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. 
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O 
Sales Growth
Operating Margin in %
Net sales
Earnings from Operation
Earnings Before Tax
Less: Income Tax at 42.8%
Net Income
Less: Working Capital Inv
FCFE
PV of FCFE at 12.4%

1988

3,341,423

1989
7.20%
9.2
3,580,835
335,078
335,078
143,413
191,665
0
191,665
170,520

TV11 @ 14 m ultiple
TV11 @ 15 m ultiple
TV11 @ 16 m ultiple

1990
7.20%
9.30
3,837,510
363,486
363,486
155,572
207,914
0
207,914
164,570

1991
7.20%
9.40
4,112,700
394,252
394,252
168,740
225,512
0
225,512
158,808

4,771,705
5,112,541
5,453,377

1992
7.20%
9.50
4,407,747
427,569
427,569
182,999
244,569
0
244,569
153,227

1993
7.20%
9.60
4,724,094
463,644
463,644
198,440
265,204
0
265,204
147,825

1994
7.20%
9.70
5,063,287
502,704
502,704
215,157
287,547
42,517
245,030
121,513

PV of TV11 @ 14 m = 1,482,554
PV of TV11 @ 15 m = 1,588,450
PV of TV11 @ 16 m = 1,694,347

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1995
7.20%
9.80
5,426,985
544,993
544,993
233,257
311,736
45,570
266,166
117,433

1996
7.20%
9.90
5,816,970
590,773
590,773
252,851
337,922
48,843
289,079
113,471

1997
7.20%
10.00
6,235,151
640,331
640,331
274,062
366,269
52,353
313,916
109,627

1998
7.20%
10.10
6,683,579
693,973
693,973
297,020
396,952
56,116
340,836
105,897



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