The Proposed Structure of the Transaction
terry lili
npvkogan.xlsxIncome statement
| Kogan Income statement from 2017 to 2021 | |||||
| Income statement | |||||
| Balance Date | 06/31/2017 | 06/31/2018 | 06/31/2019 | 06/31/2020 | 06/31/2021 |
| Reporting Currency | AUD | AUD | AUD | AUD | AUD |
| Operating Revenue | 286,468,873.00 | 408,871,355.00 | 432,565,811.00 | 492,060,000.00 | 775,393,000.00 |
| Other Revenue | 3,048,907.00 | 4,741,013.00 | 6,133,775.00 | 5,844,000.00 | 6,795,000.00 |
| Total Revenue Excluding Interest | 289,517,780.00 | 413,612,368.00 | 438,699,586.00 | 497,904,000.00 | 782,188,000.00 |
| Operating Expenses | -280,313,959.00 | -390,330,566.00 | -408,157,431.00 | -450,888,000.00 | -758,265,000.00 |
| EBITDA | 9,203,821.00 | 23,281,802.00 | 30,542,155.00 | 47,016,000.00 | 23,923,000.00 |
| Depreciation | -3,823,701.00 | -244,948.00 | -799,769.00 | -1,947,000.00 | -10,940,000.00 |
| Amortisation | 0.00 | -1,756,332.00 | -5,939,641.00 | -5,472,000.00 | 0.00 |
| Depreciation and Amortisation | -3,823,701.00 | -2,001,280.00 | -6,739,410.00 | -7,419,000.00 | -10,940,000.00 |
| EBIT | 5,380,120.00 | 21,280,522.00 | 23,802,745.00 | 39,597,000.00 | 12,983,000.00 |
| Interest Revenue | 469,845.00 | 309,384.00 | 195,119.00 | 52,000.00 | 25,000.00 |
| Interest Expense | -124,694.00 | -582,695.00 | -594,435.00 | -796,000.00 | -938,000.00 |
| Net Interest Expense | 345,151.00 | -273,311.00 | -399,316.00 | -744,000.00 | -913,000.00 |
| PreTax Profit | 5,725,271.00 | 21,007,211.00 | 23,403,429.00 | 38,853,000.00 | 12,070,000.00 |
| Tax Expense | -2,384,500.00 | -6,896,218.00 | -6,202,203.00 | -12,033,000.00 | -7,731,000.00 |
| Net Profit after Tax Before Abnormals | 3,340,771.00 | 14,110,993.00 | 17,201,226.00 | 26,820,000.00 | 4,339,000.00 |
| Abnormals | 399,094.00 | 0.00 | 0.00 | 0.00 | -802,000.00 |
| Abnormals Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Abnormals | 399,094.00 | 0.00 | 0.00 | 0.00 | -802,000.00 |
| Reported NPAT After Abnormals | 3,739,865.00 | 14,110,993.00 | 17,201,226.00 | 26,820,000.00 | 3,537,000.00 |
| Outside Equity Interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Outstanding at Period End | 93,336,581.00 | 93,472,345.00 | 93,729,852.00 | 103,531,706.00 | 106,561,563.00 |
| Weighted Average Number of Shares | 91,801,537.00 | 93,466,568.00 | 93,712,226.00 | 94,027,393.00 | 106,561,563.00 |
| EPS Adjusted (cents/share) | 3.64 | 15.10 | 18.36 | 28.00 | 4.07 |
| EPS After Abnormals (cents/share) | 4.07 | 15.10 | 18.36 | 28.00 | 3.32 |
| Operating Rev. 1 Year (%) | -- | 42.73 | 5.80 | 13.75 | 57.58 |
| Operating Rev. 3 Year (%) | -- | -- | -- | 19.76 | 23.78 |
| due to COVID-19, most people choose online shopping | |||||
| Operating Exp. 1 Year (%) | -- | 39.25 | 4.57 | 10.47 | 68.17 |
| Operating Exp. 3 Year (%) | -- | -- | -- | 17.17 | 24.78 |
| other revenue | 36% | 23% | -5% | ||
| depreciation/sales | -1.33% | -0.06% | -0.18% | -0.40% | -1.41% |
| -7.8134854467 | -0.5454343024 | -0.5106465439 | -0.7479830964 | ||
| Amortisation/sales | 0.00% | -0.43% | -1.37% | -1.11% | |
| 0% | -27% | -102% | -66% | ||
| operating expense/sales | -98% | -95% | -94% | -92% | |
| interest revenue | 0.16% | 0.08% | 0.05% | 0.01% | 0.003% |
| interest expense/sales | -0.04% | -0.14% | -0.14% | -0.16% |
other revenue change
3048907 4741013 6133775 5844000 6795000
WACC
| WACC (Next Five Years) | WACC (2017-2021) | |||||||||||||
| Years | 6/30/2022 | 6/30/2023 | 6/30/2024 | 6/30/2025 | 6/30/2026 | 6/30/2027 | Years | 6/30/2017 | 6/30/2018 | 6/30/2019 | 6/30/2020 | 6/30/2021 | Average | |
| D/V | 13% | 13% | 13% | 13% | 13% | 13% | stock price | 1.67 | 6.82 | 4.75 | 14.73 | 12.2 | 8.034 | |
| E/V | 87% | 87% | 87% | 87% | 87% | 87% | volume of shares | 93336581 | 93472345 | 93729852 | 103531706 | 106561563 | 98126409.4 | |
| Cost of equity | Value of Equity | 155872090 | 637481393 | 445216797 | 1525022029 | 1300051069 | 812728676 | |||||||
| CAPM | Value of Debt | 37652171 | 58103415 | 67417416 | 115642000 | 261286000 | 108020200.40 | |||||||
| Rf | 3.34% | 3.34% | 3.34% | 3.34% | 3.34% | 3.34% | D/V | 19% | 8% | 13% | 7% | 17% | 13% | |
| Rm | 11.12% | 11.12% | 11.12% | 11.12% | 11.12% | 11.12% | E/V | 81% | 92% | 87% | 93% | 83% | 87% | |
| β | 1.0674 | 1.0674 | 1.0674 | 1.0674 | 1.0674 | 1.0674 | ||||||||
| Cost of equity | 11.65% | 11.65% | 11.65% | 11.65% | 11.65% | 11.65% | ||||||||
| Cost of debt | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | ||||||||
| Tax | 30% | 30% | 30% | 30% | 30% | 30% | ||||||||
| WACC | 10.53% | 10.53% | 10.53% | 10.53% | 10.53% | 10.53% | ||||||||
beta
| Adj Close | Volume | Monthly return | Date | Monthly return for S&P 500 | Monthly return for Kogan | Makrt | Kogan | Beta | 1.0674 | ||
| 2.329866 | 2863281 | ERROR:#REF! | 1/07/2017 | 4125.755 | 2.105 | -0.03% | -38.55% | notes that kogan‘s stock moves very similar to the stock market, but slightlyhigher exposure to systematic risk than the S&P500 index as a whole | |||
| 3.197855 | 15075201 | ERROR:#REF! | 1/08/2017 | 4126.975 | 3.095 | -4.94% | -18.26% | R2 | 0.0414901063 | ||
| 3.561153 | 6871289 | ERROR:#REF! | 1/09/2017 | 4336.125 | 3.715 | -2.52% | -5.37% | show the accuracy of the model | |||
| 3.588903 | 20415234 | ERROR:#REF! | 1/10/2017 | 4446.775 | 3.92 | 0.00% | -4.37% | correlation | 0.2037 | ||
| 3.977392 | 11870350 | ERROR:#REF! | 1/11/2017 | 4446.755 | 4.095 | -4.40% | -29.95% | return on the market monthly | 0.8827% | ||
| 6.243581 | 8433605 | ERROR:#REF! | 1/12/2017 | 4646.845 | 5.525 | -0.81% | -22.95% | return on the market yearly | 11.1226% | ||
| 6.613572 | 6036051 | ERROR:#REF! | 1/01/2018 | 4684.5 | 6.95 | 2.06% | -15.56% | ||||
| 8.361773 | 15453425 | ERROR:#REF! | 1/02/2018 | 4588.81 | 8.12 | 2.82% | -7.47% | ||||
| 7.923718 | 9651955 | ERROR:#REF! | 1/03/2018 | 4461.27 | 8.75 | 0.97% | 7.29% | calcutaing cost of equity using capm | |||
| 7.243211 | 8089263 | ERROR:#REF! | 1/04/2018 | 4418.17 | 8.135 | -1.05% | -3.74% | Cost of equity = rf + beta(rm-rf) | |||
| 8.473717 | 6821770 | ERROR:#REF! | 1/05/2018 | 4464.77 | 8.445 | 2.65% | 5.91% | ||||
| 6.357619 | 21295372 | ERROR:#REF! | 1/06/2018 | 4347.995 | 7.96 | 2.11% | 31.66% | rf = 20 years US teasury =3.34% | |||
| 4.381351 | 24870336 | ERROR:#REF! | 1/07/2018 | 4257.01 | 5.8 | 1.39% | -1.45% | beta=1.0674 | |||
| 6.478805 | 23712230 | ERROR:#REF! | 1/08/2018 | 4198.045 | 5.885 | 2.68% | -8.55% | calcualting beta by regression return of the firm and return for the market index | |||
| 5.326798 | 11742667 | ERROR:#REF! | 1/09/2018 | 4086.975 | 6.41 | 4.49% | 40.16% | Rm=11.1226% | |||
| 2.663399 | 22773154 | ERROR:#REF! | 1/10/2018 | 3907.7 | 4.29 | 3.56% | 33.95% | ||||
| 3.021029 | 32257409 | ERROR:#REF! | 1/11/2018 | 3771.16 | 3.055 | 0.85% | -9.07% | ||||
| 3.199844 | 15588930 | ERROR:#REF! | 1/12/2018 | 3739.425 | 3.345 | 1.03% | -14.06% | Cost of equity = 3.34%+1.0673*(11.1226%-3.34%) | |||
| 4.046862 | 21998249 | ERROR:#REF! | 1/01/2019 | 3700.97 | 3.85 | 6.76% | -9.53% | 11.65% | |||
| 3.849224 | 15630881 | ERROR:#REF! | 1/02/2019 | 3458.915 | 4.235 | 3.86% | 10.31% | ||||
| 3.331602 | 16339937 | ERROR:#REF! | 1/03/2019 | 3327.915 | 3.82 | -3.17% | -18.04% | ||||
| 5.27033 | 22587718 | ERROR:#REF! | 1/04/2019 | 3435.22 | 4.575 | 1.20% | -20.22% | ||||
| 5.342592 | 14112619 | ERROR:#REF! | 1/05/2019 | 3394.285 | 5.6 | 6.25% | 8.86% | ||||
| 4.531662 | 17926299 | ERROR:#REF! | 1/06/2019 | 3188.52 | 5.125 | 3.80% | 3.78% | ||||
| 4.72247 | 13870622 | ERROR:#REF! | 1/07/2019 | 3069.535 | 4.935 | 3.75% | -11.74% | ||||
| 5.867311 | 22415206 | ERROR:#REF! | 1/08/2019 | 2956.7 | 5.55 | 8.89% | -9.61% | ||||
| 5.875214 | 9695267 | ERROR:#REF! | 1/09/2019 | 2705.255 | 6.11 | -2.71% | -5.03% | ||||
| 6.55275 | 13159918 | ERROR:#REF! | 1/10/2019 | 2779.435 | 6.425 | -10.75% | -7.57% | ||||
| 6.804408 | 7940427 | ERROR:#REF! | 1/11/2019 | 3094.94 | 6.93 | -4.43% | -5.48% | ||||
| 7.346437 | 5771051 | ERROR:#REF! | 1/12/2019 | 3235.095 | 7.32 | 1.49% | 13.82% | ||||
| 4.994415 | 30057629 | ERROR:#REF! | 1/01/2020 | 3187.315 | 6.375 | 2.91% | 29.74% | ||||
| 4.316878 | 26192294 | ERROR:#REF! | 1/02/2020 | 3095.85 | 4.735 | 2.79% | -2.71% | ||||
| 5.255147 | 30108815 | ERROR:#REF! | 1/03/2020 | 3010.625 | 4.865 | 2.28% | -32.53% | ||||
| 7.848342 | 27171801 | ERROR:#REF! | 1/04/2020 | 2942.875 | 6.735 | -0.36% | -35.29% | ||||
| 11.030898 | 32355873 | ERROR:#REF! | 1/05/2020 | 2953.39 | 9.585 | -0.76% | -30.17% | ||||
| 14.459023 | 39461462 | ERROR:#REF! | 1/06/2020 | 2975.895 | 12.96 | 4.44% | -19.37% | ||||
| 16.364628 | 34297009 | ERROR:#REF! | 1/07/2020 | 2846.645 | 15.73 | -0.19% | -18.31% | ||||
| 20.431227 | 38704496 | ERROR:#REF! | 1/08/2020 | 2852.195 | 18.8899995 | -1.57% | -7.62% | ||||
| 19.944664 | 32161710 | ERROR:#REF! | 1/09/2020 | 2897.23 | 20.385 | 2.83% | -0.73% | ||||
| 20.349884 | 22048858 | ERROR:#REF! | 1/10/2020 | 2816.31 | 20.535 | 2.62% | 10.71% | ||||
| 16.208746 | 32668498 | ERROR:#REF! | 1/11/2020 | 2743.405 | 18.45 | 5.73% | 3.98% | ||||
| 18.778425 | 25826350 | ERROR:#REF! | 1/12/2020 | 2590.53 | 17.7299995 | -2.22% | -4.22% | ||||
| 17.780203 | 18682076 | ERROR:#REF! | 1/01/2021 | 2648.675 | 18.495 | -3.35% | 14.87% | ||||
| 13.816967 | 27406742 | ERROR:#REF! | 1/02/2021 | 2738.875 | 15.94 | -2.88% | 19.62% | ||||
| 11.860058 | 36311915 | ERROR:#REF! | 1/03/2021 | 2819.015 | 13.1 | -3.02% | 12.42% | ||||
| 11.08 | 44389058 | ERROR:#REF! | 1/04/2021 | 2905.47 | 11.57 | 1.53% | 8.05% | ||||
| 10.2 | 40777179 | ERROR:#REF! | 1/05/2021 | 2861.345 | 10.675 | 3.58% | -1.76% | ||||
| 11.58 | 27347481 | ERROR:#REF! | 1/06/2021 | 2760.62 | 10.865 | 1.54% | -1.82% | ||||
| 10.39 | 27860153 | ERROR:#REF! | 1/07/2021 | 2718.535 | 11.065 | 1.65% | 1.78% | ||||
| 11.39 | 32580787 | ERROR:#REF! | 1/08/2021 | 2674.115 | 10.87 | 1.26% | -3.17% | ||||
| 10.99 | 19684586 | ERROR:#REF! | 1/09/2021 | 2640.75 | 11.22 | -1.40% | 7.83% | ||||
| 9.94 | 24136667 | ERROR:#REF! | 1/10/2021 | 2678.045 | 10.375 | -3.20% | 14.16% | ||||
| 7.99 | 20386243 | ERROR:#REF! | 1/11/2021 | 2765.14 | 9.005 | 0.41% | 7.43% | ||||
| 8.82 | 17375414 | ERROR:#REF! | 1/12/2021 | 2753.77 | 8.36 | 3.49% | 10.79% | ||||
| 6.19 | 16396360 | ERROR:#REF! | 1/01/2022 | 2659.355 | 7.505 | 1.67% | 24.23% | ||||
| 5.49 | 13778031 | ERROR:#REF! | 1/02/2022 | 2615.395 | 5.89 | 2.60% | 4.78% | ||||
| 5.69 | 13911725 | ERROR:#REF! | 1/03/2022 | 2548.23 | 5.615 | 2.04% | 15.79% | ||||
| 3.91 | 12006594 | ERROR:#REF! | 1/04/2022 | 2496.89 | 4.795 | 0.91% | 25.52% | ||||
| 3.58 | 5393293 | ERROR:#REF! | 1/05/2022 | 2474.375 | 3.715 | 0.96% | 5.68% | ||||
| 3.43 | 915267 | ERROR:#REF! | 9/05/2022 | 2450.845 | 3.51 |
FCFF&NPV
| FCFF of sydney Airport after 2021 | ||||||||||
| Value Drivers (Assumption) | 06/31/2022 | 06/31/2023 | 06/31/2024 | 06/31/2025 | 06/31/2026 | 06/31/2027 | 06/31/2028 | |||
| Sales Revenue growth | 20% | 18% | 15% | 9% | 6% | 4% | 4% | |||
| other revenue | 7,000,000.00 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | |||
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| depreciation/operating revenue | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |||
| Fixed asset growth | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | |||
| Amortisation/sales revenue | 1% | 1% | 1% | 1% | 1% | 1% | 1% | |||
| operating expense/sales | 89% | 86% | 85% | 85% | 85% | 85% | 85% | # | ||
| Interest Received | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Interest Expense | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | |||
| tax rate | 30% | 30% | 30% | 30% | 30% | 30% | 30% | |||
| dividend payout ratio | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | |||
| Reporting Currency | AUD | |||||||||
| Income statement (Next Five Years) | ||||||||||
| Balance Date | 6/30/21 | 6/30/22 | 6/30/23 | 6/30/24 | 6/30/25 | 6/30/26 | 6/30/27 | 6/30/2028 | ||
| Operating Revenue | 775,393,000.00 | 930,471,600.00 | 1,097,956,488.00 | 1,262,649,961.20 | 1,376,288,457.71 | 1,458,865,765.17 | 1,517,220,395.78 | 1,577,909,211.61 | ||
| Other Revenue | 6,795,000.00 | 7,000,000.00 | 7,000,000.00 | 7,000,000.00 | 7,000,000.00 | 7,000,000.00 | 7,000,000.00 | 7,000,000.00 | ||
| Total Revenue Excluding Interest | 782,188,000.00 | 937,471,600.00 | 1,104,956,488.00 | 1,269,649,961.20 | 1,383,288,457.71 | 1,465,865,765.17 | 1,524,220,395.78 | 1,584,909,211.61 | ||
| Operating Expenses | 758,265,000.00 | 828,119,724.00 | 944,242,579.68 | 1,073,252,467.02 | 1,169,845,189.05 | 1,240,035,900.39 | 1,289,637,336.41 | 1,341,222,829.87 | ||
| EBITDA | 23,923,000.00 | 109,351,876.00 | 160,713,908.32 | 196,397,494.18 | 213,443,268.66 | 225,829,864.78 | 234,583,059.37 | 243,686,381.74 | ||
| Depreciation | 10,940,000.00 | 9,304,716.00 | 10,979,564.88 | 12,626,499.61 | 13,762,884.58 | 14,588,657.65 | 15,172,203.96 | 15,779,092.12 | ||
| Amortisation | 0.00 | 9,304,716.00 | 10,979,564.88 | 12,626,499.61 | 13,762,884.58 | 14,588,657.65 | 15,172,203.96 | 15,779,092.12 | ||
| Depreciation and Amortisation | 10,940,000.00 | 18,609,432.00 | 21,959,129.76 | 25,252,999.22 | 27,525,769.15 | 29,177,315.30 | 30,344,407.92 | 31,558,184.23 | ||
| EBIT | 12,983,000.00 | 90,742,444.00 | 138,754,778.56 | 171,144,494.96 | 185,917,499.50 | 196,652,549.47 | 204,238,651.45 | 212,128,197.51 | ||
| Interest Revenue | 25,000.00 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||
| Interest Expense | -938,000.00 | 1,302,660.24 | 1,537,139.08 | 1,767,709.95 | 1,926,803.84 | 2,042,412.07 | 2,124,108.55 | 2,209,072.90 | ||
| Net Interest Expense | -913,000.00 | 1,302,660.24 | 1,537,139.08 | 1,767,709.95 | 1,926,803.84 | 2,042,412.07 | 2,124,108.55 | 2,209,072.90 | ||
| PreTax Profit | 12,070,000.00 | 89,439,783.76 | 137,217,639.48 | 169,376,785.01 | 183,990,695.66 | 194,610,137.40 | 202,114,542.90 | 209,919,124.61 | ||
| Tax Expense | -7,731,000.00 | 26,831,935.13 | 41,165,291.84 | 50,813,035.50 | 55,197,208.70 | 58,383,041.22 | 60,634,362.87 | 62,975,737.38 | ||
| Net Profit after Tax | 4,339,000.00 | 62,607,848.63 | 96,052,347.63 | 118,563,749.51 | 128,793,486.96 | 136,227,096.18 | 141,480,180.03 | 146,943,387.23 | ||
| Balance sheet (Next Five Years) | ||||||||||
| Balance Date | 6/30/2021 | 6/30/2022 | 6/30/2023 | 6/30/2024 | 6/30/2025 | 6/30/2026 | 6/30/2027 | |||
| CA - Cash | 91,691,000.00 | 93,047,160.00 | 109,795,648.80 | 126,264,996.12 | 137,628,845.77 | 145,886,576.52 | 151,722,039.58 | 157,790,921.16 | ||
| CA - Receivables | 5,810,000.00 | 9,304,716.00 | 10,979,564.88 | 12,626,499.61 | 13,762,884.58 | 14,588,657.65 | 15,172,203.96 | 15,779,092.12 | ||
| CA - Prepaid Expenses | 1,981,000.00 | 2,791,414.80 | 3,293,869.46 | 3,787,949.88 | 4,128,865.37 | 4,376,597.30 | 4,551,661.19 | 4,733,727.63 | ||
| CA - Inventories | 227,873,000.00 | 232,617,900.00 | 175,673,038.08 | 202,023,993.79 | 137,628,845.77 | 145,886,576.52 | 151,722,039.58 | 157,790,921.16 | ||
| CA - Investments | 205,000.00 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| CA - Other | 1,689,000.00 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total Current Assets | 329,249,000.00 | 337,761,190.80 | 299,742,121.22 | 344,703,439.41 | 293,149,441.49 | 310,738,407.98 | 323,167,944.30 | 336,094,662.07 | ||
| NCA - PP&E | 15,495,000.00 | 4,652,358.00 | 5,489,782.44 | 6,313,249.81 | 6,881,442.29 | 7,294,328.83 | 7,586,101.98 | 7,889,546.06 | ||
| NCA - Intangibles(ExGW) | 49,178,000.00 | 14,887,545.60 | 17,567,303.81 | 20,202,399.38 | 22,020,615.32 | 23,341,852.24 | 24,275,526.33 | 25,246,547.39 | ||
| NCA - Goodwill | 45,920,000.00 | 45,920,000.00 | 45,920,000.00 | 45,920,000.00 | 45,920,000.00 | 45,920,000.00 | 45,920,000.00 | 45,920,000.00 | ||
| NCA - Future Tax Benefit | 0.00 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||
| NCA - Other | 0.00 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||
| Total NCA | 110,593,000.00 | 65,459,903.60 | 68,977,086.25 | 72,435,649.19 | 74,822,057.61 | 76,556,181.07 | 77,781,628.31 | 79,056,093.44 | ||
| Total Assets | 439,842,000.00 | 403,221,094.40 | 368,719,207.47 | 417,139,088.59 | 367,971,499.10 | 387,294,589.05 | 400,949,572.61 | 415,150,755.52 | ||
| CL - Account Payable | 140,607,000.00 | 9,304,716.00 | 10,979,564.88 | 12,626,499.61 | 13,762,884.58 | 14,588,657.65 | 15,172,203.96 | 15,779,092.12 | ||
| CL - Short-Term Debt | 4,237,000.00 | 4,652,358.00 | 5,489,782.44 | 6,313,249.81 | 6,881,442.29 | 7,294,328.83 | 7,586,101.98 | 7,889,546.06 | ||
| CL - Provisions | 5,118,000.00 | 9,304,716.00 | 10,979,564.88 | 12,626,499.61 | 13,762,884.58 | 14,588,657.65 | 15,172,203.96 | 15,779,092.12 | ||
| CL - NCL Held Sale | 0.00 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | |||
| CL - Other | 11,777,000.00 | 1,860,943.20 | 2,195,912.98 | 2,525,299.92 | 2,752,576.92 | 2,917,731.53 | 3,034,440.79 | 3,155,818.42 | ||
| Total Curr. Liabilities | 161,739,000.00 | 25,122,733.20 | 29,644,825.18 | 34,091,548.95 | 37,159,788.36 | 39,389,375.66 | 40,964,950.69 | 42,603,548.71 | ||
| NCL - Account Payable | 5,247,000.00 | 5,247,000.00 | 5,247,000.00 | 5,247,000.00 | 5,247,000.00 | 5,247,000.00 | 5,247,000.00 | 5,247,000.00 | ||
| NCL - Long-Term Debt | 88,122,000.00 | 88,122,000.00 | 88,122,000.00 | 88,122,000.00 | 88,122,000.00 | 88,122,000.00 | 88,122,000.00 | 88,122,000.00 | ||
| NCL - Provisions | 3,919,000.00 | 3,919,000.00 | 3,919,000.00 | 3,919,000.00 | 3,919,000.00 | 3,919,000.00 | 3,919,000.00 | 3,919,000.00 | ||
| NCL - Other | 86,000.00 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Total NCL | 97,374,000.00 | 122,410,733.20 | 126,932,825.18 | 131,379,548.95 | 134,447,788.36 | 136,677,375.66 | 138,252,950.69 | 139,891,548.71 | ||
| Total Liabilities | 259,113,000.00 | 124,271,676.40 | 129,128,738.15 | 133,904,848.87 | 137,200,365.27 | 139,595,107.19 | 141,287,391.48 | 143,047,367.14 | ||
| Share Capital | 299,186,000.00 | 334,777,714.00 | 239,590,469.32 | 245,354,740.88 | 189,482,480.10 | 203,933,508.90 | 214,145,569.26 | 224,766,112.03 | ||
| Reserves | -116,168,000.00 | (83,742,444.00) | (32,938,694.64) | - 0 | - 0 | - 0 | - 0 | - 0 | ||
| Retained Earnings | -2,289,000.00 | 27,914,148.00 | 32,938,694.64 | 37,879,498.84 | 41,288,653.73 | 43,765,972.96 | 45,516,611.87 | 47,337,276.35 | ||
| Total Equity | 180,729,000.00 | 278,949,418.00 | 239,590,469.32 | 283,234,239.72 | 230,771,133.83 | 247,699,481.86 | 259,662,181.13 | 272,103,388.38 | ||
| Free cash flow of firm | 1 | 2 | 3 | 4 | 5 | 6 | 7 | |||
| N | 6/30/2022 | 6/30/2023 | 6/30/2024 | 6/30/2025 | 6/30/2026 | 6/30/2027 | 6/30/2028 | |||
| EBIT(1-t) | 62,607,848.63 | 96,052,347.63 | 118,563,749.51 | 128,793,486.96 | 136,227,096.18 | 141,480,180.03 | 146,943,387.23 | |||
| -CAPEX | (10,842,642.00) | 837,424.44 | 823,467.37 | 568,192.48 | 412,886.54 | 291,773.15 | 121,113.38 | |||
| -∆WC | 312,638,457.60 | 270,097,296.05 | 310,611,890.46 | 255,989,653.13 | 271,349,032.32 | 282,202,993.61 | 293,491,113.36 | |||
| +depreciation | 9,304,716.00 | 10,979,564.88 | 12,626,499.61 | 13,762,884.58 | 14,588,657.65 | 15,172,203.96 | 15,779,092.12 | |||
| +Amoritization | 9,304,716.00 | 10,979,564.88 | 12,626,499.61 | 13,762,884.58 | 14,588,657.65 | 15,172,203.96 | 15,779,092.12 | |||
| Free cash flow of firm | (229,883,250.97) | (163,902,807.97) | (180,245,108.70) | (114,001,474.07) | (120,946,165.02) | (125,842,382.78) | (130,889,747.39) | |||
| WACC | 10.53% | 10.53% | 10.53% | 10.53% | 10.53% | 10.53% | 10.53% | |||
| PV of FCF | -207982675 | -134160928 | -133482084 | -76381782 | -73314732 | -69015385 | -64944808 | |||
| PV of FCF 2022-2028 | -759282394 | |||||||||
| Horizontal value of firm In year 2028 | 2250281581 | |||||||||
| PV of Horizontal value | 1116543571 | |||||||||
| PV of company | 357,261,176.52 | |||||||||
Cash flow
| ASX Code | Company Name | Item | 12/15 | 06/17 | 06/18 | 06/19 | 06/20 | 06/21 |
| KGN | Kogan.com Ltd | Receipts from Customers | -- | 291,236,987.00 | 448,098,179.00 | 497,943,349.00 | 578,954,000.00 | 885,495,000.00 |
| KGN | Kogan.com Ltd | Payments to Suppliers and Employees | -- | -280,322,571.00 | -416,051,385.00 | -489,176,203.00 | -523,813,000.00 | -926,357,000.00 |
| KGN | Kogan.com Ltd | Dividends Received | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Interest Received | -- | 469,845.00 | 309,384.00 | 195,119.00 | 52,000.00 | 25,000.00 |
| KGN | Kogan.com Ltd | Interest Paid | -- | -159,806.00 | -114,070.00 | -465,554.00 | -589,000.00 | -596,000.00 |
| KGN | Kogan.com Ltd | Tax Paid | -- | -287,785.00 | -4,413,508.00 | -6,425,103.00 | -8,971,000.00 | -21,671,000.00 |
| KGN | Kogan.com Ltd | Other Operating Cashflows | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Net Operating Cashflows | -- | 10,936,670.00 | 27,828,600.00 | 2,071,608.00 | 45,633,000.00 | -63,104,000.00 |
| KGN | Kogan.com Ltd | Payment for Purchase of PPE | -- | -3,552,817.00 | -7,237,590.00 | -5,467,987.00 | -8,154,000.00 | -55,689,000.00 |
| KGN | Kogan.com Ltd | Proceeds From Sale of PPE | -- | 0.00 | 0.00 | 250,000.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Investments Purchased | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Proceeds From Sale of Investments | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Payments for Purchase of Subsidiaries | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Proceeds from Sale of Subsidiaries | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Loans Granted | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Loans Repaid | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Other Investing Cashflows | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Net Investing Cashflows | -- | -3,552,817.00 | -7,237,590.00 | -5,217,987.00 | -8,154,000.00 | -55,689,000.00 |
| KGN | Kogan.com Ltd | Proceeds from Issues | 0.00 | 34,999,999.00 | 0.00 | 0.00 | 100,000,000.00 | 20,001,000.00 |
| KGN | Kogan.com Ltd | Proceeds from Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 94,749,000.00 |
| KGN | Kogan.com Ltd | Repayment of Borrowings | 0.00 | -4,900,000.00 | 0.00 | 0.00 | 0.00 | -20,003,000.00 |
| KGN | Kogan.com Ltd | Dividends Paid | 0.00 | -3,640,127.00 | -10,000,750.00 | -11,433,723.00 | -13,996,000.00 | -27,229,000.00 |
| KGN | Kogan.com Ltd | Other Financing Cashflows | 0.00 | -3,624,346.00 | 0.00 | -575,968.00 | -4,219,000.00 | -3,760,000.00 |
| KGN | Kogan.com Ltd | Net Financing Cashflows | 0.00 | 22,835,526.00 | -10,000,750.00 | -12,009,691.00 | 81,785,000.00 | 63,758,000.00 |
| KGN | Kogan.com Ltd | Net Increase in Cash | -- | 30,219,379.00 | 10,590,260.00 | -15,156,070.00 | 119,264,000.00 | -55,035,000.00 |
| KGN | Kogan.com Ltd | Cash at Beginning of Period | -- | 1,808,301.00 | 32,027,680.00 | 42,617,940.00 | 27,462,000.00 | 146,726,000.00 |
| KGN | Kogan.com Ltd | Exchange Rate Adj | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Other Cash Adjustments | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KGN | Kogan.com Ltd | Cash at End of Period | -- | 32,027,680.00 | 42,617,940.00 | 27,461,870.00 | 146,726,000.00 | 91,691,000.00 |
| dividend pay out ratio | -1.27% | -2.45% | -2.64% | -2.84% | -3.51% |
capital strcture
| Total Assets ($M) | 439.8 | 280 | 118.4 |
| Total Liabilities ($M) | 259.1 | 116 | 67.4 |
| 0.5891314234 | 0.4142857143 | 0.5692567568 |
Synergy
| Synergy valuation | ||||||||||||||||
| Assumption | Description | Value(High) | Value(Low) | |||||||||||||
| Revenue Enhancement | Net work effect | Number of passnger increase 1.6% | number of passnger 1.5% | |||||||||||||
| Economic scope （Price of tickets increase) | 1.5% price increase | 1.2% price increase | ||||||||||||||
| Cost Reduction | Economic of scale fleet planning, purcahsing and MRO | 3% expense | 2.3% expense | |||||||||||||
| Intergration of all central function | 2.6% Employee cost | 0.6% employee cost | ||||||||||||||
| Tax Reduction(D&A) | ||||||||||||||||
| Tax Reduction(Tax expense) | ||||||||||||||||
| Asset Reduction | ‹‹‹ | |||||||||||||||
| Compare group | ||||||||||||||||
| Similar company | KML | Lufa | average | |||||||||||||
| Revenue Enhancement | Net work effect | 1.50% | 1.60% | 1.55% | (sales revenue) | |||||||||||
| Economic scope （Price of tickets increase) | 1.20% | 1.50% | 1.35% | |||||||||||||
| Cost Reduction | Economic of scale fleet planning, purcahsing and MRO | 3.00% | 2.30% | 2.65% | operating expense | |||||||||||
| Intergration of all central function (emplyee cost and agency fee) | 0.60% | 2.60% | 1.60% | 5 | ||||||||||||
| Tax Reduction(D&A) | without tax Reduction | 24,123 | ||||||||||||||
| Tax Reduction(Tax expense) | without tax expense | |||||||||||||||
| Asset Reduction | Without asset reduction | |||||||||||||||
| Synergy value | Value(max) | value(min) | ||||||||||||||
| Synergy | After tax adjustment of free cash flow | RADR | Value (MAX) | Value (min) | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 |
| Revenue Enhancement | Net work effect | cost of equity | 1.60% | 1.50% | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Economic scope （Price of tickets increase) | cost of equity | 1.50% | 1.20% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | |
| Cost Reduction | Economic of scale fleet planning, purcahsing and MRO | WACC | 3% | 2.30% | 3% | 3% | 3% | 3% | 3% | 3% | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
| Intergration of all central function (emplyee cost and agency fee) | cost of debt | 2.60% | 0.60% | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | |
| 1 | 2 | 3 | 4 | 5 | 1 | 2 | 3 | 4 | 5 | |||||||
| year | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 | RADR | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 | RADR | ||
| PV Net work effect | 13334461 | 14093208 | 14516438 | 14172254 | 13455417 | 13993634 | 11.65% | 12501057.4340941 | 13212382.1672947 | 18939749.418 | 13286488.1385707 | 14222439.7377067 | 14791337.327215 | 11.65% | ||
| PV of Economic scope （Price of tickets increase) | 12501057 | 13212382 | 13609161 | 13286488 | 12614453 | 13119032 | 11.65% | 10000845.9472753 | 10569905.7338358 | 10887328.4220882 | 16515461.492496 | 10091562.7671956 | 10495225.2778834 | 11.65% | ||
| PV of Economic of scale fleet planning, purcahsing and MRO | 22477041 | 23187522 | 23845005 | 23515200 | 22551700 | 23453768 | 10.53% | 17232398 | 17777100 | 18281170 | 26906439 | 17289637 | 17981222 | 10.53% | ||
| PV of Intergration of all central function (emplyee cost and agency fee) | 20643445 | 22567753 | 24593612 | 25701857 | 26120775 | 6268986 | 4.30% | 4763872 | 5207943 | 5675449 | 5931198 | 6027871 | 6268986 | 4.30% | ||
| PV of synergy cash flow from 2021 to 2025 | 68956004 | 73060865 | 76564215 | 76675799 | 74742346 | 56835420 | 0 | 44498173 | 46767331 | 53783697 | 62639587 | 47631511 | 49536771 | |||
| Horizontal synergy value | 2841770981 | 2476838549.93656 | ||||||||||||||
| total 5 years synegy | 369999230 | 255320299 | ||||||||||||||
| Total synergy value | 3211770210 | 2732158849 | ||||||||||||||
| Synergy value (MAX) | ||||||||||||||||
| year | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 | ||||||||||
| PV Net work effect | 15839 | 18890 | 19929 | 19928 | 19379 | 20638 | ||||||||||
| PV of Economic scope （Price of tickets increase) | 14849 | 17709 | 18683 | 18682 | 18168 | 19348 | ||||||||||
| PV of Economic of scale fleet planning, purcahsing and MRO | 6585 | 7915 | 8416 | 8481 | 8312 | 8853 | ||||||||||
| PV of Intergration of all central function (emplyee cost and agency fee) | 5923 | 7390 | 8156 | 8532 | 8679 | 2133 | ||||||||||
| PV of synergy cash flow from 2021 to 2025 | 43196 | 51903 | 55183 | 55623 | 54538 | 50973 | ||||||||||
| Horizontal synergy value | 2548627 | |||||||||||||||
| total 5 years synegy | 260444 | |||||||||||||||
| Total synergy value | 2809071 | |||||||||||||||
| Synergy value (MIN) | ||||||||||||||||
| year | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 | ||||||||||
| PV Net work effect | 14849 | 17709 | 24198 | 18682 | 18171 | 19352 | ||||||||||
| PV of Economic scope （Price of tickets increase) | 11879 | 14167 | 14946 | 21100 | 14534 | 15479 | ||||||||||
| PV of Economic of scale fleet planning, purcahsing and MRO | 5048 | 6068 | 6452 | 8897 | 6373 | 6787 | ||||||||||
| PV of Intergration of all central function (emplyee cost and agency fee) | 1367 | 1705 | 1882 | 1969 | 2003 | 2133 | ||||||||||
| PV of synergy cash flow from 2021 to 2025 | 33143 | 39650 | 47478 | 50649 | 41081 | 43751 | ||||||||||
| Horizontal synergy value | 2187544 | |||||||||||||||
| total 5 years synegy | 212001 | |||||||||||||||
| Total synergy value | 2399545 | |||||||||||||||
| # |
Sensitive analysis
| Terminal value growth rate(terminal value) | ||||||||||||||||||
| 21401807 | -0.50% | -0.25% | 0.00% | 0.25% | 0.50% | |||||||||||||
| 5.0% | 17969314 | 19351569 | 20964200 | 22870036 | 25157040 | |||||||||||||
| 5.5% | 20964200 | 22870036 | 25157040 | 27952266.6666667 | 31446300 | |||||||||||||
| 6.0% | 24975851 | 27851595 | 31446300 | 35938629 | 42230315 | |||||||||||||
| 6.5% | 31446300 | 35938629 | 41928400 | 50314080 | 62892600 | |||||||||||||
| 7.0% | 42532267 | 51038720 | 63798400 | 85064533.3333334 | 127596800 | |||||||||||||
| Terminal value growth rate(PV of firm) | ||||||||||||||||||
| 21401807 | -0.50% | -0.25% | 0.00% | 0.25% | 0.50% | |||||||||||||
| 5.0% | 12229613 | 13170353 | 14267882.259255 | 15564962.4646418 | 17121459 | |||||||||||||
| 5.5% | 14267882 | 15564962.4646418 | 17121459 | 19023843.01234 | 21401823 | ‹ | ||||||||||||
| 6.0% | 16998145 | 18955327.8298228 | 21401807 | 24459226.7301514 | 28741243 | |||||||||||||
| 6.5% | 21401823 | 24459226.7301514 | 28535765 | 34242917 | 42803647 | |||||||||||||
| 7.0% | 28946746 | 34736095.2301106 | 43420119.0376382 | 57893492.0501843 | 86840238 | |||||||||||||
| Discount rate (terminal value) | ||||||||||||||||||
| 21401823 | -0.50% | -0.25% | 0.00% | 0.25% | 0.50% | |||||||||||||
| 7.0% | 125792400 | 83861600 | 62896200 | 50316960 | 41930800 | |||||||||||||
| 7.5% | 62896200 | 50316960 | 41930800 | 35940686 | 31448100 | |||||||||||||
| 8.0% | 41930800 | 35940686 | 31448100 | 27953867 | 25158480 | |||||||||||||
| 8.5% | 31448100 | 27953867 | 25158480 | 22871345 | 20965400 | |||||||||||||
| 9.0% | 25158480 | 22871345 | 20965400 | 19352677 | 17970343 | |||||||||||||
| Discount rate (PV of firm) | ||||||||||||||||||
| 21401807 | -0.50% | -0.25% | 0.00% | 0.25% | 0.50% | |||||||||||||
| 7.0% | 85612194 | 57074796 | 42806097 | 34244878 | 28537398 | |||||||||||||
| 7.5% | 42806097 | 34244878 | 28537398 | 24460627 | 21403048 | |||||||||||||
| 8.0% | 28537398 | 24460627 | 21401807 | 19024932 | 17122439 | |||||||||||||
| 8.5% | 21403048 | 19024932 | 17122439 | 15565853 | 14268699 | |||||||||||||
| 9.0% | 17122439 | 15565853 | 14268699 | 13171107 | 12230313 | |||||||||||||
| Sensitive analysis (FCFF value) | ||||||||||||||||||
| FCFF(value) | -0.50% | -0.25% | 0.00% | 0.25% | 0.50% | |||||||||||||
| Working capital | 21470113 | 21435960 | 21401807 | 21367653 | 21333500 | |||||||||||||
| depreciation | 21339089 | 21370448 | 21401807 | 21433166 | 21464525 | |||||||||||||
| Growth rate | 16998145 | 18955328 | 21401807 | 24459227 | 28741243 | |||||||||||||
| Discount rate | 28537398 | 24460627 | 21401807 | 19024932 | 17122438.7509097 | |||||||||||||
| Sensitive analysis (FCFF percentage change) | ||||||||||||||||||
| FCFF( percentage change) | -0.50% | -0.25% | 0.00% | 0.25% | 0.50% | |||||||||||||
| Working capital | 0.32% | 0.16% | 0.00% | -0.16% | -0.32% | |||||||||||||
| depreciation | -0.29% | -0.15% | 0.00% | 0.15% | 0.29% | |||||||||||||
| Growth rate | -20.58% | -11.43% | 0.00% | 14.29% | 34.29% | |||||||||||||
| Discount rate | 33.34% | 14.29% | 0.00% | -11.11% | -20.00% | |||||||||||||
Balance sheet
| Balance sheet of Sydney Airport from 2016 to 2020 | ||||||||||||
| Item | 06/17 | 06/18 | 06/19 | 06/20 | 06/21 | Jun-22 | Jun-23 | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 |
| CA - Cash | 32,027,680.00 | 42,617,940.00 | 27,461,870.00 | 146,726,000.00 | 91,691,000.00 | |||||||
| CA - Receivables | 2,045,324.00 | 4,999,536.00 | 5,365,362.00 | 5,760,000.00 | 5,810,000.00 | |||||||
| CA - Prepaid Expenses | 445,287.00 | 546,732.00 | 452,361.00 | 1,373,000.00 | 1,981,000.00 | |||||||
| CA - Inventories | 39,741,987.00 | 50,200,175.00 | 75,850,076.00 | 112,882,000.00 | 227,873,000.00 | |||||||
| CA - Investments | 0.00 | 572,708.00 | 382,691.00 | 0.00 | 205,000.00 | |||||||
| CA - NCA Held Sale | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| CA - Other | 180,230.00 | 105,746.00 | 29,850.00 | 30,000.00 | 1,689,000.00 | |||||||
| Total Current Assets | 74,440,508.00 | 99,042,837.00 | 109,542,210.00 | 266,771,000.00 | 329,249,000.00 | |||||||
| NCA - Receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| NCA - Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| NCA - Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| NCA - PP&E | 489,372.00 | 449,088.00 | 1,566,189.00 | 2,603,000.00 | 15,495,000.00 | |||||||
| NCA - Intangibles(ExGW) | 4,480,040.00 | 6,492,748.00 | 5,815,193.00 | 8,279,000.00 | 49,178,000.00 | |||||||
| NCA - Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 45,920,000.00 | |||||||
| NCA - Future Tax Benefit | 913,936.00 | 0.00 | 1,473,779.00 | 2,387,000.00 | 0.00 | |||||||
| NCA - Other | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Total NCA | 5,883,348.00 | 6,941,836.00 | 8,855,161.00 | 13,269,000.00 | 110,593,000.00 | |||||||
| Total Assets | 80,323,856.00 | 105,984,673.00 | 118,397,371.00 | 280,040,000.00 | 439,842,000.00 | |||||||
| CL - Account Payable | 28,504,597.00 | 45,355,366.00 | 51,725,667.00 | 82,868,000.00 | 140,607,000.00 | |||||||
| CL - Short-Term Debt | 727,265.00 | 0.00 | 556,702.00 | 1,987,000.00 | 4,237,000.00 | |||||||
| CL - Provisions | 3,159,722.00 | 4,710,817.00 | 5,362,283.00 | 9,744,000.00 | 5,118,000.00 | |||||||
| CL - NCL Held Sale | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| CL - Other | 5,165,416.00 | 7,319,876.00 | 7,733,283.00 | 20,394,000.00 | 11,777,000.00 | |||||||
| Total Curr. Liabilities | 37,557,000.00 | 57,386,059.00 | 65,377,935.00 | 114,993,000.00 | 161,739,000.00 | |||||||
| NCL - Account Payable | 0.00 | 0.00 | 0.00 | 0.00 | 5,247,000.00 | |||||||
| NCL - Long-Term Debt | 0.00 | 0.00 | 692,293.00 | 453,000.00 | 88,122,000.00 | |||||||
| NCL - Provisions | 95,171.00 | 717,356.00 | 136,241.00 | 197,000.00 | 3,919,000.00 | |||||||
| NCL - Other | 0.00 | 0.00 | 1,210,947.00 | 372,000.00 | 86,000.00 | |||||||
| Total NCL | 95,171.00 | 717,356.00 | 2,039,481.00 | 1,022,000.00 | 97,374,000.00 | |||||||
| Total Liabilities | 37,652,171.00 | 58,103,415.00 | 67,417,416.00 | 116,015,000.00 | 259,113,000.00 | |||||||
| Share Capital | 167,100,702.00 | 167,293,634.00 | 167,822,590.00 | 269,033,000.00 | 299,186,000.00 | |||||||
| Reserves | -131,889,797.00 | -130,983,399.00 | -130,279,072.00 | -130,464,000.00 | -116,168,000.00 | |||||||
| Retained Earnings | 7,460,780.00 | 11,571,023.00 | 13,436,437.00 | 25,456,000.00 | -2,289,000.00 | |||||||
| Other Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Convertible Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| SE Held Sale | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Outside Equity | -- | -- | -- | -- | -- | |||||||
| Total Equity | 42,671,685.00 | 47,881,258.00 | 50,979,955.00 | 164,025,000.00 | 180,729,000.00 | |||||||
| Percentage of sales | ||||||||||||
| Cash/Sales | 11% | 10% | 6% | 30% | 12% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| inventories/Sales | 14% | 12% | 18% | 23% | 29% | 25% | 16% | 16% | 10% | 10% | 10% | 10% |
| Receivables/sales | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
| Investments/sales | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Prepaid Expenses/sales | 0.2% | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| Other Current Assets/sales | 0.1% | 0.0% | 0.0% | 0.0% | 0.2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Total Current Assets/sales | 26% | 24% | 25% | 54% | 42% | |||||||
| Property & Plant Equipment/sales | 0.2% | 0.1% | 0.4% | 0.5% | 2.0% | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
| Intangible Assets/sales | 1.6% | 1.6% | 1.3% | 1.7% | 6.3% | 2% | 2% | 2% | 2% | 2% | 2% | 2% |
| Future tax benefit/sales | 0.3% | 0.0% | 0.3% | 0.5% | 0.0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Total Non - Curent Assets/sales | 2% | 2% | 2% | 3% | 14% | |||||||
| Total Assets/sales | 28% | 26% | 27% | 57% | 57% | |||||||
| Account Payable/sales | 0.00% | 0.00% | 0.00% | 0.00% | 0.68% | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
| Short-Term Debt/sales | 0.3% | 0.0% | 0.1% | 0.4% | 0.5% | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
| Provisions(Current Liabilities)/sales | 1% | 1% | 1% | 2% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
| Other Current Liabilities/sales | 2% | 2% | 2% | 4% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% |
| Total Current Liabilities | 13% | 14% | 15% | 23% | 21% | |||||||
| long-term debt (Non - Current Liabilities) | 0.00% | 0.00% | 0.16% | 0.09% | 11.36% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| long-term debt (Non - Current Liabilities) | 0.0% | 0.0% | 0.2% | 0.1% | 11.4% | |||||||
| Provisions(Non - Current Liabilities)/sales | 0.03% | 0.18% | 0.03% | 0.04% | 0.51% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Other Non-Current Liabilities | 0.00% | 0.00% | 0.28% | 0.08% | 0.01% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Total Non - Current Liabilities/sales | 0.0% | 0.2% | 0.5% | 0.2% | 12.6% | |||||||
| Total Liabilities | 13% | 14% | 16% | 24% | 33% | |||||||
| Share Capital | 58% | 41% | 39% | 55% | 39% | 40% | 40% | 40% | 40% | 40% | 40% | 40% |
| Reserves | -46% | -32% | -30% | -27% | -15% | -9% | -3% | 0% | 0% | 0% | 0% | 0% |
| Retained Earnings | 3% | 3% | 3% | 5% | -0% | 3% | 3% | 3% | 3% | 3% | 3% | 3% |
| Other | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Total Equity | 0.15 | 0.12 | 0.12 | 0.33 | 0.23 | |||||||
total non-current liability
3159722 4710817 5362283 9744000
