Target

Historical figures Forecast horizon

Income Statement (in millions) 2016 2017 2018 2019 2020 2021 2022 2023
Sales (o) 37,410 42,025 46,839
Cost of goods sold (o) -25,498 -28,389 -31,445
Gross profit 11,912 13,636 15,394
SGA (o) -8,134 -9,379 -10,534
Depreciation (o) -967 -1,098 -1,259
Operating income 2,811 3,159 3,601
Interest income (f) 25 30 28
Interest expense (f) -584 -556 -570
Income before tax 2,252 2,633 3,059
Tax expense (o+f) -851 -984 -1,146
Net income from continuing operations 1,401 1,649 1,913
Income from discontinued operations 247 190 1,313
Net income 1,648 1,839 3,226

Historical figures Forecast horizon

Selected Ratios 2016 2017 2018 2019 2020 2021 2022 2023
Sales growth 12.3 % 11.5 %
Sales growth reversion rate -0.9 %
Gross profit margin 31.8 % 32.4 % 32.9 %
SGA/Sales 21.7 % 22.3 % 22.5 %
Depreciation/Gross prior-year PP&E 5.8 % 6.3 %
Interest income/Prior-year cash balance 4.0 % 4.0 %
Interest expense/Prior-year interest-bearing debt 5.3 % 5.2 %
Income tax expense/pretax income 37.8 % 37.4 % 37.5 %

Effective tax rate (Tax expense/income b4 taxes) 0.377886 0.373718 0.374632

 2016 2017 2018
Sales revenue 37410 42025 46839
(-) Cost of goods sold -25498 -28389 -31445
Profit margin 11912 13636 15394
(-) Wages Expenses
(-) Administrative expenses -8134 -9379 -10534
(-) Other operating expenses
EBITDA 3778 4257 4860
(-) Depreciation expenses -967 -1098 -1259
EBIT 2811 3159 3601
(-) Corporate tax as reported -851 -984 -1146
(-/+) Tax-shield from NFE -211.2385 -196.5758 -203.0507
(-) Operating tax expense -1062.238 -1180.576 -1349.051
NOPAT 1748.762 1978.424 2251.949
(+) Financial Income 25 30 28
(-) Financial expenses -584 -556 -570
(+/-) Tax-shield from NFE 211.2385 196.5758 203.0507
Net Income 1401 1649 1913
 Fixed Equity ONCA E
Assets M FNCA M
Current L/T Liabilities FCA ONCL
Assets S/T Liabiities IBD
OCA OCL

ONCA Operating Non-Current Assets ONCL Operating Non-Current Liabilities

FNCA Financial Non-Current Assets IBD Interest Bearing Debt
FCA Financial Current Assets OCL Operating Current Assets
OCA Operating Current Assets NOWC Net Operating Working Capital
FA Financial Assets
ONCA NONCA E IBD
(-)ONCL + (-)FA
NONCA NOWC M NIBD
FA IBD
OCA
(-)OCL NOA format
NOWC E
NOA M
NIBD
Target
Historical figures Forecast horizon
Balance Sheet (in millions) 2016 2017 2018 2019 2020 2021 2022 2023
Gross PP&E 18,936 19,880 22,846
Accumulated depreciation -3,629 -4,727 -5,986
Net PP&E 15,307 15,153 16,860
Other non-current assets 1,361 3,311 1,511
Total non-current assets 16,668 18,464 18,371

Inventories 4,760 4,531 5,384

Trade receivables 5,565 4,621 5,069
Other current assets 852 3,092 1,224
Cash 758 708 2,245
Total current assets 11,935 12,952 13,922

TOTAL ASSETS 28,603 31,416 32,293

Share capital 76 76 76
Share premium 1,256 1,256 1,256
Retained earnings 8,711 9,800 11,697
Shareholders equity 10,043 11,132 13,029

Deferred tax 1,451 1,815 2,010

Long-term debt 9,586 10,155 9,034
Total long-term liabilities 11,037 11,970 11,044

Current portion of long-term debt 975 863 504

Accounts payable 4,684 4,956 5,779
Accrued expenses 1,545 2,188 1,633
Taxes payable 319 307 304
Toal current liabilities 7,523 8,314 8,220

TOTAL EQUITY AND LIABILITIES 28,603 31,416 32,293

 Historical figures Forecast horizon
Selected Ratios 2016 2017 2018 2019 2020 2021 2022 2023
Account receivable turnover rate 6.7 9.1 9.2
Inventory turnover rate 5.4 6.3 5.8
Deferred tax/PP&E 9.5 % 12.0 % 11.9 %
Account payable turnover rate 5.4 5.7 5.4
Accrued expenses turnover rate 5.3 4.3 6.5
Tax payable/Tax expense 37.5 % 31.2 % 26.5 %
Dividends (in millions) 750 1,329
Dividend ratio (Dividend/Net income) 40.8 % 41.2 %
Capital expenditures (CAPEX) - (in millions) 944 2,966
CAPEX/Sales 2.25% 6.33%
Installments interest-bearing debt 975 863 504
NOWC (in millions) 4,629 4,793 3,961
Change in NOWC (in millions) 164 -832
Other non current assets
Other current assets
Target
Historical figures Forecast horizon
Cash Flow Statement (in millions) 2016 2017 2018 2019 2020 2021 2022 2023
NOPAT
+depreciation
-increase in NWC
-Net investments (NCA)
FCF to the Firm
New Net Financial Liabilities
Net financial expenses after tax
Free CF to equity holders
-dividends
Income from discontinuing operations
Cash surplus