Income Statement 2023 2024 2025
Revenues 81,422 86,698 93,086
Cost of Goods Sold 38,121 37,756 39,639
Gross Profit 43,301 48,942 53,447
Distribution Expenses 5,884 6,421 6,166
Marketing and Administration 23,507 26,569 30,830
Research and Development 1,764 1,931 2,026
Depreciation 2,960 2,803 2,907
EBIT (Operating Profit) 9,186 11,218 11,518
Interest 1,240 1,240 1,240
Income Before Taxes 7,946 9,978 10,278
Taxes 2,761 2,429 1,570
Net Income 5,185 7,549 8,708
4,312 4,209 2,931
Balance Sheet 2023 2024 2025
ASSETS
Current Assets:
Cash 5,289 5,918 10,159
Trade and Other Receivables 12,685 14,074 14,721
Inventories 7,168 7,691 8,036
Total Current Assets 25,142 27,683 32,916
Non-Current Assets:
Property Plant and Equipment 19,263 20,371 21,175
TOTAL ASSETS 44,405 48,054 54,091
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Trade and Other Payables 10,001 10,504 11,077
Income Taxes Payable 1,088 894 581
Total Current Liabilities: 11,089 11,398 11,658
Non-Current Liabilities:
Long-Term Debt 20,000 20,000 20,000
Shareholder's Equity:
Common Stock and Additional Paid-In Capital 7,627 7,627 7,627
Retained Earnings 5,689 9,029 14,806
Total Shareholders' Equity 13,316 16,656 22,433
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 44,405 48,054 54,091
Cash Flow Statement 2023 2024 2025
Cash Flows from Operating Activities:
Net Income 5,185 7,549 8,708
Depreciation 2,960 2,803 2,907
Changes in Operating Assets and Liabilities:
Trade and Other Receivables (1,280) (1,389) (647)
Inventories (470) (523) (345)
Trade and Other Payables 490 503 573
Income Taxes Payable 50 (194) (313)
Net Cash Provided by Operating Activities 6,935 8,749 10,883
Investing Activities:
Acquisitions of Property and Equipment (3,005) (3,911) (3,711)
Cash Flows from Investing Activities (3,005) (3,911) (3,711)
Financing Activities:
Issuance of Common Stock - - -
Dividends (current year) (4,312) (4,209) (2,931)
Increase/(Decrease) in Long-Term Debt - - -
Cash Flows from Financing Activities (4,312) (4,209) (2,931)
Increase/(Decrease) in Cash and Equivalents (382) 629 4,241
Cash and Equivalents, Beginning of the Year 5,671 5,289 5,918
Cash and Equivalents, End of the Year 5,289 5,918 10,159
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FINANCIAL STATEMENTS HISTORICALS FORCAS
IncomeStatement 2023 2024 2025 2026
Revenues 81422 86698 93086 98485
Cost of Goods Sold 38121 37756 39639 44318
Gross Profit 43301 48942 53447 54167
Distribution Expenses 5884 6421 6166 7386
Marketing and Administration 23507 26569 30830 32063
Research and Development 1764 1931 2026 2265
Depreciation 2960 2803 2907 3152
EBIT (Operating Profit) 9186 11218 11518 9300
Interest 1240 1240 1240 1240
Income Before Taxes 7946 9978 10278 8060
Taxes 2761 2429 1570 2982
Net Income 5185 7549 8708 5078
Balance Sheet 2023 2024 2025 2026
ASSETS
Current Assets:
Cash 5289 5918 10159 8733
Trade and Other Receivables 12685 14074 14721 16189
Inventories 7168 7691 8036 9106
Total Current Assets 25142 27683 32916 34029
Non-Current Assets:
Property Plant and Equipment 19263 20371 21175 23173
TOTAL ASSETS 44405 48054 54091 57202
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Trade and Other Payables 10001 10504 11077 12142
Income Taxes Payable 1088 894 581 1103
Total Current Liabilities 11089 11398 11658 13245
Non-Current Liabilities:
Long-Term Debt 20000 20000 20000 20000
Shareholder's Equity:
Common Stock and Additional Paid-In Ca 7627 7627 7627 7627
Retained Earnings 5689 9029 14806 16330
Total Shareholders' Equity 13316 16656 22433 23957
TOTAL LIABILITIES AND SHAREHOLDERS'44405 48054 54091 57202
Cash Flow Statement 2023 2024 2025 2026
Cash Flows from Operating Activities:
Net Income 5185 7549 8708 5078
Depreciation 2960 2803 2907 3152
Changes in Operating Assets and Liabilities:
Trade and Other Receivables -1280 -1389 -647 -1468
Inventories -470 -523 -345 -1070
Trade and Other Payables 490 503 573 1065
Income Taxes Payable 50 -194 -313 522
Net Cash Provided by Operating Activiti 6935 8749 10883 7279
Investing Activities:
Acquisitions of Property and Equipment -3005 -3911 -3711 -5149
Cash Flows from Investing Activities -3005 -3911 -3711 -5149
Financing Activities:
Issuance of Common Stock 0 0 0 0
Dividends (current year) -4312 -4209 -2931 -3555
Increase/(Decrease) in Long-Term Debt 0 0 0 0
Cash Flows from Financing Activities -4312 -4209 -2931 -3555
Increase/(Decrease) in Cash and Equival -382 629 4241 -1425
Cash and Equivalents, Beginning of the 5671 5289 5918 10159
Cash and Equivalents, End of the Year 5289 5918 10159 8733
Assumptions & Drivers 2023 2024 2025 2026
Income Statement
Sales Growth 5.8%
Gross Margin 55.0%
Distribution Expense (Percent of Sales) 7.5%
Marketing Expense (Fixed Cost) 32,063
Research Expense (Percent of Sales) 2.3%
Depreciation (Percent of Sales) 3.2%
Long Term Debt Interest (Average Debt) 6.2%
Tax Rate (Percent of EBT) 30.0%
Balance Sheet
Capital Asset Turnover Ratio 4.25
Receivable Days (Sales Basis) 60
Inventory Days (COGS Basis) 75
Payable Days (COGS Basis) 100
Income Tax Payable 37.0%
Long Term Debt 20,000
Common Share Capital 7,627
Dividend Payout Ratio 70.0%
Days in Period 365 365 365 365
PPE Schedule 2023 2024 2025 2026
PPE opening 19218 19263 20371 21175
CAP Ex 3005 3911 3711 5149
Deprication 2960 2803 2907 3152
PPE closing 19263 20371 21175 23173
Capital EXP 3005 3911 3711 5149
FORCASTED YEARS
2027 2028 2029 2030
104197 110240 116634 123399
46889 49608 52485 55530
57308 60632 64149 67870
7815 8268 8748 9255
33346 34680 36067 37509
2397 2536 2683 2838
3334 3528 3732 3949
10417 11621 12920 14318
1240 1240 1240 1240
9177 10381 11680 13078
3395 3841 4321 4839
5781 6540 7358 8239
2027 2028 2029 2030
8514 8412 8438 8606
17128 18122 19173 20285
9635 10193 10785 11410
35277 36727 38396 40301
24517 25939 27443 29035
59794 62666 65839 69336
12846 13591 14380 15214
1256 1421 1599 1790
14103 15012 15979 17004
20000 20000 20000 20000
7627 7627 7627 7627
18064 20026 22234 24705
25691 27653 29861 32332
59794 62666 65839 69336
2027 2028 2029 2030
5781 6540 7358 8239
3334 3528 3732 3949
-939 -993 -1051 -1112
-528 -559 -591 -626
704 745 788 834
153 165 178 191
8506 9426 10414 11476
-4678 -4950 -5237 -5540
-4678 -4950 -5237 -5540
0 0 0 0
-4047 -4578 -5151 -5767
0 0 0 0
-4047 -4578 -5151 -5767
-220 -102 27 168
8733 8514 8412 8438
8514 8412 8438 8606
2027 2028 2029 2030
5.8% 5.8% 5.8% 5.8%
55.0% 55.0% 55.0% 55.0%
7.5% 7.5% 7.5% 7.5%
33,346 34,680 36,067 37,509
2.3% 2.3% 2.3% 2.3%
3.2% 3.2% 3.2% 3.2%
6.2% 6.2% 6.2% 6.2%
30.0% 30.0% 30.0% 30.0%
4.25 4.25 4.25 4.25
60 60 60 60
75 75 75 75
100 100 100 100
37.0% 37.0% 37.0% 37.0%
20,000 20,000 20,000 20,000
7,627 7,627 7,627 7,627
70.0% 70.0% 70.0% 70.0%
365 365 365 365
2027 2028 2029 2030
23173 24517 25939 27443
4678 4950 5237 5540
3334 3528 3732 3949
24517 25939 27443 29035
4678 4950 5237 5540
USD millions, except per share 2026 2027 2028 2029
Assumptions & Drivers
Days in Period 365 365 365 365
Income Statement
Sales Growth 5.8% 5.8% 5.8% 5.8%
Gross Margin 55.0% 55.0% 55.0% 55.0%
Distribution Expense (Percent of S 7.5% 7.5% 7.5% 7.5%
Marketing Expense (Fixed Cost) 32,063 33,346 34,680 36,067
Research Expense (Percent of Sale 2.3% 2.3% 2.3% 2.3%
Depreciation (Percent of Sales) 3.2% 3.2% 3.2% 3.2%
Long Term Debt Interest (Average 6.2% 6.2% 6.2% 6.2%
Tax Rate (Percent of EBT) 30.0% 30.0% 30.0% 30.0%
Balance Sheet
Capital Asset Turnover Ratio 4.25 4.25 4.25 4.25
Receivable Days (Sales Basis) 60 60 60 60
Inventory Days (COGS Basis) 75 75 75 75
Payable Days (COGS Basis) 100 100 100 100
Income Tax Payable 37.0% 37.0% 37.0% 37.0%
Long Term Debt 20,000 20,000 20,000 20,000
Common Share Capital 7,627 7,627 7,627 7,627
Dividend Payout Ratio 70.0% 70.0% 70.0% 70.0%
2030
365
5.8%
55.0%
7.5%
37,509
2.3%
3.2%
6.2%
30.0%
4.25
60
75
100
37.0%
20,000
7,627
70.0%