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Corporate Model Template Long-Data

This corporate model template contains 46 tabs that provide templates for key aspects of a corporate financial model, including: inputs, financial statements, ratios, valuation, and charts. The tabs are labeled to organize raw data, classify accounts, input financial summaries, schedule debt, calculate financial metrics and valuation, and chart various financial metrics. The template also includes instructions for inputting company-specific data for Samsung.

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Indrama Purba

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0% found this document useful (0 votes)

54 views

Corporate Model Template Long-Data

Uploaded by

Indrama Purba

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as XLS, PDF, TXT or read online on Scribd

You are on page 1/ 274

Corporate Model Template

Sheet Tab
1 Table of Contents
2 Instructions
3 Settings and Checks
4 Raw Financial Data
5 Account Classification
6 Working
7 Input Summary
8 Debt Schedule
9 Financial Calculations
10 Financial Ratios
11 Valuation Parameters
12 Valuation
13 Chart2
14 Chart4
15 Chart21
16 Chart26
17 Chart3
18 Chart8
19 Chart39
20 Chart24
21 Chart28
22 Chart7
23 Chart6
24 Chart29
25 Chart22
26 Chart14
27 Chart15
28 Chart16
29 Chart12
30 Chart13
31 Chart5
32 Chart27
33 Chart19
34 Chart25
35 Chart18
36 Chart10
37 Chart17
38 Chart32
39 Chart9
40 Chart30
41 Chart31
42 range_names
43 General Inputs
44 Equity Parameters
45 Debt Parameters
46 Operating Parameters
Corporate Model Template

Description

Titles
Years and Verification
Blank Sheet for Entering Data
Spreading of Historical Accounts
Blank Sheet for Free Cash Flow
Collection of All Inputs to Run Model
Debt Inputs for Final Historic Year
Model of Financial Statements
Details of Financial Ratio Calculations
Cost of Captial and Other Parameters
Calculation of Valuation
EBITDA Margin
Return on Invested Capital
Revenues
Capital Expenditures
ROE
EPS
Multiples
Earnings Growth
DSCR
Interest Coverage
Debt ot Capital
Debt to EBITDA
Capital Expenditures and Depreciation
Depreciation Rate
Income Tax Rate
Other Income Rate
Current Assets/Revenues
Current Liabilities/Expenses
Interest Expense/Debt
Revenues
Operating Expenses
Volumes
Dividend Payout Ratio
Value per Share
Interest Income Rate
Debt Balance
Book Value per Share
Instructions

'file:///conversion/tmp/scratch/382142080.xls'#$Instructions

✘ Show Comments 1

Value per Share Dis Value per Share Discount Rate 8.0%:Samsung
EBITDA Margin EBITDA Margin:Samsung
Return on Equity Return on Equity:Samsung
Short Term Debt and CShort Term Debt and Cash Buildup:Samsung
Debt Service CoverageDebt Service Coverage Ratio:Samsung
Return on Invested CapReturn on Invested Capital:Samsung
Debt to Capital Debt to Capital:Samsung
Debt/EBITDA Debt/EBITDA:Samsung
Interest Coverage Interest Coverage:Samsung
Debt Balance Debt Balance:Samsung
Revenue Realization Revenue Realization Samsung
Earnings per Share: Earnings per Share: Samsung
Book Value per Share: Book Value per Share: Samsung
Income Tax Rate: Income Tax Rate: Samsung
Current Assets/RevenuCurrent Assets/Revenues: Samsung
Current Liabilities/Exp Current Liabilities/Expenses: Samsung
Depreciation Rate: Depreciation Rate: Samsung
Other Income Rate: Other Income Rate: Samsung
Revenues: Revenues: Samsung
Multiples : Multiples : Samsung
Settings and Checks

Initial Balance Sheet Year 1982

Final Historic Year 2008
Final Forecast Year 2013
Valuation Year (Jan 1) 2006

Model Verification

#VALUE!
Historic Assets OK
#VALUE!
#VALUE!
Debt Schedule OK
Cash Flow Reconciles

Title for Graphs and Reports Samsung

✘ Show Comments
Column
34 #VALUE!
40 #VALUE!
30 #VALUE!
35 #VALUE!
36 #VALUE!
Account Classification

Section 1. Inputs for Summary Balance Sheet from Raw Financ

1982
Historic Balance Sheet - Assets Base Year
Cash and Temporary Securities B1 -
Current Assets Less Cash and Temp Securities - Revenue Related B1 -
Current Assets Less Cash and Temp Securities - Other B1
B1
Plant Property and Equipment B1 -
Construction Work in Progress B1
Accumulated Depreciation B1
Net Plant B1 -
B1
Net Goodwill B1
B1
Restricted Assets B1
Other Assets and Investments B1 -
Deferred Debits and Deferred Taxes B1
B1
Total Assets B1 -
B2
Historic Balance Sheet - Liabilities and Capital B2
Current Liabilities Less Short-term Debt - Expense Related B2 -
Current Liabilities Less Short-term Debt - Other B2
Short-term Debt B2 -
Long term Debt B2 -
Long and Short Term Debt Capital B2 -
B2
Defererred Credits B2
Other Liabilities B2
Deferred Taxes B2
Minority Interest B2
Preferred Stock B2
Equity Capital B2 -
B2
Total Liabilities B2 -
-

Section 2. Summary Income Statement from Financial Data

Historic Income Statement
Total Revenues IS -
Operating Expenses IS -
Depreciation IS -
Goodwill Amortization and Impairment IS
Amortization of Deferred Debits (Assets) IS
Amortization of Deferred Credits (Liabilities) IS
Plant Write-offs and Impairment IS
Other Income IS -
Interest Expense IS -
Interest Income IS
Income Taxes IS -
Capitalized Interest and Equity IS
Extraordinary Income and Foreign Exchange IS
Cumulative Effect of Accounting Change IS
Preferred Dividends IS
Minority Interest IS
Net Income to Common IS -
IS
Actual Net Income to Common IS -
Difference IS -

Dividends Declared O -
Shares Outstanding O -
IS
Section 3. OPTIONAL Market Value Data O
IS
IS 1982
IS
Average or Ending Stock Price (Optional) O -
Market Value of Debt (Optional, uses Book) O
Market Value of Preferred (Optional) O
Market Value of Minorities (Optional) O
Market Value of Temporary Securities (Optional) O
Capacity (Optional) O
Volumes (Optional) O

Section 4. Computions of Miscellaneous Change in Balance Sheet Accounts -- DO N

1982
Change in Restricted Assets

Increase in Other Investments on the Balance Sheet

Change in Deferred Debits on Balance Sheet

Add: Amoritzation of Deferred Debits
Cash Flow Effect of Deferred Debits
Change in Deferred Credits on Balance Sheet
Add: Amoritzation of Deferred Credits
Cash Flow Effect of Deferred Credits

Increase in Deferred Taxes

Increase in Other Liabilities
Increase in Minority Interest

Increase In Goodwill
Less: Goodwill Amortization
Net Investment in Goodwill

Section 5. Reconciliation of Historical Plant Accounts and Capital Expenditures from B

1982

Depreciation and Amortization on Income Statement -

Less: Net Amortization of Deferred Debits and Credits from Above
Change in Accumulated Depreciation on Balance Sheet
Adjustment to Capital Expenditures (Depreciation)-Change

Change in Plant Assets on the Balance Sheet

Add: Plant Writeoffs
Less: Increase in Share Premium
Total Historical Capital Expenditures in Financials

Capital Expenditures in Cash Flow Statement

Difference in Modeled and Presented Capital Expenditures

Section 6. Reconciliation of Equity Accounts and Dividends from Balance Sheet and

1982

Common Equity on Balance Sheet -

Change in Equity
Increase in Share Premium
Net Income
Dividends
Implied Equity Issues (Income Less Equity Change Less Div)

Section 7. Reconciliation of Debt Issues and Maturities from Balance Sheet - DO NO

1982

Total Debt on Balance Sheet -

Total Change in Debt on Balance Sheet
Debt Maturities (Optional)
Inplied Debt Issues from Analysis

Section 8. Checks of Historic Actuals and Modeled Historic Data - DO NOT INP

Actual Net Income

Modeled Net Income
Difference

Actual Total Assets -

Modeled Total Assets -
Difference -

Actual Total Liabilities and Capital -

Modeled Total Liabilities and Capital #VALUE!
Difference #VALUE!

Actual Cash and Marketable Securities

Modeled Cash and Marketable Securities -
Difference -
Initieal Year 1982
Final Historic Yr 2008

Final Historic Year Index 27

nce Sheet from Raw Financial Data

1983 1984 1985 1986 1987 1988

History History History History History History
- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

1983 1984 1985 1986 1987 1988

- - - - - -

e in Balance Sheet Accounts -- DO NOT INPUT

1983 1984 1985 1986 1987 1988

- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

nts and Capital Expenditures from Balance Sheet

1983 1984 1985 1986 1987 1988

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -

- - - - - -

d Dividends from Balance Sheet and Dividends

1983 1984 1985 1986 1987 1988

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

aturities from Balance Sheet - DO NOT INPUT

1983 1984 1985 1986 1987 1988

- - - - - -
- - - - - -
- - - - - -

Modeled Historic Data - DO NOT INPUT

- - - - - -
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
- - - - - -
1989 1990 1991 1992 1993 1994 1995
History History History History History History History
- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
- - - - - - -

1989 1990 1991 1992 1993 1994 1995

- - - - - - -

1989 1990 1991 1992 1993 1994 1995

- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

1989 1990 1991 1992 1993 1994 1995

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -

- - - - - - -

1989 1990 1991 1992 1993 1994 1995

- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

1989 1990 1991 1992 1993 1994 1995

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - - -
- - - - - - -
- - - - - - -
1996 1997 1998 1999 2000 2001 2002
History History History History History History History
- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
- - - - - - -
1998 1999 2000 2001 2002

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
- - - - - - -

1996 1997 1998 1999 2000 2001 2002

- - - - - - -

1996 1997 1998 1999 2000 2001 2002

- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

1996 1997 1998 1999 2000 2001 2002

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -

- - - - - - -

1996 1997 1998 1999 2000 2001 2002

- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

1996 1997 1998 1999 2000 2001 2002

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - - -
- - - #REF! #REF! #REF! #REF!
- - - #REF! #REF! #REF! #REF!
2003 2004 2005 2006 2007 2008
History History History History History History
- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -
2003 2004 2005 2006 2007 2008

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

2003 2004 2005 2006 2007 2008

- - - - - -

2003 2004 2005 2006 2007 2008

- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

2003 2004 2005 2006 2007 2008

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -

- - - - - -

2003 2004 2005 2006 2007 2008

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

2003 2004 2005 2006 2007 2008

- - - - - -
- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#REF! #REF! - - - -
#REF! #REF! - - - -
Input
YearSummary
Settings
Initial Balance Sheet Year --------> 1982 Final Historic Year -------->
Remove Column Groups
Reset Inputs
✘ Show Comments
Year 1982 1983 1984 1985
Base Year History History History
1 2 2 2
Key Operating Drivers Key Operating Drivers
Revenues Ke - - - -
Cash Operating Expenses Ke - - - -
Cash Captial Expenditures Ke - - - -
Key Operating Drivers

Working Capital Working Capital

Revenue/Expense Related Working Capital
R Current Assets/Revenues Wo 0.00% 0.00% 0.00% 0.00%
R Current Liabilities/Expenses Wo 0.00% 0.00% 0.00% 0.00%
Non Revenue/Expense Related Working Capital
R Non-Revenue Assets Wo 0.00% 0.00% 0.00% 0.00%
R Non-Expense Liabilities Wo 0.00% 0.00% 0.00% 0.00%
Working Capital
Depreciation Tax and Other Income Depreciation Tax and Other Income
R Depreciation Rate De 0.00% 0.00% 0.00% 0.00%
R Rate of Return on Other Assets De 0.00% 0.00% 0.00% 0.00%
R Income Tax Rate De 0.00% 0.00% #VALUE! #VALUE!
R Interest Income Rate De 0.00% 0.00% 0.00% 0.00%

Financial Financial
R Interest Rate on New Debt Fi 0.00% 0.00% 0.00% 0.00%
Dividend Payments Financial
R Dividend Payout Ratio Fi 0.00% 0.00% #VALUE! #VALUE!
R Dividend Per Share Fi - - - -
Equity Issues Financial
R New Equity Issues Fi - - - -
R Share Price on New Issues Fi - - - -
Preferred Stock
R Dividend Rate on Preferred Fi - - - -
R Change in Preferred Issues - - - -
Minority Interest Financial
R Minority Interest on Income Stament Fi - - - -
R Minority Dividends Fi - - - -
R Minority Interest Increases Fi - - - -
Financial
Other Income Statement Inputs
R Projected Other Income (Optional) - - - -
R Projected Goodwill Writeoff/Amortization - - - -
R Projected Amortization of Deferred Debits - - - -
R Projected Amortization of Deferred Credits - - - -

Other Cash Flow Inputs

R Increase in Investments Input - - - -
R Projected Investments in Deferred Debits - - - -
R Projected Investments in Deferred Credits - - - -
R Future Change in Preferred Stock - - - -

Valuation Parameters Valuation Parameters

Multiples Valuation Parameters
R EV/EBITDA Multiple Va - - - -
R Price/Earnings Multiple Va - - - -
R Market/Book Multiple Va - - - -
R WACC for Valuation Valuation Parameters
R Growth Rate for Perpuitity Calculaiton Valuation Parameters
Valuation Parameters
Direct Plant Inputs
Depreciation Expense
Interest and Equity Capitalized
Input Plant Balance
Input CWIP Balance
Input Accumulated Depreciation

Switches Switches
Apply Net Operating Tax Loss in Calculations Sw 1
Use Direct Plant Balance Inputs Sw 0
Circularity Resolution Option Sw BEGINNING BALANCE
Dividend Payout Method Payout
2008 Final Forecast Year -------> 2013
31

1986 1987 1988 1989 1990 1991 1992 1993

History History History History History History History History
2 2 2 2 2 2 2 2

- - - - - - - -
- - - - - - - -
- - - - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - - - -

- - - - - - - -
- - - - - - - -

- - - - - - - -
- - - - - - - -
- - - - - - - -

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

- - - - - - - -
- - - - - - - -
- - - - - - - -
1994 1995 1996 1997 1998 1999 2000 2001
History History History History History History History History
2 2 2 2 2 2 2 2

- - - - - - - -
- - - - - - - -
- - - - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - - - -

- - - - - - - -
- - - - - - - -

- - - - - - - -
- - - - - - - -
- - - - - - - -

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

- - - - - - - -
- - - - - - - -
- - - - - - - -
2002 2003 2004 2005 2006 2007 2008
History History History History History History History
2 2 2 2 2 2 2

- - - - - - -
- - - - - - -
- - - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - - -

- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -
Debt Schedule
Debt Outstanding in 2008

Issue
Number Issue Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Total ---->
Debt in Final Historic Year 00.0
Total Debt in Table 00.0
Difference

-
0
0
ding in 2008

Amount
Outstanding Interest Rate Maturity Check
Total
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance

Interest Expense

0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance

Interest Expense
0
Beginning Balance
Add: New Issues
✘ Show Comments Less: Debt Repaid
Ending Balance

Interest Expense
0
Beginning Balance
Add: New Issues
- Less: Debt Repaid
- Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
0
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
Total ---->
Beginning Balance
Add: New Issues
Less: Debt Repaid
Ending Balance
Interest Expense
2008 2009 2010 2011 2012 2013

$ - $ - $ - $ - $ - $ -
- - - - - -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
$ - 0% 0
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

- - $ - $ - $ - $ -
$ - 0% 0
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - 0% 0
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - 0% 0
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
- 0% 0
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - 0% 0
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
2014 2015 2016 2017 2018 2019

$ - $ - $ - $ - $ - $ -
- - - - - -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
2020 2021 2022 2023 2024 2025

$ - $ - $ - $ - $ - $ -
- - - - - -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
2026 2027 2028 2029 2030 2031

$ - $ - $ - $ - $ - $ -
- - - - - -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
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$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
2032 2033 2034

$ - $ - $ -
- - -
$ - $ - $ -
$ - $ - $ -

$ - $ - $ -
0.0% 0.0% 0.0%

$ - $ - $ -

$ - $ - $ -
$ - $ - $ -

$ - $ - $ -

$ - $ - $ -
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$ - $ - $ -

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$ - $ - $ -

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$ - $ - $ -

$ - $ - $ -
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$ - $ - $ -

$ - $ - $ -
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$ - $ - $ -

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$ - $ - $ -

$ - $ - $ -
$ - $ - $ -
$ - $ - $ -

$ - $ - $ -

$ - $ - $ -
$ - $ - $ -
$ - $ - $ -

$ - $ - $ -

$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -

$ - $ - $ -
$ - $ - $ -
$ - $ - $ -

$ - $ - $ -

$ - $ - $ -
$ - $ - $ -
$ - $ - $ -

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✘ Show Comments
Financial
Home Calculations free_cash_flow 1982
Summary 1
Begining Balance Sheet
Income Statement Base Year
cash_flow_statement 1

Assumptions Carried Over from Previous Sheets

Historic and Projected Items for Model Development
Hi 1. Revenue and Expenses from Operating Parameters and Account Classification Sheets
Histo Revenues
Historic Historic Revenues
Historic Projected Revenues from Operating Analysis
Total to Income Statement
Histo Expenses
Historic Historic Expenses
Historic Projected Expenses from Operating Analysis
Total to Income Statement
Histo Capital Expenditures
Historic Existing Capital Expenditures -
Historic Projected Capital Expenditures from Operating Analysis
Total to Cash Flow Statement
Historic and Projected Items for Model Development
Hi 2. Depreciation Expense
Histo Depreciation Using Basic Rate Method
Historic Historic Depreciation from Acct Classification
Historic Existing Depreciation Rate - Begining Balance
Historic Projected Depreication Rate
Depreciation from Depreciation Rate Analysis
Historic Depreciation from Plant Balance Analysis
Historic an Total Depreication Expense to Income Statement

Hi 3. Other Income
Histo Return on Other Assets
Historic Rate of Return on Other Investments
Historic Projected Other Income Rate of Return
Histo Other Income
Historic Historic Other Income
Historic Projected Other Income (excl interest)
Projected Other Income (Optional Input)
Total to Income Statement

Histo Balance Sheet and Cash Flow Other Investments

Historic Other Investments (Base for Other Income) -
Historic Increase in Investments - Historic -
Increase in Investments Input -
Total Increase in Other Investments

Extraordinary Income -
Cumulative Accounting Change -
Total -

Hi 4. Deferred Items and Writeoffs

Histo Plant Write-offs
Histo Goodwill (From Account Classification)
Historic Historic Goodwill Writeoff/Amortization
Projected Goodwill Writeoff/Amortization -
Total Goodwill Writeoff/Amortization
Historic Goodwill Investment -

Histo Deferred Items

Historic Historic Amortization (Expense) of Deferred Debit Assets
Projected Amortization of Deferred Debits -
Total Amortization to Income Statement and CF
Historic Historic Amoritization (Income) of Deferred Credit Liabilities
Projected Amortization of Deferred Credits -
Total Amortization to Income Statement and CF
Historic Historic Investment in Deferred Debit Assets - Cash Flow -
Projected Investments in Deferred Debits -
Total Investment in Deferred Debits
Historic Historic Increase in Deferred Credit Liabilities - Cash Flow -
Projected Investments in Deferred Credits -
Total Investment in Deferred Debits
Historic and Projected Items for Model Development
Hi 5. Income Taxes
Historic Computed/Projected Tax Rate
Historic Historic Income Taxes
Historic Projected Change in Deferred Tax
Increase in Deferred Taxes -
Historic and Projected Items for Model Development
Hi 6. Minority Interest and Extraordinary Income
Histo Minority Interest
Historic Minority Share of Income
Historic an Minority Income Share - Account Classification
Historic an Minority Income Share - Equity Parameters
Historic an Total Minority Share of Income
Historic Change in Minority Interest -
Historic Minority Dividend
Historic and Projected Items for Model Development
Histo Extraordinary Income and Foreign Exchange -
Historic and Projected Items for Model Development
Hi 7. Fixed Debt Balance and Interest Expense
Histo Debt Maturities
Historic Historic Debt Maturities from Account Classification
Historic Future Debt Maturities from Debt Parameters #VALUE!
Historic an Total Debt Maturities to Cash Flow
Histo Debt Issues
Historic Historic Debt Issues
Historic New Debt Issues from Debt Parameters #VALUE!
Historic an Total New Debt Issues to Cash Flow #VALUE!
Histo Interest Expense
Historic Historic Interest Expense - Account Classification
Historic Interest Expense from Debt Schedule #VALUE!
Historic an Total Fixed Interest Expense to Income Statement -
Histo Debt Balance
Historic Ending Debt Balance From Debt Schedule #VALUE!
Historic Historic Debt Balance from Account Classification -
Historic an Total Debt Balance to Balance Sheet -
Historic and Projected Items for Model Development
Histo Interest and Equity Capitalized
Historic Historic Interest and Equity Capitalized
Historic Projected Interest and Equity Input -
Historic an Total to Income Statement
Historic and Projected Items for Model Development
Hi 8. Interest Rate of Short-term Debt and Mkt Securities
Histo Projected Rates
Historic an Interest Rate on Short-term Debt 0.0%
Historic an Projected Interest Rate on Marketable Securities 0.0%
Histo Historic Rates on Mkt Securities
Historic an Historic Interest Income -
Historic an Historic Interest Income Rate
Historic Cash Balance -
Historic Short-term Debt Balance -
Historic and Projected Items for Model Development
Hi 9. Trade Working Capital
Histo Current Assets (Less Cash)
Historic Historic Current Revenue Related Assets Less Cash -
Historic Current Non-Revenue Related Assets Less Cash -
Historic Projected Current Assets/Revenues 0.00%
Historic Projected Current Assets Revenue Related Less Cash
Projected Non-Revenue From Operating Parameters -
Projected Current Assets Optional Direct Input
Total Current Assets to Balance Sheet -

Histo Current Liabilities (Less Short-term Debt)

Historic Historic Current Liabilities Less Notes Payable -
Historic Current Non-Expense Related -
Historic Projected Current Liabilities/Expenses 0.00%
Historic Projected Current Liabilities Less Notes Payable
Projected Non-Expense Related from Operating Parameters -
Projected Non-Expense Related Optional Direct Input
Historic an Total Current Liabilities to Balance Sheet -

Hi 10. Other Assets and Liabilities

Histo Increase in Restricted Assets -
Histo Increased in Other Liabilities -
Histo Change in Share Premium -
Historic and Projected Items for Model Development
Hi 11. Common and Preferred Equity
Histo Amount of New Common Equity Issues
Historic Historic Equity Issues
Historic New Equity Issues -
Historic and Projected Items for Model Development
Histo Amount of Historic Common Equity Outstanding -
Historic and Projected Items for Model Development
Histo Shares of Common Equity
Historic Historic Shares -
Historic Stock Price on New Equity Issues -
Historic and Projected Items for Model Development
Histo Common Dividends
Historic Historic Dividends Paid -
Historic Method for Projected Dividends
Historic Projected Amounts
Historic an Dividend Payout Ratio -
Historic an Dividend Per Share -
Historic and Projected Items for Model Development
Histo Preferred Stock
Historic Preferred Stock Balance -
Historic Future Change in Preferred Stock -
Historic Preferred Stock Dividend Rate -
Historic Historic Preferred Stock Dividends -
Historic Projected Preferred Dividends -
Historic an Total Preferred Stock to Income Statement -
Historic and Projected Items for Model Development
Hi 12. Input Plant Balances
Historic Switch for Inputting Plant Balance and Depreciation 0.00%
Historic Input Plant Balance -
Historic Input CWIP Balance -
Historic Input Accumulated Depreciation -
Historic and Projected Items for Model Development
Historic Historic Plant Balance -
Historic Historic CWIP Balance -
Historic and Projected Items for Model Development
Income Statement
IncomRevenues
IncomOperating Expenses
IncomOther Income
Income EBITDA
IncomDepreciation
IncomPlant Write-offs
IncomGoodwill Writeoffs and Amortization
IncomDeferred Debit Amortization
IncomDeferred Credit Amortization (Income)
Income EBIT (Operating Income)
IncomInterest Expense and Income
Income Interest on New Debt
Income Interest on Existing Debt
Income Sta Total
Income Sta Interest Income
Income Sta Less: Capitalized Interest and Equity
Income EBT
IncomTaxes before NOL
Income Beginning NOL
Income Additions to NOL
Income Subtractions from NOL
Income Ending NOL
IncomRealized Taxes
IncomExtraordinary Income
IncomLess: Minority Interest
IncomPreferred Dividends
Income Net Income
Income Statement
Cash Flow Statement
Cash Net Income
Cash FloAdd: Depreciation
Cash FloAdd: Goodwill Writeoff
Cash FloAdd: Amortization of Deferred Debits
Cash FloLess: Amortization of Deferred Credits
Cash FloAdd: Plant Write-offs
Cash FloAdd: Deferred Taxes
Cash FloAdd: Minority Interest
Cash Working Capital from Operations
Cash FloLess: Change in Working Capital
Cash Cash Flow from Operations
Cash FloLess: Capital Expenditures
Cash FloLess: Increase in Other Investments
Cash FloLess: Acquisition of Goodwill
Cash FloLess: Increase in Deferred Debits
Cash FloPlus: Increase in Deferred Credits
Cash FloPlus: Increase in Other Liabilities
Cash Flow Total Capital Expense and Investments
Cash Cash Flow Before Financing
Cash FloPlus: Increase in Minority Interest
Cash FloLess: Minority Dividends
Cash FloLess: Restricted Assets Funding
Cash FloPlus: Debt Financing
Cash FloPlus: Equity Financing
Cash FloLess: Debt Maturity Payments
Cash FloLess: Change in Preferred Stock
Cash FloLess: Dividend Payments
Cash Flow Change in Cash or Notes Payable
Cash Flow Statement
Balance Sheet
BaAssets
Balan Current Assets
Balance Restricted Cash -
Balance Operating Cash and Temporary Investments -
Balance Other Current Assets -
Balance Sh Total Current Assets -
Balan Plant Property and Equipment
Balance Gross Plant Value -
Balance Construction Work in Progress -
Balance Accumulated Depreciation -
Balance Sh Net Plant -
Balance Sheet
Balan Other Assets
Balance Other Investments -
Balance Restricted Assets -
Balance Deferred Debits -
Balance Goodwill -
Balance Sh Total Other Assets -
Balan Total Assets -
Balance Sheet
BaLiabilities and Capital
Balan Current Liabilities
Balance Current Liabilities Excluding Short-term Debt -
Balance Short-term Debt -
Balance Sh Total Current Liabilities -
Balan Existing and Input Debt Issues #VALUE!
Balan Other Liabilities
Balance Other Liabilities -
Balance Deferred Credits -
Balance Deferred Taxes -
Balance Sh Total -
Balan Preferred and Minority
Balance Minority Interest -
Balance Preferred Stock -
Balance Sh Total Preferred and Minorities -
Balan Common Equity
Balance Opening Balance -
Balance Sh Add: Change in Share Premium
Balance Sh Add: Equity Issues
Balance Sh Add: Net Income -
Balance Sh Less: Dividends -
Balance Closing Common Equity -
Balan Total Liabilities and Capital #VALUE!
Balance Sheet
Balan Working Capital -
Balance Sheet
Balan Assets Less Liabilities #VALUE!
Balance Sheet
Balan Historic Assets/Liabilities -
Balan Difference #VALUE!
Balance Sheet
Balan Historic Common Equity -
Balan Modeled Common Equity -
Balance Difference -
Balance Sheet
Analysis of Short-Term Debt and Marketable Securities
Analysis of Short-Term Debt and Marketable Securities
AnActual Cash Balance -
AnActual Short-term Debt Balance -
Analysis of Short-Term Debt and Marketable Securities
An Accumulated Balance of Cash net of Short-term Debt
Analy Opening Balance
Analy Add: Change in Cash and STD from Cash Flow -
Analy Closing Balance of Cash Net of STD -
Analysis of Short-Term Debt and Marketable Securities
Analy Separation into Cash Balance and Notes
Analysis Cash and Marketable Securities -
Analysis Notes Payable -
Analysis of Short-Term Debt and Marketable Securities
Analy Interest Income on Cash Balance
Analysis Interest Rate on Temporary Securities 0.0%
Analysis Average Cash Balance -
Analysis Interest Income on Beginning Balance
Analysis Interest Income on Average Balance
Analysis Interest Income on Average Balance as Value
Analysis of Difference between Value and Computation
Analysis of Short-Term Debt and Marketable Securities
Analy Interest Expense on Short-term Debt
Analysis Interest Rate on Short-term Debt 0.00%
Analysis Average Notes Payable Balance
Analysis Interest Expense on Beginning Balance
Analysis Interest Expense on Average Balance
Analysis Interest Expense on Average Balance as Value
Analysis of Difference between Value and Computation
Analysis of Short-Term Debt and Marketable Securities

Share Balance
ShareBeginning Balance -
ShareAdd: New Shares -- Historic
ShareNew Shares Issued -
ShareTotal Shares -
Share Average Shares -

ShareEarnings Per Share

Earnings Per Share without Extraordinary

1983 1984 1985 1986 1987 1988
2 3 4 5 6 7

History History History History History History

2 2 2 2 2 2

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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- - - - - -
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- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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- - #VALUE! #VALUE! #VALUE! #VALUE!

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- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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- - - - - -

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
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- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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1989 1990 1991 1992 1993 1994
8 9 10 11 12 13

History History History History History History

2 2 2 2 2 2

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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1995 1996 1997 1998 1999 2000
14 15 16 17 18 19

History History History History History History

2 2 2 2 2 2

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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- - - - - -
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
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- - - - - -
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
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- - - - - -
2001 2002 2003 2004 2005 2006
20 21 22 23 24 25

History History History History History History

2 2 2 2 2 2

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- - - - - -
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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- - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
- - - - - -
- - - - - -

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -

- - - - - -
2007 2008 2009 2010 2011 2012
26 27 28 29 30 31

History History Projection Projection Projection 0

2 2 3 3 3 5

- - - - - -
- - - - - -
- - - - - -

- - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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Payout Payout Payout Payout

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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -

- - - - - -
2013 2014 2015 2016 2017 2018
32 33 34 35 36 37

0 0 0 0 0 0
5 5 5 5 5 5

- - - - - -
- - - - - -
- - - - - -

- - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- - - - - -
- - - - - -
- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
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- - - - - -
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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Payout Payout Payout Payout Payout Payout

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- - - - - -

- - - - - -
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

- - - - - -
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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -

- - - - - -
2019 2020 2021 2022 2023 2024
38 39 40 41 42 43

0 0 0 0 0 0
5 5 5 5 5 5

- - - - - -
- - - - - -
- - - - - -

- - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- - - - - -
- - - - - -
- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
- - - - - -
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- - - - - -

- - - - - -
- - - - - -
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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- - - - - -

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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- - - - - -
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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Payout Payout Payout Payout Payout Payout

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- - - - - -

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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- - - - - -
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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -

- - - - - -
2025 2026 2027 2028 2029 2030
44 45 46 47 48 49

0 0 0 0 0 0
5 5 5 5 5 5

- - - - - -
- - - - - -
- - - - - -

- - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- - - - - -
- - - - - -
- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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- - - - - -

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- - - - - -
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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Payout Payout Payout Payout Payout Payout

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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2031 2032 2033 2034 2035 2036
50 51 52 53 54 55

0 0 0 0 0 0
5 5 5 5 5 5

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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#VALUE! #VALUE! #VALUE! #VALUE! #N/A #N/A

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0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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Payout Payout Payout Payout Payout Payout

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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2037 2038 2039 2040 2041
56 57 58 59 60

0 0 0 0 0
5 5 5 5 5

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0.0% 0.0% 0.0% 0.0% 0.0%
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#N/A #N/A #N/A #N/A #N/A

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#N/A #N/A #N/A #N/A #N/A

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0.0% 0.0% 0.0% 0.0% 0.0%

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Payout Payout Payout Payout Payout

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#N/A #N/A #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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Financial Ratios Graph Periods 31

1983

Free Cash Flow

Free Cash Flow
FreEBITDA -
Free C Less: Cap Exp -
Free C Less: Working Capital Increase -
Free C Less: Cash Taxes on EBIT (Less Deferred) -
Free C Add: Other Income Net of Tax -
Free C Add: Change in Other -
Free Cash Total Free Cash - -
Free Cash Flow
Free Cash Flow
FreCash Flow Before Financing - -
Free C Add: Interest Expense - -
Free C Less: Taxes on Interest - -
Free C Less: Interest Income on Temporary Securitites - -
Free C Add: Taxes on Interest on Temporary Securities - -
Free Cash Free Cash Flow - -

Financial Ratios
Financial Ratios
Performance Ratios
Return on Average Equity
Net Income to Equity -
Average Common Equity -
Financial Return on Average Equity 0.00%

Net Income without Extraordinary -

Adjusted Return on Average Equity 0.00%

Return on Invested Capital (ROIC)

NOPLAT - Numerator
EBIT -
Tax Rate 0.00%
NOPLAT -
Invested Capital - Denominator
Common Equity - -
Preferred - -
Long and Short term Debt #VALUE! #VALUE!
Minority Interest - -
Dividend Payable
Less: Cash - -
Invested Capital #VALUE! #VALUE!
Average Invested Capital #VALUE!
Financi Return on Invested Capital #VALUE!
Return on Invested Capital (ROIC) without Goodwill
NOPLAT with Goodwill Amortization and Impariment -
Add: Goodwill Amortization -
Less: Taxes on Goodwill Amortization -
Adjusted NOPLAT -

Invested Capital without Goodwill Adjustment #VALUE! #VALUE!

Less: Goodwill - -
Adjusted Invested Capital #VALUE! #VALUE!
Average Invested Capital w/o Goodwill #VALUE!
Adjusted ROIC without Goodwill #VALUE!

Return on Capital Employed

Net Income
Plus: Minorities
Plus: Net of Tax Interest
Numerator

Return on Assets

Valuation Ratios
Earnings per Share -
Growth

Price to Earnings
Stock Price - -
Earnings per Share -
PE -

EV to EBITDA
EV
Shares -
Market Capitalization -
Debt Value #VALUE!
Preferred Value -
Minorities Value -
Short-term Securities -
Total EV #VALUE!
EBITDA -
EV/EBITDA -

EV to NOPLAT
EV #VALUE!
NOPLAT -
EV/NOPLAT -

EV to Sales
EV #VALUE!
Sales -
EV/Sales -

Other
FinanciReturn on Equity 0.00%
FinanciDividend/Share -
FinanciBook Value/Share -
FinanciDividend Payout Ratio 0.0%

Market to Book Ratio

Market Value per Share -
Book Value per Share -
Market to Book Ratio

Growth Rates
Sales
EBITDA
Investment
EPS

Credit Ratios - Solvency

EBIT/Interest
EBIT -
Interest Expense -
Financial EBIT/Interest -

Debt/Capital
Debt
Long and Short term Debt #VALUE!
Captial
Equity -
Long and Short term Debt #VALUE!
FinanciDebt/Capital #VALUE!

Debt Service Coverage Ratio

Net Income -
Plus Interest Expense -
Debt MTotal Debt Service #VALUE!
Financial Debt Service Coverage Ratio #VALUE!

Debt/EBITDA
Fixed Debt #VALUE!
Short-term Debt #VALUE!
EBITDA -
Financial Debt/EBITDA -
Financial Ratios
Other Ratios
Average Interest Rate
Total Debt #VALUE! #VALUE!
Interest Expense - -
FinanciAverage Interest Rate #VALUE!

Histor Historic Average Interest Rate #VALUE!

Histor Interest Rate on LTD 0.0%

Operating Ratios
Histor Capacity -
Histor Volume -

FinanciAverage Revenue Realization -

FinanciOperating Cost/Unit
FinanciNet Plant/Capacity
FinanciCap Exp/Chg Capacity
FinanciOperating Expense/Volume -

Period for compounding from First Year -

Sales -

Final Historic Year 2008

Switch for Final Historic Year 0

Final Year Sales 0

Total Years 30
Years in Compounding 30
Compound Growth from Last Year #DIV/0!

Periods 26.00
Initial Sales -
Compound Growth from Last Year
This Period Growth

EPS -
Growth
Initial Earnings -
Compound Growth

1 1983
2
3 EBITDA -
4
5 EBITDA Margin
6 Base Case 0.0%
7 Current Case 0.0%
8
9 Return on Equity
### Adjusted for Extraordinary 0.00%
11 Unadjusted 0.00%
###
### Return on Invested Capital
### Base Case 0.00%
### Current Case #VALUE!
###
### Interest Expense/Debt
### Base Case 0.00%
### Current Case #VALUE!
###
### Debt/Capital
### Base Case 0%
### Current Case #VALUE!
###
### Interest Coverage Ratio
### Base Case -
### Current Case -
###
### Debt/Cash Flow
### Base Case -
### Current Case -
###
### Earnings Per Share
### Unadjusted -
### Adjusted for Acc Change -
###
### Dividend Payout Ratio
### Base Case 0.00%
### Current Case 0.00%
###
### Book Value/Share
### Base Case -
### Current Case -
###
### Dividend/Share
### Base Case -
### Current Case -
###
### Revenues
### Base Case -
### Current Case -
###
### Expenses
### Base Case 0
### Current Case -
###
### Capital Expenditures
### Base Case 0
### Current Case -
###
### Capacity
### Base Case -
### Current Case -
###
### Volume
### Base Case -
### Current Case -
###
### Revenue Realization
### Base Case -
### Current Case -
###
### Net Plant/Capacity
### Base Case -
### Current Case
###
### Cap Exp/Chg Capacity
### Base Case -
### Current Case
###
### Operating Cost/Volume
### Base Case -
### Current Case -
###
### Debt/EBITDA
### Base Case -
### Current Case -
###
### Debt Service Coverage
### Base Case -
### Current Case #VALUE!
###
### Depreciation
### Base Case -
### Current Case -

Stock Price -

Interest Income Rate 0.00%

New Equity Issues 0.00

New Debt Issues #VALUE!
26 Columns 31 26
Start

1984 1985 1986 1987 1988 1989

- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

1.00 2.00 3.00 4.00 5.00 6.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
29 28 27 26 25 24
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

25.00 24.00 23.00 22.00 21.00 20.00

- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

1984 1985 1986 1987 1988 1989

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
1990 1991 1992 1993 1994 1995

- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

7.00 8.00 9.00 10.00 11.00 12.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
23 22 21 20 19 18
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

19.00 18.00 17.00 16.00 15.00 14.00

- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

1990 1991 1992 1993 1994 1995

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
1996 1997 1998 1999 2000 2001

- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

13.00 14.00 15.00 16.00 17.00 18.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
17 16 15 14 13 12
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

13.00 12.00 11.00 10.00 9.00 8.00

- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

1996 1997 1998 1999 2000 2001

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2002 2003 2004 2005 2006 2007

- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

19.00 20.00 21.00 22.00 23.00 24.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
11 10 9 8 7 6
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

7.00 6.00 5.00 4.00 3.00 2.00

- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

2002 2003 2004 2005 2006 2007

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2008 2009 2010 2011 2012 2013

- - - - - -
- - - - - -
- - - - - -
#VALUE! - - - - -
#VALUE! - - - - -
- - - - - -
#VALUE! - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! - #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! 0.00% 0.00% 0.00% 0.00% 0.00%
#VALUE! - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! - - - - -
- - - - - -
#VALUE! - - - - -
#VALUE! - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

-
-

- - - - - -

- - - - - -
- - - - - -

25.00 26.00 26.00 26.00 26.00 26.00

- - - - - -

2008 2008 2008 2008 2008 2008

1 0 0 0 0 0

0 0 0 0 0 0

30 30 30 30 30 30
5 4 4 4 4 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

1.00 - - - - -
- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

2008 2009 2010 2011 2012 2013

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2014 2015 2016 2017 2018 2019

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -

- - - - - -
- - - - - -

26.00 26.00 26.00 26.00 26.00 26.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
4 4 4 4 4 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -
- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

2014 2015 2016 2017 2018 2019

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2020 2021 2022 2023 2024 2025

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -

- - - - - -
- - - - - -

26.00 26.00 26.00 26.00 26.00 26.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
4 4 4 4 4 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -
- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

2020 2021 2022 2023 2024 2025

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2026 2027 2028 2029 2030 2031

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -

- - - - - -
- - - - - -

26.00 26.00 26.00 26.00 26.00 26.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
4 4 4 4 4 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -
- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

2026 2027 2028 2029 2030 2031

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2032 2033 2034 2035 2036 2037

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - - -
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #N/A #N/A

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

- - - - - -

- - - - - -
- - - - - -

26.00 26.00 26.00 26.00 26.00 26.00

- - - - - -

2008 2008 2008 2008 2008 2008

0 0 0 0 0 0

30 30 30 30 30 30
4 4 4 4 4 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -
- - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

2032 2033 2034 2035 2036 2037

- - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0% 0% 0%
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

- - - - - -
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

- - - - - -
- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

- - - - - -
- - - - - -

0 0 0 0 0 0
- - - - - -
0 0 0 0 0 0
- - - - - -

- - - - - -
- - - - - -

- - - - - -

- - - - - -
- - - - - -

- - - - - -
#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A

- - - - - -
- - - - - -

- - - - - -

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00 0.00 0.00

#VALUE! #VALUE! #VALUE! #N/A #N/A #N/A
2038 2039 2040 2041

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!

#N/A #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE!

- - - -
0.00% 0.00% 0.00% 0.00%
- - - -

#VALUE! #VALUE! #VALUE! #VALUE!

- - - -
#N/A #N/A #N/A #N/A
- - - -

#VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
- - - -
- - - -
- - - -
- - - -

#VALUE! #VALUE! #VALUE! #VALUE!

- - - -
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!

- - - -
- - - -

- - - -
- - - -
- - - -

- - - -
- - - -
#N/A #N/A #N/A #N/A
- - - -
- - - -
#VALUE! #VALUE! #VALUE! #VALUE!
#N/A #N/A #N/A #N/A
- - - -
- - - -

#N/A #N/A #N/A #N/A

- - - -
- - - -

#N/A #N/A #N/A #N/A

- - - -
- - - -

#VALUE! #VALUE! #VALUE! #VALUE!

- - - -
- - - -
#N/A #N/A #N/A #N/A

- - - -
- - - -

#VALUE! #VALUE! #VALUE! #VALUE!

- - - -
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE!

#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A

#VALUE! #VALUE! #VALUE! #VALUE!
- - - -
- - - -

#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A
#VALUE! #VALUE! #VALUE! #VALUE!

#N/A #N/A #N/A #N/A

0.0% 0.0% 0.0% 0.0%

- - - -

- - - -
- - - -

26.00 26.00 26.00 26.00

- - - -

2008 2008 2008 2008

0 0 0 0

30 30 30 30
4 4 4 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - -
- - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - -

2038 2039 2040 2041

- - - -

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE!

0.00% 0.00% 0.00% 0.00%

#VALUE! #VALUE! #VALUE! #VALUE!

0% 0% 0% 0%
#N/A #N/A #N/A #N/A

- - - -
#N/A #N/A #N/A #N/A

- - - -
- - - -

0.00% 0.00% 0.00% 0.00%

#N/A #N/A #N/A #N/A

- - - -
- - - -

0 0 0 0
- - - -
0 0 0 0
- - - -

- - - -
- - - -

- - - -

- - - -
- - - -

- - - -
#N/A #N/A #N/A #N/A

- - - -
- - - -

- - - -

0.00% 0.00% 0.00% 0.00%

0.00 0.00 0.00 0.00

#N/A #N/A #N/A #N/A
Valuation Parameters

Valuation Parameters Samsung

Valuation Input
EV/EBITDA For DCF Terminal and For Multiple Method
Price/Earnings Ratio for Multiple and Residual Value Calculation
Market/Book Ratio for Multiple and Residual Value Calculation
Switch for Computing Discount Rate Using Capital Asset Pricing Model
Unlevered (WACC) Cost of Capital In Valuation
Equity Cost of Capital In Valuation
Debt/Capital for CAPM Calculation
Beta
Rf
Rm
Growth Rate for Perpuitity Calculaiton
Replacement Cost/Unit for Residual Value Calculation
Q Ratio For Replacement Cost Calculation
Switch for Average Balcance Calculation of Interest
Switch for Resolving Calculation w/o Circularity
Mid Year Discounting of Cash Flows
Switch for Allowing Negative Taxes
#VALUE!

Valuation Presented
Valuation

s Samsung

Amount Cash Flow

11.00 EBITDA
ulation 16.00 -
ation 2.00 Cash Flow
Pricing Model 0 Perpuitity
8.0% 33 - 800%
9.0% Cash/PE 9
50% -
0.9 Discounted
5% Earnings
8% -
3.0%
0
2.2
0
0
1
0

3
Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0)
Cash Flow Valuation, Residual Perpuitity (Growth 3.0%)
Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)
Cash Flow Valuation, Residual Replacment Value
BITDA (EV Multiple 11.0)
erpuitity (Growth 3.0%)
/E Ratio (Multiple 16.0)
Replacment Value
Valuation

DCF Summary - Method Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)

Present Value
at 8.0%
Free Cash Flow #VALUE! #VALUE! Terminal Value Multiples
Terminal Value - EV/EBITDA For Residual
Enterprise Value #VALUE! Price/Earnings Ratio
Less: Net Debt - Market/Book Ratio
Equity Value #VALUE! Unlevered (WACC) Cost of Capital
Shares - Equity Cost of Capital
Equity Value per Share - Growth in Cash Flow post 2013

Weighted Average Cost of Capital

Earnings per
Weighted
Percent Cost AT Cost Cost 12

Debt 60% 6.00% 4.3% 2.59%

10
Equity 40% 9.0% 9.0% 3.60%
Total 8.00% 8

Transaction Year 2006 4

Terminal Year 2013
2

Projected Data From Financial Calculations Used in Various Valuation Formulas

Year 1983 1984

Time Period Code 2 2

Free Cash Flow - #VALUE!

Shares - -
Total Debt #VALUE! #VALUE!
EBITDA - -
Net Income - #VALUE!
EPS - -
DPS - -
Debt #VALUE! #VALUE!
Cash and Temporary Investments - -
BV per Share - -
Total Capacity - -
Cap Exp - Depreciation - -

DCF Analysis Details

Valuation from Free Cash Flow and Perpituity

Step 1: Compute Present Value of Free Cash Flow
Switch to Use Cash Flow in Valuation 0 0
Free Cash Flow over Projected Horizon - -

Step 2: Discount Rates for Free Cash Flow

Year of Forecast Horizon Used For Discounting - -
Year after Adjusting for Mid-Year Convention - -
Discount Rate applied to Free Cash Flow 8.00% 8.00%
PV Factor for Residual 1.000 1.000
PV Factor Applied to Free Cash Flow - -
PV of Free Cash Flow - #VALUE!
Sum of PV of Free Cash Over Forecast Period #VALUE! #VALUE!
Step 3: Add Residual Value - Perpuitity Method
Switch for Final Year of Forecast 0 0
Free Cash Flow - -
Capitalization Rate (1/(WACC-g)) 20.00 20.00
Nominal Value (FCF x (1+g))xCap Rate) - -
Present Value of Residual - -
Enterprise Value - Perpituity Method #VALUE!
Step 4: Determine Value of Equity per Share - Perpuitity Method
Switch for Transaction Date 0 0
Debt Outstanding - -
Cash - -
Equity Value #VALUE!
Shares Outstanding - -
Equity Value per Share #VALUE!

Valuation from Free Cash Flow and EBITDA Multiple

Step 1: Compute Present Value of Free Cash Flow
Sum of PV of Free Cash Over Forecast Period #VALUE!
Step 2: Add Residual Value - EBITDA Multiple
EBITDA - -
EBITDA Multiple 11.00 11.00
Nominal Value of Company in Residual Year - -
Present Value of Terminal Value - -
Enterprise Value - EBITDA Multiple #VALUE!
Step 3: Value of Equity Per Share
Equity Value #VALUE!
Equity Value/Share #VALUE!

Valuation from Free Cash Flow and P/E Ratio

Step 1: Compute Present Value of Free Cash Flow
Sum of PV of Free Cash Over Forecast Period #VALUE!
Step 2: Add Residual Value - P/E Multiple
Net Income - -
P/E Multiple 16.00 16.00
Equity Value in Terminal Year - -
Debt Value in Terminal Year - -
Nominal Value of Residual - -
Present Value of Residual - -
Enterprise Value #VALUE!
Step 3: Value of Equity Per Share
Equity Value #VALUE!
Equity Value/Share #VALUE!

Valuation from Free Cash Flow and Repalcement Cost

Step 1: Compute Present Value of Free Cash Flow
Sum of PV of Free Cash Over Forecast Period #VALUE!
Step 2: Add Residual Value - Replacement Cost
Capacity - -
Value of Capacity - -
Q Ratio - Value/Replacement Cost 2.20 2.20
Nominal Value of Residual - -
Present Value of Residual - -
Enterprise Value #VALUE!
Step 3: Value of Equity Per Share
Equity Value #VALUE!
Equity Value/Share -

Section 2: Valuation from Equity Income and Dividends

Valuation from EPS and Growth
Step 1: Compute Present Value of EPS over Horizon
Equity Discount Rate 9.00% 9.00%
Earnings per Share - -
PV Factor - Equity Discount Rate - -
PV of EPS - -
Sum of EPS PV -
Step 2: Compute Residual Value of Equity
Terminal EPS - -
EPS Growth 3%
Capitalization Rate (1/(k-g)) 16.67
Nominal Terminal Value -
PV of Terminal Value - -
Step 3: Total Equity Value -
Valuation from DPS and Growth
Step 1: Compute Present Value of DPS over Horizon
Dividends per Share - -
PV of DPS - -
Sum of DPS PV -
Step 2: Compute Book Residual Value
Book Value per Share - -
Book Value Multiple 2.00 2.00
Nominal Value of Residual - -
Present Value of Residual - -
Step 3: Total Equity Value -

Six Valuation Methods Using the Financial Projections

Residual in Free Cash Flow Analysis

Residual
Component in
Parameter Component Terminal Year

EBITDA (EV Multipl 11 EBITDA #VALUE!

Perpuitity (Growth) 3% Cash Flow -
P/E Ratio (Multiple) 16.00 Net Income -
Replacment Value - Capacity

Residual in Other Approaches

EPS (Growth) 0% EPS -
BV Per Share BV -

Three Multiple Approaches with Projected Financial Data

Next Year Next Yr + 1

EBITDA Multiple
EBITDA #N/A #N/A
EBITDA Multiple 11 #N/A #N/A
Less: Debt - -
Equity Value #N/A #N/A
Shares - -
Equity Value/Share - -

Average EPS #N/A #N/A

P/E Ratio 16.00 #N/A #N/A

EPS Growth 0% 0% 0%

Book Value/Share #N/A #N/A

Multiple 2.00 #N/A #N/A

Graph Titles

PV of Free Cash Flow at 8.00%

Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0) -

Cash Flow Valuation, Residual Perpuitity (Growth 3.0%) -
Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0) -
Cash Flow Valuation, Residual Replacment Value -

Discounted Earnings - (Growth Rate 3.0%) -

Discounted Dividends -
P/E Multiple 16.0 #N/A
EBITDA Multiple 11.00 -
Book Value Multiple 2.0 #N/A
ltiple 16.0)

Terminal Value Multiples

EBITDA For Residual 11.00
e/Earnings Ratio 16.00
ket/Book Ratio 2.00
evered (WACC) Cost of Capital 8.00%
ity Cost of Capital 9.00%
wth in Cash Flow post 2013 3.00%

Earnings per Share: Samsung Headline Actual

1985 1986 1987 1988 1989

2 2 2 2 2

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
- - - - -
- - - - -
- - - - -

0 0 0 0 0
- - - - -

- - - - -
- - - - -
8.00% 8.00% 8.00% 8.00% 8.00%
1.000 1.000 1.000 1.000 1.000
- - - - -
#VALUE! #VALUE! - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0 0 0 0 0
- - - - -
20.00 20.00 20.00 20.00 20.00
- - - - -
- - - - -

0 0 0 0 0
- - - - -
- - - - -

- - - - -
- - - - -
11.00 11.00 11.00 11.00 11.00
- - - - -
- - - - -

- - - - -
16.00 16.00 16.00 16.00 16.00
- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
2.20 2.20 2.20 2.20 2.20
- - - - -
- - - - -
9.00% 9.00% 9.00% 9.00% 9.00%
- - - - -
- - - - -
- - - - -

- - - - -

16.67 16.67 16.67 16.67 16.67

- - - - -
- - - - -

- - - - -
2.00 2.00 2.00 2.00 2.00
- - - - -
- - - - -

Adjustment to
Nomial Value Nominal Total Value of PV Factor to Apply to
of Residual Residual Residual Residual PV of Residual

#VALUE! - #VALUE! - -
- - - -
- - - -
- - - -

- - - -
- - - -

Next Yr + 2 Next Yr + 3 Average

#N/A #N/A #N/A

#N/A #N/A #N/A
- - -
#N/A #N/A #N/A
- - -
- - -

#N/A #N/A #N/A

0% 0% 0%

#N/A #N/A #N/A

#N/A #N/A #N/A
Control Control/100
800% 8.0%
900% 9.0%
3 3.0%

1990 1991 1992 1993 1994

2 2 2 2 2

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
- - - - -
- - - - -
- - - - -

0 0 0 0 0
- - - - -

- - - - -
- - - - -
8.00% 8.00% 8.00% 8.00% 8.00%
1.000 1.000 1.000 1.000 1.000
- - - - -
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0 0 0 0 0
- - - - -
20.00 20.00 20.00 20.00 20.00
- - - - -
- - - - -

0 0 0 0 0
- - - - -
- - - - -

- - - - -
- - - - -
11.00 11.00 11.00 11.00 11.00
- - - - -
- - - - -

- - - - -
16.00 16.00 16.00 16.00 16.00
- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
2.20 2.20 2.20 2.20 2.20
- - - - -
- - - - -
9.00% 9.00% 9.00% 9.00% 9.00%
- - - - -
- - - - -
- - - - -

- - - - -

16.67 16.67 16.67 16.67 16.67

- - - - -
- - - - -

- - - - -
2.00 2.00 2.00 2.00 2.00
- - - - -
- - - - -

PV of Flows over Total Enterprise

forecast period Value Net Debt Value Equity Value Shares

#VALUE! #VALUE! - #VALUE! -

#VALUE! #VALUE! - #VALUE! -
#VALUE! #VALUE! - #VALUE! -
#VALUE! #VALUE! - #VALUE! -

- - -
- - -
1995 1996 1997 1998 1999
2 2 2 2 2

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - -
- - - - -
- - - - -
- - - - -

0 0 0 0 0
- - - - -

- - - - -
- - - - -
8.00% 8.00% 8.00% 8.00% 8.00%
1.000 1.000 1.000 1.000 1.000
- - - - -
- - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0 0 0 0 0
- - - - -
20.00 20.00 20.00 20.00 20.00
- - - - -
- - - - -

0 0 0 0 0
- - - - -
- - - - -

- - - - -
- - - - -
11.00 11.00 11.00 11.00 11.00
- - - - -
- - - - -

- - - - -
16.00 16.00 16.00 16.00 16.00
- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
2.20 2.20 2.20 2.20 2.20
- - - - -
- - - - -
9.00% 9.00% 9.00% 9.00% 9.00%
- - - - -
- - - - -
- - - - -

- - - - -

16.67 16.67 16.67 16.67 16.67

- - - - -
- - - - -

- - - - -
2.00 2.00 2.00 2.00 2.00
- - - - -
- - - - -

Value per Share

-
-
-
-

-
-
2000 2001 2002 2003
2 2 2 2

#VALUE! #VALUE! #VALUE! #VALUE!

- - - -
#VALUE! #VALUE! #VALUE! #VALUE!
- - - -
#VALUE! #VALUE! #VALUE! #VALUE!
- - - -
- - - -
#VALUE! #VALUE! #VALUE! #VALUE!
- - - -
- - - -
- - - -
- - - -

0 0 0 0
- - - -

- - - -
- - - -
8.00% 8.00% 8.00% 8.00%
1.000 1.000 1.000 1.000
- - - -
- - - -
#VALUE! #VALUE! #VALUE! #VALUE!

0 0 0 0
- - - -
20.00 20.00 20.00 20.00
- - - -
- - - -

0 0 0 0
- - - -
- - - -

- - - -
- - - -
11.00 11.00 11.00 11.00
- - - -
- - - -

- - - -
16.00 16.00 16.00 16.00
- - - -
- - - -
- - - -
- - - -

- - - -
- - - -
2.20 2.20 2.20 2.20
- - - -
- - - -
9.00% 9.00% 9.00% 9.00%
- - - -
- - - -
- - - -

- - - -

16.67 16.67 16.67 16.67

- - - -
- - - -

- - - -
2.00 2.00 2.00 2.00
- - - -
- - - -
EBITDA Margin:Samsung
12

1.00

0
Return on Invested Capital:Samsung
12

0
Revenues:

12 12

10 10

8 8

6 6

Growth Rate
4 4
Revenue

2 2

0 0
19 19 19 19 19 19 19 19 19 19
83 84 85 86 87 88 89
Compound
90 91
Growth
92
From
Initial Year
Sales Level
Capital Expenditures and Depreciation
12

10
Capital Expenditures
Depreciation
8

0
Return on Equity:Samsung
12

0
Actual Excl Extraordinary
Book Value per Share: Samsung
12

0
Dividend Payout Ratio
12

0
Stock Price
12

0
Earnings per Share: Samsung
12

0
Unadjusted Excl Extraordinary and Acc Changes
Multiples : Samsung
12

0
PE Ratio EV EBITDA EV NOPLAT
Earnings Growth Rate Annual Growth
Compound Growth

0
Debt Service Coverage Ratio:Samsung
12

0
Interest Coverage:Samsung
12

0
Debt to Capital:Samsung
12

0
Debt/EBITDA:Samsung
12

0
Depreciation Rate: Samsung
12

0
Depreciation Rate
Interest Expense/Debt
12

0
Income Tax Rate: Samsung
12

0
Interest Income Rate
12

0
Other Income Rate of Return
12

0
Current Assets/Revenues: Samsung
12

0
Current Liabilities/Expenses: Samsung
12

0
Debt and Equity Issues
12

0
New Debt New Equity
Volumes
12

Current
Case

0
Debt Balance:Samsung
12

New Debt
10
Existing and Input

0
Net Plant/Sales and Capital Expenditures
12 12
Net Plant/Sales
Captial Expenditure

10 10

8 8

6 6

4 4

2 2
1

0 0
Operating Expenses
12

0
Value per Share Discount Rate 8.0%:Samsung

Book Value Multiple 2.0

EBITDA Multiple 11.00

P/E Multiple 16.0

Discounted Dividends
-

Discounted Earnings - (Growth Rate 3.0%)

Cash Flow Valuation, Residual Replacment Value

Cash Flow Valuation, Residual P/E Ratio (Multiple 16.0)

Cash Flow Valuation, Residual Perpuitity (Growth 3.0%)

Cash Flow Valuation, Residual EBITDA (EV Multiple 11.0)

- 0.100 0.200 0.300 0.400 0.500 0.600 0.700 0.800 0.900 1.000
range_names ='Valuation Parameters'!$L$13
_eq_cost_i =Valuation!$O$10
_ev_ebitda =OFFSET('Financial Ratios'!$G$89,0,0,1,'Financial Ratios'!$H$1)
_ev_noplat =OFFSET('Financial Ratios'!$G$94,0,0,1,'Financial Ratios'!$H$1)
_growth_in =Valuation!$O$11
_pe_ratio =OFFSET('Financial Ratios'!$G$77,0,0,1,'Financial Ratios'!$H$1)
_roi1 =OFFSET('Financial Ratios'!$G$59,0,0,1,'Financial Ratios'!$G$1)
_wacc ='Valuation Parameters'!$L$12
_wacc_inpu=Valuation!$O$9
average_c ='Financial Calculations'!$G$306:$W$306
average_st='Financial Calculations'!$G$314:$W$314
avg_bal_sw='Valuation Parameters'!$L$21
base_cash_='Financial Ratios'!$D$2
book_shar ='Financial Ratios'!$G$201:$X$201
book_shar ='Financial Ratios'!$G$200
bs_1 ='Account Classification'!$C$13:$AF$19
bs_2 ='Account Classification'!$C$21:$AF$27
bs_3 ='Account Classification'!$C$31:$AF$33
bs_4 ='Account Classification'!$C$36:$AF$42
bv_share =OFFSET('Financial Ratios'!$G$201,0,0,1,'Financial Ratios'!$AB$1)
ca_revenu =OFFSET('Financial Calculations'!$H$123,0,0,1,'Financial Ratios'!$G$1)
cap_chg ='Financial Ratios'!$G$237:$X$237
cap_chg_1 ='Financial Ratios'!$G$236
cap_exp =OFFSET('Financial Ratios'!$G$9,0,0,1,'Financial Ratios'!$H$1)
cap_exp_c =OFFSET('Financial Ratios'!$G$237,0,0,1,'Financial Ratios'!$H$1)
capacity =OFFSET('Financial Ratios'!$G$221,0,0,1,'Financial Ratios'!$H$1)
capm_swit ='Valuation Parameters'!$L$11
cexp ='Financial Ratios'!$G$217:$X$217
cexp1 ='Financial Ratios'!$G$216
circularity_ ='Valuation Parameters'!$L$22
cl_rev =OFFSET('Financial Calculations'!$H$128,0,0,1,'Financial Ratios'!$G$1)
cost =OFFSET('Financial Ratios'!$G$241,0,0,1,'Financial Ratios'!$H$1)
cost_unit ='Financial Ratios'!$G$241:$X$241
cost_unit_ ='Financial Ratios'!$G$240
cpac ='Financial Ratios'!$G$221:$X$221
cpac_1 ='Financial Ratios'!$G$220
dbt_ebit ='Financial Ratios'!$G$245:$X$245
dbt_ebit_1 ='Financial Ratios'!$G$244
debt_balan=OFFSET('Financial Calculations'!$H$258,0,0,1,'Financial Ratios'!$AB$1)
debt_balan=OFFSET('Financial Calculations'!$H$260,0,0,1,'Financial Ratios'!$AB$1)
debt_cap ='Financial Ratios'!$G$181:$X$181
debt_cap_ ='Financial Ratios'!$G$180
debt_capita=OFFSET('Financial Ratios'!$G$181,0,0,1,'Financial Ratios'!$G$1)
debt_capit =OFFSET('Financial Ratios'!$G$180,0,0,1,'Financial Ratios'!$G$1)
debt_cash =OFFSET('Financial Ratios'!$G$189,0,0,1,'Financial Ratios'!$G$1)
debt_cash =OFFSET('Financial Ratios'!$G$188,0,0,1,'Financial Ratios'!$G$1)
debt_csh ='Financial Ratios'!$G$189:$X$189
debt_csh_ ='Financial Ratios'!$G$188
debt_mat ='Debt Parameters'!$F$9:$F$18
dep_exp =OFFSET('Financial Ratios'!$G$253,0,0,1,'Financial Ratios'!$H$1)
dep_rate_e=OFFSET('Financial Calculations'!$H$26,0,0,1,'Financial Ratios'!$AB$1)
dep_rate_p=OFFSET('Financial Calculations'!$H$27,0,0,1,'Financial Ratios'!$AB$1)
depr ='Financial Ratios'!$G$253:$X$253
depr_1 ='Financial Ratios'!$G$252
div_payout ='Financial Ratios'!$G$197:$X$197
div_payout ='Financial Ratios'!$G$196
div_share ='Financial Ratios'!$G$205:$X$205
div_share_ ='Financial Ratios'!$G$204
dividend_p =OFFSET('Financial Ratios'!$G$197,0,0,1,'Financial Ratios'!$AB$1)
ds_cr ='Financial Ratios'!$G$249:$X$249
ds_cr_1 ='Financial Ratios'!$G$248
dscr =OFFSET('Financial Ratios'!$G$249,0,0,1,'Financial Ratios'!$G$1)
dscr_base =OFFSET('Financial Ratios'!$G$248,0,0,1,'Financial Ratios'!$G$1)
earn_ps ='Financial Ratios'!$G$193:$X$193
earn_ps_1 ='Financial Ratios'!$G$192
ebit_margi ='Financial Ratios'!$G$165:$X$165
ebit_margi ='Financial Ratios'!$G$164
ebitda_mar=OFFSET('Financial Ratios'!$G$165,0,0,1,'Financial Ratios'!$G$1)
ebitda_mar=OFFSET('Financial Ratios'!$G$164,0,0,1,'Financial Ratios'!$G$1)
EBITDA_Mul ='Valuation Parameters'!$L$8
eps =OFFSET('Financial Ratios'!$G$193,0,0,1,'Financial Ratios'!$G$1)
eps_base =OFFSET('Financial Ratios'!$G$192,0,0,1,'Financial Ratios'!$G$1)
equity_mino='Equity Parameters'!$E$9:$L$22
expen ='Financial Ratios'!$G$213:$W$213
expen_1 ='Financial Ratios'!$G$212
expenses =OFFSET('Financial Ratios'!$G$213,0,0,1,'Financial Ratios'!$H$1)
final_forec ='Settings and Checks'!$C$5
final_histo ='Settings and Checks'!$C$4
growth_rat ='Valuation Parameters'!$L$18
hist_assets='Account Classification'!$C$17:$T$27
hist_div ='Account Classification'!$C$70:$T$70
hist_inc_st ='Account Classification'!$C$50:$T$64
hist_incom ='Account Classification'!$C$17:$T$27
hist_liab ='Account Classification'!$C$32:$T$39
hist_share ='Account Classification'!$C$71:$T$71
hist_vol ='Account Classification'!$C$73:$T$74
historic_ta ='Account Classification'!$B$11:$AE$168
initial_year ='Settings and Checks'!$C$3
int_cov ='Financial Ratios'!$G$185:$X$185
int_cov_1 ='Financial Ratios'!$G$184
int_rat ='Financial Ratios'!$G$177:$X$177
int_rat1 ='Financial Ratios'!$G$176
int_rate =OFFSET('Financial Ratios'!$G$177,0,0,1,'Financial Ratios'!$G$1)
int_rate_b =OFFSET('Financial Ratios'!$G$176,0,0,1,'Financial Ratios'!$G$1)
interest_c =OFFSET('Financial Ratios'!$G$185,0,0,1,'Financial Ratios'!$G$1)
interest_c =OFFSET('Financial Ratios'!$G$184,0,0,1,'Financial Ratios'!$G$1)
interest_e ='Financial Calculations'!$G$317:$W$317
interest_i ='Financial Calculations'!$G$308:$W$308
interest_i ='Financial Calculations'!$G$309:$W$309
interest_ra ='Financial Calculations'!$G$305:$W$305
interest_ra ='Financial Calculations'!$G$313:$W$313
interest_sc ='Debt Schedule'!$I$3:$AJ$11
is_1 ='Account Classification'!$C$50:$AF$64
is_2 ='Account Classification'!$C$67:$AF$67
is_3 ='Account Classification'!$C$70:$AF$75
market_to_='Valuation Parameters'!$L$10
mid_year ='Valuation Parameters'!$L$23
oper_parm ='Operating Parameters'!$F$9:$J$18
operating_ ='Operating Parameters'!$E$9:$J$18
operating_ ='Operating Parameters'!$E$9:$J$22
oth_inc_rat=OFFSET('Financial Calculations'!$H$34,0,0,1,'Financial Ratios'!$AB$1)
other_inv_r='Financial Inputs'!$J$10
p_e_multip ='Valuation Parameters'!$L$9
plt_cap ='Financial Ratios'!$G$233:$X$233
plt_cap_1 ='Financial Ratios'!$G$232
prc ='Financial Ratios'!$G$229:$X$229
prc_1 ='Financial Ratios'!$G$228
price =OFFSET('Financial Ratios'!$G$229,0,0,1,'Financial Ratios'!$H$1)
pv_cash =OFFSET(Valuation!$G$59,0,0,1,'Financial Ratios'!$AB$1)
q_ratio ='Valuation Parameters'!$L$20
replacemen='Valuation Parameters'!$L$19
ret_eq ='Financial Ratios'!$G$169:$X$169
reven ='Financial Ratios'!$G$209:$X$209
reven_1 ='Financial Ratios'!$G$208
revenues =OFFSET('Financial Ratios'!$G$209,0,0,1,'Financial Ratios'!$H$1)
roe =OFFSET('Financial Ratios'!$G$169,0,0,1,'Financial Ratios'!$G$1)
roe_1 ='Financial Ratios'!$G$168
roe_base =OFFSET('Financial Ratios'!$G$168,0,0,1,'Financial Ratios'!$G$1)
roi =OFFSET('Financial Ratios'!$G$173,0,0,1,'Financial Ratios'!$G$1)
roi_base =OFFSET('Financial Ratios'!$G$172,0,0,1,'Financial Ratios'!$G$1)
roic ='Financial Ratios'!$G$173:$X$173
roic_1 ='Financial Ratios'!$G$172
scenarios ='Financial Ratios'!$D$159:$AA$253
tax_rate =OFFSET('Financial Calculations'!$H$71,0,0,1,'Financial Ratios'!$AB$1)
test =Sheet1!$C$22
test4 =Sheet1!$F$12
title =Instructions!$G$20
total_debt_='Debt Schedule'!$I$3:$AJ$9
transactio ='Settings and Checks'!$C$6
val_1 ='Account Classification'!$C$81:$AF$85
val_2 ='Account Classification'!$C$148:$AF$148
val_scenar ='Valuation Parameters'!$K$30
value_nam ='Valuation Parameters'!$AA$7:$AA$10
value_trans=Valuation!$D$30:$AA$44
var_28 ="F37"
var_29 ="F38"
var_30 ="F39"
var_31 ="F40"
var_32 ="F41"
var_33 ="F42"
var_34 ="F43"
var_35 ="F44"
var_36 ="F45"
var_37 ="F46"
var_38 ="F47"
var_39 ="F48"
var_40 ="F49"
var_41 ="F50"
var_42 ="F51"
var_43 ="F52"
vol_1 ='Financial Ratios'!$G$224
volum ='Financial Ratios'!$G$225:$X$225
volum_1 ='Financial Ratios'!$R$224
volumes =OFFSET('Financial Ratios'!$G$225,0,0,1,'Financial Ratios'!$H$1)
x_range =OFFSET('Financial Ratios'!$G$159,0,0,1,'Financial Ratios'!$AB$1)
year_code ='Financial Calculations'!$G$5:$W$5
General Inputs

Miscellaneous Parameters

Projected Depreciation Rate

Income Tax Rate
Projected Other Income (excl interest)
Revenue Related Current Assets/Revenues (Pct)
Other Non Revenue Related Current Assets (Amount)
Expense Related Current Liabilities/Expenses
Other Current Liabilities (Amount)

Apply Net Operating Tax Loss in Calculations

Use Direct Plant Balance Inputs
Circularity Resolution Option BEGINNING BALANCE
Enter the data in the
blue cells.
Use historic analysis
meters to derive the
assumptions.

The macros allow you

to examine historic
data to construct
1 assumptions.

100.00%
0.00%
BEGINNING BALANCE 1.00
Equity Parameters

Equity and Minority Interest Parameters Samsung

Minority
Stock Price Interest
Dividend on New New Eqty Income
Year per Share Payout Ratio Issues Financing Statement
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
ameters Samsung Div Method
Payout
Payout

Change in
Minority Minority
Interest Dividend 1 Debt/Cap
10
33
###

20
Debt Parameters

Debt Parameters Samsung

Debt Interest Rate Interest Rate New Debt

Year Maturities LTD STD Financing
2009 - 0.0%
2010 - 0.0% 0.00% 0.00%
2011 - 0.0% 0.00% 0.00%
2012 - 0.0% 0.00% 0.00%
2013 - 0.0% 0.00% 0.00%
2014 - 0.0% 0.00% 0.00%
2015 - 0.0% 0.00% 0.00%
2016 - 0.0% 0.00% 0.00%
2017 - 0.0% 0.00% 0.00%
2018 - 0.0% 0.00% 0.00%
2019 - 0.0% 0.00% 0.00%
2020 - 0.0% 0.00% 0.00%
2021 - 0.0% 0.00% 0.00%
2022 - 0.0% 0.00% 0.00%
amsung

Rate
Earned on Preferred
Securities Rate 1 ROE
5.00% 10
5.00%
5.00% ###
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00% 20
5.00%
5.00%
5.00%
5.00%
#VALUE!
Operating ParametersFinal Forecast Year 2013

Primary Operating Parameters Samsung

Year Revenues Expenses Capital Exp Capacity

1 1 2009
1 1 2010
1 1 2011
1 1 2012
1 1 2013
0 0 2014
0 2015
0 2016
0 2017
0 2018
0 2019
0 2020
0 2021
0 2022
s Samsung

Volume 1 ROIC
10 #N/A
33 #N/A
### #N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
20 #N/A
#N/A
#N/A

#VALUE!

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