Professional Documents
Culture Documents
Error check = OK
Name - Scenario
Currency
= Calculation
Historical
Other inputs 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
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
280403194.xls
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Error check = OK
Name - Scenario
Currency
= Calculation
Historical
Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
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
280403194.xls
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Error check = OK
Name - Scenario
Currency
= Calculation
Historical
Range name
Detailed 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
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
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
dd/mm/yy or mm/dd/yy
Must be after latest year end
NA
NA
Currency
1
Text:
Operations
P&L
Operating Revenue: % Growth
Operating revenues
Other Revenue: % Growth
Other revenues
Rev
OOR
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Positive
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
Positive
COGS: % Revenue
Cost of Goods Sold
COGS
Negative
NA
0
SGA: % Revenue
SGA
SGA
Negative
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
OOE
Negative
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
OpCash
Positive
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Positive
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Positive
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Positive
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
Working capital
Op Cash: % Revenue
Operating cash
Inventories: % Revenue
Inventories
Acc Rec: % Revenues
Accounts receivable
Acc. Pay: % Revenues
Accounts payable
Inv
TradDebt
TradCred
OCA: % Revenues
Other current assets
OCA
Positive
NA
0
OCL: % Revenues
Other current liabilities
OCL
Positive
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
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
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
WC_Bal
WC_Delta
NA
PPE_Net
Enter 1,2 or 3
Capex
Depn
Positive
Positive
NA
NA
0
0
NA
NA
0
0
NA
NA
0
0
NA
NA
0
0
NA
NA
0
0
NA
NA
0
0
NA
NA
0
0
NA
NA
0
0
NA
NA
0
0
Negative
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
NA
NA
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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
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
FA_Hist
Goodwill
Opening
Additions/(disposals)
Amortisation
Closing
Initial goodwill written off
GW_Cash
GW_Amort
GW_Bal
GW_Init
Negative
Positive
Positive
Intang_Cash
Intang_Amort
Intang_Bal
Intang_Init
Negative
Positive
Positive
OOA_Cash
OOA_Bal
Positive
Intangibles
Opening
Additions/(disposals)
Amortisation
Closing
Initial intangibles written off
280403194.xls
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Error check = OK
Name - Scenario
Currency
= Calculation
Historical
Range name
Detailed 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
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
Positive
0
NA
0
OOL_Cash
OOL_Bal
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
Positive
0
NA
0
NOA_Cash
NOA_Bal
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
Positive
0
NA
0
RetRelA_Cash
RetRelA_Bal
RetRel_Cash
RetRel_Bal
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
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
0
NA
0
Positive
0
NA
0
Inv_Cash
Inv_Bal
Implied principal
OpLease_Bal
Positive
OpLease_Cash
Non-operating assets
Opening
Additions/(disposals)
Closing
RetRel_Nonop
Investments
Opening
Additions/(disposals)
Closing
Interest rate
Implied interest
OpLease_Int
Positive
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%
Book value
PV (discounted at WACC)
EMS
0 Book
Financial Investments
FFA
0 Max(BV,PV)
Pen_Excess
Manual calc
30
Debt
MV_Debt
0 Book
MV_OpLease
0 Book
MV_RetRel
0 Book
Preferred Stock
MV_Prefs
0 Book
Minority Interest
MV_Min
0 Max(BV,PV)
Restructuring Provision
MV_Restr
0 Max(BV,PV)
MV_LTOp
0 Book
Options
Manual calc
Future_Options
Manual calc
NOI
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
SpecItem
Extraordinary items/(expense)
ExtraordItem
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
NA
0
NA
0
NA
0
NA
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
0
0
0
0
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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Prov_Cash
Prov_Bal
Negative
Positive
OOP_Cash
OOP_Bal
Positive
Restr_Prof
Restr_Cash
Restr_Bal
Positive
Negative
Positive
Restructuring Provisions
Opening
P&L additions
Cash payments
Closing
LOP_Int
LOP_IntR
LOP_Bal
LOP_Cash
Positive
Min_Prof
Min_Cash
Positive
Negative
Minority interests
Opening
P&L attributed (+ve)
Cash payments
McKinsey & Company Confidential
280403194.xls
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Error check = OK
Name - Scenario
Currency
Closing
Historical
Range name
Min_Bal
Positive
= Calculation
Detailed 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
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
280403194.xls
Page 5
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Error check = OK
Name - Scenario
Currency
= Calculation
Historical
Range name
Detailed 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
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
Historical balances
Excess cash
Balancing debt
Cash
OD
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
STD_Bal
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
STD_Cash
LTD_Cash
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Scheduled additions/(repayments)
Short term debt
Long term debt - 1
Long term debt - 2
Total
Interest calculations
Excess cash
Balancing debt
Short term debt
Long term debt - 1
Long term debt - 2
Total interest expense
Int_Inc
Positive
Int_Exp
Negative
Int_Exp_Excl_ODNegative
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NA
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
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
WACC
WACC
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
Positive
Prefs_Div
Negative
0
Prefs_No
Common equity
Opening
Net earnings for year
Dividends: % earnings
Dividends
Translation effects
New issues/(buy-backs)
Goodwill write off
Other adjustments
Closing
Div_Com
Translation
Equity_Cash
GW_writeoff
Equity_Adj
Equity_Bal
Negative
Positive
Shares_Av
Positive
Shares_YE
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
Positive
Shares_FD_Av Positive
Shares_FD_YE 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
Negative
Div_Cash
Div_Bal
Negative
Negative
280403194.xls
Page 6
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Error check = OK
Name - Scenario
Currency
= Calculation
Historical
Range name
Detailed 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
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
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
0
0
Negative
Tax_Paid
Negative
Tax_Cred_Bal
Positive
Tax_Cred_Delta
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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
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
0
0
0
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
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Tax rates
Effective
Marginal
NA
TaxRateMarg
Deferred tax
Asset Increase/(decrease)
Deferred tax asset
DefTaxA_Delta
DefTaxA_Bal
Liability Increase/(decrease)
Deferred tax liability
DefTax_Delta
DefTax_Bal
Positive
Positive
Rev_P2
Adj_EBITA_P2
NA
0
CashTax_P2
NOPLAT_P2
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Inv_CapP_P2
NA
0
0
NA
0
0
NA
0
0
NA
0
0
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
Cumulative Goodwill
Invested Capital
Net Investment
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
0
0
0
0
0
0
0
0
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
Enter 1,2 or 3
1: Input value
2: Last year of phase 2
3: WACC
NA
0.0%
ROIC used
ROIC
Growth in NOPLAT
0.0%
DIY
MIY
One
Unit_label
365
12
1
1
1000 thousands
1000000
millions
1.00E+009
billions
Dates
Year
CVY
FY
Mid year adjustment factor (months)
MYAF
NA
(9)
NA
(8)
NA
(7)
NA
(6)
NA
(5)
NA
(4)
NA
(3)
NA
(2)
NA
(1)
NA
0
0
10
280403194.xls
Page 7
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Error check = OK
Name - Scenario
Historical
OK
Currency
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Income Statement
Revenues
Depreciation Expense
Reported EBITA
Amortization of Goodwill
Reported EBIT
Non-Oper Income
Interest Income
Interest Expense
Restructuring Charges
Special Items
Income Taxes
Minority Interest
Net Income
Preference dividends
Common dividends
Retained profit
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
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
Opening balance
Retained profit
Closing balance
Check: Changes in Equity
0
OK
280403194.xls
Page 1
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Error check = OK
Name - Scenario
Historical
OK
Currency
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Balance Sheet
Operating Cash
Accounts Receivable
Inventories
Goodwill
Investments
Total Assets
Accounts Payable
Tax payable
Dividends payable
Balancing Debt
Restructuring Provisions
Minority Interest
Preferred Stock
OK
280403194.xls
Page 2
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Error check = OK
Name - Scenario
Currency
OK
Historical
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Depreciation
EBITDA
Operating cashflow
Less capex
Less investment
Interest Income
Interest Expense
Debt raised/repaid
Non-Oper Income
Special items
Extraordinary items
Restructuring charges
Minority interest
Prefs issued/(redeemed)
Equity raised/repaid
Capital investments
Finance
Equity
280403194.xls
Page 3
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Error check = OK
Name - Scenario
Historical
OK
Currency
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Net Cashflow
Opening balance
Increase/ (Decrease)
Excess cash
Balancing debt
Cash/overdraft
Closing balance
Check: Cash calc = Cash balance
0
OK
280403194.xls
Page 4
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Error check = OK
Name - Scenario
OK
Currency
Historical
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
NOPLAT
Reported EBITA
Adjusted EBITA
Taxes on EBITA
NOPLAT
Taxes on EBIT
Net Income
NOPLAT
Taxes on EBIT
280403194.xls
Page 5
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Error check = OK
Name - Scenario
OK
Currency
Check: NOPLAT
Historical
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------OK
280403194.xls
Page 6
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Error check = OK
Name - Scenario
Historical
OK
Currency
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Invested Capital
Operating Working Capital
Investments
Non-operating Assets
Dividends Payable
Adjusted Equity
Minority Interest
Restructuring Provisions
Retirement-Related Liabilities
OK
280403194.xls
Page 7
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Error check = OK
Name - Scenario
OK
Currency
Historical
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Depreciation
Capital Expenditures
Gross Investment
AT Interest Income
Extraordinary items
AT Interest Expense
Decr/(Incr) in Debt
Payments to Minorities
Common Dividends
Preferred Dividends
Decr/(Incr) in Preferred
Financing Flow
OK
280403194.xls
Page 8
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Error check = OK
Name - Scenario
Currency
OK
Historical
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Economic Profit
Before Goodwill
Return on Invested Capital
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
WACC
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Spread
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
NOPLAT
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%
0.0%
0.0%
WACC
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Spread
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
NOPLAT
Capital Charge
After Goodwill
280403194.xls
Page 9
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Error check = OK
Name - Scenario
Historical
OK
Currency
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Sum
Sum
Continuing value
PV of Continuing value
Operating value
Economic profit
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
Non-operating income
1.00
1.00
1.00
1.00
1.00
Discount Factor
PV of EP
Continuing value
PV of Continuing value
Operating value
Check: EV=FCF
OK
Minorities
Discount factor
Present Value
1.00
0
Non-operating assets
Discount factor
Present Value
1.00
0
Restructuring costs
Restructuring costs paid
Discount factor
Present Value
1.00
0
280403194.xls
1.00
1.00
1.00
1.00
1.00
Page 10
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Error check = OK
Name - Scenario
Currency
Historical
OK
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Ratios
Adjusted EBITA / Revenues
Cost of Goods Sold / 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
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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
EBIT/Interest Payable
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
280403194.xls
NA
NA
NA
NA
NA
NA
NA
NA
NA
Growth Rates
Financing
NA
Page 11
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Error check = OK
Name - Scenario
Currency
Historical
OK
Detailed Forecast
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Valuation indicators
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
280403194.xls
Page 12
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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
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)
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
NA
Operating Value
Mid -Year Adjustment Factor
Operating Value (Adjusted)
1.000
0
0
1.000
0
Operating Value
Excess Mkt Securities
0
0
Financial Investments
Excess Pension Assets
0
0
Enterprise Value
0
0
0
0
0
0
0
0
0
0
0
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)
0
NA
-High
-Low
Value Difference - High
Value Difference - Low
NA
NA
NA
NA
From:
To:
NA
NA
Averages
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Operating Value
0
0
Adj. EBIT/Revenues
NA
NA
NA
NA
Enterprise Value
NA
NA
NA
0
NA
NA
NA
0
NA
NA
NA
0
NA
NA
NA
0
Revenue
Adjusted EBITA
NOPLAT
0
0
0
NA
NA
NA
NA
NA
NA
0.0%
0.0%
0.0%
0.0%
0.0%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Enterprise / Revenue
Enterprise / Adjusted EBITA
Enterprise / NOPLAT
280403194.xls
Page 13