13071159 McKinsey Valuation DCF Model

7/03/2009 6:25 Error check = OK

Name - Scenario Currency

= Input on this sheet

= Calculation

Historical Other inputsNA NA NA NA NA NA NA NA NA NA ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Historical Income Statement Revenues Other Operating Revenues Costs of Goods Sold Selling, Gen & Admin Expenses Depreciation Expense Other Operating Expense Reported EBITA

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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

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

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

McKinsey & Company Confidential

15308506.xls

Page 1

Short Term Debt Accounts Payable Tax Payable Dividends Payable Other Current Liabilities Total Current Liabilities

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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

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)

McKinsey & Company Confidential

15308506.xls

Page 2

7/03/2009 6:25 Error check = OK

= Input on this sheet

Name - Scenario Currency

= Link to historical data

= Calculation

Historical Range name

= Input on this sheet

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 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------

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

Enter any year end from 1899 to 1899 e.g. DM, US$ e.g. 1,000

Share price for comparison with valuation High High Low Low

Text:

Operations P&L Operating Revenue: % Growth Operating revenues Other Revenue: % Growth Other revenues

Rev

OOR

0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

0

0

0

0

0

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

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

0

0

0

0

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

0

0

0

0

0

OOE

Negative

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

OpCash

Positive

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

Positive

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

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

Other Op Exp: % Revenue Other Operating Expense

Working capital Op Cash: % Revenue Operating cash Inventories: % Revenue Inventories

Inv

Acc Rec: % Revenues Accounts receivable

TradDebt

Positive

NA 0

0

0

0

0

0

Acc. Pay: % Revenues Accounts payable

TradCred

Positive

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

Positive

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

Positive

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

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

OCA: % Revenues Other current assets OCL: % Revenues Other current liabilities Total operating working capital WC increase/(decrease) WC: % Revenues

OCA

OCL WC_Bal WC_Delta

NA

Balance Sheet Items Property Plant & Equip PPE Net

PPE_Net

Capital expenditure option 1: Net PPE as % revenues 2: % Operating revenues 3: Cash amount Currency Capital expenditure

Enter 1,2 or 3

Depreciation: % Net PPE b/f Depreciation Balancing item Other historical fixed asset movts

Capex

Depn

Positive

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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

0

0

0

0

0

Negative

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

0

0

0

0

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 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

1

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

0

Intangibles Opening Additions/(disposals) Amortisation Closing Initial intangibles written off

0

Other operating assets Opening Additions/(disposals) Closing

McKinsey & Company Confidential

15308506.xls

Page 3

Other operating liabilities Opening Additions/(disposals) Closing

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 NA 0

0

Positive

0 NA 0

0

OOL_Cash OOL_Bal

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

0

0

0

0 NA 0

0

Positive

0 NA 0

0

NOA_Cash NOA_Bal

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

0

0

0

0 NA 0

0

Positive

0 NA 0

0

RetRelA_Cash RetRelA_Bal

0

0

0

0

0

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

0

0

0

0 NA 0

0

Positive

0 NA 0

0

Inv_Cash Inv_Bal

0

0

0

0

0

Implied principal

OpLease_Bal

Positive

0

Investment in operating leases

OpLease_Cash

Non-operating assets Opening Additions/(disposals) Closing

Retirement Related Assets Opening Increase/(decrease) Closing balance

Retirement Related Liabilities Increase/(decrease) Closing balance Memo: % Revenues Non-operating component

RetRel_Nonop

Investments Opening Additions/(disposals) Closing

Off-Balance Sheet Items Operating leases

Interest rate Implied interest

OpLease_Int

Positive

0

0

0

0

0

0

0

0

0

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

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

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

0

Provisions & Non-Op. P&L Non-operating P&L items Non-operating income % growth Non-operating income/(expense)

NOI

0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 0

NA 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

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

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 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0

0

0

0

0

0

0

0

0

0

Income smoothing Provision Increase/(decrease) Closing balance Memo: % Revenues

Prov_Cash Prov_Bal

Negative Positive

OOP_Cash OOP_Bal

Positive

0

Restr_Prof Restr_Cash Restr_Bal

Positive Negative Positive

0

On-going operating Provisions Increase/(decrease) Closing balance

Restructuring Provisions Opening P&L additions Cash payments Closing

0

Long-term operating Provisions Opening Implied Interest Interest Rate Expense Closing Increase/(decrease)

LOP_Int LOP_IntR LOP_Bal LOP_Cash

Positive

Min_Prof Min_Cash Min_Bal

Positive Negative Positive

0

Minority interests Opening P&L attributed (+ve) Cash payments Closing

McKinsey & Company Confidential

0 0

15308506.xls

Page 4

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

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

Short term debt Long term debt - 1 Long term debt - 2 Total

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 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

0

0

0

0

0

Excess cash Balancing debt Short term debt Long term debt - 1 Long term debt - 2 Total interest expense

LTD_Cash

Int_Inc

Positive

0

0

0

0

0

0

0

0

0

0

Int_Exp

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

Total interest expense (excl OD)

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%

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 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 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

0 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 calculations

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

Positive

Prefs_Div

Negative

0

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

Equity_Bal _BF Positive

Div_Com Translation Equity_Cash GW_writeoff Equity_Adj Equity_Bal

Negative

0

Positive

0

Shares_Av

Positive

0

Shares_YE

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

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 0

Negative

Number of common shares Current no. shares (thousands) Average Movement in year Year end Fully diluted no. shares (thousands) Additional shares Average Year end

Dividends payable (B/S) Opening Dividends declared Dividends paid Closing

McKinsey & Company Confidential

Div_Cash Div_Bal

Negative Negative

15308506.xls

Page 5

Tax Current tax Earnings before tax Tax charge

Tax_Charge

Tax creditor b/f Current tax payable Tax paid Tax creditor c/f Tax creditor delta

Tax_Paid Negative Tax_Cred_Bal Positive Tax_Cred_Delta

0 0

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

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%

Tax rates Effective Marginal

NA TaxRateMarg

Deferred tax Asset Increase/(decrease) Deferred tax asset

DefTaxA_Delta DefTaxA_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

Liability Increase/(decrease) Deferred tax liability

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

NA 0

NA 0

NA 0

NA 0

Positive

Phase 2 & CV drivers Phase 2 Inputs Revenue growth Revenue

Rev_P2

0

0

0

0

0

0

0

0

0

0

0

Adjusted EBITA margin Adjusted EBITA

Adj_EBITA_P2

NA 0

NA 0

NA 0

NA 0

NA 0

0

0

0

0

0

0

0

0

0

0

0

Cash tax rate NOPLAT

CashTax_P2 NOPLAT_P2

NA 0

NA 0

NA 0

NA 0

NA 0

0

0

0

0

0

0

0

0

0

0

0

Closing Net PPE as % Revenues Net PPE

NA 0

NA 0

NA 0

NA 0

NA 0

0

0

0

0

0

0

0

0

0

0

0

Other Invested Capital as % Revenues Other Invested Capital Invested Capital (pre-Goodwill)

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

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

Cumulative Goodwill Invested Capital Net Investment

Inv_CapP_P2

Inv_Cap_P2 Net_Inv_P2

Continuing value inputs Choose ROIC option

Enter 1,2 or 3

1: Input value 2: Last year of phase 2 3: WACC

1

NA 0.0%

ROIC used

ROIC

Growth in NOPLAT

g

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

Dates Year CVY FY Mid year adjustment factor (months)

McKinsey & Company Confidential

MYAF

NA (9)

NA (8)

NA (7)

NA (6)

NA (5)

NA (4)

NA (3)

NA (2)

NA (1)

NA 0

0 10

0

0

0

0

0

0

0

0

0

0

15308506.xls

Page 6

7/03/2009 6:25 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

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

Amortization of Goodwill

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Intangibles Amort. (Excl. Goodwill)

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

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

0

0

0

0

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

Closing balance Check: Changes in Equity

0 OK

15308506.xls

Page 1

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

Other 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

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Check: Assets = Liabilites

OK

15308506.xls

Page 2

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

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

0 0

0

0

0

0

0

On-going operating Provision

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

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

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

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

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

0

0

0

0

0

0

0

0

0

0

0

0

0

Capital investments

Finance

Plus non-operating income &expense

Less payments from reserves and to minorities

Equity

Cash/overdraft Opening balance

15308506.xls

0 Page 3

Increase/ (Decrease)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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 cash

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

Closing balance Check: Cash calc = Cash balance

0 OK

15308506.xls

Page 4

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

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

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

Prov for Inc Taxes

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Tax Shield on Interest Exp

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Tax Shield on Operating Lease Interest

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Tax Shield on Non-operating component of pension expense

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Tax Shield on Interest associated with Long-term operating Provision

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Tax on Interest Income

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Tax on Non-operating Income

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Taxes on EBIT

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

Add: Increase in Deferred 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: Goodwill Amortization

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 After Tax

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 Exp. After Tax

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

Income Available to Investors

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 After-Tax

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Less: Non-operating Income After Tax

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

0

0

0

Taxes on EBIT

Reconciliation to Net Income

Check: NOPLAT

OK

15308506.xls

Page 5

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

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Op. Invested Capital (incl.Goodwill)

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

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Goodwill & Intangibles Cumulative Written Off & Amortized

Check: Investor Funds

0

OK

15308506.xls

Page 6

Free Cash Flow NOPLAT

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

0

0

0

0

0

0

0

0

0

0

0

0

0

0

AT 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

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

AT 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

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Financing Flow

Check: Investors CF = Financing CF

OK

15308506.xls

Page 7

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%

Invested Capital (Beg of Year)

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

NOPLAT

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

Economic Profit (before Goodwill)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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%

Invested Capital (Beg of Year) 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

NOPLAT

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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

After Goodwill

15308506.xls

Page 8

DCF Valuation Calculations CV period FCF period

Sum

Sum

Free Cash Flow Discount Factor PV of FCF

0

Continuing value PV of Continuing value

0

Operating value

0

Economic profit

0

0

0

0

0

1

1

1

1

1

0

0

0

0

0

0

1.00

1.00

1.00

1.00

1.00

1.00

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1.00

1.00

1.00

1.00

1.00

1.00

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Profits attributable to minorities

0

0

0

0

0

Perpetuity based on final year detailed forecast

0

0

0

0

0

1.00

1.00

1.00

1.00

1.00

0

0

0

0

0

Non-operating income

0

0

0

0

0

Perpetuity based on final year detailed forecast

0

0

0

0

0

1.00

1.00

1.00

1.00

1.00

0

0

0

0

0

Discount Factor PV of EP

0

Continuing value PV of Continuing value

0

0

Invested capital at start of forecast

0

0

Operating value

0

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

15308506.xls

0

0

0

0

0

1.00

1.00

1.00

1.00

1.00

0

0

0

0

0

Page 9

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

Net PPE / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Working Capital / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Other Assets / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Rev. / Inv. Capital (pre-Goodwill)

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

Cash Tax Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

After-Tax ROIC (pre-Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Rev. / Inv. Capital (incl. Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

After-Tax ROIC (incl. Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net PPE / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Working Capital / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Other Assets / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Rev. / Inv. Capital (pre-Goodwill)

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

After-Tax ROIC (pre-Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

After-Tax ROIC (incl. Goodwill)

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

Revenue Growth Rate

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

NOPLAT Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Invested Capital Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Income Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Gross Investment Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Investment / NOPLAT

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

Adjusted EBITA/Interest payable

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Cash Coverage (Gross CF / Interest)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Return on Invested Capital (BY)

Return on Invested Cap (Avg)

Growth Rates

Investment Rates (excl. Goodwill)

Financing

Debt / Total Cap (Book)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Debt / Total Cap (Market)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Valuation indicators Mkt Val Op Inv Cap/ BV Op Inv Cap

15308506.xls

Page 10

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

15308506.xls

Page 11

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

Continuing value % Operating value Mid -Year Adjustment Factor Operating Value (Adjusted)

Value of Operations: Economic Profit Economic Discount Year Profit Factor

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

Comparison of key ratios

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)

Value per Share

0 NA

-High -Low Value Difference - High Value Difference - Low

NA NA NA NA

Evaluation of entry and exit multiples

From: To:

NA NA

Averages NA NA

NA

NA

Revenue growth (CAG) Adjusted EBITA growth (CAG) NOPLAT growth (CAG) Invested capital growth (CAG)

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

Operating Value

0

0

Excess Mkt Securities Financial Investments

0 0

Adj. EBIT/Revenues

NA

NA

NA

NA

Enterprise Value

0

0

Revenues/Invested Capital (pre-Goodwill) ROIC (after tax, pre-Goodwill) ROIC (after tax, including Goodwill) Average Economic Profit

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

Cash Tax Rate WACC

NA NA

NA 0.0%

0.0% 0.0%

0.0% 0.0%

NA NA NA

NA NA NA

McKinsey & Company Confidential

NA NA

NA NA

Enterprise / Revenue Enterprise / Adjusted EBITA Enterprise / NOPLAT

15308506.xls

Page 12