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Teuer Furniture Pro Forma Cash Flow Assets 2012 2013 2014 2015 2016 2017 Sales 148,218 - Costs -112, 132 - Taxes -14,434 Net income 21,651

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Teuer Furniture Pro Forma Cash Flow Assets 2012 2013 2014 2015 2016 2017 Sales 148,218 - Costs -112, 132 - Taxes -14,434 Net income 21,651 - Capital expenditure -2,229 + Depreciation 1,450 1,084 1,373 1,959 2,631 2,559 - Increase in NWC -8,365 -7,156 -7,511 -7,554 -7,051 -5,272 Cash flows from assets 12,508 Terminal value Enterprise value Equity value Share value

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