Actual Downside Upside 20104 201 1.A 201Z E 201] E 2012 E ZOIZE Total 5 2105` 12, 4:46 35. 170 36, 170 37, 870 38.970 Total Operating Profit TEEIT ! 2. 070 1 1. 073 11.405 217 1.974 Financial Income* $10 170 55 102 1.05 Financial EXPENSE 254 755 Z74 724 724 274 Other financial expense 141 40 Froma before La` 1. TEE 150 1521 1$55 Taxes | 25`) 27 (131 Minority lasse^ 507 100 140 Net Income to Hakka parent 1 1. 154 |1.0191 212 101 1.497 A5.50+5\\ Goodwill , Intangible _ and other 10. 024 B.QSE 7. 502 $.058 7.502 non- current assets* Flank property and EQUIPMENT 1. 954 1. 8 47 1. 8 42 1. 842 1. 842 1. 8 42 Total non-current assets 1 1. 9 78 10. 750 9.90.0 9.900 9.341 Inventories* 2.523 2.320 21 10 2.170 2.083 1.949 Accounts receivable . net of allowances 7.570 5. 872 7.015 LIE'S Prepaid expenses. accrued Income , and 4.777 5. 047 $ 970 4. 740 1544 4.676 Other current assets Cash and short- term liquid investments 12.275 10.902 9.435 3. 160 10. 225 10.52 2 Total assets 39. 123 35. 205 32.409 32.493 37.56.9 37.505 Common Equity . net of retained earnings 5. 721 6.030 GOOD Retained Earnings 10.500 5.341 4.070 6. 453 Total Equity* 15. 231 13.915 11.421 10.150 12.573 12.540 Long - tom Interest - bearing /}} tillitios* 4.247 3.969 3959 3.969 2.953 Other long-term liabilities* 1 . 1 10 BIE \\BIE ATE BTE \\BIE Total non - current liabilities* 5. 357 $ , $45 4.845 4, 845 $,$45 $ 845 Short - term debt and other financial liabilities 1.454 1. 835 Accounts payable 6. 101 5. 532 $572 $ 702 5.302 5 456 ACCTUEd EXPENSES , provisions . and other 9.955 10. 07 7 $. 265 $3.500 2. 15.5 Total shareholders" equity and liabilities. 39, 123 36. 205 29.103 20.197 31.570 31.990 External Funds Needed 4. 296 Other selected figures Adjusted EBIT 3. 203 1. 625 6:45 1. 123 1. 720 2.630 EBITDA 3. 841 1.573 1. 520 3.230 Adjusted EEITON 4.010 2.553 1. 345 1. 833 2.420 2.230 Data SJUICE ! Last Winter Estimates based on Company, filings and analyst TEQUITSData source: Case writer estimates based on company filings and analyst reports. Actual Downside Upside Assumptions for forecast 2007A 2008A 20094 2010A 2011A 2012E 20136 20128 20136 Forecasted as a percentage of sales Inventories!0 56% 50% 46% 59% 6.0% 60% 55% Accounts receivable? 21.9% 186% 195% 178% 18.6% 190% 1904 180% 1804 Prepaid expenses, accrued income, and other current assets" 6.8% 11.2% 11.9% 11.3% 130% 120% 120% 120% 120% Cash and cash equivalents 210% 134% 21.6% 289% 282% 210% 27.0% 270% 270% Accounts payable 139% 10.3% 12.1% 144% 147% 130% 130% 140% 140% Accrued expenses and provisions" 21.2% 209% 22.5%% 215% 26.1% 215% 21.5% 215% 215% Forecasts for other solocted forms:" Interest rate-cash and short-term liquid investments 1.0% 1.0% Interest rate-short term dobs 10% Interest rate (avgi-long-term debt 5.7% 57% 5.7% Income tax rate 25.0% 250% 250% 250% Short term dobr' 0 0 Minority interest losses 140 100 1.40 100 Amortization" 850 556 850 Depreciation TOO 700 700 700 Capital expenditures 700 700 700 700 Dividend por shargig 0.40 0.40 Shares outstanding (millions 3.710 3.710 3.710 3,710
