teuer Furniture

These spreadsheet exhibits relate to the case Teuer Furniture (A): Discounted Cash Flow Valuati  #KEL778. ©2015 by the Kello !chool o" a$ae%e$t at &orth'ester$ ($i)ersity. ($i)ersity. This case 'as prepared *ro"es *ro"essor sor itc itchel helll +. +. *eters *eterse$. e$. Te Teer -r$ -r$it itre re is a "icti "ictio$a o$all co%pa$ co%pa$y y 'hose 'hose pro"il pro"ile e 'as creat created ed b data "ro% "ro% real real i$dstr i$dstry y leaders. leaders. Cases are de)elop de)eloped ed solely solely as the basis basis "or "or class class discssi discssio$. o$. Ca Ca i$te$ded i$te$ded to ser)e ser)e as e$dorse%e e$dorse%e$ts, $ts, sorces sorces o" pri%ar pri%ary y data, or or illstrat illstratio$s io$s o" e""ec e""ecti)e ti)e or i$e""ect i$e""ect %a$ae%e$t. To To order copies or reest reest per%issio$ to reprodce %aterials, %aterials, call 800/55/785 o 700 otside the ($ited !tates or Ca$ada4 or e /%ail cstser)hbsp.har)ard.ed. cstser)hbsp.har)ard.ed. &o part o" this %ay be reprodced reprodced,, stored i$ a retrie) retrie)al al syste%, syste%, sed i$ a spreadsheet spreadsheet,, or tra$s%itt tra$s%itted ed i$ a$y "or %ea$s6electro$ic, %echa$ical, photocopyi$, recordi$, or other'ise6'ithot other'ise6'ithot the per%issio$ o Case *blishi$.

n, Case

 

by ased o$ es are $ot i)e r 17/783/ pblicatio$ or by a$y Kello

 All values in 000's Income Statement

2013

2014

Sales

169,039

185,641

COGS

71,284

78,545

Expenses

55,983

61,438

1,405

2,032

16,147

17,450

24,220

26,175

Balance Sheet

2013

2014

#oo$ %al&e o' ((E

3,948

5,447

)cco&nts *ecei%a+le

54,831

60,216

!n%entor

33,904

37,357

)cco&nts (aa+le

11,642

12,828

)ccr&e- Expenses

2,691

2,953

Cash Flow

2013

2014

24,220

26,175

1,405

2,032

6,632

5,385

C.an/e in !n%entor

561

3,453

C.an/e in )cco&nts (aa+le

279

1,186

Depreciation  Taxes  Taxes Net !nco"e

Net !nco"e Depreciation C.an/e in )cco&nts *ecei%a+le

2015

2016

2017

201

203,152

217,132

228,072

236,569

84,799

89,209

91,996

93,961

66,463

69,851

72,539

74,750

2,786

2,735

2,346

1,997

19,642

22,134

24,476

26,345

29,462

33,202

36,714

39,517

2015

2016

2017

201

7,180

5,297

3,320

2,036

65,897

70,431

73,980

76,736

32

40,332

42,429

43,755

44,690

48

13,849

14,570

15,025

15,346

16

3,194

3,357

3,486

3,592

48

2015

2016

2017

201

29,462

33,202

36,714

39,517

2,786

2,735

2,346

1,997

5,680

4,535

3,549

2,756

2,974

2,098

1,326

935

1,021

720

455

321

Sales!in 000"s#

2012

2013

2014

2003

6,034

6,235

6,430

2004

17,869

18,464

19,041

2005

24,499

25,315

26,108

2006

34,824

35,984

37,110

2007

43,541

44,991

46,399

2008

9,257

9,683

9,986

2009

3,540

4,001

4,176

2010

5,300

6,707

7,564

2011

3,354

4,610

5,823

2012

5,379

9,428

12,935

2013

0

3,622

6,337

2014

0

0

3,731

2015

0

0

0

1%#,%97

19,0#9

18%,1

2012

2013

2014

2003

2,416

2,476

2,554

2004

7,176

7,333

7,563

2005

9,042

10,055

10,369

2006

13,932

14,292

14,739

2007

17,856

17,870

18,429

2008

3,764

3,846

3,966

Total (ales

C$%S !in 000"s#

2015

0

0

0

22,292

2#,810

2,2#%

2012

2013

2014

2003

457

447

461

2004

1,287

1,323

1,364

2005

1,793

1,813

1,870

2006

2,287

2,577

2,658

2007

3,109

3,223

3,323

2008

675

694

715

2009

303

287

299

2010

473

480

542

2011

358

377

417

2012

569

838

1,058

2013

0

383

563

2014

0

0

395

2015

0

0

0

11,#1#

12,1

1#,%

2012

2013

2014

2003

302

302

302

2004

1,003

1,003

1,003

2005

1,510

1,510

1,510

2006

1,910

2,203

2,203

2007

2,530

2,530

2,824

Total ()A e*pense

&'(ertisin) !in 000"s#

Total A+vertisin e*pense

*ease !in 000"s#

2015

2016

2017

201

6,618

6,799

6,971

7,133

19,599

20,134

20,643

21,123

26,872

27,605

28,303

28,962

38,197

39,239

40,231

41,167

47,758

49,061

50,301

51,472

10,278

10,559

10,825

11,077

4,299

4,416

4,527

4,633

7,881

8,096

8,301

8,494

6,555

6,816

6,988

7,151

16,305

18,319

19,012

19,454

8,677

10,917

12,241

12,679

6,514

8,903

11,179

12,510

3,597

6,268

8,549

10,714

20#,1%2

217,1#2

228,072

2#,%9

2015

2016

2017

201

2,629

2,700

2,769

2,833

:ear

7,784

7,997

8,199

8,390

10,673

10,964

11,242

11,503

15,171

15,585

15,979

16,351

18,969

19,486

19,979

20,444

1 2 3 4

4,082

4,194

4,300

4,400

:ear

1 2 3 4 5 6

695

1,148

1,478

1,457

28,0

#0,1%2

#1,##1

#2,171

2015

2016

2017

201

474

487

499

511

1,404

1,442

1,479

1,513

1,925

1,977

2,027

2,074

2,736

2,811

2,882

2,949

3,421

3,514

3,603

3,687

736

756

775

793

308

316

324

332

565

580

595

608

469

488

501

512

1,168

1,312

1,362

1,393

709

782

877

908

579

728

801

896

381

557

699

767

1,87

1%,7%1

1,2#

1,9%

2015

2016

2017

201

302

381

381

381

1,003

1,003

1,193

1,193

1,510

1,510

1,510

1,706

2,203

2,203

2,203

2,203

2,824

2,824

2,824

2,824

:ear

1 2 3 4

:ear

       

2012 2013 2014 2015

Grot. *ate o' sales

2012

70

2013

33

2014

23

2015

97 15

:ear

03

2013 2014 2015 2016 2017 2018

COGS as  o' sales 71 64 56 40

)-%ertisin/ as  o' sales 11 89 82 72

;ease per s<&are 'eet 2045 2088 2130 2172

Sales per s<&are 'eet 110 113 117 120 Grot. o' '&rnit&re in-&str 30 28 26 24 22 20

Grot. rate o' lease per s<&are 'eet 2

 +ear

,o of stores

S-uare foot o.ene'

2003

1

17200

2004

3

17600

2005

4

18500

2006

5

21100

2007

6

22100

2008

2

15500

2009

1

14500

2010

2

14700

2011

2

15400

2012

3

16300

2013

2

16000

2014

2

16000

2015

2

15000

2016

0

0

2017

0

0

2018

0

0

In/ation

2003

2004

2003

19

51

2004 2005

33

Boo (alue of Ca.e Construction !in 000"s# Cost

efresh cost

2003

358

0

2004

1,175

0

2005

1,814

0

2006

2,971

0

2007

4,058

0

2008

924

0

2009

394

0

2010

752

0

2011

798

307

2012

1,293

1,021

2013

860

1,598

2014

876

2,655

2015

837

3,682

2016

0

852

2017

0

369

2018

0

713

70& Construction cost .er s- feet Construction Cost !in 000"s# efresh Cost !in 000"s# 208

358

223

1,175

245

1,814

282

2,971

306

4,058

298

924

272

394

256

752

259

798

307

264

1,293

1,021

269

860

1,598

274

876

2,655

279

837

3,682

0

852

0

369

0

713

2005

2006

2007

86

111

152

67

92

133

34

60

100

e.reciation

Boo (alue

72

286

307

1,155

669

2,299

1,264

4,007

2,075

5,990

2,188

4,725

2,032

3,087

1,820

2,019

1,447

1,677

1,098

2,894

1,405

3,948

2,032

5,447

2,786

7,180

2,735

5,297

2,346

3,320

1,997

2,036

otal Ca.e !in 000"s#

2003

2004

2005

2006

2007

72

72

72

72

72

235

235

235

235

363

363

363

594

594

358 1,175 1,814 2,971 4,058

812

924 394 752 1,105 2,314 2,459 3,531 4,519 852 369 713 Total

72

#07

9

1,2

2,07%

200

200

2010

2011

2012

2013

2014

153

180

195

224

242

259

277

134

161

176

206

223

240

258

101

129

143

173

190

207

225

/epreciation 200

200

2010

2011

2012

2013

2014

2015

235 363

363

594

594

594

812

812

812

812

185

185

185

185

185

79

79

79

79

79

150

150

150

150

150

221

221

221

221

221

463

463

463

463

492

492

492

706

706 904

2,188

2,0#2

1,820

1,7

1,098

2015

2016

2017

201

201

296

317

336

354

372

277

298

317

335

353

245

266

285

303

321

1,0%

2,0#2

2,78

2016

2017

201

463 492

492

706

706

706

904

904

904

170

170

170

74

74 143

2,7#%

2,#

1,997

hiit 18 euer Furnitures Showrooms an' S-uare Foota)e Stores Opene2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Total Stores 1 3 4 5 6 2 1 2 2 3 2 2 2

1 4 8 13 19 21 22 24 26 29 31 33 35

S= T Opene17,200 17,600 18,500 21,100 22,100 15,500 14,500 14,700 15,400 16,300 16,000 16,000 15,000

Total S= T 17,200 70,000 144,000 249,500 382,100 413,100 427,600 457,000 487,800 536,700 568,700 600,700 630,700

40 35 30 25 20 15 10 5 0 200

700,000 600,000 500,000 400,000 300,000 200,000 100,000

3

2005

2007

2009

N&"+er o' S.oroo"s

2011

2013

Total S<&are eet

0 2015

euer Furniture 9ro Forma Income Statement Sales CGS SG) exc a-% > -ep )-%ertisin/ Depreciation ;ease stores Corp Expense inc lease?a-%  Taxes Net inco"e

9arameters8 Corporate tax rate Corporate expenses

2012 148,218 61,955 21,253 10,744 1,450 9,320 7,411 14,434 21,651

40 5

 

2013

2014

2015

2016

2017

2018

2019

hiit 8 Forecastin) Sales e(enue an' Costs Sales /rot.

CGS

SG)

 :ear 2003 2004 2005 2006 2007 2008 2009 2010 2011 )%era/e

1

 :ear 2003 2004 2005 2006 2007 2008 2009 2010 2011 )%era/e

1 711 713 729 701 726 644 710 740 703 709

 :ear 2003 2004 2005 2006 2007 2008 2009

1 199 176 204 204 198 164 179

2 736 729 766 738 645 605 690 704

3 346 292 326 288 368 356 366

4 195 214 222 244 261 236

5 151 81 78 113 63

6 02 36 37 13

7 12 34 31

8 10 00

702

335

229

97

15

03

2 615 624 656 531 673 670 659 665

3 578 521 578 576 539 610 533

4 389 438 406 333 384 407

5 434 390 411 389 410

6 420 412 403 400

7 389 387 369

8 366 402

637

562

397

2 171 180 179 190 176 184 192

3 164 174 170 180 180 169 174

4 139 141 145 127 130 134

5 129 145 132 144 136

6 139 137 132 142

7 136 139 151

8 117 130

)-%ertisin/

2010 2011 )%era/e

207 209 193

 :ear 2003 2004 2005 2006 2007 2008 2009 2010 2011 )%era/e

1 99 103 109 103 102 102 110 117 107 106

194 183

173

136

2 89 82 89 84 90 96 91 89

3 76 83 80 83 81 83 86

4 71 74 76 68 69 73

89

82

72

5 67 80 70 68 71

6 77 77 67 66

7 69 72 73

8 68 72

9 06

9 400

9 131

9 76

hiit 28 conomic In'icators8 %9 an' Furniture Sales %rowth C(! in-ex !nation C(! GD( T@ GD( /rot. &rnit&re sales @# &rnit&re sales /rot.

2002 1809 10,642 9444

2003 1843 19 11,142 47 967 24

2004 1903 33 11,853 64 1038 73

2005 1968 34 12,623 65 1091 52

2006 2018 25 13,377 60 1128 34

2007 2100 41 14,029 49 1111 15

2008 2102 01 14,292 19 996 104

2009 2159 27 13,974 22 863 134

2010 2192 15 14,499 38 873 12

2011 2257 30 15,076 40 901 32

2012 2296 17 15,685 40 931 34

100

50

00 2003

2005

2007

2009

2011

2013

50

100

150 GD( Grot.

&rnit&re Sales Grot.

!nation C(!

2015

2017

2013 2335 17 16,238 35 959   30

   

2014 2377 18 17,049 50 986 28

2015 2423 19 18,012 56 1012 26

2016 2474 21 19,021 56 1036 24

2017 2521 19 20,078 56 1059 22

2018 2566 18 21,101 51 1080 20

2019 2613 18

1102 20

hiit 38 euer Furniture Income Statement 2003 Sales Cost o' /oo-s solSellin/, /eneral an- a-"in   )-%ertisin/   Depreciation ;ease Corporate expense  Taxes Net inco"e (ara"etersA Corporate tax rate

40

2004 2,057 1,463 410 203 72 250 185 0 526

2005 10,415 7, 057 1,812  1,019 307 1,080 729 0 1,588

2006 26,701 17,424 4,958 2,411 669 2,330 1,602 0 2,693

2007 51,540 30,730 9,230  4,588 1,264 4,240 3,092 0 1,604

2008 79,191 43,834 13,576  6,585 2,075 6,770 4,751 0 1,600

2009 90,680 47,290 14,679  7,532 2,188 7,380 5,441 543 5,626

2010 111,451 49,068 16,471 8,367 2,032 7,712 5,573 8,892 13,337

2011 134,093 55,487 18,698  9,545 1,820 8,450 6,705 13,356 20,033

2012 2013 2014 2015 2016 2017 2018 148,218 25983487 35659218 44964634 46043785 47056748 47997883 61,955 21,253 10,744 1,450 9,320 7,411 14,434 21,651

hiit 48 euer Furniture Balance Sheet 2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0 671 671 358 1,029

751 3,151 3,902 1,461 5,364

3,479 8,216 11,695 2,969 14,663

8,675 15,125 23,800 5,270 29,070

16,946 20,908 37,853 8,065 45,918

25,272 21,715 46,987 6,914 53,900

29,059 24,868 53,927 5,119 59,046

36,625 26,808 63,433 3,839 67,272

42,421 2 9,216 71,637 3,142 74,779

48,200 33,343 81,543 3,920 85,463

236 29 265 0 764 1,029

1,158 145 1,303 0 4,061 5,364

2,781 358 3,139 0 1 1,525 14,663

5,119 658 5,777 0 23,293 29,070

7,228 958 8,186 0 37,732 45,918

7,767 1,055 8,822 0 45,079 53,900

8,277 1,203 9,480 0 49,565 59,046

9,133 1,359 10,493 0 56,779 67,272

9,986 1,519 1 1,505 0 6 3,274 74,779

11,364 1,682 13,046 0 72,417 85,463

&ssets )cco&nts *ecei%a+le !n%entor Total C&rrent )ssets ((E Total )ssets *iailities an' -uit: )cco&nts (aa+le )ccr&e- Expenses Total C&rrent ;ia+ilities De+t E<&it   Total ;ia+ilities an- E<&it #alance s.eet c.ec$

hiit 58 euer Furniture Income Statement for In'i(i'ual Showrooms B 2003

)%/ Sie 1

17,200

2004

2005

2006

2007

2008

2009

2010

2011

2012

1

2

3

4

5

6

7

8

9

Sales

2,057

3,754

5,224

6,148

6,341

5,503

5,636

5,871

6,034

CGS

1,463

2,309

3,018

2,394

2,753

2,311

2,194

2,150

2,416

SG)

410

640

857

856

815

765

767

687

791

  )-%ertisin/

203

334

399

434

422

423

391

401

457

  Depreciation ;ease 2004

3

17,600

72

72

72

72

72

0

0

0

250

250

250

250

250

250

302

302

3

4

5

6

7

8

11,907

15,158

16,488

15,446

16,187

17,279

17,869

CGS

4,748

7,428

7,894

7,216

6,031

6,675

6,691

7,176

SG)

1,171

2,148

2,631

2,323

2,239

2,224

  )-%ertisin/

685

971

1,266

1,213

1,235

1,241

  Depreciation

235

235

235

235

235

0

0

0

;ease

830

830

830

830

830

830

1,003

1,003

1

2

3

4

5

6

7

Sales

9,570

16,651

19,785

20,951

22,847

24,451

24,499

CGS

6,978

10,917

11,430

8,499

9,387

9,857

9,042

SG)

1,953

2,977

3,371

3,039

3,021

3,228

3,693

  )-%ertisin/

1,041

1,488

1,587

1,598

1,605

1,645

1,793

363

363

363

363

363

0

0

1,250

1,250

1,250

1,250

1,250

1,250

1,510

1

2

3

4

5

6

2005

4

18,500

  Depreciation ;ease 2006

5

21,100

Sales

13,583

21,142

23,592

29,702

34,105

34,824

9,526

11,229

13,594

9,902

13,259

13,932

2,767

4,016

4,237

3,780

4,895

4,946

1,400

1,784

1,964

2,014

2,327

2,287

  Depreciation

594

594

594

594

594

1,910

1,910

1,910

1,910

1,910

1

2

3

4

5

Sales

15,435

22,001

30,466

39,628

43,541

CGS

11,205

14,801

16,422

15,232

17,856

SG)

3,050

3,878

5,471

5,166

5,917

  )-%ertisin/

1,578

1,986

2,458

2,748

3,109

;ease 6

22,100

  Depreciation

812

812

812

812

2,530

2,530

2,530

2,530

1

2

3

Sales

3,187

5,176

CGS

2,053

3,467

4,421

3,764

SG)

522

951

1,225

1,243

  )-%ertisin/

326

499

598

675

  Depreciation

185

185

185

;ease

610

610

610

2

2009

1

15,500

14,500

7,244

4

3 3,540

CGS

1,021

1,652

1,887

SG)

257

480

615

  )-%ertisin/

158

227

303

2

79

79

79

280

280

280

1

2

Sales

3,008

5,300

CGS

2,226

3,526

SG)

623

1,028

  )-%ertisin/

353

473

  Depreciation

150

150

;ease

565

2011

2

14,700

15,400

1  

3,354

CGS

 

2,357

11

12

13

14

15

8

9

10

11

12

13

14

7

8

9

10

11

12

13

6

7

8

9

10

11

12

5

6

7

8

9

10

11

4

5

6

7

8

9

10

3

4

5

6

7

8

9

2

3

4

5

6

7

8

1

2

3

4

5

6

7

1

2

3

4

5

6

1

2

3

4

5

1

2

3

4

701

  )-%ertisin/

358

  Depreciation

160

;ease 2012

10

565

Sales

SG)

9

610

2 2,507

2010

16

185

1 1,437

;ease

2019

15

9,257

Sales

  Depreciation

2018

14

0

812

2008

2017

13

1,910

2,530

;ease

2016

12

2,319

SG)   )-%ertisin/

2015

11

1,287

CGS

2007

2014

10

65

2

6,661

2,395

2013

302

1

Sales

1,245

 

610 3

16,300

Sales

 

5,379

CGS SG)   )-%ertisin/   Depreciation ;ease 2013

  2

1,000

16,000

Sales

 

3,622

CGS SG)   )-%ertisin/   Depreciation ;ease 2014

668 2

16,000

Sales

 

3,731

CGS SG)   )-%ertisin/   Depreciation ;ease 2015

682 2

15,000

Sales

 

3,597

CGS SG)   )-%ertisin/   Depreciation ;ease

9arameters8 ;ease rate 2013   ;ease ination  

652

2088 20

hiit 68 euer Furniture Balance Sheet for In'i(i'ual Showrooms B 2003

)%/ Sie 1

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0

1

2

3

4

5

6

7

8

9

17,200

Cap expen-it&re

358 751

1,187

1,665

1,975

2,040

1,700

1,745

1,742

1,902

!n%entor

671

1,090

1,330

1,206

1,167

980

972

1,082

1,027

1,090

)ccts paa+le

236

396

448

405

403

350

345

370

369

390

)ccr expenses

29

49

62

61

61

53

54

57

58

58

0

1

2

3

4

5

6

7

3

17,600

Cap expen-it&re

1,175

)ccts recei%a+le

3,870

5,029

5,526

5,276

5,599

5,612

3,590

4,304

3,352

2,851

3,042

3,248

3,397

3,619

)ccts paa+le

762

1,255

1,421

1,124

1,025

1,090

1,124

1,139

1,153

)ccr expenses

95

158

193

173

162

162

175

177

179

0

1

2

3

4

5

6

7

4

18,500  

3,140

5,508

6,296

6,231

7,149

7,751

7,950

3,296

5,271

4,640

3,975

4,075

4,427

4,354

5,114

)ccts paa+le

1,078

1,760

1,742

1,381

1,523

1,572

1,565

1,631

)ccr expenses

138

212

240

203

240

244

251

259

0

1

2

3

4

5

6

5

21,100

Cap expen-it&re

 

4,433

6,593

7,974

10,040

10,908

11,761

!n%entor

4,344

6,518

6,635

5,870

6,689

6,854

6,348

)ccts paa+le

1,533

2,227

2,181

1,889

2,165

2,325

2,377

)ccr expenses

193

272

300

291

337

343

362

0

1

2

3

4

5

6

22,100

Cap expen-it&re

 

4,817

6,829

9,849

12,400

13,920

!n%entor

5,232

6,246

8,710

7,320

8,121

9,022

)ccts paa+le

1,732

2,480

2,712

2,631

2,712

2,919

)ccr expenses

213

293

362

381

436

435

0

1

2

3

4

2

15,500

Cap expen-it&re

2018

14

15

9

10

11

12

13

14

8

9

10

11

12

13

7

8

9

10

11

12

6

7

8

9

10

11

5

6

7

8

9

10

4

5

6

7

8

9

4,058

)ccts recei%a+le

2008

2017

13

2,971

)ccts recei%a+le

2007

2016

12

5,691

!n%entor

2006

2015

11

1,814

)ccts recei%a+le

924

)ccts recei%a+le

1,048

1,758

2,212

2,905

1,028

1,711

2,147

1,727

1,911

)ccts paa+le

349

547

662

586

690

)ccr expenses

43

72

88

94

101

0

1

2

3

!n%entor

2009

8

2,292

Cap expen-it&re

2014

10

936

2,061

!n%entor

2005

2013

324

)ccts recei%a+le

2004

 

1

14,500

Cap expen-it&re

394

)ccts recei%a+le

484

840

1,191

!n%entor

488

882

881

823

)ccts paa+le

171

261

327

281

)ccr expenses

21

34

43

44

0

1

2

2010

2

14,700

Cap expen-it&re )ccts recei%a+le

956

1,787

1,013

1,787

1,913

)ccts paa+le

348

577

683

)ccr expenses

44

71

91

0

1

!n%entor

2011

2

15,400

Cap expen-it&re

4

5

6

7

8

2

3

4

5

6

7

1

2

3

4

5

6

0

1

2

3

4

5

0

1

2

3

4

0

1

2

3

798

)ccts recei%a+le

 

!n%entor

1,093 1,067

1,795

)ccts paa+le

387

623

)ccr expenses

47

76

2012

3

752

3

16,300

0

Cap expen-it&re

 

1,293

)ccts recei%a+le !n%entor

 

1,708

)ccts paa+le

617

)ccr expenses

79

2013

2

16,000

Cap expen-it&re

860

)ccts recei%a+le !n%entor )ccts paa+le )ccr expenses

2014

2

16,000

Cap expen-it&re

876

)ccts recei%a+le !n%entor )ccts paa+le )ccr expenses

2015

2 Cap expen-it&re )ccts recei%a+le !n%entor

15,000

837

)ccts paa+le )ccr expenses

Cap expen-it&re

2,229

)ccts recei%a+le

48,200

!n%entor

33,343

)ccts paa+le

11,364

)ccr expenses

1,682

hiit 78 euer Furniture Cash Flow &ssets 2003 Sales  Costs  Taxes Net inco"e  Capital expen-it&re  Depreciation  !ncrease in NC Cas. o to assets

0 358 0 406 764

2004 2,057 2,582 0 526 1,175 72 2,193 3,823

2005 10,415 12,003 0 1,588 1,814 307 5,957 9,052

2006 26,701 29,394 0 2,693 2,971 669 9,467 14,461

2007 51,540 53,144 0 1,604 4,058 1,264 11,645 16,043

2008 79,191 77,591 0 1,600 924 2,075 8,498 5,747

2009 90,680 84,510 543 5,626 394 2,188 6,281 1,139

2010 111,451 89,222 8,892 13,337 752 2,032 8,494 6,123

2011 134,093 100,704 13,356 20,033 1,122 1,820 7,192 13,539

2012 148,218 112,132 14,434 21,651 2,229 1,450 8,365 12,508

hiit 8 Forecastin) In(estment )cco&nts *ecei%a+le

!n%entor

)cco&nts (aa+le

 :ear 2003 2004 2005 2006 2007 2008 2009 2010 2011 )%era/e

1 365 344 328 326 312 329 337 318 326 324

2 316 325 331 312 310 340 335 337

3 319 332 318 338 323 305 336

4 321 335 297 338 313 314

5 322 342 313 320 320

6 309 346 317 338

7 310 325 324

8 297 319

 :ear 2003 2004 2005 2006 2007 2008 2009 2010 2011 )%era/e

1 459 434 472 456 467 501 478 455 453 476

2 472 483 483 580 422 494 534 507

3 440 545 406 488 530 486 467

4 504 464 468 593 481 459

5 424 473 434 504 455

6 424 456 449 492

7 443 485 482

8 503 473

 :ear 2003 2004 2005 2006 2007 2008 2009

1 161 161 154 161 155 170 168

2 172 169 161 198 168 158 158

3 148 180 152 160 165 150 173

4 169 156 162 191 173 156

5 146 170 162 163 152

6 152 163 159 167

7 157 168 173

8 172 159

)ccr&e- Expenses

Constr&ction costs

2010 2011 )%era/e

156 164 163

164

 :ear 2003 2004 2005 2006 2007 2008 2009 2010 2011 )%era/e

1 47 51 46 46 46 51 52 45 44 48

2 51 51 47 47 50 50 48 47

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

No"inal 208 223 245 282 306 298 272 256 259 264 269 274 279

*eal 259 268 286 320 335 326 289 268 264 264 264 264 264

No"inal

*eal

3 49 49 48 48 46 48 47

4 47 49 44 50 48 49

5 49 47 52 47 48

6 45 47 50 47

7 46 48 46

8 52 49

*e'res. cost

2003 2004 )%era/e

906 796

740 660 700

9 315

9 425

9 153

9 47

hiit 108 Forecastin) 9arameters 1 Sales /rot. CGS  sales SG)  sales, excl&-in/ -ep > a-%ertisin/ )-%ertisin/  sales )cco&nts *ecei%a+le  sales   !n%entor  next earFs CGS   )cco&nts (aa+le  next earFs CGS   )ccr&e- expenses next earFs SG) a-%   Depreciation ears *e'res. cost   Corporate tax rate   Corporate expenses   Disco&nt rate   ;on/ter" /rot. rate   S.ares o&tstan-in/   

709 193 106 324 476 163 48 5 700 400 50 121 35 9,945

2 702 637 183 89

3 335 562 173 82

4 229 397 136 72

5

6

7

euer Furniture 9ro Forma Income Statement Sales CGS SG) exc a-% > -ep )-%ertisin/ Depreciation ;ease stores Corp Expense inc lease?a-%  Taxes Net inco"e

9arameters8 Corporate tax rate Corporate expenses

2012 148,218 61,955 21,253 10,744 1,450 9,320 7,411 14,434 21,651

40 5

 

2013

2014

2015

2016

2017

2018

2019

euer Furniture 9ro Forma Balance Sheet 2012

&ssets )cco&nts *ecei%a+le !n%entor Total C&rrent )ssets ((E Total )ssets

*iailities an' -uit: )cco&nts (aa+le )ccr&e- Expenses Total C&rrent ;ia+ilities De+t E<&it   Total ;ia+ilities an- E<&it Balance sheet check (A=L+E)

48,200 33,343 81,543 3,920 85,463

11,364 1,682 13,046 0 72,417 85,463

 

2013

2014

2015

2016

2017

2018

euer Furniture 9ro Forma Cash Flow &ssets 2012 148,218 112,132 14,434 21,651 2,229 1,450 8,365 12,508

Sales  Costs  Taxes Net inco"e  Capital expen-it&re  Depreciation  !ncrease in NC Cas. o assets  Ter"inal %al&e )sset %al&e S.are %al&e

9arameters8 )sset -isco&nt rate ;on/ter" /rot. rate S.are.ol-ers B S.ares o&tstan-in/ 

       

121 35 187 9,945

2013

2014

2015

2016

2017