Marginal tax rate 25%

E20x1 E20x2 E20x3 E20x4

Expected sales growth (Analysts) 6% 5% 4% 3%

Historical financial statements

Income statement 20x-4 20x-3 20x-2 20x-1

Sales 1,349.0 1,443.0 1,573.0 1,667.0
- Operating expenses 931.0 981.0 1,038.0 1,084.0
- Depreciation 240.0 252.0 174.0 326.3
EBIT 178.0 210.0 361.0 256.7
- Interest expenses 48.0 49.3 52.0 55.9
EBT 130.0 160.8 309.1 200.8
- Taxes 15.4 18.9 57.7 42.6
Net income 114.6 141.9 251.4 158.2

Other comprehensive income:

Translation differences 10.0 -20.0 15.0 -5.0

Total comprehensive income 124.6 121.9 266.4 153.2

Balance sheet 20x-4 20x-3 20x-2 20x-1

Excess cash 0.0 0.0 0.0 0.0
Operating cash 108.0 130.0 126.0 130.0
Accounts receivable 256.0 245.0 283.0 300.0
Inventory 148.0 188.0 173.0 200.0
Other assets 50.0 50.0 50.0 50.0
Fixed assets 836.0 909.0 1038.0 1,071.7
Intangible assets 351.0 346.0 393.0 400.0
Total assets 1,749.0 1,868.0 2,063.0 2,151.7

Accounts payable 135.0 130.0 157.0 150.0

Accrued expenses 67.0 87.0 63.0 75.0
Other liabilities 60.0 55.0 50.0 50.0
Long-term debt 985.0 1,039.0 1,117.0 1,171.7
Share capital 100.0 100.0 100.0 100.0
Retained earnings 401.7 476.4 615.6 654.5
Treasury stock 0.0 -20.0 -40.0 -50.0
Minority interest 0.3 0.6 0.4 0.5
Total liabilities and equity 1,749.0 1,868.0 2,063.0 2,151.7

Cash Flow Statement 20x-3 20x-2 20x-1

EBIT 210.0 361.0 256.7
- Taxes 24.7 67.4 54.4
NOPLAT 185.3 293.6 202.2
+ Depreciation 252.0 174.0 326.3
- Increase Operating cash 22.0 -4.0 4.0
- Increase Accounts receivable -11.0 38.0 17.0
- Increase Inventory 40.0 -15.0 27.0
- Increase Other assets 0.0 0.0 0.0
+ Increase Accounts payable -5.0 27.0 -7.0
+ Increase Accrued expenses 20.0 -24.0 12.0
+ Increase Other liabilities -5.0 -5.0 0.0
+ Translation differences -10.0 10.0 -5.0
Operating cash flow 386.3 456.6 480.6
- New investments 320.0 350.0 367.0
+ Translation differences -10.0 5.0 0.0
Free Cash Flow 56.3 111.6 113.6
+ Increase Long-term debt 54.0 78.0 54.7
- Interest expenses (after taxes) 43.5 42.3 44.0
Residual cash flow 66.9 147.4 124.2
+ Increase Share capital 0.0 0.0 0.0
- Share repurchases 20.0 20.0 10.0
+ Increase Minority interest 0.3 -0.2 0.1
- Dividend 47.2 127.2 114.3
Change in Excess cash 0.0 0.0 0.0
E20x5
2%

Financial statements in % of Sales

20x0 Income statement 20x-4 20x-3 20x-2

1,800.0 Sales 100.0% 100.0% 100.0%
1,200.0 - Operating expenses 69.0% 68.0% 66.0%
341.4 - Depreciation 17.8% 17.5% 11.1%
258.6 EBIT 13.2% 14.6% 22.9%
58.6 - Interest expenses 3.6% 3.4% 3.3%
200.0 EBT 9.6% 11.1% 19.6%
43.8 - Taxes 1.1% 1.3% 3.7%
156.3 Net income 8.5% 9.8% 16.0%

Other comprehensive income:

-30.0 Translation differences 0.7% -1.4% 1.0%

126.3 Total comprehensive income 9.2% 8.4% 16.9%

20x0 Balance sheet 20x-4 20x-3 20x-2

0.0 Excess cash 0.0% 0.0% 0.0%
110.0 Operating cash 8.0% 9.0% 8.0%
325.0 Accounts receivable 19.0% 17.0% 18.0%
210.0 Inventory 11.0% 13.0% 11.0%
50.0 Other assets 3.7% 3.5% 3.2%
1,184.2 Fixed assets 62.0% 63.0% 66.0%
375.0 Intangible assets 26.0% 24.0% 25.0%
2,254.2 Total assets 129.7% 129.5% 131.2%

180.0 Accounts payable 10.0% 9.0% 10.0%

100.0 Accrued expenses 5.0% 6.0% 4.0%
70.0 Other liabilities 4.4% 3.8% 3.2%
1,134.2 Long-term debt 73.0% 72.0% 71.0%
100.0 Share capital 7.4% 6.9% 6.4%
744.2 Retained earnings 29.8% 33.0% 39.1%
-75.0 Treasury stock 0.0% -1.4% -2.5%
0.8 Minority interest 0.0% 0.0% 0.0%
2,254.2 Total liabilities and equity 129.7% 129.5% 131.2%

20x0 Cash Flow Statement 20x-3 20x-2

258.6 EBIT 14.6% 22.9%
56.6 - Taxes 1.7% 4.3%
202.0 NOPLAT 12.8% 18.7%
341.4 + Depreciation 17.5% 11.1%
-20.0 - Increase Operating cash 1.5% -0.3%
25.0 - Increase Accounts receivable -0.8% 2.4%
10.0 - Increase Inventory 2.8% -1.0%
0.0 - Increase Other assets 0.0% 0.0%
30.0 + Increase Accounts payable -0.3% 1.7%
25.0 + Increase Accrued expenses 1.4% -1.5%
20.0 + Increase Other liabilities -0.3% -0.3%
-20.0 + Translation differences -0.7% 0.6%
583.4 Operating cash flow 26.8% 29.0%
428.9 - New investments 22.2% 22.3%
-10.0 + Translation differences -0.7% 0.3%
144.5 Free Cash Flow 3.9% 7.1%
-37.5 + Increase Long-term debt 3.7% 5.0%
45.8 - Interest expenses (after taxes) 3.0% 2.7%
61.3 Residual cash flow 4.6% 9.4%
0.0 + Increase Share capital 0.0% 0.0%
25.0 - Share repurchases 1.4% 1.3%
0.3 + Increase Minority interest 0.0% 0.0%
36.6 - Dividend 3.3% 8.1%
0.0 Change in Excess cash 0.0% 0.0%
ales

20x-1 20x0
100.0% 100.0%
65.0% 66.7%
19.6% 19.0%
15.4% 14.4%
3.4% 3.3%
12.0% 11.1%
2.6% 2.4%
9.5% 8.7%

-0.3% -1.7%

9.2% 7.0%

20x-1 20x0
0.0% 0.0%
7.8% 6.1%
18.0% 18.1%
12.0% 11.7%
3.0% 2.8%
64.3% 65.8%
24.0% 20.8%
129.1% 125.2%

9.0% 10.0%
4.5% 5.6%
3.0% 3.9%
70.3% 63.0%
6.0% 5.6%
39.3% 41.3%
-3.0% -4.2%
0.0% 0.0%
129.1% 125.2%

20x-1 20x0
15.4% 14.4%
3.3% 3.1%
12.1% 11.2%
19.6% 19.0%
 0.2% -1.1%
1.0% 1.4%
1.6% 0.6%
0.0% 0.0%
-0.4% 1.7%
0.7% 1.4%
0.0% 1.1%
-0.3% -1.1%
28.8% 32.4%
22.0% 23.8%
0.0% -0.6%
6.8% 8.0%
3.3% -2.1%
2.6% 2.5%
7.5% 3.4%
0.0% 0.0%
0.6% 1.4%
0.0% 0.0%
6.9% 2.0%
0.0% 0.0%