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COGS: Summary
| COGS Summary
| AZN'000
| H2 2014
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| Phase 1
| Raw material expense
| 4,349
| 6,979
| 7,237
| 7,527
| 7,850
| 8,007
| 8,135
| 8,282
| 8,439
| 8,608
| 8,797
| 9,008
| 9,234
| 9,483
| 9,749
| 10,041
| 10,352
| Other production cost for cement production
| 2,565
| 7,659
| 7,952
| 8,281
| 8,652
| 8,843
| 9,004
| 9,185
| 9,378
| 9,584
| 9,812
| 10,064
| 10,331
| 10,622
| 10,931
| 11,268
| 11,624
| Other product cost clinker production
| 2,714
| 10,296
| 10,692
| 11,137
| 11,641
| 11,910
| 12,140
| 12,397
| 12,670
| 12,960
| 13,278
| 13,627
| 13,994
| 14,393
| 14,813
| 15,269
| 15,747
| Total Phase 1
| 9,629
| 24,933
| 25,881
| 26,945
| 28,143
| 28,761
| 29,279
| 29,864
| 30,488
| 31,152
| 31,888
| 32,699
| 33,558
| 34,499
| 35,493
| 36,578
| 37,723
| Phase 2
| Raw material expense
| -
| -
| -
| 9,881
| 14,464
| 14,753
| 14,989
| 15,259
| 15,549
| 15,860
| 16,209
| 16,598
| 17,013
| 17,472
| 17,961
| 18,500
| 19,074
| Other production cost for cement production
| -
| -
| -
| 11,621
| 16,636
| 16,990
| 17,285
| 17,619
| 17,976
| 18,357
| 18,781
| 19,249
| 19,746
| 20,292
| 20,870
| 21,503
| 22,172
| Other product cost clinker production
| -
| -
| -
| 15,340
| 22,396
| 22,855
| 23,233
| 23,662
| 24,123
| 24,616
| 25,168
| 25,781
| 26,433
| 27,154
| 27,919
| 28,760
| 29,653
| Total Phase2
| -
| -
| -
| 36,842
| 53,496
| 54,599
| 55,507
| 56,541
| 57,648
| 58,834
| 60,158
| 61,628
| 63,192
| 64,918
| 66,751
| 68,763
| 70,899
| Total
| 9,629
| 24,933
| 25,881
| 63,787
| 81,639
| 83,360
| 84,787
| 86,405
| 88,136
| 89,985
| 92,045
| 94,327
| 96,750
| 99,416
| 102,244
| 105,341
| 108,622
| Source: KPMG analysis
Financial projections
SG&A (1/2)
Selling, General & Administrative costs
| SG&A items
| Unit
| Phase 1
| Phase 2
| Variable SG&A
| Marketing and sales
| % of revenue
| 3.24%
| 3.24%
| Packaging costs
| % of revenue
| 1.94%
| 1.94%
| Utility cost
| Electricity
| % of revenue
| 0.15%
| 0.15%
| Gas
| % of revenue
| 0.05%
| 0.05%
| Water
| % of revenue
| 0.01%
| 0.01%
| Communication costs
| % of revenue
| 0.09%
| 0.09%
| Repair cost
| % of revenue
| 0.10%
| 0.10%
| Customs
| % of revenue
| 0.17%
| 0.17%
| Tax charges
| Road tax
| % of revenue
| 0.04%
| 0.04%
| Withholding tax
| % of revenue
| 0.13%
| 0.13%
| Property tax
| % of NBV
| 1.00%
| 1.00%
| VAT
| % of VATables
| 18.0%
| 18.0%
| Staff costs
| 000'AZN
| 3,708
| 5,596
| Insurance
| 000'AZN
|
| 1,728
| Transport costs
| Trucks
| AZN/ton/km
| 0.018
| 0.020
| Rail transport
| AZN/ton/km
| 0.036
| 0.040
| Other costs
| % of revenue
| 0.17%
| 0.17%
| Fixed SG&A
| Land Tax
| 000'AZN/month
| 1.0
| n/a
| Locomotive rent expenses
| 000'AZN/month
| 57.5
| n/a
| Quarry rent expenses
| 000'AZN/month
| 6.1
| n/a
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| Selling, General & Administrative Expenses
■ Variable SG&A items
– Variable SG&A items are forecast based on historical share in revenue. The list and historical shares in revenue are provided in the table to right
– Staff costs are forecast in line with historical data and based on management’s estimation of 30% growth of total employees after the introduction of Phase 2 and indexed with nominal wages growth rate, provided by EIU
– Insurance costs are estimated separately for casco, mandatory car, fire and staff insurance costs. NBV of cars was used for estimation of casco and mandatory car insurances
– Transport costs are estimated on per unit cost basis based on management data and inflated according to EIU
■ Fixed SG&A items
– Fixed SG&A include Land tax, locomotive rent expenses and quarry rent expenses were inflated according to EIU
■ Taxes
– Forecast of road and withholding taxes are estimated with historical share of revenue. Property tax, VAT and income tax are all calculated separately with relevant information
Source: KPMG with Management data
Financial projections
SG&A (2/2)
| SG&A forecast
| AZN'000
| H2 2014
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| Phase 1
| Variable SG&A
| 1,646
| 4,836
| 4,700
| 4,696
| 4,563
| 4,688
| 4,797
| 4,920
| 5,050
| 5,189
| 5,343
| 5,513
| 5,698
| 5,904
| 6,132
| 6,356
| 6,553
| Tax charges
| 1,242
| 2,423
| 2,214
| 3,169
| 3,979
| 3,542
| 3,177
| 2,872
| 2,616
| 2,400
| 2,217
| 2,063
| 1,932
| 1,822
| 1,728
| 1,649
| 1,581
| Staff costs
| 1,733
| 3,708
| 3,986
| 4,305
| 4,714
| 5,138
| 5,576
| 6,023
| 6,477
| 6,933
| 7,386
| 7,834
| 8,269
| 8,688
| 9,086
| 9,457
| 9,797
| Insurance costs
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| 1,007
| 1,029
| 1,053
| 1,079
| 1,107
| 1,139
| 1,173
| 1,209
| 1,247
| Transport costs
| 2,826
| 8,098
| 8,622
| 8,720
| 7,364
| 7,698
| 8,003
| 8,348
| 8,726
| 9,142
| 9,615
| 10,148
| 10,738
| 11,400
| 12,134
| 12,754
| 13,149
| Fixed items
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| 1,016
| 1,040
| 1,066
| 1,095
| 1,126
| 1,159
| 1,195
| Total SG&A for Phase 1
| 8,239
| 20,683
| 21,202
| 22,643
| 22,450
| 22,937
| 23,457
| 24,104
| 24,850
| 25,687
| 26,631
| 27,678
| 28,810
| 30,049
| 31,379
| 32,584
| 33,522
| Phase 2
| Variable SG&A
| -
| -
| -
| 7,056
| 9,761
| 10,044
| 10,273
| 10,530
| 10,805
| 11,097
| 11,421
| 11,779
| 12,167
| 12,601
| 13,078
| 13,552
| 13,972
| Tax charges
| -
| -
| -
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| Staff costs
| -
| -
| -
| 5,596
| 6,128
| 6,680
| 7,249
| 7,830
| 8,420
| 9,012
| 9,602
| 10,184
| 10,750
| 11,295
| 11,812
| 12,294
| 12,736
| Insurance costs
| -
| -
| -
| 1,726
| 1,802
| 1,842
| 1,875
| 1,912
| 1,951
| 1,991
| 2,035
| 2,083
| 2,133
| 2,194
| 2,257
| 2,326
| 2,398
| Transport costs
| -
| -
| -
| 12,426
| 14,729
| 15,396
| 16,006
| 16,696
| 17,451
| 18,284
| 19,229
| 20,296
| 21,475
| 22,801
| 24,268
| 25,507
| 26,298
| Fixed items
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| -
| Total SG&A for Phase 2
| -
| -
| -
| 26,966
| 32,642
| 34,191
| 35,637
| 37,209
| 38,873
| 40,637
| 42,548
| 44,611
| 46,803
| 49,178
| 51,714
| 53,988
| 55,723
| Total SG&A
| 8,239
| 20,683
| 21,202
| 49,608
| 55,092
| 57,128
| 59,094
| 61,313
| 63,722
| 66,324
| 69,179
| 72,289
| 75,613
| 79,227
| 83,092
| 86,573
| 89,245
| Source: KPMG analysis
Financial projections
CAPEX & Depreciation (1/2) 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | Поиск по сайту:
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