Oxford Financial Modelling LAB
© AndreasT AndreasT.. Angelopou Angelopoulos, los, developed developed by Andreas Andreas T. T. Angelopou Angelopoulos los 2006 (versio (version n 1) - 12.11.2013 12.11.2013 (last (last update) update) for te regist registered ered students students in te te !"ford #i
REFERENCES & SUGGESTE READINGS:
&everaged 'uyouts. Investment Banking – Valuation, Leveraged Buyouts, and Mergers & Acquisitions. Rosenbaum, and !earl, "#$$% by oboen, oboen , *e+ ersey, on
an$e %odlling &ab
iley /ons, n$.
Table of Content C ontents s Instructions
1. Finance instruments 1a. Debt instrumenst instrumenst Senior debt Mezzanine HY bond RCF Capex
1b. Equity instruments Shareholder loan
2. Operational & Financial Model Assumptions Operational model Financial Statements
3. aluation Comparables DCF N! DCF A! "#O Simple "#O Ad$anced %#S ad&ustment' Output
!. "n#estment analysis $%raps'
Financial Modelling LAB In!r"c!ion
G"ideline for i#$le#en!ing %o"r or'ing #odel:
1. /tar /tartt +it +it te te !per !perat atio iona nall %od %odel el see seett and and buil build d te te pro proe$ e$ti tion ons s of of ea$ ea$ ope opera rati tion onal al s n %ae %ae te te ne$e ne$essa ssary ry assup assuptio tions ns for for ea$ ea$ operat operation ional al seg segent ent of te te op opany any ( n Total te nubers of all operational segents and build te *et oring apital 2. %ove %ove on to to te te #inan #inan$ia $iall /tate /tateen ents ts to to build build te te pro proe$t e$tion ions s for for opa opany ny7s 7s futu future re n$ n$ n 8ou +ill +ill be using using te operational operational odel assup assuptions tions $al$ulated $al$ulated in in te previo previous us st n /oe figures are provided to eep tings siple 3. 9# Analysis follo+s using te *5: and A5: etodologies n 'eta analysis is provided in order to $al$ulate te unlevered beta of te opany n 'uild te *5: odel follo+ing foll o+ing te steps tat elp you derive te value of te o n 'uild te A5: odel follo+ing te steps tat elp you derive te value of te o n A oparables %odel is also provided provided ;. Te &'! %odel presented ere is irrelevant i rrelevant and independent fro oter seets n /tart +it building te /our$es 4ses of funds (Te $apital stru$ture is i s provided) n !perational assuptions are also provided n 9ebt pri$ing and s$edule ters are provided< you need to build it n 5roe$t te future #inan$ial /tateents of te opany based on te operational
'ote( )everal comments *ave been +rovided inside every s*eet to *el+ you. I t*ere is
Cell For#a!: Uer In$"! BLUE Lin'ed i!( o!(er $read(ee! GREEN For#"la BLAC) ells +it bla$ bla$ border indi$ate indi$ate tat teir teir $ontent +as +as initially ard $oded and +ill need need t
egent based on te istori$al data data provided provided 4/, nternational, 5) roe$tions by fore$asting 'alan$e /eet ites days oe /tateent, as #lo+ /tateent and 'alan$e /eet p for soe ey ites
to be used in te *5: etod pany pany
assuptions provided (tis is siilar to te pro$ess in step 2 above)
omet*ing you don-t understand t*e res+ective "anser s*eet +rovides t*e solutio
o be updated at a later step
n
() FINANC* INS+R,M*N+S
(A) D*#+ FINANC* INS+R,M*
+S
Financial Modelling LAB Finance In!r"#en! * Senior De+! S!e$ , - Define !(e de+! !er# and $ricing De+! S!r"c!"re
Ter# ./ear0
A#or!1
x EBITDA
2 2 2 3 4
'ullet 'alloon 'ullet 'ullet
1.?" 1.;" 1.;"
5
'ullet
1.2"
,6
'ullet
0.;"
,7
'ullet
1.2"
86,6 A
86,,E
/enior debt =# #a$ility ap>" #a$ility Ter &oan & oan A Ter &oan ' Ter &oan /ubordinated 9ebt %e@@anine 5 >leent as >leent 8 'ond /areolder loan 5 >leent &'!= as nterest
S!e$ 8 - Define !(e Senior De+! Re$a%#en! Sc(ed"le Bae Ra!e
B 3% &'!= for+ard $urve 3y /A5 =ate C /+aped #loating 'ase =ate
,16849 ,1,8;7 76166 ,16326
Ter# Loan A 'ase =ate nterest rate
Average &ife of te fa$ility fa$ility Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e Ter# Loan B 'ase =ate nterest rate
Aortisation s$edule (C of total fa$ility)
716
(3;3.D)
!pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e
0.0
Ter# Loan C 'ase =ate nterest rate
Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e
Ex$and for !(e aner
0.0
A#o"n!
S$read
376 376 9<766 ;<766 ;<766
9 17 9 17 9 17 7 16 7 17
In!ere! ra!e
;<666 216 217 ,<666
4 16
8<436 ,916 6134
86, 8E
86,;E
86,9E
86, 7E
8 6,2E
86,3 E
,1,453
81,4;7
;1,692
; 13 5 2 2
9184,8
9 17 8 2 4
,1,722
,127;7
81,,9,
8 19 2 6 ,
813689
8 14 8 7 8
, 6 16
,716
8616
8616
; 6 16
616
(30E.6)
(322.3)
(303.1)
0.0
0.0
0.0
0.0
0.0
0.0
(3;F.2)
(F;F.0)
0.0
0.0
0.0
0.0
0.0
0.0
(D6D.6)
86,4E
86 ,5E
86 86E
917942
9 13 2 5 7
9 14 6 2 4
814;2,
8 15 9 2 7
8 15 2 7 8
6 16
616
6 16
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Financial Modelling LAB Finance In!r"#en! * Me==anine S!e$ , - Define !(e de+! !er# and $ricing De+! S!r"c!"re
/enior debt =# #a$ility ap>" #a$ility Ter &oan & oan A Ter &oan ' Ter &oan /ubordinated 9ebt %e@@anine 5 >leent as >leent 8 'ond /areolder loan 5 >leent &'!= as nterest
Ter# ./ear0
A#or!1
x EBITDA
2 2 2 3 4
'ullet 'alloon 'ullet 'ullet
1.?" 1.;" 1.;"
5
'ullet
1.2"
,6
'ullet
0.;"
,7
'ullet
1.2"
86,6 A
86,,E
S!e$ 8 - Define !(e Me==anine re$a%#en! c(ed"le Bae Ra!e
3% &'!= for+ard $urve B 3y /A5 =ate C /+aped #loating 'ase =ate Me==anine 'ase =ate 5 >leent as >leent
Aortisation s$edule (C of !p. balan$eG5) !pening 'alan$e 5rin$ipal repayents 5 nterest e"pense as nterest e"pense losing 'alan$e
Ex$and for !(e aner
,16849 ,1,8;7 76166 ,16326
1.0?C 6.00C E.F?C 0.0C 3,000.0 0.0 (1?0.0) (22E.3) 3,1?0.0
A#o #o"n "n!!
S$re S$ read ad
3 76 3 76 9<766 ;<766 ;<766
9 17 9 17 9 17 7 16 6 16
In! n!er ere e!! ra! a!e e
;<666 216 217 ,<666
4 16
8<436 ,916 6134
86,8 E
86,;E
86,9E
8 6,7E
8 6,2E
86 ,3E
86 ,4E
86, 5E
,1,453
81,4;7
; 1, 6 9 2
;13522
9 18 4 , 8
9 17 8 2 4
9 17 9 4 2
9 13 2 5 7
,1,722
,127;7
81,,9,
81926,
8 13 6 8 9
8 14 8 7 8
8 14 ; 2 ,
8 15 9 2 7
1.16C 6.00C E.66C
1.6FC 6.00C ?.1FC
2.11C 6.00C ?.61C
2.;6C 6.00C ?.D6C
2.E0C 6.00C D.20C
2.?3C 6.00C D.33C
2.?;C 6.00C D.3;C
2.DFC 6.00C D.;FC
0.0C 3,1?0.0 0.0 (1D0.?) (2;3.F) 3,3E0.?
0.0C 3,3E0.? 0.0 (202.2) (2E;.?) 3,FE3.0
0.0C 3,FE3.0 0.0 (21;.;) (30E.?) 3,E?E.;
0.0C 3,E?E.; 0.0 (22E.2) (33D.;) ;,01;.E
0.0C ;,01;.E 0.0 (2;0.D) (36D.;) ;,2FF.6
0.0C ;,2FF.6 0.0 (2FF.3) (3D6.?) ;,F10.D
0.0C ;,F10.D 0.0 (2E0.E) (;21.1) ;,E?1.F
0.0C ;,E?1.F F,06?.; (2?6.D) (;F1.E)
8686E 914624
815278
2.DEC 6.00C D.;EC 0.0C 0.0 0.0 0.0 0.0
Financial Modelling LAB Finance In!r"#en! * >ig( /ield Bond S!e$ , - Define !(e de+! !er# and $ricing De+! S!r"c!"re
/enior debt =# #a$ility ap>" #a$ility Ter &oan & oan A Ter &oan ' Ter &oan /ubordinated 9ebt %e@@anine 5 >leent as >leent 8 'ond /areolder loan 5 >leent &'!= as nterest
Ter# ./ear0
A#or!1
x EBITDA
2 2 2 3 4
'ullet 'alloon 'ullet 'ullet
1.?" 1.;" 1.;"
5
'ullet
1.2"
,6
'ullet
0.;"
,7
'ullet
1.2"
86,6 A
86,,E
S!e$ 8 - Define !(e >/ Bond re$a%#en! c(ed"le
>/ Bond nterest rate
Aortisation s$edule (C of !p. balan$eG5) !pening 'alan$e 5rin$ipal repayents nterest e"pense losing 'alan$e
Ex$and for !(e aner
A#o #o"n "n!!
S$re S$ read ad
3 76 3 76 9<766 ;<766 ;<766
9 17 9 17 9 17 7 16 6 16
In! n!er ere e!! ra! a!e e
;<666 216 217 ,<666
4 16
8<436 ,916 6134
86,8 E
86,;E
86,9E
8 6,7E
8 6,2E
86 ,3E
86 ,4E
86, 5E
8686E
Financial Modelling LAB Finance In!r"#en! * RCF CA?E@ S!e$ , - Define !(e de+! !er# and $ricing De+! S!r"c!"re
/enior debt =# #a$ility ap>" #a$ility Ter &oan & oan A Ter &oan ' Ter &oan /ubordinated 9ebt %e@@anine 5 >leent as >leent 8 'ond /areolder loan 5 >leent &'!= as nterest
Ter# ./ear0
A#or!1
x EBITDA
2 2 2 3 4
'ullet 'alloon 'ullet 'ullet
1.?" 1.;" 1.;"
5
'ullet
1.2"
,6
'ullet
0.;"
,7
'ullet
1.2"
S!e$ 8 - Define !(e RCF and Ca$Ex facili!ie re$a%#en! c(ed"le Bae Ra!e
86,,E ,16849
3% &'!= for+ard $urve B 3y /A5 =ate C /+aped #loating 'ase =ate RCF and Ca$Ex Re$a%#en! Sc(ed"le
,1,8;7 76166 ,16326 8665A
86,6A
RCF Facili!% 'ase =ate nterest rate oitent fee
oitent 4ndra+n !pening as 'alan$e on 'alan$e /eet as n$reaseH9e$rease losing balan$e before =# 9ra+do+nH(=epayent) %iniu $losing $as balan$e
,6616
86,,E
!pening 'alan$e 9ra+do+nH(=epayent) losing 'alan$e
616
nterest e"pense oitent fee on 4nused =evolver Ca$Ex Facili!% 'ase =ate nterest rate oitent fee
oitent 4ndra+n =epayent (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents 9ra+do+n losing 'alan$e nterest e"pense oitent fee on 4nused ape"
Ex$and for !(e aner
616 616
A#o #o"n "n!!
S$re S$ read ad
3 76 3 76 9<766 ;<766 ;<766
9 17 9 17 9 17 7 16 6 16
In! n!er ere e!! ra! a!e e
;<666 216 217 ,<666
4 16
8<436 ,916 6134
86,8 E
86,;E
86,9E
8 6,7E
8 6,2E
86 ,3E
86 ,4E
86, 5E
,1,453
81,4;7
; 1, 6 9 2
;13522
9 18 4 , 8
9 17 8 2 4
9 17 9 4 2
9 13 2 5 7
,1,722
,127;7
81,,9,
81926,
8 13 6 8 9
8 14 8 7 8
8 14 ; 2 ,
8 15 9 2 7
86,8 E
86,;E
86,9E
8 6,7E
8 6,2E
86 ,3E
86 ,4E
86, 5E
6 16
, 6 6 16
,7616
8686E 914624
815278 8686E
1(. E)*"T+ ",-T*ME,T-
Financial Modelling LAB E"i!% In!r"#en! * S(are(older Loan S!e$ , - Define !(e de+! !er# and $ricing De+! S!r"c!"re
/enior debt =# #a$ility ape" #a$ility Ter &oan & oan A Ter &oan ' Ter &oan /ubordinated 9ebt %e@@anine - 5 >leent - as >leent 8 'ond /areolder loan 5 >leent &'!= as nterest
Ter# ./ear0
A#or!1
x EBITDA
2 2 2 3 4
'ullet 'alloon 'ullet 'ullet
1.?" 1.;" 1.;"
5
'ullet
1.2"
,6
'ullet
0.;"
,7
'ullet
1.2"
86,6A
86,,E
S!e$ 8 - Define !(e S(are(older Loan re$a%#en! c(ed"le Bae Ra!e
3% &'!= for+ard $urve B 3y /A5 =ate C /+aped #loating 'ase =ate
,16849 ,1,8;7 76166 ,16326
S(are(older loan 5 >leent
Aortisation s$edule (C of !p. balan$eG5) !pening 'alan$e 5rin$ipal repayents 5 nterest e"pense losing 'alan$e
Ex$and for !(e aner
0.0
0.0 0.0 0.0 0.0
A#o #o"n "n!!
S$re S$ read ad
3 76 3 76 9<766 ;<766 ;<766
9 17 9 17 9 17 7 16 6 16
In! n!er ere e!! ra! a!e e
;<666 216 217 ,<666
4 16
8<436 ,916 6134
86,8 E
86,;E
86,9E
8 6,7E
8 6,2E
86 ,3E
86 ,4E
86, 5E
,1,453
81,4;7
; 1, 6 9 2
;13522
9 18 4 , 8
9 17 8 2 4
9 17 9 4 2
9 13 2 5 7
,1,722
,127;7
81,,9,
81926,
8 13 6 8 9
8 14 8 7 8
8 14 ; 2 ,
8 15 9 2 7
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
8686E 914624
815278
0.0 0.0 0.0 0.0
2. O/E0T"O,0 & F",0,C"
0 -T0 -T0TEME,T- $F-' MODE
Financial Modelling LAB O$era!ing A"#$!ion
A"#$!ion n
'reado+n of te opany7s ain n$oe /tateent figures based on its reportable operating segents
n
=evenues =evenues to gro+ gro+ at a 2010-1; 2010-1; A= A= of $. $. ;.EC trendin trending g to $. 3.;C in later later years years drive driven n by a 1;.2C 1;.2C A= of of te 5 sege segent nt as +ell +ell as strong strong gr
n
ross argins e"pe$ted to de$rease fro $. FDC in 2010 to FEC in later years driven by an in$rease of !/ in te 5 segent
n
!vereads to de$rease as a C of sales fro $. 36.;C to 3;C
n
>'T9A argins to reain broadly flat $. 23C
n
ap>" assued to be bet+een ; - F C of revenues
n
oring apital assued to de$rease over tie leading to a positive $as ipa$t
'ote /( 0iscal year end or )tarbucks is end o )e+tember 'ote #( 0or modeling +ur+oses e assumed t*at t*e transaction closes in )e+tember #$/$ and t*at #$/$ Revenues and 1BI23A are 14+ected based
o+t in oter segents
n our ssum+tions
Financial Modelling LAB O$era!ional Model ,A
US .M0< F/ End Se$*86,6
8663A
8664A
8665A
86,6A
2<72615
2<55313 6.EC 7;91; 1F.6C 3<7;816 E.2C
2<7381, (6.1C) 7;817 (0.3C) 3<,6912 (F.EC)
3<6;,14 E.0C 78412 (0.EC) 3<72619 6.;C
.8<469160 3D.DC
.;<8621;0 ;2.6C
.8<527130 ;1.EC
.8<5621,0 3?.;C
9<8,415 60.1C
9<;8713 FE.;C
9<,;415 F?.3C
9<2791; 61.6C
/A C /ales
.8<438160 ;0.DC
.;<827180 ;3.;C
.8<548130 ;2.0C
.8<5471;0 3D.FC
EBITDA C /ales
,<;9215 1D.2C
,<62617 1;.1C
,<,7218 16.3C
,<22516 22.1C
9epre$iation Aortisation C /ales
.;9,130 ;.DC
.;57190 F.2C
.;341,0 F.3C
.;76130 ;.6C
In!erna!ional .M0< F/ End Se$*86,6
8663A
8664A
8665A
86,6A
,<9;319
,<33918 23.;C ;8518 2E.2C 8<,6;19 2;.0C
,<26416 (D.;C) ;,819 (F.1C) ,<58619 (?.EC)
,<5;,13 20.1C ;731, 1;.3C 8<84414 1D.2C
.489120 ;?.6C
.,<679160 F0.1C
.52;130 F0.2C
.,<634180 ;E.1C
43,12 F1.;C
,<69519 ;D.DC
57213 ;D.?C
,<8,612 F2.DC
/A C /ales
.295130 (3?.3C)
.4,,190 (3?.6C)
.3;91;0 (3?.2C)
.47,160 (3E.2C)
EBITDA C /ales
88,15 13.1C
8;416 11.3C
88819 11.6C
;7512 1F.EC
9epre$iation Aortisation C /ales
.49180 F.0C
.,64140 F.2C
.,68170 F.3C
.,64120 ;.EC
8663A
8664A
8665A
86,6A
*
* * 39312 ?.0C 39312 ?.0C
* * 39512 0.3C 39512 0.3C
* * 36319 (F.6C) 36319 (F.6C)
.;36170 F3.FC
.;47160 F1.FC
.;57170 F2.?C
.;49150 F;.;C
Gro $rofi! C /ales
;8,15 ;6.FC
;2812 ;?.FC
;791, ;E.2C
;8817 ;F.6C
/A C /ales
.22190 D.6C
.331,0 10.3C
.7,1,0 6.?C
.73190 ?.1C
EBITDA C /ales
87717 36.DC
84717 3?.2C
;6;16 ;0.;C
8271, 3E.FC
.2120 1.0C
.21;0 0.?C
.7130 0.?C
.;130 0.FC
8663A
8664A
8665A
86,6A
E,022.D 1,6D6.2 6D2.; 5<9,,17
E,F32.0 2,103.; E;E.6 ,6<;4;16 10.3C
E,10;.6 1,D20.; E;D.6 5<33912 (F.DC)
E,F60.; 2,2??.? E0E.; . ,6<36319 D.FC
(2,?0;.0) (?2;.6) (3E0.F) .;<5551,0 ;2.FC
(3,206.3) (1,0F;.0) (3?F.0) .9<2971;0 ;;.EC
(2,D6F.E) (D63.E) (3DF.F) .9<;89150 ;;.2C
(2,D06.1) (1,0E?.2) (3?;.D) .9<;25180 ;0.?C
7<9,819 FE.FC
7<3;313 FF.3C
7<99513 FF.?C
2<;;418 FD.2C
(2,?E2.0)
(3,26F.2)
(2,D?2.E)
(2,D?F.3)
=etail /ales C ro+t Total /pe$ialty /alesI C ro+t To!al Sale C ro+t !/ C /ales Gro $rofi! C /ales
8A
=etail /ales C ro+t Total /pe$ialty /alesI C ro+t To!al Sale C ro+t !/ C /ales Gro $rofi! C /ales
;A
C?G .M0< F/ End Se$*86,6
=etail /ales C ro+t Total /pe$ialty /alesI C ro+t To!al Sale C ro+t !/ C /ales
9epre$iation Aortisation C /ales
To!al
S!ar+"c' Cor$ora!ion .M0< F/ End Se$*86,6
4/ nternational 5 er To!al Reen"e C ro+t 4/ nternational 5 COGS C /ales Gro $rofi! C /ales
4/
92816 3<68815
87414 ,<25218
25819 25819
86,,E
86,8E
86,;E
86,,E
86,8E
86,;E
86,,E
86,8E
86,;E
86,,E
86,8E
86,;E
nternational 5 SG&A C /ales
(6;D.E) (66.;) .;<744160 (3?.1C)
(?11.;) (EE.1) .9<,7;130 (;0.0C)
(E3;.3) (F1.1) .;<3241,0 (3?.FC)
(?F1.0) (FE.;) .;<45;130 (36.;C)
EBITDA C /ales
,<48919 1D.;C
,<74916 1F.3C
,<24,12 1E.2C
8<99917 22.?C
4/ nternational 5 De$recia!ion & A#or!ia!ion C /ales
(3;1.E) (?;.2) (6.6) .9;8170 ;.6C
(3DF.;) (10?.?) (6.3) .7,6170 ;.DC
(3E?.1) (102.F) (F.E) .9421;0 F.0C
(3F0.E) (10?.6) (3.E) .92;160 ;.3C
.,<6461;0 11.FC
.549170 D.FC
.997120 ;.6C
.976160 ;.2C
.;,2180 (3.;C) *A
.849170 (2.EC) 31.E
.953130 (F.1C) (213.2)
.332120 (E.3C) (2E?.D)
C"rren! Ae! as as >Juivalents A$$ounts =e$eivable nventories !ter urrent Assets
84,1; 84315 25,13 ,9414
82514 ;8517 25814 ,2518
75514 83,16 22915 ,9318
,<,2916 ;6813 79;1; ,7217
C"rren! Lia+ili!ie A$$ounts 5ayable A$$rued >"penses >"penses !ter !ter 9eferred =evenue
;5614 37214 85215
;8915 34813 ;2419
8231, 58716 ;4413
84812 ,<64819 9,91,
11.2 11.2 63.1 F.?
11.6 11.6 F;.; F.D
10.1 F6.1 F.F
10.3 ;F.; F.3
3F.E 2D.; 11.F
2F.F 2E.F 13.0
22.F 3;.F 1;.F
23.6 36.D 1;.1
ap>" C /ales Ne! or'ing Ca$i!al C /ales ange
Da% A$$ounts =e$eivable nventories !ter urrent Assets A$$ounts 5ayable A$$rued >"penses >"penses !ter !ter 9eferred =evenue
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
CAGR ,6A*,9E
,7E*86E
(100.0C) (100.0C) (100.0C)
K9:H0L K9:H0L K9:H0L
(100.0C)
K9:H0L
(100.0C) (100.0C) (100.0C) (100.0C)
K9:H0L K9:H0L K9:H0L K9:H0L
(100.0C)
K9:H0L
(100.0C)
K9:H0L
(100.0C) (100.0C) (100.0C)
K9:H0L K9:H0L K9:H0L
(100.0C)
K9:H0L
(100.0C) (100.0C) (100.0C) (100.0C)
K9:H0L K9:H0L K9:H0L K9:H0L
Financial Modelling LAB O$era!ional Model ,A
US .M0< F/ End Se$*86,6
8 663 A
8664A
8 66 5A
86 ,6A
86,,E
86, 8E
86, ;E
2<72615
2<55313 6.EC 7;91; 1F.6C 3<7;816 E.2C
2<7381, (6.1C) 7;817 (0.3C) 3<,6912 (F.EC)
3<6;,14 E.0C 78412 (0.EC) 3<72619 6.;C
E,313.1 916 FDE.3 ,;16 3<5,619 ;.6C
E,F61.E ;19 62E.2 716 4<,4415 3.FC
E,?6;.2 916 6F2.3 916 4<7,217 ;.0C
.8<469160 3D.DC
.;<8621;0 ;2.6C
.8<527130 ;1.EC
.8<5621,0 3?.;C
(3,0F2.6) ;412
(3,1F3.2) ;417
(3,;06.6) 9616
9<8,415 60.1C
9<;8713 FE.;C
9<,;415 F?.3C
9<2791; 61.6C
9<47314 61.;C
7<6;713 61.FC
7<,6515 60.0C
/A C /ales
.8<438160 ;0.DC
.;<827180 ;3.;C
.8<548130 ;2.0C
.8<5471;0 3D.FC
(3,061.3) ;413
(3,16D.1) ;413
(3,06F.D) ;216
EBITDA C /ales
,<;9215 1D.2C
,<62617 1;.1C
,<,7218 16.3C
,<22516 22.1C
,<35217 22.EC
,<42212 22.?C
8<69;15 2;.0C
9epre$iation Aortisation C /ales
.;9,130 ;.DC
.;57190 F.2C
.;341,0 F.3C
.;76130 ;.6C
(363.D) 912
(36?.F) 917
(2FF.F) ;16
In!erna!ional .M0< F/ End Se$*86,6
8 663A
8664A
866 5A
8 6, 6A
86,,E
86,8 E
8 6, ;E
,<9;319
,<33918 23.;C ;8518 2E.2C 8<,6;19 2;.0C
,<26416 (D.;C) ;,819 (F.1C) ,<58619 (?.EC)
,<5;,13 20.1C ;731, 1;.3C 8<84414 1D.2C
1,DE0.3 816 3E6.0 71; 8<;9219 2.FC
2,0D0.F 21, ;13.6 ,616 8<76918 6.EC
2,216.0 216 ;3?.; 216 8<27919 6.0C
.489120 ;?.6C
.,<679160 F0.1C
.52;130 F0.2C
.,<634180 ;E.1C
(1,10D.?) 931;
(1,1?;.F) 931;
(1,2;E.6) 9316
43,12 F1.;C
,<69519 ;D.DC
57213 ;D.?C
,<8,612 F2.DC
,<8;217 F2.EC
,<;,513 F2.EC
,<96214 F3.0C
/A C /ales
.295130 (3?.3C)
.4,,190 (3?.6C)
.3;91;0 (3?.2C)
.47,160 (3E.2C)
(?61.3) ;213
(D0F.E) ;218
(D2D.0) ;716
EBITDA C /ales
88,15 13.1C
8;416 11.3C
88819 11.6C
;7512 1F.EC
;371; 16.0C
9,;15 16.FC
93314 1?.0C
9epre$iation Aortisation C /ales
.49180 F.0C
.,64140 F.2C
.,68170 F.3C
.,64120 ;.EC
(11F.0) 915
(120.2) 914
(ED.6) ;16
86 63A
8664A
8 665 A
8 6,6 A
86,,E
8 6,8 E
8 6,; E
*
* * 39312 ?.0C 39312 ?.0C
* * 39512 0.3C 39512 0.3C
* * 36319 (F.6C) 36319 (F.6C)
* * ?E2.2 8;1; 43818 23.3C
* * DD6.1 ,918 5521, 1;.2C
* * 1,11F.6 ,816 ,<,,712 12.0C
.;36170 F3.FC
.;47160 F1.FC
.;57170 F2.?C
.;49150 F;.;C
(;E1.D) 791,
(F3E.D) 7916
(F?0.1) 7816
Gro $rofi! C /ales
;8,15 ;6.FC
;2812 ;?.FC
;791, ;E.2C
;8817 ;F.6C
96619 ;F.DC
97418 ;6.0C
7;717 ;?.0C
/A C /ales
.22190 D.6C
.331,0 10.3C
.7,1,0 6.?C
.73190 ?.1C
(D2.F) ,612
(112.6) ,,1;
(1;F.0) ,;16
EBITDA C /ales
87717 36.DC
84717 3?.2C
;6;16 ;0.;C
8271, 3E.FC
;6315 3F.3C
;9712 3;.EC
;5617 3F.0C
.2120 1.0C
.21;0 0.?C
.7130 0.?C
.;130 0.FC
(F.2) 612
(6.0) 612
(;.F) 619
86 63 A
8664A
8 66 5A
86, 6A
86,,E
86, 8E
8 6, ;E
E,022.D 1,6D6.2 6D2.; 5<9,,17
E,F32.0 2,103.; E;E.6 ,6<;4;16 10.3C
E,10;.6 1,D20.; E;D.6 5<33912 (F.DC)
E,F60.; 2,2??.? E0E.; . ,6<36319 D.FC
E,D10.; 2,3;6.; ?E2.2 ,,<,8516 3.DC
?,1??.D 2,F0;.2 DD6.1 ,,<2451, F.0C
?,F16.F 2,6F;.; 1,11F.6 ,8<84217 F.1C
(2,?0;.0) (?2;.6) (3E0.F) .;<5551,0 ;2.FC
(3,206.3) (1,0F;.0) (3?F.0) .9<2971;0 ;;.EC
(2,D6F.E) (D63.E) (3DF.F) .9<;89150 ;;.2C
(2,D06.1) (1,0E?.2) (3?;.D) .9<;25180 ;0.?C
(3,0F2.6) (1,10D.?) (;E1.D) .9<2;91;0 ;1.6C
(3,1F3.2) (1,1?;.F) (F3E.D) .9<437170 ;1.EC
(3,;06.6) (1,2;E.6) (F?0.1) .7<8;91;0 ;2.6C
7<9,819 FE.FC
7<3;313 FF.3C
7<99513 FF.?C
2<;;418 FD.2C
2<95913 F?.;C
2<4,;12 F?.3C
3<67818 FE.;C
(2,?E2.0)
(3,26F.2)
(2,D?2.E)
(2,D?F.3)
(3,061.3)
(3,16D.1)
(3,06F.D)
=etail /ales C ro+t Total /pe$ialty /alesI C ro+t To!al Sale C ro+t !/ C /ales Gro $rofi! C /ales
8A
=etail /ales C ro+t Total /pe$ialty /alesI C ro+t To!al Sale C ro+t !/ C /ales Gro $rofi! C /ales
;A
C?G .M0< F/ End Se$*86,6 =etail /ales C ro+t Total /pe$ialty /alesI C ro+t To!al Sale C ro+t !/ C /ales
9epre$iation Aortisation C /ales
To!al
S!ar+"c' Cor$ora!ion .M0< F/ End Se$*86,6 4/ nternational 5 er To!al Reen"e C ro+t 4/ nternational 5 COGS C /ales Gro $rofi! C /ales 4/
92816 3<68815
87414 ,<25218
25819 25819
nternational 5 SG&A C /ales
(6;D.E) (66.;) .;<744160 (3?.1C)
(?11.;) (EE.1) .9<,7;130 (;0.0C)
(E3;.3) (F1.1) .;<3241,0 (3?.FC)
(?F1.0) (FE.;) .;<45;130 (36.;C)
(?61.3) (D2.F) .9<6,71,0 (36.1C)
(D0F.E) (112.6) .9<,43190 (3F.?C)
(D2D.0) (1;F.0) .9<,96160 (33.EC)
EBITDA C /ales
,<48919 1D.;C
,<74916 1F.3C
,<24,12 1E.2C
8<99917 22.?C
8<93513 22.3C
8<28218 22.FC
8<5,818 23.EC
4/ nternational 5 De$recia!ion & A#or!ia!ion C /ales
(3;1.E) (?;.2) (6.6) .9;8170 ;.6C
(3DF.;) (10?.?) (6.3) .7,6170 ;.DC
(3E?.1) (102.F) (F.E) .9421;0 F.0C
(3F0.E) (10?.6) (3.E) .92;160 ;.3C
(363.D) (11F.0) (F.2) .9491,0 ;.3C
(36?.F) (120.2) (6.0) .959130 ;.2C
(2FF.F) (ED.6) (;.F) .;;5120 2.?C
.,<6461;0 11.FC
.549170 D.FC
.997120 ;.6C
.976160 ;.2C
(F?0.F) 718
(60E.?) 718
(61;.3) 716
.;,2180 (3.;C) *A
.849170 (2.EC) 31.E
.953130 (F.1C) (213.2)
.332120 (E.3C) (2E?.D)
.4,2180 (E.3C) (3D.6)
.564130 (E.?C) (D2.F)
.,<6,7180 (?.3C) (106.;)
C"rren! Ae! as as >Juivalents A$$ounts =e$eivable nventories !ter urrent Assets
84,1; 84315 25,13 ,9414
82514 ;8517 25814 ,2518
75514 83,16 22915 ,9318
,<,2916 ;6813 79;1; ,7217
316.E FE1.3 161.6
333.1 F?E.E 16D.E
3;6.E 616.6 1E?.;
C"rren! Lia+ili!ie A$$ounts 5ayable A$$rued >"penses >"penses !ter !ter 9eferred =evenue
;5614 37214 85215
;8915 34813 ;2419
8231, 58716 ;4413
84812 ,<64819 9,91,
30;.E 1,12?.1 ;33.0
333.D 1,200.D ;6;.;
3E2.D 1,2ED.1 F0;.D
11.2 11.2 63.1 F.?
11.6 11.6 F;.; F.D
10.1 F6.1 F.F
10.3 ;F.; F.3
,619 9716 71;
,619 9916 71;
,61; 9;16 71;
3F.E 2D.; 11.F
2F.F 2E.F 13.0
22.F 3;.F 1;.F
23.6 36.D 1;.1
8916 ;316 ,918
8716 ;317 ,917
8216 ;416 ,716
ap>" C /ales Ne! or'ing Ca$i!al C /ales ange
Da% A$$ounts =e$eivable nventories !ter urrent Assets A$$ounts 5ayable A$$rued >"penses >"penses !ter !ter 9eferred =evenue
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
?,1E?.? 916 6E?.; 916 4<4731, ;.0C
?,;2;.1 ;16 6D?.E ;16 5<,8814 3.0C
?,6E6.? ;16 E1D.E ;16 5<;5217 3.0C
?,D3E.1 ;16 E;1.3 ;16 5<23419 3.0C
D,20F.3 ;16 E63.F ;16 5<52414 3.0C
D,;?1.; ;16 E?6.; ;16 ,6<82314 3.0C
D,E6F.D ;16 ?10.0 ;16 ,6<73715 3.0C
(3,F;2.?) 9616
(3,6;D.1) 9616
(3,EF?.6) 9616
(3,?E1.;) 9616
(3,D?E.F) 9616
(;,10E.1) 9616
(;,230.3) 9616
7<;,91; 60.0C
7<93;13 60.0C
7<2;315 60.0C
7<46316 60.0C
7<54,1; 60.0C
2<,2613 60.0C
2<;9717 60.0C
(3,1??.6) ;216
(3,3EF.;) ;316
(3,;E6.E) ;316
(3,F?1.0) ;316
(3,6??.;) ;316
(3,EDD.1) ;316
(3,D13.1) ;316
8<,8713 2;.0C
8<6541; 23.0C
8<,2,18 23.0C
8<88216 23.0C
8<85814 23.0C
8<;2,12 23.0C
8<9;819 23.0C
(26F.E) ;16
(2E3.E) ;16
(2?1.D) ;16
(2D0.;) ;16
(2DD.1) ;16
(30?.0) ;16
(31E.3) ;16
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
2,326.? 716 ;60.; 716 8<3431, F.0C
2,;1D.? 916 ;E?.? 916 8<45412 ;.0C
2,F16.6 916 ;DE.D 916 ;<6,912 ;.0C
2,61E.3 916 F1E.D 916 ;<,;71, ;.0C
2,E22.0 916 F3?.6 916 ;<82617 ;.0C
2,?30.D 916 F60.1 916 ;<;5,16 ;.0C
2,D;;.1 916 F?2.F 916 ;<78212 ;.0C
(1,30D.D) 9316
(1,362.3) 9316
(1,;16.?) 9316
(1,;E3.F) 9316
(1,F32.F) 9316
(1,FD3.?) 9316
(1,6FE.F) 9316
,<93318 F3.0C
,<7;21; F3.0C
,<75313 F3.0C
,<22,12 F3.0C
,<3841, F3.0C
,<35318 F3.0C
,<4251, F3.0C
(DEF.F) ;716
(1,01;.F) ;716
(1,0FF.1) ;716
(1,0DE.3) ;716
(1,1;1.2) ;716
(1,1?6.?) ;716
(1,23;.3) ;716
76,13 1?.0C
78,13 1?.0C
79812 1?.0C
7291; 1?.0C
74215 1?.0C
2,619 1?.0C
2;914 1?.0C
(6D.E) 817
(E2.F) 817
(EF.;) 817
(E?.;) 817
(?1.F) 817
(?;.?) 817
(??.2) 817
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
* * 1,20;.D 416 ,<86915 ?.0C
* * 1,2EE.1 216 ,<8331, 6.0C
* * 1,3;1.0 716 ,<;9,16 F.0C
* * 1,;0?.1 716 ,<9641, F.0C
* * 1,;E?.F 716 ,<93417 F.0C
* * 1,FF2.; 716 ,<77819 F.0C
* * 1,630.0 716 ,<2;616 F.0C
(626.F) 7816
(66;.1) 7816
(6DE.3) 7816
(E32.2) 7816
(E6?.?) 7816
(?0E.2) 7816
(?;E.6) 7816
7341; ;?.0C
2,;16 ;?.0C
29;13 ;?.0C
23715 ;?.0C
36513 ;?.0C
3971, ;?.0C
34819 ;?.0C
(1F6.6) ,;16
(166.0) ,;16
(1E;.3) ,;16
(1?3.0) ,;16
(1D2.2) ,;16
(201.?) ,;16
(211.D) ,;16
98,13 3F.0C
99316 3F.0C
92519 3F.0C
95814 3F.0C
7,317 3F.0C
79;1; 3F.0C
73617 3F.0C
(;.?) 619
(F.1) 619
(F.;) 619
(F.6) 619
(F.D) 619
(6.2) 619
(6.F) 619
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
8686E
?,?FE.1 2,E?E.1 1,20;.D ,8<4951, ;.6C
D,122.? 2,?D?.6 1,2EE.1 ,;<85412 3.FC
D,3D6.F 3,01;.6 1,3;1.0 ,;<3781, 3.;C
D,6E?.; 3,13F.1 1,;0?.1 ,9<88,12 3.;C
D,D6?.? 3,260.F 1,;E?.F ,9<36314 3.;C
10,26E.? 3,3D1.0 1,FF2.; ,7<8,,18 3.;C
10,FEF.D 3,F26.6 1,630.0 ,7<3;817 3.;C
e F.0C 1;.2C ;.EC
3.;C
(3,F;2.?) (1,30D.D) (626.F) .7<9351;0 ;2.6C
(3,6;D.1) (1,362.3) (66;.1) .7<237120 ;2.EC
(3,EF?.6) (1,;16.?) (6DE.3) .7<438140 ;2.EC
(3,?E1.;) (1,;E3.F) (E32.2) .2<6331,0 ;2.EC
(3,D?E.F) (1,F32.F) (E6?.?) .2<844140 ;2.?C
(;,10E.1) (1,FD3.?) (?0E.2) .2<7641,0 ;2.?C
(;,230.3) (1,6FE.F) (?;E.6) .2<3;7190 ;2.?C
F.1C F.0C 13.0C F.?C
3.0C ;.0C F.0C 3.FC
3<;2514 FE.;C
3<28;16 FE.3C
3<4351; FE.3C
4<,9917 FE.3C
4<9,516 FE.2C
4<36;16 FE.2C
4<55316 FE.2C
3.?C
3.;C
(3,1??.6)
(3,3EF.;)
(3,;E6.E)
(3,F?1.0)
(3,6??.;)
(3,EDD.1)
(3,D13.1)
1.EC
3.0C
CAGR ,6A*,9E
,7E*86E 3.0C ;.0C F.0C
(DEF.F) (1F6.6) .9<;86130 (33.6C)
(1,01;.F) (166.0) .9<772160 (3;.3C)
(1,0FF.1) (1E;.3) .9<3621,0 (3;.2C)
(1,0DE.3) (1?3.0) .9<42,190 (3;.2C)
(1,1;1.2) (1D2.2) .7<68,140 (3;.1C)
(1,1?6.?) (201.?) .7<,43130 (3;.1C)
(1,23;.3) (211.D) .7<;751;0 (3;.1C)
3.FC 2?.FC 2.6C
;.0C F.0C 3.3C
;<6951, 23.EC
;<62316 23.1C
;<,3;18 23.1C
;<84;18 23.1C
;<;5318 23.1C
;<7,71; 23.1C
;<2;313 23.1C
F.EC
3.FC
(26F.E) (6D.E) (;.?) .;96180 2.6C
(2E3.E) (E2.F) (F.1) .;7,1;0 2.6C
(2?1.D) (EF.;) (F.;) .;28120 2.6C
(2D0.;) (E?.;) (F.6) .;39190 2.6C
(2DD.1) (?1.F) (F.D) .;42170 2.6C
(30?.0) (?;.?) (6.2) .;55160 2.6C
(31E.3) (??.2) (6.F) .9,8160 2.6C
(6.EC) (10.FC) 6.?C (E.;C)
3.0C ;.0C F.0C 3.2C
(FE?.2) 917
(F31.D) 916
(;12.6) ;16
(;26.6) ;16
(;;1.2) ;16
(;F6.3) ;16
(;E2.0) ;16
.,<629150 (?.3C) (;D.?)
.,<,65180 (?.3C) (;;.3)
.,<,92150 (?.3C) (3E.E)
.,<,47150 (?.3C) (3D.0)
.,<882180 (?.3C) (;0.;)
.,<824160 (?.3C) (;1.?)
.,<;,,1;0 (?.3C) (;3.3)
3FD.1 6;F.F 1?6.6
36;.3 66?.6 1D3.1
3E6.? 6D1.D 1DD.E
3?D.6 E1F.D 206.F
;03.0 E;0.D 213.6
;16.E E66.E 220.D
;31.0 ED3.F 22?.;
3D0.3 1,33E.E F2?.0
;0;.3 1,3?;.F F;6.F
;1?.3 1,;31.E F6F.2
;32.D 1,;?0.6 F?;.;
;;?.0 1,F31.2 60;.;
;63.6 1,F?3.6 62F.1
;ED.? 1,63E.D 6;6.F
,618 9;16 71;
,616 9;16 71;
,616 9;16 71;
,616 9;16 71;
,616 9;16 71;
,616 9;16 71;
,616 9;16 71;
8216 ;416 ,716
8216 ;416 ,716
8216 ;416 ,716
8216 ;416 ,716
8216 ;416 ,716
8216 ;416 ,716
8216 ;416 ,716
Financial Modelling LAB Financial S!a!e#en! ?roec!ion S!e$ , * Define O$era!ional a"#$!ion of !(e #odel .0
/ales ro+t (C) >'T9A %argin (C /ales) ap>" (C /ales) *et oring apital (C /ales) 9A (C /ales) Ta" (C >'T)
S!e$ 8 - Foreca! !(e inco#e !a!e#en! M
86 65A
86 ,6A
Reen"e
5 3 3 9 12
,636319
EBITDA
, 2 4 , 12
8 9 9 9 17
9epre$iation Aortisation EBIT
*9421;
*92;16
1,1DF.3
1,D?1.F
In!ere! Inco#e To!al In!ere! Ex$ene Ne! In!ere! EBT Tax
*et in$oe
S!e$ ; * Calc"la!e !(e ca( flo & ca( +alance M EBITDA
AdustentsI - ange in *et oring apital - Ta" - ap>" Ca( flo +efore financing .CFBF0 ## (C >'T9A)
86 ,6A
nterest >"pense nterest n$oe Ca( flo aaila+le for de+! re$a%#en! .Free ca( flo * FCF0 9ebt =epayents Exce Ca( !pening as 'alan$e as n$reaseH(9e$rease) Cloing Ca( Balance
0.0
as balan$e $e$
S!e$ 9 *Calc"la!e +alance (ee! and calc"la!e !(e f"!"re +alance (ee! M
86 ,6A
urrent oring apital as >Juivalents *et oring apital Total oring orin g apital ross 5roperty, 5lant >Juipent
6,1;1.6
&ess A$$uulated 9epre$iation
(3,E2F.1)
*et 5roperty, 5lant >Juipent
2,;16.F
!ter Assets Total fi"ed assets ood+ill
E11.? 1;,D3?.3
To!al ae!
&ong ter debt /enior 9ebt %e@@anine
E,020.0 3,000.0
>Juity oon /to$
;,020.0
=etained >arnings Total /to$olders7 /to$o lders7 >Juity To!al Lia+ili!ie & E"i!%
'alan$e $e$
!
86,,E
86, 8E
86, ;E
86,9 E
86,7E
86,2E
86,3E
;15
716
71,
912
; 17
;19
;19
8 8 1;
8 8 17
8 ; 13
8 ; 13
8 ; 1,
8 ; 1,
8 ; 1,
718
718
716
917
9 16
;16
;16
.31;0
.3140
.41;0
.41;0
.41;0
.41;0
.41;0
91;
918
814
812
8 12
812
812
; 9 17
; 9 17
; 9 17
; 9 17
; 9 17
; 9 17
; 9 17
86,,E
86, 8E
86, ;E
86,9 E
86,7E
86,2E
86,3E
0.0 .4;4190 .4;4190
.49,190
.432130
.4581;0
.448170
.424130
.438160
0.0
0.0
0.0
0.0
0.0
0.0
0.0
86,,A
86 ,8A
86 ,;A
86, 9A
86, 7A
86,2 A
86,3 A
(1?F.0)
(3E0.0)
(FFF.0)
(E;0.0)
(FE3.2)
(2F0.0)
(2,?0D.?)
NO.
NO.
NO.
NO.
NO.
NO.
NO.
86,,A
86 ,8A
86 ,;A
86, 9A
86, 7A
86,2 A
86,3 A
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
3,1?0.0
3,3E0.?
3,FE3.0
3,E?E.;
;,01;.E
;,2FF.6
;,F10.D
;,020.0
;,020.0
;,020.0
;,020.0
;,020.0
;,020.0
;,020.0
!
!
!
!
!
!
!
86,4 E
86,5E
8686E
;19
; 19
; 19
8 ; 1,
8 ; 1,
8;1,
;16
; 16
; 16
.41;0
.41;0
.41;0
812
8 12
8 12
; 9 17
; 9 17
;917
CAGR 86,4 E
.25,140
0.0
86, 4A
86,5E
.3;4120
0.0
86, 5A
8686E
,,E*,7E
,2E*86E
K9:H0L K9:H0L K9:H0L
K9:H0L K9:H0L K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
616
0.0
8686 A
0.0
(2,06?.;)
0.0
NO.
NO.
NO.
86, 4A
86, 5A
8686 A
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
;,E?1.F
0.0
0.0
;,020.0
;,020.0
;,020.0
!
!
!
Financial Modelling LAB Financial S!a!e#en! ?roec!ion S!e$ , * Define O$era!ional a"#$!ion of !(e #odel .0
/ales ro+t (C) >'T9A %argin (C /ales) ap>" (C /ales) *et oring apital (C /ales) 9A (C /ales) Ta" (C >'T)
S!e$ 8 - Foreca! !(e inco#e !a!e#en! M
86 65A
86, 6A
Reen"e
5 3 3 9 12
, 6 3 6 3 19
EBITDA
, 2 4 , 12
899917
9epre$iation Aortisation EBIT
*9421;
*92;16
1,1DF.3
1,D?1.F
In!ere! Inco#e To!al In!ere! Ex$ene Ne! In!ere! EBT Tax
*et in$oe
S!e$ ; * Calc"la!e !(e ca( flo & ca( +alance M EBITDA
AdustentsI - ange in *et oring apital - Ta" - ap>" Ca( flo +efore financing .CFBF0 ## (C >'T9A) nterest >"pense
86, 6A
nterest n$oe Ca( flo aaila+le for de+! re$a%#en! .Free ca( flo * FCF0 9ebt =epayents Exce Ca( !pening as 'alan$e as n$reaseH(9e$rease) Cloing Ca( Balance
0.0
as balan$e $e$
S!e$ 9 *Calc"la!e +alance (ee! and calc"la!e !(e f"!"re +alance (ee! M
86, 6A
urrent oring apital as >Juivalents
0.0
*et oring apital
(EE6.6)
Total oring apital
(EE6.6)
ross 5roperty, 5lant >Juipent
6,1;1.6
&ess A$$uulated 9epre$iation
(3,E2F.1)
*et 5roperty, 5lant >Juipent
2,;16.F
!ter Assets Total fi"ed assets ood+ill
E11.? 1;,D3?.3
To!al ae!
,3<85616
&ong ter debt /enior 9ebt %e@@anine
10,2E0.0 3,000.0
>Juity oon /to$
;,020.0
=etained >arnings Total /to$olders7 >Juity To!al Lia+ili!ie & E"i!%
'alan$e $e$
0.0 ;,020.0 ,3<85616
!
86,,E
86, 8E
86, ;E
86,9 E
86,7E
86,2E
86,3E
;15
716
71,
912
; 17
;19
;19
8 8 1;
8 8 17
8 ; 13
8 ; 13
8 ; 1,
8 ; 1,
8 ; 1,
718
718
716
917
9 16
;16
;16
.31;0
.3140
.41;0
.41;0
.41;0
.41;0
.41;0
91;
918
814
812
8 12
812
812
; 9 17
; 9 17
; 9 17
; 9 17
; 9 17
; 9 17
; 9 17
86,,E
86, 8E
86, ;E
86,9 E
86,7E
86,2E
86,3E
11,12D.0 2,;ED.E (;?;.1) 1,DDF.6
11,6?D.1 2,626.2 (;D;.E) 2,131.6
12,2?6.F 2,D12.2 (33D.6) 2,FE2.6
12,?;D.1 3,0;D.1 (3;0.2) 2,E0?.D
13,2D?.6 3,06E.0 (3F1.3) 2,E1F.E
13,EF2.1 3,1E3.2 (362.6) 2,?10.F
1;,221.6 3,2?3.2 (3E;.;) 2,D0?.?
2.6 .4;4190 .4;7140
E.F .49,190 .4;9160
11.E .432130 .427160
1F.1 .4581;0 .433180
1D.0 .448170 .42;120
26.6 .424130 .4981,0
2;.; .438160 .493130
1,1FD.? (;00.1) EFD.6
1,2DE.6 (;;E.E) ?;D.D
1,E0E.E (F?D.1) 1,11?.F 1,11?.F
1,?31.E (631.D) 1,1DD.E
1,?F2.2 (63D.0) 1,213.2
1,D6?.; (6ED.1) 1,2?D.3
2,061.2 (E11.1) 1,3F0.1
86,,A
86 ,8A
86 ,;A
86, 9A
86, 7A
86,2 A
86,3 A
2,;ED.E
2,626.2
2,D12.2
3,0;D.1
3,06E.0
3,1E3.2
3,2?3.2
3D.6 (;00.1) (F?0.F) ,<7;412
D2.F (;;E.E) (60E.?) ,<22;18
106.; (F?D.1) (61;.3) ,<4,718
;D.? (631.D) (FE?.2) ,<44413
;;.3 (63D.0) (F31.D) ,<59619
3E.E (6ED.1) (;12.6) 8<,,518
3D.0 (E11.1) (;26.6) 8<,4919
62.1C
63.3C
62.3C
61.DC
63.3C
66.?C
66.FC
(?3?.;)
(?;1.;)
(?E6.E)
(?D2.3)
(??2.F)
(?6?.E)
(?E2.0)
2.6 36814
E.F 4851;
11.E 57618
1F.1 ,<6,,17
1D.0 ,<63214
26.6 ,<83316
2;.; ,<;;214
(1?F.0) 7,314
(3E0.0) 9751;
(FFF.0) ;5718
(E;0.0) 83,17
(FE3.2) 76;13
(2F0.0) ,<68316
(2,?0D.?) .,<93;160
0.0 F1E.? F1E.?
F1E.? ;FD.3 DEE.1
DEE.1 3DF.2 1,3E2.3
1,3E2.3 2E1.F 1,6;3.?
1,6;3.? F03.E 2,1;E.F
2,1;E.F 1,02E.0 3,1E;.F
3,1E;.F (1,;E3.0) 1,E01.F
!
!
!
!
!
!
!
86,,A
86 ,8A
86 ,;A
86, 9A
86, 7A
86,2 A
86,3 A
F1E.?
DEE.1
1,3E2.3
1,6;3.?
2,1;E.F
3,1E;.F
1,E01.F
(?16.2)
(D0?.E)
(1,01F.2)
(1,06;.D)
(1,10D.2)
(1,1;6.D)
(1,1?F.D)
(2D?.;)
6?.;
3FE.2
FE?.D
1,03?.3
2,02E.6
F1F.6
6,E22.1
E,32D.D
E,D;;.3
?,F22.F
D,0F;.;
D,;6E.0
D,?D3.6
(;,20D.2)
(;,E03.D)
(F,0;3.;)
(F,3?3.E)
(F,E3;.D)
(6,0DE.F)
(6,;E1.D)
2,F12.D
2,626.1
2,D00.?
3,13?.?
3,31D.F
3,36D.;
3,;21.E
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
,3<42912
,4<;9912
,4<5641,
,5<;2314
86<66314
8,<69318
,5<74319
D,D0F.0 3,1?0.0
10,103.? 3,3E0.?
10,1D6.F 3,FE3.0
10,360.E 3,E?E.;
10,E60.0 ;,01;.E
11,;?2.3 ;,2FF.6
D,E06.F ;,F10.D
;,020.0
;,020.0
;,020.0
;,020.0
;,020.0
;,020.0
;,020.0
EFD.6
?;D.D
1,11?.F 1,11?.F
1,1DD.E
1,213.2
1,2?D.3
1,3F0.1
;,EED.6
;,?6D.D
F,13?.F
F,21D.E
F,233.2
F,30D.3
F,3E0.1
,3<42912
,4<;9912
,4<5641,
,5<;2314
86<66314
8,<69318
,5<74319
!
!
!
!
!
!
!
86,4 E
86,5E
8686E
;19
; 19
; 19
8 ; 1,
8 ; 1,
8;1,
;16
; 16
; 16
.41;0
.41;0
.41;0
812
8 12
8 12
; 9 17
; 9 17
;917
CAGR 86,4 E
86,5E
8686E
,,E*,7E
,2E*86E
1;,E0E.? 3,3DE.2 (3?6.F) 3,010.E
1F,211.2 3,F1F.3 (3DD.0) 3,116.3
1F,E32.F 3,63E.E (;12.0) 3,22F.?
;.6C F.FC (E.EC) ?.0C
3.;C 3.FC 3.2C 3.FC
2;.6 .25,140 .223180
2D.E .3;4120 .364150
3E.? 616 ;314
2,3;3.F (?0?.F) 1,F3F.0
2,;0E.; (?30.6) 1,FE6.?
3,263.F (1,12F.D) 2,13E.6
12.;C
13.FC
12.;C
13.FC
86, 4A
86, 5A
8686 A
3,3DE.2
3,F1F.3
3,63E.E
;0.; (?0?.F) (;;1.2) 8<,4314
;1.? (?30.6) (;F6.3) 8<83618
;3.3 (1,12F.D) (;E2.0) 8<64;1,
6;.;C
6;.6C
FE.3C
(6D1.?)
(E3?.6)
0.0
2;.6 ,<78612
2D.E ,<72,1;
3E.? 8<,8615
0.0 ,<78612
(2,06?.;) .7 .7631,0
0.0 8<,8615
1,E01.F 1,F20.6 3,222.1
3,222.1 (F (F0E.1) 2,E1F.0
2,E1F.0 2,120.D ;,?3F.?
!
!
!
86, 4A
86, 5A
8686 A
3,222.1
2,E1F.0
;,?3F.?
(1,226.2)
(1,26?.0)
(1,311.3)
1,DDF.D
1,;;E.0
3,F2;.6
10,33;.D
10,ED1.2
11,263.2
(6,?F?.;)
(E,2FE.;)
(E,66D.;)
3,;E6.F
3,F33.?
3,FD3.?
E11.? 1;,D3?.3
E11.? 1;,D3?.3
E11.? 1;,D3?.3
8,<,8819
86<2;614
88<32419
10,E?F.D ;,E?1.F
1F,03;.0 0.0
16,610.? 0.0
;,020.0
;,020.0
;,020.0
1,F3F.0
1,FE6.?
2,13E.6
F,FFF.0
F,FD6.?
6,1FE.6
8,<,8819
86<2;614
88<32419
!
!
!
!. 0*0T"O,
Financial Modelling LAB Co#$ara+le Model Co#$ara+le .M0 Co#$an% !o al"ed S!ar+"c' Cor$ora!ion
Ae! 2<;4715
Co#$ara+le co#$anie Tier I: Large*Ca$ %9!*A&97/ !=5 84%L '=A*9/ * 5!T&> %>MA* =&& * Tier II: Mid*Ca$ T% !=T!*/ * 9A=9>* =>/TA4=A*T/ * 5A*>=A '=>A9 ! Tier III: S#all*Ca$ 9!%*!7/ 5NNA * >*987/ !HT> >>/>A> #AT!=8 *HT>
al"a!ion ra!io No!e
?E ra!io >Juity valuation
%9!*A&97/ !=5 84%L '=A*9/ * 5!T&> %>MA* =&& * MeanMedian
21.3;" 2;.F2" 0.FD" ,717x
T% !=T!*/ * 9A=9>* =>/TA4=A*T/ * 5A*>=A '=>A9 ! MeanMedian
1D.?1" 1F.00" 1D.?3" ,418x
9!%*!7/ 5NNA * >*987/ !HT> >>/>A> #AT!=8 *HT> MeanMedian
16.EE" 22.D1" 1F.;3" ,419x
OERALL MeanMedian
,319x
>ig( Lo
8917x 612x
S!ar+"c' Co Cor$ora!ion a al"a!ion . .M0
5> ratio 5H/ales 5H>'T9A 5H'oo :alue >:H>'T9A >:H/ales O /ubtra$ted *et 9ebt on >: ratios
Aerage ra ra!io
1E.36" 1.6D" E.D?" 6.3D" 10.F;" 2.11"
Balance (ee! Boo' al"e of De+! 79519
E"i!% Boo' al"e ;<23913
LTM Reen"e ,6<36319
12,F00.; 3,31E.0 3.E
1;,3?D.? 1,D16.0 10.F
2;,0E;.6 11,3;3.0 1,?3F.D
;;D.? 2,120.E 3D.0
1,13F.6 1,?;2.0 FDF.0
2,;63.6 E,113.1 E,113.1 1,F;2.F
1,;F1.3 1,3FE.0 2E.2
*A 1,DD6.2 ;2D.0
1,FE0.D 2,3EF.; 1,6FD.;
?Sale >Juity valuation
?EBITDA >Juity valuation
?Boo' al"e >Juity valuation
;.26" 2.F2" 0.06" 81;x
11.6E" 11.E6" 0.2D" 315x
E.12" 1;.?D" 10.11" ,613x
3.11" 0.D6" 1.E;" ,15x
12.2D" E.23" 10.FF" ,616x
6.EF" 3.E1" ;.F0" 716x
0.D;" 0.??" 0.EE" 615x
F.?6" F.?;" 6.3;" 216x
*A 1.0F" 2.D6" 816x
,13x
416x
219x
91;x 61,x
,81;x 61;x
H H
,915x ,1,x
S!ar+"c' Cor$ora!ion indica!or
E"i!% al"a!ion .M0
D;F.6 10,E0E.; 2,;;;.F 3,6E;.E 2,;;;.F 10,E0E.;
16,;11.3 1?,110.6 1D,F12.; 23,;6E.6 2F,222.; 21,DD2.?
LTM Financial S!a!i!ic EBITDA 8<99917
Ne! inco#e 59712
No1 of (are .#0 39812
?,EE?.; 2,;2F.0 363.1
;,?00.6 1,163.6 1E?.6
1,010.0 ;FF.D ;?.3
623.E D;;.6 2F3.E
3?E.0 ;FF.6 13F.0
1F;.D 12D.0 2D.6
2F1.? 3F?.D 200.;
?E.D D1.F ?2.3
F6.E 3D0.E F3.E
EEBITDA >: valuation
ESale >: valuation
10.2F" 10.F3" 1E.2F" ,813x
3.E;" 2.2F" 3.;1" ;1,x
11.0?" E.D1" 11.33" ,61,x
2.?0" 1.0F" 1.?6" ,15x
D.3D" ?.3;" ?.?0" 414x
1.F0" 1.26" 1.06" ,1;x
,617x
81,x
,318x 315x
;13x ,1,x
Mar'e! da!a S(are $rice .0 ;6134
S$ecific al"e Drier .#0 * *
Mar'e! Ca$i!alia!ion 88<34 +il1
* * *
102,;FF.; 2?,F2D.2 106.2
* * *
E,66F.3 6,?33.? 2,6EE.F
* * *
1,;E;.2 2,0D6.0 1,26D.?
Mar'e! al"a!ion En!er$rie al"e .E"i!% J Ne! de+!0 ;<6261,
?red ?rediic!ed Be!a e!a
?D,DD2.6 2F,F;F.F 6,262.;
0.E1 0.?E 0.D1
6,D10.; E,;E;.2 2,?E;.E
0.EE 0.?D 1.0F
2,363.; 2,DD2.? 1,E63.;
1 0.DD 1.0;
3(. Discounted Cas Flo $
DCF'
Financial Modelling LAB Be!a Anal%i
Co#$an%
Co"n!r%
Ne! De+!
E"i!% al"e
Gearing .D DJE0
E
opany 1
1,0??
E1;
1,?03
opany 2 opany 3 opany ; opany F opany 6 opany E opany ? opany D opany 10 >ig(
601 1;E 1?3 312 11; DF 6D1 13D 1,12E
1,662 DE 226 210 21? 13E F12 12E D;D
2,263 2;; ;0D F22 332 233 1,203 266 2,0E6
Lo Mean Median
60.;C 26.FC 60.2C ;;.EC FD.EC 3;.3C ;0.DC FE.;C F2.1C F;.3C 2619 8217 951, 7;18
De+!*!o*E"i!% .DE0
Effec!ie !ax ra!e
Leered Be!a
Unleered +e!a
1F2.;C 36.1C
33.3C 2F.0C
1.6; 1.00
0.?1 0.ED
1F1.3C ?1.0C 1;?.3C F2.3C
2F.0C 2F.0C 2F.0C 2F.0C
1.2E 1.?; 1.EE 0.?F
0.FD 1.1; 0.?; 0.61
6D.3C 13;.?C 10?.?C 11?.EC ,7819 ;21,
2?.0C 33.3C 2F.0C 33.3C
0.?1 1.D0 1.33 1.30 ,156 614,
0.F; 1.00 0.E3 0.E2 ,1,9 6179
,671;
,1;3
6134
,,;13
,1;,
6132
Financial Modelling LAB A? Model S!e$ , * S!"d% !(e !arge!< define 'e% gro!( drier and $roec! !(e Inco#e S!a!e#en! Inco#e S!a!e#en! .M0
86,6 A
86,,E
86, 8E
=evenues C ro+t !/ ross 5rofit /A >'T9A 9epre$iation Aortisation >'T Ta"es >'AT
S!e$ 8 * Calc"la! Calc"la!e e !(e dico"n dico"n!! ra!e< ra!e< "ed !o dico"n! dico"n! !(e CF CF and Ter#in Ter#inal al al"e al"e .T0 .T0 !o !(e $re $re !nly te unlevered $ost of eJuity (A5%) Dico"n! Ra!e Calc"la!ion Cost of Equity =is-free =ate %aret =is 5reiu 4nlevered 'eta Co! of E"i!% .CA?M0
716 41, -
S!e$ ; * ?roec! ?roec! !(e !arge!K !arge!K Ca( Flo ignoring !(e ca$i!al !r"c!"re !r"c!"re and dico"n! !(e# !(e# i!( !( FCF .M0
>'T9A 9epre$iation Aortisation >'T
86,6 A
86,,E
86, 8E
Ta"es >'AT 5lusI 9epre$iation Aorti@ation &essI apital >"penditures &essI n$rease in *et oring apital Unleered Free Ca( Flo
9is$ount #a$tor 5resent :alue of as #lo+ C"#"la!ie ? of FCF
S!e$ 9 * De!er#ine !(e Ter#inal al"e al"e .T0< !o "an!if% !(e re#aining al"e of !(e !arge! af!er !(e
oose %etodI
Perpetuity Growth Method (PGM - Gordon Method)
5erpetuity ro+t %etod (5% - ordon %etod) >"it %ultiple %etod (>%%)
?er$e!"i!% Gro!( Me!(od Terinal 8ear ## (2020>)
5erpetuity ro+t =ate Ter#inal al"e
;16
9is$ount #a$tor ? of Ter#inal al"e
S!e$ 7 * Calc"la!e !(e !ax +enefi! aocia!ed i!( !(e ca$i!al !r"c!"re In!ere! Tax S(ield Calc"la!ion .M0
86,,E
86, 8E
'eginning 9ebt
1,000.0
?00.0
=epayent (>nd of 8ear)
.866160
.866160
?00.0
600.0
>nding 9ebt ost of 9ebt nterest >"pense nterest Ta" /ield 9is$ount #a$tor 5resent :alue C"#"la!ie ? of Tax S(ield
86,6 A
,<66616 316
S!e$ 2 * De!er#ine !(e al"a!ion: a) te 5: of ##, 5: of T: and 5: of Ta" sields b) >nterprise (>:) 86,6A
5: of ## 5: of T: 5: of Ta" /ields En!er$rie al"e I#$lied E"i!% al"e and S(are ?rice >nterprise :alue &essI Total 9ebt &essI 5referred /e$urities &essI *on$ontrolling nterest 5lusI as and as >Juivalents
.5;81,0
,<,2916
I#$lied E"i!% al"e
#ully 9iluted /ares !utstanding
32918
I#$lied S(are ?rice
S!e$ 3 * I#$le#en! a Seni!ii!% Anal%i Anal%i on !(e dico"n! ra!e and Exi! M"l!i$le of Ter#inal al"e al"e En!er$rie al"e
C C A D
0.0 412 51, 512 ,61, ,612
716x 0 0 0 0 0
216x 0 0 0 0 0
Exi! M"l!i$le 316x 0 0 6 0 0
I#$lied E"i!% al"e
C C A D
0.0 412 51, 512 ,61, ,612
716x 0 0 0 0 0
216x 0 0 0 0 0
Exi! M"l!i$le 316x 0 0 6 0 0
I#$lied S(are ?rice
C C A D
0.0 412 51, 512 ,61,
716x 0.00 0.00 0.00 0.00
216x 0.00 0.00 0.00 0.00
Exi! M"l!i$le 316x 0.00 0.00 6166 0.00
,612
0.00
0.00
0.00
8 6,;E
86,9E
86,7 E
86 ,2E
86 ,3E
86, 4E
86 ,2E
86 ,3E
86, 4E
n! "ing:
Unleering Be!a &evered 'eta
9ebt-to->Juity ratio (9H>) Ta" =ate 4nlevered 'eta
co! of e"i!% 8 6,;E
86,9E
86,7 E
$roec!ion $eriod
1 Exi! M"l!i$le Me!(od Terinal 8ear >'T9A > 'T9A (2020>)
>"it %ultiple Ter#inal al"e
316x
9is$ount #a$tor ? of Ter#inal al"e
8 6,;E
86,9E
86,7 E
86 ,2E
86 ,3E
86, 4E
600.0
;00.0
200.0
0.0
0.0
0.0
.866160
.866160
.866160
.6160
.6160
.6160
;00.0
200.0
0.0
0.0
0.0
0.0
I#$lied EEBITDA >nterprise :alue &T% >'T9A I#$lied EEBITDA
I#$lied ?er$e!"i!% Gr Exi 416x 0 0 0 0 0
516x 0 0 0 0 0
C C A D
0.0 412 51, 512 ,61, ,612
8166 0 0 0 0 0
8176 0 0 0 0 0
? of Ter#inal al"e a of Exi 416x 0 0 0 0 0
516x 0 0 0 0 0
C C A D
K9:H0L 412 51, 512 ,61, ,612
716x K9:H0L K9:H0L K9:H0L K9:H0L K9:H0L
216x K9:H0L K9:H0L K9:H0L K9:H0L K9:H0L
I#$lied En!er$rie al"e Exi 416x 0.00 0.00 0.00 0.00
516x 0.00 0.00 0.00 0.00
C C A D
0.0 412 51, 512 ,61,
716x 0.0" 0.0" 0.0" 0.0"
216x 0.0" 0.0" 0.0" 0.0"
0.00
0.00
,612
0.0"
0.0"
CAGR 8 6,5E
8 6,5E
8686E
8686E
,6A*,7E
,2E*86E
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
8 6,5E
8686E
0.0
0.0
.6160
.6160
0.0
0.0
!( Ra!e ! M"l!i$le ;166 0 0 6 0 0
;176 0 0 0 0 0
9166 0 0 0 0 0
416x K9:H0L K9:H0L K9:H0L K9:H0L K9:H0L
516x K9:H0L K9:H0L K9:H0L K9:H0L K9:H0L
416x 0.0" 0.0" 0.0" 0.0"
516x 0.0" 0.0" 0.0" 0.0"
En!er$rie al"e ! M"l!i$le 316x K9:H0L K9:H0L HDI6 K9:H0L K9:H0L
LTM EBITDA ! M"l!i$le 316x 0.0" 0.0" 616x 0.0"
0.0"
0.0"
0.0"
Financial Modelling LAB A? Model S!e$ , * S!"d% !(e !arge!< define 'e% gro!( drier and $roec! !(e Inco#e S!a!e#en! Inco#e S!a!e#en! .M0
86,6 A
86,,E
86, 8E
=evenues C ro+t !/
,,,8516 *A *92;91;
,,2451, F.0C *943717
ross 5rofit
6,;D;.E
6,?13.6
/A
*96,71,
*9,4319
>'T9A
2,;ED.E
2,626.2
*9491,
*95913
>'T
1,DDF.6
2,131.6
Ta"es
(6??.F)
(E3F.;)
>'AT
1,30E.1
1,3D6.2
9epre$iation Aortisation
S!e$ 8 * Calc"la! Calc"la!e e !(e dico"n dico"n!! ra!e< ra!e< "ed !o dico"n! dico"n! !(e CF CF and Ter#in Ter#inal al al"e al"e .T0 .T0 !o !(e $re $re !nly te unlevered $ost of eJuity (A5%) Dico"n! Ra!e Calc"la!ion Cost of Equity =is-free =ate %aret =is 5reiu 4nlevered 'eta Co! of E"i!% .CA?M0
716 41, 0.?
,,1;
S!e$ ; * ?roec! ?roec! !(e !arge!K !arge!K Ca( Flo ignoring !(e ca$i!al !r"c!"re !r"c!"re and dico"n! !(e# !(e# i!( !( FCF .M0
86,6 A
86,,E
86, 8E
>'T9A
2,;ED.E
2,626.2
9epre$iation Aortisation
(;?;.1)
(;D;.E)
>'T
1,DDF.6
2,131.6
Ta"es
(6??.F)
(E3F.;)
>'AT
1,30E.1
1,3D6.2
;?;.1
;D;.E
(F?0.F)
(60E.?3)
3D.6
D2.F
,<8761;
,<;3717
0.?D?
0.?0E
5resent :alue of as #lo+
1,123.3
1,110.2
C"#"la!ie ? of FCF
5<76912
5lusI 9epre$iation Aorti@ation &essI apital >"penditures &essI n$rease in *et oring apital Unleered Free Ca( Flo
9is$ount #a$tor
S!e$ 9 * De!er#ine !(e Ter#inal al"e al"e .T0< !o "an!if% !(e re#aining al"e of !(e !arge! af!er !(e
oose %etodI
Perpetuity Growth Method (PGM - Gordon Method)
5erpetuity ro+t %etod (5% - ordon %etod) >"it %ultiple %etod (>%%)
?er$e!"i!% Gro!( Me!(od Terinal 8ear ## (2020>)
B2,0D6.1
5erpetuity ro+t =ate Ter#inal al"e
;16 87<54317
9is$ount #a$tor ? of Ter#inal al"e
0.3; 4<56819
S!e$ 7 * Calc"la!e !(e !ax +enefi! aocia!ed i!( !(e ca$i!al !r"c!"re In!ere! Tax S(ield Calc"la!ion .M0
86,,E
86, 8E
'eginning 9ebt
1,000.0
?00.0
=epayent (>nd of 8ear)
.866160
.866160
?00.0
600.0
(F6.0)
(;2.0)
nterest Ta" /ield
1D.3
1;.F
9is$ount #a$tor
0.D3F
0.?E3
5resent :alue
1?.1
12.E
C"#"la!ie ? of Tax S(ield
981;
>nding 9ebt ost of 9ebt nterest >"pense
86,6 A
,<66616 316
S!e$ 2 * De!er#ine !(e al"a!ion: a) te 5: of ##, 5: of T: and 5: of Ta" sields b) >nterprise (>:) 86,6A DF0;.6 ?D02.; ;2.3 ,4<99518
5: of ## 5: of T: 5: of Ta" /ields En!er$rie al"e I#$lied E"i!% al"e and S(are ?rice >nterprise :alue &essI Total 9ebt &essI 5referred /e$urities &essI *on$ontrolling nterest 5lusI as and as >Juivalents
B1?,;;D.2 .5;81,0 ,<,2916
I#$lied E"i!% al"e
,4<24,1, 32918
#ully 9iluted /ares !utstanding I#$lied S(are ?rice
8919
S!e$ 3 * I#$le#en! a Seni!ii!% Anal%i Anal%i on !(e dico"n! ra!e and Exi! M"l!i$le of Ter#inal al"e al"e En!er$rie al"e
C C A D
1?,;;D.2 412 51, 512 ,61, ,612
716x 2E,E3? 2F,3DD 23,;1F 21,E12 20,23F
216x 2E,E3? 2F,3DD 23,;1F 21,E12 20,23F
Exi! M"l!i$le 316x 2E,E3? 2F,3DD 8;<9,7 21,E12 20,23F
I#$lied E"i!% al"e
C C A D
1?,6?1.1 412 51, 512 ,61, ,612
716x 2E,DE0 2F,630 23,6;E 21,D;; 20,;6E
216x 2E,DE0 2F,630 23,6;E 21,D;; 20,;6E
Exi! M"l!i$le 316x 2E,DE0 2F,630 8;<293 21,D;; 20,;6E
I#$lied S(are ?rice
C C A
2;.; 412 51,
716x 36.60 33.F;
216x 36.60 33.F;
Exi! M"l!i$le 316x 36.60 33.F;
512 ,61, ,612
30.D; 2?.E2 26.E?
30.D; 2?.E2 26.E?
;6159 2?.E2 26.E?
8 6,;E
86,9E
86,7 E
86 ,2E
86 ,3E
86, 4E
,884217 F.1C *78;91;
, 8 4 9 5 1, ;.6C *79351;
, ; 8 5 4 12 3.FC *723712
,;3781, 3.;C *743814
,988,12 3.;C *26331,
,936314 3.;C *284414
E,0F2.2
E,36D.?
E,623.0
E,?ED.3
?,1;;.F
?,;1D.0
*9,9616
*9;8613
*977216
*93621,
*942,19
*768,14
2,D12.2
3,0;D.1
3,06E.0
3,1E3.2
3,2?3.2
3,3DE.2
*;;512
*;9618
*;7,1;
*;2812
*;3919
*;4217
2,FE2.6
2,E0?.D
2,E1F.E
2,?10.F
2,D0?.?
3,010.E
(??E.6)
(D3;.6)
(D36.D)
(D6D.6)
(1,003.F)
(1,03?.E)
1,6?F.1
1,EE;.3
1,EE?.?
1,?;0.D
1,D0F.3
1,DE2.0
n! "ing:
Unleering Be!a &evered 'eta
6149 ,,1, ;917 0.E?
9ebt-to->Juity ratio (9H>) Ta" =ate 4nlevered 'eta
co! of e"i!% 8 6,;E
86,9E
86,7 E
86 ,2E
86 ,3E
86, 4E
2,D12.2
3,0;D.1
3,06E.0
3,1E3.2
3,2?3.2
3,3DE.2
(33D.6)
(3;0.2)
(3F1.3)
(362.6)
(3E;.;)
(3?6.F)
2,FE2.6
2,E0?.D
2,E1F.E
2,?10.F
2,D0?.?
3,010.E
(??E.6)
(D3;.6)
(D36.D)
(D6D.6)
(1,003.F)
(1,03?.E)
1,6?F.1
1,EE;.3
1,EE?.?
1,?;0.D
1,D0F.3
1,DE2.0
33D.6
3;0.2
3F1.3
362.6
3E;.;
3?6.F
(61;.32)
(FE?.21)
(F31.D;)
(;12.F6)
(;26.6F)
(;;1.23)
106.;
;D.?
;;.3
3E.E
3D.0
;0.;
,<7,214
,<7421,
,<29817
,<48412
,<45816
,<57312
0.E2F
0.6F1
0.F?F
0.F26
0.;E2
0.;2;
1,0DD.D
1,033.3
D61.3
D61.F
?D3.?
?30.?
$roec!ion $eriod
1 Exi! M"l!i$le Me!(od Terinal 8ear >'T9A (2020>)
B3,63E.E
>"it %ultiple Ter#inal al"e
9is$ount #a$tor ? of Ter#inal al"e
316x 87<92918
0.3; 4<38;1,
8 6,;E
86,9E
86,7 E
86 ,2E
86 ,3E
86, 4E
600.0
;00.0
200.0
0.0
0.0
0.0
.866160
.866160
.866160
.6160
.6160
.6160
;00.0
200.0
0.0
0.0
0.0
0.0
(2?.0)
(1;.0)
(0.0)
(0.0)
(0.0)
(0.0)
D.E
;.?
0.0
0.0
0.0
0.0
0.?16
0.E63
0.E13
0.666
0.623
0.F?2
E.D
3.E
0.0
0.0
0.0
0.0
I#$lied EEBITDA >nterprise :alue &T% >'T9A
B1?,;;D.2 8<99917
I#$lied EEBITDA
317x
I#$lied ?er$e!"i!% Gr Exi 416x 2E,E3? 2F,3DD 23,;1F 21,E12 20,23F
516x 2E,E3? 2F,3DD 23,;1F 21,E12 20,23F
C C A D
1?,;;D.2 412 51, 512 ,61, ,612
8166 2F,03D 23,1?? 21,F?; 20,1ED 1?,D;0
8176 26,2E? 2;,210 22,;3F 20,?DF 1D,F;E
? of Ter#inal al"e a of Exi 416x 2E,DE0 2F,630 23,6;E 21,D;; 20,;6E
516x 2E,DE0 2F,630 23,6;E 21,D;; 20,;6E
C C A D
0.F 412 51, 512 ,61, ,612
716x 2?.EC 30.0C 31.1C 32.0C 32.?C
216x 3;.FC 36.0C 3E.3C 3?.;C 3D.;C
I#$lied En!er$rie al"e Exi 416x 36.60 33.F;
516x 36.60 33.F;
C C A
E.F 412 51,
716x 11.3" 10.;"
216x 11.3" 10.;"
30.D; 2?.E2 26.E?
30.D; 2?.E2 26.E?
512 ,61, ,612
D.6" ?.D" ?.3"
D.6" ?.D" ?.3"
CAGR 8 6,5E
8686E
,6A*,7E
,2E*86E
,78,,18 3.;C *27641,
, 7 3 ; 8 17 3.;C *23;719
;.6C
3.;C
?,E03.0
?,DDE.0
;.1C
3.;C
*7,4313
*7;751;
3,F1F.3
3,63E.E
F.FC
3.FC
*;5516
*9,816
3,116.3
3,22F.?
?.0C
3.FC
(1,0EF.1)
(1,112.D)
2,0;1.2
2,112.D
?.0C
3.FC
8 6,5E
8686E
3,F1F.3
3,63E.E
(3DD.0)
(;12.0)
3,116.3
3,22F.?
(1,0EF.1)
(1,112.D)
2,0;1.2
2,112.D
3DD.0
;12.0
(;F6.3;)
(;E1.DE)
;1.?
;3.3
8<68712
8<6521,
0.3?1
0.3;3
EE2.;
E1?.1
8 6,5E
8686E
0.0
0.0
.6160
.6160
0.0
0.0
(0.0)
(0.0)
0.0
0.0
0.F;;
0.F0?
0.0
0.0
!( Ra!e ! M"l!i$le ;166 2E,E3? 2F,3DD 8;<9,7 21,E12 20,23F
;176 2D,;?; 26,?00 2;,FF6 22,6F3 21,01D
9166 31,611 2?,;EF 2F,D00 23,E;? 21,D22
416x ;6.0C ;?.0C ;D.EC F1.2C F2.FC
516x F1.EC F;.0C FF.DC FE.6C FD.1C
416x 11.3" 10.;"
516x 11.3" 10.;"
En!er$rie al"e ! M"l!i$le 316x ;0.2C ;2.0C 9;17 ;;.?C ;F.DC
LTM EBITDA ! M"l!i$le 316x 11.3" 10.;"
512x ?.D" ?.3"
D.6" ?.D" ?.3"
D.6" ?.D" ?.3"
!C. (O
" S!e$ , * De!er#ine !(e So"rce and Ue of f"nd So"rce of F"nd
M
x EBITDA
/enior debt
K9:H0L
96166
%e@@anine To!al de+!
K9:H0L K9:H0L
,7166 K9:H0L
>Juity To!al E"i!%
K9:H0L K9:H0L
97166 K9:H0L
To!al o"rce /4 $e$
0.0 !
K9:H0L
" S!e$ 8 - Define !(e a"#$!ion of !(e #odel .0
8665A
86,6A
/ales ro+t (C) >'T9A %argin (C /ales) 9A (C /ales) ange in oring apital (C /ales) ap>" (C /ales) Ta" (C >'T) as /+eep (C of >"$ess as)
86,,E
86,8E
,2 ;8 ; 9 9 89 37
,2 ;8 ; 9 9 89 37
" S!e$ ; - Define !(e de+! c(ed"le and $ricing De+! S!r"c!"re
Ter# ./ear0
/enior debt %e@@anine 5 >leent as >leent &'!= De+! Re$a%#en! Sc(ed"le Senior de+! nterest rate #i"ed $arges $over Aortisation s$edule s$edule (C of total total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e
7 3
8665A
86,6A
Total /enior debt Total debt d ebt
86,8E
E.FFC
E.FFC
,6
,7
0.0
0.0
F.0C ?.3C
F.0C ?.3C
6
6
0.0
0.0
0.0
Me==anine nterest rate - 5 nterest rate - $as Aortisation s$edule s$edule (C of total total fa$ility) !pening 'alan$e 5rin$ipal repayents nterest e"pense - 5 nterest e"pense - $as losing 'alan$e
86,,E
0.0
" S!e$ 9 - Foreca! !(e Inco#e S!a!e#en! M Reen"e EBITDA 9epre$iationAortisation EBIT
866 5A
8 6,6 A
28319 ,4418
32516 8;613
271,
3219
In!ere! /enior debt %e@@anine 5 %e@@anine as Total as interest (/enior debt G %e@@anine $as) To!al In!ere! .Ca( in!ere! J Me==anine ?I)0 nterest $e$ EBT Tax *et in$oe
86,,E
8 6,8 E
!
!
0.0
0.0
86,,E
8 6,8 E
K9:H0L
K9:H0L
0.0
0.0
" S!e$ 7 * Calc"la!e !(e ca( flo & ca( +alance M EBITDA AdustentsI - ange in oring apital - Ta" - ap>" Ca( flo +efore financing .CFBF0 ## (C >'T9A)
866 5A
8 6,6 A
Total as interest (/enior debt G %e@@anine $as) Ca( flo aaila+le for de+! re$a%#en! .Free ca( flo * FCF0 9ebt =epayents Exce Ca( as /+eep !pening as 'alan$e as n$reaseH(9e$rease) n$reaseH(9e$rease) Cloing Ca( Balance as balan$e $e$
616
NO.
NO .
" S!e$ 2 - Calc"la!e !(e credi! !a!i!ic M
8665A
86,6A
86,,E
86,8E
8616
8616
6166x K9:H0L
6166x K9:H0L
8616
8616
6166x K9:H0L
6166x K9:H0L
8616
8616
6166x K9:H0L
6166x K9:H0L
8616
8616
6166x K9:H0L
6166x K9:H0L
K9:H0L
K9:H0L
,16x K9:H0L
,16x K9:H0L
>'T9A *et /enior debt *et Total debt Total as interest (/enior debt G %e@@anine $as) ap>" Leerage ra!io .#axi#"#0 1. *et /enior debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo 2. *et Total debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo In!ere! coer ra!io .#ini#"#0 1. >'T9AHas interest Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo 2. (>'T9A-ape")Has interest Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo Ca( coer .#ini#"#0 #'#H(as interestG9ebt =epayent)O Coenan! eadroo OAlso no+n as fi"ed $arges $over " S!e$ 3 - Calc"la!e !(e IRR and eni!ii!% anal%i Re!"rn Anal%i * Seni!ii!% exi! %ear exi! #"l!i$le 8ear of >"it >'T9A Total debt d ebt losing $as position
86,9
86,7
86,2
86,9
?roceed !o E"i!% 86,7
86,2
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
EBITDA Exi! M"l!i$le 716x 216x 316x
Ue
M
>'T9A (0E) %ultiple
216x
>nterprise value #ees (C)
7166
To!al Ue
86,;E
86,9E
86,7E
86,2E
86,3E
,2 ;; ; ; ; 89 37
,6 ;9 ; ; ; 89 37
3 ;7 ; 9 9 89 37
7 ;7 ; 9 9 89 37
7 ;7 ; 9 9 89 37
A#or!1 'alloon 'ullet
x EBITDA
A#o"n!
K9:H0L K9:H0L
0.0 0.0
Margin
In!ere! ra!e
;187
E.FFC
9166
7166 ?.30C 91;6
86,;E
86,9E
86,7E
86,2E
86,3E
E.FFC
E.FFC
E.FFC
E.FFC
E.FFC
86
87
;6
6
6
0.0
0.0
0.0
0.0
0.0
F.0C ?.3C
F.0C ?.3C
F.0C ?.3C
F.0C ?.3C
F.0C ?.3C
6
6
6
6
,66
0.0
0.0
0.0
0.0
0.0
86 ,; E
86 ,9 E
86 ,7 E
86 ,2 E
86 , 3E
!
!
!
!
!
0.0
0.0
0.0
0.0
0.0
86 ,; E
86 ,9 E
86 ,7 E
86 ,2 E
86 , 3E
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
0.0
0.0
0.0
0.0
0.0
NO.
NO.
NO.
NO.
NO.
86,;E
86,9E
86,7E
86,2E
86,3E
8817
8817
8716
8716
8716
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
8817
8817
8716
8716
8716
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
8817
8817
8716
8716
8716
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
8817
8817
8716
8716
8716
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
6166x K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
,16x K9:H0L
,16x K9:H0L
,16x K9:H0L
,16x K9:H0L
615x K9:H0L
Total eJuity at entry
86,9
IRR 86,7
86,2
K9:H0L K9:H0L K9:H0L
K9:H0L K9:H0L K9:H0L
K9:H0L K9:H0L K9:H0L
" S!e$ , * De!er#ine !(e So"rce and Ue of f"nd So"rce of F"nd /enior debt
M
x EBITDA
74,1; 8,416 EDD.3
2.F"
96166
%e@@anine To!al de+!
0.D" 3.F"
,7166 FF.00C
>Juity To!al E"i!%
27916 6F;.0
2.?" 2.?"
97166 ;F.00C
To!al o"rce /4 $e$
1,;F3.3 !
100.00C
" S!e$ 8 - Define !(e a"#$!ion of !(e #odel .0
8665A
86,6A
/ales ro+t (C) >'T9A %argin (C /ales) 9A (C /ales) ange in oring apital (C /ales) ap>" (C /ales) Ta" (C >'T) as /+eep (C of >"$ess as)
86,,E
86,8E
,2 ;8 ; 9 9 89 37
,2 ;8 ; 9 9 89 37
" S!e$ ; - Define !(e de+! c(ed"le and $ricing De+! S!r"c!"re
Ter# ./ear0
/enior debt %e@@anine 5 >leent as >leent &'!= De+! Re$a%#en! Sc(ed"le Senior de+! nterest rate #i"ed $arges $over Aortisation s$edule s$edule (C of total total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e
7 3
8665A
86,6A
86,,E
86,8E
F?1.3
E.FFC 1.0" ,6 F?1.3 (F?.1) (3E.0) (;3.D) ;?6.2
E.FFC 1.0" ,7 ;?6.2 (?E.2) (3E.1) (36.E) 361.?
F.0C ?.3C
F.0C ?.3C
6 21?.0 0.0 (10.D) (1?.1) 22?.D
6 22?.D 0.0 (11.;) (1D.0) 2;0.3
;?6.2 E1F.1
361.? 602.2
Me==anine nterest rate - 5 nterest rate - $as Aortisation s$edule s$edule (C of total total fa$ility) !pening 'alan$e 5rin$ipal repayents nterest e"pense - 5 nterest e"pense - $as losing 'alan$e Total /enior debt Total debt
21?.0
" S!e$ 9 - Foreca! !(e Inco#e S!a!e#en! M Reen"e EBITDA 9epre$iationAortisation EBIT
8665A
86,6A
28319 ,4418
32516 8;613
271,
3219
In!ere! /enior debt %e@@anine 5 %e@@anine as Total as interest (/enior debt G %e@@anine $as) To!al In!ere! .Ca( in!ere! J Me==anine ?I)0 nterest $e$ EBT Tax Tax *et in$oe
86,,E
86,8E
?D2.0 2?F.; (26.?) 2F?.E
1,03;.E 331.1 (31.0) 300.1
(;3.D) (10.D) (1?.1) (62.0) .38150 ! 1?F.? (;;.6) 1;1.2
(36.E) (11.;) (1D.0) (FF.E) .23180 ! 232.D (FF.D) 1EE.0
86,,E
86,8E
" S!e$ 7 * Calc"la!e !(e ca( flo & ca( +alance M
8665A
86,6A
EBITDA AdustentsI - ange in oring apital - Ta" - ap>" Ca( flo +efore financing ## (C >'T9A)
2?F.;
331.1
(3F.E) (;;.6) (3F.E) ,2517 FD.;C
(;1.;) (FF.D) (;1.;) ,5819 F?.1C
Total as interest (/enior debt G %e@@anine $as) Ca( flo aaila+le for de+! re$a%#en! .Free ca( flo * FCF0
(62.0) ,6317
(FF.E) ,;213
9ebt =epayents Exce Ca( as /+eep
(F?.1) 9519 (3E.0)
(?E.2) 9517 (3E.1)
!pening as 'alan$e as n$reaseH(9e$rease) Cloing Ca( Balance as balan$e $e$
616 12.3 12.3 !
12.3 12.; 2;.E !
" S!e$ 2 - Calc"la!e !(e credi! !a!i!ic M
8665A
86,6A
86,,E
86,8E
>'T9A *et /enior debt *et Total debt Total as interest (/enior debt G %e@@anine $as) ap>"
2?F.; ;E3.? E02.E (62.0) (3F.E)
331.1 33E.1 FEE.F (FF.E) (;1.;)
Leerage ra!io .#axi#"#0 1. *et /enior debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo
1.E" 8616 22?.; 2.0?" 81,6x 21.0C
1.0" 8616 26;.D 1.2E" ,187x 1?.6C
2. *et Total debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo
2.F" 8616 22?.; 3.0?" ;1,6x 20.6C
1.E" 8616 26;.D 2.1?" 8186x 20.EC
In!ere! coer ra!io .#ini#"#0 1. >'T9AHas interest Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo
;.6" 8616 22?.; 3.6?" ;136x 1D.EC
F.D" 8616 26;.D ;.E6" 9137x 20.1C
2. (>'T9A-ape")Has interest Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! e eadroo
;.0" 8616 22?.; 3.11" ;1,6x 23.1C
F.2" 8616 26;.D ;.01" 9166x 23.1C
1.;"
1.3"
,16x 2D.1C
,16x 2F.EC
Ca( coer .#ini#"#0 #'#H(as interestG9ebt =epayent)O Coenan! eadroo OAlso no+n as fi"ed $arges $over " S!e$ 3 - Calc"la!e !(e IRR and eni!ii!% anal%i Re!"rn Anal%i * Seni!ii!% exi! %ear exi! #"l!i$le 8ear of >"it >'T9A Total debt losing $as position
86,9 ;;?.D 26F.0 11F.?
86,7 ;D;.F 2E?.2 3EF.2
86,2 F1D.2 2D2.1 6;E.6
86,9
?roceed !o E"i!% 86,7
86,2
2,0DF.3 2,F;;.2 2,DD3.1
2,F6D.2 3,063.E 3,FF?.1
2,DF1.3 3,;E0.F 3,D?D.E
EBITDA Exi! M"l!i$le 716x 216x 316x
Ue
M
>'T9A (0E)
230.E
%ultiple
216x
>nterprise value #ees (C)
7166
1,3?;.1 2518 1,;F3.3
To!al Ue
86,;E
86,9E
86,7E
86,2E
86,3E
,2 ;; ; ; ; 89 37
,6 ;9 ; ; ; 89 37
3 ;7 ; 9 9 89 37
7 ;7 ; 9 9 89 37
7 ;7 ; 9 9 89 37
A#or!1 'alloon 'ullet
x EBITDA 2.F" 0.D"
A#o"n! F?1.3 21?.0
Margin
In!ere! ra!e
;187
E.FFC
9166
7166 ?.30C 91;6
86,;E
86,9E
86,7E
86,2E
86,3E
E.FFC 1.0" 86 361.? (116.3) (66.3) (2E.3) 1ED.3
E.FFC 1.0" 87 1ED.3 (1;F.3) (3;.0) (13.F) 0.0
E.FFC 1.0" ;6 0.0 0.0 0.0 0.0 0.0
E.FFC 1.0" 6 0.0 0.0 0.0 0.0 0.0
E.FFC 0.D" 6 0.0 0.0 0.0 0.0 0.0
F.0C ?.3C
F.0C ?.3C
F.0C ?.3C
F.0C ?.3C
F.0C ?.3C
6 2;0.3 0.0 (12.0) (1D.D) 2F2.;
6 2F2.; 0.0 (12.6) (20.D) 26F.0
6 26F.0 0.0 (13.2) (22.0) 2E?.2
6 2E?.2 0.0 (13.D) (23.1) 2D2.1
,66 2D2.1 (306.?) (1;.6) (2;.2) 0.0
1ED.3 ;31.E
0.0 26F.0
0.0 2E?.2
0.0 2D2.1
0.0 0.0
86,;E
86,9E
86,7E
86,2E
86,3E
1,200.3 3D6.1 (36.0) 360.1
1,320.3 ;;?.D (3D.6) ;0D.3
1,;12.E ;D;.F (;2.;) ;F2.1
1,;?3.; F1D.2 (;;.F) ;E;.E
1,FFE.F F;F.1 (;6.E) ;D?.;
(2E.3) (12.0) (1D.D) (;E.3) .751;0 ! 300.? (E2.2) 22?.6
(13.F) (12.6) (20.D) (3;.F) .931,0 ! 362.2 (?6.D) 2EF.3
0.0 (13.2) (22.0) (22.0) .;7180 ! ;16.? (100.0) 316.?
0.0 (13.D) (23.1) (23.1) .;3160 ! ;3E.E (10F.0) 332.6
0.0 (1;.6) (2;.2) (2;.2) .;4150 ! ;FD.6 (110.3) 3;D.3
86,;E
86,9E
86,7E
86,2E
86,3E
3D6.1
;;?.D
;D;.F
F1D.2
F;F.1
(36.0) (E2.2) (36.0) 87,15 63.6C
(3D.6) (?6.D) (3D.6) 84814 63.0C
(F6.F) (100.0) (F6.F) 84,19 F6.DC
(FD.3) (10F.0) (FD.3) 85717 F6.DC
(62.3) (110.3) (62.3) ;,618 F6.DC
(;E.3) 86912
(3;.F) 8941;
(22.0) 87519
(23.1) 83819
(2;.2) 84216
(116.3) 441; (66.3)
(1;F.3) ,6815 (3;.0)
0.0 87519 0.0
0.0 83819 0.0
(306.?) .86140 0.0
2;.E 22.1 ;6.? !
;6.? 6D.0 11F.? !
11F.? 2FD.; 3EF.2 !
3EF.2 2E2.; 6;E.6 !
6;E.6 (20.?) 626.? !
86,;E
86,9E
86,7E
86,2E
86,3E
3D6.1 132.F 3?;.D (;E.3) (36.0)
;;?.D (11F.?) 1;D.2 (3;.F) (3D.6)
;D;.F (3EF.2) (DE.0) (22.0) (F6.F)
F1D.2 (6;E.6) (3FF.;) (23.1) (FD.3)
F;F.1 (626.?) (626.?) (2;.2) (62.3)
0.3" 8817 30E.0 0.;3" 6197x 2F.EC
(0.3") 8817 3;E.D (0.33") .61;7x0 26.3C
(0.?") 8716 3E0.? (1.01") .,166x0 2;.1C
(1.2") 8716 3?D.; (1.66") .,127x0 2;.;C
(1.1") 8716 ;0?.D (1.F3") .,177x0 2F.?C
1.0" 8817 30E.0 1.2F" ,187x 22.3C
0.3" 8817 3;E.D 0.;3" 6197x 26.1C
(0.2") 8716 3E0.? (0.26") .6187x0 21.6C
(0.E") 8716 3?D.; (0.D1") .6156x0 23.DC
(1.1") 8716 ;0?.D (1.F3") .,177x0 2F.?C
?.;" 8817 30E.0 6.;D" 2176x 22.;C
13.0" 8817 3;E.D 10.0D" ,61,6x 22.;C
22.F" 8716 3E0.? 16.?6" ,2147x 2F.1C
22.F" 8716 3?D.; 16.?6" ,2147x 2F.1C
22.F" 8716 ;0?.D 16.?6" ,2147x 2F.1C
E.6" 8817 30E.0 F.E3" 7137x 2;.FC
11.D" 8817 3;E.D ?.D;" 4157x 2;.6C
1D.D" 8716 3E0.? 1;.2D" ,91;6x 2?.2C
1D.D" 8716 3?D.; 1;.2D" ,91;6x 2?.2C
1D.D" 8716 ;0?.D 1;.2D" ,91;6x 2?.2C
1.F"
1.6"
12.?"
12.?"
0.D"
,16x 3F.1C
,16x 36.;C
,16x D2.2C
,16x D2.2C
615x ;.0C
Total eJuity at entry
6F;.0
86,9
IRR 86,7
86,2
33.?C ;0.;C ;6.3C
31.FC 36.2C ;0.3C
2?.FC 32.1C 3F.2C
b
Financial Modelling LAB Balance S(ee! Si#$lifica!ion Ini!ial for# of !(e Balance (ee! Cloing Balance S(ee!
Ada$!a!ion of !(e Balance (ee! La! fical %ear
C"rren! Ae! as as >Juivalents /ort-Ter nvestents A$$ounts =e$eivable =e$eivable nventories 9eferred n$oe Ta"es, *et !ter $urrent assets To!al C"rren! Ae!
,<,2916 84713 ;6813 79;1; ;6918 ,7217 8<37219
Fixed .non*c"rren!0 Ae! ross 55> A$$uulated 9epre$iation 9epre$iation *et 55>
2<,9,12 .;<3871,0 2,;16.F
!ter &ong ter assets Total #i"ed Asset s ood+ill and oter To!al Ae! C"rren! Lia+ili!ie A$$ounts 5ayable 5ayable A$$rued >"penses >"penses !ter 9eferred =evenue To!al C"rren! Lia+ili!ie Long Ter# de+! !ter &ong Ter &iabilities
7;;1; 23513 2<;4715
Cloing Balance S(ee! urrent Assets urrent &iabilities or'ing Ca$i!al
Final +alance (ee! .+efore ad"!#en!0 La! fical %ear 2,EF6.; (1,EED.1) 5331;
Cloing Balance S(ee! or'ing Ca$i!al as as >Juivalents *et +oring apital
Fixed .non*c"rren!0 Ae! ross 55> A$$uulated 9epre$iation 9epre$iation *et 55> !ter &ong ter assets Total #i"ed Assets ood+ill To!al Ae! Long Ter# de+!
6,1;1.6 (3,E2F.1) 2,;16.F
F33.3 6ED.E 9<26214 5;81,
84812 ,<64819 9,91,
Fixed .non*c"rren!0 Ae! ross 55> A$$uulated 9epre$iation 9epre$iation *et 55> !ter &ong ter assets Total #i"ed Assets ood+ill To!al Ae! Long Ter# de+! Ter &oan A Ter &oan ' Ter &oan
La! fical %ear 1,EF3.D (EE6.6)
6,1;1.6 (3,E2F.1) 2,;16.F
F33.3 6ED.E 9<26214 616 616 616
,<3351, %e@@anine >"isting debt (to be ref inan$ed)
79519 ;4813
616 D32.1
To!al Lia+ili!ie
8<3,,18
E"i!% oon sto$ =etained >arnings
,921; ;<78419
E"i!% oon sto$ =etained >arnings
1;6.3 3,F2?.;
E"i!% oon sto$ =etained >arnings
1;6.3 3,F2?.;
To!al Lia+ili!ie & E"i!%
2<;4715
To!al Lia+ili!ie & E"i!%
9<26214
To!al Lia+ili!ie & E"i!%
9<26214
O *oteI 'alan$e /eet as of /epteber 2010
S!e$ , * De!er#ine !(e So"rce and Ue of f"nd ?ro For#a Ca$i!alia!ion So"rce of F"nd
M
x EBITDA
;<36616 ;<36616 616
K9:H0L K9:H0L K9:H0L
HDI6 HDI6 HDI6
;<66616 , 6 <9 6 6 16
K9:H0L K9:H0L
HDI6 K9:H0L
/areolder loan Ordinar% E"i!% #ro fund /+eet >Juity (fro anageent)
*,6<96616 6 16
K9:H0L K9:H0L
K9:H0L K9:H0L /plit t o ng HDI6
To!al In!i!"!ional E"i!% To!al Ordinar% e"i!% To!al See! E"i!% To!al E"i!%
*,6<96616 6 16 6 16 * , 6 <9 6 6 16
/enior debt Ter &oan A Ter &oan ' Ter &oan /ubordinated debt %e@@anine To!al de+!
To!al o"rce /4 $e$
Ca$i!al S!r"c!"re Selec!ed Ue
M
>'T9A %ultiple
E.0"
?o! Crii Ban' and Me== Ter &oan A Ter &oan ' Ter &oan %e@@anine =# ape"
3,E00.0 3,E00.0 0.0 3,000.0 EF0.0 EF0.0
Post Crisis Bank a
>nterprise :alue >Juity a$Juisition $ost =ef. e"isting *et debt
HDI6
K9:H0L
#ees
HDI6
K9:H0L
To!al Ue
,176
,3417
!
S!e$ 8 - Define !(e o$era!ional a"#$!ion of !(e #odel .0 ase 'ase ase /tress ase
'ase ase 1 2
86,,E
86 , 8E
86 , ;E
86, 9 E
86 , 7E
86,2E
8 6, 3E
86 , 4E
86,5E
0. 0C 0. 0C 0. 0C
0.0C 0.0C 0.0C
0.0C 0.0C 0.0C
0.0C 0.0C 0.0C
0.0C 0.0C 0.0C
0.0C 0.0C 0.0C
0.0C 0.0C 0.0C
0. 0C 0. 0C 0. 0C
0.0C 0.0C 0.0C
;9 17 ;16 76
; 9 17 ; 16 76
; 917 ;16 76
;9 17 ;1 6 7 6
; 917 ;16 7 6
; 917 ;16 76
; 917 ; 16 7 6
; 9 17 ;16 76
; 917 ; 16 76
1
/ales ro+t (C) >'T9A %argin (C /ales) ape" (C /ales) *et oring apital (C /ales) 9A (C /ales) Ta" (C >'T) /areolder loan 5 ta" dedu$tibility (C) as /+eep (C of >"$ess as) /ales ro+t (C) 'ase ase /tress ase
5re $risis ad.
,6 16
, 6 16
2 16
2 1 6
216
;16
;16
;16
, 16
>'T9A %argin (C /ales) 'ase ase /tress ase
5re $risis ad.
;16
; 16
;16
;1 6
;16
;16
; 16
;16
; 16
ape" (C /ales) 'ase ase /tress ase
5re $risis ad.
.,160
.,160
.,160
.,160
.,160
.,160
.,160
.,160
.,160
Ter# ./ear0
A#or!1
x EBITDA
A#o"n!
S$read
In!ere! ra!e
4
'ullet 'alloon 'ullet 'ullet
K9:H0L K9:H0L K9:H0L
EF0.0 EF0.0 3,E00.0 3,E00.0 0.0
;.F0C ;.F0C ;.F0C F.00C 0.00C
5
'ullet
K9:H0L
3,000.0
,7
'ullet
K9:H0L
-10,;00.0
S!e$ ; - Define !(e de+! !er# and $ricing De+! S!r"c!"re /enior debt =# #a$ility ape" #a$ility Ter &oan A Ter &oan ' Ter &oan /ubordinated debt %e@@anine 5 >leent as >leent /areolder loan 5 >leent &'!= as nt erest
;.F0C ;.F0C ;.F0C F.00C 0.00C
6.00C
6.00C 6.F0C
6.F0C 1;.00C
Post Cr s s Ban an
-0.2FC
Bae Ra!e B 3 &'!= for+ard $urve B 3yr /A5 =ate C /+aped #loating 'ase =ate #i"ed 'ase =ate
?o! Crii Ban' and Me==
86,,E
8 6, 8E
8 6, ;E
86 , 9E
8 6, 7E
86,2E
8 6 ,3 E
8 6, 4E
86,5E
616 66 6 616 66 6
6 166 66 6 166 66
616666 616666
616 66 6 616 66 6
6166 6 6 6166 6 6
6 166 66 6 166 66
6166 66 6166 66
6 1666 6 6 1666 6
6 166 66 6 166 66
86,,E
8 6, 8E
8 6, ;E
86 ,9 E
8 6, 7E
86,2E
8 6, 3 E
86 , 4E
86,5E
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.0
0.0
0.0
0. 0.0
0.0
0.0
0.0
0.0
0.0
0.0 0.0
0. 0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0.00C -
0C
0C
0C
0C
0C
0C
0C
0C
0C
0.0
0.0
0.0
0.0
0. 0 .0
0.0
0.0
0.0
0.0
00
00
00
00
00
00
00
00
00
76166 1 2
S!e$ 9 - Define !(e enior de+! re$a%#en! c(ed"le Senior De+! Re$a%#en! Sc(ed"le RCF Facili!% 'ase =ate nterest rate oitent fee
86 6 5A
,
86,6A
oitent 4ndra+n !pening as 'alan$e on 'alan$e /eet as n$reaseH9e$rease losing balan$e before =# 9ra+do+nH(=epayent) %iniu $losing $as balan$e !pening 'alan$e 9ra+do+nH(=epayent) losing 'alan$e nterest e"pense oitent fee on 4nused =evolver Ca$ex Facili!% 'ase =ate nterest rate oitent fee oitent 4ndra+n =epayent (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents 9ra+ do+n losing 'alan$e nterest e"pense
,
Ter# Loan A 'ase =ate nterest rate
,
#i"ed arges over Average &ife of te fa$ility Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e Ter# Loan B 'ase =ate nterest rate
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.0
0.0
0.0
0.0
0. 0 .0
0.0
0.0
0.0
0.0
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0
0.0
0.0
0.0
0. 0 .0
0.0
0.0
0.0
0.0
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
100.0C
0.0C
0.0
0.0
0.0
0.0
0. 0 .0
0.0
0.0
0.0
0.0
86,,E
86,8E
86,;E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.00C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
0.0C
100.0C
0.0
0.0
0.0
0.0
0. 0 .0
0.0
0.0
0.0
0.0
1;.00C
1;.00C
1;.00C
1;.00C
1;.00C
1;.00C
1;.00C
1;.00C
1;.00C
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
,
Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e Ter# Loan C 'ase =ate nterest rate
0.00C
,
Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e S!e$ 7 - Define !(e Me==anineUnec"red Bond and S(are(older Loan re$a%#en! c(ed"le Me==anine and S> Re$1 Sc(ed"le Me==anine 'ase =ate 5 >leent as >leent Aortisation s$edule (C of !p. balan$eG5) !pening 'alan$e 5rin$ipal repayents 5 nterest e"pense as nterest e"pense losing 'alan$e S(are(older loan 5 >leent Aortisation s$edule (C of !p. balan$eG5) !pening 'alan$e 5rin$ipal repayents 5 nterest e"pense losing 'alan$e Total /enior debt Total debt (/& not in$luded)
8665A ,
86,6A
S!e$ 2 - Foreca! !(e inco#e !a!e# en! M
8 6 65 A
86 , 6 A
86,,E
8 6 ,8E
86 , ;E
86 , 9E
8 6, 7 E
8 6, 2 E
0.0
0.0
0.0
86,,E
8 6 ,8E
86 , ;E
86 , 9E
8 6, 7 E
8 6, 2 E
K9:H0L
K9:H0L
K9:H0L
K9:H0L
K9:H0L
NO.
NO.
NO.
NO.
86,,E
8 6 ,8 E
86 , ;E
86 , 9E
8 6, 3 E
8 6, 4 E
8 6 ,5 E
0.0
0.0
8 6, 3 E
8 6, 4 E
8 6 ,5 E
K9:H0L
K9:H0L
K9:H0L
K9:H0L
NO N O.
NO.
NO.
NO.
NO.
8 6 ,7 E
8 6, 2 E
86, 3 E
86 , 4E
8 6 ,5 E
0.0
0.0
0.0
0.0
8 6, 2 E
8 6, 3 E
8 6, 4 E
8 6, 5 E
Reen"e EBITDA 9epre$iation Aortisation EBIT In!ere! Inco#e nterest e"pense /enior debt (T&a, T&b, T&$ or /enior /e$ured 'ond) =# #a$ility ape" #a$ility %e@@anine 5 %e@@anine as /areolder loan 5 Total as interest (/en. debt G =# G ape" G %e@@. $as) To!al In!ere! In!ere! .Ca ( In!ere! J Me==1 ?I) J S>L ?I)0 Ne! In!ere! EBT Taxa+le inco#e Tax *et in$oe
0.0
0.0
0.0
0.0
S!e$ 3 * Calc"la!e !(e ca( flo & ca( +alance M
8 6 65 A
86 , 6 A
EBITDA AdustentsI - ange in *et oring apital - Ta" - ape" G #a$ility funded $ape" Ca( flo +efore financing .CFBF0 ## (C >'T9A)
Total as interest (/en. debt G =# G ape" G %e@@. $as) nterest n$oe Ca( flo aaila+le for de+! re$a%#en! .Free Ca( Flo * FCF0 9ebt =epayents Exce Ca( as /+eep !pening as 'alan$e as n$reaseH(9e$rease) =# 9ra+do+nH=epayent 9ra+do+nH=epayent Cloing Ca( Balance as balan$e $e$ S!e$ 4 * Calc"la!e !(e e"en!ial ca( ee$ M
8 6, 6 A
Ter# Loan A as /+eep available !utstanding debt before s+eep >ffe$tive s+eep to Ter &oan A Ter# Loan B as /+eep available !utstanding debt before s+eep >ffe$tive s+eep to Ter &oan ' Ter# Loan C as /+eep available !utstanding debt before s+eep >ffe$tive s+eep to Ter &oan
Apply /
1.0
0.0
0.0
Ad1
86,6?F
0.0
0.0
0.0
S!e$ 5 * In$"! !(e cloing +alance (ee! and #a'e ad"!#en! M
8 6, 6 A
urrent oring apital as >Juivalents *et oring apital Total oring apital ross 5roperty, 5roperty, 5lant >Juipent &ess A$$uulated 9epre$iation *et 5roperty, 5roperty, 5lant >Juipent !ter &ong Ter Assets Total fi"ed assets ood+ill #ees To!al ae!
&ong ter debt Ter &oan A Ter &oan ' Ter &oan %e@@anine >"isting debt (to be refinan$ed)
>Juity /areolder loan oon /to$ =etained >arnings Total /to$olders7 >Juity To!al Lia+ili!ie&E"i!% 'alan$e $e$
0.0
!
!
!
86,,E
8 6 ,8 E
S!e$ ,6 * Lin' !(e $ro*for#a +alance (ee! and calc"la!e !(e f"!"re +alance (ee! M
urrent oring apital as >Juivalents *et oring apital Total oring apital ross 5roperty, 5roperty, 5lant >Juipent &ess A$$uulated 9epre$iation *et 5roperty, 5roperty, 5lant >Juipent !ter Assets Total fi"ed assets ood+ill
86,6?F
86, ;E
86 , 9E
8 6, 7 E
To!al ae! &ong ter debt =# #a$ility ape" #a$ility Ter &oan A Ter &oan ' Ter &oan %e@@anine >Juity /areolder loan oon /to$ =etained >arnings Total /to$olders7 >Juity To!al Lia+ili!ie & E"i!% 'alan$e $e$
!
!
!
!
!
!
!
!
!
!
S!e$ ,, - Calc"la!e !(e cr edi! !a!i!ic M
86 6 5A
86 , 6A
86,,E
86 , 8E
86 , ;E
86 ,9 E
86 , 7E
8 6, 2E
8 6, 3 E
86 , 4E
8 6, 5E
#DIV/0!
#D #DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
86 16
8 6 16
8 817
88 17
8 716
8 716
8 716
8 7 16
8 716
6166x K9:H0L
6166x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6166x K9:H0L
86 16
8 6 16
8 817
88 17
8 716
8 716
8 716
8 7 16
8 716
6166x K9:H0L
6166x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6 16 6 x K9:H0L
6166x K9:H0L
86 16
8 6 16
8 817
88 17
8 716
8 716
8 716
8 7 16
8 716
6166x -
6166x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6166x -
86 16
8 6 16
8 817
88 17
8 716
8 716
8 716
8 7 16
8 716
6166x -
6166x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6 16 6 x -
6166x -
,16 6x -
, 16 6 x -
, 166 x -
,16 6x -
, 166 x -
,166 x -
,16 6x -
, 16 6 x -
,166x -
>'T9A *et /enior debt *et Total debt *et as interest (=#Gape"G/en.debtG%e@@.as-nt.n$oe) ape" 5 3ebt 6 2otal 7a+itali8ation
1. *et /enior debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ?ro$oed Coenan! eadroo 2. *et Total debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ?ro$oed Coenan! eadroo In!ere! coer r a!io .#ini#"#0 1. >'T9AHas interest Assued eadroo Adusted >'T9A ovenant &evel ?r ?ro$oed Coenan! e eadroo 2. (>'T9A-ape")Has interest Assued eadroo Adusted >'T9A ovenant &evel ?r ?ro$oed Coenan! e eadroo Ca( coer .#ini#"#0 .#ini#"#0 #'#H(as interestG9ebt =epayent)O ?ro$oed Coenan! eadroo OAlso no+n as fi"ed $arges $over S!e$ ,8 - Calc"la!e !(e IRR and eni!ii!% anal%i Re!"rn Anal%i * Seni!ii!% exi! %ear exi! #"l!i$le nstitutional >Juit y at >ntry !rdinary eJuity split (to fund)
>'T9A Total debt (e"$luding /&) losing as position /&
*, K*HA K*HA K*HA K*HA
EBITDA Exi! M"l!i$le
6.0"
(>:-*et debt)
(>:-*et debt-/&)
(tae into a$$ount s+eet eJuity split)
(add ba$ te /&)
>ntry year >"it year (iddle range)
K9:H0L Bae Cae 6 K*HA K*HA K*HA K*HA E.0"
S!re cae 6 0.0 0.0 0.0 0.0
, K*HA K*HA K*HA K*HA
*, 0.0 0.0 0.0 0.0
?.0"
6.0"
E.0"
86,6
, 0.0 0.0 0.0 0.0 ?.0"
?roceed !o e"i!%
?roceed !o e"i!%
?roceed !o ordinar% e"i!%
?roceed !o ordinar% e"i!%
?roceed !o in!i!"!ional e"i!%
?roceed !o in!i!"!ional e"i!%
To!al $roceed !o f"nd
To!al $roceed !o f"nd
1 2 3 ;
8686E
0.0C 0.0C 0.0C
;917 ;16 76 ,16
;16
.,160
8686E
616666 616666
8686E
0.00C -
0.0
0.0 0.0
0.00C -
0C 0.0
0.0
0.00C
0.0
0.0C 0.0
0.00C 0.0C 0.0
8686E
0.00C
0.0C 0.0
1;.00C
0.0
8686E
0.0
8686E
K9:H0L
NO.
8686E
0.0
8686E
!
8686E
#DIV/0!
8716
6166x K9:H0L
8716
6166x K9:H0L
8716
6166x -
8716
6166x -
,166x -
S!e$ , * De !er#ine !(e So"rce and Ue of f"nd ?ro For#a Ca$i!alia!ion So"rce of F"nd
/enior debt Ter &oan A Ter &oan ' Ter &oan /ubordinated debt %e@@anine To!al de+!
M
x EBITDA
Ca$i!al S!r"c!"re Selec!ed
Ue
M
9<76616 9<66616 9<66616
1.?" 1.6" 1.6"
86188 ,3153 ,3153
;<66616 ,7<76616
1.2" 6.3"
,;194 6D.6FC
/areolder loan Ordinar% E"i!% #ro fund /+eet >Juity (fro anageent)
8<3;717 9<68616 9<66616 8616
1.1" 1.6"
12.2DC 1?.06C /plit to ng 6176
To!al In!i!"!ional E"i!% To!al Ordinar% e"i!% To!al See! E"i!% To!al E"i!%
2<3;717 9<68616 8 6 16 2<37717
8 14 x
30.3FC
#ees
To!al o"rce /4 $e$
22,2FF.F !
51,
100.00C
To!al Ue
'ase ase 1 2
1
?re Crii Ban' and Me==
8<99917 D.0"
>'T9A %ultiple
>nterprise :alue
Ter &oan A Ter &oan ' Ter &oan %e@@anine =# ape"
;,F00.0 ;,000.0 ;,000.0 3,000.0 EF0.0 EF0.0
22,000.F
>Juity a$Juisition $ost =ef. e"isting *et debt
22,?22.3 (?21.?) ,176
87716
22,2FF.F
S!e$ 8 - Define !(e o$era!ional a"#$!ion a"#$!ion of !(e #odel .0
ase 'ase ase /tress ase /ales ro+t (C) >'T9A %argin (C /ales) ape" (C /ales) *et oring apital (C /ales) 9A (C /ales) Ta" (C >'T) /areolder loan 5 ta" dedu$tibility (C) as /+eep (C of >"$ess as)
86,,E
86, 8E
86 ,; E
86 ,9 E
86 ,7E
86 ,2 E
8 6, 3E
8 6 ,4 E
86 ,5 E
13.DC 2F.3C ;.2C .31;0 91; ; 9 17 ;16 76
1F.0C 2F.FC ;.2C .3140 918 ; 917 ;16 76
11.1C 26.EC ;.0C .41;0 814 ;917 ;16 76
10.6C 26.EC 3.FC .41;0 8 12 ;9 17 ; 16 7 6
D.FC 26.1C 3.0C .41;0 812 ; 917 ;16 7 6
6.;C 26.1C 2.0C .41;0 812 ;9 1 7 ;16 76
6.;C 26.1C 2.0C .41;0 8 12 ; 9 17 ; 16 7 6
6.;C 26.1C 2.0C .41;0 8 12 ; 9 17 ; 16 76
;.;C 26.1C 2.0C .41;0 8 1 2 ; 91 7 ; 1 6 76
/ales ro+t (C) 'ase ase /tress ase
5re $risis ad.
, 6 16 ;15 816
, 616 716 916
2 16 71, ;17
2 16 9 12 ; 17
216 ;17 ;16
;16 ;19 ;16
;16 ; 19 ; 16
;16 ; 19 ; 16
, 1 6 ; 1 9 ; 1 6
>'T9A %argin (C /ales) 'ase ase /tress ase
5re $risis ad.
;16 8 8 1; , 7 16
;16 8 817 , 716
;16 8;13 ,216
; 16 8; 13 ,5 16
;16 8 ;1, 8 616
;16 8; 1 , 86 1 6
; 16 8 ; 1, 8 6 16
; 16 8 ; 1, 8 6 16
; 1 6 8 ;1 , 8 61 6
ape" (C /ales) 'ase ase /tress ase
5re $risis ad.
.,160 718 816
.,160 718 816
.,160 716 ,16
.,160 9 17 , 16
.,160 916 816
.,160 ;16 816
.,160 ; 16 8 16
.,160 ; 16 8 16
.,160 ; 1 6 8 1 6
Ter# ./ear0
A#or!1
x EBITDA
A#o"n!
S$read
In!ere! ra!e
2 2 2 3 4
'ullet 'alloon 'ullet 'ullet
1.?" 1.6" 1.6"
EF0.0 EF0.0 ;,F00.0 ;,000.0 ;,000.0
3.2FC 3.2FC 3.2FC 3.F0C 3.EFC
5
'ullet
1.2"
3,000.0
,7
'ullet
1.1"
2,E3F.F
S!e$ ; - D efine !(e de+! !er# and $ricing De+! S!r"c!"re
/enior debt =# #a$ility ape" #a$ility Ter &oan A Ter &oan ' Ter &oan /ubordinated debt %e@@anine 5 >leent as >leent /areolder loan 5 >leent &'!= as nterest
?re Crii Ban' and Me==
3.2FC 3.2FC 3.2FC 3.F0C 3.EFC
F.00C
F.00C ;.00C
;.00C 12.00C
Pre Cr s s Ban an
0.E?C
Bae Ra!e
86,,E
8 6, 8E
86 ,; E
86 ,9 E
86 ,7 E
86 ,2 E
8 6,3 E
86 ,4E
86 ,5 E
, 16 8 4 9
, 1,45 3
8 1, 4 ; 7
;1, 692
; 13 5 2 2
9 18 4 , 8
91 782 4
9 1794 2
9132 5 7
, 16 3 2 6 6 16 6 6 6
, 1,72 2 6 1666 6
, 12 7 ; 7 6 16 6 6 6
81,,9, 616 666
8 19 2 6 , 6 16 6 6 6
8 13 6 8 9 6 16 6 6 6
81 487 8 61 666 6
8 14;2 , 6 1666 6
8159 2 7 6166 6 6
86,,E
8 6, 8E
86 ,; E
86 ,9E
86 ,7 E
86 ,2 E
86 , 3E
8 6 ,4E
86 ,5 E
1.0?C ;.33C 1.30C
1.16C ;.;1C 1.30C
1.6FC ;.D0C 1.30C
2.11C F.36C 1.30C
2.;6C F.E1C 1.30C
oitent 4ndra+n
EF0.0 EF0.0
EF0.0
EF0.0
EF0.0
EF0.0
EF0.0
EF0.0
EF0.0
EF0.0
!pening as 'alan$e on 'alan$e /eet as n$reaseH9e$rease n$reaseH9e$rease losing balan$e before =#
0.0 FE6.1 FE6.1
FE6.1 6;;.F 1,220.6
1,220.6 E23.? 1,D;;.F
1,D;;.F EE0.6 2,E1F.0
2,E1F.0 1,2D2.; ;,00E.F
;,00E.F 1,3F6.; F,363.D
F,363.D 1,1ED.1 6,F;3.0
6,F;3.0 E3?.F E, E,2?1.F
E,2?1.F (?;D.3) 6,;32.2
0.0
0.0
0. 0.0
0. 0.0
0.0
0.0
0.0
0.0
0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0. 0.0 0.0
0.0 0. 0.0 0.0
0. 0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 (D.?)
0.0 (D.?)
0.0 (D.?)
0.0 (D.?)
0. 0.0 (D.?)
0.0 (D.?)
0.0 0.0
0.0 0.0
0.0 0.0
1.0?C ;.33C 1.30C EF0.0 EF0.0 0C 0.0 0.0 6 16 0.0
1.16C ;.;1C 1.30C
1.6FC ;.D0C 1.30C
2.11C F.36C 1.30C
2.;6C F.E1C 1.30C
2.E0C F.DFC 1.30C
2.?3C -
2.?;C -
2.DFC -
EF0.0 0C 0.0 0.0 61 6 0.0
6F0.0 0C 0.0 0.0 , 6 6 16 100.0
F00.0 0C 100.0 0.0 , 7 6 16 2F0.0
F00.0 0C 2F0.0 0.0
EF0.0 100C 2F0.0 (2F0.0)
EF0.0 0C 0.0 0.0
EF0.0 0C 0.0 0.0
EF0.0 0C 0.0 0.0
2F0.0
0.0
0.0
0.0
0.0
00
00
(2 F)
(D ;)
(1; 3)
(E ;)
00
00
00
B 3 &'!= for+ard $urve B 3yr /A5 =ate C /+aped #loating 'ase =ate #i"ed 'ase =ate
,1,8;7 76166
1 2
S!e$ 9 - D efine !(e enior de+! re$a%#en! c(ed"le c(ed"le Senior De+! Re$a%#en! Sc(ed"le RCF Facili!% 'ase =ate nterest rate oitent fee
86 65 A
86 ,6 A
,
9ra+do+nH(=epayent) %iniu $losing $as balan$e
616
nterest e"pense oitent fee on 4nused =evolver
nterest e"pense
2.?3C -
2.?;C -
2.DFC -
,6616
!pening 'alan$e 9ra+do+nH(=epayent) losing 'alan$e
Ca$ex Facili!% 'ase =ate nterest rate oitent fee oitent 4ndra+n =epayent (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents 9ra+ do+n losing 'alan$e
2.E0C F.DFC 1.30C
,
616
Ter# Loan A 'ase =ate nterest rate
,
1.0?C ;.33C
1.16C ;.;1C
1.6FC ;.D0C
2.11C F.36C
2.;6C F.E1C
2.E0C F.DFC
2.?3C 6.0?C
2.?;C 6.0DC
2.DFC 6.20C
2.2"
2.1"
2.0"
1.D"
;.F"
3.D"
2.6"
1.2"
0.?"
716 ;,F00.0 (22F.0) (FE6.1) (1D;.E) 3,6D?.D
,616 3,6D?.D (;F0.0) (6;;.F) (163.0) 2,60;.;
,716 2,60;.; (6EF.0) (E23.?) (12E.E) 1,20F.F
8616 1,20F.F (D00.0) (30F.F) (6;.E) 0.0
8616 0. 0 .0 0.0 0.0 0.0 0.0
;616 0.0 0.0 0.0 0.0 0.0
616 0.0 0.0 0.0 0.0 0.0
616 0.0 0.0 0.0 0. 0.0 0.0
616 0.0 0.0 0.0 0.0 0.0
1.0?C ;.F?C
1.16C ;.66C
1.6FC F.1FC
2.11C F.61C
2.;6C F.D6C
2.E0C 6.20C
2.?3C 6.33C
2.?;C 6.3;C
2.DFC 6.;FC
0.0C ;,000.0 0.0 0.0 (1?3.0) ;,000.0
0.0C ;,000.0 0.0 0.0 (1?6.3) ;,000.0
0.0C ;,000.0 0.0 0.0 (206.1) ;, ;,000.0
0.0C ;,000.0 0.0 (; ( ;6F.0) (22;.6) 3, 3 ,F3F.0
0.0C 3,F3F.0 0.0 (1,2D2.;) (210.E) 2,2;2.F
0.0C 2,2;2.F 0.0 (1,3F6.;) (13D.1) ??6.1
100.0C ??6.1 (??6.1) 0.0 (F6.0) 0.0
0.0C 0.0 0.0 0.0 0.0 0.0
0.0C 0.0 0.0 0.0 0.0 0.0
1.0?C ;.?3C
1.16C ;.D1C
1.6FC F.;0C
2.11C F.?6C
2.;6C 6.21C
2.E0C 6.;FC
2.?3C 6.F?C
2.?;C 6.FDC
2.DFC 6.E0C
0.0C ;,000.0 0.0 0.0 (1D3.0) ;,000.0
0.0C ;,000.0 0.0 0.0 (1D6.3) ;, ;,000.0
0.0C ;,000.0 0.0 0.0 (216.1) ;,000.0
0.0C ;,000.0 0.0 0.0 (23;.6) ;,000.0
0.0C ;,000.0 0.0 0. 0.0 (2;?.;) ;,000.0
0.0C ;,000.0 0.0 0.0 (2F?.1) ;,000.0
0.0C ;,000.0 0.0 (1,1ED.1) (263.0) 2,?20.D
100.0C 2,?20.D (2,?20.D) 0.0 (1?F.?) 0. 0 .0
0.0C 0.0 0.0 0.0 0.0 0.0
86,,E
86,8E
86,;E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
1.0?C F.00C F.0?C
1.16C F.00C F.16C
1.6FC F.00C F.6FC
2.11C F.00C 6.11C
2.;6C F.00C 6.;6C
2.E0C F.00C 6.E0C
2.?3C F.00C 6.?3C
2.?;C F.00C 6.?;C
2.DFC F.00C 6.DFC
0.0C 3,000.0 0.0 (1F0.0) (1F2.3) 3,1F0.0
0.0C 3,1F0.0 0.0 (1FE.F) (162.;) 3,30E.F
0.0C 3,30E.F 0.0 (16F.;) (1?E.0) 3,;E2.D
0.0C 3,;E2.D 0.0 (1E3.6) (212.3) 3,6;6.F
0.0C 3,6;6.F 0.0 (1?2.3) (23F.6) 3,?2?.?
0.0C 3,?2?.? 0.0 (1D1.;) (2F6.6) ;,020.3
0.0C ;,020.3 0.0 (201.0) (2E;.;) ;,221.3
0.0C ;,221.3 0.0 (211.1) (2??.6) ;,;32.;
100.0C ;,;32.; (;,6F;.0) (221.6) (30E.D) 0.0
S(are(older loan 5 >leent
12.00C
12.00C
12.00C
12.00C
12.00C
12.00C
12.00C
12.00C
12.00C
Aortisation s$edule (C of !p. balan$eG5) balan$eG5) !pening 'alan$e 5rin$ipal repayents 5 nterest e"pense losing 'alan$e
616 2,E3F.F 0.0 (32?.3) 3,06 3,063. 3.? ?
616 3,063.? 0.0 (36E.E) 3,;3 3,;31. 1.; ;
616 3,;31.; 0.0 (;11.?) 3,?; 3,?;3. 3.2 2
616 3,?;3.2 0.0 (;61.2) ;,30 ;,30;. ;.; ;
616 ;,30;.; 0.0 (F16.F) ;,?2 ;,?20. 0.D D
616 ;,?20.D 0.0 (FE?.F) F,3D F,3DD. D.; ;
616 F,3DD.; 0.0 (6;E.D) 6,0; 6,0;E. E.3 3
616 6,0;E.3 0.0 (E2F.E) 6,EE 6,EE3. 3.0 0
616 6,EE3.0 0.0 (?12.?) E,F? E,F?F. F.? ?
11,6D?.D 1;,?;?.D
10,60;.; 13,D11.D
D,30F.F 12,EE?.;
E,E?F.0 11,;31.F
6,;D2.F 10,321.;
;,??6.1 ?,D06.;
2,?20.D E,0;2.2
0.0 ;,;32.;
0.0 0.0
#i"ed arges over Average &ife of of te fa$ility Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e Ter# Loan B 'ase =ate nterest rate
91;6
;,F00.0
,
Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e Ter# Loan C 'ase =ate nterest rate
;,000.0
,
Aortisation s$edule (C of total fa$ility) !pening 'alan$e 5rin$ipal repayents as s+eep nterest e"pense losing 'alan$e
;,000.0
S!e$ 7 - Define !(e Me==anineUnec"red Bond and S(are(older Loan re$a%#en! c(ed"le Me==anine and S> Re$1 Sc(ed"le Me==anine 'ase =ate 5 >leent as >leent Aortisation s$edule (C of !p. balan$eG5) balan$eG5) !pening 'alan$e 5rin$ipal repayents 5 nterest e"pense as nterest e"pense losing 'alan$e
Total /enior debt Total debt (/& not in$luded)
8665A
86,6A
,
3,000.0
2,E3 2,E3F. F.F F
S!e$ 2 - Foreca! !(e inco#e !a!e#en! M Reen"e EBITDA 9epre$iation Aortisation EBIT
8665A
86,6A
86,,E
86,8E
86,;E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
533912 ,24,12 *9421; 1,1DF.3
,636319 899917 *92;16 1,D?1.F
12,1DD.E 3,0?;.2 (F30.E) 2,FF3.6 2,FF3.6
1;,033.E 3,FE;.0 (FD3.D) 2,D?0.1
1F,FD2.D ;,163.E (;31.0) 3,E32.E
1E,2;2.F ;,60?.D (;F6.F) ;,1F2.;
1?,??0.3 ;,D20.E (;D?.E) ;,;22.0
20,0D0.F F,23?.; (F2D.?) ;,E0?.E
21,3ED.1 F,FE6.D (F62.?) F,01;.2
22,EF1.; F,D3E.6 (FDE.D) F,33D.E
23,EFE.6 6,203.1 (623.2) F,FED.D
F3.?
F3.;
In!ere! Inco#e nterest e"pense /enior debt (T&a, T&b, T&$ or /enior /e$ured 'ond) =# #a$ility ape" #a$ility %e@@anine 5 %e@@anine as /areolder loan 5 Total as interest (/en. debt G =# G ape" G %e@@. $as) To!al In!ere! .Ca( In!ere! J Me==1 ?I) J S>L ?I)0 Ne! In!ere!
2.2
E.0
12.3
1?.1
26.2
36.F
;6.3
(FE0.E) (D.?) (D.?) (1F0.0) (1F2.3) (32?.3) (E;2.F) .,<886140 .,<8,4170
(F;F.F) (D.?) (D.?) (1FE.F) (162.;) (36E.E) (E2E.F) .,<878120 .,<897120
(FF0.0) (D.?) (10.D) (16F.;) (1?E.0) (;11.?) (EFE.6) .,<;;9140 .,<;88170
(F23.?) (D.?) (1F.D) (1E3.6) (212.3) (;61.2) (E61.?) .,<;52120 .,<;34170
(;FD.1) (D.?) (20.?) (1?2.3) (23F.6) (F16.F) (E2F.2) .,<989160 .,<;53150
(3DE.2) (D.?) (1E.2) (1D1.;) (2F6.6) (FE?.F) (6?0.E) .,<976130 .,<9,9180
(31D.1) 0.0 0.0 (201.0) (2E;.;) (6;E.D) (FD3.;) .,<998190 .,<;52160
(1?F.?) 0.0 0.0 (211.1) (2??.6) (E2F.E) (;E;.;) .,<9,,1,0 .,<;731;0
0.0 0. 0.0 0. 0 .0 (221.6) (30E.D) (?12.?) (30E.D) .,<;981;0 .,<844150
EBT Taxa+le inco#e Tax *et in$oe
1,33F.0 1,6F3.; (FE0.;) E6;.6
1,E3;.F 2,0D1.1 (E21.;) 1,013.1
2,;10.3 2,?0D.E (D6D.3) 1,;;0.D
2,EE3.D 3,221.3 (1,111.3) 1,662.6
3,02;.1 3,F2F.2 (1,216.2) 1, 1,?0?.0
3,2D;.; 3,?FF.6 (1,330.2) 1,D6;.3
3,61?.1 ;,2;6.6 (1,;6F.1) 2,1F3.0
3,D?2.F ;,6?6.; (1,616.?) 2,36F.E
;,2D1.0 F,0ED.; (1,EF2.;) 2,F3?.6
S!e$ 3 * Calc"la!e !(e ca( flo & ca( +alance 86,,E
86,8E
86,;E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
EBITDA AdustentsI - ange in *et oring apital - Ta" - ape" G #a$ility funded $ape" Ca( flo +efore financing .CFBF0 ## (C >'T9A)
M
8665A
3,0?;.2
3,FE;.0
;,163.E
;,60?.D
;,D20.E
F,23?.;
F,FE6.D
F,D3E.6
6,203.1
11?.1 (FE0.;) (F1;.;) 0.0 8<,,312 6?.EC
1D6.3 (E21.;) (F?D.;) 0.0 8<97519 6?.?C
1DE.; (D6D.3) (623.E) 100.0 8<42416 6?.DC
1;0.E (1,111.3) (603.F) 1F0.0 ;<,4914 6D.1C
1;F.? (1,216.2) (F66.;) 0.0 ;<84;15 66.EC
100.E (1,330.2) (;01.?) 0.0 ;<2631, 6?.DC
10E.2 (1,;6F.1) (;2E.6) 0.0 ;<35,17 6?.0C
11;.1 (1,616.?) (;FF.0) 0.0 ;<53515 6E.0C
?3.6 (1,EF2.;) (;EF.2) 0. 0 .0 9< 9<67518 6F.;C
Total as interest (/en. debt G =# G ape" G %e@@. $as) nterest n$oe Ca( flo aaila+le for de+! re$a%#en! .Free ca( flo * FCF0
(E;2.F) 2.2 ,<;331;
(E2E.F) E.0 ,<3;516
(EFE.6) 12.3 8<,8813
(E61.?) 1?.1 8<99,18
(E2F.2) 26.2 8<74915
(6?0.E) 36.F 8<52815
(FD3.;) ;6.3 ;<89919
(;E;.;) F3.? ;<77519
(30E.D) F3.; ;<46912
9ebt =epayents Exce Ca( as /+eep
(22F.0) ,<,781; (FE6.1)
(;F0.0) ,<84516 (6;;.F)
(6EF.0) ,<99313 (E23.?)
(D00.0) ,<79,18 (EE0.6)
0.0 8< 8<74915 (1,2D2.;)
(2F0.0) 8<3,815 (1,3F6.;)
(??6.1) 8<;741; (1,1ED.1)
(2,?20.D) 3;417 0.0
(;,6F;.0) .4951;0 0.0
0.0 FE6.1 0.0 FE6.1 !
FE6.1 6;;.F 0.0 1,220.6 !
1,220.6 E23.? 0.0 1,D;;.F !
1,D;;.F EE0.6 0.0 2,E1F.0 !
2,E1F.0 1,2D2.; 0.0 ;,00E.F !
;,00E.F 1,3F6.; 0.0 F,363.D !
F,363.D 1,1ED.1 0.0 6,F;3.0 !
6,F;3.0 E3?.F 0.0 E,2?1.F !
E,2?1.F (?;D.3) 0.0 6,;32.2 !
86,4E
86,5E
!pening as 'alan$e as n$reaseH(9e$rease) =# 9ra+do+nH=epayent Cloing Ca( Balance as balan$e $e$
86,6A
0.0
S!e$ 4 * Calc"la!e !(e e"en!ial ca( ee$ 86,,E
86,8E
86,;E
86,9E
86,7E
86,2E
86,3E
Ter# Loan A as /+eep available !utstanding debt before s+eep >ffe$tive s+eep to Ter &oan A
M
(FE6.1) ;,2EF.0 (FE6.1)
(6;;.F) 3, 3,2;?.D (6;;.F)
(E23.?) 1,D2D.; (E23.?)
(EE0.6) 30F.F (30F.F)
(1,2D2.;) 0.0 0.0
(1,3F6.;) 0.0 0.0
(1,1ED.1) 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
Ter# Loan B as /+eep available !utstanding debt before s+eep >ffe$tive s+eep to Ter &oan '
0.0 ;,000.0 0.0
0.0 ;,000.0 0.0
0.0 ;,000.0 0.0
(;6F.0) ;,000.0 (;6F.0)
(1,2D2.;) 3,F3F.0 (1,2D2.;)
(1,3F6.;) 2,2;2.F (1,3F6.;)
(1,1ED.1) 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 ;,000.0 0.0
0.0 ;,000.0 0.0
0.0 ;,000.0 0.0
0.0 ;,000.0 0.0
0.0 ;,000.0 0.0
0.0 ;, ; ,000.0 0.0
(1,1ED.1) ;,000.0 (1,1ED.1)
0.0 0.0 0.0
0.0 0.0 0.0
Ter# Loan C as /+eep available !utstanding debt before s+eep >ffe$tive s+eep to Ter &oan
86,6A
Apply /
1.0
S!e$ 5 * In$"! !(e cloing +alance (ee! and #a'e ad"!#en! M
86,6A
Ad1
86,6?F
urrent oring apital as >Juivalents *et oring apital To Total oring apital
,37;15 (EE6.6) DEE.3
(1,EF3.D) 616 (1,EF3.D)
0.0 (EE6.6) (EE6.6)
2<,9,12 (3,E2F.1) 2,;16.F
616 616 0.0
6,1;1.6 (3,E2F.1) 2,;16.F
7;;1; 23513 0.0
616 1D,1;E.6 2FF.0
F33.3 1D,?2E.3 2FF.0
9<26214
,3 , 3<29413
88<87717
616 616 616 616 5;81,
;,F00.0 ;,000.0 ;,000.0 3,000.0 (D32.1)
;,F00.0 ;,000.0 ;,000.0 3,000.0 0.0
>Juity /areolder loan oon /to$ =etained >arnings Total /to$olders7 >Juity
616 ,921; ;78419 3,6E;.E
2,E3F.F 3,?E3.E (3,F2?.;) 3,0?0.?
2,E3F.F ;,020.0 0.0 6,EFF.F
To!al Lia+ili!ie&E"i!% 'alan$e $e$
9<26214 !
,3<29413 !
88<87717 !
ross 5roperty, 5roperty, 5lant >Juipent &ess A$$uulated 9epre$iation *et 5roperty, 5lant >Juipent !ter &ong Ter Assets Total fi"ed assets ood+ill #ees To!al ae! &ong ter debt Ter &oan A Ter &oan ' Ter &oan %e@@anine >"isting debt (to be refinan$ed)
S!e$ ,6 * Lin' !(e $ro*for#a +alance (ee! and calc"la!e !(e f"!"re +alance (ee! M
86,6?F
86,,E
86,8E
86,;E
86,9E
86,7E
86,2E
86,3E
86,4E
86,5E
urrent oring apital as >Juivalents *et oring apital Total oring apital
0.0 (EE6.6) (EE6.6)
FE6.1 (?D;.E) (31?.6)
1,220.6 (1,0D1.0) 12D.6
1,D;;.F (1,2??.3) 6F6.1
2,E1F.0 (1,;2D.0) 1,2?6.0
;,00E.F (1,FE;.?) 2,;32.E
F,363.D (1,6EF.F) 3,6??.;
6, 6,F;3.0 (1,E?2.E) ;,E60.3
E,2?1.F (1,?D6.?) F,3?;.E
6,;32.2 (1,D?0.;) ;,;F1.?
ross 5roperty, 5lant >Juipent &ess A$$uulated 9epre$iation *et 5roperty, 5lant >Juipent
6,1;1.6 (3,E2F.1) 2,;16.F
6,6F6.0 (;,2FF.?) 2,;00.2
E,2;F.; (;,?;D.E) 2,3DF.E
E,?6D.1 (F,2?0.6) 2,F??.F
?,;E2.6 (F,E3E.2) 2,E3F.;
D,03D.0 (6,23F.D) 2,?03.1
D,;;0.? (6,E6F.6) 2,6EF.2
D,?6?.; (E,32?.;) 2,F;0.0
10,323.; (E,D26.3) 2,3DE.2
10,ED?.6 (?,F;D.F) 2, 2,2;D.1
!ter Assets Total fi"ed assets ood+ill
E??.3 1D ?2E 3
E??.3 1D ?2E 3
E??.3 1D 1D ?2E 3
E??.3 1D ?2E 3
E??.3 1D ?2E 3
E??.3 1D ?2E 3
E? E??.3 1D ?2E 3
E??.3 1D ?2E 3
E??.3 1D ?2E 3
E??.3 1D ?2E 3
88<87717
88 88<25318
8;<,9615
8;<42618
89<2;316
87<47,19
82<53518
83<5,715
84<;5317
83<;,217
&ong ter debt =# #a$ility ape" #a$ility Ter &oan A Ter &oan ' Ter &oan %e@@anine
To!al ae!
0.0 0.0 ;,F00.0 ;,000.0 ;,000.0 3,000.0
0.0 0.0 3,6D?.D ;,000.0 ;,000.0 3,1F0.0
0.0 0.0 2,60;.; ;,000.0 ;,000.0 3,30E.F
0.0 100.0 1,20F.F ;,000.0 ;,000.0 3,;E2.D
0.0 2F0.0 0.0 3,F3F.0 ;,000.0 3,6;6.F
0.0 2F0.0 0.0 2,2;2.F ;,000.0 3,?2?.?
0.0 0.0 0.0 ??6.1 ;,000.0 ;,020.3
0.0 0.0 0.0 0.0 2,?20.D ;,221.3
0.0 0.0 0.0 0.0 0.0 ;,;32.;
0.0 0.0 0.0 0.0 0.0 0.0
>Juity /areolder loan oon /to$ =etained >arnings Total /to$olders7 >Juity
2,E3F.F ;,020.0 0.0 6,EFF.F
3, 3 ,063.? ;, ;,020.0 E6;.6 E,?;?.;
3,;31.; ;,020.0 1,EEE.E D,22D.1
3,?;3.2 ;,020.0 3,21?.6 11,0?1.?
;,30;.; ;,020.0 ;,??1.2 13,20F.F
;,?20.D ;,020.0 6,6?D.1 1F,F30.0
F,3DD.; ;,020.0 ?,6F3.; 1? 1?,0E2.?
6, 6,0;E.3 ;,020.0 10,?06.; 20 2 0,?E3.E
6,EE3.0 ;,020.0 13,1E2.1 23,D6F.1
E,F?F.? ;,020.0 1F,E10.E 2E,316.F
To!al Lia+ili!ie & E"i!% 'alan$e $e$
88<87717 !
88<25318 !
8;<,9615 !
8;<42618 !
89<2;316 !
87<47,19 !
82<53518 !
83<5,715 !
84 84<;5317 !
83<;,217 !
S!e$ ,, - Calc"la!e !(e credi! !a!i!ic M
866 5 A
86, 6A
86,,E
86 ,8 E
86 ,; E
86 ,9E
8 6, 7E
8 6 , 2E
86 ,3 E
8 6 ,4 E
86, 5E
3,0?;.2 11,122.E 1;,2E2.E (E;0.3) (F1;.;)
3,FE;.0 D,3?3.? 12 1 2,6D1.3 (E20.F) (F?D.;)
;, ;,163.E E,361.1 10,?33.D (E;F.3) (623.E)
;, ; ,60?.D F,06D.D ?,E16.; (E;3.6) (603.F)
;,D20.E 2,;?F.1 6,313.D (6DD.0) (F66.;)
F,23?.; (;EE.?) 3,F;2.F (6;;.3) (;01.?)
F,FE6.D (3,E22.2) ;DD.1 (F;E.1) (;2E.6)
F,D3E.6 (E,2?1.F) (2,?;D.2) (;20.F) (;FF.0)
6,203.1 (6,;32.2) (6,;32.2) (2F;.F) (;EF.2)
66.7%
62.5%
57.4%
51.4%
46.4%
40.0%
31.6%
19.9%
0.0%
1. *et /enior debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! eadroo
3.6" 8 6 16 2,;6E.; ;.F1" 9 17 6 x 1D.DC
2.6" 8 6 16 2,?FD.2 3.2?" ; 1; 6 x 20.;C
1.?" 8 8 17 3,226.D 2.2?" 81;6x 23.1C
1.1" 8 8 17 3,FE1.D 1.;2" , 1 9 6x 21.;C
0.F" 8 7 16 3,6D0.F 0.6E" 6 1 27 x 22.3C
(0.1") 8 71 6 3, 3,D2?.? (0.12") .61,6x0 ?.?C
(0.E") 8 7 16 ;,1?2.E (0.?D") .6156x0 2F.?C
(1.2") 8 7 16 ;,;F3.2 (1.6;") .,127x0 2F.EC
(1.0") 8 71 6 ;,6F2.3 (1.3?") ., 1 9 6 x 0 2F.DC
2. *et Total debtH>'T9A Assued eadroo Adusted >'T9A ovenant &evel ?r ?ro$oed Coenan! eadroo
;.6" 8 6 16 2,;6E.; F.E?" 7 14 6 x 20.2C
3.6" 8 6 16 2,?FD.2 ;.;;" 9 19 7 x 20.2C
2.6" 8 8 17 3,226.D 3.36" ;1;7x 22.3C
1.D" 8 8 17 3,FE1.D 2.;;" 8 1 9 7x 22.?C
1.3" 8 7 16 3,6D0.F 1.E1" , 1 36 x 2;.FC
0.E" 8 71 6 3, 3,D2?.? 0.D0" 6 15 6 x 2;.DC
0.1" 8 7 16 ;,1?2.E 0.12" 61,6x 10.FC
(0.F") 8 7 16 ;,;F3.2 (0.6;") .6127x0 26.2C
(1.0") 8 71 6 ;,6F2.3 (1.3?") .,196x0 2F.DC
In!ere! coer ra!io .#ini#"#0 1. >'T9AHas interest Assued eadroo Adusted >'T9A ovenant &evel ?r ? ro$oed Coenan! eadroo
;.2" 8 6 16 2,;6E.; 3.33" ; 1; 7 x 1D.6C
F.0" 8 6 16 2,?FD.2 3.DE" ; 15 7 x 20.;C
F.6" 8 8 17 3,226.D ;.33" 91;7x 22.1C
6.2" 8 8 17 3,FE1.D ;.?0" 9 1 4 6x 22.6C
E.0" 8 7 16 3,6D0.F F.2?" 7 1 ;6 x 2;.EC
?.1" 8 71 6 3, 3,D2?.? 6.10" 2 1, 6 x 2F.0C
10.2" 8 7 16 ;,1?2.E E.6F" 3127x 2F.0C
1;.1" 8 7 16 ;,;F3.2 10.FD" ,6 1 2 6x 2;.DC
2;.;" 8 71 6 ;,6F2.3 1?.2?" ,41;6x 2;.DC
2. (>'T9A-ape")Has interest Assued eadroo Adusted >'T9A ovenant &evel ?ro$oed Coenan! eadroo
3.F" 8 6 16 2,;6E.; 2.6;" 8 12 7 x 23.EC
;.1" 8 6 16 2,?FD.2 3.1F" ; 1, 7 x 2;.0C
;.E" 8 8 17 3,226.D 3.;D" ;176x 26.3C
F.;" 8 8 17 3,FE1.D 3.DD" 9 1 6 6x 2F.EC
6.2" 8 7 16 3,6D0.F ;.;E" 9 1 97 x 2?.6C
E.F" 8 71 6 3, 3,D2?.? F.;E" 7 19 7 x 2E.;C
D.;" 8 7 16 ;,1?2.E 6.?6" 2147x 2E.2C
13.0" 8 7 16 ;,;F3.2 D.F1" 5 17 6 x 2E.1C
22.F" 8 71 6 ;,6F2.3 16.;1" , 2 19 6 x 2E.1C
2.2" , 16 6 x F;.3C
2.1" , 16 6 x F2.1C
2.0" , 16 6 x F0.0C
1.D" ,1 6 6x ;E.?C
;.F" ,1 6 6x EE.DC
3.D" , 16 6 x E;.2C
2.6" , 16 6 x 61.0C
1.2" , 16 6 x 1E.2C
>'T9A *et /enior debt *et Total debt *et as interest (=#Gape"G/en.debtG%e@@.as-nt.n$oe) ape"
Ca( coer .#ini#"#0 #'#H(as interestG9ebt =epayent)O ?ro$oed Coenan! eadroo
OAlso no+n as fi"ed $arges $over S!e$ ,8 - Calc"la!e !(e IRR and eni!ii!% anal%i Re!"rn Anal%i * Seni!ii!% exi! %ear exi! #"l!i$l #"l!i$le e
nstitutional >Juity at >ntry !rdinary eJuity split (to fund)
>'T9A Total debt (e"$luding /&) losing as position /& EBITDA Exi! M"l!i$le
8 6,9 ;,60?.D 11,;31.F 2,E1F.0 ;,30;.;
?.0"
(>:-*et debt)
8 6,2 F,23?.; ?,D06.; F,363.D F,3DD.;
D.0"
10.0"
33,0F1.6 3E,DE2.3 ;2,?D3.0
86, 9 3,606.3 11,??;.; 2,262.1 ;,30;.;
?.0"
2?,230.E 33,1F1.; 3?,0E2.1
32,D6F.F 3?,203.D ;3,;;2.3
?roceed !o in!i!"!ional e"i!%
23,E32.0 2?,31E.D 32,D03.D (add ba$ te /&)
2?,0D0.3 32,D?6.F 3E,??2.E
32,?01.F 3?,013.? ;3,226.2
1D,22E.D 22,?3;.1 26,;;0.;
32,D11.2
S!re cae 86 , 7 ;,10D.F 10,?6E.? 3, 3 ,;61.0 ;,?20.D
8 6, 2 ;,3F6.1 D, D ,6FD.3 ;,611.0 F,3DD.;
D.0"
10.0"
3?,200.D
2F,;6D.3 2D,FE?.? 33,6??.3
2D,?00.2 3;,1F6.3 3?,F12.;
?roceed !o ordinar% e"i!%
1;,D23.F 1?,F2D.? 22,136.0
20,6;?.; 2;,EFE.D 2?,?6E.;
2;,;00.? 2?,EF6.D 33,113.0
?roceed !o in!i!"!ional e"i!%
1;,?;D.3 1?,;3E.6 22,02F.D
To!al $roceed !o f"nd
2?,036.3
86,6 86,7
?roceed !o e"i!%
3?,36;.D ;3,603.3 ;?,?;1.E
?roceed !o ordinar% e"i!%
23,?F0.6 2?,;FD.F 33,06?.F (tae into a$$ount s+eet eJuity split)
Bae Cae 86 ,7 ;,D20.E 10,321.; ;,00E.F ;,?20.D
?roceed !o e"i!%
2?,1FF.0 32,E63.D 3E,3E2.? (>:-*et debt-/&)
>ntry year >"it year (iddle range)
2<3;717 DD.FC
20,F;F.6 2;,63;.E 2?,E23.?
2;,2ED.; 2?,613.? 32,D;?.2
To!al $roceed !o f"nd
1D,1F3.6
2F,366.F
2D,6E?.?
0.?" , 16 6 x
//)/0
1 2 3 ;
8686E
;.;C 26.1C 2.0C .41;0 812 ;917 ;16 76 ,16 ;19 ;16 ;16 8;1, 8616 .,160 ;16 816
8686E 914624
815278 616666
8686E
2.DEC -
EF0.0 6,;32.2 ;,112.D 10,F;F.1 0.0
0.0 0.0 0.0 0.0 0.0
2.DEC EF0.0 0C 0.0 0.0 0.0 0.0
2.DEC 6.22C 616 0.0 0.0 0.0 0.0 0.0
2.DEC 6.;EC 0.0C 0.0 0.0 0.0 0.0 0.0
2.DEC 6.E2C 0.0C 0.0 0.0 0.0 0.0 0.0
8686E
2.DEC F.00C 6.DEC 0.0C 0.0 0.0 0.0 0.0 0.0
12.00C 616 E,F?F.? 0.0 (D10.3) ?,;D6.0 0.0 0.0
8686E 2;,?0D.3 6,;?0.? (6;D.6) F,?31.2 66.1 0.0 0.0 0.0 0.0 0.0 (D10.3) 0.0 .5,61;0 .499180 ;,D?E.0 F,?6D.D (2,02F.1) 2,D61.?
8686E 6,;?0.? ?E.; (2,02F.1) (;D6.2) 0.0 9<69215 62.;C 0.0 66.1 9<,,815 0.0 9<,,815 0.0 6,;32.2 ;,112.D 0.0 10,F;F.1 !
8686E
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
8686E 10,F;F.1 (2,06E.?) ?,;EE.3 11,2D;.E (D,1DD.1) 2,0DF.6
E??.3 1D,?2E.3
;,<,4412 0.0 0.0 0.0 0.0 0.0 0.0
?,;D6.0 ;,020.0 1?,6E2.F 31,1??.6 ;,<,4412 !
8686E
6,;?0.? (10,F;F.1) (10,F;F.1) 66.1 (;D6.2) 0.0%
(1.6") 8716 ;,?60.6 (2.1E") .81,7x0 2;.3C (1.6") 8716 ;,?60.6 (2.1E") .81,7x0 2;.3C
8716 ;,?60.6 * 8716 ;,?60.6 * -
,166x -
Financial Modelling LAB Model O"!$"! ?re Crii Ban' and Me== ?ro For#a Ca$i!al S!r"c!"re Bae
Ca(
?I)
M
A#o"n!
C"#1
xEBITDA
86,6?F xE*C
Ra!e
Margin
Margin
All In
Ma!"ri!%
Ter &oan A Ter &oan '
;,F00.0 ;,000.0
20.2C 3?.2C
1.?" 3.F"
2.3" ;.3"
1.0?C 1.0?C
3.2FC 3.F0C
-
;.33C ;.F?C
2016 201E
1.0?C
3.EFC
-
;.?3C
201?
1.0?C
;.00C
10.0?C
201D
Ter &oan
;,000.0
F6.2C
F.1"
6.3"
To!al Senior De+!
,8<76616
7218
71,x
21;x
%e@@anine
3,000.0
6D.6C
6.3"
E.?"
To!al De+!
,7<76616
2512
21;x
314x
>Juity
2<37717
,6616
D.1"
To!al Ca$i!ali=a!ion
88<87717
Reen"e
86,6?F
86,,E
86,8E
86,;E
86,9E
86,7E
86,2E
86,3E
/
1
2
3
4
5
,6<36319
,8<,5513
,9<6;;13
,7<75815
,3<89817
,4<4461;
86<65617
8,<;351,
13.DC
1F.0C
11.1C
10.6C
D .F C
6 .; C
6.;C
8<99917
;<64918
;<73916
9<,2;13
9<26415
9<58613
7<8;419
7<73215
26.2C
1F.DC
16.FC
10.EC
6 .? C
6 .F C
6.FC
2F.3C (F1;.;)
2F.FC (F?D.;)
26.EC (623.E)
26.EC (603.F)
2 6 .1 C (F66.;)
26.1C (;01.?)
26.1C (;2E.6)
11?.1
1D6.3
1DE.;
1;0.E
1;F.?
100.E
10E.2
C ro+t C %argin ape"
1,DD;.F
( C ro+t EBITDA
Pre Crisis Bank Base Case
2,;;;.F
M
F .0 0 C
22.?C
ange in O$era!ing Ca( Flo
8<24416
;<,4615
;<3;31;
9<,921,
9<7661,
9<5;31;
7<87212
*et as nterest >"pense
(E;0.3)
(E20.F)
(E;F.3)
(E;3.6)
(6DD.0)
(6;;.3)
(F;E.1)
Ta"es
(FE0.;)
(E21.;)
(D6D.3)
(1,111.3)
(1,216.2)
(1,330.2)
(1,;6F.1)
0.0
0.0
100.0
1F0.0
0.0
0.0
0.0
#a$ility #unded ape" Free Ca( Flo
,<;331;
uulative #ree as #lo+ Total 9ebt =epayents
1,3EE.3 (?01.1)
C"#"la!ie Free Ca( Flo
,<3;516 3,116.2 (1,0D;.F)
7321,
8<,8813 F,23?.D (1,3D?.?)
,<88612
8<99,18 E,6?0.1 (1,6E0.6)
,<59917
8<74915 10,26;.D (1,2D2.;)
8<3,716
8<52815 13,22E.? (1,606.;)
9<66317
;<89919 16,;E2.2 (2,06F.2)
7<;2;15
2<79;16
Balance S(ee! =# #a$ility
0.0
0.0
0.0
0.0
0.0
0.0
0. 0.0
0.0
ape" #a$ility
0.0
0.0
0.0
100.0
2F0.0
2F0.0
0. 0.0
0.0
Ter &oan A
;,F00.0
3,6D?.D
2,60;.;
1,20F.F
0.0
0.0
0.0
0.0
Ter &oan ' Ter &oan
;,000.0 ;,000.0
;, ;,000.0 ;,000.0
;, ;,000.0 ;,000.0
;, ;,000.0 ;,000.0
3, 3,F3F.0 ;,000.0
2, 2,2;2.F ;,000.0
??6.1 ;,000.0
0.0 2,?20.D
To!al Senior De+! %e@@anine
,8<76616 3,000.0
To!al De+!
,7<76616
Cash
0.0
Ne! To!al De+!
,7<76616
,,<25415 3,1F0.0
,6<26919 3,30E.F
,9<49415 FE6.1
,;<5,,15 1,220.6
,9<83813
5<;6717 3,;E2.D ,8<33419 1,D;;.F
,8<25,1;
3<34716 3,6;6.F ,,<9;,17 2,E1F.0
,6<4;;15
2<95817 3,?2?.? ,6<;8,19 ;,00E.F
4<3,219
9<4421, ;,020.3 4<56219 F,363.D
2<;,;15
8<48615 ;, ;,221.3 3<69818 6,F;3.0
;<79817
9551,
Credi! S!a!i!ic 1. *et /enior debtH>'T9A
F.1"
3.6"
2.6"
1 .? "
1 .1 "
0 .F "
(0.1")
2. *et Total debtH>'T9A
6.3"
;.6"
3.6"
2 .6 "
1 .D "
1 .3 "
0 .E "
0 .1 "
1. >'T9AHas interest
;.2"
F.0"
F .6 "
6 .2 "
E .0 "
? .1 "
10.2"
Total #i"ed arge over
2.1D"
Refinancing Ri' ?reio" /ear Ne! To!al Leerage
2.0D"
2.00"
1.D2"
;.F3"
(0.E")
3.??"
2.F6"
616
616
616
6 16
6 16
616
616
-
-
-
-
-
-
-
Avg. ost
F.63C
Pre Crisis Bank and Mezz Base Case 86,4E
86,5E
8686E
6
7
(-
88<37,19
8;<37312
89<4651;
6.;C 7<5;312
;.;C 2<86;1,
;.;C 2<94614
6.FC 26.1C (;FF.0)
;.FC 26.1C (;EF.2)
;.FC 26.1C (;D6.2)
11;.1 7<75213 (;20.F) (1,616.?) 0.0 ;<77519
?3.6 7<4,,12 (2F;.F) (1,EF2.;) 0.0 ;<46912
?E.; 2<63816 66.1 (2,02F.1) 0.0 9<,,815
20,031.F (2,?20.D) 3<84,17
23,?36.2 (;,6F;.0) 2<9;818
2E,D;D.1 0.0 ,6<7971,
0.0
0.0
0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
61 6
;,;32.; 9<9;819 E,2?1.F .8<495180
(1.2") (0.F") 1;.1" 1.21"
61 6
0.0
616
0.0
61 6 6,;32.2 .2<9;8180
(1.0") (1.0") 2;.;" 0.?2"
616 10,F;F.1 .,6<7971,0
(1.6") (1.6") *% -
61 6
61 6
616
-
-
-
?roec! ?ECE C(ar! C(ar! , Sourses of Funds /enior debt Ter &oan A Ter &oan ' Ter &oan /ubordinated debt %e@@anine
M
>Juity
;,F00.0 ;,000.0 ;,000.0
0.2021DE20DE 0.1EDE30?F3 0.1EDE30?F3
3,000.0
0.13;ED?13D?
6,EFF.F
Pre Crisis Bank and Mezz
0.303F;2D;;;
22,2FF.F
0.;0;D2D316D 0.FD2110132F 0.002D60FF0E
6,EFF.F
-ources of Funds
*8uit9
+erm erm "oan "oan A
+erm erm "oan "oan # Mezzanine +erm erm "oan "oan C
C(ar! 8 Equity breakdown #i"ed =eturn nstruents !rdinary /ares - nvestors !rdinary /ares - %anageent
M 2,E3F.F ;,000.0 20.0
Equity breadon
-0 2-0 2-0 370
Fixe d R
r na r Ordinar Mana;
C(ar! ; Breakdown of Proceeds at 9x Multiple and Exit Yr !"# Total 5ro$eeds ;?,2D3.E Total 9ebt 3E,DE2.3 /areolder &oan 33,1F1.; 5ro$eeds to 5> #und 6,630.3 5ro$eeds to %anageent 0.0
10,321.; ;,?20.D 26,F21.1 6,630.3
(-<1/()2 2<6/-)7 26
+otal roceeds oceeds
/4<3/()(
+otal Debt Debt
Shareho Sharehold lder er "oan
roceeds oceeds to * Fun
Brea'don of ?roceed
as To!al ?roceed
8 6,9 ;,60?.D %.$ 2,E1F.0 99<,5719
86, 7 ;,D20.E %.$ ;,00E.F 94<85;13
De+! /enior 9ebt %e@@anine ?roceed !o Ine!or
E,E?F.0 3,6;6.F ;8<32;15
6,;D2.F 3,?2?.? ;3<5381;
/areolder &oan ?roceed !o Ord
;,30;.; 84<97517
;,?20.D ;;<,7,19
;,30;.; 22,E6E.6 83<63816 ;.0
;,?20.D 26 2 6,F21.1 ;,<;9816 ;.E
>'T9A 14it Multi+le
Brea'don of Ordinar% S(are ?roceed !o ?E /areolder &oan ?0C of !rds ?roceed !o ?E ?roceed !o Manage#en!
20C of !rds ?roceed !o Mg#!
C(ar! 9 $eturns Breakdown =evenue gro+t >'T9A g &everage %ultiple arbitrage
2.62 ;.EF F.61 F.61
F,6D1.D 7<25,15
6,630.3 2<2;61;
2.12 0.?E 0.00
2.62 2.12 0.?E 0.00
(--)-0 (3)20
7-)-0
-)
6-)-0 5-)-0
15)60
4-)-0 3-)-0 2-)-0 1-)-0 /-)-0
24)50
(-)-0 -)-0
Re$enue ;ro=th
*#I+DA m;
"e$era;e
Multiple
RETURNS BREA)DON NOTE: T>IS CALCULATES T>E ALUE CREATION AT A GIEN E LEEL ?LEASE ?LEASE NOTE: T>ESE T>ESE CALCULA CALCULATION TIONS S ONL/ ONL/ OR) FOR FOR EBITDA EBITDA #argin #argin and ill need !o +e a#end
=evenue >'T9A at entry argin 9ifferen$e in >'T9A al"e fro# Reen"e gro!( =evenue *e+ =evenue =evenue at a$Juisition - */>=T &A/T #4&& 8>A= =>:>*4>/ A$tual >'T9A g >'T9A g at a$Juisition n$rease in >'T9A al"e fro# Reen"e gro!( TOTAL ALUE FROM REENUE GROT> >'T9A a$tual >'T9A g >'T9A at entry =evenues 9ifferen$e in >'T9A al"e fro# #argin i#$roe#en!
nitial &everage *et &everage at e"it al"e fro# deleeraging nitial %ultiple >"it %ultiple al"e fro# M"l!i$le ex$anion To!al al"e crea!ed Re!"rn +rea'don =evenues >'T9A g &everage %ultiple arbitrage TOTAL
%% =evenues >'T9A g &everage %ultiple arbitrage
C(ar! 7 %&ortisation Profile Profile =# #a$ility ape" #a$ility Ter &oan A Ter &oan ' Ter &oan %e@@anine
86 ,6A 0.0 0.0 ;,F00.0 ;,000.0 ;,000.0 3,000.0
86,,E 0.0 0.0 3,6D?.D ;,000.0 ;,000.0 3,1F0.0
86,8E 0.0 0.0 2,60;.; ;,000.0 ;,000.0 3,30E.F
0mortis 0m ortisation ation /ro4le /ro4le (4<---)(2<---)(/<---)(-<---)6<---)4<---)2<---)/<---)-)-
/-zanine (-A e Mezz Mez anin
/+(A"oan C /-(/+A /-(# 1A erm er(m erm erm "oan
2A A +erm er/ m-( "oan
/-C(apex 3Ax Facilit /it9 -9(4A RCF / -(5it9 A ape acil Facilit acil 9
/
C(ar! 2 'ses of EB()*% nterest n$oe nterest e"pense Ta" *et ape" *et 4se of =evolver ange in * 9ebt =epayents as /+eep as
86,,E -2.2 E;2.F FE0.; F1;.; 0.0 -11?.1 22F.0 FE6.1 FE6.1
86, 8E -E.0 E2E.F E21.; F?D.; 0.0 -1D6.3 ;F0.0 6;;.F 1,220.6
86,;E -12.3 EFE.6 D6D.3 F23.E 0.0 -1DE.; 6EF.0 E23.? 1,D;;.F
*ses of E("TD0 (2<---)(1<---)(/<---)((<---)(-<---)7<---)6<---)5<---)4<---)3<---)2<---)1<---)/<---)(<---)-)-
/-((*
:(<---)- Cas h
/-(/* Ca s h S =e e p
/-(1*
/-(2*
De bt Rep a 9me nts
/-(3*
Cha n;e in N>C
/-(4* Ne t ,s e o ? Re $o l
C(ar! 3
>'T9A %argins
86,,E 2F.2?C
86, 8E 2F.;EC
86,;E 26.E0C
E("TD0 Mar5ins 3-)--0 23)--0 2-)--0 13)--0 1-)--0 /3)--0
/3)/60
/3)250
/4)5-0
/4)510
/4)-40
/4)-50
/-)--0 (3)--0 (-)--0 /-((*
/-(/*
/-(1*
/-(2*
/-(3*
/-(4*
C(ar! 4 86,,E 6?.66C
## C of >'T9A
86, 8E 6?.?1C
86,;E 6?.??C
FCF 6 of E("TD
53)--0
5-)--0 46)440
46)6(0
46)660
47)(-0
46) 44)520
43)--0
4-)--0
33)--0
3-)--0 /-((*
/-(/*
/-(1*
C(ar! 5 +e,erae Credit Statistics 1. *et /enior debtH>'T9A 5r 5roposed ovenant eadroo
2)3x /-0 1)4x
/-(2*
/-(3*
86,,E 3.6" ;.F" 20C
/10 /10 /-0 /-0 () Net S enior debt@*#I+DA
/(0 /(0
/-(4*
86, 8E 2.6" 3.3" 20C
//0 //0
ropos ed C o$enant
86,;E 1.?" 2.3" 23C
1)1x /)4x /)1x ()6x ()(x ()2x -)3x -)5x
/-((*
/-(/*
/-(1*
C(ar! ,6 +e,erae Credit Statistics 2. *et Total debtH>'T9A 5r 5roposed ovenant eadroo
3)6x /-0 /-0 2)4x
//0 //0 /-0 /) Net +otal debt@*#I+DA
/-(2*
/-(3*
86,,E ;.6" F.?" 20C
86, 8E 3.6" ;.F" 20C
/10 /10
86,;E 2.6" 3.;" 22C
/30 /30 ropos ed Co$enant
2)3x 1)4x 1)2x /)4x /)3x ()7x ()1x ()5x
/-((*
/-(/*
/-(1*
C(ar! ,, (nterest Co,er Credit Statistics 1. >'T9AHas interest 5r 5roposed ovenant eadroo
/-0 /-0
() *# I+DA@Cas/-0 h in /0teres t
/-(2*
86,,E ;.2" 3.;" 20C
//0 //0
ropos ed Co$/10 enant
/-(3*
86, 8E F.0" ;.0" 20C
86,;E F.6" ;.;" 22C
/30
Headroom
2)/x 1)2x
3)-x
2)-x
/-((*
3)4x
/-(/*
2)2x
/-(1*
4)/x
5)-x
2)6x
3)1x
/-(2*
C(ar! ,; Cas. Co,er Credit Statistics #'#H(as interestG9ebt =epayent)O 5roposed ovenant eadroo
/-(3*
86,,E 2.2" 1.0" F;C
86, 8E 2.1" 1.0" F2C
FCF@% CF@%Cash Cash Int Interest erestD D2)3x ebt Repa9 epa9men ment' t'
86,;E 2.0" 1.0" F0C
roposed oposed Co$ena Co$ena
1)7x
/)4x /)/x
()-x -)3x
/)(x
/)-x
()-x
/-((*
C(ar! ,9 Enterprise /alue - 0b &'! entry *5: A5: ops
-)3x /-(/*
()7x
()-x
-)3x /-(1*
()-x
-)3x /-(2*
()-x -)6x
/-(3*
Lo 1E,111.F 1?,006.; 21,F?3.E 21,DD2.?
()-x -)5x /-(4*
()-x -)4x /-(5*
>ig( 22,000.F 1D,1;;.F 23,;1F.0 2F,222.;
Entreprise alue 7 8(
A! "#O entr9
N!
"#O entr9
N!
"#O entr9
N!
A!
A!
C(ar! ,7 Reen"e Gro!( F.0C 3.2C 2.DC E.0C ?.DC E.FC F.EC ;.6C 3.FC 6.1C
op1 op2 op3 op; opF op6 opE op? opD op10
Mar'e! S(are 6.?C 13.FC E.DC D.1C 2.3C F.0C ;.6C 2.EC F.EC 11.0C
Competition 0 (4)-0 (2)-0 (/)-0 (-)-0 6)-0 4)-0 2)-0 /)-0 -)-0 -)-0
/)-0
2)-0
4)-0
6)-0
C(ar! ,2 EB()*% Bride >ntry >'T9A 2010 A ' 9 > # >"it >'T9A 201F
M 2,;;;.F ?0.0 32F.0 ;0F.0 E?F.0 1D0.0 323.0 2F?.0 110.2 ;,D20.E
C"#"la!ie
2F2;.F 2?;D.F 32F;.F ;03D.F ;22D.F ;FF2.F ;?10.F ;D20.E 0.0
"llustrati#e E("TD0 (r (rid
563)-
(7-)-
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2-3)1/3)6-)-
/<222)3
*ntr9 *#I+DA /-(-
A
#
C
+erm "oan A +erm "oan # +erm "oan C Mezzanine
turn Instruments
ares : n$es ors Shares : ment
4<41-)1 roceed roceeds s to Mana;ement
86,2 F,23?.; %.$ F,363.D 78<76513
;,??6.1 ;,020.3 9;<26;1; F,3DD.; ;4<86;15
F,3DD.; 30,F63.1 ;7<52817 F.3
E,6;0.? 3<29614
;6.EC 3E.?C 1F.;C 0.0C
;6.EC ;6.EC ?;.6C ?;.6C
3E.?C 1F.;C 0.0C
0
arbitra;e
d !o reflec! !(e "e of EBIT #argin 2011 ,8,5513
;64918 2F.3C
86, 9 1E,2;2.F ;,3FD.1 1,2E;.D ,,<93;15
86, 7 1?,??0.3 ;,EE3.1 1,6??.D ,7<8661;
86, 2 20,0D0.F F,0ED.1 1,DD;.D ,3<57;15
1E,2;2.F 12,1DD.E 26.EC 2F.3C E3.1 6FE.6 ,8<,;,17
1?,??0.3 12,1DD.E 26.1C 2F.3C F2.2 ;6D.D ,7<2361,
20,0D0.F 12,1DD.E 26.1C 2F.3C 62.6 F63.1 ,4<7,316
;,60?.D 26.EC 3,261.0 1E6.? ,<75614
;,D20.E 26.1C ;,;D3.D 1,;0D.6 ,8<24212
F,23?.; 26.1C ;,D22.D 1,?3?.6 ,2<79313
1F,F00.0
86,;E 0.0 100.0 1,20F.F ;,000.0 ;,000.0 3,;E2.D
-(6A
/-(7A
86, 9E 0.0 2F0.0 0.0 3,F3F.0 ;,000.0 3,6;6.F
/-/-A
86,7E 0.0 2F0.0 0.0 2,2;2.F ;,000.0 3,?2?.?
11,;31.F 9<62417
10,321.; 7<,3412
?,D06.; 2<75;12
D.00 " 5166 x *
D.00 " D.00 " *
D.00 " D.00 " *
,3<35614
;;<7;719
9,<27419
6?.2C ?.DC 22.DC 0.0C ,6616
;6.EC 3E.?C 1F.;C 0.0C ,6616
;;.;C 3D.EC 1F.?C 0.0C ,6616
;.?;
F.61
6.;F
3.30 0.;3 1.11 0.00
2.62 2.12 0.?E 0.00
2.?6 2.F6 1.02 0.00
86,2E 0.0 0.0 0.0 ??6.1 ;,000.0 ;,020.3
86,3E 0.0 0.0 0.0 0.0 2,?20.D ;,221.3
86,4E 0.0 0.0 0.0 0.0 0.0 ;,;32.;
86, 5E 0.0 0.0 0.0 0.0 0.0 0.0
86 86E 0.0 0.0 0.0 0.0 0.0 0.0
86,9E -1?.1 E61.? 1,111.3 ;F3.F 0.0 -1;0.E D00.0 EE0.6 2,E1F.0
86, 7E -26.2 E2F.2 1,216.2 F66.; 0.0 -1;F.? 0.0 1,2D2.; ;,00E.F
/-(5* er
Net Cape apex
86,9E 26.E3C
86,2E -36.F 6?0.E 1,330.2 ;01.? 0.0 -100.E 2F0.0 1,3F6.; F,363.D
/-(6*
86,3E -;6.3 FD3.; 1,;6F.1 ;2E.6 0.0 -10E.2 ??6.1 1,1ED.1 6,F;3.0
/-(7*
86,4E -F3.? ;E;.; 1,616.? ;FF.0 0.0 -11;.1 2,?20.D 0.0 E,2?1.F
86,5E -F3.; 30E.D 1,EF2.; ;EF.2 0.0 -?3.6 ;,6F;.0 0.0 6,;32.2
868 6E -66.1 0.0 2,02F.1 ;D6.2 0.0 -?E.; 0.0 0.0 10,F;F.1
86,5E 26.11C
868 6E 26.12C
/-/-*
+ax
86, 7E 26.06C
86,2E 26.0EC
86,3E 26.0DC
86,4E 26.10C
/4)-70
/-(5*
/-(6*
86,9E 6D.10C
)640
/4)(-0 /4
86, 7E 66.E;C
/4)((0
/-(7*
86,2E 6?.?6C
45)760
/4)(/0
/-/-*
86,3E 6E.D?C
86,4E 6E.03C
86,5E 6F.;;C
868 6E 62.;;C
45)-10 43)220 4/)220
/-(5*
86,9E 1.1" 1.;" 21C
/-(6*
86, 7E 0.F" 0.E" 22C
/40 /40 Headroom
86,2E (0.1") (0.1") DC
/-(7*
86,3E (0.E") (0.D") 26C
/40 /40
/-/-*
86,4E (1.2") (1.E") 26C
/40
86,5E (1.0") (1.;") 26C
868 6E (1.6") (2.2") 2;C
/20
70
%-)(x' %-)(x' %-)7x' %-)5x' %()/x' %()5x'
/-(4*
/-(5*
86,9E 1.D" 2.F" 23C
86, 7E 1.3" 1.E" 2FC
/-(6*
86,2E 0.E" 0.D" 2FC
%()-x' %()2x' %()4x' %/)/x'
/-(7*
86,3E 0.1" 0.1" 11C
/40
/30
86,4E (0.F") -0.E" 26C
/-/-*
86,5E (1.0") -1.;" 26C
/40 /40
868 6E (1.6") -2.2" 2;C
/20
Headroom
((0 ((0
-)5x -)7x
-)(x -)(x :-)5x %-)3x'
:()2x %()-x' %()4x' :/)/x
/-(4*
86,9E 6.2" ;.?" 23C /30
/-(5*
86, 7E E.0" F.3" 2FC /30
/-(6*
86,2E ?.1" 6.1" 2FC
/-(7*
86,3E 10.2" E.E" 2FC /30 /3
86,4E 1;.1" 10.6" 2FC /30 /2)2x
/-/-*
86,5E 2;.;" 1?.3" 2FC
868 6E -
(6)1x (2)(x (-)/x
(-)4x
6)(x 5)5x 4)(x
/-(4*
/-(5*
86,9E 1.D" 1.0" ;?C
nt
86, 7E ;.F" 1.0" E?C
/-(6*
86,2E 3.D" 1.0" E;C
Headroom
()/x ()-x
-)6x ()-x
()-x
-)/x /-(6*
/-(:-)/x 7*
/-/-*
19 7 22
/-(7*
86,3E 2.6" 1.0" 61C
86,4E 1.2" 1.0" 1EC
/-/-*
86,5E 0.?" 1.0" -22C -
868 6E 1.0"
Comps
Comps
Comps
alysis
Comp( Comp/ Comp1 Comp2 Comp3 Comp4 Comp5 Comp6 Comp7 Comp( -
(-)-0
(/)-0
(2)-0
e $8M' 1/1)-
/36)-
((-)/
2<7/-)5
F
B
H
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CO?/RIG>TS NOTE 86,;
F*T:E F*T: E E E/O /OD*C D*CT"O T"O, , 0,D 0,D D"D"-T" T"(* (*T"O T"O, , OF T: T:EE-E E MODE MODE 0 "- / /O: O:"( "("T "TED ED ;" ;"T: T:O* O*T T F* F* T: T:E E ; ;"T "TTE TE, , /E /EM M""--" -"O, O, (+ 0, 0,D D
C0-E-< C0-E -< MO MODE DE-<< %*" %*"DE DE" ",E ,E- 0, 0,D D 0, 0,+ + OT OT:E :E M0 M0TE TE" "0 0- / /O O" 0E /O/ET+ OF 0,DE0- 0,%EO/O*O- ;:O ET0",- -OE
T:E-E T:EE C0-E-< C0-E-< F",0 F",0,C" ,C"0 0 MODE MODE- ", E= E=CE 0,D 0,D OT: OT:E E M0 M0TE TE"0 "0 E%"-TEED -T*DE,T- ", T:"- C0-- 0,D -T"CT+ -T"CT+ FO C0-C0--:O*D ,OT (E *-ED FO COMMEC"0 O /OFE--"O,0 *-E< CO/"ED CO/ "ED<< /E-E, /E-E,TED TED O O C"C* C"C*0 0TE TED< D< 0 0 O /0 /0TT-<< ;"T:O ;"T:O*T *T T 0,DE0- 0,%EO/O* 0,%E O/O*O-. O-.
D M0 M0TE"0TE"0- CO,T CO,T0",ED 0",ED :EE", E0- 0,%EO/O*O-.
ED (+ 0,DE0- 0,%EO/O*OO;,E-:"/ OF T:E-E M0TE"0-.
- 0E 00"0(E O,+ FO T:E D"-C*--"O,. T:E M0TE"0-OD< T0DED O E,T< :"ED O*T< E /"O ;"TTE, CO,-E,T OF
