海问-李宁战略projectfusion2102-1.xls

USD RMB





fy2000 Year 1 total
ADC ADC Others
Sales(without VAT) 32,926,485 45,964,297 398,181
GP% 34%
COGS 25,078,679 30,350,120
GP 7,847,806 15,614,178 398,181
Selling expenses
mission 356,298
Payroll 1,542,550 834,344
Welfare 331,041 333,737
Rental 10,622,201 5,418,622
Decoration-ammortization 3,425,716 154,795
Promotion 284,774 239,174
Utility 176,826 229,669
Maintenance 162,151
IT depreciation 71,940 60,241
IT maintenance 602
training 94,440 3,982





Other 117,110
Subtotal for selling expenses 7,850,731 64,223
G&A
Marketing 647,781
Payroll 722,892
Welfare 440,964
Depreciation & amortization(DC) 228,538 57,490
Preoperating expenses 38,999 60,241
Rental for office 240,000
Total DC rental fee 183,735
Maintenance of Distribution Center 40,060
Training 374,745
Shipping 206,186 689,464
IT depreciation(5 years) 209,639
IT maintenance
travel 91,587 481,928
insurance 29,987 3,074
entertainment 144,543 52,085
consulting





Other 537,846 68,800
Subtotal for G&A 4,272,897
Finance expenses 56,386
Profit before tax 3,434,164 333,958
e tax
Profit after tax 2,654,851 3,434,164 333,958

Sales growth
CAGR 59%
Gross margin 0
EBITDA 4,044,654 394,199
EBITDA margin % %
Net margin % %




USD' mn FY1999 FY2000
Sales 28,750,909 32,926,485
Gross margin
Earnings before tax, interest and depreciation
Net Profit 79,723 646,434
Net profit growth 711%
CAGR (2000-2005) 167%

Start cash
Net cashflow from operating activities
Net cashflow from investing activities
Net cashflow from financing activities
Net cash flow from all activities:
End cash

Capital expenditures

Valuation of 30000000 40000000
P/E
PEG (5 year)
P/Sales - 2000
P/Sales - 2001
P/EBITDA

Stores FY2000
Current 160
No. of franchise stores
N