7/03/2009 6:25 Error check = OK
= Input on this sheet
= Calculation
Name - Scenario
Currency Historical Income Statement
Revenues Other Operating Revenues Costs of Goods Sold Selling, Gen & Admin Expenses Depreciation Expense Other Operating Expense Reported EBITA Amortization of Goodwill Amortization of Intangibles Non-Operating Income Interest Income Interest Expense Restructuring Charges Special Items Earnings Before Taxes Income Taxes Minority Interest Income Before Extraord. Items Extraord. Items (After Tax) Net Income Preference dividends Earnings for common shareholders Common dividends Retained profit
Historical
Other inputsNA NA NA NA NA NA NA NA NA NA ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Statement of changes in equity
Beginning Equity Retained profit Foreign Exchange Rate Changes Issue of New Shares/buy back Goodwill Written Off Other Adjustments to Equity Ending 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 0
0 0
0 0
Historical Balance Sheet
Operating Cash Excess marketable securities Accounts Receivable Inventories Other Current Assets Total Current Assets Net Property Plant and Equip Goodwill Other Intangible Assets Other Operating Assets Investments & Advances Deferred tax Asset Other Non-op Assets Retirement Related Assets (non-operating) Total Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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Short Term Debt Accounts Payable Tax Payable Dividends Payable Other Current Liabilities Total Current Liabilities 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 Total Common Equity Total Liabs and Equity Balance sheet check OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Off Balance Sheet Items
Marginal Tax Rate Capital Expenditure Initial Cumulative Goodwill Written Off Initial Cumulative Intangibles Written Off Market Value of Common Equity Non-operating component of pension expense Weighted Average Cost of Capital Risk Free Rate (10 yr T-bond, avg yr.) Operating Leases Interest rate on Operating Leases % Interest rate on Long-term operating Provision Number of ordinary shares (average) (000) Number of ordinary shares (year end) (000) Additional number of shares if fully diluted(000) Par value of preference shares (Currency)
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7/03/2009 6:25 Error check = OK
= Input on this sheet
= Link to historical data
= Calculation
= Input on this sheet
Name - Scenario
Currency General
Name Scenario Latest year end Valuation date End of detailed forecast period Continuing value year Currency Units Name Scenario YE Val_Date End_DF CVY_Date Currency Units Name Scenario Range name
Historical
Detailed Forecast
Key driver forecast
Other inputs 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 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
dd/mm/yy or mm/dd/yy Must be after latest year end NA NA Currency 1 Enter any year end from 1899 to 1899 e.g. DM, US$ e.g. 1,000 Text:
Share price for comparison with valuation High High Low Low
Operations P&L
Operating Revenue: % Growth Operating revenues Other Revenue: % Growth Other revenues COGS: % Revenue Cost of Goods Sold SGA: % Revenue SGA Other Op Exp: % Revenue Other Operating Expense Rev Positive 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 0 0 0
OOR
Positive
0 NA 0 NA 0 NA 0
0
0
0
0
0
COGS
Negative
0
0
0
0
0
SGA
Negative
0
0
0
0
0
OOE
Negative
0
0
0
0
0
Working capital
Op Cash: % Revenue Operating cash Inventories: % Revenue Inventories Acc Rec: % Revenues Accounts receivable Acc. Pay: % Revenues Accounts payable OCA: % Revenues Other current assets OCL: % Revenues Other current liabilities Total operating working capital WC increase/(decrease) WC: % Revenues OpCash Positive NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 NA 0 0 0 0 0
Inv
Positive
0
0
0
0
0
TradDebt
Positive
0
0
0
0
0
TradCred
Positive
0
0
0
0
0
OCA
Positive
0
0
0
0
0
OCL WC_Bal WC_Delta
Positive
0 0 0 NA
0 0 0 NA
0 0 0 NA
0 0 0 NA
0 0 0 NA
Balance Sheet Items Property Plant & Equip
PPE Net Capital expenditure option 1: Net PPE as % revenues 2: % Operating revenues 3: Cash amount Currency Capital expenditure Depreciation: % Net PPE b/f Depreciation Balancing item Other historical fixed asset movts PPE_Net Enter 1,2 or 3 Positive 1 NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA NA NA 0 0 NA 0 NA NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capex
Positive
0
0
0
0
0
Depn
Negative
0
0
0
0
0
0
FA_Hist
Goodwill
Opening Additions/(disposals) Amortisation Closing Initial goodwill written off GW_Cash GW_Amort GW_Bal GW_Init Negative Positive Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
0
0
0
0
Intangibles
Opening Additions/(disposals) Amortisation Closing Initial intangibles written off Intang_Cash Intang_Amort Intang_Bal Intang_Init Negative Positive Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 operating assets
Opening Additions/(disposals) Closing OOA_Cash OOA_Bal Positive 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 0 0 0 0 0 0 0 0 0
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Other operating liabilities
Opening Additions/(disposals) Closing OOL_Cash OOL_Bal Positive 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 0 0 0 0 0 0 0 0 0
Non-operating assets
Opening Additions/(disposals) Closing NOA_Cash NOA_Bal Positive 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 0 0 0 0 0 0 0 0 0
Retirement Related Assets
Opening Increase/(decrease) Closing balance RetRelA_Cash RetRelA_Bal Positive 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 0 0 0 0 0 0 0 0 0
Retirement Related Liabilities
Increase/(decrease) Closing balance Memo: % Revenues Non-operating component RetRel_Cash RetRel_Bal RetRel_Nonop Positive 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 NA 0 NA 0 NA 0 NA 0 NA
Investments
Opening Additions/(disposals) Closing Inv_Cash Inv_Bal Positive 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 0 0 0 0 0 0 0 0 0
Off-Balance Sheet Items Operating leases
Implied principal Investment in operating leases Interest rate Implied interest OpLease_Int Positive OpLease_Bal OpLease_Cash Positive 0 0 NA 0.0% 0 0 NA 0.0% 0 0 NA 0.0% 0 0 NA 0.0% 0 0 NA 0.0% 0 0 NA 0.0% 0 0 NA 0.0% 0 0 NA 0.0% 0 0 NA 0.0% 0 0 0 0 0 0 0 0 0 0 0
Adjustments to operating value
Valuation basis Excess Marketable Securities Financial Investments Excess pension assets Debt Capitalized Operating Leases Retirement Related Liability Preferred Stock Minority Interest Restructuring Provision Long-term operating Provision Value of Options Outstanding Value of Future Stock Options EMS FFA Pen_Excess MV_Debt MV_OpLease MV_RetRel MV_Prefs MV_Min MV_Restr MV_LTOp Options Future_Options 0 Book 0 Max(BV,PV) Manual calc 0 Book 0 Book 0 Book 0 Book 0 Max(BV,PV) 0 Max(BV,PV) 0 Book Manual calc Manual calc Book value 0 0 30 0 0 0 0 0 0 0 0 0 0 PV (discounted at WACC)
Provisions & Non-Op. P&L Non-operating P&L items
Non-operating income % growth Non-operating income/(expense) Special (pretax) income/(expense) Extraordinary items/(expense) NOI SpecItem ExtraordItem 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 NA 0 0 0 0 0 0 0 0
Income smoothing Provision
Increase/(decrease) Closing balance Memo: % Revenues Prov_Cash Prov_Bal Negative Positive 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA
On-going operating Provisions
Increase/(decrease) Closing balance OOP_Cash OOP_Bal Positive 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 0 0 0
Restructuring Provisions
Opening P&L additions Cash payments Closing Restr_Prof Restr_Cash Restr_Bal Positive Negative Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 operating Provisions
Opening Implied Interest Interest Rate Expense Closing Increase/(decrease) LOP_Int LOP_IntR LOP_Bal LOP_Cash Positive 0 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0.0% 0 0 NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority interests
Opening P&L attributed (+ve) Cash payments Closing Min_Prof Min_Cash Min_Bal Positive Negative Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
0
0
0
0
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Debt Finance & WACC Interest rates
Excess cash Balancing debt Short term debt Long term debt - 1 Long term debt - 2
Historical balances
Excess cash Balancing debt Short term debt Long term debt - 1 Long term debt - 2 Total Cash OD STD_Bal Positive Positive Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Use this if you want to subdivide LTD LTD_Bal Positive
Scheduled additions/(repayments)
Short term debt Long term debt - 1 Long term debt - 2 Total STD_Cash 0 0 0 0 0 0 0 0 0
LTD_Cash
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Interest calculations
Excess cash Balancing debt Short term debt Long term debt - 1 Long term debt - 2 Total interest expense Total interest expense (excl OD) Int_Inc Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Int_Exp
Negative
0
0
0
0
0
0
0
0
0
0
Int_Exp_Excl_OD Negative WACC
WACC
Note: to be calculated in separate model
Equity Finance Preferred stock
Opening New issues/redemption Closing Dividend: Coupon % average balance Dividends Par value per share No. preferred shares (thousands) Prefs_Cash Prefs_Bal Prefs_Div Prefs_No Positive Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Common equity
Opening Net earnings for year Dividends: % earnings Dividends Translation effects New issues/(buy-backs) Goodwill write off Other adjustments Closing Equity_Bal _BF Positive 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Div_Com Translation Equity_Cash GW_writeoff Equity_Adj Equity_Bal
Negative
0
Negative Positive 0
0
0
0
0
0
Number of common shares
Current no. shares (thousands) Average Movement in year Year end Fully diluted no. shares (thousands) Additional shares Average Year end Shares_Av Shares_YE Positive Positive 0 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Positive Shares_FD_Av Positive Shares_FD_YE Positive
0 0
0 0
0 0
0 0
0 0
Dividends payable (B/S)
Opening Dividends declared Dividends paid Closing Div_Cash Div_Bal Negative Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
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Tax Current tax
Earnings before tax Tax charge Tax creditor b/f Current tax payable Tax paid Tax creditor c/f Tax creditor delta Tax_Charge Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax_Paid Negative Tax_Cred_Bal Positive Tax_Cred_Delta
0
Tax rates
Effective Marginal NA TaxRateMarg NA 0.0% NA 0.0% NA 0.0% NA 0.0% NA 0.0% NA 0.0% NA 0.0% NA 0.0% NA 0.0%
Deferred tax
Asset Increase/(decrease) Deferred tax asset Liability Increase/(decrease) Deferred tax liability DefTaxA_Delta DefTaxA_Bal Positive DefTax_Delta DefTax_Bal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Positive
0
0
0
0
0
0
Phase 2 & CV drivers Phase 2 Inputs
Revenue growth Revenue Adjusted EBITA margin Adjusted EBITA Cash tax rate NOPLAT Closing Net PPE as % Revenues Net PPE Other Invested Capital as % Revenues Other Invested Capital Invested Capital (pre-Goodwill) Cumulative Goodwill Invested Capital Net Investment Rev_P2 0 NA 0 NA 0 NA 0 NA 0 0 0 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 0 NA 0 NA 0 NA 0 NA 0 NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adj_EBITA_P2 CashTax_P2 NOPLAT_P2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Inv_CapP_P2
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Inv_Cap_P2 Net_Inv_P2
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Continuing value inputs
Choose ROIC option 1: Input value 2: Last year of phase 2 3: WACC ROIC used Growth in NOPLAT ROIC g Enter 1,2 or 3 1
NA 0.0% 0.0%
Constants & dates
Days in year Months in year One Units - label DIY MIY One Unit_label 365 12 1 1 1000 thousands 1000000 millions ### billions NA (9) 0 10 0 NA (8) 0 NA (7) 0 NA (6) 0 NA (5) 0 NA (4) 0 NA (3) 0 NA (2) 0 NA (1) 0 NA 0 0 NA 1 0 NA 2 0 NA 3 0 NA 4 0 NA 5 0 NA 6 0 NA 7 0 NA 8 0 NA 9 0 NA 10 0 NA 11 0 NA 12 0 NA 13 0 NA 14 0 NA 15 0 NA 16 0
Dates Year CVY FY Mid year adjustment factor (months) MYAF
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Name - Scenario
Currency Income Statement
Revenues Other Operating Revenues Cost of Goods Sold Selling, Gen & Admin Expenses Depreciation Expense Other Oper Expense Reported EBITA Amortization of Goodwill Intangibles Amort. (Excl. Goodwill) Reported EBIT Non-Oper Income Interest Income Interest Expense Restructuring Charges Special Items Earnings Before Taxes Income Taxes Minority Interest Income Before Extraordinary Items Extraordinary Items (After Tax) Net Income Preference dividends Earnings for common shareholders Common dividends Retained profit Earnings per share (Currency) Earnings per share - fully diluted (Currency)
OK
Historical
Detailed Forecast
NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA NA
Statement of changes in equity
Opening balance Retained profit Foreign Exchange Rate Changes Issue of New Shares Goodwill Written Off Other Adjustments to Equity Closing balance Check: Changes in Equity OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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Balance Sheet
Operating Cash Excess Marketable Securities Accounts Receivable Inventories Other Current Assets Total Current Assets Net Property Plant and Equipment Goodwill Other Intangible Assets Other Operating Assets Investments Deferred tax asset Other Non-operating Assets Retirement Related Assets 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short term debt Accounts Payable Tax payable Dividends payable Other Current Liabilities Total Current Liabilities 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 Common Equity Total Liabs and Equity Check: Assets = Liabilites OK
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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Traditional Cash flow
Reported EBITA Depreciation EBITDA Less investment in working capital Foreign exchange translation effects Operating cashflow Less tax paid Capital investments Less capex Less investment Less goodwill & intangibles acquired On-going operating Provision Less other operating assets/liabilities Total capital investments Finance Interest Income Interest Expense Debt raised/repaid Total finance payments Plus non-operating income &expense Non-Oper Income Special items Extraordinary items Investment in non-operating assets Retirement Related Assets Total non-operating items Less payments from reserves and to minorities Restructuring charges Income smoothing Provision Long-term operating Provision Retirement Related Liabilities Minority interest Total payments to reserves/minorities Equity Less pref dividends paid Prefs issued/(redeemed) Less dividends paid Equity raised/repaid Total equity cash payments Net Cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash/overdraft
Opening balance 0 0 0 0 15308506.xls 0 0 0 0 0 0 0 0 0 Page 3 0
Increase/ (Decrease) Closing balance Check: Cash calc = Cash balance Excess cash Balancing debt OK 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
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NOPLAT
Reported EBITA Adj for Operating Leases Adj for Non-operating component of pension expense Add: Interest associated with Long-term operating Provision Add: Increase in Income smoothing Provision Adjusted EBITA Taxes on EBITA Change in Deferred Taxes NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxes on EBIT
Prov for Inc Taxes Tax Shield on Interest Exp Tax Shield on Operating Lease Interest Tax Shield on Non-operating component of pension expense Tax Shield on Interest associated with Long-term operating Provision Tax on Interest Income Tax on Non-operating Income Taxes on EBIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reconciliation to Net Income
Net Income Add: Increase in Deferred Taxes Add: Increase in Income smoothing Provision Add: Goodwill Amortization Add: Extraordinary Items Add: Special Items After Tax Add: Minority Interest Adjusted Net Income Add: Interest Exp. After Tax Add: Interest Exp. On Long-term operating Provision Add: Interest Exp. on Op. Leases Add: Interest Exp. on Non-operating component of pension expense Income Available to Investors Add: Restructuring Charges Less: Interest Income After-Tax Less: Non-operating Income After Tax NOPLAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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
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Invested Capital
Operating Working Capital Net Property Plant and Equipment Other Assets Net of Other Liabs Less: On-going operating Provision Value of Operating Leases Op. Invested Capital (excl.Goodwill) Goodwill & Intangibles Cumulative Written Off & Amortized Op. Invested Capital (incl.Goodwill) Excess Marketable Securities Investments Non-operating Assets Retirement Related Assets Total Investor Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 Common Equity & Pref. Stock Cum Goodwill Written Off & Amortized Deferred Income Taxes Dividends Payable Income smoothing Provision Adjusted Equity Minority Interest Restructuring Provisions Long-term operating Provision Retirement-Related Liabilities Interest Bearing Debt Value of Operating Leases Total Investor Funds
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
Check: Investor Funds
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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Free Cash Flow
NOPLAT Depreciation Gross Cash Flow Increase in Working Capital Capital Expenditures Incr in other operating assets/liabilities Incr in Ongoing operating Provisions Inv in Operating Leases Gross Investment Free Cash Flow Excl. Goodwill Investment in Goodwill and Intangibles Free Cash Flow Incl. Goodwill AT Interest Income (Incr)/Decr Excess Mkt Sec Foreign Exchange Translation (Incr)/Decr Retirement Related Assets Non-operating Cash Flow Restructuring Cash Flow Extraordinary items Cash Flow Available to Investors 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Financing Flow
AT Interest Expense Interest on Operating Leases Interest on Nonoperating Component of Pension Expense Interest on Long-term Operating Provision Decr/(Incr) in Debt Decr/(Incr) in Operating Leases Decr/(Incr) in Retirement Rel. Liab Decr/(Incr) in Long-term Operating Provision Payments to Minorities Common Dividends Preferred Dividends Decr/(Incr) in Preferred Decr/(Incr) in Share Capital Total Financing Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Check: Investors CF = Financing CF
OK
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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Economic Profit
Before Goodwill Return on Invested Capital WACC Spread Invested Capital (Beg of Year) Economic Profit (before 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% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0 0.0% 0.0% 0.0% 0 0
NOPLAT Capital Charge Economic Profit (before 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
0 0 0
0 0 0
After Goodwill Return on Invested Capital WACC Spread Invested Capital (Beg of Year) Economic Profit (after Goodwill) NOPLAT Capital Charge Economic Profit (after 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% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 0 0 0
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DCF Valuation Calculations
CV period FCF period Sum Sum 0 1.00 0 0 0 0 0 0 0 1 0 1.00 0 0 0 0 1 0 1.00 0 0 0 0 1 0 1.00 0 0 0 0 1 0 1.00 0 0 0 0 1 0 1.00 0 0 0
Free Cash Flow
Discount Factor PV of FCF Continuing value PV of Continuing value Operating value
Economic profit
Discount Factor PV of EP Continuing value PV of Continuing value Invested capital at start of forecast Operating value 0 0 0 0
0 1.00 0 0 0 0
0 1.00 0 0 0
0 1.00 0 0 0
0 1.00 0 0 0
0 1.00 0 0 0
0 1.00 0 0 0
Check: EV=FCF
OK
Minorities
Profits attributable to minorities Perpetuity based on final year detailed forecast Discount factor Present Value 0 1.00 0 0 1.00 0 0 0 1.00 0 0 0 1.00 0 0 0 1.00 0 0 0 1.00 0
Non-operating assets
Non-operating income Perpetuity based on final year detailed forecast Discount factor Present Value 0 1.00 0 0 1.00 0 0 0 1.00 0 0 0 1.00 0 0 0 1.00 0 0 0 1.00 0
Restructuring costs
Restructuring costs paid Discount factor Present Value 0 1.00 0 1.00 0 0 1.00 0 0 1.00 0 0 1.00 0 0 1.00 0
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Ratios
Adjusted EBITA / Revenues Cost of Goods Sold / Revenues SGA costs / Revenue EBITDA / Revenue Depreciation / Revenues Reported EBITA / Revenues Adjustments to EBITA / Revenues Adjusted EBITA / Revenues Return on Invested Capital (BY) Net PPE / Revenues Working Capital / Revenues Net Other Assets / Revenues Rev. / Inv. Capital (pre-Goodwill) Pre-Tax ROIC Cash Tax Rate After-Tax ROIC (pre-Goodwill) Rev. / Inv. Capital (incl. Goodwill) After-Tax ROIC (incl. Goodwill) Return on Invested Cap (Avg) Net PPE / Revenues Working Capital / Revenues Net Other Assets / Revenues Rev. / Inv. Capital (pre-Goodwill) Pre-Tax ROIC After-Tax ROIC (pre-Goodwill) After-Tax ROIC (incl. Goodwill) Average ROE Growth Rates Revenue Growth Rate Adjusted EBITA Growth Rate NOPLAT Growth Rate Invested Capital Growth Rate Net Income Growth Rate Investment Rates (excl. Goodwill) Gross Investment Rate Net Investment / NOPLAT Financing EBIT/Interest Payable Adjusted EBITA/Interest payable Cash Coverage (Gross CF / Interest) Debt / Total Cap (Book) Debt / Total Cap (Market) Valuation indicators Mkt Val Op Inv Cap/ BV Op Inv Cap NA NA NA NA NA NA NA NA NA Page 10 15308506.xls 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 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 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 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 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 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 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 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 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 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 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 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 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 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 #DIV/0! NA NA NA NA NA NA NA NA #DIV/0! NA NA NA NA NA NA NA NA #DIV/0! NA NA NA NA NA NA NA NA #DIV/0! NA NA NA NA NA NA NA NA #DIV/0! 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 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 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 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 NA NA
Market / Book (incl. Cum Goodwill) Mkt val Op Inv Cap / Adj EBITA Enterprise value / EBITA Price Earnings Ratio 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
NA NA NA NA
NA NA NA NA
NA NA NA NA
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07/03/2009 06:25
OK
Name - Scenario
Currency Value of Operations: DCF approach Free Cash Discount Year Flow Factor
NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Cont. Value Operating Value 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 #N/A
PV of FCF
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA 1.000 0
Value of Operations: Economic Profit Economic Discount Year Profit Factor
NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 NA 0 Cont. Value 0 Present Value of Economic Profit Invested Capital (incl. goodwill) Operating Value Mid -Year Adjustment Factor Operating Value (Adjusted) 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Value of Equity PV of EP
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.000 0 Operating Value Excess Mkt Securities Financial Investments Excess Pension Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA NA NA NA NA
Enterprise Value
Debt Capitalized Operating Leases Retirement Related Liability Preferred Stock Minority Interest Long-Term Operating Provision Restructuring Provision Future Stock Options Stock options
Equity Value
No. shares (thousands)
Value per Share
-High -Low Value Difference - High Value Difference - Low
Continuing value % Operating value Mid -Year Adjustment Factor Operating Value (Adjusted)
Comparison of key ratios
From: To: Revenue growth (CAG) Adjusted EBITA growth (CAG) NOPLAT growth (CAG) Invested capital growth (CAG) Adj. EBIT/Revenues Revenues/Invested Capital (pre-Goodwill) ROIC (after tax, pre-Goodwill) ROIC (after tax, including Goodwill) Average Economic Profit Cash Tax Rate WACC NA NA NA NA NA NA NA NA NA NA 0 NA NA Averages NA NA NA NA NA NA NA NA NA NA 0 NA 0.0% NA NA NA NA NA NA NA NA NA NA 0 0.0% 0.0% NA NA NA NA NA NA NA NA NA NA 0 0.0% 0.0%
Evaluation of entry and exit multiples
NA Operating Value Excess Mkt Securities Financial Investments Enterprise Value Revenue Adjusted EBITA NOPLAT Enterprise / Revenue Enterprise / Adjusted EBITA Enterprise / NOPLAT 0 0 0 0 0 0 0 NA NA NA 0 NA NA NA NA NA NA NA 0
McKinsey & Company Confidential
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