Valuating a business

Aah
DExcel.xls
Home>Business & Finance homework help>Accounting homework help>Valuating a business

Historical Data

29/11/2012 23:42
Error check = OK = Input on this sheet = Calculation
Name - Scenario Historical
Currency Other inputs NA NA NA NA NA NA NA NA NA NA
- - - - - - - - - -
Historical Income Statement
Revenues Positive
Other Operating Revenues Positive
Costs of Goods Sold Negative
Selling, Gen & Admin Expenses Negative
Depreciation Expense Negative
Other Operating Expense Negative
Reported EBITA 0 0 0 0 0 0 0 0 0 0
Goodwill Writedowns Negative
Amortization of Intangibles Negative
Non-Operating Income Positive
Interest Income Positive
Interest Expense Negative
Restructuring Charges Negative
Special Items
Earnings Before Taxes 0 0 0 0 0 0 0 0 0 0
Income Taxes Negative
Minority Interest
Income Before Extraord. Items 0 0 0 0 0 0 0 0 0 0
Extraord. Items (After Tax)
Net Income 0 0 0 0 0 0 0 0 0 0
Preference dividends Negative
Earnings for common shareholders 0 0 0 0 0 0 0 0 0 0
Common dividends Negative
Retained profit 0 0 0 0 0 0 0 0 0 0
Statement of changes in equity
Beginning Equity 0 0 0 0 0 0 0 0 0
Retained profit 0 0 0 0 0 0 0 0 0
Foreign Exchange Rate Changes
Issue of New Shares/buy back
Goodwill Written Off Negative
Other Adjustments to Equity 0 0 0 0 0 0 0 0 0
Ending Equity 0 0 0 0 0 0 0 0 0 0
Historical Balance Sheet
Operating Cash Positive
Excess marketable securities Positive
Accounts Receivable Positive
Inventories Positive
Other Current Assets Positive
Total Current Assets 0 0 0 0 0 0 0 0 0 0
Net Property Plant and Equip Positive
Goodwill Positive
Acquired Intangible Assets Positive
Other Operating Assets Positive
Investments & Advances Positive
Deferred tax Asset Positive
Other Non-op Assets Positive
Retirement Related Assets (non-operating) Positive
Total Assets 0 0 0 0 0 0 0 0 0 0
Short Term Debt Positive
Accounts Payable Positive
Tax Payable Positive
Dividends Payable Positive
Other Current Liabilities Positive
Total Current Liabilities 0 0 0 0 0 0 0 0 0 0
Balancing Debt Positive
Long Term Debt Positive
Deferred Income Taxes Positive
Other operating liabilities Positive
Restructuring Provisions Positive
Income smoothing Provisions Positive
On-going operating Provisions Positive
Long-term operating Provisions Positive
Retirement Related Liabilities Positive
Minority Interest Positive
Preferred Stock Positive
Total Long Term Liabilities 0 0 0 0 0 0 0 0 0 0
Total Common Equity Positive
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
Off Balance Sheet Items
Non-operating Component of Income Taxes % Note: Use + if non-op income was positive and taxes were paid, otherwise use - (negative)
Non-opea Component of Incr in Def Tax Liab Note: Use + if increase in net deferred tax liability
Capital Expenditure Positive
Initial Cumulative Goodwill Written Off Positive
Initial Cumulative Intangibles Written Off Positive
Market Value of Common Equity Positive
Non-operating component of pension expense Positive
Weighted Average Cost of Capital %
Risk Free Rate (10 yr T-bond, avg yr.) %
Operating Leases Positive
Interest rate on Operating Leases % %
Interest rate on Long-term operating Provision %
Number of ordinary shares (average) (000) Positive
Number of ordinary shares (year end) (000) Positive
Additional number of shares if fully diluted(000) Positive
Par value of preference shares (Currency) Positive
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P

Forecast Drivers

29/11/2012 23:42 = Input on this sheet = Link to historical data = Calculation = Input on this sheet
Error check = OK
Name - Scenario Historical Detailed Forecast Key driver forecast 0 0 0 0 0 0
Currency Range name 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
- - - - - - - - - - - - - - - - - - - - - - - - - -
General
Name Name Name
Scenario Scenario Scenario
Latest year end YE dd/mm/yy or mm/dd/yy
Valuation date Val_Date Must be after latest year end
End of detailed forecast period End_DF NA
Continuing value year CVY_Date NA Enter any year end from NA to NA
Currency Currency Currency e.g. DM, US$
Units Units 1 e.g. 1,000
Share price for comparison with valuation Text:
High High
Low Low
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
Other Revenue: % Growth NA NA NA NA NA NA NA NA NA
Other revenues OOR 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
Other Op Exp: % Revenue NA NA NA NA NA NA NA NA NA NA
Other Operating Expense OOE 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
Acc Rec: % Revenues NA NA NA NA NA NA NA NA NA NA
Accounts receivable TradDebt Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Acc. Pay: % Revenues NA NA NA NA NA NA NA NA NA NA
Accounts payable TradCred 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
Total operating working capital WC_Bal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
WC increase/(decrease) WC_Delta 0 0 0 0 0 0 0 0 0 0 0 0 0 0
WC: % Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Balance Sheet Items
Property Plant & Equip
PPE Net PPE_Net Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital expenditure option Enter 1,2 or 3 1
1: Net PPE as % revenues NA NA NA NA NA NA NA NA NA
2: % Operating revenues NA NA NA NA NA NA NA NA NA
3: Cash amount Currency 0 0 0 0 0 0 0 0 0
Capital expenditure Capex Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation: % Net PPE b/f NA NA NA NA NA NA NA NA NA
Depreciation Depn Negative 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 0 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
Writedowns 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
Acquired 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
Other operating assets
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additions/(disposals) OOA_Cash 0 NA NA NA NA NA NA NA NA
Closing OOA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other operating liabilities
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additions/(disposals) OOL_Cash 0 NA NA NA NA NA NA NA NA
Closing OOL_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-operating assets
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additions/(disposals) NOA_Cash 0 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
Retirement Related Assets
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Increase/(decrease) RetRelA_Cash 0 NA NA NA NA NA NA NA NA
Closing balance RetRelA_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement Related Liabilities
Increase/(decrease) RetRel_Cash 0 0 0 0 0 0 0 0 0
Closing balance RetRel_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Memo: % Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Non-operating component RetRel_Nonop 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 0 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
Off-Balance Sheet Items
Operating leases
Implied principal OpLease_Bal Positive 0 0 0 0 0 0 0 0 0 0
Investment in operating leases OpLease_Cash 0 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
Adjustments to operating value
Valuation basis Book value PV (discounted at WACC)
Excess Marketable Securities EMS 0 Book 0
Financial Investments FFA 0 Max(BV,PV) 0 0
Excess pension assets Pen_Excess Manual calc 30
Debt MV_Debt 0 Book 0
Capitalized Operating Leases MV_OpLease 0 Book 0
Retirement Related Liability MV_RetRel 0 Book 0
Preferred Stock MV_Prefs 0 Book 0
Minority Interest MV_Min 0 Max(BV,PV) 0 0
Restructuring Provision MV_Restr 0 Max(BV,PV) 0 0
Long-term operating Provision MV_LTOp 0 Book 0
Value of Options Outstanding Options Manual calc
Value of Future Stock Options Future_Options Manual calc
Provisions & Non-Op. P&L
Non-operating P&L items
Non-operating income % growth NA NA NA NA NA NA NA NA NA
Non-operating income/(expense) NOI 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Special (pretax) income/(expense) SpecItem 0 0 0 0 0 0 0 0 0 0
Extraordinary items/(expense) ExtraordItem 0 0 0 0 0 0 0 0 0 0
Income smoothing Provision
Increase/(decrease) Prov_Cash Negative 0 0 0 0 0 0 0 0 0
Closing balance Prov_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Memo: % Revenues NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
On-going operating Provisions
Increase/(decrease) OOP_Cash 0 NA NA NA NA NA NA NA NA
Closing balance OOP_Bal Positive 0 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
Long-term operating Provisions
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Implied Interest LOP_Int 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Rate LOP_IntR 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Closing LOP_Bal Positive 0 0 0 0 0 0 0 0 0 0
Increase/(decrease) LOP_Cash 0 NA NA NA NA NA NA NA NA 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
Debt Finance & WACC
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
Short term debt STD_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long term debt - 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long term debt - 2 Use this if you want to subdivide LTD 0 0 0 0 0
Total LTD_Bal 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
Total interest expense (excl OD) Int_Exp_Excl_OD Negative 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 100 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
Number of common shares
Current no. shares (thousands)
Average Shares_Av Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Movement in year 0 NA NA NA NA NA NA NA NA
Year end Shares_YE Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Fully diluted no. shares (thousands)
Additional shares Positive 0 0 0 0 0 0 0 0 0 0
Average Shares_FD_Av Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year end Shares_FD_YE Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends payable (B/S)
Opening 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends declared 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends paid Div_Cash Negative 0 0 0 0 0 0 0 0 0
Closing Div_Bal Negative 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax
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 creditor b/f 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Current tax payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax paid Tax_Paid Negative 0 0 0 0 0 0 0 0 0
Tax creditor c/f Tax_Cred_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax creditor delta Tax_Cred_Delta 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
Non-operating Component of Income Taxes Non Op Taxes - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Non-oper Comp of Incr Def Tax Liab - 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
Liability Increase/(decrease) DefTax_Delta 0 0 0 0 0 0 0 0 0
Deferred tax liability DefTax_Bal Positive 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Phase 2 & CV drivers
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
Adjusted EBITA margin NA NA NA NA NA
Adjusted EBITA Adj_EBITA_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash tax rate CashTax_P2 NA NA NA NA NA
NOPLAT NOPLAT_P2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Closing Net PPE as % Revenues NA NA NA NA NA
Net PPE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Invested Capital as % Revenues NA NA NA NA NA
Other Invested Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Invested Capital (pre-Goodwill) Inv_CapP_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
Continuing value inputs
Choose ROIC option Enter 1,2 or 3 1
1: Input value
2: Last year of phase 2 NA
3: WACC 0.0%
ROIC used ROIC 0.0%
Growth in NOPLAT g
Constants & dates
Days in year DIY 365
Months in year MIY 12
One One 1
Units - label Unit_label 1
1000 thousands
1000000 millions
1000000000 billions
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
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&C&F&RPage &P
&L&BMcKinsey && Company Confidential&B&C&D&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&BMcKinsey && Company Confidential&B&C&D&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&C&F&RPage &P
&C&F&RPage &P
&C&F&RPage &P

Results

29/11/2012 23:42
Error check = OK
Name - Scenario OK Historical Detailed Forecast Key driver forecast 0 0 0 0 0 0
Currency NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
- - - - - - - - - - - - - - - - - - - - - - - - - -
Income Statement
Revenues 0 0 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 Revenues 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
Selling, Gen & Admin Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Oper Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reported EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill Writeoffs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Amortization of Intangibles 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
Extraordinary Items (After Tax) 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
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
Statement of changes in equity
Opening balance 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
Foreign Exchange Rate Changes 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Issue of New Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill Written Off 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Adjustments to Equity 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: Changes in Equity OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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
Net Property Plant and Equipment 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
Acquired 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
Short term debt 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
Tax payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 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
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
Total Liabs and Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Check: Assets = Liabilites OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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
Less investment in working capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign exchange translation effects 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less tax paid 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
Plus non-operating income &expense
Non-Oper Income 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
Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investment in non-operating assets 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
Total non-operating items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less payments from reserves and to minorities
Restructuring charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income smoothing Provision 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
Retirement Related Liabilities 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
Total payments to reserves/minorities 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
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 Cash_Calc 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balancing debt Cash_OD 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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 EBITA_Adj 0 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 EBITA 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Deferred Taxes Operating 0 0 0 0 0 0 0 0 0 0 0 0 0 0
NOPLAT 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
Taxes on EBITA
Prov for Inc Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-operating Component of Income Taxes 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
Reconciliation to Net Income
Net Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Increase in Deferred Taxes Operating 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Non-operating Component of Income Taxes 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
Add: Amort of Intangible and GW Writeoffs 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Extraordinary Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Special Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Net Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest Exp. On Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest Exp. on Op. Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest Exp. on Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Restructuring Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less: Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less: Non-operating Income 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
Check: NOPLAT OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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 0 0 0 0 0 0 0 0 0 0 0
Goodwill & Intangibles 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Written Off & Amortized 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Op. Invested Capital (incl.Goodwill) Inv_Cap 0 0 0 0 0 0 0 0 0 0 0 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
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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 Investor Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Common Equity & Pref. Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cum Goodwill Written Off & Amortized 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
Dividends Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Equity 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
Check: Investor Funds OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Cash Flow
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
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
Increase in Working Capital 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
Incr in other operating assets/liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Incr in Ongoing operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Inv in Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Investment 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Cash Flow Excl. Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investment in Goodwill and Intangibles 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Cash Flow Incl. Goodwill FCF 0 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 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
Non-operating Component of Income Taxes 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
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
Check: Investors CF = Financing CF OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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% 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% 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% 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 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 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 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 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 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% 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% 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% 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 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 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 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 0 0 0 0 0 0 0 0 0 0 0
Economic Profit (after Goodwill) EP 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DCF Valuation Calculations
CV period 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
FCF period Sum Sum 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Free Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Discount Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
PV of FCF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Continuing value 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PV of Continuing value 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating value 0
Economic profit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Discount Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
PV of EP 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Continuing value 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PV of Continuing value 0 0 0 0 0 0 0 0 0 0 0 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
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 NA NA NA NA NA NA NA NA NA NA NA
Return on Invested Capital (BY)
Net PPE / Revenues 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Working Capital / Revenues 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Net Other Assets / Revenues 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Rev. / Inv. Capital (pre-Goodwill) 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Pre-Tax ROIC 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Cash Tax Rate 0.0% 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%
After-Tax ROIC (pre-Goodwill) 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Rev. / Inv. Capital (incl. Goodwill) 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
After-Tax ROIC (incl. Goodwill) 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Return on Invested Cap (Avg)
Net PPE / Revenues 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Working Capital / Revenues 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Net Other Assets / Revenues 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Rev. / Inv. Capital (pre-Goodwill) 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Pre-Tax ROIC 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
After-Tax ROIC (pre-Goodwill) 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
After-Tax ROIC (incl. Goodwill) 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Average ROE 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Growth Rates
Revenue Growth Rate 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Adjusted EBITA Growth Rate NA NA NA NA NA NA NA NA NA NA NA 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 NA NA NA NA NA NA NA NA NA NA NA
Invested Capital Growth Rate 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Net Income Growth Rate 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Investment Rates (excl. Goodwill)
Gross Investment Rate 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA
Net Investment / NOPLAT 0.0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
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) N/A 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
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
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&C&F&RPage &P
&C&F&RPage &P
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&R&F &A
&C&F&RPage &P
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&R&F &A
&C&F&RPage &P
&C&F&RPage &P
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P

Valuation Summary

29/11/2012 23:42 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 0 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
Comparison of key ratios Evaluation of entry and exit multiples
Averages
From: NA NA NA NA
To: NA NA NA NA NA NA
Revenue growth (CAG) NA NA NA NA Operating Value 0 0
Adjusted EBITA growth (CAG) NA NA NA NA
NOPLAT growth (CAG) NA NA NA NA Excess Mkt Securities 0
Invested capital growth (CAG) NA NA NA NA Financial Investments 0
Adj. EBIT/Revenues NA NA NA NA Enterprise Value 0 0
Revenues/Invested Capital (pre-Goodwill) NA NA NA NA Revenue 0 NA
ROIC (after tax, pre-Goodwill) NA NA NA NA Adjusted EBITA 0 NA
ROIC (after tax, including Goodwill) NA NA NA NA NOPLAT 0 NA
Average Economic Profit 0 0 0 0
Enterprise / Revenue NA NA
Cash Tax Rate NA NA 0.0% 0.0% Enterprise / Adjusted EBITA NA NA
WACC NA 0.0% 0.0% 0.0% Enterprise / NOPLAT NA NA
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P
&L&"Times New Roman,Bold"McKinsey && Company Confidential&C&F&RPage &P