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1、McKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 18/06/2000 16:19Error check = OK= Input on this sheet = CalculationName - ScenarioHistoricalCurrency Other inputsNANANANANANANANANANA- - - - - - - - - -Historical Income StatementStatement of changes in equityHistorical Balance

2、SheetOff Balance Sheet ItemsMcKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 28/06/2000 16:19= Input on this sheet= Link to historical data = CalculationError check = OKName - ScenarioHistorical Detailed Forecast Key driver forecastCurrency Range nameOther inputsNANANANANANANA

3、NANANANANANANANANA- - - - - - - - - - - - - - - -GeneralOperationsMcKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 38/06/2000 16:19= Input on this sheet= Link to historical data = CalculationError check = OKName - ScenarioHistorical Detailed Forecast Key driver forecastCurrenc

4、y Range nameOther inputsNANANANANANANANANANANANANANANANA- - - - - - - - - - - - - - - -Balance Sheet ItemsMcKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 48/06/2000 16:19= Input on this sheet= Link to historical data = CalculationError check = OKName - ScenarioHistorical Deta

5、iled Forecast Key driver forecastCurrency Range nameOther inputsNANANANANANANANANANANANANANANANA- - - - - - - - - - - - - - - -Off-Balance Sheet Items Provisions & Non-Op. P&LMcKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 58/06/2000 16:19= Input on this sheet= Link to histor

6、ical data = CalculationError check = OKName - ScenarioHistorical Detailed Forecast Key driver forecastCurrency Range nameOther inputsNANANANANANANANANANANANANANANANA- - - - - - - - - - - - - - - -Debt Finance & WACCEquity FinanceMcKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage

7、 68/06/2000 16:19= Input on this sheet= Link to historical data = CalculationError check = OKName - ScenarioHistorical Detailed Forecast Key driver forecastCurrency Range nameOther inputsNANANANANANANANANANANANANANANANA- - - - - - - - - - - - - - - -TaxPhase 2 & CV driversConstants & datesMcKinsey &

8、 Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 78/06/2000 16:19Error check = OKName - ScenarioCurrency Range nameOther inputsGeneralOperations= Input on this sheetNANANANANANANANANANA- - - - - - - - - - Key driver forecastMcKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020

9、.xlsPage 88/06/2000 16:19Error check = OKName - ScenarioCurrency Range nameOther inputsDebt Finance & WACCEquity Finance= Input on this sheetNANANANANANANANANANA- - - - - - - - - -McKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 98/06/2000 16:19Error check = OKName - ScenarioC

10、urrency Range nameOther inputsTaxPhase 2 & CV driversConstants & dates= Input on this sheetNANANANANANANANANANA- - - - - - - - - -McKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 18/06/2000 16:19Error check = OKName - ScenarioCurrency Income StatementBalance SheetHistorical De

11、tailed ForecastNANANANANANANANANANANANANANANA-McKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xlsPage 28/06/2000 16:19Error check = OKName - ScenarioCurrency Historical Detailed ForecastNANANANANANANANANANANANANANANA-McKinsey & Company Confidential7a8debb6bef42fcac22d8fbb88594020.xls

12、Page 308/06/2000 16:19OKName - ScenarioCurrency Value of Operations: DCF approachValue of Operations: Economic Profit Value of EquityFree CashDiscountPVEconomicDiscountPV YearFlowFactorof FCFYearProfitFactorof EPOperating Value0NA01.0000NA01.0000Excess Mkt Securities0NA01.0000NA01.0000Financial Inve

13、stments0NA01.0000NA01.0000Excess Pension Assets0NA01.0000NA01.0000NA01.0000NA01.0000Enterprise Value0NA01.0000NA01.0000NA01.0000NA01.0000Debt0NA01.0000NA01.0000Capitalized Operating Leases0NA01.0000NA01.0000Retirement Related Liability0NA01.0000NA01.0000Preferred Stock0NA01.0000NA01.0000Minority Int

14、erest0NA01.0000NA01.0000Restructuring Provision0NA01.0000NA01.0000Stock options0NA01.0000NA01.0000Equity Value0NA01.0000NA01.0000Cont. Value01.0000Cont. Value01.0000No. shares (thousands)0Operating Value#N/A0Present Value of Economic Profit0Value per ShareNAInvested Capital (incl. goodwill)0Continui

15、ng value % Operating valueNA -HighNAOperating Value0 -LowNAMid -Year Adjustment Factor1.000Mid -Year Adjustment Factor1.000Value Difference - HighNAOperating Value (Adjusted)0Operating Value (Adjusted)0Value Difference - LowNAComparison of key ratiosEvaluation of entry and exit multiples AveragesFro

16、m:NANANANATo:NANANANANANARevenue growth (CAG)NANANANAOperating Value00Adjusted EBITA growth (CAG)NANANANANOPLAT growth (CAG)NANANANAExcess Mkt Securities0Invested capital growth (CAG)NANANANAFinancial Investments0Adj. EBIT/RevenuesNANANANAEnterprise Value00Revenues/Invested Capital (pre-Goodwill)NANANANARevenue0NAROI

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