Current sales

year 0 1 2 3 4 5
Growth 2.20% 2.20% 2.20% 2.20% 2.20%
Value growth 2.00% 2.00% 2.00% 2.00% 2.00%
Sale volume:
Goodyear 300,000 306,600 313,345 320,239 327,284 334,484
Dunlop 350,000 357,700 365,569 373,612 381,831 390,232
Pneumanat 400,000 408,800 417,794 426,985 436,379 445,979
Sale income:
Goodyear 12,075,000 12,340,650 12,612,144 12,889,611 13,173,183 13,462,993
Dunlop 13,825,000 14,129,150 14,439,991 14,757,671 15,082,340 15,414,151
Pneumenat 11,560,000 11,814,320 12,074,235 12,339,868 12,611,345 12,888,795

Total Sales income 37,460,000 38,284,120 39,126,371 39,987,151 40,866,868 41,765,939

Cost:
Goodyear 6,279,000 6,417,138 6,558,315 6,702,598 6,850,055 7,000,756
Dunlop 7,329,000 7,490,238 7,655,023 7,823,434 7,995,549 8,171,451
Pneumanat 6,696,000 6,843,312 6,993,865 7,147,730 7,304,980 7,465,690
Total cost.... 20,304,000 20,750,688 21,207,203 21,673,762 22,150,584 22,637,897
Income 17,156,000 17,533,432 17,919,168 18,313,389 18,716,284 19,128,042
Corp.tax 35% 6,004,600 6,136,701 6,271,709 6,409,686 6,550,699 6,694,815
Net income 11,151,400 11,396,731 11,647,459 11,903,703 12,165,584 12,433,227
Present value @ 9% 11,151,400 10,455,716 9,803,433 9,191,843 8,618,407 8,080,745
NPV @ 9% 57,301,544
Planned PV @ 9% 12,670,076 11,493,182 11,252,402 10,576,952 9,941,450 9,385,829
Planned NPV @ 9% 64,519,891
Corporate taxrate 35%
 Brand Price Cost
Private label 25.00 14.5
Goodyear 40.25 20.93
Dunlop 39.50 20.94
Pneumenant 28.90 16.74

year 0 1 2 3 4 5
Growth 2.20% 2.20% 2.20% 2.20% 2.20%
Value growth 2.00% 2.00% 2.00% 2.00% 2.00%
Sale volume:
Private label 1,200,000 1,226,400 1,253,381 1,280,955 1,309,136 1,337,937
Goodyear 200,000 204,400 208,897 213,493 218,189 222,990
Dunlop 200,000 204,400 208,897 213,493 218,189 222,990
Pneumanat 200,000 204,400 208,897 213,493 218,189 222,990
Sale income:
Private label 30,000,000 30,660,000 31,334,520 32,023,879 32,728,405 33,448,430
Goodyear 8,050,000 8,227,100 8,408,096 8,593,074 8,782,122 8,975,329
Dunlop 7,900,000 8,073,800 8,251,424 8,432,955 8,618,480 8,808,086
Pneumenat 5,780,000 5,907,160 6,037,118 6,169,934 6,305,673 6,444,397

Total Sales income 51,730,000 52,868,060 54,031,157 55,219,843 56,434,679 57,676,242

Investment 800,000 - 100,000
Depreciation 180,000 180,000 180,000 180,000 180,000
Change in working capital 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Cost:
...Shipping private label 615,575 629,118 642,958 657,103 671,560 686,334
...Production
Private label 17,400,000 17,782,800 18,174,022 18,573,850 18,982,475 19,400,089
Goodyear 4,186,000 4,278,092 4,372,210 4,468,399 4,566,703 4,667,171
Dunlop 4,188,000 4,280,136 4,374,299 4,470,534 4,568,885 4,669,401
Pneumanat 3,348,000 3,421,656 3,496,932 3,573,865 3,652,490 3,732,845
Total cost.... 32,237,575 33,871,802 33,740,421 34,423,751 35,122,113 35,735,840
Income 19,492,425 18,996,258 20,290,736 20,796,092 21,312,566 21,940,403
Corp.tax @ 35% 6,822,349 6,648,690 7,101,758 7,278,632 7,459,398 7,679,141
Working-capital-changes
Net income 12,670,076 12,347,568 13,188,978 13,517,460 13,853,168 14,261,262
Cash flow 12,670,076 12,527,568 13,368,978 13,697,460 14,033,168 14,441,262
Present value @ 9% 12,670,076 11,493,182 11,252,402 10,576,952 9,941,450 9,385,829
NPV @ 9% 64,519,891
Investment 800,000
Corporate taxrate 35%
 Brand Price Cost
Private label 25.00 14.5
Goodyear 40.25 20.93
Dunlop 39.50 20.94
Pneumenant 28.90 16.74

year 0 1 2 3
Growth 2.20% 2.20% 2.20%
Value growth 2.00% 2.00% 2.00%
Sale volume:
Private label
Goodyear 200,000 204,400 208,897 213,493
Dunlop 200,000 204,400 208,897 213,493
Pneumanat 200,000 204,400 208,897 213,493
Sale income:
Private label - - - -
Goodyear 8,050,000 8,227,100 8,408,096 8,593,074
Dunlop 7,900,000 8,073,800 8,251,424 8,432,955
Pneumenat 5,780,000 5,907,160 6,037,118 6,169,934

Total Sales income 21,730,000 22,208,060 22,696,637 23,195,963

Investment
Depreciation
Change in working capital
Cost:
...Shipping private label
...Production
Private label - - - -
Goodyear 4,186,000 4,278,092 4,372,210 4,468,399
Dunlop 4,188,000 4,280,136 4,374,299 4,470,534
Pneumanat 3,348,000 3,421,656 3,496,932 3,573,865
Total cost.... 11,722,000 11,979,884 12,243,441 12,512,797
Income 10,008,000 10,228,176 10,453,196 10,683,166
Corp.tax @ 35% 3,502,800 3,579,862 3,658,619 3,739,108
Working-capital-changes
Net income 6,505,200 6,648,314 6,794,577 6,944,058
Cash flow 6,505,200 6,648,314 6,794,577 6,944,058
Present value @ 9% 6,505,200 6,099,371 5,718,860 5,362,087
NPV @ 9% 32,627,014

Investment 800,000
Corporate taxrate 35%
 4 5
2.20% 2.20%
2.00% 2.00%

218,189 222,990
218,189 222,990
218,189 222,990

- -
8,782,122 8,975,329
8,618,480 8,808,086
6,305,673 6,444,397

23,706,275 24,227,813

- -
4,566,703 4,667,171
4,568,885 4,669,401
3,652,490 3,732,845
12,788,079 13,069,416
10,918,196 11,158,396
3,821,369 3,905,439

7,096,827 7,252,957
7,096,827 7,252,957
5,027,571 4,713,925
Current sales figures: Planned sales figures:
Units % price var.cost gross magin
Goodyear 300,000 0.13 40.25 20.93 48% Goodyear
Dunlop 350,000 0.15 39.5 20.94 47% Dunlop
COMPETITORS TOTAL 600,000 0.25 COMPETITORS TOTAL
TOTAL PREMIUM 1,250,000 0.52 TOTAL PREMIUM

Pneumant 400,000 0.17 28.9 16.74 43% Pneumant

COMPETITORS value line 450,000 0.19 COMPETITORS value line
PRIVATE LABEL 300,000 0.13 PRIVATE LABEL goodyear
Total Value Line 1,150,000 0.48 Total Value Line

TOTAL 2,400,000 TOTAL

GoodyearDunlop total 1,050,000 GoodyearDunlop wPL
GoodyearDunlop woPL
avg.cost pr100 units €0,05
Shipping locations Units dist.km shipping cost €
Germany 410,000 1,075 220,375
UK 215,000 1,100 118,250
France 195,000 100 9,750
Holland 120,000 1,320 79,200
Spain 70,000 500 17,500
Belgium 50,000 960 24,000
Sweden 40,000 2,400 48,000
Portugal 35,000 1,700 29,750
Denmark 30,000 1,950 29,250
Finaldn 20,000 2,600 26,000
Hungary 5,000 1,100 2,750
Poland 10,000 2,150 10,750
Total units 1,200,000 615,575

Plan
Sales... units income
Goodyear 200,000 3,864,000
Dunlop 200,000 3,712,000
Pneumant 200,000 2,432,000
Private label 1,200,000 12,600,000

100,000 on stock 2,500,000

90 days receivables 48,333
53.6 20258 2974.87342465753
Units % price var.cost gross magin 1-margin
200,000 0.08 40.25 20.93 48% 52% 20.93
200,000 0.08 39.5 20.94 47% 53% 20.935
400,000 0.17
800,000 0.33

200,000 0.08 28.9 16.74 43% 57% 16.473

200,000 0.08
1,200,000 0.50 25 14.5 42% 58% 14.5
1,600,000 0.67

2,400,000
1,800,000
600,000
Profit and loss statement, in m USD
2004 2005 2006
Net Sales 18,353 19,723 20,258
Cost of good sold 14,796 15,887 17,006
Gross margin 3,557 3,836 3,252
Gross margin % 19.4% 19.4% 16.1%

Selling, admin, gen.expense 2,728 2,760 2,671

Rationalzations 56 11 319
Interest expense 369 411 451
Other (income) and expense 23 70 - 76
Minority intrest in net income 58 95 111
(loss) income before cumeffect of acc.chg 323 489 - 224
US and foreign taxes 208 250 106
(loss) income before cum.eff.of acc.chg 208 239 - 330
Cumulative effect of acc.chg - 11
Net (loss) income 115 228 - 330

Net (loss) income per share

Basic 0.65 1.30 - 1.86
Diluted 0.63 1.16 - 1.86

Cash flow summary

Net (loss) income 115 228 - 330
Total CF from operations 787 886 560
Total CF from investments - 653 - 441 - 532
Total CF from financing 237 - 178 1,647
Effect of FX rate change on cash 38 - 60 62
Net change in cash 409 207 1,737
Cash and equvalents at beginning of year 1,546 1,955 2,162
Cash and equvalents at end of year 1,955 2,162 3,889