Income Statement

mDKK 2008 2009 2010
Revenue 56,989 56,027 58,095
Other operating income 294 354 344
Total income 57,283 56,381 58,439
Cost of sales -42,644 -41,752 -43,156
Other external expenses -5,233 -5,132 -5,479
Gross profit 9,406 9,497 9,804
Staff costs -6,244 -6,113 -6,310
Profit before depreciation 3,162 3,384 3,494
Depreciation and impairment -723 -749 -899
Gain on sale of business 0 0 0
Profit before financial items 2,439 2,635 2,595
Financial Income 368 243 301
Financial charges -560 -147 -172
Profit before tax 2,247 2,731 2,724
Income tax expense -584 -691 -627
Income before minority interests 1,663 2,040 2,097
Minority shareholders' share of profit -47 -35 -71
Net earnings 1,616 2,005 2,026

Balance Sheet
mDKK 2008 2009 2010
Assets

Software 0 0 110
Ongoing development of software 180 358 359
Goodwill 239 242 197
Total intangible assets 419 600 666

Land and buildings 10,866 12,560 14,967
Other fixtures and fittings 554 531 612
Conversion of rental premises 194 179 156
Plants under construction 391 1,183 387
Tangible assets 12,005 14,453 16,122

Total fixed assets 12,424 15,053 16,788

Stock (Inventory) 3,585 3,781 4,349

Receivables from affiliated company 2,045 4,165 3,490
Other receivables 420 312 283
Deferred tax assets 670 569 594
Prepayments 34 85 121
Receivables 3,169 5,131 4,488

Securities 1,657 704 648

Cash and cash equivalents 1,236 1,010 1,160
Total current assets 9,647 10,626 10,645
Total assets 22,071 25,679 27,433

Liabilities 2008 2009 2010
Equity
Share 500 500 500
Reserves 11,140 12,825 14,781
Dividend for distribution 1,000 500 500
Equity 12,640 13,825 15,781

Minority interests 122 107 140
Deferred tax 0 8 6
Provisions for claims 67 94 108
Other provisions 325 354 392
Provisions 392 456 506

Credit institutions (mortgage debt) 744 2,526 2,832
Non-current liabilities total 744 2,526 2,832
Current portion of long-term debt 18
Credit and loans 1,793 1,664 991
Supplier of goods and services 3,664 4,312 4,423
Amounts due to affiliated company 337 413 393
Corporation Tax 551 600 609
Other liabilities 1,794 1,771 1,741
Prepayments 16 5 17
Current liabilities total 8,173 8,765 8,174
Total dept liabilities 8,917 11,291 11,006
Total liabilities 22,071 25,679 27,433
Control 0 0 0

Consolidated Statement of Group
mDKK 2008 2009 2010
Opening equity 13,439 12,640 13,825
Dividends paid -1,500 -1,000 -500
Profit for the year 1,616 2,005 2,026
Exchange rate adjustment etc. concerning investments -887 180 261
Acquisition of minority interests -28 0 0
Adjustments in previous years investments sold 0 0 0
Financial hedges 0 0 169
Dividend for distribution 0 0 0
Equity at end 12,640 13,825 15,781

2011 2012 2013
54,106 54,440 55,707
254 345 296
54,360 54,785 56,003
-40,373 -40,477 -41,082
-5,048 -5,446 -5,514
8,939 8,862 9,407
-6,200 -6,362 -6,336
2,739 2,500 3,071
-602 -858 -762
3,713 18 0
5,850 1,660 2,309
224 243 147
-160 -94 -124
5,914 1,809 2,332
-614 -465 -561
5,300 1,344 1,771
-37 -27 0
5,263 1,317 1,771

2011 2012 2013

139 173 511
457 631 560
152 103 68
748 907 1,139

13,580 15,028 15,812
1,161 1,312 1,332
216 266 302
571 206 277
15,528 16,812 17,723

16,276 17,719 18,862

4,149 4,003 4,436

8,475 7,506 7,941
318 194 225
525 280 286
95 129 91
9,413 8,109 8,543

597 548 516

645 1,102 1,001
14,804 13,762 14,496
31,080 31,481 33,358

2011 2012 2013

500 500 500
19,709 20,247 4,455
500 500 17,615
20,709 21,247 22,570

163 0 0
0 0 76
119 121 113
272 323 387
391 444 576

2,832 2,832 2,832
2,832 2,832 2,832

470 514 135
4,413 4,126 4,853
0 159 0
375 136 338
1,712 2,010 2,045
15 13 9
6,985 6,958 7,380
9,817 9,790 10,212
31,080 31,481 33,358
0 0 0

2011 2012 2013
15,781 20,709 21,247
-500 -500 -500
5,262 1,317 1,771
-248 170 -60
0 -449 0
583 0 0
-169 0 0
0 0 112
20,709 21,247 22,570

1% PM 3.233 -5.4% -9.5% -74.713 EBIT 2.005 2.384 3.026 5.381 58.095 54.310 -6.162 3.026 5.439 2.616 2.0% 0.968 1.9% -11.3% -1.0% Other operating income 0.106 Other operating income 294 354 344 254 Total income 57.439 54.804 8.263 1.0% -10.5% Depreciation and impairment -1.6% Other external expenses -9.998 5.2% -9.2% -9.3% -1.113 -6.360 Cost of sales -42.027 58.595 5.805 1.616 2.739 Depreciation and impairment -723 -749 -899 -602 Gain on sale of business 0 0 0 3.0% 100.6% 0.0% -1.1% Gain on sale of business 0.8% -74.156 -40.283 56.0% 100.6% 0.1% -1.406 9.3% -74.752 -43.243 Net Financial income -192 96 129 64 Tax savings from debt financing 50 -24 -30 -7 Net Financial Expenses aftet tax -142 72 99 57 Minority shareholders' share of profit -47 -35 -71 -37 Net earnings 1.5% -1.939 Staff costs -6.Reformulated Income Statement 2008-A 2009-A 2010-A 2011-A Corporate tax 26% 25% 23% 10% Revenue 56.7% .0% 0.373 Other external expenses -5.850 Taxes on EBIT -634 -667 -597 -607 NOPAT 1.2% -1.048 Gross profit 9.3% Staff costs -11.5% Cost of sales -74.9% Taxes on EBIT -1.244 -6.0% 6.0% 100.644 -41.263 Dif 0 0 0 0 Dansk Supermarked Com 2008-A 2009-A 2010-A 2011-A Revenue 100.497 9.005 2.494 2.989 56.9% -10.132 -5.5% 3.200 EBITDA 3.4% 9.5% 0.479 -5.635 2.2% 3.

387 149 23 -996 -934 -870 -804 -735 -664 -38 -6 244 220 191 177 162 146 111 17 -752 -715 -679 -627 -574 -518 -27 0 0 0 0 0 0 0 1.959 2.0% -1.4% -1.861 1.257 4.2% -1.309 3.003 57.7% -11.0% 0.557 -6.1% -11.358 -6.713 1.499 66.343 -427 -555 -800 -791 -744 -939 -937 -955 1.5% 23.0% 100.0% 0.0% -9.416 2.489 64.074 61.534 -5.499 66.243 5.110 5.071 3.0% 0.707 57.0% -72.317 1.825 -7.688 65.1% 5.445 12.0% 100.440 55.0% -72.3% 4.155 -5.477 -41.688 65.0% 0.0% -73.0% 100.465 2.4% 0.3% 3.317 1.816 -43.0% -73.0% 0.9% -9.269 4.317 -5.952 4.330 3.1% .0% -9.0% 0.887 -46.1% 4.362 -6.862 9.0% -0.367 3.1% -11.336 -6.638 3.4% -11.1% -11.124 -44.5% 0.233 1.0% -9.180 -7.895 -6.0% -9.771 1.4% 4.4% 2.0% 100.2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV 26% 24% 24.1% -11.660 2.575 -47.809 345 296 54.1% -11.0% -9.265 3.0% 0.270 -7.4% -73.2% -1.0% 100.8% -1.291 12.0% 0.282 59.633 11.5% -1.0% 0.694 -6.0% -10.5% 22.0% -11.068 12.321 3.174 5.3% -1.489 64.1% -1.7% -73.3% 5.0% -74.4% -1.1% 5.0% -9.0% 0.0% -72.3% -1.703 2.0% 0.074 61.0% 54.6% 0.2% -1.514 -5.446 -5.282 59.785 56.822 -5.869 1.0% 22.0% 22.576 2.159 -48.809 -40.311 10.0% 100.013 8.747 2.082 -41.0% 0.102 -5.500 3.4% -1.076 4.382 4.0% 100.4% -1.754 2.771 0 0 Common-size 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV 100.278 -858 -762 -687 -709 -861 -841 -917 -935 18 0 0 0 0 0 0 0 1.0% 22.407 10.6% -1.4% -1.0% 0.

211 15.481 33.312 1.781 20.933 36.133 NIBD GNS -1.481 33.490 4.906 6.418 4.732 4.967 13.594 8.579 16.5% gange omsætningen.489 7.652 5.433 31.989 6.775 16.870 16.131 4.327 18.082 22.022 11.707 tangible and intangible assets Minority interests 122 107 140 163 0 0 0 0 0 0 0 0 Software 0 0 110 139 173 511 Total 12.492 Invested capital 11.080 31.481 33.979 Prepayments 34 85 121 95 129 91 115 118 123 129 131 134 Net Working capital Stock (Inventory) 3.389 16.702 4.988 4.921 20.682 8.917 37.215 24.445 8.870 16.067 4.186 13.028 15.650 2.679 27.965 8.033 17.773 Amounts due to affiliated company 337 413 393 0 159 0 0 0 0 0 0 0 Other receivables 420 312 283 318 194 225 286 295 307 323 327 334 Senior debt A 9.913 2.643 12.729 15.807 15.825 15.481 33.490 8.773 NIBD GNS -1.294 7.480 Total assets 22.418 16.433 31.031 0 Deferred tax assets 670 569 594 525 280 286 286 286 286 286 286 286 Senior debt B 18.390 Control assets 22.973 10.152 Varelager GNS 3.493 16.433 31.50% OA i alt 17.035 14.585 3.930 15.760 -5.716 11.683 4.5%) 286 282 292 272 274 280 286 295 307 323 327 334 0.941 7.296 4.139 1.229 3.941 7.612 4.466 18.771 1. EQ GNS 13.597 5.500 37.080 31.988 IBD i alt 2.938 15.180 24.679 27.164 Net interest bearing debt -1.349 4.832 2.002 12.071 25.572 6.949 9.121 8.825 14.448 3.912 5.593 4.887 2.657 704 648 597 548 516 Cash and cash equivalents 950 728 868 373 828 721 4.003 4.941 Provisions for claims 67 94 108 119 121 113 114 115 116 118 119 120 Other provisions 325 354 392 272 323 387 387 387 387 387 387 387 Supplier of goods and services 3.941 7.377 -892 -3.359 16.161 1.884 17.247 22.080 31.730 25.570 668 2.091 7.824 IBA i alt 4.131 14.785 2.582 37.679 27.664 4.973 10.679 27.132 17.144 7.771 11.487 EQ+NIBD 11.927 18.560 14.941 7.071 25.071 25.058 4.377 -6.280 4.006 9.990 8.797 16.526 2.852 4.760 -994 -790 -6.882 9.781 4. som er 0.838 9.080 31.510 Difference 0 0 0 0 0 0 -75 -35 -30 -75 -30 -30 Control liabilities 22.183 387 571 206 277 18.866 12.729 7.979 18.366 4.729 15.892 4.862 11.214 1.909 17.888 6.475 7.709 21.247 22.832 2.699 24.930 4.250 8.993 2.332 Current portion of long-term debt 18 0 0 0 0 0 0 0 0 0 0 0 Conversion of rental premises 194 179 156 216 266 302 Credit and loans 1.009 18.104 25.888 6.797 7.505 2.359 16.635 22.102 17.481 33.853 4.546 12.807 15.363 4.423 4.433 31.664 991 470 514 135 0 0 0 0 0 0 Plants under construction 391 1.979 18.832 2.212 3.941 7.867 22.832 0 0 0 0 0 0 Other fixtures and fittings 554 531 612 1.312 4.045 4.427 21.358 36.743 Cash for operations (0.775 3.712 2.060 21.390 Likvide beholding er fratrukket likvider til drift.708 18.354 1.821 7.433 31.413 4.657 37.071 25.575 4.419 20.153 11.979 18.888 3.397 21.967 28.838 9.854 16.872 21.794 4.603 4.619 1.570 668 2.933 36.551 Deferred tax 0 8 6 0 0 76 0 0 0 0 0 0 Receivables from affiliated company 2.194 Invested GNS 11.741 1.049 4.238 9.377 -892 -3.971 21.932 15.580 15.358 Difference 0 0 0 0 0 0 14.622 4.625 18.979 18.467 -5.249 1.510 Total liabilities 22.252 4.793 1.005 37.091 7.302 3.368 4.045 2.165 3.812 Credit institutions (mortgage debt) 744 2.076 4.436 4.186 13.784 25.794 1.521 4.962 .871 12.299 16.010 2.938 15.771 11.657 37.794 4.918 37.996 10.417 7.011 Corporation Tax 551 600 609 375 136 338 338 338 338 338 338 338 Other liabilities 1.599 24.065 4.384 Goodwill 239 242 197 152 103 68 IBD: Land and buildings 10.479 4.216 3.431 4.559 25.178 12.358 36.679 27.955 Prepayments 16 5 17 15 13 9 11 12 12 13 13 13 OL 6.979 IBA: Operating liabilities: Securities 1.126 4.970 14.858 36.975 37.467 -5.883 36.114 16. Reformulated balance IC Net interest bearing debt (NIBD) 2008-A 2009-A 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV 2008-A 2009-A 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV Operating Assets: Equity 12.071 25.640 13.760 -5.979 18.650 4.036 18.121 8.530 37.882 4.358 36.762 13.081 3.249 4.229 3.040 17.347 14.941 7.506 7.296 6.740 16.965 17.002 12.220 4.577 6.080 31.005 37.909 11.707 Ongoing development of software 180 358 359 457 631 560 1.270 4.720 5.143 -5.697 Varekreditorer GNS 3.279 1.194 4.530 37.468 26.149 4.131 14.707 2.358 22.

36 Financial leverage (including off balance) 0.70 1.66 0.79 ROIC 15.15 1.1% PM n/a 3.0% 14.1% 8.50 1.7% -4.2% 35.0% 6.1 9.7% 9.6 9.0% 5.104 1.3% -5.72 0.52 0.6% ROE 28% 27% 26% 31% 29% Dansk Supermarked ROE analysis budget periode (worst case) 2014-F 2015-F 2016-F 2017-F 2018-F FGEAR 1.9% SPREAD 8. estate contract 1.93 0.5 Number of days n/a 34 36 39 38 EBIT-margin n/a 4.09 0.152 3.3% 5.5% r -6.6 3.93 0.3 Creditors turnover rate n/a 10.315 1.765 8.94 Quick ratio 0.9% ROE 9% 6% 4% 2% 0% .85 0.28 1.31 0.6 ROIC = PM * ATO n/a 16.0% 15.0% 7.3% -9.3% -7.52 0.5 9.980 2.711 2.45 1.06 0.28 1.2 n/a n/a n/a n/a Dansk Supermarked Off balance tDKK 2008-A 2009-A 2010-A 2011-A 2012-A Foreign rental obligations 1.5% 1.3% -6.174 6.10 0.50 1.315 1.36 0.4% 10.985 6.766 2.294 725 717 total off balance 1.5% Ronfa / r n/a 7.0% 12.3% -1.5% -0.528 2.9 36.1% 9.63 0.54 0.Dansk Supermarked Dupont 2008-A 2009-A 2010-A 2011-A 2012-A ROIC n/a 16.7% 19.3 10.10 1.1% Stock turnover rate n/a 11.6% ROE n/a 15% 14% 29% 7% Dansk Supermarked liquidity risk DKK 2008-A 2009-A 2010-A 2011-A 2012-A Current ratio 1.4% -2.0% 8.7 4.4% 11.9 9.958 CFO to short-term debt ratio 0.8% 3.7% -10.7% 19.5% 3.94 0.6% 2.4% -6.152 1.04 1.283 1.3% -10.2% 33.28 Intererst coverage ratio 13.0% r -9.1% 8.746 Dansk Supermarked ROE analysis budget periode 2014-F 2015-F 2016-F 2017-F 2018-F FGEAR 1.968 Current liabilities 8.9 37.61 Solvency ratio (including off balance) 0.93 0.4% 9.61 0.0% ROE n/a 15% 14% 29% 6% Fgear n/a 0.7% 4.4% -9.173 8.425 1.23 2.19 0.9% SPREAD -0.8 33.8% 2.9 Number of days n/a 31.32 0.5 9.79 ROIC 9.35 0.7% -7.323 Domestic rental obligations 618 577 522 Operating lease commitments 42 126 184 Liabilities associated.4% 14.4% 14.2% 35.62 Cash flow from opertions 2.2 3.3% ATO n/a 4.27 Spread n/a 9.09 0.5% 15.058 2.

39 5.5% 8.8% 9.48 0.79 0.15 2.1 9.5% 8% 28% 27% 26% 31% 29% 27% 0.3% 5.38 2.7 9.67 10.380 7296 7487 7747 8090 8177 8317 0.81 0.7% 19.4% 4.9% 15.7% 5.2 9.3 34.0 -5.28 2.0% 15.7% 5.7% 19.32 1.28 1.63 0.19 2.8 3.83 1.7% 9.58 1.9 10.648 3078 3286 3500 4172 4239 4324 7.4% -6.06 0.93 2.36 0.63 1.10 3.5 3.34 8.44 0.53 1.8 10.5% 15.2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV 10.8 3.5 10.52 0.9 9.50 1.9% 8% 28% 27% 26% 31% 29% 27% 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV 1.1% 5.7% 19.55 15.5 3.5% 15.93 0.1% 9.5 -4.26 2.60 53.4 10.3% 4.1% 4.6% 6.9% 0.2 -5.5% 6.725 .6% 10.72 1.1% 5.2 10.45 0.4 10.7 9.72 2.21 0.09 0.5% 19.5 2013-A 1.2 37.1% 5.9% -8.5% 19.5% 6.10 2.3 35.1% 3.6 34.6 35.42 0.7 3.0 36.26 1.0% 15.02 0.7% -7.0% 12.8% 3.3% -7.8 -6.7% 19.5 34.2 9.1 -3.296 563 118 748 2.52 n/a -3.8 9.4% 11.6 3.7 39 39 36 36 37 37 37 4.11 0.3% -6.9 9.52 0.05 1.9% 15.4% -6.16 0.

One year = 360 days .

862 % of sales 16.242 1.433 31.739 2.349 4.7% 2.479 -5.6% EBITDA 3.528 16.048 -5.6% Depreciation (899) (602) (858) % of sales -1.477 Other external expenses -5.8% Cost of sales -43.003 Other receivables 283 318 194 Prepayments and accrued income 121 95 129 Current assets 8.832 Excess cash 1.481 357600742.0% 5.635) (45.8% 16. 3.097 5.0% Extraordinary result .439 54.122 15.0% 4.494 2.812 Intangible fixed assets 666 748 907 Deferred tax assets 594 525 280 Financial fixed assets 594 525 280 Receivables from affiliated company 3490 8475 7506 Stock (Inventory) 4.Assets DKK 2010-A 2011-A 2012-A Tangible fixed assets 16.026 5.156 -40.360 54.137 1.243 13.037 11.808 1.785 % growth 3.421) (45.446 Total direct costs (48.914 1.595 2.642 % of sales 4.300 1.923) Gross profit 9.7% -7.4% -11.804 8.9% 3.4% 16.939 8.8% -11.xlsx Page 11 of 41 .5% Minority shareholders' share of profit -71 -37 -27 Net earnings 2.4% 3.373 -40.2% Staff costs -6310 -6200 -6362 % of sales -10.713 18 Interest on debt (172) (160) (94) Interest on cash 301 224 243 Profit before tax 2.344 % of sales 3.080 31.263 1.317 Dansk Supermarked A/S Balance sheet .1% -1.Dansk Supermarked A/S Profit and loss statement DKK 2010-A 2011-A 2012-A Net sales 58.6% 9.149 4.724 5.500 % of sales 6.809 Tax (627) (614) (465) Net profit before minority 2.0% 0.5% -1.650 ASSETS 27.6% EBIT 2.

159 Corporation Tax 609 375 136 Other liabilities 1.832 Senior debt B .Equity & Liabilities DKK 2010-A 2011-A 2012-A Share 500 500 500 Reserves 14781 19709 20247 Dividend for distribution 500 500 500 Equity 15.080 31.433 31.Dansk Supermarked A/S Balance sheet .xlsx Page 12 of 41 .985 6.781 20. - Long-term liabilities 2.712 2.126 Amounts due to affiliated company 393 . .832 2.832 2.413 4.174 6.741 1. .832 2.832 Current portion of long-term debt .481 357600742.423 4.709 21.247 Minority interests 140 163 0 Deferred tax 6 0 0 Provisions for claims 108 119 121 Other provisions 392 272 323 Operating provisions 646 554 444 Change in operating provision 83 (92) (110) Senior debt A 2. - Credit and loans 991 470 514 Supplier of goods and services 4.958 EQUITY & LIABILITIES 27.832 2.010 Prepayments 17 15 13 Current liabilities 8.

137 1. 3.Dansk Supermarked A/S Cash flow statement DKK 2010-A 2011-A 2012-A EBITA 2.753 1.540 572 Generated cash (458) 2.xlsx Page 13 of 41 .233 Change in provisions 83 (92) (110) Depreciation 899 602 858 Gross cash flow 2.243 1.142) Investment intangible fixed assets (66) (82) (159) Investments net working capital (491) (5.183 1.178 Operational free cash flow (145) (320) 858 Extraordinary result (net of tax) .568) (8) (2.0% Gain on sale of business 0 3.220 1.981 Investments tangible fixed assets (2.642 As % of sales 4.403 357600742.595 2.998 5.430 Dividends Debt push down Minority shareholders' share of profit (71) (37) (27) Change in cash (529) 2.980 5.4% 3.983) 1.328 13 Interest on debt (net of tax) (132) (143) (70) Interest on cash (net of tax) 232 201 181 Cash flow from change in financial fixed assets (25) 69 245 Change in debt (387) (914) 203 Financing cash flow (313) 2.9% 3.713 18 Operational taxes (597) (607) (427) NOPLAT 1.

071 3.737 12.2% -1.2% -1.074 61.9% 6.713 1.003 57.918 37.291 16.xlsx Page 14 of 41 .082 -41.279 1.358 36.625 1.6% .282 59.243 5.8% 18.124 -44.771 1.139 1.067 4. .0% 18.596) (46.397) 9.941 4.933 36.575 -5.816 -43.3% 2.5% 6. .1% -11.534 -5.549 12. .036 18.0% 19.9% 6.1% 5.9% 7.366 4.265 3.441) (50. - (124) (996) (934) (870) (804) 147 .633 11.005 37.382 4.959 2.771 1.941 7.512 3.0% 3.822 (46.2% 2.703 3.1% -11.269 4. .269 2.517 4.214 1.489 64.988 4.1% 4.723 18.317 -5.367 3.421) (52.514 -5.332 2.2% 3. - 2.407 10.5% 6.2% 3.1% -11.861 1.354 286 286 286 286 286 286 286 286 286 286 7941 7.0% 18.436 4. .693 12.593 225 286 295 307 323 91 115 118 123 129 12.3% 3.7% 5.7% 5.507 4.076 4.433 2.409 12.194 4.3% -11.249 1.952 4. 2013-A 2014-F 2015-F 2016-F 2017-F 56.2% -41.0% -6336 -6358 -6557 -6825 -7180 -11.713 1.237 4.068 12.861 1.657 357600742.309 3.887 -46.110 5.688 2.327 18.465 (561) (556) (572) (553) (762) 1.4% -1.941 7.1% 5. .703 2013-A 2014-F 2015-F 2016-F 2017-F 17. .941 7.987 1.466 18.971) (48.2% 0 .9% (762) (687) (709) (861) (841) -1.1% 3. - 1.2% 4.311 10.405 33.4% -1.155 -5.959 2.

296 7. .000 22.xlsx Page 15 of 41 .832 28.005 37.045 2. - 76 .917 37.888 3.979 18.591 17615 300 300 500 1.853 4.429 2.979 18. .971 .570 668 2.867 22.358 36. . .229 3.832 9.489 7.852 .979 18.747 8. .993 .888 4. .612 4.380 7.650 2. - 113 114 115 116 118 387 387 387 387 387 576 501 502 503 505 132 (75) 1 1 1 2.707 2.090 33.933 36.091 0 . .785 2.887 9 11 12 12 13 7. - 4.699 24.657 357600742.720 5.431 4.487 7.468 26. .979 2. 18. . .296 4. - 338 338 338 338 338 2.2013-A 2014-F 2015-F 2016-F 2017-F 500 500 500 500 500 4455 (132) 1.888 6. . - 135 . .

896) (527) 24.286 3. . - (6) . .1% 5.191 .382 4.330 132 (75) 1 1 1 762 687 709 861 841 2.638 3.000) . .754 2.5% 6.265 3. .000) (1.7% 5.749 (2.673) (1.2013-A 2014-F 2015-F 2016-F 2017-F 2.501 (1. - (538) 25. - 2 3.471 (181) 30 668 (300) (300) (500) (23. .000) (232) (75) (35) (30) (75) (214) (280) 52 71 93 529 1.471 (481) (270) 168 357600742.540 3. . .500 4. - (94) (752) (715) (679) (627) 112 .510) (2.484) (2.576 2.648 3.xlsx Page 16 of 41 .523) 2 26.000) (1.078 3. .309 3.000) (1. .367 3.6% .269 4. - (555) (800) (791) (744) (939) 1.7% 5.465 2.770) (1.172 (1. 0 . . . .303 2.832) (1.722 2. .

177 13.0% Salling 6.237 %-Increase in segment -0.37% Discount SEK 11.523 6. Valuedrives forecast .8% Other external expenses -5.981 0.838 Føtex 13.372.6% 6.990 1.296 229.457 57.1% 6.079 Salling 437 431 432 Netto Polan 4.160 Netto Sverige 3.Net sales 2012 2013 2014 Netto Denmark 15.834 43.Total market forecast segments jf Euromonitor %growth 2012 2013 2014 Discount DK 41.132 -5.1% 9.799 10.0% 11.7846 Polen 292.391.47% -0.283 56.433 301.6% Netto Polan 1.7% 1.1% 9.752 -43.7% Valuedrives forecast . Euromonitor 2012 2013 2014 Netto Denmark 11.65% Supermarked DK 42.1% 7.Interest on debt 2008-A 2009-A 2010-A Credit institutions (mortgage debt) 744 2526 2832 .126 13.823 Sverige 227.6% 6.907 3.622 6.59% Salling 6.843 232.422 31.933 63.303 299.381 58.45 Tyskland 1.928 15.1% -73.242 143.0% Føtex 9.156 %-andel -74.7% 1.1% Bilka 6.107 35.594 %-Increase in segment 4.610 %-Increase in segment -2.282 Markedsandele jf.556 55.795 %-Increase in segment -1.94% 2.804 144.622 6.50% Discount Tysk 63.102 Bilka 8.1% -9.05% Valuedrives forecast .0% 11.547 Valuedrives forecast .576 12.7% 1.7% 1.722 Netto Tyskland 8.644 -41.864 3.547 %-Increase in segment -1.479 %-andel -9.841 1.9% Netto Tyskland 0.052 12.347 8.29% Hypermarked DK 31.283 62.4% Valuedrives forecast .949 Andre indtægter (valuta usikkerhed) -771 546 I alt 55.562 40.439 Cost of sales -42.Total market forecast jf Euromonitor 2012 2013 2014 2% DKK Danmark 144.237 8.969 %-Increase in segment 2.1% -9.11% 4.77% Discount Polen 33.072 37.173 DKK Salling 6.359.090 5.612 42.523 6.833 8.233 -5.50% 0.969 5.191 1.193 %-Increase in segment 5.303 7.570 31.Cost of sales 2008-A 2009-A 2010-A Net sales 57.94% 6.867 15.6% 0.6% Netto Sverige 1.737 41.6% 0.4% -74.02% -0.75% -2.

5% Prepayments and accrued income 34 85 121 %andel 0.01% 0.6% 7.7% 0.Net working capital 2008-A 2009-A 2010-A Net sales 57.03% 0.5% -4.4% 7.0% Prepayments 16 5 17 %andel 0.1% 3.9% -3.03% .312 4.283 56. total 2.5% Valuedrives forecast .664 4.2% 0.349 %andel 6.781 4.823 Financial charges -560 -147 -172 Financial charges -560 -147 -172 %andel -21.439 Stock (Inventory) 3.1% 3.4% Other receivables 420 312 283 %andel 0.3% 6.6% 0.6% Other liabilities 1794 1771 1741 %andel 3.423 %andel 6.Current portion of long-term debt 18 0 0 Credit and loans 1793 1664 991 Interest-bearing liabilities.190 3.555 4.381 58.585 3.2% Supplier of goods and services 3.7% 7.1% 0.

659 6.785 56.003 57.214 39.489 64.0% 7.865 15.674 5.683 235.575 -47.0% 7.261 8.360 54.400.3% -9.038 7.157 7.279 41.6% 0.3% -73.0% 3.114 147.163 65.0% 9.311 9.037 1.169 8.49% -0.404.759 46.124 -44.27% 4.096 10.0% 11.0% 7.048 -5.381 9.5% 3.50% 1.373 -40.0% 7.913 30.158 10.816 1.205 13.229 16.714 318.554 13.534 -5.06% 1.0% 7.0% 3.0% 2011-A 2012-A 2013-A 2014-A 2015-F 2016-F 2017-F 2018-F 2832 2832 2832 .317 -5.51% 6.0% 72.6% 2.6% 0.226 144.0% 3.507 310.489 64.30% 39.5% 3.77% -0.499 -40.86% 40.0% 9.125 13.809 2015 2016 2017 2018 RV 11.2015 2016 2017 2018 RV 15.376.688 65.608 2.0% 73.911 14.9% 74.639 0.109 64.00% 5.904 39.534 466 478 493 493 503 6.597 4.659 6.0% 7.442 -41.358 59.668 5.0% 7.0% 3.6% 0.812 1.1% 9.383 312.179 2015 2016 2017 44.0% 2.446 -5.963 16.214 7.910 15.265 1.816 -43.477 -41.536 150.0% 11.074 61.429 8.969 6.680 7.224 13.67% 2.6% 0.0% 7.0% 7.569 8.825 7.49% 3.037 7.074 61.20% 5.60% 31.2% 2.432.0% 0.155 -5.264 -5.0% 73.0% 2015 2016 2017 2018 RV 144.688 65.694 10.487 233.635 306.502 1.159 -74.456 245.328 10.1% 9.1% 9.97% 1.282 59.634 145.822 -5.426 13.0% 9.0% 11.44% 63.556 240.065 30.4% 9.349 43.9% 9.124 10.190 1.358 5.55% -0.1% 7.61% 5.499 66.0% 73.892 7.0% 11.162 13.71% 2.0% 9.663 9.98% -0.0% -5.1% 9.663 -0.11% 13.401 8.875 45.895 -9.756 -0.825 7.887 -46.86% 2011-A 2012-A 2013-A 2014-A 2015-F 2016-F 2017-F 2018-F 54.685 238.0% 2.361.0% 72.912 303.0% 9.

1% 7.5% 0.067 4.7% 3.149 4.890 1.2% 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F 54.5% 0.5% 7.2% 3.2% 0.360 54.593 4.126 4.194 4.7% 3.070 2.2% 3.2% 0.5% 8.688 65.6% 7.852 4.853 4.1% 7.1% 7.02% .5% 1712 2010 2045 1.5% 7.2% 15 13 9 11 12 12 13 13 0.8% -4.9% 7.2% 4.1% 7.003 4.366 4.0% 0.5% 0.1% 7.413 4.2% 0.02% 0.02% 0.968 2.2% 3.4% 0.02% 0.02% 0.346 2.785 56.833 1.499 4.489 64.612 4.8% -2.1% 3.2% 0.5% 0.096 3.003 57.7% 7.6% 0.02% 0. 0 0 0 470 514 135 3.5% 7.912 8.431 4.074 61.03% 0.2% 0.5% 95 129 91 115 118 123 129 131 0.5% 7.2% 0.967 -160 -94 -124 -160 -94 -124 -4.2% 0.296 4.2% 3.436 4.1% 318 194 0 286 295 307 323 327 0.02% 0.282 59.3% 7.650 7.302 3.

0% -6.809 -48. RV 66.0% RV .771 73.013 9.

RV 66.2% 5.809 4.138 3.1% 334 0.5% 2.2% 13 0.743 7.02% .011 7.5% 134 0.

0% -1.Dansk Supermarked A/S Net working capital DKK 2008-A 2009-A Net sales 57.283 56.xlsx Page 23 of 41 .765 Net working capital (2.197 Depreciation (723) (749) Tangible fixed assets end of period 12.045 4.585 3.649 Dansk Supermarked A/S Tangible fixed assets DKK 2008-A 2009-A Tangible fixed assets begin of period 12.165 Stock (Inventory) 3.005 Gross investments tangible fixed assets 12.728 3.6% Dansk Supermarked A/S Intangible fixed assets DKK 2008-A 2009-A Intangible fixed assets begin of period 419 Gross investments intangible fixed assets Intangible fixed assets end of period 419 600 % of sales 0. 1.a.7% 1.381 % growth 0.084 8.6% -0.0% 25.071) (422) as % of sales -3.1% 357600742.781 Other receivables 420 312 Prepayments and accrued income 34 85 Current assets 6.453 % of sales 21.343 Credit and loans 1793 1664 Supplier of goods and services 3664 4312 Amounts due to affiliated company 337 413 Corporation Tax 551 600 Other liabilities 1794 1771 Prepayments 16 5 Total current liabilities 8.155 8.6% Receivables from affiliated company 2.005 14.7% Investments in net working capital n.

941 7.194 4.003 57.000 1. - 609 375 136 338 400 400 400 1741 1712 2010 2045 1.7% -7.122 15.142 1.439 54.0% 30.1% 3.327 18.528 16.812 17.249 1.1% 357600742.368 5.1% 9.737 991 470 514 135 500 500 500 4423 4413 4126 4853 4.243 13.174 6.941 7.000 1.327 2.673 1.178) 214 280 (52) (71) 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 14.5% 491 5.612 393 0 159 0 .366 283 318 194 .xlsx Page 24 of 41 .3% 3. 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 58.214 1.4% 9.041 7.1% 4.1% 11.506 7.000 (899) (602) (858) (762) (687) (709) (861) 16.037 11.233 7.0% 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 600 666 748 907 1.890 1. 286 295 307 121 95 129 91 115 118 123 8.036 18.431 4.1% 2.723 18.7% 31.8% 2.941 7.6% 28.139 1.282 59.490 8.466 27.9% 9.985 6.812 17.2% 2.1% 8.489 3.052 4.568 8 2.0% 0.074 61.003 4.409 12.246 0.785 56.249 66 82 159 232 75 35 30 666 748 907 1.832 12.436 4.149 4.528 16.549 12.475 7.316 5.723 18.380 7.279 1.968 17 15 13 9 11 12 12 8.0% 8.088 5.941 4.833 1.5% 31.6% 31.214 1.453 16.492 69 6.0% 2.874 5.036 18.983 (1.360 54. .6% 30.349 4.1% 1.1% 2.4% 1.067 4.296 4.7% 2.468 12.122 15.958 7.139 1.

xlsx Page 25 of 41 .1% 357600742. 2017-F 64.070 13 7.835 5.2% 7.466 1.000 (841) 18.593 323 129 12.8% 2017-F 1.625 28.279 75 1.987 500 4.152 8.852 - 400 2.941 4.354 2.688 5.0% (93) 2017-F 18.

770 332 2.979 3 18.979 9 18.979 664 19.888 1.979 0 664 664 18.979 2 18.979 18.979 6 18.489 1.102 3.720 1.979 8 18.979 1 18.979 0 664 664 18.102 0 5 Senior debt in LBO case.102 7.102 5.832 270 2. annuity A-tranchen Debt begin Repayments Interest Payment Debt end year 9.Senior debt in LBO case.979 7 18.888 2 5.993 3 3. bullet loan B-tranchen Debt begin Repayments Interest Payment Debt end year 18.643 0 10 .979 0 664 664 18.979 4 18.979 0 664 664 18.979 0 664 664 18.031 71 2.979 5 18.993 1.979 0 664 664 18.031 4 2.102 2.979 0 664 664 18.031 2.979 0 664 664 18.979 0 664 664 18.962 140 2.896 206 2.720 1 7.

Enterprise value (EV) 47.5% .489 Maturity -5 Borrowing rate 3.447 B-tranchen debt 40% 18.447 A-tranchen debt 20% 9.5% Enterprise value (EV) 47.979 Maturity -10 Borrowing rate 3.

7% 4.6% -0.08% Dansk Supermarked A/S net working capital investment assumptions DKK 2008-A 2009-A 2010-A Net working capital In % of sales Net working capital as % of sales -3.0% 25.1% 9.3% 6.36% 3.1% 9.xlsx Page 28 of 41 .5% 6.8% Direct cost 2 as % of net sales 9.7% 0.7% 0.8% EBITDA margin 5.0% 6.7% 7.0% -1.3% 1.6% 3.19% 4.1% 73.4% Tax rate (corporate tax) 26.5% 357600742.7% Direct cost 1 as % of net sales 74.4% 74.Dansk Supermarked A/S Profit and loss account assumptions DKK 2008-A 2009-A 2010-A Profit and loss account Net sales growth 0.6% 0.5% EBITA margin 4.3% 1.3% 4.4% 16.3% 23.8% 16.4% Gross margin 16.1% In % of sales Stock (Inventory) 6.4% Other receivables 0.0% Interest Long term interest rate (pre-tax) 19.0% Depreciation as % of sales 1.

2% 16.1% 0.2% 1.1% 7.0% 19.18% 3.9% 7.50% 3.9% 7.4% 0.0% 9.4% 16.6% 5.1% 7.0% 16.1% 24.0% 22.5% 0.7% 5.2% 2.7% 5.5% 8.85% 2.9% 73.3% 7.1% 5.0% 4.5% 6.9% 1.0% 8.6% 0.0% 4.xlsx Page 29 of 41 .1% 8.1% 1.4% 1.9% 9.5% 6.8% 18.8% 2.5% 0.8% 9.0% 0.5% 22.1% 7.0% 9.50% 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 11.9% 9.0% 0.0% 73.0% 5.0% 73.3% 3.9% 6.3% 9.0% 72.0% 9.6% 7.0% 9.4% 73.1% 9.2% 74.3% 73. 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F -7.50% 3.5% 23.50% 3.2% 1.3% 3.0% 4.0% 18.0% 18.5% 0.0% 7.68% 4.4% 25.9% 6.6% 1.1% 5.4% 1.9% 3.6% 10.5% 357600742.4% 9.1% 4.7% 24.

381 % growth EBITDA 3.283 56.xlsx Page 30 of 41 .384 % of sales 5. january 2014) 357600742.635 % of sales 4.7% Operational taxes (634) (667) NOPLAT 1.Dansk Supermarked A/S DCF analysis DKK 2008-A 2009-A Net sales 57.162 3.528 2. 49 Depreciation 723 749 Operational cash flow 2.0% Depreciation (723) (749) EBITA 2.968 % growth Change in provisions .3% 4.805 1.5% 6.439 2.766 Investments tangible fixed assets Investment intangible fixed assets Investments in net working capital Free cash flow Time to cash flow WACC Growth Terminal value Present value free cash flow Value of operations Enterprise value (EV) Net debt Minority interests Shareholder value (SV) Implied multiples EV/Sales EV/EBITDA EV/EBITA EV/EBIT SV/Net profit Teminal value (Residual value) Salling Enterprise value (th 7.

49% 7.7% 5.494 2.6x 15.49% 1.5% (597) (222) (422) (555) (800) (791) (744) 1.4x 16.382 4.5x 29.000 3.576 2.003 57.286 3.0% 5.425 1.1% -36.000 2.137 1.9x 12.642 2.2x 80.993 2.8% 2.5% 6.9% 3.638 -4.1% 5.220 1.5% 2.595 2.540 1.309 3.000 7.000) (1.3x 12.045 52.0% 0.9% (899) (602) (858) (762) (687) (709) (861) 2.952 4.5x 26.000) (1.243 6.439 54.3% 3.315) - 51.6% 4.076 4.557 (1.360 54.998 1.9% 6.968 2.074 61.1x 15.602 1.500 3.xlsx Page 31 of 41 .557 52.000 11.9x 27.7% 5.5x 16.242 0.4% 41.367 3.078 3.915 1.722 2.49% 7.9% 6.1% 3.754 2.739 2.4% 3.489 -7.000) (75) (35) (30) (280) 52 71 1.6x 15. 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 58.465 2.2% 2.785 56.282 59.0% 4.9x 0.648 3.980 2.071 3.3% 43.265 3.9x 0.1% 4.303 2.6% 5.9x 13.7% 40.500 (1.557 357600742.0% 4.4% 83 (92) (110) 132 (75) 1 1 899 602 858 762 687 709 861 2.1x 15.

330 26.688 5.2% 5.000 7.3x 12.9% (841) 4.0x 357600742.390 0.172 (1.2% 1 841 4.xlsx Page 32 of 41 .110 7.3x 19.3x 12.191 4.000) (75) 93 3.8x 10.49% 2. 2017-F 64.6% (939) 3.269 6.

43% Debt spread 3.6 KPMG Confidential 06/11/2017 Page 33 .5% Corporate risk premium 6.0% Beta 1. WACC .%513 1.50% 0.43% 3.7% 40% 60% WACC 7.5% Marginal tax rate 24.492% WACC Input Risk-free rate Debt spread A-tranchen Debt spread B-tranchen Marginal tax rate Beta equty  EK   EK U  * 1   FK EK  * (1  t c )   E(Ri)0.7% Illiquidity premium 5.0% Cost of debt 4.63 0.4 0.50% 3.34 Risk free rate 1.51)34 0.143i(*0.1% After-tax cost of debt 3.CAPM Cost of Equity Cost of Debt Market risk premium 5.9% Cost of equity = Beta * (Market risk premium) + Risk free rate +Illiquidity premium Cost of equity 13.50% 24.

000 1.000 1.979 Dividends 300 300 500 1.979 Dividends 300 300 500 1.000 1.4x) time 1 2 3 4 5 6 Cash Flow -18.000 1.000 1.979 Dividends 300 300 500 1.000 IRR Dansk Supermarked A/S IRR analysis End 2013 2014-F 2015-F 2016-F 2017-F 2018-F Equity begin -18.000 Debt Enterprise Value Exit Equity (multiple 10x) time 1 2 3 4 5 6 .979 300 300 500 1.979 300 300 500 1. Exit in year 2018 Dansk Supermarked A/S IRR analysis End 2013 2014-F 2015-F 2016-F 2017-F 2018-F Equity begin -18.979 Dividends 300 300 500 1.000 IRR Dansk Supermarked A/S IRR analysis End 2013 2014-F 2015-F 2016-F 2017-F 2018-F Equity begin -18.000 1.979 300 300 500 1.000 Debt Enterprise Value Exit Equity (multiple 11x) time 1 2 3 4 5 6 Cash Flow -18.000 1.000 Debt Enterprise Value Exit Equity (multiple 12x) time 1 2 3 4 5 6 Cash Flow -18.000 IRR Dansk Supermarked A/S IRR analysis End 2013 2014-F 2015-F 2016-F 2017-F 2018-F Equity begin -18.000 Debt Enterprise Value Exit Equity (multiple 13.

000 1.979 300 300 500 1.000 IRR .Cash Flow -18.

979 Dividends 300 300 500 1.979 300 300 500 1.761 Exit Equity (multiple 10x) 7 time 1 2 3 4 5 .321 Cash Flow -18.935 Exit Equity (multiple 11x) 7 time 1 2 3 4 5 37.088 Enterprise Value 43.45% IRR Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.000 -18.979 Dividends 300 300 500 1.740 Enterprise Value 32.000 -18.935 Cash Flow -18.979 Dividends 300 300 500 1.4x) 7 time 1 2 3 4 5 50.914 Enterprise Value 37.979 Debt 51.109 Cash Flow -18.000 19.000 14.26% IRR Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.979 300 300 500 1.000 16.979 Debt 56.979 300 300 500 1.109 Exit Equity (multiple 12x) 7 time 1 2 3 4 5 43.57% IRR Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.979 Dividends 300 300 500 1. Exit in year 2017 Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.300 Enterprise Value 50.979 Debt 69.000 -18.979 Debt 62.000 -18.321 Exit Equity (multiple 13.

979 300 300 500 1.761 Cash Flow -18.000 11. 32.67% IRR .

44% IRR Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.979 Dividends 300 300 500 1.935 Exit Equity (multiple 11x) 7 time 1 2 3 4 5 37.321 Cash Flow -18.000 -18.55% IRR Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.979 Dividends 300 300 500 1.000 -18.000 16.109 Exit Equity (multiple 12x) 7 time 1 2 3 4 5 43.979 Debt 62.000 -18. Exit in year 2019 Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.4x) 7 time 1 2 3 4 5 50.979 Debt 56.979 300 300 500 1.06% IRR Dansk Supermarked A/S IRR analysis End 2018 End 2013 2014-F 2015-F 2016-F 2017-F Equity begin -18.000 -18.979 300 300 500 1.000 23.935 Cash Flow -18.300 Enterprise Value 50.088 Enterprise Value 43.979 Debt 51.979 Dividends 300 300 500 1.979 Dividends 300 300 500 1.979 300 300 500 1.979 Debt 69.109 Cash Flow -18.740 Enterprise Value 32.914 Enterprise Value 37.321 Exit Equity (multiple 13.761 Exit Equity (multiple 10x) 7 time 1 2 3 4 5 .000 19.

000 13.761 Cash Flow -18.979 300 300 500 1.32% IRR . 32.

979 56.96% 2018-F 2019-F End 2018 1.935 6 7 8 1.000 1.088 43.321 16.109 14.000 -18.300 50.000 1.000 1.000 37.935 12.321 6 7 8 1.979 69.000 1.2018-F 2019-F End 2018 1.761 6 7 8 .109 6 8 9 1.000 -18.000 1.000 1.914 37.000 -18.000 50.979 62.979 51.000 43.000 1.66% 2018-F 2019-F End 2018 1.740 32.58% 2018-F 2019-F End 2018 1.000 -18.

000 1.000 32.52% .761 10.1.