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Short-Term Borrowing and Current portion of Long-Term Debt 71 52 110 165 151
Total Current Liabilities 479 591 789 1,027 1,441
Long-Term Debt 647 654 610 788 1,257
Other Liabilities 897 866 1,041 1,103 2,213
Total Liabilities 2,023 2,111 2,441 2,918 4,911
Total Common Stock 1,288 2,522 3,807 4,937 6,368
Minority Interest 238 164 175 482 700
Total Equity 1,526 2,686 3,982 5,420 7,068
Line 2015 2016 2017 2018 2019 2020 2021 2022 2023
Cash Flow Estimation with Price at $80/ton
1 Revenue: 2 million tons @ $80 160.0 160.0 160.0 160.0 160.0 160.0 160.0 160.0 160.0
a
2 Mining costs 28.8 28.8 28.8 30.4 30.4 30.4 33.6 33.6 33.6
3 Smelting, refining, and freight costs 48.0 48.0 48.0 48.0 48.0 48.0 48.0 48.0 48.0
4 Operating profits 83.2 83.2 83.2 81.6 81.6 81.6 78.4 78.4 78.4
5 Depreciation and amortization 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0
6 EBIT 71.2 71.2 71.2 69.6 69.6 69.6 66.4 66.4 66.4
7 Taxes @ 35% 24.9 24.9 24.9 24.4 24.4 24.4 23.2 23.2 23.2
8 Net income 46.3 46.3 46.3 45.2 45.2 45.2 43.2 43.2 43.2
9 Cash flow from operations 58.3 58.3 58.3 57.2 57.2 57.2 55.2 55.2 55.2
10 Return of working capitalb 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
11 Total cash flows 58.3 58.3 58.3 57.2 57.2 57.2 55.2 55.2 55.2
Cash Flow Estimation with Price at $100/ton
12 Revenue: 2 million tons @ $100 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0
13 Mining costs a
28.8 28.8 28.8 30.4 30.4 30.4 33.6 33.6 33.6
14 Smelting, refining, and freight costs 48.0 48.0 48.0 48.0 48.0 48.0 48.0 48.0 48.0
15 Operating profits 123.2 123.2 123.2 121.6 121.6 121.6 118.4 118.4 118.4
16 Depreciation and amortization 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0
17 EBIT 111.2 111.2 111.2 109.6 109.6 109.6 106.4 106.4 106.4
18 Taxes @ 35% 38.9 38.9 38.9 38.4 38.4 38.4 37.2 37.2 37.2
19 Net income 72.3 72.3 72.3 71.2 71.2 71.2 69.2 69.2 69.2
20 Cash flow from operations 84.3 84.3 84.3 83.2 83.2 83.2 81.2 81.2 81.2
21 Return of working capitalb 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
22 Total cash flows 84.3 84.3 84.3 83.2 83.2 83.2 81.2 81.2 81.2
Line 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Capital Takedown Schedule a
60.0
40.0
60.0
40.0
200.0
Line 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Cash Flow Estimation with Price at $80/ton
1 EBIT (based on iron ore at $80/ton) 71.2 71.2 71.2 69.6 69.6 69.6 66.4 66.4 66.4
2 Interest 31.9 10.9 8.0 5.1 2.7 0.2 0.0 0.0 0.0
3 Pre-tax profit 39.3 60.3 63.2 64.5 66.9 69.4 66.4 66.4 66.4
4 Taxes @ 35% 13.8 21.1 22.1 22.6 23.4 24.3 23.2 23.2 23.2
5 Net income 25.5 39.2 41.1 41.9 43.5 45.1 43.2 43.2 43.2
6 Depreciation and amortization 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0
7 Cash flows from operations 37.5 51.2 53.1 53.9 55.5 57.1 55.2 55.2 55.2
8 Working capital changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
9 Cash flow for debt repayment and dividends 37.5 51.2 53.1 53.9 55.5 57.1 55.2 55.2 55.2
10 Contractual debt repayment 0.0 13.9 13.3 0.0 0.0 0.0 0.0 0.0 0.0
11 Debt payment under loan covenants 37.5 18.6 19.9 27.0 27.7 2.0 0.0 0.0 0.0
12 Cash available for equity holders 0.0 18.6 19.9 27.0 27.7 55.1 55.2 55.2 55.2
13 Equity investment 40 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2024 2025 2026 2027 2028 2029 Total
Line Loan Principal Payment Schedule 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Senior secured debtU.S. banks
1 Contractual repayment 0.0 8.5 8.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2 Prepayment 22.5 11.2 9.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3 Annual debt amortization 22.5 19.7 17.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0
4 Cumulative debt amortization 22.5 42.2 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0
13 Total contractual repayment 0.0 13.9 13.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0
14 Total prepayment 37.5 18.6 19.9 27.0 27.7 2.0 0.0 0.0 0.0 0.0
15 Total debt amortization 37.5 32.5 33.2 27.0 27.7 2.0 0.0 0.0 0.0 0.0
2025 2026 2027 2028 2029 Total