Three Statement Dynamic Model

All Figures In PKR 2018.A 2019.A 2020.A 2021.A 2022.A 2023.F 2024.F 2025.F 2026.F 2027.F

No. Of Days 365 365 365 365 365 365 365 365 365 365

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Assumption & Key Indicators

Income Statement

Sale Growth Rate 0% 22% 6% 5% 13% 11% 7% 11% 11% 10%

Gross Profit Margin 16% 22% 21% 22% 8% 13% 8% 4% 0% -1%

General & Selling Exp as % of Sale 34% 21% 19% 21% 32% 24% 29% 32%
33% 33%

Depreciation as % of Sale 3% 2% 2% 2% 2% 2% 1% 1% 1%
1%

Interest Exp as % L.T Loan 42% 58% 55% 23% 27% 22% 7% -3% -7%
-19%

Income Tax as % EBT 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Balance Sheet

Capital Turnover Ratio 2.5 3.3 3.7 3.5 3.7 4.1 4.1 4.3 4.6 4.7

Receivable Turnover (In Days) 14 24 24 54 30 48 52 56 55

66

Inventory Turnover (In Days) 123 65 73 86 69 57 64 55 46

44

Payable Turnover (In Days) 79 60 87 90 112 115 134 143 157

167

L.T Liabilitites 116,585,222 134,123,077 134,230,460 112,510,688 135,741,601

131,648,320 128,619,318 130,924,682 136,800,633 133,165,238

Income Statement
Sales Revenue 1,628,007,964 1,987,552,095 2,112,492,576 2,210,619,831 2,489,291,011
2,774,466,712 2,966,857,390 3,287,804,601 3,659,127,469 4,011,972,716

CGS (1,375,118,880) (1,553,138,999) (1,670,069,764) (1,721,279,887) (2,295,470,632) (2,411,389,646)

(2,730,922,087) (3,160,518,618) (3,657,017,679) (4,046,105,614)

Gross Profit 252,889,084 434,413,096 442,422,812 489,339,944 193,820,379

363,077,065 235,935,303 127,285,983 2,109,790 -34,132,897

Depreciation (47,924,041) (47,565,161) (42,884,918) (33,549,079) (54,898,312)

(41,959,030) (43,191,835) (45,966,807) (48,346,604) (40,674,831)

General & Selling Expenses (546,543,361) (423,227,706) (407,568,670) (457,024,933)

(791,012,592) (667,510,913) (855,151,761) (1,040,884,073) (1,211,296,414) (1,322,360,215)

EBIT (341,578,318) (36,379,771) (8,030,776) (1,234,068) (652,090,525) (346,392,878)

(662,408,294) (959,564,897) (1,257,533,228) (1,397,167,943)

Interest Expense (49,244,154) (78,300,349) (74,272,355) (25,630,724) (36,980,631)

(28,328,104) (8,369,601) 3,924,280 9,134,548 24,753,026

EBT (390,822,472) (114,680,120) (82,303,131) (26,864,792) (689,071,156) (374,720,982)

(670,777,895) (955,640,618) (1,248,398,680) (1,372,414,917)

Income Tax 0 0 0 0 0 0 0 0 0 0

EAT (390,822,472) (114,680,120) (82,303,131) (26,864,792) (689,071,156) (374,720,982)

(670,777,895) (955,640,618) (1,248,398,680) (1,372,414,917)

Balance Sheet

Assets

Non-Current Assets

Property, Plant & Equipment 645,288,320 595,452,993 572,845,202 636,098,672

668,093,802 674,560,868 715,852,681 765,552,619 801,053,963 848,399,583

Current Asset

Cash & Cash Equivalents 13,111,080 18,787,336 35,392,236 12,626,979

21,624,400 21,624,400 (914,643,021) (2,426,792,442) (4,197,206,611) (6,336,983,741)

Account Receivables 63,720,363 132,933,635 138,824,036 329,306,341 202,059,716

361,287,975 419,006,949 503,508,455 554,249,511 724,176,232

Inventories 461,616,862 277,274,045 335,418,696 407,053,602 430,965,294

377,327,263 477,521,344 479,415,038 463,370,317 491,340,610
Total Current Assets 538,448,305 428,995,016 509,634,968 748,986,922 654,649,410
760,239,638 (18,114,728) (1,443,868,949) (3,179,586,783) (5,121,466,899)

Total Assets 1,183,736,625 1,024,448,009 1,082,480,170 1,385,085,594 1,322,743,212

1,434,800,506 697,737,953 (678,316,331) (2,378,532,820) (4,273,067,316)

Shareholder Equity

Shares Capital 78,750,000 78,750,000 78,750,000 228,750,000 228,750,000

228,750,000 228,750,000 228,750,000 228,750,000 228,750,000

Retained Earnings 9,635,878 9,635,878 9,635,878 607,668,057 (25,813,586)

(1,278,004,303) (1,948,782,198) (2,904,422,815) (4,152,821,495) (5,525,236,413)

Total Shareholder's Equity 88,385,878 88,385,878 88,385,878 836,418,057

202,936,414 (1,049,254,303) (1,720,032,198) (2,675,672,815) (3,924,071,495) (5,296,486,413)

Non-Current Liabilities

L.T Debts 116,585,222 134,123,077 134,230,460 112,510,688 135,741,601

135,741,601 135,741,601 135,741,601 135,741,601 135,741,601

Total Non-Current Liabilities 116,585,222 134,123,077 134,230,460 112,510,688

135,741,601 135,741,601 135,741,601 135,741,601 135,741,601 135,741,601

Current Liabilities

Account Payables 298,120,361 255,324,377 399,806,286 425,850,584 707,328,886

759,433,259 998,980,884 1,236,523,424 1,569,248,180 1,850,347,969

Total Current Liability 298,120,361 255,324,377 399,806,286 425,850,584 707,328,886

759,433,259 998,980,884 1,236,523,424 1,569,248,180 1,850,347,969

Total Liabilities 414,705,583 389,447,454 534,036,746 538,361,272 843,070,487

895,174,860 1,134,722,485 1,372,265,025 1,704,989,781 1,986,089,570

Total Liabilities & Shareholders's Equity 503,091,461 477,833,332 622,422,624 1,374,779,329

1,046,006,901 (154,079,443) (585,309,712) (1,303,407,791) (2,219,081,714) (3,310,396,843)

Statement of Cash Flows

Operating Activities

Earning after Tax (390,822,472) (114,680,120) (82,303,131) (26,864,792) (689,071,156)

(374,720,982) (670,777,895) (955,640,618) (1,248,398,680) (1,372,414,917)

Adjustments For:
Depreciation Expense 47,924,041 47,565,161 42,884,918 33,549,079 54,898,312
41,959,030 43,191,835 45,966,807 48,346,604 40,674,831

Changes In Non-Cash Working Capital (227,216,864) 157,925,529 (208,516,961) (288,161,509)

(178,143,369) (157,694,601) (397,460,680) (323,937,739) (367,421,091) (478,996,802)

Cash Generated From Operating Activities (570,115,295) 90,810,570 (247,935,174)

(281,477,222) (812,316,213) (490,456,554) (1,025,046,740) (1,233,611,550) (1,567,473,167)
(1,810,736,889)

Investing Activities

Addition to Property, Plant & Equipment (23,951,892) (23,951,892) (23,951,892)

(23,951,892) (23,951,892) (674,560,868) (715,852,681) (765,552,619) (801,053,963)
(848,399,583)

Cash (Used For) Investing Activities (23,951,892) (23,951,892) (23,951,892) (23,951,892)

(23,951,892) (674,560,868) (715,852,681) (765,552,619) (801,053,963) (848,399,583)

Financing Activities

Repayment of Debt 0 0 0 0 0 0 0 0 0 0

Issuance of Equity 78,750,000 78,750,000 78,750,000 228,750,000 228,750,000

228,750,000 228,750,000 228,750,000 228,750,000 228,750,000

Cash (Used For) Generated From Financing Activities 78750000 78750000 78750000
228750000 228750000 228750000 228750000 228750000 228750000
228750000

Cash (Used) Generated in the Period (515,317,187) 145,608,678 (193,137,066) (76,679,114)

(607,518,105) (936,267,421) (1,512,149,421) (1,770,414,169) (2,139,777,130) (2,430,386,472)

Cash & Cash Equivalents at Start 0 13,111,080 18,787,336 35,392,236

12,626,979 21,624,400 (914,643,021) (2,426,792,442) (4,197,206,611) (6,336,983,741)

Cash & Cash Equivalents at End 13,111,080 18,787,336 35,392,236 12,626,979

21,624,400 (914,643,021) (2,426,792,442) (4,197,206,611) (6,336,983,741) (8,767,370,213)