Академический Документы
Профессиональный Документы
Культура Документы
Stores
Opened
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Total
Stores
1
3
4
5
6
2
1
2
2
3
2
2
2
1
4
8
13
19
21
22
24
26
29
31
33
35
SQ FT
Opened
17,200
17,600
18,500
21,100
22,100
15,500
14,500
14,700
15,400
16,300
16,000
16,000
15,000
Total
SQ FT
17,200
70,000
144,000
249,500
382,100
413,100
427,600
457,000
487,800
536,700
568,700
600,700
630,700
40
35
30
25
20
15
10
5
0
2003
200
N
40
700,000
35
600,000
30
500,000
25
400,000
20
300,000
15
200,000
10
100,000
5
0
2003
2005
2007
2009
2011
Number of Showrooms
Total Square Feet
2013
0
2015
2002
180.9
10,642
94.44
2003
184.3
1.9%
11,142
4.7%
96.7
2.4%
2004
190.3
3.3%
11,853
6.4%
103.8
7.3%
2005
196.8
3.4%
12,623
6.5%
109.1
5.2%
2006
201.8
2.5%
13,377
6.0%
112.8
3.4%
2007
210.0
4.1%
14,029
4.9%
111.1
-1.5%
2008
210.2
0.1%
14,292
1.9%
99.6
-10.4%
2009
215.9
2.7%
13,974
-2.2%
86.3
-13.4%
2010
219.2
1.5%
14,499
3.8%
87.3
1.2%
2011
225.7
3.0%
15,076
4.0%
90.1
3.2%
2012
229.6
1.7%
15,685
4.0%
93.1
3.4%
10.0%
5.0%
0.0%
2003
2005
2007
2009
2011
-5.0%
-10.0%
-15.0%
GDP Growth
Inflation (CPI)
2013
2015
2017
2013
233.5
1.7%
16,238
3.5%
95.9
3.0%
2014
237.7
1.8%
17,049
5.0%
98.6
2.8%
2015
242.3
1.9%
18,012
5.6%
101.2
2.6%
2016
247.4
2.1%
19,021
5.6%
103.6
2.4%
2017
252.1
1.9%
20,078
5.6%
105.9
2.2%
2018
256.6
1.8%
21,101
5.1%
108.0
2.0%
2019
261.3
1.8%
110.2
2.0%
40%
2004
2,057
-1,463
-410
-203
-72
-250
-185
0
-526
2005
10,415
-7,057
-1,812
-1,019
-307
-1,080
-729
0
-1,588
2006
26,701
-17,424
-4,958
-2,411
-669
-2,330
-1,602
0
-2,693
2007
51,540
-30,730
-9,230
-4,588
-1,264
-4,240
-3,092
0
-1,604
2008
79,191
-43,834
-13,576
-6,585
-2,075
-6,770
-4,751
0
1,600
2009
90,680
-47,290
-14,679
-7,532
-2,188
-7,380
-5,441
-543
5,626
2010
111,451
-49,068
-16,471
-8,367
-2,032
-7,712
-5,573
-8,892
13,337
2011
134,093
-55,487
-18,698
-9,545
-1,820
-8,450
-6,705
-13,356
20,033
2012
148,218
-61,955
-21,253
-10,744
-1,450
-9,320
-7,411
-14,434
21,651
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
671
671
358
1,029
751
3,151
3,902
1,461
5,364
3,479
8,216
11,695
2,969
14,663
8,675
15,125
23,800
5,270
29,070
16,946
20,908
37,853
8,065
45,918
25,272
21,715
46,987
6,914
53,900
29,059
24,868
53,927
5,119
59,046
36,625
26,808
63,433
3,839
67,272
42,421
29,216
71,637
3,142
74,779
48,200
33,343
81,543
3,920
85,463
236
29
265
0
764
1,029
1,158
145
1,303
0
4,061
5,364
2,781
358
3,139
0
11,525
14,663
5,119
658
5,777
0
23,293
29,070
7,228
958
8,186
0
37,732
45,918
7,767
1,055
8,822
0
45,079
53,900
8,277
1,203
9,480
0
49,565
59,046
9,133
1,359
10,493
0
56,779
67,272
9,986
1,519
11,505
0
63,274
74,779
11,364
1,682
13,046
0
72,417
85,463
Assets
Accounts Receivable
Inventory
Total Current Assets
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check
Avg Size
1
17,200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
10
11
12
13
14
15
16
Sales
2,057
3,754
5,224
6,148
6,341
5,503
5,636
5,871
6,034
6,235
6,430
6,618
6,799
6,971
7,133
7,299
CGS
1,463
2,309
3,018
2,394
2,753
2,311
2,194
2,150
2,416
2,486
2,564
2,639
2,711
2,779
2,844
2,910
SGA
410
640
857
856
815
765
767
687
791
848
874
900
925
948
970
993
203
334
399
434
422
423
391
401
523
Advertising
Depreciation
Lease
2004
17,600
457
447
461
474
487
499
511
72
72
72
72
72
65
65
65
65
65
250
250
250
250
250
250
302
302
302
10
11
12
13
14
15
Sales
6,661
11,907
15,158
16,488
15,446
16,187
17,279
17,869
18,464
19,041
19,599
20,134
20,643
21,123
21,615
CGS
4,748
SGA
7,428
7,894
7,216
6,031
6,675
6,691
7,176
7,362
7,592
7,815
8,028
8,231
8,422
8,618
1,171
2,148
2,631
2,323
2,239
2,224
2,395
2,319
2,511
2,589
2,665
2,738
2,807
2,873
2,939
Advertising
685
971
1,266
1,213
1,235
1,241
1,245
1,287
1,323
1,364
1,404
1,442
1,479
1,513
1,548
Depreciation
235
235
235
235
235
187
187
187
187
187
830
830
830
830
830
830
1,003
1,003
10
11
12
13
14
Sales
9,570
16,651
19,785
20,951
22,847
24,451
24,499
25,315
26,108
26,872
27,605
28,303
28,962
29,636
CGS
6,978
10,917
11,430
8,499
9,387
9,857
9,042
10,094
10,410
10,715
11,007
11,285
11,548
11,817
SGA
1,953
2,977
3,371
3,039
3,021
3,228
3,693
3,443
3,550
3,654
3,754
3,849
3,939
4,030
1,041
1,488
1,587
1,598
1,605
1,645
1,793
1,813
1,870
1,925
1,977
2,027
2,074
2,123
363
363
363
363
363
1,250
1,250
1,250
1,250
1,250
1,250
1,510
10
11
12
13
Lease
2005
18,500
Advertising
Depreciation
Lease
2006
21,100
Sales
13,583
21,142
23,592
29,702
34,105
34,824
35,984
37,110
38,197
39,239
40,231
41,167
42,125
CGS
9,526
11,229
13,594
9,902
13,259
13,932
14,348
14,797
15,230
15,646
16,041
16,415
16,797
SGA
2,767
4,016
4,237
3,780
4,895
4,946
4,893
5,047
5,194
5,336
5,471
5,598
5,729
1,400
1,784
1,964
2,014
2,327
2,287
2,577
2,658
2,736
2,811
2,882
2,949
3,017
594
594
594
594
594
1,910
1,910
1,910
1,910
1,910
1,910
10
11
12
Sales
15,435
22,001
30,466
39,628
43,541
45,542
46,967
48,343
49,662
50,917
52,102
53,315
CGS
11,205
14,801
16,422
15,232
17,856
18,159
18,727
19,276
19,802
20,302
20,775
21,258
SGA
3,050
3,878
5,471
5,166
5,917
6,193
6,387
6,574
6,754
6,924
7,085
7,250
1,578
1,986
2,458
2,748
3,109
3,262
3,364
3,463
3,557
3,647
3,732
3,819
812
812
812
812
812
2,530
2,530
2,530
2,530
2,530
10
11
Sales
3,187
5,176
CGS
2,053
SGA
Advertising
Depreciation
Lease
2007
22,100
Advertising
Depreciation
Lease
2008
15,500
7,244
9,257
10,461
10,921
11,241
11,547
11,839
12,115
12,397
3,467
4,421
3,764
4,171
4,354
4,482
4,604
4,721
4,830
4,943
522
951
1,225
1,243
1,423
1,485
1,529
1,570
1,610
1,647
1,686
Advertising
326
499
598
675
749
782
805
827
848
868
888
Depreciation
185
185
185
185
185
610
610
610
610
Lease
2009
14,500
10
Sales
1,437
2,507
3,540
4,480
5,053
5,264
5,408
5,545
5,674
5,806
CGS
1,021
1,652
1,887
1,786
2,015
2,099
2,156
2,211
2,262
2,315
SGA
257
480
615
609
687
716
735
754
772
790
158
227
303
321
362
377
387
397
406
416
79
79
Advertising
Depreciation
79
79
79
280
280
280
Sales
3,008
5,300
7,286
9,202
10,359
10,771
11,044
11,301
11,564
CGS
2,226
3,526
4,096
3,669
4,130
4,295
4,403
4,506
4,611
SGA
Lease
2010
14,700
623
1,028
1,259
1,251
1,409
1,465
1,502
1,537
1,573
Advertising
353
473
596
659
742
772
791
809
828
Depreciation
150
150
150
150
150
565
565
1
Sales
3,354
5,878
8,065
10,166
11,421
11,853
12,129
12,412
CGS
2,357
3,742
4,533
4,054
4,554
4,726
4,836
4,949
SGA
701
1,077
1,394
1,383
1,553
1,612
1,649
1,688
358
522
659
728
818
849
869
889
160
160
160
160
160
Sales
5,379
9,409
12,885
16,210
18,176
18,827
19,265
CGS
3,812
5,989
7,243
6,464
7,248
7,507
7,682
SGA
1,039
1,723
2,227
2,204
2,472
2,560
2,620
569
836
1,053
1,161
1,302
1,349
1,380
259
259
259
259
259
Sales
3,622
6,324
8,644
10,853
12,145
12,580
CGS
2,567
4,026
4,859
4,327
4,843
5,016
SGA
Lease
2011
15,400
Advertising
Depreciation
Lease
2012
16,300
Advertising
Depreciation
Lease
2013
610
3
1,000
2
16,000
700
1,158
1,494
1,476
1,652
1,711
Advertising
383
562
707
777
870
901
Depreciation
172
172
172
172
172
Sales
3,731
6,502
8,868
11,114
12,437
CGS
2,644
4,138
4,985
4,431
4,959
SGA
721
1,191
1,533
1,511
1,691
395
578
725
796
891
175
175
175
175
Sales
3,597
6,256
8,516
10,672
CGS
2,549
3,982
4,787
4,255
SGA
Lease
2014
668
2
16,000
Advertising
Depreciation
Lease
2015
175
682
2
15,000
695
1,146
1,472
1,451
Advertising
381
556
696
764
Depreciation
167
167
167
167
Lease
Parameters:
Lease rate (2013)
Lease inflation
Total
Sales
CGS
SGA
Advertising
Depreciation
Lease
652
20.88
2.0%
2,057 10,415 26,701 51,540 79,191 90,680 111,451 134,093 148,218 165,024 181,929 199,600 217,540 231,499 242,308 251,122
1,463 7,057 17,424 30,730 43,834 47,290 49,068 55,487 61,955 70,055 77,218 84,352 90,813 95,242 98,007 100,130
410 1,812 4,958 9,230 13,576 14,679 16,471 18,698 21,253 23,295 25,689 28,131 30,415 32,104 33,266 34,150
203 1,019 2,411 4,588 6,585 7,532
8,367
9,545 10,744 12,179 13,399 14,664 15,904 16,779 17,442 17,987
72
307
669 1,264 2,075 2,188
2,032
1,820
1,450
1,084
1,071
1,168
1,185
960
515
343
250 1,080 2,330 4,240 6,770 7,380
7,712
8,450
9,320
1,000
668
682
652
0
0
0
1027.124
Avg Size
1
17,200
Cap expenditure
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
10
11
12
13
14
15
10
11
12
13
14
10
11
12
13
10
11
12
10
11
10
358
Accts receivable
324
751
1,187
1,665
1,975
2,040
1,700
1,745
1,742
1,902
Inventory
671
1,090
1,330
1,206
1,167
980
972
1,082
1,027
1,090
Accts payable
236
396
448
405
403
350
345
370
369
390
Accr expenses
29
49
62
61
61
53
54
57
58
58
2004
17,600
Cap expenditure
1,175
Accts receivable
2,292
3,870
5,029
5,526
5,276
5,599
5,612
5,691
2,061
3,590
4,304
3,352
2,851
3,042
3,248
3,397
3,619
Accts payable
762
1,255
1,421
1,124
1,025
1,090
1,124
1,139
1,153
Accr expenses
95
158
193
173
162
162
175
177
179
Inventory
2005
18,500
Cap expenditure
3,140
5,508
6,296
6,231
7,149
7,751
7,950
Inventory
3,296
5,271
4,640
3,975
4,075
4,427
4,354
5,114
Accts payable
1,078
1,760
1,742
1,381
1,523
1,572
1,565
1,631
Accr expenses
138
212
240
203
240
244
251
259
2006
21,100
Cap expenditure
2,971
Accts receivable
4,433
6,593
7,974
10,040
10,908
11,761
Inventory
4,344
6,518
6,635
5,870
6,689
6,854
6,348
Accts payable
1,533
2,227
2,181
1,889
2,165
2,325
2,377
Accr expenses
193
272
300
291
337
343
362
2007
22,100
Cap expenditure
4,058
Accts receivable
4,817
6,829
9,849
12,400
13,920
Inventory
5,232
6,246
8,710
7,320
8,121
9,022
Accts payable
1,732
2,480
2,712
2,631
2,712
2,919
Accr expenses
213
293
362
381
436
435
2008
15,500
Cap expenditure
924
Accts receivable
1,048
1,758
2,212
2,905
1,028
1,711
2,147
1,727
1,911
Accts payable
349
547
662
586
690
Accr expenses
43
72
88
94
101
Inventory
2009
14,500
Cap expenditure
394
Accts receivable
484
840
1,191
Inventory
488
882
881
823
Accts payable
171
261
327
281
Accr expenses
21
34
43
44
2010
5,989
1,814
Accts receivable
14,700
Cap expenditure
752
Accts receivable
956
1,787
1,013
1,787
1,913
Accts payable
348
577
683
Accr expenses
44
71
91
Inventory
2011
8
936
15,400
Cap expenditure
798
Accts receivable
1,093
Inventory
1,067
1,795
Accts payable
387
623
Accr expenses
47
76
2012
16,300
Cap expenditure
0
3,170
1,985
0
1,985
1,025
0
1,025
510
1,293
Accts receivable
Inventory
1,708
Accts payable
617
Accr expenses
79
2013
16,000
Cap expenditure
860
Accts receivable
Inventory
Accts payable
Accr expenses
2014
16,000
Cap expenditure
876
Accts receivable
Inventory
Accts payable
Accr expenses
2015
15,000
Cap expenditure
837
Accts receivable
Inventory
Accts payable
Accr expenses
PPE
358
358
358
1,175
1,533
1,461
1,814
3,275
2,969
2,971
5,940
5,270
4,058
9,328
8,065
924
8,989
6,914
394
7,308
5,119
752
5,871
3,839
1,122
4,961
3,142
2,229
5,370
3,920
Equity
72,417
860
4,780
3,696
29,495
101,912
876
4,572
3,501
32,872
134,784
837
4,338
3,170
36,374
171,159
40,617
211,776
44,903
256,679
48,578
305,256
0
-358
0
-406
-764
2004
2,057
-2,583
0
-526
-1,175
72
-2,193
-3,823
2005
10,415
-12,003
0
-1,588
-1,814
307
-5,957
-9,052
2006
26,701
-29,394
0
-2,693
-2,971
669
-9,467
-14,461
2007
51,540
-53,144
0
-1,604
-4,058
1,264
-11,645
-16,043
2008
79,191
-77,592
0
1,600
-924
2,075
-8,498
-5,747
2009
90,680
-84,510
-543
5,626
-394
2,188
-6,281
1,139
2010
111,451
-89,222
-8,892
13,337
-752
2,032
-8,494
6,124
2011
134,093
-100,704
-13,356
20,033
-1,122
1,820
-7,192
13,539
2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508
CGS
SGA
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
2
73.6%
72.9%
76.6%
73.8%
64.5%
60.5%
69.0%
70.4%
3
34.6%
29.2%
32.6%
28.8%
36.8%
35.6%
36.6%
4
19.5%
21.4%
22.2%
24.4%
26.1%
23.6%
5
15.1%
8.1%
7.8%
11.3%
6.3%
6
0.2%
3.6%
3.7%
-1.3%
7
1.2%
3.4%
-3.1%
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
Year
2003
2004
2005
2006
2007
2008
2009
8
1.0%
0.0%
70.2%
33.5%
22.9%
9.7%
1.5%
0.3%
1
71.1%
71.3%
72.9%
70.1%
72.6%
64.4%
71.0%
74.0%
70.3%
70.9%
2
61.5%
62.4%
65.6%
53.1%
67.3%
67.0%
65.9%
66.5%
3
57.8%
52.1%
57.8%
57.6%
53.9%
61.0%
53.3%
4
38.9%
43.8%
40.6%
33.3%
38.4%
40.7%
5
43.4%
39.0%
41.1%
38.9%
41.0%
6
42.0%
41.2%
40.3%
40.0%
7
38.9%
38.7%
40.2%
8
36.6%
40.2%
63.7%
56.2%
39.9%
1
19.9%
17.6%
20.4%
20.4%
19.8%
16.4%
17.9%
2
17.1%
18.0%
17.9%
19.0%
17.6%
18.4%
19.2%
3
16.4%
17.4%
17.0%
18.0%
18.0%
16.9%
17.4%
4
13.9%
14.1%
14.5%
12.7%
13.0%
13.4%
5
12.9%
14.5%
13.2%
14.4%
13.6%
6
13.9%
13.7%
13.2%
14.2%
7
13.6%
13.9%
15.1%
8
11.7%
13.0%
Advertising
2010
2011
Average
20.7%
20.9%
19.3%
19.4%
18.3%
17.3%
13.6%
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
1
9.9%
10.3%
10.9%
10.3%
10.2%
10.2%
11.0%
11.7%
10.7%
10.6%
2
8.9%
8.2%
8.9%
8.4%
9.0%
9.6%
9.1%
8.9%
3
7.6%
8.3%
8.0%
8.3%
8.1%
8.3%
8.6%
4
7.1%
7.4%
7.6%
6.8%
6.9%
7.3%
8.9%
8.2%
7.2%
5
6.7%
8.0%
7.0%
6.8%
7.1%
6
7.7%
7.7%
6.7%
6.6%
7
6.9%
7.2%
7.3%
8
6.8%
7.2%
9
-0.6%
9
40.0%
9
13.1%
9
7.6%
Inventory
Accounts Payable
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
1
36.5%
34.4%
32.8%
32.6%
31.2%
32.9%
33.7%
31.8%
32.6%
32.4%
2
31.6%
32.5%
33.1%
31.2%
31.0%
34.0%
33.5%
33.7%
3
31.9%
33.2%
31.8%
33.8%
32.3%
30.5%
33.6%
4
32.1%
33.5%
29.7%
33.8%
31.3%
31.4%
5
32.2%
34.2%
31.3%
32.0%
32.0%
6
30.9%
34.6%
31.7%
33.8%
7
31.0%
32.5%
32.4%
8
29.7%
31.9%
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
1
45.9%
43.4%
47.2%
45.6%
46.7%
50.1%
47.8%
45.5%
45.3%
47.6%
2
47.2%
48.3%
48.3%
58.0%
42.2%
49.4%
53.4%
50.7%
3
44.0%
54.5%
40.6%
48.8%
53.0%
48.6%
46.7%
4
50.4%
46.4%
46.8%
59.3%
48.1%
45.9%
5
42.4%
47.3%
43.4%
50.4%
45.5%
6
42.4%
45.6%
44.9%
49.2%
7
44.3%
48.5%
48.2%
8
50.3%
47.3%
Year
2003
2004
2005
2006
2007
2008
2009
1
16.1%
16.1%
15.4%
16.1%
15.5%
17.0%
16.8%
2
17.2%
16.9%
16.1%
19.8%
16.8%
15.8%
15.8%
3
14.8%
18.0%
15.2%
16.0%
16.5%
15.0%
17.3%
4
16.9%
15.6%
16.2%
19.1%
17.3%
15.6%
5
14.6%
17.0%
16.2%
16.3%
15.2%
6
15.2%
16.3%
15.9%
16.7%
7
15.7%
16.8%
17.3%
8
17.2%
15.9%
Accrued Expenses
Construction costs
2010
2011
Average
15.6%
16.4%
16.3%
16.4%
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
1
4.7%
5.1%
4.6%
4.6%
4.6%
5.1%
5.2%
4.5%
4.4%
4.8%
2
5.1%
5.1%
4.7%
4.7%
5.0%
5.0%
4.8%
4.7%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Nominal
20.8
22.3
24.5
28.2
30.6
29.8
27.2
25.6
25.9
26.4
26.9
27.4
27.9
Real
25.9
26.8
28.6
32.0
33.5
32.6
28.9
26.8
26.4
26.4
26.4
26.4
26.4
Nominal
Real
3
4.9%
4.9%
4.8%
4.8%
4.6%
4.8%
4.7%
4
4.7%
4.9%
4.4%
5.0%
4.8%
4.9%
5
4.9%
4.7%
5.2%
4.7%
4.8%
6
4.5%
4.7%
5.0%
4.7%
7
4.6%
4.8%
4.6%
8
5.2%
4.9%
Refresh cost
2003
2004
Average
90.6%
79.6%
74.0%
66.0%
70.0%
9
31.5%
9
42.5%
9
15.3%
9
4.7%
70.9%
19.3%
10.6%
32.4%
47.6%
16.3%
4.8%
5
70%
40.0%
5.0%
12.1%
3.5%
9,945
2
70.2%
63.7%
18.3%
8.9%
3
33.5%
56.2%
17.3%
8.2%
4
22.9%
39.9%
13.6%
7.2%
5
9.7%
39.9%
13.6%
7.2%
6
1.5%
39.9%
13.6%
7.2%
7
0.3%
39.9%
13.6%
7.2%
2,012
148,218
(61,955)
(21,253)
(10,744)
(1,450)
(9,320)
(7,411)
(14,434)
21,651
40%
5%
2,013
165,024
(70,055)
(23,295)
(12,179)
(1,084)
(1,000)
(8,251)
(19,663)
29,495
2,014
181,929
(77,218)
(25,689)
(13,399)
(1,071)
(668)
(9,096)
(21,915)
32,872
2,015
199,600
(84,352)
(28,131)
(14,664)
(1,168)
(682)
(9,980)
(24,250)
36,374
2,016
217,540
(90,813)
(30,415)
(15,904)
(1,185)
(652)
(10,877)
(27,078)
40,617
2,017
231,499
(95,242)
(32,104)
(16,779)
(960)
(11,575)
(29,935)
44,903
2,018
242,308
(98,007)
(33,266)
(17,442)
(515)
(12,115)
(32,385)
48,578
2,019
251,122
(100,130)
(34,150)
(17,987)
(343)
(12,556)
(34,382)
51,573
PF
2012
2013
2014
2015
2016
2017
2018
48,200
33,343
81,543
0
3,920
85,463
53,529
36,726
90,255
22,451
3,696
116,402
59,012
40,119
99,132
47,985
3,501
150,618
64,745
43,192
107,937
77,110
3,170
188,217
70,564
45,299
115,863
111,832
1,985
229,680
75,092
46,614
121,706
152,392
1,025
275,122
78,598
47,624
126,221
197,384
510
324,116
11,364
1,682
13,046
0
72,417
85,463
12,611
1,879
14,490
0
101,912
116,402
13,777
2,057
15,833
0
134,784
150,618
14,832
2,226
17,058
0
171,159
188,217
15,555
2,349
17,904
0
211,776
229,680
16,007
2,437
18,444
0
256,679
275,122
16,353
2,506
18,859
0
305,256
324,116
Assets
Accounts Receivable
Inventory
Total Current Assets
Cash (bal fig)
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check (A=L+E)
2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508
401,459
40.37
12.1%
3.5%
187
9,945
2013
165,024
-115,865
-19,663
29,495
-860
1,084
-7,268
22,451
2014
181,929
-127,142
-21,915
32,872
-876
1,071
-7,533
25,534
2015
199,600
-138,976
-24,250
36,374
-837
1,168
-7,580
29,125
2016
217,540
-149,845
-27,078
40,617
0
1,185
-7,079
34,722
2017
231,499
-156,661
-29,935
44,903
0
960
-5,304
40,560
22,451
20,027
25,534
20,319
29,125
20,675
34,722
21,988
40,560
22,912
2018
242,308
-161,345
-32,385
48,578
0
515
-4,100
44,992
541,476
586,468
295,536
Sales
- Costs (excl taxes)
- Taxes
Net income
- Capital expenditure
+ Depreciation
- Increase in NWC
Cash flow assets
Terminal value
Asset value
Present Value
Parameters:
Asset discount rate
Long-term growth rate
Shareholders (#)
Shares outstanding (K)
2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508
401,459
12.1%
3.5%
187
9,945
2013
165,024
-115,865
-19,663
29,495
-860
1,084
-7,268
22,451
2014
181,929
-127,142
-21,915
32,872
-876
1,071
-7,533
25,534
2015
199,600
-138,976
-24,250
36,374
-837
1,168
-7,580
29,125
22,451
20,027
25,534
20,319
29,125
20,675
2016
217,540
-149,845
-27,078
40,617
0
1,185
-7,079
34,722
2017
231,499
-156,661
-29,935
44,903
0
960
-5,304
40,560
34,722
21,988
40,560
22,912
2018
242,308
-161,345
-32,385
48,578
0
515
-4,100
44,992
541,476
586,468
295,536
1. To adjust the effecct of new showrooms and effect of economy the growth rate of sales is calculated
2. Because inventory, AP, and CGS all depend upon price paid for merchandise, inventory and AP can
of sales is calculated as the ratio of paricular year to last year sales and divided by one plus the growth rate of
nventory and AP can be forcasted as afunctionof next year CGS