EXHIBIT 12.6 Ganado Germany: Case 4-Sales Price, Volume, and Costs Increase 2014 1,000,000 14.80 9.60 29.5% 1.0000 2015 1,000,000 14.80 9.60 29.5% 1.0000 2016 1,000,000 14.80 9.60 29.5% 1.0000 2017 1,000,000 14.80 9.60 29.5% 1.0000 2018 1,000,000 14.80 9.60 29.5% 1.0000 Assumptions Sales volume (units) Sales price per unit Direct cost per unit German corporate tax rate Exchange rate ($/) Income Statement Sales revenue Direct cost of goods sold Cash operating expenses (fixed) Depreciation Pretax profit Income tax expense Net income Cash Flow for Valuation Net income Add back depreciation Changes in net working capital Free cash flow for valuation, in euros Cash flow from operation, in dollars Present Value @15% 2014 2015 2016 2017 2018 15,488,000 15,488,000 15,488,000 15,488,000 15,488,000 - 11,000,000 - 11,000,000 - 11,000,000 - 11,000,000 - 11,000,000 - 890,000 - 890,000 - 890,000 -890,000 - 890,000 - 600,000 - 600,000 - 600,000 - 600,000 - 600,000 2.998,000 2,998,000 2,998,000 2,998,000 2,998,000 -884,410 -884,410 -884,410 -884,410 -884,410 2,113,590 2,113,590 2,113,590 2,113,590 2,113,590 2.113,590 600,000 - 89,907 2,623,683 $2,623,683 $9,018,195 2,113,590 600,000 0 2,713,590 $2,713,590 2,113,590 2,113,590 600,000 600,000 0 0 2,713,590 2,713,590 $2,713,590 $2,713,590 2,113,590 600,000 0 2,713,590 $2.713,590 Click on the icon located on the top-right comer of the data toblo in order to copy its contents into a spreadshoot. Print Done Data table ma - ak-cul ak-cu gh exd Bak-cu EXHIBIT 12.5 Ganado Germany's Valuation: Baseline Analysis Assumptions 2014 2015 2016 2017 2018 Sales volume (units) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Sales price per unit 12.80 12.80 12.80 12.80 12.80 Direct cost per unit 9.60 9.60 9.60 9.60 9.60 German corporate tax rate 29.5% 29.5% 29.5% 29.5% 29.5% Exchange rate (S/E) 1.2000 1.2000 1.2000 1.2000 1.2000 Income Statement 2014 2015 2016 2017 2018 Sales revenue 12,800,000 12,800,000 12,800,000 12,800,000 12,800,000 Direct cost of goods sold - 9,600,000 - 9,600,000 - 9,600,000 - 9,600,000 - 9,600,000 Cash operating expenses (fixed) - 890,000 - 890,000 - 890,000 - 890,000 - 890,000 Depreciation - 600,000 - 600,000 - 600,000 - 600,000 - 600,000 Pretax profit 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 Income tax expense -504.450 - 504,450 -504,450 - 504,450 - 504,450 Net income 1,205,550 1,205,550 1,205,550 1,205,550 1,205,550 Cash Flow forValuation Net income 1,205,550 1,205,550 1,205,550 1,205,550 1,205,550 Add back depreciation 600,000 600,000 600,000 600,000 600,000 Changes in not working capital 0 0 0 0 0 Free cash flow for valuation, in euros 1,805,550 1,805,550 1,805,550 1,805,550 1,805,550 Cash flow from operation, in dollars $2.166,660 $2,166,660 $2,166,660 $2,166,660 $2.166,660 Present Value 15% $7.262,980 Notes: We assumo, to simplify the analysis, that Ganado Germany has no debt and therefore no interest expenses. We also assume there are no additional capital expenditures required over the five years shown. We also assume no terminal value: Ganado is valued on its coming expected five years of cash flow only. Net working capital requirements (accounts receivable inventory-accounts payable) require no additions in the Print Dono Ganado Germany-An Domestic Competitors. Using Grado Germany wysin hots 125 mature mostly.domestie maut whor domestic computions and 126, where there are now would prices, cos and volumes charger Gundo Germany was operating in Select the best response OA Grade Germany would motywy to pull from now weaknyone country mary and would try and in the price in eros by keeping te vores the same OB Grade Germany would money try to profit from is now curry one country Comory, and would try and increase asumes dramatically keping on the OC Garato Germany could not changes to try and pass through exchange changes. Al sering meters would man hen til we would all when valeurs by US parent company OD Gara Gamanywould my worms now why home county may be price and at the same time, which we use the direct wel EXHIBIT 12.6 Ganado Germany: Case 4-Sales Price, Volume, and Costs Increase 2014 1,000,000 14.80 9.60 29.5% 1.0000 2015 1,000,000 14.80 9.60 29.5% 1.0000 2016 1,000,000 14.80 9.60 29.5% 1.0000 2017 1,000,000 14.80 9.60 29.5% 1.0000 2018 1,000,000 14.80 9.60 29.5% 1.0000 Assumptions Sales volume (units) Sales price per unit Direct cost per unit German corporate tax rate Exchange rate ($/) Income Statement Sales revenue Direct cost of goods sold Cash operating expenses (fixed) Depreciation Pretax profit Income tax expense Net income Cash Flow for Valuation Net income Add back depreciation Changes in net working capital Free cash flow for valuation, in euros Cash flow from operation, in dollars Present Value @15% 2014 2015 2016 2017 2018 15,488,000 15,488,000 15,488,000 15,488,000 15,488,000 - 11,000,000 - 11,000,000 - 11,000,000 - 11,000,000 - 11,000,000 - 890,000 - 890,000 - 890,000 -890,000 - 890,000 - 600,000 - 600,000 - 600,000 - 600,000 - 600,000 2.998,000 2,998,000 2,998,000 2,998,000 2,998,000 -884,410 -884,410 -884,410 -884,410 -884,410 2,113,590 2,113,590 2,113,590 2,113,590 2,113,590 2.113,590 600,000 - 89,907 2,623,683 $2,623,683 $9,018,195 2,113,590 600,000 0 2,713,590 $2,713,590 2,113,590 2,113,590 600,000 600,000 0 0 2,713,590 2,713,590 $2,713,590 $2,713,590 2,113,590 600,000 0 2,713,590 $2.713,590 Click on the icon located on the top-right comer of the data toblo in order to copy its contents into a spreadshoot. Print Done Data table ma - ak-cul ak-cu gh exd Bak-cu EXHIBIT 12.5 Ganado Germany's Valuation: Baseline Analysis Assumptions 2014 2015 2016 2017 2018 Sales volume (units) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Sales price per unit 12.80 12.80 12.80 12.80 12.80 Direct cost per unit 9.60 9.60 9.60 9.60 9.60 German corporate tax rate 29.5% 29.5% 29.5% 29.5% 29.5% Exchange rate (S/E) 1.2000 1.2000 1.2000 1.2000 1.2000 Income Statement 2014 2015 2016 2017 2018 Sales revenue 12,800,000 12,800,000 12,800,000 12,800,000 12,800,000 Direct cost of goods sold - 9,600,000 - 9,600,000 - 9,600,000 - 9,600,000 - 9,600,000 Cash operating expenses (fixed) - 890,000 - 890,000 - 890,000 - 890,000 - 890,000 Depreciation - 600,000 - 600,000 - 600,000 - 600,000 - 600,000 Pretax profit 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000 Income tax expense -504.450 - 504,450 -504,450 - 504,450 - 504,450 Net income 1,205,550 1,205,550 1,205,550 1,205,550 1,205,550 Cash Flow forValuation Net income 1,205,550 1,205,550 1,205,550 1,205,550 1,205,550 Add back depreciation 600,000 600,000 600,000 600,000 600,000 Changes in not working capital 0 0 0 0 0 Free cash flow for valuation, in euros 1,805,550 1,805,550 1,805,550 1,805,550 1,805,550 Cash flow from operation, in dollars $2.166,660 $2,166,660 $2,166,660 $2,166,660 $2.166,660 Present Value 15% $7.262,980 Notes: We assumo, to simplify the analysis, that Ganado Germany has no debt and therefore no interest expenses. We also assume there are no additional capital expenditures required over the five years shown. We also assume no terminal value: Ganado is valued on its coming expected five years of cash flow only. Net working capital requirements (accounts receivable inventory-accounts payable) require no additions in the Print Dono Ganado Germany-An Domestic Competitors. Using Grado Germany wysin hots 125 mature mostly.domestie maut whor domestic computions and 126, where there are now would prices, cos and volumes charger Gundo Germany was operating in Select the best response OA Grade Germany would motywy to pull from now weaknyone country mary and would try and in the price in eros by keeping te vores the same OB Grade Germany would money try to profit from is now curry one country Comory, and would try and increase asumes dramatically keping on the OC Garato Germany could not changes to try and pass through exchange changes. Al sering meters would man hen til we would all when valeurs by US parent company OD Gara Gamanywould my worms now why home county may be price and at the same time, which we use the direct wel