Академический Документы
Профессиональный Документы
Культура Документы
Balancing Debt
Long Term Debt
Deferred Income Taxes
Other operating liabilities
Restructuring Provisions
Income smoothing Provisions
On-going operating Provisions
Long-term operating Provisions
Retirement Related Liabilities
Minority Interest
Preferred Stock
Total Long Term Liabilities 0 0 0 0 0 0 0 0 0 0
Total Common Equity
Total Liabs and Equity 0 0 0 0 0 0 0 0 0 0
Balance sheet check OK 0 0 0 0 0 0 0 0 0 0
Operations
P&L
Operating Revenue: % Growth NA NA NA NA NA NA NA NA NA
Operating revenues Rev Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
COGS: % Revenue NA NA NA NA NA NA NA NA NA NA
Cost of Goods Sold COGS Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SGA: % Revenue NA NA NA NA NA NA NA NA NA NA
SGA SGA Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Working capital
Op Cash: % Revenue NA NA NA NA NA NA NA NA NA NA
Operating cash OpCash Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Inventories: % Revenue NA NA NA NA NA NA NA NA NA NA
Inventories Inv Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OCA: % Revenues NA NA NA NA NA NA NA NA NA NA
Other current assets OCA Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OCL: % Revenues NA NA NA NA NA NA NA NA NA NA
Other current liabilities OCL Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balancing item NA NA NA NA NA NA NA NA NA
Other historical fixed asset movts FA_Hist NA NA NA NA NA NA NA NA NA
Goodwill
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additions/(disposals) GW_Cash 0 0 0 0 0 0 0 0 0
Amortisation GW_Amort Negative 0 0 0 0 0 0 0 0 0 0
Closing GW_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Initial goodwill written off GW_Init Positive 0
Intangibles
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additions/(disposals) Intang_Cash 0 0 0 0 0 0 0 0 0
Amortisation Intang_Amort Negative 0 0 0 0 0 0 0 0 0 0
Closing Intang_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Initial intangibles written off Intang_Init Positive 0
Non-operating assets
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additions/(disposals) NOA_Cash NA NA NA NA NA NA NA NA NA
Closing NOA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additions/(disposals) Inv_Cash NA NA NA NA NA NA NA NA NA
Closing Inv_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating leases
Implied principal OpLease_Bal Positive 0 0 0 0 0 0 0 0 0 0
Investment in operating leases OpLease_Cash NA NA NA NA NA NA NA NA NA 0 0 0 0 0
Interest rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Implied interest OpLease_Int Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring Provisions
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
P&L additions Restr_Prof Positive 0 0 0 0 0 0 0 0 0 0
Cash payments Restr_Cash Negative 0 0 0 0 0 0 0 0 0
Closing Restr_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority interests
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
P&L attributed (+ve) Min_Prof Positive 0 0 0 0 0 0 0 0 0 0
Cash payments Min_Cash Negative 0 0 0 0 0 0 0 0 0
Closing Min_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest rates
Excess cash
Balancing debt
Short term debt
Long term debt - 1
Long term debt - 2
Historical balances
Excess cash Cash Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balancing debt OD Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Scheduled additions/(repayments)
Short term debt STD_Cash 0 0 0 0 0 0 0 0 0
Long term debt - 1
Long term debt - 2
Total LTD_Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest calculations
Excess cash Int_Inc Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balancing debt 0 0 0 0 0
Short term debt 0 0 0 0 0
Long term debt - 1 0 0 0 0 0
Long term debt - 2 0 0 0 0 0
Total interest expense Int_Exp Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
WACC WACC 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Note: to be calculated in separate model
Equity Finance
Preferred stock
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
New issues/redemption Prefs_Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Closing Prefs_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividend: Coupon % average balance NA NA NA NA NA NA NA NA NA
Dividends Prefs_Div Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Par value per share 0
No. preferred shares (thousands) Prefs_No 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Common equity
Opening Equity_Bal _BF Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net earnings for year 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends: % earnings NA NA NA NA NA NA NA NA NA
Dividends Div_Com Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Translation effects Translation 0 0 0 0 0 0 0 0 0
New issues/(buy-backs) Equity_Cash 0 0 0 0 0 0 0 0 0
Goodwill write off GW_writeoff Negative 0 0 0 0 0 0 0 0 0
Other adjustments Equity_Adj 0 0 0 0 0 0 0 0 0
Closing Equity_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Current tax
Earnings before tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax charge Tax_Charge Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax rates
Effective NA NA NA NA NA NA NA NA NA NA
Marginal TaxRateMarg 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Deferred tax
Asset Increase/(decrease) DefTaxA_Delta 0 0 0 0 0 0 0 0 0
Deferred tax asset DefTaxA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Phase 2 Inputs
Revenue growth NA NA NA NA
Revenue Rev_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Goodwill 0 0 0 0 0
Invested Capital Inv_Cap_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Investment Net_Inv_P2 0 0 0 0 0 0 0 0 0 0 0
1: Input value
2: Last year of phase 2 NA
3: WACC 0.0%
Growth in NOPLAT g
Dates NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Year (9) (8) (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
CVY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
FY 10
Mid year adjustment factor (months) MYAF 0
Amortization of Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangibles Amort. (Excl. Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reported EBIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-Oper Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Special Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings Before Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income Before Extraordinary Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preference dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings for common shareholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Common dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained profit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings per share (Currency) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NA NA NA NA NA
Earnings per share - fully diluted (Currency) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NA NA NA NA NA
15308506.xls Page 1
Balance Sheet
Operating Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Excess Marketable Securities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Receivable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Inventories 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Operating Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred tax asset 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-operating Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balancing Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Income Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Operating Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income smoothing Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
On-going operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-term operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Common Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15308506.xls Page 2
Traditional Cash flow
Reported EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital investments
Less capex 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less investment 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less goodwill & intangibles acquired 0 0 0 0 0 0 0 0 0 0 0 0 0 0
On-going operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less other operating assets/liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total capital investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Finance
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt raised/repaid 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total finance payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity
Less pref dividends paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Prefs issued/(redeemed) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less dividends paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity raised/repaid 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total equity cash payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash/overdraft
Opening balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15308506.xls Page 3
Increase/ (Decrease) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Closing balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Check: Cash calc = Cash balance OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Excess cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balancing debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15308506.xls Page 4
NOPLAT
Reported EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adj for Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adj for Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest associated with Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Increase in Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxes on EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Deferred Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0
NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxes on EBIT
Prov for Inc Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Shield on Interest Exp 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Shield on Operating Lease Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Shield on Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Shield on Interest associated with Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax on Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax on Non-operating Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxes on EBIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Check: NOPLAT OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15308506.xls Page 5
Invested Capital
Operating Working Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Property Plant and Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Assets Net of Other Liabs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less: On-going operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Value of Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Op. Invested Capital (excl.Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement-Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Bearing Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Value of Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Investor Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15308506.xls Page 6
Free Cash Flow
NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
AT Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(Incr)/Decr Excess Mkt Sec 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign Exchange Translation 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(Incr)/Decr Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-operating Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow Available to Investors 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Financing Flow
AT Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on Nonoperating Component of Pension Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on Long-term Operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Retirement Rel. Liab 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Long-term Operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Payments to Minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Common Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Share Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Financing Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15308506.xls Page 7
Economic Profit
Before Goodwill
Return on Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
WACC 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Spread 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Invested Capital (Beg of Year) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Economic Profit (before Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital Charge 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Economic Profit (before Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
After Goodwill
Return on Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
WACC 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Spread 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Invested Capital (Beg of Year) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Economic Profit (after Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital Charge 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Economic Profit (after Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15308506.xls Page 8
DCF Valuation Calculations
CV period 0 0 0 0 0
FCF period Sum Sum 1 1 1 1 1
Economic profit 0 0 0 0 0 0
Discount Factor 1.00 1.00 1.00 1.00 1.00 1.00
PV of EP 0 0 0 0 0 0 0
Continuing value 0 0 0 0 0 0
PV of Continuing value 0 0 0 0 0 0 0
Invested capital at start of forecast 0 0
Operating value 0
Check: EV=FCF OK
Minorities
Profits attributable to minorities 0 0 0 0 0
Perpetuity based on final year detailed forecast 0 0 0 0 0
Discount factor 1.00 1.00 1.00 1.00 1.00 1.00
Present Value 0 0 0 0 0 0
Non-operating assets
Non-operating income 0 0 0 0 0
Perpetuity based on final year detailed forecast 0 0 0 0 0
Discount factor 1.00 1.00 1.00 1.00 1.00 1.00
Present Value 0 0 0 0 0 0
Restructuring costs
Restructuring costs paid 0 0 0 0 0
Discount factor 1.00 1.00 1.00 1.00 1.00 1.00
Present Value 0 0 0 0 0 0
15308506.xls Page 9
Ratios
Adjusted EBITA / Revenues
Cost of Goods Sold / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
SGA costs / Revenue NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
EBITDA / Revenue NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Depreciation / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Reported EBITA / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Adjustments to EBITA / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Adjusted EBITA / Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Growth Rates
Revenue Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Adjusted EBITA Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA
NOPLAT Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Invested Capital Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Net Income Growth Rate NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Financing
EBIT/Interest Payable NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Adjusted EBITA/Interest payable NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Cash Coverage (Gross CF / Interest) NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Debt / Total Cap (Book) NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Debt / Total Cap (Market) NA NA NA NA NA NA NA NA NA NA
Valuation indicators
Mkt Val Op Inv Cap/ BV Op Inv Cap NA NA NA NA NA NA NA NA NA
15308506.xls Page 10
Market / Book (incl. Cum Goodwill) NA NA NA NA NA NA NA NA NA
Mkt val Op Inv Cap / Adj EBITA NA NA NA NA NA NA NA NA NA
Enterprise value / EBITA NA NA NA NA NA NA NA NA NA NA
Price Earnings Ratio NA NA NA NA NA NA NA NA NA NA
15308506.xls Page 11
07/03/2009 06:25 OK
Name - Scenario
Currency
Value of Operations: DCF approach Value of Operations: Economic Profit Value of Equity
Free Cash Discount PV Economic Discount PV Operating Value 0
Year Flow Factor of FCF Year Profit Factor of EP Excess Mkt Securities 0
NA 0 1.000 0 NA 0 1.000 0 Financial Investments 0
NA 0 1.000 0 NA 0 1.000 0 Excess Pension Assets 0
NA 0 1.000 0 NA 0 1.000 0
NA 0 1.000 0 NA 0 1.000 0 Enterprise Value 0
NA 0 1.000 0 NA 0 1.000 0 Debt 0
NA 0 1.000 0 NA 0 1.000 0 Capitalized Operating Leases 0
NA 0 1.000 0 NA 0 1.000 0 Retirement Related Liability 0
NA 0 1.000 0 NA 0 1.000 0 Preferred Stock 0
NA 0 1.000 0 NA 0 1.000 0 Minority Interest 0
NA 0 1.000 0 NA 0 1.000 0 Long-Term Operating Provision 0
NA 0 1.000 0 NA 0 1.000 0 Restructuring Provision 0
NA 0 1.000 0 NA 0 1.000 0 Future Stock Options 0
NA 0 1.000 0 NA 0 1.000 0 Stock options 0
NA 0 1.000 0 NA 0 1.000 0 Equity Value 0
NA 0 1.000 0 NA 0 1.000 0
Cont. Value 0 1.000 0 Cont. Value 0 1.000 0 No. shares (thousands) 0
Operating Value #N/A 0 Present Value of Economic Profit 0 Value per Share NA
Invested Capital (incl. goodwill) 0
Continuing value % Operating value NA -High NA
Operating Value 0 -Low NA
Mid -Year Adjustment Factor 1.000 Mid -Year Adjustment Factor 1.000 Value Difference - High NA
Operating Value (Adjusted) 0 Operating Value (Adjusted) 0 Value Difference - Low NA