Dummy Ltd Income Statement

All numbers are in £ millions except per share data

2019 2020 2021 2022

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 2.2% 4.4% -1.5%
COGS margin -80.3% -80.1% -79.7% -81.0%
SG&A margin -3.9% -3.8% -3.8% -3.9%
Other income margin 1.0% 0.7% 0.7% 0.8%
Other expense margin -0.9% -0.9% -1.2% -0.7%
D&A margin

LT Debt 10,895 10,081 10,562 17,129

ST Debt 4,000 5,000 6,000 5,000
Total Debt 14,895 15,081 16,562 22,129
Interest expense -618 -489 -412 -386
Interest expense rate -3.3% -2.7% -2.3%

Cash and cash equivalents 6,122 7,880 9,039 10,979

Interest income 185 196 201 397
Interest income rate 3.2% 2.6% 4.4%

Income tax rate -32.0% -30.0% -28.0% -32.0%

2023 2024E 2025E 2026E 2027E 2028E
104,210 109,421 114,892 120,636 126,668 133,001
-83,000 -87,150 -91,508 -96,083 -100,887 -105,931
21,210 22,271 23,384 24,553 25,781 27,070
-4,000 -4,200 -4,410 -4,631 -4,862 -5,105
1,031 1,083 1,137 1,194 1,253 1,316
-2,316 -2,432 -2,553 -2,681 -2,815 -2,956
15,925 16,721 17,557 18,435 19,357 20,325
-8,242 -8,745 -9,247 -9,757 -10,281 -10,822 -1
7,683 7,977 8,310 8,678 9,076 9,502
179 196 0 0 0 0
-499 -627 -740 -852 -965 -1,078
7,363 7,546 7,571 7,826 8,111 8,424
-2,283 -2,339 -2,347 -2,426 -2,514 -2,612
5,080 5,206 5,224 5,400 5,597 5,813

5,400 5,500 5,600 5,700 5,800 5,900

0.94 0.95 0.93 0.95 0.96 0.99

2,540 2,603 2,612 2,700 2,798 2,906

50.0% 50.0% 50.0% 50.0% 50.0% 50.0%

7.6% 5.0% 5.0% 5.0% 5.0% 5.0%

-79.65% -79.6% -79.6% -79.6% -79.6% -79.6%
-3.8% -3.8% -3.8% -3.8% -3.8% -3.8%
1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
-2.2% -2.2% -2.2% -2.2% -2.2% -2.2%

21,805 25,805 29,805 33,805 37,805 41,805

6,000 7,000 8,000 9,000 10,000 11,000
27,805 32,805 37,805 42,805 47,805 52,805
-499 -627 -740 -852 -965 -1,078
-2.3% -2.3% -2.3% -2.3% -2.3% -2.3%

12,036 15,165 18,144 21,027 23,804 26,465

179 196
1.6% 1.6% 1.6% 1.6% 1.6% 1.6%

-31.0% -31.0% -31.0% -31.0% -31.0% -31.0%

 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 10.0% 9.1% 8.3% 11.5%

COGS margin 48.3% 48.3% 48.3% 48.3%

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 2024 2025 2026 2027
1595 1755 1930 2123
770 847 932 1025
825 907 998 1098

10.0% 10.0% 10.0% 10.0%

48.3% 48.3% 48.3% 48.3%

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

2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E
Assets
Intangible assets 7,372 8,157 9,464 10,971 11,729 12,453 13,167 13,885 14,619 15,376
Property, plant and equipment 50,000 55,000 60,000 64,500 68,000 71,656 75,477 79,472 83,651 88,025
Deferred tax 1,945 2,327 1,993 1,638 2,194 2,194 2,194 2,194 2,194 2,194
Other assets 2,749 1,636 1,516 2,185 2,488 2,488 2,488 2,488 2,488 2,488
Non-current assets 62,066 67,120 72,973 79,294 84,411 88,791 93,326 98,039 102,952 108,083
Inventories 11,071 11,841 12,707 14,248 15,891 16,686 17,520 18,396 19,316 20,281
Trade receivables 2,751 2,825 2,667 2,546 2,518 2,644 2,776 2,915 3,061 3,214
Other assets 4,693 5,087 7,485 9,749 11,614 12,195 12,804 13,445 14,117 14,823
Cash and cash equivalents 6,122 7,880 9,039 10,979 12,036 15,165 18,144 21,027 23,804 26,465
Current Assets 24,637 27,633 31,898 37,522 42,059 46,689 51,245 55,783 60,297 64,783

Total Assets 86,703 94,753 104,871 116,816 126,470 135,481 144,570 153,822 163,249 172,867

Equity and liabilities

Subscribed capital 657 657 658 658 659 659 659 659 659 659
Capital reserves 2,027 2,047 2,084 2,118 2,161 2,161 2,161 2,161 2,161 2,161
Retained Earnings 41,027 44,445 50,815 55,862 57,667 60,270 62,882 65,582 68,380 71,287
Equity 43,711 47,149 53,557 58,638 60,487 63,090 65,702 68,402 71,200 74,107
Pension provisions 3,000 4,587 3,252 2,330 3,335 3,335 3,335 3,335 3,335 3,335
Deferred tax 2,116 2,795 2,157 1,773 632 632 632 632 632 632
Long Term Debt 10,895 10,081 10,562 17,129 21,805 25,805 29,805 33,805 37,805 41,805
Other liabilities 4,559 5,357 5,045 5,293 5,100 5,100 5,100 5,100 5,100 5,100
Non-current provisions and liabilities 20,570 22,820 21,016 26,525 30,872 34,872 38,872 42,872 46,872 50,872
Current tax 1,441 1,074 1,124 1,158 963 963 963 963 963 963
Short term debt 4,000 5,000 6,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000
Trade payables 7,773 8,512 9,731 9,669 10,182 10,691 11,226 11,787 12,376 12,995
Other liabilities 9,208 10,198 13,443 15,826 17,966 18,864 19,808 20,798 21,838 22,930
Current provisions and liabilities 22,422 24,784 30,298 31,653 35,111 37,518 39,996 42,548 45,177 47,888

Total equity and liabilities 86,703 94,753 104,871 116,816 126,470 135,481 144,570 153,822 163,249 172,867

check 0 0 0 0 0 0 0 0 0 0

Ratios and Assumptions

Working capital
Inventories 11,071 11,841 12,707 14,248 15,891 16,686 17,520 18,396 19,316 20,281
Trade receivables 2,751 2,825 2,667 2,546 2,518 2,644 2,776 2,915 3,061 3,214
Other assets 4,693 5,087 7,485 9,749 11,614 12,195 12,804 13,445 14,117 14,823

Trade payables 7,773 8,512 9,731 9,669 10,182 10,691 11,226 11,787 12,376 12,995
Other liabilities 9,208 10,198 13,443 15,826 17,966 18,864 19,808 20,798 21,838 22,930
Working capital 1,534 1,043 -315 1,048 1,875 1,969 2,067 2,171 2,279 2,393
Working capital as a % of Revenue

Revenues 92,175 94,163 98,282 96,855 104,210 109,421 114,892 120,636 126,668 133,001 Alt H A R Right align the text
Cost of sales -74,043 -75,442 -78,329 -78,477 -83,000 -87,150 -91,508 -96,083 -100,887 -105,931
Revenue YoY 2.2% 4.4% -1.5% 7.6% 5.0% 5.0% 5.0% 5.0% 5.0%

Inventories as a % of COGS -15.0% -15.7% -16.2% -18.2% -19.1% -19.1% -19.1% -19.1% -19.1% -19.1%
Trade receivables as a % of revenue 3.0% 3.0% 2.7% 2.6% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4%
Other assets as a % of revenue 5.1% 5.4% 7.6% 10.1% 11.1% 11.1% 11.1% 11.1% 11.1% 11.1%

Trade payables as a % of COGS -10.5% -11.3% -12.4% -12.3% -12.3% -12.3% -12.3% -12.3% -12.3% -12.3%
Other liabilities as a % of revenue 10.0% 10.8% 13.7% 16.3% 17.2% 17.2% 17.2% 17.2% 17.2% 17.2%

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 11,729 12,453 13,167 13,885 14,619
Additions to intangibles 3,000 3,500 4,000 4,500 4,725 4,961 5,209 5,470 5,743
Amortisation -2,215 -2,193 -2,493 -3,742 -4,001 -4,248 -4,491 -4,736 -4,986
Ending Intangibles 7,372 8,157 9,464 10,971 11,729 12,453 13,167 13,885 14,619 15,376

Additions to intangibles as % of Revenue 3.2% 3.6% 4.1% 4.3% 4.3% 4.3% 4.3% 4.3% 4.3%
Amortisation as % of opening intangibles -30.0% -26.9% -26.3% -34.1% -34.1% -34.1% -34.1% -34.1% -34.1%

PP&E schedule
Beginning PP&E 50,000 55,000 60,000 64,500 68,000 71,656 75,477 79,472 83,651
Capex 7,000 8,000 8,500 8,000 8,400 8,820 9,261 9,724 10,210
Depreciation -2,000 -3,000 -4,000 -4,500 -4,744 -4,999 -5,266 -5,545 -5,836
Ending PP&E 50,000 55,000 60,000 64,500 68,000 71,656 75,477 79,472 83,651 88,025

Capex as % of Revenue 7.4% 8.1% 8.8% 7.7% 7.7% 7.7% 7.7% 7.7% 7.7%
Depreciation as % of Opening PP&E -4.0% -5.5% -6.7% -7.0% -7.0% -7.0% -7.0% -7.0% -7.0%

LT Debt schedule
Beginning LT debt 10,895 10,081 10,562 17,129 21,805 25,805 29,805 33,805 37,805
Borrowed 2,000 3,800 6,600 6,000 4,000 4,000 4,000 4,000 4,000
Paid back -2,814 -3,319 -33 -1,324
Ending LT Debt 10,895 10,081 10,562 17,129 21,805 25,805 29,805 33,805 37,805 41,805

ST Debt schedule
Beginning ST debt 4,000 5,000 6,000 5,000 6,000 7,000 8,000 9,000 10,000
Borrowed 5,000 3,800 4,000 4,100 1,000 1,000 1,000 1,000 1,000
Paid back -4,000 -2,800 -5,000 -3,100 0 0 0 0 0
Ending ST Debt 4,000 5,000 6,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000
Dummy Limited Cash flow statement
All numbers in € million except for per share data

2024E
Net profit 5,206
Other interest and similar income / expenses 1 431
Depreciation and amortisation of tangible, intangible and investment assets 8,745
Change in provisions
Change in deferred taxes
Changes in working capital
Change in inventories -795
Change in trade receivables -126
Change in other operating assets -581
0
Change in trade payables 509
Change in other operating liabilities 898
Cash inflow / outflow from operating activities 14,288

Investments in intangible assets -4,725

Capex -8,400
Other changes to investments
Cash inflow / outflow from investing activities -13,125

Payment of dividend -2,603

Interest paid -431
Proceeds from the issue of bonds 4,000
Repayment of bonds
Other changes to LT liabilities
Change in ST Debt 1,000
Cash inflow / outflow from financing activities 1,966

Change in cash and cash equivalents 3,129

Cash and cash equivalents as at 1 January 12,036
Cash and cash equivalents as at 31 December 15,165
2025E 2026E 2027E 2028E
5,224 5,400 5,597 5,813
740 852 965 1,078
9,247 9,757 10,281 10,822

-834 -876 -920 -966

-132 -139 -146 -153
-610 -640 -672 -706
0 0 0 0
535 561 589 619
943 990 1,040 1,092
15,112 15,906 16,734 17,599

-4,961 -5,209 -5,470 -5,743

-8,820 -9,261 -9,724 -10,210

-13,781 -14,470 -15,194 -15,954

-2,612 -2,700 -2,798 -2,906

-740 -852 -965 -1,078
4,000 4,000 4,000 4,000

1,000 1,000 1,000 1,000

1,648 1,448 1,236 1,016

2,979 2,883 2,777 2,661

15,165 18,144 21,027 23,804
18,144 21,027 23,804 26,465