Financial Analysis

(in USD million) Sales Cost of Goods Sold General Admin Expense EBIT Tax rate on EBIT NOPLAT Depreciation Amortization Increase in Working Capital Capital Expenditure Free Cash Flow Free Cash Flow Growth % Terminal Value (1994) WACC Discounted Cash Flow PV (end of 1990) FCF Terminal Value Entity Value Debt Non-Operating Assets Firm Value No. of share outstanding Value per share

1989 337.4 (104.9) (197.6) 34.9 37% 22.0 11.7 -

1990 380.0 (114.4) (222.5) 43.1 37% 27.1 19.0 3.3 (8.0) (20.0) 21.5

1991 418.0 (125.1) (237.8) 55.0 37% 34.7 20.0 3.3 (7.1) (20.9) 30.0 39.5%

1992 451.4 (133.6) (248.7) 69.1 37% 43.5 22.6 3.3 (6.3) (22.6) 40.6 35.3%

1993 478.5 (141.6) (263.2) 73.7 37% 46.4 23.9 (5.1) (23.9) 41.4 1.9%

1994 500.1 (148.0) (275.0) 77.0 37% 48.5 25.0 (4.0) (25.0) 44.5 7.6% 434.0 4 25.2

1995 522.6 (154.7) (287.4) 80.5 37% 50.7 26.1 Adj. Depr. as % of sales (4.2) (26.1) 46.5 4.5% Constant growth rate

15.21%

0 21.5

1 26.0

2 30.6

3 27.0

5

130.4 246.3 376.7 376.7 100 3.77

Assumptions Operating Working Capital Excess Cash Working Capital as % of sales Sales Growth %

63.1 63.1 18.7% 71.1 71.1 18.7% 12.6% 78.2 78.2 18.7% 10.0% 84.4 84.4 18.7% 8.0% 89.5 89.5 18.7% 6.0% 93.5 93.5 18.7% 4.5% 97.7 97.7 18.7% 4.5% 4-5% seems more reasonable

% of sales Cost of Goods Sold Selling, G&A (Excl. Amortization) Depreciation Capital Expenditure For Reference only (from Book) Production costs Commercial costs Advertising expense Admin expense Transportation costs Participation salaries Total S,G&A Total S,G&A % Total S,G&A % (Excl. Amortization)

31.1% 58.6% 3.5%

30.1% 58.6% 5.0% 5.3%

29.9% 56.9% 4.8% 5.0%

29.6% 55.1% 5.0% 5.0%

29.6% 55.0% 5.0% 5.0%

29.6% 55.0% 5.0% 5.0%

29.6% 55.0% 5.0% 5.0%

94.5 40.5 16.9 32.1 10.1 3.6 197.6 58.6% 58.6%

106.4 45.6 19.0 36.1 11.4 4.0 222.5 58.6% 57.7%

115.9 47.9 19.7 37.9 12.6 4.8 238.8 57.1% 56.3%

126.2 50.3 20.4 39.8 13.9 5.2 255.8 56.7% 55.9%

138.8 55.3 22.4 43.8 15.3...