Exhibit 5-3: Calculating FCFF from Net Income Income Statement in thousands) 2008 200.00 45. 2009 220.00 2010 24200 1 49 50 155.00 170.50 JEBITDA Depr exp. Operating income Interest exp. (796) JEBT Income taxes (30%) 15.681 139 31 41.80 97 52107118 01 INT Balance Sheet (in thousands) 2007 0.00 0.00 60.00 60.00 500.00 0.00 560.00 Cash Account Receivable Inventory Total Current assets Fixed assets Less: Accum. Depr. Total Assets Account Payable Current porttion of LT Debt Current liabilities LT debt Common stock Retained earnings Total liablities and equity 2008 2009 2010 108.92] 228.74 360.54 100.00 110.00 121.00 66.00 72.60 79.86 274.921 411.34 561.40 500.00 550.00 605.00 45.00 94.50 148.95 729.921866.841,017.45 50.00 55.00 60.50 0.00 0.00 0.00 50.00 55.00 60.50 246.40 271.04 298.14 336.001 336.00 336.00 97.52204.80322 80 729.921866.84.1.017.44 0.00 0.00 0.00 224.00 336.000 0.00 560.00 Working Capital (in thousands) 2007 2010 1 Account receivables Inventory Account payables Working Capital Change in WC 0.001 60.00 0.00 2008 100.00 66.00 50.00 2009 110.00 72.60 55.00 FCFF calculation 2008 97.52 1 2009 107.28 2010 118.01 INI Non-cash charges: depr Interest exp(1-1) Investment in CAPEX Investment in WC FCFF 1 97.50 107.25 117.98 Exhibit 5-4: Calculating FCFF from CFO 2010 118.01 Statement of Cash Flows (Indirect method, in thousands) 2008 2009 Cash flows from operations Net income 97.521 107.28 Plus: depreciation Increase/Decrease in AR Increase/Decrease in inventory Increase/Decrease in AP Cash flows from operations Cash flows from investing activities Purchase of PPE Cash flows from financing activities Borrowing (repayment) Total cash flows Cash, beginning Cash, ending FCFF Calculation 2008 2009 2010 CFO Interest exp (1 - ) Investment in CAPEX FCFF Calculation