TABLE Revised

Cost of Goods Sold (including Depreciation) 2020 2021 2020 2021 ###
SAR '000 Mar.'31 Mar.'31 SAR '000 Mar.'31 Mar.'31 SAR '000 D
COGS 2017 2018 2019
3,158,775 3,091,548 3,056,932 Audited Audited Audited Audited e
A
COGS Financials are: Financials are: Financials are: cu
COGS (Including Depreciation) 3,400,580 3,376,115 3,436,547 Number of Months 12 12 ASSETS LIABILITIES & EQUITIES .
d
'
SG&A Sales / Revenues 2,056,091 2,105,398 Fixed Assets 797,525 860,729 Minority Interest ###i3
2017 #REF! 2020 Cost of Sales 1,366,912 1,411,572 Intangible assets 26,133 21,975 Paid in Capital ### t
1
e
SG&A 1,015,122.0 985,806.0 1,020,894.0 Gross Profit (%) 34% 33% Right of use 72,164 63,155 Statutory Reserves ### d
Depreciation SG&A 401,413 415,187 Other Noncurrent Assets 5,646 5,537 Retained Earnings ###
Operating Income 276,102 285,463 Sub-total NCA 901,468 951,396 Other Equity ###
2017 #REF! 2020 Operating Margin 13% 14% Total Networth (TNW) ###
Depreciation Cash + Time Deposits 645,839 713,290 Long Term Debt ###
Financial Cost 3,817 7,767 Trade and Notes Receivables 215,968 227,194 Non-Op Non-Cur Liabs ###
Depreciaton 241,805 284,567.0 379,615.0 Net Profit 265,112 260,893 Inventories 357,627 302,223 Total LT Liabilities ###
Net Profit + Depreciation 265,112 260,893 Other Current Assets 53,567 35,332 S.T. Bank Debt ###
Other Income (Non Core/Dividend/capital gains etc) KEY FINANCIAL PARAMETERS Total Current Assets 1,273,001 1,278,039 Trade Payables ###
Other Income / Loss 26,568 65,215 28,833 Revenue Growth (%) #REF! 2% TOTAL ASSETS 2,174,469 2,229,435 Overdrafts ###
Net Profit Margin % 13% 12% 12.2% 11.7% CPLTD Bank ###
22% #REF! 50% A/R + Inventory - A/P 573,595 529,417 29.4% 27.4% Other Trade Payables ###
74% #REF! 167% Current Ratio #DIV/0! #DIV/0! Non-Op Current Liabilities ###
Funded Leverage #DIV/0! #DIV/0! 12.9% 12.4% Total – Curr. Liabilities ###
Leverage Ratio #DIV/0! #DIV/0! TOTAL LIABILITIES AND EQUITY ###
Financial Debt/EBITDA 0.0x 0.0x
NOTE Days Receivables 38 39
Days Inventory 95 78
Formulas are in Red Days Payables 0 0
Cash cycle (Days) 134 118

Confidential
 Price
(Box of 1
Demand Supply
litter
milk)
20 SR 24 0
Supply and Demand Curve of Milk (Bo
30 SR 17 3
30
40 SR 15 7
50 SR 12 11
25
60 SR 10 12
70 SR 8 14 20 f(x) == −2.4
f(x) x − 0.777777777777774
2.26666666666667 x + 22.6666666666667
80 SR 7 17 R²
R² == 0.961186650185414
0.9285140562249
15
90 SR 5 18
100 SR 4 19
10

0
0 1 2 3 4 5 6 7 8
Demand Curve of Milk (Box of 1 litter milk)

77777777774 Demand
66667 x + 22.6666666666667
5414
49 Linear (Demand)
Supply
Linear (Supply)

4 5 6 7 8 9 10
Price (Box D
o emand Supply
20 SR 24 0
30 SR 17 3 Chart Title
40 SR 15 7
30
50 SR 12 11
60 SR 10 12 25
70 SR 8 14
80 SR 7 17 20
90 SR 5 18
100 SR 4 19 15

10

0
1 2 3 4 5 6 7

Demand Supply
 Chart Title

4 5 6 7 8 9

Demand Supply
Price Demand Elasticity Elasticity
20 24
30 17 -0.58333333333 Inelastic
40 15 -0.35294117647 Inelastic
50 12 -0.8 Inelastic
60 10 -0.83333333333 Inelastic
70 8 -1.2 Elastic
80 7 -0.875 Inelastic
90 5 -2.28571428571 Elastic
100 4 -1.8 Elastic

Price Supply Elasticity Elasticity

20 0
30 3 #DIV/0! Elastic
40 7 4 Elastic
50 11 2.285714285714 Inelastic
60 12 0.454545454545 Unit Elastic
70 14 1 Elastic
80 17 1.5 Inelastic
90 18 0.470588235294 Inelastic
100 19 0.5 Unit Elastic
Demand Milk (Box ofAverage
1 Income KS Cross elasticity
31257 57350
28614 52165 1.06921604699423 Elastic
24255 50113 0.25821998319299 Elastic

Demand Milk (Box ofPrice

1 of TransportatiCross elasticity
31257 19
28614 17 1.24487723280961 Elastic
24255 15 0.77227642605563 Elastic
Q FC VC TC= AVC= AFC= ATC= MC=
0 50 0 50 -- -- -- --
1 50 40 90 40 50 90 40
2 50 60 110 30 25 55 20
3 50 75 125 25 16.66667 41.66667 15 Chart Title
4 50 104 154 26 12.5 38.5 29
100
5 50 150 200 30 10 40 46
90
80
70
60
50
40
30
20
10
0
1 2 3 4

AVC= -- AFC= -- ATC= --

Chart Title Chart Title
450
400
350
300
250
200
150
100
50

3 0 4 53
1 2 4 5 6
AFC= -- ATC= -- MC= -- FC VC TC=
Year Explicit Cost Implicit Cost Total Revenue
2010 2350000 1500000 102000000
2011 24420000 1500000 121500000
2012 25175000 1700000 147200000
2013 26480000 1900000 198750000
2014 27316000 2000000 211500000
2015 28794000 2100000 Chart Title
226700000
2016 29616000 2250000 229500000
300000000
2017 30150000 2400000 232560000
2018 31216000 2450000
250000000 241250000
2019 32578000 2550000 271580000
2020 33681000 2700000
200000000 281240000

150000000

100000000

50000000

0
2010 2011 2012 2013 2014 2015 2016 2017

Econ. Profit Acc. Profit

 Econ. Profit Acc. Profit
98150000 99650000
95580000 97080000
120325000 122025000
170370000 172270000
182184000 184184000
Chart Title 195806000 197906000
197634000 199884000
200010000 202410000
207584000 210034000
236452000 239002000
244859000 247559000

2014 2015 2016 2017 2018 2019 2020

Profit Acc. Profit