E Exhibit 2 Bega Cheese Balance Sheet, 2012-2016 (A\$ millions) Source: Adapted from data in the S\&P Capital IQ Database, accessed April 7, 2017. Exhibit 3 Bega Cheese Segment Financial Data, 2011-2106 (A\$ millions) Exhibit 8A Mondelz ANZ Grocery Business -Financial Projections, FY2018FY2022 (A\$ millions) Exhibit 8B Mondelz ANZ Grocery Business - Valuation by Multiples (A\$ millions) Using the valuation model, calculate how each of the following changes affects the base case NPV of the business (make the changes one at a time). Which changes have the largest impact on the NPV and why? Which of the changes are most feasible to implement? a. increase sales growth in years 2018-2022 from 4\% to 5\% b. increase the TV growth rate from 2% to 3% c. increase the operating margin in years 20182022 from 11% to 12%; d. decrease the operating margin in years 2018-2020 from 11% to 10% (but keep years 2021 and 2022 at 11%)? Are margins likely to increase or decrease over time? E Exhibit 2 Bega Cheese Balance Sheet, 2012-2016 (A\$ millions) Source: Adapted from data in the S\&P Capital IQ Database, accessed April 7, 2017. Exhibit 3 Bega Cheese Segment Financial Data, 2011-2106 (A\$ millions) Exhibit 8A Mondelz ANZ Grocery Business -Financial Projections, FY2018FY2022 (A\$ millions) Exhibit 8B Mondelz ANZ Grocery Business - Valuation by Multiples (A\$ millions) Using the valuation model, calculate how each of the following changes affects the base case NPV of the business (make the changes one at a time). Which changes have the largest impact on the NPV and why? Which of the changes are most feasible to implement? a. increase sales growth in years 2018-2022 from 4\% to 5\% b. increase the TV growth rate from 2% to 3% c. increase the operating margin in years 20182022 from 11% to 12%; d. decrease the operating margin in years 2018-2020 from 11% to 10% (but keep years 2021 and 2022 at 11%)? Are margins likely to increase or decrease over time