Val ui ngaCr oss Bor derLBO:Bi ddi ngont heYel lGr oup Har var dBus i nes sSc hoolCas e204033 Cour s eSof t war e205701
Thi sc our s es o f t wa r ewa spr e pa r e ds o l e l yast heb as i sf orc l a s sdi s c us s i on.Ca s e sa r eno ti nt e nde dt os e r v ea s e ndor s e me me nt s , s o ur c e sofpr i ma r yda t a ,o ri l l us t r a t i o nso fe ffe c t i v eori ne ffe c t i v ema ma na ge me me nt .Co pyr i ght© 2 0 0 4Pr e s i de nta ndF e l l o w ws so fHa r v a r dCo l l e g e .Nopa r to ft hi sp r o duc tma yber e pr o duc e d ,s t o r e di na r e t r i e v a ls y s t e m m, ,us e di nas pr e a ds h e e to rt r a ns m mi i t t e di na n yf o r mo rb ya n yme a ns — —e e l e c t r o ni c , me c h a ni c a l , phot ocopyi ng,r ec or di ngorot her wi s e—w —wi t houtt heper mi s s i onofHar var dBus i nes sSchool .
Exhibit 4
Br i t i s hTel ec om Sel ec t edHi s t ori cal Fi nanci alI nf ormat i on,1996–2000( poundsi nmi l l i ons ,exc eptpe
1 9 9 7
Year sEnded31Mar c h 1 9 9 8 1 9 9 9 2 0 0 0
2 0 0 1
Income Statement
Total turnover Total operating profit (loss) Profit on sale of fixed assets et interest pa!a"le Profit (loss) "efore taxation Profit (loss) after taxation $inorit! interests Profit (loss) for t%e finan&ial !ear 'asi& earnings (loss) per s%are
17379 3429 8 -174 3203 2101 -24 2077 328p
17411 3461 63 -310 3214 1727 -2# 1702 266p
18223 3474 1107 -286 429# 3002 -19 2983 463p
21903 3198 126 -382 2942 204# 10 20## 317p
29666 -336 619 -1314 -1031 -1683 -127 -1810 (277)p
618# 7 -220
6071 # -160
603# 2 -328
#849 # -163
#887 10 -727
1, 045
1, 886
630
1, 311
669
-2820 -2#2 -1217
-3108 -1#01 -3473
1 -1967 -1186
-37#2 -640# -1364
-8442 -137#4 -1432
Managementofl i qui dr es our c es
504
2, 247
2, 447
1, 236
480
inan&ing /n&r (de&r) in &as% for t%e !ear ,e&r (in&r) in net de"t for t%e !ear
-224 -90 849
1794 -11 -3860
-4#8 67 3146
#9#9 #4 -6#82
1973# 128 -18942
172#2 1708 -2637 -3889 -1426 -223 1078# 2328#
742 178#4 1832 -49# -3386 -1391 -216 14940 27962
#777 18163 #878 -711# -#3#4 -10#6 -498 1#79# 37#88
18380 2162# #204 -11143 -1877# -723 -499 14069 #4799
Ca s hF l o w St a t e me n t
as% flo* fro+ operating a&tivities ,ividends fro+ asso&iates and .s /nvest+ent eturn inan&e ervi&ing T ax at i onpai d
apital expenditure and invest+ent &5uisitions and disposals 5uit! dividends paid
Balance Sheet
/ntangi"le fixed assets Tangi"le fixed assets ixed asset invest+ents et &urrent assets (lia"ilities) T loans and ot%er "orro*ings Provisions for lia"ilities &%arges $inorit! interests Total e5uit! s%are%olders funds Total assets S our c e :Br i t i s hT e l e c o m.
16802 1273 -2667 -2693 -1391 -208 11116 2#062
s h ar eda t a )
Exhibit 6
BTYel l ow Pages —Hi s t or i ca lFi nanc i alI nf or mat i onandManagementPr oj ec t i onsf ort heBus i
Year Adv er t i s ementVol ume( ‘ 000) We i ght edAv er ageAdv er t i s ementPr i c e( £) Di s c ount sandf r eeads( £’ 000) Di r ec tc os t s( £’ 000) a Ov e r h ea dc o s t s( £ ’ 0 00 ) Changei nWC( £’ 000) Cape x( £’ 000) Depr ec i at i on( £’ 000) Ot h erU. K.b us i n es s e s : Ca pi t al c as hfl owsaf t ert ax es( £’ 000)
Ac t ua l Ac t ua l Pr oj e c t e d Pr oj e c t e d Pr oj e c t e d 3 1 Ma r 0 0 3 1 Ma r 0 1 3 1 Ma r 0 2 3 1 Ma r 0 3 3 1 Ma r 0 4 813 853 927 991 1, 058 641 645 644 648 649 42, 402 47, 276 78, 180 86, 585 84, 324 180, 479 187, 395 195, 972 201, 742 206, 649 102, 530 10, 570 7, 380 5, 530
88, 870 12, 772 9, 760 5, 370
74, 930 2, 178 10, 220 6, 130
77, 137 6, 000 9, 730 8, 850
79, 013 8, 497 9, 230 8, 400
4, 566
14, 438
12, 641
8, 238
1, 362
S our c e :Apa xPa r t ne r s ;c a s e wr i t e re s t i ma t e s ; fig ur e sha v eb e e ndi s g ui s e d . a
Do e sno ti nc l udede pr e c i a t i o n.
b
St ar t i ngi n2006,cas hflowsf r om Ot herU. K.Busi ness esshoul dgr ow dr amat i cal l yi nt ot het ensofmi l l i onsofpounds.Manage t hec a s hs t r e a m po s t 2 0 0 5gi v e nt hehi g hunc e r t a i nt ys ur r o undi ngt h os ef ut ur epr o j e c t i o ns .
ne s s , 1 9 9 9 – 2 00 5( po undsi nt ho us a n ds ) Pr oj ec t ed Pr oj ec t ed Pr oj ec t ed 31 Ma r 0 5 3 1 Ma r 06 3 1 Ma r 07 1, 126 1, 194 1, 254 649 649 649 86, 615 85, 366 86, 049 211, 278 214, 996 216, 716 80, 783 6, 300 8, 380 7, 630
82, 204 4, 375 8, 000 8, 000
82, 862 2, 023 8, 000 8, 000
1 , 9 5 6
1 0, 0 00b
2 0, 0 00b
e nt ,ho we v e r ,f o undi tdi ffic ul tt oe v a l ua t e
Exhibit 7
Yel l ow BookUSA—Hi s t or i c alFi nanc i alI nf or mat i onandManagementPr oj ec t i onsf ort heBus i ne
Year Newl aunc hes( number ) T ot al Rev enues( $’ 000) Capex( $’ 000) Depr ec i at i on
Ac t ua l 3 1 Ma r 0 0 n/ a
Ac t ua l 3 1 Ma r 0 1 n/ a
Pr oj e c t e d 3 1 Ma r 0 2 7
Pr oj e c t e d 3 1 Ma r 0 3 8
Pr oj e c t e d 3 1 Ma r 0 4 7
217, 500 3, 698 N/ A
330, 000 7, 000 7, 000
421, 600 10, 600 6, 240
483, 200 8, 700 7, 910
544, 050 8, 170 7, 430
S our c e :Apa xPa r t ne r s ;c a s e wr i t e re s t i ma t e s ; fig ur e sha v ebe e ndi s g ui s e d .
s s ,1 9 9 9– 2 00 5( do l l a rfigur e si nt hous a nds ) Pr oj e c t e d 3 1 Ma r 0 5
Pr oj e c t e d 3 1 Ma r 0 6
Pr oj e c t e d 3 1 Ma r 0 7
8
0
0
598, 600 8, 990 8, 810
688, 390 8, 000 8, 000
757, 229 8, 000 8, 000
Exhibit 10
Da t af o rCo mpa r a b l eLi s t e dCo mpa ni e s( fiv e y e a ra v e r a g eunl e s so t he r wi s ei ndi c a t e d)
Compa ny
Ma i nBus i ne s sAc t i vi t i e s
Loc a li nde x
SBCCommuni c at i ons
Longdi s t anc es er v i c e,l oc al s er v i c e,wi r el es s,and di r ec t or ubl i s hi n
S&P500
Ver i z on
Longdi s t anc es er v i c e,l oc al s er v i c e,wi r el es s,and di r ec t or ypubl i s hi ng
S&P500
Bel l Sout h
Longdi s t anc es er v i c e,l oc al s er v i c e,wi r el es s,and di r ec t or ypubl i s hi ng
S&P500
Qwes t
DSLs er v i c e s ,b r o ad ba ndan dwi r e l e s s c ommuni c at i ons ,d i r ec t or ypubl i s hi ng
S&P500
Spr i nt
Longdi s t anc es er v i c e,l oc al s er v i c e,pr oduc t di s t r i but i on,anddi r ec t o r ypubl i s hi ng
S&P500
Mc LeodUSA
I nt er netac ces s,s y st em i nt egr at i ons er v i c es ,and y e l l o w pagespubl i s hi ng
S&P500
Wor l dPagesa
I ndependentdi r ec t or ypubl i s herr ec ent l y di v er s i f y i ngi nI nt er netpor t al s er v i c es
S&P500
SEATPagi neGi al l e
Whi t eandy el l o w pa gest el ephonedi r ec t or i e s. Mor er ec ent l yI nt er netac c es ss er v i c es
Wan ad oob
I nt er netSer v i c ePr ov i der .Al s ooffer sc l i ent por t al s ,e‑ mer c hants er v i c es ,anddi r ec t or i es
CAC 40( Fr ance)
T el ef oni c aPu bl i c i dadeI nf or mac i onc
Di r ec t or ypubl i s hi ng
I BEX35( Spai n)
Eni r ob
Cat al ogan dt el ephonedi r ec t or ypubl i s hi ng
OMX( Sweden)
S our c e :Bl o omb e r gI nt e r n a t i o na l . a Thr e e y e arda t aa va i l a bl e . bOne ye ardat aa vai l abl e . c T woy e arda t aa v a i l a bl e .
MI B30( I t al y )
Be t avs . Lo c a l Bet avs. S&P500 Bet avs . MSCI Index Index Wor l dI ndex
Debt/EV
0. 54
0. 54
0. 63
15. 4%
0. 53
0. 53
0. 61
22. 6%
0. 41
0. 41
0. 42
17. 5%
1. 23
1. 23
1. 39
25. 0%
0. 66
0. 66
0. 68
16. 4%
1. 75
1. 75
N/ A
20. 7%
0. 89
0. 89
1. 08
24. 4%
0. 97
0. 56
0. 87
2. 8%
1. 46
1. 19
1. 47
1. 1%
2. 33
1. 13
1. 9
1. 9%
0. 43
0. 67
0. 79
8. 2%
Exhibit 11
Count r y s p ec i ficI nf o r ma t i ona boutI nt e r e s tRa t e s , Cur r e nc y , a ndT ax
OnApr i l1 2 , 2 0 0 1 Yi el don5y earTbi l l Yi el don10y earTbi l l Yi el don30y earTbi l l $ / £s p otr a t e $/ £1y earf or war dmi dr at e $/ £2y earf or war dmi dr at e $/ £3y earf or war dmi dr at e $/ £4y earf or war dmi dr at e $/ £5y earf or war dmi dr at e T axr at e
Uni t e dSt a t e s 4. 77% 5. 17% 5. 61% 1 . 4 39b i d —1 . 4 4a s k 1. 4315 1. 4290 1. 4270 1. 4245 1. 4570 35%
S o ur c e :Ada p t e df r o m Bl o omb e r gI nt e r na t i o na l ;Offe r i ngMe mo r a n dum,“ Y e l lF i na nc eB. V. , ”Aug us t
e s Uni t edKi ngdom 5 . 0 6% 4 . 9 4% 4 . 5 2%
30%
6 ,2 0 01 .
