FIN-449 Төслийн ба компанийн санхүүгийн загварчлал

###

### Assets
### Short-term assets
Cash 1,000.00
Marketable securities 1,500.00
Inventories 1,500.00
Accounts receivable 3,000.00

### Fixed assets

Land 150.00
Plant, property and equipment at cost 2,500.00
Minus accumulated depreciation - 700.00
Net fixed assets

### Goodwill 1,000.00

Total assets 9,950.00

### Liabilities and equity

### Short-term liabilities
Account payable 1,500.00
Taxed payable 200.00
Current portion of long-term debt 1,000.00
Short-term debt 500.00

### Long-term debt 1,500.00

### Pension liabilities 800.00

### Preferred stock 200.00

### Minority interest 100.00

### Equity
Stock at par 1,000.00
Accumulated retained earnings 3,500.00
Stock repurchases - 350.00

Total liabilities and equity 9,950.00

FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

### Assets
### Liquid assets 2,500.00

### Currentt assets, operational

Inventories 1,500.00
Account receivables 3,000.00
### Minus accumulated depreciation
Accounts payable - 1,500.00
Taxes payable - 200.00
### Net working capital 2,800.00

### Fixed assets 1,950.00

### Goodwill 1,000.00

Total assets 8,250.00

### Liabilities and equity

### Financial debt
Current portion of long-term debt 1,000.00
Short-term debt 500.00
Long-term debt 1,500.00
### Total financial debt 3,000.00

### Pension liabilities 800.00

### Preferred stock 200.00

### Minority interest 100.00

### Equity 4,150.00

Total liabilities and equity 8,250.00

FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

### Assets
### Net working capital 2,800.00

### Fixed assets 1,950.00

### Goodwill 1,000.00

Total assets 5,750.00

### Liabilities and equity

### Total financial debt 3,000.00
Minus liquid assets - 2,500.00
Net debt 500.00

### Pension liabilities 800.00

### Preferred stock 200.00

### Minority interest 100.00

### Equity 4,150.00

Total liabilities and equity 5,750.00

FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

### Assets
### Current assets
Cash and cash equivalents 3,057,000.00
### Short-term investment
Net receivables 19,533,000.00
Inventory 14,544,000.00
### Other current asstes 994,000.00

Total current assets 38,128,000.00

### Long-term investments 13,211,000.00

### Property, plant, and equipment (net) 14,395,000.00
### Goodwill 7,080,000.00
### Intagible assets 4,368,000.00
### Other assets 2,107,000.00
### Deferred long-term asset charges 2,157,000.00

Total assets 81,446,000.00

### Liabilities and equity

### Current liabilities
Account payable 16,946,000.00
Short-term debt 9,648,000.00
Other current liabilities 1,967,000.00
### Total current liabilities 28,561,000.00

### Long-term debt 24,944,000.00

### Other liabilities 14,539,000.00

### Minority interest 46,000.00

### Stock, oprions, warrants 473,000.00

### Common stock 4,273,000.00
### Retained earnings 25,219,000.00
### Treasury stock - 10,281,000.00
### Other stockholder equity - 6,328,000.00
### Total equity 13,356,000.00

Total liabilities and equity 81,446,000.00

FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
#VALUE!

#VALUE! Assets
#VALUE! Net working capital 16,158,000.00
#VALUE! Long-term investments 13,211,000.00
#VALUE! Property, plant, and equipment (net) 14,395,000.00
#VALUE! Goodwill 7,080,000.00
#VALUE! Intagible assets 4,368,000.00
#VALUE! Other assets 2,107,000.00
#VALUE! Deferred long-term asset charges 2,157,000.00
Enterprise value 59,476,000.00

#VALUE! Liabilities and equity

#VALUE! Net financial debt 31,535,000.00
#VALUE! Other liabilities 14,539,000.00
#VALUE! Minority interest 46,000.00
#VALUE! Equity 13,356,000.00
Enterprise value 59,476,000.00
FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
#VALUE!

Number of shares outstanding 624,722.72

Price per share 90.60
Equity value ("Market Cap") 56,599,878.43

Cash and cash equivalents 3,057,000.00

Short-term debt and current portion of long-term debt 9,648,000.00
Long-term debt 24,944,000.00
Net debt 31,535,000.00

Other liabilities 14,539,000.00

Minority interest 46,000.00
Preferred stock -

Enterprise value 102,719,878.43

FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
#VALUE!

#VALUE! Assets
#VALUE! Net working capital 16,158,000.00
#VALUE! Long-term investments
#VALUE! Property, plant, and equipment (net)
#VALUE! Goodwill
86,561,878.43
#VALUE! Intagible assets
#VALUE! Other assets
#VALUE! Deferred long-term asset charges
Enterprise value 102,719,878.43

#VALUE! Liabilities and equity

#VALUE! Net financial debt 31,535,000.00
#VALUE! Other liabilities 14,539,000.00
#VALUE! Minority interest 46,000.00
#VALUE! Equity 56,599,878.43
Enterprise value 102,719,878.43
FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

2008 2009 2010

### Operating activities
### Net earnings 479,355.00 495,597 534,268
Adjustments to reconcile net earnings
to net cash provided by operating
### activities
Add back depreciation and
41,583.00
### amortization 47,647 46,438
Changes in operating assets and
### liabilities:
Subtract increase in accounts
9,387.00
### receivable 25,951 -12,724
### Subtract increase in prepaid expenses -
inventories 37,630.00 -22,780 -16,247
### and other assets - 52,191.00 13,573 16,255
Add increase in accounts payable,
accrued expenses, pensions, and 29,612.00
### other liabilities 51,172 6,757
Net cash provided by operating 470,116.00 611,160.00 574,747.00
### activities

### Investing Activities:

### Short-term investments, net - 5,000.00 -55000 -50000
Purchases of property, plant, and - 48,944.00
### equipment
Proceeds from dispositions of -70,326 -89,947
property, plant and
197.00
### equipment
Net cash used in investing 6,956 22,942
### activities - 53,747.00 - 118,370.00 - 117,005.00

### Financing Activities:

### Repayment of debt - 0 -300000
Proceeds from revolving credit facility
1,242,431.00
### borrowings 0 0
### Proceeds from the issuance of stock 48,286.00 114,276 69,375
### Dividends paid - 332,986.00 -344,128 -361,208
### Stock repurchased
Net cash used in financing - 150,095.00 -200,031 -200,038
### activities 807,636.00 - 429,883.00 - 791,871.00

### Changes in cash balances 1,224,005.00 62,907.00 - 334,129.00

Supplemental disclosure of cash flow

### information
### Cash paid during the period for
### Income taxes 255,043.00 175,972 314,735
### Interest 83,553.00 83,551 70,351

### Income tax rate 34.73% 26.20% 37.07%

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 2011 2012

505,856 520,273

45,839 46,622

1,685 -2,153
-15,780 -5,517
14,703 -2,975

40,541 60,255

592,844.00 616,505.00

-10000 20000

-37,044 -88,426

6,179 28,693
- 40,865.00 - 39,733.00

0 -7095

0 250000
68,214 37,855
-367,499 -378,325
-200,003 -597,738
- 499,288.00 - 695,303.00

52,691.00 - 118,531.00
283,618 305,094
57,151 57,910

35.92% 36.96%
FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

2008 2009 2010

### Operating activities
### Net earnings 479,355.00 495,597 534,268
Adjustments to reconcile net earnings
to net cash provided by operating
### activities
Add back depreciation and
41,583.00
### amortization 47,647 46,438
Changes in operating assets and
### liabilities:
Subtract increase in accounts
9,387.00
### receivable 25,951 -12,724
### Subtract increase in prepaid expenses -
inventories 37,630.00 -22,780 -16,247
### and other assets - 52,191.00 13,573 16,255
Add increase in accounts payable,
accrued expenses, pensions, and 29,612.00
### other liabilities 51,172 6,757
Net cash provided by operating 470,116.00 611,160.00 574,747.00
### activities

### Investing Activities:

### Short-term investments, net - 5,000.00 -55000
Purchases of property, plant, and - 48,944.00
### equipment
Proceeds from dispositions of -70,326 -89,947
property, plant and
197.00
### equipment
Net cash used in investing 6,956 22,942
### activities - 53,747.00 - 118,370.00 - 67,005.00

### Financing Activities:

### Repayment of debt
Proceeds from revolving credit facility
### borrowings
### Proceeds from the issuance of stock
### Dividends paid
### Stock repurchased
Net cash used in financing
### activities

416,369.00 492,790.00 507,742.00

### Free cash flow before interest adjustment
### Add back after-tax net interest 54,536.57 61,658.04 44,271.09
### Free cash flow (FCF) 470,905.57 554,448.04 552,013.09
 Supplemental disclosure of cash flow
### information
### Cash paid during the period for
### Income taxes 255,043.00 175,972 314,735
### Interest 83,553.00 83,551 70,351

### Income tax rate 34.73% 26.20% 37.07%

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 2011 2012

505,856 520,273

45,839 46,622

1,685 -2,153
-15,780 -5,517
14,703 -2,975

40,541 60,255

592,844.00 616,505.00

-37,044 -88,426

6,179 28,693
- 30,865.00 - 59,733.00

561,979.00 556,772.00
36,619.54 36,503.77
598,598.54 593,275.77
283,618 305,094
57,151 57,910

35.92% 36.96%
FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

Free cash flow (FCF) year ending 31 Dec,

### 2012 593,275.77
### Growth rate of FCF, years 1-5 8.00%
### Long-term FCF growth rate 5.00%
### Weighted average cost of capital, WACC 10.70%

### Year 2012 2013 2014

### FCF 640,738 691,997
### Terminal value
### Total 640,738 691,997

### Enterprise value 13,063,058.58

Add back initial cash and marketable 73,697.00
### securities
### Substract out 2012 financial liabilities 1,379,106.00
### Equity value 11,757,649.58
11.76
### Per share (1 million shares outstanding)
nomin 6r buleg biydaalt
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 2015 2016 2017
747,357 807,145 871,717
16,057,944.28
747,357 807,145 16,929,661
FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

### Sales growth 10.00%

### Current assets/Sales 15.00%
### Current liabilities/Sales 8.00%
### Net fixed assets/Sales 77.00%
### Costs of goods sold/Sales 50.00%
### Depreciation rate 10.00%
### Interest rate on debt 10.00%
Interest paid on cash and marketable 8.00%
### securities
### Tax rate 40.00%
### Dividend payout ratio 40.00%
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FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

Year 0 1 2 3
### Income statement
### Sales 1,000.00 1,100.00 1,210.00 1,331.00
### Costs of goods sold - 500.00 - 550.00 - 605.00 - 665.50
### Interest payments on debt - 32.00 - 32.00 - 32.00 - 32.00
Interest earned on cash and 6.00 9.00 14.00 20.00
### marketable securities
### Depreciation - 100.00 - - -
### Profit before tax 374.00 622.85 587.00 653.50
### Taxes - 149.60 - 249.14 - 270.37 - 300.53
### Profit after tax 224.40 373.71 316.63 352.97
### Dividends - 89.76 - 149.48 - 162.22 - 180.32
### Retained earnings 134.64 224.23 154.40 172.65
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 4 5

1,464.10 1,610.51
- 732.05 - 805.26
- 32.00 - 32.00
26.00 33.00
- -
726.05 806.26
- 333.46 - 369.85
392.59 436.40
- 200.08 - 221.91
192.51 332.87
FIN-449 Төслийн ба компанийн санхүүгийн загварчлал
###

Year 0 1 2 3
Balance sheet
### Assets
### Cash and marketable securities 80.00 144.00 213.00 289.00
### Current assets 150.00 165.00 181.50 199.65
### Fixed assets
### At cost 1,070.00 847.00 931.70 1,024.87
### Depreciation - 300.00 - - -
### Net fixed assets 770.00 847.00 931.70 1,024.87
Total assets 1,000.00 1,156.00 1,326.20 1,513.52

### Liabilities and equity

### Current liabilities 80.00 88.00 96.80 106.48
### Debt 320.00 320.00 320.00 320.00
### Stock 450.00 450.00 450.00 450.00
### Accumulated retained earnings 150.00 298.00 459.40 637.04
Total liabilities and equity 850.00 858.00 866.80 876.48
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371.00 459.00
219.62 241.58

1,127.36 1,240.09
- -
1,127.36 1,240.09
1,717.97 1,940.67

117.13 128.84
320.00 320.00
450.00 450.00
830.84 1,041.83
887.13 898.84