Hello, I need step by step the answer of question 2 and 3. Thank you
Instructions for Case "Jaguar plc,** In July 1984, the British Government decided to privatize Jaguar plc. Jaguar sold over 50 % of its cars in the United States, but its production was confined to Britain, so it was subject to considerable exchange rate exposure. Your task is to take into account the exposure in pricing the shares of Jaguar and value how much the firm is worth under several exchange rate scenarios. Below is a list of questions you must address in your case analysis. For each answer, be sure to attach spreadsheets showing how you obtained the answer and describe any relevant calculations in your write-up. Be sure to be as clear and concise as possible.
1) (10'') ? Discuss about Jaguar's exchange rate exposures. (5'') ? To which currencies is Jaguar exposed? (1'') What are the sources of these exposures? (4")
2) (40") ? How much is Jaguar worth in sterling at the beginning of 1984? (10") ? In order to focus on the issues related to risk management we provide a spreadsheet that with a framework for the valuation and the projected free cash flow for 1984 (see Jaguar.xls and the assumptions used in the next page). To finish the valuation you should make your own assumptions for 1985 and beyond. In particular, you should determine what are reasonable forecasts for the value of the $/ rate.(20") ? Furthermore, thoughts must be given to how these exchange rates will affect the prices and quantity of Jaguar cars sold in the U.S.(10")
3) (20") You are a security analyst responsible for following Jaguar's stock after it floats. (Assume the company had 100 million shares outstanding.) ? What is your estimate of Jaguar's stock price given a 10% drop in the real value of the dollar?(5") ? What is Jaguar's market value exposure (and delta) with respect to the real dollar/sterling exchange rate? (5")What is Jaguar's free cash flow exposure (and delta) for the years 1985 to 1989 with respect to the real dollar/sterling exchange rate? (5") ? Discuss the economic reasons for the size of this exposure. (5")
4) (10") ? Discuss how Jaguar could manage this exposure using forward contracts.(5") ? What type of positions would they take and for how long?(5")
5) (20") ? Consider the exposure (delta) of Jaguar to the $/ rate for a U.S. investor rather than a U.K.investor (10"). ? Is the exposure to the dollar-based owners the same as that of the poundbased investors above? Why or why not? (10")
3 ASSUMPTIONS AND CASH FLOW STRUCTURE Fixed Costs - Capital expenditure is assumed to be 11.5 million in 1984 and rises by 15% per year. Depreciation for 1984 is assumed to be 10 million (approximately 10% of fixed assets at beginning of 1984) and continues at 10% of the running balance of fixed assets plus capital expenditures each year. R&D is 18.0 million in 1984 and rises at the growth rate of total sales (in ). Distribution and administrative expenses (both assumed to be fixed costs) rise at the inflation rate from their 1983 figures of 13.3 and 22.0 million respectively. Variable Costs - All of the "costs of sales" in the income statement, net of depreciation, is (arbitrarily) assumed to be variable costs. Variable costs/unit rise at the inflation rate. Note that the 1983 volume used to determine unit costs should be production volume of 28.041, not sales volume. Net Working Capital - NWC in 1983 is unrealistically low for a stand-alone company. Assume that the balance in the NWC account is topped up to 30 million in 1984 and then grows at the growth rate of total revenues thereafter (the net addition each year from cash flow is the current balance times the % change in total sales). Other assumptions - Assume a tax rate of 35%. We used a growth rate of 12% over unit sales in 1983 in estimating the 1984 sales figures. The appropriate sterling discount rate is 18%, based upon average levels of inflation over the past few years. Finally you may treat sales to the "rest of the world" as denominated in so as to eliminate the need to directly model other non-$ currencies. Pound inflation is forecast to continue at around 5% into the foreseeable future. U.S. inflation is anticipated to average 3% per annum into the future. Indicate explicitly what your assumptions are about Jaguar unit sales growth for the future. 4 SOME USEFUL TIPS: 1) Exchange Rate Exposure: Transaction exposures and Economic exposure. 2) "Worth" means Value of Asset. Procedures of calculating Value of Asset can be found in the PPT. 3) The value in spreadsheet is "in thousand". ? For the data of 1983 4) Dollar/sterling of 1983 is available in Exhibits 7. (Use the fourth quarter exchange rate of 1983) 5) "$ price/unit" is assumed to rise at the inflation rate. 6) NWC is available in Exhibit 1. 7) R&D is available in Exhibit 2. 8) Depreciation is available in Exhibit 2, notes (a). 9) "Total sales, units" can be found in Exhibits 3. 10) "Var. cost sales" is available in Exhibit 2. Note: cost of sales=369.7-8.6=361.1 11) Inflation rate of US and UK in 1983 is available in Exhibit 8. 12) EBIT is available in Exhibit 2. 13) Tax rate is 35%. 14) Increase NWC is the difference between 1983 NWC and 1982 NWC. 15) Capital Expenditure is the difference between Fixed Assets of different years. 16) Discount factor is 1/ (1+18%). 17) Value of firm = PV of FCF - Long term debt. (Note: Information on long-term debt is available in Exhibit) 18) Terminal Value at time t: TVt = CFt+1/(k-g), where k is the discount rate given as 18% in the sheet, and g is a reasonable steady growth rate you assume for Jaguar. ? For the estimate from 1985 to 1989 1) Use PPP to estimate the exchange rate. For example: S1985=(1+?$)/(1+?sterling)* S1984 2) Assume long-term debt and liabilities have not changed.
AutoSave . Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Arial - 10 AA" ab Wrap Text Number AutoSum AY O Paste BIU - - M . A . Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Fill Formatting Table Styles Clear Sort & Find & Ideas Filter . Select Clipboard Font Alignment G Number G Styles Cells Editing Ideas B46 X V Terminal value A B C D E F G H I J K I M N O P Q R S Projected 1983 1984 1 Dollar/sterling 1.350 United States 2 Growth, units (%) 12.0% 3 Volume, units 15260 17091 10 4 Inflation (%) 3.0% 11 5 US$ price/unit 25631 12 6 sales, dollars 438065 13 7 sales, sterling 324492 14 15 Rest of the world 16 8 Growth, units (%) 12.0% 17 9 Volume, units 13207 14792 18 19 10 Inflation (%) 5.0% 20 11 price/unit , sterling 17284 21 12 sales, sterling 255662 22 23 13 var. cost of sales/unit 13521 24 14 NWC 30000 25 15 discount rate 18.0% 26 27 Total sales. units 31883 Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A" A" ab Wrap Text General AutoSum Fill AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Formatting Table Styles Clear * Sort & Find & Ideas Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas M15 X V A B C D E F G H I J K I M N 0 P Q 180 III 1. 974 1. 940 [PGDN ] FOR MORE OF EXHIBIT 7 . . . 181 IV 2. 043 1. 820 182 I-1979 2. 062 1 . 868 183 II 2. 178 1 . 837 184 III 2. 204 1 . 741 185 IV 2. 209 1 . 725 186 I-1980 2.154 1. 957 187 II 2. 359 1. 763 188 III 2. 384 1 . 814 189 TV 2. 391 1.974 190 I-1981 2. 237 2. 111 191 II 1. 923 2. 396 192 III 1 . 801 2. 323 193 IV 1. 913 2. 237 194 I-1982 1 . 784 2. 413 195 II 1.733 2. 468 196 III 1. 693 2. 531 197 IV 1. 618 2.374 198 I-1983 1. 483 2. 429 199 II 1 . 528 2. 544 200 III 1 . 495 2. 631 [PGDN ] FOR MORE OF EXHIBIT 7 . . . 201 TV 1 . 445 2. 728 202 I-1984 1 . 445 2. 603 203 II 1 . 353 2.783 204 205 206 207 Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A" A" ab Wrap Text General AutoSum Fill AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Clear * Sort & Find & Ideas Formatting Table Styles Filter . Select Clipboard Font G Alignment Number Styles Cells Editing Ideas M15 X V A C D E F G H I J K I M N 0 P Q 222 EXHIBIT 8 Inflation Rates and Contemporary Financial Market Data 223 224 INFLATION RATES 225 U. S. U . K. Germany 226 227 1975 9.2% 24 . 1% 5.9% 228 1976 5 . 8% 16 . 6% 4.3% 229 1977 6.4% 15 . 7% 3.8% 230 1978 7.6% 8 . 4% 2.6% 231 1979 11 . 4% 13 . 4% 4 . 1% 232 1980 13.5% 17.9% 5.5% 233 1981 10 .3% 11 .9% 6.4% 234 1982 6.2% 8. 6% 5. 2% 235 1983 3.2% 4.5% 3.3% 236 198401 2.7% 2. 7% 1. 8% 237 198402 1 . 1% 2.1% 0 . 5% 238 239 Note : Rates for 1975 through 1983 are annualized. 1984 rates are 240 quarterly [PGDN ] FOR MORE OF EXHIBIT 8 . . . 241 242 STERLING EXCHANGE RATES Forward 243 JUNE 19. 1984: Spot 1 month 3 month 6 month 12 month 244 245 U. S. Dollar $ 1 . 3568 1 . 3600 1. 3659 1 . 3752 1 . 3940 246 German Mark DM 3. 7725 3. 7620 3. 7394 3. 7047 3. 6438 247 Japanese Yen 322.0 321 .2 319. 4 316 . 5 310 .2 248 249 INTEREST RATES. Domestic Domestic Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments General AutoSum Courier - 10 A"A" ab Wrap Text Fill AY O Ideas Paste Sort & Find & BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Formatting Table Styles Clear * Filter . Select Clipboard Font G Alignment Number Styles Cells Editing Ideas M15 X V A C D E F G H I J K I M N 0 P Q 238 239 Note: Rates for 1975 through 1983 are annualized. 1984 rates are 240 quarterly [PGDN ] FOR MORE OF EXHIBIT 8 . . . 241 242 STERLING EXCHANGE RATES Forward 243 JUNE 19. 1984 Spot 1 month 3 month 6 month 12 month 244 245 U.S. Dollar $ 1 . 3568 1 . 3600 1. 3659 1 . 3752 1 . 3940 246 German Mark DM 3.7725 3. 7620 3.7394 3. 7047 3. 6438 247 Japanese Yen 322 . 0 321 . 2 319 .4 316 .5 310 .2 248 249 INTEREST RATES. Domestic Domestic 250 END OF JUNE 1984: Gov 't Corporate Domestic 251 Bonds Bonds Treasury Money 252 long-term) Bills Market 253 254 U. S. $ 13. 75% 14. 50% 10.29% 11 . 63% 255 Germany DM 8 . 25% 8. 00% #N/A 6. 10% 256 U . K 10 . 81% 12 . 69% 9. 08% 9. 44% 257 Japan 7. 46% 7. 13% 4. 91% 6 . 40% 258 259 Note: Domestic corporate bonds are of various terms not necessarily 260 identical to corresponding domestic government issues. 261 262 JAGUAR PLC. 1984 263 Harvard Business School 264 Case Software 2-291-531 265 T. F 1 1 TT 11 Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave . Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Arial - 10 AA" ab Wrap Text Number AutoSum AY O Paste BIU - - M. A . Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Fill Clear Sort & Find & Ideas Formatting Table Styles Filter . Select Clipboard Font Alignment G Number G Styles Cells Editing Ideas B46 X V Terminal value B C D E F G H I J K I M N O P Q R S 24 14 NWC 30000 25 15 discount rate 18.0% 26 27 Total sales, units 31883 28 16 Total revenues 580154 29 30 17 Var. cost sales 431091 31 18 Depreciation 10000 32 19 R&D 18000 33 20 Distribution 13300 13965 34 21 Administration 22000 23100 35 36 22 Total Costs 496156 37 38 23 EBIT 83999 39 24 Tax 29400 40 25 EBIAT 54599 41 26 Depreciation 10000 42 27 Operating cash flow 64599 43 28 Increase NWC 30000 44 29 Capital Expenditure 11500 45 30 FCF 23099 46 31 Terminal value 47 discount factor 1.00 48 32 PV, FCF 23099 49 33 Value of firm (sterling) 50 Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A"A" ab Wrap Text General AutoSum Fill AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting Table Styles Clear * Filter . Select Clipboard Font Alignment G Number Styles Cells Editing Ideas M15 X V A C D E F G H I J K I M N 0 P Q EXHIBIT 1 Balance Sheets (in millions of pounds) - December 31. March 31. 1981 1982 1983 1984 Fixed Assets: Tangible Assets E 55 . 7 87 .3 112 . 0 118 . 6 Investments in related companies 0.4 0. 4 TOTAL FIXED ASSETS 55 . 7 87 . 3 112 . 4 119. 0 10 11 Current Assets: 12 Stocks 56 .3 68 .8 62. 7 76 .5 13 Debtors 26 .3 29.6 33 . 8 42. 5 14 Cash & short-term deposits 1 . 3 6.9 29.5 11 . 5 15 TOTAL 83.9 105 .3 126 . 0 130 .5 16 Creditors: Amount falling due 17 within one year 51 . 3 81 . 1 128 . 8 127 . 5 18 19 Net Current Assets (Liabilities) 32 . 6 24.2 (2 . 8 ) 3. 0 20 [PGDN ] FOR MORE OF EXHIBIT 1 . . . 21 22 Total Assets Less Current 23 Liabilities 88 . 3 111 . 5 109 .6 122 . 0 24 25 Creditors: Amounts falling due 26 in more than one year (a) 1.2 17 .6 43.9 58.0 27 NET 87 . 1 93.9 65 . 7 64.0 28 Capital and Reserves: Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments - 10 A" A" ab Wrap Text General AutoSum Courier Fill AY O Paste BIU - - M . A . = Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Clear * Sort & Find & Ideas Formatting Table Styles Filter . Select Clipboard Font Alignment G Number Styles Cells Editing Ideas M15 X V A B C D E F G H I J K I M N 0 P Q 28 Capital and Reserves: 29 Called up share capital 45 . 0 30 Other Reserves 10 .3 2. 8 31 Profit and loss account 55 . 4 16 . 2 32 BL Group funding balance_(b) 87.1 93.9 33 NET 87 . 1 93. 9 65.7 64.0 34 35 (a) These obligations consisted primarily of capitalized leasing 36 obligations and warranty expense accruals. 37 (b) The BL Group funding balance was made up of certain loans from 38 BL Group which represented the capital and reserves of the Jaguar 39 business before the Jaguar Group acquired that business with effect 40 from January 1. 1983. [PGDN ] FOR EXHIBIT 2 . . . 41 42 EXHIBIT 2 Income Statements (in millions of Pounds) Quarter 43 ended 44 -- Years ended December 31. March 31. 45 1980 1981 1982 1983 1984 46 Turnover 47 Continuing activities 166 .4 195 . 2 305 .6 472 . 6 143 . 3 48 Discontin. activities 83 . 6 48 . 3 4 .3 49 TOTAL 250 .0 243 .5 309 .9 472 . 6 143 . 3 50 Cost of sales (a) (273 .7) (369.7) (108 . 8) 51 GROSS PROFIT/( LOSS ) (23.7)' (245 . 6 ) ( 258 .4) (2. 1 ) 51.5 102 .9 34 . 5 52 53 Distribution costs (7.3) (7 . 8 ) (13 . 8 ) (13 . 3) (4. 4 ) 54 Administrative expenses (8 . 1 ) (11 . 2 ) (14. 8) (22 . 0 ) (6 .2) 55 Research and dvpt . cost (5.2) (9.8) (12. 8 )_ (16 .5) (5 . 7 ) Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW (+ + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A" A" ab Wrap Text General AutoSum Fill AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting Table Styles Clear * Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas M15 X V A B C D E F G H I J K I M N 0 P Q 53 Distribution costs (7.3) (7 . 8 ) (13 . 8 ) (13 . 3) (4. 4 ) 54 Administrative expenses (8 . 1 ) (11 . 2 ) (14 . 8 ) (22 . 0 ) (6.2) 55 Research and dvpt. cost (9.8 ) (12.8 ) 56 OPERATING PROFIT ( LOSS) (5.2) (16 .5 ) (5.7) (44.3) (30.9) 10 . 1 51 . 1 18 . 2 57 58 Interest (3.0 ) (0 . 8 ) (0 . 5 ) (1 .1 ) (0 .2) 59 PROFIT (LOSS) ON ORDINARY 60 ACTIVITIES BEF. TAX (47.3)" (31 .7)" 9.6 50.0 18 .0 61 62 Tax. on ord. activities 1 . 3 (0 . 1 ) (0 . 5 ) (0 . 5 ) 63 PROFIT/(LOSS ON ORDINARY 64 ACTIVITIES AFT. TAX (46 .0)" (31 . 7)" 9.5 19.5 17 . 5 65 Extraordinary items (6.2) (4.6) (3.0 ) (14 .2) 66 PROFIT/( LOSS) FOR THE 67 FINANCIAL PERIOD (52.2)" (36 .3)" 6.5 49.5 F 3.3 68 69 Rates of exchange - Realized profits on exchange, together with 70 losses on exchange, whether realized or unrealized, which arise on 71 settlement of overseas liabilities are included in trading results. 72 Profit and loss account items of foreign subsidiaries are translated 73 into sterling at the average rate of exchange for each monthly 74 accounting period. Assets and liabilities, including outstanding 75 forward exchange contracts, are translated into sterling at the 76 rates of exchange ruling at the end of the financial period. 77 78 (a) Includes depreciation charges of $5.6 million in 1980. 17.3 79 million in 1981. $7.2 million in 1982. $8.6 million in 1983 and $2.5 80 million for the first quarter of 1984. PGDN ] FOR EXHIBIT 3 . . . Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A"A" ab Wrap Text General AutoSum Fill AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting Table Styles Clear * Filter . Select Clipboard Font G Alignment Number Styles Cells Editing Ideas M15 X V A B C D E F G H I J K I M N 0 P Q 81 82 EXHIBIT 3 Jaguar Sales by Models and Markets; December 31 83 (in number of vehicles) 84 1980 1981 1982 1983 85 Model Range : 86 Series III saloons 13851 12 . 666 17 .733 23. 413 87 XJ-S sports cars 1526 1. 108 3. 131 4 . 886 88 Limousines 92 159 143 168 89 TOTAL JAGUAR 15 . 469 13 ,933 21 . 007 28 . 467 90 MORE-- 91 1980 1981 1982 1983 92 Geographical Area : 93 United States 2.518 16% 5. 154 37% 9. 971 47% 15 .260 54% 94 United Kingdom 6 . 135 40% 5 . 196 37% 6 . 415 31% 7. 236 25% 95 West Germany 1 . 612 10% 479 3% 839 4% 1. 164 4% 96 Rest of Europe 3.539 23% 1. 229 9% 1. 742 8% 1 . 845 6% 97 Australia 140 1% 654 5% 582 3% 579 2% 98 Canada 305 2% 375 3% 280 1% 563 2% 99 Rest of World 1 . 220 8% 846 6% 1. 178 6% 1 . 820 6% 100 TOTAL JAGUAR 15 . 469 100% 13.933 100% 21 . 007 100% 28 . 467 100% 101 102 EXHIBIT 5 Comparative Data on Selected Manufacturers 103 Daimler- 104 BMW Benz Porsche Jaguar 105 DM mill . DM mill . DM mill. Emill . 106 107 Year Ended 7/31/83 12/31/83 12/31/83 12/31/83 108 Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A"A" ab Wrap Text General AutoSum Fill AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Clear * Sort & Find & Ideas Formatting Table Styles Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas M15 X V A B C D E F G H I J K I M N 0 P Q 102 EXHIBIT 5 Comparative Data on Selected Manufacturers 103 Daimler- 104 BMW Benz Porsche Jaguar 105 DM mill. DM mill. DM mill . Emill . 106 107 Year Ended 7/31/83 12/31/83 12/31/83 12/31/83 108 109 Revenues 11. 943.0 40 . 004.8 2. 133 .6 472 . 6 110 Operating Profit 916 . 1 3. 665.8 194 .5 51 . 1 111 Profit after taxes 291 .7 987 .9 69 . 6 49 .5 112 Depreciation charges 733 .2 2. 604 . 1 71 . 1 5 . 6 113 Interest expense 85 . 3 388 . 5 3.6 1 . 1 114 115 Total Assets 5. 799.6 24. 826 .7 866 . 6 249.5 116 Equity 2. 169.3 7. 547.6 220 .7 117 Debt 118 Long-term 652 . 7 7. 534.0 15 . 7 43 .9 119 Short term 207 . 1 1 . 100 .9 34 . 1 128 . 8 120 [PGDN ] FOR MORE OF EXHIBIT 5 . . . 121 122 Stock Price (6/29/84 ) DM 343 . 88 467 .90 03 . 00 123 Shares outsto00) 15 . 000 42 . 313 700 124 Earnings/share DM 19.45 8 . 40 99. 43 125 Dividends/share DM 10 .00 10 . 50 111 1 126 127 Manufact. volume (units) 407 .507 483 , 359 48 . 288 28 . 041 128 Employees 50 . 158 184 . 877 5. 883 8 . 606 129 Engineers 2. 000 5. 000 1 , 400 450 Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A"A" ab Wrap Text General AutoSum AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Fill Insert Delete Format Formatting Table Styles Clear * Sort & Find & Ideas Filter . Select Clipboard Font G Alignment Number Styles Cells Editing Ideas M15 X V A B C D E F G H I J K I M N 0 P Q 141 142 EXHIBIT 6 1983 New Car Registrations for U.S. and Europe by 143 Manufacturer 144 145 Daimler-Benz : Porsche : 146 U. S 73 . 692 U. S 21 . 831 147 W. Germany 246 .160 W. Germany 12 . 176 148 U . K. 13 . 506 U . K . 3.333 149 Other Europe 52 .394 Other Europe 2. 896 150 TOTAL 385 , 752 TOTAL 40. 236 151 152 BMW : Jaguar : 153 U. S 59.242 U. S 15 .260 154 W. Germany 155 . 683 W. Germany 1 . 164 155 U . K . 25 .178 U . K . 7.236 156 Other Europe 81 . 184 Other Europe 1 . 845 157 TOTAL 321 . 287 TOTAL 25 . 505 158 159 To view graphs, use the commands [/] [Graph ] [Name] [Use] 160 and select graph by name [PGDN ] FOR EXHIBIT 7 . . . 161 162 EXHIBIT 7 Quarterly Nominal Spot Exchange Rates. 1975-1984 163 164 Quarter $/E DM/ $ 165 166 I-1975 R$2 . 418 2. 319 DM 167 II 2. 280 2. 340 168 III 2 . 084 2. 618 TTT Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%AutoSave (. Off) JAGUAR - Compatibility Mode - Excel Leyanis Gonzalez X File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Courier - 10 A"A" ab Wrap Text General AutoSum AY O Paste BIU - - M . A . =E Merge & Center $ - % " -00 Conditional Format as Cell Insert Delete Format Fill Sort & Find & Ideas Formatting Table Styles Clear * Filter . Select Clipboard Font G Alignment Number Styles Cells Editing Ideas M15 X V A C D E F G H I J K I M N 0 P Q 162 EXHIBIT 7 Quarterly Nominal Spot Exchange Rates, 1975-1984 163 164 Quarter $/1 DM/$ 165 166 I-1975 R$2 . 418 2. 319 DM 167 II 2. 280 2. 340 168 III 2. 084 2. 618 169 IV 2. 022 2. 622 170 I-1976 1. 943 2. 560 171 II 1 . 764 2.578 172 III 1 . 727 2.489 173 IV 1. 678 2. 383 174 I-1977 1 . 717 2. 392 175 II 1 . 719 2. 356 176 III 1. 743 2. 324 177 IV 1. 904 2. 110 17 I-1978 1. 863 1. 998 179 II 1 . 860 2. 072 180 III 1. 974 1. 940 [PGDN ] FOR MORE OF EXHIBIT 7 .. . 181 IV 2. 043 1 . 820 182 I-1979 2. 062 1 . 868 183 II 2. 178 1 . 837 184 III 2. 204 1 . 741 185 IV 2. 209 1 . 725 186 I-1980 2. 154 1. 957 187 II 2. 359 1 . 763 188 III 2. 384 1 . 814 189 IV 2. 391 1 . 974 Valuation framework EXHIBITS CURRENT PORSCHE JAGUAR DAIMLER-BENZ BMW + + 100%
