ABCDEFGHIJKLMNOPQRSTUVWXYZ
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Macroeconomic Assumptions201220132014201520162017P2018P2019P2020P2021P
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Annual Real GDP dynamics (y/y, %)3,5%3,5%3,5%3,0%3,0%3,5%3,6%3,3%3,5%3,5%
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Inflation CPI (%)3,7%0,9%0,0%-0,9%-0,6%2,3%3,7%3,5%2,8%2,5%
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Exchange rate EUR/PLN end of period4,174,174,174,364,464,374,454,454,514,51
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Exchange rate EUR/PLN average4,174,174,174,2654,274,294,414,454,484,51
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Exchange rate USD/PLN end of period3,153,013,353,954,223,753,853,773,893,91
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Exchange rate USD/PLN average2,962,962,963,854,093,683,803,753,833,9
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Tax rate CIT19%19%19%19%19%19%19%19%19%19%
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WIBOR 3M 4,00%2,70%2,00%1,7%1,7%2,5%2,7%2,7%3,1%3,1%
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Interest rates on deposits3,00%1,70%1,00%0,70%0,70%1,50%1,70%1,70%2,10%2,10%
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Margin debt2%2%1,5%1,5%1,5%1,5%1,5%1,5%1,5%1,5%
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Debt cost5,50%4,20%3,50%3,20%3,20%4,00%4,20%4,20%4,60%4,60%
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Risk free rate (10Y)4,60%3,80%3,00%2,90%2,90%3,70%3,90%4,00%3,60%3,60%
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Operational Assumptions201220132014201520162017P2018P2019P2020P2021P
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Inventory Turnover14,1%14,1%16,4%16,9%18,3%16,9%15,1%11,3%8,6%7,9%
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Turnover of inventories10,7%12,9%9,2%9,4%6,7%9,1%8,5%8,1%7,6%7,6%
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Turnover of liabilities-16,5%-17,1%-7,7%-7,8%-9,4%-12,9%-12,7%-10,9%-9,4%-7,6%
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Reserves as a % of sale0,0%0,0%0,0%0,0%0,0%0,0%0,0%0,0%0,0%0,0%
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Prepayments of costs as a % of sale
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Depreciation of fixed assets5%5%5%5%5%5%5%5%5%5%
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Depreciation of intangible assets2%2%2%2%2%2%2%2%2%2%
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