PBIT/Interest 12.1 18.2 23.

5
Asset/Equity 2.0 1.9 1.8
Debt/Total capital 25.6% 19.7% 14.9%

3
Total liabilities and equity $ 6,580 $ 7,822 $ 8,983 11,070 13,759 15,200

1993 1994 1995 Assumptions 1996 1997 1998

Cash Flow statement
PAT 997 1,190 1,439 1,671 2,004
Add dep 180 213 213 333 453
Add interest 106 94 100 143
Current assets
Receivables (550) (557) (713) (873) (1,048)
Inventory (208) (352) 565 (1,578) (641)
Current Liabilities
Payables 283 115 352 358 430
Accrued expense 287 221 333 397 477
Cash flow from operations 1,095 924 2,289 451 1,676

Investment cash flow

Asset purchase (563) (368) (2,000) (400) 0

Financing cash flow

Short term debt 0 0 376 723 (943)
LT debt repay (125) (125) (125) (125) (125)
Interest (106) (94) (100) (143)
Dividend (200) (240) (288) (335) (402)
Sub total (431) (459) (137) 121 (1,470)

Net 101 97 152 172 206

Change in cash 101 97 152 172 206

Average

Sales growth 25.42% 15.48% 20.45%

Cost of sales/Net Sales 58.10% 58.45% 57.91% 58.16%
SGA/Net Sales 32.01% 31.21% 31.78% 31.67%
Income Tax/PBT 41.18% 45.19% 43.74% 43.37%
Dividends/PAT 19.87% 20.06% 20.17% 20.03%

Cash balance/Sales 3.13% 2.99% 3.00% 3.04%

Receivables/Sales 15.68% 15.21% 15.54% 15.47%
Payable/Sales 6.42% 6.51% 6.13% 6.35%
Accrued expenses/Sales 7.05% 7.04% 7.03% 7.04%
Inventory/Sales 10.04% 9.03% 9.32% 9.46%

PAT/Sales 4.81% 4.90% 5.06% 5.10% 4.94% 4.93%

PBIT-Tax/Equity+debnt 21.06% 22.33% 22.27% 21.48% 19.92% 22.03%
PAT/Equity 23.87% 24.53% 23.73% 23.34% 22.27% 22.01%

PBIT/Interest 12.14 18.16 23.50 26.56 21.83 30.93

Debt/Equity 0.34 0.25 0.17 0.18 0.23 0.07

Sales/Assets 2.47 2.60 2.62 2.55 2.46 2.67

Days receivables 57.24 55.50 56.71 56.48 56.48 56.48
Days inventory 63.09 56.39 58.72 36.16 59.39 59.39