1 A11V 2 Back to Index 3 Value Drivers 4 Sales Growth 5 Directly related to sales 6 ting Expenses (excluding depreciation) - Slope 7 Expenses (excluding depreciation) - Intercept 8 Operating Current Assets 9 Operating Current Liabilities 10 Capital Expenditures 11 Not directly related to sales 12 Depreciation Rate 13 Interest Rate on Debt 14 Interest Rate on ST Investments 15 Tax Rate 16 Dividend Payout 17 18 INCOME STATEMENT 19 PERIOD ENDING 12/31 ($1.000) 20 Sales 21 Operating Expenses (excluding depreciation) 22 Depreciation 23 Earnings Before Interest And Taxes 24 Interest Income 25 Interest Expense 26 Earnings Before Taxes 27 Income Tax Expense 28 Net Income 29 B 8.35% 0.61 9,447,564 21.11% 30.75% 5.23% 19.52% 2.10% 2.55% 25.75% 26.27% C D 2018 2019 2020 248,363,925 269,090,271 291,546,2 161,452,028 174,137,030 187,880,6 ? 74,324,599 79,829,349 85,793,4 2,222,389 1,786,948 1,401,8 2,452,829 1,957,152 1,050,0 74,094,159 79,659,145 86,145,3 22,184,6 19,081,180 20,514,309 55,012,979 59,144,836 63,960,6 30 BALANCE SHEET 31 PERIOD ENDING 12/31 ($1,000) 2018 2019 2020 32 Assets 33 Cash & ST Investments 100,124,036 40,028,723 69,919,6 34 Operating Current Assets 52,427,988 56,803,183 61,543,4 35 Total Current Assets 152,552,023 96,831,905 131,463,1 12,995,576 14,080,077 15,255,0 36 Addition to fixed assets 37 Addition to depreciation 2,430,298 2,536,593 2,748,2 38 Net fixed assets 34,191,278 33,147,464 30,530,3 39 Other Fixed Assets 243,890,017 264,243,009 286,294,4 40 Total Fixed Assets Total Assets 278,081,295 297,390,473 316,824,8 430,633,319 394,222,378 448,287,9 41 42 43 Operating Current Liabilities 76,379,127 82,753,081 44 Long Term Debt 45 Other Long Term Liabilities 89,658,9 136,393,802 50,000,000 50,000,0 43,251,000 43,251,000 43,251,0 256,023,929 176,004,081 182,909,9 35,717,000 35,717,000 35,717,0 138,892,390 182,501,297 229,661,0 46 Total Liabilities 47 All Other Equity 48 Retained Earnings 49 Total Equity 174,609,390 218,218,297 265,378,0 The 2019 depreciation (C22) should be calculated as... O=B22+C36-C37 =B37+C37 O=B22+sum($B$37:C37) =B38*$B$12 O =B22+C37 Liabilities & Equity