Professional Documents
Culture Documents
2010
2011
Airports
14,013.40 26,953.70
Epc
4,008.50 5,155.80
Others
3,200.30 4,923.70
Power
20,254.70 22,358.40
Road
3,060.70 3,929.50
Total sales 44,537.60 63,321.10
Airports
Road
Sales
Cost of Sales
25.5%
38.8%
25.0%
11.0%
3.6%
21.7%
Income Taxes
Balance Sheet
Assets
Accounts Payable
Short-Term Debt
Other Current Liabilities
Long-Term Debt
Deferred Income Taxes
Paid-In Capital
Retained Earnings
cost of equity
Beta
RPm ( risk premium )
Rf
1.2
0.12
0.07
Rd
0.08
D/E
Perpetual growth rate
0.05
44,537.60
2012
25,609.40
11,749.90
6,008.70
22,024.90
3,316.50
68,709.40
2013
41,730.20
13,606.20
5,852.40
22,321.20
4,070.90
87,580.90
2014 CAGR
2015
2016
2017
51,513.00
43.82% 74693.85 110546.9 165820.3
4,687.00
3.99% 4921.35 5167.418 5425.788
5,710.00
15.57%
6566.5 7551.475 8684.196
32,713.00
12.73% 45798.2 54957.84 65949.41
1,759.00
9.97% 2022.85 2326.278 2675.219
96,382.00
21.29% 134002.8 180549.9
248555
0.39033 0.34736 0.376655
grow at 5.5% and demand to grow at 7.5%. GMR growing at a CAGR of 12.73%. EMCO and GKEL (1650 MW) op
emand will be meet in the next five years by the reforms of the new government.
ming a aggressive growth rate of 30% for the year 2015 and then 13% for the subsequent years in the power sec
es very little to the overall revenues. However, considering the optimistic future for the power sector we are con
e are considering a growth rate of 12% as the growth rate for others segment
EPC
Others
ues in 2014 was because of the 74% stake divestment in two expressways.
en a positive growth of around 15-16% yoy. hence revenue may increase at a CAGR of around 12%
rown at a CAGR of 9.97% and we are assuming it will bag some good projects and
ed on historical average
ed on historical average
ed on historical average
ed on historical average
this rate per year, based on media reports
sed on Annual report
rom other items
ed on historical average
me as historical average
ssets, based on historical average
me as 2013
ased on media reports and assumptions
ed on historical average
unchanged at 2013 level
rom other items
http://www.btvin.com/videos/watch/7553/gmr-&-gvk-not-lining-u
Depreciation on plant and machinery is provided using straight
equent years in the power sector for the next three years
R of around 12%
h/7553/gmr-&-gvk-not-lining-up-fresh-capex
ery is provided using straight line method at the rate of 5.28% per annum
Mar-10
Mar-11
12 mths
12 mths
86,572.10
84,572.10
114,185.30
96,036.40
Total capital
Paid up equity capital
Forfeited equity capital
Paid up preference capital
Capital contribution & funds by govt., others
Convertible warrants
Share application money & suspense account
21,568.90
3,667.40
23,873.60
3,892.40
2,000.00
18,148.90
17,901.50
63,003.20
9,141.20
53,862.00
19,981.20
72,780.10
Borrowings
Borrowing from banks
Borrowing from financial institutions
Borrowings from central & state govt
Borrowings syndicated across banks & institutions
Debentures and bonds
Foreign currency borrowings
Loans from promoters, directors and shareholders
Inter-corporate loans
Deferred credit
Interest accrued and due
Hire purchase loans
Fixed deposits
Commercial papers
Other borrowings
Deferred tax liability
Current liabilities & provisions
Sundry creditors
Acceptances
Deposits & advances from customers,etc
Interest accrued but not due
73,571.60
791.5
211,746.10
106,757.80
27,944.40
3,150.50
233,441.90
135,062.50
39,143.70
3,150.50
15,750.00
36,849.80
11,090.00
40,881.00
20,637.60
3.9
3,818.40
32
18.8
624
273.1
5,211.90
8,194.90
19,631.40
8,505.70
65,103.00
10,410.90
5,099.40
752.7
31,066.80
1,386.20
0.5
1,383.20
3,889.90
0.5
19,835.00
2,403.60
323,161.50
421,542.40
Memorandum
Tangible net worth
Total outside liabilities
Total term liabilities
39,119.40
227,487.60
187,075.20
46,629.20
296,141.30
188,180.50
Contingent liabilities
Authorised equity capital
Issued equity capital
203,870.20
7,500.00
3,667.40
225,134.20
7,500.00
3,892.40
187,075.20
24,670.90
188,180.50
45,261.40
Total liabilities
Mar-12
Mar-13
12 mths
12 mths
108,033.00
88,231.70
105,956.30
86,245.30
21,809.60
3,892.40
21,092.40
3,892.40
19,801.30
19,711.00
17,917.20
71,485.40
17,200.00
68,889.40
78,627.10
76,452.70
7,141.70
7,563.30
360,965.30
199,224.10
42,734.20
3,150.50
423,501.20
224,945.40
64,760.70
3,150.50
21,644.70
88,373.40
27,122.60
98,784.80
1,250.00
4,103.60
644.4
3,763.00
15.5
13.7
469.3
316.1
11,461.40
12,580.50
88,027.40
12,483.80
104,825.50
15,501.60
36,103.20
1,145.00
38,644.80
3,232.20
0.5
34,798.30
3,496.60
0.5
43,023.50
4,422.90
573,550.40
650,600.00
15,853.00
445,496.10
288,809.50
-8,416.50
523,903.80
371,478.70
211,742.30
7,500.00
3,892.40
155,133.60
7,500.00
3,892.40
288,809.50
72,155.80
371,478.70
52,022.50
Sales
Cost of Sales
Gross Operating Income
Extraordinary Other Income
Selling, General & Admn. Expenses
Depreciation & Amortisation
Other Net Expenses
EBIT
Interest (Income)
Interest Expense
Pre-Tax Income
Historical period
2012
$44,528.4
$18,531.6
$25,996.8
$63,321.4
$24,871.7
$38,449.7
$2,134.0
$3,547.2
$13,190.2
$6,416.3
$857.6
$7,666.7
$23,617.2
$7,890.0
$12,106.9
($1,617.2)
$2,546.6
$2,312.4
$8,250.6
$1,962.7
$12,120.9
($11,425.7)
Income Taxes
($375.0)
$238.0
Net Income
$2,253.4
($10,466.7)
Dividends
Addition to Retained Earnings
$0.0
$0.0
2012
Assets
$16,826.2
$10,283.4
$1,159.2
$13,156.3
$41,425.1
$33,732.1
$20,364.7
$1,845.8
$48,844.3
$104,786.9
$149,669.5
$23,415.8
$126,253.7
$243,702.3
$31,502.7
$212,199.6
$155,482.7
$104,555.9
$281,736.4
$316,755.5
$323,161.5
$421,542.4
$14,358.3
$24,670.9
$5,273.1
$44,302.3
$42,864.4
$45,261.4
$22,238.6
$110,364.4
$187,075.2
$5,211.9
$236,589.4
$188,180.5
$8,194.9
$307,357.1
$3,667.4
$82,904.7
$86,572.1
$3,892.4
$110,292.9
$114,185.3
$323,161.5
$421,542.4
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Total Liabilities
Paid-In Capital
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
Historical period
2013
2014
2015
Forecast Period
2016
2017
2018
$68,704.3
$25,715.8
$42,988.5
$87,580.0
$22,307.2
$65,272.8
$96,382.0
$24,549.1
$71,832.9
$134,002.8
$34,131.4
$99,871.4
$180,549.9
$45,987.2
$134,562.7
$248,555.0
$63,308.6
$185,246.4
$16,507.9
$25,535.3
$31,919.1
$39,898.9
$49,873.6
$62,342.0
$28,856.5
$6,838.8
$18,559.4
$5,241.7
$40,685.1
$8,030.4
$22,508.6
$19,584.0
$56,488.7
($343.3)
$24,362.7
$23,243.9
$78,431.1
($336.5)
$30,453.3
$31,222.3
$108,896.7
($329.7)
$38,066.7
$37,802.7
$151,196.3
($323.1)
$47,583.3
$49,132.0
$1,943.4
$2,002.0
$2,074.5
$2,149.6
$2,227.5
$2,308.1
$18,062.1
($10,877.0)
$20,054.3
$1,531.7
$24,409.0
$909.4
$29,709.4
$3,662.6
$36,160.6
$3,869.5
$44,012.8
$7,427.3
$2,477.6
$0.0
$1,098.8
$1,160.9
$2,228.2
$1,354.1
$909.4
$2,563.8
$2,708.7
$5,199.1
$0.0
$0.0
$909.4
$0.0
$2,563.8
$0.0
$2,708.7
$0.0
$5,199.1
$1,901.7
($10,588.4)
$0.0
Historical period
Forecast Period
2013
2014
2015
2016
2017
2018
$46,984.7
$37,477.5
$2,594.5
$46,984.7
$134,041.4
$69,306.0
$43,552.0
$2,704.3
$54,466.7
$170,029.0
$72,771.3
$46,382.9
$2,715.6
$55,556.0
$177,425.8
$76,409.9
$49,397.8
$2,726.9
$56,667.2
$185,201.6
$80,230.4
$52,608.6
$2,738.2
$57,800.5
$193,377.7
$84,241.9
$56,028.2
$2,749.6
$58,956.5
$201,976.2
$274,430.7
$41,154.2
$233,276.5
$325,131.2
$49,804.3
$273,352.2
$318,628.6
$49,461.0
$269,167.6
$312,256.0
$49,124.5
$263,131.5
$306,010.9
$48,794.7
$257,216.1
$299,890.7
$48,471.6
$251,419.1
$206,232.5
$207,218.8
$196,857.9
$187,015.0
$177,664.2
$168,781.0
$439,509.0
$480,571.0
$466,025.5
$450,146.5
$434,880.4
$420,200.1
$573,550.4
$650,600.0
$643,451.2
$635,348.1
$628,258.0
$622,176.2
$49,732.5
$72,155.8
$38,294.9
$160,183.2
$57,379.1
$52,022.5
$47,446.4
$156,848.0
$63,117.0
$124,198.0
$52,191.0
$239,506.1
$69,428.7
$129,641.1
$57,410.1
$256,480.0
$76,371.6
$135,364.4
$63,151.2
$274,887.1
$114,008.7
$141,383.3
$69,466.3
$324,858.3
$288,809.5
$11,461.4
$465,517.4
$371,478.7
$12,580.5
$544,643.7
$221,478.7
$12,816.0
$536,585.5
$199,330.8
$13,056.0
$525,918.6
$169,431.2
$13,300.4
$516,119.8
$144,016.5
$13,549.4
$504,838.9
$3,892.4
$104,140.6
$108,033.0
$3,892.4
$102,063.9
$105,956.3
$3,892.4
$102,973.3
$106,865.7
$3,892.4
$105,537.1
$109,429.5
$3,892.4
$108,245.8
$112,138.2
$3,892.4
$113,444.9
$117,337.3
$573,550.4
$650,600.0
$643,451.2
$635,348.2
$628,258.0
$622,176.2
($0.0)
($0.0)
($0.0)
$0.0
Histo
2010
Sales
Cost of Sales
Gross Operating Income
Other Net Income
Selling, General & Admn. Expenses
Depreciation & Amortisation
Other Net Expenses
EBIT
100.00%
41.62%
58.38%
4.79%
29.62%
14.41%
1.93%
17.22%
Interest (Income)
Interest Expense
Pre-Tax Income
18.53%
4.41%
Income Taxes
-0.84%
Net Income
Dividends
Addition to Retained Earnings
5.72%
5.06%
$0.0
Histo
2010
Assets
100%
5.21%
3.18%
0.36%
4.07%
12.82%
0.00%
46.31%
7.25%
39.07%
0.00%
48.11%
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Total Liabilities
Paid-In Capital
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
87.18%
0.00%
100.00%
0.00%
0.00%
4.44%
7.63%
1.63%
13.71%
0.00%
57.89%
1.61%
73.21%
0.00%
1.13%
25.65%
26.79%
0.00%
100.00%
Historical period
2011
2012
2013
100.00%
39.28%
60.72%
100.00%
37.43%
62.57%
5.60%
24.03%
29.16%
37.30%
12.46%
19.12%
-2.55%
42.00%
9.95%
27.01%
7.63%
46.45%
9.17%
25.70%
22.36%
3.65%
2.83%
2.29%
19.14%
-18.04%
26.29%
-15.83%
22.90%
1.75%
0.38%
2.77%
2.83%
-16.53%
-15.41%
1.55%
$0.0
$0.0
$0.0
2014
100.00% 100.00%
25.47%
74.53%
Historical period
Forecast Period
2015
2016
100.00%
100.00%
2017
100.00%
Forecast Period
2011
2012
2013
100%
8.00%
4.83%
0.44%
11.59%
24.86%
0.00%
57.81%
7.47%
50.34%
0.00%
24.80%
100%
8.19%
6.53%
0.45%
8.19%
23.37%
0.00%
47.85%
7.18%
40.67%
0.00%
35.96%
100%
10.65%
6.69%
0.42%
8.37%
26.13%
0.00%
49.97%
7.66%
42.02%
0.00%
31.85%
2014
2015
2016
2017
75.14%
0.00%
100.00%
0.00%
0.00%
10.17%
10.74%
5.28%
26.18%
0.00%
44.64%
1.94%
72.91%
0.00%
0.92%
26.16%
27.09%
0.00%
100.00%
76.63%
0.00%
100.00%
0.00%
0.00%
8.67%
12.58%
6.68%
27.93%
0.00%
50.35%
2.00%
81.16%
0.00%
0.68%
18.16%
18.84%
0.00%
100.00%
73.87%
0.00%
100.00%
0.00%
0.00%
8.82%
8.00%
7.29%
24.11%
0.00%
57.10%
1.93%
83.71%
0.00%
0.60%
15.69%
16.29%
0.00%
100.00%
323161.5 421542.4
44528.4
573550.4
650600
63321.4
68704.3
87580
EBITDA
27.74%
Mar-10
12 mths
149,669.50
23,415.80
126,253.70
45,452.70
3,424.70
31,219.90
21,509.10
19,020.40
5,626.90
103,828.70
45,637.40
957.8
384.1
23,618.90
12,974.90
7,702.40
0.7
Memorandum
Investments in group companies
Investments in non-group companies
12,117.10
25,440.10
24,334.00
6,016.60
Current assets
Cash & bank balance
Inventories
Receivables
28,268.80
16,826.20
1,159.20
10,283.40
13,156.30
323,161.50
Mar-11
12 mths
Mar-12
12 mths
Mar-13
12 mths
243,702.30
31,502.70
274,430.70
41,154.20
325,131.20
49,804.30
212,199.60
49,407.20
2,954.90
76,415.60
53,577.70
22,257.10
6,150.30
233,276.50
72,378.70
3,393.00
74,045.10
53,736.40
21,727.00
5,870.70
273,352.20
94,661.80
3,913.30
72,344.10
70,532.10
25,880.50
5,667.20
65,038.20
186,572.80
191,783.20
29,808.60
354.9
467.3
14,206.50
19,741.30
726.4
7,216.00
169.5
467.3
4,523.80
1,991.20
42.3
2,827.90
86.1
3,701.30
9,389.10
21.9
0
32.8
18,741.30
16,028.70
2,458.50
4,693.30
1,000.00
1,752.80
330.6
4,678.50
1,713.70
9,709.10
12,443.70
12,607.70
55,942.60
33,732.10
1,845.80
20,364.70
87,056.70
46,984.70
2,594.50
37,477.50
115,562.30
69,306.00
2,704.30
43,552.00
41,921.40
7,154.10
43,576.10
48,227.00
1,666.70
1,000.00
42.3
0.2860021309
0.4850791602
0.107999985
617.3
5,063.30
3,736.50
421,542.40
573,550.40
650,600.00
Historical period
G M R Infrastructure Ltd.
Currency: Rs. Million (Non-Annualised)
Total income
Sales
Industrial sales
Income from non-financial services
Income from financial services
Interest income
Dividends
Income from treasury operations
Other income
Prior period and extra-ordinary income
Change in stock
Total expenses
Operating expenses
Raw materials, stores & spares
Purchase of finished goods
Packaging and packing expenses
Power, fuel & water charges
Compensation to employees
Indirect taxes
Royalties, technical know-how fees, etc
Rent & lease rent
Repairs & maintenance
Insurance premium paid
Outsourced manufacturing jobs
Outsourced professional jobs
Directors' fees
Selling & distribution expenses
Travel expenses
Communications expenses
Printing & stationery expenses
Miscellaneous expenditure
Other operational exp of industrial ent
Other operational exp of non-fin services ent
Share of loss in other enterprises
Financial charges
Fee based financial services expenses
Fund based financial services expenses
Interest paid
Financial charges on instruments
Provisions
Non-cash charges
Depreciation
Amortisation
Write-offs
Prior period and extra-ordinary expenses
Provision for direct tax
Mar-10
12 mths
Mar-11
12 mths
Mar-12
12 mths
49,219.20
44,528.40
25,396.40
19,132.00
3,258.20
2,546.60
15.8
685.6
525.5
907.1
280.5
69,188.90
63,321.40
28,203.70
35,117.70
3,390.90
2,312.40
9
1,061.60
514.2
1,962.40
856.3
87,164.50
68,704.30
19,796.60
48,907.70
3,584.60
1,943.40
6.4
1,625.90
187.5
14,688.10
279.7
47,246.30
32,602.10
13,869.20
4,042.40
80,511.90
49,588.30
1,096.70
9,583.10
98,032.60
55,593.10
3,476.50
6,108.30
620
3,109.50
313.4
92.6
509.2
1,347.10
237.2
14,191.90
4,218.90
364.4
74.1
638.8
2,711.10
307.6
4,963.50
2,033.30
14
770
438.8
117.2
77.4
735
6,770.30
482.2
16,131.00
5,517.90
426.7
146.3
841.1
3,167.30
365.8
6,207.00
2,432.00
86.1
1,080.60
562
114.7
85.4
594.1
7,603.30
647
19,296.70
1,234.60
18,062.10
17,172.60
8.6
13,211.30
1,090.40
12,120.90
11,796.10
94.8
9,552.00
6,416.30
6,122.40
7,890.00
7,890.00
293.9
91.4
-375
32.3
238
6,838.80
8,984.50
434.7
18.7
13,750.40
1,901.70
1,089.30
6.3
687.5
159.9
94.6
66.1
566.9
5,232.20
558.7
8,502.90
252.3
8,250.60
7,991.20
651.9
2,253.40
-453.6
-215.8
-10,466.70
1,123.30
-34.6
-10,588.40
4,555.00
0
16,806.20
1,878.40
20,424.60
-10,228.70
20,699.80
-8,686.70
eriod
Mar-13
12 mths
115,146.70
87,580.00
20,284.20
67,295.80
3,131.90
2,002.00
0.4
1,100.10
196
24,238.80
-207
113,585.60
64,244.70
2,363.40
7,778.00
12,165.80
5,016.90
565.8
147.6
1,249.50
3,554.90
380.1
8,652.70
2,657.00
17.7
1,590.80
419.1
109.7
71
686.6
16,092.80
725.3
21,822.40
1,768.10
20,054.30
20,054.30
1,281.30
8,030.40
9,992.80
731.8
466.6
15,729.20
2,477.60
-251.30
3.77%
5.05%
4.76%
4.74%
1,354.10
-472.9
38,126.60
3,831.70
2,477.60
1,561.10
Key Ratios
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Turnover Ratios
Fixed Assets
Inventory
Debtors
DSO
Creditors
no of days payables
Interest Cover Ratio
PBIDTM (%)
PBITM (%)
PBDTM (%)
CPM (%)
APATM (%)
ROCE (%)
RONW (%)
Payout (%)
2013
2012
2011
2010
2009
2008
3.81
2.77
0.51
2.51
1.84
0.54
2.1
1.76
0.72
1.99
1.77
1.22
1.32
1.19
1.29
1.2
1.06
1.09
0.33
37.65
5.87
62.181
2.1787
167.53
0.58
22.59
12.17
1.55
1.81
-8.61
2.3
-9.92
32.38
0.33
38.16
7.43
49.125
2.389
152.78
0.49
20.55
9.5
1.03
-1.45
-12.5
0
0
0
0.33
43.03
8.96
40.737
2.0599
177.19
0.78
27.05
14.85
8.02
6.36
-5.85
0
0
0
0.35
36.86
5.99
60.935
1.439
253.64
1.19
35.52
22.12
16.9
17.87
4.46
3.99
2.42
0
0.44
0.42
47.31 67.06 45.01167
7.36
5.62 6.871667
49.592 64.947 54.58604
2.016673
187.7866
1.71
2.52
29.48 30.96
19.78 23.18
17.91 21.77
16.59 19.22
6.89 11.45
4.42
4.96
3.57
5.39
0
0
4.75%
4.75%
6.33%
9.50%
16.21%
Depreciation on plant and machinery is provided using straight line method at the rate of 5
Sales
Cost of Sales
Gross Operating Income
Extraordinary Other Income
Selling, General & Admn. Expenses
Depreciation & Amortisation
Other Net Expenses
EBIT
Interest (Income)
Interest Expense
Pre-Tax Income
Historical period
2012
$44,528.4
$18,531.6
$25,996.8
$63,321.4
$24,871.7
$38,449.7
$2,134.0
$3,547.2
$13,190.2
$6,416.3
$857.6
$7,666.7
$23,617.2
$7,890.0
$12,106.9
($1,617.2)
$2,546.6
$2,312.4
$8,250.6
$1,962.7
$12,120.9
($11,425.7)
Income Taxes
($375.0)
$238.0
Net Income
$2,253.4
($10,466.7)
Dividends
Addition to Retained Earnings
$0.0
$0.0
2012
Assets
$16,826.2
$10,283.4
$1,159.2
$13,156.3
$41,425.1
$33,732.1
$20,364.7
$1,845.8
$48,844.3
$104,786.9
$149,669.5
$23,415.8
$126,253.7
$243,702.3
$31,502.7
$212,199.6
$155,482.7
$104,555.9
$281,736.4
$316,755.5
$323,161.5
$421,542.4
$14,358.3
$24,670.9
$5,273.1
$44,302.3
$42,864.4
$45,261.4
$22,238.6
$110,364.4
$187,075.2
$5,211.9
$236,589.4
$188,180.5
$8,194.9
$307,357.1
$3,667.4
$82,904.7
$86,572.1
$3,892.4
$110,292.9
$114,185.3
$323,161.5
$421,542.4
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Total Liabilities
Paid-In Capital
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
Historical period
2013
2014
2015
Forecast Period
2016
2017
$68,704.3
$25,715.8
$42,988.5
$87,580.0
$22,307.2
$65,272.8
$96,382.0
$24,549.1
$71,832.9
$134,002.8
$34,131.4
$99,871.4
$180,549.9
$45,987.2
$134,562.7
$16,507.9
$25,535.3
$31,919.1
$39,898.9
$49,873.6
$28,856.5
$6,838.8
$18,559.4
$5,241.7
$40,685.1
$8,030.4
$22,508.6
$19,584.0
$56,488.7
($343.3)
$24,362.7
$23,243.9
$78,431.1
($336.5)
$30,453.3
$31,222.3
$108,896.7
($329.7)
$38,066.7
$37,802.7
$1,943.4
$2,002.0
$2,074.5
$2,149.6
$2,227.5
$18,062.1
($10,877.0)
$20,054.3
$1,531.7
$24,409.0
$909.4
$29,709.4
$3,662.6
$36,160.6
$3,869.5
$2,477.6
$0.0
$1,098.8
$1,160.9
$1,354.1
$909.4
$2,563.8
$2,708.7
$0.0
$0.0
$0.0
$0.0
$2,563.8
$0.0
$2,708.7
$1,901.7
($10,588.4)
$0.0
Historical period
Forecast Period
2013
2014
2015
2016
2017
$46,984.7
$37,477.5
$2,594.5
$46,984.7
$134,041.4
$69,306.0
$43,552.0
$2,704.3
$54,466.7
$170,029.0
$72,771.3
$46,382.9
$2,715.6
$55,556.0
$177,425.8
$76,409.9
$49,397.8
$2,726.9
$56,667.2
$185,201.6
$80,230.4
$52,608.6
$2,738.2
$57,800.5
$193,377.7
$274,430.7
$41,154.2
$233,276.5
$325,131.2
$49,804.3
$273,352.2
$318,628.6
$49,461.0
$269,167.6
$312,256.0
$49,124.5
$263,131.5
$306,010.9
$48,794.7
$257,216.1
$206,232.5
$207,218.8
$196,857.9
$187,015.0
$177,664.2
$439,509.0
$480,571.0
$466,025.5
$450,146.5
$434,880.4
$573,550.4
$650,600.0
$643,451.2
$635,348.1
$628,258.0
$49,732.5
$72,155.8
$38,294.9
$160,183.2
$57,379.1
$52,022.5
$47,446.4
$156,848.0
$63,117.0
$187,892.2
$52,191.0
$303,200.2
$69,428.7
$187,602.3
$57,410.1
$314,441.2
$76,371.6
$194,774.9
$63,151.2
$334,297.6
$288,809.5
$11,461.4
$465,517.4
$371,478.7
$12,580.5
$544,643.7
$221,478.7
$12,816.0
$537,494.9
$199,330.8
$13,056.0
$526,828.0
$169,431.2
$13,300.4
$517,029.2
$3,892.4
$104,140.6
$108,033.0
$3,892.4
$102,063.9
$105,956.3
$3,892.4
$102,063.9
$105,956.3
$3,892.4
$104,627.7
$108,520.1
$3,892.4
$107,336.4
$111,228.8
$573,550.4
$650,600.0
$643,451.2
$635,348.1
$628,258.0
$0.0
$0.0
$0.0
2018
$248,555.0
$63,308.6
$185,246.4
$62,342.0
$151,196.3
($323.1)
$47,583.3
$49,132.0
$2,308.1
$44,012.8
$7,427.3
$2,228.2
$5,199.1
$0.0
$5,199.1
2018
$84,241.9
$56,028.2
$2,749.6
$58,956.5
$201,976.2
$299,890.7
$48,471.6
$251,419.1
$168,781.0
$420,200.1
$622,176.2
$84,008.7
$194,707.4
$69,466.3
$348,182.4
187,892.159898987
$144,016.5
$13,549.4
$505,748.3
$3,892.4
$112,535.5
$116,427.9
$622,176.2
$0.0
$124,198.0
2010
Sales
Cost of Sales
Gross Operating Income
Other Net Income
Selling, General & Admn. Expenses
Depreciation & Amortisation
Other Net Expenses
EBIT
Historical period
2011
100.00%
41.62%
58.38%
100.00%
39.28%
60.72%
4.79%
5.60%
29.62%
14.41%
1.93%
17.22%
37.30%
12.46%
19.12%
-2.55%
Interest (Income)
Interest Expense
Pre-Tax Income
5.72%
3.65%
18.53%
4.41%
19.14%
-18.04%
Income Taxes
-0.84%
0.38%
5.06%
-16.53%
$0.0
$0.0
Net Income
Dividends
Addition to Retained Earnings
2010
2011
100%
5.21%
3.18%
0.36%
4.07%
12.82%
0.00%
46.31%
7.25%
39.07%
0.00%
48.11%
100%
8.00%
4.83%
0.44%
11.59%
24.86%
0.00%
57.81%
7.47%
50.34%
0.00%
24.80%
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Total Liabilities
Paid-In Capital
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
87.18%
0.00%
100.00%
0.00%
0.00%
4.44%
7.63%
1.63%
13.71%
0.00%
57.89%
1.61%
73.21%
0.00%
1.13%
25.65%
26.79%
0.00%
100.00%
75.14%
0.00%
100.00%
0.00%
0.00%
10.17%
10.74%
5.28%
26.18%
0.00%
44.64%
1.94%
72.91%
0.00%
0.92%
26.16%
27.09%
0.00%
100.00%
Historical period
2012
2013
100.00%
37.43%
62.57%
100.00%
25.47%
74.53%
24.03%
29.16%
42.00%
9.95%
27.01%
7.63%
46.45%
9.17%
25.70%
22.36%
2.83%
2.29%
26.29%
-15.83%
22.90%
1.75%
2.77%
2.83%
-15.41%
1.55%
$0.0
$0.0
2014
Historical period
Forecast Period
2015
2016
2017
Forecast Period
2012
2013
100%
8.19%
6.53%
0.45%
8.19%
23.37%
0.00%
47.85%
7.18%
40.67%
0.00%
35.96%
100%
10.65%
6.69%
0.42%
8.37%
26.13%
0.00%
49.97%
7.66%
42.02%
0.00%
31.85%
2014
2015
2016
2017
76.63%
0.00%
100.00%
0.00%
0.00%
8.67%
12.58%
6.68%
27.93%
0.00%
50.35%
2.00%
81.16%
0.00%
0.68%
18.16%
18.84%
0.00%
100.00%
73.87%
0.00%
100.00%
0.00%
0.00%
8.82%
8.00%
7.29%
24.11%
0.00%
57.10%
1.93%
83.71%
0.00%
0.60%
15.69%
16.29%
0.00%
100.00%
650600
44528.4
63321.4
68704.3
87580