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Wilmar International Ltd
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PREPARED BY:
Lai Wai Kit (U064737W)
Lee Kelvin (U064755N)
Nattaya Kris Suebjaklap (U064241H)
Li Zhuowei (U064260M)
HISTORICAL CHART
Te Lay Hoon Goi Seng Hui Sam Teo Kee Bck
MAJOR SHAREHOLDERS
Bloomberg Code SUPER SP
Reuters Code SCOF.SI
Market Cap(m) 208.53
Issued Share Capital(S$m) 541.63
52-week High S$1.20
52-week Low S$0.30
Listing Bourse SGX Mainboard
Average Volume (‘000) 103.9
Beta 0.86
STOCK INFORMATION
W
September 30, 2009
Initial Coverage:
HOLD Equity | Singapore | Plantations
Research Analysts:
Lai Wai Kit
Lee Kelvin
Nattaya Kris Suebjaklap
Li Zhuowei
+65 6321 1234
Wilmar International is well-positioned due to its investment in core businesses
and new markets and strong financial position.
Key Opportunities – Looking Forward
• Improving global economy
• Positive growth prospects in emerging markets
• Wilmar’s emphasis on growth in China, India and Indonesia
• Resilient global demand for food and agricultural commodities
We rate Wilmar International Ltd a HOLD with a target price of S$6.65.
The Group enjoys leadership position in palm oil industry. While there are
various opportunities, Wilmar is facing a variety of risks. Wilmar China IPO
outperformance potential may be limited and timing is largely uncertain. Other
risks include commodities price risk, credit risk, foreign exchange risk and
interest rate risk. We see Wilmar as a good pick with a strong business model.
However from our valuation, we believe that with all the uncertainties that the
company faces, Wilmar is currently priced close to its fair value.
Thus, we initiate a HOLD call for Wilmar International Ltd.
Wilmar International Ltd We Invest, You Harvest
Page 1 of 15
PRICE
Target Price S$6.65 Current Price S$6.32 Target Horizon 12 months
STI Index 2,672.57
Bloomberg Code WIL SP
Reuters Code WLMIF.PK
Market Cap(m) 40357.51
52-week High S$6.99
52-week Low S$1.80
Listing Bourse SGX Mainboard
Average Volume (‘000) 10683.9
Beta 0.875
STOCK INFORMATION
MAJOR SHAREHOLDERS
Wilmar Holdings
PPB Group
Kerry Group
Global Cocoa Holdings
STRONG MARKET POSITION
Largest global processor and
merchandisers of palm and
lauric oils, and largest global
palm biodiesel manufacturer
MARKETED BRANDS
Arawana, Koufu, Orchid, Gold
Ingots, Golden Carp, Huaqi,
Baihehua, Xiangmanyuan
PRODUCTS
Oil palm plantations
Palm and Lauric oil products
Soya Bean products
Edible oil
QUICK FACTS
Corporate Profile
Wilmar International Limited, founded in 1991 as a palm oil trading company, is
today Asia’s leading agribusiness group. It is amongst the largest listed
companies by market capitalisation on the Singapore Exchange.
Headquartered in Singapore, its operations are located in more than 20
countries across four continents, with a primary focus on Indonesia, Malaysia,
China, India and Europe. Backed by a staff force of about 70,000 people, over
250 processing plants and an extensive distribution network, the products of
Wilmar International Limited are delivered to more than 50 countries globally.
Wilmar International Limited Distribution Network
Source: Company Information
Business Activities
Wilmar International Limited is engaged in the businesses of oil palm cultivation,
oilseeds crushing, edible oils refining, consumer pack edible oils processing and
merchandising, specialty fats, oleochemicals, biodiesel, fertilisers and soy
protein manufacturing, rice and flour milling, and grains merchandising.
The business strategy involves building an integrated business model which
captures the entire value chain of the agricultural commodity processing
business, from origination, processing and transportation to the branding,
Page 2 of 15
merchandising and distribution of a wide range of agricultural products. Wilmar
International Limited’s business model enjoys lower cost due to economies of
scale, integration, logistical and distribution advantages, and superior market
intelligence.
Geographical Segmentation
Wilmar International Limited has a strong foothold in China, India and South
East Asia, some of the fastest growing consumer markets in the world – making
the stock an excellent proxy to developing markets’ consumer sector boom.
Cumulatively, these three markets that accounts for 46% of world of world
population contributed approximately 79% of group revenue in FY08.
Wilmar’s FY08 revenue breakdown by regions
Source: Company Filings
Page 3 of 15
Economy Outlook
Asia Pacific Countries’ GDP Growth. In view of the tumbling global equity
market and rising unemployment, most of the countries in the Asia Pacific region
are expected to contract between 2% to 3% in 2009. As Wilmar International
Limited’s core revenue stream is from the Asia Pacific region, this has an
immense impact on the growth of the company. Among the Asian countries, the
growth prospects in China remain the strongest with expected GDP growth of
7.5%. World Bank expects developing economies (where Wilmar International
Limited heavily invests in, particularly countries like India) to recover in 2010 and
an average GDP growth of 6%.
However, demand will not just be driven by just straightforward GDP growth.
Demand for edible oils is also set to grow through urbanisation, and demand for
better quality agricultural products. Currently, both China and India have low per
capita consumption per capita consumption per annum of vegetable oils,
approximately 16kg for China and 10kg for India, as compared to developed
nations such as the US, at 37kg, or a closer geographical comparison of Hong
Kong, at 32kg. A higher per capita consumption will be driven by a trend towards
more processed and packaged foods with rising affluence.
Inflation Rates for Asia Pacific Countries. With the ongoing financial crisis
eroding demand and economic growth, inflation rates have dropped. Although
many countries such as China and Singapore have introduced economic
stimulus packages to boost demand, we expect to witness a drop in inflation
rates as consumption continues to remain weak till end of 2010. Thus,
production costs of Wilmar International Limited are expected to decrease in
2009 and 2010, but it is expected to increase when economies recover in late
2010.
Page 4 of 15
Fluctuations in Exchange Rates. Wilmar International Limited has
transactional currency exposures arising from sales/purchases that are
denominated primarily Singapore Dollar (SGD), Malaysian Ringgit (Ringgit),
Thai Baht (Baht) and Renminbi (RMB). Operating in several countries and
facing foreign currency risk, Wilmar International Limited manages its
currency risk by matching sales and purchases in the same currency, and
through financial instruments, such as forward currency contracts.
Industry Analysis
Wilmar’s core businesses can be classified into: 1) upstream plantations, 2)
merchandising & processing (M&P), 3) consumer packs, and 4) fertilisers &
shipping. M&P and Plantations divisions accounted for 93% of Wilmar’s
operating profit in FY08.
Upstream Plantations
Wilmar International Limited owns a total of 573k ha plantations land bank, out
of which, approximately 223k ha are already planted. In terms of total land bank,
Wilmar is the fourth largest behind Sime Darby, Golden Agri and Astra Agro.
Bulk of the land bank is located in Indonesia. In addition, the group also
manages about 33,867ha under the Plasma Programme in Indonesia. To serve
the Russian and East Europe market, Wilmar is also growing palm oil in the
African continent. In Uganda, the group owns 4k ha planted area and in West
Africa, 36k ha and manages another 120k ha under smallholders scheme.
Merchandising & Processing
(i) Palm & Laurics
Wilmar International Limited is the world largest palm oil refiner. For
strategic reasons, Wilmar does no longer disclose its production
Page 5 of 15
Data but as at the end of FY08, it owned 33 refining plants with combined
capacity of 9.55mn tonnes p.a. Globally, Wilmar owns 35% of world palm oil
refinery capacity. According to management, it accounted for approximately
40% of palm oil refined in Malaysia and Indonesia respectively.
From an industry perspective, the Palm & Lauric industry production is set to
rise. A seasonal increase in production and stocks is expected in the 2H09, but
palm oil stocks are still unusually low. India’s (third-largest buyer of vegetable oil
globally) oilseeds production has improved due to rainfall in key growing areas.
The latest USDA release raises soybean production forecast to 88.3m tonnes
from (87.1 tonnes) and world soybean imports from 74.5m to 75.1m tonnes.
(ii) Oilseeds and Grains
Most of Wilmar International Limited’s crushing and processing facilities are
located in China where it operates integrated manufacturing facilities and
controls a significant market share in crushing capacity. We estimate its installed
crushing capacity is about 14mn tonnes p.a. More than 70% of the oilseeds the
company crush are soybeans and in 2008, Wilmar International Limited
accounted for 25% of total soybeans crushed in the country. This segment
processes soya bean, rapeseed, groundnut, sunflower seed, sesame seed,
cotton seed and grains (wheat and rice) into edible oils, meal, flour, rice and
related products. The products are sold mainly in bulk, in drums or in branded
consumer packs (for edible oils, flour and rice) to distributors, wholesalers, feed
millers, industrial users and retailers in China. The group also exports meal to
Japan, Korea and Vietnam.
Page 6 of 15
Company Analysis
Wilmar’s integrated business model and significant market presence are its main
competitive advantage. These factors allow Wilmar to leverage on three key
areas to maximize margins: 1) cost savings, 2) economies of scale, and 3)
market intelligence.
Wilmar’s strength is underpinned by its integrated business model, from
origination, processing and transportation to the branding, merchandising and
distribution of a wide range of agricultural products to the end customers. It also
commands significant market share in the palm oil value chain and in China,
soybeans processing and cooking oil market. These factors allow Wilmar to
leverage on three key areas to maximize margins:
1. Cost savings
Wilmar is a low cost producer and hence it could thrive at areas where its
competitor would find difficult to operate profitably. Having an integrated
business allows Wilmar to strategically locate its processing units close to
origination points (mills to refinery) or consumer markets and therefore, provide
efficiency gains through improved logistics – lower transportation cost. This
efficiency gain translates into US$1 – 2 per tonne cost savings at each step
along the value chain, which could translates into large absolute amount due to
huge volume base.
According to management, pre-tax margin prior to the merger was US$12 – 15
per tonne but has grown since to > US$30 per tonne presently, partly
attributable to cost savings. Figure 6 clearly indicates a broad profit
enhancement post-merger except in 4Q08 when the oilseeds & grains margin
was hit by volatile freight charges and difficulty in managing inventories.
Page 7 of 15
2. Economies of scale
The business is essentially a volume story, where as highlighted above, the
group controls significant amount of edible oils processing capacity. In this
perspective, Wilmar benefits from having the economies of scale by providing
another lever for cost savings (FFB and fertiliser procurement, freight, etc) and
greater pricing power.
3. Market intelligence
A key factor sets it apart from industry peers. Wilmar commands a vast on-the-
ground network that gathers and feed vital information that are utilised to time
raw material purchases and take trading positions. Hence, while its competitors
are prone to volatile swing in raw material prices, Wilmar thrives due to market
intelligence factor.
Dependent on 3rd party corps
Due to its relatively young acreage, Wilmar is still depending substantially on
third parties crops to produce CPO. In FY08, internally FFB only accounted for
41% of total FFB processed. This cause Wilamr to be subjected to volatility in
commodities prices.
Page 8 of 15
Strong dependence on trading
If we are to remove the supernormal profits from Wilmar’s palm & laurics
segment i.e. by trimming its PBT per tonne to US$15, Wilmar’s net earnings will
plunge by 22.1% to US$848.3m, thus putting its valuation at 18.1x FY09
earnings and 16.9x FY10 earnings. If we are to further halve margins for its
oilseeds & grains segment, Wilmar will be tradding at 22.4x FY09 earnings and
20.7x FY10 earnings. In the merchandising & processing of palm oil & laurics
segment, we estimate that at least half of the profit per tonne comes from
trading. If we strip out the trading profits element from both the palm oil as well
as oilseeds merchandising segments, Wilmar is trading in excess of 20x forward
earnings.
Page 9 of 15
Risks Analysis
Risk Management overview
Risk management is inherently an integral part of Wilmar International Limited’s
business model, as it manages risks from commodity prices, counterparty credit,
interest rates and currency. The company relies on the commodities markets for
its supply of raw materials such as soybeans and approximately 90% of its CPO
requirements. It also purchases 60% of its FFBs from third parties. Inherently,
Wilmar is exposed to commodity price risk as there is a timing gap between
purchasing its raw materials and selling its finished product, due to freight and
processing lead times. Wilmar mitigates this risk by through management of its
commodity positions through physical and derivative contracts.
For interest rate risk, most of Wilmar International Limited’s borrowings are in
the form of trade financing, and have short term tenors. Interest costs for trade
financing contracts are typically priced into the selling price of their products,
and hence, passed on to customers. For its long term financing, the company
uses financial hedging instruments such as interest rate swaps.
Other risks
Oil World has estimated an increase in the world soybean inventory in 2010 due
to expansion of Argentina’s soybean harvested acreage by 2.3m ha to 18.8m ha
Page 10 of 15
and increased yield to 2.80 MT/ha. Additionally, Brazil and US are also expected
to increase production by 12.4 MT from 4Q09. The increase could pressure
soybean prices, translating into lower margins for Wilmar.
Furthermore, China’s restriction on foreign crushers to expand capacity also
represents a risk to Wilmar. The inability to expand would limit the Group’s profit
growth.
Last, Wilmar is still monitoring market conditions and has not taken a decision
on timing of the listing of Wilmar China. The speculation that Wilmar may delay
the listing has caused a significant drop in the share price of Wilmar today.
Thus, the timing of Wilmar China IPO is still largely uncertain. Although there is
a potential for share price to overshoot fair value as a result from Wilmar China
IPO, the lack of short-term catalysts post-IPO could also limit the
outperformance potential.
Page 11 of 15
Earnings Analysis
Resilient performance - 2Q09
Ahead of expectations, Wilmar posted strong results in 2Q09. Earnings came in
USD407.2mm, up 22.8% from 2Q08 of USD331.7mm due to higher margins in
palm & laurics products and consumer products together with stronger
plantation profit. Consumer products was the best-performing segment with pre-
tax profit increased as much as five times to USD61.8mm. Earnings per Share
(EPS) increased by 23% to USD6.4 cents and Wilmar also declared interim tax-
exempt dividend of SGD0.03 per share. Despite 27% decline in turnover
reflecting lower commodities prices, pre-tax profit growth has increased across
almost all business segments with merely merchandising and processing of
oilseeds & grains and contribution from Associates as exceptions. Increase in
production volume and higher CPO selling price boosted up pre-tax profit in
plantation and palm oil mills by 26% while timely purchases of raw materials and
sales of products expanded margins in palm & laurics segment. Increased
volume of 9% for oilseeds & grains due to strong demand is partly offset by
marginally lower volume of palm & laurics by 0.8%.
Financial position
The Group’s total assets stood at USD20.7bn as at June 30, 2009. Debt to
equity ratio increased to 0.39x from 0.25x at year ended 2008 on short-term
borrowing due to higher working capital requirement. Wilmar posted
strengthened interest coverage in 2Q09. In addition, the management also
indicated that they are “fairly optimistic” on their prospect for the current year as
the global economic environment improves.
Page 12 of 15
Valuation Assumptions
3-Stage Growth Model
In our valuation, we foresee Wilmar undergoing a 3-stage growth model as
follow:
Stage 1 – Double Digit High Growth
In the first 5 years, there exist 4 main engines that will propel strong growth rate
for Wilmar.
1. Global Economic Recovery: As many economic indicators and
economist consensus points towards a bottoming of the global
recession, we believe that the recovery in the economy will bring about a
rise in the global consumption of commodities.
2. Rising Commodities Prices: With a rising global demand for
commodities, prices are also expected to rise. Although this may crimp
consumers’ spending power and hence Wilmar’s business volume, we
feel that there will still be an overall positive effect on the revenue
numbers.
3. Improving Living Standards in Core Emerging Markets: The growth driver
for palm oil consumption has been the rising living standards in
developing nations especially core business countries such as India and
China, resulting in increased edible oil demand. Furthermore, with the
expected increase in meat consumption in these nations, the demand for
meat drives the need for animal feed such as corn, soymeal and
rapemeal.
4. Maturing Harvest: Wilmar’s tree age profile points to further production
growth in the coming year. Some 13.7% of its trees are in the 4 to 6 year
Page 13 of 15
old bracket, for which the Fresh Fruit Bunch (FFB) production is
accelerating. There are also 80.3k ha of immature trees which will come
into production in the next 3 to 4 years, thus contributing to Wilmar’s
continued output growth.
Stage 2 – High Single Digit Growth: As the economic growth starts to stabilise
and the industry starts to saturate, there remains growth fromcore emerging
markets which would be supplied by the growing acreage of FFB production.
However, this growth will decline slowly over a 15 years period, as it moves in
tandem with the slowing growth in edible oil and animal feed demand.
Stage 3 – Flat Growth: In the third stage, after 20 years of operation, the
company matures as the market becomes fully saturated and all engines of
growth comes to a standstill. Thus, we assume a terminal growth rate of 1%.
Balance Sheet
Working Capital will need to increase as the company expands, in order to
substantiate its growth. As we believe that working capital will need 1 year to
kick year, we will estimate the change in working capital as the difference
between the year’s revenue and the revenue in the year after, multiplied by an
assumed multiplier of 15%.
Capital expenditure would be divided into 2 forms. The first form being the
principal investment made into fixed assets to generate future growth. As we
believe that capital expenditure will take a longer period of 3 to 5 years to be
revenue generating, capital expenditure has peaked in 2008 to contribute for the
double digit growth in Stage 1. And that it will be terminated in 2024, 5 years
before it reaches terminal growth. However this does not mean that capital
expenditure will be zero, as it will come in as a second form to offset the
depreciation in fixed assets, in order to maintain our assumed terminal growth.
Page 14 of 15
DCF Valuation
According to the CAPM model on the left, the required rate of return for equity is
8.18%. Refer to the FCFE model in the Appendix and DCF Model on the left, the
target share price is SGD 6.65. This shows an upside potential of only 5.22% to
the current trading price SGD 6.32. Hence it supports our recommendation
“HOLD” for Wilmar.
Relative Valuation
Our peer comparison takes into consideration a basket of seven stocks
comparable to Wilmar in different markets – namely Singapore, Malaysia and
Indonesia.
Applying sector average of P/E of 14.88x, we arrive at a relative valuation of
S$5.44 per share. However, we believe that S$5.4 per share does not reflect the
true intrinsic value for Wilmar as Wilmar is a high growth company, growing at a
faster rate than its industry peers and that sector average of P/E is too low to be
applied to Wilmar. Nevertheless, this price gives return of -13.92% and thus
supports our recommendation “HOLD” for Wilmar.
Name of Company
Ticker Listed Exchange
Mkt Cap (USDmm)
Forward P/E Forward ROE
IOI Corporation IOI MK KLSE 9,424.42 18.31 18.32
Kuala Lumpur Kepong
KLK MK KLSE 4,258.89 17.02 14.50
Astra Agro Lestari AALI IJ JSX 3,435.07 13.15 24.61
Genting Plantations
GENP MK KLSE 1,314.27 16.21 10.59
First Resources FR SP SGX 957.84 11.42 15.09
Hap Seng Plantations
HAPL MK KLSE 525.01 11.87 8.84
IJM Plantations IJMP MK KLSE 518.94 16.16 11.00
Average 14.88 14.71
Wilmar International
WIL SP SGX 28,613.47 17.36 14.72
Source: Bloomberg
Page 15 of 15
DCM Model million
Terminal Value at 2029 66,063
Present Value 30,348
Shares Outstanding 6,386
Target Share Price (USD) 4.75
Target Share Price (SGD) 6.65
CAMP Model
Risk Free Rate 2.45%
STI Market Return 8.95%
Wilmar Beta 0.875
Required Equity Return 8.18%
[Type text]
Period End Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Sales 4,652 5,302 16,466 29,145 24,224 28,342 32,593 36,505 40,885 45,383 50,375 55,412 60,953
Cost of Revenue (4,216) (4,815) (14,738) (25,585) (21,726) (25,419) (29,232) (32,740) (36,669) (40,702) (45,180) (49,697) (54,667)
Gross Profit 436 486 1,728 3,560 2,498 2,923 3,361 3,765 4,216 4,680 5,195 5,715 6,286
Net gains arising from changes in fair value 2 17 123 -- -- -- -- -- -- -- -- -- --
Interest income -- -- 18 93 77 -- -- -- -- -- -- -- --
Other operating income 14 22 133 277 149 174 200 224 251 279 310 340 375
Selling and distribution expenses (288) (263) (798) (1,577) (789) (923) (1,061) (1,188) (1,331) (1,477) (1,640) (1,804) (1,984)
Administrative expenses (25) (37) (145) (244) (257) (300) (345) (387) (433) (481) (534) (587) (646)
Other operating expenses (5) (21) (108) (84) (45) (52) (60) (68) (76) (84) (93) (102) (113)
Finance costs (60) (69) (181) (347) (496) (450) (564) (659) (766) (864) (966) (1,052) (1,140)
Share of results of associates 0 0 60 111 30 57 65 73 82 91 101 111 122
Profit before tax 74 135 830 1,789 1,168 1,429 1,596 1,760 1,944 2,144 2,373 2,620 2,900
Income tax expenses (15) (29) (155) (232) (390) (257) (271) (299) (330) (364) (403) (445) (493)
Profit after tax 59 106 675 1,557 778 1,171 1,325 1,461 1,613 1,779 1,970 2,175 2,407
Attributable to
Equity holder 58 105 580 1,531 766 1,153 1,304 1,437 1,587 1,751 1,938 2,140 2,369
Minority interest 1 2 95 26 12 19 21 23 26 28 32 35 39
Period End Date 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Sales 66,439 72,419 78,212 84,469 90,382 96,709 102,511 107,637 111,942 115,300 117,606 118,782
Cost of Revenue (59,587) (64,950) (70,146) (75,758) (81,061) (86,735) (91,939) (96,536) (100,398) (103,410) (105,478) (106,533)
Gross Profit 6,852 7,468 8,066 8,711 9,321 9,973 10,572 11,100 11,544 11,891 12,129 12,250
Net gains arising from changes in fair value -- -- -- -- -- -- -- -- -- -- -- --
Interest income -- -- -- -- -- -- -- -- -- -- -- --
Other operating income 408 445 481 519 555 594 630 661 688 708 723 730
Selling and distribution expenses (2,163) (2,358) (2,546) (2,750) (2,942) (3,148) (3,337) (3,504) (3,644) (3,754) (3,829) (3,867)
Administrative expenses (704) (767) (828) (895) (957) (1,024) (1,086) (1,140) (1,186) (1,221) (1,246) (1,258)
Other operating expenses (123) (134) (145) (156) (167) (179) (190) (199) (207) (213) (218) (220)
Finance costs (1,210) (1,276) (1,312) (1,345) (1,338) (1,314) (1,244) (1,171) (1,226) (1,272) (1,308) (1,321)
Share of results of associates 133 145 156 169 181 193 205 215 224 231 235 238
Profit before tax 3,193 3,523 3,871 4,253 4,652 5,095 5,550 5,963 6,193 6,369 6,486 6,552
Income tax expenses (543) (599) (658) (723) (791) (866) (944) (1,014) (1,053) (1,083) (1,103) (1,114)
Profit after tax 2,651 2,924 3,213 3,530 3,861 4,229 4,607 4,949 5,140 5,287 5,383 5,438
Attributable to
Equity holder 2,608 2,878 3,162 3,474 3,800 4,161 4,533 4,870 5,058 5,202 5,297 5,351
Minority interest 42 47 51 56 62 68 74 79 82 85 86 87
Income Statement
[Type text]
Period End Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Non-current assets
Property, plant and equipment 366 460 2,557 3,252 4,201 5,087 5,909 6,668 7,364 7,997 8,566 9,072 9,515
Others 223 319 5,866 6,323 6,956 8,138 9,359 10,482 11,740 13,031 14,465 15,911 17,502
Total 589 780 8,423 9,576 11,157 13,225 15,268 17,150 19,104 21,028 23,031 24,983 27,017
Current assets
Cash and bank balances 20 44 968 2,893 3,182 3,723 4,282 4,796 5,371 5,962 6,618 7,280 8,008
Others 961 1,020 6,117 5,400 5,940 6,950 7,993 8,952 10,026 11,129 12,353 13,588 14,947
Total 980 1,064 7,085 8,293 9,123 10,673 12,274 13,747 15,397 17,091 18,971 20,868 22,955
TOTAL ASSETS 1,569 1,844 15,507 17,869 20,279 23,898 27,543 30,898 34,501 38,119 42,002 45,851 49,972
Current liabilities
Loans and Borrowings 621 716 4,209 3,677 4,268 4,864 5,551 6,065 6,703 7,301 8,041 8,718 9,555
Other Current Liabilities 234 394 1,960 2,246 1,866 2,184 2,511 2,813 3,150 3,497 3,881 4,270 4,696
Total Current Liabilities 855 1,111 6,169 5,923 6,134 7,048 8,062 8,878 9,853 10,798 11,922 12,988 14,252
NET CURRENT ASSETS 125 (47) 916 2,371 2,988 3,626 4,213 4,870 5,544 6,293 7,049 7,880 8,703
Non-current liabilities
Loans and Borrowings 68 43 819 1,606 2,807 1,557 2,500 3,346 4,233 5,033 5,741 6,302 6,711
Other Non-Current Liabilities 365 83 338 364 364 364 364 364 364 364 364 364 364
Total Non-Current Liabilities 434 126 1,157 1,971 3,172 1,921 2,865 3,710 4,597 5,397 6,105 6,666 7,076
TOTAL LIABILITIES 1,289 1,237 7,326 7,894 9,306 8,969 10,927 12,588 14,450 16,195 18,027 19,654 21,328
NET ASSETS 280 607 8,182 9,975 10,973 14,930 16,616 18,310 20,051 21,924 23,974 26,197 28,644
Equity
Share capital 63 280 8,403 8,403 8,403 10,678 10,678 10,678 10,678 10,678 10,678 10,678 10,678
Retained earnings 1,096 2,322 3,948 5,083 6,379 7,791 9,325 11,043 12,973 15,099 17,465
Other reserves 202 305 (1,653) (1,118) (1,759) (1,231) (862) (603) (422) (296) (207) (145) (101)
Minority interests 13 22 336 369 381 400 421 445 470 499 530 565 604
Total equity 280 607 8,182 9,975 10,973 14,930 16,616 18,310 20,051 21,924 23,974 26,197 28,644
TOTAL EQUITY AND LIABILITIES 1,569 1,844 15,507 17,869 20,279 23,898 27,543 30,898 34,501 38,119 42,002 45,851 49,972
Balance Sheet
[Type text]
Period End Date 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Non-current assets
Property, plant and equipment 9,895 10,211 10,464 10,654 10,780 10,844 10,844 10,844 10,844 10,844 10,844 10,844
Others 19,077 20,794 22,458 24,254 25,952 27,769 29,435 30,907 32,143 33,107 33,770 34,107
Total 28,972 31,005 32,922 34,908 36,733 38,613 40,279 41,750 42,987 43,951 44,613 44,951
Current assets
Cash and bank balances 8,728 9,514 10,275 11,097 11,874 12,705 13,467 14,141 14,706 15,148 15,450 15,605
Others 16,292 17,758 19,179 20,713 22,163 23,715 25,138 26,395 27,450 28,274 28,839 29,128
Total 25,021 27,272 29,454 31,811 34,037 36,420 38,605 40,535 42,157 43,421 44,290 44,733
TOTAL ASSETS 53,993 58,278 62,376 66,719 70,770 75,032 78,884 82,286 85,143 87,372 88,903 89,684
Current liabilities
Loans and Borrowings 10,302 11,224 12,021 13,008 13,830 14,855 15,824 16,714 17,500 18,160 18,674 18,848
Other Current Liabilities 5,119 5,580 6,026 6,508 6,964 7,451 7,899 8,293 8,625 8,884 9,062 9,152
Total Current Liabilities 15,421 16,804 18,047 19,516 20,794 22,306 23,723 25,007 26,125 27,044 27,736 28,000
NET CURRENT ASSETS 9,600 10,469 11,407 12,294 13,243 14,114 14,882 15,528 16,032 16,378 16,554 16,732
Non-current liabilities
Loans and Borrowings 6,967 6,993 6,711 6,188 5,266 3,903 1,928 0 0 0 0 0
Other Non-Current Liabilities 364 364 364 364 364 364 364 364 364 364 364 364
Total Non-Current Liabilities 7,331 7,357 7,075 6,553 5,630 4,268 2,293 364 364 364 364 364
TOTAL LIABILITIES 22,752 24,161 25,122 26,069 26,424 26,574 26,015 25,371 26,489 27,408 28,100 28,365
NET ASSETS 31,241 34,117 37,254 40,650 44,346 48,459 52,869 56,914 58,654 59,965 60,803 61,319
Equity
Share capital 10,678 10,678 10,678 10,678 10,678 10,678 10,678 10,678 10,678 10,678 10,678 10,678
Retained earnings 19,988 22,796 25,867 29,196 32,823 36,863 41,195 45,160 46,816 48,040 48,792 49,220
Other reserves (71) (50) (35) (24) (17) (12) (8) (6) (4) (3) (2) (1)
Minority interests 646 693 744 801 863 930 1,004 1,083 1,165 1,250 1,336 1,423
Total equity 31,241 34,117 37,254 40,650 44,346 48,459 52,869 56,914 58,654 59,965 60,803 61,319
TOTAL EQUITY AND LIABILITIES 53,993 58,278 62,376 66,719 70,770 75,032 78,884 82,286 85,143 87,372 88,903 89,684
[Type text]
Period End Date 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Depreciation 28.699 35.040 133.692 207.900 252.069 305.208 354.553 400.101 441.854 479.811 513.972 544.338 570.908
change in principle working capital (134.790) (65.713) (1,836.524) 1,629.929 (617.712) (637.697) (586.681) (657.083) (674.605) (748.812) (755.619) (831.181) (822.869)
Payment of PPE in principle (94.241) (149.627) (544.468) (1,012.188) (948.926) (885.665) (822.403) (759.141) (695.879) (632.618) (569.356) (506.094) (442.832)
Total payment of PPE (94.241) (149.627) (544.468) (1,012.188) (1,200.995) (1,190.873) (1,176.955) (1,159.242) (1,137.733) (1,112.428) (1,083.328) (1,050.432) (1,013.740)
Dividends paid (13.106) (6.000) (51.763) (267.199) 860.956 (17.763) (7.852) (25.798) (52.510) (32.974) (8.234) (14.037) (3.038)
Net increase in cash (107.055) 7.149 446.044 658.810 289.310 541.010 558.513 513.832 575.492 590.839 655.831 661.793 727.972
Period End Date 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Depreciation -- -- -- -- -- -- -- -- -- -- -- --
change in principle working capital (896.927) (869.023) (938.545) (886.925) (949.009) (870.377) (768.833) (645.820) (503.740) (345.901) (176.410) (178.174)
Payment of PPE in principle (379.571) (316.309) (253.047) (189.785) (126.524) (63.262) -- -- -- -- -- --
Total payment of PPE (379.571) (316.309) (253.047) (189.785) (126.524) (63.262) -- -- -- -- -- --
Dividends paid (21,060.778) (3,919.937) (4,233.532) (4,572.214) (4,892.269) (5,234.728) (5,548.812) (5,826.253) (6,059.303) (6,241.082) (6,365.903) (6,429.562)
Net increase in cash (8,007.695) -- -- -- -- -- -- -- -- -- -- --
Period End Date 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Net income 766 1,153 1,304 1,437 1,587 1,751 1,938 2,140 2,369 2,608 2,878
- net capex (1,201) (1,191) (1,177) (1,159) (1,138) (1,112) (1,083) (1,050) (1,014) (973) (929)
- change in net working cap (618) (638) (587) (657) (675) (749) (756) (831) (823) (897) (869)
+ net change in debt 1,792 (655) 1,630 1,360 1,524 1,398 1,448 1,239 1,246 1,002 948
FCFE 739 (1,331) 1,170 981 1,299 1,288 1,547 1,497 1,778 1,740 2,028
Period End Date 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Net income 3,162 3,474 3,800 4,161 4,533 4,870 5,058 5,202 5,297 5,351
- net capex (881) (829) (773) (714) (651) (651) (651) (651) (651) (651)
- change in net working cap (939) (887) (949) (870) (769) (646) (504) (346) (176) (178)
+ net change in debt 515 465 (101) (338) (1,006) (1,039) 786 660 514 174
FCFE 1,857 2,223 1,976 2,240 2,108 2,535 4,690 4,865 4,985 4,696
Selected Cash Flow Statement Items
Discounted Cash Flow Model
