النسخة الاصلية من برنامج التحليل المالي والتنبؤ

Financial Analysis & Forecasting ‫التحليل المالي و التنبؤ‬
Purpose of Spreadsheet: ‫الهدف من اوراق العمل‬ Revised: 2/17/2022
To illustrate concepts related to financial analysis and forecasting.

The financial analysis uses a combination of ratios and industry averages to
evaluate the financial performance of the company. Trend line graphs are also
generated, comparing the company's performance with the industry averages.
Finally, the historical information is used to prepare a set of pro forma
financial statements using both linear and non-linear functions.
‫من اجل توضيح المفاهيم المتعلقه بالتحليل المالي و التبؤ‬
‫التحليل المالي يستخدم مجموعه من النسب و متوسطات الصناعه‬
‫ رسومات توضح االتجاهات مقارنه اداء الشركه مع متوسطات الصناعه‬. ‫يقيم االداء المالي للشركه‬
‫اخر المعلومات التاريخيه يتم استخدامها العداد مجموعه من التشكيالت الماليه و القوئم باستخدام الدوال الخطيه و غير الخطيه‬
Required Inputs: ‫المدخالت المطلوبه‬
You will need to collect financial statements for several reporting periods. If you
want to benchmark the performance against the industry, then you will also need
to collect industry averages. The spreadsheet is setup to capture five reporting
periods (annual, quarterly, monthly). All input fields are highlighted in yellow.
For best results, SEC Filings are suggested since these reports provide more
detail than published financial statements.
‫ سوف يتطلب منك ان تجمع القوائم الماليه و التقارير من عده فترات‬.
‫اذا اردت ان تتابع بالمقارنه الداء الشركه نسبه الى المعيار الصناعي فانه يتطلب منك ايضا ان تجمع‬
‫اعدت اوراق العمل لتغطي خمسه فترات ماليه‬, ‫ ( معلومات عن متوسط الصناعه‬annual, quarterly , monthly,)
‫ للحصول على افضل النتائج يتم اعتماد قوائم ماليه و فقا لمؤسسه‬. ‫ كل المدخالت يتم اظهارها باالصفر‬sec
Note: A small red triangle in the upper right corner of a cell indicates that a comment has
been inserted. Point your mouse over the cell and the comment will appear.
‫ مرر الفأره على هذا الموضع و المالحظه ستظهر‬, ‫المثلث االحمر الصغير في الزاويه العلويه للخليه يشير الى وجود مالحظه‬
If a cell appears in red, this indicates a warning concerning a calculation.

‫اذا ظهرت الخليه باللون االحمر هذا يشير الى تحذير في االحتساب‬
Worksheets: ‫اوراق العمل‬
This spreadsheet consists of the following worksheets, divided into three sections:
‫ اوراق العمل تتكون من االوراق التاليه مقسومه الى ثالثه اقسام‬:
A) Input Worksheets for financial analysis using historical data:
‫المدخالت للتحليل المالي باستخدام المعلومات التاريخيه‬
Worksheet Title ‫العنوان‬ Purpose
Genaral in put ‫ مدخالت عامة‬Enter general information here - used on several w
3 Balance Sheet ‫ ميزانيه‬Enter comparative balances sheets for up to
4 Income Statement ‫قائمه دخل‬
5 Cash Flow Statement ‫تدفق نقدي‬
Caution: If you enter less than five years of historical information, certain worksheet
formulas may have to be revised.
B) Output Worksheets for evaluating financial performance: ‫اوراق العمل المتعلقه بتقييم االداء المالي‬
6 Key Financial Data ‫معلومات ماليه هامه‬ Calculates key financial information for furthe
7 Ratio Analysis ‫تحليل النسب‬ Calculates a series of ratios for further analy
8 Benchmark Analysis ‫التحليل بالمقارنه مع المعيار الصناعي‬ Compare ratio analysis to industry averages.
9 Horizontal Analysis ‫تحليل افقي‬ Horizontal analysis with corresponding trend
10 Vertical Analysis ‫تحليل عمودي‬ Common size financials in percentages and
C) Pro Forma / Forecasted Financials for Budgeting: ‫التنبؤ المالي‬
11 Pro Forma - Simple ‫تصورات و اشكال بسيطه‬ Set of pro forma financials using simple assu
12 Pro Forma - Regression ‫تصورات و اشكال انحدار‬ Set of pro forma financials using linear trend
13 Pro Forma - Exponential ‫تصورات و اشكال اساسيه‬ Set of pro forma financials using exponential
14 Scenario Analysis ‫تحليل السيناريو‬ Example of Scenario Analysis and Goal See
15 Budget Analysis ‫تحليل الموازنات‬ Preliminary budget analysis
16 Final Budgets ‫الموازنه النهائيه‬ Set of budgets per various assumptions and
active Wksh2
Wksh3 Wksh4
Wksh5 Wksh6
Wksh7 Wksh8
Wksh9 Wksh10
Wksh11 Wksh12
Wksh13 Wksh14
Wksh15 Wksh16
‫عناوين االوراق‬
‫سنوي‬
Purpose
general information here - used on several worksheets.
comparative balances sheets for up to five periods.
‫تحذير‬
ates key financial information for further analysis.

ates a series of ratios for further analysis.
are ratio analysis to industry averages.
ontal analysis with corresponding trend lines.
mon size financials in percentages and graphs.
pro forma financials using simple assumptions

pro forma financials using linear trending
pro forma financials using exponential smoothing
ple of Scenario Analysis and Goal Seek Analysis
minary budget analysis
budgets per various assumptions and forecasts.
2-1
2-2
2-3
2-4
2-5
2-6
2-7
2-8
2-9
2-10
General Input Panel h‫امه‬h‫لع‬hh‫لا‬h ‫الدخا‬h ‫ ا‬h‫وحه‬hh‫ل‬
The following general information should be entered:‫لها‬hh‫جبادخا‬hh‫ ي‬h‫ليه‬hh‫لتا‬hh‫ ا‬h‫امه‬h‫لع‬hh‫لمعلوماتا‬hh‫ا‬

Note: Sample data has been entered in the input cells to help you get started‫لبدء‬hh‫تساعدك ل‬hh‫ا ل‬h‫له‬hh‫ ادخا‬h‫م‬hhh‫لت‬hh‫كل مثا‬hh‫معلوماتعلىش‬.
Name of Company => h‫لشركه‬hh‫ ا‬h‫اسم‬
Reporting Periods => ‫لتقرير‬hh‫ ا‬h‫تره‬hhh‫ف‬
Number of Days in Reporting Period are ‫لتقرير‬hh‫ا ا‬h‫غطيه‬hh‫لتىي‬hh‫ ا‬h‫اليام‬h ‫عدد ا‬
What reporting periods will be entered? h‫ليه‬hh‫لما‬hh‫ ا‬h‫لفتره‬hh‫لا‬hh‫ ادخا‬h‫يتم‬hh‫لتىس‬hh‫لفتراتا‬hh‫ماهيا‬
Most Current Period h‫ليه‬hh‫لما‬hh‫ ا‬h‫لفتره‬hh‫ا‬

Previous Period h‫لسابقه‬hh‫ ا‬h‫لفتره‬hh‫ا‬
2nd Previous Period h‫لثانيه‬hh‫ ا‬h‫لسابقه‬hh‫ ا‬h‫لفتره‬hh‫ا‬
3rd Previous Period h‫لثه‬hh‫لثا‬hh‫ ا‬h‫لسابقه‬hh‫ ا‬h‫لفتره‬hh‫ا‬
4th Previous Period h‫بعه‬h‫لرا‬hh‫ ا‬h‫لسابقه‬hh‫ ا‬h‫لفتره‬hh‫ا‬
Number of historical periods to be analyzed ‫ا‬h‫حقيقه‬hh‫ ت‬h‫يتم‬hh‫لتىس‬hh‫ ا‬h‫لتاريخيه‬hh‫تا‬h‫لفترا‬hh‫عدد ا‬

How are the amounts expressed in the financial statements? h‫ليه‬hh‫لما‬hh‫ ا‬h‫ئم‬h‫لقوا‬hh‫يا‬hhh‫ ف‬h‫لغ‬hh‫لمبا‬hh‫لتعبير عنا‬hh‫ ا‬h‫يتم‬hh‫يفس‬h‫ك‬
(such as: in millions of dollars, thousands of Canadian dollars, etc.) .....‫الالف‬hh‫ا‬hh‫ ب‬,‫ت‬h‫لدوالرا‬hh‫ماليينا‬hh‫ل ب‬h
: h‫مثا‬
‫مليون لاير‬
Home active
Wksh3 Wksh4
Wksh5 Wksh6
Wksh7 Wksh8
‫يمنتراك‬ Wksh9 Wksh10
Wksh11 Wksh12
Annual ‫نوى‬hh‫س‬ (Annual, Semi-annual, Quarterly or Monthly) Wksh13 Wksh14
‫ي‬( ‫ر‬o‫ه‬o ‫ش‬, ‫ري‬o‫ه‬o ‫ ش‬o‫ربع‬, ‫نوي‬oo‫صفس‬oo‫ن‬, ‫نوي‬oo‫)س‬ Wksh15 Wksh16
365
2021 (1999, July 1998, 6/30/97, etc.)

2020 (1999, July 1998, 6/30/97, etc.)
2019 (1999, July 1998, 6/30/97, etc.)
2018 (1999, July 1998, 6/30/97, etc.)
2017 (1999, July 1998, 6/30/97, etc.)
5
Home Balance Sheet for ‫الميزانية العمومية‬
>> > ‫يمنتراك‬
<< < ‫يمنتراك‬
End Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬
Period o‫لزمنيه‬oo‫ ا‬o‫لفتره‬oo‫ا‬ Period Period Period Period
Ref Description ‫الوصف‬ 2017 2018 2019 2020 2021
Current Assets
3-1 Cash and Cash Equivalents ‫النقديه و النقديه المقاربه‬ 4,860,589 23,722,600 14,360,077 49,704,636 25,361,545
‫اصول متداوله‬
3-2 Short Term Marketable Securities ‫اسهم متداوله قصيره االجل‬ 0 0 0 0 0

3-3 Accounts Receivable ‫ذمم مدينه‬ 65,643,719 49,342,944 93,961,696 155,569,394 225,973,811
3-4 Inventory ‫مخزون‬ 5,117,530 6,693,971 13,514,991 34,916,560 106,895,912
3-5 Other Current Assets ‫اصول متداوله اخرى‬ 22,619,493 33,789,682 44,248,816 73,902,164 80,136,927
3-6 Total Current Assets ‫مجموع االصول المتداولة‬ 98,241,331 113,549,197 166,085,580 314,092,754 438,368,195
3-7 Fixed Assets ‫اصول ثابته‬ 135,356,609 267,742,427 334,462,457 488,860,396 587,705,103
NonCurrent Assets
‫اصول غير متداولة‬
3-8 Accumulated Depreciation ‫استهالك متراكم‬ (55,358,062) (71,510,464) (99,304,463) (129,596,052) (182,793,235)
3-9 Net Fixed Assets ‫صافي االصول الثابته‬ 79,998,547 196,231,963 235,157,994 359,264,344 404,911,868
3-10 Longterm Investments ‫استثمارات طويله االجل‬ 0 0 0 0 0
3-11 Investments in Other Companies ‫استثمارات في شركات اخرى‬ 0 0 0 0 0
3-12 Intangibles and Other Assets ‫اصول غير ملموسه‬ 0 0 0 0 0
Total Non Current Assets ‫مجموع االصول غير المتداوله‬ 79,998,547 196,231,963 235,157,994 359,264,344 404,911,868
3-13 Total Assets ‫مجموع االصول‬ 178,239,878 309,781,160 401,243,574 673,357,098 843,280,063
3-14 Accounts Payable ‫ذمم دائنه‬ 64,460,588 113,577,003 30,282,773 43,765,335 43,765,335
Currrent Liab
‫التزامات متداوله‬
3-15 Short Term Borrowings ‫قروض قصيرة االجل‬ 26,068,650 28,437,834 153,680,677 246,187,667 107,663,969
3-16 Short Term Portion of LT Debt ‫ديون طويلة اجل استحقت االن‬ 0 0 0 0 0
3-17 Other Current Liabilities ‫التزامات قصيره اخرى‬ 6,923,473 17,577,477 49,838,496 120,949,411 207,256,791
3-18 Total Current Liabilities ‫مجموع االلتزامات المتداولة‬ 97,452,711 159,592,314 233,801,946 410,902,413 358,686,095
3-19 Longterm Debt / Borrowings ‫ قروض‬, ‫دين طويل االجل‬ 0 30,715,380 47,740,460 33,975,840 155,337,285
3-20 Other Longterm Liabilities ‫التزمات اخرى طويله االجل‬ 1,732,280 2,220,692 5,840,086 9,629,757 8,262,271
Total Non Current Liabilities ‫مجموع االلتزامات غير متداولة‬ 1,732,280 32,936,072 53,580,546 43,605,597 163,599,556
3-21 Total Liabilities ‫مجموع االلتزامات‬ 99,184,991 192,528,386 287,382,492 454,508,010 522,285,651
Prepared by mohammed soliman 02/17/2022 Page 6

Home Balance Sheet for ‫الميزانية العمومية‬
Period o‫لزمنيه‬oo‫ ا‬o‫لفتره‬oo‫ا‬ Period Period Period Period
Ref Description ‫الوصف‬ 2017 2018 2019 2020 2021
3-22 Preferred Equity ‫حقوق ملكيه ممتازه‬ 0 0 0

3-23 Common Equity ‫حقوق ملكيه عاديه‬ 15,000,000 15,000,000 15,000,000 60,000,000 60,000,000
3-24 Additional Paid in Capital ‫اضافات إلى راس المال العامل‬ 0 0 0
Equity
‫الملكية‬
3-25 Retained Earnings ‫ارباح محتجزه‬ 64,054,887 102,252,774 98,861,082 158,849,088 260,994,412
3-26 Adj for Foreign Currency Transl ‫تعديالت على فروق العمله االجنبيه‬ 0 0 0 0
3-27 Treasury Stock ‫اسهم خزينه‬ 0 0 0 0
3-28 Total Shareholder Equity ‫مجموع حقوق الملكيه للمساهمين‬ 79,054,887 117,252,774 113,861,082 218,849,088 320,994,412
Total Lia ‫مجموع االلتزامات وحقوق الملكية‬ 178,239,878 309,781,160 401,243,574 673,357,098 843,280,063
3-29 Check: Assets = Liab + Equity ? ‫ حقوق الملكية‬+‫االصول=االلتزامات‬ 0 0 0 0 0

Comment => Balances Balances Balances Balances Balances
3-30 NonDepreciable Fixed Assets ‫اصول ثابته غير قابله لالستهالك‬ 0 0 0 0 0

3-31 Deferred Taxes ‫اطفاء‬ 0 0 0 0 0
3-32 Goodwill Write Off ‫الشهره‬ 0 0 0 0 0
3-33 No of Common Shares o/s ‫عدد االسهم العاديه‬ 15,000 15,000 15,000 15,000 15,000
3-34 Par Value of Common Stock ‫سعر السهم العادي‬ 0 0 0 0 0
Additional Information
‫معلومات عن توزيعات االسهم‬
3-35 No of Preferred Shares o/s ‫عدد االسهم الممتازه‬ 0 0 0 0 0

3-36 Par Value of Preferred Stock ‫سعر السهم الممتاز‬ 0 0 0 0 0
3-37 Market Price of Common Stock ‫سعر السهم العادي في السوق‬ 1,266 2,547 2,441 3,999 6,946
3-38 Market Price of Preferred Stock ‫سعر السهم الممتاز في السوق‬ 0 0 0 0 0
3-39 Preferred Dividends in Arrears ‫توزيعات االسهم الممتازه‬ 0 0 0 0 0
3-40 Liquidating value of Preferred Stk ‫سعر تحويل االسهم الممتازه إلى سيوله‬ 0 0 0 0 0
3-41 Book Value per Share ‫سعر الحصة الواحدة دفتريا‬ 5,270 7,817 7,591 14,590 21,400
3-42 Dividends per Common Share ‫التوزيعات سهم عادي‬ 0 0 0 0 0
3-43 Dividend Payout Ratio ‫نسبه التوزيعات الخارجيه‬ 0.00% 0.00% 0.00% 0.00% 0.00%
3-44 Cash Dividends to Preferred Stock ‫نسبه التوزيعات النقديه الى االسهم‬ 0 0 0 0 0
3-45 Cash Dividends to Common Stock ‫نسبه التوزيعات النقديه الى االسهم‬ 0 0 0 0 0
3-46 Total Dividends Paid ‫مجموع التوزيعات المدفوعه‬ 0 0 0 0 0
Prepared by mohammed soliman 02/17/2022 Page 7

Home Income Statement for ‫قائمه الدخل‬ 40,285,499 68,174,288 80,760,086 126,008,490
>> > ‫يمنتراك‬ 10% 21% 23% 23%
End Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬
Period Period Period Period
Ref Description ‫الوصف‬ 2017 2018 2019 2020
4-1 Net Sales ‫صافي اإليرادات‬ 407,418,089 317,752,627 354,731,377 549,457,822
4-2 Other Operating Revenues ‫ايرادات تشغيلية اخرى‬ 10,437,475 933,642 1,284,147 8,822,038
4-3 Total Revenues ‫مجموع االيرادات‬ 417,855,564 318,686,269 356,015,524 558,279,860
Operating
4-4 Cost of Goods Sold ‫تكلفة اإليرادات‬ (377,570,065) (250,511,981) (275,255,438) (432,271,370)
‫تشغيلي‬
4-5 Other Operating Expenses ‫مصاريف تشغيلية اخرى‬ 0

4-6 Total Direct Expenses ‫مجموع المصاريف المباشرة‬ (377,570,065) (250,511,981) (275,255,438) (432,271,370)
4-7 Selling, General & Administrative ‫مصاريف بيعية وادارية وعامة‬ (19,279,730) (25,188,874) (37,838,518) (52,090,351)
4-8 Operating Income ‫الدخل التشغيلي‬ 21,005,769 42,985,414 42,921,568 73,918,139
4-9 Interest Expenses ‫المصاريف الفوائد‬ (2,008,864) (3,808,094) (6,161,570) (12,981,919)

NonOperating
4-10 Foreign Exchange (Loss) Gain ‫فرق عملة ربح او خسارة‬ 0 0 0 0

4-11 Associated Company (Loss) Gain ‫شركة مرتبطة ربح او خسارة‬ 0 0 0 0
‫غير تشغيلي‬
4-12 Other NonOperating (Loss) Gain ‫اخرى غير تشغيلية ربح او خسارة‬ 0 0 0 0
4-13 Income Tax Expense ‫الزكاة‬ 0 (979,433) (151,689) (948,214)
4-14 Reserve Charges ‫عمليات تحفظ‬ 0 0 0 0
4-15 Income Before Extra Ord Items ‫الدخل قبل البنود غير االعتيادية‬ 18,996,905 38,197,887 36,608,309 59,988,006
4-16 Extra Ordinary Items (Loss) Gain )‫البنود غير االعتيادية (ربح او خسارة‬ 0 0 0 0
4-17 Tax Effects of Extraordinary Items ‫تاثير الزكاة للبنود الغير العادية‬ 0 0 0 0
4-18 Minority Interests ‫فوائد االقلية‬ 0 0 0 0
4-19 Net Income ‫صافي الدخل‬ 18,996,905 38,197,887 36,608,309 59,988,006
4-20 Primary EPS ‫عائد الحصة االولي‬ 1,266 2,547 2,441 3,999
Earnings Before Int & Taxes ‫العائد قبل الفائدة والزكاة‬ 21,005,769 42,985,414 42,921,568 73,918,139
4-22 Depreciation & Amortization ‫االستهالك واالطفاء‬ -12,952,550 -16,323,472 -28,054,697 -40,780,410
4-23 Research & Devel Expenses ‫مصاريف التطوير والبحث‬ 0 0 0 0
‫اخرى‬
Other
4-23 Capitalized Interest Expense ‫مصاريف فوائد الرأسمالية‬ 0 0 0 0

4-24 Interest Income ‫الدخل من الفوائد‬ 0 0 0 0
4-25 Total Non Operating Expenses ‫مجموع الدخل من العمليات غير التشغيلية‬ -2,008,864 -4,787,527 -6,313,259 -13,930,133
4-26 Total Extra Ordinary Items ‫مجموع البنود غير االعتيادية‬ 0 0 0 0
4-27 Tax Rate ‫معدل الفائدة‬ 0.00% 2.50% 0.41% 1.56%
Prepared by Matt H. Evans 02/17/2022 Page 8

192,976,596
25%
Annual ‫نوى‬oo‫س‬
Period
2021
778,887,133
1,348,605
780,235,738
(587,259,142)
(587,259,142)
(72,036,119)
120,940,477
(14,603,891)
0
0
0
(2,139,476)
0
104,197,110
0
0
0
104,197,110
6,946
120,940,477
-54,568,423
0
0
0
-16,743,367
0
2.01%

Home Cash Flow Statement for ‫التدفق النقدي‬
5-1 Net Income ‫صافي الدخل‬ 18,996,905 38,197,887 36,608,309 59,988,006

5-2 Depreciation and Amortization ‫االستهالك واالطفاء‬ 12,952,550 16,359,095 28,054,697 40,780,410
Operations
5-3 (Increase) Decrease Defer Taxes ‫الزكاة‬ 0 979,433 151,689 948,214

5-4 (Gain) Loss on Sale of Assets ‫الربح او الخساره من بيع اصول‬ 0 0 (205,827) (1,322,753)
5-5 (Increase) Decrease Current Assets ‫زياده او نقص في االصول المتدوله‬ 20,889,068 (15,307,866) (52,536,383) (148,007,174)
5-6 Increase (Decrease) Current Liab ‫زياده او نقص في االلتزامات المتدوله‬ (2,140,468) 50,014,819 (11,753,612) 120,828,859
5-7 Cash Flow from Operations ‫التدفق النقدي من العمليات التشغيليه‬ 50,698,055 90,243,368 318,873 73,215,562
5-8 Capital Expenditures ‫مصاريف راسماليه‬ (33,112,155) (129,654,158) (70,655,488) (175,194,305)

INVESTMENTS
5-9 Acquisition in Other Co's ‫الحيازة في شركات اخرى‬

5-10 Proceeds from Sales of Assets ‫التحصيالت من بيع االصول‬ 90,133 1,342,756 16,325,789
5-11 Purchases of Investments ‫شراء استثمارات‬
5-12 Sale of Investments ‫بيع استثمارات‬
5-13 Other Investment Activities ‫أي نشاطات اسثماريه اخرى‬ 828,511 (2,292,928) 1,582,551 (4,695,491)
5-14 Cash Provided (Used) from Investmts ‫النقد المحصول عليه او المستخدم في االستثمارات‬ (32,283,644) (131,856,953) (67,730,181) (163,564,007)
5-15 Proceeds from Borrowings ‫المتحصالت من االقتراض‬ (13,501,155) 59,153,182 56,199,305 78,742,370
5-16 Payments on Borrowings ‫المدفوعات إلى المقرضين‬
5-17 Dividends Paid to Shareholders ‫التوزيعات المدفوعه للمساهمين‬
Financing
5-18 Proceeds from Minority Interest ‫المتحصالت من الفوائد االصليه‬

5-19 Issue Stock / Exercise Options ‫اصدار اسهم و اصدار خيارات‬
5-20 Purchase / Retire Common Stock ‫مشتريات االسهم العادية‬
5-21 Other Financing Activities ‫أي نشاطات تمويليه اخرى‬ (4,350,295) 1,322,414 1,849,480 46,950,634
5-22 Cash Provided (Used) from Financing ‫أي نقديه يحصل عليها او تستخدم من التمويل‬ (17,851,450) 60,475,596 58,048,785 125,693,004
5-23 Increase (Decrease) to Cash ‫زياده او نقص في النقديه‬ 562,961 18,862,011 (9,362,523) 35,344,559
5-24 Beginning Cash Balance ‫رصيد الصندوق اول الفتره‬ 4,297,628 4,860,589 23,722,600 14,360,077
5-25 Ending Cash Balance ‫رصيد الصندوق اخر الفتره‬ 4,860,589 23,722,600 14,360,077 49,704,636
5-26 Check: Should agree to Balance Sheet ‫يجب آن يتوافق مع الميزانيه‬ 0 0 0 0
Comment => Balances Balances Balances Balances

Period
2021
104,197,110
54,568,423
2,139,476
(858,094)
(8,337,107)
(52,216,318)
99,493,490
(118,818,935)
13,917,278
5,543,804
(99,357,853)
(17,162,253)
(7,316,475)
(24,478,728)
(24,343,091)
49,704,636
25,361,545
0
Balances

Home Key Financial Data for ‫البيانات المالية الهامة‬
EBITDA : ‫الدخل قبل الفوائد و الضرائب‬

4-15 Income before ExtraOrd Items ‫الدخل قبل البنود غير االعتياديه‬ 18,996,905 38,197,887 36,608,309 59,988,006
4-9 Interest Expense ‫مصروف الفوائد‬ 2,008,864 3,808,094 6,161,570 12,981,919
4-23 Capitalized Interest Expense ‫مصروف الراسماليه‬ 0 0 0 0
4-13 Income Tax Expense ‫مصروف ضريبه الدخل‬ 0 979,433 151,689 948,214
4-14 Reserve Charges ‫احداث احتياطيه‬ 0 0 0 0
4-22 Depreciation and Amortization ‫االستهالكات و االضفاءات‬ 12,952,550 16,323,472 28,054,697 40,780,410
6-1 EBITDA 33,958,319 59,308,886 70,976,265 114,698,549
EBITDA Margin ‫هامش الدخل قبل الفوائد و الضرائب‬ 8% 19% 20% 21%
Cash Flow / Liquidity Indicators
Free Cash Flow: ‫تدفق نقدي‬

5-7 Operating Cash Flow ‫التدفق من العمليات التشغيليه‬ 50,698,055 90,243,368 318,873 73,215,562
‫ التدفق النقدي‬/ ‫مؤشرات السيوله‬
5-14 Investment Cash Flows ‫التدفق من العمليات االستثماريه‬ (32,283,644) (131,856,953) (67,730,181) (163,564,007)
3-43 Preferred Dividends Paid (fixed) ‫مدفوعات توزيعات اسهم ممتازه ثابته‬ 0 0 0 0
5-16 Redemption of Fixed Obligations ‫تناهي االلتزامات الثابتة‬ 0 0 0 0
6-2 Other Critical Outlays ‫مدفوعات حساسه و هامه اخرى‬ 0 0 0 0
6-3 Free Cash Flow ‫التدفق النقدي‬ 18,414,411 (41,613,585) (67,411,308) (90,348,445)
Working Capital: ‫راس المال العامل‬

3-6 Current Assets ‫اصول متداوله‬ 98,241,331 113,549,197 166,085,580 314,092,754
3-18 Current Liabilities ‫التزامات متداوله‬ 97,452,711 159,592,314 233,801,946 410,902,413
6-4 Working Capital 788,620 (46,043,117) (67,716,366) (96,809,659)
Liquid Capital: ‫راس المال السائل‬

3-1 Cash and Cash Equivalents ‫النقديه و معادالتها‬ 4,860,589 23,722,600 14,360,077 49,704,636
3-2 Marketable Securities ‫االسهم القابله للتداول في السوق‬ 0 0 0 0
3-3 Accounts Receivable ‫ذمم مدينه‬ 65,643,719 49,342,944 93,961,696 155,569,394
6-5 Notes Receivable ‫اوراق قبض‬ 0 0 0 0
3-18 Total Current Liabilities ‫مجمو ع االلتزامات المتداولة‬ (97,452,711) (159,592,314) (233,801,946) (410,902,413)
3-19 Long Term Debt ‫التزامات طويله االجل‬ 0 (30,715,380) (47,740,460) (33,975,840)
3-22 Preferred Equity ‫حقوق ملكيه ممتازه‬ 0 0 0 0
6-6 Liquid Capital ‫راس المال السائل‬ (26,948,403) (117,242,150) (173,220,633) (239,604,223)
The following valuation indicators are very simple and basic; they are used as quick, rough estmates.
Market Capitalization: ‫رسمله السوق‬

6-7 Market Cap - Common Stk ‫رسمله االسهم العاديه‬ 18,996,905 38,197,887 36,608,309 59,988,006
6-8 Market Cap - Preferred Stk ‫رسمله االسهم الممتازه‬ 0 0 0 0
6-9 Total Market Capitalization ‫مجموع رسملة السوق‬ 18,996,905 38,197,887 36,608,309 59,988,006
Present Value: ‫القيمه الحاليه‬

6-10 Normalized Cash Flow Weight %'s ‫وزن التدفق النقدي العادي‬ 5.00% 10.00% 15.00% 30.00%
6-11 Normalized Cash Flow ‫التدفق النقدي العادي‬
6-12 Number of Future Periods ‫عدد الفترات المستقبليه‬
Valuation Indicators
‫مؤشر التقييم‬
6-13 Required Rate of Return ‫معدل العائد المطلوب‬

6-14 Present Value of Free Cash Flow ‫القيمه الحاليه للتدفق النقدي‬
6-15 Present Value of Selling Price ‫القيمه الحاليه السعار البيع‬ 522,285,651 <= estimated selling price
6-16 Present Value of Business ‫القيمه الحاليه لالسعار‬
Home Key Financial Data for ‫البيانات المالية الهامة‬
Valuation Indicators
‫يمنتراك‬
‫مؤشر التقييم‬
>> >
Revenue Multiplier: ‫معامل معدل الدخل‬
4-3 Recent Gross Revenues ‫اجمالي االيراد مؤخرا‬
6-17 Average Competitive Rev Multiplier ‫معامل المتوسط المنافس‬
Value based on Revenue Multiple ‫القيمه المقامه بناء على مضروب االيراد‬
Capitalization of Earnings: ‫رسمله االيرادات‬

6-18 Normalized Net Income Weights % ‫الوزن الصافي لدخل العادي‬ 5.00% 5.00% 25.00% 30.00%
6-19 Normalized Net Income ‫صافي الدخل العادي‬
6-20 Capitalization Rate ‫رسمله المعدل‬
6-21 Nominal Growth Rate ‫معدل النمو الرقمي‬
6-22 Net Capitalization Rate ‫صافي معدل الرسمله‬
6-23 Value based on Earnings ‫القيمه مبنيه على االيراد‬
6-24 Operating Leverage ‫الرافعه التشغيليه‬ (3.39) 1.69 1.12

‫الرافعه الماليه‬
Leverage
6-25 Financial Leverage ‫الرافعه الماليه‬ 1.35 (0.21) 1.04
6-26 Total Leverage ‫مجموع الرفع‬ (4.59) (0.36) 1.16
6-27 Check Totals ‫فحص المجموع‬ 0.00 (4.59) (0.36) 1.16
NOPAT / Operating Indicators: NOPAT/‫لتشغيل‬oo‫مححدداتا‬

6-28 Net Interest Expense After Tax ‫مصروف صافي الفوائد بعد الضريبه‬ (2,008,864) (3,712,892) (6,136,144) (12,779,910)
Operating Indicators
6-29 Interest Bearing Liabilities 26,068,650 59,153,214 201,421,137 280,163,507

6-30 NOPAT ‫التشغيلي‬ 21,005,769 41,910,779 42,744,453 72,767,916
‫مؤشرات التشغيل‬
6-31 Operating Working Capital ‫صافي راس المال العامل‬ 21,996,681 (41,327,883) 71,604,234 99,673,372
6-32 Net Longterm Assets ‫صافي االصول طويله االجل‬ 78,266,267 194,011,271 229,317,908 349,634,587
6-33 Net Debt ‫صافي االلتزامات‬ 21,208,061 35,430,614 187,061,060 230,458,871
6-34 Net Assets ‫صافي االصول‬ 100,262,948 152,683,388 300,922,142 449,307,959
6-35 Net Capital ‫صافي راس المال‬ 100,262,948 152,683,388 300,922,142 449,307,959
6-36 Operating ROA ‫العائد على االصول التشغيلي‬ 21% 27% 14% 16%
6-37 Operating WC Turnover ‫معدل دوران راس المال العامل التشغيلي‬ 19 (8) 5 6
Period
2021
104,197,110
14,603,891
0
2,139,476
0
54,568,423
175,508,900
23%
99,493,490
(99,357,853)
0
0
0
135,637
438,368,195
358,686,095
79,682,100
25,361,545
0
225,973,811
0
(358,686,095)
(155,337,285)
0
(262,688,024)
104,197,110
0
104,197,110
40.00% 100.00%
(40,402,613)
3
21.00%
(83,792,339)
294,816,634
211,024,295
Period
2021
780,235,738
12.98
10,128,592,951
35.00% 100.00%
66,477,207
12.00%
3.50%
8.50%
782,084,790
1.27
1.39
1.76
1.76
(14,310,063)
263,001,254
118,507,173
161,984,524
396,649,597
237,639,709
558,634,121
558,634,121
21%
5
Home Ratio Analysis for ‫تحليل النسب‬
>> > ‫يمنتراك‬ ‫الشركة النموذجية المتكاملة‬
<< <
Period Period Period Period Period
Ref Title of Ratio ‫عنوان النسبة‬ 2017 2018 2019 2020 2021
7-1 Acid Test Ratio ‫نسبة السيولة السريعة‬ 0.72 0.46 0.46 0.50 0.70
7-2 Current Ratio ‫نسبه التداول‬ 1.01 0.71 0.71 0.76 1.22
7-3 Operating Cash Flow to Net Income ‫التدفق النقدي التشغيلي إلى صافي الدخل‬ 2.67 2.36 0.01 1.22 0.95
Liquidity Index: ‫مؤشر السيوله‬

7-4 Cash - Days Removed 0 0 0 0 0
3-1 Cash Balance ‫رصيد النقدية‬ 4,860,589 23,722,600 14,360,077 49,704,636 25,361,545
7-5 Cash Balance Total ‫مجموع رصيد النقديه‬ 0 0 0 0 0
Liquidity / Ability to Meet Obligations
‫السيوله و مقدره الشركه على مقابله التزاماتها‬
7-6 Marketable Sec - Days Removed ‫االسهم السوقيه‬ 11 12 16 15 14

3-2 Marketable Securities Balance ‫رصيد االسهم السوقيه‬ 0 0 0 0 0
7-7 Marketable Securities Total ‫الرصيد االجمالي لالسهم السوقيه‬ 0 0 0 0 0
7-22 Receivables - Days Removed ‫ذمم مدينه‬ 59 57 97 103 106
3-3 Receivable Balance ‫رصيد الذمم المدينة‬ 65,643,719 49,342,944 93,961,696 155,569,394 225,973,811
7-8 Receivable Balance Total ‫ الرصيد االجمالي للذمم المدينة‬3,860,458,717 2,796,751,181 9,084,372,920 16,077,067,090 23,929,551,278
7-26 Inventory - Days Removed ‫مخزون‬ 5 9 13 20 44
3-4 Inventory Balance ‫رصيد المخزون‬ 5,117,530 6,693,971 13,514,991 34,916,560 106,895,912
7-9 Inventory Balance Total ‫رصيد المخزون االجمالي‬ 23,424,975 57,600,106 181,086,773 713,947,412 4,710,951,215
7-10 Other - Days Removed ‫اخرى‬ 16 22 26 21 19
3-5 Other Current Assets Balance ‫رصيد اخر لالصول المتداوله‬ 22,619,493 33,789,682 44,248,816 73,902,164 80,136,927
7-11 Other Current Assets Total ‫اجمالي الرصيد االخر لالصول المتداوله‬ 361,911,888 743,373,004 1,150,469,216 1,551,945,444 1,522,601,613
7-12 Liquidity Index (Days) ‫ مؤشر السيولة‬/ ‫ يوميا‬43.21801767522 32 63 58 69
Z Score: Z Score:
7-13 1.2 x (working capital / total assets) ‫مجموع االصول‬/ ‫راس المال العامل‬ 0.01 (0.18) (0.20) (0.17) 0.11
7-14 1.4 x (retained earn / total assets) ‫االربلح المحتجزة‬ 0.50 0.46 0.34 0.33 0.43
7-15 3.3 x (EBIT / total assets) ‫االرباح قبل الفوائد والضرائب‬ 0.39 0.46 0.35 0.36 0.47
7-16 .6 x (market value equity / b.v. debt) ‫قيمة حقوق الملكية في السوق‬ #DIV/0! 0.75 0.46 1.06 0.40
7-17 .999 x (sales / total assets) ‫ إلى مجموع االصول‬/‫مبيعات‬ 2.28 1.02 0.88 0.82 0.92
7-18 Z Score Z Score: #DIV/0! 2.51 1.84 2.39 2.35
Receivable Turnover: ‫معدل دوران المخزون‬

7-19 Credit Sales ‫المبيعات الدائنة‬ 407,418,089 317,752,627 354,731,377 549,457,822 778,887,133
7-20 Average Receivable Balance ‫متوسط رصيد الذمم‬ 73,578,903 57,493,332 71,652,320 124,765,545 190,771,603
7-21 Receivable Turnover ‫معدل دوران الذمم‬ 6.2 6.4 3.8 3.5 3.4
7-22 Days Required to Collect A/R ‫ االيام المطلوبة من اجل جمع‬A/R 59 57 97 103 106
Asset Management
‫ادارة االصول‬
Inventory Turnover: ‫معدل دوران المخزون‬

7-24 Average Inventory Balance ‫رصيد متوسط المخزون‬ 4,735,038 5,905,751 10,104,481 24,215,776 70,906,236
7-25 Inventory Turnover ‫معدل دوران المخزون‬ 79.7 42.4 27.2 17.9 8.3
7-26 Days in Inventory ‫االيام في المخزون‬ 5 9 13 20 44
7-27 Total Asset Turnover ‫مجموع دوران االصول‬ 2.3 1.0 0.9 0.8 0.9
7-28 Operating Assets Ratio ‫نسبة االصول التشغيلية‬ 1.00 1.00 1.00 1.00 1.00
7-29 Gross Profit Margin ‫هامش مجمل الربح‬ 10% 21% 23% 23% 25%
7-30 Operating Margin ‫هامش الربح التشغيلي‬ 5% 14% 12% 13% 16%
7-31 Net Profit Margin ‫هامش صافي الربح‬ 5% 12% 10% 11% 13%
Profitability
7-32 Direct Cost to Operating Revenues ‫التكلفة المباشرة مع االيرادات التشغيلية‬ 90% 79% 77% 77% 75%
‫الربحية‬
Capitalization Rate / Asset Return: ‫عائد االصول‬/‫معدل الرسملة‬

7-33 Net Operating Income ‫صافي الدخل التشغيلي‬ 21,005,769 41,910,779 42,744,453 72,767,916 118,507,173
7-34 Total Investments / Operating Assets ‫االصول التشغيلية‬ 178,239,878 309,781,160 401,243,574 673,357,098 843,280,063
7-35 Capitalization Rate / Return ‫معدل الرسملة للعائد‬ 11.79% 13.53% 10.65% 10.81% 14.05%
7-36 Return on Shareholder Equity ‫العائد على حقوق الملكية‬ 24% 33% 32% 27% 32%
7-37 Debt to Total Assets ‫الدين إلى اصول الملكية‬ 0.56 0.62 0.72 0.67 0.62
Leverage
‫الرفع‬
7-38 Debt to Common Equity ‫الدين إلى حقوق الملكية اسهم عادية‬ 1.25 1.64 2.52 2.08 1.63
7-39 Times Interest Earned ‫عدد مرات تغطية الفوائد‬ 10 11 7 6 8
7-40 Price to Earnings (P/E) ‫السعر إلى االيراد‬ 1.0 1.0 1.0 1.0 1.0
Market
‫السوق‬
7-41 Price to Book Value ‫السعر إلى القيمة الدفترية‬ 0.2 0.3 0.3 0.3 0.3
7-42 Stock Yield ‫نتيجة االسهم‬ 0.00% 0.00% 0.00% 0.00% 0.00%
Home Wksh2 Benchmark Analysis for ‫التحليل مقارنة مع المعيار‬
Wksh3 Wksh4 ‫يمنتراك‬
Wksh5 Wksh6
Wksh7 active You need to collect benchmark data on the respective industry for the subject company.
Wksh9 Wksh10 Enter the benchmark data in the appropriate input cells. This information is used to
Wksh11 Wksh12 generate trend line graphs in this worksheet. If you do not have any benchmark data,
Wksh13 Wksh14 then fill in the highlighted yellow cell with numeric zero "0". The "industry" line will be null
Wksh15 Wksh16 in the graph and show only the company specific ratio trend.
‫يجب آن اجمع معلومات عن المعيار الصناعي المشابة للشركة محل الدراسة‬.
‫وهذه المعلومات تستخدم من اجل توليد رسومات خطية تمثل االتجاهات‬، ‫ ادخل المعيار الصناعي في الخلية المناسبة‬،
‫سيكون خط المعيار غير موجود‬،‫ وبالتالي أمال في الخلية الصفراء بالرقم صفر‬،‫اذا لم تمتلك أي مقدار لمعيار صناعي معين‬ Annual ‫نوى‬oo‫س‬
‫وسيظهر فقط خط واتجاه نسب الشركة‬ Period
Ref Description ‫الوصف‬ 2017
8-1 Acid Test Ratio - Industry ‫معيار صناعي‬/ ‫نسبة السيولة السريعة‬ 1.20
7-1 Acid Test Ratio - Company ‫معيار الشركة‬/‫نسبة السيولة السريعة‬ 0.72
8-2 Current Ratio - Industry ‫ صناعي‬/‫نسبة التداول‬ 1.12

7-2 Current Ratio - Company ‫ الشركة‬/‫نسبة التداول‬ 1.01
8-3 Receivable Turnover - Industry ‫ صناعي‬/ ‫نسبة معدل دوران االذمم المدينة‬ 8.50
7-21 Receivable Turnover - Company ‫ الشركة‬/ ‫نسبة معدل دوران االذمم المدينة‬ 6.21
8-4 Days to Collect A/R - Industry ‫ عدد ايام التحصيل‬A/R / ‫معيار صناعي‬ 41
7-22 Days to Collect A/R - Company ‫ عدد ايام التحصيل‬A/R / ‫معيار الشركة‬ 59
8-5 Inventory Turnover - Industry ‫ صناعي‬/‫نسبة معدل دوران المخزون‬ 4.40

7-25 Inventory Turnover - Company ‫ الشركة‬/‫نسبة معدل دوران المخزون‬ 79.74
8-6 Days in Inventory - Industry ‫ معيار صناعي‬/ ‫نسبة فترة التخزين‬ 45

7-26 Days in Inventory - Company ‫ معيار الشركة‬/ ‫نسبة فترة التخزين‬ 5
8-7 Asset Turnover - Industry ‫ معيار صناعي‬/ ‫نسبة معدل دوران االصول‬ 1.60
7-27 Asset Turnover - Company ‫ معيار الشركة‬/ ‫نسبة معدل دوران االصول‬ 2.29
8-8 Gross Profit Margin - Industry ‫ معيار صناعي‬/ ‫نسبة هامش الربح التشغيلي‬ 55.00%
7-29 Gross Profit Margin - Company ‫ معيار الشركة‬/ ‫نسبة هامش الربح التشغيلي‬ 9.89%
8-10 Net Profit Margin - Industry ‫ معيار صناعي‬/ ‫نسبة صافي الربح‬ 20.00%
7-31 Net Profit Margin - Company ‫ معيار الشركة‬/ ‫نسبة صافي الربح‬ 4.55%
8-11 Return on Total Assets - Industry ‫ معيار صناعي‬/‫نسبة العائد على اجمالي االصول‬ 38.00%
8-12 Return on Total Assets - Company ‫ معيار الشركة‬/‫نسبة العائد على اجمالي االصول‬ 30.00%
8-13 Return on Equity - Industry ‫ معيار صناعي‬/ ‫نسبة العائد على حقوق الملكية‬ 26.00%
8-14 Return on Equity - Company ‫ معيار الشركة‬/ ‫نسبة العائد على حقوق الملكية‬ 24.03%
8-15 Debt to Equity - Industry ‫ معيار صناعي‬/ ‫نسبة الدين إلى حقوق الملكية‬ 35%
7-38 Debt to Equity - Company ‫ معيار الشركة‬/ ‫نسبة الدين إلى حقوق الملكية‬ 125%
8-16 Times Interest Earned - Industry ‫ معيار صناعي‬/ ‫نسبة عدد المرات تغطية الفوائد‬ 40
7-39 Times Interest Earned - Company ‫ معيار الشركة‬/ ‫نسبة عدد المرات تغطية الفوائد‬ 10
We added the following two ratios to assess if the Company has excessive growth:
4-13 Provision for Taxes 0
8-17 Trading Ratio - Company ‫ معيار شركة‬/ ‫نسب تجارية‬ 1.01
8-18 Trading Ratio - Industry ‫ معيار صناعي‬/ ‫نسب تجارية‬ 1.26
8-19 Net Sales to Net Worth - Company ‫ معيار شركة‬/ ‫نسب صافي المبيعات إلى سعر السوق‬ 5.15
8-20 Net Sales to Net Worth - Industry ‫ معيار صناعي‬/ ‫نسب صافي المبيعات إلى سعر السوق‬ 1.22
Source for Benchmark Data: Almanac of Business and Industrial Financial Ratios by Leo Troy, Prentice Hall
Graphs appear below for each of the above comparisons:
Acid Ratio Comparison

h‫سريعة‬h‫ة ال‬h‫سيول‬h‫ب ال‬h‫ نس‬h‫مقارنة‬
1.40
Ratio
1.20
1.00
0.80 Acid Test R
0.60 Acid Test R
0.40
0.20
0.00
2017 2018 2019 2020 2021
Periods
Current Ratio Comparison

1.40 ‫اول‬h‫نة نسب التد‬h‫مقار‬
Ratio
1.20
1.00
0.80 Current
0.60 Current
0.40
0.20
0.00
2017 2018 2019 2020 2021
Periods
Turnover Rate
Receivable Turnover Comparison

10.00
8.00
6.00 Receivable Turn
Receivable Turn
4.00
2.00
0.00
2017 2018 2019 2020 2021
Periods
D a y s to C o lle c t A /R Receivable Collection Comparison
120
100
80
Days to Collec
60 Days to Collec
40
20
0
2017 2018 2019 2020 2021
Periods
Turnover Rate
Inventory Turnover Comparison

90.00
80.00
70.00
60.00
Inventory Turn
50.00
40.00 Inventory Turn
30.00
20.00
10.00
0.00
2017 2018 2019 2020 2021
Periods
D ays H eld in In vento ry
Inventory Days Comparison

50
40
30 Days in Inve
Days in Inve
20
10
0
2017 2018 2019 2020 2021
Periods
Turnover Rate
Asset Turnover Comparison
2.50
2.00
1.50 Asset Turn
Asset Turn
1.00
0.50
0.00
2017 2018 2019 2020 2021
Periods
G ro s s P ro fit M a rg in
Gross Profit Margin

70.00%
60.00%
50.00%
40.00% Gross Profit Ma
30.00% Gross Profit Ma
20.00%
10.00%
0.00%
2017 2018 2019 2020 2021
Periods
N et P ro fit M arg in
Net Profit Margin

25.00%
20.00%
15.00% Net Profit Ma
Net Profit Ma
10.00%
5.00%
0.00%
2017 2018 2019 2020 2021
Periods
R e tu rn o n T o ta l A s s e ts
Return on Total Assets
40.00%
35.00%
30.00%
25.00% Return on Total As
15.00%
10.00%
5.00%
0.00%
2017 2018 2019 2020 2021
Periods
R e tu rn o n C o m m o n E q u ity
Return on Equity Comparison

40.00%
35.00%
30.00%
15.00%
10.00%
5.00%
0.00%
2017 2018 2019 2020 2021
Periods
D e b t to E q u ity R a tio
Debt to Equity Comparison

300%
250%
200%
Debt to E
150% Debt to E
100%
50%
0%
2017 2018 2019 2020 2021
Periods
T im e s In te re s t E a rn e d
Times Interest Earned
50
40
30 Times Interest Ea
Times Interest Ea
20
10
0
2017 2018 2019 2020 2021
Periods
Trading Ratio Comparison
4.00
Ratio
3.00
Trading Ratio
2.00 Trading Ratio
1.00
0.00
2017 2018 2019 2020 2021
Periods
Sales to Worth Comparison

Ratio
8.00
6.00 Net Sales to N
Industry
4.00 Net Sales to N
Company
2.00
0.00
2017 2018 2019 2020 2021
Periods
Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬
2018 2019 2020 2021
1.20 1.20 1.20 1.20

0.46 0.46 0.50 0.70
1.10 1.05 1.08 1.07

0.71 0.71 0.76 1.22
8.70 8.40 8.20 8.30

6.44 3.78 3.53 3.45
39 40 41 41
57 97 103 106
4.45 4.20 4.30 4.38

42.42 27.24 17.85 8.28
45 45 45 45
9 13 20 44
1.55 1.62 1.68 1.69

1.03 0.88 0.82 0.92
52.00% 60.00% 62.00% 63.00%

21.46% 22.77% 22.93% 24.78%
23.00% 22.00% 19.00% 20.00%

11.99% 10.28% 10.75% 13.35%
36.00% 37.00% 34.00% 36.00%

15.65% 10.30% 11.16% 13.74%
22.00% 24.00% 19.00% 20.00%

32.58% 32.15% 27.41% 32.46%
38% 31% 34% 32%

164% 252% 208% 163%
38 36 39 43
11 7 6 8
(979,433) (151,689) (948,214) (2,139,476)

1.69 2.07 1.65 1.27
1.28 1.31 1.30 1.27
2.73 3.12 2.52 2.44

1.20 1.19 1.22 1.20
Acid Test Ratio - Industry
Acid Test Ratio - Company
2021
Current Ratio - Industry

Current Ratio - Company
2021
arison
Receivable Turnover - Industry

Receivable Turnover - Company
2021
parison
Days to Collect A/R - Industry

Days to Collect A/R - Company
2021
rison
Inventory Turnover - Industry

Inventory Turnover - Company
2021
son
Days in Inventory - Industry

Days in Inventory - Company
2021
son
Asset Turnover - Industry

Asset Turnover - Company
2021
Gross Profit Margin - Industry

Gross Profit Margin - Company
2021
Net Profit Margin - Industry

Net Profit Margin - Company
2021
s
Return on Total Assets - Industry

Return on Total Assets - Company
2021
rison
Return on Total Assets - Industry

Return on Total Assets - Company
2021
son
Debt to Equity - Industry

Debt to Equity - Company
2021
d
Times Interest Earned - Industry

Times Interest Earned - Company
2021
on
Trading Ratio - Industry

Trading Ratio - Company
2021
ison
Net Sales to Net Worth -

Industry
Net Sales to Net Worth -
Company
2021
Home Wksh2 Horizontal Analysis for ‫التحليل االفقي‬
Wksh5 Wksh6
Wksh7 Wksh8 Horizontal Analysis expresses change between periods as percentages for each account in
active Wksh10 the financial statements. The basic formula for horizontal analysis is:
Wksh11 Wksh12 % change = (most recent period - previous period) / previous period
Wksh13 Wksh14 ‫التحليل االفقي يعبر عن التغير بين الفترات على شكل نسبة لكن حساب في القوائم‬
Wksh15 Wksh16 ‫السنة السابقة‬/ ‫ السنة السابقة‬- ‫ التغير = احداث فترات حالية‬% ‫ المعادلة االساسية في التحليل االفقي‬Annual ‫نوى‬oo‫س‬
Period
Ref Description ‫الوصف‬ 2017
9-1 Growth in Net Sales ‫النمو في صافي المبيعات‬
9-2 Cost of Goods Sold ‫تكلفة البضاعة المباعة‬
9-3 Growth in Gross Profits ‫النمو في مجمل الربح‬
9-4 Growth in Interest Expense ‫النمو في مصروف الفائدة‬

9-5 Growth in Income Tax Expense ‫النمو في مصروف ضريبة الدخل‬
9-6 Growth in Non Operating Expenses ‫النمو في مصاريف غير تشغيلية‬
9-7 Growth in Minority Interest ‫النمو في الفوائد االقلية‬
9-8 Growth in Net Income ‫النمو في صافي الدخل‬
9-9 Growth in Earnings Per Share ‫نمو العائد على السهم‬
9-10 Cash and Cash Equivalents ‫النقدية ومعادالتها‬

9-11 Short Term Marketable Securities ‫اسهم سوقية قصيرة االجل‬
9-12 Accounts Receivable ‫ذمم مدينة‬
9-13 Inventory ‫مخزون‬
9-14 Other Current Assets ‫اصول اخرى سائلة‬
9-15 Total Current Assets ‫مجموع االصول المتداولة‬
9-16 Net Fixed Assets ‫صافي االصول الثابتة‬

9-17 Longterm Investments ‫استثمارات طويلة االجل‬
9-18 Investments in Other Companies ‫استثمارات في شركات احرى‬
9-19 Intangibles and Other Assets ‫غير ملموسة واصول اخرى‬
9-20 Total Non Current Assets ‫مجموع االصول غير المتداولة‬
9-21 Growth in Total Assets ‫النمو في االصول المتداولة‬
9-22 Accounts Payable ‫ذمم دائنة‬

9-23 Short Term Borrowings ‫االقراض قصير االجل‬
9-24 Short Term Portion of LT Debt ‫ حصة الدين‬lt‫قصيرة االجل‬
9-25 Other Current Liabilities ‫التزامات متداولة اخرى‬
9-26 Total Current Liabilities ‫مجموع االلتزامات قصيرة االجل‬
9-27 Longterm Debt / Borrowings ‫ دين طويل االجل‬/ ‫االقتراض‬
9-28 Other Longterm Liabilities ‫التزامات اخرى طويلة االجل‬
9-29 Total Non Current Liabilities ‫مجموع االلتزامات طويلة االجل‬
9-30 Growth in Total Liabilities ‫النمو في االلتزامات طويلة االجل‬
9-31 Preferred Equity ‫اسهم ممتازة‬

9-32 Common Equity ‫اسهم عادية‬
9-33 Additional Paid in Capital ‫اضافات إلى راس المال‬
9-34 Retained Earnings ‫ارباح محتجزة‬
9-35 Adj for Foreign Currency Transl ‫تعديالت من تبديل عمالت اجنبية‬
9-36 Treasury Stock ‫اسهم خزينة‬
9-37 Growth in Total Equity (Net Worth) ‫النمو في مجموع حقوق الملكية‬
9-38 Sustainable Growth Rate #1 1 ‫نسبة النمو المستمرة‬

9-39 Sustainable Growth Rate #2 2 ‫نسبة النمو المستمرة‬
9-40 Growth in Market Capitalization ‫نمو في رسملة السوق‬
Trend Line Graphs Appear Below for Selected Comparisons:
Growth in Net Sales

% Change
60.00% 54.89%
40.00% 41.76%
20.00%
11.64% G
0.00% 0.00%
2017 2018 2019 2020 2021
-20.00% -22.01%
-40.00% Periods
Cost of Goods Sold

% Change
80.00%
60.00% 57.04%
40.00% 35.85%
20.00% C
9.88%
0.00% 0.00%
-20.00%2017 2018 2019 2020 2021
-40.00% -33.65%
Periods
% Change
Growth in Gross Profits
120.00% 116.98%
80.00% Grow
40.00%
0.00% 0.00% 6.11% 0.73% 8.04%

2017 2018 2019 2020 2021
Periods
Growth in Net Income

% Change
120.00%
100.00% 101.07%
80.00% 73.70%
60.00% 63.86%
Gro
40.00%
20.00%
0.00% 0.00% -4.16%
-20.00%2017 2018 2019
Periods 2020 2021
Growth in Earnings Per Share

% Change
120.00%
100.00% 101.07%
80.00% 73.70%
60.00% 63.86%
Growth in Ea
40.00%
20.00%
0.00% 0.00% -4.16%
-20.00%2017 2018 2019
Periods 2020 2021
% Change
Growth in Total Assets
80.00%
73.80%
67.82%
60.00%
40.00% Grow
29.52% 25.24%
20.00%
0.00% 0.00%
2017 2018 2019 2020 2021
Periods
Growth in Total Equity (Net Worth)
% Change
100.00%
92.21%
80.00%
60.00%
48.32% 46.67% Growth in Total E
40.00%
20.00%
0.00% 0.00% -2.89%
-20.00%2017 2018 2019
Periods 2020 2021
% Change
Sustainable Growth Rate #1
32.58% 32.15% 32.46%

30.00%
27.41%
20.00% Sustainab
10.00%
0.00% 0.00%
2017 2018 2019 2020 2021
Period
Growth in Market Capitalization

% Change
120.00%
100.00% 101.07%
80.00% 73.70%
60.00% 63.86%
Growth in Ma
40.00%
20.00%
0.00% 0.00% -4.16%
-20.00%2017 2018 2019
Periods 2020 2021
Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬
2018 2019 2020 2021
-22.01% 11.64% 54.89% 41.76%
-33.65% 9.88% 57.04% 35.85%
116.98% 6.11% 0.73% 8.04%
89.56% 61.80% 110.69% 12.49%

#DIV/0! -84.51% 525.10% 125.63%
138.32% 31.87% 120.65% 20.20%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
101.07% -4.16% 63.86% 73.70%
101.07% -4.16% 63.86% 73.70%
388.06% -39.47% 246.13% -48.98%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!
-24.83% 90.43% 65.57% 45.26%
30.80% 101.90% 158.35% 206.15%
49.38% 30.95% 67.02% 8.44%
15.58% 46.27% 89.12% 39.57%
145.29% 19.84% 52.78% 12.71%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
145.29% 19.84% 52.78% 12.71%
73.80% 29.52% 67.82% 25.24%
76.20% -73.34% 44.52% 0.00%

9.09% 440.41% 60.19% -56.27%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
153.88% 183.54% 142.68% 71.36%
63.76% 46.50% 75.75% -12.71%
#DIV/0! 55.43% -28.83% 357.20%
28.19% 162.98% 64.89% -14.20%
1801.31% 62.68% -18.62% 275.18%
94.11% 49.27% 58.15% 14.91%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

0.00% 0.00% 300.00% 0.00%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
59.63% -3.32% 60.68% 64.30%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
48.32% -2.89% 92.21% 46.67%
32.58% 32.15% 27.41% 32.46%

0.00% 0.00% 0.00% 0.00%
101.07% -4.16% 63.86% 73.70%
54.89%
41.76%
Growth in Net Sales
2020 2021
57.04%
35.85%
Cost of Goods Sold
2020 2021
Growth in Gross Profits
0.73% 8.04%
020 2021
73.70%
63.86%
Growth in Net Income
2020 2021
are
73.70%
86%
Growth in Earnings Per Share
2021
67.82%
Growth in Total Assets
25.24%
2020 2021
Worth)
46.67% Growth in Total Equity (Net Worth)
2021
#1
32.46%
7.41%
Sustainable Growth Rate #1
2021
tion
73.70%
86%
Growth in Market Capitalization
2021
Home Wksh2 Vertical Analysis for ‫التحليل العمودي‬
Wksh5 Wksh6
Wksh7 Wksh8 Vertical analysis expresses financial statements as percentages. On the Balance Sheet,
Wksh9 active Total Assets is assigned 100% and on the Income Statement, Total Revenues is assigned 100%.
Wksh11 Wksh12 ‫في الميزانية فان مجموع االصول‬،‫التحليل العمودي يعبر عن القوائم المالية بشكل نسب‬
Wksh13 Wksh14 100 ‫ وبالنسبة لقائمة الدخل مجموع االيرادات يعبر عنها‬%100 ‫يعبر عنة نسبة‬%
Wksh15 Wksh16 expressed in p
Period
Ref Account Title ‫عنوان الحساب‬ 2017
10-1 Cash and Cash Equivalents ‫النقدية والنقدية المقاربة‬ 2.73%

10-2 Short Term Marketable Securities ‫اسهم متداولة قصيرة االجل‬ 0.00%
10-3 Accounts Receivable ‫ذمم مدينة‬ 36.83%
10-4 Inventory ‫مخزون‬ 2.87%
10-5 Other Current Assets ‫اصول متداولة اخرى‬ 12.69%
10-6 Current Assets ‫اصول متداولة‬ 55.12%
10-6 Net Fixed Assets ‫اصول ثابتة‬ 44.88%

10-7 Longterm Investments ‫استثمارات طويلة االجل‬ 0.00%
10-8 Investments in Other Companies ‫استثمارات في شركات اخرى‬ 0.00%
10-9 Intangibles and Other Assets ‫اصول غير ملموسة‬ 0.00%
10-10 Non Current Assets ‫اصول غير متداولة‬ 44.88%
10-11 Total Assets ‫مجموع االصول‬ 100.00%
10-12 Accounts Payable ‫ذمم دائنة‬ 36.17%

Balance Sheet
10-13 Short Term Borrowings ‫قروض قصيرة االجل‬ 14.63%

10-14 Short Term Portion of LT Debt ‫ديون قصيرة االجل‬ 0.00%
10-15 Other Current Liabilities ‫التزامات قصيرة اخرى‬ 3.88%
10-16 Total Current Liabilities ‫مجموع االلتزامت قصيرة االجل‬ 54.68%
10-17 Longterm Debt / Borrowings ‫ قروض‬/ ‫دين طويل االجل‬ 0.00%

10-18 Other Longterm Liabilities ‫التزامات اخرى طويلة االجل‬ 0.97%
10-19 Total NonCurrent Liabilities ‫مجموع االلتزامت طويلة االجل‬ 0.97%
10-20 Total Liabilities ‫مجموع االلتزامات‬ 55.65%
10-21 Preferred Equity ‫حقوق ملكية ممتازة‬ #DIV/0!

10-22 Common Equity ‫حقوق ملكية عادية‬ #DIV/0!
10-23 Additional Paid in Capital ‫اضافات إلى راس المال‬ #DIV/0!
10-24 Retained Earnings ‫ارباح محتجزة‬ #DIV/0!
10-25 Adj for Foreign Currency Transl ‫تعديال ت على فروق العملة االجنبي‬ #DIV/0!
10-26 Treasury Stock ‫اسهم خزينة‬ #DIV/0!
10-27 Total Equity ‫مجموع حقوق الملكية للمساهمين‬ #DIV/0!
10-28 Total Liabilities & Equity ‫مجموع االلتزامات وحقوق الملكية‬ #DIV/0!
10-29 Total Revenues ‫مجموع االيرادات‬ 100.00%
10-30 Cost of Goods Sold ‫تكلفة البضاعة المباعة‬ 90.36%

Income Statement
10-31 Gross Profit ‫اجمالي الربح‬ 9.89%
10-32 Operating Expenses ‫مصاريف تشغيلية‬ 4.61%
10-33 Non Operating Expenses ‫مصاريف غير تشغيلية‬ 0.48%
10-34 Income Before Extra Ord Items ‫صافي الدخل قبل االحداث االعتيادية‬ 4.55%
10-35 Net Income ‫صافي الدخل‬ 4.55%
10-36 Accounts Receivable to Revenues ‫ذمم مدينة إلى االيرادات‬ 15.71%

Current to Revenues
10-37 Inventory to Revenues ‫المخزون إلى االيرادات‬ 1.22%

10-38 Other Current Assets to Revenues ‫اصول اخرى إلى االيرادات‬ 5.41%
10-39 Current Assets to Revenues ‫اصول متداولة إلى االيرادات‬ 23.51%
10-40 Accounts Payable to Revenues ‫ذمم دائنة إلى االيرادات‬ 15.43%

10-41 Short Term Borrowings to Revenues ‫اقتراض قصير اجل إلى االيرادات‬ 6.24%
10-42 Other Current Liabilities to Revenues ‫التزامات قصيرة االجل إلى االيراد‬ 1.66%
10-43 Current Liabilities to Revenues ‫التزامات طويلة االجل إلى االيراد‬ 23.32%
% o f T o ta l A s s e ts
Graphs for the Vertical Analysis appear below:
Breakdown of Current Assets

60.00%
50.00%
40.00% Other Current Asset
30.00% Inventory
20.00% Accounts Receivable
Short Term Marketab
10.00%
Cash and Cash Equ
0.00%
2017 2018 2019 2020 2021
Periods
% of Total
Current / NonCurrent Assets
120.00%
100.00%
80.00% Non Current Assets
60.00% Current Assets
40.00%
20.00%
0.00%
2017 2018 2019 2020 2021
Periods
% of Total
Breakdown of Current Liabilities

80.00%
60.00%
Other Cu
40.00%
Short Ter
Debt
20.00%
Short Ter
0.00%
2017 2018 2019 2020 2021 Accounts
Periods
% of Total
Liab & Equity to Total Assets

140.00%
120.00%
100.00%
80.00% Total Equity
60.00% Total Liabilitie
40.00%
20.00%
0.00%
2017 2018 2019 2020 2021
Periods
100.00%
Total Equity
80.00%
60.00% Total Liabilitie
40.00%
20.00%
0.00%
2017 2018 2019 2020 2021
Periods
% to T o ta l R e v e n u e s
Major Cost Breakdown
120.00%
100.00%
80.00% Non Operating
60.00% Expenses
40.00% Operating Expenses
20.00%
0.00% Cost of Goods Sold
2017 2018 2019 2020 2021
Periods
O p e r a tin g C a s h F lo w
The following graph is created directly from the Cash Flow Statement:
Operating Cash Flow Trend
$200,000,000
$150,000,000
$100,000,000 Increase
Liab
$50,000,000 (Increase
Assets
$0 (Gain) Lo
2017 2018 2019 2020 2021 Assets
($50,000,000)
($100,000,000)
Periods
Cost of Goods Sold 90.36%

Operating Expenses 4.61%
Non Operating Expenses 0.48%
expressed in percentages
Annual ‫نوى‬oo‫ س‬Annual ‫نوى‬oo‫ س‬Annual ‫نوى‬oo‫ س‬Annual ‫نوى‬oo‫س‬
2018 2019 2020 2021
7.66% 3.58% 7.38% 3.01%

0.00% 0.00% 0.00% 0.00%
15.93% 23.42% 23.10% 26.80%
2.16% 3.37% 5.19% 12.68%
10.91% 11.03% 10.98% 9.50%
36.65% 41.39% 46.65% 51.98%
63.35% 58.61% 53.35% 48.02%

0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
63.35% 58.61% 53.35% 48.02%
100.00% 100.00% 100.00% 100.00%
36.66% 7.55% 6.50% 5.19%

9.18% 38.30% 36.56% 12.77%
0.00% 0.00% 0.00% 0.00%
5.67% 12.42% 17.96% 24.58%
51.52% 58.27% 61.02% 42.53%
9.92% 11.90% 5.05% 18.42%

0.72% 1.46% 1.43% 0.98%
10.63% 13.35% 6.48% 19.40%
62.15% 71.62% 67.50% 61.94%
0.00% 0.00% 0.00% 0.00%

8.42% 4.84% 14.95% 8.91%
0.00% 0.00% 0.00% 0.00%
57.37% 31.91% 39.59% 38.76%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
65.78% 36.76% 54.54% 47.67%
127.93% 108.38% 122.04% 109.61%

100.00% 100.00% 100.00% 100.00%
78.61% 77.32% 77.43% 75.27%
21.46% 22.77% 22.93% 24.78%
7.90% 10.63% 9.33% 9.23%
1.50% 1.77% 2.50% 2.15%
11.99% 10.28% 10.75% 13.35%
11.99% 10.28% 10.75% 13.35%
15.48% 26.39% 27.87% 28.96%

2.10% 3.80% 6.25% 13.70%
10.60% 12.43% 13.24% 10.27%
35.63% 46.65% 56.26% 56.18%
35.64% 8.51% 7.84% 5.61%

8.92% 43.17% 44.10% 13.80%
5.52% 14.00% 21.66% 26.56%
50.08% 65.67% 73.60% 45.97%
ssets
Other Current Assets

Inventory
Accounts Receivable
Short Term Marketable Securities
Cash and Cash Equivalents
2021
Non Current Assets
Current Assets
iabilities
Other Current Liabilities
Short Term Portion of LT

Debt
Short Term Borrowings
20 2021 Accounts Payable
ts
Total Equity
Total Liabilities
2021
Total Equity
Total Liabilities
2021
Non Operating
Expenses
Operating Expenses
Cost of Goods Sold
w Trend
Increase (Decrease) Current

Liab
(Increase) Decrease Current
Assets
(Gain) Loss on Sale of
2021 Assets
78.61% 77.32% 77.43% 75.27%

7.90% 10.63% 9.33% 9.23%
1.50% 1.77% 2.50% 2.15%
Home Wksh2 ProForma Financials (Simple Projection Model) ‫نموذج متوقع و مبسط للتشكيالت المالية المبسطة‬
Wksh5 Wksh6
Wksh7 Wksh8
Wksh9 Wksh10 A set of pro forma (forecasted) financial statements are generated using the results of
active Wksh12 the historical analysis in the previous worksheets. Growth assumptions appear where
Wksh13 Wksh14 applicable. You can override any growth assumptions with your own rates.
Wksh15 Wksh16 This forecast is very simple and does not rely on any statistical methods.
‫ افتراضات النمو تظهر في ااالماكن القابلة لدراسة‬. ‫ يتم تشكيل وبناء التقارير المالية متوقعة بناء على نتائج التحليل التاريخي في اوراق العمل السابقة‬.
‫وهذا التنبؤ هو بسيط وال يعتمد على أي معلومات احصائية‬. ‫نستطيع آن نتجاوز أي افتراضات نمو بناء على معادالتك الخاصة‬
Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬ Annual ‫نوى‬oo‫س‬
Ref Enter Your Forecast Periods => 2022 2023 2024 2025 2026
Pro Forma Income Statement ‫تنبؤات الدخل‬
11-1 Gross Revenues ‫مجمل ربح‬ 873,864,027 978,727,710 1,096,175,035 1,227,716,039 1,375,041,964
9-1 Growth Assumptions ‫افتراض نمو‬ 12.00% 12.00% 12.00% 12.00% 12.00%
11-2 Cost of Goods Sold ‫تكلفة البضاعة المباعة‬ (697,305,588) (780,982,258) (874,700,129) (979,664,145) (1,097,223,842)
11-3 Operating Expenses ‫مصاريف التشغيل‬ (72,896,678) (81,644,279) (91,441,593) (102,414,584) (114,704,334)
4-24 NonOperating Expenses ‫المصاريف غير التشغيلية‬ 0 0 0 0 0
4-25 ExtraOrdinary Items ‫بنود غير اعتيادية‬ 0 0 0 0 0
11-4 Net Income ‫صافي الدخل‬ 103,661,761 116,101,172 130,033,313 145,637,311 163,113,788
Pro Forma Cash Flow Statement ‫تنبؤ قائمة التدفق النقدي‬
Sources of Operating Cash Flow: ‫مصادر التدفق التشغيلي‬

11-5 Net Income ‫صافي الدخل‬ 103,661,761 116,101,172 130,033,313 145,637,311 163,113,788
11-6 Depreciation and Amortization ‫االستهالك واالطفاء‬ 0 0 0 0 0
11-7 (Increase) Decrease Defer Taxes ‫زيادة نقص بالضرائب‬ 0 0 0 0 0
11-8 (Gain) Loss on Sale of Assets ‫ربح او خسارة على مبيعات االصول‬ 0 0 0 0 0
11-9 (Increase) Decrease Current Assets ‫زيادة او نقص اصول متداولة‬ 202,424,908 (28,313,194) (31,710,778) (35,516,071) (39,778,000)
11-10 Increase (Decrease) Current Liab ‫زيادة او نقص في التزامات متداولة‬ (52,833,686) 36,702,289 41,106,564 46,039,351 51,564,074
11-11 Operating Cash Flow ‫التدفق النقدي التشغيلي‬ 253,252,983 124,490,267 139,429,099 156,160,591 174,899,862
Investment Sources of Cash Flow: ‫التدفق النقدي من الصادر االستثمارية‬

11-12 Planned Sale of Assets ‫اصول مباعة مخططة‬ 0 0 0 0 0
11-13 Planned Sale of Investments ‫استثمارات مباعة مخططة‬ 0 0 0 0 0
11-14 Other Investment Sources to be used ‫استثمارات اخرى الستخدام‬ 0 0 0 0 0
11-15 Total Investment Sources of Cash ‫مجموع مصادر االستثمار النقدي‬ 0 0 0 0 0
Planned Investments: ‫استثمارات مخططة‬

11-16 Capital Expenditures ‫مصاريف راسمالية‬
11-17 Acquisitions in Other Co's ‫الحيازة في شركات اخرى‬
11-18 Purchases of Investments ‫شراء استمثارات‬
11-19 Total Investment Applications of Cash ‫مجموع استثمارات نقدية‬ 0 0 0 0 0
Cash Flow from Financing Activities: ‫التدفق النقدي عن االستثمارات التمويلية‬

11-20 Proceeds from Loans & Debt ‫المتحصالت من الديمن والقروض‬
11-21 Proceeds from Minority Interest ‫المتحصالت من فوائد االقلية‬
11-22 Other Financing Activities ‫نشاطات مالية اخرى‬
11-23 Total Financing Sources of Cash ‫مجموع مصادر التدفق المالي‬ 0 0 0 0 0
Ref Enter Your Forecast Periods => 2022 2023 2024 2025 2026
Cash Flow Applied for Financing: ‫التدفق النقدي المستخدم للتمويل‬

11-24 Payments on Loans & Debt ‫دفعات قروض وديون‬
11-25 Dividends Paid to Shareholders ‫توزيعات مدفوعة للمساهمين‬
11-26 Purchase / Retire Stock ‫مشتريات اسهم‬
11-27 Other Financing Activities ‫نشاطات تمويلية اخرى‬
11-28 Total Financing Applications of Cash ‫مجموع االستخدامات المالية والنقدية‬ 0 0 0 0 0
11-29 Total Change to Cash ‫مجموع التغير في النقد‬ 253,252,983 124,490,267 139,429,099 156,160,591 174,899,862
11-30 Beginning Cash Balance ‫رصيد النقدية اول الفترة‬ 25,361,545 278,614,528 403,104,795 542,533,894 698,694,485
11-31 Forecasted Ending Balance ‫التنبؤ بالرصيد في نهاية الفترة‬ 278,614,528 403,104,795 542,533,894 698,694,485 873,594,347
Pro Forma Balance Sheet ‫التنبؤ في الميزانية‬
11-32 Cash and Cash Equivalents ‫النقديه و النقديه المقاربه‬ 278,614,528 403,104,795 542,533,894 698,694,485 873,594,347
11-33 Short Term Marketable Securities ‫اسهم متداوله قصيره االجل‬ 0 0 0 0 0
11-34 Accounts Receivable ‫ذمم مدينه‬ 87,386,403 97,872,771 109,617,503 122,771,604 137,504,196
11-35 Inventory ‫مخزون‬ 69,909,122 78,298,217 87,694,003 98,217,283 110,003,357
11-36 Other Current Assets ‫اصول متداوله اخرى‬ 56,801,162 63,617,301 71,251,377 79,801,543 89,377,728
11-37 Total Current Assets ‫مجموع االصول المتداولة‬ 492,711,215 642,893,084 811,096,778 999,484,914 1,210,479,628
11-38 Fixed Assets ‫اصول ثابته‬ 587,705,103 587,705,103 587,705,103 587,705,103 587,705,103
11-39 Accumulated Depreciation ‫استهالك متراكم‬ (182,793,235) (182,793,235) (182,793,235) (182,793,235) (182,793,235)
11-40 Net Fixed Assets ‫صافي االصول الثابته‬ 404,911,868 404,911,868 404,911,868 404,911,868 404,911,868
11-41 Longterm Investments ‫استثمارات طويله االجل‬ 0 0 0 0 0
11-42 Investments in Other Companies ‫استثمارات في شركات اخرى‬ 0 0 0 0 0
11-43 Intangibles and Other Assets ‫اصول غير ملموسه‬ 0 0 0 0 0
11-44 Total Non Current Assets ‫مجموع االصول غير المتداوله‬ 404,911,868 404,911,868 404,911,868 404,911,868 404,911,868
11-45 Total Assets ‫مجموع االصول‬ 897,623,083 1,047,804,952 1,216,008,646 1,404,396,782 1,615,391,496
11-46 Accounts Payable ‫ذمم دائنه‬ 148,556,885 166,383,711 186,349,756 208,711,727 233,757,134
11-47 Short Term Borrowings ‫قروض قصيرة االجل‬ 104,863,683 117,447,325 131,541,004 147,325,925 165,005,036
11-48 Short Term Portion of LT Debt ‫ديون طويلة اجل استحقت االن‬ 0 0 0 0 0
11-49 Other Current Liabilities ‫التزامات قصيره اخرى‬ 52,431,842 58,723,663 65,770,502 73,662,962 82,502,518
11-50 Total Current Liabilities ‫مجموع االلتزامات المتداولة‬ 305,852,409 342,554,698 383,661,262 429,700,614 481,264,687
11-51 Longterm Debt / Borrowings ‫ قروض‬, ‫دين طويل االجل‬ 155,337,285 155,337,285 155,337,285 155,337,285 155,337,285
11-52 Other Longterm Liabilities ‫التزمات اخرى طويله االجل‬ 1,732,280 2,220,692 5,840,086 9,629,757 8,262,271
11-53 Total Non Current Liabilities ‫مجموع االلتزامات غير متداولة‬ 157,069,565 157,557,977 161,177,371 164,967,042 163,599,556
11-54 Total Liabilities ‫مجموع االلتزامات‬ 462,921,974 500,112,675 544,838,633 594,667,656 644,864,243
11-55 Preferred Equity ‫حقوق ملكيه ممتازه‬ 0 0 0 0 0

11-56 Common Equity ‫حقوق ملكيه عاديه‬ 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000
11-57 Additional Paid in Capital ‫اضافات إلى راس المال العامل‬ 0 0 0 0 0
11-58 Retained Earnings ‫ارباح محتجزه‬ 364,656,173 480,757,345 610,790,658 756,427,969 919,541,756
11-59 Adj for Foreign Currency Transl ‫تعديالت على فروق العمله االجنبيه‬ 0 0 0 0 0
11-60 Treasury Stock ‫اسهم خزينه‬ 0 0 0 0 0
11-61 Total Equity ‫مجموع حقوق الملكيه للمساهمين‬ 424,656,173 540,757,345 670,790,658 816,427,969 979,541,756
11-62 External Financing Required (EFR) ‫التمويل المالي الخارجي المطلوب‬ 10,044,935 6,934,931 379,354 (6,698,842) (9,014,504)
897,623,083 1,047,804,952 1,216,008,646 1,404,396,782 1,615,391,496
0 0 0 0 0
Formula for Calculating EFR: ‫المعادلة الحتساب التمويل الخارجي المطلوب‬
Assets to Sales - Historical )‫االصول إلى المبيعات ( تاريخي‬ 0.56
Projected Increase to Sales ‫الزيادة في المبيعات المصممة‬ 93,628,289
Liabilities to Sales - Historical )‫االلتزامات إلى المبيعات (تاريخية‬ 0.46
Profit Margin ‫هامش ربح‬ 0.13
Retention Ratio (1 - Dividend Payout) 100.00%
External Financing Required ‫التمويل الخارجي المطلوب‬ (107,138,911)
Home Wksh2 ProForma Financials (Linear Trend Model)
Wksh5 Wksh6
Wksh9 Wksh10 the historical analysis in the previous worksheets. A statistical method known as
Wksh11 active linear regression is used to predict future values. If you have important assumptions
Wksh13 Wksh14 that are important to the forecast, then these assumptions should over-ride the
Wksh15 Wksh16 linear calculations since we want our forecast to be as accurate as possible.
Key Point => If your historical information has gradual trends, then linear regression
is an appropriate model for forecasting. However, if your historical information has
distinct steps up or down, then you should consider using a smoothing model .
Before we adopt a regression model, it's a good idea to generate a scatter graph of the actual data
T o ta l R e v e n u e s
and observe if there is a clear trend for fitting a straight regression line into the data:
Total Revenues
1,000,000,000
800,000,000
600,000,000 Total Revenues
400,000,000
200,000,000
0
2016 2018 2020 2022
Periods
The calculation of linear values is determined by defining the slope of the line and the y intercept:
Order Total Rev Linear Slope
Formula for Linear Trendline: Year variable x actual y Value y m factor
2017 1 417,855,564 293,343,803 96,435,394
y=(m*x)+b 2018 2 318,686,269 389,779,197
2019 3 356,015,524 486,214,591
m: slope of line 2020 4 558,279,860 582,649,985
x: independent variable 2021 5 780,235,738 679,085,379
b: y intercept 2022 6 775,520,773
2023 7 871,956,167
2024 8 968,391,561
2025 9 1,064,826,954
2026 10 1,161,262,348
The degree of linear fit with the actual data can be expressed as R Square 0.6580
2022 2023 2024 2025 2026
Pro Forma Income Statement
12-1 Gross Revenues 775,520,773 871,956,167 968,391,561 1,064,826,954 1,161,262,348
12-2 Cost of Goods Sold (564,914,862) (625,028,616) (685,142,371) (745,256,125) (805,369,879)
12-3 Operating Expenses (81,010,995) (94,252,420) (107,493,846) (120,735,271) (133,976,697)
12-4 Operating Income 129,594,916 152,675,130 175,755,344 198,835,558 221,915,772
12-5 Non Operating Expenses (20,340,114) (24,201,275) (28,062,436) (31,923,597) (35,784,758)
4-25 Extra Ordinary Items 0 0 0 0 0
Net Income 109,254,802 128,473,855 147,692,908 166,911,961 186,131,014

Pro Forma Cash Flow Statement
Sources of Operating Cash Flow:

Net Income 109,254,802 128,473,855 147,692,908 166,911,961 186,131,014
Depreciation and Amortization 0 0 0 0 0
(Increase) Decrease Defer Taxes 0 0 0 0 0
(Gain) Loss on Sale of Assets 0 0 0 0 0
(Increase) Decrease Current Assets 228,977,586 (26,037,556) (26,037,556) (26,037,556) (26,037,556)
Increase (Decrease) Current Liab (87,253,825) 33,752,388 33,752,388 33,752,388 33,752,388
Operating Cash Flow 250,978,564 136,188,687 155,407,739 174,626,792 193,845,845
Investment Sources of Cash Flow:

Planned Sale of Assets 0 0 0 0 0
Planned Sale of Investments 0 0 0 0 0
Other Investment Sources to be used 0 0 0 0 0
Total Investment Sources of Cash 0 0 0 0 0
Planned Investments:
Capital Expenditures 0 0 0 0 0
Acquisitions 0 0 0 0 0
Purchases of Investments 0 0 0 0 0
Total Investment Applications of Cash 0 0 0 0 0
Cash Flow from Financing Activities:

Proceeds from Loans & Debt 0 0 0 0 0
Proceeds from Minority Interest 0 0 0 0 0
Other Financing Activities 0 0 0 0 0
Total Financing Sources of Cash 0 0 0 0 0
Cash Flow Applied for Financing:

Payments on Loans & Debt 0 0 0 0 0
Dividends Paid to Shareholders 0 0 0 0 0
Purchase / Retire Stock 0 0 0 0 0
Total Financing Applications of Cash 0 0 0 0 0
Total Change to Cash 250,978,564 136,188,687 155,407,739 174,626,792 193,845,845
Beginning Cash Balance 25,361,545 276,340,109 412,528,795 567,936,535 742,563,327

Forecasted Ending Balance 276,340,109 412,528,795 567,936,535 742,563,327 936,409,172
Pro Forma Balance Sheet
Cash and Cash Equivalents 276,340,109 412,528,795 567,936,535 742,563,327 936,409,172

Short Term Marketable Securities 0 0 0 0 0
Accounts Receivable 77,552,077 87,195,617 96,839,156 106,482,695 116,126,235
Inventory 62,041,662 69,756,493 77,471,325 85,186,156 92,900,988
Other Current Assets 50,408,850 56,677,151 62,945,451 69,213,752 75,482,053
Total Current Assets 466,342,698 626,158,056 805,192,467 1,003,445,931 1,220,918,448
Fixed Assets 587,705,103 587,705,103 587,705,103 587,705,103 587,705,103

Accumulated Depreciation (182,793,235) (182,793,235) (182,793,235) (182,793,235) (182,793,235)
Net Fixed Assets 404,911,868 404,911,868 404,911,868 404,911,868 404,911,868
Longterm Investments 0 0 0 0 0
Investments in Other Companies 0 0 0 0 0
Intangibles and Other Assets 0 0 0 0 0
Total Non Current Assets 404,911,868 404,911,868 404,911,868 404,911,868 404,911,868
Total Assets 871,254,566 1,031,069,924 1,210,104,335 1,408,357,799 1,625,830,316
Accounts Payable 131,838,531 148,232,548 164,626,565 181,020,582 197,414,599

Short Term Borrowings 93,062,493 104,634,740 116,206,987 127,779,235 139,351,482
Short Term Portion of LT Debt 0 0 0 0 0
Other Current Liabilities 46,531,246 52,317,370 58,103,494 63,889,617 69,675,741
Total Current Liabilities 271,432,270 305,184,658 338,937,046 372,689,434 406,441,822
Longterm Debt / Borrowings 155,337,285 155,337,285 155,337,285 155,337,285 155,337,285
Other Longterm Liabilities 1,732,280 2,220,692 5,840,086 9,629,757 8,262,271
Total Non Current Liabilities 157,069,565 157,557,977 161,177,371 164,967,042 163,599,556
Total Liabilities 428,501,835 462,742,635 500,114,417 537,656,476 570,041,378
Preferred Equity 0 0 0 0 0
Common Equity 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000
Additional Paid in Capital 0 0 0 0 0
Retained Earnings 370,249,214 498,723,069 646,415,977 813,327,938 999,458,952
Adj for Foreign Currency Transl 0 0 0 0 0
Treasury Stock 0 0 0 0 0
Total Equity 430,249,214 558,723,069 706,415,977 873,327,938 1,059,458,952
External Financing Required (EFR) 12,503,517 9,604,220 3,573,941 (2,626,615) (3,670,014)

Intercept
b factor
196,908,409
Home Wksh2 ProForma Financials (Exponential Smoothing / Weighted Moving Average)
Wksh5 Wksh6
Wksh9 Wksh10 the historical analysis in the previous worksheets. A statistical method known as
Wksh11 Wksh12 exponential smoothing is used to plot a trend over historical data. Additionally, we
active Wksh14 can use a weighted moving average to forecast future periods.
Wksh15 Wksh16 Key Point => If you have a general upward historical trend, weighted average will tend
to underestimate forecasted values and vice versa (downward trend = overestimate).
‫ طريقة احصائية تسمى‬. ‫يتم التنبؤ بالقوائم المالية بناء على تحليالت التاريخية وبناء على اوراق العمل السابقة‬
oxponential smothing‫التجاة ل‬oo‫تحديد ا‬oo‫ا ل‬o‫ استخدامه‬o‫تم‬oo‫ي‬
Exponential Smoothing and Weighted Moving Averages for Total Revenues:

Years => 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total Revenues - Historical 417,855,564 318,686,269 356,015,524 558,279,860 780,235,738
Total Revenues - Exponential 417,855,564 417,855,564 318,686,269 356,015,524 558,279,860
Total Revenues - Wt Moving Avg 11,105 15,230 18,890 21,605 475,610,588 677,647,808 702,844,602 695,465,838 698,481,249
Smoothing Factor must be between 0 and 1 0 1 Total weights should add up to => 100.00%
Set Smoothing Factor 1.00
Assign weights to appropriate periods 0.00% 1.50% 4.50% 34.50% 59.50% 100.00%
Find the Optimal Smoothing Factor:

Total Exponent
Revenues Amounts Difference Square
417,855,564 417,855,564 0 0
318,686,269 417,855,564 (99,169,295) 9,834,549,070,797,020
356,015,524 318,686,269 37,329,255 1,393,473,278,855,025
558,279,860 356,015,524 202,264,336 40,910,861,617,520,900
780,235,738 558,279,860 221,955,878 49,264,411,778,750,900
Mean Squared Error 20,280,659,149,184,800
Find the Optimal Moving Weights:

Total Weighted
Revenues Amounts Difference Square
417,855,564 11,105 417,844,459 174,593,991,917,003,000
318,686,269 15,230 318,671,039 101,551,231,097,340,000
356,015,524 18,890 355,996,634 126,733,603,419,330,000
558,279,860 21,605 558,258,255 311,652,279,275,645,000
780,235,738 475,610,588 304,625,150 92,796,481,985,106,300
Mean Squared Error 161,465,517,538,885,000
Exponential Comparison
800,000,000 Total Revenues -

Historical
400,000,000
Total Revenues -
0 Exponential
Total Revenues -
Wt Moving Avg
Periods
2022 2023 2024 2025 2026
Pro Forma Income Statement
Gross Revenues 677,647,808 702,844,602 695,465,838 698,481,249 697,324,782
Cost of Goods Sold (540,733,557) (542,278,562) (533,217,393) (533,276,601) (524,854,647)
Operating Expenses (56,528,559) (65,180,797) (67,672,192) (64,829,950) (64,381,274)
Operating Income 80,385,693 95,385,244 94,576,253 100,374,698 108,088,860
NonOperating Expenses (3,200) (3,200) (3,600) (3,600) (4,000)
ExtraOrdinary Items 650 650 650 700 700
Net Income 80,383,143 95,382,694 94,573,303 100,371,798 108,085,560
Pro Forma Cash Flow Statement
Sources of Operating Cash Flow:

Net Income 80,383,143 95,382,694 94,573,303 100,371,798 108,085,560
Depreciation and Amortization 0 0 0 0 0
(Increase) Decrease Defer Taxes 0 0 0 0 0
(Gain) Loss on Sale of Assets 0 0 0 0 0
(Increase) Decrease Current Assets 255,403,287 (6,803,134) 1,992,266 (814,161) 312,246
Increase (Decrease) Current Liab (121,509,362) 8,818,878 (2,582,567) 1,055,394 (404,764)
Operating Cash Flow 214,277,067 97,398,438 93,983,002 100,613,030 107,993,043
Investment Sources of Cash Flow:

Planned Sale of Assets 0 0 0 0 0
Planned Sale of Investments 0 0 0 0 0
Other Investment Sources to be used 0 0 0 0 0
Total Investment Sources of Cash 0 0 0 0 0
Capital Expenditures 0 0 0 (3,900) (4,600)
Acquisitions 0 0 (500) 0 0
Purchases of Investments (2,000) (3,000) (3,000) (1,000) (1,000)
Total Investment Applications of Cash (2,000) (3,000) (3,500) (4,900) (5,600)
Cash Flow from Financing Activities:

Proceeds from Loans & Debt 0 2,000 3,000 4,500 7,000
Proceeds from Minority Interest 0 0 0 0 0
Total Financing Sources of Cash 0 2,000 3,000 4,500 7,000

Payments on Loans & Debt 0 (1,800) (2,500) (4,000) (6,000)
Dividends Paid to Shareholders 0 0 0 (4,000) (3,000)
Purchase / Retire Stock 0 0 0 0 0
Total Financing Applications of Cash 0 (1,800) (2,500) (8,000) (9,000)
Total Change to Cash 214,275,067 97,395,638 93,980,002 100,604,630 107,985,443
Beginning Cash Balance 25,361,545 239,636,612 337,032,250 431,012,252 531,616,882

Forecasted Ending Balance 239,636,612 337,032,250 431,012,252 531,616,882 639,602,325
Pro Forma Balance Sheet
Cash and Cash Equivalents 239,636,612 337,032,250 431,012,252 531,616,882 639,602,325

Short Term Marketable Securities 0 0 0 0 0
Accounts Receivable 67,764,781 70,284,460 69,546,584 69,848,125 69,732,478
Inventory 54,211,825 56,227,568 55,637,267 55,878,500 55,785,983
Other Current Assets 44,047,108 45,684,899 45,205,279 45,401,281 45,326,111
Total Current Assets 405,660,325 509,229,178 601,401,382 702,744,788 810,446,897
Fixed Assets 587,705,103 587,705,103 587,705,103 587,709,003 587,713,603

Accumulated Depreciation (182,793,235) (182,793,235) (182,793,235) (182,793,235) (182,793,235)
Net Fixed Assets 404,911,868 404,911,868 404,911,868 404,915,768 404,920,368
Longterm Investments 2,000 5,000 8,000 9,000 10,000
Investments in Other Companies 0 0 500 500 500
Intangibles and Other Assets 75 100 150 150 100
Total Non Current Assets 404,913,943 404,916,968 404,920,518 404,925,418 404,930,968
Total Assets 810,574,268 914,146,146 1,006,321,900 1,107,670,206 1,215,377,865
Accounts Payable 115,200,127 119,483,582 118,229,193 118,741,812 118,545,213

Short Term Borrowings 81,317,737 84,341,352 83,455,901 83,817,750 83,678,974
Short Term Portion of LT Debt 0 0 0 0 0
Other Current Liabilities 40,658,869 42,170,676 41,727,950 41,908,875 41,839,487
Total Current Liabilities 237,176,733 245,995,611 243,413,043 244,468,437 244,063,674
Longterm Debt / Borrowings 155,337,285 155,337,485 155,337,985 155,338,485 155,339,485

Other Longterm Liabilities 1,732,280 2,220,692 5,840,086 9,629,757 8,262,271
Total Non Current Liabilities 157,069,565 157,558,177 161,178,071 164,968,242 163,601,756
Total Liabilities 394,246,298 403,553,788 404,591,114 409,436,679 407,665,430
Preferred Equity 0 0 0 0 0
Common Equity 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000
Additional Paid in Capital 0 0 0 0 0
Retained Earnings 260,994,412 260,994,412 260,994,412 260,990,412 260,987,412
Adj for Foreign Currency Transl (5,000) (3,500) (1,000) 0 0
Treasury Stock 0 0 0 0 0
Total Equity 320,989,412 320,990,912 320,993,412 320,990,412 320,987,412
External Financing Required (EFR) 95,338,559 189,601,446 280,737,374 377,243,115 486,725,023

2026
697,324,782
Home Wksh2 Scenario Analysis for
Wksh5 Wksh6
Wksh7 Wksh8 We can copy our forecast into a new worksheet and do scenario analysis and goal-seek analysis.
Wksh9 Wksh10 Although Microsoft Excel includes Scenario Manager, it can be easier and quicker to simply do our
Wksh11 Wksh12 scenario analysis manually. We can use Goal Seek to find a value for a cell given a corresponding
Wksh13 active formula in another cell.
Wksh15 Wksh16
2022 2023 2024 2025 2026
Pro Forma Income Statement (Simple Projection Method)

Scenario => Non Operating Expenses will decline by $ 100,000 in year 2003 and again in year 2005:
Gross Revenues 873,864,027 978,727,710 1,096,175,035 1,227,716,039 1,375,041,964

Cost of Goods Sold (697,305,588) (780,982,258) (874,700,129) (979,664,145) (1,097,223,842)
Operating Expenses (72,896,678) (81,644,279) (91,441,593) (102,414,584) (114,704,334)
NonOperating Expenses 0 0 (3,100) (3,100) (3,000)
ExtraOrdinary Items 0 0 0 0 0
Net Income 103,661,761 116,101,172 130,030,213 145,634,211 163,110,788
Instead of copying our forecast into this worksheet, we can simply do scenario analysis directly in
the forecast itself.
Pro Forma Income Statement (Linear Trend Method)

Goal Seek => What total revenues are required if Net Income must be $ 13.5 million in Year 2004?
Gross Revenues 32,064 35,940 39,816 44,301 47,569

Cost of Goods Sold (11,607) (12,847) (14,087) (15,327) (16,567)
Operating Expenses (7,750) (8,693) (9,636) (10,579) (11,522)
Non Operating Expenses (3,549) (4,088) (4,627) (5,166) (5,705)
Extra Ordinary Items 271 271 271 271 271
Net Income (formula cells) 9,430 10,584 11,738 13,500 14,046
Do not change formula cells (goals) to values

when using Goal Seek (Tools > Goal Seek)
This is the target cell that Goal Seek is seeking

to change per the value 13,500 in cell G34
Worst Case
-5752.08691
-3964.02317
-1096.6
24.6
Page 59
Home Wksh2 Budget Analysis for
Wksh5 Wksh6
Wksh7 Wksh8 Once we complete our forecast, we can summarize and review it before finalizing it
Wksh9 Wksh10 into the form of budgets. We also need to summarize our assumptions that should
Wksh11 Wksh12 go into our final budget. We can start our budget process by reviewing the different
Wksh13 Wksh14 revenue forecast:
active Wksh16
2022 2023 2024 2025 2026
Summarize Revenue Forecast:

Simple Projection Model 873,864,027 978,727,710 1,096,175,035 1,227,716,039 1,375,041,964
Linear Trend Model 775,520,773 871,956,167 968,391,561 1,064,826,954 1,161,262,348
Wt Moving Avg Model 677,647,808 702,844,602 695,465,838 698,481,249 697,324,782
Declining Growth Model 842,654,597 893,213,873 928,942,428 942,876,564 31,000
Historical Data 417,855,564 318,686,269 356,015,524 558,279,860 780,235,738
Projection using declining growth rates:
Gross Revenues 842,654,597 893,213,873 928,942,428 942,876,564 31,000

Forecast Comparisons
1,500,000,000
Simple Projection
1,000,000,000 Model
Linear Trend Model
500,000,000 Wt Moving Avg
Model
0 Declining Growth
Model
Historical Data
Periods
In addition to using linear models for forecasting, we can apply several non-linear (curve) models:
Logarithmic - Used when rate of change in data suddenly shifts upward or downward.
Power - Used when rate of change in data occurs at a specific rate.
Exponential - Used when rate of change is increasing or decreasing at ever higher rates.
Polynomial - Used when rate of change fluctuates with no pattern.
Logarithmic Trend
Actual Predicted Slope Intercept
Formula for Logarithmic Trendline x factor Values Value y c factor b factor
1 417,855,564 (300,135,400) 194338915.700728 300135400.15631
y = ( c * LN (x)) - b 2 318,686,269 (165,429,929)
3 356,015,524 (86,632,279)
LN: Natural Logarithm 4 558,279,860 (30,724,457)
5 780,235,738 12,641,019
6 48,073,192
7 78,030,668
8 103,981,014
9 126,870,842
10 147,346,490
Power Trendline
Actual Predicted Slope Intercept
y = b * x^c x factor Values Value y c factor b factor
1 417,855,564 326,286,125 0.359248740375326 19.6032852393283
2 318,686,269 418,546,056 326286125.289627
3 356,015,524 484,176,622
4 558,279,860 536,893,196
5 780,235,738 581,704,871
6 621,081,314
7 656,446,010
8 688,703,907
9 718,470,641
10 746,186,430
Exponential Trendline < - calculate using c and b factor - >
Actual Predicted Slope Intercept Predicted
x factor Values Value y c factor b factor ( c * x) EXP Value y
y = b * EXP ( c * x ) 1 417,855,564 320,486,451 0.180957378195057 19.4043931803735 0.18096 1.1983641017637 320,486,451
2 318,686,269 384,059,458 267436625.008016 0.36191 1.43607652039593 384,059,458
3 356,015,524 460,243,067 0.54287 1.72094254942821 460,243,067
4 558,279,860 551,538,770 0.72383 2.06231577243247 551,538,770
5 780,235,738 660,944,263 0.90479 2.47140518818416 660,944,263
6 792,051,878 1.08574 2.96164325843246 792,051,878
7 949,166,537 1.26670 3.54912696313594 949,166,537
8 1,137,447,104 1.44766 4.25314634522374 1,137,447,104
9 1,363,075,777 1.62862 5.09681789966363 1,363,075,777
10 1,633,461,080 1.80957 6.10784360418357 1,633,461,080
Polynomial Trendline
Actual Predicted
y = (c2 * x^2) + (c1 * x^1) + b x factor Values Value y c2 c1 b
1 417,855,564 408,656,007 57656101.9285714 -249501217.671429 600501122.8
2 318,686,269 332,123,095
3 356,015,524 370,902,387
4 558,279,860 524,993,883
5 780,235,738 794,397,583
6 1,179,113,486
7 1,679,141,594
8 2,294,481,905
9 3,025,134,420
10 3,871,099,139
Summarize Non Linear Curves on Graph:

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Logarithmic Trendline (300,135,400) (165,429,929) (86,632,279) (30,724,457) 12,641,019 48,073,192 78,030,668 103,981,014 126,870,842 147,346,490
Power Trendline 326,286,125 418,546,056 484,176,622 536,893,196 581,704,871 621,081,314 656,446,010 688,703,907 718,470,641 746,186,430
Exponential Trendline 320,486,451 384,059,458 460,243,067 551,538,770 660,944,263 792,051,878 949,166,537 1,137,447,104 1,363,075,777 1,633,461,080
Polynomial Trendline 408,656,007 332,123,095 370,902,387 524,993,883 794,397,583 1,179,113,486 1,679,141,594 2,294,481,905 3,025,134,420 3,871,099,139
Actual Revenues 417,855,564 318,686,269 356,015,524 558,279,860 780,235,738
Total R evenues
Non Linear Trends

5,000,000,000
4,000,000,000 Logarithmic Trend-
line
3,000,000,000
Power Trendline
2,000,000,000 Exponential
1,000,000,000 Trendline
0 Polynomial Trend-
1996
1998
2000
2002
2004
(1,000,000,000) line
Actual Revenues
Periods
Variance Analysis of Past Budgets:
Accuracy in the budget process should be examined to determine the degree of error or
variance in the budget process. If the variance is high, this indicates a need to improve
planning techniques within the company. TBD: To be Determined
(Wksht 16)
2017 2018 2019 2020 2000 2001
Income Statement Items
Total Revenues - Budgeted 10,500 14,500 22,500 28,500 30,000 30,500
Total Revenues - Actual 417,855,564 318,686,269 356,015,524 558,279,860 780,235,738 TBD
% difference from actual -100% -100% -100% -100% -100% #VALUE!
Cost of Goods Sold - Budgeted (4,500) (6,500) (8,648) (9,650) (11,000) (24,338)
Cost of Goods Sold - Actual (377,570,065) (250,511,981) (275,255,438) (432,271,370) (587,259,142) TBD
Operating Income - Budgeted 3,100 4,900 9,000 11,000 10,500 3,618

Operating Income - Actual 21,005,769 42,985,414 42,921,568 73,918,139 120,940,477 TBD
Net Income - Budgeted 2,100 4,100 6,500 9,000 9,300 458
Net Income - Actual 18,996,905 38,197,887 36,608,309 59,988,006 104,197,110 TBD
Balance Sheet Items

Current Assets - Budgeted 3,450 4,400 6,250 7,500 7,900 105,045,406
Current Assets - Actual 98,241,331 113,549,197 166,085,580 314,092,754 438,368,195 TBD
NonCurrent Assets - Budgeted 10,900 14,000 22,000 27,500 29,500 404,920,098

NonCurrent Assets - Actual 79,998,547 196,231,963 235,157,994 359,264,344 404,911,868 TBD
Current Liabilities - Budgeted 3,750 5,600 8,200 9,050 9,400 10,715

Current Liabilities - Actual 97,452,711 159,592,314 233,801,946 410,902,413 358,686,095 TBD
NonCurrent Liabilities - Budgeted 1,750 2,450 3,750 4,900 5,100 155,338,585

NonCurrent Liabilities - Actual 1,732,280 32,936,072 53,580,546 43,605,597 163,599,556 TBD
Ratio Items
Current Ratio - Budgeted 0.92 0.79 0.76 0.83 0.80 9,803.58
Current Ratio - Actual 1.01 0.71 0.71 0.76 1.22 TBD
% difference from actual -9% 10% 7% 8% -35% #VALUE!
Total Asset Turnover - Budgeted 0.68 0.72 0.80 0.80 0.79 0.00
Total Asset Turnover - Actual 2.29 1.03 0.88 0.82 0.92 TBD
Gross Profit Margin - Budgeted 60% 60% 60% 60% 60% 0.20
Gross Profit Margin - Actual 10% 21% 23% 23% 25% TBD
% difference from actual 507% 180% 164% 162% 142% #VALUE!
Net Profit Margin - Budgeted 19% 25% 28% 30% 28% 2%

Net Profit Margin - Actual 5% 12% 10% 11% 13% TBD
% difference from actual 318% 109% 172% 179% 110% #VALUE!
Debt to Common Equity - Budgeted 0.45 0.50 0.60 0.65 0.55 0.48
Debt to Common Equity - Actual 1.25 1.64 2.52 2.08 1.63 TBD
Return on Equity - Budgeted 20% 29% 32% 35% 30% 0%

Return on Equity - Actual 24% 33% 32% 27% 32% TBD
% difference from actual -17% -11% 0% 28% -8% #VALUE!
We can use specific measurements to track and control forecasting errors:
Mean Absolute Error - An absolute value of forecast errors, does not place weight on the
amount of the error. Calculated as the sum of (actual values - predicted values) / n.
Mean Square Error - Similar to Mean Absolute Error, but does place more emphasis on
the amount of error; i.e. an error of 8 is twice as significant as 4. Calculated as the
sum of (actual values - predicted values)^2 / n.
Root Mean Square Error - To make the Mean Square Error useful and comparable to the Mean
Absolute Error, we can take the square root of the Mean Square Error. We can then use this
as a guide to establish an error limit or standard for flagging unacceptable errors. Is Error
Actual Forecasted Error Outside
Example: Total Revenues Period Revenues Revenues Error Absolute Squared Limit?
n: total number of periods 1996 417,855,564 10,500 417,845,064 417,845,064 ### No
1997 318,686,269 14,500 318,671,769 318,671,769 ### No
1998 356,015,524 22,500 355,993,024 355,993,024 ### No
1999 558,279,860 28,500 558,251,360 558,251,360 ### No
2000 780,235,738 30,000 780,205,738 780,205,738 ### No
n => 5 Sum => 2,430,966,955 2,430,966,955 ### Yes
Mean Absolute Error 486,193,391

Mean Square Error ###
Root Mean Sqr Error 1,087,161,472
Establish Error Limits 1,087,161,472
Home Wksh2 Final Budgets for
Wksh5 Wksh6
Wksh7 Wksh8 Now that we have analyzed our historical data and placed it into a set of
Wksh9 Wksh10 forecast, we can pull it all together with our assumptions for a final budget.
Wksh11 Wksh12 Many of these assumptions should be included in our forecast for improved
Wksh13 Wksh14 accuracy. However, we need to fine tune and finalize all assumptions
Wksh15 active so that we can produce a final finished budget for planning purposes.
Budget
Period
Ref 2001 Assumptions & Comments
Operating Plan
16-1 Total Revenues 30,500 Based on review of Pro Forma Financials, Marketing, etc.
16-2 Cost of Goods Sold (24,338) Volume projections, production budgets, and vertical analysis
16-3 Operating Expenses (2,544) Average % of Sales per Vertical Analysis
16-4 Operating Income 3,618
16-5 Interest Expenses (310) Based on anticipated levels of debt and past history
16-6 Income Taxes (3,300) Based on anticipated taxable income and effective rate
16-7 Other Non Operating Expenses (200) Provision for contingency was added on this line item
16-8 Earnings Before Extra Ord Items (192)

16-9 Extra Ordinary Items 650 Per our Simple Model Forecast
16-10 Net Income 458
Financial Plan
Budgeted Cash Flows
16-11 Net Income 458

16-12 Depreciation and Amortization 0 Review of Simple Model Forecast and Capital Expenditure Budget
16-13 (Increase) Decrease Defer Taxes 0
16-14 (Gain) Loss on Sale of Assets 15 Per Simple Forecast Model
16-15 (Increase) Decrease Current Assets 438,359,960 Same formula as used in forecast models
16-16 (Increase) Decrease Current Liab (358,675,420) Same formula as used in forecast models
16-17 Operating Cash Flow 79,685,013
Investment Sources of Cash:

16-18 Planned Sale of Assets 0 Per Simple Model Forecast
16-19 Planned Sale of Investments 0 Per Simple Model Forecast
16-20 Other Investment Sources to be used 0
16-21 Total Investment Sources of Cash 0
16-22 Capital Expenditures (4,500) Budgeted $ 4.5 million in Capital Expenditure Budget
16-23 Acquisitions in Other Co's (350) Per forecast, strategic plan, and other budgets
16-24 Purchases of Investments (2,500) Per forecast, strategic plan, and other budgets
16-25 Total Investment Applications of Cash (7,350)
Cash Flow from Financing Activities

16-26 Proceeds from Loans & Debt 1,450 Per Financing Requirements and other budgets
16-27 Proceeds from Minority Interest 15 Per historical financials and investment budget
16-28 Other Financing Activities 0
16-29 Total Financing Sources of Cash 1,465

16-30 Payments on Loans and Debt (1,250) Per forecast and other budgets
16-31 Dividends Paid to Shareholders 0 Per Simple Model Forecast
16-32 Purchase / Retire Stock (1,500) Per strategic plan and other budgets
16-33 Other Financing Activities 0
16-34 Total Financing Applications of Cash (2,750)
16-35 Total Change to Cash 79,676,378
16-36 Beginning Cash Balance 25,361,545

16-37 Forecasted Ending Balance 105,037,923
Budgeted Balance Sheet
16-38 Cash and Cash Equivalents 105,037,923 Per above

16-39 Short Term Marketable Securities 10 Per historical financials
16-40 Accounts Receivable 3,050 Same formula as used in forecast models
16-41 Inventory 2,440 Same formula as used in forecast models
16-42 Other Current Assets 1,983 Same formula as used in forecast models
16-43 Total Current Assets 105,045,406
16-44 Fixed Assets 587,709,603 Same formula as used in forecast models

16-45 Accumulated Depreciation (182,793,235) Same formula as used in forecast models
16-46 Net Fixed Assets 404,916,368
16-47 Longterm Investments 2,500 Same formula as used in forecast models
16-48 Investments in Other Companies 1,000 Per review of forecast and strategic plans
16-49 Intangibles and Other Assets 230 Per review of forecast and historical balances
16-50 Total Non Current Assets 404,920,098
16-51 Total Assets 509,965,504
16-52 Accounts Payable 5,185 Same formula as used in forecast models

16-53 Short Term Borrowings 3,660 Same formula as used in forecast models
16-54 Short Term Portion of LT Debt 40 Per review of forecast and historical information
16-55 Other Current Liabilities 1,830 Same formula as used in forecast models
16-56 Total Current Liabilities 10,715
16-57 Longterm Debt / Borrowings 155,337,485 Same formula as used in forecast models
16-58 Other Longterm Liabilities 1,100 Per review of historical information and expected growth rates.
16-59 Total Non Current Liabilities 155,338,585
16-60 Total Liabilities 155,349,300
16-61 Preferred Stock 0

16-62 Common Equity 60,000,000 Per Simple Model Forecast
16-63 Additional Paid in Capital 0 Per Simple Model Forecast
16-64 Retained Earnings 260,994,870 Same formula as used in forecast models
16-65 Adj for Foreign Currency Translation 0 Per Simple Model Forecast
16-66 Treasury Stock (1,500) Same formula as used in forecast models
16-67 Total Equity 320,993,370
16-68 Total Liabilities and Equity 476,342,670
16-69 External Financing Required 33,622,834

Microsoft Excel 9.0 Answer Report
Worksheet: [Detail_Analysis.xls]13 - Pro Forma (Exp)
Report Created: 3/16/2002 3:42:28 PM
Target Cell (Min)

Cell Name Original Value Final Value
$G$60 Mean Squared Error Square 20,525,549 12,297,836
Adjustable Cells
$D$24 Set Smoothing Factor 0.70 1.00
Constraints
Cell Name Cell Value Formula Status Slack
$D$23 Smoothing Factor must be between 0 and 1 0 $D$23>=$D$23 Binding 0
$D$24 Set Smoothing Factor 1.00 $D$24<=$E$23 Binding 0
Microsoft Excel 9.0 Answer Report
Worksheet: [Detail_Analysis.xls]13 - Pro Forma (Exp)
Report Created: 3/16/2002 5:19:05 PM
Target Cell (Min)

$G$46 Mean Squared Error Square 65,536,151 59,853,342
Adjustable Cells
$D$25 Assign weights to appropriate periods 0.00% 0.00%
$E$25 Assign weights to appropriate periods 2.00% 1.50%
$F$25 Assign weights to appropriate periods Total weights should add up to => 5.00% 4.50%
$G$25 Assign weights to appropriate periods 35.00% 34.50%
$H$25 Assign weights to appropriate periods 60.00% 59.50%
Constraints
Cell Name Cell Value Formula Status Slack
$I$25 Assign weights to appropriate periods 100.00% $I$25=$E$23 Binding 0
$D$25 Assign weights to appropriate periods 0.00% $D$25<=$E$23 Not Binding 1
$E$25 Assign weights to appropriate periods 1.50% $E$25<=$E$23 Not Binding 0.985
$F$25 Assign weights to appropriate periods Total weights should add up to => 4.50% $F$25<=$E$23 Not Binding 0.955
$G$25 Assign weights to appropriate periods 34.50% $G$25<=$E$23 Not Binding 0.655
$H$25 Assign weights to appropriate periods 59.50% $H$25<=$E$23 Not Binding 0.405
$D$25 Assign weights to appropriate periods 0.00% $D$25>=$D$23 Binding 0.00%
$E$25 Assign weights to appropriate periods 1.50% $E$25>=$D$23 Not Binding 1.50%
$F$25 Assign weights to appropriate periods Total weights should add up to => 4.50% $F$25>=$D$23 Not Binding 4.50%
$G$25 Assign weights to appropriate periods 34.50% $G$25>=$D$23 Not Binding 34.50%
$H$25 Assign weights to appropriate periods 59.50% $H$25>=$D$23 Not Binding 59.50%

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النسخة الاصلية من برنامج التحليل المالي والتنبؤ

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Financial Analysis & Forecasting ‫التحليل المالي و التنبؤ‬

Purpose of Spreadsheet: ‫الهدف من اوراق العمل‬ Revised: 2/17/2022

To illustrate concepts related to financial analysis and forecasting.

If a cell appears in red, this indicates a warning concerning a calculation.

C) Pro Forma / Forecasted Financials for Budgeting: ‫التنبؤ المالي‬

ates key financial information for further analysis.

pro forma financials using simple assumptions

The following general information should be entered:‫لها‬hh‫جبادخا‬hh‫ ي‬h‫ليه‬hh‫لتا‬hh‫ ا‬h‫امه‬h‫لع‬hh‫لمعلوماتا‬hh‫ا‬

Name of Company => h‫لشركه‬hh‫ ا‬h‫اسم‬

Reporting Periods => ‫لتقرير‬hh‫ ا‬h‫تره‬hhh‫ف‬

Number of Days in Reporting Period are ‫لتقرير‬hh‫ا ا‬h‫غطيه‬hh‫لتىي‬hh‫ ا‬h‫اليام‬h ‫عدد ا‬

What reporting periods will be entered? h‫ليه‬hh‫لما‬hh‫ ا‬h‫لفتره‬hh‫لا‬hh‫ ادخا‬h‫يتم‬hh‫لتىس‬hh‫لفتراتا‬hh‫ماهيا‬

Most Current Period h‫ليه‬hh‫لما‬hh‫ ا‬h‫لفتره‬hh‫ا‬

Number of historical periods to be analyzed ‫ا‬h‫حقيقه‬hh‫ ت‬h‫يتم‬hh‫لتىس‬hh‫ ا‬h‫لتاريخيه‬hh‫تا‬h‫لفترا‬hh‫عدد ا‬

2021 (1999, July 1998, 6/30/97, etc.)

3-2 Short Term Marketable Securities ‫اسهم متداوله قصيره االجل‬ 0 0 0 0 0

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3-22 Preferred Equity ‫حقوق ملكيه ممتازه‬ 0 0 0

3-29 Check: Assets = Liab + Equity ? ‫ حقوق الملكية‬+‫االصول=االلتزامات‬ 0 0 0 0 0

3-30 NonDepreciable Fixed Assets ‫اصول ثابته غير قابله لالستهالك‬ 0 0 0 0 0

3-35 No of Preferred Shares o/s ‫عدد االسهم الممتازه‬ 0 0 0 0 0

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4-5 Other Operating Expenses ‫مصاريف تشغيلية اخرى‬ 0

4-9 Interest Expenses ‫المصاريف الفوائد‬ (2,008,864) (3,808,094) (6,161,570) (12,981,919)

4-10 Foreign Exchange (Loss) Gain ‫فرق عملة ربح او خسارة‬ 0 0 0 0

4-23 Capitalized Interest Expense ‫مصاريف فوائد الرأسمالية‬ 0 0 0 0

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5-1 Net Income ‫صافي الدخل‬ 18,996,905 38,197,887 36,608,309 59,988,006

5-3 (Increase) Decrease Defer Taxes ‫الزكاة‬ 0 979,433 151,689 948,214

5-8 Capital Expenditures ‫مصاريف راسماليه‬ (33,112,155) (129,654,158) (70,655,488) (175,194,305)

5-9 Acquisition in Other Co's ‫الحيازة في شركات اخرى‬

5-18 Proceeds from Minority Interest ‫المتحصالت من الفوائد االصليه‬

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EBITDA : ‫الدخل قبل الفوائد و الضرائب‬

Free Cash Flow: ‫تدفق نقدي‬

Working Capital: ‫راس المال العامل‬

Liquid Capital: ‫راس المال السائل‬

Market Capitalization: ‫رسمله السوق‬

Present Value: ‫القيمه الحاليه‬

6-13 Required Rate of Return ‫معدل العائد المطلوب‬

Capitalization of Earnings: ‫رسمله االيرادات‬

6-24 Operating Leverage ‫الرافعه التشغيليه‬ (3.39) 1.69 1.12

6-25 Financial Leverage ‫الرافعه الماليه‬ 1.35 (0.21) 1.04

6-26 Total Leverage ‫مجموع الرفع‬ (4.59) (0.36) 1.16

6-27 Check Totals ‫فحص المجموع‬ 0.00 (4.59) (0.36) 1.16

NOPAT / Operating Indicators: NOPAT/‫لتشغيل‬oo‫مححدداتا‬

6-29 Interest Bearing Liabilities 26,068,650 59,153,214 201,421,137 280,163,507

Liquidity Index: ‫مؤشر السيوله‬

7-6 Marketable Sec - Days Removed ‫االسهم السوقيه‬ 11 12 16 15 14

Receivable Turnover: ‫معدل دوران المخزون‬

Inventory Turnover: ‫معدل دوران المخزون‬

7-26 Days in Inventory ‫االيام في المخزون‬ 5 9 13 20 44

Capitalization Rate / Asset Return: ‫عائد االصول‬/‫معدل الرسملة‬

7-39 Times Interest Earned ‫عدد مرات تغطية الفوائد‬ 10 11 7 6 8

8-2 Current Ratio - Industry ‫ صناعي‬/‫نسبة التداول‬ 1.12

8-5 Inventory Turnover - Industry ‫ صناعي‬/‫نسبة معدل دوران المخزون‬ 4.40

8-6 Days in Inventory - Industry ‫ معيار صناعي‬/ ‫نسبة فترة التخزين‬ 45

Acid Ratio Comparison

Current Ratio Comparison

Receivable Turnover Comparison

Inventory Turnover Comparison

Inventory Days Comparison