IMPORTANT NOTE: BPM does not provide any warranties or guarantees relating to the correctness of the

formulas or outputs contained in this model.

Best Practice Modelling

Historical & Forecast Business Planning Model 6.0 (Basic)
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Primary Developer: BPM

Cover Notes
- This is a simple example of a best practice historical and forecast business planning model.
- The purpose of this model is to provide an example of a historical and forecast business planning model developed using bpmToolbox in
accordance with the Best Practice Spreadsheet Modelling Standards (Version 6.0).
- To navigate or view the content of this model, click on the 'Go to Table of Contents' hyperlink above.
- Subscribe to the Best Practice Modelling Network to be notified of new best practice example models.
- For more information see: Model Notes
Table of Contents
Historical & Forecast Business Planning Model 6.0 (Basic)
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Section & Sheet Titles Page

1 Overview 4
1.1. Notes 5
a. Model Notes 6
1.2. Keys 7
a. Keys 8
- Formats & Styles Key -
- Sheet Naming Key -
- Range Naming Key -
2 Assumptions 11
2.1. Time Series Assumptions 12
a. Time Series Assumptions 13
2.2. Historical Assumptions 14
a. Income Statement - Historical Assumptions 15
b. Balance Sheet - Historical Assumptions 16
c. Cash Flow Statements - Historical Assumptions 18
2.3. Forecast Assumptions 20
a. Forecast Assumptions 21
- Operational - Assumptions -
- Working Capital - Assumptions -
- Assets - Assumptions -
- Capital - Assumptions -
- Taxation - Assumptions -
- Other Balance Sheet Items - Assumptions -
Table of Contents
Historical & Forecast Business Planning Model 6.0 (Basic)
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Section & Sheet Titles Page

3 Outputs 26
3.1. Historical Outputs 27
a. Income Statement - Historical Outputs 28
b. Balance Sheet - Historical Outputs 29
c. Cash Flow Statement - Historical Outputs 31
3.2. Forecast Outputs 33
a. Forecast Outputs 34
- Operational - Outputs -
- Working Capital - Outputs -
- Assets - Outputs -
- Capital - Outputs -
- Taxation - Output Summary -
- Other Balance Sheet Items - Outputs -
b. Income Statement - Forecast Outputs 41
c. Balance Sheet - Forecast Outputs 42
d. Cash Flow Statement - Forecast Outputs 44
3.3. All Periods Outputs 48
a. Income Statement - All Periods Outputs 49
b. Balance Sheet - All Periods Outputs 50
c. Cash Flow Statement - All Periods Outputs 52
3.4. Dashboard Outputs 54
a. Business Planning Summary 55
4 Appendices 56
4.1. Checks 57
a. Checks 58
- Error Checks -
- Sensitivity Checks -
- Alert Checks -
4.2. Lookup Tables 61
a. Time Series Lookup Tables 62
b. Capital - Lookup Tables 65
c. Dashboards - Lookup Tables 66

Total Pages: 66
 Overview
Section 1.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Section Cover Notes

Contains notes explaining the purpose and use of this model and where more help can be obtained.
Contains diagrams summarising designated components of the model.
Also contains keys explaining the Formats & Styles, Sheet Naming & Range Naming principles used in this model.

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 Notes
Sub-Section 1.1.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sub-Section Cover Notes

Contains general notes about the purpose and use of this model.
Also contains contact details for BPM.

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Model Notes
Historical & Forecast Business Planning Model 6.0 (Basic)
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Area: Notes
General This model has been designed to provide an example of how bpmToolbox 6.0 can be used within Microsoft
Excel to efficiently build a basic historical and forecast business planning model in strict accordance with the
Best Practice Spreadsheet Modelling Standards & Conventions.

Intended Audience This model has been developed for those who:

- Have purchased bpmToolbox 6.0;

- Are currently trialing bpmToolbox; or
- Are interested in understanding the benefits of using bpmToolbox.
Simplification Many components of this model have been significantly simplified to prevent confusion.

Standards This model has been built in accordance with Version 6.0 of the Best Practice Spreadsheet Modelling
Standards.

Applied Theme This workbook has been built using the bpmToolbox 6.0 default theme - i.e. Styles, Colors, Page Setups, etc.
These settings may differ from your personal or corporate theme settings.

Annotations Brief notes have been included throughout the Section Cover Sheets and Assumption Sheets within this
workbook. These notes have been included in accordance with Best Practice and are not designed to provide
detailed insight into how this model was developed or how it could be improved or enhanced.

Further Training BPM specializes in the provision of Best Practice Spreadsheet Modelling products and services, including the
provision of training and support services. This training and support ranges from our base courses (such as
the bpmToolbox Fundamentals course) to courses customized to meet specific client needs. For more
information on BPM's training and support services, contact BPM on the details provided below.

Contact BPM Address: BPM

Level 8, 330 Collins Street
Melbourne, Victoria
Australia 3000
Telephone: +613 9244 9800
Email: Info@bpmglobal.com
Website: www.bestpracticemodelling.com
To order the Best Practice Spreadsheet Modelling Standards, go to:
Downloads: www.bestpracticemodelling.com/downloads/standards

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 Keys
Sub-Section 1.2.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sub-Section Cover Notes

Contains Formats & Styles, Sheet Naming and Range Naming Keys explaining the approaches adopted throughout this model.

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Keys
Historical & Forecast Business Planning Model 6.0 (Basic)
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Formats & Styles Key

Color Name Color Description / Purpose Example

Font Colors

Input (Blue) Indicates ranges contain 100% input text / numbers. Input
Output (Black) Indicates ranges contain 100% formulas / output calculations. Output
Mixed Cell (Green) Indicates ranges contain a mixture of input text / numbers and formulae / Mixed Cell
output calculations.

Error (Red) Indicates calculation errors – normally used as a conditional format. Error

Hyperlink Indicates ranges contain Hyperlinks to other ranges within the workbook or Hyperlink
to other linked models.
Fill Colors

Assumption Sheet (Grey) Indicates sheet is an Assumption Sheet.

Work in Progress (WIP) (Yellow) Indicates ranges contain data or formulae that remain uncertain or are
subject to change.

Hidden White (White) Indicates Assumption Cells when used on the interior of Assumption Sheets.

Hyperlink Type Hyperlink Description / Purpose Example

Cover Hyperlink
Home Hyperlink
Custom Hyperlink
Sheet Top Hyperlink
Sheet Left Hyperlink
Sheet Right Hyperlink
Links Contents Sheet to Cover Sheet. Go To Cover Sheet
Links worksheets to Contents Sheet. Go To Table of Contents
Links worksheet ranges to other worksheet ranges in the model. Linked Cell Text
Scrolls worksheet to the upper-most viewable section. é
Links active worksheet to the previous visible worksheet. ç
Links active worksheet to the next visible worksheet. è

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Keys
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sheet Naming Key

Base Sheet Type Sheet Description / Purpose Suffix

Cover* Indicates the start of a workbook. Cover
Contents* Contains the workbook Table of Contents. Contents

Section Cover Indicates the start of a workbook section. SC

Sub-Section Cover Indicates the start of a workbook sub-section. SSC

Blank Assumption Residual category (contains assumptions). BA

Time Series Assumption Contains time series titles for entering assumptions over a set time frame. TA

Blank Output Residual category (contains outputs). BO

Time Series Output Contains time series titles for calculating outputs over a set time frame. TO

Lookup Contains lookup data for use in forms / controls and in worksheet formulas. LU

Model Schematic Contains model diagrams and flow charts. MS

Chart Contains a chart. Cht

Model Import** Contains formulas that reference worksheet ranges in another workbook. MI

Model Export** Contains worksheet ranges that are referenced by formulas in another ME
workbook.

Notes
* The names of the Cover and Contents sheets are always "Cover" and "Contents" respectively.
** Model Import and Export Sheet suffixes are used in addition to the other sheet naming suffixes.

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Keys
Historical & Forecast Business Planning Model 6.0 (Basic)
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Range Naming Key

Range Type / Purpose Range Description / Purpose Prefix

Row Array Single row, multiple column, single area array. RA_
Column Array Single column, multiple row, single area array. CA_
Block Array Single area, multiple cell, non-row, non-column array. BA_
Multiple Area Array Multiple area (includes areas of any type). MAA_
Base Cell Single cell base cell (for OFFSET function reference, etc). BC_
Lookup Names a Lookup Table Array on a Lookup Sheet. LU_
Hyperlink Hyperlink cell reference. HL_
Check Box Check box cell link. CB_
Drop Down Box Drop down box cell link. DD_
List Box List box cell link. LB_
Option Button Option button cell link. OB_
Spin Button Spin button cell link. S_
Scroll Bar Scroll bar cell link. SB_
Residual Residual category (i.e. single cell non-base cells, etc). No Prefix

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 Assumptions
Section 2.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Section Cover Notes

Contains base case assumptions used to generate the base case outputs.

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 Time Series Assumptions
Sub-Section 2.1.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sub-Section Cover Notes:

Contains assumptions used to drive the time series analysis within the model.

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Time Series Assumptions
Historical & Forecast Business Planning Model 6.0 (Basic)
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Time Series Assumptions

Core Time Series Assumptions

Title Primary
Periodicity Annual
Financial Year End 31 12
Start Date 1-Jan-10
Periods 8
Denomination 2

Historical & Forecast Period Titles

Include in Period Titles? ✘ 1

Actual Periods 3
Budget Periods -

Data & Projections - Timing Assumptions

Data Term Basis 1

Data - Active Periods 3
Projections - Start Date 1-Jan-13

Notes
- A Financial Year End assumption of 28th of February is assumed to be a month end financial year end, even in a leap year.
- The "Model Denomination" assumption will not necessarily automatically change the denomination of the outputs of this model.
- A "Budget Period" refers to either a period in the current financial year or periods containing combined actual and forecast data.
- "Data & Projections - Timing Assumptions" are used as the basis for related data and projections time series sheets.
- "Inactive Columns Treatment" will only be operative if macros have been included in the active workbook to manage inactive data and projections columns.

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 Historical Assumptions
Sub-Section 2.2.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sub-Section Cover Notes:

Contains historical financial statement assumptions.

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Income Statement - Historical Assumptions
Historical & Forecast Business Planning Model 6.0 (Basic)
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Income Statement

Revenue 125.0 128.1 131.3 134.6 138.0 141.4 145.0

Cost of Goods Sold (25.0) (25.6) (26.3) (26.9) (27.6) (28.3) (29.0)

Gross Margin 100.0 102.5 105.1 107.7 110.4 113.1 116.0

Operating Expenditure (40.0) (41.0) (42.0) (43.1) (44.2) (45.3) (46.4)

EBITDA 60.0 61.5 63.0 64.6 66.2 67.9 69.6

Depreciation (13.5) (13.8) (14.2) (14.5) (14.9) (15.3) (15.7)

Amortization (0.6) (0.6) (0.7) (0.7) (0.7) (0.7) (0.7)
Depreciation & Amortization (14.1) (14.5) (14.8) (15.2) (15.6) (16.0) (16.4)

EBIT 45.9 47.0 48.2 49.4 50.6 51.9 53.2

Interest Expense (3.3) (3.3) (3.3) (3.3) (3.4) (3.6) (3.6)

Net Profit Before Tax 42.6 43.8 44.9 46.2 47.2 48.3 49.6

Tax Expense / (Benefit) (12.8) (13.1) (13.5) (13.8) (14.2) (14.5) (14.9)

Net Profit After Tax 29.8 30.6 31.5 32.3 33.1 33.8 34.7

Notes
1 All assumptions are entered in $Millions.
2 Revenue and expense assumptions are entered as positive and negative numbers respectively.

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148.6
(29.7)

118.9

(47.5)

71.3

(16.0)
(0.7)
(16.8)

54.5

(3.6)

51.0

(15.3)

35.7

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Balance Sheet - Historical Assumptions
Historical & Forecast Business Planning Model 6.0 (Basic)
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Balance Sheet Opening

1-Jan-10
Current Assets

Opening Cash at Bank 5.0 7.5 12.1 24.6 37.4 55.5 68.9
Change in Cash at Bank 2.5 4.6 12.5 12.8 18.1 13.4 13.8
Cash at Bank 5.0 7.5 12.1 24.6 37.4 55.5 68.9 82.7
Accounts Receivable 10.3 10.3 10.5 10.8 11.1 11.3 11.6 11.9
Other Current Assets 3.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
Total Current Assets 18.3 20.8 26.7 40.4 54.5 73.9 88.5 103.5

Non-Current Assets

Assets 146.5 146.5 148.0 149.6 151.2 152.9 154.6 156.3

Intangibles 13.4 13.4 15.3 17.3 19.3 21.4 23.5 25.7
Deferred Tax Assets - - - - - - - -
Other Non-Current Assets 4.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
Total Non-Current Assets 163.9 163.9 168.3 172.9 177.5 182.2 187.1 192.0

Total Assets 182.1 184.6 195.0 213.3 232.0 256.1 275.6 295.5

Current Liabilities

Accounts Payable 8.0 8.0 8.2 8.4 8.6 8.8 9.1 9.3
Tax Payable 12.8 12.8 13.1 13.5 13.8 14.2 14.5 14.9
Interest Payable - - - - - - - -
Ordinary Equity Dividends Payable - - - - - - - -
Other Current Liabilities 5.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0
Total Current Liabilities 25.8 25.8 27.3 28.9 30.5 32.0 33.6 35.2

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Balance Sheet - Historical Assumptions
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Non-Current Liabilities

Debt 50.0 50.0 50.0 50.0 50.0 55.0 55.0 55.0

Deferred Tax Liabilities - - - - - - - -
Other Non-Current Liabilities 6.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0
Total Non-Current Liabilities 56.0 56.0 57.0 58.0 59.0 65.0 66.0 67.0

Total Liabilities 81.8 81.8 84.3 86.9 89.5 97.0 99.6 102.2

Net Assets 100.3 102.8 110.7 126.4 142.6 159.1 176.0 193.4

Equity

Ordinary Equity 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0
Other Equity 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0
Retained Profits - Unadjusted 20.3 22.8 30.7 46.4 62.6 79.1 96.0 113.4
Retained Profits - Balancing Item - - - - - - - -
Retained Profits 20.3 22.8 30.7 46.4 62.6 79.1 96.0 113.4

Total Equity 100.3 102.8 110.7 126.4 142.6 159.1 176.0 193.4

Total Error Check Result - - - - - - - - -

Total Alert Check Result - - - - - - - - -

Notes
1 All assumptions are entered in $Millions.

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82.7
14.1
96.8
12.2
10.0
119.0

158.1
27.9
-
11.0
197.0

316.0

9.5
15.3
-
-
12.0
36.8

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55.0
-
13.0
68.0

104.8

211.2

75.0
5.0
131.2
-
131.2

211.2

-
-

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Cash Flow Statements - Historical Assumptions
Historical & Forecast Business Planning Model 6.0 (Basic)
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Cash Flow Statement

Cash Flow from Operating Activities

Revenue 125.0 128.1 131.3 134.6 138.0 141.4 145.0

Decrease in Accounts Receivable 10.7 (0.3) (0.2) (0.3) (0.3) (0.3) (0.3)
Cash Receipts 135.7 127.9 131.1 134.3 137.7 141.1 144.7
Cost of Goods Sold (25.0) (25.6) (26.3) (26.9) (27.6) (28.3) (29.0)
Operating Expenditure (40.0) (41.0) (42.0) (43.1) (44.2) (45.3) (46.4)
Increase in Accounts Payable (8.0) 0.2 0.2 0.2 0.2 0.2 0.2
Cash Payments (73.0) (66.4) (68.1) (69.8) (71.5) (73.3) (75.2)
Interest Paid (3.3) (3.3) (3.3) (3.3) (3.4) (3.6) (3.6)
Tax Paid (3.5) (12.8) (13.1) (13.5) (13.8) (14.2) (14.5)
Decrease in Other Current Assets (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0)
Increase in Other Current Liabilities 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Net Cash Flow from Operating Activities 56.0 45.4 46.6 47.8 48.9 50.1 51.5

Cash Flow from Investing Activities

Capital Expenditure - Assets (15.0) (15.4) (15.8) (16.2) (16.6) (17.0) (17.4)
Capital Expenditure - Intangibles (2.5) (2.6) (2.6) (2.7) (2.8) (2.8) (2.9)
Decrease in Other Non-Current Assets (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0)
Increase in Other Non-Current Liabilities 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Net Cash Flow from Investing Activities (17.5) (17.9) (18.4) (18.8) (19.3) (19.8) (20.3)

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Cash Flow Statements - Historical Assumptions
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Cash Flow from Financing Activities

Debt Drawdowns - - - - 50.0 - -

Debt Repayments - - - - (45.0) - -
Equity Raisings - - - - - - -
Equity Repayments - - - - - - -
Dividends Paid During Period (14.9) (15.3) (15.7) (16.2) (16.5) (16.9) (17.4)
Increase in Other Equity 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Net Cash Flow from Financing Activities (14.8) (15.2) (15.6) (16.1) (11.4) (16.8) (17.3)

Net Increase / (Decrease) in Cash Held 23.7 12.2 12.6 12.9 18.2 13.5 13.9

Notes
1 All assumptions are entered in $Millions.

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148.6
(0.3)
148.3
(29.7)
(47.5)
0.3
(77.0)
(3.6)
(14.9)
(1.0)
1.0
52.8

(17.8)
(3.0)
(1.0)
1.0
(20.8)

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-
-
-
-
(17.8)
0.1
(17.7)

14.2

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 Forecast Assumptions
Sub-Section 2.3.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sub-Section Cover Notes:

Contains forecast assumptions for all areas within the underlying business.

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Forecast Assumptions
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Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Operational - Assumptions

Revenue 125.0 128.1 131.3 134.6 138.0 141.4 145.0

Cost of Goods Sold 25.0 25.6 26.3 26.9 27.6 28.3 29.0
Operating Expenditure 40.0 41.0 42.0 43.1 44.2 45.3 46.4
Capital Expenditure - Assets 15.0 15.4 15.8 16.2 16.6 17.0 17.4
Capital Expenditure - Intangibles 2.5 2.6 2.6 2.7 2.8 2.8 2.9

Notes
1 Revenue and expense assumptions are entered in $Millions.
2 Revenue and expense assumptions are entered as positive numbers.

Working Capital - Assumptions

Accounts Receivable
1-Jan-13
Opening Balance 10.8
Debtors Days 30 30 30 30 30 30 30

Accounts Payable
1-Jan-13
Opening Balance 8.4
Creditors Days 45 45 45 45 45 45 45

Notes
1 Debtors/creditors days assumptions cannot be greater than the number of days in that period.

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Forecast Assumptions
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Assets - Assumptions

Assets
1-Jan-13
Opening Balance 149.6
Depreciation - % of Capital Expenditure 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

Intangibles
1-Jan-13
Opening Balance 17.3
Depreciation - % of Capital Expenditure 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%

Capital - Assumptions

Debt

Funds Drawn ($Millions)

1-Jan-13
Opening Balance 50.0 - - - 50.0 50.0 55.0 55.0
Debt Drawdowns - - - - 50.0 - -
Debt Repayments - - - - 45.0 - -
Closing Debt Balance - - - 50.0 55.0 55.0 55.0

Drawdowns/Repayments % into Period 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%

Interest Expense
1-Jan-13
Opening Interest Payable ($Millions) -

Base Interest Rate (% p.a.) 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Margin (% p.a.) 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
All-In Interest Rate (% p.a.) - - - 6.50% 6.50% 6.50% 6.50%

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Forecast Assumptions
Historical & Forecast Business Planning Model 6.0 (Basic)
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Ordinary Equity

Ordinary Equity Balances ($Millions)

1-Jan-13
Opening Balance 75.0 - - - 75.0 75.0 75.0 75.0
Equity Raisings - - - - - - -
Equity Repayments - - - - - - -
Closing Ordinary Equity - - - 75.0 75.0 75.0 75.0

Dividends Payable & Paid

1-Jan-13
Opening Dividends Payable ($Millions) -

Determination Method: 1

Dividend Declaration Period? Yes Yes Yes Yes Yes Yes Yes
Dividend Payout Ratio - % of NPAT 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
Assumed Dividends - Not Applied - - - - - - -

0 Include Opening Retained Profits in NPAT?

0 Limit dividends to prevent negative Cash at Bank?

Notes
1 Dividends cannot be negative.
2 Dividends cannot exceed accumulated Retained Profits (Opening Retained Profits + Net Profit After Tax) in any period.

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Forecast Assumptions
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Taxation - Assumptions

Tax Payable
1-Jan-13
Opening Tax Payable ($Millions) 13.5

Taxation Rate

Corporate Taxation Rate 30.0%

Notes
1 Tax is assumed to be paid in the period after tax expense is incurred.
2 The Corporate Taxation Rate is limited to a minimum of 0% and a maximum of 100%.
3 Tax calculations do not allow for tax losses, deferred tax assets or deferred tax liabilities - i.e. negative tax expense will result in cash tax receipts.

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Forecast Assumptions
Historical & Forecast Business Planning Model 6.0 (Basic)
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Other Balance Sheet Items - Assumptions

Cash at Bank

Opening Cash at Bank 24.6

Retained Profits

Opening Retained Profits 46.4

Other Balance Sheet Items Opening

1-Jan-13
Other Current Assets 5.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
Other Non-Current Assets 6.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
Other Current Liabilities 7.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0
Other Non-Current Liabilities 8.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0
Other Equity 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7

Notes
1 Balance sheet items are specified in $Millions.
2 Other Current Assets and Other Current Liabilities assumed to impact Other Operating Cash Flows.
3 Other Non-Current Assets and Non-Other Current Liabilities assumed to impact Other Investing Cash Flows.
3 Other Equity is assumed to impact Other Financing Cash Flows.

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 2017 (F)

148.6
29.7
47.5
17.8
3.0

30

45

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 90.0%

25.0%

55.0
-
-
55.0

50.0%

5.00%
1.50%
6.50%

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 75.0
-
-
75.0

Yes
50.0%
-

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 10.0
11.0
12.0
13.0
5.8

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 Outputs
Section 3.
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè

Section Cover Notes

Contains base case outputs - i.e. includes only the impacts of base case assumptions.

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 Historical Outputs
Sub-Section 3.1.
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè

Sub-Section Cover Notes:

Contains historical financial statement outputs.

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Income Statement - Historical Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Income Statement

Revenue 125.0 128.1 131.3 - - - -

Cost of Goods Sold (25.0) (25.6) (26.3) - - - -

Gross Margin 100.0 102.5 105.1 - - - -

Operating Expenditure (40.0) (41.0) (42.0) - - - -

EBITDA 60.0 61.5 63.0 - - - -

Depreciation & Amortization (14.1) (14.5) (14.8) - - - -

EBIT 45.9 47.0 48.2 - - - -

Interest Expense (3.3) (3.3) (3.3) - - - -

Net Profit Before Tax 42.6 43.8 44.9 - - - -

Tax Expense / (Benefit) (12.8) (13.1) (13.5) - - - -

Net Profit After Tax 29.8 30.6 31.5 - - - -

Notes
1 All revenues and expenses are specified in $Millions.
2 Revenues and expenses appear as positive and negative numbers respectively.

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 -

-
-

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Balance Sheet - Historical Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Balance Sheet Opening

1-Jan-10
Current Assets

Cash at Bank 5.0 7.5 12.1 24.6 - - - -

Accounts Receivable 10.3 10.3 10.5 10.8 - - - -
Other Current Assets 3.0 3.0 4.0 5.0 - - - -
Total Current Assets 18.3 20.8 26.7 40.4 - - - -

Non-Current Assets

Assets 146.5 146.5 148.0 149.6 - - - -

Intangibles 13.4 13.4 15.3 17.3 - - - -
Deferred Tax Assets - - - - - - - -
Other Non-Current Assets 4.0 4.0 5.0 6.0 - - - -
Total Non-Current Assets 163.9 163.9 168.3 172.9 - - - -

Total Assets 182.1 184.6 195.0 213.3 - - - -

Current Liabilities

Accounts Payable 8.0 8.0 8.2 8.4 - - - -

Tax Payable 12.8 12.8 13.1 13.5 - - - -
Interest Payable - - - - - - - -
Ordinary Equity Dividends Payable - - - - - - - -
Other Current Liabilities 5.0 5.0 6.0 7.0 - - - -
Total Current Liabilities 25.8 25.8 27.3 28.9 - - - -

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Balance Sheet - Historical Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Non-Current Liabilities

Debt 50.0 50.0 50.0 50.0 - - - -

Deferred Tax Liabilities - - - - - - - -
Other Non-Current Liabilities 6.0 6.0 7.0 8.0 - - - -
Total Non-Current Liabilities 56.0 56.0 57.0 58.0 - - - -

Total Liabilities 81.8 81.8 84.3 86.9 - - - -

Net Assets 100.3 102.8 110.7 126.4 - - - -

Equity

Ordinary Equity 75.0 75.0 75.0 75.0 - - - -

Other Equity 5.0 5.0 5.0 5.0 - - - -
Retained Profits 20.3 22.8 30.7 46.4 - - - -

Total Equity 100.3 102.8 110.7 126.4 - - - -

Total Error Check Result - - - - - - - - -

Total Alert Check Result - - - - - - - - -

Notes
1 All balances are specified in $Millions.

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 -

-
-
-
-

-
-
-
-
-

-
-
-
-
-
-

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 -

-
-
-
-

-
-
-

-
-

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Cash Flow Statement - Historical Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè x h O

Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Cash Flow Statement

Cash Flow from Operating Activities

Cash Receipts 135.7 127.9 131.1 - - - -

Cash Payments (73.0) (66.4) (68.1) - - - -
Interest Paid (3.3) (3.3) (3.3) - - - -
Tax Paid (3.5) (12.8) (13.1) - - - -
Decrease in Other Current Assets (1.0) (1.0) (1.0) - - - -
Increase in Other Current Liabilities 1.0 1.0 1.0 - - - -
Net Cash Flow from Operating Activities 56.0 45.4 46.6 - - - -

Cash Flow from Investing Activities

Capital Expenditure - Assets (15.0) (15.4) (15.8) - - - -

Capital Expenditure - Intangibles (2.5) (2.6) (2.6) - - - -
Decrease in Other Non-Current Assets (1.0) (1.0) (1.0) - - - -
Increase in Other Non-Current Liabilities 1.0 1.0 1.0 - - - -
Net Cash Flow from Investing Activities (17.5) (17.9) (18.4) - - - -

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Cash Flow Statement - Historical Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè x h O

Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) - - - -

Cash Flow from Financing Activities

Debt Drawdowns - - - - - - -
Debt Repayments - - - - - - -
Equity Raisings - - - - - - -
Equity Repayments - - - - - - -
Dividends Paid During Period (14.9) (15.3) (15.7) - - - -
Increase in Other Equity 0.1 0.1 0.1 - - - -
Net Cash Flow from Financing Activities (14.8) (15.2) (15.6) - - - -

Net Increase / (Decrease) in Cash Held 23.7 12.2 12.6 - - - -

Notes
1 All cash flows are specified in $Millions.

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 -

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-
-
-
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-
-

-
-
-
-
-

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 -

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-
-
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-
-
-

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 Forecast Outputs
Sub-Section 3.2.
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè

Sub-Section Cover Notes:

Contains forecast outputs for all areas within the underlying business other than financial statements.

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Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè x h O

Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Operational - Outputs

Revenue - - - 134.6 138.0 141.4 145.0

Cost of Goods Sold - - - 26.9 27.6 28.3 29.0
Operating Expenditure - - - 43.1 44.2 45.3 46.4
Capital Expenditure - Assets - - - 16.2 16.6 17.0 17.4
Capital Expenditure - Intangibles - - - 2.7 2.8 2.8 2.9

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Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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Working Capital - Outputs

Accounts Receivable Balances ($Millions)

Opening Balance - - - 10.8 11.1 11.3 11.6

Revenue - - - 134.6 138.0 141.4 145.0
Cash Receipts - - - (134.3) (137.7) (141.1) (144.7)
Closing Balance - - - 11.1 11.3 11.6 11.9

Closing Balance Periodic Growth (% per Year) - - N/A 2.5% 2.5% 2.2%
Debtors Days - - - 30 30 30 30

Total Error Checks Result - - - - - - - -

Accounts Payable Balances ($Millions)

Opening Balance - - - 8.4 8.6 8.8 9.1

Costs - - - 70.0 71.7 73.5 75.4
Cash Payments - - - (69.8) (71.5) (73.3) (75.2)
Closing Balance - - - 8.6 8.8 9.1 9.3

Closing Balance Periodic Growth (% per Year) - - N/A 2.5% 2.5% 2.2%
Creditors Days - - - 45 45 45 45

Total Error Checks Result - - - - - - - -

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Forecast Outputs
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Assets - Outputs

Assets Balances ($Millions)

Opening Balance - - - 149.6 151.2 152.9 154.6

Capital Expenditure - Assets - - - 16.2 16.6 17.0 17.4
Depreciation - - - (14.5) (14.9) (15.3) (15.7)
Closing Balance - - - 151.2 152.9 154.6 156.3

Total Error Checks Result - - - - - - - -

Intangibles Balances ($Millions)

Opening Balance - - - 17.3 19.3 21.4 23.5

Capital Expenditure - Intangibles - - - 2.7 2.8 2.8 2.9
Amortization - - - (0.7) (0.7) (0.7) (0.7)
Closing Balance - - - 19.3 21.4 23.5 25.7

Total Error Checks Result - - - - - - - -

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Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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Capital - Outputs

Debt - Outputs

Funds Drawn ($Millions)

Opening Balance - - - 50.0 50.0 55.0 55.0

Debt Drawdowns - - - - 50.0 - -
Debt Repayments - - - - (45.0) - -
Closing Debt Balance - - - 50.0 55.0 55.0 55.0

Interest Expense

Base Interest Rate (% p.a.) - - - 5.00% 5.00% 5.00% 5.00%

Margin (% p.a.) - - - 1.50% 1.50% 1.50% 1.50%
All-In Interest Rate (% p.a.) - - - 6.50% 6.50% 6.50% 6.50%

Months in Financial Year - - - 12 12 12 12

Period % of Full Year - - - 100.0% 100.0% 100.0% 100.0%
Drawdowns/Repayments % into Period - - - 50.0% 50.0% 50.0% 50.0%
Average Debt Outstanding - - - 50.0 52.5 55.0 55.0
Interest Expense - - - 3.3 3.4 3.6 3.6

Opening Interest Payable ($Millions) - - - - - - -

Interest Expense - - - 3.3 3.4 3.6 3.6
Interest Paid - - - (3.3) (3.4) (3.6) (3.6)
Closing Interest Payable - - - - - - -

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Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè x h O

Ordinary Equity - Outputs

Ordinary Equity Balances ($Millions)

Opening Balance - - - 75.0 75.0 75.0 75.0

Equity Raisings - - - - - - -
Equity Repayments - - - - - - -
Closing Ordinary Equity - - - 75.0 75.0 75.0 75.0

Dividends Payable & Paid

Opening Balance - - - - - - -
Dividends Declared During Period - - - 16.2 16.5 16.9 17.4
Dividends Paid During Period - - - (16.2) (16.5) (16.9) (17.4)
Closing Dividends Payable - - - - - - -

Total Error Checks Result - - - - - - - -

Alert Check (Limited Dividends) - - - - - - - -

Dividends Payable & Paid - Calculation

Determination Method: % of NPAT

Dividend Declaration Period? - - - Yes Yes Yes Yes

Opening Retained Profits - - - 46.4 62.6 79.1 96.0

Net Profit After Tax (NPAT) - - - 32.3 33.1 33.8 34.7
Maximum Dividends Allowed - - - 78.7 95.6 112.9 130.7
Opening Cash at Bank - - - 24.6 37.8 56.0 69.5
Cash Flow Available for Dividends - - - 29.4 34.7 30.4 31.3
Total Available Cash For Dividends - - - 54.0 72.5 86.4 100.7
Dividend Payout Ratio - % of NPAT - - - 50.0% 50.0% 50.0% 50.0%
Assumed Dividends - Not Applied - - - - - - -
Target Dividends Declared - - - 16.2 16.5 16.9 17.4
Actual Dividends Declared - - - 16.2 16.5 16.9 17.4

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Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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Taxation - Output Summary

Tax Expense ($Millions)

Revenue - - - 134.6 138.0 141.4 145.0

Cost of Goods Sold - - - (26.9) (27.6) (28.3) (29.0)
Operating Expenditure - - - (43.1) (44.2) (45.3) (46.4)
Depreciation - - - (14.5) (14.9) (15.3) (15.7)
Amortization - - - (0.7) (0.7) (0.7) (0.7)
Interest Expense - - - (3.3) (3.4) (3.6) (3.6)
Net Profit Before Tax (NPBT) - - - 46.2 47.2 48.3 49.6

Accounting Taxable Profit / (Loss) - - - 46.2 47.2 48.3 49.6

Corporate Taxation Rate - - - 30.0% 30.0% 30.0% 30.0%

Tax Expense / (Benefit) - - - 13.8 14.2 14.5 14.9

Tax Payable (& Paid)

Opening Balance - - - 13.5 13.8 14.2 14.5

Tax Expense / (Benefit) - - - 13.8 14.2 14.5 14.9
Tax Paid - - - (13.5) (13.8) (14.2) (14.5)
Closing Balance - - - 13.8 14.2 14.5 14.9

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Forecast Outputs
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Other Balance Sheet Items - Outputs

Other Current Assets ($Millions)

Opening Balance - - - 5.0 6.0 7.0 8.0

Movement - - - 1.0 1.0 1.0 1.0
Closing Balance - - - 6.0 7.0 8.0 9.0

Other Non-Current Assets ($Millions)

Opening Balance - - - 6.0 7.0 8.0 9.0

Movement - - - 1.0 1.0 1.0 1.0
Closing Balance - - - 7.0 8.0 9.0 10.0

Other Current Liabilities ($Millions)

Opening Balance - - - 7.0 8.0 9.0 10.0

Movement - - - 1.0 1.0 1.0 1.0
Closing Balance - - - 8.0 9.0 10.0 11.0

Other Non-Current Liabilities ($Millions)

Opening Balance - - - 8.0 9.0 10.0 11.0

Movement - - - 1.0 1.0 1.0 1.0
Closing Balance - - - 9.0 10.0 11.0 12.0

Other Equity ($Millions)

Opening Balance - - - 5.0 5.4 5.5 5.6

Movement - - - 0.4 0.1 0.1 0.1
Closing Balance - - - 5.4 5.5 5.6 5.7

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 2017 (F)

148.6
29.7
47.5
17.8
3.0

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 11.9
148.6
(148.3)
12.2

2.8%
30

9.3
77.3
(77.0)
9.5

2.8%
45

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 156.3
17.8
(16.0)
158.1

25.7
3.0
(0.7)
27.9

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 55.0
-
-
55.0

5.00%
1.50%
6.50%

12
100.0%
50.0%
55.0
3.6

-
3.6
(3.6)
-

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 75.0
-
-
75.0

-
17.8
(17.8)
-

-
-

Yes

113.4
35.7
149.0
83.4
32.1
115.5
50.0%
-
17.8
17.8

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 148.6
(29.7)
(47.5)
(16.0)
(0.7)
(3.6)
51.0

51.0

30.0%

15.3

14.9
15.3
(14.9)
15.3

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 9.0
1.0
10.0

10.0
1.0
11.0

11.0
1.0
12.0

12.0
1.0
13.0

5.7
0.1
5.8

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Income Statement - Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè x h O

Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Income Statement

Revenue - - - 134.6 138.0 141.4 145.0

Cost of Goods Sold - - - (26.9) (27.6) (28.3) (29.0)

Gross Margin - - - 107.7 110.4 113.1 116.0

Operating Expenditure - - - (43.1) (44.2) (45.3) (46.4)

EBITDA - - - 64.6 66.2 67.9 69.6

Depreciation & Amortization - - - (15.2) (15.6) (16.0) (16.4)

EBIT - - - 49.4 50.6 51.9 53.2

Interest Expense - - - (3.3) (3.4) (3.6) (3.6)

Net Profit Before Tax - - - 46.2 47.2 48.3 49.6

Tax Expense / (Benefit) - - - (13.8) (14.2) (14.5) (14.9)

Net Profit After Tax - - - 32.3 33.1 33.8 34.7

Error Check - - - - - - - -

Notes
1 All revenues and expenses are specified in $Millions.
2 Revenues and expenses enter the Income Statement as positive and negative numbers respectively.

Go to Balance Sheet - Forecast Outputs

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 2017 (F)

148.6
(29.7)

118.9

(47.5)

71.3

(16.8)

54.5

(3.6)

51.0

(15.3)

35.7

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Balance Sheet - Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè x h O

Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Balance Sheet

Current Assets

Cash at Bank - - - 37.8 56.0 69.5 83.4

Accounts Receivable - - - 11.1 11.3 11.6 11.9
Other Current Assets - - - 6.0 7.0 8.0 9.0
Total Current Assets - - - 54.9 74.4 89.1 104.2

Non-Current Assets

Assets - - - 151.2 152.9 154.6 156.3

Intangibles - - - 19.3 21.4 23.5 25.7
Deferred Tax Assets - - - - - - -
Other Non-Current Assets - - - 7.0 8.0 9.0 10.0
Total Non-Current Assets - - - 177.5 182.2 187.1 192.0

Total Assets - - - 232.4 256.6 276.2 296.2

Current Liabilities

Accounts Payable - - - 8.6 8.8 9.1 9.3

Tax Payable - - - 13.8 14.2 14.5 14.9
Debt Interest Payable - - - - - - -
Ordinary Equity Dividends Payable - - - - - - -
Other Current Liabilities - - - 8.0 9.0 10.0 11.0
Total Current Liabilities - - - 30.5 32.0 33.6 35.2

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Balance Sheet - Forecast Outputs
Historical & Forecast Business Planning Model 6.0 (Basic)
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çè x h O

Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Non-Current Liabilities

Debt - - - 50.0 55.0 55.0 55.0

Deferred Tax Liabilities - - - - - - -
Other Non-Current Liabilities - - - 9.0 10.0 11.0 12.0
Total Non-Current Liabilities - - - 59.0 65.0 66.0 67.0

Total Liabilities - - - 89.5 97.0 99.6 102.2

Net Assets - - - 143.0 159.6 176.6 194.1

Equity

Ordinary Equity - - - 75.0 75.0 75.0 75.0

Other Equity - - - 5.4 5.5 5.6 5.7
Retained Profits - - - 62.6 79.1 96.0 113.4

Total Equity - - - 143.0 159.6 176.6 194.1

Total Error Check Result - - - - - - - -

Alert Check (Negative Cash) - - - - - - - -

Notes
1 All balances are specified in $Millions.

Go to Income Statement - Forecast Outputs

Go to Cash Flow Statement - Forecast Outputs

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 2017 (F)

97.6
12.2
10.0
119.8

158.1
27.9
-
11.0
197.0

316.8

9.5
15.3
-
-
12.0
36.8

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 2017 (F)

55.0
-
13.0
68.0

104.8

212.0

75.0
5.8
131.2

212.0

-
-

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Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Direct Cash Flow Statement

Cash Flow from Operating Activities

Cash Receipts - - - 134.3 137.7 141.1 144.7

Cash Payments - - - (69.8) (71.5) (73.3) (75.2)
Interest Paid - - - (3.3) (3.4) (3.6) (3.6)
Tax Paid - - - (13.5) (13.8) (14.2) (14.5)
Decrease in Other Current Assets - - - (1.0) (1.0) (1.0) (1.0)
Increase in Other Current Liabilities - - - 1.0 1.0 1.0 1.0
Net Cash Flow from Operating Activities - - - 47.8 48.9 50.1 51.5

Cash Flow from Investing Activities

Capital Expenditure - Assets - - - (16.2) (16.6) (17.0) (17.4)

Capital Expenditure - Intangibles - - - (2.7) (2.8) (2.8) (2.9)
Decrease in Other Non-Current Assets - - - (1.0) (1.0) (1.0) (1.0)
Increase in Other Non-Current Liabilities - - - 1.0 1.0 1.0 1.0
Net Cash Flow from Investing Activities - - - (18.8) (19.3) (19.8) (20.3)

Cash Flow from Financing Activities

Debt Drawdowns - - - - 50.0 - -

Debt Repayments - - - - (45.0) - -
Equity Raisings - - - - - - -
Equity Repayments - - - - - - -
Dividends Paid During Period - - - (16.2) (16.5) (16.9) (17.4)
Increase in Other Equity - - - 0.4 0.1 0.1 0.1
Net Cash Flow from Financing Activities - - - (15.8) (11.4) (16.8) (17.3)

Net Increase / (Decrease) in Cash Held - - - 13.2 18.2 13.5 13.9

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Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Indirect Cash Flow Statement

Cash Flow from Operating Activities

Net Profit After Tax - - - 32.3 33.1 33.8 34.7

(Add Back) Tax Expense - - - 13.8 14.2 14.5 14.9
(Add Back) Total Debt Interest Expense - - - 3.3 3.4 3.6 3.6
(Add Back) Total Book Depreciation & Amortisation - - - 15.2 15.6 16.0 16.4
Decrease in Accounts Receivable - - - (0.3) (0.3) (0.3) (0.3)
Increase in Accounts Payable - - - 0.2 0.2 0.2 0.2
Interest Paid - - - (3.3) (3.4) (3.6) (3.6)
Tax Paid - - - (13.5) (13.8) (14.2) (14.5)
Decrease in Other Current Assets - - - (1.0) (1.0) (1.0) (1.0)
Increase in Other Current Liabilities - - - 1.0 1.0 1.0 1.0
Net Cash Flow from Operating Activities - - - 47.8 48.9 50.1 51.5

Cash Flow from Investing Activities

Capital Expenditure - Assets - - - (16.2) (16.6) (17.0) (17.4)

Capital Expenditure - Intangibles - - - (2.7) (2.8) (2.8) (2.9)
Decrease in Other Non-Current Assets - - - (1.0) (1.0) (1.0) (1.0)
Increase in Other Non-Current Liabilities - - - 1.0 1.0 1.0 1.0
Net Cash Flow from Investing Activities - - - (18.8) (19.3) (19.8) (20.3)

Cash Flow from Financing Activities

Debt Drawdowns - - - - 50.0 - -

Debt Repayments - - - - (45.0) - -
Equity Raisings - - - - - - -
Equity Repayments - - - - - - -
Dividends Paid During Period - - - (16.2) (16.5) (16.9) (17.4)
Increase in Other Equity - - - 0.4 0.1 0.1 0.1
Net Cash Flow from Financing Activities - - - (15.8) (11.4) (16.8) (17.3)

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Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Net Increase / (Decrease) in Cash Held - - - 13.2 18.2 13.5 13.9

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Year Ending 31 December - - - 2013 (F) 2014 (F) 2015 (F) 2016 (F)

Capital Providers - Cash Flow Reconciliation

Net Cash Flow from Operating Activities - - - 47.8 48.9 50.1 51.5
Net Cash Flow from Investing Activities - - - (18.8) (19.3) (19.8) (20.3)
(Add Back) Interest Paid - - - 3.3 3.4 3.6 3.6
Cash Flow Available To Capital Providers - - - 32.2 33.0 33.9 34.7
Interest Paid - - - (3.3) (3.4) (3.6) (3.6)
Debt Drawdowns - - - - 50.0 - -
Debt Repayments - - - - (45.0) - -
Increase in Other Equity - - - 0.4 0.1 0.1 0.1
Cash Flow Available to Equity (CFAE) - - - 29.4 34.7 30.4 31.3
Equity Raisings - - - - - - -
Equity Repayments - - - - - - -
Cash Flow Available for Dividends - - - 29.4 34.7 30.4 31.3
Dividends Paid During Period - - - (16.2) (16.5) (16.9) (17.4)
Net Increase / (Decrease) in Cash Held - - - 13.2 18.2 13.5 13.9

Total Error Checks Result - - - - - - - -

Notes
1 All values are stated in $Millions unless stated otherwise.

Go to Income Statement - Forecast Outputs

Go to Balance Sheet - Forecast Outputs

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 2017 (F)

148.3
(77.0)
(3.6)
(14.9)
(1.0)
1.0
52.8

(17.8)
(3.0)
(1.0)
1.0
(20.8)

-
-
-
-
(17.8)
0.1
(17.7)

14.2

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 2017 (F)

35.7
15.3
3.6
16.8
(0.3)
0.3
(3.6)
(14.9)
(1.0)
1.0
52.8

(17.8)
(3.0)
(1.0)
1.0
(20.8)

-
-
-
-
(17.8)
0.1
(17.7)

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 2017 (F)

14.2

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52.8
(20.8)
3.6
35.6
(3.6)
-
-
0.1
32.1
-
-
32.1
(17.8)
14.2

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 All Periods Outputs
Sub-Section 3.3.
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Sub-Section Cover Notes:

Contains the Income Statement, Balance Sheet and Cash Flow Statement for all periods.

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Income Statement - All Periods Outputs
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F)

Income Statement

Revenue 125.0 128.1 131.3 134.6 138.0 141.4 145.0 148.6

Cost of Goods Sold (25.0) (25.6) (26.3) (26.9) (27.6) (28.3) (29.0) (29.7)

Gross Margin 100.0 102.5 105.1 107.7 110.4 113.1 116.0 118.9

Operating Expenditure (40.0) (41.0) (42.0) (43.1) (44.2) (45.3) (46.4) (47.5)

EBITDA 60.0 61.5 63.0 64.6 66.2 67.9 69.6 71.3

Depreciation & Amortization (14.1) (14.5) (14.8) (15.2) (15.6) (16.0) (16.4) (16.8)

EBIT 45.9 47.0 48.2 49.4 50.6 51.9 53.2 54.5

Interest Expense (3.3) (3.3) (3.3) (3.3) (3.4) (3.6) (3.6) (3.6)

Net Profit Before Tax 42.6 43.8 44.9 46.2 47.2 48.3 49.6 51.0

Tax Expense / (Benefit) (12.8) (13.1) (13.5) (13.8) (14.2) (14.5) (14.9) (15.3)

Net Profit After Tax 29.8 30.6 31.5 32.3 33.1 33.8 34.7 35.7

Notes
1 All revenues and expenses are specified in $Millions.
2 Revenues and expenses appear as positive and negative numbers respectively.

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Balance Sheet - All Periods Outputs
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F)

Balance Sheet Opening

1-Jan-10
Current Assets

Cash at Bank 5.0 7.5 12.1 24.6 37.8 56.0 69.5 83.4 97.6
Accounts Receivable 10.3 10.3 10.5 10.8 11.1 11.3 11.6 11.9 12.2
Other Current Assets 3.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
Total Current Assets 18.3 20.8 26.7 40.4 54.9 74.4 89.1 104.2 119.8

Non-Current Assets

Assets 146.5 146.5 148.0 149.6 151.2 152.9 154.6 156.3 158.1
Intangibles 13.4 13.4 15.3 17.3 19.3 21.4 23.5 25.7 27.9
Deferred Tax Assets - - - - - - - - -
Other Non-Current Assets 4.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0
Total Non-Current Assets 163.9 163.9 168.3 172.9 177.5 182.2 187.1 192.0 197.0

Total Assets 182.1 184.6 195.0 213.3 232.4 256.6 276.2 296.2 316.8

Current Liabilities

Accounts Payable 8.0 8.0 8.2 8.4 8.6 8.8 9.1 9.3 9.5
Tax Payable 12.8 12.8 13.1 13.5 13.8 14.2 14.5 14.9 15.3
Interest Payable - - - - - - - - -
Ordinary Equity Dividends Payable - - - - - - - - -
Other Current Liabilities 5.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0
Total Current Liabilities 25.8 25.8 27.3 28.9 30.5 32.0 33.6 35.2 36.8

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Balance Sheet - All Periods Outputs
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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F)

Non-Current Liabilities

Debt 50.0 50.0 50.0 50.0 50.0 55.0 55.0 55.0 55.0
Deferred Tax Liabilities - - - - - - - - -
Other Non-Current Liabilities 6.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0
Total Non-Current Liabilities 56.0 56.0 57.0 58.0 59.0 65.0 66.0 67.0 68.0

Total Liabilities 81.8 81.8 84.3 86.9 89.5 97.0 99.6 102.2 104.8

Net Assets 100.3 102.8 110.7 126.4 143.0 159.6 176.6 194.1 212.0

Equity

Ordinary Equity 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0
Other Equity 5.0 5.0 5.0 5.0 5.4 5.5 5.6 5.7 5.8
Retained Profits 20.3 22.8 30.7 46.4 62.6 79.1 96.0 113.4 131.2

Total Equity 100.3 102.8 110.7 126.4 143.0 159.6 176.6 194.1 212.0

Total Error Check Result - - - - - - - - - -

Alert Check (Negative Cash) - - - - - - - - - -

Notes
1 All balances are specified in $Millions.

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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F)

Direct Cash Flow Statement

Cash Flow from Operating Activities

Cash Receipts 135.7 127.9 131.1 134.3 137.7 141.1 144.7 148.3
Cash Payments (73.0) (66.4) (68.1) (69.8) (71.5) (73.3) (75.2) (77.0)
Interest Paid (3.3) (3.3) (3.3) (3.3) (3.4) (3.6) (3.6) (3.6)
Tax Paid (3.5) (12.8) (13.1) (13.5) (13.8) (14.2) (14.5) (14.9)
Decrease in Other Current Assets (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0)
Increase in Other Current Liabilities 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Net Cash Flow from Operating Activities 56.0 45.4 46.6 47.8 48.9 50.1 51.5 52.8

Cash Flow from Investing Activities

Capital Expenditure - Assets (15.0) (15.4) (15.8) (16.2) (16.6) (17.0) (17.4) (17.8)
Capital Expenditure - Intangibles (2.5) (2.6) (2.6) (2.7) (2.8) (2.8) (2.9) (3.0)
Decrease in Other Non-Current Assets (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0)
Increase in Other Non-Current Liabilities 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Net Cash Flow from Investing Activities (17.5) (17.9) (18.4) (18.8) (19.3) (19.8) (20.3) (20.8)

Cash Flow from Financing Activities

Debt Drawdowns - - - - 50.0 - - -

Debt Repayments - - - - (45.0) - - -
Equity Raisings - - - - - - - -
Equity Repayments - - - - - - - -
Dividends Paid During Period (14.9) (15.3) (15.7) (16.2) (16.5) (16.9) (17.4) (17.8)
Increase in Other Equity 0.1 0.1 0.1 0.4 0.1 0.1 0.1 0.1
Net Cash Flow from Financing Activities (14.8) (15.2) (15.6) (15.8) (11.4) (16.8) (17.3) (17.7)

Net Increase / (Decrease) in Cash Held 23.7 12.2 12.6 13.2 18.2 13.5 13.9 14.2

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Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F)

Total Error Checks Result - - - - - - - - -

Notes
1 All values are stated in $Millions unless stated otherwise.

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 Dashboard Outputs
Sub-Section 3.4.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sub-Section Cover Notes:

Contains dashboard-style presentation output sheets.

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Income Statement [Insert Tile 2 Heading]

Revenue Cost of Goods Sold
Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) Revenue (Forecast) Cost of Goods Sold (Forecast)
160 Revenue (Historical) Cost of Goods Sold (Historical)
140 35
Revenue 125.0 128.1 131.3 134.6 138.0 141.4
120 30
Cost of Goods Sold (25.0) (25.6) (26.3) (26.9) (27.6) (28.3)
Gross Margin 100.0 102.5 105.1 107.7 110.4 113.1 100 25
Operating Expenditure (40.0) (41.0) (42.0) (43.1) (44.2) (45.3) 80 20
EBITDA 60.0 61.5 63.0 64.6 66.2 67.9 60 15
Depreciation & Amortization (14.1) (14.5) (14.8) (15.2) (15.6) (16.0) 40 10
EBIT 45.9 47.0 48.2 49.4 50.6 51.9 20 5
Interest Expense (3.3) (3.3) (3.3) (3.3) (3.4) (3.6) - -
Net Profit Before Tax 42.6 43.8 44.9 46.2 47.2 48.3
Tax Expense / (Benefit) (12.8) (13.1) (13.5) (13.8) (14.2) (14.5)
Net Profit After Tax 29.8 30.6 31.5 32.3 33.1 33.8

Balance Sheet
Operating Expenditure Net Assets - 2010(A)
Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) Operating Expenditure (Forecast) [Insert Tile 4 Heading]
200.0
Operating Expenditure (Historical) 180.0
Current Assets 20.8 26.7 40.4 54.9 74.4 89.1 50
Non-Current Assets 163.9 168.3 172.9 177.5 182.2 187.1 45 160.0
Total Assets 184.6 195.0 213.3 232.4 256.6 276.2 40 81.8
140.0
35
Current Liabilities 25.8 27.3 28.9 30.5 32.0 33.6 30 120.0
Non-Current Liabilities 56.0 57.0 58.0 59.0 65.0 66.0 25 100.0
184.6
Total Liabilities 81.8 84.3 86.9 89.5 97.0 99.6 20
80.0
15
Net Assets 102.8 110.7 126.4 143.0 159.6 176.6 10 60.0
102.8
5 40.0
Ordinary Equity 75.0 75.0 75.0 75.0 75.0 75.0 -
20.0
Other Equity 5.0 5.0 5.0 5.4 5.5 5.6 ) ) ) ) ) ) ) )
Retained Profits 22.8 30.7 46.4 62.6 79.1 96.0 (A (A (A (F (F (F (F (F -
1 0 1 1 1 2 13 14 15 16 17
Total Equity 102.8 110.7 126.4 143.0 159.6 176.6 20 20 20 20 20 20 20 20 Assets Liabilities Net Assets

Cash Flow Statement

EBITDA Breakdown
Year Ending 31 December 2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) [Insert
Operating Expenditure (Forecast) TileCost
6 Heading]
of Goods Sold (Forecast) Revenue (Forecast)

Cash Receipts 135.7 127.9 131.1 134.3 137.7 141.1 Operating Expenditure (Historical) Cost of Goods Sold (Historical) Revenue (Historical)
Cash Payments (73.0) (66.4) (68.1) (69.8) (71.5) (73.3) 200 EBITDA
Other Operating Cash Flows (6.8) (16.0) (16.4) (16.7) (17.3) (17.7)
Operating Cash Flows 56.0 45.4 46.6 47.8 48.9 50.1 150

Capital Expenditure (17.5) (17.9) (18.4) (18.8) (19.3) (19.8) 100

Other Investing Cash Flows - - - - - -
Investing Cash Flows (17.5) (17.9) (18.4) (18.8) (19.3) (19.8) 50

Debt Drawdowns/(Repayments) - - - - 5.0 - -

Equity Drawdowns/(Repayments) - - - - - -
Equity Dividends Paid (14.9) (15.3) (15.7) (16.2) (16.5) (16.9) (50)
Other Equity Cash Flows 0.1 0.1 0.1 0.4 0.1 0.1
Financing Cash Flows (14.8) (15.2) (15.6) (15.8) (11.4) (16.8) (100)
2010 (A) 2011 (A) 2012 (A) 2013 (F) 2014 (F) 2015 (F) 2016 (F) 2017 (F)
Net Increase/(Decrease) in Cash Held 23.7 12.2 12.6 13.2 18.2 13.5

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 Appendices
Section 4.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Section Cover Notes

[Insert section cover note 1]
[Insert section cover note 2]
[Insert section cover note 3]

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 Checks
Sub-Section 4.1.
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Sub-Section Cover Notes

Contains model checks and lookup tables.

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Checks
Historical & Forecast Business Planning Model 6.0 (Basic)
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Error Checks

✘1 Include summary in model name?

Errors Detected - Summary

Total Errors: -
Error Message (Empty if None):

Error Checks

Error Checks Check Include? Flag

Accounts Receivable Balances ($Millions) - Yes -

Accounts Payable Balances ($Millions) - Yes -
Assets Balances ($Millions) - Yes -
Intangibles Balances ($Millions) - Yes -
Ordinary Equity - Outputs - Yes -
Income Statement - Forecast Outputs - Yes -
Balance Sheet - Forecast Outputs - Yes -
Cash Flow Statement - Forecast Outputs - Yes -

Total Errors: -

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Sensitivity Checks

✘1 Include summary in model name?

Sensitivities Detected - Summary

Total Sensitivities: -
Sensitivity Message (Empty if None):

Sensitivity Checks

Sensitivity Checks Check Include? Flag

Total Sensitivities: -

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Alert Checks

✘1 Include summary in model name?

Alerts Detected - Summary

Total Alerts: -
Alert Message (Empty if None):

Alert Checks

Alert Checks Check Include? Flag

Balance Sheet - Historical Assumptions - Yes -

Balance Sheet - Historical Outputs - Yes -
Ordinary Equity - Outputs - Yes -
Balance Sheet - Forecast Outputs - Yes -

Total Alerts: -

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 Lookup Tables
Sub-Section 4.2.
Historical & Forecast Business Planning Model 6.0 (Basic)
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Sub-Section Cover Notes

Contains model lookup tables.

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Time Series Lookup Tables
Historical & Forecast Business Planning Model 6.0 (Basic)
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Time Series Lookup Tables

Month Days Names

Month Days LU_Mth_Days

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

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Time Series Lookup Tables
Historical & Forecast Business Planning Model 6.0 (Basic)
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Time Series Lookup Tables

Month Names Names

Month Names LU_Mth_Names

January
February
March
April
May
June
July
August
September
October
November
December

Denomination Names

Denomination LU_Denom
$Billions Billions
$Millions Millions
$'000 Thousands
$ Currency

Data Term Basis Names

Data Term Basis LU_Data_Term_Basis

Active Data Periods
Projections Start

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Time Series Lookup Tables
Historical & Forecast Business Planning Model 6.0 (Basic)
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Time Series Lookup Tables

Periodicity Names

Periodicity LU_Periodicity
Annual Annual
Semi-Annual Semi_Annual
Quarterly Qtrly
Monthly Mthly

Period Type Names Names

Period Type Names LU_Period_Type_Names

Year Yr_Name
Half Year Half_Yr_Name
Quarter Qtr_Name
Month Mth_Name

Periods In Year Names

Periods In Year LU_Pers_In_Yr

1 Yrs_In_Yr
2 Halves_In_Yr
4 Qtrs_In_Yr
12 Mths_In_Yr

Conversion Factors Names

Conversion Factors
10 Ten
100 Hundred
1,000 Thousand
1,000,000 Million
1,000,000,000 Billion

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Capital - Lookup Tables
Historical & Forecast Business Planning Model 6.0 (Basic)
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Capital - Lookup Tables

Dividend Method Lookup Names:

Dividend Method LU_Eq_Ord_Div_Meth

% of NPAT
Assume Dividend Amounts

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Dashboards - Lookup Tables
Historical & Forecast Business Planning Model 6.0 (Basic)
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Dashboard Lookup Tables

Selected Period Lookup Names

Selected Period LU_Dashboard_Selected_Period

2010 (A)
2011 (A)
2012 (A)
2013 (F)
2014 (F)
2015 (F)
2016 (F)
2017 (F)

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