563399196.

xlsx
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Modeling

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Info

Modeling
Workout Information
Features Model Details
◦ Modeling an income statement Company name Luxottica
◦ Modeling a balance sheet Date 31-Dec-14
◦ Modeling a cash flow statement Currency EUR
◦ Modeling interest Units Millions
◦ Dealing with circular references Analyst Name Firstname Lastname
Circular Switch 0

Tab Structure Formatting

Model 1 Assumptions, income statement, balance sheet, cash flow statement
Model 2 Assumptions, income statement, balance sheet, cash flow statement Input
Hard coded
Formulas

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Model 1

Modeling Hist. Hist. Hist. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj.

Luxottica 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 31-Dec-23 31-Dec-24

Income Statement Assumptions

Revenue growth 3.2% 4.6% 15.0% 6.0% 6.0% 6.0% 6.0% 5.0% 5.0% 4.5% 4.0% 4.0%
Operating costs % revenues 86.3% 85.6% 84.9% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0%
Taxes % of earnings before tax #DIV/0! #DIV/0! #DIV/0! 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0%

Balance Sheet Assumptions

Operating current assets % revenues 22.1% 22.4% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3%
Operating current liabilities % revenues 25.3% 28.7% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0%
Capex % revenues 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7%
D&A % prior year long term assets 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6%
Dividend payout #DIV/0! #DIV/0! 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%

Net Debt and Interest Assumptions

Long term debt issuance / (repayment) (655.5) (21.8) (91.2) (105.4) (543.4) (94.5) (330.8) 0.0 0.0 (472.5)
Revolver interest rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Long term debt interest rate 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
Cash and cash equivalents interest rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

Income Statement
Revenues 7,086.1 7,312.6 7,652.3
Operating costs (6,116.0) (6,256.9) (6,494.7)
EBIT
Interest income 18.9 10.1 12.1
Interest expense (144.6) (109.4) (109.7)
Earnings before tax
Tax expense (305.9) (407.5) (414.1)
Net income

Calculations
Beginning long term assets
Capex
D&A
Ending long term assets

Beginning equity
Net income
Dividends
Ending equity

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Model 1

Operating current assets

Operating current liabilities
OWC

Balance Sheet
Cash and cash equivalents 618.0 1,453.6
Operating current assets 1,618.0 1,714.1
Long term assets 5,846.9 6,426.6
Total assets

Revolver 44.9 151.3

Operating current liabilities 1,853.5 2,199.0
Long term debt (including currently due) 2,034.5 2,315.2
Total liabilities

Equity 4,149.9 4,928.8

Total liabilities and equity

Balance ?

Cash Flow Statement

Net Debt and Interest Calculations

Operating cash flow
Investing cash flow
Dividends

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Model 1

Cash flow generated to service debt

Beginning cash and cash equivalents
Cash available to service debt

Long term debt issuance / (repayment)

Surplus cash / (revolver requirement)

Beginning revolver
Revolver issuance (repayment)
Ending revolver

Ending cash and cash equivalents

Beginning long term debt

Long term debt issuance / (repayment)
Ending long term debt

Interest on revolver
Interest on long term debt
Interest on cash and cash equivalents

Income Statement Operating Statistics

EBIT margin
EBITDA
EBITDA margin
NI margin

Balance Sheet Operating Statistics

OWC % revenues
Long term assets % revenue

Net Debt and Interest Statistics

Debt
Net debt
Debt / EBITDA
Net debt / EBITDA
EBITDA / interest expense
Net debt / net debt + equity

End

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