FINANCIAL MODELING

with Prof. Abhimanyu

2020A 2021A

Income Statement

INR
Income Statement
Revenue 5,560,000
Cost of Goods Sold (COGS) 3,336,000
Gross Profit 2,224,000
General, & Administrative Expense (G&A) 667,200
Research & Development Expense (R&D) 389,200
Depreciation & Amortization Expense (D&A) 278,000
Marketing & Sales Expense (M&S) 278,000
Operating Income 611,600
Interest Expense 75,000
Income Before Tax 536,600
Income Tax 111,200
Income After Tax 425,400
Net Income 425,400

EBITDA 889,600

Some Basic Rules of Modeling:

1. In modeling, we use Hard-Coded Numbers & Formula
2. Each Hard-Coded Number will be entered ONLY ONCE through out the model
3. Hard-Coded Numbers are presented in BLUE FONT
4. Formula-based Numbers are presented in BLACK FONT
5. Give your company name details and number of periods in the top row and freeze it for hassel-free scrolling
6. Keep the figure-column width same
 2022A 2023A 2024F 2025F 2026F 2027F

GP Margin 2/3 of COGS

G&A Ratio 12%
R&D Ratio 7%
D&A Ratio 5%
M&S Ratio 5%
5% Debt Outstanding 1500000
Tax on Turnover 2%

for hassel-free scrolling

FINANCIAL MODELING
With Prof. Abhimanyu

Financial Statements

Income Statement Year 1 Year 2 Year 3

Revenue 485,651 482,130 485,873

COGS (355,913) (351,530) (351,176)
Gross Profit 129,738 130,600 134,697

SG&A (93,418) (97,041) (101,853)

Other (451) (386) (650)
EBITDA 35,869 33,173 32,194

Depreciation 1 (9,173) (9,454) (10,080)

EBIT 26,696 23,719 22,114

Interest Expense (2,461) (2,548) (2,367)

Interest Income 113 81 100
EBT 24,348 21,252 19,847

Provision for Taxes (7,985) (6,558) (6,204)

Net Income 16,363 14,694 13,643

Cash Flow Statement Year 1 Year 2 Year 3

CASH FROM OPERATING

Net Income 16,363 14,694 13,643
Depreciation 9,173 9,454 10,080
Cash From Accounts Receivable (6,778) 1,154 (211)
Cash From Inventory (47,365) 1,455 923
Cash From Accounts Payable 58,583 32 4,393
Subtotal 29,976 26,789 28,828
CASH FROM INVESTING
Capital Expenditure (10,414) (19,850) (24,915)
Subtotal (10,414) (19,850) (24,915)

CASH FROM FINANCING

Change in Long-Term Debt (5,018) (2,624) (317)
Change in Common Equity (10,053) (663) 554
Dividends - (3,397) (3,904)
Change in Revolving Credit Line (CC) - (685) (2,084)
Subtotal (15,071) (7,369) (5,751)

CASH BALANCE
Beginning of the Year 4,644 9,135 8,705
Increase / (Decrease) 4,491 (430) (1,838)
End of the Year 9,135 8,705 6,867

- -

Balance Sheet Year 1 Year 2 Year 3

ASSETS

Cash 9,135 8,705 6,867

Accounts Receivable 6,778 5,624 5,835
Inventories 47,365 45,910 44,987
Total Current Assets 63,278 60,239 57,689

Property Plant & Equipment 140,428 139,342 141,136

Total Assets 203,706 199,581 198,825

LIABILITIES

Accounts Payable 58,583 58,615 63,008

Revolving Credit Line (Cash Credit) 6,689 6,004 3,920
Total Current Liabilities 65,272 64,619 66,928

Long-Term Debt 57,040 54,416 54,099

Total Liabilities 122,312 119,035 121,027

EQUITY

Common Equity 2,785 2,122 2,676

Retained Earnings 78,609 78,424 75,122
Total Shareholders' Equity 81,394 80,546 77,798

Total Liabilities & Equity 203,706 199,581 198,825

Check - - -

Other Financial Information Year 1 Year 2 Year 3

NET OPERATING PROFIT AFTER TAX

EBIT 26,696 23,719 22,114
Effective Tax Rate 32.80% 30.86% 31.26%
NOPAT 17,941 16,400 15,201

INVESTED CAPITAL
Interest Bearing Current Liabilities 6,689 6,004 3,920
Interest Bearing Long Term Liabilities 57,040 54,416 54,099
Total Interest Bearing Liabilities 63,729 60,420 58,019
Cash (9,135) (8,705) (6,867)
Net Debt 54,594 51,715 51,152
Equity 81,394 80,546 77,798
Invested Capital (aka Capital Employed) 135,988 132,261 128,950

NET ASSETS
Current Assets 63,278 60,239 57,689
Cash (9,135) (8,705) (6,867)
Long Term Assets 140,428 139,342 141,136
Non Interest Bearing Current Liabilities (58,583) (58,615) (63,008)
Net Assets 135,988 132,261 128,950

Check - - -
Year 4 Year 5 Year 6 Year 7 Year 8

500,343 514,405 523,964 559,151 572,754

(362,867) (374,623) (383,618) (409,163) (418,342)
137,476 139,782 140,346 149,988 154,412

(106,510) (107,147) (108,791) (116,288) (117,812)

(3,797) (8,877) 1,638 14 (5,677)
27,169 23,758 33,193 33,714 30,923

(10,529) (10,678) (10,987) (11,152) (10,658)

16,640 13,080 22,206 22,562 20,265

(2,330) (2,346) (2,599) (2,315) (1,994)

152 217 189 121 158
14,462 10,951 19,796 20,368 18,429

(4,600) (4,281) (4,915) (6,858) (4,756)

9,862 6,670 14,881 13,510 13,673

Year 4 Year 5 Year 6 Year 7 Year 8

9,862 6,670 14,881 13,510 13,673

10,529 10,678 10,987 11,152 10,658
221 (669) (1) (232) (1,764)
(2,307) (598) 1,835 (19,753) 7,780
5,851 788 (98) 17,800 (5,177)
24,156 16,869 27,604 22,477 25,170
 (24,309) (35,571) (41,264) (6,543) (24,551)
(24,309) (35,571) (41,264) (6,543) (24,551)

(5,967) 21,190 14,714 (5,110) (4,698)

267 310 278 397 1,187

5,742 (1,832) 411 (2,945) (89)

42 19,668 15,403 (7,658) (3,600)

6,867 6,756 7,722 9,465 17,741

(111) 966 1,743 8,276 (2,981)
6,756 7,722 9,465 17,741 14,760

- - - - -

Year 4 Year 5 Year 6 Year 7 Year 8

6,756 7,722 9,465 17,741 14,760

5,614 6,283 6,284 6,516 8,280
47,294 47,892 46,057 65,810 58,030
59,664 61,897 61,806 90,067 81,070

144,858 157,398 174,689 162,429 163,790

204,522 219,295 236,495 252,496 244,860

68,859 69,647 69,549 87,349 82,172

9,662 7,830 8,241 5,296 5,207
78,521 77,477 77,790 92,645 87,379

48,132 69,322 84,036 78,926 74,228

 126,653 146,799 161,826 171,571 161,607

2,943 3,253 3,531 3,928 5,115

74,926 69,243 71,138 76,997 78,138
77,869 72,496 74,669 80,925 83,253

204,522 219,295 236,495 252,496 244,860

- - - - -

Year 4 Year 5 Year 6 Year 7 Year 8

16,640 13,080 22,206 22,562 20,265

31.81% 39.09% 24.83% 33.67% 25.81%
11,347 7,967 16,693 14,965 15,035

9,662 7,830 8,241 5,296 5,207

48,132 69,322 84,036 78,926 74,228
57,794 77,152 92,277 84,222 79,435
(6,756) (7,722) (9,465) (17,741) (14,760)
51,038 69,430 82,812 66,481 64,675
77,869 72,496 74,669 80,925 83,253
128,907 141,926 157,481 147,406 147,928

59,664 61,897 61,806 90,067 81,070

(6,756) (7,722) (9,465) (17,741) (14,760)
144,858 157,398 174,689 162,429 163,790
(68,859) (69,647) (69,549) (87,349) (82,172)
128,907 141,926 157,481 147,406 147,928

- - - - -
Profitability and Return Ratios

Return on Equity = Net Income

Equity

Return on Assets = Net Income

Total Assets

Return on Net Assets = Net Income

PP&E plus Net Working Capital

Return on Invested Capital = NOPAT

Invested Capital

Gross Margin = Gross Profit

Revenue

SG&A % of Revenue = SG&A

Revenue

Other Operating Expenses % of Revenue = Other Operating Expenses

Revenue

EBITDA Margin = EBITDA

Revenue
Check

Depreciation % of Revenue = Depreciation

Revenue

EBIT Margin = EBIT

Revenue
Check

Other Non Operating Expense % of Revenue = Other Non Operating Expense % of Revenue
Revenue

EBT Margin = Earning Before Tax

Revenue
Check
Tax % of Revenue = Tax
Revenue

Net Profit Margin = Net Income

Revenue

Effective Tax Rate = Tax

Earning Before Tax

Tax Burden = Net Income

Earning Before Tax

Effective Interest Rate = Interest Expense

Total Interest Bearing Liabilities

Interest Burden = Earning Before Tax

EBIT

Asset Utilization Ratios

Asset Turnover = Revenue

Total Assets

PPE Turnover = Revenue

PPE

Cash Turnover = Revenue

Cash

Cash Days = Cash x 365

Revenue

A/R Turnover = Revenue

Accounts Receivable

A/R Days = Accounts Receivable x 365

Revenue

Inventory Turnover (COGS) = COGS

Inventory

Inventory Days = Inventory x 365

 COGS

Inventory Turnover (Revenue) = Revenue

Inventory

A/P Turnover = COGS

Accounts Payable

A/P Days = Accounts Payable x 365

COGS

Cash Conversion Cycle / WC Funding Gap = AR Days + Inventory Days - AP Days

Leverage Ratios

Total Asset to Equity = Total Assets

Equity

Total Liabilities to Equity = Total Liabilities

Equity

Debt to Equity = Interest Bearing Liabilities Only

Equity

Debt to EBITDA = Interest Bearing Liabilities Only

EBITDA

Net Debt to EBITDA = Interest Bearing Liabilities - Cash

EBITDA

Liquidity Ratios

All figures in USD thousands unless stated

Current = Current Assets

Current Liabilities

Quick = Current Assets - Inventory

Current Liabilities

Interest Coverage = EBITDA

Interest Expense
DuPont Pyramid 3 Step Check

Net Profit Margin = Net Income

Revenue

Asset Turnover = Revenue

Total Assets

Total Assets to Equity = Total Assets

Equity

Equals Return on Equity = Net Profit Margin x Asset Turn x Asset to

DuPont Pyramid 5 Step Check

Tax Burden = Net Income

Earning Before Tax

Interest Burden = Earning Before Tax

EBIT

EBIT Margin = EBIT

Revenue

Asset Turnover = Revenue

Total Assets

Total Assets to Equity = Total Assets

Equity

Equals Return on Equity = Tax Burden x Interest Burden x EBIT Ma

x Asset Turn x Asset to Equity
 1 2 3 4 5 6

= 16,363 14,694 13,643 9,862 6,670 14,881

81,394 80,546 77,798 77,869 72,496 74,669

= 16,363 14,694 13,643 9,862 6,670 14,881

203,706 199,581 198,825 204,522 219,295 236,495

= 16,363 14,694 13,643 9,862 6,670 14,881

135,988 132,261 128,950 128,907 141,926 157,481

= 17,941 16,400 15,201 11,347 7,967 16,693

135,988 132,261 128,950 128,907 141,926 157,481

= 129,738 130,600 134,697 137,476 139,782 140,346

485,651 482,130 485,873 500,343 514,405 523,964

= 93,418 97,041 101,853 106,510 107,147 108,791

485,651 482,130 485,873 500,343 514,405 523,964

= 451 386 650 3,797 8,877 (1,638)

485,651 482,130 485,873 500,343 514,405 523,964

= 35,869 33,173 32,194 27,169 23,758 33,193

485,651 482,130 485,873 500,343 514,405 523,964

= 9,173 9,454 10,080 10,529 10,678 10,987

485,651 482,130 485,873 500,343 514,405 523,964

= 26,696 23,719 22,114 16,640 13,080 22,206

485,651 482,130 485,873 500,343 514,405 523,964

= 2,348 2,467 2,267 2,178 2,129 2,410

485,651 482,130 485,873 500,343 514,405 523,964

= 24,348 21,252 19,847 14,462 10,951 19,796

485,651 482,130 485,873 500,343 514,405 523,964
= 7,985 6,558 6,204 4,600 4,281 4,915
485,651 482,130 485,873 500,343 514,405 523,964

= 16,363 14,694 13,643 9,862 6,670 14,881

485,651 482,130 485,873 500,343 514,405 523,964

= 7,985 6,558 6,204 4,600 4,281 4,915

24,348 21,252 19,847 14,462 10,951 19,796

= 16,363 14,694 13,643 9,862 6,670 14,881

24,348 21,252 19,847 14,462 10,951 19,796

= 2,461 2,548 2,367 2,330 2,346 2,599

63,729 60,420 58,019 57,794 77,152 92,277

= 24,348 21,252 19,847 14,462 10,951 19,796

26,696 23,719 22,114 16,640 13,080 22,206

1 2 3 4 5 6

= 485,651 482,130 485,873 500,343 514,405 523,964

203,706 199,581 198,825 204,522 219,295 236,495

= 485,651 482,130 485,873 500,343 514,405 523,964

140,428 139,342 141,136 144,858 157,398 174,689

= 485,651 482,130 485,873 500,343 514,405 523,964

9,135 8,705 6,867 6,756 7,722 9,465

= 3,334,275 3,177,325 2,506,455 2,465,940 2,818,530 3,454,725

485,651 482,130 485,873 500,343 514,405 523,964

= 485,651 482,130 485,873 500,343 514,405 523,964

6,778 5,624 5,835 5,614 6,283 6,284

= 2,473,970 2,052,760 2,129,775 2,049,110 2,293,295 2,293,660

485,651 482,130 485,873 500,343 514,405 523,964

= 355,913 351,530 351,176 362,867 374,623 383,618

47,365 45,910 44,987 47,294 47,892 46,057

= 17,288,225 16,757,150 16,420,255 17,262,310 17,480,580 16,810,805

 355,913 351,530 351,176 362,867 374,623 383,618

= 485,651 482,130 485,873 500,343 514,405 523,964

47,365 45,910 44,987 47,294 47,892 46,057

= 355,913 351,530 351,176 362,867 374,623 383,618

58,583 58,615 63,008 68,859 69,647 69,549

= 21,382,795 21,394,475 22,997,920 25,133,535 25,421,155 25,385,385

355,913 351,530 351,176 362,867 374,623 383,618

1 2 3 4 5 6

= 203,706 199,581 198,825 204,522 219,295 236,495

81,394 80,546 77,798 77,869 72,496 74,669

= 122,312 119,035 121,027 126,653 146,799 161,826

81,394 80,546 77,798 77,869 72,496 74,669

= 63,729 60,420 58,019 57,794 77,152 92,277

81,394 80,546 77,798 77,869 72,496 74,669

= 63,729 60,420 58,019 57,794 77,152 92,277

35,869 33,173 32,194 27,169 23,758 33,193

= 54,594 51,715 51,152 51,038 69,430 82,812

35,869 33,173 32,194 27,169 23,758 33,193

1 2 3 4 5 6

= 63,278 60,239 57,689 59,664 61,897 61,806

65,272 64,619 66,928 78,521 77,477 77,790

= 15,913 14,329 12,702 12,370 14,005 15,749

65,272 64,619 66,928 78,521 77,477 77,790

= 35,869 33,173 32,194 27,169 23,758 33,193

2,461 2,548 2,367 2,330 2,346 2,599
 1 2 3 4 5 6

= 16,363 14,694 13,643 9,862 6,670 14,881

485,651 482,130 485,873 500,343 514,405 523,964

= 485,651 482,130 485,873 500,343 514,405 523,964

203,706 199,581 198,825 204,522 219,295 236,495

= 203,706 199,581 198,825 204,522 219,295 236,495

81,394 80,546 77,798 77,869 72,496 74,669

1 2 3 4 5 6

= 16,363 14,694 13,643 9,862 6,670 14,881

24,348 21,252 19,847 14,462 10,951 19,796

= 24,348 21,252 19,847 14,462 10,951 19,796

26,696 23,719 22,114 16,640 13,080 22,206

= 26,696 23,719 22,114 16,640 13,080 22,206

485,651 482,130 485,873 500,343 514,405 523,964

= 485,651 482,130 485,873 500,343 514,405 523,964

203,706 199,581 198,825 204,522 219,295 236,495

= 203,706 199,581 198,825 204,522 219,295 236,495

81,394 80,546 77,798 77,869 72,496 74,669

=
 Ratio

7 8 1 2 3 4 5

13,510 13,673 = 20.10% 18.24% 17.54% 12.66% 9.20%

80,925 83,253

13,510 13,673 = 8.03% 7.36% 6.86% 4.82% 3.04%

252,496 244,860

13,510 13,673 = 12.03% 11.11% 10.58% 7.65% 4.70%

147,406 147,928

14,965 15,035 = 13.19% 12.40% 11.79% 8.80% 5.61%

147,406 147,928

149,988 154,412 = 26.71% 27.09% 27.72% 27.48% 27.17%

559,151 572,754

116,288 117,812 = 19.24% 20.13% 20.96% 21.29% 20.83%

559,151 572,754

(14) 5,677 = 0.09% 0.08% 0.13% 0.76% 1.73%

559,151 572,754

33,714 30,923 = 7.39% 6.88% 6.63% 5.43% 4.62%

559,151 572,754

11,152 10,658 = 1.89% 1.96% 2.07% 2.10% 2.08%

559,151 572,754

22,562 20,265 = 5.50% 4.92% 4.55% 3.33% 2.54%

559,151 572,754

2,194 1,836 = 0.48% 0.51% 0.47% 0.44% 0.41%

559,151 572,754

20,368 18,429 = 5.01% 4.41% 4.08% 2.89% 2.13%

559,151 572,754
 6,858 4,756 = 1.64% 1.36% 1.28% 0.92% 0.83%
559,151 572,754

13,510 13,673 = 3.37% 3.05% 2.81% 1.97% 1.30%

559,151 572,754

6,858 4,756 = 32.80% 30.86% 31.26% 31.81% 39.09%

20,368 18,429

13,510 13,673 = 67.20% 69.14% 68.74% 68.19% 60.91%

20,368 18,429

2,315 1,994 = 3.86% 4.22% 4.08% 4.03% 3.04%

84,222 79,435

20,368 18,429 = 91.20% 89.60% 89.75% 86.91% 83.72%

22,562 20,265

7 8 1 2 3 4 5

559,151 572,754 = 2.38x 2.42x 2.44x 2.45x 2.35x

252,496 244,860

559,151 572,754 = 3.46x 3.46x 3.44x 3.45x 3.27x

162,429 163,790

559,151 572,754 = 53.16x 55.39x 70.75x 74.06x 66.62x

17,741 14,760

6,475,465 5,387,400 = 6.87x 6.59x 5.16x 4.93x 5.48x

559,151 572,754

559,151 572,754 = 71.65x 85.73x 83.27x 89.12x 81.87x

6,516 8,280

2,378,340 3,022,200 = 5.09x 4.26x 4.38x 4.10x 4.46x

559,151 572,754

409,163 418,342 = 7.51x 7.66x 7.81x 7.67x 7.82x

65,810 58,030

24,020,650 21,180,950 = 48.57x 47.67x 46.76x 47.57x 46.66x

 409,163 418,342

559,151 572,754 = 10.25x 10.50x 10.80x 10.58x 10.74x

65,810 58,030

409,163 418,342 = 6.08x 6.00x 5.57x 5.27x 5.38x

87,349 82,172

31,882,385 29,992,780 = 60.08x 60.86x 65.49x 69.26x 67.86x

409,163 418,342

-6 Days -9 Days -14 Days -18 Days -17 Days

7 8 1 2 3 4 5

252,496 244,860 = 2.50x 2.48x 2.56x 2.63x 3.02x

80,925 83,253

171,571 161,607 = 1.50x 1.48x 1.56x 1.63x 2.02x

80,925 83,253

84,222 79,435 = 0.78x 0.75x 0.75x 0.74x 1.06x

80,925 83,253

84,222 79,435 = 1.78x 1.82x 1.80x 2.13x 3.25x

33,714 30,923

66,481 64,675 = 1.52x 1.56x 1.59x 1.88x 2.92x

33,714 30,923

7 8 1 2 3 4 5

90,067 81,070 = 0.97x 0.93x 0.86x 0.76x 0.80x

92,645 87,379

24,257 23,040 = 0.24x 0.22x 0.19x 0.16x 0.18x

92,645 87,379

33,714 30,923 = 14.57x 13.02x 13.60x 11.66x 10.13x

2,315 1,994
7 8 1 2 3 4 5

13,510 13,673 = 3.37% 3.05% 2.81% 1.97% 1.30%

559,151 572,754

559,151 572,754 = 2.38 2.42 2.44 2.45 2.35

252,496 244,860

252,496 244,860 = 2.50 2.48 2.56 2.63 3.02

80,925 83,253

= 20.10% 18.24% 17.54% 12.66% 9.20%

7 8 1 2 3 4 5

13,510 13,673 = 67.20% 69.14% 68.74% 68.19% 60.91%

20,368 18,429

20,368 18,429 = 91.20% 89.60% 89.75% 86.91% 83.72%

22,562 20,265

22,562 20,265 = 5.50% 4.92% 4.55% 3.33% 2.54%

559,151 572,754

559,151 572,754 = 2.38407803 2.41571091 2.44372187 2.44640185 2.34572152

252,496 244,860

252,496 244,860 = 2.50271519 2.47785117 2.55565696 2.62648808 3.02492551

80,925 83,253

= 20.10% 18.24% 17.54% 12.66% 9.20%

o

6 7 8

19.93% 16.69% 16.42%

6.29% 5.35% 5.58%

9.45% 9.17% 9.24%

10.60% 10.15% 10.16%

26.79% 26.82% 26.96%

20.76% 20.80% 20.57%

-0.31% 0.00% 0.99%

6.33% 6.03% 5.40%

2.10% 1.99% 1.86%

4.24% 4.04% 3.54%

0.46% 0.39% 0.32%

3.78% 3.64% 3.22%

0.94% 1.23% 0.83%

2.84% 2.42% 2.39%

24.83% 33.67% 25.81%

75.17% 66.33% 74.19%

2.82% 2.75% 2.51%

89.15% 90.28% 90.94%

6 7 8

2.22x 2.21x 2.34x

3.00x 3.44x 3.50x

55.36x 31.52x 38.80x

6.59x 11.58x 9.41x

83.38x 85.81x 69.17x

4.38x 4.25x 5.28x

8.33x 6.22x 7.21x

43.82x 58.71x 50.63x

 11.38x 8.50x 9.87x

5.52x 4.68x 5.09x

66.17x 77.92x 71.69x

-18 Days -15 Days -16 Days

6 7 8

3.17x 3.12x 2.94x

2.17x 2.12x 1.94x

1.24x 1.04x 0.95x

2.78x 2.50x 2.57x

2.49x 1.97x 2.09x

6 7 8

0.79x 0.97x 0.93x

0.20x 0.26x 0.26x

12.77x 14.56x 15.51x

 6 7 8

2.84% 2.42% 2.39%

2.22 2.21 2.34

3.17 3.12 2.94

19.93% 16.69% 16.42%

6 7 8

75.17% 66.33% 74.19%

89.15% 90.28% 90.94%

4.24% 4.04% 3.54%

2.2155394 2.2144945 2.3391081

3.1672448 3.1201236 2.9411553

19.93% 16.69% 16.42%

 Net Profit Margin
1 2 3 4
3.37% 3.05% 2.81% 1.97%

EBT Margin
1 2 3 4 5 6 7 8
5.01% 4.41% 4.08% 2.89% 2.13% 3.78% 3.64% 3.22%

EBIT Margin
1 2 3 4 5 6 7 8
5.50% 4.92% 4.55% 3.33% 2.54% 4.24% 4.04% 3.54%

EBITDA Margin
1 2 3 4 5 6 7 8
7.39% 6.88% 6.63% 5.43% 4.62% 6.33% 6.03% 5.40%

Gross Margin
1 2 3 4 5 6 7 8
26.71% 27.09% 27.72% 27.48% 27.17% 26.79% 26.82% 26.96%
 Return on Equity
1 2 3 4 5
20.10% 18.24% 17.54% 12.66% 9.20%

Net Profit Margin Total Asset to Equity

5 6 7 8 1 2 3 4 5
1.30% 2.84% 2.42% 2.39% 2.50x 2.48x 2.56x 2.63x 3.02x

Tax % of Revenue
1 2 3 4 5 6 7 8
1.64% 1.36% 1.28% 0.92% 0.83% 0.94% 1.23% 0.83%

Other Non Operating Expense % of Revenue

1 2 3 4 5 6 7 8
0.48% 0.51% 0.47% 0.44% 0.41% 0.46% 0.39% 0.32%

Depreciation % of Revenue
1 2 3 4 5 6 7 8
1.89% 1.96% 2.07% 2.10% 2.08% 2.10% 1.99% 1.86%

Other Operating Expenses % of Revenue

1 2 3 4 5 6 7 8
0.09% 0.08% 0.13% 0.76% 1.73% -0.31% 0.00% 0.99%

SG&A % of Revenue
1 2 3 4 5 6 7 8
19.24% 20.13% 20.96% 21.29% 20.83% 20.76% 20.80% 20.57%
on Equity
6 7 8
19.93% 16.69% 16.42%

t to Equity Asset Turnover

6 7 8 1 2 3 4 5 6
3.17x 3.12x 2.94x 2.38x 2.42x 2.44x 2.45x 2.35x 2.22x

Cash Turnover
1 2 3 4 5 6
53.16x 55.39x 70.75x 74.06x 66.62x 55.36x

A/R Turnover
1 2 3 4 5 6
71.65x 85.73x 83.27x 89.12x 81.87x 83.38x

Inventory Turnover
1 2 3 4 5 6
10.25x 10.50x 10.80x 10.58x 10.74x 11.38x

PPE Turnover
1 2 3 4 5 6
3.46x 3.46x 3.44x 3.45x 3.27x 3.00x
7 8
2.21x 2.34x

7 8
31.52x 38.80x

7 8
85.81x 69.17x

7 8
8.50x 9.87x

7 8
3.44x 3.50x