REVLON, INC AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

(dollars in millions, except share and per share amounts)

Actual FORECAST
2015 2016 2017
Net Sales 1,914.30 2,105.73 2,737.45
Cost of Sales 667.8 734.58 881.50
Gross profit 1,246.50 1,371.15 1,855.95
Selling, general and administrative expenses 1002.5 1,237.98 1,253.13
Acquisition, integration and divestiture costs 8 225.54 20.00
Restructuring charges and other, net 10.5 11.55 14.44
Impairment Charges 9.7 10.67 13.34
Gain on divested assets -
Operating income (loss) 215.80 - 114.58 555.05
Other expenses
Interest expense, net 83.3 91.63 114.54
Amortization of debt insurance cost 5.7 6.27 7.84
Gain on early extinguishment of debt - -
Foreign currency losses (gains) net 15.7 17.27 21.59
Miscellaneous, net 0.4 0.44 0.55
Other expenses 105.10 115.61 144.51
Loss from operations before income taxes 110.7 - 230.19 410.54
Provision for income taxes 51.4 56.54 70.68
Income from continuing operations 59.30 - 286.73 339.87
(Loss) income from the discontinues operation - 3.20 - 3.52 - 4.40
Net Income (loss) 56.10 - 290.25 335.47
Other comprehensive income (loss)
Foreign currency transalation adjustments -18.1 - 19.91 - 24.89
Amortization of pension related cost 7.2 7.92 9.90
Pension re-measurement, net of tax -6.9 - 7.59 - 9.49
Pension settlement 17.3 19.03 23.79
Revaluation of derivative financial instrument -1.6 - 1.76 - 2.20
Other comprehensive income, net - 2.10 - 19.58 - 24.48
Total comprehensive loss 54.00 - 309.83 310.99

Basic and Diluted (loss) earnings per common share

Basic 1.13
Diluted - 0.06
mounts)

FORECAST
2018 2019 2020
3,832.43 5,365.40 6,706.75
1,101.87 1,322.24 1,586.69
2,730.56 4,043.16 5,120.06
1,503.75 1,804.50 2,165.40
24.00 28.80 34.56
17.33 20.79 24.95
16.01 19.21 23.05

1,169.48 2,169.86 2,872.10

137.45 164.93 197.92

9.41 11.29 13.54
- - -
25.90 31.09 37.30
0.66 0.79 0.95
173.42 208.10 249.72
492.65 591.18 709.41
84.81 101.77 122.13
407.84 489.41 587.29
- 5.28 - 6.34 - 7.60
402.56 483.07 579.68

- 29.87 - 35.84 - 43.01

11.88 14.26 17.11
- 11.39 - 13.66 - 16.39
28.55 34.25 41.10
- 2.64 - 3.17 - 3.80
- 29.37 - 35.24 - 42.29
373.19 447.83 537.39
 REVLON, INC AND SUBSIDIARIES
Cash Flows
(dollars in millions, except share and per share amounts)

Actual FORECAST
2015 2016 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss 56.1 - 290.25 335.47
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation and amortization 103.2 108.36 119.196
Foreign currency losses (gains) from re-measurement 19.5 21.45 23.595
Amortization of debt discount 1.4 1.54 1.694
Stock-based compensation amortization 5.1 5.61 6.171
Impairment charges 9.7 10.67 11.737
Provision for deferred taxes 28.3 31.13 34.243
Gain on early extinguishment of debt 0 0 0
Amortization of debt issuance cost 5.7 6.27 6.897
Gain on diversed assets 0 0 0
Pension and other post-retirement cost -6.4 -52.24 -6.4
Paid-in-kind interest expense on the 2020 BrandCo Facilities 19 20.9 22.99
Change in Assets and Liabilities 0 0
(Increase) decrease in trade receivables -18.5 -20.35 -22.385
Decrease (increase) in inventories -30.6 -33.66 -37.026
(Increase) decrease in prepaid expense and other current assets -20.5 -22.55 -24.805
Increase (decrease) in accounts payable 34.9 38.39 42.229
Increase (decrease) in accrued expense and other current liabilities 7.3 8.03 8.833
Pension and other post-retirement plan contributions -18.1 -19.91 -21.901
Purchase of permanent displays -47.4 -52.14 -57.354
Other, net 6.6 7.26 7.986
Net cash used in operating activities 155.3 -231.492 451.1655
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures -48.3 -225.33 -43.13
Business acquisition -41.7 -45.87 -50.457
Proceeds from the sale of certain assers 6.2 6.82 7.502
Net cash used in investing activities -83.8 -264.38 -86.085
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in short-term borrowings and overdraft 23 25.3 27.83
Borrowings on term loans 0 0 0
Repayment in term loans -19.3 -21.23 -23.353
Net (repayments) borrowings under the revolving credit facilities -12.1 -13.31 -14.641
Payment of financing cost 0 0 0
Tax withholdings related to net share settlement of restricted stocks 0 0 0
Other financing activities -3.7 -4.07 -4.477
Net cash provided by financing activities -12.1 -13.31 -14.641
Effect of exchange rate changes on cash, cash equivalents and restricted cash -7.8 -8.58 -9.438
 Net increase (decrease) in cash equivalents and restricted cash 51.6 -517.762 341.0015
Cash, cash equivalents and restricted cash at beginning of period 275.3 302.83 333.113
Cash, cash equivalents and restricted cash at end of period 326.90 - 214.93 674.11
Supplemental schedule of cash flow information
Cash paid during the period for
Interest 79.9 87.89 96.679
Income tax net of refunds 25.4 27.94 30.734
Supplemental schedule of non-cash flow information
Treasury stock received to satisfy certain minimum tax withholding liab 2.8 3.08 3.388
s)

FORECAST
2018 2019 2020

402.56 483.07 579.68

131.1156 144.22716 158.649876

25.9545 28.54995 31.404945
1.8634 2.04974 2.254714
6.7881 7.46691 8.213601
12.9107 14.20177 15.621947
37.6673 41.43403 45.577433
0 0 0
7.5867 8.34537 9.179907
0 0 0
-7.04 -7.744 -8.5184
25.289 27.8179 30.59969
0 0 0
-24.6235 -27.08585 -29.794435
-40.7286 -44.80146 -49.281606
-27.2855 -30.01405 -33.015455
46.4519 51.09709 56.206799
9.7163 10.68793 11.756723
-24.0911 -26.50021 -29.150231
-63.0894 -69.39834 -76.338174
8.7846 9.66306 10.629366
529.8286 623.06732 733.681084

-47.443 -52.1873 -57.40603

-55.5027 -61.05297 -67.158267
8.2522 9.07742 9.985162
-94.6935 -104.1629 -114.57914

30.613 33.6743 37.04173

0 0 0
-25.6883 -28.25713 -31.082843
-16.1051 -17.71561 -19.487171
0 0 0
0 0 0
-4.9247 -5.41717 -5.958887
-16.1051 -17.71561 -19.487171
-10.3818 -11.41998 -12.561978
408.6482 489.76888 587.0528
366.4243 403.06673 443.373403
775.07 892.84 1,030.43

106.3469 116.98159 128.679749

33.8074 37.18814 40.906954

3.7268 4.09948 4.509428

 REVLON, INC AND SUBSIDIARIES
STOCKHOLDER'S DEFICIENCY
(dollars in millions, except share and per share amounts)
Common Add'l paid in Treasury Accumulated
Stock capital Stock Deficit
Balance, December 31,2014 0.50 1,020.90 - 10.50 - 1,411.80
Treasury stock acquired at cost - 2.80
Stock based compensation amortization 5.10
Excess Tax benefits from Sock based 0.30
Net Loss 56.10
Other comprehensive income
Balance, December 31,2015 0.50 1,026.30 - 13.30 - 1,355.70
Treasury stock acquired at cost - 0.67
Stock based compensation amortization 5.61
Excess Tax benefits from Sock based
Net Loss - 290.25
Other comprehensive income
Balance, December 31,2016 0.50 1,031.91 - 13.97 - 1,645.95
Treasury stock acquired at cost - 0.70
Stock based compensation amortization 6.17
Excess Tax benefits from Sock based
Net Loss 335.47
Other comprehensive income
Balance, December 31,2017 0.50 1,038.08 - 14.66 - 1,310.49
Treasury stock acquired at cost - 0.73
Stock based compensation amortization 6.79
Excess Tax benefits from Sock based
Net Loss 402.56
Other comprehensive income
Balance, December 31,2018 0.50 1,044.87 - 15.40 - 907.93
Treasury stock acquired at cost - 0.77
Stock based compensation amortization 7.47
Excess Tax benefits from Sock based
Net Loss 483.07
Other comprehensive income
Balance, December 31,2019 0.50 1,052.34 - 16.17 - 424.86
Treasury stock acquired at cost - 0.81
Stock based compensation amortization 8.21
Excess Tax benefits from Sock based
Net Loss 579.68
Other comprehensive income
Balance, December 31,2020 0.50 1,060.55 - 16.97 154.83
ts)
Total
Accum. Other Shareholders
Compre Loss def
- 243.20 - 644.10
- 2.80
5.10

56.10
- 2.10 - 2.10
- 245.30 - 587.80
- 0.67
5.61

- 290.25
- 19.58 - 19.58
- 264.88 - 892.69
- 0.70
6.17

335.47
- 24.48 - 24.48
- 289.36 - 576.22
- 0.73
6.79

402.56
- 29.37 - 29.37
- 318.73 - 196.98
- 0.77
7.47

483.07
- 35.24 - 35.24
- 353.97 257.54
- 0.81
8.21

579.68
- 42.29 - 42.29
- 396.26 802.34
 REVLON, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(dollars in millions, except share and per share amounts)
Actual FORECAST
ASSETS 2015 2016 2017 2018 2019
Current Assets
Cash and Cash equivalents 326.90 -214.932 674.1145 775.0725 892.83561
Trade receivables (net) 244.90 257.15 270.00 383.50 502.68
Inventories 183.80 192.99 202.64 303.57 318.75
Prepaid Expenses and other assets 111.30 116.87 122.71 128.84 135.29
Total current assets 866.90 352.07 1,269.46 1590.99 1849.55
Property Plant and Equipment 215.30 226.07 237.37 249.24 261.70
Deffered Income Tax 40.30 42.32 44.43 46.65 48.98
Goodwill 469.70 493.19 517.84 543.74 570.92
Intangible Asstes 318.00 645.87 333.90 500.60 810.62
Other Assets 104.10 279.71 99.26 104.22 109.79
Total Assets 2,014.30 2,039.21 2,502.26 3,035.43 3,651.57

LIABILITIES AND STOCKHOLDERS EQUITY

Current Liabilities
Short-term borrowings 11.3 11.87 12.46 13.08 13.74
Current portion of long term debt 30 31.50 33.08 34.73 36.47
Accounts Payable 201.3 211.37 221.93 233.03 244.68
Accrued expenses and other liabilities 272.4 286.02 300.32 315.34 331.10
Total Current Liabilities 515.00 540.75 567.79 596.18 625.99
Long term debt 1,804 2,093.89 2,198.58 2,308.51 2,423.93
Long term pension and others 185.3 194.57 204.29 214.51 225.23
Other long term liabilities 97.8 102.69 107.82 113.22 118.88
Stockholders deficiency
Class A common Stock 0.5 0.55 0.605 0.6655 0.73205
Additional paid-in capital 1,026.30 1128.93 1241.823 1366.0053 1502.60583
Treasury Stock -13.3 -13.965 -14.66325 -15.3964125 -16.166233
Accumulated deficit - 1,355.70 - 1,645.95 -1310.49 -907.93 -424.86
Accumulated other compre income -245.3 - 264.88 -289.36 -318.73 -353.97
Total stockholder's deficiency - 587.50 - 892.69 -576.22 -196.98 257.54
Total liabilities and stockholders' 2,014.30 2,039.20 2,502.26 3,035.43 3,651.57
 2020

1468.4262
527.81
334.69
142.05
2472.98
274.78
51.43
599.47
851.16
116.25
4,366.07

14.42
38.29
256.92
347.66
657.29
2,545.13
236.49
124.82

0.805255
1652.86641
-16.974545
154.83
-396.26
802.34
4,366.07
Profitability Ratio 2016

Gross Profit (IS)

Gross Profit Margin 1,371.15 = 0.65115185708
Total Sales (IS) 2,105.73

Operating Profit Margin Operating Income (IS) - 114.58 = -0.05441438361

Total Sales (IS) 2,105.73

Net Profit Margin Net Income After Taxes (IS) - 290.25 = -0.13783913417
Total Sales (IS) 2,105.73

Return on Investment Net Income After Taxes (IS) - 290.25

= -0.14233565188
Total Assets (BS) 2,039.21

Return on Equity Net Income After Taxes (IS) - 290.25

= 0.32514419948
Stockholder’s Equity (BS) - 892.69

Liquidity Ratio

= 0.65107350902
Current Ratio Current Assets (BS) 352.07
Current Liabilities (BS) 540.75

Quick Ratio Current Assets (BS) – Inventories (BS) =352.07 - 192.99

= 0.29
Current Liabilities (BS) 540.75

Activitiy Ratio

Inventory Turnover Cost of Goods Sold (IS) 734.58

= 3.80631120783
Inventories (BS) 192.99

Total Asset Turnover Sales (IS) 2,105.73 = 1.03262148834

Total Assets (BS) 2,039.21

Fixed Asset Turnover Sales (IS) 2,105.73 = 9.31471037091

Net Fixed Assets (BS) 226.07
Debt-to-Assets Total Liabilities (BS) 2,931.89 = 1.43775916925
Total Assets (BS) 2,039.21

Long-Term Debt to Equity Long-Term Debt (BS) 2,093.89 = -2.34559817719

Stockholders’ Equity (BS) - 892.69

Debt to Capital Long-Term Liabilities (BS) 2,391.14 = 1.99062935503

Long-Term Debt + Stockholders’ Equity 1,201.20

Short-Term Liabilities to To Current Liabilities (BS) 540.75 = 0.18443734247

Total Liabilities (BS) 2,931.89

Times Interest Earned Earnings Before Interest and Taxes (IS) - 114.58 = -1.2504856488
Interest (IS) 91.63
 2020

amount if gross profit generated

per dollar sales
5,120.06 = 0.76341852788
6,706.75

Amount of profit from operations

generated per dollar sales
2,872.10 = 0.42824050823
6,706.75

Amount of after tax profit per dollar

sales
579.68 = 0.08643297867
6,706.75

579.68 Rate of return on total assets

= 0.13277040278 employed – mgt.’s overall
4,366.07 performance in generating a profit

579.68 Rate of return on stockholders’

= 0.72249212711 investment in firm – mgt.’s
802.34 performance in generating a profit

Ability to cover short-term debt as

2,472.98 = 3.76240934924 it comes due
657.29

=2,472.98 - 334.69
= 3.25 Expresses degree to which a firm’s
657.29 current liabilities are covered by the
most liquid current assets

1,586.69 Indicates liquidity or activity of

= 4.74081809846
334.69 firm’s inventory

6,706.75 = 1.53610814794
4,366.07 Indicate how efficiently firm is
utilizing its assets to generate sales
6,706.75 = 24.4074043481
274.78 Extent to which fixed assets are
used in generating sales
3,563.73 = 0.81623373476 Extent to which funds are provided b
4,366.07

2,545.13 = 3.17213410965 Extent to which funds are provided b

802.34

2,906.45 = 0.86825133294 Percentage of firm’s capitalization p

3,347.47

657.29 = 0.18443734247 Percentage of total debt borrowed fr

3,563.73

2,872.10 = 14.5113704573 Extent to which earnings can decline

197.92
Industry average, when
applicable

Industry average, when

applicable

Industry average, when

applicable

Should be equal to, or higher

than market rate of return on
Treasury bills during the time

Should be higher than return on

investment

At least 2:1, but a ratio above 4 would indicate that firm may not be
using its short-term assets effectively

At least 1:1

Industry average, when

applicable

Industry average, when

applicable

High value indicates productive

use of fixed assets
Industry average, when applicable

Historical norm tends to be 40:60

Industry average, when applicable

Industry average, when applicable

At least 2:1
P Principal 500,000.00
R Yearly Interest Rate 7%
t No. of years of the loan 30 YEARS
n Number of Payments per year 12

PMT P X (R/N)
1
1-
(1 + R/N) (N X T)

500,000 X (.07/12)
1
1-
(1 + .07/12) (12 X 30)

500,000 X (.005833)
1
1-
(1 + .005833) (360)

2,916.67
1
1-
8.11649650703

2,916.67
1- 0.123205868336648

2,916.67
0.876794131663352

PYMT 3,326.51