3-Statement Financial Analysis Strictly Confidential

Table of Contents

Financial Forecast
Ratio Calculations
3 Step DuPont Pyramid
5 Step DuPont Pyramid

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Income Statement

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

COGS (24,544) (25,104) (25,779) (27,111) (27,656) (28,212) (28,636) (28,923)
Gross Profit 26,045 26,544 27,981 29,370 29,961 30,563 31,023 31,334

SG&A (5,877) (6,006) (6,144) (6,359) (6,550) (6,746) (6,915) (7,088)

Other (1,764) (1,931) (2,026) (2,097) (2,160) (2,225) (2,280) (2,337)
EBITDA 18,404 18,607 19,811 20,914 21,251 21,592 21,828 21,909

Depreciation 1 (2,960) (3,196) (3,452) (4,421) (4,770) (5,128) (5,490) (5,862)

EBIT 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047

Interest Expense (1,688) (2,200) (2,350) (1,080) (840) (600) (360) (120)
Interest Income 200 180 193 37 55 80 108 142
EBT 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069

Provision for Taxes (3,722) (3,850) (4,111) (3,245) (3,296) (3,348) (3,378) (3,374)

Net Income 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694
Cash Flow Statement

All figures in USD thousands unless stated 2020A 2020A 2020A 2023F 2024F 2025F 2026F 2027F

CASH FROM OPERATING

Net Income 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694
Depreciation 2,960 3,196 3,452 4,421 4,770 5,128 5,490 5,862
Cash From Accounts Receivable (600) (625) (291) (339) (140) (143) (109) (74)
Cash From Inventory (400) (131) (86) 152 (37) (38) (29) (20)
Cash From Accounts Payable (260) 181 114 (348) 60 61 47 31
Subtotal 11,934 12,162 13,280 16,092 17,052 17,604 18,106 18,494

CASH FROM INVESTING

Capital Expenditure (9,015) (8,733) (7,130) (6,900) (7,050) (7,275) (7,200) (7,688)
Subtotal (9,015) (8,733) (7,130) (6,900) (7,050) (7,275) (7,200) (7,688)

CASH FROM FINANCING

Change in Long-Term Debt - (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000)
Change in Common Equity - - - (1,000) (1,000) (1,000) (1,000) (1,000)
Dividends (3,465) (3,761) (3,216) (2,441) (2,480) (2,519) (2,542) (2,539)
Change in Revolving Credit Line - - - - - - - -
Subtotal (3,465) (7,761) (7,216) (7,441) (7,480) (7,519) (7,542) (7,539)

CASH BALANCE
Beginning of the Year 9,671 9,125 4,793 3,727 5,477 7,999 10,809 14,173
Increase / (Decrease) (546) (4,332) (1,066) 1,750 2,522 2,809 3,364 3,268
End of the Year 9,125 4,793 3,727 5,477 7,999 10,809 14,173 17,441
Balance Sheet

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

ASSETS

Cash 9,125 4,793 3,727 5,477 7,999 10,809 14,173 17,441

Accounts Receivable 5,708 6,333 6,624 6,963 7,103 7,246 7,355 7,429
Inventories 1,792 1,923 2,009 1,857 1,894 1,932 1,961 1,981
Total Current Assets 16,625 13,049 12,360 14,298 16,997 19,987 23,490 26,851

Property Plant & Equipment 58,759 64,296 67,974 70,453 72,734 74,881 76,591 78,417

Total Assets 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

LIABILITIES

Accounts Payable 3,024 3,205 3,319 2,971 3,031 3,092 3,138 3,170
Revolving Credit Line – – – – – – – –
Total Current Liabilities 3,024 3,205 3,319 2,971 3,031 3,092 3,138 3,170

Long-Term Debt 28,000 24,000 20,000 16,000 12,000 8,000 4,000 -

Total Liabilities 31,024 27,205 23,319 18,971 15,031 11,092 7,138 3,170

EQUITY

Common Equity 38,670 38,670 38,670 37,670 36,670 35,670 34,670 33,670
Retained Earnings 5,690 11,470 18,345 28,110 38,030 48,107 58,273 68,428
Total Shareholders' Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Total Liabilities & Equity 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

Check – – – – – – – –
Other Financial Information

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

NET OPERATING PROFIT AFTER TAX

EBIT 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047
Effective Tax Rate 26.67% 28.75% 28.95% 21.00% 21.00% 21.00% 21.00% 21.00%
NOPAT 11,325 10,980 11,624 13,030 13,020 13,007 12,907 12,677

INVESTED CAPITAL
Interest Bearing Current Liabilities – – – – – – – –
Interest Bearing Long Term Liabilities 28,000 24,000 20,000 16,000 12,000 8,000 4,000 –
Cash (9,125) (4,793) (3,727) (5,477) (7,999) (10,809) (14,173) (17,441)
Net Debt 18,875 19,207 16,273 10,523 4,001 (2,809) (10,173) (17,441)
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098
Invested Capital (aka Capital Employed) 63,235 69,347 73,288 76,302 78,700 80,968 82,770 84,657

NET ASSETS
Current Assets 16,625 13,049 12,360 14,298 16,997 19,987 23,490 26,851
Cash (9,125) (4,793) (3,727) (5,477) (7,999) (10,809) (14,173) (17,441)
Long Term Assets 58,759 64,296 67,974 70,453 72,734 74,881 76,591 78,417
Non Interest Bearing Current Liabilities (3,024) (3,205) (3,319) (2,971) (3,031) (3,092) (3,138) (3,170)
Net Assets 63,235 69,347 73,288 76,302 78,700 80,968 82,770 84,657
Profitability and Return Ratios
All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Return on Equity = Net Income = 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694 = 23.07% 19.03% 17.70% 18.56% 16.60% 15.04% 13.67% 12.43%
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Return on Assets = Net Income = 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694 = 13.58% 12.34% 12.56% 14.40% 13.82% 13.28% 12.70% 12.06%
Total Assets 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

Return on Net Assets = Net Income = 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694 = 16.18% 13.76% 13.77% 16.00% 15.76% 15.56% 15.35% 14.99%
PP&E plus Net Working Capital 63,235 69,347 73,288 76,302 78,700 80,968 82,770 84,657

Return on Invested Capital = NOPAT = 11,325 10,980 11,624 13,030 13,020 13,007 12,907 12,677 = 17.91% 15.83% 15.86% 17.08% 16.54% 16.06% 15.59% 14.97%
Invested Capital 63,235 69,347 73,288 76,302 78,700 80,968 82,770 84,657

Gross Margin = Gross Profit = 26,045 26,544 27,981 29,370 29,961 30,563 31,023 31,334 = 51.48% 51.39% 52.05% 52.00% 52.00% 52.00% 52.00% 52.00%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

SG&A % of Revenue = SG&A = 5,877 6,006 6,144 6,359 6,550 6,746 6,915 7,088 = 11.62% 11.63% 11.43% 11.26% 11.37% 11.48% 11.59% 11.76%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

Other Operating Expenses % of Revenue = Other Operating Expenses = 1,764 1,931 2,026 2,097 2,160 2,225 2,280 2,337 = 3.49% 3.74% 3.77% 3.71% 3.75% 3.78% 3.82% 3.88%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

EBITDA Margin = EBITDA = 18,404 18,607 19,811 20,914 21,251 21,592 21,828 21,909 = 36.38% 36.03% 36.85% 37.03% 36.88% 36.74% 36.59% 36.36%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257
Check OK OK OK OK OK OK OK OK

Depreciation % of Revenue = Depreciation = 2,960 3,196 3,452 4,421 4,770 5,128 5,490 5,862 = 5.85% 6.19% 6.42% 7.83% 8.28% 8.72% 9.20% 9.73%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

EBIT Margin = EBIT = 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047 = 30.53% 29.84% 30.43% 29.20% 28.61% 28.01% 27.39% 26.63%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257
Check OK OK OK OK OK OK OK OK

Other Non Operating Expense % of Revenue = Other Non Operating Expense % of Revenue = 1,488 2,020 2,157 1,043 785 520 252 (22) = 2.94% 3.91% 4.01% 1.85% 1.36% 0.88% 0.42% (0.04%)
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

EBT Margin = Earning Before Tax = 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069 = 27.59% 25.93% 26.42% 27.36% 27.24% 27.13% 26.96% 26.67%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257
Check OK OK OK OK OK OK OK OK

Tax % of Revenue = Tax = 3,722 3,850 4,111 3,245 3,296 3,348 3,378 3,374 = 7.36% 7.45% 7.65% 5.74% 5.72% 5.70% 5.66% 5.60%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

Net Profit Margin = Net Income = 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694 = 20.23% 18.47% 18.77% 21.61% 21.52% 21.43% 21.30% 21.07%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257
Check OK OK OK OK OK OK OK OK

Effective Tax Rate = Tax = 3,722 3,850 4,111 3,245 3,296 3,348 3,378 3,374 = 26.67% 28.75% 28.95% 21.00% 21.00% 21.00% 21.00% 21.00%
Earning Before Tax 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069

Tax Burden = Net Income = 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694 = 73.33% 71.25% 71.05% 79.00% 79.00% 79.00% 79.00% 79.00%
Earning Before Tax 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069

Interest Burden = Earning Before Tax = 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069 = 90.37% 86.89% 86.81% 93.68% 95.24% 96.84% 98.46% 100.14%
EBIT 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047

Page 6 of 14
Asset Utilization Ratios
All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Asset Turnover = Revenue = 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257 = 0.67x 0.67x 0.67x 0.67x 0.64x 0.62x 0.60x 0.57x
Total Assets 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

PPE Turnover = Revenue = 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257 = 0.86x 0.80x 0.79x 0.80x 0.79x 0.78x 0.78x 0.77x
PPE 58,759 64,296 67,974 70,453 72,734 74,881 76,591 78,417

Cash Turnover = Revenue = 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257 = 5.54x 10.78x 14.42x 10.31x 7.20x 5.44x 4.21x 3.45x
Cash 9,125 4,793 3,727 5,477 7,999 10,809 14,173 17,441

Cash Days = Cash x 365 = 3,330,516 1,749,281 1,360,355 1,999,251 2,919,768 3,945,224 5,173,216 6,365,930 = 65.8 days 33.9 days 25.3 days 35.4 days 50.7 days 67.1 days 86.7 days 105.6 days
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

A/R Turnover = Revenue = 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257 = 8.86x 8.16x 8.12x 8.11x 8.11x 8.11x 8.11x 8.11x
Accounts Receivable 5,708 6,333 6,624 6,963 7,103 7,246 7,355 7,429

A/R Days = Accounts Receivable x 365 = 2,083,420 2,311,545 2,417,760 2,541,652 2,592,739 2,644,853 2,684,658 2,711,572 = 41.2 days 44.8 days 45.0 days 45.0 days 45.0 days 45.0 days 45.0 days 45.0 days
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

Inventory Turnover = COGS = 24,544 25,104 25,779 27,111 27,656 28,212 28,636 28,923 = 13.70x 13.05x 12.83x 14.60x 14.60x 14.60x 14.60x 14.60x
Inventory 1,792 1,923 2,009 1,857 1,894 1,932 1,961 1,981

Inventory Days = Inventory x 365 = 654,080 701,895 733,285 677,774 691,397 705,294 715,909 723,086 = 26.6 days 10.9 days 10.8 days 9.6 days 9.5 days 9.4 days 9.3 days 9.2 days
COGS 24,544 64,296 67,974 70,453 72,734 74,881 76,591 78,417

A/P Turnover = COGS = 24,544 25,104 25,779 27,111 27,656 28,212 28,636 28,923 = 8.12x 7.83x 7.77x 9.13x 9.13x 9.13x 9.13x 9.13x
Accounts Payable 3,024 3,205 3,319 2,971 3,031 3,092 3,138 3,170

A/P Days = Accounts Payable x 365 = 1,103,760 1,169,825 1,211,435 1,084,438 1,106,235 1,128,471 1,145,454 1,156,937 = 45.0 days 22.7 days 22.5 days 19.2 days 19.2 days 19.2 days 19.2 days 19.2 days
COGS 24,544 51,648 53,761 56,481 57,616 58,775 59,659 60,257

Cash Conversion Cycle / WC Funding Gap = AR Days + Inventory Days - AP Days = 22.9 days 33.0 days 33.2 days 35.4 days 35.3 days 35.2 days 35.1 days 35.0 days

Page 7 of 14
Leverage Ratios
All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Total Asset to Equity = Total Assets = 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268 = 1.70x 1.54x 1.41x 1.29x 1.20x 1.13x 1.08x 1.03x
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Total Liabilities to Equity = Total Liabilities = 31,024 27,205 23,319 18,971 15,031 11,092 7,138 3,170 = 0.70x 0.54x 0.41x 0.29x 0.20x 0.13x 0.08x 0.03x
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Debt to Equity = Interest Bearing Liabilities Only = 28,000 24,000 20,000 16,000 12,000 8,000 4,000 -= 0.63x 0.48x 0.35x 0.24x 0.16x 0.10x 0.04x –
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Debt to EBITDA = Interest Bearing Liabilities Only = 28,000 24,000 20,000 16,000 12,000 8,000 4,000 -= 1.52x 1.29x 1.01x 0.77x 0.56x 0.37x 0.18x –
EBITDA 18,404 18,607 19,811 20,914 21,251 21,592 21,828 21,909

Net Debt to EBITDA = Interest Bearing Liabilities - Cash = 18,875 19,207 16,273 10,523 4,001 (2,809) (10,173) (17,441) = 1.03x 1.03x 0.82x 0.50x 0.19x (0.13x) (0.47x) (0.80x)
EBITDA 18,404 18,607 19,811 20,914 21,251 21,592 21,828 21,909

Page 8 of 14
Liquidity Ratios
All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Current = Current Assets = 16,625 13,049 12,360 14,298 16,997 19,987 23,490 26,851 = 5.50x 4.07x 3.72x 4.81x 5.61x 6.46x 7.49x 8.47x
Current Liabilities 3,024 3,205 3,319 2,971 3,031 3,092 3,138 3,170

Quick = Current Assets - Inventory = 14,833 11,126 10,351 12,441 15,103 18,055 21,528 24,870 = 4.90x 3.47x 3.12x 4.19x 4.98x 5.84x 6.86x 7.85x
Current Liabilities 3,024 3,205 3,319 2,971 3,031 3,092 3,138 3,170

Interest Coverage = EBITDA = 18,404 18,607 19,811 20,914 21,251 21,592 21,828 21,909 = 10.90x 8.46x 8.43x 19.37x 25.30x 35.99x 60.63x 182.57x
Interest Expense 1,688 2,200 2,350 1,080 840 600 360 120

Page 9 of 14
Growth Trends
All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Revenue Growth = Change in Revenues = 1,059 2,113 2,720 1,135 1,158 885 598 = 2.09% 4.09% 5.06% 2.01% 2.01% 1.50% 1.00%
Prior Year Revenues 50,589 51,648 53,761 56,481 57,616 58,775 59,659

EBITDA Growth = Change in EBITDA = 203 1,205 1,103 337 341 236 81 = 1.10% 6.47% 5.57% 1.61% 1.60% 1.09% 0.37%
Prior Year EBITDA 18,404 18,607 19,811 20,914 21,251 21,592 21,828

EBIT Growth = Change in EBIT = (33) 949 134 (12) (17) (126) (291) = (0.21%) 6.16% 0.82% (0.07%) (0.10%) (0.77%) (1.78%)
Prior Year EBIT 15,444 15,411 16,359 16,493 16,481 16,464 16,338

Net Income Growth = Change in Net Income = (693) 551 2,115 194 196 112 (14) = (6.77%) 5.77% 20.95% 1.59% 1.58% 0.89% (0.11%)
Prior Year Net Income 10,234 9,541 10,091 12,206 12,400 12,596 12,708

Total Asset Growth = Change in Total Assets = 1,961 2,989 4,417 4,980 5,138 5,213 5,187 = 2.60% 3.87% 5.50% 5.88% 5.73% 5.49% 5.18%
Prior Year Total Assets 75,384 77,345 80,334 84,751 89,730 94,868 100,081

Degree of Operating Leverage = Percentage Change in EBIT = (0.21%) 6.16% 0.82% (0.07%) (0.10%) (0.77%) (1.78%) = (0.10x) 1.50x 0.16x (0.04x) (0.05x) (0.51x) (1.78x)
Percentage Change in Revenue 2.09% 4.09% 5.06% 2.01% 2.01% 1.50% 1.00%

Degree of Financial Leverage = Percentage Change in Net Income = (6.77%) 5.77% 20.95% 1.59% 1.58% 0.89% (0.11%) = 31.83x 0.94x 25.60x (21.67x) (15.13x) (1.16x) 0.06x
Percentage Change in EBIT (0.21%) 6.16% 0.82% (0.07%) (0.10%) (0.77%) (1.78%)

Degree of Total Leverage = Percentage Change in Net Income = (6.77%) 5.77% 20.95% 1.59% 1.58% 0.89% (0.11%) = (3.23x) 1.41x 4.14x 0.79x 0.79x 0.59x (0.11x)
Percentage Change in Revenue 2.09% 4.09% 5.06% 2.01% 2.01% 1.50% 1.00%

Page 10 of 14
DuPont Pyramid 3 Step Check
All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Net Profit Margin = Net Income = 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694 = 20.23% 18.47% 18.77% 21.61% 21.52% 21.43% 21.30% 21.07%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

Asset Turnover = Revenue = 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257 = 0.67x 0.67x 0.67x 0.67x 0.64x 0.62x 0.60x 0.57x
Total Assets 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

Total Assets to Equity = Total Assets = 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268 = 1.70x 1.54x 1.41x 1.29x 1.20x 1.13x 1.08x 1.03x
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Equals Return on Equity = Net Profit Margin x Asset Turn x Asset to Equity = = 23.07% 19.03% 17.70% 18.56% 16.60% 15.04% 13.67% 12.43%
Check OK OK OK OK OK OK OK OK

Page 11 of 14
DuPont Pyramid 5 Step Check
All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F

Tax Burden = Net Income = 10,234 9,541 10,091 12,206 12,400 12,596 12,708 12,694 = 73.33% 71.25% 71.05% 79.00% 79.00% 79.00% 79.00% 79.00%
Earning Before Tax 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069

Interest Burden = Earning Before Tax = 13,956 13,391 14,202 15,451 15,696 15,944 16,086 16,069 = 90.37% 86.89% 86.81% 93.68% 95.24% 96.84% 98.46% 100.14%
EBIT 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047

EBIT Margin = EBIT = 15,444 15,411 16,359 16,493 16,481 16,464 16,338 16,047 = 30.53% 29.84% 30.43% 29.20% 28.61% 28.01% 27.39% 26.63%
Revenue 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257

Asset Turnover = Revenue = 50,589 51,648 53,761 56,481 57,616 58,775 59,659 60,257 = 0.67x 0.67x 0.67x 0.67x 0.64x 0.62x 0.60x 0.57x
Total Assets 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268

Total Assets to Equity = Total Assets = 75,384 77,345 80,334 84,751 89,730 94,868 100,081 105,268 = 1.70x 1.54x 1.41x 1.29x 1.20x 1.13x 1.08x 1.03x
Equity 44,360 50,140 57,015 65,780 74,700 83,776 92,943 102,098

Equals Return on Equity = Tax Burden x Interest Burden x EBIT Margin = = 23.07% 19.03% 17.70% 18.56% 16.60% 15.04% 13.67% 12.43%
Check x Asset Turn x Asset to Equity OK OK OK OK OK OK OK OK

Page 12 of 14
 Return on Equity
2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
23.07% 19.03% 17.70% 18.56% 16.60% 15.04% 13.67% 12.43%

Net Profit Margin Total Asset to Equity Asset Turnover

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
20.23% 18.47% 18.77% 21.61% 21.52% 21.43% 21.30% 21.07% 1.70x 1.54x 1.41x 1.29x 1.20x 1.13x 1.08x 1.03x 0.67x 0.67x 0.67x 0.67x 0.64x 0.62x 0.60x 0.57x Working Capital Analysis

EBT Margin Tax % of Revenue Cash Turnover Cash Days

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
27.59% 25.93% 26.42% 27.36% 27.24% 27.13% 26.96% 26.67% 7.36% 7.45% 7.65% 5.74% 5.72% 5.70% 5.66% 5.60% 5.54x 10.78x 14.42x 10.31x 7.20x 5.44x 4.21x 3.45x 65.8 days 33.9 days 25.3 days 35.4 days 50.7 days 67.1 days 86.7 days 105.6 days

EBIT Margin Other Non Operating Expense % of Revenue A/R Turnover A/R Days
2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
30.53% 29.84% 30.43% 29.20% 28.61% 28.01% 27.39% 26.63% 2.94% 3.91% 4.01% 1.85% 1.36% 0.88% 0.42% (0.04%) 8.86x 8.16x 8.12x 8.11x 8.11x 8.11x 8.11x 8.11x 41.2 days 44.8 days 45.0 days 45.0 days 45.0 days 45.0 days 45.0 days 45.0 days

EBITDA Margin Depreciation % of Revenue Inventory Turnover Inventory Days

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
36.38% 36.03% 36.85% 37.03% 36.88% 36.74% 36.59% 36.36% 5.85% 6.19% 6.42% 7.83% 8.28% 8.72% 9.20% 9.73% 13.70x 13.05x 12.83x 14.60x 14.60x 14.60x 14.60x 14.60x 26.6 days 10.9 days 10.8 days 9.6 days 9.5 days 9.4 days 9.3 days 9.2 days

Gross Margin Other Operating Expenses % of Revenue PPE Turnover A/P Days
2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
51.48% 51.39% 52.05% 52.00% 52.00% 52.00% 52.00% 52.00% 3.49% 3.74% 3.77% 3.71% 3.75% 3.78% 3.82% 3.88% 0.86x 0.80x 0.79x 0.80x 0.79x 0.78x 0.78x 0.77x 45.0 days 22.7 days 22.5 days 19.2 days 19.2 days 19.2 days 19.2 days 19.2 days

SG&A % of Revenue Cash Conversion Cycle / WC Funding Gap

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
11.62% 11.63% 11.43% 11.26% 11.37% 11.48% 11.59% 11.76% 22.9 days 33.0 days 33.2 days 35.4 days 35.3 days 35.2 days 35.1 days 35.0 days

Growth Analysis Leverage Analysis

Revenue Growth Debt to Equity

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
2.09% 4.09% 5.06% 2.01% 2.01% 1.50% 1.00% - 0.63x 0.48x 0.35x 0.24x 0.16x 0.10x 0.04x –

EBITDA Growth Debt to EBITDA

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
1.10% 6.47% 5.57% 1.61% 1.60% 1.09% 0.37% - 1.52x 1.29x 1.01x 0.77x 0.56x 0.37x 0.18x –

Net Income Growth Current

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
(6.77%) 5.77% 20.95% 1.59% 1.58% 0.89% (0.11%) - 5.50x 4.07x 3.72x 4.81x 5.61x 6.46x 7.49x 8.47x

Total Asset Growth Quick

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
2.60% 3.87% 5.50% 5.88% 5.73% 5.49% 5.18% - 4.90x 3.47x 3.12x 4.19x 4.98x 5.84x 6.86x 7.85x

Degree of Total Leverage Interest Coverage

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
(3.23x) 1.41x 4.14x 0.79x 0.79x 0.59x (0.11x) – 10.90x 8.46x 8.43x 19.37x 25.30x 35.99x 60.63x 182.57x
 Return on Equity
2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
23.07% 19.03% 17.70% 18.56% 16.60% 15.04% 13.67% 12.43%

Tax Burden Interest Burden Net Profit Margin Total Asset to Equity Asset Turnover
2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
73.33% 71.25% 71.05% 79.00% 79.00% 79.00% 79.00% 79.00% 90.37% 86.89% 86.81% 93.68% 95.24% 96.84% 98.46% 100.14% 20.23% 18.47% 18.77% 21.61% 21.52% 21.43% 21.30% 21.07% 1.70x 1.54x 1.41x 1.29x 1.20x 1.13x 1.08x 1.03x 0.67x 0.67x 0.67x 0.67x 0.64x 0.62x 0.60x 0.57x Working Capital Analysis

EBITDA Margin Depreciation % of Revenue Cash Turnover Cash Days

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
36.38% 36.03% 36.85% 37.03% 36.88% 36.74% 36.59% 36.36% 5.85% 6.19% 6.42% 7.83% 8.28% 8.72% 9.20% 9.73% 5.54x 10.78x 14.42x 10.31x 7.20x 5.44x 4.21x 3.45x 65.8 days 33.9 days 25.3 days 35.4 days 50.7 days 67.1 days 86.7 days 105.6 days

Gross Margin Other Operating Expenses % of Revenue A/R Turnover A/R Days
2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
51.48% 51.39% 52.05% 52.00% 52.00% 52.00% 52.00% 52.00% 3.49% 3.74% 3.77% 3.71% 3.75% 3.78% 3.82% 3.88% 8.86x 8.16x 8.12x 8.11x 8.11x 8.11x 8.11x 8.11x 41.2 days 44.8 days 45.0 days 45.0 days 45.0 days 45.0 days 45.0 days 45.0 days

SG&A % of Revenue Inventory Turnover Inventory Days

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
11.62% 11.63% 11.43% 11.26% 11.37% 11.48% 11.59% 11.76% 13.70x 13.05x 12.83x 14.60x 14.60x 14.60x 14.60x 14.60x 26.6 days 10.9 days 10.8 days 9.6 days 9.5 days 9.4 days 9.3 days 9.2 days

PPE Turnover A/P Days

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
0.86x 0.80x 0.79x 0.80x 0.79x 0.78x 0.78x 0.77x 45.0 days 22.7 days 22.5 days 19.2 days 19.2 days 19.2 days 19.2 days 19.2 days

Cash Conversion Cycle / WC Funding Gap

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
22.9 days 33.0 days 33.2 days 35.4 days 35.3 days 35.2 days 35.1 days 35.0 days

Growth Analysis Leverage Analysis

Revenue Growth Debt to Equity

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
2.09% 4.09% 5.06% 2.01% 2.01% 1.50% 1.00% - 0.63x 0.48x 0.35x 0.24x 0.16x 0.10x 0.04x –

EBITDA Growth Debt to EBITDA

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
1.10% 6.47% 5.57% 1.61% 1.60% 1.09% 0.37% - 1.52x 1.29x 1.01x 0.77x 0.56x 0.37x 0.18x –

Net Income Growth Current

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
(6.77%) 5.77% 20.95% 1.59% 1.58% 0.89% (0.11%) - 5.50x 4.07x 3.72x 4.81x 5.61x 6.46x 7.49x 8.47x

Total Asset Growth Quick

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
2.60% 3.87% 5.50% 5.88% 5.73% 5.49% 5.18% - 4.90x 3.47x 3.12x 4.19x 4.98x 5.84x 6.86x 7.85x

Degree of Total Leverage Interest Coverage

2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F
(3.23x) 1.41x 4.14x 0.79x 0.79x 0.59x (0.11x) – 10.90x 8.46x 8.43x 19.37x 25.30x 35.99x 60.63x 182.57x