A

EQUITY
DEBT

10000
10000

T
NFA
OP W CAP
CASH

20000

10000
6000
4000

EQUITY
DEBT

5000
5000
10000

P/BV
MV
AC PREM
TAQ V

3
15000
2000
17000

20000

I CASE

100%

CASH
DEBBT
EQUITY

4000
6500
6500
17000

NET PROFIT

T
EQUITY
DEBT

T
7000
7000
14000

AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP

7000 EQUITY
3000 DEBT
10000

16500
16500

NFA
INVESTME
OP WCAP

33000

CONSOLIDATION
10000 EQUITY
17000 DEBT
6000
33000

16500
21500

38000

NET PROFIT

RE

2000 100% SUBSIDIARY

SUBSIDIARY DECLARES NO DIVIDEND
4950 PROFIT OF MY STANDALONE
6950
1950
5000

EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP

9000 EQUITY
5000 DEBT
14000

21500
16700
38200

NFA
INVESTME
OP WCAP

CONSOLIDATION
12000 EQUITY
19000 DEBT
7200
38200

21500
23700
45200

GWILL
NFA
OP W CAP
CASH

12000
17000
9000
0
38000

GWILL
NFA
OP W CAP
CASH

12000
21000
12200
0
45200

A
EQUITY
DEBT

10000
10000

T
NFA
OP W CAP
CASH

20000

10000
6000
4000

EQUITY
DEBT

5000
5000
10000

P/BV
MV
AC PREM
TAQ V

3
15000
2000
17000

20000

I CASE

100%

CASH
DEBBT
EQUITY

4000
6500
6500
17000

STANDALONE AFTER ACQUISITION

NFA
OP W CAP

7000 EQUITY
3000 DEBT
10000

14000
13900
27900

NFA
INVESTME
OP WCAP

CONSOLIDATION
10000 EQUITY
11900 DEBT
6000 MIN INTER
27900

14000
18900
5100
32900

11900
4000
3900
4000
11900

GWILL
NFA
OP W CAP
CASH

12000
17000
9000
0
38000

1500
5100

3600
2100
900
6600

A
EQUITY
DEBT

10000
10000

T
NFA
OP W CAP
CASH

20000

10000
6000
4000

EQUITY
DEBT

5000
5000
10000

P/BV
MV
AC PREM
TAQ V

3
15000
2000
17000

20000

I CASE

100%

CASH
DEBBT
EQUITY

4000
6500
6500
17000

NET PROFIT

T
EQUITY
DEBT

T
6600
7000
13600

AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP

7000 EQUITY
3000 DEBT
10000

16500
16500

NFA
INVESTME
OP WCAP

33000

CONSOLIDATION
10000 EQUITY
17000 DEBT
6000
33000

16500
21500

38000

NET PROFIT

RE

2000 100% SUBSIDIARY

SUBSIDIARY DECLARES NO DIVIDEND
20%
4950 PROFIT OF MY STANDALONE
6950
1950
5000

EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP

9000 EQUITY
4600 DEBT
13600

21500
16700
38200

NFA
INVESTME
OP WCAP

CONSOLIDATION
12000 EQUITY
18600 DEBT
7600
38200

21500
23700
45200

GWILL
NFA
OP W CAP
CASH

12000
17000
9000
0
38000

12000
-18600
-6600
ASSET

GWILL
NFA
OP W CAP
CASH

12000
21000
12200
0
45200

A
EQUITY
DEBT

10000
10000

T
NFA
OP W CAP
CASH

20000

10000
6000
4000

EQUITY
DEBT

5000
5000
10000

P/BV
MV
AC PREM
TAQ V

3
15000
2000
17000

20000

I CASE

100%

CASH
DEBBT
EQUITY

4000
6500
6500
17000

NET PROFIT

T
EQUITY
DEBT

T
7000
7000
14000

STANDALONE AFTER ACQUISITION

NFA
OP W CAP

7000 EQUITY
3000 DEBT
10000

14000
13900

NFA
INVESTME
OP WCAP

27900

CONSOLIDATION
10000 EQUITY
11900 DEBT
6000 MIN INTER
27900

14000
18900
5100
32900

11900
4000
3900
4000
11900

NET PROFIT

RE

2000 100% SUBSIDIARY

SUBSIDIARY DECLARES NO DIVIDEND
4200 PROFIT OF MY STANDALONE
5600
1950
3650

EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP

9000 EQUITY
5000 DEBT
14000

17650
15900
33550

NFA
INVESTME
OP WCAP

CONSOLIDATION
12000 EQUITY
13300 DEBT
8250 MI
33550

17650
22900
5700
46250

GWILL
NFA
OP W CAP
CASH

12000
17000
9000
0
38000

1500

3600
2100
900
6600

5100

GWILL
NFA
OP W CAP
CASH

12000
21000
13250
0
46250

A
EQUITY
DEBT

10000
10000

T
NFA
OP W CAP
CASH

20000

10000
6000
4000

EQUITY
DEBT

5000
5000
10000

P/BV
MV
AC PREM
TAQ V

3
15000
2000
17000

20000

I CASE

100%

CASH
DEBBT
EQUITY

4000
6500
6500
17000

NET PROFIT

T
EQUITY
DEBT

T
7000
7000
14000

AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP

7000 EQUITY
3000 DEBT
10000

16500
16500

NFA
INVESTME
OP WCAP

33000

CONSOLIDATION
10000 EQUITY
17000 DEBT
6000
33000

16500
21500

38000

NET PROFIT

RE

2000 100% SUBSIDIARY

SUBSIDIARY DECLARES NO DIVIDEND
4950 PROFIT OF MY STANDALONE
BOOK METHOD
6950
4200
1950
1950
5000
2250

EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP

9000 EQUITY
5000 DEBT
14000

18750
16700
35450

NFA
INVESTME
OP WCAP

CONSOLIDATION
12000 EQUITY
17000 DEBT
6450
35450

18750
23700
42450

GWILL
NFA
OP W CAP
CASH

12000
17000
9000
0
38000

GWILL
NFA
OP W CAP
CASH

12000
21000
11450
0
44450