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COGS: Summary

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COGS Summary
AZN'000 H2 2014                                
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

 
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                                
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                 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                     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 - - -                            
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)


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