| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 36 Months |
|
1.0 |
|
|
|
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2006 |
2006 |
2006 |
2006 |
2006 |
2006 |
2006 |
2006 |
2006 |
2006 |
2006 |
2006 |
2007 |
2007 |
2007 |
2007 |
2007 |
2007 |
2007 |
2007 |
2007 |
2007 |
2007 |
2007 |
|
2005 |
2006 |
2007 |
|
| to end Dec
2007 |
|
1.0 |
|
|
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
|
Year |
Year |
Year |
|
| CASHFLOW PROJECTIONS |
|
1.0 |
|
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
|
$000 |
$000 |
$000 |
|
| |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
| Cash receipts |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
| Cash sales & accounts
receivable (Note 1) |
|
175.5 |
323.4 |
333.0 |
313.3 |
345.5 |
333.2 |
378.5 |
384.7 |
416.4 |
442.2 |
449.2 |
462.1 |
477.5 |
489.6 |
541.4 |
605.5 |
669.5 |
739.3 |
809.0 |
881.7 |
954.7 |
1,028.6 |
1,105.9 |
1,183.5
|
1,265.0 |
1,347.1 |
1,429.6 |
1,520.3 |
1,610.5 |
1,705.3 |
1,802.2 |
1,904.6 |
2,010.0 |
2,119.1 |
2,234.9 |
2,354.5
|
|
4,356.9
|
9,486.1
|
21,302.9
|
|
| Proceeds
of new stock issues |
|
|
1,000.0 |
|
|
|
|
|
|
|
|
|
|
|
2,000.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000.0 |
|
|
|
|
|
|
|
|
1,000.0 |
2,000.0 |
1,000.0 |
|
| Increases in longterm
debt/notes |
|
|
|
50.0 |
|
|
|
|
|
250.0 |
250.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550.0 |
|
|
|
| Increases in other loans |
|
|
|
|
|
|
125.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125.0 |
|
|
|
| Proceeds from disposals of
fixed assets |
|
|
|
25.0 |
|
|
|
|
|
|
|
|
100.0 |
|
|
|
|
|
|
50.0 |
|
|
|
|
|
|
|
|
|
|
60.0 |
|
|
|
|
|
|
|
125.0 |
50.0 |
60.0 |
|
| Sales
tax recovered from State |
|
5.0 |
|
|
|
|
|
|
|
|
|
18.7 |
|
|
|
11.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.7
|
11.6
|
|
|
| Miscellaneous income received |
|
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
|
120.0 |
120.0 |
120.0 |
|
| Interest received |
|
0.0
|
1.6
|
2.4
|
2.2
|
1.9
|
1.6
|
1.7
|
1.3
|
1.2
|
1.6
|
1.9
|
0.4
|
0.5
|
3.0
|
6.0 |
5.4
|
3.7
|
2.3
|
1.6
|
1.2
|
1.1
|
0.6
|
0.5
|
0.3
|
0.4
|
|
|
|
1.0
|
0.7
|
|
0.1
|
|
0.4
|
|
0.7
|
|
17.9
|
26.3
|
3.3 |
|
| Total cash receipts |
|
1.0 |
|
190.6
|
1,334.9
|
420.4
|
325.6
|
357.4
|
469.8
|
390.1
|
395.9
|
677.6
|
703.9
|
479.8
|
572.5
|
488.1
|
2,502.7
|
569.0
|
620.9
|
683.2
|
751.6
|
870.6
|
892.9
|
965.8
|
1,039.2
|
1,116.4
|
1,193.8
|
1,275.4
|
1,357.1
|
1,439.6
|
1,530.3
|
2,621.5
|
1,776.0
|
1,812.2
|
1,914.7
|
2,020.0
|
2,129.5
|
2,244.9
|
2,365.1
|
|
6,318.5
|
11,694.1
|
22,486.2
|
|
| |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
| Cash payments |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
| Materials/goods accounts
payable (Note 2) |
|
109.7 |
137.7 |
141.4 |
119.6 |
129.6 |
125.4 |
148.9 |
147.1 |
161.9 |
169.4 |
169.6 |
174.3 |
182.1 |
196.4 |
226.8 |
254.4 |
278.6 |
301.5 |
325.5 |
349.0 |
370.1 |
394.7 |
418.9 |
440.8 |
467.1 |
490.8 |
513.4 |
541.8 |
567.1 |
592.4 |
620.6 |
648.8 |
675.2 |
705.4 |
735.3 |
764.1 |
|
1,734.6
|
3,738.9
|
7,321.9 |
|
| Total direct cost payments
(Note 3) |
|
23.6 |
54.9 |
69.7 |
71.8 |
76.2 |
83.8 |
87.2 |
92.6 |
96.5 |
98.6 |
103.1 |
107.2 |
118.3 |
126.5 |
131.8 |
139.2 |
146.6 |
154.0 |
162.0 |
170.0 |
178.3 |
187.4 |
196.9 |
206.3 |
229.7 |
247.9 |
258.0 |
268.0 |
277.9 |
287.8 |
298.0 |
308.2 |
318.5 |
329.6 |
340.8 |
351.6 |
|
965.1
|
1,917.2
|
3,515.9 |
|
| Total overhead expense
payments (Note 4) |
|
64.4 |
135.8 |
171.6 |
172.4 |
171.3 |
173.2 |
172.9 |
174.0 |
174.7 |
174.7 |
175.0 |
175.5 |
198.8 |
233.0 |
285.3 |
299.0 |
312.9 |
326.8 |
340.9 |
355.0 |
369.2 |
383.7 |
398.1 |
412.8 |
465.5 |
509.3 |
555.2 |
576.7 |
598.6 |
620.6 |
643.2 |
666.0 |
689.1 |
712.9 |
736.9 |
761.5 |
|
1,935.6
|
3,915.5
|
7,535.4 |
|
| Taxes
paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends
paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease repayments |
|
18.0 |
10.0 |
10.0 |
12.0 |
26.0 |
10.0 |
12.0 |
26.0 |
10.0 |
12.0 |
26.0 |
10.0 |
10.0 |
20.0 |
10.0 |
10.0 |
10.0 |
29.0 |
10.0 |
10.0 |
10.0 |
29.0 |
10.0 |
10.0 |
10.0 |
29.0 |
10.0 |
10.0 |
10.0 |
29.0 |
10.0 |
10.0 |
10.0 |
29.0 |
10.0 |
10.0 |
|
182.0 |
168.0 |
177.0 |
|
| Lease interest expense |
|
10.0 |
5.0 |
5.0 |
7.5 |
15.0 |
5.0 |
7.5 |
15.0 |
5.0 |
7.5 |
15.0 |
5.0 |
5.0 |
12.5 |
5.0 |
5.0 |
5.0 |
22.0 |
5.0 |
5.0 |
5.0 |
22.0 |
5.0 |
5.0 |
5.0 |
22.0 |
5.0 |
5.0 |
5.0 |
22.0 |
5.0 |
5.0 |
5.0 |
22.0 |
5.0 |
5.0 |
|
102.5 |
101.5 |
111.0 |
|
| Total capital expend. payments
(Note 5) |
|
|
|
45.0 |
|
|
|
|
|
|
|
450.0 |
|
|
|
|
350.0 |
300.0 |
95.0 |
|
|
|
|
|
|
|
|
|
|
450.0 |
700.0 |
|
130.0 |
|
|
|
|
|
495.0 |
745.0 |
1,280.0 |
|
| Operating lease payments |
|
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
9.0 |
|
66.0 |
108.0 |
108.0 |
|
| Longterm debt/note repayments |
|
25.0 |
|
|
25.0 |
|
|
25.0 |
|
|
25.0 |
|
|
|
50.0 |
|
|
|
|
|
|
|
|
|
|
|
50.0 |
|
|
|
|
|
|
|
|
|
|
|
100.0 |
50.0 |
50.0 |
|
| Other loan repayments |
|
|
|
|
|
|
|
|
|
|
25.0 |
|
|
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
25.0 |
20.0 |
20.0 |
|
| Purchases of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales
tax paid on o/h expense, capex etc. inputs |
18.4
|
16.8 |
13.3 |
18.2
|
21.1 |
18.4 |
19.0 |
22.1 |
74.6 |
26.9
|
23.0 |
5.4 |
26.4 |
78.6 |
69.9 |
42.0 |
29.5
|
35.3 |
24.1 |
31.9 |
32.6 |
38.5 |
34.3 |
35.1 |
42.0 |
48.2 |
107.3 |
143.5 |
46.7 |
62.8 |
49.3 |
50.6 |
51.9 |
58.3 |
54.7 |
56.2 |
|
277.3
|
478.1
|
771.4 |
|
| Sales tax
paid to State |
|
|
|
16.8 |
|
26.4 |
|
21.8 |
|
29.6 |
|
|
|
59.2 |
|
|
|
7.0 |
|
86.6 |
|
128.0 |
|
147.2 |
|
186.2 |
|
204.4 |
|
84.4 |
|
271.1 |
|
329.0 |
|
371.4 |
|
|
94.7
|
428.1
|
1,446.6 |
|
| Opening payroll taxes/benefits
paid |
|
25.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.0 |
|
|
|
| Changes in prepaid expenses |
|
(10.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10.0) |
|
|
|
| Changes in accrued expenses |
|
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.0 |
|
|
|
| Interest paid |
|
2.8 |
3.1
|
1.8
|
2.0
|
2.0
|
1.5 |
1.9
|
1.7
|
2.3 |
4.0 |
6.9
|
4.9 |
5.4
|
4.7 |
5.2
|
6.6
|
6.2
|
5.4
|
4.9
|
4.7
|
5.1
|
4.6
|
4.9 |
4.5 |
5.1
|
4.8
|
5.8
|
6.9
|
7.1
|
6.4
|
7.4
|
7.8
|
7.4
|
7.8
|
5.7
|
5.9
|
|
34.8
|
62.2
|
78.2 |
|
| Total cash payments |
|
1.0 |
|
292.4
|
388.7
|
480.1
|
434.1
|
473.1
|
422.8
|
501.7
|
484.0
|
560.0
|
548.7
|
974.1
|
487.8
|
614.3
|
750.6
|
743.1
|
1,115.1
|
1,104.9
|
978.1
|
967.8
|
934.6
|
1,107.4
|
1,069.0
|
1,224.3
|
1,123.4 |
1,419.6
|
1,430.8
|
1,668.1
|
1,560.9
|
2,055.7
|
2,330.0
|
1,913.6
|
1,835.4
|
2,095.2
|
1,874.0
|
2,268.8
|
1,963.3 |
|
6,047.5
|
11,732.5
|
22,415.4 |
|
| |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
| Net cashflow |
|
1.0 |
|
(101.8) |
946.2
|
(59.7) |
(108.6) |
(115.7) |
47.0 |
(111.5) |
(88.0) |
117.5
|
155.2
|
(494.3) |
84.7
|
(126.2) |
1,752.1
|
(174.1) |
(494.3) |
(421.6) |
(226.5) |
(97.2) |
(41.6) |
(141.6) |
(29.8) |
(107.9) |
70.3
|
(144.2) |
(73.8) |
(228.6) |
(30.6) |
565.7
|
(554.0) |
|