Income Statement 2016 2017 2018

Revenues 81,422 86,698 93,086

Cost of Goods Sold 38,121 37,756 39,639
Gross Profit 43,301 48,942 53,447
Distribution Expenses 5,884 6,421 6,166
Marketing and Administration 23,507 26,569 30,830
Research and Development 1,764 1,931 2,026
Depreciation 2,960 2,803 2,907
EBIT (Operating Profit) 9,186 11,218 11,518
Interest 1,240 1,240 1,240
Income Before Taxes 7,946 9,978 10,278
Taxes 2,761 2,429 1,570
Net Income 5,185 7,549 8,708

Common Dividends 4,312 4,209 2,931

Balance Sheet 2016 2016 2018

ASSETS
Current Assets:
Cash 5,289 5,918 10,159
Trade and Other Receivables 12,685 14,074 14,721
Inventories 7,168 7,691 8,036
Total Current Assets 25,142 27,683 32,916
Non-Current Assets:
Property Plant and Equipment 19,263 20,371 21,175
TOTAL ASSETS 44,405 48,054 54,091

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Trade and Other Payables 10,001 10,504 11,077
Income Taxes Payable 1,088 894 581
Total Current Liabilities: 11,089 11,398 11,658
Non-Current Liabilities:
Long-Term Debt 20,000 20,000 20,000
Shareholder's Equity:
Common Stock and Additional Paid-In Capital 7,627 7,627 7,627
Retained Earnings 5,689 9,029 14,806
Total Shareholders' Equity 13,316 16,656 22,433
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 44,405 48,054 54,091

Cash Flow Statement 2016 2016 2018

Cash Flows from Operating Activities:

Net Income 5,185 7,549 8,708
Depreciation 2,960 2,803 2,907
Changes in Operating Assets and Liabilities:
Trade and Other Receivables (1,280) (1,389) (647)
Inventories (470) (523) (345)
Trade and Other Payables 490 503 573
Income Taxes Payable 50 (194) (313)
Net Cash Provided by Operating Activities 6,935 8,749 10,883

Investing Activities:
Acquisitions of Property and Equipment (3,005) (3,911) (3,711)
Cash Flows from Investing Activities (3,005) (3,911) (3,711)

Financing Activities:
Issuance of Common Stock - - -
Dividends (current year) (4,312) (4,209) (2,931)
Increase/(Decrease) in Long-Term Debt - - -
Cash Flows from Financing Activities (4,312) (4,209) (2,931)

Increase/(Decrease) in Cash and Equivalents (382) 629 4,241

Cash and Equivalents, Beginning of the Year 5,671 5,289 5,918
Cash and Equivalents, End of the Year 5,289 5,918 10,159
USD millions, except per share data 2019 2020 2021 2022 2023

Assumptions & Drivers

Days in Period 365 365 365 365 365

Income Statement
Sales Growth 6.0% 6.0% 6.0% 6.0% 6.0%
Gross Margin 55.0% 55.0% 55.0% 55.0% 55.0%
Distribution Expense (Percent of Sales) 7.5% 7.5% 7.5% 7.5% 7.5%
Marketing Expense (Fixed Cost) 32,063 33,346 34,680 36,067 37,509
Research Expense (Percent of Sales) 2.3% 2.3% 2.3% 2.3% 2.3%
Depreciation (Percent of Sales) 3.2% 3.2% 3.2% 3.2% 3.2%
Long Term Debt Interest (Average Debt) 6.2% 6.2% 6.2% 6.2% 6.2%
Tax Rate (Percent of EBT) 30.0% 30.0% 30.0% 30.0% 30.0%

Balance Sheet
Capital Asset Turnover Ratio 4.25 4.25 4.25 4.25 4.25
Receivable Days (Sales Basis) 60 60 60 60 60
Inventory Days (COGS Basis) 75 75 75 75 75
Payable Days (COGS Basis) 100 100 100 100 100
Income Tax Payable 37.0% 37.0% 37.0% 37.0% 37.0%
Long Term Debt 20,000 20,000 20,000 20,000 20,000
Common Share Capital 7,627 7,627 7,627 7,627 7,627
Dividend Payout Ratio 70.0% 70.0% 70.0% 70.0% 70.0%
 Start 12/31/2019
End 12/31/2023
Period 5
Year 2016 H 2017 H 2018 H 2019 F 2020 F

Assumptions & Drivers

Days in Period 365 365 365 365 365

Income Statement
Sales Growth 6.5% 7.4% 6.0% 6.0%
Gross Margin 53.2% 56.5% 57.4% 55.0% 55.0%
Distribution Expense (Percent of Sales) 7.2% 7.4% 6.6% 7.5% 7.5%
Marketing Expense (Fixed Cost) 23,507 26,569 30,830 32,063 33,346
Research Expense (Percent of Sales) 2.2% 2.2% 2.2% 2.3% 2.3%
Depreciation (Percent of Sales) 3.6% 3.2% 3.1% 3.2% 3.2%
Long Term Debt Interest (Average Debt) 6.2% 6.2% 6.2% 6.2%
Tax Rate (Percent of EBT) 34.7% 24.3% 15.3% 30.0% 30.0%

Balance Sheet
Capital Asset Turnover Ratio 4.23 4.26 4.40 4.25 4.25
Receivable Days (Sales Basis) 57 59 58 60 60
Inventory Days (COGS Basis) 69 74 74 75 75
Payable Days (COGS Basis) 96 102 102 100 100
Income Tax Payable 39% 37% 37% 37.0% 37.0%
Long Term Debt 20,000 20,000 20,000 20,000 20,000
Common Share Capital 7,627 7,627 7,627 7,627 7,627
Dividend Payout Ratio 83% 56% 34% 70.0% 70.0%

Income Statement

Revenues 81,422 86,698 93,086 98,671 104,591

Cost of Goods Sold 38,121 37,756 39,639 44,402 47,066
Gross Profit 43,301 48,942 53,447 54,269 57,525
Distribution Expenses 5,884 6,421 6,166 7,400 7,844
Marketing and Administration 23,507 26,569 30,830 32,063 33,346
Research and Development 1,764 1,931 2,026 2,269 2,406
Depreciation 2,960 2,803 2,907 3,157 3,347
EBIT (Operating Profit) 9,186 11,218 11,518 9,379 10,583
Interest 1,240 1,240 1,240 1,240 1,240
Income Before Taxes 7,946 9,978 10,278 8,139 9,343
Taxes 2,761 2,429 1,570 2,442 2,803
Net Income 5,185 7,549 8,708 5,697 6,540

Common Dividends 4,312 4,209 2,931 3,988 4,578

Balance Sheet
ASSETS
Current Assets:
Cash 5,289 5,918 10,159 8,650 8,562
Trade and Other Receivables 12,685 14,074 14,721 16,220 17,193
Inventories 7,168 7,691 8,036 9,124 9,671
Total Current Assets 25,142 27,683 32,916 33,994 35,426
Non-Current Assets:
Property Plant and Equipment 19,263 20,371 21,175 23,217 24,610
TOTAL ASSETS 44,405 48,054 54,091 57,211 60,036

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Trade and Other Payables 10,001 10,504 11,077 12,165 12,895
Income Taxes Payable 1,088 894 581 903 1,037
Total Current Liabilities: 11,089 11,398 11,658 13,068 13,932
Non-Current Liabilities:
Long-Term Debt 20,000 20,000 20,000 20,000 20,000
Shareholder's Equity:
Common Stock and Additional Paid-In Capital 7,627 7,627 7,627 7,627 7,627
Retained Earnings 5,689 9,029 14,806 16,515 18,477
Total Shareholders' Equity 13,316 16,656 22,433 24,142 26,104
TOTAL LIABILITIES AND SHAREHOLDERS' EQUI 44,405 48,054 54,091 57,211 60,036
Test - - - - -

Cash Flow Statement

Cash Flows from Operating Activities:

Net Income 5,185 7,549 8,708 5,697 6,540
Depreciation 2,960 2,803 2,907 3,157 3,347
Changes in Operating Assets and Liabilities:
Trade and Other Receivables (1,280) (1,389) (647) (1,499) (973)
Inventories (470) (523) (345) (1,087) (547)
Trade and Other Payables 490 503 573 1,088 730
Income Taxes Payable 50 (194) (313) 322 134
Net Cash Provided by Operating Activities 6,935 8,749 10,883 7,679 9,230

Cash Flows from Investing Activities:

Acquisitions of Property and Equipment (3,005) (3,911) (3,711) (5,199) (4,740)
Net Cash Flows from Investing Activities (3,005) (3,911) (3,711) (5,199) (4,740)

Cash Flow from Financing Activities:

Issuance of Common Stock - - - - -
Dividends (current year) (4,312) (4,209) (2,931) (3,988) (4,578)
Increase/(Decrease) in Long-Term Debt - - - - -
Net Cash Flows from Financing Activities (4,312) (4,209) (2,931) (3,988) (4,578)

Increase/(Decrease) in Cash and Equivalents (382) 629 4,241 (1,508) (88)

Cash and Equivalents, Beginning of the Year 5,671 5,289 5,918 10,159 8,650
Cash and Equivalents, End of the Year 5,289 5,918 10,159 8,650 8,562
Chart and Graph

Revenue 81,422 86,698 93,086 98,671 104,591

Net income 5,185 7,549 8,708 5,697 6,540

Chart Title
140,000

120,000

100,000

80,000

60,000

40,000

20,000

-
2016 H 2017 H 2018 H 2019 H 2020 H 2021 H

Revenue Net income

Revenues 81,422 86,698 93,086 98,671 104,591

Cost of Goods Sold 38,121 37,756 39,639 Chart Title 47,066
44,402
Distribution Expenses 5,884
140,000 6,421 6,166 7,400 7,844
Marketing and Administration 23,507
120,000 26,569 30,830 32,063 33,346
Research and Development 1,764
100,000 1,931 2,026 2,269 2,406
Depreciation 2,960
80,000 2,803 2,907 3,157 3,347
Interest 1,240
60,000 1,240 1,240 1,240 1,240
Taxes 2,761
40,000 2,429 1,570 2,442 2,803
Net Income 5,185
20,000 7,549 8,708 5,697 6,540
-
1 2 3 4 5 6 7

Row 127 Row 128 Row 129 Row 130

Row 131 Row 132 Row 133 Row 134
 2021 F 2022 F 2023 F

365 365 365

6.0% 6.0% 6.0%

55.0% 55.0% 55.0%
7.5% 7.5% 7.5%
34,680 36,067 37,509
2.3% 2.3% 2.3%
3.2% 3.2% 3.2%
6.2% 6.2% 6.2%
30.0% 30.0% 30.0%

4.25 4.25 4.25

60 60 60
75 75 75
100 100 100
37.0% 37.0% 37.0%
20,000 20,000 20,000
7,627 7,627 7,627
70.0% 70.0% 70.0%

110,867 117,519 124,570

49,890 52,883 56,056
60,977 64,635 68,513
8,315 8,814 9,343
34,680 36,067 37,509
2,550 2,703 2,865
3,548 3,761 3,986
11,884 13,291 14,810
1,240 1,240 1,240
10,644 12,051 13,570
3,193 3,615 4,071
7,451 8,436 9,499

5,216 5,905 6,649

 8,627 8,860 9,278
18,225 19,318 20,477
10,251 10,866 11,518
37,103 39,045 41,274

26,086 27,651 29,311

63,190 66,697 70,584

13,669 14,489 15,358

1,182 1,338 1,506
14,850 15,826 16,864

20,000 20,000 20,000

7,627 7,627 7,627

20,713 23,243 26,093
28,340 30,870 33,720
63,190 66,697 70,584
- - -

7,451 8,436 9,499

3,548 3,761 3,986

(1,032) (1,093) (1,159)

(580) (615) (652)
774 820 869
145 156 169
10,305 11,464 12,712

(5,024) (5,326) (5,645)

(5,024) (5,326) (5,645)

- - -
(5,216) (5,905) (6,649)
- - -
(5,216) (5,905) (6,649)

65 233 417
8,562 8,627 8,860
8,627 8,860 9,278
 110,867 117,519 124,570
7,451 8,436 9,499

art Title

2019 H 2020 H 2021 H 2022 H

Net income

110,867 117,519 124,570

tle 49,890 52,883 56,056
8,315 8,814 9,343
34,680 36,067 37,509
2,550 2,703 2,865
3,548 3,761 3,986
1,240 1,240 1,240
3,193 3,615 4,071
7,451 8,436 9,499

5 6 7 8

ow 129 Row 130

ow 133 Row 134