MK Restaurant

1. Warumporn Dinudom (6102043137)

2. Thuy Thi Hong Nguyen (6102043178)
3. Pasinee Roongruengratanakul (6102043152)
4. Coline Robert (6102060305)
5. Zoe hasler (6102060503)
6. Aude Pilon (6102060271)
7. Delphine Vogel (6102060511)
8. Juliette (6102060404)
 AGENDA
1. Company overview
2. Financial Analysis
3. Strategies for investment
4. Future Outlook: Financial
analysis of the new
investment
 COMPANY OVERVIEW
To serve To delight and
happiness to our nourish our
customers customers with
through delicious, healthy, quality and
quality meals and delicious food and HEALTH AND DELICIOUS
extraordinary excellent service at a
restaurant reasonable price.
experience while
SERVICES
working toward To understand our
the greater good customer’s changing MODERNITY
for our employees, needs and constantly
community and improve our
environment. customer experience. HAPPINESS

INGREDIENT
VISION MISSION
 HISTORICAL GROWTH
1984 1996 2013
Open the first All branches Celebrate the
branch of MK have changed opening of the
at Central the gas 400th branches
Ladprao with operated pot Open its first
the mouth- to electronic branch in
watering menu, ones Singapore and
Sukiyaki Indonesia

1962 1994 2010

A small Thai Open its first Open its first
restaurant in branch in branch in
Siam Square Japan Vietnam
Soi 3 was the
beginning of
MK
 KEY FINANCIAL HIGHLIGHTS

1 2 3

5
 KEY FINANCIAL HIGHLIGHTS

1 2 3

6
 KEY FINANCIAL HIGHLIGHTS

1 2 3

7
 2018 PERFORMANCE

MK
Restaurant
Group
Public
Company
Limited

And home delivery

 EVENTS AND STRATEGIES IN 2018
Strategic Partner with SENKO
Group Holdings Co., Ltd. by
joint venture under named
“M-Senko Logistics (MSL)”

To be own “One Stop Service

turnkey supply chain
[Warehouse, Transport,
Forwarding, Trading, Cold Chain]
Reduce labor cost to robotic
and automatic system
Increase efficiency
 EVENTS AND STRATEGIES IN 2018
Estimate reduce cost ~10- Launched “MK Harvest” (organic
15% of MK dessert)

Set up “Mark one Innovation

Center” to research and Launched “Bizzy Box” with grab
develop innovation in Food and and go concept
beverage business
 KEY SUCCESS FACTORS

Standardize of quality by “Kitchen center” Right location

Cost control Service mind

 FUTURE
FOOD OTHER
STRATEGY
• Expand new channel • Expand to Logistics

• Expand to new potential business with “M-Senko

brand Logistics (MSL)”

• Expand MK and Yayoi (MK • Service full function of

20, Yayoi 20, and others 10) supply chain to B2B, B2C in
Thailand – CLMV and ASEAN
• Expand MK line under brand
“MK”
 FINANCIAL ANALYSIS
FINANCIAL DATA (Unit: M.Baht)
2015 2016 2017 2018

Assets 15,122.30 15,642.30 16,282.73 17,173.71

Liabilities 2,124.41 2,265.07 2,454.09 2,997.65

Equity 12,997.89 13,377.23 13,828.64 14,176.06

Paid-up Capital 910.25 914.85 920.88 920.88

Revenue 14,922.58 15,498.36 16,457.74 17,233.76

Net Profit 1,856.00 2,099.76 2,424.85 2,573.53

Dvd Payout Ratio (%) 84.38 98.09 95.85 91.14

FINANCIAL ANALYSIS
 FINANCIAL ANALYSIS
LIQUIDITY

2015 2016 2017 2018

Cash Ratio (times) 0.16 0.17 0.19 0.29

Quick Ratio (times) 4.90 5.00 4.66 2.95

Current Ratio (times) 5.24 5.36 5.02 4.21

Inventory Turnover (times) 17.57 16.35 15.35 15.59

Days to sell inventory (days) 20.77 22.33 23.78 23.42

Accounts Receivable Turnover (times) 144.70 142.35 178.82 192.32

Days to collect A/R (days) 2.52 2.56 2.04 1.90

Accounts Payable Turnover (times) 3.49 3.48 3.35 2.95

Days to pay A/P (days) 104.59 104.89 109.06 123.66

Cash Cycle (days) -81.29 -79.99 -83.24 -98.34

 FINANCIAL ANALYSIS
PROFITABILITY
2015 2016 2017 2018

ROE (%) 14.46 15.92 17.83 18.38

ROA (%) 15.34 16.80 18.70 18.73

Gross Profit Margin (%) 65.85 67.30 67.81 68.43

EBIT Margin (%) 15.90 17.06 18.44 18.67

Net Profit Margin (%) 12.44 13.55 14.73 14.93

EPS (Baht) 2.04 2.30 2.65 2.79

Quality of Income (times) 1.46 1.47 1.47 1.45

FINANCIAL ANALYSIS
FINANCIAL ANALYSIS
 FINANCIAL ANALYSIS
SOLVENCY
2015 2016 2017 2018

Debt-to-Equity Ratio (times) 0.16 0.17 0.18 0.21

Interest-bearing Debt to Equity Ratio (times) 0.00 0.00 0.00 0.00

Interest Coverage Ratio N/A N/A N/A N/A

EARNINGS
2015 2016 2017 2018

P/E Ratio (times) 26.26 26.03 32.66 27.40

P/BV Ratio (times) 4.23 4.17 5.59 5.07

Dvd. Yield (%) 3.09 3.23 2.43 3.07

FINANCIAL ANALYSIS

MK Restaurants Group PCL - Share Price

 PROBLEM IDENTIFICATION

High liquidity
Growth rates year-
over-year have been
decreasing

Payout a lot of
dividends

Share price has

been decreasing
over the past year
 STRATEGIES

MARKET MARKET PRODUCT

PENETRATION DEVELOPMENT DEVELOPMENT

Expand current Expand MK Create a new brand

products and Restaurants in Asian based on a new
services area: Cambodia, concept:
Malaysia, Laos VEGETARIAN FOOD
Vegetarian Boomers Trend

Health Conscious Animal Rights Global Warming issue

Social Movement

Campaign “Meatless
Monday”
Thai Consumer Personal Goals for 2018

79% : To have a healthier diet

76% : To have a better work-life balance
73% : To exercise more

The survey also revealed

90% said they plan to eat more fruit or vegetables,
53% said they were looking to reduce meat intake and
45% said they were thinking of following a plant-based,
vegetarian or vegan diet.
Thailand
Market
Opportunity
 STRATEGIES

MARKET MARKET PRODUCT

PENETRATION DEVELOPMENT DEVELOPMENT

Expand current Expand MK Create a new brand

products and Restaurants in Asian based on a new
services area: Cambodia, concept:
Malaysia, Laos VEGETARIAN FOOD
 THE NEW BRAND
Vegetarian Suki (Hot Pot)

International recipes – easy to cook:

Vegetarian - Poke bowl
- Salades
=
- Soup i.e spiced carrot & lentil soup
No meat, No fish - Italian pasta i.e pesto, tomato &
!!! basil
- Asian cuisine

Additional recipes: 100% vegan

M
E
N
U
 SWOT ANALYSIS
STRENGTHS WEAKNESSES
- Scalability of the business - not enough clients at the
- Dominant position in the beginning
restauration industry - not regular clients
- A lot of liquidities available for
investment
- Positive brand image
- Excellent customer service
culture

- Most competitive market in

- Vegetarian tourism Thailand (Food industry)
- Vegetarian festival - Fast growing competition
- Growing number of vegetarian - Economic downturn, US-China
- Synergies trade tensions

OPPORTUNITIES THREATS
 Target
Customer

Price : ฿ 100 - 200 per head/ time Thai

(vegetarian &
health
Place : First branch at Central Festival @ Chiangmai, Thailand conscious
group)

Product : Vegetarian suki (hotpot)& Vegetarian Menu

Tourist
(vegetarian)
Promotion : Owned Media (App My MK, Line, Facebook)

Paid Media ( Youtube Ad, Influencer)

Earned Media ( Review from customer ex. Pantip, Wong nai)

 PARTNERSHIP

Realize safe and secure food logistic

though IT systemization:
MK Veggie • date and expiration date management
• temperature and humidity control
• food defense (sanitation)
• food defense (crime prevention)
• traceability

Can support new vegetarian brand in terms of sourcing

materials around the world, do full service transportation
with high quality of food
 OUR SUPPLIERS
Purchase an organic vegetables from “Royal Project Vegetables” which has a
good quality as well as support Thai local farmer to have a sustainable income.
 BUSINESS MODEL
Key Partners Key Activities Value Propositions Customer Relationships Customer Segments
- Serve variety of
- Suppliers of vegetarian cuisine - Authentic, freshly - Professional and
grocery and - Cooking and delivery prepared vegetarian food friendliness of staff - Vegetarians, Vegans
vegetables - Website and app development - Guaranteed healthy food - Authentic cuisine and Gluten intolerants
- Malls, - Customer and Partner - Friendly and relaxing - Transparency in food - Health Conscious
supermarkets,… relationship management environment preparation - Willingness to eat
- Staff - Marketing & Advertising - Delivery to fit customer - Personal assistant in healthy
- Transport SENKO - Regular Compliance schedule and location customer service desk - Sports Men and Women
Group - Open new MK veggie branches - Fast ordering process - Subscription discounts, - Non vegetarian people
- Social media (short-term plan: Thailand, accumulated points - Tourists
influencers long-term plan: CLMV & ASEAN) - General public/passers
by
Key Resources Channels
- Financing
- Physical: Premises, - Restaurant outlets & Home
kitchen, food inventory, delivery
equipment for preparation and - Mobile app (myMK)
delivery - Online website
- Customer development team (mkrestaurant.com)
- Human: chefs, nutritionist, - Social media and others
delivery force (LINE, Facebook, Youtube,
Pantip, Wong nai)
Cost Structure Revenue Streams
- Fixed: Rental, fixed employee salaries, app/website management,
IT system, licenses and insurance
- Variable: Delivery paid, nutritionist services, food inventory, packaging, - Food sale
marketing and advertising - Vegetarian catering service in future
 ASSUMPTIONS “MK Veggie”
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

New branches 5 5 10 10 10 20 20 20 30 30

Accum. branches 5 10 20 30 40 60 80 100 130 160

SSSG 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

%COGS 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

%SG&A 50% 50% 50% 40% 40% 40% 30% 30% 30% 30%

%Tax 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%

cost per branch (MB) 8

revenue per branch

25
(MB)
 QUICK ASSUMPTIONS OF MK
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

New branches
- MK 20 15 15 15 15 15 15 15 15 15
- Yayoi 20 15 15 15 15 15 15 15 15 15
- Others 10 5 5 5 5 5 5 5 5 5

SSSG
- MK 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
- Yayoi 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
- Others 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

%COGS 32% 30% 30% 28% 28% 28% 28% 28% 28% 28%

%SG&A 53% 52% 52% 52% 52% 52% 52% 52% 52% 52%

%Tax 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%

cost per branch (MB) 8

revenue per branch (MB)

- MK 29.3
- Yayoi 17.7
- Others 9.3
 QUICK RESULTS “MK Veggie”
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

Revenues (MB) 125 258 530 820 1,126 1,739 2,388 3,075 4,117 5,219

COGS (MB) 31 64 133 205 281 435 597 769 1,029 1,305

Gross Profit (MB) 90 185 382 591 812 1,256 1,727 2,226 2,984 3,786

%GPM 72% 72% 72% 72% 72% 72% 72% 72% 72% 72%

SG&A (MB) 63 129 265 328 450 696 716 922 1,235 1,566

EBT (MB) 27 56 117 263 362 561 1,011 1,304 1,749 2,221

Net Profit (MB) 22 45 93 210 290 448 809 1,043 1,399 1,776

%NPM 17% 18% 18% 26% 26% 26% 34% 34% 34% 34%
FUTURE Higher operating
OUTLOOK profit

Higher margin
(GPM, NPM)

Higher return to
investors and
shareholders
(EPS, ROA, ROE) AFTER
Maintain D/E
ratio around 2x
COMBINE
Still be healthy
“MK Veggie”
financial performance
THANK YOU
APPENDIX
 PROJECTION
2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F

Branch Number 5 10 20 30 40 60 80 100 130 160

- Exisiting 0 5 10 20 30 40 60 80 100 130
- New 5 5 10 10 10 20 20 20 30 30

Revenue MB 125.00 257.50 530.45 819.55 1,125.51 1,738.91 2,388.10 3,074.68 4,117.00 5,219.09
- Average revenue per brunch 25.00 25.75 26.52 27.32 28.14 28.98 29.85 30.75 31.67 32.62
- %SSSG 3% 3% 3% 3% 3% 3% 3% 3% 3%

COGS 31.25 64.38 132.61 204.89 281.38 434.73 597.03 768.67 1,029.25 1,304.77
- %COGS 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Depreciation 4 8 16 24 32 48 64 80 104 128

Gross profit 89.75 185.13 381.84 590.66 812.13 1,256.18 1,727.08 2,226.01 2,983.75 3,786.32
%GPM 72% 72% 72% 72% 72% 72% 72% 72% 72% 73%

SG&A 62.50 128.75 265.23 327.82 450.20 695.56 716.43 922.41 1,235.10 1,565.73
- %SG&A 50% 50% 50% 40% 40% 40% 30% 30% 30% 30%

EBIT 27.25 56.38 116.61 262.84 361.93 560.62 1,010.65 1,303.61 1,748.65 2,220.59
- Interest 0 0 0 0 0 0 0 0 0 0
EBT 27.25 56.38 116.61 262.84 361.93 560.62 1,010.65 1,303.61 1,748.65 2,220.59
- Tax 20% 5.45 11.28 23.32 52.57 72.39 112.12 202.13 260.72 349.73 444.12

Net Profit 21.80 45.10 93.29 210.27 289.54 448.50 808.52 1,042.89 1,398.92 1,776.47
17% 18% 18% 26% 26% 26% 34% 34% 34% 34%
Cost per branch 8
Useful life 10
 PROJECTION (CONT.)

40 40 80 80 80 160 160 160 240 240

Gross PP&E 40 80 160 240 320 480 640 800 1040 1280
- Accumulated Depre. 4 12 28 52 84 132 196 276 380 508
Net PP&E 36 68 132 188 236 348 444 524 660 772

Depreciation 4 8 16 24 32 48 64 80 104 128

Year 1 4 4 4 4 4 4 4 4 4 4
Year 2 4 4 4 4 4 4 4 4 4
Year 3 8 8 8 8 8 8 8 8
Year 4 8 8 8 8 8 8 8
Year 5 8 8 8 8 8 8
Year 6 16 16 16 16 16
Year 7 16 16 16 16
Year 8 16 16 16
Year 9 24 24
Year 10 24
 FCF – NPV - IRR
Free Cash Flow 1 2 3 4 5 6 7 8 9 10
2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F
EBITDA 31.25 64.38 132.61 286.84 393.93 608.62 1,074.65 1,383.61 1,852.65 2,348.59
Less Tax 5.45 11.28 23.32 52.57 72.39 112.12 202.13 260.72 349.73 444.12
Estimated
change in
working
capital 100 100 100 100 100 100 100 100 100 100
CAPEX 40 40 80 80 80 160 160 160 240 240
Free cashflow to firm (114.20) (86.90) (70.71) 54.27 141.54 236.50 612.52 862.89 1,162.92 1,564.47
WACC 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
Discounted free cashflow to firm (106.39) (75.41) (57.18) 40.85 99.29 154.61 373.11 489.88 615.23 771.25
Enterprise value 2,305.24
NPV 2,304.10
IRR 57%

Assumption
Ke 8%- refer from peer in the restaurant market
Kd 4%- estimate from bank and bond interest rate in Thailand that have similar financial performance
Debt/Debt+Equity 0.17 0.16 0.17 0.16 0.16 0.16 0.17 0.17 0.17 0.17
Equity/Debt+Equity 0.83 0.84 0.83 0.84 0.84 0.84 0.83 0.83 0.83 0.83
 ASSUMPTIONS
2015 2016 2017 2018
Revenue Growth (%) 4.40% 6.34% 4.34%
COGS/Revenue (%) (Excl.Depre.) 34.15% 32.76% 32.19% 31.57%
Gross Margin (%) 65.85% 67.24% 67.81% 68.43%
SG&A/Revenue (%) (Excl.Depre.) 52.90% 52.55% 51.63% 52.51%
Depreciation/Gross FA (%) 0.00% 0.00% 0.00% 0.00%
Interests Expense (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Income (%) 0.00% 0.00% 0.00% 0.00%
Income Tax Rate (%) 19.40% 18.73% 18.18% 17.82%
Dividend Payout Ratio (%) #VALUE! 98.08% 95.84% 91.14%

CAPEX (MTHB) 8 MB per branches

Net AR DOH (Days) 3 3 2 2

Net INV DOH (Days) 21 24 25 23
AP DOH (Days) 103 109 115 134
Cash Cycle (79) (83) (88) (109)

P&L Growth (%)

Assets Growth (%)
 ASSUMPTIONS (CONT.)
2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F
Revenue Growth (%) 6.05% 7.20% 6.91% 6.66% 6.43% 6.22% 6.03% 5.85% 5.69% 5.55%
COGS/Revenue (%) (Excl.Depre.) 31.57% 30.00% 30.00% 28.00% 28.00% 28.00% 28.00% 28.00% 28.00% 28.00%
Gross Margin (%) 68.93% 70.97% 71.87% 74.72% 75.51% 77.11% 78.63% 80.07% 82.23% 84.31%
SG&A/Revenue (%) (Excl.Depre.) 52.51% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00%
Depreciation/Gross FA (%) 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Interests Expense (%) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Interest Income (%) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Income Tax Rate (%) 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Dividend Payout Ratio (%) 95.02% 95.02% 95.02% 95.02% 95.02% 95.02% 95.02% 95.02% 95.02% 95.02%

CAPEX (MTHB) 8 MB per branches 400.00 280.00 280.00 280.00 280.00 280.00 280.00 280.00 280.00 280.00

Net AR DOH (Days) 2 2 2 2 2 2 2 2 2 2

Net INV DOH (Days) 24 24 24 24 24 24 24 24 24 24
AP DOH (Days) 119 119 119 119 119 119 119 119 119 119
Cash Cycle (93) (93) (93) (93) (93) (93) (93) (93) (93) (93)

P&L Growth (%) 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Assets Growth (%) 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
 ASSUMPTIONS (CONT.)
Revenue Assumption
average
revenue
Breakdown revenue 2018 16,770
per branch
(MB)
Suki MK/MK Gold/MK Live 13,125 29.30
Yayoi 3,256 17.70
Others 389 9.26

Number of branches end 2018

Suki MK/MK Gold/MK Live 448
Yayoi 184
Others 42

Plan in 2019
Number of branches New
Suki MK/MK Gold/MK Live 468 20
Yayoi 204 20
Others 52 10

SSSG
Suki MK/MK Gold/MK Live 3.00%
Yayoi 3.00%
Others 2.00%
 ASSUMPTIONS (CONT.)

Old branches New branches

Revenue branches rev/branche branches rev/branche
Suki MK/MK Gold/MK Live 448 29.30 20 14.65
Yayoi 184 17.70 20 8.85
Others 42 9.26 10 4.63
Total 674

2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F

Revenue
Suki MK/MK Gold/MK Live 13,811.72 14,665.52 15,544.94 16,450.74 17,383.72 18,344.68 19,334.48 20,353.96 21,404.04 22,485.61
Yayoi 3,530.64 3,901.99 4,284.48 4,678.45 5,084.24 5,502.20 5,932.71 6,376.12 6,832.84 7,303.26
Others 443.09 498.26 554.54 611.94 670.48 730.20 791.12 853.25 916.62 981.27
Total 17,785.44 19,065.77 20,383.96 21,741.13 23,138.45 24,577.09 26,058.30 27,583.34 29,153.50 30,770.14

%Growth 1.07 1.07 1.07 1.06 1.06 1.06 1.06 1.06 1.06
 PROFIT AND LOSS (PROJECTION)
MTHB 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F
Revenue 14,478.22 15,115.18 16,072.82 16,770.44 17,785.44 19,065.77 20,383.96 21,741.13 23,138.45 24,577.09 26,058.30 27,583.34 29,153.50 30,770.14
Revenue - Project 125.00 257.50 530.45 819.55 1,125.51 1,738.91 2,388.10 3,074.68 4,117.00 5,219.09
COGS (4,944.18) (4,952.43) (5,173.60) (5,295.00) (5,408.57) (5,498.83) (5,880.28) (5,838.61) (6,215.86) (6,604.68) (7,005.42) (7,418.43) (7,844.08) (8,282.73)
COGS - Project (31.25) (64.38) (132.61) (204.89) (281.38) (434.73) (597.03) (768.67) (1,029.25) (1,304.77)
COGS-Depreciation 0.00 0.00 0.00 0.00 (206.90) (220.90) (234.90) (248.90) (262.90) (276.90) (290.90) (304.90) (318.90) (332.90)
COGS-Depreciation - Project (4.00) (8.00) (16.00) (24.00) (32.00) (48.00) (64.00) (80.00) (104.00) (128.00)
Gross Margin 9,534.04 10,162.75 10,899.22 11,475.44 12,259.72 13,531.17 14,650.61 16,244.28 17,471.81 18,951.69 20,489.05 22,086.01 23,974.27 25,940.82
%GPM 65.9% 67.2% 67.8% 68.4% 68.5% 70.0% 70.1% 72.0% 72.0% 72.0% 72.0% 72.0% 72.1% 72.1%

Other Revenue+Interest income 444.36 383.18 384.92 463.32 477.22 491.54 506.28 521.47 537.11 553.23 569.83 586.92 604.53 622.66

SG&A (7,659.56) (7,942.48) (8,298.76) (8,805.86) (9,338.82) (9,914.20) (10,599.66) (11,305.39) (12,031.99) (12,780.09) (13,550.32) (14,343.33) (15,159.82) (16,000.47)
SG&A - Project (62.50) (128.75) (265.23) (327.82) (450.20) (695.56) (716.43) (922.41) (1,235.10) (1,565.73)
Depreciation Expense 0.00 0.00 0.00 0.00
Amortization Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Rental Expense - Project 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Expense (7,659.56) (7,942.48) (8,298.76) (8,805.86) (9,401.32) (10,042.95) (10,864.89) (11,633.21) (12,482.20) (13,475.65) (14,266.75) (15,265.74) (16,394.92) (17,566.20)

Operating Profit 2,318.84 2,603.45 2,985.38 3,132.90 3,335.62 3,979.75 4,292.01 5,132.54 5,526.73 6,029.27 6,792.13 7,407.20 8,183.88 8,997.28
16.02% 17.22% 18.57% 18.68% 18.62% 20.60% 20.52% 22.75% 22.78% 22.91% 23.88% 24.16% 24.60% 25.00%
Gain/Loss from Sub/JV (16.14) (19.83) (21.85) (1.42) 1.00 10.00 11.00 11.33 11.67 12.02 12.38 12.75 13.13 13.53
Other Revenue (Non-Opr) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Expense (Non-Opr) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 2,302.86 2,583.79 2,963.72 3,131.67 3,336.81 3,989.96 4,303.21 5,144.10 5,538.63 6,041.51 6,804.75 7,420.19 8,197.26 9,011.06

Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 2,302.86 2,583.79 2,963.72 3,131.67 3,336.81 3,989.96 4,303.21 5,144.10 5,538.63 6,041.51 6,804.75 7,420.19 8,197.26 9,011.06

Income Tax Expense (446.70) (483.86) (538.69) (557.95) (672.81) (809.27) (883.97) (1,081.39) (1,180.11) (1,320.43) (1,563.08) (1,744.76) (1,989.18) (2,246.33)
Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Profit 1,856.16 2,099.93 2,425.03 2,573.72 2,664.00 3,180.69 3,419.25 4,062.71 4,358.52 4,721.09 5,241.67 5,675.43 6,208.08 6,764.73
%NPM 12.8% 13.9% 15.1% 15.3% 15.0% 16.7% 16.8% 18.7% 18.8% 19.2% 20.1% 20.6% 21.3% 22.0%

Dividend Expense (1,723.46) (1,820.49) (2,012.67) (2,210.10) (2,445.55) (2,531.33) (3,022.29) (3,248.97) (3,860.39) (4,141.46) (4,485.98) (4,980.64) (5,392.79) (5,898.91)
Depre+amortizarion 837.51 877.97 854.30 819.18 851.24 858.67 861.85 871.74 892.87 919.28 950.43 988.58 1,041.79 1,103.02

EBITDA 3,140.37 3,461.76 3,818.02 3,950.85 3,547.71 4,218.86 4,554.12 5,417.00 5,833.53 6,366.42 7,159.66 7,805.09 8,620.16 9,471.96
%EBITDA Margin 21.7% 22.9% 23.8% 23.6% 19.9% 22.1% 22.3% 24.9% 25.2% 25.9% 27.5% 28.3% 29.6% 30.8%
 STATEMENT OF FINANCIAL POSITION (PROJECTION)
MTHB 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F

Cash 287.23 322.52 409.62 725.20 458.05 715.90 769.88 1,141.84 1,319.57 1,521.21 1,921.10 2,282.03 2,713.16 3,224.28
Time Deposit 8,591.00 9,288.26 9,336.13 9,086.42 9,086.42 9,359.01 9,639.78 9,928.98 10,226.85 10,533.65 10,849.66 11,175.15 11,510.41 11,855.72
Account Receivable and others 108.41 103.95 75.82 98.58
Allowance for Doubtful Account 0.00 0.00 0.00 0.00
Net Account Receivable 108.41 103.95 75.82 98.58 103.59 111.04 118.72 126.63 134.76 143.14 151.77 160.65 169.80 179.21
Loan to Relate Co. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Account Reveivable Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory 282.13 323.84 350.35 329.09
Allowance for Inventory 0.00 0.00 0.00 0.00
Net Inventory 282.13 323.84 350.35 329.09 352.03 357.90 382.73 380.02 404.57 429.88 455.96 482.84 510.54 539.10
Other Current Assets 339.38 359.30 404.65 340.09 350.29 360.80 371.63 382.77 394.26 406.09 418.27 430.82 443.74 457.05
Total Currrent Assets 9,608.15 10,397.87 10,576.57 10,579.38 10,350.38 10,904.66 11,282.74 11,960.23 12,480.01 13,033.96 13,796.75 14,531.49 15,347.65 16,255.36

Investment in Subsidiary 118.32 98.08 75.88 720.19 720.19 720.19 720.19 720.19 720.19 720.19 720.19 720.19 720.19 720.19
Other Investment 20.88 0.00 793.72 1,235.77 1,272.84 1,311.03 1,350.36 1,390.87 1,432.60 1,475.57 1,519.84 1,565.44 1,612.40 1,660.77
Gross Fixed Assets 4,494.04 4,261.48 4,012.25 3,738.08 4,138.08 4,418.08 4,698.08 4,978.08 5,258.08 5,538.08 5,818.08 6,098.08 6,378.08 6,658.08
Accum. Depreciation 0.00 0.00 0.00 0.00 (206.90) (427.81) (662.71) (911.62) (1,174.52) (1,451.42) (1,742.33) (2,047.23) (2,366.14) (2,699.04)
Net Fixed Assets 4,494.04 4,261.48 4,012.25 3,738.08 3,967.18 4,058.27 4,167.37 4,254.46 4,319.56 4,434.66 4,519.75 4,574.85 4,671.94 4,731.04
Intangible Assets 97.76 94.85 85.50 89.30 91.98 94.74 97.58 100.51 103.52 106.63 109.83 113.12 116.52 120.01
Accum. Amortization 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Intangible Assets 97.76 94.85 85.50 89.30 91.98 94.74 97.58 100.51 103.52 106.63 109.83 113.12 116.52 120.01
Other Non-Current Assets 783.15 790.02 738.81 810.99 835.32 860.38 886.19 912.78 940.16 968.36 997.42 1,027.34 1,058.16 1,089.90
Total Non-Current Assets 5,514.15 5,244.43 5,706.16 6,594.33 6,887.51 7,044.61 7,221.69 7,378.81 7,516.03 7,705.41 7,867.03 8,000.93 8,179.21 8,321.92

Total Assets 15,122.30 15,642.30 16,282.73 17,173.71 17,237.88 17,949.27 18,504.43 19,339.04 19,996.04 20,739.38 21,663.78 22,532.43 23,526.86 24,577.28
 STATEMENT OF FINANCIAL POSITION (PROJECTION) (CONT.)
MTHB 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F

Require Borrowing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Short Term Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Account Payable 1,390.73 1,479.55 1,627.93 1,945.41 1,768.27 1,797.78 1,922.50 1,908.87 2,032.21 2,159.33 2,290.35 2,425.38 2,564.54 2,707.95
Account Payable Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CPLTD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CPLTD (Debenture) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Current Liabilities 444.43 461.65 480.93 566.68 583.68 601.19 619.23 637.80 656.94 676.65 696.94 717.85 739.39 761.57
Total Current Liabilities 1,835.16 1,941.20 2,108.86 2,512.09 2,351.95 2,398.97 2,541.72 2,546.68 2,689.15 2,835.98 2,987.29 3,143.23 3,303.93 3,469.52

Long Term Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debenture 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Non-Current Liabilities 289.25 323.87 345.23 485.55 500.12 515.12 530.57 546.49 562.89 579.77 597.17 615.08 633.53 652.54
Total Non-Current Liabilities 289.25 323.87 345.23 485.55 500.12 515.12 530.57 546.49 562.89 579.77 597.17 615.08 633.53 652.54

Total Liabilities 2,124.41 2,265.07 2,454.09 2,997.64 2,852.07 2,914.09 3,072.30 3,093.17 3,252.03 3,415.75 3,584.46 3,758.31 3,937.46 4,122.06

Minority Interest-Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common Stock 910.25 914.85 920.88 920.88 920.88 920.88 920.88 920.88 920.88 920.88 920.88 920.88 920.88 920.88
Paid In Capital 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03 8,785.03
Other Equity 534.21 629.68 662.88 659.90 650.82 650.82 650.82 650.82 650.82 650.82 650.82 650.82 650.82 650.82
Currency Translation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retain Earnings 2,768.40 3,047.67 3,459.85 3,810.26 4,028.71 4,678.07 5,075.03 5,888.77 6,386.90 6,966.52 7,722.22 8,417.01 9,232.30 10,098.11
Total Equity 12,997.89 13,377.23 13,828.64 14,176.07 14,385.44 15,034.80 15,431.76 16,245.50 16,743.63 17,323.25 18,078.95 18,773.74 19,589.03 20,454.84

Total Liabilityies and Equity 15,122.30 15,642.30 16,282.73 17,173.71 17,237.51 17,948.90 18,504.06 19,338.66 19,995.66 20,739.00 21,663.41 22,532.05 23,526.49 24,576.90
 STATEMENT OF CASH FLOW (PROJECTION)
MTHB 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F

Cash Flow from Operation

Net Profit 2,099.93 2,425.03 2,573.72 2,664.00 3,180.69 3,419.25 4,062.71 4,358.52 4,721.09 5,241.67 5,675.43 6,208.08 6,764.73
Plus:
Depreciation Expense 877.97 854.30 819.18 851.24 858.67 861.85 871.74 892.87 919.28 950.43 988.58 1,041.79 1,103.02
Amortization Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Account Receivable 4.46 28.13 (22.76) (5.01) (7.46) (7.68) (7.90) (8.14) (8.38) (8.63) (8.88) (9.14) (9.42)
Account Reveivable Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Inventory (41.71) (26.51) 21.26 (22.94) (5.87) (24.83) 2.71 (24.55) (25.31) (26.08) (26.88) (27.70) (28.55)
Other Current Assets (19.92) (45.35) 64.56 (10.20) (10.51) (10.82) (11.15) (11.48) (11.83) (12.18) (12.55) (12.92) (13.31)
Other Non-Current Assets (6.87) 51.21 (72.18) (24.33) (25.06) (25.81) (26.59) (27.38) (28.20) (29.05) (29.92) (30.82) (31.74)
Account Payable 88.82 148.38 317.48 (177.14) 29.51 124.71 (13.62) 123.34 127.12 131.02 135.03 139.16 143.41
Account Payable Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Current Liabilities 17.22 19.28 85.75 17.00 17.51 18.04 18.58 19.13 19.71 20.30 20.91 21.54 22.18
Other Non-Current Liabilities 34.62 21.36 140.32 14.57 15.00 15.45 15.92 16.39 16.89 17.39 17.91 18.45 19.01
CFO 3,054.52 3,475.83 3,927.33 3,307.19 4,052.49 4,370.16 4,912.39 5,338.70 5,730.37 6,284.87 6,759.63 7,348.43 7,969.33

Cash Flow from Investing

Time Deposit (697.26) (47.87) 249.71 0.00 (272.59) (280.77) (289.19) (297.87) (306.81) (316.01) (325.49) (335.25) (345.31)
Investment in Subsidiary 20.24 22.20 (644.31) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Investment 20.88 (793.72) (442.05) (37.07) (38.19) (39.33) (40.51) (41.73) (42.98) (44.27) (45.60) (46.96) (48.37)
Net Fixed Assets (645.41) (605.07) (545.01) (1,080.34) (949.77) (970.94) (958.83) (957.97) (1,034.38) (1,035.53) (1,043.68) (1,138.89) (1,162.12)
Net Intangible Assets 2.91 9.35 (3.80) (2.68) (2.76) (2.84) (2.93) (3.02) (3.11) (3.20) (3.29) (3.39) (3.50)
CFI (1,298.64) (1,415.11) (1,385.46) (1,120.09) (1,263.31) (1,293.89) (1,291.46) (1,300.58) (1,387.27) (1,399.01) (1,418.06) (1,524.50) (1,559.30)
 STATEMENT OF CASH FLOW (PROJECTION) (CONT.)
MTHB 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F

Cash Flow from Financing

Loan to Relate Co. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Short Term Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CPLTD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CPLTD Debenture 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Long Term Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Debeture 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Minority Interest-Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Common Stock 4.60 6.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Paid In Capital 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other Equity 95.47 33.20 (2.98) (9.08) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Currency Translation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Dividend Expense (1,820.49) (2,012.67) (2,210.10) (2,445.55) (2,531.33) (3,022.29) (3,248.97) (3,860.39) (4,141.46) (4,485.98) (4,980.64) (5,392.79) (5,898.91)

CFF (1,720.42) (1,973.44) (2,213.08) (2,467.64) (2,531.33) (3,022.29) (3,248.97) (3,860.39) (4,141.46) (4,485.98) (4,980.64) (5,392.79) (5,898.91)

Required Borrowing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Cash Increase (Decrease) 35.46 87.28 328.79 (280.53) 257.85 53.98 371.95 177.73 201.64 399.89 360.94 431.13 511.12

Cash Beginning 287.23 322.52 409.80 738.58 458.05 715.90 769.88 1,141.84 1,319.57 1,521.21 1,921.10 2,282.03 2,713.16

Cash Ending 322.69 409.80 738.58 458.05 715.90 769.88 1,141.84 1,319.57 1,521.21 1,921.10 2,282.03 2,713.16 3,224.28