Documentos de Académico
Documentos de Profesional
Documentos de Cultura
xlsx
5.0%
40.0%
34.5%
34.4%
Actual
2002
69.0%
22.0%
Pro Forma
2003
67.6%
21.0%
0.0%
11.1%
10.0%
2004
67.0%
21.0%
2005
67.0%
21.0%
2006
66.0%
20.0%
2007
65.0%
20.0%
Actual
Pro Forma
2002
55.3
37.9
12.3
2.1
0.0
3.0
1.2
1.8
2.1
3.9
2003
58.1
39.3
12.2
2.2
0.0
4.4
1.8
2.6
2.2
4.9
2004
61.0
40.8
12.8
2.3
0.0
5.0
2.0
3.0
2.3
5.3
2005
64.0
42.9
13.4
2.4
0.0
5.2
2.1
3.1
2.4
5.6
2006
67.2
44.4
13.4
2.6
0.0
6.8
2.7
4.1
2.6
6.7
2007
70.6
45.9
14.1
2.7
0.0
7.9
3.2
4.7
2.7
7.4
(4.0)
3.2
0.0
5.7
1.0
3.3
0.0
1.0
1.1
3.5
0.0
1.0
1.1
3.7
0.0
1.9
1.2
3.8
0.0
2.4
0.9
0.8
0.8
0.7
50.9
0.6
5.1
0.8
0.8
1.3
29.2 /.584
33.1
41.2
12.0
29.2
$50
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per share
Pro Forma
Net PP&E
Net Working Capital
Other Assets
Total Net Assets
Actual
2002
19.0
24.0
0.0
43.0
2003
20.0
20.0
0.0
40.0
2004
20.9
21.0
0.0
42.0
2005
22.0
22.1
0.0
44.1
2006
23.1
23.2
0.0
46.3
2007
24.2
24.3
0.0
48.6
Page 1
5.0%
40.0%
34.5%
34.4%
Actual
2002
69.0%
22.0%
Pro Forma
2003
2004
67.6%
67.0%
21.0%
21.0%
Actual
2002
55.3
37.9
12.3
2.1
0.0
3.0
1.2
1.8
2.1
3.9
Pro Forma
2003
2004
58.1
61.0
39.3
40.8
12.2
12.8
2.2
2.3
0.0
0.0
4.4
5.0
1.8
2.0
2.6
3.0
2.2
2.3
4.9
5.3
(4.0)
3.2
0.0
5.7
1.0
3.3
0.0
1.0
0.9
0.8
5.1
0.8
Net PP&E
Net Working Capital
Other Assets
Total Net Assets
Actual
2002
19.0
24.0
0.0
43.0
2003
20.0
20.0
0.0
40.0
2004
20.9
21.0
0.0
42.0
Note: Any reduction in inventory levels triggers additional tax obligations (due to L
which, for purposes of simplicity, are not included in this valuation model.
End of Model
0.0%
11.1%
10.0%
2005
67.0%
21.0%
2006
66.0%
20.0%
2007
65.0%
20.0%
2005
64.0
42.9
13.4
2.4
0.0
5.2
2.1
3.1
2.4
5.6
2006
67.2
44.4
13.4
2.6
0.0
6.8
2.7
4.1
2.6
6.7
2007
70.6
45.9
14.1
2.7
0.0
7.9
3.2
4.7
2.7
7.4
1.1
3.5
0.0
1.0
1.1
3.7
0.0
1.9
1.2
3.8
0.0
2.4
0.8
0.7
50.9
0.6
0.8
1.3
33.1
29.2 /.584
41.2
(12.0)
29.2
$50
Pro Forma
2005
22.0
22.1
0.0
44.1
2006
23.1
23.2
0.0
46.3
2007
24.2
24.3
0.0
48.6
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per share
55.3
9.2%
5.1
2.1
3
1.2
1.8
12.85
23.13
12.0
11.1
0.584
19
Prospective
55.3
15%
8.3
2.2
6.1
2.4
4
12.85
46.99245
12.0
35.0
0.584
60