Você está na página 1de 13

c c

c
 
  



 
 
$
%&
''
(
+ ,- '&
''
(
0'$ 
$
%&
''
(
   
'12
%$3&
''
(
45  ,- '
  
-
&

''
(
   
r
$2
&
''
(
     


"#

 


 


! 


.
 .

)*
$'$

%  
   / 
$
%

! 

 

  3 


%'
% $3
$

6
! 

 "
!

1+*708
1+*708''

! 
 

191+*708

  c! c"# "cc$$c " %c& "c#


 ' 

c  
7
8

7
+

7
5
 
7
0

7
1

c
()*++
SOURCES OF CASH (! in millions)
 





 

! 

"& 
(   

!
)

"#

!*%
!

Summary of Fees (! in millions)


 +
, 
"
> +
Total

 
"
 

 


 
 " .
 "."
.
. . ""
" . 
((*,--)...)

USES OF CASH (! in millions)


 

 

"#

 
'


!!$%
!
* )

7
 

" 
+

)%
!*
)!%
$
!
 

 

$
!

!-  .)

 Year LIBOR Historical Chart

(++/

(++0

(++1

(++)

.
,
(

(
.
.
 
"
>
@ 
A

$% $!?
%!*?
%$)?
%$?
%$!$?
% ?
% !?
%$?
% ?
%**?
%$$?
%*!$?

%$$!?
%***?
%!?
% ?
%*))?
%$$)?
%$ ?
%$?
%?
$% !*?
$% *?
$%$?

$%*)?
%)$ $?
%))?
%$) *?
*%))?
*%! *)?
*%*! ?
*%?
*% ?
*% ?
*%!*)?
% *?

%*)?
!% ?
%!! $?
!% ! ?
!%) ?
!% ?
!%!*!?
!%$ ?
!%**?
!% *)?
!%! $?
!%!?

Average Value


 





 

EBT (! in millions)

BC
 B C
"& 
(   BC

c

%
*
!
)
!



  
(++0

Interest rate

(++/

DEF>GH%?
DEF>GH%?
DEF>GH!%?
DEF>GH!%*?

 % ) )***
!*%!! *)

%$) 
!!%* $

*%!)$ 
!  

!%*)!****
! 


" c$
c
Historical

(++.
-
% #
5 '#-

:;8#-

0  

$8 < 
#-

  
%
$  %#-

*
 12

1- 
  
1- 2 &
 2  2
(
8
 - 3'# -

8
 - '$ 
*
-
 #5 '
8
  3'#5 '
8
  3'$ 
5 2#-


(++%!*?
%$?
 %*?
*%?
% ?


)% ?
$%!?
*%?
%?

(++2
I!% $?
% ?
 %$!?
*%! ?
%$?

"#
* %$?

*% ?
!% ?
$%!
%* ?
!*%*?
$)%
%*!?

I*%?
!%*)?
%*
%!?
!*% *?
$ %
%$?

c% 
 "cc" "c3
) '
5 '
$   4
:;8
"6c
0  

$8 < 

  
%
$  %
"6c
*
 2

*
 
$ 


7 
*
 2&2
(3

 

6 "#""c3
"c
5 
$ ,- '

 6 
-

8

$  - 3'
 
$
-
 
)   '$  '
5 
 
$ - - 
 $2

$  
 
c 


" c%5
c":
"c
 ' 

= 

c

;"
:$''

0 - - 
0 $ 2 
=  
c

(++.
 
6..
3.52+/*++
6
301(*++
6.

3--.*++
6 .
.
3...*++
6 
3(,.*++

(++ 
6  
3.5/0-*++
6 
3/-1*++
6 "
6 
3(,0*++
6 
 "
3).*++
6
3/.*++

(++2
  
6 
3.52)-*++
6.
3//(*++
6
6
3.+-*++
6 
 .
3,).*++
.
3(2(*++

(++-*++

6c  


8 
8 
'9  
(++2*++ (++2(++/


 
 
.



-0()*++


.

""


.
--+0*++

 

--.)*++
"

..

,+(/2*++

.
. 
-..)*++


 

)0/1*++

6.





"
6 c"c&# " <":c%
 6 3 
%
8
  3'
8 $2

$  
' 3'
*
 2  3'
5 
 
'
%6 $3
c '



" 
 .

(1/-*++



"" 


(/+,*++

4
%6 $3
0 $
 2
0 - -' 3'

.
"
 

" 
"


.

"

6 " 

0 $ 
' 3'
= ' 3'

 
 
7 
3''

  $ $ '&  '
(
>
 $3 $%'
&   '
(
c'

"

.

 .
 


.

c&# " =":c%


5
?
8$$
' $6
  '
 
$

%
8' $  
-'
 $?
7     
c > < 

/(),*++

2--.*++



"
6 

6 
.)0-*++



 
6
6
6 "
-.(2*++

6
".

"
c' > < 

,+(/2*++

6   >
#! ?cc" "c&
''
(
#! ?!  
" c$c@c"
)

%
8     4   4 A
0  

$  < 

8 < 


  $?
0 $
 2
= 

 
4 4'A
8

$  - 3'
 
$
-
 
 $2

$  
% 
8
  3'  $2

$ ' 3'
*
 2  3'
  ' 4 

)0/1*++
3+


(++-

68 

(++2




 "


 



6




"

6
1+,*++

6
 
 
6
6
0-/*++

#! ?!  @"c$c@c"


5  '2
$ 

$  '2$ 
  +7*

   6 
-

$
  4 

6 


6
B1.-*++

6 .
 
6
6"
B-00*++

#! ?!  !$c@c"


 6 3 
%

4
%6 3 
%
4
%6 $3  

0  &
  (
  $ 
$ 
?
$
   ?
$ 2 ?

  C ' 4 


.
6



-1(*++



6



B-0/*++

6



.

,-.(*++

6 "

,(2+*++

12
% 
%
 
$ ,- '

##":@ "c
&0  (
  $ 
%
+%


%
#cc#""!c#"%"
"6cc" "c#" "

BC
(
>
Ending balance

(++/

(++0



3-(-*0+

 B C


(
>
Ending balance

.


(   BC


(

"




6 "
(2.0*(1-+/0

6. 

(++1
" 

6 " 
-(-,*,21(+1

>
Ending balance

(++/

Valuation in year  assuming EBIT A exit multiple of 

1+*708
7 '
  - '
03
1,- '6 - '




Valuation in year  assuming EBIT A exit multiple of 

1+*708
7 '
  - '
03
1,- '6 - '




(++0

(++1

r 

 '  

  A'
%  ' 
$$B
 " )=71C 1:178)857*=)

(+,+

(+,,

% )$$?
%)$ *?
%)* $?
% ?
!%! ?
!%$!?
!%  *?
!%* ?
%)$*!?
%)?
% ?
%) ?

%) ?
%)!*?
% *?
%)?
% !?
% ?
%**?
% *?
%)?
%) $ ?
% * ?
!%!!?

 

 

(++1

(++)

 
 '3 '3 

(+,+

(+,,

$!%*) *%*$ )$  %  


)%$  %!!) % $!  %!!

!-  


.''
 .''
  $


@ '' $3 ?


r3 
,(.*2//// )/*1/,,(( 1/*2./(+( 2)*+(,(,2

rojections

(++/
#
"#
#
 #
#

(++0
#
"#
#
 #
#

(++1
#
"#
#
 #
#

(++)
#
"#
#
 #
#

(+,+
#
"#
#
 #
#

(+,,
#
"#
#
 #
#

8-%D
8-%D
8-%D
8-%D

"#
#
 #
#


%)*?
*$%?
!%**?
$%)
 %$?
!*%?
$ %
%*?

"#

"#

"#

"#

"#

*$%?
!%**?
$%)
 %$?
!*%?
$ %
%*?

*$%?
!%**?
$%)
 %$?
!*%?
$ %
%*?

*$%?
!%**?
$%)
 %$?
!*%?
$ %
%*?

*$%?
!%**?
$%)
 %$?
!*%?
$ %
%*?

*$%?
!%**?
$%)
 %$?
!*%?
$ %
%*?

(++/
 "
6""
3.50)-*0+
6"
30./*.0
6 
6"
3.2)*10
6 ..
  
3,/,*2(
   
3(/1*,(

(++0
 ".
6" "
3-5+/+*..
6
3010*)(
6
6
3.12*+/
6"

3,0/*22
 
3().*+0

(++1
 .."
6.
3-5.--*22
6 "
31-.*+0
6"
6
3-,(*+(
6 

3()+*1+
 . .
3-1(*0(

(++/*++

(++0*++

(++1*++

(++)*++

(+,+*++

(+,,*++


.
"
  


.
./0-*1,

6 "
.
.
 .


.
,--/*2+

6 "
.
" 
"


.
(+(2*)-

6  "
.
. 
."


.
(0+,*+.

6 
.
 .
".


.
(02(*.(

6  
.

..


.
(/.)*2+

.
"
-(-/*(

 

,+2)2*02

.

.


 

/2,-*(,

.

 


 

11-+*/1

.

.


 

00/1*0.

.

 "


 

)--2*-/

.

.


 

00+0*(+


..
"" 

"
.+,/*).



"" 


(().*.+


.
"" 


(.02*+,


 
"" 


.,/(*--


...
"" 

.
.2(1*))


.
"" 


  .


"



"



"



"



"



"


8-
8-
8-
8-
8-
8-
8-

%@%
 $3 ' -

%
#
%
"
%
 #
%
#
%
.
%
#

(++)
(+,+
(+,,
 ."   "   "
6..  6 . 6 "
3-5/-1*/0 3-5)0-*+1 325.((*(0
6 " 6"" 6".
3)+(*+)
3)/2*(3,5+.(*1+
6"
6.
6
6.
6
6
3--+*1/
3-0,*0(
32+-*06. "
6" 
6.



3.--*++
3.12*,1
3--2*0(


. 
320,*+3/.)*-,
30.)*1)

@?. ''
 
$ 3 '
 3 

12
%$3  $ 
 
'
% $3

3''

  $ $ '&  '
( 3
>
 $3 $%'
&   '
( 3 $3 ?


 .
 


.
2/0,*).

 .
 


.
-)-1*.+

 .
 


.
2+.+*+,

 .
 


.
2,,0*--

 .
 



-2,+*))

 .
 



./.1*+)



 
6
6
6 "
2,)+*++



 
6
6
6 "
2,)+*++



 
6
6
6 "
2,)+*++



 
6
6
6 "
2,)+*++



 
6
6
6 "
2,)+*++



 
6
6
6 "
2,)+*++

,+1/,*).

,+,.1*.+

,+((+*+,

,+.+0*--

)0++*))

""".

3.5/(-

3,5.0)

3(52.)

(++0

(++1

(++)

3(//
(++/

3(2/ ""
(+,+

(+,,

 " 

.

"

 

.

.".

 

6




6


"

6


"

6


.

6




6


6
6

.

-.-*//

6 .
6
6 
..

B,.,,*1(

6.
6

""

0+2*1-

6
6""

. 

1,(*+1

6 .
6 ""

"."

1))*/.

6" 
6 

. 

 

6" 



B(1,*./

6 



B.+,*+/

6 



B.((*,.

6 "



B.--*/1

6 ""



B./1*1,

6. 



6. 



6 " 



B,10*++



6"



B1++*++







+*++







+*++



6



B0++*++



6.



B)0.*++













6"
"
(02*.+

6""

B(,,(*21

"
6 "
B,0+.*10

.
6 "
B,(,,*-1

6  "
6  "
B,.22*//

6 ."
6 
B,/00*/-

(+,+

(+,,

(++)

  "  




6   6 "
2-2(*/.2. /1+1*().

@ - ?
  $ 4+=
 ' 

(++)

(+,+

(+,,
 "


E)> F

 "


E)> F

c  
        
   c

        c 
 
 
   !          "# $c%#   c 

  % &     

' !(!') * ? 
./ 0  
? 
1 2 





!


  


  ?

?
 




"#$%&'$
 ,-

($)*&+
#-