Académique Documents
Professionnel Documents
Culture Documents
# of shares
100000
20000
5
Ebit
interest
net income
# of shared
# of Shares
66,557,000
164309000
230,866,000
21,866,000
100000
5000
95000
10000
9.5
14,000,000
18.50
259,000,000
209,000,000
50,000,000
259,000,000
loan
interest
interest
50000
10%
5000
Growth rate
3%
Operating Results
Revenue
Less: Cost of Goods Sold
Gross Profit
Less: Selling, General & Administrative
Operating Income
Plus: Depreciation & Amortization
EBITDA
EBIT
Interest Expense
Plus: Other Income (expense)
Earnings Before Tax
Less: Taxes
Net Income
Dividends
$ 18,589
Revenue Growth
Gross Margin
EBIT Margin
EBITDA Margin
Effective Tax Ratea
Net Income Margin
Dividend payout ratio
3.2%
30.0%
21.4%
23.8%
32.0%
18.2%
35.0%
1.03
2004
$291,940
204,265
87,676
25,293
62,383
6,987
69,370
62,383
15,719
78,101
24,989
53,112
Margins
2005
$307,964
220,234
87,731
27,049
60,682
8,213
68,895
60,682
2006
$342,251
249,794
92,458
28,512
63,946
9,914
73,860
63,946
16,057
76,738
24,303
52,435
13,506
77,451
23,821
53,630
$ 22,871
Margins
5.5%
28.5%
19.7%
22.4%
31.7%
17.0%
43.6%
2006 Restated
$ 28,345
11.1%
27.0%
18.7%
21.6%
30.8%
15.7%
52.9%
2007 F
342,251
249,794
92,458
28,512
63,946
9,914
73,860
63,946
3,375
13,506
74,077
29,631
44,446
21,625
23512.0
352,519
257,288
95,231
29,367
65,863
9,914
75,777
65,863
3,375
13,506
75,994
30,398
45,597
21,625
Special dividend
45,597
Change in Equity
259,239
-213642
Assets
Cash & Cash Equivalents
Marketable Securities
Total cash + marketable securities
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Property, Plant & Equipment
Goodwill
Other Assets
Total Assets
Liabilities & Shareholders' Equity
Accounts Payable
Accrued Liabilities
Taxes Payable
Total Current Liabilities
Other liabilities
Deferred Taxes
Long Term Debt
Total Liabilities
Shareholders' Equity
Total Liabilities & Shareholders' Equity
2004
2005
$ 67,391
218,403
285,794
40,709
47,262
2,586
376,351
99,402
8,134
13,331
$497,217
$ 70,853
196,763
0
267,616
43,235
49,728
3,871
364,449
138,546
20,439
27,394
$550,829
26,106
22,605
14,225
62,935
1,794
15,111
39,973
79,840
417,377
$497,217
28,589
24,921
17,196
70,705
3,151
18,434
92,290
458,538
$550,829
313,416
293,744
Growth Rate
2006
2006 A
66,557
164,309
230,866
48,780
54,874
5,157
339,678
174,321
38,281
39,973
$592,253
116,557
164,309
31,936
27,761
16,884
76,581
4,814
22,495
103,890
488,363
$592,253
2007F
3%
1.03
48,780
54,874
5,157
130,677
174,321
38,281
39,973
383,252
12741
31,453
44,194
50243
56520
5,157
156,115
174,321
38,281
39,973
408,690
18906
20891
65,580
50243
56520
5,157
177,501
174,321
38,281
39,973
31,936
27,761
16,884
76,581
4,814
22,495
50,000
153,890
$229,363
383,253
32894.08
27,761
17391
78,046
4,814
22,495
50,000
155,355
$253,335
408,689
32894.08
27,761
17391
78,046
4,814
22,495
50,000
155,355
$274,721
430,076
21,866
23972
54,096
3375
Difference
430,076
259000
(0)
Net Income
Dividends
Av Share Outstanding
EPS
Dividend per share
Pay out Ratio
ROE
2004
53,112
18,589
41,309
1.29
0.45
35%
12.7%
2006
53,630
28,345
59,052
0.91
0.48
52.90%
11.0%
36,612
14000
45,052
21625
0.987
19.38%
2005
52,435
22,871
48,970
1.07
0.47
43.60%
11.4%
0.987
19.4%
18.95
0.402
0.22
760230
1.01
18%
19.52
0.36
0.20
737902
0.85
16.60%
7.81%
0.64
0.56
0.18
0.82
8.23%
0.065
7.56%
81.27%
0.16
0.84
7.8%
2007
0.63
8.17%