Company ZZZ Project end of the year 31/12/2021 based on the following assumptions : Sales growth at same historical growth rate. COGS/sales is average historical rate. SG&A/sales is average historical rate. Net fixed asset will be increased by 40% from the last year. Direct depreciation is 3 of gross fixed assets less land. Company is scheduled to pay EGP20,000 of the outstanding MTL line on 30th June 2021 & the same amount on 30th June 2022 the interest rate is 12%. The company keeps 20% of its sales in the form of cash. Last year DOH will be used in expecting WI items. Other items related to the balance sheet will be the same as last year. Noncurrent liabilities is the same as the last year No change in common stock Taxes is 20% of NPBT Legal reserves is 5% OF NPAUI Dividends is 25% OF NPAUI STD interest is 10%.

Requirements : Project end of the year 31/12/2021 Make a Complete FSA analysis based on the three years 2019 /20/21 PLWI = 1.5 Shrinkage = 1.5 ROE = 13% Cost of Debt = 10% Given the above data make a complete WI / WC analysis.

2018 Income Statement (Mn) Sales revenue COGS Depreciation Gross Profit SG&A Net Operating Profit (NOP) Interest expense Interest Income Provisions Investment Gain or Loss Net Profit Before Tax (NPBT) 598,488 (480,783) (24,262) 93,443 (18,613) 74,830 (1,151) 772 (1,200) 4,555 77,806 (7,098) 70,708 2019 2020 589,247 697,999 (456,407) (552,278) (27,024) (32,297) 105,816 113,424 (14,142) (18,846) 91,674 94,578 (761) (9,210) 2,196 1,176 (1,200) 0 0 3,916 91,909 90,460 (8,691) (15,479) 83,218 74,981 Tax expense Net Profit After Tax (NPAT) 2018 2019 2018 2019 2020 0 54.945 11,970 113,532 85,029 Balance Sheet (Mn) Assets Cash Marketable Securities Net Account recivables Inventory: Raw Materials Work In Progress Finished Goods Others Net Inventory Advanced Payments Other Current Assets Total Current Assets 88,967 2,280 22,801 5,545 119,593 7,752 3,456 311,248 2020 Balance Sheet (Mn) Liabilities and Equity 55,799 20,150 STD 35,355 27,920 CPLTD 122,951 106,211 Accounts Payable Down Payments 97,158 Accrued expenses 2,886 2,619 Taxes Paybale 43,290 34,922 Other current liabilities 6,777 7,913 Total Current Liabilities 137,982 142,612 LTD 6,061 9,254 Other Non-Current Liabilities 3,021 3,210 Total Liabilities 361,169309,357 Gray Area: Provisions 517,288 646,609 Common Stock (96,472) (128,769) Retained earnings Opening 9,760 77,593 (+) NPAT 430,576 595,433 (-) Dividends (-Adjustments 41,000 41,000 Retained earnings End 3,655 3,884 Reserves 475,231 640,317 Total Equity 0 2,000 59,555 2,074 13,857 1,642 4,567 83,695 8,000 0 91,695 0 20,000 70,285 1,933 16,142 3,581 5,756 117,697 70,000 2,000 63,087 1,799 14,395 2,011 5,123 88,415 6,000 0 94,415 0 187,697 Gross Plant Less Accumlated depreciation Construction in progress 488,007 (69,448) 10,834 429,393 Net PP&E 43,200 44,400 42,365 450,000 450,000 450,000 87,850 98,456 142,152 70,707 83,219 74,982 (56,566) (35,361) (44,989) (3,535) (4,161) (3,749) 98,456 142,152 168,396 145,672 149,833 153,582 694,128 741,985 771,978 Equity Investment Other non-current assets Total Long Term Assets 41,000 4,182 474,575 Total Assets 785,823 836,400 949,674 Total Equity and Liabilities 785,823 836,400 959,675 2018 Income Statement (Mn) Sales revenue COGS Depreciation Gross Profit SG&A Net Operating Profit (NOP) Interest expense Interest Income Provisions Investment Gain or Loss Net Profit Before Tax (NPBT) 598,488 (480,783) (24,262) 93,443 (18,613) 74,830 (1,151) 772 (1,200) 4,555 77,806 (7,098) 70,708 2019 2020 589,247 697,999 (456,407) (552,278) (27,024) (32,297) 105,816 113,424 (14,142) (18,846) 91,674 94,578 (761) (9,210) 2,196 1,176 (1,200) 0 0 3,916 91,909 90,460 (8,691) (15,479) 83,218 74,981 Tax expense Net Profit After Tax (NPAT) 2018 2019 2018 2019 2020 0 54.945 11,970 113,532 85,029 Balance Sheet (Mn) Assets Cash Marketable Securities Net Account recivables Inventory: Raw Materials Work In Progress Finished Goods Others Net Inventory Advanced Payments Other Current Assets Total Current Assets 88,967 2,280 22,801 5,545 119,593 7,752 3,456 311,248 2020 Balance Sheet (Mn) Liabilities and Equity 55,799 20,150 STD 35,355 27,920 CPLTD 122,951 106,211 Accounts Payable Down Payments 97,158 Accrued expenses 2,886 2,619 Taxes Paybale 43,290 34,922 Other current liabilities 6,777 7,913 Total Current Liabilities 137,982 142,612 LTD 6,061 9,254 Other Non-Current Liabilities 3,021 3,210 Total Liabilities 361,169309,357 Gray Area: Provisions 517,288 646,609 Common Stock (96,472) (128,769) Retained earnings Opening 9,760 77,593 (+) NPAT 430,576 595,433 (-) Dividends (-Adjustments 41,000 41,000 Retained earnings End 3,655 3,884 Reserves 475,231 640,317 Total Equity 0 2,000 59,555 2,074 13,857 1,642 4,567 83,695 8,000 0 91,695 0 20,000 70,285 1,933 16,142 3,581 5,756 117,697 70,000 2,000 63,087 1,799 14,395 2,011 5,123 88,415 6,000 0 94,415 0 187,697 Gross Plant Less Accumlated depreciation Construction in progress 488,007 (69,448) 10,834 429,393 Net PP&E 43,200 44,400 42,365 450,000 450,000 450,000 87,850 98,456 142,152 70,707 83,219 74,982 (56,566) (35,361) (44,989) (3,535) (4,161) (3,749) 98,456 142,152 168,396 145,672 149,833 153,582 694,128 741,985 771,978 Equity Investment Other non-current assets Total Long Term Assets 41,000 4,182 474,575 Total Assets 785,823 836,400 949,674 Total Equity and Liabilities 785,823 836,400 959,675