2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Cash and equivalents 279.7 251.3 304.3 371.3 359.7...
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2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Cash and equivalents 279.7 251.3 304.3 371.3 359.7 368.6 437.5 Accounts receivable 1,552.5 1,894.0 2,315.4 2,824.9 3,276.9 3,539.1 3,751.4 Inventory 1,672.9 2,096.7 2,436.3 2,997.9 3,477.6 3,755.8 3,981.1 Other current assets 253.5 311.8 371.9 461.2 535.0 577.8 612.5 Current assets 3,758.6 4.553.8 5,427.8 6,655.3 7,649.2 8,241.3 8,782.5 484.6 3,976.5 (24.5% of projected sales). 4,220.0 (26% of projected sales) 649.2 (4% of projected sales) 9,330.3 Net PP&E 3,874.0 4,293.3 4,654.1 4,847.8 4,938.8 4,875.2 4,789.5 4,698.6 Total assets Accounts payable 7,632.6 8,847.2 10,082.0 11,503.2 12,588.0 13,116.5 13,572.0 14,028.9 773.1 935.3 1,153.0 1,383.6 1,605.0 1,733.4 1,837.4 Accrued expenses 418.2 491.0 567.2 714.9 829.3 895.6 949.3 1,947.7 (12% of projected sales) 1,006.3 (6.2% of projected sales) Bank loans 3,020.0 3,880.0 4,580.0 5,080.0 5,230.0 4,930.0 4,530.0 4,030.0 Deferred taxes 351.9 360.7 406.2 527.9 590.1 624.0 658.3 702.5 Long-term debt, current portion 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 Current Liabilities 4,713.2 5,817.0 6,856.5 7,856.4 8,404.4 8,333.1 8,125.1 7,836.5 Long-term debt 1,980.0 1,830.0 1,680.0 1,530,0 1,380.0 1,230.0 1,080.0 930.0 Total liabilities 6,693.2 7,647.0 8,536.5 9,386.4 9,784.4 9,563.1 9,205.1 8,766.5 Shareholders' equity 939.4 1,200.1 1,545.5 2,116.8 2,803.6 3,553.4 4,366.9 5,262.4 Total liabilities and equity 7,632.6 8,847.2 10,082.0 11,503.2 12,588.0 13,116.5 13,572.0 14,028.9 Bank loan (receivables + inventory) 0.94 0.97 0.96 0.87 0.77 0.68 0.59 0.49 Liabilities book equity 7.1x 6.4x 5.5x 4.4x 3.5x 2.7x 2.1x 1.7x -954.6 Total interest-bearing debt / book equity 5.5x 4.9x 4.1x 3.2x 2.4x 1.8x 1.3x 1.0x Tables below are not shown in case Working Capital Assumptions (U.S. $ thousands) 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Income Statement Metrics Revenue 6,336.9 7,794.4 9,298.7 11,530.4 Cost of Goods Sold 2,686.8 3,359.4 4,035.6 4,958.1 13,375.3 5,751.4 14,445.3 6,211.5 15,312.0 16,230.7 6,584.2 6,979.2 Working Capital Ratios Accounts receivable (% Sales) 24.5% 24.3% 24.9% 24.5% 24.5% 24.5% 24.5% 24.5% Inventory (% Sales) 26.4% 26.9% 26.2% 26.0% 26.0% 26.0% 26.0% 26.0% Accounts payable (% Sales) 12.2% 12.0% 12.4% 12.0% 12.0% 12.0% 12.0% 12.0% Other Activity Ratios Other Current Assets (% Sales) 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Accrued Expenses (% Sales) 6.6% 6.3% 6.1% 6.2% 6.2% 6.2% 6.2% 6.2% 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E PP&E (Beginning) 3,618.0 3,874.0 4,293.3 4,654.1 4,847.8 4,938.8 4,875.2 4,789.5 Less: Depreciation (98.9) (102.9) (122.7) (152.2) (176.6) Add: CapEx & Purchase of PP&E 354.9 522.2 483.5 PP&E (Ending) 3,874.0 4,293.3 4,654.1 345.9 4,847.8 267.5 4,938.8 (208.0) 144.5 4,875.2 (238.9) (253.2) 153.1 4,789.5 162.3 4,698,6 Depreciation (% Sales) 1.6% 1.3% 1.3% 1.3% 1.3% 1.4% 1.6% 1.6% CapEx (% Sales) 5.6% 6.7% 5.2% 3.0% 2.0% 1.0% 1.0% 1.0% Long-Term Debt Schedule (U.S. $ thousands) 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Beginning balance (with current portion) 2,280.0 2,130.0 1,980.0 1,830.0 Add: issuances 0.0 Less: retirements (150.0) 0.0 (150.0) 0.0 (150.0) 0.0 (150.0) 1,680.0 0.0 (150.0) Ending balance (with current portion) 2,130.0 1,980.0 1,830.0 1,680.0 1,530.0 1,530.0 0.0 (150.0) 1,380.0 Ending balance (without current portion) 1,980.0 1,830.0 1,680.0 1,530.0 1,380.0 1,230.0 1,380.0 0.0 (150.0) 1,230.0 1,080.0 1,230.0 0.0 (150.0) 1,080.0 930.0 Current portion of long-term debt 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 Interest rate as % of beginning balance 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% Interest payment 247.5 283.3 322.3 352.6 371.8 371.8 347.1 316.8 Deferred Tax Schedule (U.S. $ thousands) 2014A 2015 A 2016A 2017E 2018E 2019E 2020E 2021E Beg, accrued taxes 515.8 351.9 360.7 406.2 527.9 590.1 624.0 658.3 Accrual of taxes 131.6 140.4 186.0 307.6 369.8 403.8 438.0 482.2 Tax payments 295.5 131.6 140.4 186.0 307.6 369.8 403.8 438.0 End. accrued taxes 351.9 360.7 406.2 527.9 590.1 624.0 658.3 702.5 Tax payments as % of previous year's EBT 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Cash and equivalents 279.7 251.3 304.3 371.3 359.7 368.6 437.5 Accounts receivable 1,552.5 1,894.0 2,315.4 2,824.9 3,276.9 3,539.1 3,751.4 Inventory 1,672.9 2,096.7 2,436.3 2,997.9 3,477.6 3,755.8 3,981.1 Other current assets 253.5 311.8 371.9 461.2 535.0 577.8 612.5 Current assets 3,758.6 4.553.8 5,427.8 6,655.3 7,649.2 8,241.3 8,782.5 484.6 3,976.5 (24.5% of projected sales). 4,220.0 (26% of projected sales) 649.2 (4% of projected sales) 9,330.3 Net PP&E 3,874.0 4,293.3 4,654.1 4,847.8 4,938.8 4,875.2 4,789.5 4,698.6 Total assets Accounts payable 7,632.6 8,847.2 10,082.0 11,503.2 12,588.0 13,116.5 13,572.0 14,028.9 773.1 935.3 1,153.0 1,383.6 1,605.0 1,733.4 1,837.4 Accrued expenses 418.2 491.0 567.2 714.9 829.3 895.6 949.3 1,947.7 (12% of projected sales) 1,006.3 (6.2% of projected sales) Bank loans 3,020.0 3,880.0 4,580.0 5,080.0 5,230.0 4,930.0 4,530.0 4,030.0 Deferred taxes 351.9 360.7 406.2 527.9 590.1 624.0 658.3 702.5 Long-term debt, current portion 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 Current Liabilities 4,713.2 5,817.0 6,856.5 7,856.4 8,404.4 8,333.1 8,125.1 7,836.5 Long-term debt 1,980.0 1,830.0 1,680.0 1,530,0 1,380.0 1,230.0 1,080.0 930.0 Total liabilities 6,693.2 7,647.0 8,536.5 9,386.4 9,784.4 9,563.1 9,205.1 8,766.5 Shareholders' equity 939.4 1,200.1 1,545.5 2,116.8 2,803.6 3,553.4 4,366.9 5,262.4 Total liabilities and equity 7,632.6 8,847.2 10,082.0 11,503.2 12,588.0 13,116.5 13,572.0 14,028.9 Bank loan (receivables + inventory) 0.94 0.97 0.96 0.87 0.77 0.68 0.59 0.49 Liabilities book equity 7.1x 6.4x 5.5x 4.4x 3.5x 2.7x 2.1x 1.7x -954.6 Total interest-bearing debt / book equity 5.5x 4.9x 4.1x 3.2x 2.4x 1.8x 1.3x 1.0x Tables below are not shown in case Working Capital Assumptions (U.S. $ thousands) 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Income Statement Metrics Revenue 6,336.9 7,794.4 9,298.7 11,530.4 Cost of Goods Sold 2,686.8 3,359.4 4,035.6 4,958.1 13,375.3 5,751.4 14,445.3 6,211.5 15,312.0 16,230.7 6,584.2 6,979.2 Working Capital Ratios Accounts receivable (% Sales) 24.5% 24.3% 24.9% 24.5% 24.5% 24.5% 24.5% 24.5% Inventory (% Sales) 26.4% 26.9% 26.2% 26.0% 26.0% 26.0% 26.0% 26.0% Accounts payable (% Sales) 12.2% 12.0% 12.4% 12.0% 12.0% 12.0% 12.0% 12.0% Other Activity Ratios Other Current Assets (% Sales) 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Accrued Expenses (% Sales) 6.6% 6.3% 6.1% 6.2% 6.2% 6.2% 6.2% 6.2% 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E PP&E (Beginning) 3,618.0 3,874.0 4,293.3 4,654.1 4,847.8 4,938.8 4,875.2 4,789.5 Less: Depreciation (98.9) (102.9) (122.7) (152.2) (176.6) Add: CapEx & Purchase of PP&E 354.9 522.2 483.5 PP&E (Ending) 3,874.0 4,293.3 4,654.1 345.9 4,847.8 267.5 4,938.8 (208.0) 144.5 4,875.2 (238.9) (253.2) 153.1 4,789.5 162.3 4,698,6 Depreciation (% Sales) 1.6% 1.3% 1.3% 1.3% 1.3% 1.4% 1.6% 1.6% CapEx (% Sales) 5.6% 6.7% 5.2% 3.0% 2.0% 1.0% 1.0% 1.0% Long-Term Debt Schedule (U.S. $ thousands) 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Beginning balance (with current portion) 2,280.0 2,130.0 1,980.0 1,830.0 Add: issuances 0.0 Less: retirements (150.0) 0.0 (150.0) 0.0 (150.0) 0.0 (150.0) 1,680.0 0.0 (150.0) Ending balance (with current portion) 2,130.0 1,980.0 1,830.0 1,680.0 1,530.0 1,530.0 0.0 (150.0) 1,380.0 Ending balance (without current portion) 1,980.0 1,830.0 1,680.0 1,530.0 1,380.0 1,230.0 1,380.0 0.0 (150.0) 1,230.0 1,080.0 1,230.0 0.0 (150.0) 1,080.0 930.0 Current portion of long-term debt 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 Interest rate as % of beginning balance 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% Interest payment 247.5 283.3 322.3 352.6 371.8 371.8 347.1 316.8 Deferred Tax Schedule (U.S. $ thousands) 2014A 2015 A 2016A 2017E 2018E 2019E 2020E 2021E Beg, accrued taxes 515.8 351.9 360.7 406.2 527.9 590.1 624.0 658.3 Accrual of taxes 131.6 140.4 186.0 307.6 369.8 403.8 438.0 482.2 Tax payments 295.5 131.6 140.4 186.0 307.6 369.8 403.8 438.0 End. accrued taxes 351.9 360.7 406.2 527.9 590.1 624.0 658.3 702.5 Tax payments as % of previous year's EBT 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
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