Pet Retail Market and Valuation Outlook
Appendix 10
Source: Team 7
六
81
10. Cash Flow Statement
|10.
Cash Flow
Cash BoP
(=) Net Income
[Unit]
17'
18'
19'
20'
21E
22E
23E
24E
[BRL Th.]
443,757
895,575
839,044
883,541
[BRL Th.]
95,635
163,597
218,914
314,025
(+/-) Financial Result add Back
[BRL Th.]
32,309
-15,045
11,549
41,347
(+) D&A
[BRL Th.]
88,844
109,949
141,456
172,728
25E
1,055,311
435,002
67,287
206,034
653,361
117,092
26E
27E
1,293,903 1,479,425 1,694,687
554,588
91,943
28E
29E
30E
1,904,569 2,097,823
761,977
880,238
960,707
139,516
164,804
188,097
241,996
279,582
319,174
361,248
405,751
(-/+) Change in Other Assets and Liabilities
[BRL Th.]
-26,584
0
0
0
0
0
0
0
(-/+) Change in WK
[BRL Th.]
-57,610
-70,352
-97,152
-114,214
-131,640
-125,113
(=) CFO
[BRL Th.]
132,594
188,148
274,766
413,885
576,683
763,415
-125,349
924,687
-131,751
1,088,916 1,266,250
-140,041
-113,340
1,441,214
(-) Expansion Capex
[BRL Th.]
-107,432
-167,862
-141,004
-127,575
-117,503 -229,572
-95,821
-81,013
-62,785
-46,712
(-) Maintenance Capex
(-) Intangibles
(-) Change in investments
(=) CFI
[BRL Th.]
-73,077
-86,923
-108,556
-126,728
-143,169
-158,312
-171,188
-182,040
-191,089
-198,533
[BRL Th.]
-38,345
-52,534
-71,081
-92,921
-118,222
-142,415
-166,935
-192,868
-220,592
-243,356
[BRL Th.].
11,513
0
0
0
0
0
0
0
0
0
[BRL Th.]
-207,341
-307,318
(+/-) Financial Result
[BRL Th.]
-32,309
15,045
-320,641
-11,549
(+/-) Change in Gross Debt
[BRL Th.]
-207,281
88,493
156,649
-347,224
-41,347
224,961
-378,895
-67,287
-530,299
-433,945 -455,921
-474,466
-488,601
-91,943
-117,092
-139,516
-164,804
-188,097
266,800
266,183
233,630
249,786
270,466
208,689
(+/-) Change in Capital
64
0
0
0
0
0
0
0
0
0
[BRL Th.]
(-) Dividends
[BRL Th.]
-23,909
-40,899
-54,728.
-78,506
-158,708
-221,835
-392,017
(+) Follow-on
[BRL Th.]
790,000
0
0
0
0
(=) CFF
[BRL Th.]
526,565
62,639
90,371
105,108
(=) FCF
FCF Yield
Cash EoP
[BRL Th.]
451,818
-56,531
44,497
[%]
21%
-2%
[BRL Th.]
895,575
839,044
1%
883,541
171,769
3%
1,055,311
40,804
238,593
4%
1,293,903
-704,191
0
0
0
-47,595 -275,479 -423,114 -598,529
185,521 215,263 209,881 193,255
2%
2%
2%
2%
1,479,425 1,694,687 1,904,569 2,097,823
-533,384
-864,636
0
-844,044
108,569
1%
2,206,393
CFO-CFI
[BRL Th.]
-74,747
-119,171
-45,874
66,661
197,788
233,116
490,742
632,996
791,784
952,613View entire presentation