Financial model of Manufaktura

Balance sheet
Buildings and land
Capex
Cash flow
Company taxes paid on profit
Cost of external services
Cost of materials
Credits, loans and cash
Equity
Fixed tangible and intangible assets
Intangible assets
Local taxes and other payments
Machinery
Macro assumptions
Other costs and revenues
Other fixed assets
Payroll, social insurance and other emp
Profit and Loss account
Sales
Transport equipment
Working capital
Manufaktura
Balance sheet
Buildings and land

Company taxes paid on profit

Cost of external services
Cost of materials
Credits, loans and cash

Fixed tangible and intangible assets

Intangible assets
Local taxes and other payments

Macro assumptions
Other costs and revenues
Other fixed assets
Payroll, social insurance and other employee benefits
Profit and Loss account

Transport equipment
Working capital
Table 1 back
Manufaktura
Macro assumptions
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Inflation rate [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Interest rate [%] 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Difference to the inflation rate [%] 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Inflation rate [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Exchange rate [PLN/EUR} 4.0 4.0 3.8 3.9 3.8 3.7 3.6 3.5

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Table 2 back
Manufaktura
Profit and Loss account
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Sales revenues 30,245.4 31,884.5 33,338.1 34,647.1 36,279.9 37,935.6 39,679.1 41,514.8 43,447.5
Sales of products 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
Sales of goods and materials (56.5) (196.1)
Change in products value 2,562.4 912.6 948.4 985.6 1,032.1 1,079.2 1,128.8 1,181.0 1,236.0

Operating expenses 29,460.1 29,846.9 31,238.2 31,102.7 31,538.2 32,536.4 33,460.4 34,410.9 35,380.8
Amortization and depreciation 646.1 666.2 1,335.7 934.2 666.4 833.1 895.3 952.7 996.7
Materials and energy 7,555.0 8,157.3 8,437.2 8,727.8 8,728.1 9,070.0 9,428.6 9,804.7 10,199.1
External services 2,685.3 3,002.0 3,092.6 3,176.5 3,294.0 3,403.2 3,517.8 3,638.0 3,764.0
Taxes and charges 832.5 843.5 860.4 877.6 895.2 913.1 931.3 950.0 969.0
Payroll costs 12,221.1 13,235.3 13,495.9 13,387.8 13,821.4 14,093.7 14,371.6 14,654.9 14,944.0
Social security and other employee benefits 3,202.9 3,634.9 3,706.5 3,676.8 3,795.8 3,870.6 3,946.9 4,024.8 4,104.2
Other costs 244.0 298.2 309.9 322.1 337.3 352.7 368.9 385.9 403.9
Value of goods and materials sold 2,073.2 9.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gross profit (loss) on sales 785.3 2,037.6 2,099.8 3,544.3 4,741.7 5,399.2 6,218.7 7,103.9 8,066.6

Other operating income 496.5 510.3 530.3 551.1 577.1 603.4 631.2 660.4 691.1
Profit on sales of non-financial fixed assets 0.0 0.0
Subsidies 0.0 0.0
Other 496.5 510.3 530.3 551.1 577.1 603.4 631.2 660.4 691.1

Other operating costs 607.1 638.0 365.9 380.3 398.2 416.4 435.5 455.6 476.8
Loss on sales of non-financial fixed assets 10.2 0.0
Revaluation of non-financial assets 374.9 285.9
Other 222.0 352.1 365.9 380.3 398.2 416.4 435.5 455.6 476.8

Profit (loss) on operating activities 674.7 1,909.9 2,264.2 3,715.2 4,920.6 5,586.3 6,414.4 7,308.6 8,280.9

Financial income 130.8 19.6 11.4 35.1 67.1 117.1 192.5 262.6 345.8
Dividends and profits sharing 0.0 0.0
Interest earned 61.6 19.6 11.4 35.1 67.1 117.1 192.5 262.6 345.8
Profit on investments sold 0.0 0.0
Investments revaluation 0.0 0.0
Other 69.2 0.0

Financial costs 242.0 614.7 96.8 34.3 52.0 86.7 52.0 17.3 0.0
Interest paid 228.1 114.6 96.8 34.3 52.0 86.7 52.0 17.3 0.0
Loss on investments sold 0.0 0.0
Investments revaluation 0.0 0.0
Other 13.9 500.1

Gross profit (loss) 563.5 1,314.8 2,178.8 3,716.0 4,935.7 5,616.8 6,554.9 7,553.8 8,626.7

Extraordinary items result 3.5 0.0

Profit (loss) before taxation 567.0 1,314.8 2,178.8 3,716.0 4,935.7 5,616.8 6,554.9 7,553.8 8,626.7

Income tax 134.0 486.0 414.0 706.0 937.8 1,067.2 1,245.4 1,435.2 1,639.1
Other compulsory changes to the profit 52.2 124.8
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Net profit (loss) 380.8 703.9 1,764.8 3,009.9 3,997.9 4,549.6 5,309.5 6,118.6 6,987.6

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Table 3 back
Manufaktura
Balance sheet
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P
Fixed assets 4,774.6 6,594.0 4,404.8 4,806.2 7,074.0 6,907.4 6,845.2 6,787.7 6,743.7
Intangible fixed assets 25.9 36.8 26.0 51.9 49.4 46.8 43.8 42.9 45.3
Tangible fixed assets 4,583.7 6,394.9 4,378.7 4,754.3 7,024.6 6,860.5 6,801.3 6,744.9 6,698.4
Land 155.6 136.2 136.2 136.2 136.2 136.2 136.2 136.2 136.2
Buildings 2,837.5 2,860.3 2,856.9 2,850.1 2,843.2 2,836.1 2,828.9 2,821.4 2,813.8
Machinery 1,503.2 1,275.9 1,234.8 1,519.2 3,800.7 3,656.8 3,619.9 3,573.9 3,523.8
Transport equipment 43.6 132.6 120.9 198.0 195.4 184.8 172.8 170.4 179.3
Other fixed assets 42.0 33.0 30.0 50.8 49.2 46.6 43.6 43.0 45.3
Fixed assets under construction 1.8 1,957.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long term receivables 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long term investments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long term prepayments 165.0 162.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Current assets 9,540.6 9,183.9 11,653.1 12,733.3 15,119.7 17,996.7 21,381.0 25,319.0 30,379.2
Inventories 5,955.8 5,705.6 6,025.6 6,457.0 5,214.8 5,387.0 5,550.3 5,719.1 5,892.3
Raw materials 726.9 703.4 728.5 754.5 729.4 759.1 790.3 823.1 857.5
Work in progress 1,716.3 1,836.3 1,921.9 1,913.5 1,508.3 1,556.0 1,600.2 1,645.7 1,692.1
Finished goods 3,199.5 3,165.9 3,314.6 3,726.3 2,914.4 3,006.6 3,092.0 3,179.8 3,269.5
Goods for resale 258.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Payments in advance for delivery 54.3 0.0 60.6 62.7 62.7 65.2 67.8 70.5 73.3
Short term receivables 2,982.3 2,996.2 3,109.9 3,232.0 3,384.3 3,538.7 3,701.4 3,872.6 4,052.9
Trade receivables 1,648.7 1,776.5 1,834.6 1,906.6 1,996.4 2,087.6 2,183.5 2,284.5 2,390.9
Receivables for tax, duties, charges, etc. 657.6 467.8 489.1 508.3 532.3 556.6 582.2 609.1 637.5
Other 676.0 751.9 786.2 817.0 855.5 894.6 935.7 979.0 1,024.6
Cash and cash equivalents 527.5 385.0 2,420.6 2,947.2 6,423.4 8,973.9 12,032.2 15,630.2 20,336.9
Other short term investments 75.0 97.1 97.1 97.1 97.1 97.1 97.1 97.1 97.1
TOTAL ASSETS 14,315.2 15,778.0 16,057.9 17,539.5 22,193.7 24,904.1 28,226.2 32,106.7 37,122.9

Equity 8,989.8 9,477.5 11,242.3 13,664.0 16,658.6 19,875.5 23,668.4 28,017.2 32,965.3
Paid-in share capital 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0
Supplementary capital 3,871.1 4,036.4 4,036.4 5,916.8 7,923.5 10,588.7 13,621.8 17,161.4 21,240.5
Revaluation capital 2,697.9 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2
Profit from previous periods 0.0 0.0 703.9 0.0 0.0 0.0 0.0 0.0 0.0
Net profit (loss) 380.8 703.9 1,764.8 3,009.9 3,997.9 4,549.6 5,309.5 6,118.6 6,987.6

Liabilities and provisions for creditors 5,227.4 6,300.5 4,815.5 3,875.5 5,535.1 5,028.6 4,557.7 4,089.5 4,157.6
Provisions for liabilities 87.9 811.9 811.9 811.9 811.9 811.9 811.9 811.9 811.9
Provisions for deferred income taxes 0.0 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6
Provisions for social security 44.5 462.8 462.8 462.8 462.8 462.8 462.8 462.8 462.8
Other provisions 43.4 348.5 348.5 348.5 348.5 348.5 348.5 348.5 348.5
Long term liabilities 371.0 1,025.6 45.8 45.8 1,112.5 579.1 45.8 45.8 45.8
Credits and loans 371.0 979.8 0.0 0.0 1,066.7 533.3 0.0 0.0 0.0
Others 0.0 45.8 45.8 45.8 45.8 45.8 45.8 45.8 45.8
Short term liabilities and special funds 4,046.1 3,893.9 3,388.6 2,448.6 3,041.5 3,068.4 3,130.8 2,662.6 2,730.7
Credits and loans 1,072.6 807.1 979.8 0.0 533.3 533.3 533.3 0.0 0.0
Trade liabilities 613.2 997.9 633.1 653.8 660.1 685.1 711.2 738.6 767.4
Prepayment for deliveries 476.2 26.4 27.5 28.6 29.9 0.0 0.0 0.0 0.0
Other financial liabilities 0.0 33.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes, duties and social security premiums 815.8 868.3 723.9 744.8 785.4 810.1 839.2 869.6 901.4
For payroll payments 311.5 343.3 350.1 347.3 358.5 365.6 372.8 380.2 387.7
Other liabilities 155.3 142.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Special funds 601.5 674.2 674.2 674.2 674.2 674.2 674.2 674.2 674.2
Accruals 722.4 569.2 569.2 569.2 569.2 569.2 569.2 569.2 569.2
TOTAL LIABILITIES 14,217.2 15,778.0 16,057.9 17,539.5 22,193.7 24,904.1 28,226.2 32,106.7 37,122.9

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Table 4 back
Manufaktura
Cash flow
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Net profit (loss) 380.8 703.9 1,764.8 3,009.9 3,997.9 4,549.6 5,309.5 6,118.6 6,987.6

Amortization and depreciation 646.1 666.2 1,335.7 934.2 666.4 833.1 895.3 952.7 996.7
(Profit) loss on exchange rate differences (84.0) (30.8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest and share in profits (dividends) 226.9 212.2 85.4 (0.8) (15.1) (30.5) (140.5) (245.2) (345.8)
Change in provisions 46.1 409.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in inventories 96.8 250.2 (319.9) (431.5) 1,242.2 (172.2) (163.3) (168.7) (173.2)
Change in receivables 223.7 (13.8) (113.7) (122.1) (152.3) (154.5) (162.6) (171.2) (180.3)
Change in short term liabilities* 585.0 159.0 (677.9) 39.8 59.6 26.8 62.4 65.1 68.1
Change in prepayments and accruals (229.1) (172.6) 162.3 0.0 0.0 0.0 0.0 0.0 0.0
Other adjustments (49.4) 43.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash flows from operating activities 1,842.9 2,227.0 2,236.7 3,429.6 5,798.7 5,052.4 5,800.7 6,551.2 7,353.1
* excluding bank and other loans

Disposal of intangible and tangible fixed assets 27.0 0.0 1,957.0 0.0 0.0 0.0 0.0 0.0 0.0
Other investment outflow 49.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capital expenditure (535.9) (2,464.2) (1,265.7) (1,335.7) (2,934.2) (666.4) (833.1) (895.3) (952.7)
Cash flow before financial activities 1,383.2 (237.2) 2,928.0 2,093.9 2,864.5 4,386.0 4,967.7 5,655.9 6,400.4

Change in bank and other loans (955.2) 374.1 (807.1) (979.8) 1,600.0 (533.3) (533.3) (533.3) 0.0
Interest paid and earned (149.6) (154.5) (85.4) 0.8 15.1 30.5 140.5 245.2 345.8
Free cash flows to equity 278.4 (17.6) 2,035.5 1,114.9 4,479.6 3,883.1 4,574.8 5,367.8 6,746.2

Shareholder-related payments and contributions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Gross dividend paid (56.4) (124.8) 0.0 (588.3) (1,003.3) (1,332.6) (1,516.5) (1,769.8) (2,039.5)
Free cash flows to firm 222.0 (142.4) 2,035.5 526.6 3,476.3 2,550.5 3,058.3 3,598.0 4,706.7

Cash and cash equivalents - beginning balance 305.5 527.5 385.0 2,420.6 2,947.2 6,423.4 8,973.9 12,032.2 15,630.2
Cash and cash equivalents - ending balance 527.5 385.0 2,420.6 2,947.2 6,423.4 8,973.9 12,032.2 15,630.2 20,336.9
Change in cash and cash equivalents balance 222.0 (142.5) 2,035.5 526.6 3,476.3 2,550.5 3,058.3 3,598.0 4,706.7
Check (0.0) 0.1 (0.0) 0.0 0.0 0.0 0.0 0.0

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Table 3.8 back
Manufaktura
Credits, loans and cash
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Old loan
Opening balance 1,786.9 979.8
Payment of the loan 807.1 979.8
Ending balance 1,786.9 979.8 0.0
Short term part 807.1 979.8
Long term part 979.8
Interest Paid 96.8 34.3
Interest rate paid 7.0% 7.0%
Market Interest rate 5.0% 5.0%
Margin above the market 2.0% 2.0%
Average balance of the loan 1,383.3 489.9

New investment loan

Opening balance 0.0 1,600.0 1,066.7 533.3 0.0
Receiving the loan 1,600.0
Payment of the loan 533.3 533.3 533.3
Ending balance 1,600.0 1,066.7 533.3 0.0 0.0
Short term part 533.3 533.3 533.3 0.0
Long term part 1,066.7 533.3 0.0 0.0 0.0
Interest Paid 52.0 86.7 52.0 17.3 0.0
Interest rate paid 6.5% 6.5% 6.5% 6.5% 6.5%
Market Interest rate 5.0% 5.0% 5.0% 5.0% 5.0%
Margin above the market 1.5% 1.5% 1.5% 1.5% 1.5%
Average balance of the loan 800.0 1,333.3 800.0 266.7 0.0

Total loans

Short term loan

Ending balance 1,072.6 807.1 979.8 0.0 533.3 533.3 533.3 0.0 0.0

Long term loan

Ending balance 371.0 979.8 0.0 0.0 1,066.7 533.3 0.0 0.0 0.0

Interest Paid - Total 228.1 114.6 96.8 34.3 52.0 86.7 52.0 17.3 0.0

Interet Received 61.6 19.6 11.4 35.1 67.1 117.1 192.5 262.6 345.8
Average Cash 456.3 1,402.8 2,683.9 4,685.3 7,698.7 10,503.1 13,831.2
Deposit interst rate 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%
Market interest rate 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
% of Market interest rate paid for deposits 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%

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Table 3.9 back
Manufaktura
Equity
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Equity 8,989.8 9,477.5 11,242.3 13,664.0 16,658.6 19,875.5 23,668.4 28,017.2 32,965.3
Paid-in share capital 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0 2,040.0
Contributions to be paid-in share capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Own shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Supplementary capital 3,871.1 4,036.4 4,036.4 5,916.8 7,923.5 10,588.7 13,621.8 17,161.4 21,240.5
Increase 165.3 0.0 1,880.5 2,006.6 2,665.3 3,033.1 3,539.6 4,079.1
Revaluation capital 2,697.9 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2 2,697.2
Reserve capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Profit from previous periods 0.0 0.0 703.9 0.0 0.0 0.0 0.0 0.0 0.0
Shift to supplementary capital 1,880.5 2,006.6 2,665.3 3,033.1 3,539.6 4,079.1
Dividends paid 588.3 1,003.3 1,332.6 1,516.5 1,769.8 2,039.5
Net profit (loss) 380.8 703.9 1,764.8 3,009.9 3,997.9 4,549.6 5,309.5 6,118.6 6,987.6

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Table 3.7 back
Manufaktura
Working capital
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Cash and cash equivalents 527.5 385.0 2,420.6 2,947.2 6,423.4 8,973.9 12,032.2 15,630.2 20,336.9

Inventory of materials 726.9 703.4 728.5 754.5 729.4 759.1 790.3 823.1 857.5
Costs of materials 4,357.7 4,512.9 4,674.0 4,518.8 4,702.9 4,896.1 5,098.9 5,311.9
Turnover rotation in days [days] 58.9 58.9 58.9 58.9 58.9 58.9 58.9 58.9

Work in Progress (WIP) 1,716.3 1,836.3 1,921.9 1,913.5 1,508.3 1,556.0 1,600.2 1,645.7 1,692.1
Operating costs 29,846.9 31,238.2 31,102.7 31,538.2 32,536.4 33,460.4 34,410.9 35,380.8
Turnover rotation in days [days] 22.5 22.5 22.5 17.5 17.5 17.5 17.5 17.5

Inventory of finished products 3,199.5 3,165.9 3,314.6 3,726.3 2,914.4 3,006.6 3,092.0 3,179.8 3,269.5
Operating costs 27,386.9 29,837.4 31,238.2 31,102.7 31,538.2 32,536.4 33,460.4 34,410.9 35,380.8
Turnover rotation in days [days] 38.7 38.7 43.7 33.7 33.7 33.7 33.7 33.7

Inventory of goods 258.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Value of sold goods 2,073.2 9.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Turnover rotation in days [days] 45.6 0.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0

Payments in advance for deliveries 54.3 0.0 60.6 62.7 62.7 65.2 67.8 70.5 73.3
Total value of paid in advanced services 7,555.0 8,157.3 8,437.2 8,727.8 8,728.1 9,070.0 9,428.6 9,804.7 10,199.1
Cost of materials and energy 7,555.0 8,157.3 8,437.2 8,727.8 8,728.1 9,070.0 9,428.6 9,804.7 10,199.1
Adances as a % of the total costs 1% 0% 1% 1% 1% 1% 1% 1% 1%

Trade receivables 1,648.7 1,776.5 1,834.6 1,906.6 1,996.4 2,087.6 2,183.5 2,284.5 2,390.9
Trade receivables from related entities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Trade receivables from other entities 1,648.7 1,776.5 1,834.6 1,906.6 1,996.4 2,087.6 2,183.5 2,284.5 2,390.9
Sales of products + VAT 33,911.1 38,264.2 39,515.4 41,067.0 43,002.3 44,964.9 47,031.4 49,207.2 51,498.1
Sales of products 27,796.0 31,364.1 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
VAT rate 22% 22% 22% 22% 22% 22% 22% 22% 22%
Turnover rotation in days [days] 17.7 16.9 16.9 16.9 16.9 16.9 16.9 16.9 16.9

Receivables resulting from taxes, subsidies, etc. 657.6 467.8 489.1 508.3 532.3 556.6 582.2 609.1 637.5
Sales 30,245.4 31,884.5 33,338.1 34,647.1 36,279.9 37,935.6 39,679.1 41,514.8 43,447.5
Receivables resulting from taxes, subsidies, etc. as % of Sales 2% 1% 1% 1% 1% 1% 1% 1% 1%

Other receivables 676.0 751.9 786.2 817.0 855.5 894.6 935.7 979.0 1,024.6
Sales 30,245.4 31,884.5 33,338.1 34,647.1 36,279.9 37,935.6 39,679.1 41,514.8 43,447.5
Other receivables as % of sales 2% 2% 2% 2% 2% 2% 2% 2% 2%

Short term accruals and deferred income 75.0 97.1 97.1 97.1 97.1 97.1 97.1 97.1 97.1

Trade liabilities 613.2 613.2 633.1 653.8 660.1 685.1 711.2 738.6 767.4
Total gross value of products and services bought 14,810.2 13,419.7 13,855.8 14,308.1 14,447.0 14,992.5 15,564.7 16,165.0 16,794.7
Total net value of produc and services using 7 % VAT 3,399.8 3,799.5 3,924.3 4,053.7 4,209.3 4,367.2 4,532.5 4,705.7 4,887.2
Energy 3,399.8 3,799.5 3,924.3 4,053.7 4,209.3 4,367.2 4,532.5 4,705.7 4,887.2
Total net value of produc and services using 22 % VAT 9,157.8 7,667.4 7,915.4 8,172.7 8,150.1 8,458.7 8,782.7 9,122.8 9,479.8
Materials 4,155.3 4,357.7 4,512.9 4,674.0 4,518.8 4,702.9 4,896.1 5,098.9 5,311.9
External services 2,685.3 3,002.0 3,092.6 3,176.5 3,294.0 3,403.2 3,517.8 3,638.0 3,764.0
Other costs 244.0 298.2 309.9 322.1 337.3 352.7 368.9 385.9 403.9
Value of goods and materials sold 2,073.2 9.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Turnover rotation in days 15.1 16.7 16.7 16.7 16.7 16.7 16.7 16.7 16.7

Prepayments for deliveries 476.2 26.4 27.5 28.6 29.9 0.0 0.0 0.0 0.0
Sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
Prepayments for deliveries as % of sales 1.7% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0%

Strona 10 /25
Liabilities resulting from salaries 311.5 343.3 350.1 347.3 358.5 365.6 372.8 380.2 387.7
Average monthly salaries paid 1,018.4 1,102.9 1,124.7 1,115.6 1,151.8 1,174.5 1,197.6 1,221.2 1,245.3
Liabilities as % of average montly salaries paid 31% 31% 31% 31% 31% 31% 31% 31% 31%

Liabilities resulting from taxes, charges, etc. 815.8 868.3 723.9 744.8 785.4 810.1 839.2 869.6 901.4
Average monthly social security and other employee benefits 266.9 302.9 308.9 306.4 316.3 322.6 328.9 335.4 342.0
Average delay terms of payment as % of monthly values 200% 200% 200% 200% 200% 200% 200% 200%
Taxes and fees 832.5 843.5 860.4 877.6 895.2 913.1 931.3 950.0 969.0
Corporate tax 134.0 486.0 414.0 706.0 937.8 1,067.2 1,245.4 1,435.2 1,639.1

Accruals 722.4 569.2 569.2 569.2 569.2 569.2 569.2 569.2 569.2

TOTAL WORKING CAPITAL 6,074.0 6,378.5 6,928.7 7,442.5 6,293.0 6,592.8 6,856.3 7,131.2 7,416.7

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Table 3.2 back
Manufaktura
Fixed tangible and intangible assets
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Gross book value 19,880.8 19,922.1 21,187.8 22,523.5 25,457.6 26,124.1 26,957.2 27,852.4 28,805.1
Intangibles 131.4 172.7 199.1 236.3 247.5 261.4 277.7 297.1 317.4
Buildings 10,790.4 10,790.4 11,060.2 11,333.3 11,613.2 11,900.0 12,194.0 12,495.1 12,803.7
Equipment and Machinery 8,222.8 8,222.8 9,045.1 9,908.5 12,487.5 12,785.0 13,226.4 13,704.6 14,228.9
Transportation 585.9 585.9 703.1 832.0 883.7 938.1 1,003.1 1,080.1 1,159.5
Others 150.3 150.3 180.4 213.4 225.7 239.5 256.0 275.5 295.6

Depreciation 1,335.7 934.2 666.4 833.1 895.3 952.7 996.7

Intangibles 37.2 11.3 13.8 16.4 19.4 20.3 17.9
Buildings 273.1 279.9 286.8 293.9 301.2 308.6 316.2
Equipment and Machinery 863.4 579.0 297.5 441.3 478.3 524.3 574.4
Transportation 128.9 51.7 54.4 65.0 76.9 79.4 70.4
Others 33.1 12.3 13.9 16.5 19.5 20.1 17.7

Net book value 4,328.2 4,338.6 4,268.6 4,670.1 6,937.8 6,771.2 6,709.0 6,651.6 6,607.6
Intangibles 26.4 36.8 26.0 51.9 49.4 46.8 43.8 42.9 45.3
Buildings 2,860.3 2,860.3 2,856.9 2,850.1 2,843.2 2,836.1 2,828.9 2,821.4 2,813.8
Equipment and Machinery 1,275.9 1,275.9 1,234.8 1,519.2 3,800.7 3,656.8 3,619.9 3,573.9 3,523.8
Transportation 132.6 132.6 120.9 198.0 195.4 184.8 172.8 170.4 179.3
Others 33.0 33.0 30.0 50.8 49.2 46.6 43.6 43.0 45.3

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Table 2.1 back
Manufaktura
Sales
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Total sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
Average price increase [%] 0.0% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Growth in volume sold [%] 6.9% 12.4% 1.9% 1.9% 2.7% 2.5% 2.5% 2.6% 2.6%

Ceramic dishes 20,943.0 23,763.0 24,723.0 25,721.8 27,023.4 28,390.7 29,827.3 31,336.6 32,922.2
Pricce increase [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Growth in volume sold [%] 2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Ceramic chimneys 2,566.4 3,679.3 3,846.7 4,021.7 4,204.7 4,460.4 4,731.6 5,019.2 5,324.4
Pricce increase [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Growth in volume sold [%] 2.5% 2.5% 2.5% 4.0% 4.0% 4.0% 4.0%

Ceramic tubes 1,926.3 1,234.4 1,233.9 1,233.4 1,232.9 1,238.7 1,244.5 1,250.4 1,256.3
Pricce increase [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Growth in volume sold [%] -2.0% -2.0% -2.0% -1.5% -1.5% -1.5% -1.5%

Ceramic pots and barrels 2,192.3 2,201.7 2,290.6 2,383.2 2,479.5 2,453.2 2,427.2 2,401.5 2,376.0
Pricce increase [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Growth in volume sold [%] 2.0% 2.0% 2.0% -3.0% -3.0% -3.0% -3.0%

Other 111.5 289.6 295.4 301.3 307.3 313.5 319.7 326.1 332.7
Pricce increase 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Growth in volume sold [%] 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
[%]

Cost of goods used for own purposes 2,562.4 912.6 948.4 985.6 1,032.1 1,079.2 1,128.8 1,181.0 1,236.0
As a % of all sales [%] 9.2% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9%

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Table 2.2 back
Manufaktura
Cost of materials
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Total cost of materials and energy 7,555.0 8,157.3 8,437.2 8,727.8 8,728.1 9,070.0 9,428.6 9,804.7 10,199.1

Variable costs - materials 3,399.8 3,542.0 3,680.8 3,825.4 3,653.2 3,819.9 3,995.4 4,180.3 4,374.9
Sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
% of Sales [%] 12.3% 11.4% 11.4% 11.4% 10.4% 10.4% 10.4% 10.4% 10.4%

Fixed costs - materials 755.5 815.7 832.0 848.7 865.7 883.0 900.6 918.6 937.0
Price growth [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Variable costs - energy 2,266.5 2,542.0 2,641.6 2,745.4 2,874.7 3,005.9 3,144.1 3,289.5 3,442.7
Sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
% of Sales [%] 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2%

Fixed costs - energy 1,133.3 1,257.5 1,282.7 1,308.4 1,334.5 1,361.2 1,388.4 1,416.2 1,444.5
Price growth [%] 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

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Table 2.3 back
Manufaktura
Cost of external services
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Total External services 2,685.3 3,002.0 3,092.6 3,176.5 3,294.0 3,403.2 3,517.8 3,638.0 3,764.0

External Services - variable part 1,611.2 1,801.2 1,871.8 1,945.3 2,037.0 2,129.9 2,227.8 2,330.9 2,439.4
Sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
% of Sales 6% 5.8% 5.8% 5.8% 5.8% 5.8% 5.8% 5.8% 5.8%

External Services - fixed part 1,074.1 1,200.8 1,220.8 1,231.2 1,257.1 1,273.3 1,290.0 1,307.1 1,324.6
Services bought in Poland 200.0 1,000.8 1,020.8 1,041.2 1,062.1 1,083.3 1,105.0 1,127.1 1,149.6
Inflation rate [%] 2% 2% 2% 2% 2% 2% 2%
Services bought in Germany 874.1 200.0 200.0 190.0 195.0 190.0 185.0 180.0 175.0
Exchange rate [PLN/EUR] 4.0 4.0 3.8 3.9 3.8 3.7 3.6 3.5
Services bought in Germany - in EUR ['000 EUR] 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0

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Table 2.5 back
Manufaktura
Local taxes and other payments
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Taxes, fees, payment 832.5 843.5 860.4 877.6 895.2 913.1 931.3 950.0 969.0
Inflation rate [%] 0% 0% 2% 2% 2% 2% 2% 2% 2%

Strona 16 /25
Table 2.4 back
Manufaktura
Payroll, social insurance and other employee benefits
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Total personnel costs 15,424.0 16,870.2 17,202.4 17,064.6 17,617.2 17,964.4 18,318.5 18,679.7 19,048.1
Payroll costs 12,221.1 13,235.3 13,495.9 13,387.8 13,821.4 14,093.7 14,371.6 14,654.9 14,944.0
Social securities and other benefits 3,202.9 3,634.9 3,706.5 3,676.8 3,795.8 3,870.6 3,946.9 4,024.8 4,104.2
% of payroll costs 26% 27%

Head office
Payroll costs 1,392.5 1,600.8 1,632.8 1,665.5 1,868.7 1,906.0 1,944.2 1,983.0 2,022.7
Number of employees (average during period) [FTE] 47.0 56.0 56.0 56.0 56.0 56.0 56.0 56.0 56.0
Average mothly gross salary 2.469 2.382 2.430 2.478 2.781 2.836 2.893 2.951 3.010
Average salary growth 10.0%
Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Cost of social insurance and other employee benefits 364.9 439.6 448.4 457.4 513.2 523.5 533.9 544.6 555.5
Social insurance and other benefits as % of payroll costs 27% 27% 27% 27% 27% 27% 27% 27%
Payroll costs 1,392.5 1,600.8 1,632.8 1,665.5 1,868.7 1,906.0 1,944.2 1,983.0 2,022.7

Direct production workers

Payroll costs 10,618.5 11,431.7 11,660.3 11,519.5 11,749.9 11,984.9 12,224.6 12,469.1 12,718.5
Number of employees (average during period) [FTE] 570.0 636.0 636.0 616.0 616.0 616.0 616.0 616.0 616.0
Average mothly gross salary 1.552 1.498 1.528 1.558 1.590 1.621 1.654 1.687 1.721
Average salary growth
Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Cost of social insurance and other employee benefits 2,782.9 3,139.6 3,202.3 3,163.7 3,226.9 3,291.5 3,357.3 3,424.5 3,493.0
Social insurance and other benefits as % of payroll costs 27% 27% 27% 27% 27% 27% 27% 27%
Payroll costs 10,618.5 11,431.7 11,660.3 11,519.5 11,749.9 11,984.9 12,224.6 12,469.1 12,718.5

Board of Directors
Payroll costs 210.2 202.8 202.8 202.8 202.8 202.8 202.8 202.8 202.8
Number of employees (average during period) [FTE] 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Average mothly gross salary 8.757 8.450 8.450 8.450 8.450 8.450 8.450 8.450 8.450
Average salary growth
Inflation rate
Cost of social insurance and other employee benefits 55.1 55.7 55.7 55.7 55.7 55.7 55.7 55.7 55.7
Social insurance and other benefits as % of payroll costs 27% 27% 27% 27% 27% 27% 27% 27%
Payroll costs 210.2 202.8 202.8 202.8 202.8 202.8 202.8 202.8 202.8

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Table 2.5 back
Manufaktura
Company taxes paid on profit
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P
Corporate tax 134.0 355.0 414.0 706.0 937.8 1,067.2 1,245.4 1,435.2 1,639.1
Profit (loss) before taxation 567.0 1,314.8 2,178.8 3,716.0 4,935.7 5,616.8 6,554.9 7,553.8 8,626.7
Corporate tax rate 24% 27% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0%

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Table 2.5 back
Manufaktura
Other costs and revenues
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Other costs by type 244.0 298.2 309.9 322.1 337.3 352.7 368.9 385.9 403.9
Sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
% of Sales 1% 1% 1% 1% 1% 1% 1% 1% 1%

Other operating costs 222.0 352.1 365.9 380.3 398.2 416.4 435.5 455.6 476.8
Sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
% of Sales 1% 1% 1% 1% 1% 1% 1% 1% 1%

Other operating revenues 496.5 510.3 530.3 551.1 577.1 603.4 631.2 660.4 691.1
Sales 27,739.5 31,168.0 32,389.7 33,661.5 35,247.8 36,856.5 38,550.3 40,333.8 42,211.5
% of Sales 2% 2% 2% 2% 2% 2% 2% 2% 2%

Strona 19 /25
Table 3.1 back
Manufaktura
Capex
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Capex 0.0 0.0 1,265.7 1,335.7 2,934.2 666.4 833.1 895.3 952.7
Intangibles 26.4 37.2 11.3 13.8 16.4 19.4 20.3
Land
Buildings 269.8 273.1 279.9 286.8 293.9 301.2 308.6
Equipment and Machinery 822.3 863.4 2,579.0 297.5 441.3 478.3 524.3
Transportation 117.2 128.9 51.7 54.4 65.0 76.9 79.4
Others 30.1 33.1 12.3 13.9 16.5 19.5 20.1

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Table 3.3 back
Manufaktura
Intangible assets
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Gross book value 131.4 172.7 199.1 236.3 247.5 261.4 277.7 297.1 317.4
Assets purchased in:
2015 & earlier 131.4 172.7 172.7 172.7 172.7 172.7 172.7 172.7 172.7
2016 26.4 26.4 26.4 26.4 26.4 26.4 26.4
2017 37.2 37.2 37.2 37.2 37.2 37.2
2018 11.3 11.3 11.3 11.3 11.3
2019 13.8 13.8 13.8 13.8
2020 16.4 16.4 16.4
2021 19.4 19.4
2022 20.3

Depreciation 105.0 26.4 37.2 11.3 13.8 16.4 19.4 20.3 17.9
Assets purchased in:
2015 & earlier 20% 105.0 26.4 34.5 2.3 0.0 0.0 0.0 0.0 0.0
2016 20% 2.6 5.3 5.3 5.3 5.3 2.6 0.0
2017 20% 3.7 7.4 7.4 7.4 7.4 3.7
2018 20% 1.1 2.3 2.3 2.3 2.3
2019 20% 1.4 2.8 2.8 2.8
2020 20% 1.6 3.3 3.3
2021 20% 1.9 3.9
2022 20% 2.0

Net book value 26.4 36.8 26.0 51.9 49.4 46.8 43.8 42.9 45.3
Assets purchased in:
2015 & earlier 26.4 36.8 2.3 0.0 0.0 0.0 0.0 0.0 0.0
2016 23.8 18.5 13.2 7.9 2.6 0.0 0.0
2017 33.5 26.0 18.6 11.2 3.7 0.0
2018 10.1 7.9 5.6 3.4 1.1
2019 12.5 9.7 6.9 4.2
2020 14.7 11.4 8.2
2021 17.4 13.6
2022 18.3

Strona 21 /25
Table 3.4 back
Manufaktura
Machinery
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Gross book value 8,222.8 8,222.8 9,045.1 9,908.5 12,487.5 12,785.0 13,226.4 13,704.6 14,228.9
Assets purchased in:
2015 & earlier 8,222.8 8,222.8 8,222.8 8,222.8 8,222.8 8,222.8 8,222.8 8,222.8 8,222.8
2016 822.3 822.3 822.3 822.3 822.3 822.3 822.3
2017 863.4 863.4 863.4 863.4 863.4 863.4
2018 2,579.0 2,579.0 2,579.0 2,579.0 2,579.0
2019 297.5 297.5 297.5 297.5
2020 441.3 441.3 441.3
2021 478.3 478.3
2022 524.3

Depreciation 6,946.9 822.3 863.4 579.0 297.5 441.3 478.3 524.3 574.4
Assets purchased in:
2015 & earlier 10% 6,946.9 822.3 822.3 453.6 0.0 0.0 0.0 0.0 0.0
2016 10% 41.1 82.2 82.2 82.2 82.2 82.2 82.2
2017 10% 43.2 86.3 86.3 86.3 86.3 86.3
2018 10% 129.0 257.9 257.9 257.9 257.9
2019 10% 14.9 29.8 29.8 29.8
2020 10% 22.1 44.1 44.1
2021 10% 23.9 47.8
2022 10% 26.2

Net book value 1,275.9 1,275.9 1,234.8 1,519.2 3,800.7 3,656.8 3,619.9 3,573.9 3,523.8
Assets purchased in:
2015 & earlier 1,275.9 1,275.9 453.6 0.0 0.0 0.0 0.0 0.0 0.0
2016 781.2 698.9 616.7 534.5 452.3 370.0 287.8
2017 820.2 733.9 647.5 561.2 474.9 388.5
2018 2,450.1 2,192.2 1,934.3 1,676.4 1,418.5
2019 282.6 252.9 223.1 193.4
2020 419.3 375.1 331.0
2021 454.4 406.5
2022 498.1

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Table 3.3 back
Manufaktura
Buildings and land
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Gross book value 10,790.4 10,790.4 11,060.2 11,333.3 11,613.2 11,900.0 12,194.0 12,495.1 12,803.7
Assets purchased in:
2015 & earlier 10,790.4 10,790.4 10,790.4 10,790.4 10,790.4 10,790.4 10,790.4 10,790.4 10,790.4
2016 269.8 269.8 269.8 269.8 269.8 269.8 269.8
2017 273.1 273.1 273.1 273.1 273.1 273.1
2018 279.9 279.9 279.9 279.9 279.9
2019 286.8 286.8 286.8 286.8
2020 293.9 293.9 293.9
2021 301.2 301.2
2022 308.6

Depreciation 7,930.1 269.8 273.1 279.9 286.8 293.9 301.2 308.6 316.2
Assets purchased in:
2015 & earlier 2.5% 7,930.1 269.8 269.8 269.8 269.8 269.8 269.8 269.8 269.8
2016 2.5% 3.4 6.7 6.7 6.7 6.7 6.7 6.7
2017 2.5% 3.4 6.8 6.8 6.8 6.8 6.8
2018 2.5% 3.5 7.0 7.0 7.0 7.0
2019 2.5% 3.6 7.2 7.2 7.2
2020 2.5% 3.7 7.3 7.3
2021 2.5% 3.8 7.5
2022 2.5% 3.9

Net book value 2,860.3 2,860.3 2,856.9 2,850.1 2,843.2 2,836.1 2,828.9 2,821.4 2,813.8
Assets purchased in:
2015 & earlier 2,860.3 2,860.3 2,590.5 2,320.8 2,051.0 1,781.3 1,511.5 1,241.7 972.0
2016 266.4 259.6 252.9 246.2 239.4 232.7 225.9
2017 269.7 262.9 256.1 249.2 242.4 235.6
2018 276.4 269.4 262.4 255.4 248.4
2019 283.2 276.1 268.9 261.7
2020 290.2 282.9 275.5
2021 297.4 289.9
2022 304.8

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Table 3.5 back
Manufaktura
Transport equipment
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Gross book value 585.9 585.9 703.1 832.0 883.7 938.1 1,003.1 1,080.1 1,159.5
Assets purchased in:
2015 & earlier 585.9 585.9 585.9 585.9 585.9 585.9 585.9 585.9 585.9
2016 117.2 117.2 117.2 117.2 117.2 117.2 117.2
2017 128.9 128.9 128.9 128.9 128.9 128.9
2018 51.7 51.7 51.7 51.7 51.7
2019 54.4 54.4 54.4 54.4
2020 65.0 65.0 65.0
2021 76.9 76.9
2022 79.4

Depreciation 453.3 117.2 128.9 51.7 54.4 65.0 76.9 79.4 70.4
Assets purchased in:
2015 & earlier 20% 453.3 117.2 117.2 15.4 0.0 0.0 0.0 0.0 0.0
2016 20% 11.7 23.4 23.4 23.4 23.4 11.7 0.0
2017 20% 12.9 25.8 25.8 25.8 25.8 12.9
2018 20% 5.2 10.3 10.3 10.3 10.3
2019 20% 5.4 10.9 10.9 10.9
2020 20% 6.5 13.0 13.0
2021 20% 7.7 15.4
2022 20% 7.9

Net book value 132.6 132.6 120.9 198.0 195.4 184.8 172.8 170.4 179.3
Assets purchased in:
2015 & earlier 132.6 132.6 15.4 0.0 0.0 0.0 0.0 0.0 0.0
2016 105.5 82.0 58.6 35.2 11.7 0.0 0.0
2017 116.0 90.2 64.4 38.7 12.9 0.0
2018 46.6 36.2 25.9 15.5 5.2
2019 49.0 38.1 27.2 16.3
2020 58.5 45.5 32.5
2021 69.2 53.9
2022 71.5

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Table 3.6 back
Manufaktura
Other fixed assets
[all data in thousands of PLN unless stated differently]
2014 A 2015 A 2016 P 2017 P 2018 P 2019 P 2020 P 2021 P 2022 P

Gross book value 150.3 150.3 180.4 213.4 225.7 239.5 256.0 275.5 295.6
Assets purchased in:
2015 & earlier 150.3 150.3 150.3 150.3 150.3 150.3 150.3 150.3 150.3
2016 30.1 30.1 30.1 30.1 30.1 30.1 30.1
2017 33.1 33.1 33.1 33.1 33.1 33.1
2018 12.3 12.3 12.3 12.3 12.3
2019 13.9 13.9 13.9 13.9
2020 16.5 16.5 16.5
2021 19.5 19.5
2022 20.1

Depreciation 117.3 30.1 33.1 12.3 13.9 16.5 19.5 20.1 17.7
Assets purchased in:
2015 & earlier 20% 117.3 30.1 30.1 2.9 0.0 0.0 0.0 0.0 0.0
2016 20% 3.0 6.0 6.0 6.0 6.0 3.0 0.0
2017 20% 3.3 6.6 6.6 6.6 6.6 3.3
2018 20% 1.2 2.5 2.5 2.5 2.5
2019 20% 1.4 2.8 2.8 2.8
2020 20% 1.6 3.3 3.3
2021 20% 1.9 3.9
2022 20% 2.0

Net book value 33.0 33.0 30.0 50.8 49.2 46.6 43.6 43.0 45.3
Assets purchased in:
2015 & earlier 33.0 33.0 2.9 0.0 0.0 0.0 0.0 0.0 0.0
2016 27.1 21.0 15.0 9.0 3.0 0.0 0.0
2017 29.8 23.1 16.5 9.9 3.3 0.0
2018 11.0 8.6 6.1 3.7 1.2
2019 12.5 9.7 6.9 4.2
2020 14.8 11.5 8.2
2021 17.5 13.6
2022 18.1

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