Net Sales = Historical CAGR calculation

2012 2013 2014 2015 2016 2017

20639 20435 21779 22586 24606 27484

-0,99% 6,58% 3,71% 8,94% 11,70%

CAGR: 5,99%

Historical EBITDA levels:

2013 2014 2015 2016 2017

1899 1892 1990 2215 2043

9,29% 8,69% 8,81% 9,00% 7,43%

8,65%

2215 2347,60701

ND 6645 4695,21403
C&equiv 1295

TD 8422 7717

ST Debt 53,8855852 49,3748589

LT Debt 8368,11441 7667,62514
 Debt Forecasting - according to target ratio of 3x Net Debt / EBI

2017
Debt Debt % of total
ST Debt 51 0,64%
LT Debt 7920 99,36%

Cash & c.equi. 1295

Net Debt 6676

EBITDA 2562 Target ratio
ND/EBITDA 2,60577674 200%

EBITDA forecast 2017 2018

2562 2837,00
1,10733802 1,0800141
Net Debt forecast 6676 5674

Cash Flow forecast

Debt forecast 7971 6774,63361

ST Debt 51 43,3454164
-4,5107264 ST Debt Differ. -7,6545836
-700,48927 51
LT Debt 7920 6731,2882
Differential -1188,7118

Testing for the right ratio:

End year total debt
End year net debt
End year EBITDA

End year target ratio

Total maturity profile (note 32)

29 51 22
-697 7793 8490
-7 127 134

56,4742389 60,9929742
6717

7717 8422 -705

tio of 3x Net Debt / EBITDA (based on EBITDA forecasts)

ebt % of total

ND / TD 0,83753607

2019 2020 2021 2022

3064,00 3367,00 3552,00 3887,00
1,09889034 1,05494505 1,09431306 0
6128 6734 7104 7774

7316,69982 8040,25075 8482,02277 9281,98832

46,8136609 51,4430797 54,2696225 59,3879569

3,46824446 4,62941881 2,82654284 5,11833433

7269,88616 7988,80767 8427,75315 9222,60036

538,597963 718,92151 438,945476 794,847214

9281,98832
7774
3887,00

2 nice
67,0245902 70,70726 77,3758782