Year 2011 2012

Sales growth 10.90%

Current Assets/Sales 15.54%
Current Liabilities/Sales 30.00%
Net Fixed Assets/Sales 48.52%
Non Depreciable Assets/Sales 2.43%
Net profit margin 3.00%
Depreciation Rate -9.16%
Interest rate on Debt 11.28%
Interest received on cash/marketable securi 6.00%
Tax rate -30.00%
Dividend payout ratio -30.00%
Operating expense (fixed)/sales 6.43%
Operating expense (variable)/sales 11.79%
Other current assets/sales 0.75%
Other non-current assets/sales 0.88%
Other non-current liabilities/sales 5.07%
Other gains 11.70%
Other losses -0.01%
Inflation 1.10%

INCOME STATEMENT
Sales 17,128,518.00 19,494,198.00
Cost of goods sold (12,589,727.00) (13,294,752.00)
Operating Expense (fixed) (1,081,844.00) (1,451,123.00)
Operating Expense (variable) (1,879,085.00) (2,307,708.00)
Depreciation (1,170,213.00) (1,265,833.00)
Interest Income 7,332.00 7,936.00
Interest expense (26,001.00) (39,240.00)
Other gains 28,895.00 62,293.00
Other losses (3,469.00) (96.00)
Income before income tax 414,406.00 1,205,675.00
Tax (125,359.00) (361,670.00)
Total Comprehensive income 289,047.00 844,005.00
Dividends 0.00 0.00
Increase in Retained Earnings 289,047.00 844,005.00

BALANCE SHEET
Cash and marketable securities 359,668.00 489,188.00
Current Assets 2,640,907.00 2,914,047.00
Other current assets 113,629.00 134,666.00
Fixed Assets-Non Depreciable 527,316.00 527,412.00
Fixed Assets-Depreciable 10,206,465.00 13,491,292.00
Accumulated Depreciation (3,796,449.00) (5,062,282.00)
Net Fixed Assets 6,410,016.00 8,429,010.00
Other non-current assets 147,569.00 165,333.00
Total Assets 10,199,105.00 12,659,656.00

Current Liabilities 3,508,692.00 4,837,023.00

Retained Earnings 4,192,403.00 5,044,840.00
Debt 419,234.00 616,348.00
Other Noncurrent Liabilities 327,341.00 570,678.00
Stock and Other Paid in Capital 1,751,435.00 1,590,767.00
Total Liabilities and Equity 10,199,105.00 12,659,656.00

CALCULATING FREE-CASH FLOW

Profit after tax 844,005.00
Add back: Depreciation 1,265,833.00
Add back: Interest paid, after tax 27,468.00
Subtract: Interest received, after tax (5,555.20)
Change in Current Assets (273,140.00)
Change in Current Liabilities 1,328,331.00
Change in Fixed Asset Cost (3,284,827.00)
Free Cash Flow (97,885.20)

Terminal Growth Rate of FCF 6%

Weighted-Average Cost of Capital #ERROR!

Valuation
Cash Flows (97,885.20)
Terminal Value
Cash Flows to Discount (97,885.20)
Discount Factor #ERROR!
Discounted Cash Flow #ERROR! #VALUE!

Value of Operating Assets #ERROR!

Add: Value of Non-Operating Assets 359,668.00
Less: Value of Debt (419,234.00)
Value of Equity #ERROR!

MID-YEAR DISCOUNTING
Cash Flows to Discount (97,885.20)
Mid-Year Discount Factors #ERROR!
Discounted Cash Flow #ERROR! #VALUE!

Value of Operating Assets #ERROR!

Add: Value of Non-Operating Assets 359,668.00
Less: Value of Debt (419,234.00)
Value of Equity #ERROR!

Outstanding Shares 3,693,772,279.00

Intrinsic Value #ERROR!

Recommendation Sell
 2013 2014 2015 1

0.25

22,462,250.00 25,325,376.00 27,333,428.00 30,312,254.92

(15,379,155.00) (19,005,262.00) (19,276,391.00) Err:522
(1,522,090.00) (1,586,658.00) (1,547,207.00) (1,950,108.15)
(2,716,583.00) (3,100,497.00) (3,166,537.00) (3,572,680.83)
(1,592,011.00) (1,933,985.00) (2,200,097.00) Err:522
15,729.00 15,740.00 26,258.00 59,112.66
(36,287.00) (61,208.00) (68,942.00) (68,942.00)
54,637.00 100,918.00 50,245.00 56,123.78
(54,358.00) (61,417.00) (1,370.00) (1,519.30)
1,232,132.00 1,092,489.00 1,149,387.00 1,299,096.64
(383,016.00) (342,962.00) (338,675.00) (389,728.99)
849,116.00 749,527.00 810,712.00 909,367.65
(258,564.00) 0.00 (243,789.00) (272,810.29)
590,552.00 749,527.00 566,923.00 636,557.35

383,043.00 645,381.00 464,786.00 1,505,636.10

3,507,161.00 4,089,415.00 4,217,287.00 4,711,564.76
215,927.00 154,750.00 215,464.00 226,353.89
537,484.00 548,354.00 570,277.00 735,358.80
17,796,916.00 21,757,338.00 25,854,754.00 Err:522
(6,654,293.00) (8,588,278.00) (10,788,375.00) Err:522
11,142,623.00 13,169,060.00 15,066,379.00 14,707,237.75
158,107.00 229,599.00 282,428.00 266,663.97
15,944,345.00 18,836,559.00 20,816,621.00 22,152,815.27

5,261,872.00 6,303,527.00 8,301,433.00 9,093,676.48

5,474,724.00 6,500,694.00 7,068,987.00 7,705,544.35
1,990,000.00 2,888,410.00 2,344,147.00 2,344,147.00
1,466,314.00 1,668,936.00 1,628,432.00 1,535,825.43
1,751,435.00 1,474,992.00 1,473,622.00 1,473,622.00
 15,944,345.00 18,836,559.00 20,816,621.00 22,152,815.27

849,116.00 749,527.00 810,712.00 909,367.65

1,592,011.00 1,933,985.00 2,200,097.00 Err:522
25,400.90 42,845.60 48,259.40 48,259.40
(11,010.30) (11,018.00) (18,380.60) (41,378.86)
(593,114.00) (582,254.00) (127,872.00) (494,277.76)
424,849.00 1,041,655.00 1,997,906.00 792,243.48
(4,305,624.00) (3,960,422.00) (4,097,416.00) Err:522
(2,018,371.40) (785,681.40) 813,305.80 Err:522

(2,018,371.40) (785,681.40) 813,305.80 Err:522

(2,018,371.40) (785,681.40) 813,305.80 Err:522

#ERROR! #ERROR! #ERROR! #ERROR!
#VALUE! #VALUE! #VALUE! Err:522

(2,018,371.40) (785,681.40) 813,305.80 Err:522

#ERROR! #ERROR! #ERROR! #ERROR!
#VALUE! #VALUE! #VALUE! Err:522
 2 3 4 5

33,615,717.67 37,279,195.40 41,341,922.96 45,847,411.00

Err:522 Err:522 Err:522 Err:522
(2,162,633.07) (2,398,319.19) (2,659,690.64) (2,949,546.64)
(3,962,035.51) (4,393,822.48) (4,872,666.06) (5,403,694.55)
Err:522 Err:522 Err:522 Err:522
78,763.94 54,354.13 27,284.11 (2,736.03)
(68,942.00) (68,942.00) (68,942.00) (68,942.00)
62,690.38 70,025.29 78,218.41 87,370.13
(1,684.88) (1,868.50) (2,072.13) (2,297.95)
1,440,673.61 1,597,679.80 1,771,796.70 1,964,889.04
(432,202.08) (479,303.94) (531,539.01) (589,466.71)
1,008,471.53 1,118,375.86 1,240,257.69 1,375,422.33
(302,541.46) (335,512.76) (372,077.31) (412,626.70)
705,930.07 782,863.10 868,180.38 962,795.63

1,119,828.73 691,975.65 217,494.67 (308,695.77)

5,225,036.25 5,794,466.42 6,425,953.72 7,126,261.19
251,022.18 278,378.85 308,716.89 342,361.19
815,499.00 904,372.98 1,002,932.53 1,112,233.22
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
16,310,048.63 18,087,535.60 20,058,735.04 22,244,757.96
295,725.31 327,953.77 363,694.54 403,330.36
24,017,160.10 26,084,683.27 28,377,527.39 30,920,248.17

10,084,715.30 11,183,758.62 12,402,576.89 13,754,223.30

8,411,474.42 9,194,337.53 10,062,517.91 11,025,313.54
2,344,147.00 2,344,147.00 2,344,147.00 2,344,147.00
1,703,201.37 1,888,818.12 2,094,663.59 2,322,942.32
1,473,622.00 1,473,622.00 1,473,622.00 1,473,622.00
 24,017,160.10 26,084,683.27 28,377,527.39 30,920,248.17

1,008,471.53 1,118,375.86 1,240,257.69 1,375,422.33

Err:522 Err:522 Err:522 Err:522
48,259.40 48,259.40 48,259.40 48,259.40
(55,134.76) (38,047.89) (19,098.88) 1,915.22
(513,471.49) (569,430.17) (631,487.30) (700,307.48)
991,038.82 1,099,043.32 1,218,818.27 1,351,646.41
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

#ERROR! #ERROR! #ERROR! #ERROR!
Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

#ERROR! #ERROR! #ERROR! #ERROR!
Err:522 Err:522 Err:522 Err:522
 6 7 8 9

50,843,912.08 56,384,937.31 62,529,829.54 69,344,398.86

Err:522 Err:522 Err:522 Err:522
(3,270,991.47) (3,627,467.70) (4,022,793.10) (4,461,201.50)
(5,992,595.10) (6,645,674.68) (7,369,927.58) (8,173,110.36)
Err:522 Err:522 Err:522 Err:522
(36,027.80) (72,947.75) (113,891.27) (159,296.86)
(68,942.00) (68,942.00) (68,942.00) (68,942.00)
97,592.63 109,011.19 121,765.73 136,012.59
(2,548.39) (2,826.11) (3,134.11) (3,475.66)
2,179,024.80 2,416,497.31 2,679,849.84 2,971,902.81
(653,707.44) (724,949.19) (803,954.95) (891,570.84)
1,525,317.36 1,691,548.12 1,875,894.89 2,080,331.97
(457,595.21) (507,464.44) (562,768.47) (624,099.59)
1,067,722.15 1,184,083.68 1,313,126.42 1,456,232.38

(892,231.01) (1,539,360.56) (2,257,015.00) (3,052,880.21)

7,902,888.95 8,764,154.44 9,719,281.59 10,778,499.55
379,672.09 421,049.17 466,935.57 517,822.72
1,233,445.62 1,367,867.87 1,516,939.61 1,682,257.35
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522
24,669,016.05 27,357,472.44 30,338,919.75 33,645,288.46
447,285.75 496,031.44 550,089.49 610,038.85
33,740,077.44 36,867,214.80 40,335,151.01 44,181,026.71

15,253,173.62 16,915,481.19 18,758,948.86 20,803,319.66

12,093,035.69 13,277,119.38 14,590,245.80 16,046,478.17
2,344,147.00 2,344,147.00 2,344,147.00 2,344,147.00
2,576,099.12 2,856,845.23 3,168,187.35 3,513,459.88
1,473,622.00 1,473,622.00 1,473,622.00 1,473,622.00
 33,740,077.44 36,867,214.80 40,335,151.01 44,181,026.71

1,525,317.36 1,691,548.12 1,875,894.89 2,080,331.97

Err:522 Err:522 Err:522 Err:522
48,259.40 48,259.40 48,259.40 48,259.40
25,219.46 51,063.42 79,723.89 111,507.80
(776,627.75) (861,265.49) (955,127.15) (1,059,217.95)
1,498,950.32 1,662,307.57 1,843,467.67 2,044,370.80
Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

#ERROR! #ERROR! #ERROR! #ERROR!
Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

#ERROR! #ERROR! #ERROR! #ERROR!
Err:522 Err:522 Err:522 Err:522
 10

76,901,627.41
Err:522
(4,947,388.13)
(9,063,824.88)
Err:522
(209,650.80)
(68,942.00)
151,926.37
(3,854.45)
3,295,784.03
(988,735.21)
2,307,048.82
(692,114.65)
1,614,934.18

(3,935,479.68)
11,953,152.23
574,255.61
1,865,591.60
Err:522
Err:522
37,311,988.85
676,521.55
48,446,030.16

23,070,488.22
17,661,412.35
2,344,147.00
3,896,360.58
1,473,622.00
 48,446,030.16

2,307,048.82
Err:522
48,259.40
146,755.56
(1,174,652.69)
2,267,168.56
Err:522
Err:522

Err:522
#REF!
Err:522
#ERROR!
Err:522

Err:522
#ERROR!
Err:522
Year 0 1 2 3 4

Sales growth 10% 10% 10% 10% 10%

Current Assets/Sales 15%
Current Liabilities/Sales 8%
Gross Fixed Assets 107%
Cost of Goods Sold/Sales -50%
Depreciation Rate -10%
Interest rate on Debt -10%
Interest received on cash/marketable securities 8%
Tax rate -40%
Dividend payout ratio -40%

INCOME STATEMENT
Sales 1,000.00 1,100.00 1,210.00 1,331.00 1,464.10
Cost of goods sold (500.00) (550.00) (605.00) (665.50) (732.05)
Depreciation (100.00) (112.35) (123.59) (135.94) (149.54)
Interest payments on debt (32.00) (32.00) (32.00) (32.00) (32.00)
Interest earned on cash/marketable securities 6.00 Err:522 Err:522 Err:522 Err:522
Income before tax 374.00 Err:522 Err:522 Err:522 Err:522
Tax (149.60) Err:522 Err:522 Err:522 Err:522
Net Income 224.40 Err:522 Err:522 Err:522 Err:522
Dividends (89.76) Err:522 Err:522 Err:522 Err:522
Increase in Retained Earnings 134.64 Err:522 Err:522 Err:522 Err:522

BALANCE SHEET
Cash and marketable securities 80.00 Err:522 Err:522 Err:522 Err:522
Other current assets 150.00 165.00 181.50 199.65 219.62
Fixed Assets
At Cost 1,070.00 1,177.00 1,294.70 1,424.17 1,566.59
Accumulated Depreciation (300.00) (412.35) (535.94) (671.88) (821.42)
Net Fixed Assets 770.00 770.00 770.00 770.00 770.00
Total Assets 1,000.00 Err:522 Err:522 Err:522 Err:522

Current Liabilities 80.00 88.00 96.80 106.48 117.13

Debt 320.00 320.00 320.00 320.00 320.00
Stock 450.00 450.00 450.00 450.00 450.00
Retained Earnings 150.00 Err:522 Err:522 Err:522 Err:522
Total Liabilities and Equity 1,000.00 Err:522 Err:522 Err:522 Err:522

CALCULATING FREE-CASH FLOW

Profit after tax Err:522 Err:522 Err:522 Err:522
Add back: Depreciation 112.35 123.59 135.94 149.54
Add back: Interest paid, after tax 19.20 19.20 19.20 19.20
Subtract: Interest received, after tax Err:522 Err:522 Err:522 Err:522
Change in Current Assets (15.00) (16.50) (18.15) (19.97)
Change in Current Liabilities 8.00 8.80 9.68 10.65
Change in Fixed Asset Cost (107.00) (117.70) (129.47) (142.42)
Free Cash Flow Err:522 Err:522 Err:522 Err:522

Terminal Growth Rate of FCF 5% Err:522 Err:522 Err:522

Weighted-Average Cost of Capital 20%

VALUATION
Cash Flows Err:522 Err:522 Err:522 Err:522
Terminal Value
Cash Flows to Discount Err:522 Err:522 Err:522 Err:522
Discount Factor 1.200 1.440 1.728 2.074
Discounted Cash Flow #REF! Err:522 Err:522 Err:522 Err:522

Value of Operating Assets #REF!

Add: Value of Non-Operating Assets 80.00
Less: Value of Debt (320.00)
Value of Equity #REF!

MID-YEAR DISCOUNTING
Cash Flows to Discount Err:522 Err:522 Err:522 Err:522
Mid-Year Discount Factors 1.10 1.31 1.58 1.89
Discounted Cash Flow #REF! Err:522 Err:522 Err:522 Err:522

Value of Operating Assets #REF!

Add: Value of Non-Operating Assets 80.00
Less: Value of Debt (320.00)
Value of Equity #REF!
 5

10%

1,610.51 #NAME?
(805.26) #NAME?
(164.49) #NAME?
(32.00)
Err:522 #NAME?
Err:522 #NAME?
Err:522 #NAME?
Err:522 #NAME?
Err:522 #NAME?
Err:522 #NAME?

Err:522 #NAME?
241.58 #NAME?

1,723.25 #NAME?
(985.91) #NAME?
770.00 #NAME?
Err:522 #NAME?

128.84 #NAME?
320.00 #NAME?
450.00 #NAME?
Err:522 #NAME?
Err:522 #NAME?

Err:522 #NAME?
164.49 #NAME?
 19.20 #NAME?
Err:522 #NAME?
(21.96) #NAME?
11.71 #NAME?
(156.66) #NAME?
Err:522 #NAME?

Err:522 #NAME?

Err:522 #NAME?
#REF! #NAME?
Err:522 #NAME?
2.488 #NAME?
Err:522 #NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Err:522 #NAME?
2.27 #NAME?
Err:522 #NAME?

#NAME?
#NAME?
#NAME?
#NAME?
Year 0 1 2 3 4

Sales growth 20% 20% 20% 20% 20%

Current Assets/Sales 20%
Current Liabilities/Sales 8%
Net Fixed Assets 80%
Cost of Goods Sold/Sales -50%
Depreciation Rate -10%
Interest rate on Debt -10%
Interest received on cash/marketable securities 8%
Tax rate -40%
Dividend payout ratio -50%

INCOME STATEMENT
Sales 1,000.00 1,200.00 1,440.00 1,728.00 2,073.60
Cost of goods sold (500.00) (600.00) (720.00) (864.00) (1,036.80)
Depreciation (100.00) (110.00) (115.20) (126.72) (152.06)
Interest payments on debt (32.00) (32.00) (32.00) (32.00) (32.00)
Interest earned on cash/marketable securities 6.00 5.60 5.28 6.34 7.60
Income before tax 374.00 463.60 578.08 711.62 860.34
Tax (149.60) (185.44) (231.23) (284.65) (344.14)
Net Income 224.40 278.16 346.85 426.97 516.20
Dividends (112.20) (139.08) (173.42) (213.48) (258.10)
Increase in Retained Earnings 112.20 139.08 173.42 213.48 258.10

BALANCE SHEET
Cash and marketable securities 80.00 60.00 72.00 86.40 103.68
Other current assets 200.00 240.00 288.00 345.60 414.72
Fixed Assets
At Cost 1,100.00 #REF! 1,152.00 1,382.40 1,658.88
Accumulated Depreciation (300.00) (410.00) (525.20) (651.92) (803.98)
Net Fixed Assets 800.00 960.00 1,152.00 1,382.40 1,658.88
Total Assets 1,080.00 1,260.00 1,512.00 1,814.40 2,177.28

Current Liabilities 80.00 96.00 115.20 138.24 165.89

Debt 320.00 344.92 404.30 470.17 547.30
Stock 450.00 450.00 450.00 450.00 450.00
Retained Earnings 230.00 369.08 542.50 755.99 1,014.09
Total Liabilities and Equity 1,080.00 1,260.00 1,512.00 1,814.40 2,177.28

CALCULATING FREE-CASH FLOW

Profit after tax 278.16 346.85 426.97 516.20
Add back: Depreciation 110.00 115.20 126.72 152.06
Add back: Interest paid, after tax 19.20 19.20 19.20 19.20
Subtract: Interest received, after tax (3.36) (3.17) (3.80) (4.56)
Change in Current Assets (40.00) (48.00) (57.60) (69.12)
Change in Current Liabilities 16.00 19.20 23.04 27.65
Change in Fixed Asset Cost #VALUE! #VALUE! (230.40) (276.48)
Free Cash Flow #VALUE! #VALUE! 304.13 364.95

Terminal Growth Rate of FCF 5% #VALUE! #VALUE! 20.00%

Weighted-Average Cost of Capital 20%

VALUATION
Cash Flows #VALUE! #VALUE! 304.13 364.95
Terminal Value
Cash Flows to Discount #VALUE! #VALUE! 304.13 364.95
Discount Factor 1.200 1.440 1.728 2.074
Discounted Cash Flow #REF! #VALUE! #VALUE! 176.00 176.00

Value of Operating Assets #REF!

Add: Value of Non-Operating Assets 80.00
Less: Value of Debt (320.00)
Value of Equity #REF!

MID-YEAR DISCOUNTING
Cash Flows to Discount #VALUE! #VALUE! 304.13 364.95
Mid-Year Discount Factors 1.10 1.31 1.58 1.89
Discounted Cash Flow #REF! #VALUE! #VALUE! 192.80 192.80

Value of Operating Assets #REF!

Add: Value of Non-Operating Assets 80.00
Less: Value of Debt (320.00)
Value of Equity #REF!
 5

10%

Cash/Sales 5%

2,280.96 #NAME?
(1,140.48) #NAME?
(174.18) #NAME?
(32.00)
8.71 #NAME?
943.01 #NAME?
(377.20) #NAME?
565.80 #NAME?
(282.90) #NAME?
282.90 #NAME?

114.05 #NAME?
456.19 #NAME?

1,824.77 #NAME?
(978.17) #NAME?
1,824.77 #NAME?
2,395.01 #NAME?

182.48 #NAME?
547.30 #NAME?
450.00 #NAME?
1,296.99 #NAME?
2,476.77 #NAME?

565.80 #NAME?
174.18 #NAME?
 19.20 #NAME?
(5.23) #NAME?
(41.47) #NAME?
16.59 #NAME?
(165.89) #NAME?
563.19 #NAME?

54.32% #NAME?

563.19 #NAME?
3942.33 #NAME?
4,505.52 #NAME?
2.488 #NAME?
1,810.67 #NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
4,505.52 #NAME?
2.27 #NAME?
1,983.49 #NAME?

#NAME?
#NAME?
#NAME?
#NAME?