Professional Documents
Culture Documents
NYSF Leveraged Buyout Model Solution Part Two
NYSF Leveraged Buyout Model Solution Part Two
NYSF Leveraged Buyout Model Solution Part Two
Operating expenses
Selling, general and administrative 2,235.1 2,304.4 2,548.4
SG&A as a % of revenue 21.3% 21.5% 21.9%
Fund Management Fee 0.0 0.0 0.0
Cost savings 0.0 0.0 0.0
Cost savings as a % of SG&A
Total operating expenses 2,235.1 2,304.4 2,548.4
Other income
Equity in earnings of unconsolidated affiliates 0.0 0.0 0.0
Interest
Interest expense 295.7 275.4 294.1
Interest income 45.1 22.6 34.6
Net interest expense 250.6 252.8 259.5
Nonrecurring events
Other expense, net 13.1 15.5 6.5
SUPPLEMENTAL DATA:
Cash flow before debt paydown
Consolidated Balance Sheet Adjustments
(in US$ millions except per share amounts) Actuals Pro-Forma
Assets
Current assets:
Cash and cash equivalents 1,100.7
Trade receivables, net 896.4
Other receivables, net 202.4
Total inventories 1,448.4
Prepaid expenses 173.0
Other current assets 88.0
Total current assets 3,908.9
Property, plant, and equipment, net 2,428.2 0.0
Goodwill 3,104.5 15,408.8
Trademarks, net 1,050.9
Other intangibles, net 383.0 5,136.3
Other noncurrent assets 1,053.6
Total assets 11,929.1
Liabilities
Current liabilities:
Short-term debt 14.7
Portion of long-term debt due within one year 1,038.5
Revolving line of credit 0.0 0.0
Trade payables 1,129.7
Other payables 158.1
Accrued marketing 320.1
Other accrued liabilities 624.0
Income taxes 91.3
Total current liabilities 3,376.3
Term facilities 0.0 10,500.0
The notes 0.0 2,100.0
The Analyst Exchange
On - Line Training 473535609.xlsx, Financials
www.theanalystexchange.com 7 of 20
Long-term debt 3,930.6
Deferred income taxes 776.7
Nonpension postretirement benefits 230.9
Other noncurrent liabilities 504.8
Redeemable noncontrolling interest 28.7
Total liabilities 8,848.0
Total Equity
Shareholders' equity
Capital stock 716.7
Common equity investment 0.0 8,240.0
Preferred equity investment 0.0 8,000.0
Retained earnings 7,877.4
Treasury stock (4,675.8)
Accumulated other comprehensive loss (887.7)
Total shareholders' equity 3,030.6
Noncontrolling interest 50.5
Total equity 3,081.1
SUPPLEMENTAL DATA:
Balance? (Y/N) Y
Consolidated Balance Sheets
(in US$ millions except per share amounts) Actuals
On January 27,
Assets
Current assets:
Cash and cash equivalents
Receivables
Inventories
Prepaid expenses and other current assets
Total current assets
Property, plant, and equipment, net
Goodwill
Trademarks, net
Other intangibles, net
Other noncurrent assets
Total assets
Liabilities
Current liabilities:
Short-term debt
Portion of long-term debt due within one year
Revolving line of credit
Accounts payable
Accrued marketing and other accrued liabilities
Income taxes
Total current liabilities
Term facilities
The notes
Long term debt
Total Equity
Shareholders' equity
Capital stock
Common equity investment
Preferred equity investment
Retained earnings
Treasury stock
Accumulated other comprehensive loss
Total shareholders' equity
Noncontrolling interest
Total equity
SUPPLEMENTAL DATA:
Balance? (Y/N)
Depreciation
(in US$ millions except per share amounts)
Period Ending
Property, plant, and equipment beginning of year
Capital expenditures beginning of year
Straight-line depreciation
Years (PP&E)
Years (CAPEX)
Existing PP&E
2014 CAPEX
2015 CAPEX
2016 CAPEX
2017 CAPEX
2018 CAPEX
Total straight-line depreciation
Amortization
Amortization of identifiable intangible assets
Total depreciation and amortization
Operating Working Capital Schedule (OWC)
(in US$ millions except per share amounts)
On January 27,
Current assets
Receivables
Days receivable
Inventories
Inventory turnover days
Prepaid expenses and other current assets
Days prepaid
Total current assets
The Analyst Exchange
On - Line Training 473535609.xlsx, Financials
www.theanalystexchange.com 9 of 20
Current liabilities
Accounts payable
Days payable
Accrued liabilities
Days payable
Income taxes
Days payable
Total current liabilities
On January 27,
Term facilities
Term facilities (beginning of year)
Mandatory issuances / (retirements)
Nonmandatory issuances / (retirements)
Term facilities (end of year)
Term facilities interest expense
Term facilities interest rate
The notes
The notes (beginning of year)
Mandatory issuances / (retirements)
Nonmandatory issuances / (retirements)
The notes (end of year)
The notes interest expense
The notes interest rate
9Mo. 2012 9Mo. 2013 LTM 2014E 2015E 2016E 2017E 2018E
9Mo. 2012 9Mo. 2013 LTM 2014E 2015E 2016E 2017E 2018E
Pro-Forma
Subtractions
(-) Total
1,100.7 0.0
896.4
202.4
1,448.4
173.0
88.0
2,808.2
2,428.2
18,513.4
1,050.9
5,519.3
1,053.6
31,373.5
14.7 0.0
1,038.5 0.0
0.0
1,129.7
158.1
320.1
624.0
91.3
2,323.1
10,500.0
2,100.0
The Analyst Exchange
On - Line Training 473535609.xlsx, Financials
www.theanalystexchange.com 13 of 20
3,930.6 0.0
0.0 776.7
230.9
504.8
28.7
16,464.1
716.7 0.0
0.0 8,240.0
0.0 8,000.0
9,258.6 (1,381.1)
(4,675.8) 0.0
(887.7) 0.0
14,858.9
50.5
14,909.4
31,373.5
Pro-Forma Estimates
Y Y Y Y Y Y
Estimates
8.5
40 40 40 40 40
285.7 285.7 285.7 285.7 285.7
12.3 12.3 12.3 12.3 12.3
13.0 13.0 13.0 13.0
13.7 13.7 13.7
14.5 14.5
15.3
298.0 311.0 324.7 339.2 354.5
30.0 30.0 30.0 30.0 30.0
342.4 342.4 342.4 342.4 342.4
670.4 683.4 697.2 711.6 726.9
Pro-Forma Estimates
Pro-Forma Estimates
IRR
Return Multiple
36,531.6
2,126.4
0.0
10,500.0
2,100.0
8,000.0
3,600.0
14,458.0
Debt service
Total cash interest expense
Total principal repayments
Total debt service
Total Debt
Coverage Ratios
EBITDA / Interest expense
EBITDA / Total Senior Cash Debt Service
OCF / Interest expense
OCF / Total Senior Cash Debt Service
Leverage Ratios
Total Debt / EBITDA
Total Debt / OCF