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[null,null,null,null,null,null,"Case 1: Optimistic case"]
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[null,"$ in thousands","FY11\nActual","FY12\nActual","FY13\nActual",null,"FY14\nForecast","FY15\nForecast","FY16\nForecast","FY17\nForecast","FY18\nForecast"]
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[null,"Other revenues",{"$f":"'P&L source'!D5","v":3520},{"$f":"'P&L source'!E5","v":2416},{"$f":"'P&L source'!F5","v":2585},null,{"$f":"+E15*(1+G16)","v":2585},{"$f":"+G15*(1+H16)","v":2585},{"$f":"+H15*(1+I16)","v":2585},{"$f":"+I15*(1+J16)","v":2585},{"$f":"+J15*(1+K16)","v":2585}]
[null,"y-o-y growth %",0,{"$f":"D15/C15-1","v":-0.313636363636364},{"$f":"E15/D15-1","v":0.0699503311258278},null,{"$f":"+CHOOSE($C$5,G17,G18,G19)","v":0},{"$f":"+CHOOSE($C$5,H17,H18,H19)","v":0},0,0,0]
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[null,"Cost of goods sold",{"$f":"'P&L source'!D8+'P&L source'!D9","v":-142394.367466667},{"$f":"'P&L source'!E8+'P&L source'!E9","v":-150572.1664},{"$f":"'P&L source'!F8+'P&L source'!F9","v":-157523.118425397},null,{"$f":"G$9*G22","v":-174193.976},{"$f":"H$9*H22","v":-191613.3736},-210774.71096,-231852.182056,-255037.4002616]
[null,"% of revenues",{"$f":"C21/C$9","v":-0.80356634744709},{"$f":"D21/D$9","v":-0.798291607375754},{"$f":"E21/E$9","v":-0.755992428829065},null,{"$f":"+CHOOSE($C$5,G23,G24,G25)","v":-0.76},{"$f":"+CHOOSE($C$5,H23,H24,H25)","v":-0.76},-0.76,-0.76,-0.76]
[null,"Case 1",null,null,null,null,-0.76,-0.76,-0.76,-0.76,-0.76]
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[null,"Operating expenses",{"$f":"'P&L source'!D10+'P&L source'!D11+'P&L source'!D12","v":-18011.3152},{"$f":"'P&L source'!E10+'P&L source'!E11+'P&L source'!E12","v":-19247.8976},{"$f":"'P&L source'!F10+'P&L source'!F11+'P&L source'!F12","v":-23867.008},null,{"$f":"G$9*G28","v":-22920.26},{"$f":"H$9*H28","v":-25212.286},-27733.5146,-30506.86606,-33557.552666]
[null,"% of revenues",{"$f":"C27/C$9","v":-0.101642270164726},{"$f":"D27/D$9","v":-0.10204698173027},{"$f":"E27/E$9","v":-0.114543677951297},null,{"$f":"+CHOOSE($C$5,G29,G30,G31)","v":-0.1},{"$f":"+CHOOSE($C$5,H29,H30,H31)","v":-0.1},-0.1,-0.1,-0.1]
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[null,"D&A",{"$f":"'P&L source'!D16","v":-2907.8},{"$f":"'P&L source'!E16","v":-4649.8},{"$f":"'P&L source'!F16","v":-6430.66},null,{"$f":"G$9*G34","v":-4584.052},{"$f":"H$9*H34","v":-5042.4572},-5546.70292,-6101.373212,-6711.5105332]
[null,"% of revenues",{"$f":"C33/C$9","v":-0.0164094287342765},{"$f":"D33/D$9","v":-0.0246519420203798},{"$f":"E33/E$9","v":-0.0308623287868462},null,{"$f":"+CHOOSE($C$5,G35,G36,G37)","v":-0.02},{"$f":"+CHOOSE($C$5,H35,H36,H37)","v":-0.02},-0.02,-0.02,-0.02]
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[null,"Case 2",null,null,null,null,-0.025,-0.025,-0.025,-0.025,-0.025]
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[null,"Interest expenses",{"$f":"'P&L source'!D20","v":-1266.3},{"$f":"'P&L source'!E20","v":-2190.9},{"$f":"'P&L source'!F20","v":-2663.92},null,{"$f":"+E39*(1+G40)","v":-2663.92},{"$f":"+G39*(1+H40)","v":-2663.92},{"$f":"+H39*(1+I40)","v":-2663.92},{"$f":"+I39*(1+J40)","v":-2663.92},{"$f":"+J39*(1+K40)","v":-2663.92}]
[null,"y-o-y growth %",0,{"$f":"D39/C39-1","v":0.73015873015873},{"$f":"E39/D39-1","v":0.215902140672783},null,{"$f":"+CHOOSE($C$5,G41,G42,G43)","v":0},{"$f":"+CHOOSE($C$5,H41,H42,H43)","v":0},0,0,0]
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[null,"Extraordinary items",{"$f":"'P&L source'!D21","v":-317.58},{"$f":"'P&L source'!E21","v":-864.3},{"$f":"'P&L source'!F21","v":-320.26},null,{"$f":"G$9*G46","v":0},{"$f":"H$9*H46","v":0},0,0,0]
[null,"% of revenues",{"$f":"C45/C$9","v":-0.00179218184793711},{"$f":"D45/D$9","v":-0.00458227740724639},{"$f":"E45/E$9","v":-0.00153700699730282},null,{"$f":"+CHOOSE($C$5,G47,G48,G49)","v":0},{"$f":"+CHOOSE($C$5,H47,H48,H49)","v":0},0,0,0]
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[null,"Taxes",{"$f":"'P&L source'!D25","v":-3805.776},{"$f":"'P&L source'!E25","v":-3050.192},{"$f":"'P&L source'!F25","v":-3814.88}]
[null,"% of EBT",{"$f":"'P&L'!C22","v":-0.240481689289312},{"$f":"'P&L'!D22","v":-0.225790691435654},{"$f":"'P&L'!E22","v":-0.189361344300012},null,{"$f":"+CHOOSE($C$5,G53,G54,G55)","v":-0.18},{"$f":"+CHOOSE($C$5,H53,H54,H55)","v":-0.18},-0.18,-0.18,-0.18]
[null,"Case 1",null,null,null,null,-0.18,-0.18,-0.18,-0.18,-0.18]
[null,"Case 2",null,null,null,null,-0.2,-0.2,-0.2,-0.2,-0.2]
[null,"Case 3",null,null,null,null,-0.22,-0.22,-0.22,-0.22,-0.22]

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[null,"BS assumptions"]
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[null,"$ in thousands","FY11\nActual","FY12\nActual","FY13\nActual",null,"FY14\nForecast","FY15\nForecast","FY16\nForecast","FY17\nForecast","FY18\nForecast"]
[null,"Trade receivable",{"$f":"'BS source'!D11","v":32883.6},{"$f":"'BS source'!E11","v":38556},{"$f":"'BS source'!F11","v":43581.6},null,{"$f":"G6*'P&L assumptions'!G9/360","v":47939.76},{"$f":"H6*'P&L assumptions'!H9/360","v":52733.736},{"$f":"I6*'P&L assumptions'!I9/360","v":58007.1096},{"$f":"J6*'P&L assumptions'!J9/360","v":63807.82056},{"$f":"K6*'P&L assumptions'!K9/360","v":70188.602616}]
[null,"Days receivables (DSO)",{"$f":"C5/'P&L assumptions'!C9*360","v":66.8052798203191},{"$f":"D5/'P&L assumptions'!D9*360","v":73.5887349033496},{"$f":"E5/'P&L assumptions'!E9*360","v":75.2971981993223},null,{"$f":"$E$6","v":75.2971981993223},{"$f":"$E$6","v":75.2971981993223},75.2971981993223,75.2971981993223,75.2971981993223]
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[null,"Inventory",{"$f":"'BS source'!D10","v":31167.2},{"$f":"'BS source'!E10","v":36396.8},{"$f":"'BS source'!F10","v":46212},null,{"$f":"-G9*'P&L assumptions'!G$21/360","v":51102.6705119758},{"$f":"-H9*'P&L assumptions'!H$21/360","v":56212.9375631733},{"$f":"-I9*'P&L assumptions'!I$21/360","v":61834.2313194907},{"$f":"-J9*'P&L assumptions'!J$21/360","v":68017.6544514398},{"$f":"-K9*'P&L assumptions'!K$21/360","v":74819.4198965837}]
[null,"Days inventory (DIO)",{"$f":"-C8/'P&L assumptions'!C$21*360","v":78.7965998909792},{"$f":"-D8/'P&L assumptions'!D$21*360","v":87.0203857278101},{"$f":"-E8/'P&L assumptions'!E$21*360","v":105.611926467028},null,{"$f":"$E$9","v":105.611926467028},{"$f":"$E$9","v":105.611926467028},105.611926467028,105.611926467028,105.611926467028]
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[null,"Trade payable",{"$f":"'BS source'!J10","v":15891.2},{"$f":"'BS source'!K10","v":26351.6},{"$f":"'BS source'!L10","v":36189.6},null,{"$f":"-G12*'P&L assumptions'!G$21/360","v":40019.5880888124},{"$f":"-H12*'P&L assumptions'!H$21/360","v":44021.5468976936},{"$f":"-I12*'P&L assumptions'!I$21/360","v":48423.701587463},{"$f":"-J12*'P&L assumptions'!J$21/360","v":53266.0717462093},{"$f":"-K12*'P&L assumptions'!K$21/360","v":58592.6789208302}]
[null,"Days payables (DPO)",{"$f":"-C11/'P&L assumptions'!C$21*360","v":40.1759711551737},{"$f":"-D11/'P&L assumptions'!D$21*360","v":63.003516697758},{"$f":"-E11/'P&L assumptions'!E$21*360","v":82.7069456866434},null,{"$f":"$E$12","v":82.7069456866434},{"$f":"$E$12","v":82.7069456866434},82.7069456866434,82.7069456866434,82.7069456866434]
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[null,"PP&E",{"$f":"'BS source'!D5","v":45106.4},{"$f":"'BS source'!E5","v":49072.4},{"$f":"'BS source'!F5","v":56109.2},null,{"$f":"G15*'P&L assumptions'!G$9","v":59898.0187693812},{"$f":"H15*'P&L assumptions'!H$9","v":65887.8206463193},{"$f":"I15*'P&L assumptions'!I$9","v":72476.6027109513},{"$f":"J15*'P&L assumptions'!J$9","v":79724.2629820464},{"$f":"K15*'P&L assumptions'!K$9","v":87696.689280251}]
[null,"as a % of revenues",{"$f":"C14/'P&L assumptions'!C$9","v":0.254546480590058},{"$f":"D14/'P&L assumptions'!D$9","v":0.260168170588173},{"$f":"E14/'P&L assumptions'!E$9","v":0.269281936592342},null,{"$f":"AVERAGE($C15:$E15)","v":0.261332195923524},{"$f":"AVERAGE($C15:$E15)","v":0.261332195923524},0.261332195923524,0.261332195923524,0.261332195923524]
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[null,"Other assets",{"$f":"'BS source'!D12","v":8841.6},{"$f":"'BS source'!E12","v":11359.2},{"$f":"'BS source'!F12","v":17602.8},null,{"$f":"G18*'P&L assumptions'!G$9","v":14867.5184843393},{"$f":"H18*'P&L assumptions'!H$9","v":16354.2703327732},{"$f":"I18*'P&L assumptions'!I$9","v":17989.6973660505},{"$f":"J18*'P&L assumptions'!J$9","v":19788.6671026556},{"$f":"K18*'P&L assumptions'!K$9","v":21767.5338129212}]
[null,"as a % of revenues",{"$f":"C17/'P&L assumptions'!C$9","v":0.0498953177993601},{"$f":"D17/'P&L assumptions'!D$9","v":0.0602233084859345},{"$f":"E17/'P&L assumptions'!E$9","v":0.0844801935056583},null,{"$f":"AVERAGE($C18:$E18)","v":0.064866273263651},{"$f":"AVERAGE($C18:$E18)","v":0.064866273263651},0.064866273263651,0.064866273263651,0.064866273263651]
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[null,"Other liabilities",{"$f":"'BS source'!J11+'BS source'!J12+'BS source'!J13","v":5969.03866666669},{"$f":"'BS source'!K11+'BS source'!K12+'BS source'!K13","v":5800.35600000001},{"$f":"'BS source'!L11+'BS source'!L12+'BS source'!L13","v":8473.44642539704},null,{"$f":"G21*'P&L assumptions'!G$9","v":8029.94384393375},{"$f":"H21*'P&L assumptions'!H$9","v":8832.93822832712},{"$f":"I21*'P&L assumptions'!I$9","v":9716.23205115984},{"$f":"J21*'P&L assumptions'!J$9","v":10687.8552562758},{"$f":"K21*'P&L assumptions'!K$9","v":11756.6407819034}]
[null,"as a % of revenues",{"$f":"C20/'P&L assumptions'!C$9","v":0.0336847495057459},{"$f":"D20/'P&L assumptions'!D$9","v":0.0307518688566309},{"$f":"E20/'P&L assumptions'!E$9","v":0.0406661663870163},null,{"$f":"AVERAGE($C21:$E21)","v":0.035034261583131},{"$f":"AVERAGE($C21:$E21)","v":0.035034261583131},0.035034261583131,0.035034261583131,0.035034261583131]

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[null,"2.Output -->"]

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[null,"Total Revenues",{"$f":"+C4+C5","v":180723},{"$f":"+D4+D5","v":191034},{"$f":"+E4+E5","v":210951},null,{"$f":"+G4+G5","v":231787.6},254707.86,279920.146,307653.6606,338160.52666]
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[null,"Gross Margin",{"$f":"+C6+C8","v":38328.6325333333},{"$f":"+D6+D8","v":40461.8336},{"$f":"+E6+E8","v":53427.881574603},null,{"$f":"+G6+G8","v":57593.624},63094.4864,69145.43504,75801.478544,83123.1263984]
[]
[null,"Operating expenses",{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!C:C)","v":-18011.3152},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!D:D)","v":-19247.8976},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!E:E)","v":-23867.008},null,{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!G:G)","v":-22920.26},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!H:H)","v":-25212.286},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!I:I)","v":-27733.5146},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!J:J)","v":-30506.86606},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B11,'P&L assumptions'!K:K)","v":-33557.552666}]
[null,"EBITDA",{"$f":"+C9+C11","v":20317.3173333333},{"$f":"+D9+D11","v":21213.936},{"$f":"+E9+E11","v":29560.873574603},null,{"$f":"+G9+G11","v":34673.364},37882.2004,41411.92044,45294.612484,49565.5737324]
[]
[null,"D&A",{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!C:C)","v":-2907.8},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!D:D)","v":-4649.8},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!E:E)","v":-6430.66},null,{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!G:G)","v":-4584.052},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!H:H)","v":-5042.4572},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!I:I)","v":-5546.70292},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!J:J)","v":-6101.373212},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B14,'P&L assumptions'!K:K)","v":-6711.5105332}]
[null,"EBIT",{"$f":"+C12+C14","v":17409.5173333333},{"$f":"+D12+D14","v":16564.136},{"$f":"+E12+E14","v":23130.213574603},null,{"$f":"+G12+G14","v":30089.312},32839.7432,35865.21752,39193.239272,42854.0631992]
[]
[null,"Interest expenses",{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!C:C)","v":-1266.3},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!D:D)","v":-2190.9},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!E:E)","v":-2663.92},null,{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!G:G)","v":-2663.92},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!H:H)","v":-2663.92},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!I:I)","v":-2663.92},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!J:J)","v":-2663.92},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B17,'P&L assumptions'!K:K)","v":-2663.92}]
[null,"Extraordinary items",{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!C:C)","v":-317.58},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!D:D)","v":-864.3},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!E:E)","v":-320.26},null,{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!G:G)","v":0},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!H:H)","v":0},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!I:I)","v":0},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!J:J)","v":0},{"$f":"+SUMIF('P&L assumptions'!$B:$B,'P&L'!$B18,'P&L assumptions'!K:K)","v":0}]
[null,"EBT",{"$f":"+C15+C17+C18","v":15825.6373333333},{"$f":"+D15+D17+D18","v":13508.936},{"$f":"+E15+E17+E18","v":20146.033574603},null,{"$f":"+G15+G17+G18","v":27425.392},30175.8232,33201.29752,36529.319272,40190.1431992]
[]
[null,"Taxes",{"$f":"'P&L assumptions'!C51","v":-3805.776},{"$f":"'P&L assumptions'!D51","v":-3050.192},{"$f":"'P&L assumptions'!E51","v":-3814.88},null,{"$f":"G22*G19","v":-4936.57056},{"$f":"H22*H19","v":-5431.648176},-5976.2335536,-6575.27746896,-7234.225775856]
[null,"Tax rate",{"$f":"C21/C19","v":-0.240481689289312},{"$f":"D21/D19","v":-0.225790691435654},-0.189361344300012,null,{"$f":"'P&L assumptions'!G52","v":-0.18},{"$f":"'P&L assumptions'!H52","v":-0.18},{"$f":"'P&L assumptions'!I52","v":-0.18},{"$f":"'P&L assumptions'!J52","v":-0.18},{"$f":"'P&L assumptions'!K52","v":-0.18}]
[]
[null,"Net Income",{"$f":"+C19+C21","v":12019.8613333333},{"$f":"+D19+D21","v":10458.744},{"$f":"+E19+E21","v":16331.153574603},null,{"$f":"+G19+G21","v":22488.82144},24744.175024,27225.0639664,29954.04180304,32955.917423344]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null," "]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[null,1]

{"sheet":"BS","index":6,"n_rows":26,"n_cols":13,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[null,"Balance Sheet"]
[]
[null,"$ in thousands","FY11\nActual","FY12\nActual","FY13\nActual",null,"FY14\nForecast","FY15\nForecast","FY16\nForecast","FY17\nForecast","FY18\nForecast",null,"Note"]
[null,"Intangible assets",{"$f":"'BS source'!D4","v":5961.6},{"$f":"'BS source'!E4","v":5840},{"$f":"'BS source'!F4","v":5650},null,{"$f":"$E$4","v":5650},{"$f":"$E$4","v":5650},5650,5650,5650,null,"Flat"]
[null,"PP&E",{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!C:C)","v":45106.4},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!D:D)","v":49072.4},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!E:E)","v":56109.2},null,{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!G:G)","v":59898.0187693812},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!H:H)","v":65887.8206463193},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!I:I)","v":72476.6027109513},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!J:J)","v":79724.2629820464},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B5,'BS assumptions'!K:K)","v":87696.689280251}]
[null,"Financial assets",{"$f":"'BS source'!D6","v":8824},{"$f":"'BS source'!E6","v":9831},{"$f":"'BS source'!F6","v":10323},null,{"$f":"$E$6","v":10323},{"$f":"$E$6","v":10323},10323,10323,10323,null,"Flat"]
[]
[null,"Inventory",{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!C:C)","v":31167.2},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!D:D)","v":36396.8},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!E:E)","v":46212},null,{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!G:G)","v":51102.6705119758},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!H:H)","v":56212.9375631733},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!I:I)","v":61834.2313194907},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!J:J)","v":68017.6544514398},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B8,'BS assumptions'!K:K)","v":74819.4198965837}]
[null,"Trade receivable",{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!C:C)","v":32883.6},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!D:D)","v":38556},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!E:E)","v":43581.6},null,{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!G:G)","v":47939.76},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!H:H)","v":52733.736},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!I:I)","v":58007.1096},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!J:J)","v":63807.82056},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B9,'BS assumptions'!K:K)","v":70188.602616}]
[null,"Other assets",{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!C:C)","v":8841.6},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!D:D)","v":11359.2},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!E:E)","v":17602.8},null,{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!G:G)","v":14867.5184843393},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!H:H)","v":16354.2703327732},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!I:I)","v":17989.6973660505},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!J:J)","v":19788.6671026556},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B10,'BS assumptions'!K:K)","v":21767.5338129212}]
[]
[null,"Cash and equivalents",{"$f":"'BS source'!D14","v":11791.2},{"$f":"'BS source'!E14","v":19408.8},{"$f":"'BS source'!F14","v":8173.6},null,{"$f":"E12+'Cash Flow'!G30","v":23746.5391816529},{"$f":"G12+'Cash Flow'!H30","v":35914.8706223578},{"$f":"H12+'Cash Flow'!I30","v":49306.5066471333},{"$f":"I12+'Cash Flow'!J30","v":64043.7777143863},{"$f":"J12+'Cash Flow'!K30","v":80261.2473283646},null,"Opening cash + Net Cash Flow"]
[]
[null,"Total Assets",{"$f":"SUM(C4:C12)","v":144575.6},{"$f":"SUM(D4:D12)","v":170464.2},187652.2,null,{"$f":"SUM(G4:G12)","v":213527.506947349},243076.635164624,275587.147643626,311355.182810528,350706.492934121]
[]
[null,"Trade payable",{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!C:C)","v":15891.2},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!D:D)","v":26351.6},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!E:E)","v":36189.6},null,{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!G:G)","v":40019.5880888124},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!H:H)","v":44021.5468976936},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!I:I)","v":48423.701587463},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!J:J)","v":53266.0717462093},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B16,'BS assumptions'!K:K)","v":58592.6789208302}]
[null,"Other liabilities",{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!C:C)","v":5969.03866666669},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!D:D)","v":5800.35600000001},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!E:E)","v":8473.44642539704},null,{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!G:G)","v":8029.94384393375},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!H:H)","v":8832.93822832712},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!I:I)","v":9716.23205115984},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!J:J)","v":10687.8552562758},{"$f":"+SUMIF('BS assumptions'!$B:$B,BS!$B17,'BS assumptions'!K:K)","v":11756.6407819034}]
[]
[null,"Financial liabilities",{"$f":"'BS source'!J15+'BS source'!J16","v":41293},{"$f":"'BS source'!K15+'BS source'!K16","v":50645.4},{"$f":"'BS source'!L15+'BS source'!L16","v":51120.8},null,{"$f":"$E$19","v":51120.8},{"$f":"$E$19","v":51120.8},51120.8,51120.8,51120.8,null,"No additional debt"]
[]
[null,"Shareholders' equity",{"$f":"'BS source'!J8","v":81422.3613333333},{"$f":"'BS source'!K8","v":87666.844},{"$f":"'BS source'!L8","v":91868.353574603},null,{"$f":"E21+'P&L'!G24","v":114357.175014603},{"$f":"G21+'P&L'!H24","v":139101.350038603},{"$f":"H21+'P&L'!I24","v":166326.414005003},{"$f":"I21+'P&L'!J24","v":196280.455808043},{"$f":"J21+'P&L'!K24","v":229236.373231387}]
[]
[null,"Total Liabilities & Equities",{"$f":"+SUM(C16:C21)","v":144575.6},{"$f":"+SUM(D16:D21)","v":170464.2},187652.2,null,{"$f":"+SUM(G16:G21)","v":213527.506947349},243076.635164624,275587.147643626,311355.182810528,350706.492934121]
[]
[]
[null,"Check",{"$f":"C14-C23","v":0},{"$f":"D14-D23","v":0},{"$f":"E14-E23","v":0},null,{"$f":"G14-G23","v":0},{"$f":"H14-H23","v":0},{"$f":"I14-I23","v":0},{"$f":"J14-J23","v":0},{"$f":"K14-K23","v":0}]

{"sheet":"Cash Flow","index":7,"n_rows":36,"n_cols":13,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
[null,"Cash Flow"]
[null,"."]
[null,"$ in thousands",null,"FY12\nActual","FY13\nActual",null,"FY14\nForecast","FY15\nForecast","FY16\nForecast","FY17\nForecast","FY18\nForecast",null,"Note"]
[null,"EBIT","P&L",{"$f":"'P&L'!D15","v":16564.136},{"$f":"'P&L'!E15","v":23130.213574603},null,{"$f":"'P&L'!G15","v":30089.312},{"$f":"'P&L'!H15","v":32839.7432},{"$f":"'P&L'!I15","v":35865.21752},{"$f":"'P&L'!J15","v":39193.239272},{"$f":"'P&L'!K15","v":42854.0631992}]
[null,"Operating taxes","P&L",{"$f":"+D6*D4","v":-3740.02772047421},{"$f":"+E6*E4","v":-4379.96833643321},null,{"$f":"+G6*G4","v":-5416.07616},{"$f":"+H6*H4","v":-5911.153776},{"$f":"+I6*I4","v":-6455.7391536},{"$f":"+J6*J4","v":-7054.78306896},{"$f":"+K6*K4","v":-7713.731375856}]
[null,"Operating tax rate",null,{"$f":"'P&L'!D22","v":-0.225790691435654},{"$f":"'P&L'!E22","v":-0.189361344300012},null,{"$f":"'P&L'!G22","v":-0.18},{"$f":"'P&L'!H22","v":-0.18},{"$f":"'P&L'!I22","v":-0.18},{"$f":"'P&L'!J22","v":-0.18},{"$f":"'P&L'!K22","v":-0.18}]
[null,"NOPAT",null,{"$f":"SUM(D4:D5)","v":12824.1082795258},{"$f":"SUM(E4:E5)","v":18750.2452381698},null,{"$f":"SUM(G4:G5)","v":24673.23584},{"$f":"SUM(H4:H5)","v":26928.589424},{"$f":"SUM(I4:I5)","v":29409.4783664},{"$f":"SUM(J4:J5)","v":32138.45620304},{"$f":"SUM(K4:K5)","v":35140.331823344}]
[]
[null,"Add-back D&A","P&L",{"$f":"-'P&L'!D14","v":4649.8},{"$f":"-'P&L'!E14","v":6430.66},null,{"$f":"-'P&L'!G14","v":4584.052},{"$f":"-'P&L'!H14","v":5042.4572},{"$f":"-'P&L'!I14","v":5546.70292},{"$f":"-'P&L'!J14","v":6101.373212},{"$f":"-'P&L'!K14","v":6711.5105332}]
[null,"Gross Cash Flow",null,{"$f":"D7+D9","v":17473.9082795258},{"$f":"E7+E9","v":25180.9052381698},null,{"$f":"G7+G9","v":29257.28784},31971.046624,34956.1812864,38239.82941504,41851.842356544,null,"1)"]
[]
[null,"Inventory","BS",{"$f":"-(BS!D8-BS!C8)","v":-5229.6},{"$f":"-(BS!E8-BS!D8)","v":-9815.2},null,{"$f":"-(BS!G8-BS!E8)","v":-4890.67051197575},{"$f":"-(BS!H8-BS!G8)","v":-5110.26705119759},{"$f":"-(BS!I8-BS!H8)","v":-5621.29375631735},{"$f":"-(BS!J8-BS!I8)","v":-6183.42313194908},{"$f":"-(BS!K8-BS!J8)","v":-6801.76544514397}]
[null,"Trade receivables","BS",{"$f":"-(BS!D9-BS!C9)","v":-5672.4},{"$f":"-(BS!E9-BS!D9)","v":-5025.6},null,{"$f":"-(BS!G9-BS!E9)","v":-4358.16},{"$f":"-(BS!H9-BS!G9)","v":-4793.97600000001},{"$f":"-(BS!I9-BS!H9)","v":-5273.37360000001},{"$f":"-(BS!J9-BS!I9)","v":-5800.71096000001},{"$f":"-(BS!K9-BS!J9)","v":-6380.782056}]
[null,"Trade payables","BS",{"$f":"BS!D16-BS!C16","v":10460.4},{"$f":"BS!E16-BS!D16","v":9838},null,{"$f":"BS!G16-BS!E16","v":3829.98808881239},{"$f":"BS!H16-BS!G16","v":4001.95880888124},{"$f":"BS!I16-BS!H16","v":4402.15468976937},{"$f":"BS!J16-BS!I16","v":4842.37015874631},{"$f":"BS!K16-BS!J16","v":5326.60717462093}]
[null,"Investments in working capital",null,{"$f":"+SUM(D12:D14)","v":-441.600000000006},{"$f":"+SUM(E12:E14)","v":-5002.8},null,{"$f":"+SUM(G12:G14)","v":-5418.84242316336},{"$f":"+SUM(H12:H14)","v":-5902.28424231636},{"$f":"+SUM(I12:I14)","v":-6492.51266654798},{"$f":"+SUM(J12:J14)","v":-7141.76393320278},{"$f":"+SUM(K12:K14)","v":-7855.94032652304},null,"2)"]
[null,"Investments in other assets/liabilities","BS",{"$f":"-(BS!D10-BS!C10)+(BS!D17-BS!C17)","v":-2686.28266666668},{"$f":"-(BS!E10-BS!D10)+(BS!E17-BS!D17)","v":-3570.50957460296},null,{"$f":"-(BS!G10-BS!E10)+(BS!G17-BS!E17)","v":2291.77893419742},{"$f":"-(BS!H10-BS!G10)+(BS!H17-BS!G17)","v":-683.757464040554},{"$f":"-(BS!I10-BS!H10)+(BS!I17-BS!H17)","v":-752.133210444608},{"$f":"-(BS!J10-BS!I10)+(BS!J17-BS!I17)","v":-827.346531489075},{"$f":"-(BS!K10-BS!J10)+(BS!K17-BS!J17)","v":-910.081184637978},null,"3)"]
[]
[null,"Capex","BS",{"$f":"-(BS!D5-BS!C5)+'P&L'!D14","v":-8615.8},{"$f":"-(BS!E5-BS!D5)+'P&L'!E14","v":-13467.46},null,{"$f":"-(BS!G5-BS!E5)+'P&L'!G14","v":-8372.87076938118},{"$f":"-(BS!H5-BS!G5)+'P&L'!H14","v":-11032.2590769381},{"$f":"-(BS!I5-BS!H5)+'P&L'!I14","v":-12135.4849846319},{"$f":"-(BS!J5-BS!I5)+'P&L'!J14","v":-13349.0334830951},{"$f":"-(BS!K5-BS!J5)+'P&L'!K14","v":-14683.9368314046},null,"4)"]
[null,"Other investments","BS",{"$f":"-(BS!D4-BS!C4)-(BS!D6-BS!C6)","v":-885.4},{"$f":"-(BS!E4-BS!D4)-(BS!E6-BS!D6)","v":-302},null,{"$f":"-(BS!G4-BS!E4)-(BS!G6-BS!E6)","v":0},{"$f":"-(BS!H4-BS!G4)-(BS!H6-BS!G6)","v":0},{"$f":"-(BS!I4-BS!H4)-(BS!I6-BS!H6)","v":0},{"$f":"-(BS!J4-BS!I4)-(BS!J6-BS!I6)","v":0},{"$f":"-(BS!K4-BS!J4)-(BS!K6-BS!J6)","v":0},null,"5)"]
[]
[null,"Extraordinary items","P&L",{"$f":"'P&L'!D18","v":-864.3},{"$f":"'P&L'!E18","v":-320.26},null,{"$f":"'P&L'!G18","v":0},{"$f":"'P&L'!H18","v":0},{"$f":"'P&L'!I18","v":0},{"$f":"'P&L'!J18","v":0},{"$f":"'P&L'!K18","v":0},null,"6)"]
[]
[null,"UFCF",null,{"$f":"SUM(D10,D15,D16,D18,D19,D21)","v":3980.52561285912},{"$f":"SUM(E10,E15,E16,E18,E19,E21)","v":2517.87566356683},null,{"$f":"SUM(G10,G15,G16,G18,G19,G21)","v":17757.3535816529},14352.7458407049,15576.0504247755,16921.685467253,18401.8840139784,null,"1) + 2) + 3) + 4) + 5) + 6)"]
[]
[null,"Interest expenses","P&L",{"$f":"'P&L'!D17","v":-2190.9},{"$f":"'P&L'!E17","v":-2663.92},null,{"$f":"'P&L'!G17","v":-2663.92},{"$f":"'P&L'!H17","v":-2663.92},{"$f":"'P&L'!I17","v":-2663.92},{"$f":"'P&L'!J17","v":-2663.92},{"$f":"'P&L'!K17","v":-2663.92},null,"7)"]
[null,"Delta Oper taxes vs. Taxes","P&L",{"$f":"'P&L'!D21-'Cash Flow'!D5","v":689.83572047421},{"$f":"'P&L'!E21-'Cash Flow'!E5","v":565.088336433209},null,{"$f":"'P&L'!G21-'Cash Flow'!G5","v":479.5056},{"$f":"'P&L'!H21-'Cash Flow'!H5","v":479.5056},{"$f":"'P&L'!I21-'Cash Flow'!I5","v":479.5056},{"$f":"'P&L'!J21-'Cash Flow'!J5","v":479.5056},{"$f":"'P&L'!K21-'Cash Flow'!K5","v":479.5056},null,"8)"]
[null,"Delta Financial liabilities","BS",{"$f":"BS!D19-BS!C19","v":9352.39999999999},{"$f":"BS!E19-BS!D19","v":475.399999999994},null,{"$f":"BS!G19-BS!E19","v":0},{"$f":"BS!H19-BS!G19","v":0},{"$f":"BS!I19-BS!H19","v":0},{"$f":"BS!J19-BS!I19","v":0},{"$f":"BS!K19-BS!J19","v":0},null,"9)"]
[null,"Delta Equity incl. dividends","BS, P&L",{"$f":"BS!D21-BS!C21-'P&L'!D24","v":-4214.26133333327},{"$f":"BS!E21-BS!D21-'P&L'!E24","v":-12129.644},null,{"$f":"BS!G21-BS!E21-'P&L'!G24","v":0},{"$f":"BS!H21-BS!G21-'P&L'!H24","v":0},{"$f":"BS!I21-BS!H21-'P&L'!I24","v":0},{"$f":"BS!J21-BS!I21-'P&L'!J24","v":0},{"$f":"BS!K21-BS!J21-'P&L'!K24","v":0},null,"10)"]
[]
[null,"Net Cash Flow",null,{"$f":"SUM(D23,D25,D26,D27,D28)","v":7617.60000000006},{"$f":"SUM(E23,E25,E26,E27,E28)","v":-11235.2},null,{"$f":"SUM(G23,G25,G26,G27,G28)","v":15572.9391816529},{"$f":"SUM(H23,H25,H26,H27,H28)","v":12168.3314407049},{"$f":"SUM(I23,I25,I26,I27,I28)","v":13391.6360247755},{"$f":"SUM(J23,J25,J26,J27,J28)","v":14737.271067253},{"$f":"SUM(K23,K25,K26,K27,K28)","v":16217.4696139784},null,"1)+ 2)+ 3)+ 4)+ 5)+ 6)+ 7)+ 8)+ 9)+ 10)"]
[]
[null,"Opening cash",null,{"$f":"BS!C12","v":11791.2},{"$f":"BS!D12","v":19408.8},null,{"$f":"BS!E12","v":8173.6},{"$f":"BS!G12","v":23746.5391816529},{"$f":"BS!H12","v":35914.8706223578},{"$f":"BS!I12","v":49306.5066471333},{"$f":"BS!J12","v":64043.7777143863}]
[null,"Closing cash",null,{"$f":"D30+D32","v":19408.8000000001},{"$f":"E30+E32","v":8173.60000000001},null,{"$f":"G30+G32","v":23746.5391816529},{"$f":"H30+H32","v":35914.8706223578},{"$f":"I30+I32","v":49306.5066471333},{"$f":"J30+J32","v":64043.7777143863},{"$f":"K30+K32","v":80261.2473283646}]
[]
[null,"Check",null,{"$f":"BS!D12","v":19408.8},{"$f":"BS!E12","v":8173.6},null,{"$f":"BS!G12","v":23746.5391816529},{"$f":"BS!H12","v":35914.8706223578},{"$f":"BS!I12","v":49306.5066471333},{"$f":"BS!J12","v":64043.7777143863},{"$f":"BS!K12","v":80261.2473283646}]
[null,null,null,{"$f":"D33-D35","v":5.45696821063757e-11},{"$f":"E33-E35","v":1.09139364212751e-11},null,{"$f":"G33-G35","v":0},{"$f":"H33-H35","v":0},{"$f":"I33-I35","v":0},{"$f":"J33-J35","v":0},{"$f":"K33-K35","v":0}]

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[null,"DCF Valuation"]
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[]
[null,"WACC",0.1]
[null,"g",0.02]
[null,null,null,null,null,null,1,2,3,4,5]
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[null,"UFCF",null,null,null,null,{"$f":"'Cash Flow'!G23","v":17757.3535816529},{"$f":"'Cash Flow'!H23","v":14352.7458407049},{"$f":"'Cash Flow'!I23","v":15576.0504247755},{"$f":"'Cash Flow'!J23","v":16921.685467253},{"$f":"'Cash Flow'!K23","v":18401.8840139784}]
[]
[null,"Discount factor (WACC)",null,null,null,null,{"$f":"1/(1+$C$4)^G6","v":0.909090909090909},{"$f":"1/(1+$C$4)^H6","v":0.826446280991735},0.751314800901578,0.683013455365071,0.620921323059155]
[null,"PV of UFCF",null,null,null,null,{"$f":"G10*G8","v":16143.0487105935},{"$f":"H10*H8","v":11861.7734220702},11702.5172237231,11557.7388615894,11426.1221687406,null,"Unlevered free cash flow multiplied by discount factor in order to obtain Present Value"]
[]
[]
[null,"DCF Valuation"]
[null,"PV of Cash flows",{"$f":"SUM(G11:K11)","v":62691.2003867168},"$",{"$f":"C15/C$18","v":0.300858661607022},null,"of Enterprise value",null,null,null,null,null,"Sum of the present value of Cash Flows for the period 2014-2018"]
[null,"Continuing value",{"$f":"(K8*(1+C5))/((C4-C5))","v":234624.021178224},"$"]
[null,"PV of Continuing value",{"$f":"C16*K10","v":145683.057651442},"$",{"$f":"C17/C$18","v":0.699141338392978},null,"of Enterprise value"]
[null,"Enterprise value",{"$f":"C17+C15","v":208374.258038159},"$"]
[null,"-Financial liabilities",{"$f":"-BS!E19","v":-51120.8},"$"]
[null,"+Cash",{"$f":"BS!E12","v":8173.6},"$"]
[null,"Equity value",{"$f":"SUM(C18:C20)","v":165427.058038159},"$"]
[]
[]
[]
[null,null,null,null,null,null,{"$f":"C18","v":208374.258038159},0.08,0.1,0.12,0.14]
[null,null,null,null,null,null,0.01,246777.50520828,190917.682502583,155453.190134805,130963.696653764]
[null,null,null,null,null,null,0.02,278982.110203451,208374.258038159,166084.762832616,137947.92267372]
[null,null,null,null,null,null,0.03,324068.557196691,230818.426583899,179078.907241052,146202.00797003]
[null,null,null,null,null,null,0.04,391698.227686551,260743.984644886,195321.587751596,156106.910325604]

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[]
[]
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[]
[]
[]
[]
[null,"3.Charts -->"]

{"sheet":"Revenues&Ebitda","index":10,"n_rows":6,"n_cols":11,"rows_kept":6,"cut":false,"hidden":false,"merged":[]}
[null,"Revenues & EBITDA"]
[]
[null,{"$f":"'P&L'!B3","v":"$ in thousands"},{"$f":"'P&L'!C3","v":"FY11\nActual"},{"$f":"'P&L'!D3","v":"FY12\nActual"},{"$f":"'P&L'!E3","v":"FY13\nActual"},null,{"$f":"'P&L'!G3","v":"FY14\nForecast"},{"$f":"'P&L'!H3","v":"FY15\nForecast"},{"$f":"'P&L'!I3","v":"FY16\nForecast"},{"$f":"'P&L'!J3","v":"FY17\nForecast"},{"$f":"'P&L'!K3","v":"FY18\nForecast"}]
[null,{"$f":"'P&L'!B4","v":"Revenues"},{"$f":"'P&L'!C4","v":177203},{"$f":"'P&L'!D4","v":188618},{"$f":"'P&L'!E4","v":208366},null,{"$f":"'P&L'!G4","v":229202.6},{"$f":"'P&L'!H4","v":252122.86},{"$f":"'P&L'!I4","v":277335.146},{"$f":"'P&L'!J4","v":305068.6606},{"$f":"'P&L'!K4","v":335575.52666}]
[null,"EBITDA",{"$f":"'P&L'!C12","v":20317.3173333333},{"$f":"'P&L'!D12","v":21213.936},{"$f":"'P&L'!E12","v":29560.873574603},null,{"$f":"'P&L'!G12","v":34673.364},{"$f":"'P&L'!H12","v":37882.2004},{"$f":"'P&L'!I12","v":41411.92044},{"$f":"'P&L'!J12","v":45294.612484},{"$f":"'P&L'!K12","v":49565.5737324}]
[null,"EBITDA%",{"$f":"C5/C4","v":0.114655605905844},{"$f":"D5/D4","v":0.112470368681674},{"$f":"E5/E4","v":0.141869947950256},null,{"$f":"G5/G4","v":0.151278231573289},{"$f":"H5/H4","v":0.150252937793899},{"$f":"I5/I4","v":0.149320852539908},{"$f":"J5/J4","v":0.148473502309008},{"$f":"K5/K4","v":0.14770318391728}]

{"sheet":"Cash flows","index":11,"n_rows":5,"n_cols":7,"rows_kept":5,"cut":false,"hidden":false,"merged":[]}
[null,"Cash flows"]
[]
[null,"$ in thousands","FY14\nForecast","FY15\nForecast","FY16\nForecast","FY17\nForecast","FY18\nForecast"]
[null,"UFCF",{"$f":"'DCF valuation'!G8","v":17757.3535816529},{"$f":"'DCF valuation'!H8","v":14352.7458407049},{"$f":"'DCF valuation'!I8","v":15576.0504247755},{"$f":"'DCF valuation'!J8","v":16921.685467253},{"$f":"'DCF valuation'!K8","v":18401.8840139784}]
[null,"Present value of UFCF",{"$f":"'DCF valuation'!G11","v":16143.0487105935},{"$f":"'DCF valuation'!H11","v":11861.7734220702},{"$f":"'DCF valuation'!I11","v":11702.5172237231},{"$f":"'DCF valuation'!J11","v":11557.7388615894},{"$f":"'DCF valuation'!K11","v":11426.1221687406}]

{"sheet":"Ebitda bridge","index":12,"n_rows":7,"n_cols":15,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
[null,"Ebitda bridge"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"C3","v":29560.873574603},{"$f":"K2","v":29560.873574603},{"$f":"L2+L3+C5","v":33726.616},{"$f":"M2","v":33726.616}]
[null,"EBITDA FY13",{"$f":"'P&L'!E12","v":29560.873574603},null,null,null,null,null,null,null,0,{"$f":"C4","v":20836.6},{"$f":"-C5","v":16670.857574603},{"$f":"C6","v":946.748000000007},{"$f":"N3+N2","v":34673.364}]
[null,"Delta Revenues",{"$f":"'P&L'!G4-'P&L'!E4","v":20836.6},null,null,null,null,null,null,null,{"$f":"B3","v":"EBITDA FY13"},{"$f":"B4","v":"Delta Revenues"},{"$f":"B5","v":"Delta Cogs"},{"$f":"B6","v":"Delta Opex"},{"$f":"B7","v":"EBITDA FY14"}]
[null,"Delta Cogs",{"$f":"'P&L'!G8-'P&L'!E8","v":-16670.857574603}]
[null,"Delta Opex",{"$f":"'P&L'!G11-'P&L'!E11","v":946.748000000007}]
[null,"EBITDA FY14"]

{"sheet":"Working capital","index":13,"n_rows":11,"n_cols":11,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[null,"Working capital"]
[]
[null,{"$f":"BS!B3","v":"$ in thousands"},{"$f":"BS!C3","v":"FY11\nActual"},{"$f":"BS!D3","v":"FY12\nActual"},{"$f":"BS!E3","v":"FY13\nActual"},null,{"$f":"BS!G3","v":"FY14\nForecast"},{"$f":"BS!H3","v":"FY15\nForecast"},{"$f":"BS!I3","v":"FY16\nForecast"},{"$f":"BS!J3","v":"FY17\nForecast"},{"$f":"BS!K3","v":"FY18\nForecast"}]
[null,{"$f":"BS!B8","v":"Inventory"},{"$f":"BS!C8","v":31167.2},{"$f":"BS!D8","v":36396.8},{"$f":"BS!E8","v":46212},null,{"$f":"BS!G8","v":51102.6705119758},{"$f":"BS!H8","v":56212.9375631733},{"$f":"BS!I8","v":61834.2313194907},{"$f":"BS!J8","v":68017.6544514398},{"$f":"BS!K8","v":74819.4198965837}]
[null,{"$f":"BS!B9","v":"Trade receivable"},{"$f":"BS!C9","v":32883.6},{"$f":"BS!D9","v":38556},{"$f":"BS!E9","v":43581.6},null,{"$f":"BS!G9","v":47939.76},{"$f":"BS!H9","v":52733.736},{"$f":"BS!I9","v":58007.1096},{"$f":"BS!J9","v":63807.82056},{"$f":"BS!K9","v":70188.602616}]
[null,{"$f":"BS!B16","v":"Trade payable"},{"$f":"BS!C16","v":15891.2},{"$f":"BS!D16","v":26351.6},{"$f":"BS!E16","v":36189.6},null,{"$f":"BS!G16","v":40019.5880888124},{"$f":"BS!H16","v":44021.5468976936},{"$f":"BS!I16","v":48423.701587463},{"$f":"BS!J16","v":53266.0717462093},{"$f":"BS!K16","v":58592.6789208302}]
[null,"Working capital",{"$f":"C4+C5-C6","v":48159.6},{"$f":"D4+D5-D6","v":48601.2},{"$f":"E4+E5-E6","v":53604},null,{"$f":"G4+G5-G6","v":59022.8424231634},{"$f":"H4+H5-H6","v":64925.1266654797},{"$f":"I4+I5-I6","v":71417.6393320277},{"$f":"J4+J5-J6","v":78559.4032652305},{"$f":"K4+K5-K6","v":86415.3435917535}]
[]
[null,"DSO",{"$f":"'BS assumptions'!C6","v":66.8052798203191},{"$f":"'BS assumptions'!D6","v":73.5887349033496},{"$f":"'BS assumptions'!E6","v":75.2971981993223},null,{"$f":"'BS assumptions'!G6","v":75.2971981993223},{"$f":"'BS assumptions'!H6","v":75.2971981993223},{"$f":"'BS assumptions'!I6","v":75.2971981993223},{"$f":"'BS assumptions'!J6","v":75.2971981993223},{"$f":"'BS assumptions'!K6","v":75.2971981993223}]
[null,"DIO",{"$f":"'BS assumptions'!C9","v":78.7965998909792},{"$f":"'BS assumptions'!D9","v":87.0203857278101},{"$f":"'BS assumptions'!E9","v":105.611926467028},null,{"$f":"'BS assumptions'!G9","v":105.611926467028},{"$f":"'BS assumptions'!H9","v":105.611926467028},{"$f":"'BS assumptions'!I9","v":105.611926467028},{"$f":"'BS assumptions'!J9","v":105.611926467028},{"$f":"'BS assumptions'!K9","v":105.611926467028}]
[null,"DPO",{"$f":"'BS assumptions'!C12","v":40.1759711551737},{"$f":"'BS assumptions'!D12","v":63.003516697758},{"$f":"'BS assumptions'!E12","v":82.7069456866434},null,{"$f":"'BS assumptions'!G12","v":82.7069456866434},{"$f":"'BS assumptions'!H12","v":82.7069456866434},{"$f":"'BS assumptions'!I12","v":82.7069456866434},{"$f":"'BS assumptions'!J12","v":82.7069456866434},{"$f":"'BS assumptions'!K12","v":82.7069456866434}]

{"sheet":"DCF results","index":14,"n_rows":7,"n_cols":14,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
[null,"DCF results"]
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[]
[null,"Scenario 1",null,null,null,null,"Scenario 2",null,null,null,null,null,"Scenario 3"]
[null,"Enterprise Value",208374.258038159,null,null,null,"Enterprise Value",135602.883717974,null,null,null,null,"Enterprise Value",101216.941660517]
[null,"CFs in Forecast period",0.300858661607022,null,null,null,"CFs in Forecast period",0.315911653369332,null,null,null,null,"CFs in Forecast period",0.334705031166156]
[null,"Continuing Value",0.699141338392978,null,null,null,"Continuing Value",0.684088346630668,null,null,null,null,"Continuing Value",0.665294968833844]

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[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"4.Sources -->"]

{"sheet":"P&L source","index":16,"n_rows":27,"n_cols":6,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
[null,"P&L source"]
[]
[null,"USD in thousands",null,"2011\nAct","2012\nAct","2013\nAct"]
[null,"Revenue from sales and services",null,177203,188618,208366]
[null,"Other revenue",null,3520,2416,2585]
[null,"Revenue",null,{"$f":"D4+D5","v":180723},{"$f":"E4+E5","v":191034},{"$f":"F4+F5","v":210951}]
[]
[null,"Raw materials",null,-139903.039466667,-138922.9888,-150080.468825397]
[null,"Direct costs",null,-2491.328,-11649.1776,-7442.6496]
[null,"Cost for services",null,-16389.5936,-17878.3104,-22293.312]
[null,"Lease costs",null,-290.7264,-246.1312,-120.9216]
[null,"Other operating expenses",null,-1330.9952,-1123.456,-1452.7744]
[]
[null,"EBITDA",null,{"$f":"D6+SUM(D8:D12)","v":20317.3173333333},{"$f":"E6+SUM(E8:E12)","v":21213.936},{"$f":"F6+SUM(F8:F12)","v":29560.873574603}]
[]
[null,"D&A",null,-2907.8,-4649.8,-6430.66]
[]
[null,"EBIT",null,{"$f":"D14+D16","v":17409.5173333333},{"$f":"E14+E16","v":16564.136},{"$f":"F14+F16","v":23130.213574603}]
[]
[null,"Financial income/expenses",null,-1266.3,-2190.9,-2663.92]
[null,"Extraordinary income",null,-317.58,-864.3,-320.26]
[]
[null,"EBT",null,{"$f":"D18+D21+D20","v":15825.6373333333},{"$f":"E18+E21+E20","v":13508.936},{"$f":"F18+F21+F20","v":20146.033574603}]
[]
[null,"Taxes",null,-3805.776,-3050.192,-3814.88]
[]
[null,"Net Income",null,{"$f":"D23+D25","v":12019.8613333333},{"$f":"E23+E25","v":10458.744},{"$f":"F23+F25","v":16331.153574603}]

{"sheet":"BS source","index":17,"n_rows":22,"n_cols":12,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[null,"BS source"]
[]
[null,"USD in thousands",null,"31Dec11\nAct","31Dec12\nAct","31Dec13\nAct",null,"USD in thousands",null,"31Dec11\nAct","31Dec12\nAct","31Dec13\nAct"]
[null,"Intangible assets",null,5961.6,5840,5650,null,"Share Capital",null,6784.8,6800,7508]
[null,"PP&E",null,45106.4,49072.4,56109.2,null,"Reserves",null,46224,44414.4,46513.2]
[null,"Financial assets",null,8824,9831,10323,null,"Retained earnings",null,16393.7,25993.7,21516]
[null,null,null,null,null,null,null,"Profit/(loss) for the year",null,12019.8613333333,10458.744,16331.153574603]
[null,"Fixed assets",null,{"$f":"D6+D5+D4","v":59892},{"$f":"E6+E5+E4","v":64743.4},{"$f":"F6+F5+F4","v":72082.2},null,"Total Equity",null,{"$f":"SUM(J4:J7)","v":81422.3613333333},{"$f":"SUM(K4:K7)","v":87666.844},{"$f":"SUM(L4:L7)","v":91868.353574603}]
[]
[null,"Inventory",null,31167.2,36396.8,46212,null,"Trade payable",null,15891.2,26351.6,36189.6]
[null,"Trade receivables",null,32883.6,38556,43581.6,null,"Other liabilities",null,5315,4334,6473.04642539704]
[null,"Other assets",null,8841.6,11359.2,17602.8,null,"Deferred taxes",null,478.838666666689,1217.95600000001,1760.4]
[null,null,null,null,null,null,null,"Provisions for retirement benefits",null,175.2,248.4,240]
[null,"Cash and equivalents",null,11791.2,19408.8,8173.6]
[null,"Non fixed assets",null,{"$f":"+D14+D12+D11+D10","v":84683.6},{"$f":"+E14+E12+E11+E10","v":105720.8},{"$f":"+F14+F12+F11+F10","v":115570},null,"Bank borrowings",null,37402.6,45594.6,50680.4]
[null,null,null,null,null,null,null,"Other Financial liabilities",null,3890.4,5050.8,440.4]
[null,null,null,null,null,null,null,"Total Liabilities",null,{"$f":"J16+J15+SUM(J10:J13)","v":63153.2386666667},{"$f":"K16+K15+SUM(K10:K13)","v":82797.356},{"$f":"L16+L15+SUM(L10:L13)","v":95783.846425397}]
[]
[null,"Total Assets",null,{"$f":"D15+D8","v":144575.6},{"$f":"E15+E8","v":170464.2},{"$f":"F15+F8","v":187652.2},null,"Total Liabilities & Equity",null,{"$f":"J17+J8","v":144575.6},{"$f":"K17+K8","v":170464.2},{"$f":"L17+L8","v":187652.2}]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J19-D19","v":0},{"$f":"K19-E19","v":0},{"$f":"L19-F19","v":0}]