LBO Valuation Model Template
Contents
9 Sources & Uses of Cash
9 Balance Sheet
9 Income Statement
9 Cashflow Statement
9 Debt Repayment
9 Book Depreciation
9 Tax Decpreciation
9 Ratio Analysis
9 Working Capital & Balance Sheet Assumptions
9 Income Statement Assumptions
9 Performance Assumptions
9 Asset Sales
9 Capital Structure
9 Income Tax Calculation
9 Free Cash Flow Summary
9 DCF Analysis
9 WACC
9 Returns Calculation
[Project Name]
Transaction Structu
Performance Case: Base
(FYE Month; $ in millions)
Uses of Funds Sources of Funds
Equity Purchase Price $0.0 Existing Debt
Debt Retired 0.0 Bank Revolver
Debt Assumed 0.0 Senior Bank Term "A"
Cash Infusion 0.0 Senior Bank Term "B"
Transaction Costs 0.0 Other Long-Term Debt
Senior Subordinated Debt
Total Uses $0.0 Junior Subordinated Debt
Seller Note
Current Stock Price $0.00 Preferred Stock
Offer Premium 25.0% Common Equity:
Offer Price Per Share $0.00 Sponsor Equity
Management Equity
Shares Outstanding (MM) 0.0 New Equity
Equity Purchase Price $0.0 Excess Cash on Balance Sheet
Acquisition Multiples Total Sources
1998 EBITDA 0.0x
EST. Closing EBITDA 0.0x Equity Allocation
1998 P/E 0.0x
EST. Closing P/E 0.0x Senior Subordinated Debt
To 1998 Book 0.0x Junior Subordinated Debt
To EST. Closing Book 0.0x Seller Note
Preferred Stock
Exit Multiples Sponsor Equity
Management Equity
Exit Year 2002 New Equity
Exit EBITDA Multiple 6.0x
Exit P/E 0.0x Total Equity Allocation
Exit Book Multiple 0.0x
Leverage Assumptions 1998 Closing 2000 2001
Sr. Debt / EBITDA 0.0x 0.0x 0.0x 0.0x
Sr. Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x
Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x
Total Debt / (EBITDA - Capex) 0.0x 0.0x 0.0x 0.0x
Coverage Assumptions 1998 Closing 2000 2001
EBITDA / Sr. Interest Expense 0.0x 0.0x 0.0x 0.0x
(EBITDA - Capex) / Sr. Int. Exp. 0.0x 0.0x 0.0x 0.0x
EBITDA / Total Interest Expense 0.0x 0.0x 0.0x 0.0x
(EBITDA - Capex) / Total Int. Exp. 0.0x 0.0x 0.0x 0.0x
[Project Name]
Transaction Structure
1/19/2008 17:59
Sources of Funds % IRR Average Life
$0.0 0.0%
0.0 0.0%
Bank Term "A" 0.0 0.0%
Bank Term "B" 0.0 0.0%
ong-Term Debt 0.0 0.0%
Subordinated Debt 0.0 0.0%
ubordinated Debt 0.0 0.0%
0.0 0.0%
0.0 0.0%
0.0 0.0%
gement Equity 0.0 0.0%
0.0 0.0%
Cash on Balance Sheet 0.0 0.0%
$0.0 0.0%
uity Allocation Undiluted Fully-Diluted Goodwill Calculation
Subordinated Debt 0.0% 0.0% Purchase Price of Equity
ubordinated Debt 0.0% 0.0% Plus:
0.0% 0.0% Existing Goodwill
0.0% 0.0% Less:
0.0% 0.0% Net Worth
ment Equity 0.0% 0.0% Asset Write-Up
0.0% 0.0% Deferred Taxes
quity Allocation 0.0% 0.0% Goodwill
Other Assumptions / Switches
Performance Case 1 Base
Circ Breaker 0 On
Preferred Dividend 0 % of Par
Cash Minimum 0 Off
Amt. Of Cash Min. $10.0
Transaction Fees:
Advisory 1.0%
Financing 3.0%
Use Excess Cash 0 No
1/19/2008 17:59
Average Life
Calculation
$0.0
0.0
0.0
0.0
0.0
$0.0
12/9/20119:56 PM 873 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsBalance_Sheet
[Project Name]
Historical and Projected Balance Sheet
Performance Case: Base
(FYE Month; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 - + Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ASSETS
Current Assets:
Cash & Marketable Securities $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 $0.0 $0.0 $0.0 $0.0
Accounts Receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Prepaid Expenses 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 0.0 0.0 0.0 0.0
Prepaid Income Taxes 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 0.0 0.0 0.0 0.0
Other Current Assets #1 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 0.0 0.0 0.0 0.0
Other Current Assets #2 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 0.0 0.0 0.0 0.0
Other Current Assets #3 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 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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
NonCurrent Assets:
Net PP&E $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 $0.0 $0.0 $0.0 $0.0
Other Assets #1 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 0.0 0.0 0.0 0.0
Other Assets #2 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 0.0 0.0 0.0 0.0
Other Assets #3 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 0.0 0.0 0.0 0.0
Transaction Costs 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 0.0 0.0 0.0 0.0
New Goodwill 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 0.0 0.0 0.0 0.0
Other NC Assets #1 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 0.0 0.0 0.0 0.0
Other NC Assets #2 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 0.0 0.0 0.0 0.0
Other NC Assets #3 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 0.0 0.0 0.0 0.0
Total NonCurrent Assets $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 $0.0 $0.0
TOTAL ASSETS $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 $0.0 $0.0
Historical Projected
LIABILITIES & EQUITY 1995 1996 1997 1998 1999 - + Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Current Liabilities:
Accounts Payable $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 $0.0 $0.0 $0.0 $0.0
Accrued Expenses 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 0.0 0.0 0.0 0.0
Dividend Payable 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 0.0 0.0 0.0 0.0
Income Tax Payable 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 0.0 0.0 0.0 0.0
Other Current Liabilities #1 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 0.0 0.0 0.0 0.0
Other Current Liabilities #2 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 0.0 0.0 0.0 0.0
Other Current Liabilities #3 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 0.0 0.0 0.0 0.0
Total Current Liabilities $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 $0.0 $0.0
Deferred Taxes $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 $0.0 $0.0 $0.0 $0.0
Other Deferred Liability #1 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 0.0 0.0 0.0 0.0
Other Deferred Liability #2 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 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long Term Debt: Senior Debt Note: Change Senior / Sub Status
Existing Debt $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 $0.0 $0.0 $0.0 $0.0 Senior on the Income Statement Page
Bank Revolver 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 0.0 0.0 0.0 0.0 Senior
Senior Bank Term "A" 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 0.0 0.0 0.0 0.0 Senior
Senior Bank Term "B" 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 0.0 0.0 0.0 0.0 Senior
Other Long-Term Debt 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 0.0 0.0 0.0 0.0 Subordinated
Senior Subordinated Debt 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 0.0 0.0 0.0 0.0 Subordinated
Junior Subordinated Debt 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 0.0 0.0 0.0 0.0 Subordinated
Seller Note 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 0.0 0.0 0.0 0.0 Subordinated
Total Long Term Debt $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 $0.0 $0.0
TOTAL LIABILITIES $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 $0.0 $0.0
Net Worth:
Equity - Common $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 $0.0 $0.0 $0.0 $0.0
- Preferred 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 0.0 0.0 0.0 0.0
Retained Earnings 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 0.0 0.0 0.0 0.0
TOTAL NET WORTH $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 $0.0 $0.0
TOTAL LIABILITIES & EQUITY $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 $0.0 $0.0
Balance Sheet Check $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 $0.0 $0.0
Total Senior Debt $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 $0.0 $0.0
Total Capitalization $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 $0.0 $0.0
12/9/20119:56 PM 973 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsIncome_Statement
[Project Name]
Historical and Projected Income Statement
Performance Case: Base
(FYE Month; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net Sales $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 $0.0
Cost Of Goods Sold 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 0.0
Gross Margin 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 0.0
Operating Expenses:
SG&A 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 0.0
Other Expense #1 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 0.0
Other Expense #2 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 0.0
Other Expense #3 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 0.0
Other Expense #4 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 0.0
Subtotal 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 0.0
Consolidated EBITDA 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 0.0
Consolidated D&A 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 0.0
Consolidated EBIT (Pre-Transaction) 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 0.0
Transaction Amortization 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 0.0
New Goodwill Amortization 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 0.0
Subtotal 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 0.0
Consolidated EBIT (Post-Transaction) 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 0.0
Average Interest (1=Yes, 0=No) Senior Debt (1=Yes, 0=No)
Interest Income 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 0.0 0 No
Interest Expense:
Existing Debt 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 0.0 0 No 1 Senior
Bank Revolver 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 0.0 0 No 1 Senior
Senior Bank Term "A" 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 0.0 0 No 1 Senior
Senior Bank Term "B" 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 0.0 0 No 1 Senior
Other Long-Term Debt 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 0.0 0 No 0 Subordinated
Senior Subordinated Debt 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 0.0 0 No 0 Subordinated
Junior Subordinated Debt 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 0.0 0 No 0 Subordinated
Seller Note 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 0.0 0 No 0 Subordinated
Total Interest Expense 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 0.0
Gain (Loss) On Asset Sales 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 0.0
Net Income Before Taxes 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 0.0
Provision For Income Taxes 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 0.0
Net Income $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 $0.0
Preferred Dividends 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 0.0
Net Income To Common Shareholders $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 $0.0
Senior Interest Expense $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 $0.0
Junior Interest Expense $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 $0.0
12/9/20119:56 PM 1073 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsCash_Flow
[Project Name]
Projected Cash Flow Summary
Performance Case: Base
(FYE Month; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net To Retained Earnings $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Non-Cash Adjustments:
Consolidated D&A $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Transaction Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
New Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Years PIK
Accrued Junior Subordinated Debt Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0
Accrued Preferred Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0
Funds From Operations $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Working Capital Source (Use):
Accounts Receivable $0.0 $0.0 $0.0 $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 0.0 0.0 0.0
Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accounts Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accrued Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Dividend Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income Tax Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Increase) In Net Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash From Operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Existing Cash On Balance Sheet 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capital Expenditures $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
(Inc)/Dec in Other Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other NC Assets #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other NC Assets #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Other NC Assets #3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
(Inc)/Dec in All NC Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in All NC Liabilties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
12/9/20119:56 PM 1173 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsDebt_Repayment
[Project Name]
Projected Debt Repayment Schedule
Performance Case: Base
(FYE Month; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Year #… 1 2 3 4 5 6 7 8 9 10
Cash Available For Debt Repayment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Asset-Backed Addition To Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Existing Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mandatory (1=Mandatory. 0=Auto)
Existing Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Existing Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "A" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Senior Bank Term "A" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "B" Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Senior Bank Term "B" Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Long-Term Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Other Long-Term Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Senior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Senior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Junior Subordinated Debt Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Junior Subordinated Debt Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Seller Note Mandatory Repayment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 Automatic
Seller Note Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Preferred Stock Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash For Retirement Of Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver Retired 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Bank Revolver Addition 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Additions To Cash $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
% of A/R and Inventory Increase, which increases Asset-Backed Revolver, if active
(I.e., if set equal to % of borrowing base utilzed, this percentage will remain constant over time)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
% of Working Capital Increase To Revolver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
12/9/20119:56 PM 1273 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsBook_Depreciation
[Project Name]
Book Depreciation Schedule
Performance Case: Base
(FYE Month; $ in millions) Depreciation Method Goodwill Amortization Tax-Deductible Computed or Manual Depreciation
(0=SLN,1=Sum of Years) (0=Not Deductible,1=Deductible) (0=Computed,1=Manual)
Existing Equipment 0 Straight Line 0 Not Tax-Deductible 0 Computed
Gross PP&E $0.0
Land $0.0
Beginning Projected
Amount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Category 1 $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
Category 2 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
Category 3 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
Category 4 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
Category 5 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
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Capital Expenditures
Capital Projected
Depreciation Period 10 Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2005 0.0 0.0 0.0 0.0 0.0
0.0 2006 0.0 0.0 0.0 0.0
0.0 2007 0.0 0.0 0.0
0.0 2008 0.0 0.0
0.0 2009 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL CALCULATED BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
MANUALLY INPUT BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
BOOK DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TRANSACTION COST AMORTIZATION YEARS - 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GOODWILL AMORTIZATION YEARS - 40 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
12/9/20119:56 PM 1373 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsTax_Depreciation
[Project Name]
Tax Depreciation Schedule
Performance Case: Base
(FYE Month; $ in millions) Depreciation Method Goodwill Amortization Tax-Deductible Computed or Manual Depreciation
(0=SLN,1=Sum of Years) (0=Not Tax-Deductible,1=Tax-Deductible) (0=Computed,1=Manual)
Existing Equipment 0 Straight Line 0 Not Tax-Deductible 0 Computed
Gross PP&E $0.0
Land $0.0
Beginning Projected
Amount Period Salvage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Category 1 $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
Category 2 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
Category 3 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
Category 4 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
Category 5 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
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Capital Expenditures
Capital Projected
Depreciation Period 10 Expenditure Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
$0.0 2000 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
0.0 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2004 0.0 0.0 0.0 0.0 0.0 0.0
0.0 2005 0.0 0.0 0.0 0.0 0.0
0.0 2006 0.0 0.0 0.0 0.0
0.0 2007 0.0 0.0 0.0
0.0 2008 0.0 0.0
0.0 2009 0.0
Total $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
TOTAL TAX DEPRECIATION 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
[Project Na
Ratio Analy
Performance Case: Base
(FYE Month; $ in millions)
Historical
1995 1996 1997 1998 1999
Capital Structure
Total Debt / Book Capitalization 0.0% 0.0% 0.0% 0.0% 0.0%
Total Debt / Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Total Debt / Tangible Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Leverage Ratios
Senior Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x
Senior Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 0.0x
Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x
Total Debt / (EBITDA-CapEx) 0.0x 0.0x 0.0x 0.0x 0.0x
Interest Coverage
EBITDA / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0x
EBITDA / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x
(EBITDA-CapEx) / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0x
(EBITDA-CapEx) / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x
EBIT / Senior Interest 0.0x 0.0x 0.0x 0.0x 0.0x
EBIT / Total Interest 0.0x 0.0x 0.0x 0.0x 0.0x
Return on Average Common Equity 0.0% 0.0% 0.0% 0.0% 0.0%
EBIT / Average Capitalization 0.0% 0.0% 0.0% 0.0% 0.0%
Working Capital Assumptions
Asset Turnover (Sales) 0.0x 0.0x 0.0x 0.0x 0.0x
Inventory Turnover (COGS) 0.0x 0.0x 0.0x 0.0x 0.0x
Days Receivable (Sales) 0.0 0.0 0.0 0.0 0.0
Days Inventory (Sales) 0.0 0.0 0.0 0.0 0.0
Days Payable (Sales) 0.0 0.0 0.0 0.0 0.0
Operating Results
Sales Growth 0.0% 0.0% 0.0% 0.0% 0.0%
Gross Margin 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA Margin 0.0% 0.0% 0.0% 0.0% 0.0%
EBIT Margin 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax Profit To Sales
Liquidity Ratios
Current Ratio 0.0 0.0 0.0 0.0 0.0
Acid Test Ratio 0.0 0.0 0.0 0.0 0.0
[Project Name]
Ratio Analysis
Projected
Closing 2000 2001 2002 2003 2004 2005 2006 2007
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% 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%
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
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% 0.0% 0.0%
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
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 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% 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% 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%
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 0.0 0.0
2008 2009
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
CapEx
0.0x 0.0x 1995 1996 1997 1998 1999
0.0x 0.0x 0 0 0 0 0
0.0x 0.0x
0.0x 0.0x
0.0x 0.0x
0.0x 0.0x
0.0x 0.0x
0.0x 0.0x
0.0x 0.0x
0.0x 0.0x
1994
0.0% 0.0% 0 Common Equity
0.0% 0.0% 0 Capitalization
0.0x 0.0x 0 Total Assets
0.0x 0.0x 0 Inventories
0.0 0.0 0 Account Receivables
0.0 0.0 0 Inventories
0.0 0.0 0 Account Payables
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0 0.0
0.0 0.0
12/9/20119:56 PM 2073 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsWC_BS_Assumptions
[Project Name]
Working Capital and Balance Sheet Assumptions
Performance Case: Base
(FYE Month; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Current Assets:
Accounts Receivable / Sales 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% 0.0%
Inventories / Sales 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% 0.0%
Prepaid Expenses / Sales 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% 0.0%
Prepaid Income Taxes / Sales 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% 0.0%
Other Current Assets #1 / Sales 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% 0.0%
Other Current Assets #2 / Sales 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% 0.0%
Other Current Assets #3 / Sales 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% 0.0%
Current Liabilities:
Accounts Payable / Sales 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% 0.0%
Accrued Expenses / Sales 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% 0.0%
Dividend Payable / Sales 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% 0.0%
Income Tax Payable / Sales 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% 0.0%
Other Current Liabilities #1 / Sales 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% 0.0%
Other Current Liabilities #2 / Sales 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% 0.0%
Other Current Liabilities #3 / Sales 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% 0.0%
Other Assumptions:
Other Assets #1 / Sales 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% 0.0%
Other Assets #2 / Sales 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% 0.0%
Other Assets #3 / Sales 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% 0.0%
Other NC Assets #1 / Sales 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% 0.0%
Other NC Assets #2 / Sales 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% 0.0%
Other NC Assets #3 / Sales 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% 0.0%
Other Deferred Liability #2 / Sales 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% 0.0%
Minority Interest / Sales 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% 0.0%
12/9/20119:56 PM 2173 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsInc_Stmt_Assumptions
[Project Name]
Income Statement Assumptions and Historical Performance
Performance Case: Base
(FYE Month; $ in millions)
Historical Projected
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Consolidated Sales Growth 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% 0.0%
Cost Of Goods Sold / Sales 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% 0.0%
Gross Margin 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% 0.0%
Operating Expenses / Sales:
SG&A 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% 0.0%
Other Expense #1 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% 0.0%
Other Expense #2 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% 0.0%
Other Expense #3 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% 0.0%
Other Expense #4 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% 0.0%
Consolidated EBITDA / Sales 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% 0.0%
Consolidated EBIT (Post-Transaction) / Sales 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% 0.0%
Interest (Coupon) Rates
Interest Income 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% 0.0%
Existing Debt 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% 0.0%
Bank Revolver 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% 0.0%
Senior Bank Term "A" 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% 0.0%
Senior Bank Term "B" 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% 0.0%
Other Long-Term Debt 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% 0.0%
Senior Subordinated Debt 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% 0.0%
Junior Subordinated Debt 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% 0.0%
Seller Note 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% 0.0%
Preferred Stock (% of Par) 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% 0.0%
Preferred Stock ($ Amount) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Preferred Stock Par Value $100.00
Tax Rates:
Federal Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%
State Tax Rate 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% 0.0%
Effective Tax Rate 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% 0.0%
12/9/20119:56 PM 2273 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsPerformance_Assumptions
[Project Name]
Performance Assumptions
Performance Case: Base
(FYE Month; $ in millions)
Case Selection: 1
Historical 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Consolidated Sales Growth
1 = Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2 = Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3 = Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cost Of Goods Sold / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #1 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #2 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #3 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Expense #4 / Sales
Base 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Optimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pessimistic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
[Project Name]
Asset Sale Assump
Performance Case: Base
(FYE Month; $ in millions)
Historical
Projected Asset Sales 1995 1996 1997 1998 1999
Estimated Sale Proceeds $0.0 $0.0 $0.0 $0.0 $0.0
Tax Basis of Asset 0.0 0.0 0.0 0.0 0.0
Gain (Loss) On Asset Sale 0.0 0.0 0.0 0.0 0.0
Book Basis Of Asset 0.0 0.0 0.0 0.0 0.0
Allocation To Balance Sheet
Current Assets:
Cash & Marketable Securities $0.0 $0.0 $0.0 $0.0 $0.0
Accounts Receivable 0.0 0.0 0.0 0.0 0.0
Inventories 0.0 0.0 0.0 0.0 0.0
Prepaid Expenses 0.0 0.0 0.0 0.0 0.0
Prepaid Income Taxes 0.0 0.0 0.0 0.0 0.0
Other Current Assets #1 0.0 0.0 0.0 0.0 0.0
Other Current Assets #2 0.0 0.0 0.0 0.0 0.0
Other Current Assets #3 0.0 0.0 0.0 0.0 0.0
NonCurrent Assets:
Net PP&E $0.0 $0.0 $0.0 $0.0 $0.0
Other Assets #1 0.0 0.0 0.0 0.0 0.0
Other Assets #2 0.0 0.0 0.0 0.0 0.0
Other Assets #3 0.0 0.0 0.0 0.0 0.0
Transaction Costs 0.0 0.0 0.0 0.0 0.0
New Goodwill 0.0 0.0 0.0 0.0 0.0
Other NC Assets #1 0.0 0.0 0.0 0.0 0.0
Other NC Assets #2 0.0 0.0 0.0 0.0 0.0
Other NC Assets #3 0.0 0.0 0.0 0.0 0.0
Total Assets $0.0 $0.0 $0.0 $0.0 $0.0
Current Liabilities:
Accounts Payable $0.0 $0.0 $0.0 $0.0 $0.0
Accrued Expenses 0.0 0.0 0.0 0.0 0.0
Dividend Payable 0.0 0.0 0.0 0.0 0.0
Income Tax Payable 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #1 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #2 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities #3 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0
Other Deferred Liability #1 0.0 0.0 0.0 0.0 0.0
Other Deferred Liability #2 0.0 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0
Long Term Debt:
Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0
Bank Revolver 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0
Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0
Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0
Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0
Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0
Seller Note 0.0 0.0 0.0 0.0 0.0
Net Worth:
Equity - Common $0.0 $0.0 $0.0 $0.0 $0.0
- Preferred 0.0 0.0 0.0 0.0 0.0
Retained Earnings 0.0 0.0 0.0 0.0 0.0
Total Liabilities & Equity $0.0 $0.0 $0.0 $0.0 $0.0
Balance Sheet Check $0.0 $0.0 $0.0 $0.0 $0.0
[Project Name]
et Sale Assumptions
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008
$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 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 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 $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 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 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 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 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 $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
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 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 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 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 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 $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 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 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 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
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 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 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 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 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 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 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 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 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
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 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 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
2009
$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
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
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
0.0
0.0
$0.0
$0.0
12/9/20119:56 PM 2973 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsCapital_Structure
[Project Name]
Current and Projected Capital Structure Summary
Performance Case: Base
(FYE Month; $ in millions)
Projected
1999 Closing 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Senior Debt ?**
Existing Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Senior
Bank Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior
Senior Bank Term "A" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior
Senior Bank Term "B" 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior
Other Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Senior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Junior Subordinated Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Seller Note 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subordinated
Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ** Note - Change on Income Statement
Common Equity: 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Book Capitalization $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Total Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Book Equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Borrowing Base
Accounts Receivable (80.0%) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 80.0%
Inventories (50.0%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50.0%
Total Borrowing Base $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Asset-Backed Revolver
% of Borrowing Base Utilized 0 = No No
Revolver Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1 = Yes
12/9/20119:56 PM 3073 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsIncome_Tax_Calc
[Project Name]
Income Tax Calculation
Performance Case: Base
(FYE Month; $ in millions)
Projected
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Net Income Before Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Plus: Book Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Tax Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Less: Book Gain On Assets Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Tax Gain (Loss) On Assets Sold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Plus: Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pre-NOL Taxable Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NOL Used To Shelter Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NOL Carryforward 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current Taxable Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current Tax Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Book Tax 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Beginning NOL's 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current NOL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NOL Carryforward Utilized 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ending NOL $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
[Project Nam
Free Cash Flow Su
Performance Case: Base
(FYE Month; $ in millions) Tax Rate: 40.0%
Projected
2000 2001 2002 2003 2004
EBIT $0.0 $0.0 $0.0 $0.0 $0.0
Less: Taxes on EBIT (40.0%) 0.0 0.0 0.0 0.0 0.0
Plus: Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0
Unlevered Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0
Minus:
Capital Expenditures 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in Working Capital 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 0.0 0.0 0.0 0.0 0.0
Inc/(Dec) in All NC Assets 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in All NC Liabilties 0.0 0.0 0.0 0.0 0.0
Free Cash Flow $0.0 $0.0 $0.0 $0.0 $0.0
Free Cash Flow Calculation FV of Terminal Value (EBITDA)
NPV of FCFF @ 7.0% $0.0 Terminal Value @ 4.0x
NPV of FCFF @ 8.0% 0.0 Terminal Value @ 6.0x
NPV of FCFF @ 9.0% 0.0 Terminal Value @ 8.0x
FV of Terminal Value (Perpetuity)
1.0% 2.0%
Terminal Value @ 7.0% $0.0 $0.0
Terminal Value @ 8.0% 0.0 0.0
Terminal Value @ 9.0% 0.0 0.0
[Project Name]
ree Cash Flow Summary
Projected Normalized
2005 2006 2007 2008 2009 2009
$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 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 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
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 $0.0 $0.0 $0.0 $0.0
Value (EBITDA) PV of Terminal Value (EBITDA)
4.0x 6.0x
$0.0 Terminal Value @ 7.0% $0.0 $0.0
0.0 Terminal Value @ 8.0% 0.0 0.0
0.0 Terminal Value @ 9.0% 0.0 0.0
etuity) PV of Terminal Value (Perpetuity)
3.0% 1.0% 2.0%
$0.0 Terminal Value @ 7.0% $0.0 $0.0
0.0 Terminal Value @ 8.0% 0.0 0.0
0.0 Terminal Value @ 9.0% 0.0 0.0
A)
8.0x
$0.0
0.0
0.0
ty)
3.0%
$0.0
0.0
0.0
[Project Nam
Discounted Cash Flo
Performance Case: Base
(FYE Month; $ in millions)
Total Enterprise Value
EBITDA Multiple Method Perpertuity Gro
4.0x 6.0x 8.0x 1.0%
7.00% $0.0 $0.0 $0.0 7.00% $0.0
8.00% 0.0 0.0 0.0 8.00% 0.0
9.00% 0.0 0.0 0.0 9.00% 0.0
Total Equity Value
EBITDA Multiple Method Perpertuity Gro
4.0x 6.0x 8.0x 1.0%
7.00% $0.0 $0.0 $0.0 7.00% $0.0
8.00% 0.0 0.0 0.0 8.00% 0.0
9.00% 0.0 0.0 0.0 9.00% 0.0
Total Equity Value Per Share
EBITDA Multiple Method Perpertuity Gro
4.0x 6.0x 8.0x 1.0%
7.00% $0.0 $0.0 $0.0 7.00% $0.0
8.00% 0.0 0.0 0.0 8.00% 0.0
9.00% 0.0 0.0 0.0 9.00% 0.0
[Project Name]
ounted Cash Flow Analysis
DCF Assumptions
Perpertuity Growth Method Multiple Range 2.0x
2.0% 3.0% Discount Rate Range 1.0%
Perpetuity Range 1.0%
$0.0 $0.0 Net Debt $0.0
Number of Shares 0.0
0.0 0.0
0.0 0.0
Percentage Breakdown of DCF Analysis
Perpertuity Growth Method EBITDA Multiple Method
2.0% 3.0% Cash Flow % of TEV 4.0x 6.0x
@ 7.00% 0.0% 0.0%
$0.0 $0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
0.0 0.0 Terminal Value % of TEV
@ 7.00% 0.0% 0.0%
0.0 0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
are
Perpertuity Growth Method Perpertuity Growth Method
2.0% 3.0% Cash Flow % of TEV 1.0% 2.0%
@ 7.00% 0.0% 0.0%
$0.0 $0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
0.0 0.0 Terminal Value % of TEV
@ 7.00% 0.0% 0.0%
0.0 0.0 @ 8.00% 0.0% 0.0%
@ 9.00% 0.0% 0.0%
CF Analysis
Multiple Method
8.0x
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
y Growth Method
3.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Present Value of FCFF (2
Future Value of Terminal
Present Value of Termina
Total Enterprise Valu
Less: Net Debt
Equity Value
Fully-Diluted Shares Outs
Equity Value Per Sha
Present Value of FCFF (2
Future Value of Terminal
Present Value of Termina
Total Enterprise Valu
Less: Net Debt
Equity Value
Fully-Diluted Shares Outs
Equity Value Per Sha
Present Value of FCFF (1
Future Value of Terminal
Present Value of Termina
Total Enterprise Valu
Less: Net Debt
Equity Value
Fully-Diluted Shares Outs
Equity Value Per Sha
EBITDA Multiple Method
4.0x 6.0x
esent Value of FCFF (2000 - 2009) $0.00 $0.00
uture Value of Terminal 0.0 0.0
esent Value of Terminal 0.0 0.0
Total Enterprise Value $0.00 $0.00
ss: Net Debt 0.0 0.0
Equity Value $0.00 $0.00
ully-Diluted Shares Outstanding #REF! #REF!
Equity Value Per Share #REF! #REF!
EBITDA Multiple Method
4.0x 6.0x
esent Value of FCFF (2000 - 2009) $0.00 $0.00
uture Value of Terminal 0.0 0.0
esent Value of Terminal 0.0 0.0
Total Enterprise Value $0.00 $0.00
ss: Net Debt 0.0 0.0
Equity Value $0.00 $0.00
ully-Diluted Shares Outstanding #REF! #REF!
Equity Value Per Share #REF! #REF!
EBITDA Multiple Method
4.0x 6.0x
esent Value of FCFF (1999 - 2008) $0.00 $0.00
uture Value of Terminal 0.0 0.0
esent Value of Terminal 0.0 0.0
Total Enterprise Value $0.00 $0.00
ss: Net Debt 0.0 0.0
Equity Value $0.00 $0.00
ully-Diluted Shares Outstanding #REF! #REF!
Equity Value Per Share #REF! #REF!
DISCOUNT RATE 8.00%
Multiple Method Perpetuity Growth Method
8.0x 1.0% 2.0%
$0.00 $0.00 $0.00
0.0 0.0 0.0
0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
$0.00 $0.00 $0.00
#REF! #REF! #REF!
#REF! #REF! #REF!
DISCOUNT RATE 7.00%
Multiple Method Perpetuity Growth Method
8.0x 1.0% 2.0%
$0.00 $0.00 $0.00
0.0 0.0 0.0
0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
$0.00 $0.00 $0.00
#REF! #REF! #REF!
#REF! #REF! #REF!
DISCOUNT RATE 9.00%
Multiple Method Perpetuity Growth Method
8.0x 1.0% 2.0%
$0.00 $0.00 $0.00
0.0 0.0 0.0
0.0 0.0 0.0
$0.00 $0.00 $0.00
0.0 0.0 0.0
$0.00 $0.00 $0.00
#REF! #REF! #REF!
#REF! #REF! #REF!
y Growth Method
3.0%
$0.00
0.0
0.0
$0.00
0.0
$0.00
#REF!
#REF!
y Growth Method
3.0%
$0.00
0.0
0.0
$0.00
0.0
$0.00
#REF!
#REF!
y Growth Method
3.0%
$0.00
0.0
0.0
$0.00
0.0
$0.00
#REF!
#REF!
12/9/20119:56 PM 6773 9837bb85-b097-46de-9de2-63608c9ee4bf.xlsWACC_Page
[Project Name]
Estimated Weighted Average Cost of Capital Calculation
Performance Case: Base
(FYE Month; $ in millions) Weighted Average Cost Of Capital Calculation
(0 = Computed, 1 = Manual) Proportion Setting: Manual
1 Manual WACC
Estimated Cost of Debt: Amount Interest Rate Wtd. Rate
Book Capitalization At Closing:
Existing Debt $0.0 0.00% 0.00% Amount Proportions
Bank Revolver 0.0 0.00% 0.00%
Senior Bank Term "A" 0.0 0.00% 0.00% Total Debt $0.0 0.0%
Senior Bank Term "B" 0.0 0.00% 0.00% Total Preferred 0.0 0.0%
Other Long-Term Debt 0.0 0.00% 0.00% Total Equity 0.0 0.0%
Senior Subordinated Debt 0.0 0.00% 0.00%
Junior Subordinated Debt 0.0 0.00% 0.00% Total Book Capitalization $0.0 0.0%
Seller Note 0.0 0.00% 0.00%
Total $0.0 Pre-Tax 0.00%
After-Tax 0.00% Proportions Rate Wtd. Factor
Estimated Cost of Preferred: Amount Interest Rate Atfer Tax Cost of Debt 33.3% 5.00% 1.67%
Preferred Stock $0.0 0.00% Cost of Preferred 0.0% 0.00% 0.00%
Estimated Cost of Equity Capital: Amount Interest Rate Cost of Equity 66.7% 10.00% 6.67%
Total Book Equity Capital $0.0 7.00% Weighted Average Cost of Capital 8.33%
Risk-Free Rate (10 Yr T-Note) 7.00%
Market Risk Premium 6.50%
Unlevered Beta 0.00
Target Debt / Equity Ratio 50.0%
Relevered Beta 0.00
CAPM Cost of Equity 7.00%
Manual Interest Rates and Proportions Calculation Given Target D / E
After-Tax Cost of Debt 5.00% Debt / Equity 0.5000
Cost of Preferred 0.00% 1+ D / E 1.5
Cost of Equity 10.00% Debt / Value 33.3%
Preferred Stock 0.0%
Beta Calculation
Unlevered Beta = Adjusted (Levered) Beta * [MVE / (Market Cap - (T * Book Value Of Debt))]
Relevered Beta = Unlevered Beta / [MVE / (Market Cap - (T * Book Value of Debt))]
Levered Beta 0.78
Current Stock Price $0.00
$ of Outstanding Shares 0.0
Market Value Of Equity $0.0
Pre-Transaction LT Debt 0.0
Market Capitalization $0.0 E / V Percentage 66.7%
Tax Rate 40.0% Book Equity Value $0.0
Book Debt Value $0.0
Post-Transaction Book Cap. $0.0
Unlevered Beta 0.00 Relevered Beta 0.00
Performance Case: Base
(FYE Month; $ in millions)
EXIT YEAR: 2002 Guess Rate: 10.0%
Equity Allocation Dilution
Investment Undiluted Partial Full
Sponsor Equity $0.0 0.0% 0.0% 0.0%
Management Equity 0.0 0.0% 0.0% 0.0%
New Equity 0.0 0.0% 0.0% 0.0%
Other Long-Term Debt 0.0 0.0% 0.0%
Senior Subordinated Debt 0.0 0.0% 0.0%
Junior Subordinated Debt 0.0 0.0% 0.0%
Preferred Stock 0.0 0.0% 0.0%
Seller Note 0.0 0.0% 0.0%
Management Performance Option 0.0%
Total Initial Equity Investment $0.0
Total Overall Investment $0.0 0.0% 0.0% 0.0%
Exit Proceeds And Allocation
Exit Year EBITDA $0.0
x EBITDA Multiple 6.0x
Exit Valuation $0.0
Plus: Excess Cash 0.0
Conversion Costs 0.0
Less: Total Remaining Debt 0.0
Total Preferred 0.0
Net Proceeds To Allocate $0.0
Allocation Gross Conversion Net
% Allocation Costs Allocation
Other Long-Term Debt Share 0.0% $0.0 $0.0 $0.0
Senior Subordinated Debt Share 0.0% 0.0 0.0 0.0
Junior Subordinated Debt Share 0.0% 0.0 0.0 0.0
Preferred Stock Share 0.0% 0.0
Seller Note Share 0.0% 0.0
Sponsor Equity Share 0.0% 0.0
Management Equity Share 0.0% 0.0
New Equity Share 0.0% 0.0
Totals 0.0%
[Project Name]
Returns Calculation
Returns
Closing 2000 2001 2002 2003
Senior Subordinated Debt Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Junior Subordinated Debt Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Preferred Stock Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Dividends 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Seller Note Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Other Long-Term Debt Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Interest 0.0 0.0 0.0 0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Sponsor Equity Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
Management Equity Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
New Equity Returns
Investment $0.0 $0.0 $0.0 $0.0 $0.0
Participation 0.0 0.0 0.0 0.0
IRR = $0.0 $0.0 $0.0 $0.0 $0.0
2004 2005 2006 2007 2008 2009
$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 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 $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
$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 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 $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
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 $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 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
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 $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 $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
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0