The document contains financial ratios for years 2017-2026 for a company. It shows growth rates for items like sales, costs, profits, and margins. It also includes profitability, leverage, liquidity, efficiency, and other ratios. The company is forecasted to see continued sales growth around 10% annually through 2026 with improving profit margins and returns. Cost of goods sold is projected to grow at a slower pace than sales, improving gross profit margins over time.

1. Financial Ratio
2017A 2018A 2019A 2020A 2021A 2022F 2023F 2024F 2025F 2026F
Growth Rates (%)
Sales 41.1% 1.2% 20.0% 17.2% 26.0% 9.9% 13.9% 9.3% 9.7% 13.1%
COGS 43.0% 6.8% 39.5% 22.5% 20.4% 17.2% 10.1% 7.4% 6.8% 10.1%
Gross profit 39.7% -3.2% 3.1% 11.0% 33.3% 1.5% 19.0% 11.6% 13.3% 16.5%
Selling expenses 46.9% 56.2% -3.0% 36.5% 49.4% -5.9% 19.7% 11.5% 6.5% 14.6%
Administration expenses 22.3% 25.8% 30.6% 0.8% 49.1% 7.6% 15.2% 10.0% 10.5% 14.0%
EBITDA 49.6% -23.9% 4.4% -10.6% -44.7% 36.9% 5.6% 11.9% 54.5% 26.1%
Depreciation and
Amortization 14.0% 14.6% 48.5% 26.3% -15.3% 12.2% -8.6% 5.1% 19.4% 14.4%
EBIT / Operating profit 42.9% -52.6% -11.6% -33.2% -78.8% 151.2% 34.8% 21.4% 97.2% 34.6%
EBT (Earning before tax
growth) 71.9% -62.6% 47.7% -38.1% -35.8% -12.5% 64.0% -19.8% 95.7% 33.3%
NPAT (Net income
growth) 71.5% -61.2% 75.0% -63.1% 208.1% -82.7% 62.0% -20.7% 93.3% 33.3%
Profitability
Gross profit margin 56.2% 53.8% 46.2% 43.8% 46.3% 42.8% 44.7% 45.6% 47.1% 48.5%
EBITDA margin 23.6% 17.7% 15.4% 11.8% 5.2% 6.4% 6.0% 6.1% 8.6% 9.6%
EBIT margin / Operating
profit margin 27.8% 13.0% 9.6% 5.5% 0.9% 2.1% 2.5% 2.8% 5.0% 5.9%
EBT margin 27.1% 10.0% 12.3% 6.5% 3.3% 2.6% 3.8% 2.8% 5.0% 5.9%
NPAT margin 32.3% 12.4% 18.1% 5.7% 13.9% 2.2% 3.1% 2.3% 4.0% 4.7%
Return on Assets (ROA) 35.3% 11.7% 15.7% 4.6% 12.5% 1.9% 2.8% 2.0% 3.5% 4.2%
Return on Equity (ROE) 43.4% 14.6% 20.5% 6.2% 17.8% 2.9% 4.6% 3.5% 6.4% 8.0%
ROIC 47.2% 17.1% 19.9% 5.0% 20.8% 1.9% 2.7% 1.9% 3.3% 3.8%
Financial leverage
Debt Equity Ratio 0.00 0.00 0.00 0.00 0.03 0.24 0.37 0.47 0.53 0.61
Debt to Total Asset ratio 0.00 0.00 0.00 0.00 0.02 0.15 0.21 0.26 0.28 0.31
Equity Multiplier 0.81 1.27 1.32 1.36 1.49 1.57 1.71 1.81 1.87 1.95
Liquidity
Quick Ratio 2.81 2.79 2.79 3.17 2.46 2.86 2.39 2.12 2.00 1.90
Current Ratio 3.61 3.44 3.32 3.78 3.06 2.89 2.41 2.14 2.02 1.92

2. Financial Ratio
2017A 2018A 2019A 2020A 2021A 2022F 2023F 2024F 2025F 2026F
Coverage ratios
Interest coverage
(EBITDA/interest) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
CFO/Current liabilities 3.8 2.0 1.6 3.3 0.3 0.1 0.0 0.0 0.1 0.1
CFO/Interest bearing debt No debt No debt No debt No debt 35.9 No debt No debt
No
debt
No
debt No debt
Efficiency
Receivable Turnover 14.0 12.8 13.9 12.9 11.1 10.8 11.8 11.6 11.6 11.8
Days Receivable
Outstanding 26 29 26 28 33 34 31 32 31 31
Inventory Turnover 137.1 138.3 132.1 122.1 55.0 46.4 57.7 57.0 56.8 57.7
Days Inventory
Outstanding 3 3 3 3 7 8 6 6 6 6
Payables Turnover 11.0 7.7 6.5 7.1 7.0 6.4 7.4 7.3 7.3 7.4
Days Payable
Outstanding 33 47 56 51 52 57 49 50 50 49
Business Cycle (4) (16) (27) (20) (12) (15) (12) (12) (12) (12)
Current Asset Turnover 1.6 1.3 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1
Fixed Asset Turnover 28.1 20.1 12.5 10.9 14.4 14.5 14.4 14.4 14.9 16.5
Asset Turnover 1.1 0.9 0.9 0.8 0.9 0.9 0.9 0.9 0.9 0.9

3. Financial Ratio
COST BREAKDOWN (%) 2016A 2017A 2018A 2019A 2020A 2021A
Outsourcing Fees 607,373 955,125 1,473,396 1,669,572 2,164,891 3,058,783
Payroll Expense 696,731 845,027 1,059,012 1,307,161 1,532,494 2,105,860
Sofware Licences 614,496 941,076 912,115 1,272,446 1,463,330 1,905,733
Depreciation Expense 156,381 178,291 204,357 303,398 383,295 324,818
Goodwill 2,794 1,567 1,567 1,567 (936) 1,168
Tools and supplies 23,040 40,299 62,573 88,296 88,296 63,720
Others (Material,ect) 93,122 120,538 42,402 39,207 106,136 118,841
COST BREAKDOWN (%) 2016A 2017A 2018A 2019A 2020A 2021A
Outsourcing Fees 28% 31% 39% 36% 38% 40%
Payroll Expense 32% 27% 28% 28% 27% 28%
Sofware Licences 28% 31% 24% 27% 26% 25%
Depreciation Expense 7% 6% 5% 6% 7% 4%
Goodwill 0% 0% 0% 0% 0% 0%
Tools and supplies 1% 1% 2% 2% 2% 1%
Others (Material,ect) 4% 4% 1% 1% 2% 2%

4. Financial Ratio
2016A 2017A 2018A 2019A 2020A 2021A
Revenue/Payroll 4.34 5.05 4.08 3.96 3.96 3.63
16% -19% -3% 0% -8%
Revenue/Adjusted-Payroll 4.16 4.94 3.90 3.72 3.65 3.44
Revenue/Sofware Licences 4.79 4.46 4.69 4.05 4.13 4.01
-7% 5% -14% 2% -3%
Revenue/Adjust-Sofware Licences 4.37 4.10 4.23 3.60 3.68 3.70
-6% 3% -15% 2% 1%

5. Revenue Forecast

6. Revenue Forecast

7. Capex

8. Income Statement Forecast

9. Operating Assumtions