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Annual growth rate in sales Cost of goods sold (% of sales) Selling, general, and administrative expenses Cash and securities (days sales in cash) Accounts

Annual growth rate in sales Cost of goods sold (% of sales) Selling, general, and administrative expenses Cash and securities (days sales in cash) Accounts receivable (collection period) Inventories (inventory turnover) Accounts payable (payables period) Tax/earnings before tax (inc SALT) Dividends/earnings after tax 2019 ----- 722587 12 25 25 2020 13% 79 11 15 60 8 38 25 25 History 2021 15% Ratios Tied to Sales 80 10 15 62 8 36 Other Ratios in Percent 25 25 2022 17% 78 11 12 61 6 38 25 25 Forecast 2023E 15% 79 12 16 60 6 35 25 25

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