You are on page 1of 19

Hard coding and assumption in BLUE color

Formulas entered in the model should be in BLACK


Cells linked to other cells should be in GREEN color
Enter all negetive values with a negetive sign

Negative numbers be expressed as -ve 250.0, not (250.0) 0r (-250.0)


Use '%" instead of the word 'percent'
Year be written as FY2007

#,##0.0_);"-ve "#,##0.00

0, not (250.0) 0r (-250.0)

SEGMENT-1

2009

2010

2009

2010

Segment Ana
2011

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

Total Net Sales


Cost of Goods Sold
Gross Profit
SG&A Expense
Advertising Costs
Operating Income
plus: Depreciation
plus: Amortization
EBITDA
Margins
Gross Profit Margin
SG&A Expense (% Sales)
Advertising Costs (% Sales)
Operating Income (% Sales)
Depreciation (% Sales)
Amortization (% Sales)
EBITDA Margin
Growth Rate Analysis
Revenue Growth Rate
EBITDA Growth Rate

SEGMENT-2

2011

Total Net Sales


Cost of Goods Sold
Gross Profit
SG&A Expense
Advertising Costs
Operating Income
plus: Depreciation
plus: Amortization
EBITDA
Margins
Gross Profit Margin
SG&A Expense (% Sales)
Advertising Costs (% Sales)
Operating Income (% Sales)
Depreciation (% Sales)
Amortization (% Sales)
EBITDA Margin
Growth Rate Analysis
Revenue Growth Rate
EBITDA Growth Rate

Page 3 of 19

Segment Ana
SEGMENT-3
2009

2010

2011

2012

2013

2014

2015

2016

Total Net Sales


Cost of Goods Sold
Gross Profit
SG&A Expense
Advertising Costs
Operating Income
plus: Depreciation
plus: Amortization
EBITDA
Margins
Gross Profit Margin
SG&A Expense (% Sales)
Advertising Costs (% Sales)
Operating Income (% Sales)
Depreciation (% Sales)
Amortization (% Sales)
EBITDA Margin
Growth Rate Analysis
Revenue Growth Rate
EBITDA Growth Rate

20.0%

20.0%

20.0%

20.0%

Components
2009

2010

2011

Total Net Sales


Cost of Goods Sold
Gross Profit
SG&A Expense
Advertising Costs
Operating Income
plus: Depreciation
plus: Amortization
EBITDA
Margins
Gross Profit Margin
SG&A Expense (% Sales)
Advertising Costs (% Sales)
Operating Income (% Sales)
Depreciation (% Sales)
Amortization (% Sales)
EBITDA Margin
Growth Rate Analysis
Revenue Growth Rate
EBITDA Growth Rate

Page 4 of 19

2012

2013

2014

2015

2016

2009

2010

IS
2011

2012

2013

2014

2015

2016

Total Net Sales


Cost of Goods Sold
Gross Profit

36,860
-18,483.41
18,376.3

$44,231.7
(22,180.1)
22,051.6

$53,078.0
(26,616.1)
26,461.9

$63,693.6
(31,939.3)
31,754.3

$76,432.4
(38,327.2)
38,105.2

SG&A Expense
Advertising Costs
Operating Income

(11,357.9)
0.0
7,018.4

(13,629.5)
0.0
8,422.1

(16,355.4)
0.0
10,106.5

(19,626.5)
0.0
12,127.8

(23,551.7)
0.0
14,553.4

Other(Income) Expense
EBIT

0.0
7,018.4

0.0
8,422.1

0.0
10,106.5

0.0
12,127.8

0.0
14,553.4

plus: Depreciation
plus: Amortization
EBITDA

2,149.3
0.0
9,167.8

2,410.4
0.0
10,832.5

2,577.0
0.0
12,683.6

2,855.2
0.0
14,983.0

3,045.6
0.0
17,599.0

1,505.7

2,074.1

(0.0)
13,633.5

(0.0)
16,627.5

Interest (Income)
Other (Income)
Other Expense (Income)
Interest Expense
Pre-Tax Income

294.0
367.0
(704.2)
(1,504.7)
5,470.6

457.8

478.1

2,240.6
11,120.5

1,120.0
11,704.6

Income Taxes Expense


Minority Interest Expense
Net Income

(1,849.9)
0.0
$3,620.7

3,760.3
0.0
$14,880.8

3,957.9
0.0
$15,662.5

4,610.1
0.0
$18,243.6

5,622.5
0.0
$22,250.1

232,794,316.0
$63.92

232,794,316.0
$67.28

232,794,316.0
$78.37

232,794,316.0
$95.58

33.8%

33.8%

33.8%

33.8%

Weighted Average Fully Diluted Shares Outstanding


Earnings per Share

232,794,316.0
$15.55

Margins
Gross Profit Margin
SG&A Expense (% Sales)
Advertising Costs (% Sales)

49.9%
50.1%
0.0%

Other(Income) Expense (% Sales)


EBIT Margin
EBITDA Margin
Minority Interest Expense (% Sales)
Net Income Margin

1.8%
19.0%
24.9%
0.0%
10%

Growth Rate Analysis


Revenue Growth Rate
EBITDA Growth Rate
Net Income Growth Rate
Earnings per Share Growth Rate
Effective Tax Rate

33.8%

Page 5 of 19

2009

2010

BS
2011

2012

2013

2014

2015

2016

Cash
Accounts Receivable, net
Inventory
Other Current Assets
Total Current Assets

5,386.24
4,911.75
5,031.3
7,160.6
22,489.9

$5,624.7
5,894.1
6,037.6
20,524.4
38,080.9

$17,713.6
7,072.9
7,245.1
24,629.3
56,661.0

$24,401.6
8,487.5
8,694.2
29,555.2
71,138.4

$42,793.6
10,185.0
10,433.0
35,466.2
98,877.9

PP&E, net
Goodwill
Intangibles
Defered Income Taxes
Other Long-Term Assets
Total Assets

20,852.6
0.0
0.0
0.0
9,939.2
53,281.7

20,852.6
0.0
0.0
0.0
9,939.2
68,872.6

22,052.6
0.0
0.0
0.0
9,939.2
88,652.7

21,952.6
0.0
0.0
0.0
9,939.2
103,030.2

21,852.6
0.0
0.0
0.0
9,939.2
130,669.6

Accounts Payable
Accrued Liabilities
Other Current Liabilities
Total Cur. Liabilities

$6,696.3
0.0
7,572.2
14,268.5

$8,035.6
0.0
9,086.7
17,122.2

$9,642.7
0.0
21,744.8
31,387.5

$11,571.2
0.0
26,093.8
37,665.0

$13,885.5
0.0
31,312.5
45,198.0

Revolving Credit Facility


Long-Term Debt
Deferred Income Taxes
Postretirement Pension Cost
Other Long-Term Liabilities
Total Liabilities

0.0
16,004.0
1,271.5
0.0
306.7
31,850.8

0.0
16,004.0
1,271.5
0.0
306.7
34,704.5

0.0
8,000.0
1,271.5
0.0
306.7
40,965.7

0.0
(0.0)
1,271.5
0.0
306.7
39,243.2

0.0
(0.0)
1,271.5
0.0
306.7
46,776.2

Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Total Equity

$465.7
0.0
0.0
20,965.3
21,431.0

$465.7
0.0
0.0
33,702.5
34,168.2

$465.7
0.0
0.0
47,221.3
47,687.0

$465.7
0.0
0.0
63,321.3
63,787.0

$465.7
0.0
0.0
83,427.7
83,893.4

Total Liabilities and Shareholders' Equity


Check

53,281.7
0.0

68,872.6
0.0

88,652.7
0.0

103,030.2
0.0

130,669.6
0.0

Minority Interest

Total Debt
Total Book Capitalization
Total Debt / Total Book Capitalization
EBITDA
Total Debt to EBITDA
Interest Expense
EBITDA Coverage

Page 6 of 19

CF
2012

2013

2014

2015

2016

Operating Activities
Net Income
Depreciation
Amortization
Minority Interest
Change in Working Capital
Change in Other Long-Term Assets & Liabilities
Other
Cash Flow from Operating Activities

$14,880.8
2,410.4
0.0
0.0
(12,498.7)
0.0
0.0
$4,792.5

$15,662.5
2,577.0
0.0
0.0
7,774.0
0.0
0.0
$26,013.6

$18,243.6
2,855.2
0.0
0.0
(1,512.0)
0.0
0.0
$19,586.8

$22,250.1
3,045.6
0.0
0.0
(1,814.4)
0.0
0.0
$23,481.3

Investing Activities
Capital Expenditures
Asset Sales
Additions to Goodwill / Intangibles
Other
Cash Flow from Investing Activities

(2,410.4)
0.0
0.0
0.0
($2,410.4)

(3,777.0)
0.0
0.0
0.0
($3,777.0)

(2,755.2)
0.0
0.0
0.0
($2,755.2)

(2,945.6)
0.0
0.0
0.0
($2,945.6)

$2,382.1

$22,236.5

$16,831.6

$20,535.7

CASH FLOW AVAILABLE FOR FINANCING ACTIVITIES


Financing Activities
Proceeds from / (Repayment of) Revolver
Proceeds from / (Repayment of) Long Term Debt
Issuance / (Repurchase of) Equity
Dividends
Other
Cash Flow from Financing Activities

0.0

Effects of Exchange Rates on Cash


Net Change in Cash
Beginning Cash Balance
Ending Cash Balance

Page 7 of 19

(8,004.0)

(8,000.0)

0.0

(1,082.2)
(1,061.4)
($2,143.6)

(1,082.2)
(1,061.4)
($10,147.6)

(1,082.2)
(1,061.4)
($10,143.6)

(1,082.2)
(1,061.4)
($2,143.6)

238.5
5,386.2
$5,624.7

12,088.9
5,624.7
$17,713.6

6,688.0
17,713.6
$24,401.6

18,392.1
24,401.6
$42,793.6

2009

2010

Wkg Cap Sch


2011

Net Sales
Cost of Sales
Ratios and Assumptions
Accounts Receivable (Collection period in days)
Inventory (Days outstanding)
Other Current Assets as % of Net Sales

2012

2013

2014

2015

2016

36,859.74
-18,483.41

$44,231.7
(22,180.1)

$53,078.0
(26,616.1)

$63,693.6
(31,939.3)

$76,432.4
(38,327.2)

48.6
99.4
46.4%

48.6
99.4
46.4%

48.6
99.4
46.4%

48.6
99.4
46.4%

48.6
99.4
46.4%

Accounts Payable (Days Payable)


Accrued Liabilities as % of COGS
Other Current Liabilities as % of COGS

132.2
0.0%
41.0%

132.2
0.0%
41.0%

132.2
0.0%
41.0%

132.2
0.0%
41.0%

132.2
0.0%
41.0%

Working Capital Balances


Accounts Receivable, net
Inventory
Other Current Assets
Total Non-Cash Current Assets

$4,911.8
5,031.3
7,160.6
$17,103.7

$5,894.1
6,037.6
20,524.4
$32,456.1

$7,072.9
7,245.1
24,629.3
$38,947.4

$8,487.5
8,694.2
29,555.2
$46,736.9

$10,185.0
10,433.0
35,466.2
$56,084.2

$6,696.3
0.0
7,572.2
$14,268.5

$8,035.6
0.0
9,086.7
$17,122.2

$9,642.7
0.0
21,744.8
$31,387.5

$11,571.2
0.0
26,093.8
$37,665.0

$13,885.5
0.0
31,312.5
$45,198.0

$2,835.2

$15,333.9

$7,559.9

$9,071.9

$10,886.3

(Increase)/Decrease in Working Capital

($12,498.7)

$7,774.0

($1,512.0)

($1,814.4)

Cash Flows by Individual Accounts


Accounts Receivable, net
Inventory
Other Current Assets
Accounts Payable
Accrued Liabilities
Other Current Liabilities
(Increase)/Decrease in Working Capital
Check

($982.3)
(1,006.3)
(13,363.8)
1,339.3
0.0
1,514.4
($12,498.7)
0.0

($1,178.8)
(1,207.5)
(4,104.9)
1,607.1
0.0
12,658.1
$7,774.0

($1,414.6)
(1,449.0)
(4,925.9)
1,928.5
0.0
4,349.0
($1,512.0)

($1,697.5)
(1,738.8)
(5,911.0)
2,314.2
0.0
5,218.8
($1,814.4)

$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0

$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0

$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0

$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0

$0.0

$0.0

$0.0

$0.0

Accounts Payable
Accrued Liabilities
Other Current Liabilities
Total Non-Debt Current Liabilities
NET WORKING CAPITAL / (DEFICIT)

Other Long-Term Items


Deferred Income Taxes
Other Long-Term Assets
Total Other Assets:
(Increase)/Decrease in Other Assets:
Deferred Income Taxes
Postretirement Pension Cost
Other Long-Term Liabilities
Total Other Liabilities:
(Increase)/Decrease in Other Liabilities:

0%
9,939.2
$9,939.2
$1,271.5
0.0
306.7
$1,578.3

Change in Other Long-Term Assets and Liabilities

Page 8 of 19

2009

2010

Net Sales
Capital Expenditures
Capital Expenditures as % of Net Sales

2011

Dep Sch
2012
36,859.74
1,896.94
5.1%

2013

2014

2015

2016

$44,231.7
2,410.4
5.4%

$53,078.0
3,777.0
7.1%

$63,693.6
2,755.2
4.3%

$76,432.4
2,945.6
3.9%

Beginning Gross PP&E


Capital Expenditures
(Asset Sales and Write-Offs)
Ending Gross PP&E

$29,608.2
1,896.9
478.9
$31,984.0

$34,874.7
2,410.4
0.0
$37,285.1

$37,285.1
3,777.0
0.0
$41,062.1

$41,062.1
2,755.2
0.0
$43,817.3

$43,817.3
2,945.6
0.0
$46,762.8

Beginning Accumulated Depreciation

$11,975.6

$14,022.1

$16,432.5

$19,009.5

$21,864.7

100.0

100.0

Existing PP&E, net


Land
Depreciable PP&E, net

Useful Life
14 Years
CAPEX

2012
2013
2014
2015
2016

Useful Life
12 Years

Depreciation Rate
7%

1,200.0

Total Depreciation Expense


Ending Accumulated Depreciation
Ending PP&E, net
Depreciation as % of PP&E, net
Depreciation as % of CapEx

$2,148.3
-101.91
$2,046.4
14,022.1
$17,962.0
11.4%
107.9%

SEGMENTS
Depreciation and Amortization Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Total
Proportion
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Depreciation Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components

Page 9 of 19

2410.4
0
$2,410.4
16,432.5
$20,852.6
11.6%
100.0%

2577.0
0
$2,577.0
19,009.5
$22,052.6
11.7%
68.2%

2755.2
0
$2,855.2
21,864.7
$21,952.6
13.0%
103.6%

2945.6
0
$3,045.6
24,910.2
$21,852.6
13.9%
103.4%

100.0

100.0

100.0

2009

Amort Sch
2010

Net Sales
Additions to Intangibles
Additions to Intangibles as % of Net Sales
Beginning Intangibles
Additions to Intangibles
(Intangible Sales and Write-Offs)
Ending Gross Goodwill / Intangibles
Beginning Accumulated Amortization
Existing Intangibles, net
Non amort. Int.
Amortizable Intangibles, net
Additions
2012
2013
2014
2015
2016

Useful Life
10 Years
Useful Life
10 Years

Total Amortization Expense


Ending Accumulated Amortization
Ending Intangibles, net
Amortization as % of Intangibles net

SEGMENTS
Depreciation and Amortization Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Total
Proportion
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Amortization Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components

Page 10 of 19

2011

2012

2013

2014

2015

2016

2009

2010

Shld Eq Sch
2011

Common Stock
Beginning Balance
Proceeds from Share Issuance
Ending Balance

2012

2013

465.68
0.0
465.7

465.7
0.0
465.7

2014

465.7
0.0
465.7

2015

465.7
0.0
465.7

2016

465.7
0.0
465.7

Additional Paid-In Capital


Beginning Balance
Proceeds from Share Issuance
Net Other Activities
Ending Balance
Treasury Stock / SECT
Beginning Balance
Repurchases of Stock, net of Options issued
Ending Balance
Retained Earnings / Other
Beginning Balance
Net Income
Dividends
Other
Ending Balance

19,488.2
3,620.7
(1,082.2)
(1,061.4)
20,965.3

20,965.3
14,880.8
(1,082.2)
(1,061.4)
33,702.5

33,702.5
15,662.5
(1,082.2)
(1,061.4)
47,221.3

47,221.3
18,243.6
(1,082.2)
(1,061.4)
63,321.3

63,321.3
22,250.1
(1,082.2)
(1,061.4)
83,427.7

$4.00
$931.2
25.7%

$16.44
$3,827.0
25.7%

$17.30
$4,028.1
25.7%

$20.15
$4,691.9
25.7%

$24.58
$5,722.3
25.7%

Minority Interest
Beginning Balance
Minority Interest Expense
Additions & Reductions through Acquisitions
Ending Balance

Share Repurchase Assumptions


Current Year EPS
Assumed Current Year EPS Multiple
Projected Share Price
Shares repurchased - millions
$ Amount Repurchased
Share Issuance of Options
Shares issued under options - millions
$ Received
Shares Outstanding (average)
Beginning Balance (average)
Shares Issued
Shares repurchased
Ending Balance (average)
Annual Dividend per Share
Total Dividends Paid
Dividend Payout Ratio

Page 11 of 19

2009

Debt Sch
2010

CASH FLOW AVAILABLE FOR FINANCING ACTIVITIES

2011

2012

2013
$2,382.1

Plus: Issuance / (Repurchase of) Equity


Less: Dividends Paid
Other
Effects of Exchange Rates on Cash
Plus: Beginning Cash Balance
Less: Minimum Cash Balance
Cash Available for Debt Repayment

Long-Term Debt Balances


Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
Total Long-Term Debt

Long-Term Debt (Repayments) / Borrowings


Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
Total Long-Term Debt (Repayments) / Borrowings
Cash Available for Revolving Credit Facility

Revolving Credit Facility


Beginning Balance
(Mandatory Repayments)
Funds for Discretionary (Paydown) / Borrowings
Discretionary (Paydown) / Borrowings
Ending Balance
Cash Available after all Debt Repayments / (Borrowings)
Plus: Minimum Cash Balance
Ending Cash Balance

Page 12 of 19

2014

2015

2016

$22,236.5

$16,831.6

$20,535.7

(1,082.2)

(1,082.2)

(1,082.2)

(1,082.2)

5,386.2

5,624.7

17,713.6

24,401.6

$6,686.1

$26,779.0

$33,463.0

$43,855.0

16,004.0

16,004.0

8,000.0

$16,004.0

$8,000.0

($0.0)

(0.0)

($0.0)

0.0

(8,004.0)

(8,000.0)

0.0

$0.0

($8,004.0)

($8,000.0)

$0.0

2009

2010

Int Sch
2011

Debt Balances
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt

2012

2013

2014

2015

2016

16,004.0

8,000.0

(0.0)

(0.0)

5,386.2

5,624.7

17,713.6

24,401.6

14.0%

14.0%

14.0%

14.0%

8.5%

8.5%

8.5%

8.5%

0.0

0.0

1,505.7

2,074.1

Revolving Credit Facility


Cash

Average Balances
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
Revolving Credit Facility
Cash

Interest Rates
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
Revolving Credit Facility
Cash

Interest Expense
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt

(2,240.6)

(1,120.0)

Revolving Credit Facility


Sub-Total
Other Interest Expense
Interest Expense
Interest Income

457.8

Interest Expense (From Income Statement)

Page 13 of 19

478.1

2009
Sales growth
Domestic
Exports
% growth in sales
Sales
RM Consumed
Spares consumed
Other Manufacturing Exp
Change in WIP
Change in Finished goods
Administartive and Selling Exp
EBIDTA
Depreciation
Interest
Operating Profit
Non Operating Income
Non Operating Expenses
PBT
Tax
PAT

2010

2011

2012

2013

2014

2015

2016

Financial Performance
1. Total Operating Income (TOI)
2. EBIDTA
3. EBIDTA/TOI (%)
4. Interest
5. Depreciation
6. Operating Profit (OP)
7. Non-operating Income
8. PBT
9. PAT
10. PAT/TOI (%)
11. Net Cash Accruals (NCA)
12. Net fixed assets
13. Tangible Networth (TNW)
14. Exposure in subsidiaries /Group Cos.
Investments
Loans and advances
15. Adjusted TNW (ATNW)
16. Long term debt (LTD)
17. Short term debt (STD)
Term loan repayments
Other working capital STD
18.

Working Capital Bank Finance

19.
20.
21.
22.
23.
24.

Guarantees
Total Debt
Total Debt /TNW
Total Debt /ATNW
Total Current Assets
Total Current Liabilities

25.
26.
27.
28.

Net working capital


Current ratio
ROCE (%)
Interest cover

29.
30.

Total debt/ EBIDTA


Total debt/ NCA

Description
(Sales - Excise Duty) + Other recurring income incidental to main business
(1) Minus (Operating Expenses excl. Interest, Depreciation & Amortisation)
(2)/(1)
Interest on borrowings
Depreciation for the year
(2) Minus (4) Minus (5)In case of any special item like lease rentals, amortisation etc.,
between EBIDTA & OP, it need to be calculated appropriately
Income not from normal course of business net of non-operating expenses
(6) Plus (7)
(8) Minus Tax (incl. Deferred Tax)
(9)/(1)
PAT + Depreciation - Dividend + Non-cash charges+ Deferred Tax Provision
Net Fixed Assets
Paid up share Capital + Reserves - Revaluation Reserves - Intangible assets (patents,
goodwill, prelim. Expenses, bad / doubtful expenses not provided for etc.)
Investments + Loans and Advances
Investments in subsidiaries / group companies
Loans & Advances subsidiaries / group companies
(13) Minus (14)
Debt greater than one year (term loans, debentures, preference shares, DPGs, other term
liabilities) excluding installments due within one year
Debt due within one year
Demand loans, unsecured loans etc. (excluding Working Capital Finance as given in (18)
below)
Secured and unsecured working capital availed from the Banks (include, Bills discounted /
purchased, Cash Credit / WCDL, Demand loans, Export finance etc.)
Guarantees in nature of financial obligations
(16) Plus (17) Plus (18) Plus (19)
(20)/(13)
(20)/(15)
All assets with maturity less than one year
Total liabilities with maturity less than one year, including installments of term liabilities due
within one year
(25) Minus (26)
(25)/(26)
{(6) + (4) + Lease rentals} / {Net fixed Assets + Investments + Total current assets {(9)+ (5) + amortisation + (4) + lease rentals + deferred tax provision} / {(4) + lease rentals}
(20)/(2)
(20)/(11)

2009

2010

2011

2012

2013

2014

2015

2016

Drivers

Effect on valuation

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