EBIT (Sales - COGS - dep - a)

Tax
EBIAT
Add Dep & Am
Less: Working Cap

2012
113.2
28.5%
80.938
157.038
249.038

Change in receivables
Change in inventories
Change in trade payables and other current liabilities

-5.7
-24
-61.8

Payment for acquisitions

Purchase of property and equipment
Proceeds from sale of property and equipment
Payment for other non current assets

-91.7
-81.2
4.3
-0.8
417.938

2013
191
28.5%
136.565
190.365
235.365
32.9
-9
-68.9
-20.6
-55.7
2
-12
321.665

Ways to do
total income
% growth

Dec 11A

Dec 12A

Dec 13A

Dec 14E

Dec 15E

Dec 16E

3270

2985
-8.7%

2900
-2.85%

3049
5.14%

3199
4.92%

COGS
% sales

1692
51.74%

1598
53.53%

1547
53.34%

1597
52.38%

1655
51.73%

Gross profit
% margin

1579
48.29%

1388
46.50%

1353
46.66%

1452
47.62%

1544
48.27%

Operating Expense
% margin

1466
44.83%

1325
44.39%

1152
39.72%

1181
38.73%

1229
38.42%

EBITDA
% margin
% growth

189
5.78%

116
3.89%
-38.62%

201
6.93%
73.28%

271
8.89%
34.83%

315
9.85%
16.24%

D&A
% sales

76
2.32%

54
1.81%

60
2.07%

67
2.20%

70
2.19%

113

63

141

204

245

EBIT
% margin
CAPEX
% sales
x D&A
Change in WC
% sales
Net Debt
Net Interest Expense
% net debt
Tax Rate
EPS (diluted)
% growth

Dec 17E

Dec 18E

Dec 19E

Dec 20E

Dec 21E

Dec 22E

Dec 23E

3356
4.90%

3503
4.40%

3640
3.90%

3764
3.40%

3873
2.90%

3966
2.40%

4045
2%

1763
52.55%

1841
52.55%

1913
52.55%

1978
52.55%

2035
52.55%

2084
52.55%

2126
52.55%

1593
47.47%

1663
47.47%

1728
47.47%

1787
47.47%

1838
47.47%

1883
47.47%

1920
47.47%

1383
41.22%

1444
41.22%

1500
41.22%

1551
41.22%

1596
41.22%

1635
41.22%

1667
41.22%