Beruflich Dokumente
Kultur Dokumente
#KEL778.
2015 by the Kellogg School of Management at Northwestern University. This case was prepared by
Professor Mitchell A. Petersen. Teuer Furniture is a fictional company whose profile was created based on
data from real industry leaders. Cases are developed solely as the basis for class discussion. Cases are not
intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective
management. To order copies or request permission to reproduce materials, call 800-545-7685 (or 617-7837600 outside the United States or Canada) or e-mail custserv@hbsp.harvard.edu. No part of this publication
may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any
meanselectronic, mechanical, photocopying, recording, or otherwisewithout the permission of Kellogg
Case Publishing.
as prepared by
as created based on
cussion. Cases are not
e or ineffective
545-7685 (or 617-783part of this publication
d in any form or by any
ermission of Kellogg
2013
169,039
71,284
55,983
1,405
16,147
2014
185,641
78,545
61,438
2,032
17,450
24,220
26,175
2013
2014
3,948
54,831
33,904
11,642
5,447
60,216
37,357
12,828
2,691
2,953
2013
24,220
1,405
2014
26,175
2,032
-6,632
-561
279
1,008
-5,385
-3,453
1,186
262
19,719
20,817
-2,459
-3,531
17,261
17,286
2013
17,261
2014
17,286
NPV
15,398
13,756
Sales
COGS
Expenses
Depreciation
Taxes
Net Income
Balance Sheet
Book value of PPE
Accounts Receivable
Inventory
Accounts Payable
Accrued Expenses
Cash Flow
Net Income
Depreciation
Change in Accounts Receivable
Change in Inventory
Change in Accounts Payable
Change in Accrued Expenses
Cash flow from Operations
Cash flow from investing activities (Capex)
Total cash flow
328,167
3.50%
12%
2015
203,152
84,799
66,463
2,786
19,642
2016
217,132
89,209
69,851
2,735
22,134
2017
228,072
91,996
72,539
2,346
24,476
2018
236,569
93,961
74,750
1,997
26,345
29,462
33,202
36,714
39,517
2015
2016
2017
2018
7,180
65,897
40,332
13,849
5,297
70,431
42,429
14,570
3,320
73,980
43,755
15,025
2,036
76,736
44,690
15,346
32%
48%
16%
3,194
3,357
3,486
3,592
4.8%
2015
29,462
2,786
2016
33,202
2,735
2017
36,714
2,346
2018
39,517
1,997
-5,680
-2,974
1,021
242
-4,535
-2,098
720
163
-3,549
-1,326
455
129
-2,756
-935
321
106
24,856
30,187
34,770
38,250
-4,519
-852
-369
-713
20,338
29,335
34,402
37,537
2015
20,338
2016
29,335
2017
34,402
2018
37,537
451,755
14,437
18,577
19,434
246,567
Sales(in 000's)
2012
2013
2014
2003
2004
2005
6,034
17,869
24,499
6,235
18,464
25,315
6,430
19,041
26,108
2006
34,824
35,984
37,110
2007
43,541
44,991
46,399
2008
9,257
9,683
9,986
2009
2010
2011
2012
2013
3,540
5,300
3,354
5,379
0
4,001
6,707
4,610
9,428
3,622
4,176
7,564
5,823
12,935
6,337
2014
3,731
2015
153,597
169,039
185,641
2012
2013
2014
2003
2004
2005
2006
2,416
7,176
9,042
13,932
2,476
7,333
10,055
14,292
2,554
7,563
10,369
14,739
2007
2008
2009
2010
2011
2012
2013
2014
17,856
3,764
1,887
3,526
2,357
3,812
0
0
17,870
3,846
1,589
2,664
2,592
6,001
2,567
0
18,429
3,966
1,659
3,004
2,313
7,271
4,033
2,644
2015
65,767
71,284
78,545
2012
2013
2014
2003
2004
2005
2006
791
2,319
3,693
4,946
848
2,511
3,443
4,893
874
2,589
3,550
5,047
2007
2008
2009
2010
2011
2012
2013
2014
5,917
1,243
615
1,028
701
1,039
0
0
6,118
1,317
544
912
797
1,727
700
0
6,310
1,358
568
1,029
792
2,236
1,161
721
Total Sales
Total COGS
2015
22,292
23,810
26,235
2012
2013
2014
2003
2004
2005
2006
457
1,287
1,793
2,287
447
1,323
1,813
2,577
461
1,364
1,870
2,658
2007
2008
2009
2010
2011
2012
2013
2014
3,109
675
303
473
358
569
0
0
3,223
694
287
480
377
838
383
0
3,323
715
299
542
417
1,058
563
395
2015
11,313
12,441
13,665
2012
2013
2014
2003
302
302
302
2004
2005
2006
2007
2008
2009
1,003
1,510
1,910
2,530
610
280
1,003
1,510
2,203
2,530
610
280
1,003
1,510
2,203
2,824
610
280
2010
2011
2012
2013
2014
565
610
1,000
0
0
565
610
1,000
668
0
565
610
1,000
668
682
2015
10,320
11,281
12,257
7,680
8,452
9,282
Total Depreciation
1,098
1,405
2,032
35,128
40,367
43,625
Corporate Tax
14,051
16,147
17,450
21,077
24,220
26,175
2015
2016
2017
2018
6,618
19,599
26,872
6,799
20,134
27,605
6,971
20,643
28,303
7,133
21,123
28,962
38,197
39,239
40,231
41,167
47,758
49,061
50,301
51,472
10,278
10,559
10,825
11,077
4,299
7,881
6,555
16,305
8,677
4,416
8,096
6,816
18,319
10,917
4,527
8,301
6,988
19,012
12,241
4,633
8,494
7,151
19,454
12,679
6,514
8,903
11,179
12,510
3,597
6,268
8,549
10,714
203,152
217,132
228,072
236,569
2015
2016
2017
2018
2,629
7,784
10,673
15,171
2,700
7,997
10,964
15,585
2,769
8,199
11,242
15,979
2,833
8,390
11,503
16,351
18,969
4,082
1,707
3,130
2,603
6,476
4,878
4,147
19,486
4,194
1,754
3,216
2,707
7,276
4,336
5,005
19,979
4,300
1,798
3,297
2,776
7,551
4,862
4,440
20,444
4,400
1,840
3,374
2,840
7,727
5,036
4,969
2,549
3,990
4,806
4,255
84,799
89,209
91,996
93,961
2015
2016
2017
2018
900
2,665
3,654
5,194
925
2,738
3,754
5,336
948
2,807
3,849
5,471
970
2,873
3,939
5,598
6,495
1,398
585
1,072
891
2,217
1,500
1,193
6,672
1,436
601
1,101
927
2,491
1,485
1,539
6,841
1,472
616
1,129
950
2,585
1,665
1,520
7,000
1,506
630
1,155
972
2,646
1,724
1,701
Year
1
2
3
4
5
6
Year
1
2
3
4
Year
1
2
3
4
695
1,148
1,478
1,457
28,460
30,152
31,331
32,171
2015
2016
2017
2018
474
1,404
1,925
2,736
487
1,442
1,977
2,811
499
1,479
2,027
2,882
511
1,513
2,074
2,949
3,421
736
308
565
469
1,168
709
579
3,514
756
316
580
488
1,312
782
728
3,603
775
324
595
501
1,362
877
801
3,687
793
332
608
512
1,393
908
896
381
557
699
767
14,874
15,751
16,423
16,945
2015
2016
2017
2018
302
381
381
381
1,003
1,510
2,203
2,824
673
280
1,003
1,510
2,203
2,824
673
321
1,193
1,510
2,203
2,824
673
321
1,193
1,706
2,203
2,824
673
321
565
610
1,000
668
682
565
610
1,000
668
682
664
610
1,000
668
682
664
710
1,127
668
682
652
652
652
652
12,972
13,092
13,382
13,805
10,158
10,857
11,404
11,828
2,786
2,735
2,346
1,997
49,104
55,336
61,191
65,862
19,642
22,134
24,476
26,345
29,462
33,202
36,714
39,517
Year
1
2
3
4
Year
2012
2013
2014
2015
2016
2017
2018
2012
2013
2014
23%
2015
9.7%
1.5%
Year
0.3%
2013
2014
2015
2016
2017
2018
Corporate Expense
5%
40%
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
No of stores
1
3
4
5
6
2
1
2
2
3
2
2
2
0
0
2018
Inflation
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2003
1.9%
2004
5.1%
3.3%
Refresh cost
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
358
1,175
1,814
2,971
4,058
924
394
752
798
1,293
860
876
837
0
0
0
0
0
0
0
0
307
1,021
1,598
2,655
3,682
2016
2017
0
0
852
369
2018
713
70%
Construction cost per sq feet Construction Cost (in 000's) Refresh Cost (in 000's)
20.8
358
22.3
1,175
24.5
1,814
28.2
2,971
30.6
4,058
29.8
924
27.2
394
25.6
752
25.9
798
307
26.4
1,293
1,021
26.9
860
1,598
27.4
876
2,655
27.9
837
3,682
0
852
0
369
0
2005
8.6%
6.7%
3.4%
2006
11.1%
9.2%
6.0%
2.5%
713
2007
15.2%
13.3%
10.0%
6.6%
4.1%
Depreciation
Book value
72
307
669
1,264
2,075
2,188
2,032
1,820
1,447
1,098
1,405
2,032
2,786
286
1,155
2,299
4,007
5,990
4,725
3,087
2,019
1,677
2,894
3,948
5,447
7,180
2,735
2,346
5,297
3,320
1,997
2,036
2003
72
2004
72
235
2005
72
235
363
2006
72
235
363
594
2007
72
235
363
594
812
72
307
669
1,264
2,075
713
Total
2008
15.3%
13.4%
10.1%
6.7%
4.2%
0.1%
2009
18.0%
16.1%
12.9%
9.4%
6.9%
2.8%
2.7%
2010
19.5%
17.6%
14.3%
10.9%
8.4%
4.3%
4.2%
1.5%
2011
22.4%
20.6%
17.3%
13.9%
11.4%
7.3%
7.2%
4.5%
3.0%
2012
24.2%
22.3%
19.0%
15.6%
13.1%
9.0%
8.9%
6.2%
4.7%
1.7%
2013
25.9%
24.0%
20.7%
17.3%
14.8%
10.7%
10.6%
7.9%
6.4%
3.4%
1.7%
2014
27.7%
25.8%
22.5%
19.1%
16.6%
12.5%
12.4%
9.7%
8.2%
5.2%
3.5%
1.8%
Depreciation
2008
235
363
594
812
185
2,188
2015
29.6%
27.7%
24.5%
21.1%
18.5%
14.4%
14.4%
11.6%
10.1%
7.2%
5.4%
3.8%
1.9%
2009
363
594
812
185
79
2,032
2016
31.7%
29.8%
26.6%
23.2%
20.6%
16.6%
16.5%
13.7%
12.2%
9.3%
7.5%
5.9%
4.1%
2.1%
2010
594
812
185
79
150
1,820
2017
33.6%
31.7%
28.5%
25.1%
22.5%
18.5%
18.4%
15.6%
14.1%
11.2%
9.4%
7.8%
6.0%
4.0%
1.9%
2011
812
185
79
150
221
1,447
2018
35.4%
33.5%
30.3%
26.9%
24.3%
20.3%
20.2%
17.4%
15.9%
13.0%
11.2%
9.6%
7.8%
5.8%
3.7%
1.8%
2012
185
79
150
221
463
1,098
2019
37.2%
35.3%
32.1%
28.7%
26.1%
22.1%
22.0%
19.2%
17.7%
14.8%
13.0%
11.4%
9.6%
7.6%
5.5%
3.6%
1.8%
2013
79
150
221
463
492
1,405
2014
150
221
463
492
706
2,032
2015
221
463
492
706
904
2,786
2016
463
492
706
904
170
2017
2018
492
706
904
170
74
706
904
170
74
143
2,735
2,346
1,997
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
2005
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
Number of Showrooms
2011
2013
0
2015
2012
148,218
-61,955
-21,253
-10,744
-1,450
-9,320
-7,411
-14,434
21,651
40%
5%
2013
2014
2015
2016
2017
2018
2019
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%
36.9%
8
36.6%
40.2%
63.7%
56.2%
39.7%
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%
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
2013
-5.0%
-10.0%
-15.0%
GDP Growth
Inflation (CPI)
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
2013
2014
2015
2016
2017
2018
148,218 259834.87 356592.18 449646.34 460437.85 470567.48 479978.83
-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
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
CGS
1,463
2,309
3,018
2,394
2,753
2,311
2,194
2,150
2,416
SGA
410
640
857
856
815
765
767
687
791
203
334
399
434
422
423
391
401
457
72
72
72
72
72
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
CGS
4,748
7,428
7,894
7,216
6,031
6,675
6,691
7,176
SGA
10
11
12
13
14
10
11
12
13
10
11
12
10
11
10
2003
Avg Size
1
17,200
Advertising
Depreciation
Lease
2004
17,600
2004
2005
2006
2007
2008
2009
2010
2011
1,171
2,148
2,631
2,323
2,239
2,224
2,395
2,319
Advertising
685
971
1,266
1,213
1,235
1,241
1,245
1,287
Depreciation
235
235
235
235
235
830
830
830
830
830
830
1,003
1,003
Sales
9,570
16,651
19,785
20,951
22,847
24,451
24,499
CGS
6,978
10,917
11,430
8,499
9,387
9,857
9,042
SGA
1,953
2,977
3,371
3,039
3,021
3,228
3,693
1,041
1,488
1,587
1,598
1,605
1,645
1,793
Lease
2005
18,500
Advertising
Depreciation
Lease
2006
21,100
Sales
363
363
363
363
363
1,250
1,250
1,250
1,250
1,250
1,250
1,510
13,583
21,142
23,592
29,702
34,105
34,824
CGS
9,526
11,229
13,594
9,902
13,259
13,932
SGA
2,767
4,016
4,237
3,780
4,895
4,946
1,400
1,784
1,964
2,014
2,327
2,287
Advertising
Depreciation
594
594
594
594
594
1,910
1,910
1,910
1,910
1,910
1,910
Sales
15,435
22,001
30,466
39,628
43,541
CGS
11,205
14,801
16,422
15,232
17,856
SGA
3,050
3,878
5,471
5,166
5,917
1,578
1,986
2,458
2,748
3,109
812
812
812
812
812
2,530
2,530
2,530
2,530
2,530
Sales
3,187
5,176
7,244
9,257
CGS
2,053
3,467
4,421
3,764
SGA
Lease
2007
22,100
Advertising
Depreciation
Lease
2008
15,500
522
951
1,225
1,243
Advertising
326
499
598
675
Depreciation
185
185
185
610
610
610
Lease
2009
14,500
185
610
Sales
1,437
2,507
3,540
CGS
1,021
1,652
1,887
SGA
257
480
615
158
227
303
79
79
280
280
Advertising
Depreciation
Lease
2010
14,700
79
280
Sales
3,008
5,300
CGS
2,226
3,526
SGA
623
1,028
Advertising
353
473
Depreciation
150
150
Lease
2011
565
2
15,400
565
1
Sales
3,354
CGS
2,357
SGA
701
Advertising
358
Depreciation
160
Lease
2012
610
3
16,300
Sales
5,379
CGS
SGA
Advertising
Depreciation
Lease
2013
1,000
2
16,000
Sales
3,622
CGS
SGA
Advertising
Depreciation
Lease
2014
668
2
16,000
Sales
3,731
CGS
SGA
Advertising
Depreciation
Lease
2015
682
2
15,000
Sales
3,597
CGS
SGA
Advertising
Depreciation
Lease
Parameters:
Lease rate (2013)
Lease inflation
652
20.88
2.0%
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
1,814
Accts receivable
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
8
936
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
14,700
Cap expenditure
Accts receivable
956
1,787
1,013
1,787
1,913
Accts payable
348
577
683
Accr expenses
44
71
91
Inventory
2011
15,400
Cap expenditure
798
Accts receivable
1,093
Inventory
1,067
1,795
Accts payable
387
623
Accr expenses
47
76
2012
752
16,300
Cap expenditure
0
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
2
Cap expenditure
Accts receivable
Inventory
15,000
837
Accts payable
Accr expenses
Cap expenditure
2,229
Accts receivable
48,200
Inventory
33,343
Accts payable
11,364
Accr expenses
1,682
0
-358
0
-406
-764
2004
2,057
-2,582
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
-77,591
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
6,123
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
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
70.0%
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%
39.7%
13.6%
7.2%
2012
148,218
-61,955
-21,253
-10,744
-1,450
-9,320
-7,411
-14,434
21,651
40%
5%
2013
2014
2015
2016
2017
2018
2019
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 (A=L+E)
48,200
33,343
81,543
3,920
85,463
11,364
1,682
13,046
0
72,417
85,463
2013
2014
2015
2016
2017
2018
2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508
Asset value
Share value
Parameters:
Asset discount rate
Long-term growth rate
Shareholders (#)
Shares outstanding (K)
12.1%
3.5%
187
9,945
2013
2014
2015
2016
2017
2018