Syed Wahid Ali Shah

Historical --> Forecast --> 3 Statement Model USD millions, except per share data Balance Sheet Check 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E OK OK OK OK OK OK OK OK 365 365 365 365 365 365 365 365 34.7% 6.5% 56.5% 7.4% 26,569 2.2% 3.2% 6.2% 24.3% 7.4% 57.4% 6.6% 30,830 2.2% 3.1% 6.2% 15.3% 6.0% 55.0% 7.5% 32,063 2.3% 3.2% 6.2% 30.0% 6.0% 55.0% 7.5% 33,346 2.3% 3.2% 6.2% 30.0% 6.0% 55.0% 7.5% 34,680 2.3% 3.2% 6.2% 30.0% 6.0% 55.0% 7.5% 36,067 2.3% 3.2% 6.2% 30.0% 6.0% 55.0% 7.5% 37,509 2.3% 3.2% 6.2% 30.0% -% 20,000 7,627 83.2% -% 20,000 7,627 55.8% -% 20,000 7,627 33.7% -% 20,000 7,627 70.0% -% 20,000 7,627 70.0% -% 20,000 7,627 70.0% -% 20,000 7,627 70.0% -% 20,000 7,627 70.0% Assumptions & Drivers Days in Period Income Statement Sales Growth Gross Margin Distribution Expense (Percent of Sales) Marketing & Admin Expense (Fixed Cost) Research Expense (Percent of Sales) Depreciation (Percent of Sales) Long Term Debt Interest (Average Debt) Tax Rate (Percent of EBT) Balance Sheet Capital Asset Turnover Ratio Receivable Days (Sales Basis) Inventory Days (COGS Basis) Payable Days (COGS Basis) Income Tax Payable Long Term Debt Common Share Capital Dividend Payout Ratio 53.2% 7.2% 23,507 2.2% 3.6% © Management Development Associates (NA) Inc. - 21317 Historical --> Forecast --> 3 Statement Model USD millions, except per share data 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E 81,422 38,121 43,301 5,884 23,507 1,764 2,960 9,186 1,240 7,946 2,761 5,185 86,698 37,756 48,942 6,421 26,569 1,931 2,803 11,218 1,240 9,978 2,429 7,549 93,086 39,639 53,447 6,166 30,830 2,026 2,907 11,518 1,240 10,278 1,570 8,708 98,671 44,402 54,269 7,400 32,063 2,269 3,157 9,379 1,240 8,139 2,442 5,697 104,591 47,066 57,525 7,844 33,346 2,406 3,347 10,583 1,240 9,343 2,803 6,540 110,867 49,890 60,977 8,315 34,680 2,550 3,548 11,884 1,240 10,644 3,193 7,451 117,519 52,883 64,635 8,814 36,067 2,703 3,761 13,291 1,240 12,051 3,615 8,436 124,570 56,056 68,513 9,343 37,509 2,865 3,986 14,810 1,240 13,570 4,071 9,499 4,312 4,209 2,931 3,988 4,578 5,216 5,905 6,649 5,289 12,685 7,168 25,142 5,918 14,074 7,691 27,683 10,159 14,721 8,036 32,916 8,650 16,220 9,124 33,994 8,562 17,193 9,671 35,426 8,627 18,225 10,251 37,103 8,860 19,318 10,866 39,045 9,278 20,477 11,518 41,274 19,263 44,405 20,371 48,054 21,175 54,091 23,217 57,211 24,610 60,036 26,086 63,190 27,651 66,697 29,311 70,584 10,001 1,088 11,089 10,-,398 11,-,658 12,-,068 12,895 1,037 13,932 13,669 1,182 14,850 14,489 1,338 15,826 15,358 1,506 16,864 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 7,627 5,689 13,316 44,405 7,627 9,029 16,656 48,054 7,627 14,806 22,433 54,091 7,627 16,515 24,142 57,211 7,627 18,477 26,104 60,036 7,627 20,713 28,340 63,190 7,627 23,243 30,870 66,697 7,627 26,093 33,720 70,584 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Income Statement Revenues Cost of Goods Sold Gross Profit Distribution Expenses Marketing and Administration Research and Development Depreciation EBIT (Operating Profit) Interest Income Before Taxes Taxes Net Income Common Dividends Balance Sheet ASSETS Current Assets: Cash Trade and Other Receivables Inventories Total Current Assets Non-Current Assets: Property Plant and Equipment TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Trade and Other Payables Income Taxes Payable Total Current Liabilities: Non-Current Liabilities: Long-Term Debt Shareholder's Equity: Common Stock and Additional Paid-In Capital Retained Earnings Total Shareholders' Equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Check © Management Development Associates (NA) Inc. - 21317 Historical --> Forecast --> 3 Statement Model USD millions, except per share data 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Cash Flow Statement Cash Flows from Operating Activities: Net Income Depreciation Changes in Operating Assets and Liabilities: Trade and Other Receivables Inventories Trade and Other Payables Income Taxes Payable Net Cash Provided by Operating Activities 5,185 2,960 7,549 2,803 8,708 2,907 5,697 3,157 6,540 3,347 7,451 3,548 8,436 3,761 9,499 3,986 (1,280) -,935 (1,389) (523) 503 (194) 8,749 (647) (345) 573 (313) 10,883 (1,499) (1,087) 1,-,679 (973) -,230 (1,032) -,305 (1,093) -,464 (1,159) -,712 Investing Activities: Acquisitions of Property and Equipment Cash Flows from Investing Activities (3,005) (3,005) (3,911) (3,911) (3,711) (3,711) (5,199) (5,199) (4,740) (4,740) (5,024) (5,024) (5,326) (5,326) (5,645) (5,645) Financing Activities: Issuance of Common Stock Dividends (current year) Increase/(Decrease) in Long-Term Debt Cash Flows from Financing Activities (4,312) (4,312) (4,209) (4,209) (2,931) (2,931) (3,988) (3,988) (4,578) (4,578) (5,216) (5,216) (5,905) (5,905) (6,649) (6,649) Increase/(Decrease) in Cash and Equivalents Cash and Equivalents, Beginning of the Year Cash and Equivalents, End of the Year (382) 5,671 5,289 629 5,289 5,918 4,241 5,918 10,159 (1,508) 10,159 8,650 (88) 8,650 8,562 65 8,562 8,627 233 8,627 8,860 417 8,860 9,278 © Management Development Associates (NA) Inc. - 21317 Historical --> Forecast --> 3 Statement Model USD millions, except per share data 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E 19,218 3,005 2,960 19,263 19,263 3,911 2,803 20,371 20,371 3,711 2,907 21,175 21,175 5,199 3,157 23,217 23,217 4,740 3,347 24,610 24,610 5,024 3,548 26,086 26,086 5,326 3,761 27,651 27,651 5,645 3,986 29,311 4,816 5,185 4,312 5,689 5,689 7,549 4,209 9,029 9,029 8,708 2,931 14,806 14,806 5,697 3,988 16,515 16,515 6,540 4,578 18,477 18,477 7,451 5,216 20,713 20,713 8,436 5,905 23,243 23,243 9,499 6,649 26,093 Supporting Schedules Property Plant and Equipment (PP&E) Net PP&E Beginning of Period Capital Expenditures/Additions (Disposals) Depreciation Expense Net PP&E End of Period Retained Earnings (RE) Beginning of Period Net Income Dividends RE End of Period Long Term Debt (LTD) Beginning of Period Additions (Repayments) LTD End of Period Long Term Debt Interest Total Interest 20,000 20,000 - 20,000 - 20,000 - 20,000 - 20,000 - 20,000 - 20,000 - - 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 1,240 © Management Development Associates (NA) Inc. - 21317 Historical --> Forecast --> 3 Statement Model 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Income Statement Revenue EBITDA EBITDA Margin Net Income Net Income Margin 81,422 12,146 14.9% 5,185 6.4% 86,698 14,021 16.2% 7,549 8.7% 93,086 14,425 15.5% 8,708 9.4% 98,671 12,536 12.7% 5,697 5.8% 104,591 13,929 13.3% 6,540 6.3% 110,867 15,432 13.9% 7,451 6.7% 117,519 17,052 14.5% 8,436 7.2% 124,570 18,796 15.1% 9,499 7.6% Cash Flow Operations Investing Financing Change in Cash 6,935 (3,005) (4,312) (382) 8,749 (3,911) (4,209) 629 10,883 (3,711) (2,931) 4,241 7,679 (5,199) (3,988) (1,508) 9,230 (4,740) (4,578) (88) 10,305 (5,024) (5,216) 65 11,464 (5,326) (5,905) 233 12,712 (5,645) (6,649) 417 USD millions, except per share data Charts & Graphs Income Statement Revenue 140,000 EBITDA Margin Cash Flow Statement Net Income Margin 120,000 100,000 30.0% 15,000 25.0% 10,000 20.0% 5,000 15.0% - 10.0% (5,000) 5.0% (10,000) 0.0% (15,000) Investing Financing Operations Change in Cash 80,000 60,000 40,000 20,-A 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E © Management Development Associates (NA) Inc. - 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