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[null,"P&L 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"]
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[null,"% of revenues",{"$f":"C21/C$9","v":-0.8035663474470901},{"$f":"D21/D$9","v":-0.79829160737575411},{"$f":"E21/E$9","v":-0.75599242882906514},null,{"$f":"+CHOOSE($C$5,G23,G24,G25)","v":-0.76},{"$f":"+CHOOSE($C$5,H23,H24,H25)","v":-0.76},-0.76,-0.76,-0.76]
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[null,"Operating expenses",{"$f":"'P&L source'!D10+'P&L source'!D11+'P&L source'!D12","v":-18011.315200000005},{"$f":"'P&L source'!E10+'P&L source'!E11+'P&L source'!E12","v":-19247.897599999997},{"$f":"'P&L source'!F10+'P&L source'!F11+'P&L source'!F12","v":-23867.008000000009},null,{"$f":"G$9*G28","v":-22920.260000000002},{"$f":"H$9*H28","v":-25212.286000000004},-27733.51460000001,-30506.866060000015,-33557.552666000018]
[null,"% of revenues",{"$f":"C27/C$9","v":-0.10164227016472635},{"$f":"D27/D$9","v":-0.10204698173026963},{"$f":"E27/E$9","v":-0.11454367795129727},null,{"$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":-2907.8000000000006},{"$f":"'P&L source'!E16","v":-4649.8},{"$f":"'P&L source'!F16","v":-6430.6600000000008},null,{"$f":"G$9*G34","v":-4584.0520000000006},{"$f":"H$9*H34","v":-5042.4572000000007},-5546.7029200000015,-6101.3732120000022,-6711.510533200003]
[null,"% of revenues",{"$f":"C33/C$9","v":-1.6409428734276511E-2},{"$f":"D33/D$9","v":-2.4651942020379815E-2},{"$f":"E33/E$9","v":-3.0862328786846225E-2},null,{"$f":"+CHOOSE($C$5,G35,G36,G37)","v":-0.02},{"$f":"+CHOOSE($C$5,H35,H36,H37)","v":-0.02},-0.02,-0.02,-0.02]
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[null,"Case 2",null,null,null,null,-2.5000000000000001E-2,-2.5000000000000001E-2,-2.5000000000000001E-2,-2.5000000000000001E-2,-2.5000000000000001E-2]
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[null,"Interest expense",{"$f":"'P&L source'!D20","v":-1266.3000000000002},{"$f":"'P&L source'!E20","v":-2190.9},{"$f":"'P&L source'!F20","v":-2663.92}]
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[null,"Extraordinary items",{"$f":"'P&L source'!D21","v":-317.58000000000004},{"$f":"'P&L source'!E21","v":-864.30000000000007},{"$f":"'P&L source'!F21","v":-320.26}]
[null,"% of revenues",{"$f":"C45/C9","v":-1.7921818479371119E-3},{"$f":"D45/D9","v":-4.5822774072463929E-3},{"$f":"E45/E9","v":-1.5370069973028228E-3}]
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[null,"Taxes",{"$f":"'P&L source'!D25","v":-3805.7759999999998},{"$f":"'P&L source'!E25","v":-3050.192},{"$f":"'P&L source'!F25","v":-3814.88}]
[null,"% of EBT",{"$f":"'P&L source'!D25/'P&L source'!D23","v":-0.2404816892893126},{"$f":"'P&L source'!E25/'P&L source'!E23","v":-0.22579069143565386},{"$f":"'P&L source'!F25/'P&L source'!F23","v":-0.18936134430001197}]
[null,"Case 1"]
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[null,"2.Output -->"]

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[null,"P&L"]
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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,"Note"]
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[null,"Balance Sheet"]
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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,"Note"]

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[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"]

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[null,"DCF Valuation"]
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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,"Note"]

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

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[null,"Revenues & EBITDA"]

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[null,"Ebitda bridge"]

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[null,"Working capital"]

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[null,"DCF results"]

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

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[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},{"$f":"F4+F5","v":210951}]
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[null,"Raw materials",null,-139903.0394666667,-138922.98879999999,-150080.46882539699]
[null,"Direct costs",null,-2491.3280000000004,-11649.177600000001,-7442.6495999999997]
[null,"Cost for services",null,-16389.593600000004,-17878.310399999998,-22293.312000000005]
[null,"Lease costs",null,-290.72640000000007,-246.13120000000004,-120.92160000000001]
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[null,"EBITDA",null,{"$f":"D6+SUM(D8:D12)","v":20317.317333333282},{"$f":"E6+SUM(E8:E12)","v":21213.936000000016},{"$f":"F6+SUM(F8:F12)","v":29560.873574603}]
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[null,"D&A",null,-2907.8000000000006,-4649.8,-6430.6600000000008]
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[null,"EBIT",null,{"$f":"D14+D16","v":17409.517333333282},{"$f":"E14+E16","v":16564.136000000017},{"$f":"F14+F16","v":23130.213574603}]
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[null,"Financial income/expenses",null,-1266.3000000000002,-2190.9,-2663.92]
[null,"Extraordinary income",null,-317.58000000000004,-864.30000000000007,-320.26]
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[null,"EBT",null,{"$f":"D18+D21+D20","v":15825.637333333281},{"$f":"E18+E21+E20","v":13508.936000000018},{"$f":"F18+F21+F20","v":20146.033574603003}]
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[null,"Taxes",null,-3805.7759999999998,-3050.192,-3814.88]
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[null,"Net Income",null,{"$f":"D23+D25","v":12019.861333333281},{"$f":"E23+E25","v":10458.744000000017},{"$f":"F23+F25","v":16331.153574603002}]

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[null,"BS source"]
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[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,45106.400000000001,49072.4,56109.2,null,"Reserves",null,46224,44414.400000000001,46513.2]
[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,12019.861333333281,10458.744000000017,16331.153574603002]
[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":81422.361333333276},{"$f":"SUM(K4:K7)","v":87666.844000000026},{"$f":"SUM(L4:L7)","v":91868.353574602996}]
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[null,"Inventory",null,31167.200000000001,36396.800000000003,46212,null,"Trade payable",null,15891.2,26351.599999999999,36189.599999999999]
[null,"Trade receivables",null,32883.599999999999,38556,43581.599999999999,null,"Other liabilities",null,5315,4334,6473.0464253970422]
[null,"Other assets",null,8841.6,11359.199999999999,17602.8,null,"Deferred taxes",null,478.83866666668911,1217.9560000000056,1760.3999999999999]
[null,null,null,null,null,null,null,"Provisions for retirement benefits",null,175.2,248.39999999999998,240]
[null,"Cash and equivalents",null,11791.199999999999,19408.8,8173.6]
[null,"Non fixed assets",null,{"$f":"+D14+D12+D11+D10","v":84683.599999999991},{"$f":"+E14+E12+E11+E10","v":105720.8},{"$f":"+F14+F12+F11+F10","v":115570},null,"Bank borrowings",null,37402.600000000006,45594.6,50680.399999999994]
[null,null,null,null,null,null,null,"Other Financial liabilities",null,3890.3999999999996,5050.8,440.4]
[null,null,null,null,null,null,null,"Total Liabilities",null,{"$f":"J16+J15+SUM(J10:J13)","v":63153.238666666701},{"$f":"K16+K15+SUM(K10:K13)","v":82797.356},{"$f":"L16+L15+SUM(L10:L13)","v":95783.846425397031}]
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[null,"Total Assets",null,{"$f":"D15+D8","v":144575.59999999998},{"$f":"E15+E8","v":170464.2},{"$f":"F15+F8","v":187652.2},null,"Total Liabilities & Equity",null,{"$f":"J17+J8","v":144575.59999999998},{"$f":"K17+K8","v":170464.2},{"$f":"L17+L8","v":187652.2}]
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