Working Capital Balances

Accounts Receivable, net

Inventories
loans, arvances
Total Non-Cash Current Assets:
Accounts Payable
Accrued Liabilities
Accrued Income Taxes
Total Non-Debt Current Liabilities:
NET WORKING CAPITAL / (DEFICIT)
(Increase)/Decrease in Working Capital

2006E
2007E
2008E
2009E
2010E
407,338,961.90
496,953,533.52
606,283,310.89
739,665,639.29
902,392,079.93
1,396,070,443.92
1,703,205,941.58 2,077,911,248.73
2,535,051,723.45
3,092,763,102.61
203,794,558.40
248,629,361.25
303,327,820.72
370,059,941.28
451,473,128.36
2,007,203,964.22
2,448,788,836.35 2,987,522,380.35
3,644,777,304.02
4,446,628,310.91
305,845,728.40
141,142,824.80
45,620,089.52
492,608,642.72

373,131,788.65
172,194,246.26
55,656,509.21
600,982,544.12

455,220,782.15
210,076,980.43
67,900,941.24
733,198,703.82

555,369,354.22
256,293,916.13
82,839,148.31
894,502,418.67

677,550,612.15
312,678,577.68
101,063,760.94
1,091,292,950.77

1,514,595,321.50

1,847,806,292.23

2,254,323,676.52

2,750,274,885.36

3,355,335,360.13

273,123,746.50

333,210,970.73

406,517,384.29

495,951,208.83

605,060,474.78

Scenario Summary
Current Values:

LIKELY

Changing Cells:
Discount_Rate
17.0%
17.5%
Terminal_Growth
2.0%
3.0%
COGS
0.59
0.59
EBIT
0.23
0.2
Result Cells:
EQUITY VALUE
$10.79
$10.74
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.

WORST

BEST

20.0%
5.0%
0.65
0.3

12.0%
4.0%
0.45
0.18

$10.48

$11.37

($ in thousands)
Total Revenue
Growth Rate

2001

2003

2004

2005

2006E

2007E

2008E

2009E

2010E

$2,508,788,068
4%

$2,183,829,795
-13%

$2,402,700,962
10%

$3,327,022,574
38%

$3,659,724,831
10%

$4,025,697,315
10%

$4,428,267,046
10%

$4,871,093,751
10%

$5,358,203,126
10%

1,459,108,308
60.76%
942,132,803
39%

1,556,741,208
62.05%
952,046,860
38%

1,355,748,848
62.08%
828,080,947
38%

1,378,929,381
57.39%
1,023,771,581
43%

1,768,522,363
53.16%
1,558,500,211
47%

2,159,237,651
59.00%
1,500,487,181
41%

2,375,161,416
59.00%
1,650,535,899
41%

2,612,677,557
59.00%
1,815,589,489
41%

2,873,945,313
59.00%
1,997,148,438
41%

3,161,339,844
59.00%
2,196,863,282
41%

Sales and Marketing

Research and Development
General and Administrative
Total Operating Costs

245,887,486
76,595,834
322,483,320

263,258,775
79,926,759
343,185,534

313,669,240
84,329,332
397,998,572

380,755,399
86,698,334
467,453,733

715,141,958
119,006,535
834,148,493

527,000,376
131,750,094
658,750,470

579,700,413
144,925,103
724,625,517

637,670,455
159,417,614
797,088,068

701,437,500
175,359,375
876,796,875

771,581,250
192,895,313
964,476,563

EBIT
% of Sales

619,649,483
26%

608,861,326
24%

430,082,375
20%

556,317,848
23%

724,351,718
22%

841,736,711
23%

925,910,382
23%

1,018,501,421
23%

1,120,351,563
23%

1,232,386,719
23%

COGS
Gross Margin
% of Sales

Depreciation/Amortization

$2,401,241,111

2002

89,884,195

88,012,675

84,682,512

82,078,916

127,658,427

133,737,790

140,218,304

147,144,028

154,545,550

162,455,557

EBITDA
% of Sales

709,533,678
30%

696,874,001
28%

514,764,887
24%

638,396,764
27%

852,010,145
26%

975,474,502
27%

1,066,128,686
26%

1,165,645,449
26%

1,274,897,113
26%

1,394,842,276
26%

Income Taxes

185,894,845

182,658,398

129,024,713

166,895,354

217,305,515

252,521,013

277,773,115

305,550,426

336,105,469

369,716,016

Unlevered Net Income

433,754,638

426,202,928

301,057,663

389,422,494

507,046,203

589,215,698

648,137,268

712,950,994

784,246,094

862,670,703

89,884,195
-

88,012,675
343,328,486.00
283,739,051

84,682,512
152,323,527.00
401,232,733

82,078,916
446,275,453.00
29,023,620

127,658,427
510,934,913.00

133,737,790
273,123,747
310,171,601

140,218,304
333,210,971
331,480,390

147,144,028
406,517,384
354,253,093

154,545,550
495,951,209
378,590,280

162,455,557
605,060,475
404,599,433

Add: Depreciation/Amortization
Less: Changes in Working Capital
Less: Capital Expenditures
Net Cash Flow Before Debt

523,638,833

(112,851,934)

(167,816,086)

(3,797,663)

123,769,717

139,658,141

123,664,211

99,324,546

64,250,155

15,466,353

Present Value of Adjusted Cash Flows

447,401,600

(96,421,680)

(143,383,532)

(3,244,757)

105,749,929

119,325,137

90,276,643

61,951,760

34,240,250

7,042,330

Enterprise Value

622,937,681

Plus: Cash
Less: Interest Debt
Equity Value:

428,563,230.00
221,949,324
$829,551,587