2009 2010 2011 2012 2013
Sales 68.28B 64.31B 68.74B 81.7B 86.62B
Sales
Growth
-5.82% 6.89% 18.86% 6.03%
According to the past “ve years’ sales growth, we could see that there is a decrease
during 2009 and 2010 which is mainly caused by “nancial crisis and also 2012, the
whole market got recovery which shows a compara+vely high growth. Thus, we
assume the growth of sales of 2014 is around the same as 2011 and 2013’s growth.
We assume sales growth is 6.5%. Also, as the fuel’s price keeps decrease, we assume
the following sales growth will be higher and higher.
Sales of 2014= Sales of 2013*(1+6.5%) =92.25B
2009 2010 2011 2012 2013
Gross Pro”t
Margin
11.92B 12.62B 12.87B 13.14B 13.43B
G Pro”t Growth 5.93% 1.94% 2.13% 2.19%
Since we assume the sales growth, and also assuming the cost of products and
service’s growth equal the average of the past three years, we could easily get the
gross pro”t margin for 2014.
2009 2010 2011 2012 2013
G&A
Expense
9.87B 7.77B 7.33B 7.02B 7.03B
G&A
Growth
-21.33% -5.65% -4.25% 0.17%
The G&A Expense we assume it keeps an average of the past four years, because this
expense stay stable during the past four years around 7B.
2009 2010 2011 2012 2013
R&D
Expense
6.51B 4.12B 3.92B 3.3B 3.07B
R&D
Growth
The R&D Expense we assume it keeps an average of the past four years, because this
expense stay stable during the past four years around 3B.
2009 2010 2011 2012 2013
Interest
Expense
514M 267M 278M 268M 214M
Interest
Growth
31.52% -26.33% 10.64% -16.33%
