Forecast Ideko's free cash flow, assuming Ideko's market share will increase by 0.60 percent per year; investment, financing, and depreciation will be adjusted accordingly; and the projected improvements in working capital do not occur (that is, the numbers in the table remain at their 2005 levels through 2010, and Ideko's working capital requirements through 2010 will be as shown). Ideko's production plant will require an expansion in 2010 (when production volume will exceed the current level by 50%), and the cost of this expansion will be $15.4 million. This amount will be borrowed from a financial institution at interest rate of 6.8%. The new projected capital investments are shown, while the income statement is provided (Assume an income tax rate of 35%.)

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Forecast Ideko's free cash flow, assuming Ideko's market share will increase by 0.60 percent per year; investment, financing, an working capital do not occur (that is, the numbers in the table remain at their 2005 levels through 2010, and Ideko's working will require an expansion in 2010 (when production volume will exceed the current level by 50%), and the cost of this exp institution at interest rate of 6.8%. The new projected capital investments are shown, while the income s Sales Data Market Size (000 units) Market Share Average Sales Price ($/unit) Cost of Goods Data Raw Materials ($/unit) Direct Labor Costs ($/unit) Operating Expense Data Sales and Marketing (% sales) Administrative (% sales) Interest on Term Loan ($ 000) Ideko's Working Capital Requirements Working Capital Days Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Liabilities Wages Payable Other Accounts Payable Working Capital ($ 000) Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Total Current Assets Liabilities Wages Payable Other Accounts Payable Total Current Liabilities Net Working Capital Increase in Net Working Capital Fixed Assets and Capital Investment ($ 000) 2005 New Investment Depreciation 4,950 -5,550 Estimated 2005 Income Statement for Ideko Corporation Income Statement ($ 000) Sales Cost of Goods Sold Raw Materials Direct Labor Costs Gross Profit Sales and Marketing Administrative EBITDA Depreciation EBIT Interest Expense (net) Pretax Income Income Tax Net Income Calculate Ideko's free cash fow through 2010 below: Round to the nearest $ 000 Free Cash Flow ($ 000) Net Income Plus: After-Tax Interest Expense Unlevered Net Income Plus: Depreciation Less: Increase in NWC Less: Capital Expenditures Free Cash Flow of Firm Plus: Net Borrowing Less: After-Tax Interest Expense Free Cash Flow to Equity ase by 0.60 percent per year; investment, financing, and depreciation will be adjusted accordingly; and the projected improvements in at their 2005 levels through 2010, and Ideko's working capital requirements through 2010 will be as shown). Ideko's production plant eed the current level by 50%), and the cost of this expansion will be $15.4 million. This amount will be borrowed from a financial ted capital investments are shown, while the income statement is provided (Assume an income tax rate of 35%.) Growth/Year 2005 2006 2007 2008 2009 4.90% 0.60% 1.90% 10,200.00 10.05% 75.66 0.90% 3.90% 15.48 17.82 15.62 18.51 15.76 19.24 15.9 19.99 16.04 20.77 15.09 18.17 -74 16.49 15.17 -6,868 17.89 15.17 -6,868 19.29 14.17 -6,868 19.69 13.17 -6,868 ing Capital Requirements Days Based on: Sales Revenue Raw Materials Costs Raw Materials+Labor Costs Sales Revenue 2005 Days Direct Labor+Admin Costs Raw Materials+Sales and Marketing 2005 10,699.80 11,224.10 11,774.10 12,351.00 10.65% 11.25% 11.85% 12.45% 77.1 78.56 80.06 81.58 > 2005 Days 90 45 45 30 90 45 45 30 15 45 15 45 2006 2007 2008 2009 2010 19,124 1,956 4,209 6,375 31,664 21,663 2,194 4,795 7,221 35,873 24,461 2,453 5,448 8,154 40,516 27,541 2,735 6,173 9,180 45,629 30,930 3,042 6,979 10,310 51,261 34,656 3,375 7,873 11,552 57,456 1,330 3,399 4,729 26,935 1,415 3,980 5,395 30,478 3,543 1,617 4,641 6,258 34,258 3,780 1,796 5,392 7,188 38,441 4,183 1,991 6,087 8,078 43,183 4,742 2,260 6,787 9,047 48,409 5,226 d Assets and Capital Investment ($ 000) 2006 4,950 -5,490 2007 4,950 -5,436 2008 4,950 -5,387 2009 4,950 -5,344 2010 20,350 -6,844 2007 2008 2009 2010 for Ideko Corporation $ 000) 77,559 -15,869 -18,267 43,423 -11,704 -14,092 17,627 -5,550 12,077 -74 12,003 -4,201 7,802 2006 jected improvements in eko's production plant ed from a financial %.) 2010 12,956.20 13.05% 83.13 16.19 21.58 19.69 13.17 -6,868 Reproduce Ideko's balance sheet and statement of cash flows, assuming Ideko's market share will increase by 0.60 percent p the projected improvements in working capital occur (that is, Ideko's working capital requirements through 2010 will be as s shown. Ideko capital expenditure assumptions are shown. Assume an income tax rate of 35%. The pro Projected Dividend Payments 2006 -9575 Dividends ($ 000) Ideko's Working Capital Requirements Working Capital Days Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Liabilities Wages Payable Other Accounts Payable Working Capital ($ 000) Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Total Current Assets Liabilities Wages Payable Other Accounts Payable Total Current Liabilities Net Working Capital Increase in Net Working Capital Income Statement for Ideko Corporation Income Statement ($ 000) Sales Cost of Goods Sold Raw Materials Direct Labor Costs Gross Profit Sales and Marketing Administrative EBITDA Depreciation EBIT Interest Expense (net) Pretax Income Income Tax Net Income Estimated 2005 Balance Sheet Data for Ideko Corporation Balance Sheet ($ 000) Assets Cash and Equivalents Accounts Receivable Inventories Total Current Assets Property, Plant, and Equipment Goodwill Total Assets Liabilities and Stockholders' Equity Accounts Payable Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity Opening Book Value New Investment Depreciation Closing Book Value 6,084 17,865 6,154 30,103 48,870 72,292 151,265 4,578 102,000 106,578 44,687 151,265 Ideko Capital Expenditure Assumptions ($ 000) 2005 54,300 5,150 -5,430 48,870 Construct Ideko's balance sheets and statements of cash fows through 2010 below: Balance Sheet Data for Ideko Corporation Balance Sheet ($ 000) 2006 Assets Cash and Equivalents Accounts Receivable Inventories Total Current Assets Property, Plant, and Equipment Goodwill Total Assets Liabilities and Stockholders' Equity Accounts Payable Debt Total Liabilities Stockholders' Equity Starting Stockholders' Equity Net Income Dividends Capital Contributions Total Stockholders' Equity Total Liabilities and Equity Statement of Cash Flows ($ 000) Net Income Depreciation Changes in Working Capital Accounts Receivable Inventory Accounts Payable Cash from Operating Activities Capital Expenditures Other Investment Cash from Investing Activities Net Borrowing Dividends Capital Contributions Cash from Financing Activities Change in Cash Equivalents 2006 market share will increase by 0.60 percent per year; investment, financing, and depreciation will be adjusted accordingly; and ital requirements through 2010 will be as shown). Ideko's income statements through 2010 and balance sheet for 2005 are Assume an income tax rate of 35%. The projected dividend payments for 2006 thru 2010 are shown. Dividend Payments 2007 -3278 Based on: Sales Revenue Raw Materials Costs Raw Materials+Labor Costs Sales Revenue 2008 -4319 2005 > 2005 Days Days 90 45 45 30 60 30 45 30 15 45 15 45 Direct Labor+Admin Costs Raw Materials+Sales and Marketing 2005 2009 -6071 2006 2007 2010 -8166 2008 2009 2010 17,865 1,852 3,958 5,955 29,630 13,546 1,390 4,522 6,773 26,231 15,356 1,559 5,151 7,678 29,744 17,356 1,744 5,851 8,678 33,629 19,565 1,946 6,629 9,782 37,922 22,001 2,166 7,494 11,001 42,662 1,242 3,177 4,419 25,211 1,325 3,733 5,058 21,173 -4,038 1,518 4,369 5,887 23,857 2,684 1,691 5,093 6,784 26,845 2,988 1,879 5,770 7,649 30,273 3,428 2,138 6,455 8,593 34,069 3,796 72,452 2006 82,403 2007 93,413 2008 105,581 2009 119,018 2010 133,842 -15,020 -17,083 -16,906 -19,772 -18,968 -22,809 -21,220 -26,235 -23,673 -30,094 -26,348 -34,440 me Statement for Ideko Corporation Income Statement ($ 000) 2005 40,349 -10,745 -13,136 16,468 -5,430 11,038 -79 10,959 -3,836 7,123 45,725 -13,374 -12,468 19,883 -5,402 14,481 -6,834 7,647 -2,676 4,971 51,636 -16,469 -14,133 21,034 -5,377 15,657 -6,834 8,823 -3,088 5,735 58,126 -20,092 -14,919 23,115 -5,354 17,761 -6,834 10,927 -3,824 7,103 65,251 -23,125 -15,627 26,499 -5,334 21,165 -6,834 14,331 -5,016 9,315 48,870 5,150 -5,402 48,618 2007 48,618 5,150 -5,377 48,391 2008 48,391 5,150 -5,354 48,187 2009 48,187 5,150 -5,334 48,003 2010 48,003 20,450 -6,845 61,608 2008 2009 2010 Expenditure Assumptions ($ 000) 2006 sh fows through 2010 below: e Sheet Data for o Corporation ce Sheet ($ 000) 2007 73,054 -26,006 -17,573 29,475 -6,845 22,630 -6,834 15,796 -5,529 10,267 2007 2008 2009 2010 Reproduce Ideko's balance sheet and statement of cash flows, assuming Ideko's market share will increase by 0.45 pe accordingly; and the projected improvements in working capital do not occur, i.e., the numbers in the table remain at the through 2010 will be as shown). Ideko's income statements though 2010 and balance sheet for 2005 are shown. Ideko cap 35%. The projected dividend payments for 2006 thru 2010 are Projected Dividend Payments 2006 -2475 Dividends ($ 000) Ideko's Working Capital Requirements Working Capital Days Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Liabilities Wages Payable Other Accounts Payable Working Capital ($ 000) Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Total Current Assets Liabilities Wages Payable Other Accounts Payable Total Current Liabilities Net Working Capital Increase in Net Working Capital Income Statement for Ideko Corporation Income Statement ($ 000) Sales Cost of Goods Sold Raw Materials Direct Labor Costs Gross Profit Sales and Marketing Administrative EBITDA Depreciation EBIT Interest Expense (net) Pretax Income Income Tax Net Income Estimated 2005 Balance Sheet Data for Ideko Corporation Balance Sheet ($ 000) Assets Cash and Equivalents Accounts Receivable Inventories Total Current Assets Property, Plant, and Equipment Goodwill Total Assets Liabilities and Stockholders' Equity Accounts Payable Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 6,094 18,097 6,259 30,450 50,220 72,282 152,952 4,582 102,000 106,582 46,370 152,952 Ideko Capital Expenditure Assumptions ($ 000) 2005 55,800 5,050 -5,580 50,220 Opening Book Value New Investment Depreciation Closing Book Value Construct Ideko's balance sheets and statements of cash fows through 2010 below: Balance Sheet Data for Ideko Corporation Balance Sheet ($ 000) 2006 Assets Cash and Equivalents Accounts Receivable Inventories Total Current Assets Property, Plant, and Equipment Goodwill Total Assets Liabilities and Stockholders' Equity Accounts Payable Debt Total Liabilities Stockholders' Equity Starting Stockholders' Equity Net Income Dividends Capital Contributions Total Stockholders' Equity Total Liabilities and Equity Statement of Cash Flows ($ 000) Net Income Depreciation Changes in Working Capital Accounts Receivable Inventory Accounts Payable Cash from Operating Activities Capital Expenditures Other Investment Cash from Investing Activities Net Borrowing Dividends Capital Contributions Cash from Financing Activities Change in Cash Equivalents 2006 s market share will increase by 0.45 percent per year; investment, financing, and depreciation will be adjusted the numbers in the table remain at their 2005 levels through 2010 (that is, Ideko's working capital requirements ce sheet for 2005 are shown. Ideko capital expenditure assumptions are shown here. Assume an income tax rate of idend payments for 2006 thru 2010 are shown below: Dividend Payments 2007 -2268 Based on: Sales Revenue Raw Materials Costs Raw Materials+Labor Costs Sales Revenue 2008 -2792 Days 2009 -3917 2005 > 2005 Days 90 45 45 30 Direct Labor+Admin Costs Raw Materials+Sales and Marketing 15 45 2005 2006 2010 -5422 90 45 45 30 15 45 2007 2008 2009 2010 18,097 1,864 4,011 6,032 30,004 20,256 2,072 4,527 6,752 33,607 22,631 2,299 5,101 7,544 37,575 25,239 2,546 5,738 8,413 41,936 28,102 2,815 6,447 9,367 46,731 31,244 3,109 7,233 10,415 52,001 1,257 3,222 4,479 25,525 1,323 3,749 5,072 28,535 3,010 1,498 4,348 5,846 31,729 3,194 1,651 5,027 6,678 35,258 3,529 1,818 5,655 7,473 39,258 4,000 2,050 6,266 8,316 43,687 4,427 73,392 2006 82,151 2007 91,780 2008 102,358 2009 113,970 2010 126,711 -15,117 -17,414 40,861 -11,016 -13,181 16,664 -16,805 -19,914 45,432 -13,604 -12,290 19,538 -18,645 -22,728 50,407 -16,621 -13,730 20,056 -20,650 -25,894 55,814 -20,124 -14,289 21,401 -22,835 -29,455 61,680 -23,033 -14,771 23,876 -25,214 -33,455 68,042 -25,608 -16,422 26,012 me Statement for Ideko Corporation Income Statement ($ 000) 2005 -5,580 11,084 -80 11,004 -3,851 7,153 -5,527 14,011 -6,834 7,177 -2,512 4,665 -5,479 14,577 -6,834 7,743 -2,710 5,033 -5,436 15,965 -6,834 9,131 -3,196 5,935 -5,398 18,478 -6,834 11,644 -4,075 7,569 50,220 5,050 -5,527 49,743 2007 49,743 5,050 -5,479 49,314 2008 49,314 5,050 -5,436 48,928 2009 48,928 5,050 -5,398 48,580 2010 48,580 20,950 -6,953 62,577 2008 2009 2010 Expenditure Assumptions ($ 000) 2006 sh fows through 2010 below: e Sheet Data for o Corporation ce Sheet ($ 000) 2007 -6,953 19,059 -6,834 12,225 -4,279 7,946 2007 2008 2009 2010 In 2005, your investment company has offered to buy Ideko for $53.6 million. Using the APV method, estimate the value of unlevered cost of capital is 11.21%. Assume that the debt cost of capital is 6.6%; Ideko's market share will increase by 0.5 accordingly; and the projected improvements in working capital occur (i.e., Ideko's working capital requirements through 201 cash flow for 2011 is $15,662,000). Ideko's projected income statements and balance sheets are shown. Assume an income EBITDA in 2010 EBITDA Multiple Continuation Enterprise Value Debt Continuation Equity Value Continuation Value: Multiples Approach($ 000) 28354 9.1 258021 -117800 140221 Ideko's Working Capital Requirements Working Capital Days Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Liabilities Wages Payable Other Accounts Payable Based on: Sales Revenue Raw Materials Costs Raw Materials+Labor Costs Sales Revenue Direct Labor+Admin Costs Raw Materials+Sales and Marketing Working Capital ($ 000) Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Total Current Assets Liabilities Wages Payable Other Accounts Payable Total Current Liabilities Net Working Capital Increase in Net Working Capital Free Cash Flow ($ 000) Net Income Plus: After-Tax Interest Expense Unlevered Net Income Plus: Depreciation Less: Increase in NWC Less: Capital Expenditures Free Cash Flow of Firm Plus: Net Borrowing Less: After-Tax Interest Expense Free Cash Flow to Equity Income Statement for Ideko Corporation Income Statement ($ 000) Sales Cost of Goods Sold Raw Materials Direct Labor Costs Gross Profit Sales and Marketing Administrative EBITDA Depreciation EBIT Interest Expense (net) Pretax Income Income Tax Net Income Balance Sheet Data for Ideko Corporation Balance Sheet ($ 000) 2005 Assets Cash and Equivalents Accounts Receivable Inventories Total Current Assets Property, Plant, and Equipment Goodwill Total Assets Liabilities and Stockholders' Equity Accounts Payable Debt Total Liabilities Stockholders' Equity Starting Stockholders' Equity Net Income Dividends Capital Contributions 6,173 18,518 6,140 30,887 51,300 72,277 154,464 4,670 102,000 106,670 Total Stockholders' Equity Total Liabilities and Equity Dividends ($ 000) 47,794 154,464 Projected Dividend Payments 2006 -10,116 Calculate the value of Ideko using the APV method below (Notice that we begin w APV Method ($ 000) Free Cash Flow of Firm Unlevered Value of the Firm Interest Tax Shield Tax Shield Value APV Debt Equity Value NPV of the offer 2010 PV method, estimate the value of Ideko and the NPV of the deal using the continuation value shown. The estimated market share will increase by 0.55% per year until 2010; investment, financing, and depreciation will be adjusted capital requirements through 2010 will be as shown). Ideko's projected free cash flows are shown (the projected free ets are shown. Assume an income tax rate of 35%. The projected dividend payments for 2006 thru 2010 are shown: pproach($ 000) Common Multiples EV/Sales P/E (levered) P/E (unlevered) x 2005 Days 1.9 x 14.7 x 18.6 x > 2005 Days 90 45 45 30 60 30 45 30 15 45 15 45 2005 2006 2007 2008 2009 2010 18,518 1,973 4,167 6,173 30,831 13,967 1,455 4,678 6,984 27,084 15,762 1,626 5,309 7,881 30,578 17,742 1,814 6,011 8,871 34,438 19,926 2,018 6,791 9,963 38,698 22,333 2,241 7,658 11,166 43,398 1,303 3,367 4,670 26,161 1,353 3,930 5,283 21,801 -4,360 1,545 4,601 6,146 24,432 2,631 1,714 5,366 7,080 27,358 2,926 1,899 6,088 7,987 30,711 3,353 2,154 6,792 8,946 34,452 3,741 5,644 4,376 10,020 5,567 -2,631 2008 6,790 4,376 11,166 5,510 -2,926 2009 8,741 4,376 13,117 5,459 -3,353 2010 9,509 4,376 13,885 6,993 -3,741 2006 5,070 4,376 9,446 5,630 4,360 2007 -5,000 14,436 -5,000 7,956 -5,000 8,750 -5,000 10,223 -4,376 10060 -4,376 3580 -4,376 4374 -4,376 5847 -20,800 -3,663 15800 -4,376 7761 84,967 2007 95,884 2008 107,932 2009 121,218 2010 135,859 -17,702 -20,245 47,020 -14,172 -12,686 20,162 -5,630 14,532 -6,732 7,800 -2,730 5,070 -19,789 -23,270 52,825 -17,528 -14,315 20,982 -5,567 15,415 -6,732 8,683 -3,039 5,644 -22,069 -26,683 59,180 -21,457 -15,035 22,688 -5,510 17,178 -6,732 10,446 -3,656 6,790 -24,556 -30,525 66,137 -24,825 -15,673 25,639 -5,459 20,180 -6,732 13,448 -4,707 8,741 -27,265 -34,849 73,745 -27,824 -17,567 28,354 -6,993 21,361 -6,732 14,629 -5,120 9,509 2008 2009 2010 11,166 22,333 9,899 43,398 62,941 72,277 178,616 for Ideko Corporation tement ($ 000) 2005 75,100 2006 -16,000 -17,800 41,300 -11,310 -13,900 16,090 -5,700 10,390 -71 10,319 -3,612 6,707 Data for ration ($ 000) 2006 2007 6,984 13,967 6,133 27,084 50,670 72,277 150,031 7,881 15,762 6,935 30,578 50,103 72,277 152,958 8,871 17,742 7,825 34,438 49,593 72,277 156,308 9,963 19,926 8,809 38,698 49,134 72,277 160,109 5,283 102,000 107,283 6,146 102,000 108,146 7,080 102,000 109,080 7,987 8,94 102,000 117,800 109,987 126,746 47,794 5,070 -10,060 42,748 5,644 -3,580 44,812 6,790 -4,374 47,228 8,741 -5,847 50,122 9,509 -7,761 42,748 150,031 44,812 152,958 47,228 156,308 50,122 160,109 -4,374 2009 -5,847 2010 -7,761 51,870 178,616 ments 2007 -3,580 2008 od below (Notice that we begin with year 2010 and work backward to year 2005.):(Round to the nearest $ 000.) 2009 2008 2007 2006 2005 est $ 000.) In 2005, your investment company has offered to buy Ideko for $53.8 million. Using the APV method, estimate the value of capital is 11.06%. Assume that the debt cost of capital is 6.6%; Ideko's market share will increase by 0.60% per year un improvements in working capital do not occur, so the numbers in the table remain at their 2005 levels through 2010 (i.e. flows are shown (the projected free cash flow for 2011 is $14,111,000). Ideko's projected income statements and balanc thru 2010 are shown. EBITDA in 2010 EBITDA Multiple Continuation Enterprise Value Debt Continuation Equity Value Continuation Value: Multiples Approach($ 000) 26689 9.1 242870 -118100 124770 Ideko's Working Capital Requirements Working Capital Days Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Liabilities Wages Payable Other Accounts Payable Based on: Sales Revenue Raw Materials Costs Raw Materials+Labor Costs Sales Revenue Direct Labor+Admin Costs Raw Materials+Sales and Marketing Working Capital ($ 000) Assets Accounts Receivable Raw Materials Finished Goods Minimum Cash Balance Total Current Assets Liabilities Wages Payable Other Accounts Payable Total Current Liabilities Net Working Capital Increase in Net Working Capital Free Cash Flow ($ 000) Net Income Plus: After-Tax Interest Expense Unlevered Net Income Plus: Depreciation Less: Increase in NWC Less: Capital Expenditures Free Cash Flow of Firm Plus: Net Borrowing Less: After-Tax Interest Expense Free Cash Flow to Equity Income Statement for Ideko Corporation Income Statement ($ 000) Sales Cost of Goods Sold Raw Materials Direct Labor Costs Gross Profit Sales and Marketing Administrative EBITDA Depreciation EBIT Interest Expense (net) Pretax Income Income Tax Net Income Balance Sheet Data for Ideko Corporation Balance Sheet ($ 000) 2005 Assets Cash and Equivalents Accounts Receivable Inventories Total Current Assets Property, Plant, and Equipment Goodwill Total Assets Liabilities and Stockholders' Equity Accounts Payable Debt Total Liabilities Stockholders' Equity Starting Stockholders' Equity Net Income Dividends Capital Contributions Total Stockholders' Equity Total Liabilities and Equity 6,205 18,616 5,942 30,643 51,165 72,414 154,222 4,563 102,500 107,063 47,159 154,222 Dividend Payments 2006 Dividends ($ 000) -2,098 Calculate the value of Ideko using the APV method below (Notice that we beg APV Method ($ 000) Free Cash Flow of Firm Unlevered Value of the Firm Interest Tax Shield Tax Shield Value APV Debt Equity Value NPV of the offer 2010 method, estimate the value of Ideko and the NPV of the deal using the continuation value shown. The estimated unlevered cost of ncrease by 0.60% per year until 2010; investment, financing, and depreciation will be adjusted accordingly; and the projected 2005 levels through 2010 (i.e., Ideko's working capital requirements through 2010 will be as shown). Ideko's projected free cash come statements and balance sheets are shown. Assume an income tax rate of 35%. The projected dividend payments for 2006 thru 2010 are shown. pproach($ 000) Common Multiples EV/Sales P/E (levered) P/E (unlevered) x 2005 Days 1.8 x 14.7 x 18.9 x > 2005 Days 90 45 45 30 90 45 45 30 15 45 15 45 2005 2006 2007 2008 2009 2010 18,616 1,923 4,019 6,205 30,763 20,321 2,183 4,662 6,774 33,940 23,046 2,452 5,316 7,682 38,496 26,061 2,745 6,046 8,687 43,539 29,391 3,065 6,860 9,797 49,113 33,067 3,415 7,766 11,022 55,270 1,245 3,318 4,563 26,200 1,339 3,858 5,197 28,743 2,543 1,536 4,525 6,061 32,435 3,692 1,715 5,284 6,999 36,540 4,105 1,908 6,003 7,911 41,202 4,662 2,174 6,720 8,894 46,376 5,174 4,607 4,397 9,004 5,526 -3,692 -4,850 5,988 2008 5,773 4,397 10,170 5,459 -4,105 -4,850 6,674 2009 7,737 4,397 12,134 5,398 -4,662 -4,850 8,020 -4,397 -4,397 -4,397 2010 8,464 4,397 12,861 6,903 -5,174 -20,450 -5,860 15600 -4,397 2006 4,009 4,397 8,406 5,602 -2,543 -4,850 6,615 -4,397 2007 2218 for Ideko Corporation tement ($ 000) 2005 75,500 1591 2277 3623 5343 82,412 2007 93,466 2008 105,690 2009 119,195 2010 134,104 -17,706 -20,104 44,602 -13,590 -12,477 18,535 -5,602 12,933 -6,765 6,168 -2,159 4,009 -19,885 -23,237 50,344 -16,815 -14,151 19,378 -5,526 13,852 -6,765 7,087 -2,480 4,607 -22,264 -26,776 56,650 -20,599 -14,945 21,106 -5,459 15,647 -6,765 8,882 -3,109 5,773 -24,864 -30,776 63,555 -23,827 -15,662 24,066 -5,398 18,668 -6,765 11,903 -4,166 7,737 -27,700 -35,287 71,117 -26,807 -17,621 26,689 -6,903 19,786 -6,765 13,021 -4,557 8,464 2008 2009 2010 2006 -15,600 -17,000 42,900 -11,310 -13,300 18,290 -5,685 12,605 -75 12,530 -4,386 8,144 Data for ration ($ 000) 2006 2007 6,774 20,321 6,845 33,940 50,413 72,414 156,767 7,682 23,046 7,768 38,496 49,737 72,414 160,647 8,687 26,061 8,791 43,539 49,128 72,414 165,081 9,797 29,391 9,925 49,113 48,580 72,414 170,107 11,022 33,067 11,181 55,270 62,127 72,414 189,811 5,197 102,500 107,697 6,061 102,500 108,561 6,999 102,500 109,499 7,911 102,500 110,411 8,894 118,100 126,994 47,159 4,009 -2,218 49,070 4,607 -1,591 52,086 5,773 -2,277 55,582 7,737 -3,623 59,696 8,464 -5,343 49,070 156,767 52,086 160,647 55,582 165,081 59,696 170,107 62,817 189,811 -2,277 2009 -3,623 2010 -5,343 s 2007 -1,591 2008 od below (Notice that we begin with year 2010 and work backward to year 2005.):(Round to the nearest $ 000.) 2009 2008 2007 2006 2005 ated unlevered cost of and the projected projected free cash d payments for 2006 est $ 000.)