2005 Assets Cash Account Receivable Inventories Current Assets
2006e
2007f
2,158 10,286 3,291 15,735
1,955 14,471 3,847 20,273
4,181 15,846 4,212 24,239
3,617 645 2,853 7,115
4,347 645 2,853 7,844
4,760 645 2,853 8,258
22,850
28,117
32,497
Liabilities & Shareholder's Equity Accounts Payable Current Portion of Log-term Debt Current Liabilities
6,660 730 7,390
9,424 649 10,074
11,780 677 12,457
Long-term Debt Shareholder's Equity
7,123 8,336
8,480 9,563
8,371 10,962
22,850 0
28,117
31,791 625
Property Plant & Equipment (net) Other Assets Land Non-current Assets Total Assets
Total liabilities and Shareholder's Equity AFN =
2008f 6,481 17,351 4,613 28,445 5,212 645 2,853 8,710 37,155
14,725 730 15,455 7,641 12,603 35,700 72
2005 2006e 2007f Sales (retail)
0
34077.6
37315
Sales (direct) Sales CGS G.P
0
8519
9286
35088 28597 6491
42597 35100 7497
46601 38399 8202
Gen. and Admin Exp. R&D EBITDA D&A EBIT
2877 222 3392 557 2835
3578 232 3687 669 3018
3914 242 4045 733 3312
Int. EBT Tax N.I Dividend (0.1/share for 3M) Addition to R.E
547 2288 801 1487 300 1187
658 2360 826 1534 300 1234
698 2614 915 1699 300 1399
2008f 40860 10122 50982 42009 8973 4282 253 4437 802 3635 649 2986 1045 1941 300 1641
Total Installment 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
1326 1326 1326 1326 1326 1326 1326 1326 1326 1326
LT Debt EBITDA 3.25*EBITDA Interest Charges Rent on lease Fixed Financial Charges Fixed Financial Charges*2
Interest Payment Principal Repayment Principal Balance 698 649 596 540 479 413 342 266 184 95
629 677 730 786 847 913 984 1060 1142 1231
2007 8371 4045 13146 698 965 1663 3325
2008 7694 4437 14420 649 965 1614 3228
8371 7694 6964 6178 5330 4417 3433 2373 1231 0
Payment of princip
Debt Covenants Payment of principal only made if there is no revolving credit Max. LT Debt <3.25*EBITDA EBITDA>2*Fixed Financial Charges
2007
2008
1699 733 -1375 -365 2356 3048
1941 802 -1505 -400 2945 3782
413 -413
452 -452
Longterm Debt Dividend Total CFF
-109 300 -409
-730 300 -1030
Total CF
2226
2300
Cash Flow from Operations (CFO) Net Profit After Taxation Depreciation Receivables Inventory Payables Total CFO
Cash Flow from Investing (CFI) PPE Total CFI
Cash Flow from Financing (CFF)
Sales to Dealers (2006) = Increase in Sales (2006) = Increase in Dealer Inventories (2006) = Increase in Receivables (2006) = So actual increase in sales (2006) = So %age increase in sales =
6007 7509 13000 4185 1822.2 6.49
2006 2007 2008
Sell Through = Purchases + O.I = E.I + CoGs
Opening Inventory 10000 23000 37207
Ending Inventory Purchases 23000 28080 37207 30720 52733 33607
CoGS 15080 16513 18081
Units Sold/Units Received O.I = E.I + CoGs For Retailers Purchases + 10M = 23M + CoGS CoGS = Implied Sell Through Purchases = CoGS of Ceres CoGs of Ceres = 28080 28.08M Implied Sell-Through = 15080 15.08M
