F17 X V fx =E17+1 A BC D E F G H J K L M N O P R S DO Equity issuances (reporcases) (9 000) 61 Minimum cash balance required (% of Net Sales) 1.09% 1.0% 1 09 1096 1 09% 1096 62 63 Assumptions Being used 64 65 66 Income Statement Assumptions 67 2019E 2020E 2021E 2022E 2023E 68 Net sales (growth %) 69 Operational expenses 70 Cost of sales (as a % of Net Sales) 71 Stores and distribution expense (as a % of Net Sales) 72 Marketing, research and general expenses (as a % of Net Sales) 73 Other operating (income) expense, net (as a % of Net Sales) 74 4 Interest income 75 Interest expense 76 77 Effective Tax Rate 78 Net Income attributable to non-controlling interests (as % of Net Income including man-controlling interests) 79 Projected Shares Outstanding (000s) 80 81 Balance sheet assumptions 82 83 2019E 2020E 2021E 2022E 2023E 84 Assets 85 Current Assets 86 Cash and cash equivalents 87 Accounts receivable (DAYS) 88 Inventories (DAYS) 89 Other current assets ($ 000) 90 91 Non-Current Assets 92 Property, plant and equipment, net 93 Other Assets ($ 000) 94 95 Liabilities 96 Current Liabilities 97 Accounts payable (DAYS) 98 Accrued expenses 99 Accrued income taxes 100 Other current liabilities 101 Current portion long-term debt ($ 000) 102 103 Non-Current Liabilities 104 Net debt issuances (repayments), excluding mandatory repayment of maturing debt ($ 000) 105 Deferred leases (as a % of Net sales) 106 Other liabilities ($ 000) 107 108 Other 109 Dividend payout (as a % of Net income including non-controlling interests) 110 Equity issuances (repurchases) 1 1 1 Minimum cash balance required (% of Net sales) 112 113 114 115 116