,278.00
6,647,076 7,955,105 8,480,946 1,729,523 1,557,546
218,760 200,848
128,068 49,567
102,000 139,904
2,040,963 1,901,645 1,957,015 448,828 390,319
230,185 207,858 211,450 23,557 9,363
4,836,297 6,261,318 6,735,381 1,304,252 1,176,590
633,880 608,303 726,767 1,837 51,759
0 0 0 - -
4,202,418 5,653,015 6,008,614 1,302,415 1,124,831
135642 220429 265771 (442,000) (385,732)
4,338,060 5,873,443 6,274,385 860,415 739,099
-2318 7732 5938 - (101,734)
4,335,742 5,881,175 6,280,322 860,415 637,365

33,265,772 36,513,262 41,511,192 14,577,862 16,660,338

1,666,995 1,546,781 1,611,483 628,761 786,112
44,907 46,042 45,446 40,123 48,588
94,007 90,051 93,084 42,980 42,980
21,924 36,540 34,104 0 0
35,093,604 38,232,676 43,295,308 15,289,726 17,538,018

4,569,187 5,132,711 5,755,650 1,649,822 1,929,782

842,928 945,983 1,065,354 - -
108,441 97,277 102,724 261,826 76,383
29,208 29,193 28,762 39,178 23,655
0 0 0 195,058 180,490
244,247 220,302 233,407 111,042 105,787
0 0 0 0 0
2,247,031 1,922,017 2,085,778 0 236,663
193,698 243,127 216,546 665,423 496,755
405,637 473,243 552,117 0 0
438,413 367,973 407,368 23,063 121,847
9,078,790 9,431,827 10,447,706 2,945,412 3,171,362
44,172,394 47,664,503 53,743,014 18,235,138 20,709,380

1,312,237 1,270,882 1,287,318 1,145,225 1,145,225

14,291,894 13,851,965 14,107,618 10,108,531 10,802,410
15,604,131 15,122,846 15,394,936 11,253,756 11,947,635

1,600,000 1,500,000
2,065 1,033
799,816 817,747
397,768 489,453
3,710,376 4,715,154 4,984,148 2,799,649 2,808,233

5750258 6847002 7440476 2,582,616 3,823,679

8997 8129 8708 0 0
0 0 0 81,641 0
90028 90894 90233 0 45,990
 19002031 20875186 25818544 1,514,065 2,080,847
6574 5292 5969 3,411 2,996
0 0 0 0 0
24857887.6140216 27826502.9834875 33363930 4,181,733 5,953,512
28,568,263 32,541,657 38,348,078 6,981,382 8,761,745
44,172,394 47,664,503 53,743,014 18,235,138 20,709,380
0 0 0 0 0
OK OK OK OK OK

4,836,297 6,261,318 6,735,381 1,304,252 1,176,590

-497,353 -419,081 -457,452 -18279 (14,089)
-728,293 -895,192 -795,075 -1093055 258,595
0 0 0 -397,768 -489,453
481 -1,135 596 5,323 -8,465
-1,187 -3,956 3,033 -50,104 0
3,609,945 4,941,955 5,486,484 (249,631) 923,178

-3,266,742 -5,016,015 -3,770,485 (7,762,153) (9,881,431)

-9,063 -5,438 -7,250 0 -
-351,386 -454,935 -405,761 (624,261) (1,266,210)
0 0 0
6,015 6,319 6,349 2,492 11,200
-456,491 -580,818 -478,500 (2,498,310) (2,498,310)
911,083 1,336,869 1,003,424 6,844,342 6,844,342
0 0 0
12,753 12,009 12,349 10,603 15,861
-3,153,830 -4,702,010 -3,639,874 (4,027,287) (6,774,548)

(1,429,812) (1,543,669)
0 0
0 0

(2,480) (1,032)
-1,795,432 -1,026,461 -1,316,910 (1,432,292) (1,544,701)

-2,062,814 -1,676,392 -1,749,824 (3,672,320) (6,620)

-1,655,544 -1,374,510 -1,575,429 581,318 (3,718,000)
-3,718,358 -3,050,901 -3,325,253 (3,091,002) (3,724,620)

842,928 945,983 1,065,354 - -

4,569,187 5,132,711 5,755,650 1,649,822 1,929,782
5750258.17317252 6847002.05634233 7440475.85702851 2,582,616 3,823,679
-338,144 -768,308 -619,471 (932,794) (1,893,897)
91,483 -430,164 148,837 -594,650 (961,103)

33,265,772 36,513,262 41,511,192 14,577,862 16,660,338

-3,266,742 -5,016,015 -3,770,485 (7,762,153) (9,881,431)
19,252 18,085 18,555 322,664 581,777
36,513,262 41,511,192 45,263,123 22,017,351 25,959,992

0 0 0 1,600,000 1,500,000
0 0 0 0 0
2,815 3,707 3,459 1000 1000

3,609,945 4,941,955 5,486,484

-3,153,830 -4,702,010 -3,639,874
-1,795,432 -1,026,461 -1,316,910
-2,062,814 -1,676,392 -1,749,824
-3,718,358 -3,050,901 -3,325,253

25,743,448 28,745,430 31,816,060

6,647,076 7,955,105 8,480,946
4,202,418 5,653,015 6,008,614
 Quaterly Historical Period
Quater 2018
Sept,30 Dec,31 March,31 June,30 Sept,30

14% 11% 13% 0.124% 26%

66% 65% 71% 3% 79%
34% 35% 29% 97% 21%
0.294% 2% 2% 3% 2%
3% 4% 8% 21% 3%
-43% -101% -54% 236% -14%
-23% -42% -23% 22% -17%

0 0 0 58 72
316.87 289.03 304.45 11695.7 3094.6
668.77 464.66 653.34 15973.9 295.6
(922,625) (1,196,653) (2,420,726) (1,069,706) (435,143)
81% 135% 126% 85% 67%
2.8% 2.5% 2.7% 18.1% 1.6%
27.6% 43.6% 30.7% 32.3% 44.1%
21% 22% 24% 25% 31%

3,590,353.00 3,979,297.00 4,494,430.00 4,500,000.00 5,680,042.00

2,373,693.00 2,590,814.00 3,197,750.00 113,880.00 4,482,943.00
1,216,660.00 1,388,483.00 1,296,680.00 4,386,120.00 1,197,099.00
284,469.00 201,454.00 192,715.00 159,893.00 470,335.00
107,616.00 134,127.00 134,590.00 146,409.00 129,389.00
35,000.00 56,741.00 40,260.00 61,740.00 25,000.00
427,085.00 392,322.00 367,565.00 368,042.00 624,724.00
10,923.00 16,679.00 16,241.00 89,982.00 61,333.00
800,498.00 1,012,840.00 945,356.00 4,108,060.00 633,708.00
10,556.00 67,735.00 73,954.00 123,323.00 122,660.00
- - - - -
789,942.00 945,105.00 871,402.00 3,984,737.00 511,048.00
(185,000.00) (397,132.00) (197,552.00) 869,877.00 (88,000.00)
 604,942.00 547,973.00 673,850.00 4,854,614.00 423,048.00
- - - (71,269.00) -
604,942.00 547,973.00 673,850.00 4,783,345.00 423,048.00

17,472,864 17,754,144 18,745,321 17,962,931 18,085,855

944,962 1,269,211 1,435,146 1,435,379 1,435,379
48,588 44,914 44,914 47,311 47,311
42,980 99,940 99,940 99,940 99,940
0 0 0 131,543 131,543
18,509,394 19,168,209 20,325,321 19,677,104 19,800,028

2,060,701 2,051,599 2,667,279 3,649,066 38,008,445

- - - 709,917 1,112,874
162,170 66,521 98,948 78,499 101,509
72,290 52,363 65,595 22,593 54,261
260,145 265,907 539,986 0 0
118,123 121,922 138,960 201,370 217,305
0 0 0 0 0
249,670 0 448,286 1,453,299 1,562,465
300,358 275,744 182,086 289,270 356,468
0 0 130,000 0 0
100,359 239,443 344,489 324,936 83,671
3,323,816 3,073,499 4,615,629 6,728,950 7,289,398
21,833,210 22,241,708 24,940,950 26,406,054 27,089,426

1,145,225 1,145,225 1,145,225 1,145,225 1,145,225

11,407,352 10,409,272 11,083,121 13,727,410 14,150,458
12,552,577 11,554,497 12,228,346 14,872,635 15,295,683

1,500,000 4,062,500 3,750,000 3,437,500 3,437,500

1,033 0 0 10,793 10,793
958,747 855,197 1,449,083 0 0
459,057 467,027 459,057 387,093 365,403
2,918,837 5,384,724 5,658,140 3,835,386 3,813,696

4,349,203 3,298,197 5,723,888 4,983,843 3,630,842

0 0 0 8,998 8,973
0 21,684 0 0 0
48,790 71,943 79,027 88,773 107,685
 1,961,323 971,097 0 1,362,508 3,292,372
2,480 2,066 1,549 3,911 2,675
0 937,500 1,250,000 1,250,000 937500
6,361,796 5,302,487 7,054,464 7,698,033 7,980,047
9,280,633 10,687,211 12,712,604 11,533,419 11,793,743
21,833,210 22,241,708 24,940,950 26,406,054 27,089,426
0 0 0 0 0
OK OK OK OK OK

800,498 1,012,840 945,356 4,108,060 633,708

(7,756) (16,423) (25,771) (75,522) (103,748)
(57,007) (286,335) (359,971) 50,641 (197,165)
-459,057 -467,027 -459,057 -387,093 -365,403
0 3,674 0 -2,397 0
0 56,960 0 0 0
276,678 303,689 100,557 3,693,689 (32,608)

(922,625) (1,196,653) (2,420,726) (1,069,706) (435,143)

0 0 0 0 0
(158,850) (483,099) (649,034) (202,834) 0

1,686 7,022 8,331 2,654 183

0 0 (130,000) 35,000 0
0 0 0 0 0

1,803 3,455 7,395 4,615 2,336

(1,077,986) (1,669,275) (3,184,034) (1,230,271) (432,624)

0 (1,543,902) (1,544,462) (913,899) (25)

0 0 0 (725,000) (312,500)
0 3,400,000 3,400,000 3,400,000 0

(516) (1,963) (2,480) (873) (1,236)

(516) 1,854,135 1,853,058 1,760,228 (313,761)

98,036 1,127,346 2,203,489 (2,846,834) (2,171,129)

(1,859,000) (1,859,000) 1,859,000 3,718,000 (1,037,572)
(1,760,964) (731,654) 4,062,489 871,166 (3,208,701)

- - - 709,917 1,112,874
2,060,701 2,051,599 2,667,279 3,649,066 38,008,445
 4,349,203 3,298,197 5,723,888 4,983,843 3,630,842
(2,288,502) (1,246,598) (3,056,609) (624,860) 35,490,477
(394,605) 1,041,904 (1,810,011) 2,431,749 36,115,337

17,472,864 17,754,144 18,745,321 17,962,931 18,085,855

(922,625) (1,196,653) (2,420,726) (1,069,706) (435,143)
109,293 164,216 352,324 933,439 198,325
18,286,196 18,786,581 20,813,723 18,099,198 18,322,673

1,500,000 4,062,500 3,750,000 3,437,500 3,437,500

0 937,500 1,250,000 1,250,000 937,500
1500 1200 3200 2500
 Quarter 2019
Dec,31 March,31 June,30 Sept,30 Dec,31

-13% 11% -16% 7% 14%

79% 75% 80% 74% 79%
21% 25% 20% 26% 21%
4% 3% 3% 3% 3%
8% 11% 25% 4% 7%
-26% -24% 109% -23% 15%
-23% -18% 19% -29% 39%

62 46 62 88 75
309.7 271.5 334.5 353.2 256
320.5 337.9 352.4 340.7 319
(290,366) (505,634) 393,803 (9,778) (43,926)
64% 57% 60% 58% 43%
1.5% 2.2% 3.9% 1.3% 1.5%
50.3% 40.1% 34.9% 38.6% 38.5%
28% 31% 26% 28% 32%

4,954,181.00 5,516,643.00 4,653,273.00 4,968,083.00 5,642,935.00

3,903,010.00 4,154,704.00 3,705,422.00 3,668,224.00 4,449,682.00
1,051,171.00 1,361,939.00 947,851.00 1,299,859.00 1,193,253.00
279,061.00 350,318.00 1,936.00 488,247.00 574,319.00
122,723.00 127,870.00 111,634.00 131,064.00 134,581.00
36,000.00 41,500.00 40,256.00 36,000.00 32,000.00
437,784.00 519,688.00 153,826.00 655,311.00 740,900.00
73,212.00 28,592.00 220,533.00 20,352.00 24,326.00
686,599.00 870,843.00 1,014,558.00 664,900.00 476,679.00
177,881.00 184,736.00 117,361.00 158,500.00 187,847.00
- - - - 2,500.00
508,718.00 686,107.00 897,197.00 506,400.00 291,332.00
(114,976.00) (126,702.00) 168,298.00 (148,750.00) 113,750.00
393,742.00 559,405.00 1,065,495.00 357,650.00 405,082.00
- - - - -
393,742.00 559,405.00 1,065,495.00 357,650.00 405,082.00

17,854,616 17,869,968 17,685,584 17,496,397 17,379,268

1,638,446 1,811,876 1,836,541 1,852,166 1,854,666
46,392 46,392 47,593 47,593 47,517
99,940 99,940 99,940 99,940 99,940
112,865 112,865 - - -
19,752,259 19,941,041 19,669,658 19,496,096 19,381,391

3,311,230 3,090,957 3,395,522 3,549,489 3,122,208

835,903 695,796 795,061 1,200,335 1,163,740
72,495 94,466 87,931 71,339 179,026
66,335 69,801 45,212 47,993 53,986
- 0 0 0 0
199,911 232,411 235,807 233,131 227,888
- 0 0 0 0
1,556,745 1,569,286 2,602,240 2,276,584 2,386,392
85,599 0 182,587 0 372,436
0 0 0 0 0
256,707 153,339 302,586 369,119 625,464
6,384,925 5,906,056 7,646,946 7,747,990 8,131,140
26,137,184 25,847,097 27,316,604 27,244,086 27,512,531

1,374,271 1,374,270 1,374,270 1,374,270 1,374,270

13,398,974 13,958,381 14,725,189 14,533,131 14,938,213
14,773,245 15,332,651 16,099,459 15,907,401 16,312,483

2,812,500 2,812,500 2,187,500 2,187,500 1,562,500

9,354 9,354 7,915 7,915 52,955
0 0 351,283 412,783 567,996
345,906 345,907 266,878 266,878 260,312
3,167,760 3,167,761 2,813,576 2,875,076 2,443,763

3,427,017 3,846,030 3,577,440 3,423,605 3,886,010

11,119 10,566 10,182 503,801 10,649
0 0 0 0 0
153,120 166,325 143,867 143,760 137,736
 4,602,045 3,321,605 3,419,202 3,450,784 4,709,915
2,878 2,159 2,878 2,159 11,975
0 0 1,250,000 937,500 -
8,196,179 7,346,685 8,403,569 8,461,609 8,756,285
11,363,939 10,514,446 11,217,145 11,336,685 11,200,048
26,137,184 25,847,097 27,316,604 27,244,086 27,512,531
0 0 0 0 0
OK OK OK OK OK

686,599 870,843 1,014,558 664,900 476,679

(236,194) (407,725) (325,460) (158,607) (352,478)
(287,744) (426,987) 1,205,096 238,407 397,561
-345,906 -345,907 -266,878 -266,878 -260,312
919 0 -1,201 0 76
0 0 0 0 0
(182,326) (309,776) 1,626,115 477,822 261,526

(290,366) (505,634) 393,803 (9,778) (43,926)

0 0 0 0 (29,000)
(203,067) (376,497) (31,250) (15,625) (15,625)

3,648 4,768 3,106 214 3,553

0 0 0 0 0
0 0 0 0 0

5,307 8,315 8,740 3,745 7,269

(484,478) (869,048) 374,399 (21,444) (77,729)

(914,059) (914,612) (604,946) (56,089) (549,241)

(625,000) (937,500) (312,500) (312,500) (625,000)
0 0 0 0 0

(2,472) (3,191) (5,737) (719) (5,738)

(1,541,531) (1,855,303) (923,183) (369,308) (1,179,979)

(2,057,766) (1,193,194) 1,173,966 34,951 253,165

1,037,572 1,037,572 2,075,144 (3,116,616) 3,116,616
(1,020,194) (155,622) 3,249,110 (3,081,665) 3,369,781

835,903 695,796 795,061 1,200,335 1,163,740

3,311,230 3,090,957 3,395,522 3,549,489 3,122,208
 3,427,017 3,846,030 3,577,440 3,423,605 3,886,010
720,116 (59,277) 613,143 1,326,219 399,938
(34,770,361) (779,393) 672,420 713,076 (926,281)

17,854,616 17,869,968 17,685,584 17,496,397 17,379,268

(290,366) (505,634) 393,803 (9,778) (43,926)
397,421 596,920 1,182,891 198,750 408,222
17,747,561 17,778,682 16,108,890 17,307,425 17,014,972

2,812,500 2,812,500 2,187,500 2,187,500 1,562,500

0 0 1,250,000 937,500 0
3800 340 200 190
 Quaterly Forecasted Period
2020 2021
March,31 June,30 Sept,30 Dec,31 March,31

9% 0.3% 13% -10% 7%

65% 65% 67% 67% 67%
35% 35% 33% 33% 33%
2.184% 2.362% 2.422% 2.600% 2.675%
10% 10% 10% 11% 11%
-10% -3% 5% 9% 18%
-14% -12% -10% -9% -6%

66 67 67 67 70
2331 993 693 747 815
2563 647 697 751 810
(550,000) (11,000) (60,000) (1,240,980)
78% 79% 78% 78% 73%
2.2% 2.2% 1.8% 1.9% 2.0%
7.3% 49.4% 17.1% 18.8% 18.3%
26% 26% 27% 27% 28%

6,150,799.15 6,169,251.55 6,971,254.25 6,274,128.82 6,713,317.84

3,986,392.03 4,038,973.01 4,650,522.02 4,188,590.64 4,491,036.16
2,164,407.12 2,130,278.54 2,320,732.23 2,085,538.18 2,222,281.69

517,431.25 516,867.06 607,627.33 595,706.41 559,408.01

73,450.75 84,665.44 95,917.50 85,672.25 84,926.48
1,720,426.62 1,698,076.91 1,809,022.40 1,575,504.02 1,747,800.16
134,344.80 145,741.52 168,871.80 163,112.79 179,552.15
- - - - -
1,586,081.83 1,552,335.39 1,640,150.61 1,412,391.23 1,568,248.01
(52,565.80) (14,467.19) 31,615.66 55,081.81 103,224.83
1,533,516.02 1,537,868.20 1,671,766.26 1,467,473.04 1,671,472.83
- (14,416.92) - - -
1,533,516.02 1,523,451.28 1,671,766.26 1,467,473.04 1,671,472.83

17,607,804 17,542,263 17,506,433 17,508,942 17,541,361

1,838,812 1,845,546 1,847,798 1,846,706 1,844,715
47,274 47,494 47,469 47,439 47,419
99,940 99,940 99,940 99,940 99,940
28,216 7,054 8,818 11,022 13,777
19,622,047 19,542,298 19,510,458 19,514,048 19,547,213

25,455,704 10,987,230 8,825,338 8,576,615 10,032,296

1,113,505 1,137,358 1,273,694 1,158,855 1,296,153
66,521 66,521 66,521 66,521 66,521
54,248 50,360 51,647 52,560 52,204
0 0 0 0 -
232,309 232,284 231,403 230,971 231,742
0 0 0 0 0
1,569,286 1,569,286 1,569,286 1,569,286 1,569,286
0 0 0 0 0
0 0 0 0 0
362,627 414,949 443,040 461,520 420,534
28,854,200 14,457,987 12,460,929 12,116,328 13,668,736
48,476,247 34,000,285 31,971,387 31,630,376 33,215,948

1,240,661 1,248,613 1,257,229 1,266,563 1,276,674

12,770,204 12,992,010 13,174,476 13,321,737 13,564,442
14,010,864 14,240,623 14,431,705 14,588,299 14,841,116

4,801,397 4,858,518 5,430,028 4,869,223 4,887,211

27,990,030 7,158,887 8,882,294 8,617,490 9,965,784

51,299 55,962 61,050 66,600 72,654
8,610 2,525 2,735 2,963 1,403
98,918 107,161 112,259 117,548 121,348
 964,825 6,980,731 2,406,031 2,669,402 2,647,640
3,428 3,430 3,466 3,548 3,671
546,875 592,448 641,819 695,303 675,120
29,663,986 14,901,144 12,109,653 12,172,854 13,487,621
34,465,383 19,759,662 17,539,681 17,042,077 18,374,832
48,476,247 34,000,285 31,971,387 31,630,376 33,215,948
0 0 0 0 0
OK OK OK OK OK

756,745 728,221 656,636 654,570 699,043

(311,068) (286,903) (277,264) (306,928) (295,541)
353,519 548,646 384,533 421,065 426,941
0 0 0 0 0
243 -220 25 31 20
0 0 0 0 0
799,440 989,743 763,930 768,738 830,463

(148,456) 31,693 (53,984) (62,119) (58,216)

(1,081,943) (888,603) (879,958) (1,007,621) (964,531)

67,222 382,326 184,416 221,782 213,937

778,179 713,331 372,877 1,245,251 777,409
845,401 1,095,657 557,293 1,467,033 991,346

1,113,505 1,137,358 1,273,694 1,158,855 1,296,153

25,455,704 10,987,230 8,825,338 8,576,615 10,032,296
27,990,030 7,158,887 8,882,294 8,617,490 9,965,784
(1,420,821) 4,965,701 1,216,739 1,117,980 1,362,665
(1,820,759) 6,386,522 (3,748,962) (98,759) 244,685

17,607,804 17,542,263 17,506,433 17,508,942 17,541,361

0 0 0 0 0
596,621 401,198 468,680 488,833 452,904
17,011,183 17,141,066 17,037,753 17,020,109 17,088,457

1,562,500 1,015,625 423,177 (218,641) (913,945)

546,875 592,448 641,819 695,303 675,120
195 195 193 194 194
 2021
June,30 Sept,30 Dec,31

-15% 14% 16%

67% 72% 71%
33% 28% 29%
2.760% 2.762% 2.812%
10% 11% 11%
24% 7% 9%
-5% -7% -6%

72 69 66
884 960 1060
875 952 1042
(15,000) (70,900)
68% 67% 67%
2.0% 1.9% 2.0%
22.4% 20.5% 18.2%
28% 28% 28%

5,706,320.17 6,505,204.99 7,546,037.79

3,797,162.47 4,675,776.90 5,379,587.11
1,909,157.70 1,829,428.09 2,166,450.68

569,902.20 607,627.33 595,706.41

87,795.42 95,917.50 88,577.91
1,427,050.91 1,317,718.26 1,659,322.18
157,513.01 179,672.24 212,208.45
- - -
1,269,537.90 1,138,046.02 1,447,113.73
139,449.74 41,392.19 50,954.51
1,408,987.65 1,179,438.21 1,498,068.23
(62,473.31) - -
1,346,514.34 1,179,438.21 1,498,068.23

17,524,750 17,520,371 17,523,856

1,846,191 1,846,352 1,845,991
47,455 47,446 47,440
99,940 99,940 99,940
10,168 10,946 11,478
19,528,504 19,525,056 19,528,705

9,196,959 12,296,529 15,629,254

1,119,836 1,234,456 1,366,091
66,521 66,521 66,521
51,693 52,026 52,121
- - -
231,600 231,429 231,435
0 0 0
1,569,286 1,569,286 1,569,286
0 0 0
0 0 0
435,011 440,026 439,273
12,670,905 15,890,272 19,353,981
32,199,409 35,415,328 38,882,686

1,287,628 1,299,495 1,312,351

13,771,219 13,774,869 13,743,570
15,058,847 15,074,365 15,055,922

3,901,655 4,356,508 5,052,465

9,106,057 12,191,526 15,359,271

78,441 84,757 91,451
1,520 1,646 1,783
124,875 127,883 129,567
 3,296,951 2,999,484 2,643,154
3,848 3,843 3,940
627,214 575,315 545,133
13,238,907 15,984,455 18,774,300
17,140,562 20,340,963 23,826,764
32,199,409 35,415,328 38,882,686
0 0 0
OK OK OK

684,617 673,717 677,987

(291,659) (292,848) (296,744)
445,296 419,459 428,190
0 0 0
-36 10 6
0 0 0
838,218 800,337 809,439

(35,657) (52,494) (52,122)

(935,179) (946,822) (963,538)

250,615 217,688 226,005

777,217 793,189 898,267
1,027,832 1,010,876 1,124,272

1,119,836 1,234,456 1,366,091

9,196,959 12,296,529 15,629,254
 9,106,057 12,191,526 15,359,271
1,210,738 1,339,458 1,636,074
(151,927) 128,720 296,616

17,524,750 17,520,371 17,523,856

0 0 0
470,139 470,625 464,556
17,054,611 17,049,746 17,059,300

(1,589,065) (2,216,279) (2,791,594)

627,214 575,315 545,133
194 194 194
Valuation Date Sep-30-20

Hard-coded WACC
-- or --
Risk-free Rate 7.7%
Beta (Levered) 0.86
Equity Risk Premium 1.7%
Calculated Cost of Equity 9.20%

Cost of Debt 4.56%

Tax Rate 10.00%
Calculated After-Tax Cost of Debt 4.10%

Target Debt to Capital Ratio 19.10%

WACC 8.23%

VALUATION

Revenue
Growth %
EBITDA
Finance Cost
EBIT
Income Tax (Expense)/Credit
EBIAT
Other comprehensive income/loss:
Net Income
Depreciation
Inc/dec in Working Capital
Capital expenditures
Full year Free Cash Flow
Less: Pre-valuation date flows
Discountable Free Cash Flow

Terminal Value: 3.0% Constant Growth

Year-End to Valuation Date

Mid-Year to Valuation Date
Discount Exponent for FCF
Discount Exponent for TV

Discounted FCF
Discounted TV

PV of FCF
PV of Terminal Value
Enterprise Value
+ Excess cash + ST investments
- Debt
Equity Value

Equity Value per Share

For Base Model 0.75

Estimated value at Deal Date Dec-19
Excess Cash 0
Cash 324,936
ST Investments 0
Total 324,936

Debt 2,616,419
 Discounting: M(id) or E(nd of Year) M

Terminal Value selection 1

Constant Growth 3.0%

EBITDA Multiple 6.1x

Number of Shares Outstanding 137

30-Jun-21 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25

21,201,316 23,403,631 25,743,448 28,745,430 31,816,060

15% 10% 10% 12% 11%
4,976,451 4,463,690 4,836,297 6,261,318 6,735,381
532,285 633,880 1,837 51,759 10,556
4,444,166 3,829,810 4,834,460 6,209,559 6,724,825
97617 433972 135642 220429 265771
4541783 4263782 4970103 6429987 6990596
13,113 12,400 -2,318 7,732 5,938
4,554,896 4,276,182 4,967,785 6,437,719 6,996,534
16,676 18,328 19,252 18,085 18,555
-1,614,861 572,091 91,483 -430,164 148,837
-8,752,605 -3,028,699 -3,266,742 -5,016,015 -3,770,485
-5,795,894 1,837,901 1,811,778 1,009,624 3,393,440
-4346921 1378426 1358834 757218 2545080
-10,142,815 3,216,327 3,170,612 1,766,842 5,938,520

117045398

0.75 1.75 2.75 3.75 4.75

0.38 0.88 1.38 1.88 2.38
 0.38 0.88 1.38 1.88 2.38
- - - - 2.375

-9846555 3001376 2844053 1523445 4922000

0 0 0 0 97010273

2444319 2%
97010273 98%
99,454,592 100%
0
3130334
96,324,257

701,050

0.25 Deal Date

Dec-20 Sep-20
0 0
302,586 319,349
0 0
302,586 319,349

4,672,080 3,130,334
Financial Ratios Historical Analysis
2009 2010 2011
Profitability Ratios:
Gross Margin 32% 26% 20%
Mark Up 47% 34% 25%
Profit Margin 18% 13% 8%
Capital Employed 5,824,175 5,993,719 6,364,770
Return on Capital Employed 36% 24% 17%
Expenses to revenue 9% 10% 9%
Operating Expenses to Revenue Ratio 7% 8% 8%
Liquidity Ratios:
Current Ratio 2.405 2.622 1.703
Quick Ratio 1.883 2.015 0.729
Efficiency Ratios:
Non Current assets turnover 2.021 1.797 1.585
Trade Recieveables Period(Days) 26 17 23
Trades Payables Period (Days) 54 65 70
Inventory (Days) 39 64
Rate of Invetory 9.311 5.742

Net Working Assets 5,079,366 4,643,256 5,892,513

Net Working assets to revenue 60% 61% 69%
Total Capital 1144129 865955 865955
Total Debts 4672080 4390443 4721890
Working Capital Cycle -8 17
storical Analysis
2012 2013 2014 2015 2016 2017 2018

28% 31% 30% 34% 40% 40% 29%

38% 44% 42% 51% 67% 67% 41%
14% 19% 16% 17% 21% 21% 27%
7,566,971 9,046,270 9,702,135 10,008,804 11,685,721 14,755,868 18,708,021
27% 30% 27% 32% 36% 30% 18%
10% 9% 10% 12% 12% 11% 9%
9% 7% 9% 10% 10% 9% 8%

2.516 2.798 2.572 2.755 2.626 0.533 0.874

1.452 2.220 2.050 2.312 2.145 0.209 0.400

1.919 1.894 2.022 2.144 1.925 0.840 0.838

19 18 15 21 16 4 16
57 73 83 74 117 158 156
74 56 48 44 48 71 115
4.941 6.474 7.534 8.241 7.546 5.132 3.170

5,969,293 5,955,109 5,748,460 6,688,925 6,754,799 12,069,482 15,197,571

56% 52% 46% 51% 49% 82% 92%
865955 995848 1145225 1145225 1145225 2645225 4582725
1515128 7576609 3051316 3368253 3326431 3928013 3578642
35 1 -20 -9 -53 -82 -25
 Forecasted Analysis
2019 2020 2021 2022

23% 31% 26% 26%

30% 44% 36% 35%
13% 22% 19% 17%
18,913,035 18,253,422 19,244,654 19,314,507
16% 27% 23% 25%
10% 8% 8% 8%
9% 0% 0% 0%

0.910 0.627 0.418 0.365

0.506 0.345 0.220 0.181

1.056 0.920 0.730 0.734

14 11 13 12
82 132 119 110
110 80 99 95
3.321 4.566 3.670 3.851

16,402,045 13,080,712 14,915,380 15,636,907

79% 62% 64% 61%
3561770 1221573 1278835 1312237
3192227 7461830 16328439 19008605
42 -40 -7 -3
Unconsolidated Income Statement
Revenue
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Other expenses
Total Expenses
Other income
Profit from operations
Finance cost
Share of net income associate accounted for using equity method
Profit before income tax (EBIT)
Income tax (expense) / credit
Profit for the year
Other comprehensive income/(loss):
Total comprehensive income for the year

Unconsolidated Balance Sheet

ASSETS
Non-current assets
Fixed assets - property, plant and equipment
Long-term investments
Long-term loans and advances - considered good
Long-term deposits
Deferred tax assets
Total Non Current Assets
Current assets
Inventories
Trade receivables - considered good
Loans and advances - considered good
Short-term deposits and prepayments
Trade debts - considered good
Other receivables
Accrued interest
Taxation - payments less provisions
Tax refunds due from Government - Sales tax
Investments
Cash and bank balances
Total Current Assets
Total assets
EQUITY AND LIABILITIES
Share capital and reserves
Share capital - issued, subscribed and paid-up
Unappropriated profit
Total Equity
LIABILITIES
Non-current liabilities
Long-term loans
Liability against asset subject to finance lease
Deferred tax liabilities
Employee benefit obligations
Total Non-Current Liiabilities
Current liabilities
Trade and other payables
Unclaimed dividend/Dividend Payable
Taxation
Accrued mark-up
Short-term borrowings
Current maturity of liability against asset subject to finance lease
Current portion of long term loan
Total Current Liabilities
Total liabilities
Total equity and liabilities

Unconsolidated cash flow statement

Cashflows from operating activities
Cash generated from operations
Finance cost paid
Income tax paid
Employee benefit obligations paid
Decrease in long-term loans and advances
Increase in long-term deposits
Net cash generated from operating activities
Cashflows from investing activities
Fixed capital expenditure incurred
Placement in term deposit receipt
Investment in subsidiary company
Purchase of Certificates of Investment
Proceeds from disposal of operating assets
Purchase of open ended mutual fund units
Proceeds from sale of open ended mutual fund units
Dividend received from open ended mutual fund units
Interest received
Net cash used in investing activities
Cashflows from financial activities
Dividend paid
Long term repaid
Long-term loan received
Current portion of long term loan repaid
Lease rentals paid
Net cash generated from financing activities
Unconsolidated Income Statement
2017
March,31 June,
Revenue ### ###
Cost of sales ### ###
Gross profit ### ###
Distribution costs 218,760 200,848
Administrative expenses 128,068 49,567
Other expenses 102,000 139,904
Total Expenses 448,828 390,319
Other income 23,557 9,363
Profit from operations (EBITDA) ### ###
Finance cost 1,837 51,759
Share of net income associate accounted for using equit 0 0
Profit before income tax (PBT) ### ###
Income tax (expense) / credit ### ###
Profit for the year (PAT) 860,415 739,099
Other comprehensive income/(loss): 0 ###
Total comprehensive income for the year 860,415 637,365

Unconsolidated Balance Sheet

2017
March,31 June,30
ASSETS
Non-current assets
Fixed assets - property, plant and equipment 14,577,862 16,660,338
Long-term investments 628,761 786,112
Long-term loans and advances - considered good 40,123 48,588
Long-term deposits 42,980 42,980
Deferred tax assets 0 0
Total Non Current Assets 15,289,726 17,538,018
Current assets
Inventories 1,649,822 1,929,782
Trade receivables - considered good 0 0
Loans and advances - considered good 261,826 76,383
Short-term deposits and prepayments 39,178 23,655
Trade debts - considered good 195,058 180,490
Other receivables 111,042 105,787
Accrued interest 0 0
Taxation - payments less provisions 0 236,663
Tax refunds due from Government - Sales tax 665,423 496,755
Investments 0 0
Cash and bank balances 23,063 121,847
Total Current Assets 2,945,412 3,171,362
Total assets 18,235,138 20,709,380
EQUITY AND LIABILITIES
Share capital and reserves
Share capital - issued, subscribed and paid-up 1,145,225 1,145,225
Unappropriated profit 10,108,531 10,802,410
Total Equity 11,253,756 11,947,635
LIABILITIES
Non-current liabilities
Long-term loans 1,600,000 1,500,000
Liability against asset subject to finance lease 2,065 1,033
Deferred tax liabilities 799,816 817,747
Employee benefit obligations 397,768 489,453
Total Non-Current Liiabilities 2,799,649 2,808,233
Current liabilities
Trade and other payables 2,582,616 3,823,679
Unclaimed dividend/Dividend Payable 0 0
Taxation 81,641 0
Accrued mark-up 0 45,990
Short-term borrowings 1,514,065 2,080,847
Current maturity of liability against asset subject to finance 3,411 2,996
Current portion of long term loan 0 0
Total Current Liabilities 4,181,733 5,953,512
Total liabilities 6,981,382 8,761,745
Total equity and liabilities 18,235,138 20,709,380

Unconsolidated cash flow statement

2,017
March,31 June,30
Cashflows from operating activities
Cash generated from operations 2990745 1218940
Finance cost paid -18279 -14089
Income tax paid -1093055 258595
Employee benefit obligations paid -93567 85420
Decrease in long-term loans and advances 1415 12139
Increase in long-term deposits 0 -56960
Net cash generated from operating activities 1787259 1340141
Cashflows from investing activities
Fixed capital expenditure incurred -7762153 -9,881,431
Placement in term deposit receipt 0 -
Investment in subsidiary company -624261 -1,266,210
Proceeds from disposal of operating assets 2492 11,200
Purchase of open ended mutual fund units -2498310 -2,498,310
Proceeds from sale of open ended mutual fund units 6844342 6,844,342
Interest received 10603 15,861
Net cash used in investing activities -4027287 -1782060
Cashflows from financial activities
Dividend paid -1429812 -1543669
Long term repaid 0 0
Long-term loan received 0 0
Lease rentals paid -2480 -1032
Net cash generated from financing activities -1432292 ###

Net cash increase/decrease in cash and cash equivalents -3672320 -6620

Cash and cash equivalent at beginning of the period 581318 -3718000
Cash and cash equivalent at end of the period -3091002 -202692
 2018
Sept,30 Dec,31 March,31 June,30 Sept,30
### ### ### ### ###
### ### ### 113,880 ###
### ### ### ### ###
284,469 201,454 192,715 159,893 470,335
107,616 134,127 134,590 146,409 129,389
35,000 56,741 40,260 61,740 25,000
427,085 392,322 367,565 368,042 624,724
10,923 16,679 16,241 89,982 61,333
800,498 ### 945,356 ### 633,708
10,556 67,735 73,954 123,323 122,660
0 0 0 0 0
789,942 945,105 871,402 ### 511,048
### ### ### 869,877 (88,000)
604,942 547,973 673,850 ### 423,048
0 0 0 (71,269) 0
604,942 547,973 673,850 ### 423,048

2018
Sept,30 Dec,31 March,31 June,30 Sept,30

17,472,864 17,754,144 18,745,321 17,962,931 18,085,855

944,962 1,269,211 1,435,146 1,435,379 1,435,379
48,588 44,914 44,914 47,311 47,311
42,980 99,940 99,940 99,940 99,940
0 0 0 131,543 131,543
18,509,394 19,168,209 20,325,321 19,677,104 19,800,028

2,060,701 2,051,599 2,667,279 3,649,066 38,008,445

0 0 0 709,917 1,112,874
162,170 66,521 98,948 78,499 101,509
72,290 52,363 65,595 22,593 54,261
260,145 265,907 539,986 0 0
118,123 121,922 138,960 201,370 217,305
0 0 0 0 0
249,670 - 448,286 1,453,299 1,562,465
300,358 275,744 182,086 289,270 356,468
0 0 130,000 0 0
 100,359 239,443 344,489 324,936 83,671
3,323,816 3,073,499 4,615,629 6,728,950 41,496,998
21,833,210 22,241,708 24,940,950 26,406,054 61,297,026

1,145,225 1,145,225 1,145,225 1,145,225 1,145,225

11,407,352 10,409,272 11,083,121 13,727,410 14,150,458
12,552,577 11,554,497 12,228,346 14,872,635 15,295,683

1,500,000 4,062,500 3,750,000 3,437,500 3,437,500

1,033 0 0 10,793 10,793
958,747 855,197 1,449,083 0 0
459,057 467,027 459,057 387,093 365,403
2,918,837 5,384,724 5,658,140 3,835,386 3,813,696

4,349,203 3,298,197 5,723,888 4,983,843 3,630,842

0 0 0 8,998 8,973
0 21,684 0 0 0
48,790 71,943 79,027 88,773 107,685
1,961,323 971,097 0 1,362,508 3,292,372
2,480 2,066 1,549 3,911 2,675
0 937,500 1,250,000 1,250,000 937,500
6,361,796 5,302,487 7,054,464 7,698,033 7,980,047
9,280,633 10,687,211 12,712,604 11,533,419 11,793,743
21,833,210 22,241,708 24,940,950 26,406,054 27,089,426

2,018
Sept,30 Dec,31 March,31 June,30 Sept,30

1271696 1368867 4076086 217655 -1075965

-7756 -16423 -25771 -75522 -103748
-57007 -286335 -359971 50641 -197165
-30395 -70337 -102593 -3020 -47866
0 3674 3674 3316 0
0 -56960 -56960 0 0
1176538 942486 3534465 90477 -1424744

-922625 -1196653 -2420726 -1069706 -435143

0 0 0 0 0
-158850 -483099 -649034 -202834 0
1686 7022 8331 2654 183
0 0 -130000 35000 0
 0 0 0 0 0
1803 3455 7395 4615 2336
-1077986 -1669275 -3184034 -1397539 -432624

0 -1543902 -1544462 -913899 -25

0 0 0 -725000 -312500
0 3400000 3400000 3400000 0
-516 -1963 -2480 -873 -1236
-516 1854135 1853058 -1539772 -313761

98036 1127346 2203489 -2846834 -2171129

-1859000 -1859000 1859000 3718000 -1037572
1760964 -731654 344489 -4921978 -3208701
 2019
Dec,31 March,31 June,30 Sept,30 Dec,31
### ### ### ### ###
### ### ### ### ###
### ### 947,851 ### ###
279,061 350,318 1,936 488,247 574,319
122,723 127,870 111,634 131,064 134,581
36,000 41,500 40,256 36,000 32,000
437,784 519,688 153,826 655,311 740,900
73,212 28,592 220,533 20,352 24,326
686,599 870,843 ### 664,900 476,679
177,881 184,736 117,361 158,500 187,847
0 0 0 0 2,500
508,718 686,107 897,197 506,400 291,332
### ### 168,298 ### 113,750
393,742 559,405 ### 357,650 405,082
0 0 0 0 0
393,742 559,405 ### 357,650 405,082

2019
Dec,31 March,31 June,30 Sept,30 Dec,31

17,854,616 17,869,968 17,685,584 17,496,397 17,379,268

1,638,446 1,811,876 1,836,541 1,852,166 1,854,666
46,392 46,392 47,593 47,593 47,517
99,940 99,940 99,940 99,940 99,940
112,865 112,865 0 0 0
19,752,259 19,941,041 19,669,658 19,496,096 19,381,391

3,311,230 3,090,957 3,395,522 3,549,489 3,122,208

835,903 695,796 795,061 1,200,335 1,163,740
72,495 94,466 87,931 71,339 179,026
66,335 69,801 45,212 47,993 53,986
0 0 0 0 0
199,911 232,411 235,807 233,131 227,888
0 0 0 0 0
1,556,745 1,569,286 2,602,240 2,276,584 2,386,392
85,599 0 182,587 0 372,436
0 0 0 0 0
 256,707 153,339 302,586 369,119 625,464
6,384,925 5,906,056 7,646,946 7,747,990 8,131,140
26,137,184 25,847,097 27,316,604 27,244,086 27,512,531

1,374,271 1,374,270 1,374,270 1,374,270 1,374,270

13,398,974 13,958,381 14,725,189 14,533,131 14,938,213
14,773,245 15,332,651 16,099,459 15,907,401 16,312,483

2,812,500 2,812,500 2,187,500 2,187,500 1,562,500

9,354 9,354 7,915 7,915 52,955
0 0 351,283 412,783 567,996
345,906 345,907 266,878 266,878 260,312
3,167,760 3,167,761 2,813,576 2,875,076 2,443,763

3,427,017 3,846,030 3,577,440 3,423,605 3,886,010

11,119 10,566 10,182 503,801 10,649
0 0 0 0 0
153,120 166,325 143,867 143,760 137,736
4,602,045 3,321,605 3,419,202 3,450,784 4,709,915
2,878 2,159 2,878 2,159 11,975
0 0 1,250,000 937,500 0
8,196,179 7,346,685 8,403,569 8,461,609 8,756,285
11,363,939 10,514,446 11,217,145 11,336,685 11,200,048
26,137,184 25,847,097 27,316,604 27,244,086 27,512,531

2,018 2,019
Dec,31 March,31 June,30 Sept,30 Dec,31

573841 2472815 1229425 369745 1513276

-236194 -407725 -325460 -158607 -352478
-287744 -426987 1205096 238407 397561
-82579 -107865 -46088 -23842 -47562
919 919 1277 0 76
0 0 0 0 0
-31757 1531157 2064250 425703 1510873

-290366 -505634 393803 -9778 -43926

0 0 0 0 -29000
-203067 -376497 -31250 -15625 -15625
3648 4768 3106 214 3553
0 0 0 0 0
0 0 0 0 0
5307 8315 8740 3745 7269
-484478 -869048 345399 -21444 -77729

-914059 -914612 -604946 -56089 -549241

-625000 -937500 -312500 -312500 -625000
0 0 0 0 0
-2472 -3191 -5737 -719 -5738
-1541531 -1855303 -1235683 -369308 -1179979

-2057766 -1193194 1173966 34951 253165

1037572 1037572 2075144 -3116616 3116616
-3095338 -2230766 -5059266 -3081665 -2863451
UNCONSOLIDATED INCOME STATEMENT 2009 2010
Revenue 8,510,071 7,668,133
Cost of sales 5,801,099 5,710,166
Gross profit 2,708,972 1,957,967
Distribution costs 437,194 466,659
Administrative expenses 182,420 183,933
Other expenses 147,402 102,969
Total Expenes 767,016 753,561
Other income 166,533 261,539
Profit from operations (EBITDA) 2,108,489 1,465,945
Finance cost 119,763 77,628
Share of net income associate accounted for using equity method 194 467
Profit before income tax (PBT) 1,988,920 1,388,784
Income tax (expense) / credit (495,775) (371,632)
Profit for the year (PAT) 1,493,145 1,017,152
Other comprehensive income: 12134 (13,062)
Total comprehensive income for the year 1,505,279 1,004,090

UNCONSOLIDATED BALANCE SHE 2009 2010

Non-current assets
Fixed assets - property, plant and equipment 4,143,534 4,201,944
Long-term investments 4,500 4,500
Long-term loans and advances - considered good 19,438 16,922
Long-term deposits 42,980 42,980
Deferred tax assets
4,210,452 4,266,346
Current assets
Inventories 599,605 646,494
Trade receivables - considered good 613,934 366,170
Loans and advances - considered good 26,208 46,132
Short-term deposits and prepayments 12,362 10,538
Trade debts - considered good 46,485 55,366
Other receivables 26,988 28,836
Accrued interest 7,676 2,646
Taxation - payments less provisions
Tax refunds due from Government - Sales tax
Investments 557,265 1,194,272
Cash and bank balances 871,826 442,109
Total Current assets 2,762,349 2,792,563
Total assets 6,972,801 7,058,909
EQUITY AND LIABILITIES
Share capital and reserves
Share capital - issued, subscribed and paid-up 721,629 865,955
Unappropriated profit 4,043,176 4,529,464
4,764,805 5,395,419
LIABILITIES
Non-current liabilities
Long-term loans 422,500
Liability against asset subject to finance lease
Deferred tax liabilities 636,870 598,300
Employee benefit obligations
1,059,370 598300
Current liabilities
Trade and other payables 856330 1,015,724
Unclaimed dividend
Taxation 70,320 49,466
Accrued mark-up 8,914
Short-term borrowings
Current maturity of liability against asset subject to finance lease 200,000
Current portion of long term loan 13,062 0
1,148,626 1,065,190
Total liabilities 2,207,996 1,663,490
Contingency and commitments
Total equity and liabilities 6,972,801 7,058,909
Balance Sheet Check 0 0

UNCONSOLIDATED CASHFLOW STATE 2009 2010

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 2,397,639 1,877,393
Finance cost paid -123,580 -86,542
Income tax paid -341,084 -431,056
Employee benefit obligations paid
(Increase) / decrease in long-term loans and advances -9,663 2,516
(Increase) / decrease in long-term deposits
Net cash generated from operating activities 1,923,312 1,362,311
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed capital expenditure incurred (286,642) (331,317)
Investment in subsidiary company
Proceeds from disposal of operating assets 6,043 4,121
Purchase of open ended mutual fund units -1,360,000 -3,779,814
Purchase of Certificates of Investment -100,000 -503,028
Proceeds from sale of Certificates of Investment 603,028
Dividend received from open ended mutual fund units
Proceeds from sale of open ended mutual fund units 955,501 3,136,227
Interest received 57,177 86,811
Net cash used in investing activities -727,921 -783,972
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid -234,413 -385,556
Proceeds from long term loan
Repayment of long term loan -200,000 -622,500
Current portion of long term loan repaid
Lease rentals paid -109
Net cash (used in) / generated from financing activities -434,522 -1,008,056
Net (decrease) / increase in cash and cash equivalents 760,869 -429,717
Cash and cash equivalents at beginning of the year 110,957 871,826
Cash and cash equivalents at end of the year 871,826 442,109
2011 2012 2013 2014 2015 2016 2017 2018
16,495,659
8,553,921 10,638,021 11,507,706 12,547,251 13,086,120 13,918,340 14,735,172
6,823,346 7,691,421 7,972,732 8,843,288 8,689,940 8,331,840 8,842,960 11,697,583
1,730,575 2,946,600 3,534,974 3,703,963 4,396,180 5,586,500 5,892,212 4,798,076
512,936 705,125 577,636 806,050 986,673 954,746 905,531 782,218
186,365 221,577 263,216 307,163 346,946 401,792 419,378 533,111
76,722 119,173 230,172 195,420 238,821 314,042 333,645 163,000
776,023 1,045,875 1,071,024 1,308,633 1,572,440 1,670,580 1,658,554 1,478,329
104,221 145,899 227,029 269,529 422,910 341,095 236,632 60,804
1,058,773 2,046,624 2,690,979 2,664,859 3,246,650 4,257,015 4,470,290 3,380,551
24,287 11,593 14,894 29,794 25,999 21,309 28,369 251,172
983 768 2,763 2,246 2,378 2,269 3,846 8,025
1,035,469 2,035,799 2,678,848 2,637,311 3,223,029 4,237,975 4,445,767 3,137,404
(350,057) (598,382) (540,000) (621,000) (1,015,000) (1,345,683) (1,409,864) 1,270,405
685,412 1,437,417 2,138,848 2,016,311 2,208,029 2,892,292 3,035,903 4,407,809
29271 (40,666) (233,837) (173,056) (224,510) (101,734) 71269
685,412 1,466,688 2,098,182 1,782,474 2,034,973 2,667,782 2,934,169 4,479,078

2011 2012 2013 2014 2015

2017 2016 2017 2018 2019
              (Rupees ‘000)              
5,331,951 5,471,655 5,998,663 6,125,796 5,999,669 7,140,508 16660338 17962931
4,500 4,500 4,500 4,500 4,500 4,500 786,112 1,435,379
16,237 24,348 28,653 32,968 55,754 41,538 48588 47311
42,980 42,980 42,980 42,980 42,980 42,980 42980 99940
131543
5,395,668 5,543,483 6,074,796 6,206,244 6,102,903 7,229,526 17,538,018 19677104

1,342,341 1,419,739 956,276 1,160,074 986,146 1,317,012 1929782 3649066

541,028 539,343 564,899 523,402 763,715 599,753 180490 709917
25,754 35,390 35,434 48,728 61,115 81,935 76383 78499
11,789 13,902 19,423 18,477 16,938 17,518 23655 22593
50,772 190,444 349,283 262,063 124,414 211,112
47,419 57,909 22,594 28,737 68,117 114,864 105787 201370
2,149 2,149 4,298
236663 1453299
45,014 147,585 496755 289270
116,064 879,362 2,282,729 3,165,428 3,104,907 4,273,362
210,165 219,762 389,014 467,835 858,698 581,318 121847 324936
2,347,481 3,358,000 4,623,950 5,719,758 6,131,635 7,196,874 3,171,362 6728950
7,743,149 8,901,483 10,698,746 11,926,002 12,234,538 14,426,400 20,709,380 26406054

865,955 865,955 995,848 1,145,225 1,145,225 1,145,225 1,145,225 1145225

4,932,457 5,762,938 6,852,976 7,300,828 7,789,909 9,301,618 10802410 13727410
5,798,412 6,628,893 7,848,824 8,446,053 8,935,134 10,446,843 11,947,635 14872635

1500000 3437500
6,517 11,883 7,956 4,029 1033 10,793
566,358 938,078 1,041,977 1,003,706 813,378 809,516 817747
148,952 240,493 252,336 425,333 489453 387093
566358 938078 1197446 1256082 1073670 1238878 2808233 3835386

1,311,132 1,205,215 1,591,671 2,022,790 1,772,101 2,680,056 3823679 4983843

8998
63,267 129,297 449,706 56,696
3,980 58,943 197,150 45990 88773
2080847 2612508
1,862 3,927 3,927 3,927 2996 3911
0 0 0 0 0 0 0 0
1,378,379 1,334,512 1,652,476 2,223,867 2,225,734 2,740,679 5,953,512 7,698,033
1,944,737 2,272,590 2,849,922 3,479,949 3,299,404 3,979,557 8,761,745 11533419

7,743,149 8,901,483 10,698,746 11,926,002 12,234,538 14,426,400 20,709,380 26406054

0 0 0 0 0 0 0 0

2011 2012 2013 2014 2015 2016 2017 2018

693,318 1,944,836 3,642,799 3,180,166 3,026,853 5,174,284 4412368 3,356,307
-20,307 -15,573 -14,894 -29,794 -25,999 -21,309 -28369 (290,191)
-368,198 -160,632 -470,354 -491,793 -937,444 -1,693,873 -1694992 (895,521)
-24,191 -71,315 -117,084 -109,727 -115815 (127,425)
685 -8,111 -4,305 -4,315 -22,786 14,216 -7050 1,277
(56,960)
305,498 1,760,520 3,129,055 2,582,949 1,923,540 3,363,591 2,566,142 1,987,487

(1,403,212) (448,942) (876,144) (517,290) (294,781) (1,572,267) (8,752,605) (2,076,529)

(781,612) (649,267)
2,324 1,747 9,082 7,027 5,420 4,364 3750 9,508
-630,000 -3,130,000 -4,471,944 -7,383,298 -12,716,170 -13,526,865 -2498310 (165,000)
1,751,290

4,019 5,462
2,409,458 3,177,169 6,705,027 13,108,862 12,632,459 6844342 167,268
23,244 22,408 20,518 26,998 23,346 21,486 11947 10,423
-256,354 -1,145,329 -2,141,319 -1,161,536 130,696 -2,435,361 -5,172,488 -2,703,597

-281,088 -605,594 -817,063 -1,338,548 -1,659,446 -1,201,683 -1430045 (1,544,647)

 1600000 3,400,000
(212,500)
(100,000)
-1,421 -4,044 -3,927 -3,927 -3927 (5,315)
-281,088 -605,594 -818,484 -1,342,592 -1,663,373 -1,205,610 166,028 1,537,538
-231,944 9,597 169,252 78,821 390,863 -277,380 -2440318 821,428
442,109 210,165 219,762 389,014 467,835 858,698 581318 (1,859,000)
210,165 219,762 389,014 467,835 858,698 581,318 -1,859,000 -1,037,572
2019 2020
20780934 18,500,574
15978032 14,251,503
4,802,902 4,249,071
1414820 1,830,945
505149 506,937
149756 92,274
2,069,725 2,430,156
293803 233,547
3,026,980 2,052,462
648444 525,894
1,476 5,923
2,380,012 1,532,491
330,000 -425,000
2,710,012 1,107,491
69803 -104,586
2,779,815 1,002,905

2019 2020
17685584 17,255,963
1,836,541 1,858,089
47593 38,818
99940 99,940

19669658 19252810

3395522 3,465,940
795061 494,535
87931 162,443
45212 13,248

235807 324,522

2602240 2,866,866
182587 56,521

302586 785,559
7646946 8169634
27316604 27422444

1374270 1,374,270
14725189 15,178,386
16099459 16552656

2187500 236,250
7915 46,456
351283 1,081,132
266878 359,643
2813576 1723481

3577440 4,185,436
10182 10,416

143867 33,590
4669202 4,902,750
2878 14,115
0 0
8,403,569 9,146,307
11217145 10869788

27316604 27422444
0 0

2019 2020
3,126,411 3,763,513
(593,350) -636,171
(996,115) 40,223
(133,181) -93,795
(282) 8,775

1,403,483 3,082,545

(953,141) -332,522
(376,497) -15,625
5,429 5,687
-540,000
-29,000

544,809
10,589 17,149
-1,313,620 -349,502

(914,996) -549,474
 270,000
-3,437,500
(1,250,000)
(3,911) -11,894
-2,168,907 -3,728,868
(2,079,044) -995,825
(1,037,572) -3,116,616
-3,116,616 -4,112,441
Income statement
Revenue Growth (% Change)
Cost of Goods Sold (% of Revenue)
Gross Profit (% of Sales)
Finance Cost (% of Sales)
Depreciation (% of Revenues)
Depreciation & Amortization (% of PP&E Open Bal)
Income Tax Expense (% of total expenses)
Interest (% of Debt Open Bal)
Tax Rate (% of Earnings Before Tax)
Balance Sheet
Trade Receivable (Days)
Inventory (Days)
Trade & other Payables (Days)
Capital Expenditures ($000's)
Non-Current Liabilities/ Net Sales
Return on Assets