Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Please note:
Exhibit 2
PALAMON CAPITAL PARTNERS/TEAMSYSTEM S.P.A.
Historical Data on European Private Equity Market
(EUR millions)
Year Amount Raised Amount Invested New Funds Raised per Yea
1989 5,813 4,271 (EUR millions)
1990 4,579 4,126
1991 4,188 4,632
30,000
1992 4,124 4,701
25,000
1993 3,425 4,115
20,000
1994 6,693 5,440
1995 4,398 5,546 15,000
1996 7,960 6,788 10,000
1997 20,002 9,655 5,000
1998 20,343 14,461 -
1999 25,401 25,116 1989 1990 1991 1992 1993 1994 199
30,000
25,000
20,000
15,000
10,000
5,000
-
1989 1990 1991 1992 1993 1994 199
Exhibit 2
Historical Size of European Venture Capital Industry
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Exhibit 4
TeamSystem Proforma Income Statement
(Values in Lira Millions)
Exhibits 4 and 8
PALAMON CAPITAL PARTNERS/TEAMSYSTEM S.P.A.
TeamSystem, S.p.A. Historical and Pro-Forma Income Statement
(values in millions of lire)
Other operating costs (2,793) (3,052) (3,133) (1,339) (2,783) (3,200) (3,680) (3,901) (4,135) (4,383) (4,646) (4,925) 4.00% of sales
EBITDA 9,999 11,444 14,150 20,124 24,699 28,403 32,664 34,624 36,701 38,903 41,237 43,712
Depreciation & amortization (1,052) (1,427) (1,355) (1,636) (835) (900) (975) (1,010) (1,046) (1,085) (1,126) (1,170) 25.00% of PP&E and Intang
EBIT 8,947 10,017 12,795 18,488 23,863 27,503 31,689 33,614 35,655 37,818 40,111 42,542
Interest expense (185) (144) (154) (210) (3,160) (3,160) (3,160) (2,765) (1,975) (1,185) (395) - 6.87% interest
Non-op income 1,800 1,305 1,132 1,283 561 1,157 1,855 2,091 2,408 2,813 3,310 4,507 5.00% return on mkt secur
Pretax profit 10,563 11,178 13,773 19,562 21,265 25,500 30,383 32,939 36,088 39,446 43,026 47,049
Taxes (5,870) (6,699) (6,437) (9,525) (10,207) (12,240) (14,584) (15,811) (17,322) (18,934) (20,652) (22,584) 48.00% of pre-tax profit
Net income 4,663 4,466 7,197 9,749 11,058 13,260 15,799 17,129 18,766 20,512 22,373 24,465
Exhibit 5
TeamSystem Proforma Balance Sheet
(Values in Lira Millions)
Intangible assets 14 22 18 21 20 20 20 20 20 20 20 20
Land, PP&E 4,962 2,080 2,489 3,681 1,581 1,581 1,581 1,581 1,581 1,581 1,581 1,581
Other tangible assets 729 668 1,140 2,055 1,739 2,000 2,300 2,438 2,585 2,740 2,904 3,078 2.5% of sales
Deferred costs 327 1,947 1,738 1,865 2,087 2,400 2,760 2,926 3,102 3,288 3,485 3,694 3.0% of sales
Securities and other 1,434 1,173 1,229 1,226 1,391 1,600 1,840 1,951 2,068 2,192 2,323 2,463 2.0% of sales
Total assets 35,148 41,068 45,281 58,039 53,807 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 163,776
LIABILITIES
Accounts payable 7,661 8,932 8,969 9,669 11,132 12,802 14,722 15,605 16,541 17,534 18,586 19,701 16.0% of sales
Tax and other payables 6,796 9,827 8,660 9,956 11,132 12,802 14,722 15,605 16,541 17,534 18,586 19,701 16.0% of sales
Deferred income and accruals 1,200 1,127 1,257 4,156 3,479 4,000 4,601 4,877 5,169 5,479 5,808 6,157 5.0% of sales
Long-term liabilities 2,688 2,094 2,235 3,055 46,000 46,000 46,000 34,500 23,000 11,500 - -
Total liabilities 18,345 21,980 21,121 26,836 71,742 75,604 80,044 70,587 61,252 52,047 42,980 45,559
Total shareholders' equity and liabilities 35,148 41,068 45,281 58,039 53,807 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 163,776
Total Assets Total Assets 42,583 48,407 55,427 58,657 62,080 65,709 69,556 73,633
Total Liab Total Liab 53,807 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 163,776
PLUG PLUG 11,224 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 90,144
DEBT REPAYMENT
Starting balance 46,000
Principal due 0% 0% 0% 25% 25% 25% 25%
Payment - - - (11,500) (11,500) (11,500) (11,500)
Exhibit 7
PALAMON CAPITAL PARTNERS/TEAMSYSTEM S.P.A.
Sources and Uses of Cash in Proposed Leveraged Restructuring
(values in millions of lire)
Sources:
Debt 46,000
Excess cash 15,000
61,000
Uses:
Special dividend - April 2000 8,500
Special dividend - closing 52,500
61,000
Exhibit 7
Overview of Publicly Traded ERP Companies
Exhibit 10
PALAMON CAPITAL PARTNERS/TEAMSYSTEM S.P.A.
Valuation Measures for Publicly Trades Enterprise Resource Planning (ERP) Software Companies
Tier 3 - Others
Agresso 0.8 x 40.2 x 42.0 x 15.6 x 7.7 x 3.5 x 121% 6% 266.4% 3209.1% 2.1% 1.8%
Intentia 1.6 x -69.2 x NM 62.1 x 29.5 x NA NA NA 51.7% 115.6% -2.4% -5.5%
Navision 17.6 x 79.6 x 126.9 x 41.6 x 32.0 x NA NA NA 91.5% 137.9% 22.1% 14.0%
Brain International 3.1 x NM NM 72.7 x 31.8 x NA NA NA 23.1% -66.0% -0.2% 1.1%
Low 0.8 x -69.2 x 42.0 x 15.6 x 7.7 x 3.5 x 121% 6% 23.1% -66.0% -2.4% -5.5%
Mean 5.8 x 16.9 x 84.5 x 48.0 x 25.3 x 3.5 x 121% 6% 108.2% 849.2% 5.4% 2.9%
High 17.6 x 79.6 x 126.9 x 72.7 x 32.0 x 3.5 x 121% 6% 266.4% 3209.1% 22.1% 14.0%
(a) Based on Adjusted Market Cap., which is defined as Equity Market Value + Long Term Debt - Cash & Equivalents.
(b) Based on I/B/E/S estimates.
Source: Datastream.
Exhibit 8
Summary Data for Selected ERP Companies
(Dollars in thousands, except per share data)
Exhibit 11
PALAMON CAPITAL PARTNERS/TEAMSYSTEM S.P.A.
Financial Data for Selected Enterprise Resource Planning (ERP) Software Companies
(values in thousands of dollars, except per-share data)
Tier 3 - Others
Agresso 88,554 1,398 18,680 71,272 85,973 1,771 $ 0.04 $ 0.24 $ 0.53 40,804 89,789
Intentia 557,217 36,833 12,655 581,395 352,988 (8,400) $ (0.72) $ 0.74 NA 104,085 275,714
Navision 655,707 - 6,285 649,422 36,875 8,155 $ 0.20 $ 0.80 NA 9,540 25,127
Brain International 256,499 19,991 39,283 237,207 76,686 (164) $ 0.13 $ 1.26 NA 65,365 107,844
(a) Based on Adjusted Market Cap., which is defined as Equity Market Value + Long Term Debt - Cash & Equivalents.
(b) Based on I/B/E/S estimates.
Source: Datastream
Exhibit 10
PALAMON CAPITAL PARTNERS/TEAMSYSTEM S.P.A.
Recent Lira/Euro Exchange Rates