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21/08/2015 7:44

Error check = OK

Name - Scenario
Currency

= Input on this sheet

= Calculation

Historical
Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Historical Income Statement


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

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Amortization of Goodwill
Amortization of Intangibles
Non-Operating Income
Interest Income
Interest Expense
Restructuring Charges
Special Items
Earnings Before Taxes
Income Taxes
Minority Interest
Income Before Extraord. Items
Extraord. Items (After Tax)
Net Income
Preference dividends
Earnings for common shareholders
Common dividends
Retained profit

Statement of changes in equity


Beginning Equity
Retained profit
Foreign Exchange Rate Changes
Issue of New Shares/buy back
Goodwill Written Off
Other Adjustments to Equity
Ending Equity

Historical Balance Sheet


Operating Cash
Excess marketable securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets
Net Property Plant and Equip
Goodwill
Other Intangible Assets
Other Operating Assets
Investments & Advances
Deferred tax Asset
Other Non-op Assets
Retirement Related Assets (non-operating)
Total Assets

McKinsey & Company Confidential

280403194.xls

Page 1

21/08/2015 7:44
Error check = OK

= Input on this sheet

Name - Scenario
Currency

= Calculation

Historical
Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Short Term Debt


Accounts Payable
Tax Payable
Dividends Payable
Other Current Liabilities
Total Current Liabilities

Balancing Debt
Long Term Debt
Deferred Income Taxes
Other operating liabilities
Restructuring Provisions
Income smoothing Provisions
On-going operating Provisions
Long-term operating Provisions
Retirement Related Liabilities
Minority Interest
Preferred Stock
Total Long Term Liabilities
Total Common Equity
Total Liabs and Equity
Balance sheet check

OK

Off Balance Sheet Items


Marginal Tax Rate
Capital Expenditure
Initial Cumulative Goodwill Written Off
Initial Cumulative Intangibles Written Off
Market Value of Common Equity
Non-operating component of pension expense
Weighted Average Cost of Capital
Risk Free Rate (10 yr T-bond, avg yr.)
Operating Leases
Interest rate on Operating Leases %
Interest rate on Long-term operating Provision
Number of ordinary shares (average) (000)
Number of ordinary shares (year end) (000)
Additional number of shares if fully diluted(000
Par value of preference shares (Currency)

McKinsey & Company Confidential

280403194.xls

Page 2

21/08/2015 7:44
Error check = OK

= Input on this sheet

Name - Scenario
Currency

= Link to historical data

= Calculation

Historical
Range name

= Input on this sheet

Detailed Forecast

Key driver forecast

Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------

General
Name
Scenario
Latest year end
Valuation date
End of detailed forecast period
Continuing value year
Currency
Units

Name
Scenario
YE
Val_Date
End_DF
CVY_Date
Currency
Units

Name
Scenario
dd/mm/yy or mm/dd/yy
Must be after latest year end
NA
NA
Currency
1

Enter any year end from NA to NA


e.g. DM, US$
e.g. 1,000

Share price for comparison with valuation


High
High
Low
Low

Text:

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

Rev

OOR

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Positive

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Positive

COGS: % Revenue
Cost of Goods Sold

COGS

Negative

NA
0

SGA: % Revenue
SGA

SGA

Negative

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

OOE

Negative

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

OpCash

Positive

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Positive

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Positive

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Positive

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Other Op Exp: % Revenue


Other Operating Expense

Working capital
Op Cash: % Revenue
Operating cash
Inventories: % Revenue
Inventories
Acc Rec: % Revenues
Accounts receivable
Acc. Pay: % Revenues
Accounts payable

Inv

TradDebt

TradCred

OCA: % Revenues
Other current assets

OCA

Positive

NA
0

OCL: % Revenues
Other current liabilities

OCL

Positive

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

Total operating working capital


WC increase/(decrease)
WC: % Revenues

WC_Bal
WC_Delta

NA

Balance Sheet Items


Property Plant & Equip
PPE Net

PPE_Net

Capital expenditure option


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

Enter 1,2 or 3

Depreciation: % Net PPE b/f


Depreciation
Balancing item
Other historical fixed asset movts

Capex

Depn

Positive

Positive

NA
NA
0
0

NA
NA
0
0

NA
NA
0
0

NA
NA
0
0

NA
NA
0
0

NA
NA
0
0

NA
NA
0
0

NA
NA
0
0

NA
NA
0
0

Negative

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

FA_Hist

Goodwill
Opening
Additions/(disposals)
Amortisation
Closing
Initial goodwill written off

GW_Cash
GW_Amort
GW_Bal
GW_Init

Negative
Positive
Positive

Intang_Cash
Intang_Amort
Intang_Bal
Intang_Init

Negative
Positive
Positive

OOA_Cash
OOA_Bal

Positive

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

Other operating assets


Opening
Additions/(disposals)
Closing

McKinsey & Company Confidential

280403194.xls

Page 3

21/08/2015 7:44
Error check = OK

= Input on this sheet

Name - Scenario
Currency

= Link to historical data

= Calculation

Historical
Range name

= Input on this sheet

Detailed Forecast

Key driver forecast

Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------

Other operating liabilities


Opening
Additions/(disposals)
Closing

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

Positive

0
NA
0

OOL_Cash
OOL_Bal

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

Positive

0
NA
0

NOA_Cash
NOA_Bal

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

Positive

0
NA
0

RetRelA_Cash
RetRelA_Bal

RetRel_Cash
RetRel_Bal

Positive

0
NA
0

0
0
NA
0

0
0
NA
0

0
0
NA
0

0
0
NA
0

0
0
NA
0

0
0
NA
0

0
0
NA
0

0
0
NA
0

0
0
NA
0

0
NA

0
NA

0
NA

0
NA

0
NA

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

Positive

0
NA
0

Inv_Cash
Inv_Bal

Implied principal

OpLease_Bal

Positive

Investment in operating leases

OpLease_Cash

Non-operating assets
Opening
Additions/(disposals)
Closing

Retirement Related Assets


Opening
Increase/(decrease)
Closing balance

Retirement Related Liabilities


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

RetRel_Nonop

Investments
Opening
Additions/(disposals)
Closing

Off-Balance Sheet Items


Operating leases

Interest rate
Implied interest

OpLease_Int

Positive

NA

NA

NA

NA

NA

NA

NA

NA

NA

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Adjustments to operating value


Valuation basis

Book value

PV (discounted at WACC)

Excess Marketable Securities

EMS

0 Book

Financial Investments

FFA

0 Max(BV,PV)

Excess pension assets

Pen_Excess

Manual calc

30

Debt

MV_Debt

0 Book

Capitalized Operating Leases

MV_OpLease

0 Book

Retirement Related Liability

MV_RetRel

0 Book

Preferred Stock

MV_Prefs

0 Book

Minority Interest

MV_Min

0 Max(BV,PV)

Restructuring Provision

MV_Restr

0 Max(BV,PV)

Long-term operating Provision

MV_LTOp

0 Book

Value of Options Outstanding

Options

Manual calc

Value of Future Stock Options

Future_Options

Manual calc

Provisions & Non-Op. P&L


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

NOI

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Special (pretax) income/(expense)

SpecItem

Extraordinary items/(expense)

ExtraordItem

0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
0
NA

0
NA

0
NA

0
NA

0
NA

0
NA

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0
0.0%
0
0
NA

0
0

0
0

0
0

0
0

0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Income smoothing Provision


Increase/(decrease)
Closing balance
Memo: % Revenues

Prov_Cash
Prov_Bal

Negative
Positive

OOP_Cash
OOP_Bal

Positive

Restr_Prof
Restr_Cash
Restr_Bal

Positive
Negative
Positive

On-going operating Provisions


Increase/(decrease)
Closing balance

Restructuring Provisions
Opening
P&L additions
Cash payments
Closing

Long-term operating Provisions


Opening
Implied Interest
Interest Rate
Expense
Closing
Increase/(decrease)

LOP_Int
LOP_IntR
LOP_Bal
LOP_Cash

Positive

Min_Prof
Min_Cash

Positive
Negative

Minority interests
Opening
P&L attributed (+ve)
Cash payments
McKinsey & Company Confidential

280403194.xls

Page 4

21/08/2015 7:44
Error check = OK

= Input on this sheet

Name - Scenario
Currency
Closing

McKinsey & Company Confidential

Historical
Range name
Min_Bal

Positive

= Link to historical data

= Calculation

Detailed Forecast

= Input on this sheet

Key driver forecast

Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

280403194.xls

Page 5

21/08/2015 7:44
Error check = OK

= Input on this sheet

Name - Scenario
Currency

= Link to historical data

= Calculation

Historical
Range name

= Input on this sheet

Detailed Forecast

Key driver forecast

Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------

Debt Finance & WACC


Interest rates
Excess cash
Balancing debt
Short term debt
Long term debt - 1
Long term debt - 2

Historical balances
Excess cash
Balancing debt

Cash
OD

Positive
Positive

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Short term debt


Long term debt - 1
Long term debt - 2
Total

STD_Bal

Positive

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

STD_Cash

LTD_Cash

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

Use this if you want to subdivide LTD


LTD_Bal
Positive

Scheduled additions/(repayments)
Short term debt
Long term debt - 1
Long term debt - 2
Total

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

Int_Inc

Positive

Int_Exp

Negative

Total interest expense (excl OD)

Int_Exp_Excl_ODNegative
0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0
0
0
NA
0

0
0
0
NA
0

0
0
0
NA
0

0
0
0
NA
0

0
0
0
NA
0

0
0
0
NA
0

0
0
0
NA
0

0
0
0
NA
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
NA
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0
NA
0
0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

WACC

WACC

Note: to be calculated in separate model

Equity Finance
Preferred stock
Opening
New issues/redemption
Closing
Dividend: Coupon % average balance
Dividends
Par value per share
No. preferred shares (thousands)

Prefs_Cash
Prefs_Bal

Positive

Prefs_Div

Negative

0
Prefs_No

Common equity
Opening
Net earnings for year
Dividends: % earnings
Dividends
Translation effects
New issues/(buy-backs)
Goodwill write off
Other adjustments
Closing

Equity_Bal _BF Positive

Div_Com
Translation
Equity_Cash
GW_writeoff
Equity_Adj
Equity_Bal

Negative

Positive

Shares_Av

Positive

Shares_YE

Positive

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

0
NA
0

Positive
Shares_FD_Av Positive
Shares_FD_YE Positive

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

Negative

Number of common shares


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

Dividends payable (B/S)


Opening
Dividends declared
Dividends paid
Closing

McKinsey & Company Confidential

Div_Cash
Div_Bal

Negative
Negative

280403194.xls

Page 6

21/08/2015 7:44
Error check = OK

= Input on this sheet

Name - Scenario
Currency

= Link to historical data

= Calculation

Historical
Range name

= Input on this sheet

Detailed Forecast

Key driver forecast

Other inputs NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------

Tax
Current tax
Earnings before tax
Tax charge
Tax creditor b/f
Current tax payable
Tax paid
Tax creditor c/f
Tax creditor delta

Tax_Charge

0
0

Negative

Tax_Paid
Negative
Tax_Cred_Bal
Positive
Tax_Cred_Delta

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

NA
0.0%

NA
0.0%

NA
0.0%

NA
0.0%

NA
0.0%

NA
0.0%

NA
0.0%

NA
0.0%

NA
0.0%

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

NA
0

Tax rates
Effective
Marginal

NA
TaxRateMarg

Deferred tax
Asset Increase/(decrease)
Deferred tax asset

DefTaxA_Delta
DefTaxA_Bal

Liability Increase/(decrease)
Deferred tax liability

DefTax_Delta
DefTax_Bal

Positive

Positive

Phase 2 & CV drivers


Phase 2 Inputs
Revenue growth
Revenue

Rev_P2

Adjusted EBITA margin


Adjusted EBITA

Adj_EBITA_P2

NA
0

Cash tax rate


NOPLAT

CashTax_P2
NOPLAT_P2

NA
0

NA
0

NA
0

NA
0

NA
0

Closing Net PPE as % Revenues


Net PPE

NA
0

NA
0

NA
0

NA
0

NA
0

Other Invested Capital as % Revenues


Other Invested Capital
Invested Capital (pre-Goodwill)

Inv_CapP_P2

NA
0
0

NA
0
0

NA
0
0

NA
0
0

NA
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Cumulative Goodwill
Invested Capital
Net Investment

Inv_Cap_P2
Net_Inv_P2

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

NA
1
0

NA
2
0

NA
3
0

NA
4
0

NA
5
0

NA
6
0

NA
7
0

NA
8
0

NA
9
0

NA
10
0

NA
11
0

NA
12
0

NA
13
0

NA
14
0

NA
15
0

NA
16
0

Continuing value inputs


Choose ROIC option

Enter 1,2 or 3

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

NA
0.0%

ROIC used

ROIC

Growth in NOPLAT

0.0%

Constants & dates


Days in year
Months in year
One
Units - label

DIY
MIY
One
Unit_label

365
12
1
1
1000 thousands
1000000
millions
1.00E+009
billions

Dates
Year
CVY
FY
Mid year adjustment factor (months)

McKinsey & Company Confidential

MYAF

NA
(9)

NA
(8)

NA
(7)

NA
(6)

NA
(5)

NA
(4)

NA
(3)

NA
(2)

NA
(1)

NA
0

0
10

280403194.xls

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Name - Scenario

Historical

OK

Currency

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Income Statement
Revenues

Other Operating Revenues

Cost of Goods Sold

Selling, Gen & Admin Expenses

Depreciation Expense

Other Oper Expense

Reported EBITA

Amortization of Goodwill

Intangibles Amort. (Excl. Goodwill)

Reported EBIT

Non-Oper Income

Interest Income

Interest Expense

Restructuring Charges

Special Items

Earnings Before Taxes

Income Taxes

Minority Interest

Income Before Extraordinary Items

Extraordinary Items (After Tax)

Net Income

Preference dividends

Earnings for common shareholders

Common dividends

Retained profit

Earnings per share (Currency)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

NA

NA

NA

NA

NA

Earnings per share - fully diluted (Currency)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

NA

NA

NA

NA

NA

Opening balance

Retained profit

Foreign Exchange Rate Changes

Issue of New Shares

Goodwill Written Off

Other Adjustments to Equity

Statement of changes in equity

Closing balance
Check: Changes in Equity

0
OK

280403194.xls

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Name - Scenario

Historical

OK

Currency

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Balance Sheet
Operating Cash

Excess Marketable Securities

Accounts Receivable

Inventories

Other Current Assets

Total Current Assets

Net Property Plant and Equipment

Goodwill

Other Intangible Assets

Other Operating Assets

Investments

Deferred tax asset

Other Non-operating Assets

Retirement Related Assets

Total Assets

Short term debt

Accounts Payable

Tax payable

Dividends payable

Other Current Liabilities

Total Current Liabilities

Balancing Debt

Long Term Debt

Deferred Income Taxes

Other Operating Liabilities

Restructuring Provisions

Income smoothing Provisions

On-going operating Provisions

Long-term operating Provisions

Retirement Related Liabilities

Minority Interest

Preferred Stock

Total Common Equity

Total Liabs and Equity


Check: Assets = Liabilites

OK

280403194.xls

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Name - Scenario
Currency

OK

Historical

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Traditional Cash flow


Reported EBITA

Depreciation

EBITDA

Less investment in working capital

Foreign exchange translation effects

Operating cashflow

Less tax paid

Less capex

Less investment

Less goodwill & intangibles acquired

On-going operating Provision

Less other operating assets/liabilities

Total capital investments

Interest Income

Interest Expense

Debt raised/repaid

Total finance payments

Non-Oper Income

Special items

Extraordinary items

Investment in non-operating assets

Retirement Related Assets

Total non-operating items

Restructuring charges

Income smoothing Provision

Long-term operating Provision

Retirement Related Liabilities

Minority interest

Total payments to reserves/minorities

Less pref dividends paid

Prefs issued/(redeemed)

Less dividends paid

Equity raised/repaid

Capital investments

Finance

Plus non-operating income &expense

Less payments from reserves and to minorities

Equity

280403194.xls

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Name - Scenario

Historical

OK

Currency

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Total equity cash payments

Net Cashflow

Opening balance

Increase/ (Decrease)

Excess cash

Balancing debt

Cash/overdraft

Closing balance
Check: Cash calc = Cash balance

0
OK

280403194.xls

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Name - Scenario

OK

Currency

Historical

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

NOPLAT
Reported EBITA

Adj for Operating Leases

Adj for Non-operating component of pension expense

Add: Interest associated with Long-term operating Provision

Add: Increase in Income smoothing Provision

Adjusted EBITA

Taxes on EBITA

Change in Deferred Taxes

NOPLAT

Prov for Inc Taxes

Tax Shield on Interest Exp

Tax Shield on Operating Lease Interest

Tax Shield on Non-operating component of pension expense

Tax Shield on Interest associated with Long-term operating Provision

Tax on Interest Income

Tax on Non-operating Income

Taxes on EBIT

Net Income

Add: Increase in Deferred Taxes

Add: Increase in Income smoothing Provision

Add: Goodwill Amortization

Add: Extraordinary Items

Add: Special Items After Tax

Add: Minority Interest

Adjusted Net Income

Add: Interest Exp. After Tax

Add: Interest Exp. On Long-term operating Provision

Add: Interest Exp. on Op. Leases

Add: Interest Exp. on Non-operating component of pension expense

Income Available to Investors

Add: Restructuring Charges

Less: Interest Income After-Tax

Less: Non-operating Income After Tax

NOPLAT

Taxes on EBIT

Reconciliation to Net Income

280403194.xls

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Error check = OK

Name - Scenario

OK

Currency
Check: NOPLAT

Historical

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------OK

280403194.xls

Page 6

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Error check = OK

Name - Scenario

Historical

OK

Currency

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Invested Capital
Operating Working Capital

Net Property Plant and Equipment

Other Assets Net of Other Liabs

Less: On-going operating Provision

Value of Operating Leases

Op. Invested Capital (excl.Goodwill)

Goodwill & Intangibles

Op. Invested Capital (incl.Goodwill)

Excess Marketable Securities

Investments

Non-operating Assets

Retirement Related Assets

Total Investor Funds

Total Common Equity & Pref. Stock

Cum Goodwill Written Off & Amortized

Deferred Income Taxes

Dividends Payable

Income smoothing Provision

Adjusted Equity

Minority Interest

Restructuring Provisions

Long-term operating Provision

Retirement-Related Liabilities

Interest Bearing Debt

Value of Operating Leases

Total Investor Funds

Cumulative Written Off & Amortized

Check: Investor Funds

OK

280403194.xls

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Error check = OK

Name - Scenario

OK

Currency

Historical

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Free Cash Flow


NOPLAT

Depreciation

Gross Cash Flow

Increase in Working Capital

Capital Expenditures

Incr in other operating assets/liabilities

Incr in Ongoing operating Provisions

Inv in Operating Leases

Gross Investment

Free Cash Flow Excl. Goodwill

Investment in Goodwill and Intangibles

Free Cash Flow Incl. Goodwill

AT Interest Income

(Incr)/Decr Excess Mkt Sec

Foreign Exchange Translation

(Incr)/Decr Retirement Related Assets

Non-operating Cash Flow

Restructuring Cash Flow

Extraordinary items

Cash Flow Available to Investors

AT Interest Expense

Interest on Operating Leases

Interest on Nonoperating Component of Pension Expense

Interest on Long-term Operating Provision

Decr/(Incr) in Debt

Decr/(Incr) in Operating Leases

Decr/(Incr) in Retirement Rel. Liab

Decr/(Incr) in Long-term Operating Provision

Payments to Minorities

Common Dividends

Preferred Dividends

Decr/(Incr) in Preferred

Decr/(Incr) in Share Capital

Total Financing Flow

Financing Flow

Check: Investors CF = Financing CF

OK

280403194.xls

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Error check = OK

Name - Scenario
Currency

OK

Historical

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Economic Profit
Before Goodwill
Return on Invested Capital

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

WACC

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Spread

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Invested Capital (Beg of Year)

Economic Profit (before Goodwill)

NOPLAT

Capital Charge

Economic Profit (before Goodwill)

Return on Invested Capital

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

WACC

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Spread

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Invested Capital (Beg of Year)

Economic Profit (after Goodwill)

NOPLAT

Capital Charge

Economic Profit (after Goodwill)

After Goodwill

280403194.xls

Page 9

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Error check = OK

Name - Scenario

Historical

OK

Currency

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

DCF Valuation Calculations


CV period
FCF period

Sum

Sum

Free Cash Flow


Discount Factor
PV of FCF

Continuing value
PV of Continuing value

Operating value

Economic profit

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

Profits attributable to minorities

Perpetuity based on final year detailed forecast

1.00

1.00

1.00

1.00

1.00

Non-operating income

Perpetuity based on final year detailed forecast

1.00

1.00

1.00

1.00

1.00

Discount Factor
PV of EP

Continuing value
PV of Continuing value

Invested capital at start of forecast

Operating value

Check: EV=FCF

OK

Minorities

Discount factor
Present Value

1.00
0

Non-operating assets

Discount factor
Present Value

1.00
0

Restructuring costs
Restructuring costs paid
Discount factor
Present Value

1.00
0

280403194.xls

1.00

1.00

1.00

1.00

1.00

Page 10

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Error check = OK

Name - Scenario
Currency

Historical

OK

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Ratios
Adjusted EBITA / Revenues
Cost of Goods Sold / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

SGA costs / Revenue

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

EBITDA / Revenue

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Depreciation / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Reported EBITA / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Adjustments to EBITA / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Adjusted EBITA / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net PPE / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Working Capital / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Other Assets / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Rev. / Inv. Capital (pre-Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Pre-Tax ROIC

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Cash Tax Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

After-Tax ROIC (pre-Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Rev. / Inv. Capital (incl. Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

After-Tax ROIC (incl. Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net PPE / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Working Capital / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Other Assets / Revenues

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Rev. / Inv. Capital (pre-Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Pre-Tax ROIC

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

After-Tax ROIC (pre-Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

After-Tax ROIC (incl. Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Average ROE

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Revenue Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Adjusted EBITA Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NOPLAT Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Invested Capital Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Income Growth Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Gross Investment Rate

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Net Investment / NOPLAT

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

EBIT/Interest Payable

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Adjusted EBITA/Interest payable

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Cash Coverage (Gross CF / Interest)

NA

NA

NA
NA
280403194.xls

NA

NA

NA

NA

NA

NA

NA

NA

NA

Return on Invested Capital (BY)

Return on Invested Cap (Avg)

Growth Rates

Investment Rates (excl. Goodwill)

Financing

NA
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Name - Scenario
Currency

Historical

OK

Detailed Forecast

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Debt / Total Cap (Book)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Debt / Total Cap (Market)

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Mkt Val Op Inv Cap/ BV Op Inv Cap

NA

NA

NA

NA

NA

NA

NA

NA

NA

Market / Book (incl. Cum Goodwill)

NA

NA

NA

NA

NA

NA

NA

NA

NA

Mkt val Op Inv Cap / Adj EBITA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Valuation indicators

Enterprise value / EBITA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Price Earnings Ratio

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

280403194.xls

Page 12

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OK

Name - Scenario
Currency
Value of Operations: DCF approach
Free Cash
Discount
Year
Flow
Factor
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Cont. Value
Operating Value

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
#N/A

Continuing value % Operating value


Mid -Year Adjustment Factor
Operating Value (Adjusted)

Value of Operations: Economic Profit


Economic
Discount
Year
Profit
Factor

PV
of FCF
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
Cont. Value
0
Present Value of Economic Profit
Invested Capital (incl. goodwill)

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

Value of Equity
PV
of EP
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

NA
Operating Value
Mid -Year Adjustment Factor
Operating Value (Adjusted)

1.000
0

0
1.000
0

Comparison of key ratios

Operating Value
Excess Mkt Securities

0
0

Financial Investments
Excess Pension Assets

0
0

Enterprise Value

0
0
0
0
0
0
0
0
0
0
0

Debt
Capitalized Operating Leases
Retirement Related Liability
Preferred Stock
Minority Interest
Long-Term Operating Provision
Restructuring Provision
Future Stock Options
Stock options

Equity Value
No. shares (thousands)

Value per Share

0
NA

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

NA
NA
NA
NA

Evaluation of entry and exit multiples

From:
To:

NA
NA

Averages
NA
NA

NA

NA

Revenue growth (CAG)


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

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

Operating Value

Excess Mkt Securities


Financial Investments

0
0

Adj. EBIT/Revenues

NA

NA

NA

NA

Enterprise Value

Revenues/Invested Capital (pre-Goodwill)


ROIC (after tax, pre-Goodwill)
ROIC (after tax, including Goodwill)
Average Economic Profit

NA
NA
NA
0

NA
NA
NA
0

NA
NA
NA
0

NA
NA
NA
0

Revenue
Adjusted EBITA
NOPLAT

0
0
0

NA
NA
NA

Cash Tax Rate


WACC

NA
NA

NA
0.0%

0.0%
0.0%

0.0%
0.0%

NA
NA
NA

NA
NA
NA

McKinsey & Company Confidential

NA
NA

NA
NA

Enterprise / Revenue
Enterprise / Adjusted EBITA
Enterprise / NOPLAT

280403194.xls

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