Toyota Corolla No.

of Payments
Cost of Car 3,000,000
Loan % 75%
Total Loan
9-mth KIBOR 8.72%
Interest Rate Spread 3.00%
Total Interest Rate
Tenure (yrs) 5.0
Repayment Frequency Monthly
Quarterly PaymeOpening Balance Interest Payment Principal Payment Closing Balance
INCOME STATEMENT
Sales
Cost of Sales
- Cost of Local Sales
- Cost of Export Sales
- Sales Tax
- Regulatory Duty
- Others
Gross Profit (Sales less Cost of Sales)
Distribution cost
- Salaries & Wages
- Freight
- Advertisement & Promotins
- Depreciation
- Others
Administrative/ Conversion Expense
- Salaries & Wages
- Depreciation
- ECL Impairment
- Others
Operating profit
Other income
Finance cost
Profit before taxation
Taxation
Profit after taxation PKR
EPS
DPS
O/S
Depreciation and amortisation
EBITDA (EARNINGS BEFORE INTEREST TAXES DEPRECIATION & AMORTIZATION)

CHANGES IN EQUITY
Retained earnings - opening
Profit after taxation
Transfer to reserves
Dividends
Retained earnings - ending PKR

BALANCE SHEET
Property & equipment
Intangible assets
Deferred tax asset
Non-current assets
Stock in trade / Inventory
Short term investments
Trade debts / Receivables
Advances, deposits and prepayments
Cash and bank balances
Current assets
Total assets PKR

Paid up capital
Share deposit money
Reserves
Loan from director
Share premium
Long term loan
Retained earnings
Total equity

Finance lease obligation

Long term loan
Net defined benefit liability
Non-current liabilities

Short term bank borrowing

Current Portion of Liabilities against Lease/Finance lease obligation
Provision for taxation
Trade creditors / Payable
Current Maturity of Long Term Loan
Accrued and other liabilities
Current liabilities
Total liabilities
Total equity and liabilities PKR

CASH FLOW
Profit before tax
Adjustments for:
Gain on disposal of fixed assets
Finance cost
Depreciation & amortization
Provisions
Deferred liabilities

Current assets
Stock in trade
Trade debts
Advances, deposits and prepayments
Current liabilities
Trade creditors
Accrued and other liabilities
Working capital changes

Cash generated from operations

Income tax paid
Financial Charges, Interest and Gratuity
Net cash generated from operating activities

Addition in fixed assets

Short term investments
Sales proceeds on disposal of fixed assets
Net cash generated from investing activities

Short term financing

Long term Loan
Finance cost paid
Partners contribution / share capital
Partners Drawings / dividends/loan repayment
Finance lease obligation
Net cash generated from financing activities

Net change in cash and cash equivalents

Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year PKR
Check

RATIOS
Sales Growth

EBITDA Growth
Net Profit Growth
Distribution expenses as a % of Sales
Administrative expenses as a % of Sales
Finance cost as a % of Operating profit
Gross Margin
EBITDA Margin
Operating Margin
Net Margin
Earnings per Share
Diluted EPS
Book Value per Share
Dividend per Share
Return on Equity
Return on Assets
Current Ratio
Quick Ratio
Asset Turnover Times
Inventory Turnover Days
Receivables Turnover Days
Payables Turnover Days
Working Capital Cycle Days
Interest Coverage (x)
DSCR (Debt Service Coverage Ratio)
Debt to Equity Ratio
Debt to Assets Ratio
Debt to EBITDA Ratio
Long Term Debt to Equity Ratio
Long Term Debt to Assets Ratio
Long Term Debt to EBITDA Ratio
No. of Shares

Capital Structure:
Long Term Debt
Short Term Debt
Total Debt
Equity
Total Capital PKR

Cost of Sales
- Cost of Local Sales (% of Revenue)
- Cost of Export Sales (% of Revenue)
- Sales Tax (% of Revenue)
- Regulatory Duty (% of Revenue)
- Others (% of Revenue)

Total Salaries
Distribution Expenses -- Salaries & Wages
Administration Expenses -- Salaries & Wages
Total Salaries
No. of Employees
Average Salary
Wage Growth Rate %
Revenue per Employee
Growth in Revenue per Employee %

Distribution Salaries (% of Total Salaries)

Administration Salaries (% of Total Salaries)

Freight (% of Revenue)
Advertisement (% of Revenue)
Distribution - Others (% of Revenue)
Administration - Others (% of Revenue)
 Jun-19 Jun-20 Jun-21

29,785,527,173 43,007,647,183 56,247,540,360

- 25,799,238,072 - 38,237,702,770 - 50,296,331,909
20,585,380,000 31,026,395,000 39,725,837,526
2,229,607,000 1,407,875,000 3,025,860,026
1,162,990,000 2,127,296,000 2,782,183,529
1,739,385,000 3,488,513,000 4,562,450,834
81,876,072 187,623,770 199,999,994
3,986,289,101 4,769,944,413 5,951,208,451
- 306,776,234 - 476,890,000 - 615,766,517
178,598,000 260,579,000 340,390,080
43,463,000 71,504,000 87,796,411
49,430,000 62,566,000 87,585,727
- 37,270,000 37,270,000
35,285,234 44,971,000 62,724,300
- 433,313,932 - 518,972,000 - 747,470,318
156,620,000 245,434,000 309,366,365
32,741,000 52,909,000 52,909,000
8,000,000 52,391,000 52,391,000
235,952,932 168,238,000 332,803,953
3,246,198,935 3,774,082,413 4,587,971,616
175,788,714 167,722,316
- 827,312,404 - 1,397,970,559
2,594,675,245 2,543,834,170
- 1,114,816,676 - 1,079,619,432
1,479,858,569 1,464,214,738
6.24 5.16
- -
237,260,274 283,698,630
34,276,634 61,689,189
3,280,475,569 3,835,771,934
5.5%

1,047,468,871 707,923,291
1,479,858,569 1,464,215,070
(1,819,404,149) (500,792,514)
- -
707,923,291 1,671,345,847

109,076,614 476,972,145
3,871,532 8,808,487
209,578,554 81,263,214
322,526,700 567,043,846
1,118,356,125 4,610,051,895
2,507,897,178 726,246,877
 5,125,052,372 4,655,311,735
5,611,711,180 9,602,055,974
281,979,820 814,288,761
14,644,996,675 20,407,955,242
14,967,523,375 20,974,999,088

2,500,000,000 3,000,000,000
- -
44,559,977 44,559,977
29,331,568 21,557,155
- -
42,744,954 42,744,954
524,297,590 1,487,720,145
3,140,934,089 4,596,582,231

22,287,795 295,102,166
757,255,046 412,818,848
23,057,845 29,188,759
802,600,686 737,109,773

7,082,252,551 8,183,936,642
11,238,396 75,384,670
219,494,778 196,994,778
3,272,012,005 6,481,639,315
- 415,028,414
438,990,870 288,323,265
11,023,988,600 15,641,307,084
11,826,589,286 16,378,416,857
14,967,523,375 20,974,999,088
- -

2,594,675,245 2,543,834,502

- -
827,312,404 1,397,970,559
34,276,634 61,689,189
(59,093,934) 105,815,340
5,931,284 6,130,914
3,403,101,633 4,115,440,504

1,052,905,187 (3,491,695,770)
(1,243,271,652) 469,740,637
(3,226,022,660) (3,990,344,794)

163,627,719 3,209,627,310
389,577,535 (150,667,605)
(2,863,183,871) (3,953,340,222)

539,917,762 162,100,282
(1,114,816,676) (1,079,619,432)
 (574,898,914) (917,519,150)

(16,864,259) (434,521,675)
(1,281,517,178) 1,781,650,301
- -
(1,298,381,437) 1,347,128,626

2,840,648,188 1,516,712,505
800,000,000 (344,436,198)
(827,312,404) (1,397,970,559)
(1,037,965,954) (8,566,927)
- -
(11,166,831) 336,960,645
1,764,202,999 102,699,466

(109,077,352) 532,308,942
391,057,171 281,979,819
281,979,819 814,288,761
- -
 237,260,274 283,698,630
23.07 8.29

779,542,841 707,921,014
7,093,490,947 8,674,349,726
7,873,033,788 9,382,270,740
3,140,934,089 4,596,582,231
11,013,967,877 13,978,852,971

69.11% 72.14% 70.63%

7.49% 3.27% 5.38%
3.90% 4.95% 4.95%
5.84% 8.11% 8.11%
0.27% 0.44% 0.36%

178,598,000 260,579,000 340,390,080

156,620,000 245,434,000 309,366,365
335,218,000 506,013,000 649,756,446
409 442 526
819,604 1,144,826 1,236,412
8%
72,825,250 97,302,369 107,032,606
10%

53.3% 51.5% 52.4%

46.7% 48.5% 47.6%

0.15% 0.17% 0.16%

0.17% 0.15% 0.16%
0.12% 0.10% 0.11%
0.79% 0.39% 0.59%
 2022 2023 2024 2025 2026

67,764,092,978 81,468,258,385 97,750,190,761 117,066,132,418 139,949,152,106

- 59,221,955,170 - 73,259,954,266 - 86,582,490,102 - 103,691,636,533 - 124,727,819,627
47,859,610,047 57,949,777,819 69,202,353,208 82,877,094,984 99,136,040,135
2,218,288,575 4,382,619,130 4,229,204,856 5,064,917,540 6,791,792,377
3,351,829,114 4,029,681,034 4,835,037,567 5,790,465,918 6,922,333,375
5,496,601,995 6,608,198,706 7,928,887,850 9,495,676,968 11,351,805,282
295,625,439 289,677,577 387,006,621 463,481,124 525,848,458
8,542,137,808 8,208,304,118 11,167,700,658 13,374,495,885 15,221,332,479
- 719,909,682 Err:522 Err:522 Err:522 Err:522
395,781,508 475,251,977 555,105,937 652,710,501 769,393,982
105,772,521 129,924,891 153,682,140 184,050,524 220,422,377
105,518,700 124,077,784 151,099,485 180,957,523 215,931,436
37,270,000 37,270,000 37,270,000 37,270,000 37,270,000
75,566,954 Err:522 Err:522 Err:522 Err:522
- 879,023,247 Err:522 Err:522 Err:522 Err:522
372,778,461 431,936,726 513,599,171 603,905,578 705,540,347
52,909,000 52,909,000 52,909,000 52,909,000 52,909,000
52,391,000 52,391,000 52,391,000 52,391,000 52,391,000
400,944,785 Err:522 Err:522 Err:522 Err:522
 70.63% 71.13% 70.80% 70.80% 70.84%
3.27% 5.38% 4.33% 4.33% 4.85%
4.95% 4.95% 4.95% 4.95% 4.95%
8.11% 8.11% 8.11% 8.11% 8.11%
0.44% 0.36% 0.40% 0.40% 0.38%

395,781,508 475,251,977 555,105,937 652,710,501 769,393,982

372,778,461 431,936,726 513,599,171 603,905,578 705,540,347
768,559,970 907,188,703 1,068,705,108 1,256,616,079 1,474,934,328
576 629 686 747 812
1,335,325 1,442,151 1,557,523 1,682,125 1,816,695
8% 8% 8% 8% 8%
117,735,867 129,509,453 142,460,399 156,706,439 172,377,082
10% 10% 10% 10% 10%

51.5% 52.4% 51.9% 51.9% 52.2%

48.5% 47.6% 48.1% 48.1% 47.8%

0.16% 0.16% 0.16% 0.16% 0.16%

0.16% 0.15% 0.15% 0.15% 0.15%
0.11% Err:522 Err:522 Err:522 Err:522
0.59% Err:522 Err:522 Err:522 Err:522
 No. of Payments
Project Cost 20,000,000,000 1
Loan % 75% 2
Total Loan 15,000,000,000 3
9-mth KIBOR 8.72% 4
Interest Rate Spread 1.25% 5
Total Interest Rate 9.97% 6
Tenure (yrs) 10.0 7
Repayment Frequency Quarterly 8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Quarterly PaymeOpening Balance Interest Payment Principal Payment Closing Balance
596,789,001 15,000,000,000 373,875,000 222,914,001 14,777,085,999
596,789,001 14,777,085,999 368,318,869 228,470,133 14,548,615,866
596,789,001 14,548,615,866 362,624,250 234,164,751 14,314,451,116
596,789,001 14,314,451,116 356,787,694 240,001,307 14,074,449,809
596,789,001 14,074,449,809 350,805,661 245,983,340 13,828,466,469
596,789,001 13,828,466,469 344,674,527 252,114,474 13,576,351,995
596,789,001 13,576,351,995 338,390,573 258,398,428 13,317,953,567
596,789,001 13,317,953,567 331,949,993 264,839,008 13,053,114,559
596,789,001 13,053,114,559 325,348,880 271,440,121 12,781,674,438
596,789,001 12,781,674,438 318,583,235 278,205,766 12,503,468,673
596,789,001 12,503,468,673 311,648,957 285,140,044 12,218,328,628
596,789,001 12,218,328,628 304,541,841 292,247,160 11,926,081,468
596,789,001 11,926,081,468 297,257,581 299,531,420 11,626,550,048
596,789,001 11,626,550,048 289,791,760 306,997,241 11,319,552,807
596,789,001 11,319,552,807 282,139,854 314,649,147 11,004,903,659
596,789,001 11,004,903,659 274,297,224 322,491,777 10,682,411,882
596,789,001 10,682,411,882 266,259,116 330,529,885 10,351,881,997
596,789,001 10,351,881,997 258,020,659 338,768,342 10,013,113,655
596,789,001 10,013,113,655 249,576,858 347,212,143 9,665,901,512
596,789,001 9,665,901,512 240,922,595 355,866,406 9,310,035,106
596,789,001 9,310,035,106 232,052,625 364,736,376 8,945,298,730
596,789,001 8,945,298,730 222,961,571 373,827,430 8,571,471,299
596,789,001 8,571,471,299 213,643,922 383,145,079 8,188,326,221
596,789,001 8,188,326,221 204,094,031 392,694,970 7,795,631,250
596,789,001 7,795,631,250 194,306,109 402,482,892 7,393,148,358
596,789,001 7,393,148,358 184,274,223 412,514,778 6,980,633,580
596,789,001 6,980,633,580 173,992,292 422,796,709 6,557,836,871
596,789,001 6,557,836,871 163,454,084 433,334,917 6,124,501,954
596,789,001 6,124,501,954 152,653,211 444,135,790 5,680,366,164
596,789,001 5,680,366,164 141,583,127 455,205,874 5,225,160,290
596,789,001 5,225,160,290 130,237,120 466,551,881 4,758,608,409
596,789,001 4,758,608,409 118,608,315 478,180,686 4,280,427,722
596,789,001 4,280,427,722 106,689,661 490,099,340 3,790,328,382
596,789,001 3,790,328,382 94,473,935 502,315,066 3,288,013,316
596,789,001 3,288,013,316 81,953,732 514,835,269 2,773,178,047
596,789,001 2,773,178,047 69,121,463 527,667,538 2,245,510,509
596,789,001 2,245,510,509 55,969,349 540,819,652 1,704,690,857
596,789,001 1,704,690,857 42,489,420 554,299,581 1,150,391,276
596,789,001 1,150,391,276 28,673,503 568,115,499 582,275,777
596,789,001 582,275,777 14,513,224 582,275,777 0
 Mobile Phone Assembly

Net Book Value (Jun-20)

Depreciation Rate
Additions 300,000,000

Net Book Value (Jun-21)

Assumptions Jun-21
Additions to Mobile Phone Assembly 100,000,000
Depreciation Rate 20%
Life (yrs) 5
 Office ROU Motor
Furniture & Fixtures Computers Motor Vehicles
Equipment Vehicles

8,887,000 6,841,000 29,233,000 26,204,000 33,846,000

33% 33% 33% 25% 25%
888,700.0 684,100.0 2,923,300.0 2,620,400 3,384,600.0

Jun-22 Jun-23 Jun-24 Jun-25

150,000,000 200,000,000 200,000,000 200,000,000
 Rented
Premises- Total Assets
Building
371,962,000 476,973,000

310,501,100
 Mobile Phone Assembly Furniture & Fixtures Computers Office Equipment
Year 1
Cost 300,000,000 8,887,000 6,841,000 29,233,000
Additions 100,000,000 888,700.0 684,100.0 2,923,300.0
Cost + Additions 400,000,000 9,775,700 7,525,100 32,156,300
Depreciation Rate 20% 33% 33% 33%
Depreciation 80,000,000 3,225,981 2,483,283 10,611,579
Accumulated Depreciation 80,000,000 3,225,981 2,483,283 10,611,579
Average Life 5 3 3 3
End Book Value 320,000,000 6,549,719 5,041,817 21,544,721

Mobile Phone Assembly Furniture & Fixtures Computers Office Equipment

Year 2
Cost 400,000,000 9,775,700 7,525,100 32,156,300
Additions 150,000,000 977,570.00 752,510.00 3,215,630.00
Cost + Additions 550,000,000 10,753,270 8,277,610 35,371,930
Depreciation Rate 20% 33% 33% 33%
Depreciation 110,000,000 3,548,579 2,731,611 11,672,737
Accumulated Depreciation 190,000,000 6,774,560 5,214,894 22,284,316
Average Life 5 3 3 3
End Book Value 360,000,000 3,978,710 3,062,716 13,087,614

Mobile Phone Assembly Furniture & Fixtures Computers Office Equipment

Year 3
Cost 550,000,000 10,753,270 8,277,610 35,371,930
Additions 200,000,000 1,075,327.00 827,761.00 3,537,193.00
Cost + Additions 750,000,000 11,828,597 9,105,371 38,909,123
Depreciation Rate #NAME? #NAME? #NAME? #NAME?
Depreciation 150,000,000 #NAME? #NAME? #NAME?
Accumulated Depreciation 340,000,000 #NAME? #NAME? #NAME?
Average Life #NAME? #NAME? #NAME? #NAME?
End Book Value 410,000,000 #NAME? #NAME? #NAME?

Mobile Phone Assembly Furniture & Fixtures Computers Office Equipment

Year 4
Cost 750,000,000 11,828,597 9,105,371 38,909,123
Additions 200,000,000 1,182,859.70 910,537.10 3,890,912.30
Cost + Additions 950,000,000 13,011,457 10,015,908 42,800,035
Depreciation Rate #NAME? #NAME? #NAME? #NAME?
Depreciation 190,000,000 4,293,781 #NAME? #NAME?
Accumulated Depreciation 530,000,000 #NAME? #NAME? #NAME?
Average Life #NAME? #NAME? #NAME? #NAME?
End Book Value 420,000,000 #NAME? #NAME? #NAME?
 Mobile Phone Assembly Furniture & Fixtures Computers Office Equipment
Year 5
Cost 950,000,000 13,011,457 10,015,908 42,800,035
Additions 200,000,000 1,301,146 1,001,591 4,280,004
Cost + Additions 1,150,000,000 14,312,602 11,017,499 47,080,039
Depreciation Rate #NAME? #NAME? #NAME? #NAME?
Depreciation 230,000,000 #NAME? #NAME? #NAME?
Accumulated Depreciation 760,000,000 #NAME? #NAME? #NAME?
Average Life #NAME? #NAME? #NAME? #NAME?
End Book Value 390,000,000 #NAME? #NAME? #NAME?
 ROU Motor Rented Premises-
Motor Vehicles Total Assets
Vehicles Building
26,204,000 33,846,000 371,962,000 776,973,000
2,620,400.0 3,384,600.0 Assumptions: 10% addition on everythi
Mobile Phone Assembly (additons alrea
28,824,400 37,230,600 371,962,000 Rented Premises Building (no add
25% 25%
7,206,100 9,307,650 -
7,206,100 9,307,650 -
4 4
21,618,300 27,922,950 371,962,000 774,639,507

ROU Motor Rented Premises-

Motor Vehicles Total Assets
Vehicles Building
28,824,400 37,230,600 371,962,000 887,474,100
2,882,440.00 3,723,060.00
31,706,840 40,953,660 371,962,000
25% 25%
7,926,710 10,238,415 -
15,132,810 19,546,065 -
4 4
16,574,030 21,407,595 371,962,000 790,072,665

Motor Vehicles ROU Motor Rented Premises- Total Assets

Vehicles Building
31,706,840 40,953,660 371,962,000 1,049,025,310
3,170,684.00 4,095,366.00
34,877,524 45,049,026 371,962,000
#NAME? #NAME?
#NAME? #NAME? -
#NAME? #NAME? -
#NAME? #NAME?
#NAME? #NAME? 371,962,000 813,049,138

ROU Motor Rented Premises-

Motor Vehicles Total Assets
Vehicles Building
34,877,524 45,049,026 371,962,000 1,261,731,641
3,487,752.40 4,504,902.60
38,365,276 49,553,929 371,962,000
#NAME? #NAME?
#NAME? #NAME? -
#NAME? #NAME? -
#NAME? #NAME?
#NAME? #NAME? 371,962,000 793,323,259
 ROU Motor Rented Premises-
Motor Vehicles Total Assets
Vehicles Building
38,365,276 49,553,929 371,962,000 1,475,708,605
3,836,528 4,955,393
42,201,804 54,509,321 371,962,000
#NAME? #NAME?
#NAME? #NAME? -
#NAME? #NAME? -
#NAME? #NAME?
#NAME? #NAME? 371,962,000 730,624,792
ons: 10% addition on everything other than
hone Assembly (additons already given) and
nted Premises Building (no additions)
Expected Credit Loss Impairment Assessment

Probability of Default 0.3600%

# of Clients 75,000
Average Receivable (PKR) 60,000
Security Deposit (20% of Average Receivable) 12,000
Loss Given Default (%) 80%
Expected Loss 12,960,000
Durint Last Ten Years (average clients) 50,000
# of clients that default every years 300
Average Receivable of Clients (PKR) 50,000
Average Receivable of Defaulting Clients (PKR) 30,000
Probability of Default (%) 0.3600%
 Lays Project Expansion
Project Cost (PKR) 1,000,000,000
Debt % 70%
Equity % 30%
Debt (PKR) 700,000,000
Equity (PKR) 300,000,000

Interest Cost KIBOR+1%

KIBOR 7.34%
Spread 1%
Interest Rate 8.34%

Project Timeline (yrs) 3

First Year Interest 58,380,000

Second Year Interest 58,380,000
Third Year Interest 58,380,000
Total Interest 175,140,000
Grace Period (yrs) 3

Maturity (yrs) 10 THE TIME PERIOD IN WHICH I N

Repayment Maturity 7

Total Project 1,175,140,000 YOU DID NOT EXPENSE IT OUT

Fourth Year
Interest Payment 58,380,000
Prinicipal Repayment 100,000,000
Total Interest + Principal 158,380,000
EBITDA 100,000,000
DSCR 0.631
 BULLET

THE TIME PERIOD IN WHICH I NEED TO REPAY PRINCIPAL

YOU DID NOT EXPENSE IT OUT BUT INSTEAD MADE INTEREST AN ASSET FOR YOUR ENTITY

Fifth Year
Toyota Corolla 3,000,000
Useful Life 5
Depreciation Expense per annum 600,000

Microsoft Office 1,000,000

Useful Life 5
Amortization 200,000

YOU CAN CALCULATE VALUE OF ANYTHING BY LOOKING AT THE PRESENT VALUE OF ITS

Receivable from Zara (EUR) 5000000

Current Liabilities 3000000
Working Capital 2,000,000

Assets = Liabilities + Equity

Assets
Non-Current Assets
- Property & Equipment Land, Buildings, Offices, Equipment, Cars,
- Intangible Assets Goodwill, patents, software, intellectual p

Current Assets
- Inventory Raw Material, Work In Process, Finished G
- Short Term Investments T-Bills, Money Market Funds, Equities, etc
- Receivables Trade Receivables, Other Receivables
- Advances, Deposits, Prepayments Rental Advances, Insurance Premium, Pre
- Cash

Liabilities
Non-Current Liabilities
- Long term loans
- Long term leases
Current Liabilities
- Short Term Borrowings / Bank Overdraft To support working capital requirements
- Trade Payables Supplier finance, etc.
- Tax Payables Tax payable to GoP, and other bodies etc.

Equity
Share Capital
Premium
Retained Earnings
HE PRESENT VALUE OF ITS CASH FLOWS

s, Offices, Equipment, Cars, etc.

nts, software, intellectual property

Work In Process, Finished Goods, Packaging

Market Funds, Equities, etc.
bles, Other Receivables
es, Insurance Premium, Prepayments, Security Deposits, etc.

rking capital requirements

GoP, and other bodies etc.

 Unilever Walls Ice Cream Plant
Project Cost 1,000,000,000

Total Sale 20,000,000,000

Cash Sale % 95%
Total Cash Sale 19,000,000,000
Total Credit Sale 1,000,000,000 Annual
Credit Terms (days) 15
Receivable 41,095,890

Procurement Cost 15,000,000,000 BARGAINING POWER OF BU

Procurement on Credit % 100%

Credit Days 90
Payable 3,698,630,137

Cash 3,657,534,247 ASSET=LIABILITY+EQUITY

Receivable 41,095,890
Payable 3,698,630,137

2,657,534,247
 BARGAINING POWER OF BUYER

NEGATIVE CASH CYCLE

ABILITY+EQUITY

CASH CONVERSION CYCLE = RECEIVABLE DAYS + INVENTOR

IF A COMPANY HAS A NEGATIVE CASH CYCLE, ITS NEED FOR DEBT IS LOW

IF A COMPANY HAS A VERY LENGTHY CASH CYCLE, ITS NEED FOR DEBT IS HIGH

2000000000
8.34%
0.25
41,700,000
YS + INVENTORY DAYS - PAYABLE DAYS
EBITDA
Earnings Before Interest, Taxes, Depreciation & Amoritization

EBITDA = Operating Profit + Depreciation

EBITDA = Profit Aftet Tax + Tax + Interest + Depreciation

on & Amoritization

Depreciation
 Unilever
Revenue 20,000,000,000
Credit Sales (%) 10%
Credit Sales (PKR) 2,000,000,000
Cash Sales (%) 90.0%
Cash Sales (PKR) 18,000,000,000
Credit Terms (days) 90

Receivable 493,150,685
 Gul Ahmed x IKEA
Revenue 2,000,000,000
Credit Sales 100%
Credit Sales (PKR) 2,000,000,000
Credit Sales (Days) 90
Receivable (PKR) 493,150,685

Inventory (PKR) 100,000,000 6.250%

Inventory (Days) 23 23

Margin 20%

Cost 1,600,000,000
Payable (Days) 60
Payable (PKR) 263,013,699

Short Term Assets 593,150,685

Short Term Payables 263,013,699
Short Term Borrowing 330,136,986

Working Capital = Current Assets - Current Liabilities

Cash Conversion Cycle 53

If Cash Cycle increases, ST Debt requirements increase
If Cash Cycle decreases, ST Debt requirements decrease
Vehicle
Life (yrs)
Depreciation per year
Market Value of Car at Year 5
Value of Accidental Car at Year 3

1
2
3
4
5

Gain (Loss) on Disposal of Assets

Tax (30%)
Net Gain (Loss) on Disposal of Assets

Land for Coal Mine

Total Lifetime Production (million tons per annum)
Annual Coal Production (million tons)
Cost of the Land for Coal Mine (USDm)
Asset Life (yrs)
Depreciation per year

Green Buses
Cost of Green Bus (PKR)
Total Lifetime Kilometers
Daily Kilometers
Annual Kilometers
Asset life (yrs)
Depreciation per year
Depreciation per km
Price
3,000,000
5
600,000
2,800,000
500,000
Depreciation Accumulated Depreciation Book Value
600,000 600,000 2,400,000
600,000 1,200,000 1,800,000
600,000 1,800,000 1,200,000
600,000 2,400,000 600,000
600,000 3,000,000 -

- 700,000
- 210,000
- 490,000

120
2
100
60
1.667

5,000,000
500,000
100
36,500
13.70
365,000
10
 Freehold Buildings on
Leasehold Land
Year 1 Land Lease
Cost 1,394,929 359,599 5,952,556
Depreciation Rate 1% 5%
Depreciation 13,949 297,628
Accumulated Deprecia 13,949 - 297,628
Average Life 20
Ending Book Value 1,380,980 359,599 5,654,928

Year 2
Cost 1,394,929 359,599 5,952,556
Depreciation Rate 1% 0% 5%
Depreciation 13,949 - 297,628
Accumulated Deprecia 27,899 - 595,256
Average Life 100 20
Ending Book Value 1,367,030 359,599 5,357,300

Year 3
Cost 1,394,929 359,599 5,952,556
Additions: 139,493 35,960 595,256
Cost + Additions 1,534,422 395,559 6,547,812
Depreciation Rate 1% 0% 5%
Depreciation 15,344.22 - 327,390.58
Accumulated Deprecia 43,242.80 - 922,646.18
Average Life
Ending Book Value 1,491,179 395,559 5,625,165
Buildings on Plant & Quarry
Generators Vehicles Aircraft Furniture
Freehold Machinery Equipment
3,594,422 36,393,594 16,442,667 2,015,140 2,006,387 744,664 116,785
5% 10% 5% 10% 10% 10% 20%
179,721 3,639,359 822,133 201,514 200,639 74,466 23,357
179,721 3,639,359 822,133 201,514 200,639 74,466 23,357
20 10 20 10 10 10 5
3,414,701 32,754,235 15,620,534 1,813,626 1,805,748 670,198 93,428

3,594,422 36,393,594 16,442,667 2,015,140 2,006,387 744,664 116,785

5% 10% 5% 10% 10% 10% 20%
179,721 3,639,359 822,133 201,514 200,639 74,466 23,357
359,442 7,278,719 1,644,267 403,028 401,277 148,933 46,714
20 10 20 10 10 10 5
3,234,980 29,114,875 14,798,400 1,612,112 1,605,110 595,731 70,071

3,594,422 36,393,594 16,442,667 2,015,140 2,006,387 744,664 116,785

359,442 3,639,359 1,644,267 201,514 200,639 74,466 11,679
3,953,864 40,032,953 18,086,934 2,216,654 2,207,026 819,130 128,464
5% 10% 5% 10% 10% 10% 20%
197,693.21 4,003,295.34 904,346.69 221,665.40 220,702.57 81,913.04 25,692.70
557,135.41 11,282,014.14 2,548,613.39 624,693.40 621,979.97 230,845.84 72,406.70

3,396,729 28,750,939 15,538,320 1,591,961 1,585,046 588,285 56,057

 Office
Computers Other Assets Total
Equipment
270,965 160,867 409,588 69,862,163
33% 33% 15%
89,418 53,086 61,438 5,656,710
89,418 53,086 61,438
3 3 7
181,547 107,781 348,150

270,965 160,867 409,588

33% 33% 15%
89,418 53,086 61,438
178,837 106,172 122,876
3 3 7
92,128 54,695 286,712

270,965 160,867 409,588

27,097 16,087 40,959
298,062 176,954 450,547
33% 33% 15%
98,360.30 58,394.72 67,582.02
277,197.20 164,566.94 190,458.42

20,864 12,387 260,088

Assumptions 2021 2022
Interest Rate 7.34%
PKR-USD 168 178
PKR-USD % Change 6%
Population Growth Rate 2.0%
Increase in Cellular Penetration (per annum) 1.50%
Increase in 3G/4G Subscribers as % of Total Every Year 4.00%
3G/4G Subscribers (as % of Total) 55.57% 59.57%
Increase in Price of Smart Phones 12%
Increase in Price of Non-Smart Phones 5%

2021 2022
Total Population 220,000,000 224,400,000
Cellular Penetration 84.3% 85.8%
3G/4G Penetration 46.9%
Cellular Subscribers 185,565,387 192,642,695
3G/4G Subscribers 103,120,588 114,759,228
Replacement Cycle (years) 3 3
Total Demand for Mobile Phones in Pakistan 61,855,129 64,214,232
Total Demand for 3G/4G Phones in Pakistan 34,373,529 38,253,076
Total Demand for Non-Smart Phones 27,481,600 25,961,155

Average Price for a 3G/4G Phone in Pakistan 17,000 19,040

Average Price for a Non-Smart Phone in Pakistan 4,000 4,200

Market Size of 3G/4G Phones in Pakistan (PKR) 584,349,998,667 728,338,568,680

Market Size of Non-Smart Phones in Pakistan (PKR) 109,926,398,667 109,036,853,074
Total Market Size for Phones in Pakistan (PKR) 694,276,397,333 837,375,421,754
Total Market Size for Phones in Pakistan (USD) 4,132,597,603 4,702,242,934

Airlink Market Share (%) 8.10% 8.00%

Revenue 56,247,540,360 66,990,033,740
 2023 2024 2025 2026

189 200 212 225

6% 6% 6% 6%
2.0% 2.0% 2.0% 2.0%
1.50% 1.50% 1.50% 1.50%
4.00% 4.00% 4.00% 4.00%
63.57% 67.57% 71.57% 75.57%
12% 12% 12% 12%
5% 5% 5% 5%

2023 2024 2025 2026

228,888,000 233,465,760 238,135,075 242,897,777
87.3% 88.8% 90.3% 91.8%

199,928,869 207,429,432 215,150,047 223,096,515

127,096,831 140,162,194 153,985,095 168,596,323
3 3 3 3
66,642,956 69,143,144 71,716,682 74,365,505
42,365,610 46,720,731 51,328,365 56,198,774
24,277,346 22,422,413 20,388,318 18,166,730

21,325 23,884 26,750 29,960

4,410 4,631 4,862 5,105

903,438,170,732 1,115,867,482,321 1,373,024,988,477 1,683,704,527,749

107,063,094,600 103,826,982,366 99,128,509,658 92,743,452,482
1,010,501,265,332 1,219,694,464,687 1,472,153,498,136 1,776,447,980,232
5,353,229,338 6,095,708,285 6,940,972,959 7,901,578,999

7.50% 7.00% 7.00% 7.00%

75,787,594,900 85,378,612,528 103,050,744,869 124,351,358,616
Assumptions 2021
PKR-USD 168
PKR Depreciation
Interest Rate 7.34%
Average Price of Smart Phone 17,000
Average Price of Non-Smart Phone 3,000
Increase in Price of Smart Phone
Increase in Price of Non-Smart Phones
Population Growth Rate
Increase in Penetration Rate
3G/46 Subscribers (% of Total) - Increase in Share

2021
Total Population 220,000,000
No. of Cellular Subscribers 185,565,387
No. of 3G/4G Subscribers 103,120,588
Cellular Penetration Rate 84.35%
3G/4G Penetration Rate 46.87%
3G/4G Subscribers (as % of Total) 55.57%
Replacement Cycle (yrs) 3
Total Demand for Mobile Phones 61,855,129
Total Demand for Smart Phones 34,373,529
Total Demand for Non-Smart Phones 27,481,600

Market Size for Smart Phones in Pakistan (PKR) 584,349,998,667

Market Size for Non-Smart Phones in Pakistan (PKR) 82,444,799,000
Total Market for Phones in Pakistan (PKR) 666,794,797,667
Total Market for Phones in Pakistan (USD) 3,969,016,653

Airlink Revenue (PKR) 56,247,540,360

Market Share 8.44%
 2022 2023 2024 2025
176 185 194 204
5% 5% 5% 5%

18,700 20,570 22,627 24,890

3,210 3,435 3,675 3,932
10% 10% 10% 10%
7% 7% 7% 7%
2% 2% 2% 2%
2% 2% 2% 2%
4% 4% 4% 4%

2022 2023 2024 2025

224,400,000 228,888,000 233,465,760 238,135,075
193,764,695 202,217,749 210,931,419 219,912,749
115,427,615 128,551,896 142,528,522 157,393,809
86.35% 88.35% 90.35% 92.35%
51.44% 56.16% 61.05% 66.09%
59.57% 63.57% 67.57% 71.57%
3 3 3 3
64,588,232 67,405,916 70,310,473 73,304,250
38,475,872 42,850,632 47,509,507 52,464,603
26,112,360 24,555,284 22,800,966 20,839,647

719,498,801,172 881,437,500,060 1,074,997,623,854 1,305,828,227,747

83,820,675,149 84,340,034,712 83,796,489,683 81,949,576,936
803,319,476,321 965,777,534,772 1,158,794,113,537 1,387,777,804,683
4,553,965,285 5,214,218,415 5,958,392,406 6,796,001,395

67,764,092,978 81,468,258,385 97,750,190,761 117,066,132,418

8.44% 8.44% 8.44% 8.44%
 2026
214
5%

27,379
4,208
10%
7%
2%
2%
4%

2026
242,897,777
229,168,959
173,185,332
94.35%
71.30%
75.57%
3
76,389,653
57,728,444
18,661,209

1,580,528,017,328
78,519,933,300
1,659,047,950,628
7,737,544,528

139,949,152,106
8.44%