Professional Documents
Culture Documents
Description
The P&L, Balance sheet, and Cash flow statements are three interrelated parts. The
P&L feeds net income on the liabilities and equity side of the Balance sheet. At the
same time, we obtain Cash (an asset) by summing the bottom-line result of the
Cash flow statement with previous year cash. If the three statements don't 'talk' to
each other, it means that a mistake has been made.
Assets 932.1
Assets 948.0
Assets 1226.8
Revenue growth %
Selected Case 1% 1% 1%
Best Case 3% 3% 3%
Base Case 2% 2% 2%
Worst Case 1% 1% 1%
Cogs as a % of Revenues
Selected Case -48% -46% -45% -47% -47% -47%
Best Case -48% -46% -45% -45% -45% -45%
Base Case -48% -46% -45% -46% -46% -46%
Worst Case -48% -46% -45% -47% -47% -47%
Opex as a % of Revenues
Selected Case -41% -42% -35% -41% -41% -41%
Best Case -41% -42% -35% -35% -35% -35%
Base Case -41% -42% -35% -39% -39% -39%
Worst Case -41% -42% -35% -41% -41% -41%
1% 1%
3% 3%
2% 2%
1% 1%
-47% -47%
-45% -45%
-46% -46%
-47% -47%
-41% -41%
-35% -35%
-39% -39%
-41% -41%
35% 35%
Balance Sheet
Forecast
$ in mln 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Trade Receivables 143.9 154.8 169.3 160.5 162.1
Inventory 85.0 92.0 110.0 99.9 100.9
PP&E 632.5 632.5 659.5 673.6 684.3
Cash 24.8 21.8 220.0 360.8 406.6
Other assets 45.9 46.9 68.0 55.1 55.6
Assets 932.1 948.0 1,226.8 1,349.8 1,409.5
Check - - - - -
Forecast
31-Dec-19 31-Dec-20 31-Dec-21
163.7 165.4 167.0
101.9 102.9 103.9
694.3 703.7 712.4
451.7 495.8 538.6
56.2 56.7 57.3
1,467.8 1,524.4 1,579.3
- - -
Fixed Assets Rollforward
Forecast
$ in mln 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
Beginning PP&E 632.5 632.5 659.5 673.6 684.3
D&A (44.0) (41.0) (44.3) -45.3 -46.0
Capex 44.0 68.0 58.4 56.0 56.0
Ending PP&E 632.5 632.5 659.5 673.6 684.3 694.3
-6.7% -6.7%
8.9% 8.9%
Financial Liabilities
Forecast
$ in mln 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
Beginning Debt 615.8 632.5 659.5 616.1 568.8
New debt 16.7 27.0 - - -
Principal repayment - - (43.4) (47.3) (51.6)
Ending Debt 615.8 632.5 659.5 616.1 568.8 517.2
Period 1 2 3 4 5 6
Payment (102.8) (102.8) (102.8) (102.8) (102.8) (102.8)
Interest (59.4) (55.4) (51.2) (46.5) (41.5) (36.0)
Principal repayment (43.4) (47.3) (51.6) (56.2) (61.3) (66.8)
Residual debt 616.1 568.8 517.2 461.0 399.7 332.9
Forecast
31-Dec-20 31-Dec-21
517.2 461.0
- -
(56.2) (61.3)
461.0 399.7
7 8 9 10
(102.8) (102.8) (102.8) (102.8)
(30.0) (23.4) (16.3) (8.5)
(72.8) (79.4) (86.5) (94.3)
260.1 180.8 94.3 -
Equity Schedule
Forecast
$ in mln 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
Beginning Equity 485.3 588.6 694.4
Increase of Capital - - -
Net Income/(Loss) 172.1 176.4 181.1
Dividends (68.8) (70.6) (72.5)
Ending Equity 485.3 588.6 694.4 803.1
40.0% 40.0%
Cash Flow
Forecast
$ in mln 2017 2018 2019 2020 2021
EBITDA 368 372 376 380 383
Interest expenses (59) (55) (51) (47) (41)
Taxes (93) (95) (98) (100) (103)
Change in Trade Receivables 9 (2) (2) (2) (2)
Change in Inventory 10 (1) (1) (1) (1)
Change in Trade Payables 3 1 1 1 1
Change in Other assets 13 (1) (1) (1) (1)
Change in Other liabilities 6 0 0 0 0
Capex (58) (56) (56) (56) (56)
Operating Cash Flow 199 164 169 175 181
Dividends (69) (71) (72) (74) (77)
Change in Financial Liabilities 11 (47) (52) (56) (61.3)
Change in Provisions - - - - -
Change in Equity - - - - (0)
Net Cash Flow 141 46 45 44 43