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)

34077.6

37315

Sales (direct)
Sales
CGS
G.P

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