Dummy Ltd Income Statement

All numbers are in £ millions except per share data

2018 2019 2020 2021

Revenues 92,175 94,163 98,282 96,855
Cost of sales -74,043 -75,442 -78,329 -78,477
Gross profit 18,132 18,721 19,953 18,378
Selling and administrative expenses -3,633 -3,600 -3,700 -3,800
Other operating income 914 670 720 774
Other operating expenses -820 -847 -1,214 -651
EBITDA 14,593 14,944 15,759 14,701
D&A -3,000 -4,215 -5,193 -6,493
EBIT 11,593 10,729 10,566 8,208
Interest and similar income 185 196 201 397
Interest and similar expenses -618 -489 -412 -386
Profit / loss before tax 11,160 10,436 10,355 8,219
Income taxes -3,571 -3,131 -2,899 -2,630
Net profit / loss 7,589 7,305 7,456 5,589

Number of shares outstanding 5,000 5,100 5,200 5,300

EPS 1.52 1.43 1.43 1.05

Dividends 3,794 3,653 3,728 2,794

Dividend payout ratio 50.0% 50.0% 50.0% 50.0%

Ratios and Assumptions

Revenue YoY
COGS margin
SG&A margin
Other income margin
Other expense margin

LT Debt
ST Debt
Total Debt
Interest expense
Interest expense rate

Cash and cash equivalents

Interest income
Interest income rate

Income tax rate

2022 2023E 2024E 2025E 2026E 2027E
104,210
-83,000
21,210
-4,000
1,031
-2,316
15,925
-8,242
7,683
179
-499
7,363
-2,283
5,080

5,400
0.94

2,540
50.0%
 2018 2019 2020 2021 2022 2023
Revenues 1000 1100 1200 1300 1450
COGS 500 550 610 650 700
Gross profit 500 550 590 650 750

Revenue YoY
COGS margin

US
Type Text colour
Hardcoded Blue
Formula Black
Link from another sheet Green
Link from the same sheet Pink or black

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Dummy Ltd Balance Sheet
All numbers are in £ millions except per share data

2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E
Assets
Intangible assets 7,372 8,157 9,464 10,971 11,729
Property, plant and equipment 50,000 55,000 60,000 64,500 68,000
Deferred tax 1,945 2,327 1,993 1,638 2,194
Other assets 2,749 1,636 1,516 2,185 2,488
Non-current assets 62,066 67,120 72,973 79,294 84,411
Inventories 11,071 11,841 12,707 14,248 15,891
Trade receivables 2,751 2,825 2,667 2,546 2,518
Other assets 4,693 5,087 7,485 9,749 11,614
Cash and cash equivalents 6,122 7,880 9,039 10,979 12,036
Current Assets 24,637 27,633 31,898 37,522 42,059

Total Assets 86,703 94,753 104,871 116,816 126,470

Equity and liabilities

Subscribed capital 657 657 658 658 659
Capital reserves 2,027 2,047 2,084 2,118 2,161
Retained Earnings 41,027 44,445 50,815 55,862 57,667
Equity 43,711 47,149 53,557 58,638 60,487
Pension provisions 3,000 4,587 3,252 2,330 3,335
Deferred tax 2,116 2,795 2,157 1,773 632
Long Term Debt 10,895 10,081 10,562 17,129 21,805
Other liabilities 4,559 5,357 5,045 5,293 5,100
Non-current provisions and liabilities 20,570 22,820 21,016 26,525 30,872
Current tax 1,441 1,074 1,124 1,158 963
Short term debt 4,000 5,000 6,000 5,000 6,000
Trade payables 7,773 8,512 9,731 9,669 10,182
Other liabilities 9,208 10,198 13,443 15,826 17,966
Current provisions and liabilities 22,422 24,784 30,298 31,653 35,111

Total equity and liabilities 86,703 94,753 104,871 116,816 126,470

check 0 0 0 0 0

Ratios and Assumptions

Working capital
Inventories 11,071 11,841 12,707 14,248 15,891
Trade receivables 2,751 2,825 2,667 2,546 2,518
Other assets 4,693 5,087 7,485 9,749 11,614

Trade payables 7,773 8,512 9,731 9,669 10,182

Other liabilities 9,208 10,198 13,443 15,826 17,966
Working capital
Working capital as a % of Revenue

Revenues 92,175 94,163 98,282 96,855 104,210 0 0 0 0 0 Alt H A R Right align the text
Cost of sales -74,043 -75,442 -78,329 -78,477 -83,000 0 0 0 0 0
Revenue YoY 2.2% 4.4% -1.5% 7.6% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Inventories as a % of COGS
Trade receivables as a % of revenue
Other assets as a % of revenue

Trade payables as a % of COGS

Other liabilities as a % of revenue

Days of inventories outstanding

Days of receivables outstanding
Days of Payables outstanding
Cash on Cash Cycle

Intangible assets schedule

Beginning intangibles 7,372 8,157 9,464 10,971
Additions to intangibles 3,000 3,500 4,000 4,500
Amortisation -2,215 -2,193 -2,493 -3,742
Ending Intangibles 7,372 8,157 9,464 10,971 11,729

Additions to intangibles as % of Revenue

Amortisation as % of opening intangibles

PP&E schedule
Beginning PP&E 50,000 55,000 60,000 64,500
Capex 7,000 8,000 8,500 8,000
Depreciation -2,000 -3,000 -4,000 -4,500
Ending PP&E 50,000 55,000 60,000 64,500 68,000

Capex as % of Revenue
Depreciation as % of Opening PP&E

LT Debt schedule
Beginning LT debt 10,895 10,081 10,562 17,129
Borrowed 2,000 3,800 6,600 6,000
Paid back -2,814 -3,319 -33 -1,324
Ending LT Debt 10,895 10,081 10,562 17,129 21,805

ST Debt schedule
Beginning ST debt 4,000 5,000 6,000 5,000
Borrowed 5,000 3,800 4,000 4,100
Paid back -4,000 -2,800 -5,000 -3,100
Ending ST Debt 4,000 5,000 6,000 5,000 6,000
Dummy Limited Cash flow statement
All numbers in € million except for per share data

2020E
Net profit
Other interest and similar income / expenses 1
Depreciation and amortisation of tangible, intangible and investment assets
Change in provisions
Change in deferred taxes
Changes in working capital
Change in inventories
Change in trade receivables
Change in other operating assets

Change in trade payables

Change in other operating liabilities
Cash inflow / outflow from operating activities

Investments in intangible assets

Capex
Other changes to investments
Cash inflow / outflow from investing activities

Payment of dividend
Interest paid
Proceeds from the issue of bonds
Repayment of bonds
Other changes to LT liabilities
Change in ST Debt
Cash inflow / outflow from financing activities

Effect of exchange rate on cash and cash equivalents

Effect of changes in composition of Group on cash and cash equivalents
Change in cash and cash equivalents
Cash and cash equivalents as at 1 January
Cash and cash equivalents as at 31 December
2021E 2022E 2023E 2024E