Professional Documents
Culture Documents
Deutsche Brauerei
Deutsche Brauerei
Page 1
Assumptions
Exhibit 1
Bayern Brauerei
Forecast Assumptions
Assumptions
Sales Growth: Eastern Germany
Sales Growth: Western Germany
Operating Margin: East
Operating Margin: West
Capital Expenditures/Sales
Depreciation to Gross PPE
Dividend Payout
Melded Interest Rate
Average Tax Rate
Cash to Sales
Days Sales Outstanding:
Eastern Germany
Western Germany
Allowance for Doubtful Accounts
as a % of Accts. Rec.
Payables to Sales
Inventories to Sales
Other Current Assets to Sales
Other Current Liabs. to Sales
Years
(Actual)
312.00%
2.50%
6.20%
6.20%
0.05
0.10
0.75
0.11
0.35
0.12
90
41
0.02
0.05
0.14
0.1
0.11
Page 2
(Actual)
47.20%
3.11%
6.10%
6.10%
(Proj'd)
45.00%
3.00%
7.00%
7.00%
(Proj'd)
30.00%
3.00%
7.00%
7.00%
7
Exhibit 1
Exhibit 1
DEUTSCHE BRAUEREI
Historical and Projected Income Statements
Fiscal Year Ended December 31
1997
(Actual)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Sales: Germany
Sales: Ukraine
Net Sales
Operating Expenses:
Production Costs and Expenses
Admin. and Selling Expenses
Depreciation
Excise duties
Total Operating Expenses
Operating Profit
Allowance for Doubtful Accounts
Interest Expense
Earnings Before Taxes
Income Taxes
Net Earnings
62,032
62,032
1998
(Actual)
1999
(Actual)
32,258
12,481
3,609
9,143
(57,491)
4,541
(5)
(1,185)
3,351
(1,132)
2,219
62,653
4,262
66,915
7.87%
35,366
13,014
4,314
9,108
(61,802)
5,113
(7)
(1,064)
4,042
(1,396)
2,646
64,219
17,559
81,779
22.21%
44,271
16,274
5,844
10,486
(76,875)
4,904
(38)
(1,046)
3,820
(1,510)
2,310
1,669
550
1,988
658
1,734
577
Dividends on :
15 Dividends to All Common Shares
16 Retentions of Earnings
Page 3
2000
(Actual)
2001
(Proj'd)
66,216
68,203
25,847
37,479
92,063 105,682
12.58%
14.79%
49,827
61,393
18,505
18,500
6,068
6,766
11,557
11,625
(85,957) (98,284)
6,106
7398
(24)
(201)
(1,304)
(1,468)
4,778
5,729
(1,864)
(2,005)
2,915
3,724
2,186
729
2,793
931
Exhibit 1
1998
(Actual)
1999
(Actual)
2000
(Actual)
2001
(Proj'd)
5,366
8,183
9,813
11,048
12,682
6,933
0
(69)
6,133
18,363
3,102
58,435
(23,404)
35,031
56,496
7,142
424
(76)
6,401
22,075
3,189
58,435
(27,719)
30,716
55,980
7,222
2,090
(113)
7,817
28,829
3,416
60,682
(33,662)
27,120
59,365
7,517
6,168
(137)
12,889
37,485
3,520
60,682
(39,631)
21,052
62,057
7,661
9,241
(338)
14,795
44,042
3,500
67,633
(46,397)
21,266
68,808
2,987
3,578
7,397
13,962
16,107
26,427
56,496
10,236
3,755
7,361
21,352
7,544
27,085
55,981
12,004
4,103
8,996
25,103
6,601
27,661
59,365
13,089
4,792
10,127
28,008
5,658
28,390
62,056
17,862
5,284
11,625
34,771
4,715
29,321
68,807
Assets
1
2
3
4
5
6
7
8
9
Cash
Accounts Receivable
Germany
Ukraine
Allowance for Doubtful Accounts
Inventories
Total Current Assets
Investments & Other Assets
Gross Property Plant & Equipt.
Accumulated Depreciation
Net Property Plant & Equipt.
Total Assets
Page 4
Exhibit 1
Page 5
Exhibit 1
2002
(Proj'd)
70,249
48,722
118,971
12.57% 5-15%
71,609
18,500
7,448
13,087
(110,644)
8327
(60)
(1,634)
6,633
(2,322)
4,312
3,234
1,078
Page 6
Exhibit 1
2002
(Proj'd)
14,277
7,891
12,014
(398)
16,656
50,439
3,500
74,485
(53,845)
20,639
74,578
21,372
5,949
13,087
40,407
3,772
30,399
74,578
1989
(Actual)
1990
(Actual)
5,366
2,022
38,133
45,521
8,183
2,775
33,905
44,863
38,219
19,094
26,427
45,521
17,780
27,085
44,865
1989
(Actual)
1990
(Actual)
Assets
Cash
WCR
FA
Total Assets
Liabilities
Debt
Equity
Total Liabilities
NWC
WCR
Net liquid balance
4,401
2,022
2,379
724
2,775
(2,051)
Ratio Analysis
1989
(Actual)
1990
(Actual)
ROE
Profit Margin
AT
L
8.40%
3.58%
1.10
2.14
9.77%
3.95%
1.20
2.07
ROA
3.93%
4.73%
4,541
6.21%
33.78%
45,521
5,113
5.98%
34.54%
44,863
EBIT
r
tc
Total Capital
Page 7
Exhibit 1
ROIC
(ROIC-r*(1-tc))
Leverage
ROE
6.61%
7.46%
0.024961 0.035432
0.722519 0.656452
8.41%
9.79%
8.40%
Profit Margin
Retention ratio
1+D/E
a
w
9.77%
3.58%
3.95%
24.79%
24.87%
1.722519 1.656452
0
0.15428
0.15428
10.56%
2.43%
Page 8
Exhibit 1
Page 9
Exhibit 1
1991
(Actual)
1992
(Actual)
1993
(Proj'd)
1994
(Proj'd)
9,813
3,917
30,536
44,267
11,048
11,518
24,572
47,138
12,682
14,451
24,766
51,899
14,277
17,127
24,139
55,543
41.1%
18,605
27,661
46,266
194.0%
18,747
28,390
47,137
25.5%
22,577
29,321
51,898
18.5%
25,144
30,399
55,543
1991
(Actual)
3,726
3,917
(191)
1991
(Actual)
1992
(Actual)
9,476
11,518
(2,042)
1992
(Actual)
1993
(Proj'd)
9,270
14,451
(5,181)
1993
(Proj'd)
1,142
7,601
8%
8%
91.35887 608.0455
1994
(Proj'd)
10,032
17,127
(7,095)
1994
(Proj'd)
8.35%
2.82%
1.38
2.15
10.27%
3.17%
1.48
2.19
12.70%
3.52%
1.54
2.35
14.18%
3.62%
1.60
2.45
3.89%
4.70%
5.41%
5.78%
4,904
5.62%
39.53%
44,267
6,106
6.96%
39.00%
47,138
7,398
6.50%
35.00%
51,899
8,327
6.50%
35.00%
55,543
Page 10
Exhibit 1
6.70%
7.90%
9.27%
9.75%
0.03299 0.036593 0.050388 0.055211
0.672608 0.660341 0.769997 0.827136
8.92%
10.32%
13.15%
14.31%
8.35%
10.27%
12.70%
14.18%
2.82%
24.98%
1.672608
0.276205
0.07683
0.353036
3.17%
0.250055
1.660341
0.130112
0.739015
0.869127
3.52%
0.250022
1.769997
0.631074
0.215366
0.84644
3.62%
0.250023
1.827136
0.633273
0.201388
0.834661
3.34%
1.51%
1.84%
1.98%
2.09%
2.57%
3.18%
3.55%
Page 11
Exhibit 2
Exhibit 2
DEUTSCHE BRAUEREI
Sources and Uses of Funds
(fiscal year ending December 31; all figures in EUR thousands)
1997
(Actual)
1998
(Actual)
1999
(Actual)
2000
(Actual)
2001
(Proj'd)
2,646
7
4,314
7,249
177
(36)
14,357
2,311
38
5,844
1,768
348
1,635
11,944
2,915
24
6,068
1,085
690
1,131
11,913
3,724
201
6,766
4,773
492
1,498
17,454
1,988
2,817
209
424
267
87
8,563
0
14,357
1,734
1,630
79
3,665
1,417
227
943
2,247
11,942
2,186
1,234
296
2,078
5,072
104
943
0
11,913
2,793
1,634
144
3,074
1,906
(20)
943
6,980
17,454
Sources of Funds
1
2
3
4
5
6
7
Net Income
Increases in Allowance for Doubtful Accts.
Depreciation
Increases in Short Term Debt
Increases in Accounts Payable
Increases in Other Current Liabilities
Total Sources of Cash
Uses of Funds
8
9
10
11
12
13
14
15
16
Dividend Payments
Increases in Cash Balance
Increases in Accts. Receivable (Germany)
Increases in Accts Receivable (Ukraine)
Increases in Inventories
Increases in Other Assets
Reductions in Long Term Debt
Capital Expenditures
Total Uses of Cash
Page 12
Exhibit 2
2002
(Proj'd)
4,311
60
7,448
3,510
664
1,462
17,455
D LT Debt
D ST Debt
Dividends
Cash Flows FINANCING
CASH VARIATION
Difference Cash
Page 13
1990
(Actual)
1991
(Actual)
1992
(Actual)
2,646
4,314
753
2,311
5,844
1,142
2,915
6,068
7,601
6,207
7,013
1,382
(86)
(2,475)
(104)
(8,563)
7,249
(1,988)
(3,302)
(943)
1,768
(1,734)
(909)
(943)
1,085
(2,186)
(2,044)
2,819
2,817
3,629
1,630
(766)
1,234
Exhibit 2
1993
(Proj'd)
1994
(Proj'd)
3,724
6,766
2,933
4,311
7,448
2,676
7,557
9,083
(6,960)
(6,821)
(943)
4,773
(2,793)
1,037
(943)
3,510
(3,234)
(667)
1,634
1,634
1,595
1,595
Page 14
Exhibit 3
Exhibit 3
DEUTSCHE BRAUEREI
Ratio Analyses of Historical and Projected Financial Statements
(fiscal year ended December 31; all figures in EUR thousands)
1997
(Actual)
1998
(Actual)
1999
(Actual)
2000
(Actual)
2001
(Proj'd)
Profitability
1
2
3
4
5
6
7.3%
33.8%
3.6%
8.4%
6.5%
3.9%
7.6%
34.5%
4.0%
9.8%
7.4%
4.7%
6.0%
39.5%
2.8%
8.4%
6.9%
3.9%
6.6%
39.0%
3.2%
10.3%
8.4%
4.7%
7.0%
35.0%
3.5%
12.7%
9.3%
5.4%
72.3%
41.9%
3.8
65.6%
39.6%
4.8
67.3%
40.2%
4.7
66.0%
39.8%
4.7
77.0%
43.5%
5.0
1.10
4.0%
6.0%
4.0%
4.0%
0.0%
40.8
40.8
NMF
5.8%
9.9%
1.20
7.9%
-0.9%
9.1%
3.0%
NMF
41.3
41.6
36.3
5.6%
9.6%
1.38
22.2%
6.0%
49.5%
1.1%
863.5%
50.5
41.0
85.0
5.0%
9.6%
1.48
12.6%
4.5%
21.0%
4.1%
50.8%
54.3
41.4
87.1
5.2%
14.0%
1.54
14.8%
10.9%
23.5%
1.9%
49.8%
58.4
41.0
90.0
5.0%
14.0%
1.32
0.88
1.03
0.73
1.34
0.88
1.27
0.84
Leverage
7
8
9
Asset Utilization
10
11
12
13
14
15
16
17
18
19
20
Sales/Assets
Sales Growth Rate (%)
Assets Growth Rate (%)
Receivables Growth Rate (%):
Receivables Growth Rate: Germany
Receivables Growth Rate: Ukraine
Days in Receivables:
Days in Receivables: Germany
Days in Receivables: Ukraine
Payables to Sales
Inventories to Sales
Liquidity
21
22
Current Ratio
Quick Ratio
Page 15
1.15
0.84
Exhibit 3
2002
(Proj'd)
7.0%
35.0%
3.6%
14.2%
9.7%
5.8%
82.7%
45.3%
5.1
1.60
12.6%
8.4%
17.8%
3.0%
30.0%
61.1
41.0
90.0
5.0%
14.0%
1.25
0.84
Page 16
Breakeven Analysis
Volume Revenues Var. Cost
Fixed costs
Rev/Unit
VC/Unit
Breakeven
FC/Contrib
24,573
138.03
91.99
533,822
Change in WC/Unit
1
2
3
4
53.75
Volume
Base
667,000
101% Volume 673,670
Change
6,670
% Change
1.00%
Operating Leverage =
5.0
EBIT
6,130,496
6,437,531
307,035
5.01%
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
950
1000
0
7
14
21
28
35
41
48
55
62
69
76
83
90
97
104
110
117
124
131
138
0
5
9
14
18
23
28
32
37
41
46
51
55
60
64
69
74
78
83
87
92
160
140
120
100
80
60
40
20
auerei, 1992
Revenues
Variable Cost
Fixed Cost
Total Cost
25
29
34
38
43
48
52
57
61
66
71
75
80
84
89
94
98
103
107
112
117
Exhibit 5
Max Leiter's Analysis of the Return on Investment from
Investment in Accounts Receivable in Ukraine
Assumptions
Revenue per HL (EUR)
Variable Costs per HL (EUR)
Contribution Percentage
Tax Rate
78.49
52.31
33%
35%
1997
(Actual)
0%
1998
(Actual)
4,262
4,262
(2,840)
1,422
(498)
924
1999
(Actual)
17,559
13,297
(8,862)
4,435
(1,552)
2,883
67%
424
283
67%
3,665
2,443
327%
118%
Investment from
le in Ukraine
2000
(Actual)
25,847
8,288
(5,524)
2,764
(968)
1,797
2001
(Proj'd)
37,479
11,631
(7,752)
3,880
(1,358)
2,522
2002
(Proj'd)
48,722
11,243
(7,493)
3,750
(1,313)
2,438
67%
2,078
1,385
67%
3,073
2,048
67%
2,772
1,848
130%
123%
132%