Exhibit 1 Financial Statement Projection (Unit: thousands of dollars) 200 200! 200" F
2002
2003
%&&'! 02' 3&!'" 301'2 3'2 !0'2 1%'" 32'"
&0%'" 2&'& 3%&'& 302'0 3 & ' 3 &' 1 3 '1 2 !'3
0&'2 3%'% %0'! 3!"'0 3"'3 %&'2 2"'2 !2'0
10&'& !03' !!' 0'! 0 ' 100'0 3 '2 " 0' &
13"3' "!' %0'0 !22'% "'0 10'3 '& 0'!
Balance sheet ash .ccounts recei$able n$entor4 ther current assets urrent assets et fixed assets otal assets
120'1 0'" "&'3 20' "' 332'1 1032'0
10!'2 '! !0%'" 1 '3 %31'" 332'! 10"'1
""'& 11'! !23' 22'" %32'3 3&'3 111"'"
' 1"' "!"' 2 0' &33'" 3%' 11&1'!
(1"!'3) 10'3 &!'0 32'! 11' 3%"' 12&&'3
.ccounts ,a4able 5a*es ,a4able ther ,a4ables urrent liabilities et 6orth
"'0 1'% 10'2 3!' "'1
! '3 2 2' 0 1 ! ' 2' % 1021'
'! 22'1 1"'" 3'2 10%3'
! '0 2 ' 1 % ' % '3 113'2
"'!" 3'1 23'0 "3'" 122'%
a,ital ex,enditure Purchases
22'0 10'&
3 & '& 1!'2
&&'1 1"1'2
'! 1&!'1
%! 22'&
Profit and loss statement #e$enue ost of *oods sold +ross ,rofit S+-. ex,ense /e,reciation ,eratin* ,rofit axes et ,rofit
Exhibit 2 Free ash Flo6 .nal4sis .nal4sis 2002 et ,rofit .dd: /e,reciation 7ess: ncrease in 5or8in* a,ital 7ess: .PE
2003 2 ! '3 3 & ' 93'& 93&'&
(Unit: thousands of dollars) 200 200! 200" F !2'0 " 0 '& 0'! 3"'3 0' "'0 93&'" 91!'" 923"'3 9&&'1 9'! 9%!'0
FF hec8
91'
93&'
9!%'
91%'%
0'0
0'0
0'0
0'0
Exhibit 3 /etails of chan*e in net 6or8in* ca,ital (Unit: thousands of dollars) 2002 2003 200 200! 200" F han*e in .ccounts recei$able &' 20'0 2"' 3' han*e in n$entor4 3'3 1!'& 133'! 1%'1 han*e in ther current assets 91'" 3'3 91'% 11'" han*e in .ccounts ,a4able 90'% 90'& 0'! 1'" han*e in 5a*es ,a4able 2'3 0'1 2'3 '% han*e in ther ,a4ables !'2 1'2 1'3 !'1 ncrease in 5or8in* a,ital 3'& 3&'" 1!'" 23"'3
2002 #e$enue *ro6th .ccounts recei$able *ro6th
2003 2; 10;
200 12; 20;
200! 1!; 23;
200" F 30; 30;
Percenta*e of et ,eratin* of 5or8in* a 2002 2003 200 200! et ,eratin* 5or8in* a,ital 100'0; 100'0; 100'0; 100'0; .ccounts recei$able 1"'%; 1%'0; 1'2; 1&'&; n$entor4 &"'1; &%'0; &'1; &'"; ther current assets 3'&; 3'3; 3'"; 2'%; .ccounts ,a4able 91'1; 90'; 90'%; 90'"; 5a*es ,a4able 93'"; 93'&; 93'"; 93'1; ther ,a4ables 91'; 92'"; 92'%; 92'3; Exhibit +o6th of #e$enue and .ccount #ecei$able
n$entor4 *ro6th
&;
3;
2";
,ital ar .$era*e 100'0; 1%'; &!'; 3'; 90'&; 93'!; 92';
30;
Exhibit ! Financial #atio and
2003
200
200!
2'; 2'; 12'!; 1!'!; &'; "'; !1'&; !2'0; "'; '&; &'"; '!; '1; 3'1; !'%; !'&;
#eturn on assets (et ,rofit = otal assets) #eturn on ca,ital (et ,rofit = otal ca,ital)
3'2; 3'3;
2'; 2'!;
'%; '&;
!'1; !';
2'; '0;
#ecei$able da4s (.# = #e$enue > 3"!) n$entor4 da4s (n$entor4 = +S > 3"!) Pa4able da4s (.P = Purchases > 3"!) F. turno$er (#e$enue = F.) ash on$ersion 4cle
1' 2'2 1!'" 2' !0'"
!'0 32'1 13'3 2' "3'%
&'0 3"'! 10'2 2' %'3
!0' %"'3 ' 3'0 !1%'
21'& 3&"'3 2"' 2'% 3&1'2
1
Exhibit 1 Financial Statement Projection (Unit: thousands of dollars) 200 200! 200" F
2002
2003
%&&'! 02' 3&!'" 301'2 3'2 !0'2 1%'" 32'"
&0%'" 2&'& 3%&'& 302'0 3&' 3&' 13'1 2!'3
0&'2 3%'% %0'! 3!"'0 3"'3 %&'2 2"'2 !2'0
10&'& !03' !!' 0'! 0' 100'0 3'2 "0'&
13"3' "!' %0'0 !22'% "'0 10'3 '& 0'!
Balance sheet ash .ccounts recei$able n$entor4 ther current assets urrent assets et fixed assets otal assets
120'1 0'" "&'3 20' "' 332'1 1032'0
10!'2 '! !0%'" 1'3 %31'" 332'! 10"'1
""'& 11'! !23' 22'" %32'3 3&'3 111"'"
' 1"' "!"' 20' &33'" 3%' 11&1'!
(1"!'3) 10'3 &!'0 32'! 11' 3%"' 12&&'3
.ccounts ,a4able 5a*es ,a4able ther ,a4ables urrent liabilities et 6orth
"'0 1'% 10'2 3!' "'1
!'3 22'0 1!' 2'% 1021'
'! 22'1 1"'" 3'2 10%3'
!'0 2' 1%' %'3 113'2
"'!" 3'1 23'0 "3'" 122'%
a,ital ex,enditure Purchases
22'0 10'&
3&'& 1!'2
&&'1 1"1'2
'! 1&!'1
%! 22'&
Profit and loss statement #e$enue ost of *oods sold +ross ,rofit S+-. ex,ense /e,reciation ,eratin* ,rofit axes et ,rofit
Exhibit 2 Free ash Flo6 .nal4sis 2002 et ,rofit /e,reciation et han*e in 5or8in* a,ital .PE
2003 2!'3 3&' 93'& 93&'&
(Unit: thousands of dollars) 200 200! 200" F !2'0 "0'& 0'! 3"'3 0' "'0 93&'" 91!'" 923"'3 9&&'1 9'! 9%!'0
FF hec8
91'
93&'
9!%'
91%'%
0'0
0'0
0'0
0'0
Exhibit " Financial #atio - .ssum,tion for 200" Pro forma
2002
2003
200
200!
200"F
2';
2';
12'!;
1!'!;
30'0; =1
Plu*9in as *i$en
ost of *oods sold +ross ,rofit
!1'1; &';
!3'1; "';
&'2; !1'&;
&'0; !2'0;
&'0; =2
; of #e$enue
S+-. ex,ense /e,reciation ,eratin* ,rofit
3&'2;
3%';
3'2;
3&'";
"';
'&;
&'";
'!;
3&'3; =3 "'00 %'3;
; of #e$enue Plu*9in as *i$en ; of #e$enue
axes et ,rofit
3!'1; '1;
3'1; 3'1;
33'!; !'%;
3'2; !'&;
3!'!; =3
; of E<
Balance sheet ash
1!'2;
13'0;
%';
0';
1'
!'0
&'0
!0'
!0' =2
n$entor4
2'2
32'1
3"'!
%"'3
%"'3 =2
n$entor4 da4s
ther current assets urrent assets et fixed assets otal assets
2'%;
2';
2'!;
2'0;
2'; =3
; of #e$enue
.ccounts ,a4able 5a*es ,a4able
1!'" "'!;
13'3 %'3;
10'2 "'2;
' "'0;
' =2 "'!;
Pa4able da4s ; of S+-.
ther ,a4ables urrent liabilities et 6orth
3';
!'1;
'%;
';
'; =3
; of S+-.
Profit and loss statement
#e$enue *ro6th
.ccounts recei$able
#ecei$able da4s
Formula
a,ital ex,enditure Purchases
Formula
%! 1%';
=1 .+# =2 .,,l4in* 200! financial ratio =3 .,,l4in* 94ear a$era*e financial ratio
1&'0;
1%'%;
1%'";
1%'&; =3
Plu*9in as *i$en ; of S+-.
R 91"!'3 91"!'3 3; 3"; ) e u 3&; n e v e 0; R 2; f o ; % ( "; S G &; O C !0; !2;
92!;
920;
91!;
910;
9!;
0;
15.9
17.9
Exhibit 5 Sensitivit !nalsis for Cash Balance
### 75.9 70.9 65.9 60.9 55.9
s a " R !
50.9 45.9 40.9 35.9 30.9 25.9 20.9 15.9 10.9 5.9
7.9
9.9
11.9
13.9
venue Growth !;
10;
1!;
20;
2!;
30;
3!;
0;
23.9
25.9
27.9
29.9
31.9
33.9
AP Days 19.9
21.9
Exhibit 1 Financial Statement Projection Scenario: Fundin* 6ith loan (Unit: thousands of dollars) 2002 2003 200 200! 200" F Profit and loss statement #e$enue %&&'! &0%'" 0&'2 10&'& 13"3' ost of *oods sold 02' 2&'& 3%'% !03' "!' +ross ,rofit 3&!'" 3%&'& %0'! !!' %0'0 S+-. ex,ense 301'2 302'0 3!"'0 0'! !22'% /e,reciation 3'2 3&' 3"'3 0' "'0 ,eratin* ,rofit !0'2 3&' %&'2 100'0 10'3 nterest 1&'" axes 1%'" 13'1 2"'2 3'2 3'2 et ,rofit 32'" 2!'3 !2'0 "0'& %&'! Balance sheet ash .ccounts recei$able n$entor4 ther current assets urrent assets et fixed assets otal assets
120'1 0'" "&'3 20' "' 332'1 1032'0
10!'2 '! !0%'" 1'3 %31'" 332'! 10"'1
""'& 11'! !23' 22'" %32'3 3&'3 111"'"
' 1"' "!"' 20' &33'" 3%' 11&1'!
10'1 10'3 &!'0 32'! 11&!'& 3%"' 1!"2'%
.ccounts ,a4able 5a*es ,a4able ther ,a4ables urrent liabilities
"'0 1'% 10'2 3!'
!'3 22'0 1!' 2'%
'! 22'1 1"'" 3'2
!'0 2' 1%' %'3
"'1
1021'
10%3'
113'2
"'!" 3'1 23'0 "3'" 2&"' 1212'%
a,ital ex,enditure
22'0
3&'&
&&'1
'!
%!
10'&
1!'2
1"1'2
1&!'1
22'&
Purchases
Exhibit 2 Free ash Flo6 .nal4sis 2002 et ,rofit /e,reciation
2003 2!'3 3&'
(Unit: thousands of dollars) 200 200! 200" F !2'0 "0'& %&'! 3"'3 0' "'0
et han*e in 5or8in* a,ital .fter ax nterest .PE
93'&
93&'"
91!'"
93&'&
9&&'1
9'!
923"'3 12'0 9%!'0
FF
91'
93&'
9!%'
91%'%
FF/ FFE hec8
91' 0'0 0'0
93&' 0'0 0'0
9!%' 0'0 0'0
91&"'% 12'0 92%'
nterest #ate
ash
"'!0; ,'a'
&; of #e$enue
