OTHER ASSUMPTIONS 2019 2020 2021 2022

CAPEX MM 950 500 700 600

Working Capital Days

Accounts Receivable days 45.0 45.0 45.0
Inventories days 65.0 65.0 65.0
Accounts Payable days 40.0 40.0 40.0

DEPRECIATION
- Depreciation Methodology Used: Straight Line
- Years remaining for depreciation of existing assets: 35 years
- Years used for depreciation of new assets: 47 years

CAPEX and Depreciation

·         The Company is expected to spend 500 million on capex in F2020, 700 million in F2021
         and 600 million for each year after. Capex is spent evenly over the course of the year.

·         AHA uses the Straight-Line method of depreciation.

·         Existing assets (if any) have a remaining useful life of 35 years while new assets will be depreciated ove

Evenly means half depriciation in the year of purchase and full depriciation in the year of sale
 2023 2024
600 600

45.0 45.0
65.0 65.0
40.0 40.0

million in F2021
se of the year.

w assets will be depreciated over 47 years

he year of sale
Depriciation 2019A 2020F 2021F

Years Remaining on Existing Assets: 35 Cost-Salwage/life

Depreciation Years on New Assets: 47

Depreciation to Existing Assets Exiting 27.1 27.1

CAPEX
2020 500 5.3 10.6
2021 700 - 7.4
2022 600 - -
2023 600 - -
2024 600 - -

Total Depreciation 32.5 45.2

PPE schedule

Beginning balance MM 950.0 1,417.5

Capex-New Purchase MM 500.0 700.0
Acc. Depreciation MM - (32.5) (45.2)
Ending balance MM 950 1417.5 2072.3

Working Capital 2019A 2020F 2021F

Days per Year Days 366 365

Income Statement Items

Sales/Revenue MM 10318.6 15998.7
Cost of Sales MM 8598.8 13332.3

Days In
Accounts Receivable days 45.0 45.0
Inventories days 65.0 65.0
Accounts Payable days 40.0 40.0

Account Balances
Accounts Receivable MM 1268.7 1972.4
Inventories MM 1527.1 2374.2
Accounts Payable MM (939.8) (1461.1)
Net Working Capital MM 0.0 1856.0 2885.6

Change in Working Capital MM ($1,856.0) ($1,029.6)

2022F 2023F 2024F

27.1 27.1 27.1

10.6 10.6 10.6

14.9 14.9 14.9
6.4 12.8 12.8
- 6.4 12.8
- - 6.4

59.1 71.8 84.6

2,072.3 2,613.3 3,141.4

600.0 600.0 600.0
(59.1) (71.8) (84.6)
2613.3 3141.4 3656.8

2022F 2023F 2024F

365 365 366

Current Assest
20047.5 28785.9 36070.7 -Current Lib
16706.3 23988.2 30058.9 Op. Cap

45.0 45.0 45.0 12-May

65.0 65.0 65.0 11-Jun
40.0 40.0 40.0

2471.6 3548.9 4434.9

2975.1 4271.9 5338.3
(1830.8) (2628.8) (3285.1)
3615.9 5192.0 6488.1

($730.3) ($1,576.1) ($1,296.2) CFS

SCENARIO SWITCH: 2020F 2021F 2022F 2023F 2024F
Best Case

SALES INDICATORS

Mark Up Live Case 25.0% 25.0% 25.0% 25.0% 25.0%

Base Case 1 20.0% 20.0% 20.0% 20.0% 20.0%

Best Case +5% 2 25.0% 25.0% 25.0% 25.0% 25.0%
Worst Case -5% 3 15.0% 15.0% 15.0% 15.0% 15.0%

ECONOMIC INDICATORS

Inflation Live Case #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Base Case 2.0% 2.0% 2.0% 2.0% 2.0%

Best Case -0.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Worst Case +0.5% 2.5% 2.5% 2.5% 2.5% 2.5%

Exchange RLive Case #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Base Case 5.0% 5.0% 5.0% 5.0% 5.0%

Best Case -1% 4.0% 4.0% 4.0% 4.0% 4.0%
Worst Case +1% 6.0% 6.0% 6.0% 6.0% 6.0%
Home Appliances 10000

Inflation has decreased

Operatin EUtilities 2%
Fuel 2%
Gas 2%

160
140
180