aplicación del mnt multifilamentos 2010

8/3/2019 Aplicacin del MNT Multifilamentos 2010

1/17

Tested Party Y10

Type: Country of Incor

Name: Multifilamentos S.A.C. PER

SIC Industry: Currency

GICS Industry: Nuevos Soles (S/.)

Income Statement Y10 Y09 Y08

Sales-Net 9,432,572 4,946,706 11,187,477

Cost of Goods Sold 9,151,738 4,745,531 10,774,054

Gross Profit 280,834 201,175 413,423

Gross Margin 0.030 0.041 0.037

SG&A Expense 124,409 148,718 160,714

Depreciation & Amortization 0 0 0

Other Operating Expenses 0 0 0

Total Operating Expenses 124,409 148,718 160,714

Operating Profit 156,425 52,457 252,709Interest Expense -2,552 -29,964 -79,219

Non Operating Income/Expense + Special Item 7,614 9,494 -8,679

Pre-Tax Income 166,591 91,915 323,249

Total Income Taxes 60,262 7,475 48,909

Total Costs 9,276,147 4,894,249 10,934,768

Effective Tax Rate 36 8 15

Tax Savings on Interest Expense -923 -2,437 -11,986

Indicators:

Operating Margin 1.7% 1.1% 2.3%

Berry Ratio 2.26 1.35 2.57

Return on Operating Assets (ROA AO) 7.4% 3.0% 13.5%

Return on Total Assets (ROA AT) 6.6% 2.8% 12.0%

Return on Operating Assets (ROA AF) 4.6% 2.7% 11.5%

Ratios:

Cost Plus 3.07% 4.24% 3.84%

Net Cost Plus 1.7% 1.1% 2.3%

Return on Capital Employed 29.0% 10.2% 47.3%

Operating Expense/Sales 1.3% 3.0% 1.4%

Avg. Operating Assets/Sales 22.3% 34.9% 16.7%

Avg. Accounts Receivable/Sales 14.0% 19.8% 8.6%Avg. Accts. Payable/COGS 14.45% 21.00% 11.4%

Avg. Inventory/Adjusted Sales 5.5% 7.7% 5.8%

Sales/Capital Employed 16.0 10.1 21.0

Avg. PP&E/Adjusted Sales 0.2% 1.0% 0.4%

Balance Sheet


2/17

Assets

Cash & Equivalents 53,565 424,258 203,635

Receivables - Total 1,476,609 1,171,950 787,253

Inventories - Total 988,097 57,282 707,600

Prepaid Expenses

Current Assets - Other 1,608 1,508 2,108

Current Assets - Total 2,519,879 1,654,998 1,700,596

PP&E - Total Net 557 39,857 56,233

Invstmnts & Advances - Other 0 0 0

Invstmnts & Advances - Equity

Intangibles 0 0 0

Deferred Charges & Other Assets 406,389 93,834 219,654

Assets - Total 2,926,825 1,788,689 1,976,483

Average Total Assets 2,357,757 1,882,586 2,103,574

Total Operating Assets 2,520,436 1,694,855 1,756,829

Avg. Operating Assets 2,107,646 1,725,842 1,873,768

Average Accts. Receivable 1,324,280 979,602 966,262Average Inventory 522,690 382,441 645,963

Average Accounts Payable 1,322,072 996,550 1,230,525

Average PP&E 20,207 48,045 44,224

Average Intangibles 0.0 0.0 0.0

Liabilities and Miscellaneous

Accounts Payable 1,835,795 808,348 1,184,751

Liabilities - Other 501,078 491,613 258,279

Liabilities - Total 2,336,873 1,299,961 1,443,030

Total Current Liabilities 2,336,022 1,299,113 1,442,500

Capital Employed 590,803 489,576 533,983

Cost of Goods Solds + Operating Expenses 9,276,147 4,894,249 10,934,768

Y10

Y10

Y09 Y08

Y08Y09


3/17

oration

)

Average

8,522,252

8,223,774

298,477

0.035

144,614

0

0

144,614

153,864-37,245

2,810

193,918

38,882

8,368,388

20

-7,468

1.8%

2.06

8.09%

7.28%

6.4%

3.63%

1.8%

28.6%

1.7%

22.3%

12.8%0.16

0.06

15.8

0.01


4/17

227,153

1,145,271

584,326

1,741

1,958,491

32,216

0

0

239,959

2,230,666

2,114,639

1,990,707

1,902,418

1,090,048517,031

1,183,049

37,492

0

1,276,298

416,990

1,693,288

1,692,545

538,121

8,368,388

Average

Average


5/17

Tested Party

Type: Country of Incorporation

Name: Sanko Pazarlama Ithalat Ihracat A.S. Turkey


GICS Industry: Millions of Turkish New Liras


Sales-Net 437.218 339.527 368.323

Cost of Goods Sold 426.254 330.694 353.107

Gross Profit 10.965 8.833 15.216

Gross Margin 0.025 0.026 0.041

SG&A Expense 10.331 11.939 26.725

Depreciation & Amortization 0.000 0.000 0.000

Other Operating Expenses

Total Operating Expenses 10.331 11.939 26.725

Operating Profit 0.633 -3.106 -11.509Net Interest Expense -1.662 -4.769 -20.245

Non Operating Income/Expense + Special Items -3.200 -1.000 19.200

Pre-Tax Income -0.905 0.663 27.936

Total Income Taxes 2.500 1.000 2.100

Total Costs 436.585 342.632 379.832

Effective Tax Rate 276.335 150.788 7.517

Tax Savings on Interest Expense -4.593 -7.191 -1.522

Indicators:

Operating Margin 0.001 -0.009 -0.031

Berry Ratio 1.061 0.740 0.569

Return on Operating Assets (ROA AO) 0.003 -0.017 -0.060

Return on Total Assets (ROA AT) 0.003 -0.017 -0.060

Return on Operating Assets (ROA AF) 0.013 0.017 -0.063

Ratios:

Cost Plus 0.026 0.027 0.043

Net Cost Plus 0.001 -0.009 -0.030

Return on Capital Employed 0.005 -0.024 -0.090

Operating Expense/Sales 0.024 0.035 0.073

Avg. Operating Assets/Sales 0.474 0.539 0.523

Avg. Accounts Receivable/Sales 0.301 0.319 0.307Avg. Accts. Payable/COGS 0.161 0.154 0.168

Avg. Inventory/Adjusted Sales 0.006 0.005 0.005


Avg. PP&E/Adjusted Sales 0.097 0.128 0.118

Balance Sheet


6/17

Assets

Cash & Equivalents 34.023 22.811 31.721

Receivables 150.541 112.961 103.703

Inventories - Total 3.911 1.701 1.568

Prepaid Expenses 0.000 0.000 0.000

Current Assets - Other 2.891 0.069 0.167

Current Assets - Total 191.366 137.543 137.159

PP&E - Total Net 41.843 42.910 43.993

Invstmnts & Advances - Other


Intangibles 0.199 0.000 0.000

Deferred Charges & Other Assets 0.675 0.229 4.345

Assets - Total 234.083 180.681 185.496

Average Total Assets 207.382 183.089 192.792

Total Operating Assets 233.885 180.681 185.496

Avg. Operating Assets 207.283 183.089 192.759

Average Accts. Receivable 131.751 108.332 113.053Average Inventory 2.806 1.635 1.980

Average Accounts Payable 68.504 51.023 59.251

Average PP&E 42.377 43.451 43.454



Accounts Payable 89.587 47.421 54.625

Liabilities - Other 9.589 7.120 8.955

Liabilities - Total 99.176 54.541 63.580

Total Current Liabilities 94.800 50.666 57.292

Capital Employed 139.283 130.016 128.204

Equity total 134.900 126.140 121.916Cost of Goods Solds + Operating Expenses 436.585 342.632 379.832

OM

AAR Adjustment 0.000 0.000 0.000

AAP Adjustment 0.000 0.000 0.000

Inventory Adjustment 0.000 0.000 0.000

PP&E Adjustment 0.000 0.000 0.000

Intangible Adjustment 0.000 0.000 0.000

Adjusted Sales 437.218 339.527 368.323

Adjusted OM 0.001 -0.009 -0.031

Adjusted OM by AAR 0.001 -0.009 -0.031Adjusted OM by AAP 0.001 -0.009 -0.031

Adjusted OM by Inventory 0.001 -0.009 -0.031

Adjusted OM by AAR and AAP 0.001 -0.009 -0.031

Adjusted OM by AAR,AAP,Invent & PPE 0.001 -0.009 -0.031

Adjusted OM by AAR,AAP, Invent & Intangible 0.001 -0.009 -0.031

Adjusted OM by PP&E 0.001 -0.009 -0.031

Y09 Y08 Y07

Y10 Y09 Y08

Y09 Y08 Y07


7/17


8/17

Identifier 1

2010 2009 2008 2007 Promedio

Average

381.689

370.018

11.671

0.031

16.332

0.000

16.332

-4.661-8.892

5.000

9.231

1.867

386.350

20.221

-1.798

-0.012

0.715

-0.024

-0.024

-0.024

0.032

-0.012

-0.035

0.043

0.509

0.3080.161

0.006

2.881

0.114


9/17

29.518

122.402

2.393

0.000

1.042

155.356

42.915

0.066

1.750

200.087

194.421

200.021

194.377

117.7122.140

59.593

43.094

0.044

63.878

8.555

72.433

67.586

132.501

127.652386.350

0.000

0.000

0.000

0.000

0.000

381.689

-0.012

-0.012-0.012

-0.012

-0.012

-0.012

-0.012

-0.012

Average

Average

Average


10/17

Tested Party

Type: Country of Incorporation

Name: Lahoti Overseas Limited India


GICS Industry: Millions of Rupees


Sales-Net 3,022.000 2,505.874 1,496.685

Cost of Goods Sold 2,768.643 2,448.089 1,393.702

Gross Profit 253.357 57.785 102.983

Gross Margin 0.084 0.023 0.069

SG&A Expense 170.138 111.402 86.243

Depreciation & Amortization 20.405 9.095 13.326

Other Operating Expenses

Total Operating Expenses 190.543 120.497 99.569

Operating Profit 62.814 -62.712 3.414Net Interest Expense 21.939 11.427 5.982

Non Operating Income/Expense + Special Items 58.127 155.104 14.989

Pre-Tax Income 99.002 80.965 12.421

Total Income Taxes 35.921 23.592 2.803

Total Costs 2,959.186 2,568.586 1,493.271

Effective Tax Rate 36.283 29.139 22.567

Tax Savings on Interest Expense 7.960 3.330 1.350

Indicators:

Operating Margin 0.021 -0.025 0.002

Berry Ratio 1.330 0.480 1.034

Return on Operating Assets (ROA AO) 0.071 -0.086 0.005

Return on Total Assets (ROA AT) 0.070 -0.086 0.005

Return on Operating Assets (ROA AF) 0.021 -0.123 -0.001

Ratios:

Cost Plus 0.092 0.024 0.074

Net Cost Plus 0.021 -0.024 0.002

Return on Capital Employed 0.101 -0.116 0.007

Operating Expense/Sales 0.063 0.048 0.067

Avg. Operating Assets/Sales 0.294 0.290 0.446

Avg. Accounts Receivable/Sales 0.112 0.124 0.180Avg. Accts. Payable/COGS 0.002 0.002 0.004

Avg. Inventory/Adjusted Sales 0.026 0.020 0.024


Avg. PP&E/Adjusted Sales 0.044 0.047 0.072

Balance Sheet


11/17

Assets

Cash & Equivalents 9.324 14.139 39.791

Receivables 291.967 387.567 235.087

Inventories - Total 68.494 89.164 13.444

Prepaid Expenses

Current Assets - Other 150.111 158.337 80.183

Current Assets - Total 519.896 649.207 368.505

PP&E - Total Net 127.295 138.153 96.252

Invstmnts & Advances - Other


Intangibles 4.000 4.000 4.000

Deferred Charges & Other Assets 235.400 107.900 92.100

Assets - Total 886.591 899.260 560.857

Average Total Assets 892.926 730.059 671.547

Total Operating Assets 882.591 895.260 556.857

Avg. Operating Assets 888.926 726.059 667.547

Average Accts. Receivable 339.767 311.327 269.980Average Inventory 78.829 51.304 35.239

Average Accounts Payable 6.100 4.600 5.900

Average PP&E 132.724 117.203 108.409



Accounts Payable 8.800 3.400 5.800

Liabilities - Other 312.500 380.000 87.800

Liabilities - Total 321.300 383.400 93.600

Total Current Liabilities 248.700 297.800 76.600

Capital Employed 637.891 601.460 484.257

Equity total 565.500 515.900 468.200Cost of Goods Solds + Operating Expenses 2,959.186 2,568.586 1,493.271

OM

AAR Adjustment 0.000 0.000 0.000

AAP Adjustment 0.000 0.000 0.000

Inventory Adjustment 0.000 0.000 0.000

PP&E Adjustment 0.000 0.000 0.000

Intangible Adjustment 0.000 0.000 0.000

Adjusted Sales 3,022.000 2,505.874 1,496.685

Adjusted OM 0.021 -0.025 0.002

Adjusted OM by AAR 0.021 -0.025 0.002Adjusted OM by AAP 0.021 -0.025 0.002

Adjusted OM by Inventory 0.021 -0.025 0.002

Adjusted OM by AAR and AAP 0.021 -0.025 0.002

Adjusted OM by AAR,AAP,Invent & PPE 0.021 -0.025 0.002

Adjusted OM by AAR,AAP, Invent & Intangible 0.021 -0.025 0.002

Adjusted OM by PP&E 0.021 -0.025 0.002

Y10 Y09 Y08

Y10 Y09 Y08

Y10 Y09 Y08


12/17


13/17

Identifier 1

2010 2009 2008 2007 Promedio

Average

2,341.520

2,203.478

138.042

0.059

122.594

14.275

136.870

1.17213.116

76.073

64.129

20.772

2,340.348

32.391

4.248

0.001

1.009

0.002

0.002

-0.031

0.063

0.001

0.002

0.058

0.325

0.1310.003

0.023

4.075

0.054


14/17

21.085

304.874

57.034

129.544

512.536

120.567

4.000

145.133

782.236

764.844

778.236

760.844

307.02555.124

5.533

119.445

4.000

6.000

260.100

266.100

207.700

574.536

516.5332,340.348

0.000

0.000

0.000

0.000

0.000

2,341.520

0.001

0.0010.001

0.001

0.001

0.001

0.001

0.001

Average

Average

Average


15/17

OM (Operating Margin)

Year: Y09 Year: Y08

OM without

Adjustment

OM adjustment5 (Five

adjustments:

OM2, OM3,OM4

and OM5)

OM without

Adjustment

OM

adjustment 5

(Fiveadjustments:

OM2,

OM3,OM4 and

OM5)

Comparable Companies:

Isle of Capri Casinos Inc. #REF! #REF! #REF! #REF!

Boyd Gaming Corp #REF! #REF! #REF! #REF!

Century Casinos Inc. #REF! #REF! #REF! #REF!

Pinnacle Entertainment, Inc #REF! #REF! #REF! #REF!

Ameristar Casinos Inc. #REF! #REF! #REF! #REF!

Penn National Gaming Inc. #REF! #REF! #REF! #REF!

Tested Party:

EURO CASINO S.A.C. 1.06% 1.06% 2.26% 2.26%

Statistics:

Inter-quartile Range:

25 #REF! #REF! #REF! #REF!



Minimum #REF! #REF! #REF! #REF!

Maximum #REF! #REF! #REF! #REF!Mean #REF! #REF! #REF! #REF!


16/17

0.00%

Year: Y07 Average: Y09 to Y07

OM without

Adjustment

OM

adjustment 5

(Fiveadjustments:

OM2,

OM3,OM4

and OM5)

OM without

Adjustment

OM adjustment

5 (Fiveadjustments:

OM2,

OM3,OM4 and

OM5)

Diferencia

#REF! #REF! #REF! #REF! #REF! #REF!


#REF! #REF! #REF! #REF! #REF! #REF! 0

#REF! #REF! #REF! #REF! #REF! #REF! #REF!



#REF! #REF! 1.81% 1.81%

#REF! #REF! #REF! #REF!




#REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF!

2009-2007 PLI OM

EURO CASINO

S.A.C.Mnimo Primer Cuartil

1.81% #REF! #REF!

2009 PLI OM

EURO CASINO

S.A.C. Mnimo Primer Cuartil1.06% #REF! #REF!

PLI OM COMP

PLI OM COMP


17/17

1 2 3 4 2117119.6 6127888

#REF! #REF! #REF! #REF! 1880406.3 58.43%

1337931.7 41.57%

3218338

7961953

18779089

26741042 56%

48082219

28357092

15770865

10970177 0.41023745

MedianaTercer

CuartilMximo

#REF! #REF! #REF! 2,881,372 7,044,755 0 0

Mediana

Tercer

Cuartil Mximo#REF! #REF! #REF!

AJUSTE

(USD)

NAS COMPARABLES

NAS COMPARABLES

C + GO VentasVentas

Ajustadas

aplicación del mnt multifilamentos 2010

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