EBIT

Tax without Debt

Depreciation
Change in NWC
CapEx
CF
Cash Flow from other businesses
Total Cash Flow
Net Income
Depreciation
Change in NWC
CapEx
CF
Cash Flow in

Cash Flow UK ( '000)

234.301 229.147 237.052
70.290
68.744
71.116
6.130
8.850
8.400
2.403
2.337
2.020
10.220
9.730
9.230
157.517 157.186 163.086
( 12,641) (8.238)
1.362
144.876 148.948 164.448
Cash Flow US ($ '000)
53.981
63.715
70.569
6.240
7.910
7.430
40.553
17.180
10.280
10.600
8.700
8.170
9.068
45.745
59.549
6.335
32.012
41.672
151.211

180.960

206.120

240.955
72.287
7.630
2.056
8.380
165.863
1.956
167.819

247.735
74.320
8.000
2.092
8.000
171.323
10.000
181.323

253.844
76.153
8.000
2.129
8.000
175.562
20.000
195.562

82.713
8.810
19.447
8.990
63.086
44.209

115.713
8.000
16.728
8.000
98.984
67.937

122.016
8.000
17.535
8.000
104.481
71.710

212.028

249.260

267.272

1266.851000

Tax Shield
Present Value Tax
Present Value CF
TV
PV TV
Total
Present Value CF
TV
PV TV
Total
Total Yell's Value

Present Value UK ( '000)

39.034
39.034
37.849
36.071
35.82
32.87
29.248
25.579
130.219 120.335 119.416 109.535
2,190,361
8.63
1,155,032
2,007,806.74
Present Value US ( '000)
5.694
25.862
30.261
28.855
1,027,857
5
542.001
710.342
2,718,148.740
2,718,148,740

33.701
21.93
106.375

30.739
18.355
103.122

39.856

37.813

Debt ( mln)
Loan
Amount
Interest Rate % Interest Payment
Maturity
Senior B Interest
175
8.15
14.26
8
Senior C Interest
175
8.4
14.7
9
High Yield Interest
500
10.75
53.76
10
Vendor
100
Not payable
12
Period
Beginning Amount Interest Payment
Repayment
Ending Amount
1
600
47.4
0
600
2
600
47.4
50
550
3
550
43.45
75
475
4
475
37.53
100
375
5
375
29.63
125
250
6
250
19.75
125
125
7
125
9.88
125
0