Dressen Excel Workbook - PARTI:BasedonManagement'sForecasts Dressen ($Millions KeyAssumptions( 19961999 5.3 2000toInfinity 4.0 1999to 1996 0.670 0.220

Dressen Excel Workbook - PARTI:BasedonManagement'sForecasts...

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02/07/2014 00:50:26 PART I : Based on Management's Forecasts Dressen Pro Forma Income Statements and Balance Sheets ($ Millions) Key Assumptions 1996-1999 2000 to Infinity Annual Growth Rate of Sales 5.3% 4.0% 1996 1997 1998 Cost of Goods Sold/Sales 0.670 0.660 0.650 0.640 Selling, General, Administrative/Sales 0.220 0.220 0.210 0.210 Collection Period (Days) 66 62 60 57 Days Inventory 54 54 53 52 Net Fixed Assets/COGS 0.38 0.37 0.36 0.35 Pro Forma Income Statement 1996 1997 1998 1999 2000 Sales 653.91  688.57  725.06  763.49  794.03  Cost of Goods 438.12  454.46  471.29  488.64  508.18  Gross Profit 215.79  234.11  253.77  274.86  285.85  Selling, General, Administrative 143.86  151.49  152.26  160.33  166.75  Amortization of Goodwill (=340/40 =$8.5 M) 9.00  8.00  9.00  8.00  9.00  EBIT 62.93  74.63  92.51  106.52  110.10  Interest Expense (= Interest + 11% on AFN) 41.00  38.86  34.58  29.88  25.05  Income Before Tax 21.93  35.77  57.93  76.64  85.06  Income Tax 9.21  15.02  24.33  32.19  35.72  Net Income 12.72  20.75  33.60  44.45  49.33  EBITDA 92.93  103.44  122.53  135.73  140.48  Pro Forma Balance Sheet ASSETS 1996 1997 1998 1999 2000 Cash (= 1% of sales) 6.54  6.89  7.25  7.63  7.94  Accounts Receivable 118.24  116.96  119.19  119.23  124.00  Inventory 64.82 
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