Long Term Loan Details Term

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Long Term Loan Details

Term
Tenor( Years)
Spread
Repayment
Amount ( in €thousand)
Covenants
Current Assets/Current Liabilities
Levearge ( Total Liabilities/Shareholders Equity)
Interest Cover ( Operating Cash Flows-DIV)/Interest Expense
Source: Financial Forecasting , Analysis & Modelling ( adapted)
By Michael Samonas
Page 44
Can the company maintain covenant rquirements?
Can the company repay 100% LTD at the end of 2026?
Value
10
2.50%
100% by 2026
70000
Acceptable Range
>1.25
<4
>2
Assumptions
Particulars UOM 2020A 2021A 2022A
Deposit Rate % 5% 3% 1%
Financing Cost-LT % 2.50% 2.50% 3.50%
Financing Cost-ST % 3.50% 3.50% 4.00%

Working Capital
Stock Days -DIO Days 78.67 82.5 85.97
Customer Days -DSO Days 137.67 135.6 132
Supplier Days-DPO Days 28.17 25.56 19.88
Calculated on Cost of sales
Effective Tax Rate % 33% 33% 25%

Depreciation
Rate % 3.73% 3.364% 3.614%
Accumulated depn at the beginning €'000 15000
PPE
Retained Earnings at the Beginning €'000 -3000
Other Non-current Assets
Dividend from Other Non-current Assets 0 0 0
Cash
Short term investment
Income from short term investment 5% 5% 5% 4%

Other current liabilities


Short term debt

Dividend

Working Notes:
Interest & Dividend income
Average Cash & Cash Equivalents
Average Short term Investments
Average long term Investments
Interest on Cash and Cash equivalents
Int/Div on Short terminvestments
Div on long term investments
2023F 2024F 2025F 2026F
1% 1% 1% 1%
3.50% 4.00% 4.00% 4.00% 2.50% However LTD agreement is non-cancellable
4.00% 4.25% 4.25% 4.25%

80 78 76 74 in 2014 80 days and then to reduce by 2 day


125 120 115 110 in 2014 125 days and then to reduce by 5 da
20 20 20 20 in 2014 20 days and then to remain stable a

25% 25% 25% 25% tax to remain stable

3.70% 3.70% 3.70% 3.70% to remain stable at 3.7% of Gross PPE

New investment 5000 in 2023 and thereafte

Primarily consists of long term investmebts ;


100 200 200 200
to maintain cash ratio of 2 % of sales but C&
Used as plug ;
4% 4% 4% 4% 5% of closing invested amount in the first ye
Company proposes to sale other current ass
as 2% sales
To reduce to maximum 40000 level by 2023

20% of Net income, the mangement may de


No dividend is paid if net income is negative

3750 3500 3533 3692 Data from Sheet 3 Row 54


10106.68 15185 25185 37918 Data from Sheet 3 Row 57
18840 18840 18840 18840 Data from Sheet 3 Row 51
38 35 35 37
404 607 1007 1517
100 200 200 200
542 842 1243 1754
eement is non-cancellable

nd then to reduce by 2 days p.a.


and then to reduce by 5 days p.a.
and then to remain stable at 20 days

at 3.7% of Gross PPE

5000 in 2023 and thereafter PPE to grow @2% ; in 2024 there is no new investments

of long term investmebts ; no new investment is planned

ratio of 2 % of sales but C&MS cannot be less than 3500

ested amount in the first year ; therefater 5% on average invested amount


es to sale other current assets to reddem LTD

imum 40000 level by 2023 and then keep constant

me, the mangement may decide to reduce dividend to facilitate loan repayment
id if net income is negative

3 Row 54
3 Row 57
3 Row 51
Steelco SA Financial Statements
2011-2013

Particulars UOM 2020A 2021A


Income Statement
Long Products MT 200000 168000
Flat Products MT 70000 62000
Total Sales MT 270000 230000
Long Product @€/MT €/MT 700 670
Short Product @€/MT €/MT 650 680
Turnover -Long Products €'000 140000 112560
Turnover-Short Products €'000 45500 42160
Sales 185500 154720
Rate of Change -16.59%
Cost of Sales 166023 137701
Rate of Change -17.06%
Gross Margin wo depreciation €'000 19477.5 17019
% on total Turnover % 10.50% 11.00%
Other Operating Income €'000 2968 2476
% on total Turnover % 1.6% 1.6%
Operating expenses €'000 18550 15472
% on total Turnover % 10.0% 10.0%
EBITDA €'000 3896 4023
EBITDA margin % 2.10% 2.60%
Depreciation €'000 2425 2355
Interest & Dividend Income €'001 283 392
Interest expenses €'000 4180 4190
Profit/Loss Before Tax €'000 -2426 -2130
PBT Margin -1.31% -1.38%
Income Tax €'000 0 0
Deferred Tax Income/Expense €'000 607 533
Profit/Loss After Tax €'000 -1820 -1598
EPS -Basic -0.58 -0.51
Dividend
Addition to Retained Earnings -1820 -1598
Income tax workings 0 0
Adjustment to Deferred Tax 0

Balance Sheet
PPE Gross €'000 65000 70000
Accumulated Depreciation €'000 17425 19779
PPE Net €'000 47575.5 50221
Non-current Investments €'000 18840 18840
Deferred Tax Assets 607 1139
Non-current Assets 67022 70200
Cash & Cash Equivalents €'000 4657 4652
Accounts Receivables €'000 69967 57480
Inventories €'000 39982 34971
Short term Investments €'000 1000 9086
Current Assets €'000 115605 106188
Total Assets €'000 182627 176388
Long Term Debt 70000 70000
Non-current Liabilities €'000 70000 70000
Short Term Debt €'000 69430 70000
Accounts Payable €'000 12813 9643
Other current Liabilities €'000 3944 1902
Current Liabilities 86187 81545
Total Liabilities 156187 151545
Share Capital €'000 31260 31260
Retained Earnings €'000 -4820 -6417
Shareholders' Equity 26440 24843
Total Liabilities & Equity 182627 176388
Check 0.00 0.00
No. of shares in ,000 3126 3126
Cash Flow Statement
Operating Activities
Profit/Loss Before Tax €'000 -2130
Adjustment for
Depreciation €'000 2355
Tax payment 0
Deferred Tax 0
Adjustment for changes in WC

Decrease/(Increase) in A/R €'000 12487


Decrease/(Increase) in Inventory €'000 5011
Decrease/(Increase) in STI €'000 -8086
Increase/(Decrease) in A/P €'000 -3170
Increase/(Decrease) in OCL €'000 -2041
4425
Investing
Purchase/( Disposal) of PPE €'000 -5000
Purchase/( Disposal) of NCA €'000 0
-5000

Financing
Issue/(Buy Back) of Share Capital 0
Issue/(Repayment) of LTD 0
Issue/(Repayment) of STD 570
Dividend payment
570

Net Cash Flows -5

Cash at Beginning 4657


Cash at End 4652
Change in Cash -5
Check 0
Selected Ratios
CA/CL
TL/SE
Interest Cover (EBIDTA- Tax- DIV)/INT]
LTD Repayment %
cial Statements
2013

2022A 2023F 2024F 2025F 2026F


atement
150000 157500 181125 190181 199690
50000 52500 60375 63394 66563
200000 210000 241500 253575 266253.75
650 663 676 690 704
700 714 728 743 758
97500 104423 122488 131184 140498
35000 37485 43970 47092 50435
132500 141908 166457 178276 190934
-14.36% 7.10% 17.30% 7.10% 7.10%
116600 124879 129837 139055 148928
-15.32% 7.10% 3.97% 7.10% 7.10%
15900 17029 36621 39221 42005
12.00% 12.00% 22.00% 22.00% 22.00%
2120 2129 2497 2674 2864
1.6% 1.5% 1.5% 1.5% 1.5%
13250 11707 13733 14708 15752
10.0% 8.25% 8.25% 8.25% 8.25%
4770 7450 25385 27187 29117
3.60% 5.25% 15.25% 15.25% 15.25%
2711 2775 4625 4718 4812
495 542 842 1243 1754
4418 3818 3450 3450 3450
-1863 1399 18152 20262 22609
-1.41% 0.99% 10.90% 11.37% 11.84%
0 0 3283 5066 5652
466 0 0 0 0
-1397 1399 14869 15197 16957
-0.45 0.14 1.47 1.50 1.67
280 2974 3039 3391
-1397 1119 11895 12157 13565
0 350 4538 5066 5652
0 350 1255 0 0

75000 125000 125000 127500 130050


22490 25265 29890 34607 39419
52510 99735 95110 92893 90631
18840 18840 18840 18840 18840
1605 1255 0 0 0
72955 119830 113950 111733 109471
4000 3500 3500 3566 3819
47918 48598 54726 56169 57542
31208 31103 35572 37120 38710
9000 11213 19156 31214 44621
92126 94415 112953 128070 144691
165081 214245 226903 239802 254162
70000 70000 70000 70000 70000
70000 70000 70000 70000 70000
63400 40000 40000 40000 40000
6351 6843 7114 7619 8160
1885 2838 3329 3566 3819
71636 49681 50443 51185 51979
141636 119681 120443 121185 121979
31260 101260 101260 101260 101260
-7815 -6696 5200 17357 30923
23445 94564 106460 118617 132183
165081 214245 226903 239802 254162
0.00 0 0 0 0
3126 10126 10126 10126 10126
tatement

-1863 1399 18152 20262 22609

2711 2775 4625 4718 4812


0 0 -3283 -5066 -5652
350 1255 0 0

9562 -681 -6127 -1443 -1372


3763 105 -4469 -1549 -1589
86 -2213 -7942 -12059 -13406
-3292 492 272 505 541
-17 953 491 236 253
10948 3180 2974 5605 6195

-5000 -50000 0 -2500 -2550


0 0 0 0 0
-5000 -50000 0 -2500 -2550

0 70000 0 0 0
0 0 0 0 0
-6600 -23400 0 0 0
-280 -2974 -3039 -3391
-6600 46320 -2974 -3039 -3391

-652 -500 0 66 253

4652 4000 3500 3500 3566


4000 3500 3500 3566 3819
-652 -500 0 66 253
0 0 0 0 0
Forecast factor 2024 forecastDescription

5.0% 15.0% Volume is anticipated to grow by 5% except in 2024 i


5.0% 15.0% Volume is anticipated to grow by 5%

2.0% Price to increase by 2% p.a.


2.0% Price to increase by 2.% p.a.

78.00% Reduced since 2024

1.50% of sales 2023 onwards

8.25% of sales 2023 because of restructuring cost ma

3.70% of Gross PPE See Sheet 2 Row


At specified rate rate See Sheet 2 Row

25% Effective tax rate 25%


25% Deferred tax is calculated at 25%
20% of net income or as decided by management

2% YoY bases except new investments in 2023 and


Previous balance of accumulated depreciation
Gross PPE minus Accumulated depreciation
To remain constant ; startegic invetsment
Arising out of deferred tax income/beenfit bec

2.0% of Sales : but not less than 3500


See Sheet 2 Row9
See Sheet 2 Row8
Short term inevstments to be used as plug to b

Short term debt to reduce maximum up to 400


See Sheet 2 Row 23
2% of sales

To remain unchanged'
Previous balance + Current year's balance
>1.25
<4
>2
100%
5% except in 2024 in which growth is anticipated to be 15%

ructuring cost management strategies

See Sheet 2 Row 28


See Sheet 2 Rows, 16,38&41 Working given in sheet 2
y management

ments in 2023 and zero growth in 2024


ted depreciation + Current depreciation
d depreciation
c invetsment
come/beenfit because of carried forward loss

used as plug to balance the Balance SheetTD becomes 60000 , Short term investment is used a

aximum up to 40000 by 2022,

ear's balance
nvestment is used as plug ; see formula
Pessimistic

0.04
0.04

0.02
0.02

0.87

Page 23
Optimistic

0.06
0.06

0.03
0.03

0.79

Page 24
Most Likely

0.048
0.048

0.0225
0.0225

0.85

Page 25
Steelco SA Financial Statements
2011-2013

Particulars UOM 2020A 2021A


Income Statement
Long Products MT 200000 168000
Flat Products MT 70000 62000
Total Sales MT 270000 230000
Long Product @€/MT €/MT 700 670
Short Product @€/MT €/MT 650 680
Turnover -Long Products €'000 140000 112560
Turnover-Short Products €'000 45500 42160
Sales 185500 154720
Rate of Change -16.59%
Cost of Sales 166023 137701
Rate of Change -17.06%
Gross Margin wo depreciation €'000 19477.5 17019
% on total Turnover % 10.50% 11.00%
Other Operating Income €'000 2968 2476
% on total Turnover % 1.6% 1.6%
Operating expenses €'000 18550 15472
% on total Turnover % 10.0% 10.0%
EBITDA €'000 3896 4023
EBITDA margin % 2.10% 2.60%
Depreciation €'000 2425 2355
Interest & Dividend Income €'001 283 392
Interest expenses €'000 4180 4190
Profit/Loss Before Tax €'000 -2426 -2130
PBT Margin -1.31% -1.38%
Income Tax €'000 0 0
Deferred Tax Income/Expense €'000 607 533
Profit/Loss After Tax €'000 -1820 -1598
EPS -Basic -0.58 -0.51
Dividend
Addition to Retained Earnings -1820 -1598
Income tax workings 0 0
Adjustment to Deferred Tax 0

Balance Sheet
PPE Gross €'000 65000 70000
Accumulated Depreciation €'000 17425 19779
PPE Net €'000 47575.5 50221
Non-current Investments €'000 18840 18840
Deferred Tax Assets 607 1139
Non-current Assets 67022 70200
Cash & Cash Equivalents €'000 4657 4652
Accounts Receivables €'000 69967 57480
Inventories €'000 39982 34971
Short term Investments €'000 1000 9086
Current Assets €'000 115605 106188
Total Assets €'000 182627 176388
Long Term Debt 70000 70000
Non-current Liabilities €'000 70000 70000
Short Term Debt €'000 69430 70000
Accounts Payable €'000 12813 9643
Other current Liabilities €'000 3944 1902
Current Liabilities 86187 81545
Total Liabilities 156187 151545
Share Capital €'000 31260 31260
Retained Earnings €'000 -4820 -6417
Shareholders' Equity 26440 24843
Total Liabilities & Equity 182627 176388
Check 0.00 0.00
No. of shares in ,000 3126 3126
Cash Flow Statement
Operating Activities
Profit/Loss Before Tax €'000 -2130
Adjustment for
Depreciation €'000 2355
Tax payment 0
Deferred Tax 0
Adjustment for changes in WC

Decrease/(Increase) in A/R €'000 12487


Decrease/(Increase) in Inventory €'000 5011
Decrease/(Increase) in STI €'000 -8086
Increase/(Decrease) in A/P €'000 -3170
Increase/(Decrease) in OCL €'000 -2041
4425
Investing
Purchase/( Disposal) of PPE €'000 -5000
Purchase/( Disposal) of NCA €'000 0
-5000

Financing
Issue/(Buy Back) of Share Capital 0
Issue/(Repayment) of LTD 0
Issue/(Repayment) of STD 570
Dividend payment
570

Net Cash Flows -5

Cash at Beginning 4657


Cash at End 4652
Change in Cash -5
Check 0
Selected Ratios
CA/CL 1.34 1.30
TL/SE 5.9 6.1
Interest Cover (EBIDTA- Tax- DIV)/INT] 0.93 0.96
LTD Repayment %
cial Statements
2013

2022A 2023F 2024F 2025F 2026F


atement
150000 157500 181125 190181 199690
50000 52500 60375 63394 66563
200000 210000 241500 253575 266253.75
650 663 676 690 704
700 714 728 743 758
97500 104423 122488 131184 140498
35000 37485 43970 47092 50435
132500 141908 166457 178276 190934
-14.36% 7.10% 17.30% 7.10% 7.10%
116600 124879 129837 139055 148928
-15.32% 7.10% 3.97% 7.10% 7.10%
15900 17029 36621 39221 42005
12.00% 12.00% 22.00% 22.00% 22.00%
2120 2129 2497 2674 2864
1.6% 1.5% 1.5% 1.5% 1.5%
13250 11707 13733 14708 15752
10.0% 8.25% 8.25% 8.25% 8.25%
4770 7450 25385 27187 29117
3.60% 5.25% 15.25% 15.25% 15.25%
2711 2775 4625 4718 4812
495 542 842 1243 1754
4418 3818 3450 3450 3450
-1863 1399 18152 20262 22609
-1.41% 0.99% 10.90% 11.37% 11.84%
0 0 3283 5066 5652
466 0 0 0 0
-1397 1399 14869 15197 16957
-0.45 0.14 1.47 1.50 1.67
280 2974 3039 3391
-1397 1119 11895 12157 13565
0 350 4538 5066 5652
0 350 1255 0 0

75000 125000 125000 127500 130050


22490 25265 29890 34607 39419
52510 99735 95110 92893 90631
18840 18840 18840 18840 18840
1605 1255 0 0 0
72955 119830 113950 111733 109471
4000 3500 3500 3566 3819
47918 48598 54726 56169 57542
31208 31103 35572 37120 38710
9000 11213 19156 31214 44621
92126 94415 112953 128070 144691
165081 214245 226903 239802 254162
70000 70000 70000 70000 70000
70000 70000 70000 70000 70000
63400 40000 40000 40000 40000
6351 6843 7114 7619 8160
1885 2838 3329 3566 3819
71636 49681 50443 51185 51979
141636 119681 120443 121185 121979
31260 101260 101260 101260 101260
-7815 -6696 5200 17357 30923
23445 94564 106460 118617 132183
165081 214245 226903 239802 254162
0.00 0 0 0 0
3126 10126 10126 10126 10126
tatement

-1863 1399 18152 20262 22609

2711 2775 4625 4718 4812


0 0 -3283 -5066 -5652
350 1255 0 0

9562 -681 -6127 -1443 -1372


3763 105 -4469 -1549 -1589
86 -2213 -7942 -12059 -13406
-3292 492 272 505 541
-17 953 491 236 253
10948 3180 2974 5605 6195

-5000 -50000 0 -2500 -2550


0 0 0 0 0
-5000 -50000 0 -2500 -2550

0 70000 0 0 0
0 0 0 0 0
-6600 -23400 0 0 0
-280 -2974 -3039 -3391
-6600 46320 -2974 -3039 -3391

-652 -500 0 66 253

4652 4000 3500 3500 3566


4000 3500 3500 3566 3819
-652 -500 0 66 253
0 0 0 0 0

1.29 1.90 2.24 2.50 2.78


6.0 1.3 1.1 1.0 0.9
1.08 1.88 5.54 5.53 5.82
63.74%
Forecast factor 2024 forecastDescription

5.0% 15.0% Volume is anticipated to grow by 5% except in 2024 i


5.0% 15.0% Volume is anticipated to grow by 5%

2.0% Price to increase by 2% p.a.


2.0% Price to increase by 2.% p.a.

78.00% Reduced since 2024

1.50% of sales 2023 onwards

8.25% of sales 2023 because of restructuring cost ma

3.70% of Gross PPE See Sheet 2 Row


At specified rate rate See Sheet 2 Row

25% Effective tax rate 25%


25% Deferred tax is calculated at 25%
20% of net income or as decided by management

2% YoY bases except new investments in 2023 and


Previous balance of accumulated depreciation
Gross PPE minus Accumulated depreciation
To remain constant ; startegic invetsment
Arising out of deferred tax income/beenfit bec

2.0% of Sales : but not less than 3500


See Sheet 2 Row9
See Sheet 2 Row8
Short term inevstments to be used as plug to b

Short term debt to reduce maximum up to 400


See Sheet 2 Row 23
2% of sales

To remain unchanged'
Previous balance + Current year's balance
>1.25
<4
>2
100%
5% except in 2024 in which growth is anticipated to be 15%

ructuring cost management strategies

See Sheet 2 Row 28


See Sheet 2 Rows, 16,38&41 Working given in sheet 2
y management

ments in 2023 and zero growth in 2024


ted depreciation + Current depreciation
d depreciation
c invetsment
come/beenfit because of carried forward loss

used as plug to balance the Balance SheetTD becomes 60000 , Short term investment is used a

aximum up to 40000 by 2022,

ear's balance
nvestment is used as plug ; see formula
Steelco SA Financial Statements
2011-2013

Particulars UOM 2020A 2021A


Income Statement
Long Products MT 200000 168000
Flat Products MT 70000 62000
Total Sales MT 270000 230000
Long Product @€/MT €/MT 700 670
Short Product @€/MT €/MT 650 680
Turnover -Long Products €'000 140000 112560
Turnover-Short Products €'000 45500 42160
Sales 185500 154720
Rate of Change -16.59%
Cost of Sales 166023 137701
Rate of Change -17.06%
Gross Margin wo depreciation €'000 19477.5 17019
% on total Turnover % 10.50% 11.00%
Other Operating Income €'000 2968 2476
% on total Turnover % 1.6% 1.6%
Operating expenses €'000 18550 15472
% on total Turnover % 10.0% 10.0%
EBITDA €'000 3896 4023
EBITDA margin % 2.10% 2.60%
Depreciation €'000 2425 2355
Interest & Dividend Income €'001 283 392
Interest expenses €'000 4180 4190
Profit/Loss Before Tax €'000 -2426 -2130
PBT Margin -1.31% -1.38%
Income Tax €'000 0 0
Deferred Tax Income/Expense €'000 607 533
Profit/Loss After Tax €'000 -1820 -1598
EPS -Basic -0.58 -0.51
Dividend
Addition to Retained Earnings -1820 -1598
Income tax workings 0 0
Adjustment to Deferred Tax 0

Balance Sheet
PPE Gross €'000 65000 70000
Accumulated Depreciation €'000 17425 19779
PPE Net €'000 47575.5 50221
Non-current Investments €'000 18840 18840
Deferred Tax Assets 607 1139
Non-current Assets 67022 70200
Cash & Cash Equivalents €'000 4657 4652
Accounts Receivables €'000 69967 57480
Inventories €'000 39982 34971
Short term Investments €'000 1000 9086
Current Assets €'000 115605 106188
Total Assets €'000 182627 176388
Long Term Debt 70000 70000
Non-current Liabilities €'000 70000 70000
Short Term Debt €'000 69430 70000
Accounts Payable €'000 12813 9643
Other current Liabilities €'000 3944 1902
Current Liabilities 86187 81545
Total Liabilities 156187 151545
Share Capital €'000 31260 31260
Retained Earnings €'000 -4820 -6417
Shareholders' Equity 26440 24843
Total Liabilities & Equity 182627 176388
Check 0.00 0.00
No. of shares in ,000 3126 3126
Cash Flow Statement
Operating Activities
Profit/Loss Before Tax €'000 -2130
Adjustment for
Depreciation €'000 2355
Tax payment 0
Deferred Tax 0
Adjustment for changes in WC

Decrease/(Increase) in A/R €'000 12487


Decrease/(Increase) in Inventory €'000 5011
Decrease/(Increase) in STI €'000 -8086
Increase/(Decrease) in A/P €'000 -3170
Increase/(Decrease) in OCL €'000 -2041
4425
Investing
Purchase/( Disposal) of PPE €'000 -5000
Purchase/( Disposal) of NCA €'000 0
-5000

Financing
Issue/(Buy Back) of Share Capital 0
Issue/(Repayment) of LTD 0
Issue/(Repayment) of STD 570
Dividend payment
570

Net Cash Flows -5

Cash at Beginning 4657


Cash at End 4652
Change in Cash -5
Check 0
Selected Ratios
CA/CL 1.34 1.30
TL/SE 5.9 6.1
Interest Cover (EBIDTA- Tax- DIV)/INT] 0.93 0.96
LTD Repayment %
cial Statements
2013

2022A 2023F 2024F 2025F 2026F


atement
150000 157500 181125 190181 199690
50000 52500 60375 63394 66563
200000 210000 241500 253575 266253.75
650 663 676 690 704
700 714 728 743 758
97500 104423 122488 131184 140498
35000 37485 43970 47092 50435
132500 141908 166457 178276 190934
-14.36% 7.10% 17.30% 7.10% 7.10%
116600 124879 129837 139055 148928
-15.32% 7.10% 3.97% 7.10% 7.10%
15900 17029 36621 39221 42005
12.00% 12.00% 22.00% 22.00% 22.00%
2120 2129 2497 2674 2864
1.6% 1.5% 1.5% 1.5% 1.5%
13250 11707 13733 14708 15752
10.0% 8.25% 8.25% 8.25% 8.25%
4770 7450 25385 27187 29117
3.60% 5.25% 15.25% 15.25% 15.25%
2711 2775 4625 4718 4812
495 542 842 1243 1754
4418 3818 3450 3450 3450
-1863 1399 18152 20262 22609
-1.41% 0.99% 10.90% 11.37% 11.84%
0 0 3283 5066 5652
466 0 0 0 0
-1397 1399 14869 15197 16957
-0.45 0.14 1.47 1.50 1.67
140 1487 1520 1696
-1397 1259 13382 13677 15261
0 350 4538 5066 5652
0 350 1255 0 0

75000 125000 125000 127500 130050


22490 25265 29890 34607 39419
52510 99735 95110 92893 90631
18840 18840 18840 18840 18840
1605 1255 0 0 0
72955 119830 113950 111733 109471
4000 3500 3500 3566 3819
47918 48598 54726 56169 57542
31208 31103 35572 37120 38710
9000 11353 20782 34361 49463
92126 94555 114580 131216 149533
165081 214385 228530 242949 259004
70000 70000 70000 70000 70000
70000 70000 70000 70000 70000
63400 40000 40000 40000 40000
6351 6843 7114 7619 8160
1885 2838 3329 3566 3819
71636 49681 50443 51185 51979
141636 119681 120443 121185 121979
31260 101260 101260 101260 101260
-7815 -6556 6827 20504 35765
23445 94704 108087 121764 137025
165081 214385 228530 242949 259004
0.00 0 0 0 0
3126 10126 10126 10126 10126
tatement

-1863 1399 18152 20262 22609

2711 2775 4625 4718 4812


0 0 -3283 -5066 -5652
350 1255 0 0

9562 -681 -6127 -1443 -1372


3763 105 -4469 -1549 -1589
86 -2353 -9429 -13578 -15102
-3292 492 272 505 541
-17 953 491 236 253
10948 3040 1487 4085 4499

-5000 -50000 0 -2500 -2550


0 0 0 0 0
-5000 -50000 0 -2500 -2550

0 70000 0 0 0
0 0 0 0 0
-6600 -23400 0 0 0
-140 -1487 -1520 -1696
-6600 46460 -1487 -1520 -1696

-652 -500 0 66 253

4652 4000 3500 3500 3566


4000 3500 3500 3566 3819
-652 -500 0 66 253
0 0 0 0 0

1.29 1.90 2.27 2.56 2.88


6.0 1.3 1.1 1.0 0.9
1.08 1.91 5.98 5.97 6.31
70.66%
Forecast factor 2024 forecastDescription

5.0% 15.0% Volume is anticipated to grow by 5% except in 2024 i


5.0% 15.0% Volume is anticipated to grow by 5%

2.0% Price to increase by 2% p.a.


2.0% Price to increase by 2.% p.a.

78.00% Reduced since 2024

1.50% of sales 2023 onwards

8.25% of sales 2023 because of restructuring cost ma

3.70% of Gross PPE See Sheet 2 Row


At specified rate rate See Sheet 2 Row

25% Effective tax rate 25%


25% Deferred tax is calculated at 25%
10% dividend reduce to 10% .

2% YoY bases except new investments in 2023 and


Previous balance of accumulated depreciation
Gross PPE minus Accumulated depreciation
To remain constant ; startegic invetsment
Arising out of deferred tax income/beenfit bec

2.0% of Sales : but not less than 3500


See Sheet 2 Row9
See Sheet 2 Row8
Short term inevstments to be used as plug to b

Short term debt to reduce maximum up to 400


See Sheet 2 Row 23
2% of sales

To remain unchanged'
Previous balance + Current year's balance
>1.25
<4
>2
100%
5% except in 2024 in which growth is anticipated to be 15%

ructuring cost management strategies

See Sheet 2 Row 28


See Sheet 2 Rows, 16,38&41 Working given in sheet 2
ments in 2023 and zero growth in 2024
ted depreciation + Current depreciation
d depreciation
c invetsment
come/beenfit because of carried forward loss

used as plug to balance the Balance SheetTD becomes 60000 , Short term investment is used a

aximum up to 40000 by 2022,

ear's balance
nvestment is used as plug ; see formula
Steelco SA Financial Statements
2011-2013

Particulars UOM 2020A 2021A


Income Statement
Long Products MT 200000 168000
Flat Products MT 70000 62000
Total Sales MT 270000 230000
Long Product @€/MT €/MT 700 670
Short Product @€/MT €/MT 650 680
Turnover -Long Products €'000 140000 112560
Turnover-Short Products €'000 45500 42160
Sales 185500 154720
Rate of Change -16.59%
Cost of Sales 166023 137701
Rate of Change -17.06%
Gross Margin wo depreciation €'000 19477.5 17019
% on total Turnover % 10.50% 11.00%
Other Operating Income €'000 2968 2476
% on total Turnover % 1.6% 1.6%
Operating expenses €'000 18550 15472
% on total Turnover % 10.0% 10.0%
EBITDA €'000 3896 4023
EBITDA margin % 2.10% 2.60%
Depreciation €'000 2425 2355
Interest & Dividend Income €'001 283 392
Interest expenses €'000 4180 4190
Profit/Loss Before Tax €'000 -2426 -2130
PBT Margin -1.31% -1.38%
Income Tax €'000 0 0
Deferred Tax Income/Expense €'000 607 533
Profit/Loss After Tax €'000 -1820 -1598
EPS -Basic -0.58 -0.51
Dividend
Addition to Retained Earnings -1820 -1598
Income tax workings 0 0
Adjustment to Deferred Tax 0

Balance Sheet
PPE Gross €'000 65000 70000
Accumulated Depreciation €'000 17425 19779
PPE Net €'000 47575.5 50221
Non-current Investments €'000 18840 18840
Deferred Tax Assets 607 1139
Non-current Assets 67022 70200
Cash & Cash Equivalents €'000 4657 4652
Accounts Receivables €'000 69967 57480
Inventories €'000 39982 34971
Short term Investments €'000 1000 9086
Current Assets €'000 115605 106188
Total Assets €'000 182627 176388
Long Term Debt 70000 70000
Non-current Liabilities €'000 70000 70000
Short Term Debt €'000 69430 70000
Accounts Payable €'000 12813 9643
Other current Liabilities €'000 3944 1902
Current Liabilities 86187 81545
Total Liabilities 156187 151545
Share Capital €'000 31260 31260
Retained Earnings €'000 -4820 -6417
Shareholders' Equity 26440 24843
Total Liabilities & Equity 182627 176388
Check 0.00 0.00
No. of shares in ,000 3126 3126
Cash Flow Statement
Operating Activities
Profit/Loss Before Tax €'000 -2130
Adjustment for
Depreciation €'000 2355
Tax payment 0
Deferred Tax 0
Adjustment for changes in WC

Decrease/(Increase) in A/R €'000 12487


Decrease/(Increase) in Inventory €'000 5011
Decrease/(Increase) in STI €'000 -8086
Increase/(Decrease) in A/P €'000 -3170
Increase/(Decrease) in OCL €'000 -2041
4425
Investing
Purchase/( Disposal) of PPE €'000 -5000
Purchase/( Disposal) of NCA €'000 0
-5000

Financing
Issue/(Buy Back) of Share Capital 0
Issue/(Repayment) of LTD 0
Issue/(Repayment) of STD 570
Dividend payment
570

Net Cash Flows -5

Cash at Beginning 4657


Cash at End 4652
Change in Cash -5
Check 0
Selected Ratios
CA/CL 1.34 1.30
TL/SE 5.9 6.1
Interest Cover (EBIDTA- Tax- DIV)/INT] 0.93 0.96
LTD Repayment %
cial Statements
2013

2022A 2023F 2024F 2025F 2026F


atement
150000 157500 181125 190181 199690
50000 52500 60375 63394 66563
200000 210000 241500 253575 266253.75
650 663 676 690 704
700 714 728 743 758
97500 104423 122488 131184 140498
35000 37485 43970 47092 50435
132500 141908 166457 178276 190934
-14.36% 7.10% 17.30% 7.10% 7.10%
116600 124879 129837 139055 148928
-15.32% 7.10% 3.97% 7.10% 7.10%
15900 17029 36621 39221 42005
12.00% 12.00% 22.00% 22.00% 22.00%
2120 2129 2497 2674 2864
1.6% 1.5% 1.5% 1.5% 1.5%
13250 11707 13733 14708 15752
10.0% 8.25% 8.25% 8.25% 8.25%
4770 7450 25385 27187 29117
3.60% 5.25% 15.25% 15.25% 15.25%
2711 2775 4625 4718 4812
495 542 842 1243 1754
4418 3818 3450 3450 3450
-1863 1399 18152 20262 22609
-1.41% 0.99% 10.90% 11.37% 11.84%
0 0 3283 5066 5652
466 0 0 0 0
-1397 1399 14869 15197 16957
-0.45 0.14 1.47 1.50 1.67
140 1487 1520 1696
-1397 1259 13382 13677 15261
0 350 4538 5066 5652
0 350 1255 0 0

75000 125000 125000 127500 130050


22490 25265 29890 34607 39419
52510 99735 95110 92893 90631
18840 18840 18840 18840 18840
1605 1255 0 0 0
72955 119830 113950 111733 109471
4000 3500 3500 3566 3819
47918 48598 54726 56169 57542
31208 31103 35572 37120 38710
9000 11353 20782 34361 49463
92126 94555 114580 131216 149533
165081 214385 228530 242949 259004
70000 70000 70000 70000 70000
70000 70000 70000 70000 70000
63400 40000 40000 40000 40000
6351 6843 7114 7619 8160
1885 2838 3329 3566 3819
71636 49681 50443 51185 51979
141636 119681 120443 121185 121979
31260 101260 101260 101260 101260
-7815 -6556 6827 20504 35765
23445 94704 108087 121764 137025
165081 214385 228530 242949 259004
0.00 0 0 0 0
3126 10126 10126 10126 10126
tatement

-1863 1399 18152 20262 22609

2711 2775 4625 4718 4812


0 0 -3283 -5066 -5652
350 1255 0 0

9562 -681 -6127 -1443 -1372


3763 105 -4469 -1549 -1589
86 -2353 -9429 -13578 -15102
-3292 492 272 505 541
-17 953 491 236 253
10948 3040 1487 4085 4499

-5000 -50000 0 -2500 -2550


0 0 0 0 0
-5000 -50000 0 -2500 -2550

0 70000 0 0 0
0 0 0 0 0
-6600 -23400 0 0 0
-140 -1487 -1520 -1696
-6600 46460 -1487 -1520 -1696

-652 -500 0 66 253

4652 4000 3500 3500 3566


4000 3500 3500 3566 3819
-652 -500 0 66 253
0 0 0 0 0

1.29 1.90 2.27 2.56 2.88


6.0 1.3 1.1 1.0 0.9
1.08 1.91 5.98 5.97 6.31
70.66%
Forecast factor 2024 forecastDescription

5.0% 15.0% Volume is anticipated to grow by 5% except in 2024 i


5.0% 15.0% Volume is anticipated to grow by 5%

2.0% Price to increase by 2% p.a.


2.0% Price to increase by 2.% p.a.

78.00% Reduced since 2024

1.50% of sales 2023 onwards

8.25% of sales 2023 because of restructuring cost ma

3.70% of Gross PPE See Sheet 2 Row


At specified rate rate See Sheet 2 Row

25% Effective tax rate 25%


25% Deferred tax is calculated at 25%
10% dividend reduce to 10% .

2% YoY bases except new investments in 2023 and


Previous balance of accumulated depreciation
Gross PPE minus Accumulated depreciation
To remain constant ; startegic invetsment
Arising out of deferred tax income/beenfit bec

2.0% of Sales : but not less than 3500


See Sheet 2 Row9
See Sheet 2 Row8
Short term inevstments to be used as plug to b

Short term debt to reduce maximum up to 400


See Sheet 2 Row 23
2% of sales

To remain unchanged'
Previous balance + Current year's balance
>1.25
<4
>2
100%
5% except in 2024 in which growth is anticipated to be 15%

ructuring cost management strategies

See Sheet 2 Row 28


See Sheet 2 Rows, 16,38&41 Working given in sheet 2
ments in 2023 and zero growth in 2024
ted depreciation + Current depreciation
d depreciation
c invetsment
come/beenfit because of carried forward loss

used as plug to balance the Balance SheetTD becomes 60000 , Short term investment is used a

aximum up to 40000 by 2022,

ear's balance
nvestment is used as plug ; see formula

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