Anexos del Informe de Valorización de High Country Seasonings

Banco de Inversión WRZoom Inc.

High Country Seasonings (en millones $)

Supuestos:

2012 2013 a futuro

Costo de mercancia vendida 61.50% 58.50%

Investigación y Desarrollo 1% 1.60%
Gastos Generales, Administrativos y de Ventas 30.10% 31.50%

Income Statement 06/30/08 06/30/09 06/30/10 06/30/11 06/30/12 06/30/13 06/30/14 06/30/15
Actual growth rate of sales 3.36% 4.68% 5.40%
Forecasted growth rate of sales 7% 6% 5% 4.80% Dato Pag. 5

Net Sales 15401 15919 16664 17564 18,793 19,921 20,917 21,921
Cost of Goods Sold 9887 10284 10732 11329 11,558 11,654 12,237 12,824
Gross Profit Margin 5514 5635 5932 6235 7,235 8,267 8,681 9,097

R&D Expense 0 0 0 0 188 319 335 351

SG&A Expense 4359 4553 4816 5041 5,657 6,275 6,589 6,905
Earning Before Interest & Taxes 1155 1082 1116 1,194 1,391 1,673 1,757 1,841

Interest Expense 57 72 60 63
Earning Before Income Taxes 1098 1010 1056 1131

Income Taxes 296.46 272.7 285.12 305.37

Net Income 801.54 737.3 770.88 825.63

Dividends Paid 288 254 422 401

Required Price/Earnings Ratio 16 Requerido para venta a Pacific Grove

Market Value of Equity 13,200 Requerido para venta a Pacific Grove

Análisis Vertical (%Ventas)

Cost of Goods Sold 64.20% 64.60% 64.40% 64.50% 61.50% 58.50% 58.50% 58.50%
Gross Profit Margin 35.80% 35.40% 35.60% 35.50% 38.50% 41.50% 41.50% 41.50%
R&D Expense 0.00% 0.00% 0.00% 0.00% 1.00% 1.60% 1.60% 1.60%
SG&A Expense 28.30% 28.60% 28.90% 28.70% 30.10% 31.50% 31.50% 31.50%
Operating Income 7.50% 6.80% 6.70% 6.80% 7.40% 8.40% 8.40% 8.40%

Ratios de Actividad
Días de gastos mantenidos en efectivo 14.99 15.01 15.00 15.01 20.22 20.36 20.36 20.36
Días de Cuentas por cobrar 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0
Rotación de Inventarios 4.80 4.80 4.80 4.80 4.00 4.00 4.00 4.00
Gastos anticipados %Ventas 1.50% 1.50% 1.50% 1.50% 1.20% 1.20% 1.20% 1.20%
Rotación de PP&E 4.02 3.84 3.90 3.97 4.00 4.00 4.00 4.00
Otros activos de largo plazo %Ventas 3.00% 3.00% 3.00% 3.00% 4.50% 4.50% 4.50% 4.50%
Días de Cuentas por pagar 30.01 29.99 30.00 30.00 30.00 30.00 30.00 30.00
Gastos acarreados %Ventas 1.70% 1.70% 1.70% 1.70% 1.66% 1.66% 1.66% 1.66%
High Country Seasonings Balance Sheet ($ in thousands)

Assets 06/30/08 06/30/09 06/30/10 06/30/11 06/30/12 06/30/13 06/30/14 06/30/15

Cash 585 610 639 673 954 1,000 1,050 1,100 20 dìas gastos operativos
Account Receivable 3,165 3,271 3,424 3,609 3,862 4,093 4,298 4,504 75 dias de ventas
Inventories 2,060 2,142 2,236 2,360 2,889 2,913 3,059 3,206 4 veces rotacion
Prepaid Expenses 231 239 250 263 226 239 251 263 4 veces rotacion
Total Current Assets 6,041 6,262 6,549 6,905 7,930 8,246 8,658 9,074

Net Property & Equipment 3,831 4,146 4,273 4,424 4,698 4,980 5,229 5,480 1.2%ventas
Other Long-Term Assets 462 477 500 527 846 896 941 986
Total Assets 10,334 10,885 11,322 11,856 13,474 14,122 14,829 15,540

Liabilities & Owners' Equity

Bank Notes Payable 791 818 856 902 1,022 1,071 1,125 1,179 Promedio (8%)
Accounts Payable 813 845 882 931 950 958 1,006 1,054 30 días COGS
Current Portion of Long-Term Debt - - - - - - - -
Accrued Expenses 262 271 283 299 312 331 347 364 1.66% ventas
Total Current Liabilities 1,866 1,934 2,021 2,132 2,284 2,360 2,478 2,597

Long-Term Debt - - - - 5,474 5,833 6,354 6,879

Total Liabtilities 1,866 1,934 2,021 2,132 7,758 8,192 8,831 9,475

Common Stock 4,584 4,584 4,584 4,584 4,584 4,584 4,584 4,584
Retained Earnings 3,884 4,367 4,717 5,140 1,133 1,346 1,413 1,481 Promedio (41%)
Total Shareholder Equity 8,468 8,951 9,301 9,724 5,717 5,930 5,997 6,065

Total Liabilities & Net Worth 10,334 10,885 11,322 11,856 13,474 14,122 14,829 15,540
High Country Seasonings ($ in thousands)

06/30/11 06/30/12 06/30/13 06/30/14 06/30/15

EBIT 1,391 1,673 1,757 1,841
(-) Impuestos -375.49 -451.81 -474.40 -497.17
Utilidad después de Impuestos 1,015 1,222 1,283 1,344
(+) Depreciación 117 125 131 137 Supuesto: 2.5%PPE
Flujo de Caja Operativo 1,133 1,346 1,413 1,481

CAPEX -274 -282 -249 -251

Capital de trabajo -993 -289 -348 -351
Incrementos en caja 281 46 50 50
Incrementos en cuentas por cobrar 253 232 205 206
Incrementos en inventarios 529 24 146 147
Incrementos en gastos anticipados -37 14 12 12
Incrementos en cuentas por pagar -19 -8 -48 -48
Incremento en gastos diferidos -13 -19 -17 -17

Flujo de Caja de Inversiones -1,268 -571 -597 -602

Flujo de Caja Económico (s/p) -135 775 816 880

Perpetuidad 23,250 g=3.8%
Flujo de Caja Económico (c/p) -135 775 816 24,129

Valor de la Empresa 19,112.0

(-) Deuda onerosa actual -902.0
Valor del Patrimonio 18,210.0

15.63

WACC: High Country Seasonings

Tasas de interés vigentes a Julio de 2011

Tasa de rendimiento Bonos 30 años 4.25%
Bonos Corporativos a Largo Plazo AAA 5.20%
Bonos Corporativos a Largo Plazo BBB 5.65%
Prima de riesgo de mercado 7%
Prime Interest Rate 3.25%

McCormick Pacific Grove

&Company ConAgra Foods Spice Co.
Market value of equity (in thousands) 6,567.0 11,069.1 38.0
Interest-bearing debt (in thousands) 990 3,234 37
Total Capitalization 7,556.7 14,302.9 75.2

Weight of debt 0.13 0.23 0.49

Weight of equity 0.87 0.77 0.51
Equity beta coefficient 0.50 0.60 0.85

Beta de Activos (Bd=0.2, supuesto, no hay Tx) 0.46 0.51 0.53

Beta de Activos (Bd=0.0, supuesto, hay Tx) 0.45 0.49 0.50
Beta de Activos estimado promedio de la Industria 0.5

High Country
Market value of equity (in thousands) 13,200
Interest-bearing debt (in thousands) 902
Total Capitalization 14,102

Weight of debt 6.4%

Weight of equity 93.6%
Estimade asset beta 0.50

Equity beta at current capital structure 0.52

Equity beta at 20/80 capital structure 0.59
Equity beta at 30/70 capital structure 0.65

WACC at different capital structure Current 20/80 30/70

Weight of debt 6.4% 20% 30%
Weight of equity 93.6% 80% 70%
Cost of debt 7.25% 7.50% 7.75%
Income tax rate 27% 27% 27%
Cost of equity 7.89% 8.35% 8.81%
WACC 7.73% 7.78% 7.86%