The Coca-Cola Company M&A Case - Acquirer & Target Models Strictly Confidential

Table of Contents Supporting Sheets

Deal Assumptions & Analysis Artificial Intelligence Market
Pro Forma Model Beverage Industry
Acquirer Model (The Coca-Cola Company) Energy Drink Market
Target 1 (Streamline Efficiency) Tea Market
Target 2 (Fury Boost) Coffee Market
Target 3 (Superhot Water) Comps Data
Drivers & Assumptions KO Annually
KO Quaterly
Notes
You may supplement this data with external information as long as it does not contradict this data. This data should be used as a priority, even if it's different from other sources.

This Excel model is for educational purposes only and should not be used for any other reason.
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Investments
Equity Method Investments (% of total investments) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
% of non-current assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Investments (% of total investments) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
% of non-current assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Other Non-Current Assets (% of non-current assets) NA NA NA NA NA NA NA NA NA NA

NA
Goodwill (% total investment spending) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Definite-lived intangibles (% of total intangibles) 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Deferred Income Tax Assets (% of non-current assets) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0!
 981 0 0 0 0 0 0 0 0 0

981 0 0 0 0 0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

NA NA NA NA NA NA

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

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

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

0 0 0 0 0 0
© Corporate Finance Institute. All rights reserved. Acquisition Target: Acquirer Scenario:
Acquisition Summary Target Scenario:

Assumptions

Transaction Inputs
Acquirer Name The Coca-Cola Company
Target Name Streamline Efficiency, Inc.

Acquirer Share Price $ 50.22

Target Share Price $ 2.81
Transaction Close Date 10/23/2020
Financial Reporting Units Millions
Currency $USD

Restructuring Charges 2.5

Equity Issuance Fees 1.5%
Debt Issuance Fees 2.5%
Other Closing Costs 5.0

Replace Target Debt Yes

Replace Acquirer Debt No

Acquirer FD Shares Outstanding 4,280

Target FD Share Outstanding 660
Shares Issued -
Pro Forma Shares Outstanding 4,280

Share Issuance Discount 1.0%

Share Issuance Price $49.72

Purchase Price
Target Share Price $ 2.81
Takeover Premium 20.0%
Offer Price $3.37

Acquirer Share Price $50.22

Share Exchange Ratio 17.872

Target Shares Outstanding 660

Offer Price $3.37
Purchase Price 2,226
Target Debt 325
Target Cash 1,573
Enterprise Value 978

Valuation Multiples (2020E)

Acquirer Market Intrinsic Transaction
EV/EBITDA 20.03x 24.04x N.A.
P/E 28.26x 28.97x N.A.
Target
EV/EBITDA 4.73x 15.68x 2.50x
P/E 7.00x 23.17x 8.40x

Goodwill and Purchase Price Allocation

Fair Market Value Book Value Fair Value Adjustment
Inventory & Other Current Assets 1,698 1,698 -
Target PP&E 274 274 -
Identifiable Intangibles - - -
Net Identifiable Assets 1,972 1,972 -

Closing Balance Sheet

Pro Forma Consolidated Balance Sheet

Step # 1 2 3
Acquirer Target Fair Value
10/23/2020 10/23/2020
Assets
Cash and cash equivalents 4,450 1,573
Short-term investments 1,467
Total Cash, Cash Equivalents 5,917 1,573
Marketable securities 3,228
Inventories 2,718 40 -
Trade and other receivables 3,953 85
Prepaid expenses and other assets 2,386
Assets held for sale -
Total current assets 18,202 1,698
Equity method investments 19,026
Other investments 854
Other assets 6,075
Property, plant & equipment - net 11,171 274 -
Goodwill 16,764 360 (360)
Trademarks with indefinite lives 9,266
Bottlers' franchise rights with indefinite lives 109
Deferred income tax assets 2,412
other intangible assets 627 -
Total non-current assets 66,304 634

Total assets 84,506 2,332

Liabilities
Accounts payable and accrued expenses 9,695 53
loans and notes payable 10,994 -
Current maturities of long-term debt 4,837
Accrued income taxes 414
Liabilities held for sale -
Total current liabilities 25,941 53

Long-term debt 27,516 325

Other liabilities 8,510
Deferred income tax liabilities 2,284
Total non-current liabilities 38,310 325

Total liabilities 64,251 378

Shareholder's Equity
Common stock $0.25 par; Authorized — 11,200 shares; I 1,760 52
Capital surplus 17,154 -
Reinvested earnings 64,898 1,902
Accumulated other comprehensive income (loss) (13,544)
Treasury stock, at cost — 1,207 and 1,201 shares, respect (52,244) -
Total equity atributable to shareholders of the parent 18,024 1,954
Equity attributable to non-controlling interests 2,231
Total Equity 20,255 1,954

Total Liabilities & Shareholder's Equity 84,506 2,332

Check 0.000 0.000

Accretion/Dilution Analysis

Earnings Per Share

Acquirer Net Earnings
Target Net Earnings
Pro Forma Net Earnings

Acquirer Shares O/S

Target Share O/S
Pro Forma Shares O/S

Acquirer EPS

Target EPS
Pro Forma EPS

Accretion/ (Dilution)

Cash Flow Per Share

Acquirer Cash Flow
Target Cash Flow
Pro Forma Cash Flow

Acquirer Shares O/S

Target Share O/S
Pro Forma Shares O/S

Acquirer CFPS
Target CFPS
Pro Forma CFPS

Accretion/ (Dilution)

Summary & Sensitivity

Share Price Impact

Offer Price Market Price DCF Model
Target Price per Share $3.37 $ 2.81 $9.31
Acquirer
Acquirer Price per Share $ 50.22 $51.49
Pro Forma Price per Share $56.18
Change in Acquirer NPV per Share $4.69
9.1%

Implied Share Price Change

Takeover Premium
Re 9.1% 0% 10% 15% 20% 30%
v $1,000 13.3% 13.0% 12.9% 12.7% 12.4%
En 750 11.7% 11.4% 11.2% 11.1% 10.8%
ch 500 10.1% 9.8% 9.6% 9.4% 9.1%
an 250 8.4% 8.1% 8.0% 7.8% 7.5%
ce 0 6.8% 6.5% 6.3% 6.2% 5.9%

Summary Charts

Earnings Per Share Accretion/ (Dilution)

25.0%

20.0%
19.7% 20.4%

15.0%

10.0%
10.7%
8.4%
5.0% 6.2%

0.0%
2021E 2022E 2023E 2024E 2025E
Acquirer Scenario: Current Equity Value/ Sh $ 51.49
Pro Forma Equity Value/ Sh $ 56.18 % Change 9.1%

Target Opportunities
Target Number 1 2 3
Streamline Fury Boost Co. Superhot
Target Efficiency, Inc. Water, Inc.
Current Share Price $ 2.81 $ 3.38 $ 2.15
Shares Outstanding (000's) 660 620 1,100

Target Scenarios
Synergies Scenario: 1 <-- Target #
Revenue enhancement 450 450 825 575
COGS savings 750 750 165 205
Selling & Distribution Savings 125 125 15 145
Marketing & Admin Savings 10 10 35 80
R&D Savings 9 9 12 -

Synergies in Year 1 (full yr.) 10% 10% 18% 15%

Synergies in Year 2 20% 20% 32% 28%
Synergies in Years 3 35% 35% 60% 60%
Synergies in Years 4 100% 100% 80% 100%
Synergies in Years 5 100% 100% 100% 100%

Financing Scenarios
Financing Scenario:
Debt Tranche
Senior Debt A 800 800 800 800
Senior Debt B 502 502 502 502
Subordinated Debt 1,254 1,254 1,254 1,254
Interest Rate
Senior Debt A 2.9% 2.85% 2.85% 2.85%
Senior Debt B 3.3% 3.25% 3.25% 32.50%
Subordinated Debt 6.6% 6.55% 6.55% 6.55%

Transaction
Takeover Premium 20.0% 20.0% 20.0% 20.0%
Cash Consideration 100.0% 100.0% 100.0% 100.0%

Debt Ratios
Total Debt/EBITDA (2021E) 3.9x
EBITDA/Interest (2025E) 14.8x

Sources & Uses of Cash

Sources of Cash Uses of Cash
Cash 64 Cash Consideration 2,226
Stock Issued - Stock Consideration -
Debt Issued 2,556 Target Debt - Replace 325
Acquirer Debt - Replace -
Debt Financing Fees 64
Equity Financing Fees -
Other Closing Costs 5
Total Sources 2,619 Total Uses 2,619

Funding Check: 4,386

Purchase Price Allocation

Total Purchase Price 2,226
Net Book Value of Assets 1,954
Excess Purchase Price 271
Write-off Existing Goodwill (360)
Fair Value Adjustments -
Excess Purchase Price After Adjustments 631
Goodwill 631

4 5 6 7 8 9 10
Target PF Purchase Financing Financing Financing Total Adj. Consolidated
Transaction Debt+Equity Fees Refi & Debt 10/23/2020

1,573 (2,226) 2,556 (69) (325) 1,509 5,959

- - 1,467
1,509 7,426
- - 3,228
40 40 2,758
85 85 4,038
- - 2,386
- - -
1,634 19,836
 - - 19,026
- - 854
- - 6,075
274 274 11,445
- 631 631 17,395
- - 9,266
- - 109
- - 2,412
- - 627
905 67,209
-
2,539 87,045

-
53 53 9,748
- - 10,994
- - 4,837
- - 414
- - -
53 25,993

325 2,556 (325) 2,556 30,072

- - 8,510
- - 2,284
2,556 40,866

2,608 66,859

52 (52) - - 1,760
- - 17,154
1,902 (1,902) (69) (69) 64,830
- - (13,544)
- - (52,244)
(69) 17,956
2,231
(69) 20,186

2,539 87,045

0.000 0.000
 2021E 2022E 2023E 2024E 2025E

7,606 7,748 7,892 8,040 8,191

265 322 334 363 393
8,077 8,399 8,735 9,622 9,857

4,280 4,280 4,280 4,280 4,280

660 660 660 660 660
4,280 4,280 4,280 4,280 4,280

1.78 1.81 1.84 1.88 1.91

0.40 0.49 0.51 0.55 0.60

1.89 1.96 2.04 2.25 2.30

6.2% 8.4% 10.7% 19.7% 20.4%

9,001 9,200 9,391 9,596 9,764

279 334 345 373 401
9,649 9,977 10,343 11,264 11,518

4,280 4,280 4,280 4,280 4,280

660 660 660 660 660
4,280 4,280 4,280 4,280 4,280

2.10 2.15 2.19 2.24 2.28

0.42 0.51 0.52 0.57 0.61
2.25 2.33 2.42 2.63 2.69

7.2% 8.4% 10.1% 17.4% 18.0%

Capital Structure
Current Pro Forma % Change
Equity 220,363 240,440 9.1%
Cash 5,692 5,959 4.7%
Debt 43,347 43,347 0.0%
Enterprise Value 258,018 277,828 7.7%

Shares Outstanding 4,280 4,280 0.0%

Equity Value/Share $51.49 $56.18 9.1%

2021 EPS Accretion/(Dilution)

Takeover Premium
Ta 7.2% 0% 10% 15% 20% 30%
rge Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
t Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Sh Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Pri Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
ce Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Cash Flow Per Share Accretion/ (Dilution)

20.0%

17.5% 18.0%
17.4%
15.0%

12.5%

10.0%
10.1%
7.5% 7.2% 8.4%

5.0%
2021E 2022E 2023E 2024E 2025E
 1
Proposed
All Cash
All Stock
50/50 Cash/Stock
50/50 Debt/Stock

1,302
1,254 2,226
65.3% 13.1%

61.1% 12.2%
© Corporate Finance Institute. All rights reserved. Acquisition Target:
Pro Forma Model Target Scenario:
(in millions, except per share data) Acquirer Secenario:
Balance Sheet Check
End of Period
Days in Period
Fraction of Year

Target Selection Target Case Selection

Name Target Number Name Case Number
Streamline Efficiency, Inc. 1 Base 1
Fury Boost Co. 2 Bull 2
Superhot Water, Inc. 3 Bear 3

Assumptions

Debt Amortization Schedule Check

Senior Debt A 100%
Senior Debt B 100%
Subordinated Debt 100%

Other income (loss) - net

Interest Income (% of cash & short-term investments)
Tax Rate (% of Earnings Before Tax)
Accounts Receivable (Days)
Inventory (Days)
Accounts Payable (Days)

Depreciation (% of PP&E)
Loans and notes payable (% of total short-term debt)
Current maturities of long-term debt (% of short-term debt)
Long-term debt (% of total debt)

Equity Issuance
Shares Outstanding (000's)
Dividends Paid Per Share

Income Statement

Revenue
Cost of Goods Sold (COGS)
Gross Profit
SG&A Expenses
Other operating charges - net
Operating profit
Interest Income
Interest Expense
Equity Income (loss) - net
Other Income (loss) - net
Income before Income Taxes
Taxes
Consolidated Net Income
Less: Net Income (loss) attributable to non-controlling interests
Net Income attributable to shareholders of the Coca-Cola

Balance Sheet

Assets
Cash and cash equivalents
Short-term investments
Total Cash, Cash Equivalents and Short-Term Investments
Marketable securities
Inventories
Trade and other receivables
Prepaid expenses and other assets
Assets held for sale
Total current assets

Equity method investments

Other investments
Other assets
Property, plant & equipment - net
Goodwill
Trademarks with indefinite lives
Bottlers' franchise rights with indefinite lives
Deferred income tax assets
other intangible assets
Total non-current assets

Total assets
Liabilities
Accounts payable and accrued expenses
loans and notes payable
Current maturities of long-term debt
Accrued income taxes
Liabilities held for sale
Total current liabilities

Long-term debt
Other liabilities
Deferred income tax liabilities
Total non-current liabilities

Total liabilities

Shareholder's Equity
Common stock $0.25 par; Authorized — 11,200 shares; Issued — 7,040
Capital surplus
Reinvested earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost — 1,207 and 1,201 shares, respectively
Total equity atributable to shareholders of the parent
Equity attributable to non-controlling interests
Total Equity

Total Liabilities & Shareholder's Equity

Check:

Cash Flow Statement

Operating Cash Flow

Net Income
Depreciation and amortization
Stock-based compensation expense
Deferred income taxes
Equity (income) loss, net of dividends
Foreign currency adjustments
Gains on issuances of stock by equity investees
Significant (Gains) losses on sales of assets, net
Other (gains) losses, net
Other operating charges
Other items
Less: decrease (increase) in operating assets and liabilities
Net Cash Provided by Operating Activities

Investing Cash Flow

Purchases of investments
Proceeds from disposals of investments
Acquisitions of businesses, equity method investments, and non marketable securities
Proceeds from disposal of businesses, equity method investments, and non marketable securities
Purchases of property, plant and equipment
Proceeds from disposals of property, plant and equipment
Other investing activities
Net Cash Provided by Investing Activities

Financing Cash Flow

Issuances of debt
Payments of debt
Issuances of stock
Purchases of stock for treasury
Dividends
Other financing activities
Net Cash Provided by Financing Activities

Effect of exchange rate changes on cash & cash equivalents

Net Increase (decrease) during the year

Balance at the beginning of year

Less: Restricted cash and cash equivalents
Balance at end of year

Supporting Schedules

Working Capital Schedule

Accounts Receivable
Inventory
Accounts Payable
Net Working Capital (NWC)
Change in NWC

Accounts Payable
Accrued Expenses
Accounts Payable & Accrued Expenses
Depreciation Schedule
Opening PP&E Balance
Capital Expenditures
Depreciation of PP&E
Sale of PP&E
PPE Closing

Retained Earnings
Beginning balance
Net Income
Dividends to shareholders
Ending Reinvested Earnings balance

Debt Schedule
Senior Debt A
Opening Balance
Addition (Repayment)
Closing Balance

Senior Debt B
Opening Balance
Addition (Repayment)
Closing Balance

Subordinated Debt
Opening Balance
Addition (Repayment)
Closing Balance

Target Debt
Opening Balance
Addition (Repayment)
Closing Balance

Acquirer Total Debt

Opening Balance (Current Debt)
Addition (Repayment)
Closing Balance

Acquirer Short Term Debt

Opening Balance (Current Debt)
Addition (Repayment)
Closing Balance

Acquirer Long Term Debt

Opening Balance (Current Debt)
Addition (Repayment)
Closing Balance

Total Debt
Opening Balance
Addition (Repayment)
Closing Balance

Short Term Debt

Long Term Debt

Interest Schedule
Interest Rates
Senior Debt A
Senior Debt B
Subordinated Debt
Target Debt
Acquirer Long Term Debt
Acquirer Short Term Debt

Interest Expense (opening balance)

Senior Debt A
Senior Debt B
Subordinated Debt
Target Debt
Acquirer Long Term Debt
Acquirer Short Term Debt
Total

DCF Model

Assumptions Discount Rate

Tax Rate 22.0% 10-Year Treasury
Discount Rate 4.0% Expected Market Return
Perpetual Growth Rate 2.0% Market Risk Premium
EV/EBITDA Multiple 16.2x Beta
Current Price $ 50.22 CAPM Cost of Equity
Shares Outstanding (000's) 4,280 Cost of Debt
Tax Rate
After-Tax Cost of Debt
Target Gearing
WACC

Discounted Cash Flow Entry 2020 2021 2022 2023

Date 10/23/2020 12/31/2020 12/31/2021 12/31/2022 12/31/2023
Time periods 0 1 2 3
Year frac. 0.19 1.00 1.00 1.00

EBIT 1,753 9,493 9,916 10,357

Less: Cash Taxes 386 2,088 2,182 2,279
NOPAT 1,367 7,404 7,735 8,078
Plus: D&A 261 1,585 1,615 1,647
EBITDA 2,013 11,078 11,531 12,004
Less: Capex 2,098 2,192 2,284 2,374
Less: Changes in NWC 35 74 100 103
Unlevered FCFF (505) 6,724 6,966 7,248

Transaction FCFF - (95) 6,724 6,966 7,248

Intrinsic Value
Enterprise Value 277,828
Plus: Cash 5,959
Less: Debt 43,347
Equity Value 240,440

Equity Value/Share $ 56.18

Merger Integration

Revenue
Acquirer
Target
Synergies
Total

Cost of Goods Sold

Acquirer
Target
Synergies
Total

SG&A Expense
Acquirer
Target
Synergies
Total

Other Operating Charges

Acquirer
Target
Total
 CLOSE 2020 2021 2022 2023 2024 2025
ok ok ok ok ok ok ok
10/23/2020 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
297.0 69 365 365 365 366 365
0.8 0.19 1.000 1.000 1.000 1.000 1.000

Acquirer Case Selection Live Case -> Target

Name Case Number Target # 1 TRUE
Base 1 Target Scenario # 1 NO
Bull 2 Acquirer Scenario # 1 NO
Bear 3 Price per Share $ 56.18

0% 25% 25% 25% 25% 0% 0%

0% 0% 20% 20% 20% 20% 20%
0% 0% 0% 0% 0% 0% 100%

0.3% 0.3% 0.3% 0.3% 0.3% 0.3%

4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
22.0% 22.0% 22.0% 22.0% 22.0% 22.0%
38.1 38.1 38.1 38.1 38.1 38.1
70.0 70.0 70.0 70.0 70.0 70.0
57.0 57.0 57.0 57.0 57.0 57.0

12.0% 12.0% 12.0% 12.0% 12.0% 12.0%

87.0% 87.0% 87.0% 87.0% 87.0% 87.0%
13.0% 13.0% 13.0% 13.0% 13.0% 13.0%
46.2% 46.2% 46.2% 46.2% 46.2% 46.2%

- - - - - -
4,280 4,280 4,280 4,280 4,280 4,280
1.6 1.7 1.7 1.8 1.8 1.8

7,370 39,648 40,522 41,437 42,593 43,475

 2,757 14,740 14,975 15,178 15,013 15,342
4,613 24,908 25,548 26,258 27,580 28,133
2,664 14,289 14,524 14,818 15,024 15,329
147 797 813 830 847 864
1,802 9,821 10,210 10,610 11,709 11,939
64 252 267 286 313 381
180 941 932 923 914 911
225 1,182 1,182 1,182 1,182 1,182
22 119 122 124 128 130
1,932 10,434 10,848 11,280 12,419 12,722
425 2,295 2,387 2,482 2,732 2,799
1,507 8,138 8,462 8,798 9,687 9,923
(11) (61) (62) (64) (65) (66)
1,496 8,077 8,399 8,735 9,622 9,857

5,959 4,120 4,447 4,880 5,475 6,977 7,130

1,467 1,467 1,467 1,467 1,467 1,467 1,467
7,426 5,587 5,914 6,347 6,942 8,444 8,597
3,228 3,228 3,228 3,228 3,228 3,228 3,228
2,758 2,797 2,827 2,872 2,911 2,871 2,942
4,038 4,073 4,142 4,233 4,329 4,437 4,542
2,386 2,386 2,386 2,386 2,386 2,386 2,386
- - - - - - -
19,836 18,071 18,496 19,066 19,796 21,367 21,695

19,026 19,025 19,025 19,025 19,025 19,025 19,025

854 854 854 854 854 854 854
6,075 6,075 6,075 6,075 6,075 6,075 6,075
11,445 13,223 13,470 13,737 14,004 14,283 14,707
17,395 17,395 17,395 17,395 17,395 17,395 17,395
9,266 9,266 9,266 9,266 9,266 9,266 9,266
109 109 109 109 109 109 109
2,412 2,412 2,412 2,412 2,412 2,412 2,412
627 627 627 627 627 627 627
67,209 68,986 69,233 69,500 69,767 70,046 70,470

87,045 87,057 87,729 88,566 89,563 91,413 92,165

 9,748 9,786 9,810 9,847 9,879 9,847 9,904
10,994 13,780 13,780 13,780 13,780 13,780 13,780
4,837 2,051 2,051 2,051 2,051 2,051 2,051
414 414 414 414 414 414 414
- - - - - - -
25,993 26,032 26,056 26,092 26,124 26,092 26,150

30,072 29,872 29,571 29,271 28,971 28,870 27,516

8,510 8,510 8,510 8,510 8,510 8,510 8,510
2,284 2,284 2,284 2,284 2,284 2,284 2,284
40,866 40,666 40,365 40,065 39,765 39,664 38,310

66,859 66,697 66,421 66,157 65,889 65,756 64,460

1,760.00 1,760 1,760 1,760 1,760 1,760 1,760

17,154.00 17,154 17,154 17,154 17,154 17,154 17,154
64,829.53 64,992 65,878 66,916 68,118 70,036 72,018
(13,544.00) (13,544) (13,544) (13,544) (13,544) (13,544) (13,544)
(52,244.00) (52,244) (52,244) (52,244) (52,244) (52,244) (52,244)
17,956 18,118 19,004 20,042 21,244 23,162 25,144
2,231 2,242 2,304 2,366 2,430 2,495 2,561
20,186 20,360 21,308 22,408 23,674 25,657 27,705

87,045 87,057 87,729 88,566 89,563 91,413 92,165

0.000 0.000 0.000 0.000 0.000 0.000 0.000

1,507 8,138 8,462 8,798 9,687 9,923

261 1,585 1,615 1,647 1,679 1,712
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
 - - - - - -
(35) (74) (100) (103) (101) (117)
1,733 9,649 9,977 10,343 11,264 11,518

- - - - - -
- - - - - -
- - - - - -
- - - - - -
(2,098) (2,192) (2,284) (2,374) (2,460) (2,544)
60 360 401 460 503 408
- - - - - -
(2,038) (1,832) (1,882) (1,914) (1,957) (2,137)

- - - - - -
(200) (300) (300) (300) (100) (1,354)
- - - - - -
- - - - - -
(1,334) (7,190) (7,362) (7,533) (7,704) (7,875)
- - - - - -
(1,534) (7,491) (7,662) (7,833) (7,804) (9,230)

(1,839) 326 433 595 1,502 152

5,959 4,120 4,447 4,880 5,475 6,977

- - - - - -
5,959 4,120 4,447 4,880 5,475 6,977 7,130

4,038 4,073 4,142 4,233 4,329 4,437 4,542

2,758 2,797 2,827 2,872 2,911 2,871 2,942
2,239 2,278 2,302 2,339 2,371 2,339 2,396
4,557 4,592 4,666 4,766 4,869 4,970 5,087
35 74 100 103 101 117

2,239 2,278 2,302 2,339 2,371 2,339 2,396

7,508 7,508 7,508 7,508 7,508 7,508 7,508
9,747 9,786 9,810 9,847 9,879 9,847 9,904
 11,445 13,223 13,470 13,737 14,004 14,283
2,098 2,192 2,284 2,374 2,460 2,544
(261) (1,585) (1,615) (1,647) (1,679) (1,712)
(60) (360) (401) (460) (503) (408)
11,445 13,223 13,470 13,737 14,004 14,283 14,707

64,830 64,992 65,878 66,916 68,118 70,036

1,496 8,077 8,399 8,735 9,622 9,857
(1,334) (7,190) (7,362) (7,533) (7,704) (7,875)
64,830 64,992 65,878 66,916 68,118 70,036 72,018

800 600 400 200 - -

(200) (200) (200) (200) - -
800 600 400 200 - - -

502 502 401 301 201 100

- (100) (100) (100) (100) (100)
502 502 401 301 201 100 -

1,254 1,254 1,254 1,254 1,254 1,254

- - - - - (1,254)
1,254 1,254 1,254 1,254 1,254 1,254 -

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

43,347 43,347 43,347 43,347 43,347 43,347

- - - - - -
43,347 43,347 43,347 43,347 43,347 43,347 43,347

15,831 15,831 15,831 15,831 15,831 15,831

- - - - - -
15,831 15,831 15,831 15,831 15,831 15,831 15,831

27,516 27,516 27,516 27,516 27,516 27,516

- - - - - -
27,516 27,516 27,516 27,516 27,516 27,516 27,516

45,903 45,703 45,402 45,102 44,802 44,702

(200) (300) (300) (300) (100) (1,354)
45,903 45,703 45,402 45,102 44,802 44,702 43,347

15,831 15,831 15,831 15,831 15,831 15,831

29,872 29,571 29,271 28,971 28,870 27,516

2.9% 2.9% 2.9% 2.9% 2.9% 2.9%

3.3% 3.3% 3.3% 3.3% 3.3% 3.3%
6.6% 6.6% 6.6% 6.6% 6.6% 6.6%
8.2% 8.2% 8.2% 8.2% 8.2% 8.2%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
1.7% 1.7% 1.7% 1.7% 1.7% 1.7%

4 17 11 6 - -
3 16 13 10 7 3
16 82 82 82 82 82
- - - - - -
157 825 825 825 825 825
50 262 262 262 262 262
180 941 932 923 914 911

0.73%
7.10%
6.4%
 0.6
4.3%
2.0%
22.0%
1.6%
10.0%
4.02%

2024 2025 Exit Terminal Value

12/31/2024 12/31/2025 12/31/2024 EV/EBITDA 213,045
4 5 Perp. Growth 365,378
1.00 1.00 1.00 Average 289,211

11,505 11,812
2,531 2,599
8,974 9,213
1,679 1,712
13,183 13,524
2,460 2,544
101 117
8,091 8,264 289,211

8,091 8,264 289,211

7,222 38,772 39,547 40,338 41,145 41,968

148 831 886 941 999 1,058
45 90 158 450 450
7,370 39,648 40,522 41,437 42,593 43,475
2,705 14,522 14,812 15,109 15,411 15,719
52 293 312 332 352 373
75 150 263 750 750
2,757 14,740 14,975 15,178 15,013 15,342

2,638 14,164 14,447 14,736 15,031 15,331

26 140 106 133 137 142
14 29 50 144 144
2,664 14,289 14,524 14,818 15,024 15,329

147 791 806 822 839 856

7 7 8 8 8
147 797 813 830 847 864
Case Case
TRUE TRUE
NO NO
NO NO
1
© Corporate Finance Institute. All rights reserved. Live Scenario: Price per Share: $ 51.49

The Coca-Cola Company 2003 2004 2005 2006 2007 2008 2009 2010 2011
Balance Sheet Check ok ok ok ok ok ok ok ok
End of Period 12/31/2004 12/31/2005 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Days in Period 365 365 365 365 365 366 365 365 365
Fraction of Year 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
In $USD millions except per share data
Note: If you choose to modify the valuation/forecasts for Coca-Cola, please ensure to note it down with your rationale.

Assumptions
LIVE SCENARIO
Income Statement
Revenue Growth (% Change) 4.2% 6.3% 4.3% 19.8% 10.7% (3.0%) 13.3% 32.5%
Cost of Goods Sold (% of Revenue) 35.3% 35.5% 33.9% 36.1% 35.6% 35.8% 36.1% 39.1%
SG&A expenses (% of Revenue) 36.3% 37.8% 39.2% 37.9% 36.9% 36.7% 37.5% 37.5%
Other operating charges (% of Revenue) 2.2% 0.4% 0.8% 0.9% 1.1% 1.0% 2.3% 1.6%
Interest Income (% of cash & short-term investments) 2.3% 5.0% 7.9% 5.8% 7.1% 2.7% 2.8% 3.5%
Interest expense on short term debt (weighted average interest rate on ST debt) 2.2% 4.2% 5.2% 1.7% 4.5% 0.2% 0.3% 0.2%
Interest expense on long term debt (weighted average interest rate on LT debt) 4.4% 6.0% 6.0% 5.8% 5.7% 5.0% 3.6% 2.3%
Equity income (loss) (% of Equity Method Investments) 10.5% 10.4% 1.6% 9.2% (16.4%) 12.6% 14.7% 9.5%
Other income (loss) - net (0.27%) (0.30%) 0.81% 0.60% 0.12% 0.13% 14.76% 1.14%

U.S. Federal Corporate Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Tax paid (% of Pre-tax income) 22.1% 27.2% 22.8% 24.0% 21.7% 22.8% 16.7% 24.5%
Net income attributable to noncontrolling interests (% of Consolidated Net Income) NA NA NA NA 1.14% 1.19% 0.42% 0.72%

Balance Sheet
Trade and Other Recievables (Days) 38 36 39 42 35 44 46 39
Inventories (Days) 68 63 73 78 70 77 76 62
Short-Term Investments (% of cash, equivalents, and ST investments) NA NA NA NA NA 12.1% 12.4% 4.3%
Marketable Securities 61 66 150 215 278 62 138 144
Assets held for sale - - - - - - - -
Prepaid Expenses & Other Current Assets (% of total CA) NA NA NA NA NA NA NA NA
Prepaid Expenses & Other CA 1,849 1,778 1,623 2,260 1,920 2,226 3,162 3,450

Investments
Equity Method Investments 5,897 6,562 6,310 7,289 5,316 6,217 6,954 7,233
Other Investment 355 360 473 488 463 538 631 1,141
Other Non-Current Assets 2,981 2,648 2,701 2,675 1,733 1,976 2,121 3,495

Goodwill
Trademarks with indefinite lives
Bottlers' franchise rights with indefinite lives
other intangible assets
Deferred income tax assets
Trade and other payables (days) 106 40 42 48 44 46 54 44
Accrued expenses 2,165 3,591 4,126 5,535 4,835 5,247 6,972 6,837
loans and notes payable (% of total debt) 63.1% 79.3% 70.6% 63.4% 65.1% 56.9% 34.6% 45.1%
loans and notes payable (% of total short-term debt) 75.3% 99.4% 99.0% 97.8% 92.9% 99.3% 86.4% 86.3%
Current maturities of long-term debt (% of short-term debt) 24.7% 0.6% 1.0% 2.2% 7.1% 0.8% 13.6% 13.7%
Current maturities of long-term debt (% of long-term debt) 128.8% 2.4% 2.5% 4.1% 16.7% 1.0% 9.1% 14.9%
Current maturities of long-term debt (% of total debt) 20.8% 0.5% 0.7% 1.4% 5.0% 0.4% 5.4% 7.1%
Accrued income taxes 709 797 567 258 252 264 273 362
Liabilities held for sale - - - - - - - -

Long-term debt (% of total debt) 16.1% 20.2% 28.7% 35.1% 29.9% 42.7% 60.0% 47.8%
Other liabilities 2,814 1,730 2,231 3,133 3,401 2,965 4,794 5,420
Deferred income tax liabilities 402 352 608 1,890 877 1,580 4,261 4,694

Common stock 875 877 878 880 880 880 880 880
Capital surplus 4,928 5,492 5,983 7,378 7,966 8,537 10,057 11,212
Reinvested earnings 29,105 31,299 33,468 36,235 38,513 41,537 49,278 53,550
Accumulated other comprehensive income (loss) (1,348) (1,669) (1,291) 626 (2,674) (757) (1,450) (2,703)
Treasury stock, at cost — 1,207 and 1,201 shares, respectively (17,625) (19,644) (22,118) (23,375) (24,213) (25,398) (27,762) (31,304)

Depreciation (% of Revenue) 3.3% 3.3% 3.3% 3.4% 3.2% 3.3% 3.4% 3.6%
Depreciation (% of PP&E) 11.9% 13.2% 11.4% 11.5% 12.2% 10.7% 8.2% 11.2%
Depreciation (% of SG&A) 9.2% 8.8% 8.3% 8.9% 8.6% 9.0% 9.2% 9.6%
Intangibles (% of Revenue) 20.1% 19.5% 27.5% 50.4% 45.5% 48.1% 76.9% 59.7%
Amortization of Intangibles (% of TTM definte-lived intangibles) 17.4% 4.1% 18.6% 10.9% 7.7% 8.8% 9.9% 20.5%

Capital Expenditures (% of revenue) 3.5% 3.9% 5.8% 5.7% 6.2% 6.4% 6.3% 6.3%
Capital Expenditures (% of TTM PP&E) 12.4% 14.8% 24.1% 23.9% 23.2% 23.9% 23.2% 19.8%

Effect of exchange rate changes on cash & cash equivalents

Dividend per share

Income Statement
Revenue 20,857 21,742 23,104 24,088 28,857 31,944 30,990 35,119 46,542
Cost of Goods Sold (COGS) 7,776 7,674 8,195 8,164 10,406 11,374 11,088 12,693 18,216
Gross Profit 13,081 14,068 14,909 15,924 18,451 20,570 19,902 22,426 28,326
SG&A Expenses 7,287 7,890 8,739 9,431 10,945 11,774 11,358 13,158 17,440
Other operating charges - net 573 480 85 185 254 350 313 819 732
Operating profit 5,221 5,698 6,085 6,308 7,252 8,446 8,231 8,449 10,154
Interest Income 176 157 235 193 236 333 249 317 483
Interest Expense 178 196 240 220 456 438 355 733 417
Equity Income (loss) - net 406 621 680 102 668 (874) 781 1,025 690
Other Income (loss) - net (130) (58) (70) 195 173 39 40 5,185 529
Income before Income Taxes 5,495 6,222 6,690 6,578 7,873 7,506 8,946 14,243 11,439
Taxes 1,148 1,375 1,818 1,498 1,892 1,632 2,040 2,384 2,805
Consolidated Net Income 4,347 4,847 4,872 5,080 5,981 5,874 6,906 11,859 8,634
Less: Net Income (loss) attributable to non-controlling interests - - - - - (67) (82) (50) (62)
Net Income attributable to shareholders of the Coca-Cola 4,347 4,847 4,872 5,080 5,981 5,807 6,824 11,809 8,572

Average basic shares outstanding - - - - - - - - -

Effect of dilutive securities - - - - - - - - -
Average diluted shares outstanding - - - - - - - - -

Number of shares outstanding

Balance at beginning of year 2,471 2,442 2,409 2,369 2,318 2,318 2,312 4,605 4,583
Purcahse of treasury stock 4 5 7 4 8 - (26) (98) (127)
Stock issued to employees exercising stock options (33) (38) (47) (55) (8) (6) 17 76 70
Balance at end of year 2,442 2,409 2,369 2,318 2,318 2,312 2,303 4,583 4,526

Balance Sheet
Assets
Cash and cash equivalents 6,707 4,701 2,440 4,093 4,701 7,021 8,517 12,803
Short-term investments - - - - - 2,130 2,682 1,088
Total Cash, Cash Equivalents and Short-Term Investments 6,707 4,701 2,440 4,093 4,701 9,151 11,199 13,891
Marketable securities 61 66 150 215 278 62 138 144
Inventories 1,420 1,424 1,641 2,220 2,187 2,354 2,650 3,092
Trade and other receivables 2,244 2,281 2,587 3,317 3,090 3,758 4,430 4,920
Prepaid expenses and other assets 1,849 1,778 1,623 2,260 1,920 2,226 3,162 3,450
Assets held for sale - - - - - - - -
Total current assets 12,281 10,250 8,441 12,105 12,176 17,551 21,579 25,497

Equity method investments 5,897 6,562 6,310 7,289 5,316 6,217 6,954 7,233
Other investments 355 360 473 488 463 538 631 1,141
Other assets 2,981 2,648 2,701 2,675 1,733 1,976 2,121 3,495
Property, plant & equipment - net 6,091 5,786 6,903 8,493 8,326 9,561 14,727 14,939
Goodwill 1,097 1,047 1,403 4,256 4,029 4,224 11,665 12,219
Trademarks with indefinite lives 2,037 1,946 2,045 5,153 6,059 6,183 6,356 6,430
Bottlers' franchise rights with indefinite lives - - - - - - 7,511 7,770
Deferred income tax assets - - - - - - - -
other intangible assets 702 828 1,687 2,810 2,417 2,421 1,377 1,250
Total non-current assets 19,160 19,177 21,522 31,164 28,343 31,120 51,342 54,477

Total assets 31,441 29,427 29,963 43,269 40,519 48,671 72,921 79,974

Liabilities
Accounts payable and accrued expenses 4,403 4,493 5,055 6,915 6,205 6,657 8,859 9,009
loans and notes payable 4,531 4,518 3,235 5,919 6,066 6,749 8,100 12,871
Current maturities of long-term debt 1,490 28 33 133 465 51 1,276 2,041
Accrued income taxes 709 797 567 258 252 264 273 362
Liabilities held for sale - - - - - - - -
Total current liabilities 11,133 9,836 8,890 13,225 12,988 13,721 18,508 24,283

Long-term debt 1,157 1,154 1,314 3,277 2,781 5,059 14,041 13,656
Other liabilities 2,814 1,730 2,231 3,133 3,401 2,965 4,794 5,420
Deferred income tax liabilities 402 352 608 1,890 877 1,580 4,261 4,694
Total non-current liabilities 4,373 3,236 4,153 8,300 7,059 9,604 23,096 23,770

Total liabilities 15,506 13,072 13,043 21,525 20,047 23,325 41,604 48,053

Shareholder's Equity
Common stock $0.25 par; Authorized — 11,200 shares; Issued — 7,040 875 877 878 880 880 880 880 880
Capital surplus 4,928 5,492 5,983 7,378 7,966 8,537 10,057 11,212
Reinvested earnings 29,105 31,299 33,468 36,235 38,513 41,537 49,278 53,550
Accumulated other comprehensive income (loss) (1,348) (1,669) (1,291) 626 (2,674) (757) (1,450) (2,703)
Treasury stock, at cost — 1,207 and 1,201 shares, respectively (17,625) (19,644) (22,118) (23,375) (24,213) (25,398) (27,762) (31,304)
Total equity atributable to shareholders of the parent 15,935 16,355 16,920 21,744 20,472 24,799 31,003 31,635
Equity attributable to non-controlling interests - - - - - 547 314 286
Total Equity 15,935 16,355 16,920 21,744 20,472 25,346 31,317 31,921

Total Liabilities & Shareholder's Equity 31,441 29,427 29,963 43,269 40,519 48,671 72,921 79,974

Check 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

Cash Flow Statement

Operating Cash Flow
Net Income 4,347 4,847 4,872 5,080 5,981 5,807 6,906 11,859 8,634
Depreciation and amortization 850 893 932 938 1,163 1,228 1,236 1,443 1,954
Stock-based compensation expense 422 345 324 324 313 266 241 380 354
Deferred income taxes (188) 162 (88) (35) 109 (360) 353 617 1,028
Equity (income) loss, net of dividends (294) (476) (446) 124 (452) 1,128 (359) (671) (269)
Foreign currency adjustments (79) (59) 47 52 9 (42) 61 151 7
Gains on issuances of stock by equity investees (8) (24) (23) - - - - - -
Significant (Gains) losses on sales of assets, net (5) (20) (9) (303) (244) (130) (43) (645) (220)
Other (gains) losses, net - - - - - - - (4,713) -
Other operating charges 330 480 85 159 166 209 134 264 214
Other items 249 437 299 233 99 153 221 477 (335)
Less: decrease (increase) in operating assets and liabilities (168) (617) 430 (615) 6 (688) (564) 370 (1,893)
Net Cash Provided by Operating Activities 5,456 5,968 6,423 5,957 7,150 7,571 8,186 9,532 9,474

Investing Cash Flow

Purchases of investments (177) (46) (53) (82) (99) (240) (2,152) (4,711) (4,844)
Proceeds from disposals of investments - - - - - - - 4,032 5,647
Acquisitions of businesses, equity method investments, and non marketa (359) (267) (637) (901) (5,653) (759) (300) (2,511) (977)
Proceeds from disposal of businesses, equity method investments, and 147 161 33 640 448 479 240 972 562
Purchases of property, plant and equipment (812) (755) (899) (1,407) (1,648) (1,968) (1,993) (2,215) (2,920)
Proceeds from disposals of property, plant and equipment 87 341 88 112 239 129 104 134 101
Other investing activities 178 63 (28) (62) (6) (4) (48) (106) (93)
Net Cash Provided by Investing Activities (936) (503) (1,496) (1,700) (6,719) (2,363) (4,149) (4,405) (2,524)

Financing Cash Flow

Issuances of debt 1,026 3,030 178 617 9,979 4,337 14,689 15,251 27,495
Payments of debt (1,119) (1,316) (2,460) (2,021) (5,638) (4,308) (12,326) (13,403) (22,530)
Issuances of stock 98 193 230 148 1,619 586 664 1,666 1,569
Purchases of stock for treasury (1,440) (1,739) (2,055) (2,416) (1,838) (1,079) (1,518) (2,961) (4,513)
Dividends (2,166) (2,429) (2,678) (2,911) (3,149) (3,521) (3,800) (4,068) (4,300)
Other financing activities - - - - - - (2) 50 45
Net Cash Provided by Financing Activities (3,601) (2,261) (6,785) (6,583) 973 (3,985) (2,293) (3,465) (2,234)

Effect of exchange rate changes on cash & cash equivalents 183 141 (148) 65 249 (615) 576 (166) (430)
Net Increase (decrease) during the year 1,102 3,345 (2,006) (2,261) 1,653 608 2,320 1,496 4,286

Balance at the beginning of year 2,260 3,362 6,707 4,701 2,440 4,093 4,701 7,021 8,517
Less: Restricted cash and cash equivalents - - - - - - - - -
Balance at end of year 3,362 6,707 4,701 2,440 4,093 4,701 7,021 8,517 12,803

Supporting Schedules
Working Capital Schedule
Trade and other receivables na 2,244 2,281 2,587 3,317 3,090 3,758 4,430 4,920
Inventories na 1,420 1,424 1,641 2,220 2,187 2,354 2,650 3,092
Trade and other payables na 2,238 902 929 1,380 1,370 1,410 1,887 2,172
Net Working Capital (NWC) 4,516 na 1,426 2,803 3,299 4,157 3,907 4,702 5,193 5,840
Change in NWC

Accounts Payable 2,238 902 929 1,380 1,370 1,410 1,887 2,172
Accrued Expenses 2,165 3,591 4,126 5,535 4,835 5,247 6,972 6,837
Accounts Payable & Accrued Expenses 4,403 4,493 5,055 6,915 6,205 6,657 8,859 9,009
PP&E Information
Land 419 479 447 495 731 657 699 1,122 1,141
Buildings and improvements 2,615 2,853 2,692 3,020 3,539 3,408 3,816 4,883 5,240
Machinery & equipment 6,159 6,337 6,271 7,333 8,924 8,936 10,355 13,421 15,504
Containers and construction in progress 429 480 774 1,063 1,250 1,399 1,597 2,280 1,266
PP&E - cost 9,622 10,149 10,184 11,911 14,444 14,400 16,467 21,706 23,151
Accumulated depreciation (3,525) (4,058) (4,353) (5,008) (5,951) (6,074) (6,906) (6,979) (8,212)
PP&E - net 6,097 6,091 5,831 6,903 8,493 8,326 9,561 14,727 14,939

PP&E Schedule
Opening PP&E Balance na 6,097 6,091 5,831 6,903 8,493 8,326 9,561 14,727
Capital Expenditures 812 755 899 1,407 1,648 1,968 1,993 2,215 2,920
Depreciation of PP&E na (722) (769) (784) (979) (1,012) (1,023) (1,204) (1,672)
Sale of PP&E (87) (341) (88) (112) (239) (129) (104) (134) (101)
Closing PP&E Balance 6,097 6,091 5,831 6,903 8,493 8,326 9,561 14,727 14,939

Intangibles Schedule
Total Indefinite-lived intangible assets 3,824 3,672 3,675 4,937 11,726 12,120 12,484 25,645 26,532
Goodwill 1,097 1,047 1,403 4,256 4,029 4,224 11,665 12,219
Definite Lived Intangible Assets
Gross Carrying Value 263 292 314 372 685 560 344 1,264 1,582
Accumulated Amortization (98) (128) (168) (174) (192) (175) (233) (316) (445)
Net Carrying Value 165 164 146 198 493 385 111 948 1,137
Reported amortization expense na 171 29 154 184 216 213 239 282

Opening Definite lived intangibles balance 981 702 828 1,687 2,810 2,417 2,421 1,377
Additions (Reductions) na (108) 155 1,013 1,307 (177) 217 (805) 155
Less: Amortization of intangibles 171 29 154 184 216 213 239 282
Closing DLI balance 981 702 828 1,687 2,810 2,417 2,421 1,377 1,250

Equity method investments na 5,897 6,562 6,310 7,289 5,316 6,217 6,954 7,233
Other investments 355 360 473 488 463 538 631 1,141
Total minority interest na na na na na 390 547 314 286
Identifiable operating assets 21,804 25,189 22,505 23,180 35,492 34,740 41,916 65,336 71,600

Debt & Interest Schedule

Current financial debt
Opening balance of loans and notes payable na 2,583 4,531 4,518 3,235 5,919 6,066 6,749 8,100
Plus: Additions (Repayments), net na 1,948 (13) (1,283) 2,684 147 683 1,351 4,771
Closing Balance 2,583 4,531 4,518 3,235 5,919 6,066 6,749 8,100 12,871
Plus: Current portion of long-term debt - 1,490 28 33 133 465 51 1,276 2,041
Total short-term debt 2,583 6,021 4,546 3,268 6,052 6,531 6,800 9,376 14,912
Weighted average interest rate on short-term debt 1.1% 2.2% 4.2% 5.2% 1.7% 4.5% 0.2% 0.3% 0.2%
Interest expense 28 132 191 170 103 294 14 28 30

Long-term financial debt

Opening Balance na - 1,157 1,154 1,314 3,277 2,781 5,059 14,041
Plus: Additions (repayments), net na 2,647 25 193 2,096 (31) 2,329 10,258 1,656
Closing Balance - 1,157 1,154 1,314 3,277 2,781 5,059 14,041 13,656
Weighted average interest rate on long-term debt 3.9% 4.4% 6.0% 6.0% 5.8% 5.7% 5.0% 3.6% 2.3%
Interest expense on long-term debt - 51 69 79 190 159 253 505 314

Total Debt 2,583 7,178 5,700 4,582 9,329 9,312 11,859 23,417 28,568
Total Interest Expense before extraordinaries 183 260 249 293 452 267 534 344
Total interest paid 180 188 233 212 405 460 346 422 573
Total interest expense reported 178 196 240 220 456 438 355 733 417

Retained Earnings
Beginning balance 26,687 29,105 31,299 33,468 36,235 38,513 41,537 49,278
Add: Net Income 4,847 4,872 5,080 5,981 5,807 6,906 11,859 8,634
Less: Dividends to shareholders 2,429 2,678 2,911 3,149 3,521 3,800 4,068 4,300
Ending Reinvested Earnings balance 29,105 31,299 33,468 36,235 38,513 41,537 49,278 53,550
Earnings per share 2.01 2.06 2.19 2.58 2.51 3.00 2.59 1.91
Dividend per share 1.01 1.13 1.26 1.36 1.52 1.65 0.89 0.95
Common Shares Oustanding 2,409 2,369 2,318 2,318 2,312 2,303 4,583 4,526

DCF Model
Assumptions
Tax Rate 21.0%
Discount Rate 4.0%
Perpetual Growth Rate 2.0%
EV/EBITDA Multiple 16.2x<- Determined through comps/precedents
Current Price $50.22
Shares Outstanding 4,280

Discounted Cash Flow Entry 2020E 2021E 2022E 2023E 2024E 2025E Exit Terminal Value
Date 10/18/2020 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2024 EV/EBITDA
Time periods 0 1 2 3 4 5 Perp. Growth
Year frac. 0.20 1.00 1.00 1.00 1.00 1.00 1.00 Average

Operating Profit 9,113 9,295 9,481 9,671 9,864 10,062

Less: Cash Taxes 1,914 1,952 1,991 2,031 2,071 2,113
NOPAT 7,199 7,343 7,490 7,640 7,793 7,949
Plus: D&A 1,392 1,436 1,482 1,528 1,572 1,617
EBITDA 10,505 10,732 10,963 11,199 11,437 11,679
Less: Capex 2,098 2,192 2,284 2,374 2,460 2,544
Less: Changes in NWC 919 102 91 93 82 110
Unlevered FCFF 5,574 6,486 6,597 6,700 6,823 6,912 268,397

Transaction FCFF - 1,130 6,486 6,597 6,700 6,823 6,912 268,397

IRR FCFF (252,597) 1,130 6,486 6,597 6,700 6,823 6,912 268,397

Intrinsic Value Market Value Rate of Return

Enterprise Value 258,018 Market Cap 214,942 Target Price Upside
Plus: Cash 5,692 Plus: Debt 43,347 IRR
Less: Debt 43,347 Less: Cash 5,692
Equity Value 220,363 Enterprise Value 252,597 Market Value vs Intrinsic Value
Market Value
Equity Value/Share 51.49 Equity Value/Share 50.22 Downside
Intrinsic Value

Charts and Graphs

60,000 14.0x

Revenue EV/Revenue
12.0x
50,000

10.0x
40,000

8.0x

30,000

6.0x

12.3707949028424
20,000 11.8672463 11.1676622788 10.711461 8.9412506 8.0771872 8.3258364 7.3469538 5.5437598 5.373465 5.506844 5.6093237
4.0x
6,767 7,460 7,946 7,840 9,349 9,000 10,423 16,066 13,747 14,050 13,681 11,510
38 35 32 33 28 29 25 16 19 18 19 22
10,000
2.0x

- 0.0x
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
20,000
4.0x

10,000
2.0x

- 0.0x
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

This chart isn't available in your version of Excel.

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 Historical Results Forecast Period
2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E
ok ok ok ok ok ok ok ok ok ok ok ok
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
366 365 365 365 366 365 365 365 366 365 365 365
1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000

3.2% (2.4%) (1.8%) (3.7%) (5.5%) (13.5%) (5.3%) 8.6% 2.0% 2.0% 2.0% 2.0%
39.7% 39.3% 38.9% 39.5% 39.3% 37.9% 38.1% 39.2% 37.5% 37.5% 37.5% 37.5%
36.9% 36.9% 37.4% 37.1% 36.5% 35.4% 32.1% 32.5% 36.5% 36.5% 36.5% 36.5%
0.9% 1.9% 2.6% 3.7% 3.6% 5.3% 3.1% 1.2% 2.0% 2.0% 2.0% 2.0%
3.5% 3.1% 3.3% 3.9% 3.5% 4.4% 6.2% 7.1% 4.5% 4.5% 4.5% 4.5%
0.3% 0.2% 0.2% 0.5% 0.8% 1.4% 2.6% 2.0% 1.7% 1.7% 1.7% 1.7%
2.1% 2.2% 2.2% 1.7% 1.7% 1.8% 1.9% 1.9% 3.0% 3.0% 3.0% 3.0%
8.9% 5.8% 7.7% 4.0% 5.1% 5.1% 5.2% 5.5% 6.2% 6.2% 6.2% 6.2%
0.29% 1.23% (2.75%) 1.42% (2.95%) (4.87%) (4.88%) 0.09% 0.3% 0.3% 0.3% 0.3%

35.0% 35.0% 35.0% 35.0% 35.0% 21.0% 21.0% 21.0% 22.0% 22.0% 22.0% 22.0%
23.1% 24.8% 23.6% 23.3% 19.5% 81.4% 21.3% 16.7% 26.0% 26.0% 26.0% 26.0%
0.74% 0.49% 0.36% 0.20% 0.35% 2.73% 0.65% 0.72% 0.8% 0.8% 0.8% 0.8%

36 38 35 32 34 37 39 39 38 38 38 38
63 65 63 61 59 71 86 84 70 70 70 70
16.5% 21.4% 27.4% 24.9% 28.2% 25.6% 8.1% 7.2% 1,467 1,467 1,467 1,467
3,092 3,147 3,665 4,269 4,051 5,317 5,013 3,228 3,228 3,228 3,228 3,228
2,973 - 679 3,900 2,797 7,548 - - - - - -
9.8% NA 2.1% 11.7% 8.2% 20.7% NA NA 3.3% 3.3% 3.3% 3.3%
2,781 2,886 3,066 2,752 2,481 2,000 2,059 1,886 2,386 2,386 2,386 2,386

9,216 10,393 9,947 12,318 16,260 20,856 19,412 19,025 19,025 19,025 19,025 19,025
1,232 1,119 3,678 3,470 989 1,096 867 854 854 854 854 854
3,585 4,661 4,407 4,207 4,248 4,560 4,148 6,075 6,075 6,075 6,075 6,075

16,764 16,764 16,764 16,764

9,266 9,266 9,266 9,266
109 109 109 109
627 627 627 627
2,412 2,412 2,412 2,412
 38 38 43 58 58 82 76 95 57 57 57 57
6,711 7,644 7,145 6,865 6,897 5,677 6,814 7,508 7,508 7,508 7,508 7,508
50.0% 45.6% 45.8% 29.7% 27.3% 27.7% 31.3% 25.7% 47.6% 47.6% 47.6% 47.6%
91.2% 94.3% 84.3% 83.1% 78.0% 80.0% 73.4% 72.1% 87.0% 87.0% 87.0% 87.0%
8.8% 5.7% 15.7% 16.9% 22.0% 20.0% 26.6% 27.9% 13.0% 13.0% 13.0% 13.0%
10.7% 5.3% 18.6% 9.4% 11.9% 10.6% 19.7% 15.5% 17.6% 17.6% 17.6% 17.6%
4.8% 2.8% 8.5% 6.1% 7.7% 6.9% 11.3% 9.9% 6.2% 6.2% 6.2% 6.2%
471 309 400 331 307 410 411 414 414 414 414 414
796 - 58 1,133 710 1,533 - - - - - -

45.2% 51.7% 45.7% 64.3% 64.9% 65.4% 57.4% 64.3% 46.2% 46.2% 46.2% 46.2%
5,468 3,498 4,389 4,301 4,081 8,021 7,646 8,510 8,510 8,510 8,510 8,510
4,981 6,152 5,636 4,691 3,753 2,522 2,354 2,284 2,284 2,284 2,284 2,284

1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760
11,379 12,276 13,154 14,016 14,993 15,864 16,520 17,154 17,154 17,154 17,154 17,154
58,045 61,660 63,408 65,018 65,502 60,430 63,234 65,855
(3,385) (3,432) (5,777) (10,174) (11,205) (10,305) (12,814) (13,544) (13,544) (13,544) (13,544) (13,544)
(35,009) (39,091) (42,225) (45,066) (47,988) (50,677) (51,719) (52,244) (52,244) (52,244) (52,244) (52,244)

3.6% 3.7% 3.8% 4.0% 3.9% 3.3% 3.0% 3.3% 3.5% 3.5% 3.5% 3.5%
11.9% 11.6% 11.9% 13.9% 15.5% 14.5% 10.8% 11.5% 12.0% 12.0% 12.0% 12.0%
9.7% 10.1% 10.1% 10.7% 10.8% 9.3% 9.4% 10.3% 9.5% 9.5% 9.5% 9.5%
57.2% 59.3% 57.7% 54.9% 50.8% 46.2% 63.2% 72.1% 50.6% 50.6% 50.6% 50.6%
20.7% 20.3% 21.1% 20.7% 16.3% 9.4% 13.3% 16.1% 14.7% 14.7% 14.7% 14.7%

5.8% 5.4% 5.2% 5.8% 5.4% 4.8% 4.5% 5.5% 5.4% 5.4% 5.4% 5.4%
18.6% 17.6% 16.1% 17.4% 18.0% 16.5% 18.9% 21.4% 19.4% 19.4% 19.4% 19.4%

(265) (79) (67) (57)

1.64 1.68 1.72 1.76

48,017 46,854 45,998 44,294 41,863 36,212 34,300 37,266 38,011 38,772 39,547 40,338
19,053 18,421 17,889 17,482 16,465 13,721 13,067 14,619 14,237 14,522 14,812 15,109
28,964 28,433 28,109 26,812 25,398 22,491 21,233 22,647 23,774 24,250 24,734 25,229
17,738 17,310 17,218 16,427 15,262 12,834 11,002 12,103 13,886 14,164 14,447 14,736
447 895 1,183 1,657 1,510 1,902 1,079 458 775 791 806 822
10,779 10,228 9,708 8,728 8,626 7,755 9,152 10,086 9,113 9,295 9,481 9,671
471 534 594 613 642 679 689 563 359 323 319 314
397 463 483 856 733 853 950 946 1,088 1,088 1,088 1,088
819 602 769 489 835 1,072 1,008 1,049 1,182 1,182 1,182 1,182
137 576 (1,263) 631 (1,234) (1,763) (1,674) 34 114 116 119 121
11,809 11,477 9,325 9,605 8,136 6,890 8,225 10,786 9,680 9,829 10,013 10,200
2,723 2,851 2,201 2,239 1,586 5,607 1,749 1,801 2,130 2,162 2,203 2,244
 9,086 8,626 7,124 7,366 6,550 1,283 6,476 8,985 7,551 7,667 7,810 7,956
(67) (42) (26) (15) (23) (35) (42) (65) (60) (61) (62) (64)
9,019 8,584 7,098 7,351 6,527 1,248 6,434 8,920 7,490 7,606 7,748 7,892

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

4,526 4,469 4,402 4,366 4,324 4,288 4,259 4,268 4,280 4,280 4,280 4,280
(121) (121) (98) (86) (86) (82) (39) (21) - - - -
64 54 62 44 50 53 48 33 - - - -
4,469 4,402 4,366 4,324 4,288 4,259 4,268 4,280 4,280 4,280 4,280 4,280

8,442 10,414 8,958 7,309 8,555 6,006 9,077 6,480 5,692 5,592 5,482 5,368
5,017 6,707 9,052 8,322 9,595 9,352 2,025 1,467 1,467 1,467 1,467 1,467
13,459 17,121 18,010 15,631 18,150 15,358 11,102 7,947 7,159 7,059 6,949 6,835
3,092 3,147 3,665 4,269 4,051 5,317 5,013 3,228 3,228 3,228 3,228 3,228
3,264 3,277 3,100 2,902 2,675 2,655 3,071 3,379 2,723 2,785 2,841 2,897
4,759 4,873 4,466 3,941 3,856 3,667 3,685 3,971 3,960 4,050 4,131 4,214
2,781 2,886 3,066 2,752 2,481 2,000 2,059 1,886 2,386 2,386 2,386 2,386
2,973 - 679 3,900 2,797 7,548 - - - - - -
30,328 31,304 32,986 33,395 34,010 36,545 24,930 20,411 19,456 19,508 19,535 19,561

9,216 10,393 9,947 12,318 16,260 20,856 19,412 19,025 19,025 19,025 19,025 19,025
1,232 1,119 3,678 3,470 989 1,096 867 854 854 854 854 854
3,585 4,661 4,407 4,207 4,248 4,560 4,148 6,075 6,075 6,075 6,075 6,075
14,476 14,967 14,633 12,571 10,635 8,203 9,598 10,838 11,323 11,798 12,265 12,709
12,255 12,312 12,100 11,289 10,629 9,401 14,109 16,764 16,764 16,764 16,764 16,764
6,527 6,744 6,533 5,989 6,097 6,729 6,682 9,266 9,266 9,266 9,266 9,266
7,405 7,415 6,689 6,000 3,676 138 51 109 109 109 109 109
- - - - - - 2,674 2,412 2,412 2,412 2,412 2,412
1,150 1,140 1,050 854 726 368 745 627 627 627 627 627
55,846 58,751 59,037 56,698 53,260 51,351 58,286 65,970 66,455 66,930 67,397 67,841

86,174 90,055 92,023 90,093 87,270 87,896 83,216 86,381 85,911 86,438 86,932 87,401.73

8,680 9,577 9,234 9,660 9,490 8,748 9,533 11,312 9,726 9,776 9,822 9,868
 16,297 16,901 19,130 13,129 12,498 13,205 13,835 10,994 10,994 10,994 10,994 10,994
1,577 1,024 3,552 2,677 3,527 3,298 5,003 4,253 4,837 4,837 4,837 4,837
471 309 400 331 307 410 411 414 414 414 414 414
796 - 58 1,133 710 1,533 - - - - - -
27,821 27,811 32,374 26,930 26,532 27,194 28,782 26,973 25,971 26,022 26,067 26,113

14,736 19,154 19,063 28,407 29,684 31,182 25,376 27,516 27,516 27,516 27,516 27,516
5,468 3,498 4,389 4,301 4,081 8,021 7,646 8,510 8,510 8,510 8,510 8,510
4,981 6,152 5,636 4,691 3,753 2,522 2,354 2,284 2,284 2,284 2,284 2,284
25,185 28,804 29,088 37,399 37,518 41,725 35,376 38,310 38,310 38,310 38,310 38,310

53,006 56,615 61,462 64,329 64,050 68,919 64,158 65,283 64,281 64,332 64,377 64,423

1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760 1,760
11,379 12,276 13,154 14,016 14,993 15,864 16,520 17,154 17,154 17,154 17,154 17,154
58,045 61,660 63,408 65,018 65,502 60,430 63,234 65,855 66,326 66,741 67,128 67,487
(3,385) (3,432) (5,777) (10,174) (11,205) (10,305) (12,814) (13,544) (13,544) (13,544) (13,544) (13,544)
(35,009) (39,091) (42,225) (45,066) (47,988) (50,677) (51,719) (52,244) (52,244) (52,244) (52,244) (52,244)
32,790 33,173 30,320 25,554 23,062 17,072 16,981 18,981 19,452 19,867 20,254 20,613
378 267 241 210 158 1,905 2,077 2,117 2,177 2,239 2,301 2,365
33,168 33,440 30,561 25,764 23,220 18,977 19,058 21,098 21,630 22,106 22,555 22,978

86,174 90,055 92,023 90,093 87,270 87,896 83,216 86,381 85,911 86,438 86,932 87,401.34

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

9,086 8,626 7,124 7,366 6,550 1,283 6,476 8,985 7,551 7,667 7,810 7,956
1,982 1,977 1,976 1,970 1,787 1,260 1,086 1,365 1,392 1,436 1,482 1,528
259 227 209 236 258 219 225 201 - - - -
632 648 (40) 73 (856) (1,252) (413) (280) - - - -
(426) (201) (371) (122) (449) (628) (457) (421) - - - -
(130) 168 415 (137) 158 292 (50) 91 - - - -
- - - - - - - - - - - -
(98) (670) 831 (374) 1,146 1,459 743 (467) - - - -
- - - - - - - - - - - -
166 465 761 929 647 1,218 558 127 - - - -
254 234 149 744 (224) (252) 699 504 - - - -
 (1,080) (932) (439) (157) (221) 3,442 (1,240) 366 (919) (102) (91) (93)
10,645 10,542 10,615 10,528 8,796 7,041 7,627 10,471 8,023 9,001 9,200 9,391

(14,824) (14,782) (17,800) (15,831) (15,499) (17,296) (7,789) (4,704) - - - -

7,791 12,791 12,986 14,079 16,624 16,694 14,977 6,973 - - - -
(1,486) (353) (389) (2,491) (838) (3,809) (1,263) (5,542) - - - -
20 872 148 565 1,035 3,821 1,362 429 - - - -
(2,780) (2,550) (2,406) (2,553) (2,262) (1,750) (1,548) (2,054) (2,098) (2,192) (2,284) (2,374)
143 111 223 85 150 108 248 978 314 360 401 460
(268) (303) (268) (40) (209) (80) (60) (56) - - - -
(11,404) (4,214) (7,506) (6,186) (999) (2,312) 5,927 (3,976) (1,784) (1,832) (1,882) (1,914)

42,791 43,425 41,674 40,434 27,281 29,926 27,605 23,009 - - - -

(38,573) (38,714) (36,962) (37,738) (25,615) (28,871) (30,600) (24,850) - - - -
1,489 1,328 1,532 1,245 1,434 1,595 1,476 1,012 - - - -
(4,559) (4,832) (4,162) (3,564) (3,681) (3,682) (1,912) (1,103) - - - -
(4,595) (4,969) (5,350) (5,741) (6,043) (6,320) (6,644) (6,845) (7,019) (7,190) (7,362) (7,533)
100 17 (363) 251 79 (95) (272) (227) - - - -
(3,347) (3,745) (3,631) (5,113) (6,545) (7,447) (10,347) (9,004) (7,019) (7,190) (7,362) (7,533)

(255) (611) (934) (878) (6) 241 (262) (72) (265) (79) (67) (57)
(4,361) 1,972 (1,456) (1,649) 1,246 (2,477) 2,945 (2,581) (1,045) (100) (110) (113)

12,803 8,442 10,414 8,958 7,309 8,850 6,373 9,318 6,737 5,692 5,592 5,482
- - - - - 271 241 257
8,442 10,414 8,958 7,309 8,555 6,373 9,318 6,737 5,692 5,592 5,482 5,368

4,759 4,873 4,466 3,941 3,856 3,667 3,685 3,971 3,960 4,050 4,131 4,214
3,264 3,277 3,100 2,902 2,675 2,655 3,071 3,379 2,723 2,785 2,841 2,897
1,969 1,933 2,089 2,795 2,593 3,071 2,719 3,804 2,218 2,268 2,314 2,360
6,054 6,217 5,477 4,048 3,938 3,251 4,037 3,546 4,465 4,567 4,658 4,751
919 102 91 93

1,969 1,933 2,089 2,795 2,593 3,071 2,719 3,804 2,218 2,268 2,314 2,360
6,711 7,644 7,145 6,865 6,897 5,677 6,814 7,508 7,508 7,508 7,508 7,508
8,680 9,577 9,234 9,660 9,490 8,748 9,533 11,312 9,726 9,776 9,822 9,868
 997 1,011 972 717 589 334 485 659 na na na na
5,307 5,605 5,539 4,914 4,574 3,917 4,322 4,576 na na na na
16,203 17,551 18,225 16,723 16,093 12,198 12,804 13,686 na na na na
979 865 522 - - - - - na na na na
23,486 25,032 25,258 22,354 21,256 16,449 17,611 18,921 na na na na
(9,010) (10,065) (10,625) (9,783) (10,621) (8,246) (8,013) (8,083) na na na na
14,476 14,967 14,633 12,571 10,635 8,203 9,598 10,838 na na na na

14,939 14,476 14,967 14,633 12,571 10,635 8,203 9,598 10,838 11,323 11,798 12,265
2,780 2,550 2,406 2,553 2,262 1,750 1,548 2,054 2,098 2,192 2,284 2,374
(1,723) (1,743) (1,736) (1,753) (1,648) (1,192) (1,037) (1,245) (1,299) (1,357) (1,414) (1,470)
(143) (111) (223) (85) (150) (108) (248) (978) (314) (360) (401) (460)
14,476 14,967 14,633 12,571 10,635 8,203 9,598 10,838 11,323 11,798 12,265 12,709

26,298 26,642 25,492 23,442 20,530 16,374 20,948 26,249 26,249 26,249 26,249 26,249
12,255 12,312 12,100 11,289 10,629 9,401 14,109 16,764 16,764 16,764 16,764 16,764

1,546 1,597 1,579 1,405 1,286 694 960 917 517 517 517 517
(507) (628) (699) (715) (688) (432) (321) (400) - - - -
1,039 969 880 690 598 262 639 517 517 517 517 517
259 234 240 217 139 68 49 120

1,250 1,150 1,140 1,050 854 726 368 745 627 535 456 389
159 224 150 21 11 (290) 426 2 - - - -
259 234 240 217 139 68 49 120 92 79 67 57
1,150 1,140 1,050 854 726 368 745 627 535 456 389 331

9,216 10,393 9,947 12,318 16,260 20,856 19,412 19,025 19,025 19,025 19,025 19,025
1,232 1,119 3,678 3,470 989 1,096 867 854 854 854 854 854
378 267 241 210 158 1,905 2,077 2,177 2,177 2,177 2,177 2,177
75,726 78,543 78,343 74,208 70,021 58,615 62,937 66,502 66,032 66,559 67,053 67,523

12,871 16,297 16,901 19,130 13,129 12,498 13,205 13,835 10,994 10,994 10,994 10,994
3,426 604 2,229 (6,001) (631) 707 630 (2,841) - - - -
16,297 16,901 19,130 13,129 12,498 13,205 13,835 10,994 10,994 10,994 10,994 10,994
1,577 1,024 3,552 2,677 3,527 3,298 5,003 4,253 4,837 4,837 4,837 4,837
17,874 17,925 22,682 15,806 16,025 16,503 18,838 15,247 15,831 15,831 15,831 15,831
 0.3% 0.2% 0.2% 0.5% 0.8% 1.4% 2.6% 2.0% 1.7% 1.7% 1.7% 1.7%
54 36 45 79 128 231 490 305 262 262 262 262

13,656 14,736 19,154 19,063 28,407 29,684 31,182 25,376 27,516 27,516 27,516 27,516
2,657 5,442 3,461 12,021 4,804 4,796 (803) 6,393 - - - -
14,736 19,154 19,063 28,407 29,684 31,182 25,376 27,516 27,516 27,516 27,516 27,516
2.1% 2.2% 2.2% 1.7% 1.7% 1.8% 1.9% 1.9% 3.0% 3.0% 3.0% 3.0%
309 421 419 483 505 561 482 523 825 825 825 825

32,610 37,079 41,745 44,213 45,709 47,685 44,214 42,763 43,347 43,347 43,347 43,347
363 457 465 562 633 792 972 828 1,088 1,088 1,088 1,088
574 498 498 515 663 803 903 921 na na na na
397 463 483 856 733 853 950 946 na na na na

53,550 58,045 61,660 63,408 65,018 65,502 60,430 63,234 65,855 66,326 66,741 67,128
9,086 8,626 7,124 7,366 6,550 1,283 6,476 8,985 7,490 7,606 7,748 7,892
4,595 4,969 5,350 5,741 6,043 6,320 6,644 6,845 7,019 7,190 7,362 7,533
58,045 61,660 63,408 65,018 65,502 60,430 63,234 65,855 66,326 66,741 67,128 67,487
2.03 1.96 1.63 1.70 1.53 0.30 1.52 2.10 1.75 1.78 1.81 1.84
1.03 1.13 1.23 1.33 1.41 1.48 1.56 1.60 1.64 1.68 1.72 1.76
4,469 4,402 4,366 4,324 4,288 4,259 4,268 4,280 4,280 4,280 4,280 4,280

Discount Rate
10-Year Treasury 0.73%
Expected Market Return 7.10%
Market Risk Premium 6.4%
Beta 0.6
CAPM Cost of Equity 4.3%
Cost of Debt 2.0%
Tax Rate 21.0%
After-Tax Cost of Debt 1.6%
Terminal Value Target Gearing 10.0%
188,731 WACC 4.03%
Perp. Growth 348,063
268,397
Rate of Return
Target Price Upside 3%
5%

Market Value vs Intrinsic Value

Market Value 50.22
1.27
Intrinsic Value 51.49

18,000 45.0x

EBITDA EV/EBITDA
16,000 40.0x

14,000 35.0x

12,000 30.0x

10,000 25.0x

8,000 20.0x

5.8251156
6,0006.1633822 7.125198 7.5223810288 6.9236749125 6.7879165809 6.6548201773 6.5243335072 6.39640539919
15.0x 6.2709856855 6.1480251818

11,811 10,181 8,369 9,536 12,352 11,072 11,266 11,495 11,728 11,963 12,203
4,000 10.0x
22 25 31 27 21 23 23 22 22 22 21

2,000 5.0x

- 0.0x
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
 6,000 15.0x

4,000 10.0x

2,000 5.0x

- 0.0x
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

ile format will permanently break the chart.

Period Stub
2024E 2025E 10/23/2020 12/31/2020
ok ok ok ok
12/31/2024 12/31/2025 10/23/2020 12/31/2020
366 365 297 69
1.000 1.000 0.810 0.190

2.0% 2.0% 2.0% 2.0%

37.5% 37.5% 37.5% 37.5%
36.5% 36.5% 36.5% 36.5%
2.0% 2.0% 2.0% 2.0%
4.5% 4.5% 4.5% 4.5%
1.7% 1.7% 1.7% 1.7%
3.0% 3.0% 3.0% 3.0%
6.2% 6.2% 6.2% 6.2%
0.3% 0.3% 0.3% 0.3%

22.0% 22.0% 22.0% 22.0%

26.0% 26.0% 26.0% 26.0%
0.8% 0.8% 0.8% 0.8%

38 38 38 38
70 70 70 70
1,467 1,467 1,467 1,467
3,228 3,228 3,228 3,228
- - - -
3.3% 3.3% 3.3% 3.3%
2,386 2,386 2,386 2,386

19,025 19,025 19,025 19,025

854 854 854 854
6,075 6,075 6,075 6,075

16,764 16,764 16,764 16,764

9,266 9,266 9,266 9,266
109 109 109 109
627 627 627 627
2,412 2,412 2,412 2,412
 57 57 57 57
7,508 7,508 7,508 7,508
47.6% 47.6% 47.6% 47.6%
87.0% 87.0% 87.0% 87.0%
13.0% 13.0% 13.0% 13.0%
17.6% 17.6% 17.6% 17.6%
6.2% 6.2% 6.2% 6.2%
414 414 414 414
- - - -

46.2% 46.2% 46.2% 46.2%

8,510 8,510 8,510 8,510
2,284 2,284 2,284 2,284

1,760 1,760 1,760 1,760

17,154 17,154 17,154 17,154

(13,544) (13,544) (13,544) (13,544)

(52,244) (52,244) (52,244) (52,244)

3.5% 3.5% 3.5% 3.5%

12.0% 12.0% 12.0% 12.0%
9.5% 9.5% 9.5% 9.5%
50.6% 50.6% 50.6% 50.6%
14.7% 14.7% 14.7% 14.7%

5.4% 5.4% 5.4% 5.4%

19.4% 19.4% 19.4% 19.4%

(49) (42) (265) (265)

1.80 1.84 1.64 1.64

41,145 41,968 30,789 7,222

15,411 15,719 11,532 2,705
25,734 26,248 19,257 4,517
15,031 15,331 11,248 2,638
839 856 628 147
9,864 10,062 7,382 1,731
309 303 291 68
1,088 1,088 881 207
1,182 1,182 958 225
123 126 92 22
10,391 10,585 7,841 1,839
2,286 2,329 1,725 405
 8,105 8,257 6,116 1,435
(65) (66) (54) (11)
8,040 8,191 6,063 1,423

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

4,280 4,280 4,280 4,280

- - - -
- - - - Includes: treasury stock issued to employees exercising options
4,280 4,280 4,280 4,280

5,254 4,964 4,450 5,692

1,467 1,467 1,467 1,467
6,721 6,431 5,917 7,159
3,228 3,228 3,228 3,228
2,947 3,014 2,718 2,723
4,287 4,384 3,953 3,960
2,386 2,386 2,386 2,386
- - - -
19,568 19,443 18,202 19,456

19,025 19,025 19,026 19,025

854 854 854 854
6,075 6,075 6,075 6,075
13,143 13,704 11,171 11,323
16,764 16,764 16,764 16,764
9,266 9,266 9,266 9,266
109 109 109 109
2,412 2,412 2,412 2,412
627 627 627 627
68,275 68,836 66,304 66,455

87,843 88,279 84,506 85,911

9,909 9,963 9,695 9,726

 10,994 10,994 10,994 10,994
4,837 4,837 4,837 4,837
414 414 414 414
- - - -
26,154 26,209 25,941 25,971

27,516 27,516 27,516 27,516

8,510 8,510 8,510 8,510
2,284 2,284 2,284 2,284
38,310 38,310 38,310 38,310

64,464 64,519 64,251 64,281

1,760 1,760 1,760 1,760

17,154 17,154 17,154 17,154
67,823 68,139 64,898 66,326
(13,544) (13,544) (13,544) (13,544)
(52,244) (52,244) (52,244) (52,244)
20,949 21,265 18,024 19,452
2,430 2,496 2,231 2,177
23,379 23,761 20,255 21,630

87,843 88,279 84,506 85,911

0.0000 0.0000 0.0000 0.0000

8,105 8,257 6,116 1,435

1,572 1,617 1,127 264
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
 (82) (110) (911) 9
9,596 9,764 6,332 1,708

- - - -
- - - -
- - - -
- - - -
(2,460) (2,544) (1,699) (399)
503 408 314 60
- - - -
(1,957) (2,137) (1,386) (339)

- - - -
- - - -
- - - -
- - - -
(7,704) (7,875) (7,019) (1,334)
- - - -
(7,704) (7,875) (7,019) (1,334)

(49) (42) (215) (50)

(115) (290) (2,287) (15)

5,368 5,254 6,737 4,450

5,254 4,964 4,450 4,435

4,287 4,384 3,953 3,960

2,947 3,014 2,718 2,723
2,401 2,455 2,214 2,235
4,833 4,943 4,457 4,448
82 110 911 (9)

2,401 2,455 2,214 2,235

7,508 7,508 7,482 1,427
9,909 9,963 9,695 3,662
 na na na na
na na na na
na na na na Includes: Machinery, equipment, vehicle fleet, and Cold-drink equipment -26.4406
na na na na Includes: Containers & construction in progress 115.986
na na na na -79.171
na na na na
na na na na

12,709 13,143 10,838 11,171

2,460 2,544 1,699 399
(1,524) (1,576) (1,052) (247)
(503) (408) (314) (60)
13,143 13,704 11,171 11,263

26,249 26,249 26,249 26,249

16,764 16,764 16,764 16,764

517 517 517 517

- - - -
517 517 517 517

331 283 627 552

- - - -
49 42 75 18
283 241 552 535

19,025 19,025 19,026 19,027

854 854 854 854
2,177 2,177 2,177 2,177
67,964 68,400 64,626 66,032

10,994 10,994 10,994 10,994

- - - -
10,994 10,994 10,994 10,994
4,837 4,837 3,918 4,837
15,831 15,831 14,912 15,831
 1.7% 1.7% 1.3% 0.3%
262 262 200 50

27,516 27,516 27,516 27,516

- - - -
27,516 27,516 27,516 27,516
3.0% 3.0% 2.4% 0.6%
825 825 669 157 Adjusted for effects of interest rate swap agreements, cross-currency swap agreements, and fair value adjustments

43,347 43,347 42,428 43,347

1,088 1,088 869 207 Excludes: amortization of fair value adjustments (Typically reduces interest expense for future periods)
na na na na
na na na na Includes: extraordinary items, such as early extinguishment of long-term debt

67,487 67,823 65,855 64,898

8,040 8,191 6,063 1,423
7,704 7,875 7,019 1,334
67,823 68,139 64,898 64,988
1.88 1.91 1.42 0.33
1.80 1.84 1.64 0.31
4,280 4,280 4,280 4,280
© Corporate Finance Institute. All rights reserved.
Live Scenario:
Price per Share: $ 9.31 Historical Results Forecast Results
Streamline Efficiency, Inc. 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E
Balance Sheet Check ok ok ok ok ok ok ok ok
End of Period 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Days in Period 365 366 365 365 365 366 365 365
Fraction of Year 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Note: Additional notes & rationale located in the Drivers & Assumptions sheet
Assumptions

LIVE SCENARIO
Revenue Growth (% Change) 2.7% 4.1% 4.8% 5.2% 6.5% 6.5% 6.5%
Cost of Goods Sold (% of Revenue) 32.1% 31.1% 33.9% 32.7% 35.3% 35.3% 35.3% 35.3%
Advertising & Marketing Expenses (% of Revenue) 7.1% 7.5% 7.2% 7.5% 7.7% 7.7% 7.7% 7.7%
R&D Costs (% of Revenue) 4.3% 4.6% 4.3% 4.6% 4.3% 9.5% 9.1% 4.3%
Depreciation & Amortization (% of PP&E) 4.8% 5.9% 6.8% 7.0% 7.0% 7.0% 7.0% 7.0%
Other Expenses (% of Revenue) 0.8% 0.8% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8%
Interest (% of Debt) 8.0% 8.0% 8.0% 8.0% 8.0% 8.2% 8.2% 8.2%
Tax Rate (% of Earnings Before Tax) 23.5% 23.5% 23.5% 23.5% 23.5% 23.5% 23.5% 23.5%
Accounts Receivable (Days) 38 39 40 42 40 40 40 40
Inventory (Days) 52 57 53 51 53 53 53 53
Accounts Payable (Days) 72 75 72 68 70 70 70 70
Capital Expenditures ($000's) 63 61 49 49 56 - - -
Debt Issuance (Repayment) ($000's) (10) (10) (10) - - 300 (60) (60)
Equity Issued (Repaid) ($000's) - - - - - - - -
Payment of Dividends 20 32 34 26 28 29 30 31
Goodwill 360 360 360 360 360 360 360 360

Income Statement

Revenue 622 639 665 697 733 781 831 886

Cost of Goods Sold (COGS) 200 199 225 227 259 275 293 312
Gross Profit 422 440 440 469 474 505 538 573
Expenses
Marketing & Administration Expenses 44 48 48 52 56 60 64 68
R&D Costs 27 29 28 32 32 74 76 38
Depreciation & Amortization 7 11 15 18 20 20 19 18
Other Operating Expenses, net 5 5 5 6 6 6 7 7
Interest Expense (Income) 8 7 7 7 7 31 26 21
Total Expenses 91 101 103 114 120 192 192 152
Earnings Before Tax 331 339 336 355 354 313 346 421
Taxes 78 80 79 84 83 74 81 99
Net Earnings 253 259 257 272 271 239 265 322

Balance Sheet

Assets
Cash & Cash Equivalents 377 550 737 945 1,152 1,679 1,868 2,112
Inventories 29 31 33 32 37 40 43 45
Trade and Other Receivables 65 68 73 79 81 85 91 97
Total Current Assets 470 649 843 1,056 1,271 1,804 2,002 2,254
PP&E 141 191 224 255 290 270 251 234
Goodwill 360 360 360 360 360 360 360 360
Total Assets 972 1,200 1,427 1,671 1,921 2,435 2,613 2,848

Liabilities
Trade and Other Payables 39 41 44 43 49 53 56 60
Total Current Liabilities 39 41 44 43 49 53 56 60
Financial Debt 102 92 82 82 82 382 322 262
Total Liabilities 141 133 126 125 131 435 378 322
Shareholder's Equity
Equity Capital 52 52 52 52 52 52 52 52
Retained Earnings 1,056 778 1,015 1,249 1,495 1,738 1,948 2,183 2,474
Shareholder's Equity 830 1,067 1,301 1,547 1,790 2,000 2,235 2,526
Total Liabilities & Shareholder's Equity 972 1,200 1,427 1,671 1,921 2,435 2,613 2,848

Check 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

Cash Flow Statement

Operating Cash Flow

Net earnings 253 259 257 272 271 239 265 322
Plus: Depreciation of PP&E 7 11 15 18 20 20 19 18
Less: Decrease (increase) in working capital - 4 3 7 1 3 5 5
Cash from Operations 260 266 269 283 291 256 279 334

Investing Cash Flow

Investments in Property & Equipment (CapEx) (63) (61) (49) (49) (56) - - -
Cash from Investing (63) (61) (49) (49) (56) - - -

Financing Cash Flow

Issuance (repayment) of debt (10) (10) (10) - - 300 (60) (60)
Issuance (repayment) of equity - - - - - - - -
Payment of Dividends (20) (22) (24) (26) (28) (29) (30) (31)
Cash from Financing (30) (32) (34) (26) (28) 271 (90) (91)

Net Increase (decrease) in Cash 167 174 186 209 207 527 189 243
Opening Cash Balance 210 377 550 737 945 1,152 1,679 1,868
Closing Cash Balance 377 550 737 945 1,152 1,679 1,868 2,112

Supporting Schedules

Working Capital Schedule

Accounts Receivable 65 68 73 79 81 85 91 97
Inventory 29 31 33 32 37 40 43 45
Accounts Payable 39 41 44 43 49 53 56 60
Net Working Capital (NWC) 86 54 58 62 69 69 73 77 82
Change in NWC 4 3 7 1 3 5 5

Depreciation Schedule
PP&E Opening 85 141 191 224 255 290 270 251
Plus Capex 63 61 49 49 56 - - -
Less Depreciation 7 11 15 18 20 20 19 18
PP&E Closing 141 191 224 255 290 270 251 234

Debt & Interest Schedule

Debt Opening 112 102 92 82 82 82 382 322
Issuance (repayment) (10) (10) (10) - - 300 (60) (60)
Debt Closing 102 92 82 82 82 382 322 262
Interest Expense 8 7 7 7 7 31 26 21
DCF Model

Assumptions
Tax Rate 23.5%
Discount Rate 12.2%
Perpetual Growth Rate 1.0%
EV/EBITDA Multiple 16.4x
Current Price $ 2.81
Shares Outstanding 660

Discounted Cash Flow Entry 2020 2021 2022 2023 2024 2025 Exit
Date 10/23/2020 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2024
Time periods 0 1 2 3 4 5
Year frac. 0.19 1.00 1.00 1.00 1.00 1.00 1.00

EBIT 344 373 442 453 486 520

Less: Cash Taxes 81 88 104 106 114 122
NOPAT 263 285 338 346 372 398
Plus: D&A 20 19 18 16 15 14
EBITDA 364 392 460 469 502 534
Less: Capex - - - - - -
Less: Changes in NWC 3 5 5 5 5 6
Unlevered FCFF 280 299 351 357 382 406 5,836

Transaction FCFF - 53 299 351 357 382 406 5,836

IRR FCFF (607) 53 299 351 357 382 406 5,836

Intrinsic Value Market Value Rate of Return

Enterprise Value 4,894 Market Cap 1,855 Target Price Upside
Plus: Cash 1,573 Plus: Debt 325 Internal Rate of Return (IRR)
Less: Debt 325 Less: Cash 1,573
Equity Value 6,142 Enterprise Value 607 Market Value vs Intrinsic Value
Market Value
Equity Value/Share $ 9.31 Equity Value/Share $ 0.92 Upside
Intrinsic Value
Analysis & Charts

Perpetual Growth Rate Exit

Share Price (USD) 9 0.0% 0.5% 1.0% 1.5% 2.0% Share Price (USD) 9 12.4x
10.2% 10.2%
11.2% 11.2%
WACC

WACC
12.2% 12.2%
13.2% 13.2%
14.2% 14.2%

1,200 10.0x 600

Revenue EV/Revenue EBITDA EV/EB
7.87
1,000 7.66 7.36 7.03 6.68 6.27 5.89 5.53
500
5.20 4.90 4.63
8.0x
14.5 14.0 13.9 13.1 13.1 14.7 13.4 11.2 10.8 10.0 9.3
800
338 350 352 373 374 333 365 438 452 490 528
400
6.0x

600 300

4.0x
400 200

2.0x
200 100

- 0.0x -
2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2015A 2016A 2017A 2018A 2019A 2020A 2021A

This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a different file format will permanently break the chart.
 This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a different file format will permanently break the chart.

338 350 352 373 374 333 365 438 452 490 528
54.3% 54.8% 52.9% 53.6% 51.1% 42.7% 43.9% 49.5% 48.1% 49.1% 49.9%
Forecast Results Stub
2023E 2024E 2025E 10/23/2020 12/31/2020
ok ok ok ok ok
12/31/2023 12/31/2024 12/31/2025 10/23/2020 12/31/2020
365 366 365 297 69
1.000 1.000 1.000 0.810 0.190

6.3% 6.1% 5.9% 6.5% 6.5% Streamline expects revenue growth rate of 6.5%; growth is anticipated to slowly decline relative to the global IT services market
35.3% 35.3% 35.3% 35.3% 35.3% Cost and expenses will increase proportionally to Streamline's revenue
7.7% 7.7% 7.7% 7.7% 7.7% Cost and expenses will increase proportionally to Streamline's revenue
6.4% 6.0% 5.7% 9.5% 9.5% The company expects to increase its R&D spending to $75 million each year for the next two years. The company expects an additiona
7.0% 7.0% 7.0% 7.0% 7.0%
0.8% 0.8% 0.8% 0.8% 0.8% Cost and expenses will increase proportionally to Streamline's revenue
8.2% 8.2% 8.2% 8.2% 8.2% Steamline received debt financing of $300 million at yearly rate of 8.2%
23.5% 23.5% 23.5% 23.5% 23.5%
40 40 40 40 40
53 53 53 53 53
70 70 70 70 70
- - - - -
(60) (60) (60) 300 300 Steamline received debt financing of $300 million. The company is required to make equal payments of the loan until the loan matures
- - - - - Streamline will not purse share buybacks or equity issuance
32 33 34 29 29 The company will be increasing its dividend issuance amount by 2.5% each year
360 360 360 360 360 Streamline has impairment to current levels

941 999 1,058 632 148

332 352 373 223 52
609 646 685 409 96

72 77 81 49 11
60 60 60 60 14
 16 15 14 16 4
8 8 8 5 1
17 12 7 25 6
173 172 171 156 37
436 475 513 253 59
102 112 121 60 14
334 363 393 194 45

2,364 2,644 2,951 1,573 1,679

48 51 54 40 40
103 109 116 85 85
2,516 2,804 3,121 1,698 1,804
217 202 188 274 270
360 360 360 360 360
3,093 3,366 3,669 2,332 2,435

64 67 72 53 53
64 67 72 53 53
202 142 82 325 382
266 209 154 378 435

52 52 52 52 52
2,775 3,105 3,463 1,902 1,948
2,827 3,157 3,515 1,954 2,000
3,093 3,366 3,669 2,332 2,435

0.0000 0.0000 0.0000 0.0000 0.0000

334 363 393 194 45

16 15 14 16 4
 5 5 6 3 0
345 373 401 207 49

- - - - -
- - - - -

(60) (60) (60) 243 57

- - - - -
(32) (33) (34) (29) (29)
(92) (93) (94) 214 28

253 280 307 421 77

2,112 2,364 2,644 1,152 1,573
2,364 2,644 2,951 1,573 1,650

103 109 116 85 85

48 51 54 40 40
64 67 72 53 53
88 93 99 72 73
5 5 6 3 0

234 217 202 290 274

- - - - -
16 15 14 16 4
217 202 188 274 270

262 202 142 82 325

(60) (60) (60) 243 57
202 142 82 325 382
17 12 7 27 31
 Terminal Value
EV/EBITDA 8,226
Perp. Growth 3,446
Average 5,836

Rate of Return
Target Price Upside 912.6%
Internal Rate of Return (IRR) 104.2%

Market Value vs Intrinsic Value

Market Value $ 0.92
8.39
Intrinsic Value $ 9.31
 Exit Multiple
14.4x 16.4x 18.4x 20.4x

16.0x
EBITDA EV/EBITDA
14.0x

12.0x

10.0x

8.0x

6.0x

4.0x

2.0x

0.0x
2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A

the chart.
the chart.
the global IT services market

s. The company expects an additional $20 million increase in 2024 & 2025

nts of the loan until the loan matures in 2025

1,200 60.0%
54.3% 54.8% 53.6%
52.9%
51.1%
1,000
49.5% 48.1% 49.1% 49.9%
50.0%

42.7% 43.9%

800 40.0%

600 30.0%

999 1,058
886 941
400 781 831 20.0%
697 733
622 639 665

200 10.0%

- 0.0%
2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A

Revenue EBITDA Margin

 60.0%

% 49.9%
50.0%

40.0%

30.0%

9 1,058

20.0%

10.0%

0.0%
4A 2025A
© Corporate Finance Institute. All rights reserved.
Live Scenario:
Price per Share: $ 7.82 Historical Results Forecast Results
Fury Boost Co. 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E
Balance Sheet Check ok ok ok ok ok ok ok ok
End of Period 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Days in Period 365 366 365 365 365 366 365 365
Fraction of Year 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
In $USD millions except per share data

Assumptions

LIVE SCENARIO
Revenue Growth (% Change) 3.1% 2.8% 3.1% 2.8% 3.3% 3.0% 2.7%
Cost of Goods Sold (% of Revenue) 59.6% 58.4% 62.2% 64.6% 63.2% 63.2% 63.2% 63.2%
SG&A Expenses (% of Revenue) 4.3% 4.5% 4.9% 4.8% 4.7% 4.7% 4.7% 4.7%
Advertising & Marketing Expenses (% of Revenue) 3.3% 3.5% 3.6% 3.8% 3.7% 3.7% 3.7% 3.7%
Depreciation & Amortization (% of PP&E) 8.5% 8.3% 8.5% 8.4% 8.4% 8.4% 8.4% 8.4%
Other Expenses (% of Revenue) 2.9% 2.9% 2.8% 2.9% 2.8% 2.8% 2.8% 2.8%
Interest (% of Debt) 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2%
Tax Rate (% of Earnings Before Tax) 28.0% 28.0% 28.0% 28.0% 28.1% 28.0% 28.0% 28.0%
Accounts Receivable (Days) 25 25 26 26 26 26 26 26
Inventory (Days) 51 52 51 50 51 51 51 51
Accounts Payable (Days) 79 77 79 78 79 79 79 79
Capital Expenditures ($000's) 68 82 71 77 83 115 115 115
Debt Issuance (Repayment) ($000's) - - - - - (32) (32) (32)
Equity Issued (Repaid) ($000's) - - - - - - - -
Payment of Dividends 8 8 8 8 8 8 8 8
Goodwill - - - - - - - -

Income Statement

Revenue 1,121 1,156 1,188 1,225 1,259 1,300 1,339 1,375

Cost of Goods Sold (COGS) 668 675 739 791 796 822 846 869
Gross Profit 453 480 449 434 463 478 493 506
Expenses
Distribution Expenses 48 52 58 58 59 61 63 65
Marketing & Administration Expenses 37 41 43 47 46 48 50 51
Trading Expenses 67 67 68 69 69 70 73 77
Financial expense (interest) 35 35 35 35 35 33 30 28
Total Expenses 187 195 204 209 210 212 216 221
Other Operating Expenses, net (32) (34) (33) (35) (35) (36) (37) (39)
Earnings Before Tax 234 252 211 190 218 231 239 247
Taxes 65 70 59 53 61 65 67 69
Net Earnings 168 181 152 137 157 166 172 178

Balance Sheet

Assets
Cash & Cash Equivalents 1,034 1,187 1,334 1,456 1,589 1,668 1,758 1,857
Inventory 93 95 104 108 110 114 118 121
Trade & Other Receivables 78 80 83 87 91 92 95 98
Total current assets 1,206 1,362 1,521 1,650 1,790 1,875 1,971 2,076
PP&E 789 804 807 815 829 874 916 954
Total Assets 1,995 2,166 2,328 2,465 2,618 2,749 2,887 3,030

Liabilities
Short-Term Debt - - - - - - - -
Accrued Expenses - - - - - - - -
Trade & Other Payables 144 141 160 168 173 177 183 188
Total Current Liabilities 144 141 160 168 173 177 183 188
Financial Debt 486 486 486 486 486 454 422 390
Total Liabilities 630 627 646 654 659 631 605 578
Shareholder's Equity
Equity Capital 104 104 104 104 104 104 104 104
Retained Earnings 1,101 1,261 1,434 1,578 1,707 1,856 2,014 2,178 2,348
Additional Paid-In Capital - - - - - - - -
Treasury Stock - - - - - - - -
Shareholder's Equity 1,365 1,538 1,682 1,811 1,960 2,118 2,282 2,452
Total Liabilities & Shareholder's Equity 1,995 2,166 2,328 2,465 2,618 2,749 2,887 3,030

Check 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

Cash Flow Statement

Operating Cash Flow

Net earnings 168 181 152 137 157 166 172 178
Plus: Depreciation of PP&E 67 67 68 69 69 70 73 77
Less: Decrease (increase) in working capital 8 6 (6) (1) 2 1 1 1
Cash from Operations 227 242 226 207 224 234 245 254

Investing Cash Flow

Capital expenditure (68) (82) (71) (77) (83) (115) (115) (115)
Purchase (sale) of investments - - - - - - - -
Cash from Investing (68) (82) (71) (77) (83) (115) (115) (115)

Financing Cash Flow

Payment of dividends (8) (8) (8) (8) (8) (8) (8) (8)
Issuance (repayment) of debt - - - - - (32) (32) (32)
Issuance (repayment) of equity - - - - - - - -
Cash from Financing (8) (8) (8) (8) (8) (40) (40) (40)

Net increase (decrease) in cash 151 152 147 122 133 79 90 99

Opening cash balance 883 1,034 1,187 1,334 1,456 1,589 1,668 1,758
Closing Cash Balance 1,034 1,187 1,334 1,456 1,589 1,668 1,758 1,857

Supporting Schedules
Working Capital Schedule
Accounts Receivable 78 80 83 87 91 92 95 98
Inventory 93 95 104 108 110 114 118 121
Accounts Payable 144 141 160 168 173 177 183 188
Net Working Capital (NWC) 20 28 34 28 26 28 29 30 31
Change in NWC 8 6 (6) (1) 2 1 1 1

Depreciation Schedule
PP&E Opening 788 789 804 807 815 829 874 916
Plus Capex 68 82 71 77 83 115 115 115
Less Depreciation 67 67 68 69 69 70 73 77
PP&E Closing 789 804 807 815 829 874 916 954
Debt & Interest Schedule
Debt Opening 486 486 486 486 486 486 454 422
Issuance (repayment) - - - - - (32) (32) (32)
Debt Closing 486 486 486 486 486 454 422 390
Interest Expense 35 35 35 35 35 33 30 28

DCF Model
Assumptions
Tax Rate 28.0%
Discount Rate 7.7%
Perpetual Growth Rate 1.0%
EV/EBITDA Multiple 16.8x
Current Price $ 3.38
Shares Outstanding 620

Discounted Cash Flow Entry 2020 2021 2022 2023 2024 2025 Exit
Date 10/23/2020 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2024
Time periods 0 1 2 3 4 5
Year frac. 0.19 1.00 1.00 1.00 1.00 1.00 1.00

EBIT 263 269 275 280 285 286

Less: Cash Taxes 74 75 77 79 80 80
NOPAT 190 194 198 202 205 206
Plus: D&A 70 73 77 80 83 89
EBITDA 333 343 352 361 368 375
Less: Capex 115 115 115 115 150 150
Less: Changes in NWC 1 1 1 1 1 1
Unlevered FCFF 143 151 159 166 138 144 4,130

Transaction FCFF - 27 151 159 166 138 144 4,130

IRR FCFF (904) 27 151 159 166 138 144 4,130

Intrinsic Value Market Value Rate of Return

Enterprise Value 3,657 Market Cap 2,096 Target Price Upside
Plus: Cash 1,651 Plus: Debt 460 Internal Rate of Return (IRR)
Less: Debt 460 Less: Cash 1,651
Equity Value 4,848 Enterprise Value 904 Market Value vs Intrinsic Value
Market Value
Equity Value/Share $ 7.82 Equity Value/Share $ 1.46 Upside
Intrinsic Value

Analysis & Charts

Perpetual Growth Rate Exit

Share Price (USD) 8 0.0% 0.5% 1.0% 1.5% 2.0% Share Price (USD) 8 12.8x
5.7% 5.7%
6.7% 6.7%
WACC

WACC
7.7% 7.7%
8.7% 8.7%
9.7% 9.7%

1,600 4.0x
400
Revenue EV/Revenue
1,400 EBITDA E
350

1,200
300

1,000
250

800 2.0x 200

600 150

400 100

200 50

- 0.0x -
2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2015A 2016A 2017A 2018A 2019A 2020A 2
200 50

- 0.0x -
2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2015A 2016A 2017A 2018A 2019A 2020A 2

3.26 3.16 3.08 2.99 2.91

This 2.81 in your version
chart isn't available 2.73of Excel. 2.66 2.60 2.54 2.50
301 319 279 259 287 300 312 324 335 368 375
Editing this shape or saving this workbook into a different file format will permanently break the chart.
12.17 11.48 13.09 14.14 12.74 12.18 11.70 11.29 10.92 9.93 9.76
Forecast Results Stub
2023E 2024E 2025E 10/23/2020 12/31/2020
ok ok ok ok ok
12/31/2023 12/31/2024 12/31/2025 10/23/2020 12/31/2020
365 366 365 297 69
1.000 1.000 1.000 0.810 0.190

2.4% 2.1% 1.8% 3.3% 3.3% Fury Boost Co anticpates revenue growth of 3.3% in 2020, slowly declining until 1.8% in 2025
63.2% 63.2% 63.2% 63.2% 63.2% Costs and expenses will increase proportionally to Fury's revenue
4.7% 4.7% 4.7% 4.7% 4.7% Costs and expenses will increase proportionally to Fury's revenue
3.7% 3.7% 3.7% 3.7% 3.7% Costs and expenses will increase proportionally to Fury's revenue
8.4% 8.4% 8.4% 8.4% 8.4%
2.8% 2.8% 2.8% 2.8% 2.8% Costs and expenses will increase proportionally to Fury's revenue
7.2% 7.2% 7.2% 7.2% 7.2%
28.0% 28.0% 28.0% 28.0% 28.0%
26 26 26 26 26
51 51 51 51 51
79 79 79 79 79
115 150 150 115 115 Fury expects to spend about $115 million each year for the next 4 years. The company expects to spend an additional $35 million in 20
(32) (358) - (32) (32) Fury is currently required to repay $32 million of debt each year, with the remaining balance to paid in full in 2024
- - - - - Fury Boost will not pursue share buybacks
8 8 8 8 8 The company will maintain its level of divident issuance
- - - - - Fury does not anticipate any impariment to goodwill

1,408 1,438 1,464 1,053 247

890 909 925 666 156
518 529 539 388 91

66 68 69 49 12
 52 53 54 39 9
80 83 89 56 13
26 - - 26 6
224 204 212 171 40
(39) (40) (41) (29) (7)
255 285 286 187 44
71 80 80 52 12
183 205 206 134 32

1,964 1,736 1,872 1,651 1,668

124 127 129 114 114
100 102 104 92 92
2,189 1,965 2,106 1,858 1,875
989 1,056 1,117 866 874
3,178 3,020 3,222 2,723 2,749

- - - - -
- - - - -
193 196 200 177 177
193 196 200 177 177
358 - - 460 454
551 196 200 637 631

104 104 104 104 104

2,523 2,720 2,918 1,982 2,014
- - - - -
- - - - -
2,627 2,824 3,022 2,086 2,118
3,178 3,020 3,222 2,723 2,749

0.0000 0.0000 0.0000 0.0000 0.0000

 183 205 206 134 32
80 83 89 56 13
1 1 1 1 0
263 288 294 190 45

(115) (150) (150) (93) (22)

- - - - -
(115) (150) (150) (93) (22)

(8) (8) (8) (8) (8)

(32) (358) - (26) (6)
- - - - -
(40) (366) (8) (34) (14)

108 (228) 136 63 9

1,857 1,964 1,736 1,589 1,651
1,964 1,736 1,872 1,651 1,660

100 102 104 92 92

124 127 129 114 114
193 196 200 177 177
32 33 33 29 29
1 1 1 1 0

954 989 1,056 829 866

115 150 150 93 22
80 83 89 56 13
989 1,056 1,117 866 874
 390 358 0 486 460
(32) (358) - (26) (6)
358 0 0 460 454
26 0 0 33 33

Terminal Value
EV/EBITDA 6,184
Perp. Growth 2,076
Average 4,130

Rate of Return
 Target Price Upside 436.1%
Internal Rate of Return (IRR) 55.3%

Market Value vs Intrinsic Value

Market Value $ 1.46
6.36
Intrinsic Value $ 7.82

Exit Multiple
14.8x 16.8x 18.8x 20.8x

16.0x
EBITDA EV/EBITDA
14.0x

12.0x

10.0x

8.0x

6.0x

4.0x

2.0x

0.0x
7A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A
 2.0x

0.0x
7A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A

break the chart.

spend an additional $35 million in 2024 and 2025
d in full in 2024
© Corporate Finance Institute. All rights reserved.
Live Scenario:
Price per Share: $ 3.12 Historical Results Forecast Results
Superhot Water, Inc. 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E
Balance Sheet Check ok ok ok ok ok ok ok ok
End of Period 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Days in Period 365 366 365 365 365 366 365 365
Fraction of Year 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000

Assumptions

LIVE SCENARIO
Revenue Growth (% Change) 4.3% 3.5% 3.1% 3.2% 3.6% 3.3% 3.1%
Cost of Goods Sold (% of Revenue) 53.5% 52.2% 54.2% 55.2% 54.2% 54.2% 54.2% 54.2%
SG&A Expenses (% of Revenue) 20.2% 21.1% 20.8% 21.7% 22.5% 22.5% 22.5% 22.5%
Advertising & Marketing Expenses (% of Revenue) 5.6% 5.3% 4.8% 4.9% 4.5% 4.5% 4.5% 4.5%
Depreciation & Amortization (% of PP&E) 7.1% 6.9% 6.7% 6.6% 6.5% 6.5% 6.5% 6.5%
Interest (% of Debt) 7.2% 7.2% 7.2% 7.2% 7.2% 0.0% 0.0% 0.0%
Tax Rate (% of Earnings Before Tax) 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5%
Accounts Receivable (Days) 27 26 25 25 24 24 25 25
Inventory (Days) 72 72 72 72 72 72 25 25
Accounts Payable (Days) 65 67 66 68 65 65 25 25
Capital Expenditures ($000's) 102 97 94 108 90 103 103 103
Debt Issuance (Repayment) ($000's) - - - - - - - -
Equity Issued (Repaid) ($000's) - - - - - - - -
Payment of Dividends - - - - - - - -
Goodwill - - - - - - - -

Income Statement

Revenue 1,214 1,266 1,311 1,351 1,394 1,444 1,492 1,537

Cost of Goods Sold (COGS) 650 661 711 745 756 783 808 833
Gross Profit 564 605 600 606 638 661 683 704
Expenses
Distribution Expenses 245 267 273 293 314 325 336 346
Marketing & Administration Expenses 67 68 63 66 62 65 67 69
Trading Expenses 86 87 88 89 90 69 71 73
Financial Expenses 48 48 48 48 48 - - -
Total Expenses 447 470 472 496 515 459 474 488
Earnings Before Tax 117 135 128 110 124 202 209 216
Taxes 35 40 38 32 36 60 62 64
Net Earnings 83 95 90 78 87 143 147 152

Balance Sheet
Assets
Cash and cash equivalents 669 757 839 898 982 1,085 1,208 1,328
Inventories 128 130 140 147 149 154 55 57
Trade & Other Receivables 90 90 90 93 90 95 102 105
Total current assets 886 977 1,069 1,137 1,221 1,334 1,366 1,490
PP&E 1,028 1,038 1,043 1,063 1,062 1,096 1,128 1,158
Goodwill - - - - - - - -
Total Assets 1,914 2,015 2,112 2,200 2,283 2,430 2,494 2,648

Liabilities
Short term debt - - - - - - - -
Trade & Other Payables 115 121 129 139 135 139 55 57
Total current liabilities 115 121 129 139 135 139 55 57
Long term debt 670 670 670 670 670 670 670 670
Total liabilities 785 791 799 809 805 809 725 727
Shareholder's Equity
Equity Capital 550 550 550 550 550 550 550 550
Additional paid-in capital - - - - - - - -
Retained earnings 496 579 674 764 841 929 1,071 1,219 1,371
Shareholder's Equity 1,128 1,224 1,314 1,391 1,479 1,621 1,769 1,921
Total Liabilities & Shareholder's Equity 1,914 2,015 2,112 2,200 2,283 2,430 2,494 2,648

Check 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

Cash Flow Statement

Operating Cash Flow

Net Earnings 83 95 90 78 87 143 147 152
Plus: Depreciation & Amortization 86 87 88 89 90 69 71 73
Less: Changes in Working Capital - (3) 2 (1) 4 5 (7) 3
Cash from Operations 169 185 176 167 174 206 226 222

Investing Cash Flow

Investments in property & equipment (102) (97) (94) (108) (90) (103) (103) (103)
Purchase (sale) of investments - - - - - - - -
Cash from Investing (102) (97) (94) (108) (90) (103) (103) (103)

Financing Cash Flow

Proceeds from issuance (repayment) of debt - - - - - - - -
Proceeds from issuance (repurchase) of equity - - - - - - - -
Payment of Dividends - - - - - - - -
Cash from Financing - - - - - - - -

Net Increase (decrease) in Cash 67 88 82 59 84 103 123 119

Opening Cash Balance 602 669 757 839 898 982 1,085 1,208
Closing Cash Balance 669 757 839 898 982 1,085 1,208 1,328

Supporting Schedules

Working Capital Schedule

Trade & Other Receivables 90 90 90 93 90 95 102 105
Inventory 128 130 140 147 149 154 55 57
Trade & Other Payables 115 121 129 139 135 139 55 57
Net Working Capital (NWC) 76 102 99 101 101 104 110 102 105
Change in NWC -3 2 -1 4 5 -7 3

Depreciation Schedule
PP&E Opening 1,012 1,028 1,038 1,043 1,063 1,062 1,096 1,128
Plus Capex 102 97 94 108 90 103 103 103
Less Depreciation 86 87 88 89 90 69 71 73
PP&E Closing 1,028 1,038 1,043 1,063 1,062 1,096 1,128 1,158

Debt & Interest Schedule

Debt Opening 670 670 670 670 670 670 670 670
Issuance (repayment) - - - - - - - -
Debt Closing 670 670 670 670 670 670 670 670
Interest Expense 48 48 48 48 48 - - -
DCF Model
Assumptions
Tax Rate 29.5%
Discount Rate 9.1%
Perpetual Growth Rate 1.0%
EV/EBITDA Multiple 19.6x
Current Price $ 2.15
Shares Outstanding 1,100

Discounted Cash Flow Entry 2020 2021 2022 2023 2024 2025 Exit
Date 10/23/2020 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2024
Time periods 0 1 2 3 4 5
Year frac. 0.19 1.00 1.00 1.00 1.00 1.00 1.00

EBIT 202 209 216 222 226 231

Less: Cash Taxes 60 62 64 65 67 68
NOPAT 143 147 152 156 160 163
Plus: D&A 69 71 73 75 78 81
EBITDA 271 280 289 297 305 312
Less: Capex 103 103 103 120 120 120
Less: Changes in NWC 5 (7) 3 3 2 3
Unlevered FCFF 103 123 119 109 115 121 3,705

Transaction FCFF - 20 123 119 109 115 121 3,705

IRR FCFF (1,970) 20 123 119 109 115 121 3,705

Intrinsic Value Market Value Rate of Return

Enterprise Value 3,040 Market Cap 2,365 Target Price Upside
Plus: Cash 1,065 Plus: Debt 670 Internal Rate of Return (IRR)
Less: Debt 670 Less: Cash 1,065
Equity Value 3,434 Enterprise Value 1,970 Market Value vs Intrinsic Val
Market Value
Equity Value/Share $ 3.12 Equity Value/Share $ 1.79 Upside
Intrinsic Value
Analysis & Charts

Perpetual Growth Rate

Share Price (USD) 3 0.0% 0.5% 1.0% 1.5% 2.0% Share Price (USD) 3 15.6x
7.1% 7.1%
8.1% 8.1%
WACC

WACC
9.1% 9.1%
10.1% 10.1%
11.1% 11.1%

1,800 4.0x 350

Revenue EV/Revenue EBITDA
1,600 300
1,400
250
1,200
200
1,000
2.0x
800 150

600 100
400
50
200
-
- 0.0x 2015A 2016A 2017A 2018A 2019A 2020
2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A

3 2 2 2 2 2 2 2 2 2 2

203 222 216 199 214 271 280 289 292 300 307
15.0 13.7 14.1 15.3 14.2 11.2 10.8
This chart isn't available in your version of Excel.10.5 10.4 10.1 9.9

Editing this shape or saving this workbook into a different file format will permanently break the chart.
This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a different file format will permanently break the chart.
Forecast Results Stub
2023E 2024E 2025E 10/23/2020 12/31/2020
ok ok ok ok ok
12/31/2023 12/31/2024 12/31/2025 10/23/2020 12/31/2020
365 366 365 297 69
1.000 1.000 1.000 0.810 0.190

2.8% 2.6% 2.3% 3.6% 3.6% Superhot is expected to have revenue growth of 3.55% that will gradually decline
54.2% 54.2% 54.2% 54.2% 54.2% Cost and expenses will increase proportionally to Superhot's revenue
22.5% 22.5% 22.5% 22.5% 22.5% Cost and expenses will increase proportionally to Superhot's revenue
4.5% 4.5% 4.5% 4.5% 4.5% Cost and expenses will increase proportionally to Superhot's revenue
6.5% 6.5% 6.5% 6.5% 6.5%
7.2% 6.5% 6.5% 0.0% 0.0% No interest payments until 2023, then 7.2%; changes to 6.5% in 2024
29.5% 29.5% 29.5% 29.5% 29.5%
25 25 25 24 24
25 25 25 72 72
25 25 25 65 65
120 120 120 103 103 Superhot Water is expected to spend about $103 million each year for the next 3 years. From 2023 onwards, CAPEX will increase $120
(600) - - - - Superhot has $600 million of debt retiring in 2023 which the company plans to pay out in full
(300) - - - - Superhot will repurchase $300 million worth of equity in 2023
- - - - - No dividends
- - - - -

1,580 1,620 1,658 1,170 274

856 878 898 634 149
724 742 759 536 126

356 365 373 263 62

71 73 75 53 12
75 78 81 56 13
 5 5 5 - -
507 520 533 372 87
217 222 226 164 38
64 65 67 48 11
153 156 159 116 27

533 645 762 1,065 1085

59 60 62 154 154
108 111 114 95 95
700 816 938 1,313 1,334
1,202 1,244 1,283 1,090 1,096
- - - - -
1,902 2,060 2,221 2,403 2,430

- - - - -
59 60 62 139 139
59 60 62 139 139
70 70 70 670 670
129 130 132 809 809

250 250 250 550 550

- - - - -
1,524 1,680 1,839 1,044 1071
1,774 1,930 2,089 1,594 1,621
1,902 2,060 2,221 2,403 2,430

0.0000 0.0000 0.0000 0.0000 0.0000

153 156 159 116 27

75 78 81 56 13
 3 2 3 5 0
225 232 237 166 40

(120) (120) (120) (83) (103)

- - - - -
(120) (120) (120) (83) (103)

(600) - - - -
(300) - - - -
- - - - -
(900) - - - -

(795) 112 117 83 (63)

1,328 533 645 982 1,065
533 645 762 1,065 1,002

108 111 114 95 95

59 60 62 154 154
59 60 62 139 139
108 111 114 109 110
3 2 3 5 0

1,158 1,202 1,244 1,062 1,090

120 120 120 83 20
75 78 81 56 13
1,202 1,244 1,283 1,090 1,096

670 70 70 670 670

(600) - - - -
70 70 70 670 670
5 5 5 - -
 Terminal Value
EV/EBITDA 5,971
Perp. Growth 1,438
Average 3,705

Rate of Return
Target Price Upside 74.3%
Internal Rate of Return (IRR) 21.7%

Market Value vs Intrinsic Value

Market Value $ 1.79
1.33
Intrinsic Value $ 3.12
 Exit Multiple
17.6x 19.6x 21.6x 23.6x

18.0x
EBITDA EV/EBITDA 16.0x

14.0x

12.0x

10.0x

8.0x

6.0x

4.0x

2.0x

0.0x
17A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A

ly break the chart.

ly break the chart.
3 onwards, CAPEX will increase $120 million per year
 Synergies Scenario:
Target Scenario:
Drivers & Assumptions Acquirer Scenario: 2020

The Coca-Cola Company

Revenue Growth (% Change)
Base 2.0%
Bull 3.0%
Bear 1.5%
Selected Case 2.0%

Cost of Goods Sold (% of Revenue)

Base 37.5%
Bull 35.5%
Bear 39.0%
Selected Case 37.5%

SG&A expenses (% of Revenue)

Base 36.5%
Bull 33.5%
Bear 38.0%
Selected Case 36.5%

Other operating charges (% of Revenue)

Base 2.0%
Bull 1.0%
Bear 2.1%
Selected Case 2.0%

Interest Income (% of cash & investments)

Base 4.5%
Bull 7.0%
Bear 4.0%
Selected Case 4.5%

Interest expense on short term debt (% of avg ST debt)

Base 1.7%
Bull 1.5%
Bear 1.8%
Selected Case 1.7%

Interest expense on long term debt (% of avg LT debt)

Base 3.0%
Bull 2.5%
Bear 3.0%
Selected Case 3.0%
Equity income (loss) (% of Equity Method Investments)
Base 6.2%
Bull 8.2%
Bear 3.0%
Selected Case 6.2%

Other income (loss) - net (% of revenue)

Base 0.3%
Bull 1.0%
Bear 0.2%
Selected Case 0.3%

U.S. Federal Corporate Tax rate

Base 22.0%
Bull 19.5%
Bear 24.0%
Selected Case 22.0%

Net income attributable to noncontrolling interests (% of Consolidated Net Income)

Base 0.8%
Bull 0.5%
Bear 1.1%
Selected Case 0.8%

Trade and Other Recievables (Days)

Base 38
Bull 33
Bear 41
Selected Case 38

Inventories (Days)
Base 70
Bull 61
Bear 75
Selected Case 70

Trade and other payables (days)

Base 57
Bull 50
Bear 65
Selected Case 57

loans and notes payable (% of total debt)

Base 47.6%
Bull 35.6%
Bear 55.0%
 Selected Case 47.6%

loans and notes payable (% of total short-term debt)

Base 87.0%
Bull 70.0%
Bear 90.0%
Selected Case 87.0%

Current maturities of long-term debt (% of short-term debt)

Base 13.0%
Bull 30.0%
Bear 10.0%
Selected Case 13.0%

Current maturities of long-term debt (% of long-term debt)

Base 17.6%
Bull 15.0%
Bear 18.5%
Selected Case 17.6%

Current maturities of long-term debt (% of total debt)

Base 6.2%
Bull 8.0%
Bear 5.0%
Selected Case 6.2%

Long-term debt (% of total debt)

Base 46.2%
Bull 56.4%
Bear 40.0%
Selected Case 46.2%

Depreciation (% of Revenue)
Base 3.5%
Bull 3.5%
Bear 3.5%
Selected Case 3.5%

Depreciation (% of PP&E)
Base 12.0%
Bull 10.0%
Bear 13.0%
Selected Case 12.0%

Depreciation (% of SG&A)
Base 9.5%
Bull 11.0%
 Bear 8.5%
Selected Case 9.5%

Capital Expenditures (% of revenue)

Base 5.4%
Bull 5.0%
Bear 5.7%
Selected Case 5.4%

Capital Expenditures (% of TTM PP&E)

Base 19.4%
Bull 17.0%
Bear 20.3%
Selected Case 19.4%

Effect of exchange rate changes on cash & cash equivalents

Base -265
Bull -975
Bear -12
Selected Case -265

Dividend per share

Base 1.64
Bull 1.64
Bear 1.60
Selected Case 1.64

Streamline Efficiency, Inc.

Revenue Growth YoY % Growth

Base 6.5%
Bull 21.5%
Bear 0.0%
Selected Case 6.5%

Cost of Goods Sold YoY % Growth

Base 35.3%
Bull 32.0%
Bear 38.5%
Selected Case 35.3%

Marketing & Administration YoY % Growth

Base 7.7%
Bull 7.0%
Bear 8.0%
 Selected Case 7.7%

Research & Development YoY % Growth

Base 9.5%
Bull 10.4%
Bear 10.5%
Selected Case 9.5%

Other Operating Expenses YoY % Growth

Base 0.8%
Bull 0.6%
Bear 0.9%
Selected Case 0.8%

Synergies
Base
Bull
Bear
Selected Case

Revenue enhancement
Base 450
Bull 465
Bear 435
Selected Case 450

COGS savings
Base 750
Bull 760
Bear 740
Selected Case 750

Distribution Savings
Base 125
Bull 130
Bear 120
Selected Case 125

Marketing & Admin Savings

Base 10
Bull 12
Bear 8
Selected Case 10

R&D Savings
 Base 8.5
Bull 9
Bear 8
Selected Case 9

Fury Boost Co.

Revenue Growth YoY % Growth

Base 3.3%
Bull 7.1%
Bear 0.0%
Selected Case 3.3%

Costs of Goods Sold YoY % Growth

Base 63.2%
Bull 63.2%
Bear 63.2%
Selected Case 63.2%

Distribution YoY % Growth

Base 4.7%
Bull 4.7%
Bear 5.0%
Selected Case 4.7%

Marketing & Administration YoY % Growth

Base 3.7%
Bull 3.7%
Bear 3.7%
Selected Case 3.7%

Other Operating Expenses YoY % Growth

Base 2.8%
Bull 2.8%
Bear 2.8%
Selected Case 2.8%

Synergies
Base
Bull
Bear
Selected Case
Revenue enhancement
Base 825
Bull 850
Bear 800
Selected Case 825

COGS savings
Base 165
Bull 175
Bear 155
Selected Case 165

Distribution Savings
Base 15
Bull 20
Bear 10
Selected Case 15

Marketing & Admin Savings

Base 35
Bull 40
Bear 30
Selected Case 35

R&D Savings
Base 12
Bull 14
Bear 10
Selected Case 12

Superhot Water, Inc.

Revenue Growth YoY % Growth

Base 3.6%
Bull 7.7%
Bear 0.0%
Selected Case 3.6%

Cost of Goods Sold YoY % Growth

Base 54.2%
Bull 52.4%
Bear 56.0%
Selected Case 54.2%
Distribution YoY % Growth
Base 22.5%
Bull 22.0%
Bear 23.0%
Selected Case 22.5%

Marketing & Administration YoY % Growth

Base 4.5%
Bull 4.0%
Bear 4.5%
Selected Case 4.5%

Synergies
Base
Bull
Bear
Selected Case

Revenue enhancement
Base 575
Bull 595
Bear 555
Selected Case 575

COGS savings
Base 205
Bull 215
Bear 195
Selected Case 205

Distribution Savings
Base 145
Bull 155
Bear 135
Selected Case 145

Marketing & Admin Savings

Base 80
Bull 85
Bear 75
Selected Case 80

R&D Savings
Base 0
 Bull 0
Bear 0
Selected Case 0

Financing Scenarios
1
Debt Tranche & Transaction Senior Debt A
Proposed 800
All Cash 0
All Stock 0
50/50 Cash/Stock 0
50/50 Debt/Stock 800
Selected Case 800
 Forecast Period
2021 2022 2023 2024 2025

2.0% 2.0% 2.0% 2.0% 2.0%

3.0% 3.0% 3.0% 3.0% 3.0%
1.5% 1.5% 1.5% 1.5% 1.5%
2.0% 2.0% 2.0% 2.0% 2.0%

37.5% 37.5% 37.5% 37.5% 37.5%

35.5% 35.5% 35.5% 35.5% 35.5%
39.0% 39.0% 39.0% 39.0% 39.0%
37.5% 37.5% 37.5% 37.5% 37.5%

36.5% 36.5% 36.5% 36.5% 36.5%

33.5% 33.5% 33.5% 33.5% 33.5%
38.0% 38.0% 38.0% 38.0% 38.0%
36.5% 36.5% 36.5% 36.5% 36.5%

2.0% 2.0% 2.0% 2.0% 2.0%

1.0% 1.0% 1.0% 1.0% 1.0%
2.1% 2.1% 2.1% 2.1% 2.1%
2.0% 2.0% 2.0% 2.0% 2.0%

4.5% 4.5% 4.5% 4.5% 4.5%

7.0% 7.0% 7.0% 7.0% 7.0%
4.0% 4.0% 4.0% 4.0% 4.0%
4.5% 4.5% 4.5% 4.5% 4.5%

1.7% 1.7% 1.7% 1.7% 1.7%

1.5% 1.5% 1.5% 1.5% 1.5%
1.8% 1.8% 1.8% 1.8% 1.8%
1.7% 1.7% 1.7% 1.7% 1.7%

3.0% 3.0% 3.0% 3.0% 3.0%

3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0%
3.0% 3.0% 3.0% 3.0% 3.0%
6.2% 6.2% 6.2% 6.2% 6.2%
8.2% 8.2% 8.2% 8.2% 8.2%
3.0% 3.0% 3.0% 3.0% 3.0%
6.2% 6.2% 6.2% 6.2% 6.2%

0.3% 0.3% 0.3% 0.3% 0.3%

1.0% 1.0% 1.0% 1.0% 1.0%
0.2% 0.2% 0.2% 0.2% 0.2%
0.3% 0.3% 0.3% 0.3% 0.3%

22.0% 22.0% 22.0% 22.0% 22.0%

19.5% 19.5% 19.5% 19.5% 19.5%
24.0% 24.0% 24.0% 24.0% 24.0%
22.0% 22.0% 22.0% 22.0% 22.0%

0.8% 0.8% 0.8% 0.8% 0.8%

0.5% 0.5% 0.5% 0.5% 0.5%
1.1% 1.1% 1.1% 1.1% 1.1%
0.8% 0.8% 0.8% 0.8% 0.8%

38 38 38 38 38
33 33 33 33 33
41 41 41 41 41
38 38 38 38 38

70 70 70 70 70
61 61 61 61 61
75 75 75 75 75
70 70 70 70 70

57 57 57 57 57
50 50 50 50 50
65 65 65 65 65
57 57 57 57 57

47.6% 47.6% 47.6% 47.6% 47.6%

35.6% 35.6% 35.6% 35.6% 35.6%
55.0% 55.0% 55.0% 55.0% 55.0%
47.6% 47.6% 47.6% 47.6% 47.6%

87.0% 87.0% 87.0% 87.0% 87.0%

70.0% 70.0% 70.0% 70.0% 70.0%
90.0% 90.0% 90.0% 90.0% 90.0%
87.0% 87.0% 87.0% 87.0% 87.0%

13.0% 13.0% 13.0% 13.0% 13.0%

30.0% 30.0% 30.0% 30.0% 30.0%
10.0% 10.0% 10.0% 10.0% 10.0%
13.0% 13.0% 13.0% 13.0% 13.0%

17.6% 17.6% 17.6% 17.6% 17.6%

15.0% 15.0% 15.0% 15.0% 15.0%
18.5% 18.5% 18.5% 18.5% 18.5%
17.6% 17.6% 17.6% 17.6% 17.6%

6.2% 6.2% 6.2% 6.2% 6.2%

8.0% 8.0% 8.0% 8.0% 8.0%
5.0% 5.0% 5.0% 5.0% 5.0%
6.2% 6.2% 6.2% 6.2% 6.2%

46.2% 46.2% 46.2% 46.2% 46.2%

56.4% 56.4% 56.4% 56.4% 56.4%
40.0% 40.0% 40.0% 40.0% 40.0%
46.2% 46.2% 46.2% 46.2% 46.2%

3.5% 3.5% 3.5% 3.5% 3.5%

3.5% 3.5% 3.5% 3.5% 3.5%
3.5% 3.5% 3.5% 3.5% 3.5%
3.5% 3.5% 3.5% 3.5% 3.5%

12.0% 12.0% 12.0% 12.0% 12.0%

10.0% 10.0% 10.0% 10.0% 10.0%
13.0% 13.0% 13.0% 13.0% 13.0%
12.0% 12.0% 12.0% 12.0% 12.0%

9.5% 9.5% 9.5% 9.5% 9.5%

11.0% 11.0% 11.0% 11.0% 11.0%
8.5% 8.5% 8.5% 8.5% 8.5%
9.5% 9.5% 9.5% 9.5% 9.5%

5.4% 5.4% 5.4% 5.4% 5.4%

5.0% 5.0% 5.0% 5.0% 5.0%
5.7% 5.7% 5.7% 5.7% 5.7%
5.4% 5.4% 5.4% 5.4% 5.4%

19.4% 19.4% 19.4% 19.4% 19.4%

17.0% 17.0% 17.0% 17.0% 17.0%
20.3% 20.3% 20.3% 20.3% 20.3%
19.4% 19.4% 19.4% 19.4% 19.4%

-79 -67 -57 -49 -42

-79 -67 -57 -49 -42
-79 -67 -57 -49 -42
-79 -67 -57 -49 -42

1.68 1.72 1.76 1.80 1.84

1.72 1.78 1.84 1.92 2.00
1.60 1.60 1.60 1.60 1.60
1.68 1.72 1.76 1.80 1.84

6.5% 6.5% 6.3% 6.1% 5.9%

21.5% 21.5% 21.3% 21.1% 19.9%
0.0% 0.0% 3.3% 3.3% 3.3%
6.5% 6.5% 6.3% 6.1% 5.9%

35.3% 35.3% 35.3% 35.3% 35.3%

32.1% 32.2% 32.3% 32.4% 32.5%
38.5% 38.5% 38.5% 38.5% 38.5%
35.3% 35.3% 35.3% 35.3% 35.3%

7.7% 7.7% 7.7% 7.7% 7.7%

7.1% 7.2% 7.3% 7.4% 7.5%
8.0% 8.0% 8.0% 8.0% 8.0%
7.7% 7.7% 7.7% 7.7% 7.7%

9.1% 4.3% 6.4% 6.0% 5.7%

10.2% 2.5% 3.2% 2.6% 2.2%
10.1% 4.5% 6.7% 6.3% 6.1%
9.1% 4.3% 6.4% 6.0% 5.7%

0.8% 0.8% 0.8% 0.8% 0.8%

0.6% 0.6% 0.6% 0.6% 0.6%
0.9% 0.9% 0.9% 0.9% 0.9%
0.8% 0.8% 0.8% 0.8% 0.8%

10% 20.0% 35.0% 100.0% 100%

15% 25.0% 40.0% 100.0% 100%
5% 15.0% 30.0% 90.0% 100%
10% 20% 35% 100% 100%
3.0% 2.7% 2.4% 2.1% 1.8%
7.1% 7.1% 7.1% 7.1% 7.1%
0.0% 0.0% 1.2% 1.2% 1.2%
3.0% 2.7% 2.4% 2.1% 1.8%

63.2% 63.2% 63.2% 63.2% 63.2%

63.1% 63.0% 62.9% 62.8% 62.7%
63.3% 63.4% 63.5% 63.6% 63.7%
63.2% 63.2% 63.2% 63.2% 63.2%

4.7% 4.7% 4.7% 4.7% 4.7%

4.6% 4.5% 4.4% 4.3% 4.2%
5.1% 5.2% 5.3% 5.4% 5.5%
4.7% 4.7% 4.7% 4.7% 4.7%

3.7% 3.7% 3.7% 3.7% 3.7%

3.6% 3.5% 3.4% 3.3% 3.2%
3.8% 3.9% 4.0% 4.1% 4.2%
3.7% 3.7% 3.7% 3.7% 3.7%

2.8% 2.8% 2.8% 2.8% 2.8%

2.7% 2.6% 2.5% 2.4% 2.3%
2.9% 3.0% 3.1% 3.2% 3.3%
2.8% 2.8% 2.8% 2.8% 2.8%

18% 32.0% 60.0% 80.0% 100.0%

18% 32.0% 70.0% 90.0% 100.0%
18% 32.0% 50.0% 70.0% 100.0%
18% 32% 60% 80% 100%
3.3% 3.1% 2.8% 2.6% 2.3%
7.4% 7.2% 6.9% 6.7% 6.4%
0.0% 0.0% 1.4% 1.3% 1.2%
3.3% 3.1% 2.8% 2.6% 2.3%

54.2% 54.2% 54.2% 54.2% 54.2%

52.5% 52.6% 52.7% 52.8% 52.9%
56.1% 56.2% 56.3% 56.4% 56.5%
54.2% 54.2% 54.2% 54.2% 54.2%
22.5% 22.5% 22.5% 22.5% 22.5%
22.1% 22.2% 22.3% 22.4% 22.5%
23.1% 23.2% 23.3% 23.4% 23.5%
22.5% 22.5% 22.5% 22.5% 22.5%

4.5% 4.5% 4.5% 4.5% 4.5%

4.1% 4.2% 4.3% 4.4% 4.5%
4.6% 4.7% 4.8% 4.9% 5.0%
4.5% 4.5% 4.5% 4.5% 4.5%

15.0% 28.0% 60.0% 100.0% 100.0%

20.0% 25.0% 70.0% 100.0% 100.0%
10.0% 31.0% 50.0% 80.0% 100.0%
15% 28% 60% 100% 100%
Senior Debt B Sub. Debt T.O. Premium Cash Con.
502 1254 20% 100%
0 0 20% 100%
0 0 20% 0%
0 0 20% 50%
502 N.A. 20% 50%
502 1254 20% 100%
Rationale
Streamline expects revenue growth rate of 6.5%; growth is anticipated to slowly decline relative to the global IT services marke
Streamline anticipates a 15% increase in growth rates from current growth levels
Streamline's growth may take longer than anticipated. It could take years before the company experiences sizable growth
Streamline expects revenue growth rate of 6.5%; growth is anticipated to slowly decline relative to the global IT services marke

Cost and expenses will increase proportionally to Streamline's revenue

Streamline's costs and expenses as a % of revenue would increase at a lower rate
Streamline's cost and expenses would increase at a higher rate than its revenue, and its margins will be compressed
Cost and expenses will increase proportionally to Streamline's revenue

Cost and expenses will increase proportionally to Streamline's revenue

Streamline's costs and expenses as a % of revenue would increase at a lower rate
Streamline's cost and expenses would increase at a higher rate than its revenue, and its margins will be compressed
Cost and expenses will increase proportionally to Streamline's revenue

The company expects to increase its R&D spending to $75 million each year for the next two years. The company expects an
The company expects to increase its R&D spending to $75 million each year for the next two years. The company expects an
The company expects to increase its R&D spending to $75 million each year for the next two years. The company expects an
The company expects to increase its R&D spending to $75 million each year for the next two years. The company expects an

Cost and expenses will increase proportionally to Streamline's revenue

Streamline's costs and expenses as a % of revenue would increase at a lower rate
Streamline's cost and expenses would increase at a higher rate than its revenue, and its margins will be compressed
Cost and expenses will increase proportionally to Streamline's revenue
Fury Boost Co anticpates revenue growth of 3.3% in 2020, slowly declining until 1.8% in 2025
Fury anticipates revenue growth to be aligned with the market's growth for its Tame Energy product line, and slightly lower for
Fury Boost may struggle to capture market share in the foreseeable future
Fury Boost Co anticpates revenue growth of 3.3% in 2020, slowly declining until 1.8% in 2025

Costs and expenses will increase proportionally to Fury's revenue

Costs and expenses as a % of revenue decrease slowly as the firm grow market share
Costs and expenses would increase at a higher rate than its revenue and margins will be compressed
Costs and expenses will increase proportionally to Fury's revenue

Costs and expenses will increase proportionally to Fury's revenue

Costs and expenses as a % of revenue decrease slowly as the firm grow market share
Costs and expenses would increase at a higher rate than its revenue and margins will be compressed
Costs and expenses will increase proportionally to Fury's revenue

Costs and expenses will increase proportionally to Fury's revenue

Costs and expenses as a % of revenue decrease slowly as the firm grow market share
Costs and expenses would increase at a higher rate than its revenue and margins will be compressed
Costs and expenses will increase proportionally to Fury's revenue

Costs and expenses will increase proportionally to Fury's revenue

Costs and expenses as a % of revenue decrease slowly as the firm grow market share
Costs and expenses would increase at a higher rate than its revenue and margins will be compressed
Costs and expenses will increase proportionally to Fury's revenue
Superhot is expected to have revenue growth of 3.55% that will gradually decline
Superhot Water aims to attain more rapid growth in its APAC operations increasing revenue faster than market forecasts
Superhot's revenue growth rate may be lower until the company captures more market share in the future
Superhot is expected to have revenue growth of 3.55% that will gradually decline

Cost and expenses will increase proportionally to Superhot's revenue

Costs and expenses will increase at a lower rate relative to Superhot Water's revenue
Costs and expenses will increase at a higher rate as a % of revenue
Cost and expenses will increase proportionally to Superhot's revenue
Cost and expenses will increase proportionally to Superhot's revenue
Costs and expenses will increase at a lower rate relative to Superhot Water's revenue
Costs and expenses will increase at a higher rate as a % of revenue
Cost and expenses will increase proportionally to Superhot's revenue

Cost and expenses will increase proportionally to Superhot's revenue

Costs and expenses will increase at a lower rate relative to Superhot Water's revenue
Costs and expenses will increase at a higher rate as a % of revenue
Cost and expenses will increase proportionally to Superhot's revenue
© Corporate Finance Institute®. All rights reserved.

Market Data: Technology - Artificial Intelligence Market (in $USD billions unless specified)
Source: Statista as of 31 August, 2020

Potential Aggregate Economic Impact by Industry ($USD Trillions)

Consumer Packaged Goods
Retail
Basic Materials
Agriculture
Chemicals
Transport and Logistics
Total impact from AI technologies in 19 industries

AI Contribution to GDP by Region

China
North America
United Arab Emirates
Kingdom of Saudi Arabia
Southern Europe
GCC
Egypt
Latin America

Projected Increase of GDP by Industry Sector in 2030 Product Enhancements

Other Public and Personal Services
Consumer Goods, Accommodation, and Food Services
Technology, Media, and Telecommunications
Manufacturing and Construction
Transport and Logistics
Financial and Professional Services

Projected Impact by Industry Sector and Adoption Maturity Near Term (0-3 yr)
Retail 54%
Transportation & Logistics 41%
Manufacturing 14%

Predicted Workforces Changes from Adopting AI by Industry (by 2023) Chance of Decrease
Consumer Packaged Goods 45%
Retail 39%
Travel, Transport, and Logistics 44%

Projected Spending on AI by Industry Group

Financials
Public Sector
Distribution & Services
Manufacturing & Resources
Other
Category Total

Global AI Spending on Cognitive and AI Systems

Congitive and AI Systems
Software
Hardware
Services
ions unless specified)

Low Estimate High Estimate Periods 0

0.2 0.5 Global IT Services 2012
0.4 0.8 Global Market Size - Revenue
0.2 0.3 Growth (% change YOY)
0.1 0.2
0.1 0.2 Segment Data 2012
0.4 0.5 Revenue by IT Services Segments
3.5 5.8 Outsourcing
Business Process Outsourcing Engagement
2030 Technology Outsourcing
26.1% Growth (% change YOY)
14.5%
13.6% Support and Training
12.5% IT Deploy and Support Engagement
11.5% IT Education and training Engagement
8.2% Growth (% change YOY)
7.7%
5.4% Project Oriented
Application Development Engagement
Product Enhancements Productivity Business Consulting Engagement
12% 9% IT Consulting Engagement
9% 6% Systems and Network Implementations Engagement
7% 6% Growth (% change YOY)
7% 6%
7% 4% AI Market Size Projections by Major Research Firms
6% 4% IDC 1.71
Grandview Research 3.73
Mid Term (3-7 yr) Long Term (7+ yr) BusinessWire 3.50
38% 8% MarketsandMarkets 3.49
41% 17% TechJury
83% 3% Allied Market Research

Chance of Increase Minor Change AI Software Market Revenue 1.13

7% 41% North America 0.47
23% 25% Europe 0.24
13% 32% Asia-Pacific 0.36
Latin America 0.04
2020 Middle East & Africa 0.03
11 Growth (% change YOY)
10
9 Smart Machine Market Revenue 4.51
8 Autonomous Robots ($USD Millions) 881
9 Expert Systems ($USD Millions) 2,684
 47 Digital Assistants ($USD Millions) 346
Embedded Systems ($USD Millions) 344
2019 Neurocomputers ($USD Millions) 259
35.80 Growth (% change YOY)
13.50
9.60 Natural Language Processing Market Revenue 0.62
12.70 Growth (% change YOY)

Chatbot Market Revenue ($USD Millions) 8.21

Growth (% change YOY)

Call Center AI Market ($USD Millions) 138.48

Growth (% change YOY)

Global AI Spending 2016

Global Technology Spending on AI
Growth (% change YOY)

Automation and AI Business Operations 5.80

Robotic Process Automation (RPA) 0.30
Intelligent Process Automation (IPA) 4.80
AI Business Operations 0.70
Growth (% change YOY)

Market Share of Leading Companies 2014

IBM Global Services 56.4
Hewlett Packard Enterprise 32.5
Accenture PLC 29.0
Deloitte Consulting LLP 21.5

AI Market by Type of Activity 2010

Number of AI Start-up Acquisitions -

AI Patent Holders by # of Active Patent Families

IBM 1,575
Microsoft 2,924
Samsung 984
State Group Corp 42
Chinese Academy of Sciences 338
Alphabet 514
Baidu 3
Intel 527
Canon 1,086
Siemens 1,209
 1 2 3 4 5 6 7 8 9
2013 2014 2015 2016 2017 2018 2019 2020 2021
928 913 938 979 1,028 1,057 1,084 1,113
(2%) 3% 4% 5% 3% 3% 3%

2013 2014 2015 2016 2017 2018 2019 2020 2021

453.15 434.43 444.67 461.66 481.17 491.32 499.41 507.66

179 176 181 190 198 203 208 213
274 258 264 272 283 288 291 294
(4%) 2% 4% 4% 2% 2% 2%

152.78 146.58 148.70 152.41 157.52 159.54 160.94 162.35

136 130 132 135 139 141 141 142
17 16 17 18 19 19 19 20
(4%) 1% 2% 3% 1% 1% 1%

341.31 331.84 383.85 364.72 389.45 405.66 420.39 435.82

41 40 42 44 47 50 52 54
97 98 105 114 125 132 141 150
36 34 35 37 39 40 41 42
167 160 202 170 179 183 186 190
(3%) 16% (5%) 7% 4% 4% 4%

2.45 3.50 5.00 7.80 12.40 25.00 37.50 53.58 76.54

5.31 7.55 10.73 15.26 21.70 30.86 43.88 62.40 88.73
4.72 6.37 8.59 11.59 15.62 21.07 28.42 40.74 54.94
4.75 6.45 8.78 11.94 16.23 22.08 30.03 40.84 55.54
1.40 2.12 3.22 4.89 7.43 11.27
4.07 6.17 9.34 14.13 21.39 32.37

1.63 2.33 3.34 4.79 7.33 9.51 14.70 22.58 34.86

0.67 0.97 1.39 2.00 2.86 4.11 6.36 9.80 15.08
0.34 0.49 0.70 1.01 1.45 2.09 3.27 5.05 7.84
0.52 0.74 1.05 1.50 2.60 2.72 4.15 6.31 9.73
0.06 0.08 0.12 0.17 0.24 0.35 0.55 0.86 1.34
0.04 0.06 0.08 0.12 0.17 0.24 0.37 0.56 0.87
43% 43% 43% 43% 53% 30% 55% 54% 54%

5.34 6.29 7.48 8.92 10.67 12.80 15.28 18.40 22.22

1,109 1,282 1,614 2,031 2,556 3,217 3,582 4,508 5,675
3,050 3,508 3,986 4,529 5,146 5,848 7,055 8,016 9,109
 450 585 761 989 1,286 1,672 2,175 2,828 3,677
400 425 494 574 668 776 877 1,019 1,185
330 492 626 797 1,014 1,291 1,590 2,024 2,576
18% 18% 19% 19% 20% 20% 19% 20% 21%

0.86 1.20 1.66 2.30 3.19 5.08 8.21 12.40 17.58

39% 39% 39% 39% 39% 59% 62% 51% 42%

10.73 14.02 18.32 23.95 31.30 40.90 51.70 65.50 83.40

31% 31% 31% 31% 31% 31% 26% 27% 27%

177.91 228.57 293.65 377.27 484.69 622.70 800.00 1,027.79 1,320.44

28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5%

2017 2018 2019 2020 2021 2022 2023 2024 CAGR

41.72 50.10 60.17 72.26 86.79 104.23 20.1%
20.1% 20.1% 20.1% 20.1% 20.1%

7.80 10.60 13.60 16.70 20.30 26.10 34.20 28.9%

0.80 1.90 2.90 4.00 5.40 7.20 10.40
5.90 7.10 8.40 9.60 10.90 12.10 13.00
1.10 1.60 2.30 3.10 4.00 6.80 10.80
34.5% 35.9% 28.3% 22.8% 21.6% 28.6% 31.0%

2015 2016 2017 2018 2019

50.3 49.8 49.0 49.0 48.3
29.0 27.9 12.5 7.5 7.2
29.6 31.9 34.0 37.5 39.8
24.3 26.3 28.2 31.4 34.1

2011 2012 2013 2014 2015 2016 2017 2018 2019

- 10 25 35 39 78 120 166 145

1,705 1,890 2,075 2,341 2,661 3,164 4,034 5,290 5,570

3,148 3,438 3,589 3,755 3,889 4,156 4,587 5,212 5,330
1,057 1,143 1,256 1,479 2,160 3,034 3,908 4,944 5,136
75 149 322 621 1,059 1,540 2,298 3,294 3,730
417 558 805 1,119 1,479 1,859 2,532 3,379 3,659
582 747 989 1,342 1,756 2,036 2,371 2,880 3,015
24 44 152 281 533 774 1,274 2,398 2,746
556 592 658 814 915 1,119 1,350 1,945 2,462
1,171 1,278 1,348 1,429 1,509 1,627 1,758 1,954 2,028
1,251 1,340 1,452 1,495 1,549 1,608 1,706 1,875 1,985
 10 11 12 13 14 15
2022 2023 2024 2025 2026 2027 CAGR 1,400
1,142 1,172 1,202 1,234 1,266 1,299 2.6%
3% 3% 3% 3% 3% 3% 1,200

2022 2023 2024 2025 2026 2027 CAGR 1,000 938

928 913
516.07 524.65 533.40 542.32 551.43 560.71 1.7%
800
219 224 230 236 242 248 2.5%
297 300 303 306 310 313 1.0%
2% 2% 2% 2% 2% 2% 600

163.78 165.23 166.69 168.17 169.66 171.18 0.9% 400

143 145 146 147 148 149 0.7%
20 21 21 22 22 23 2.1% 200
1% 1% 1% 1% 1% 1%
-
451.98 468.93 486.70 505.34 524.91 545.44 3.7% 2014 2015 201
57 59 61 64 66 69 4.0%
159 169 180 192 204 217 6.4%
43 44 45 46 47 48 2.4%
193 197 200 204 208 211 1.8%
4% 4% 4% 4% 4% 4%

109.36 97.90 124.00 177.16 253.10 361.61 42.9%

126.18 179.43 255.15 362.83 515.96 733.70 42.2%
74.10 99.94 134.79 181.78 245.16 330.65 34.9% 120
75.53 102.72 139.71 190.00 258.40 351.42 36.0%
17.11 25.96 39.40 59.80 90.76 137.74 51.8%
100
49.00 74.16 112.24 169.41 256.41 388.08 51.4%

51.27 70.94 94.41 118.61 170.10 243.94 43.4% 80

22.23 30.90 41.06 51.58 74.03 106.26 43.5%
11.52 15.94 21.17 26.54 38.16 54.86 43.8%
14.25 19.59 26.15 32.89 46.96 67.04 42.8% 60
1.96 2.73 3.64 4.57 6.60 9.52 44.3%
1.31 1.78 2.39 3.03 4.35 6.25 43.7%
47% 38% 33% 26% 43% 43% 40

26.93 32.74 41.22 50.55 62.19 76.71 20.8%

20
7,142 8,989 13,927 17,529 22,063 27,769 25.9%
10,350 11,760 12,433 14,127 16,052 18,240 13.6%
-
2014 2015 2016
 20

4,780 6,215 8,075 10,499 13,650 17,747 30.0% -

1,378 1,601 2,095 2,435 2,831 3,291 16.2% 2014 2015 2016
3,278 4,172 4,685 5,963 7,589 9,659 27.3%
21% 22% 26% 23% 23% 23%

24.00 30.36 37.33 43.29 59.98 83.12 38.6%

37% 26% 23% 16% 39% 39%

106.60 137.60 179.90 239.20 325.30 454.80 30.7%

28% 29% 31% 33% 36% 40%

1,696.41 2,179.44 2,800.00 3,541.26 4,407.93 5,398.55 28.5%

28.5% 28.5% 28.5% 26.5% 24.5% 22.5%
 Global IT Services Revenue, by Segment
1,400 (provided in $USD billions) 1,299
6.0%
1,266
1,202 1,234
1,200 1,142 1,172 5.0%
1,084 1,113
1,028 1,057
979 4.0%
1,000 928 913 938
3.0%
800
2.0%
600
1.0%
400
0.0%

200 -1.0%

- -2.0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Project Oriented
Support and Training

Global AI Software Revenue, by Country

120 (provided in $USD billions)

100

80

60

40

20

-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

North America Europe Asia-Pacific

20

-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

North America Europe Asia-Pacific

Latin America Middle East & Africa

15.1%

21.7%

18.7%
7.2%
© Corporate Finance Institute®. All rights reserved.

Market Data: Beverage Industry (in $USD millions unless specified)

Source: Statista, last update: 2020-08

Non-Alcoholic Drinks Market Sales by Country 2018 2019

United States 328,390 338,185
China 86,973 94,408
Japan 61,395 62,642
Germany 51,368 53,034
United Kingdom 36,232 37,114
Mexico 33,237 35,109
Brazil 31,077 31,435
Argentina 26,170 16,675
France 23,841 24,387
Indonesia 23,057 24,647
Spain 19,463 20,188
Canada 17,970 18,281
South Korea 16,711 17,231
Italy 15,835 16,145
Australia 14,807 15,737

Global Consumption of Packed Beverages (Million Liters) 2019

Water 465,400
Milk and Dairy Drinks 260,400
Alcoholic Beverages 271,500
Carbonated Soft Drinks 224,400
Fruit and Vegetable Juices 85,900
New Drinks 75,400

Leading Beverage Companies by Sales 2019

Anheuser-Busch InBev 52,329
Nestle SA 42,115
The Coca-Cola Co. 37,266
PepsiCo Inc. 30,894
Heineken N.V. 25,782
Suntory Holdings Ltd 24,225
Diageo PLC 23,815
Starbucks Corp. 23,442
Keurig Dr Pepper 11,120
Molson Coors Brewing Co. 10,579
Pernod Ricard 9,959
Unilever Group 9,443
Constellation Brands Inc. 8,884
Red Bull GmbH 8,163

Most Valuable Brands by Brand Value 2019 2020

Coca-Cola 68,613 71,707
Red Bull 13,225 12,751
Diet Coke 12,212 12,315
Pepsi 10,776 11,123
Yili 8,661 9,203
Lipton 9,103 9,100
Nespresso 7,419 8,214
Nescafe 7,372 8,072
Mengniu 6,491 6,831
Fanta 6,229 6,433
Tropicana 5,730 6,186
Sprite 5,823 6,157
Gatorade 4,626 4,914
Monster 5,287 4,895
Dr. Pepper 3,466 3,528

Per-Capita Volume Sales in Non-Alcoholic Drinks (Liters) 2018

Mexico 392.78
United States 364.29
Germany 342.45
Thailand 299.47
Spain 258.81
Italy 255.39
Hungary 229.31
Argentina 223.97
Poland 222.59
Hong Kong 218.37
Japan 203.15
Portugal 201.98
Switzerland 198.53
Belgium 198.30
Romania 188.16

Global Non-Alcoholic Drink Sales, by Country

400,000
(provided in $USD billions)

350,000 338,185

300,000

250,000

200,000

150,000

94,408
100,000
62,642
53,034
50,000 37,114
200,000

150,000

94,408
100,000
62,642
53,034
50,000 37,114

-
United States China Japan Germany United Kingdom
Periods 0 1 2
Non-Alcoholic Drinks Market 2012 2013 2014
Revenue Value Share
At-Home 57.3% 57.7% 58.2%
Out-of-Home 42.7% 42.3% 41.8%

Global Non-Alcoholic Drinks Revenue 759,464 797,886 844,881

Growth (% change YOY) 5.1% 5.9%
Bottled Water 161,958 177,711 195,500
Soft Drinks 516,162 538,260 563,950
Juices 81,344 81,915 85,432

Average Revenue per Capita 111.38 115.67 121.09

Growth (% change YOY) 3.9% 4.7%
Bottled Water 23.75 25.76 28.02
Soft Drinks 75.70 78.03 80.83
Juices 11.93 11.88 12.24

Volume Share
At-Home 89.3% 89.4% 89.4%
Out-of-Home 10.7% 10.6% 10.6%

Total Volume (Million Liters) 663,002 691,825 719,304

Growth (% change YOY) 4.3% 4.0%
Bottled Water 323,865 346,865 368,964
Soft Drinks 306,359 312,465 317,524
Juices 32,778 32,495 32,816

Average Volume per Capita (Liters) 97.24 100.30 103.09

Growth (% change YOY) 3.1% 2.8%
Bottled Water 47.50 50.29 52.88
Soft Drinks 44.93 45.30 45.51
Juices 4.81 4.71 4.70
Price Data
Average Price per Liter 1.15 1.15 1.17
Growth (% change YOY) 0.7% 1.9%
Bottled Water 0.50 0.51 0.53
Soft Drinks 1.68 1.72 1.78
Juices 2.48 2.52 2.60

Soft Drinks Segment 2011 2012 2013

World 468,518 482,272 494,527
APAC 133,916 10,854 149,713
 North America 117,966 119,326 117,612
Western Europe 75,809 75,166 74,887
Eastern Europe 25,167 26,047 26,850

Global Non-Alcoholic Beverage Sales by Company 2014 2015 2016

World 188,629 177,021 166,175
The Coca-Cola Company 45,998 44,294 41,863
PepsiCo Inc 31,341 29,636 30,144
Coca-Cola Enterprises Inc 8,259 7,025 10,109
Dr Pepper Snapple Group Inc 6,121 6,282 6,440
Fomento Economico Mexicano SAB 11,076 9,620 9,535
Arca Continental SAB de CV 4,138 4,326 4,526
Coca-Cola HBC AG 8,649 7,044 6,883
Nestle SA 7,519 7,393 7,528
Swire Pacific Ltd 2,113 2,215 2,373
Danone SA 5,561 5,293 5,063
Global Revenue ($USD Bn)

y Country
Global Non-Alcoholic Drink Revenue
1,600,000
1,441
1,386,261
1,400,000 1,335,285
1,258,755
1,200,000 1,125,177 1,155,205
1,038,054
1,000,000

800,000

600,000

400,000
37,114

200,000
 800,000

600,000

400,000
37,114

200,000

ny United Kingdom
-
2019 2020 2021 2022 2023 2024 202
 3 4 5 6 7 8 9
2015 2016 2017 2018 2019 2020 2021

58.5% 58.7% 58.6% 58.5% 59.0% 66.3% 62.0%

41.5% 41.3% 41.4% 41.2% 41.0% 33.7% 38.0%

896,881 950,262 1,002,783 1,059,086 1,125,177 1,038,054 1,155,205

6.2% 6.0% 5.5% 5.6% 6.2% (7.7%) 11.3%
215,975 234,699 253,910 273,713 292,911 273,996 306,444
592,946 624,141 654,403 686,770 728,012 667,384 742,235
87,961 91,423 94,470 98,604 104,255 96,674 106,527

127.11 133.17 139.02 145.25 152.71 139.47 153.72

5.0% 4.8% 4.4% 4.5% 5.1% (8.7%) 10.2%
30.61 32.89 35.20 37.54 39.75 36.81 40.78
84.03 87.47 90.72 94.19 98.81 89.67 98.77
12.47 12.81 13.10 13.52 14.15 12.99 14.17

89.3% 89.2% 89.1% 89.0% 88.9% 91.5% 89.9%

10.7% 10.8% 10.9% 11.0% 11.1% 8.5% 10.1%

746,637 771,183 796,827 820,282 840,594 814,859 855,790

3.8% 3.3% 3.3% 2.9% 2.5% (3.1%) 5.0%
390,608 409,408 427,847 443,773 456,867 444,817 467,021
323,216 328,662 335,431 342,419 349,116 336,634 353,885
32,814 33,113 33,549 34,091 34,612 33,408 34,883

105.82 108.08 110.46 112.50 114.09 109.49 113.87

2.6% 2.1% 2.2% 1.8% 1.4% (4.0%) 4.0%
55.36 57.38 59.31 60.86 62.01 59.77 62.14
45.81 46.06 46.50 46.96 47.38 45.23 47.09
4.65 4.64 4.65 4.68 4.70 4.49 4.64

1.20 1.23 1.26 1.29 1.34 1.27 1.35

2.3% 2.6% 2.1% 2.6% 3.7% (4.8%) 6.0%
0.55 0.57 0.59 0.62 0.64 0.62 0.66
1.83 1.90 1.95 2.01 2.09 1.98 2.10
2.68 2.76 2.82 2.89 3.01 2.89 3.05

2014 2015 2016 2017 2018 2019 *According to Bloomgberg - Includes: Carbonates, Bottled W
504,159 516,384 524,690 529,076 539,283 549,357
154,791 158,591 162,147 164,375 168,321 171,072
 117,286 117,286 124,328 123,377 123,092 125,827
74,643 75,832 76,599 77,218 79,084 80,723
27,004 26,282 26,545 26,737 28,053 28,918

2017 2018 2019

176,246 144,813 147,349
36,212 34,300 37,266
29,857 29,744 30,894
12,497 13,604 13,453
10,775 7,442 11,120
9,717 9,492 10,104
7,272 8,102 8,575
7,368 7,863 7,866
7,500 7,575 7,438
4,372 5,255 5,528
5,231 5,291 5,114

ink Revenue
15.0%
1,441,158
1,386,261
,285
10.0%
Growth Rate (%)

5.0%

(5.0%)
 Growth Rat
-

(5.0%)

(10.0%)
23 2024 2025
 10 11 12 13
2022 2023 2024 2025 CAGR

59.8% 58.9% 58.9% 58.9%

40.2% 41.1% 41.1% 41.1%

1,258,755 1,335,285 1,386,261 1,441,158 5.05%

9.0% 6.1% 3.8% 4.0%
335,730 358,120 374,060 392,464
807,330 854,342 884,740 916,209
115,695 122,822 127,461 132,486

165.94 174.44 179.52 185.01 3.98%

7.9% 5.1% 2.9% 3.1%
44.26 46.78 48.44 50.38
106.43 111.61 114.57 117.62
15.25 16.05 16.51 17.01

89.1% 88.8% 88.8% 88.7%

10.9% 11.2% 11.2% 11.3%

886,127 906,213 920,851 935,758 2.69%

3.5% 2.3% 1.6% 1.6%
483,716 494,868 503,755 513,461
366,406 374,509 379,800 384,512
36,006 36,837 37,296 37,786

116.82 118.39 119.24 120.13 1.64%

2.6% 1.3% 0.7% 0.7%
63.77 64.65 65.23 65.92
48.30 48.93 49.18 49.36
4.75 4.81 4.83 4.85

1.42 1.47 1.51 1.54 2.30%

5.2% 3.7% 2.2% 2.3%
0.69 0.72 0.74 0.76
2.20 2.28 2.33 2.38
3.21 3.33 3.42 3.51

o Bloomgberg - Includes: Carbonates, Bottled Water, Juice, RTD Tea and Coffee, Energy Drinks, Sports Drinks, Concentrates, and Asian Specialty
© Corporate Finance Institute®. All rights reserved.
Market Data: Soft Drinks - Energy Drinks Segment (in $USD millions unless specified)
Source: Statista & Bloomberg as of 25 August, 2020

US Leading Energy Drink Brands 2020

Red Bull 2,891,049,948
Monster Energy 1,763,585,023
Red Bull Sugar Free 780,813,606
Monster Energy Zero Ultra 687,763,019
Bang 687,273,572
Category Total* 11,748,859,585

Regional Growth Data 8-Year CAGR

North America 4.7%
APAC 10.3%
EMEA 5.6%
Latin America 5.5%

*Category Total includes all companies in each respective category.

Global Revenue ($USD Bn)

Global Energy Drink Revenue

90,000
80,24
80,000
74,850
69,820
70,000 65,130
60,760
60,000 56,680
54,583

50,000

40,000

30,000
 69,820
70,000 65,130
60,760
60,000 56,680
54,583

50,000

40,000

30,000

20,000

10,000

-
2019 2020 2021 2022 2023 2024 202
s unless specified)

Summarized Revenue Data 2012 2013 2014

Total Energy Drinks Sales Value 36,658 39,420 41,806
Growth (% change YOY) 7.5% 6.1%

Company Market Share % 2011 2012 2013 2014

Monster Beverage Corp 17.00 19.00 19.70 19.20
Red Bull GmbH 17.80 17.10 16.50 15.90
TC Pharmaceutical Industry Co Ltd 9.50 9.50 10.20 11.10
PepsiCo Inc 5.70 5.50 5.50 4.90
Suntory Holdings Ltd 6.70 6.00 5.20 4.80
Rockstar Inc 4.30 4.30 4.00 3.90

Brand Share % 2011 2012 2013 2014

Red Bull 24.20 23.70 24.00 24.40
Monster 12.20 14.10 15.00 14.50
Zhongwo - - - 1.00
Eastroc Super Drink 0.40 0.50 0.60 0.70
Rockstar Inc 4.30 4.30 4.00 3.90
Hi-tigter - - 0.60 1.20
M-150 3.20 2.90 2.70 2.60
Lucozade 5.10 4.60 3.90 3.60
Bang - - - -

Regional Sales Data 2011 2012 2013 2014

North America 12,507 13,632 14,421 14,890
APAC 6,482 7,343 8,361 9,376
EMEA 8,706 9,212 9,659 10,010
Latin America 5,658 6,197 6,721 7,279

Global Energy Drink S

k Revenue (provided in $USD bil
20,000
Growth Rate (%)

8.0%
80,240 18,076.0
18,000
74,850 7.0%
69,820 16,000
6.0% 14,169.0
14,000
5.0% 12,000

4.0% 10,000

8,000
3.0%
69,820 16,000
6.0% 14,169.0

Gro
14,000
5.0% 12,000

4.0% 10,000

8,000
3.0%
6,000
2.0%
4,000

1.0% 2,000

- -
2023 2024 2025 North America APAC
 2015 2016 2017 2018 2019 2020 2021
44,755 46,648 48,115 51,043 54,583 56,680 60,760
7.1% 4.2% 3.1% 6.1% 6.9% 3.8% 7.2%

2015 2016 2017 2018 2019

19.20 18.60 19.00 19.10 18.50
15.80 15.30 15.10 14.80 14.70
11.70 11.90 10.70 10.80 10.70
4.40 4.00 3.70 3.50 3.40
4.40 3.90 3.50 3.20 3.00
3.80 3.60 3.50 3.20 2.90

2015 2016 2017 2018 2019

25.00 24.90 23.60 23.40 23.30
14.60 14.30 14.80 15.10 14.70
1.60 2.30 3.00 3.00 3.00
0.80 1.50 2.30 2.70 2.90
3.70 3.60 3.40 3.20 2.90
1.90 2.50 3.00 2.90 2.90
2.50 2.40 2.30 2.20 2.10
3.30 2.80 2.40 2.20 2.00
- - 0.10 0.70 1.90

2015 2016 2017 2018 2019 CAGR 8

16,051 16,207 16,400 17,072 18,076 4.7%
10,487 11,678 12,239 13,125 14,169 10.3%
10,321 10,868 11,519 12,535 13,476 5.6%
7,630 7,619 7,741 8,108 8,707 5.5%

Global Energy Drink Sales, by Country

(provided in $USD billions)

14,169.0
13,476.0

8,707.0
 14,169.0
13,476.0

8,707.0

erica APAC EMEA Latin America

 2022 2023 2024 2025 CAGR
65,130 69,820 74,850 80,240 7.2%
7.2% 7.2% 7.2% 7.2%
© Corporate Finance Institute®. All rights reserved.

Market Data: Hot Beverages - Tea Segment (in $USD millions unless specified)
Source: Statista, last update: 2020-07

Country Comparison - Revenue (Market Size) 2019

China 86,298
Brazil 16,499
India 16,038
Japan 13,777
United States 12,963

Other Tea Worldwide 2018 2025

Market Value of Kombucha 1,240 3,500
Consumption of Iced Tea (Billion Liters) 40.0 52.6
 Global Tea Sales, by Country
(provided in $USD billions)
100,000

90,000 86,298

80,000

70,000

60,000

50,000

40,000

30,000

20,000 16,499 16,038

13,777 12
10,000

-
China Brazil India Japan United
Periods 0 1 2 3
Revenue Data 2012 2013 2014 2015
Total, At-Home 53,462 61,266 68,656 76,668
Growth (% change YOY) 13% 14.6% 12.1% 11.7%

Total, Out-of-Home 59,899 65,398 72,197 79,765

Growth (% change YOY) 9.2% 10.4% 10.5%

Average Revenue per Capita 16.62 18.36 20.19 22.17

At-Home 7.84 8.88 9.84 10.87
Out-of-Home 8.78 9.48 10.35 11.30
Growth (% change YOY) 10.5% 10.0% 9.8%

Non-Carbonated Soft Drinks 217,448 230,055 245,295 261,174

RTD Tea (% of Non-Carbonated Market) 26.5% 26.5% 25.7% 24.5%

Tea Sales Based on Region

Europe 12,400 13,400 14,300 15,700
United States 9,200 9,200 9,400 10,100
China 40,100 47,000 54,500 61,900
South America 9,600 11,100 12,500 14,400

Summarized Revenue Data

Total, At-Home 53,462 61,266 68,656 76,668
Total, Out-of-Home 59,899 65,398 72,197 79,765
Total Tea Segment Revenue 113,361 126,665 140,853 156,433
Growth (% change YOY) 11% 11.7% 11.2% 11.1%

RTD Tea 57,517 61,008 63,078 64,085

Growth (% change YOY) 6.1% 3.4% 1.6%

Volume Data
Total Volume (Million Kgs) 4,937 5,179 5,400 5,610
At-Home 4,729 4,959 5,169 5,365
Out-of-Home 208 219 232 244
Growth (% change YOY) 4.9% 4.3% 3.9%

Average Volume per Capita (Kgs) 0.72 0.75 0.77 0.79

At-Home 0.69 0.72 0.74 0.76
Out-of-Home 0.03 0.03 0.03 0.03
 Annual Tea Consumption Worldwide (billion liters) 234.00 242.00 250.00
Growth (% change YOY) 3.4% 3.3%

Price Data
Average Price per Kg 22.96 24.46 26.08 27.89
At-Home 11.31 12.35 13.28 14.29
Out-of-Home 287.88 298.24 311.75 326.50
Growth (% change YOY) 6.5% 6.6% 6.9%

Market Share % 2011 2012 2013 2014

Ting Hsin International Group 13.70 9.40 11.40 11.20
The Coca-Cola Co. 6.50 6.60 6.80 6.70
Unilever Group 6.80 6.80 6.50 6.60
Uni-President Enterprises Corp 6.00 6.90 7.00 6.20
ITO EN Ltd 4.80 5.20 4.80 4.60
Guangzhou Pharmaceutical Holding Ltd 4.80 1.30 2.70 3.40
Suntory Holdings Ltd 3.70 3.50 3.50 3.60
JDB Group - 5.70 6.40 7.50
Kirin Holdings Co Ltd 3.10 3.00 2.90 2.70
Orang Tua Group 0.10 1.10 1.90 2.10
Global Revenue ($USD Bn)

Global Tea Revenue

350,000

300,000

250,000 232,
215,148
200,105 199,383
200,000 185,967
171,306
156,433
150,000 140,853
126,665
113,361
100,000

13,777 12,963
50,000

-
Japan United States 2012 2013 2014 2015 2016 2017 2018 2019 2020 20
 4 5 6 7 8 9 10
2016 2017 2018 2019 2020 2021 2022
84,494 91,669 98,162 105,476 110,424 120,256 130,117
10.2% 8.5% 7.1% 7.5% 4.7% 8.9% 8.2%

86,812 94,297 101,943 109,672 88,959 112,125 129,991

8.8% 8.6% 8.1% 7.6% (18.9%) 26.0% 15.9%

24.01 25.78 27.44 29.21 26.79 30.92 34.29

11.84 12.71 13.46 14.32 14.84 16.00 17.15
12.17 13.07 13.98 14.89 11.95 14.92 17.14
8.3% 7.4% 6.4% 6.5% (8.3%) 15.4% 10.9%

277,980 294,388 312,022 333,491 313,579 348,055 379,386

23.2% 22.2% 21.3% 20.2% 22.0% 20.3% 19.1%

17,400 19,200 20,900 22,600 20,900 24,700 27,900

10,900 11,800 12,500 13,000 10,800 12,800 14,200
68,300 74,400 80,100 86,300 78,700 92,400 103,500
16,300 17,600 19,000 20,500 19,900 22,800 25,400

84,494 91,669 98,162 105,476 110,424 120,256 130,117

86,812 94,297 101,943 109,672 88,959 112,125 129,991
171,306 185,967 200,105 215,148 199,383 232,381 260,109
9.5% 8.6% 7.6% 7.5% (7.3%) 16.6% 11.9%

64,573 65,423 66,429 67,525 69,090 70,692 72,331

0.8% 1.3% 1.5% 1.6% 2.3% 2.3% 2.3%

5,797 5,992 6,171 6,365 6,301 6,628 6,898

5,539 5,721 5,887 6,070 6,068 6,345 6,581
258 271 284 296 233 283 317
3.3% 3.4% 3.0% 3.1% (1.0%) 5.2% 4.1%

0.82 0.83 0.85 0.86 0.85 0.88 0.91

0.78 0.79 0.81 0.82 0.82 0.84 0.87
0.04 0.04 0.04 0.04 0.03 0.04 0.04
 258.00 266.00 273.00 281.00 289.00 297.00 305.98
3.2% 3.1% 2.6% 2.9% 2.8% 2.8% 3.0%

29.55 31.04 32.43 33.80 31.64 35.06 37.71

15.25 16.02 16.67 17.38 18.20 18.95 19.77
336.83 347.71 359.27 371.06 382.37 395.79 410.42
6.0% 5.0% 4.5% 4.2% -6.4% 10.8% 7.6%

2015 2016 2017 2018 2019

10.50 9.50 9.70 9.90 9.90
6.40 6.50 6.70 7.90 8.00
6.90 7.20 7.30 7.40 7.50
6.20 6.00 6.20 6.30 6.50
4.80 5.00 5.00 5.20 5.20
3.70 3.70 4.00 4.20 4.50
3.80 4.00 4.20 4.30 4.50
7.70 7.10 6.00 5.00 4.10
2.70 2.90 3.00 3.00 3.00
2.30 2.50 2.60 2.60 2.70

obal Tea Revenue

20%
318,555
301,113
283,921 15%
260,109

232,381
215,148 10%
Growth Rate (%)

200,105 199,383
185,967
6
5%

0%

-5%

-10%
2017 2018 2019 2020 2021 2022 2023 2024 2025
 11 12 13
2023 2024 2025 CAGR
140,190 146,736 153,859 8.5%
7.7% 4.7% 4.9%

143,731 154,377 164,697 8.1%

10.6% 7.4% 6.7%

37.09 38.99 40.89 7.2%

18.31 19.00 19.75
18.78 19.99 21.14
8.2% 5.1% 4.9%

403,362 419,764 436,606

18.3% 18.0% 17.7%

30,500 32,800 35,100

15,100 15,500 16,000
112,300 117,500 122,500
27,600 28,100 29,700

140,190 146,736 153,859

143,731 154,377 164,697
283,921 301,113 318,555
9.2% 6.1% 5.8%

74,007 75,723 77,478 2.3%

2.3% 2.3% 2.3%

7,123 7,275 7,443 3.2%

6,787 6,932 7,092
336 343 351
3.3% 2.1% 2.3%

0.93 0.94 0.96 2.2%

0.89 0.90 0.91
0.04 0.04 0.05
315.24 324.78 334.60 3.0%
3.0% 3.0% 3.0%

39.86 41.39 42.80 4.9%

20.66 21.17 21.69
427.66 449.96 469.41
5.7% 3.8% 3.4%
© Corporate Finance Institute®. All rights reserved.

Market Data: Hot Beverages - Coffee Segment (in $USD millions unless specified)
Source: Statista as of 25 August, 2020

Revenue by Country (Market Volume) 2019 2020

United States 82,442 67,663
Brazil 47,096 41,732
Japan 37,588 29,946
Canada 23,311 19,228
Germany 22,458 18,378

Global Coffee Production by Region (Thousand 60Kg Bags) 2019

South America 78,015
Asia and Oceania 50,522
Mexico and Central America 20,833
Africa 18,536
 Global Coffee Sales, by Country
90,000 (provided in $USD billions)
82,442
80,000

70,000

60,000

50,000 47,096

40,000 37,588

30,000
60,000

50,000 47,096

40,000 37,588

30,000
23,311

20,000

10,000

-
United States Brazil Japan Canada G
s specified)

Periods 0 1 2
Segment Data 2012 2013 2014
Revenue Value Share
At-Home 21.6% 21.2% 20.5%
Out-of-Home 78.4% 78.8% 79.5%

Volume Share
At-Home 82.8% 82.5% 82.1%
Out-of-Home 17.2% 17.5% 17.9%

Revenue Data
Total, At-Home 60,486 63,682 65,645
Growth (% change YOY) 5.3% 3.1%
Instant 18,091 19,193 20,135
Roast 42,395 44,489 45,510

Total, Out-of-Home 219,783 236,758 254,279

Growth (% change YOY) 7.7% 7.4%
Instant 60,468 63,533 67,220
Roast 159,315 173,225 187,059

Instant Coffee 78,558 82,726 87,355

Growth (% change YOY) 5.3% 5.6%
Roast Coffee 201,710 217,714 232,570
Growth (% change YOY) 7.9% 6.8%

Average Revenue per Capita 41.10 43.55 45.85

Instant Coffee 11.52 11.99 12.52
Roast Coffee 29.58 31.56 33.33
Growth (% change YOY) 6.0% 5.3%

Non-Carbonated Soft Drinks 217,448.0 230,055.0 245,295.0

RTD Coffee (% of Total Market) 8.9% 8.6% 8.3%

Summarized Revenue Data

Total, At-Home 60,486 63,682 65,645
Total, Out-of-Home 219,783 236,758 254,279
Total Coffee Revenue 280,268 300,440 319,924
Growth (% change YOY) 7.2% 6.5%

RTD Coffee 19,417 19,799 20,310

Growth (% change YOY) 2.0% 2.6%
 Volume Data
Total Volume (Million Kgs) 6,079.9 6,264.6 6,398.1
Instant Coffee 1,264.4 1,306.2 1,340.2
Instant Growth (% change YOY) 3.3% 2.6%
Roast Coffee 4,833.5 4,958.4 5,057.9
Roast Growth (% change YOY) 2.6% 2.0%

Average Volume per Capita (Kgs)

Instant Coffee 0.19 0.19 0.19
Roast Coffee 0.71 0.72 0.72

Non-Carbonated Soft Drinks (Million Liters) 108,748 113,343 118,009

RTD Coffee 9,711 9,755 9,771

Price Data
Average Price per Unit 46.10 47.96 50.00
Instant Coffee 62.13 63.33 65.18
Roast Coffee 41.73 43.91 45.98
Growth (% change YOY) 4.0% 4.3%

RTD Coffee 2.00 2.03 2.08

Growth (% change YOY) 1.5% 2.4%

Leading Coffee Companies (Market Share) 2011 2012 2013

Suntory Holdings Ltd 13.30 13.30 12.90
The Coca-Cola Co. 16.70 16.10 14.90
Nestle SA 8.40 9.10 9.90
Starbucks Corp 5.10 5.30 6.10
Ajinomoto Co Inc 7.70 7.40 7.40
Kirin Holdings Co Ltd 6.30 6.00 5.90
Asahi Group Holdings Ltd 5.10 5.10 4.80
Global Revenue ($USD Bn)

y Country
ons) Global Coffee Reve
700,000

600,000
5
493,068
500,000
430,983 436,632

400,000 362,601

300,000
 5
493,068
500,000
430,983 436,632

400,000 362,601

300,000

23,311 22,458
200,000

100,000

-
Canada Germany 2019 2020 2021 2022
 3 4 5 6 7 8 9
2015 2016 2017 2018 2019 2020 2021

19.7% 19.3% 18.8% 18.5% 18.3% 22.3% 19.4%

80.3% 80.7% 81.2% 81.5% 81.7% 77.7% 80.6%

81.6% 81.2% 80.9% 80.6% 80.4% 83.9% 81.6%

18.4% 18.8% 19.1% 19.4% 19.6% 16.1% 18.4%

67,102 70,071 72,336 75,554 78,847 80,716 84,664

2.2% 4.4% 3.2% 4.4% 4.4% 2.4% 4.9%
21,209 22,601 23,911 25,566 26,933 27,629 29,196
45,893 47,470 48,425 49,988 51,914 53,087 55,468

274,099 293,471 312,915 332,099 352,136 281,885 351,969

7.8% 7.1% 6.6% 6.1% 6.0% (19.9%) 24.9%
71,063 74,703 78,281 82,877 87,633 68,268 87,566
203,036 218,768 234,634 249,223 264,503 213,617 264,403

92,272 97,304 102,191 108,443 114,566 95,897 116,762

5.6% 5.5% 5.0% 6.1% 5.6% (16.3%) 21.8%
248,929 266,238 283,060 299,210 316,417 266,704 319,871
7.0% 7.0% 6.3% 5.7% 5.8% (15.7%) 19.9%

48.36 50.95 53.41 55.91 58.49 48.71 58.10

13.08 13.64 14.17 14.87 15.55 12.88 15.54
35.28 37.31 39.24 41.04 42.94 35.83 42.56
5.5% 5.4% 4.8% 4.7% 4.6% (16.7%) 19.3%

261,174.0 277,980.0 294,388.0 312,022.0 333,491.0 313,579.0 348,055.0

8.1% 7.8% 7.5% 7.0% 6.6% 7.1% 6.6%

67,102 70,071 72,336 75,554 78,847 80,716 84,664

274,099 293,471 312,915 332,099 352,136 281,885 351,969
341,201 363,542 385,251 407,654 430,983 362,601 436,632
6.7% 6.5% 6.0% 5.8% 5.7% (15.9%) 20.4%

21,067 21,814 22,038 21,929 21,872 22,353 22,845

3.7% 3.5% 1.0% (0.5%) (0.3%) 2.2% 2.2%
 6,545.5 6,689.6 6,843.4 6,976.2 7,120.0 6,808.2 7,177.8
1,382.7 1,425.0 1,462.3 1,511.2 1,543.1 1,485.9 1,562.3
3.2% 3.1% 2.6% 3.3% 2.1% (3.7%) 5.1%
5,162.8 5,264.6 5,381.1 5,465.0 5,576.9 5,322.3 5,615.5
2.1% 2.0% 2.2% 1.6% 2.1% (4.6%) 5.5%

0.20 0.20 0.21 0.21 0.21 0.20 0.21

0.73 0.74 0.75 0.75 0.76 0.72 0.75

122,734 127,457 132,668 137,714 142,452 139,369 147,577

9,900 10,002 9,932 9,679 9,343 9,935 9,686

52.13 54.34 56.30 58.43 60.53 53.26 60.83

66.73 68.29 69.88 71.76 74.24 64.54 74.74
48.22 50.57 52.60 54.75 56.74 50.11 56.96
4.2% 4.3% 3.6% 3.8% 3.6% (12.0%) 14.2%

2.13 2.18 2.22 2.27 2.34 2.25 2.36

2.4% 2.5% 1.7% 2.1% 3.3% (3.9%) 4.8%

2014 2015 2016 2017 2018 2019

13.20 12.50 11.00 12.40 15.00 14.70
14.20 13.90 13.90 13.50 12.80 12.40
10.50 10.80 11.10 11.00 11.40 11.60
6.50 7.50 8.20 8.30 8.30 8.60
7.20 7.30 7.20 6.90 6.50 6.40
5.80 5.80 5.90 5.80 5.20 5.10
4.70 4.70 4.60 4.50 4.20 4.00

Global Coffee Revenue

25%

600,321 20%
569,417
535,413
15%
493,068

436,632 10%
rowth Rate (%)

601 5%

-
 535,413
15%
493,068

436,632 10%

Growth Rate (%)

601 5%

(5%)

(10%)

(15%)

(20%)
20 2021 2022 2023 2024 2025
 10 11 12 13
2022 2023 2024 2025 CAGR

17.9% 17.1% 16.7% 16.4%

82.1% 82.9% 83.3% 83.6%

80.2% 79.6% 79.4% 79.2%

19.8% 20.4% 20.6% 20.8%

88,327 91,799 94,932 98,171 3.8%

4.3% 3.9% 3.4% 3.4%
30,572 31,900 33,035 34,190
57,754 59,898 61,897 63,982

404,742 443,615 474,484 502,150 6.6%

15.0% 9.6% 7.0% 5.8%
102,383 113,873 123,220 131,431
302,359 329,742 351,265 370,719

132,955 145,773 156,255 165,621 5.9%

13.9% 9.6% 7.2% 6.0%
360,113 389,640 413,162 434,701 6.1%
12.6% 8.2% 6.0% 5.2%

65.00 69.94 73.73 77.07 5.0%

17.53 19.04 20.23 21.26
47.47 50.90 53.50 55.81
11.9% 7.6% 5.4% 4.5%

379,386.0 403,362.0 419,764.0 436,606.0

6.2% 5.9% 5.8% 5.7%

88,327 91,799 94,932 98,171

404,742 443,615 474,484 502,150
493,068 535,413 569,417 600,321 6.0%
12.9% 8.6% 6.4% 5.4%

23,348 23,861 24,386 24,923 1.9%

2.2% 2.2% 2.2% 2.2%
7,449.1 7,632.8 7,758.7 7,884.1 2.0%
1,619.5 1,662.9 1,691.2 1,719.5 2.4%
3.7% 2.7% 1.7% 1.7%
5,829.6 5,969.9 6,067.5 6,164.6 1.9%
3.8% 2.4% 1.6% 1.6%

0.21 0.22 0.22 0.22

0.77 0.78 0.79 0.79

153,780 158,187 161,059 163,567

9,464 9,358 9,357 9,337

66.19 70.15 73.39 76.14

82.09 87.66 92.39 96.32 3.4%
61.77 65.27 68.09 70.52 4.1%
8.8% 6.0% 4.6% 3.8%

2.47 2.55 2.61 2.67 2.2%

4.6% 3.4% 2.2% 2.4%
© Corporate Finance Institute®. All rights reserved.

Trading Comparables Data

Market Information
USD Last Period End Current
Comparables Considerations conversion Ticker Date Price 52 Week
High Low
Dow Jones Food & Beverage Index
Kraft Heinz KHC 12/28/2019 31.78 34.00 19.99
ConAgra Foods CAG 05/26/2019 35.41 36.49 22.83
Mondelez MDLZ 12/31/2019 51.49 59.96 41.19
PepsiCo PEP 12/28/2019 133.53 147.20 101.42
Campbell Soup CPB 07/28/2019 50.00 57.54 40.03
Tyson Foods TSN 09/28/2019 58.41 94.24 42.57
Kellogg Co. K 12/28/2019 64.17 71.05 51.34
Hershey Co. HSY 12/31/2019 127.75 162.2 109.88
General Mills Inc. GIS 05/31/2020 63.43 64.31 46.59
Procter & Gamble PG 06/30/2019 123.63 128.09 94.34
Colgate-Palmolive Company CL 12/31/2019 73.48 77.51 58.49
Keurig Dr Pepper KDP 12/31/2019 29.24 32.00 18.98
National Beverage Corp FIZZ 05/02/2020 67.07 68.86 35.71
Nestle SA 1.06 SWX: NESN 12/31/2019 113.25 119.99 88.37
Group Danone 1.14 EPA: BN 12/31/2019 68.3772 93.9132 57.2964

Minimum
Median
Mean
Maximum

Diversified Beverage Comparables

National Beverage Corp FIZZ 05/02/2020 67.07 68.86 35.71
PepsiCo PEP 12/28/2019 133.53 147.20 101.42
Monster Beverage Corp MNST 12/31/2019 71.42 73.43 50.06
Keurig Dr Pepper KDP 12/31/2019 29.24 32.00 18.98
Nestle SA 1.06 SWX: NESN 12/31/2019 113.25 119.99 88.37
Group Danone 1.14 EPA: BN 12/31/2019 68.3772 93.9132 57.2964

Minimum
Median
Mean
Maximum

Segmented Comparables
Sparkling Soft Drinks
PepsiCo PEP 12/28/2019 133.53 147.20 101.42
Keurig Dr Pepper KHC 12/28/2019 31.78 34.00 19.99
National Beverage Corp FIZZ 05/02/2020 67.07 68.86 35.71

Minimum
Median
Mean
Maximum

Juice, Dairy, & Plant-Based

Keurig Dr Pepper KDP 12/31/2019 29.24 32 18.98
PepsiCo Inc PEP 12/28/2019 133.53 147.2 101.42
Nestle SA SWX: NESN 12/31/2019 113.25 119.99 88.37
Kraft Heinz Co KHC 12/28/2019 31.78 34 19.99

Minimum
Median
Mean
Maximum

Waters & Hydration

PepsiCo Inc PEP 12/28/2019 133.53 147.2 101.42
Nestle SA SWX: NESN 12/31/2019 113.2504 119.992 88.3722
Danone EPA: BN 12/31/2019 68.3772 93.9132 57.2964

Minimum
Median
Mean
Maximum

Tea & Coffee

Starbucks SBUX 09/29/2019 72.73 99.72 50.02
Nestle SWX: NESN 12/31/2019 113.25 119.99 88.37

Minimum
Median
Mean
Maximum

Energy/Sports Drinks
RedBull GmbH 37.70% Private
Monster Beverage Corp 42.90% MNST 12/31/2019 71.42 73.43 50.06
PepsiCo Inc 7.10% PEP 12/28/2019 133.53 147.2 101.42

Minimum
Median
Mean
Maximum
 Tax Rate 21%
TTM Financial Data

Shares Outstanding Market Capitalization Cash & Equivalents Current Assets PP&E

1,221,399,549 38,816,077,667 2,279,000,000 8,097,000,000 7,597,000,000

486,129,815 17,213,856,749 236,600,000 2,733,800,000 2,395,300,000
1,432,943,006 73,782,235,379 1,291,000,000 7,630,000,000 9,301,000,000
1,389,544,618 185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000
301,186,638 15,059,331,900 31,000,000 1,967,000,000 2,455,000,000
295,184,233 17,241,711,050 484,000,000 7,169,000,000 7,282,000,000
342,054,365 21,949,628,602 397,000,000 3,431,000,000 3,612,000,000
148,135,834 18,924,352,794 493,262,000 2,117,102,000 2,153,139,000
609,869,264 38,684,007,416 1,677,800,000 5,121,300,000 3,580,600,000
2,502,259,668 309,354,362,755 4,239,000,000 22,473,000,000 21,271,000,000
855,029,777 62,827,588,014 883,000,000 4,179,000,000 3,750,000,000
1,406,986,313 41,140,279,792 75,000,000 2,273,000,000 2,028,000,000
46,625,628 3,127,180,870 304,518,000 460,712,000 120,627,000
2,934,000,000 332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000
649,000,000 44,376,802,800 4,873,500,000 11,534,520,000 7,802,160,000

3,127,180,870 31,000,000 460,712,000 120,627,000

38,816,077,667 883,000,000 5,121,300,000 3,750,000,000
81,354,665,482 2,258,764,000 8,975,614,267 8,312,569,733
332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000

46,625,628 3,127,180,870 304,518,000 460,712,000 120,627,000

1,389,544,618 185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000
536,896,142 38,345,122,462 1,331,020,000 2,316,309,000 298,640,000
1,406,986,313 41,140,279,792 75,000,000 2,273,000,000 2,028,000,000
2,934,000,000 332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000
649,000,000 44,376,802,800 4,873,500,000 11,534,520,000 7,802,160,000

3,127,180,870 75,000,000 460,712,000 120,627,000

42,758,541,296 3,102,260,000 6,925,414,500 4,915,080,000
107,468,658,728 3,866,803,000 12,005,386,833 10,265,024,500
332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000

1,389,544,618 185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000

1,221,399,549 38,816,077,667 2,279,000,000 8,097,000,000 7,597,000,000
46,625,628 3,127,180,870 304,518,000 460,712,000 120,627,000

3,127,180,870 304,518,000 460,712,000 120,627,000

38,816,077,667 2,279,000,000 8,097,000,000 7,597,000,000
75,829,717,126 2,773,839,333 8,734,237,333 9,523,542,333
185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000

1,406,986,313 41,140,279,792 75,000,000 2,273,000,000 2,028,000,000

1,389,544,618 185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000
2,934,000,000 332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000
1,221,399,549 38,816,077,667 2,279,000,000 8,097,000,000 7,597,000,000

38,816,077,667 75,000,000 2,273,000,000 2,028,000,000

113,343,086,317 4,008,500,000 12,871,000,000 14,225,000,000
149,444,730,975 4,742,695,000 16,454,445,000 15,241,430,000
332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000

1,389,544,618 185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000

2,934,000,000 332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000
649,000,000 44,376,802,800 4,873,500,000 11,534,520,000 7,802,160,000

44,376,802,800 4,873,500,000 11,534,520,000 7,802,160,000

185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000
187,399,789,747 7,163,426,667 22,327,433,333 19,714,293,333
332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000

1,181,000,000 85,894,130,000 2,757,100,000 5,653,900,000 6,431,700,000

2,934,000,000 332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000

85,894,130,000 2,757,100,000 5,653,900,000 6,431,700,000

209,085,401,800 6,817,940,000 21,728,340,000 18,459,710,000
209,085,401,800 6,817,940,000 21,728,340,000 18,459,710,000
332,276,673,600 10,878,780,000 37,802,780,000 30,487,720,000

536,896,142 38,345,122,462 1,331,020,000 2,316,309,000 298,640,000

1,389,544,618 185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000

38,345,122,462 1,331,020,000 2,316,309,000 298,640,000

111,945,507,652 3,534,510,000 9,980,654,500 10,575,820,000
111,945,507,652 3,534,510,000 9,980,654,500 10,575,820,000
185,545,892,842 5,738,000,000 17,645,000,000 20,853,000,000
 Debt & other related
Total Assets Current Liabilities Total Liabilities Shareholder's Equity items

101,450,000,000 7,875,000,000 49,827,000,000 51,623,000,000 52,044,000,000

22,213,800,000 2,142,600,000 14,750,100,000 7,463,700,000 10,677,300,000
64,549,000,000 15,322,000,000 37,274,000,000 27,275,000,000 18,426,000,000
78,547,000,000 20,461,000,000 63,761,000,000 14,786,000,000 32,068,000,000
13,148,000,000 3,385,000,000 12,036,000,000 1,103,000,000 9,008,000,000
33,097,000,000 5,513,000,000 18,871,000,000 14,226,000,000 11,932,000,000
17,564,000,000 4,778,000,000 14,250,000,000 3,314,000,000 12,798,000,000
8,140,395,000 2,008,793,000 6,395,401,000 1,744,994,000 4,266,485,000
30,806,700,000 7,491,500,000 21,912,600,000 8,349,500,000 13,539,500,000
115,095,000,000 30,011,000,000 67,516,000,000 47,579,000,000 30,092,000,000
15,034,000,000 4,038,000,000 14,476,000,000 558,000,000 7,847,000,000
49,518,000,000 6,474,000,000 49,518,000,000 23,257,000,000 29,592,000,000
648,646,000 141,688,000 196,309,000 452,337,000 49,139,000
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,393,840,000
51,712,680,000 12,828,420,000 31,901,760,000 19,654,740,000 19,813,200,000

648,646,000 141,688,000 196,309,000 452,337,000 49,139,000

33,097,000,000 6,474,000,000 21,912,600,000 14,226,000,000 13,539,500,000
49,142,708,067 11,105,460,067 35,886,771,333 18,436,224,733 19,436,430,933
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 52,044,000,000

648,646,000 141,688,000 196,309,000 452,337,000 49,139,000

78,547,000,000 20,461,000,000 63,761,000,000 14,786,000,000 32,068,000,000
5,150,352,000 661,097,000 979,071,000 4,171,281,000 303,922,000
49,518,000,000 6,474,000,000 49,518,000,000 23,257,000,000 29,592,000,000
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,393,840,000
51,712,680,000 12,828,420,000 31,901,760,000 19,654,740,000 19,813,200,000

648,646,000 141,688,000 196,309,000 452,337,000 49,139,000

50,615,340,000 9,651,210,000 40,709,880,000 17,220,370,000 24,702,600,000
53,532,179,667 14,113,017,500 46,995,423,333 19,579,743,000 20,203,350,167
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,393,840,000

78,547,000,000 20,461,000,000 63,761,000,000 14,786,000,000 32,068,000,000

101,450,000,000 7,875,000,000 49,827,000,000 51,623,000,000 52,044,000,000
648,646,000 141,688,000 196,309,000 452,337,000 49,139,000

648,646,000 141,688,000 196,309,000 452,337,000 49,139,000

78,547,000,000 7,875,000,000 49,827,000,000 14,786,000,000 32,068,000,000
60,215,215,333 9,492,562,667 37,928,103,000 22,287,112,333 28,053,713,000
101,450,000,000 20,461,000,000 63,761,000,000 51,623,000,000 52,044,000,000

49,518,000,000 6,474,000,000 49,518,000,000 23,257,000,000 29,592,000,000

78,547,000,000 20,461,000,000 63,761,000,000 14,786,000,000 32,068,000,000
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,393,840,000
101,450,000,000 7,875,000,000 49,827,000,000 51,623,000,000 52,044,000,000

49,518,000,000 6,474,000,000 49,518,000,000 14,786,000,000 29,592,000,000

89,998,500,000 14,168,000,000 56,794,000,000 37,440,000,000 35,730,920,000
91,282,850,000 19,730,475,000 74,680,600,000 36,205,775,000 38,274,460,000
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 52,044,000,000

78,547,000,000 20,461,000,000 63,761,000,000 14,786,000,000 32,068,000,000

135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,393,840,000
51,712,680,000 12,828,420,000 31,901,760,000 19,654,740,000 19,813,200,000

51,712,680,000 12,828,420,000 31,901,760,000 14,786,000,000 19,813,200,000

78,547,000,000 20,461,000,000 63,761,000,000 19,654,740,000 32,068,000,000
88,625,360,000 25,800,440,000 77,093,053,333 29,865,946,667 30,425,013,333
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,393,840,000

19,219,600,000 6,168,700,000 25,450,600,000 -6,232,200,000 39,403,800,000

135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,393,840,000

19,219,600,000 6,168,700,000 25,450,600,000 -6,232,200,000 39,393,840,000

77,418,000,000 25,140,300,000 80,533,500,000 24,462,450,000 39,398,820,000
77,418,000,000 25,140,300,000 80,533,500,000 24,462,450,000 39,398,820,000
135,616,400,000 44,111,900,000 135,616,400,000 55,157,100,000 39,403,800,000

5,150,352,000 661,097,000 979,071,000 4,171,281,000 303,922,000

78,547,000,000 20,461,000,000 63,761,000,000 14,786,000,000 32,068,000,000

5,150,352,000 661,097,000 979,071,000 4,171,281,000 303,922,000

41,848,676,000 10,561,048,500 32,370,035,500 9,478,640,500 16,185,961,000
41,848,676,000 10,561,048,500 32,370,035,500 9,478,640,500 16,185,961,000
78,547,000,000 20,461,000,000 63,761,000,000 14,786,000,000 32,068,000,000
 Non-Cash Working
Invested Capital Capital Net Working Capital EV Revenue

103,667,000,000 5,818,000,000 222,000,000 88,581,077,667 24,977,000,000

18,141,000,000 2,497,200,000 591,200,000 27,654,556,749 9,538,400,000
45,701,000,000 6,339,000,000 -7,692,000,000 90,917,235,379 25,868,000,000
46,854,000,000 11,907,000,000 -2,816,000,000 211,875,892,842 67,161,000,000
10,111,000,000 1,936,000,000 -1,418,000,000 24,036,331,900 8,107,000,000
26,158,000,000 6,685,000,000 1,656,000,000 28,689,711,050 42,405,000,000
16,112,000,000 3,034,000,000 -1,347,000,000 34,350,628,602 13,578,000,000
6,011,479,000 1,623,840,000 108,309,000 22,697,575,794 7,986,252,000
21,889,000,000 3,443,500,000 -2,370,200,000 50,545,707,416 17,626,600,000
77,671,000,000 18,234,000,000 -7,538,000,000 335,207,362,755 67,684,000,000
8,405,000,000 3,296,000,000 141,000,000 69,791,588,014 15,693,000,000
52,849,000,000 2,198,000,000 -4,201,000,000 70,657,279,792 11,120,000,000
501,476,000 156,194,000 319,024,000 2,871,801,870 1,000,394,000
94,550,940,000 26,924,000,000 -6,309,120,000 360,791,733,600 98,122,080,000
39,467,940,000 6,661,020,000 -1,293,900,000 59,316,502,800 28,827,180,000

501,476,000 156,194,000 -7,692,000,000 2,871,801,870 1,000,394,000

26,158,000,000 3,443,500,000 -1,347,000,000 59,316,502,800 17,626,600,000
37,872,655,667 6,716,850,267 -2,129,845,800 98,532,332,415 29,312,927,067
103,667,000,000 26,924,000,000 1,656,000,000 360,791,733,600 98,122,080,000

501,476,000 156,194,000 319,024,000 2,871,801,870 1,000,394,000

46,854,000,000 11,907,000,000 -2,816,000,000 211,875,892,842 67,161,000,000
4,475,203,000 985,289,000 1,655,212,000 37,318,024,462 4,200,819,000
52,849,000,000 2,198,000,000 -4,201,000,000 70,657,279,792 11,120,000,000
94,550,940,000 26,924,000,000 -6,309,120,000 360,791,733,600 98,122,080,000
39,467,940,000 6,661,020,000 -1,293,900,000 59,316,502,800 28,827,180,000

501,476,000 156,194,000 -6,309,120,000 2,871,801,870 1,000,394,000

43,160,970,000 4,429,510,000 -2,054,950,000 64,986,891,296 19,973,590,000
39,783,093,167 8,138,583,833 -2,107,630,667 123,805,205,894 35,071,912,167
94,550,940,000 26,924,000,000 1,655,212,000 360,791,733,600 98,122,080,000

46,854,000,000 11,907,000,000 -2,816,000,000 211,875,892,842 67,161,000,000

103,667,000,000 5,818,000,000 222,000,000 88,581,077,667 24,977,000,000
501,476,000 156,194,000 319,024,000 2,871,801,870 1,000,394,000

501,476,000 156,194,000 -2,816,000,000 2,871,801,870 1,000,394,000

46,854,000,000 5,818,000,000 222,000,000 88,581,077,667 24,977,000,000
50,340,825,333 5,960,398,000 -758,325,333 101,109,590,793 31,046,131,333
103,667,000,000 11,907,000,000 319,024,000 211,875,892,842 67,161,000,000

52,849,000,000 2,198,000,000 -4,201,000,000 70,657,279,792 11,120,000,000

46,854,000,000 11,907,000,000 -2,816,000,000 211,875,892,842 67,161,000,000
94,550,940,000 26,924,000,000 -6,309,120,000 360,791,733,600 98,122,080,000
103,667,000,000 5,818,000,000 222,000,000 88,581,077,667 24,977,000,000

46,854,000,000 2,198,000,000 -6,309,120,000 70,657,279,792 11,120,000,000

73,699,970,000 8,862,500,000 -3,508,500,000 150,228,485,254 46,069,000,000
74,480,235,000 11,711,750,000 -3,276,030,000 182,976,495,975 50,345,020,000
103,667,000,000 26,924,000,000 222,000,000 360,791,733,600 98,122,080,000

46,854,000,000 11,907,000,000 -2,816,000,000 211,875,892,842 67,161,000,000

94,550,940,000 26,924,000,000 -6,309,120,000 360,791,733,600 98,122,080,000
39,467,940,000 6,661,020,000 -1,293,900,000 59,316,502,800 28,827,180,000

39,467,940,000 6,661,020,000 -6,309,120,000 59,316,502,800 28,827,180,000

46,854,000,000 11,907,000,000 -2,816,000,000 211,875,892,842 67,161,000,000
60,290,960,000 15,164,006,667 -3,473,006,667 210,661,376,414 64,703,420,000
94,550,940,000 26,924,000,000 -1,293,900,000 360,791,733,600 98,122,080,000

33,171,600,000 2,896,800,000 -514,800,000 122,540,830,000 26,508,600,000

94,550,940,000 26,924,000,000 -6,309,120,000 360,791,733,600 98,122,080,000

33,171,600,000 2,896,800,000 -6,309,120,000 122,540,830,000 26,508,600,000

63,861,270,000 14,910,400,000 -3,411,960,000 241,666,281,800 62,315,340,000
63,861,270,000 14,910,400,000 -3,411,960,000 241,666,281,800 62,315,340,000
94,550,940,000 26,924,000,000 -514,800,000 360,791,733,600 98,122,080,000

4,475,203,000 985,289,000 1,655,212,000 37,318,024,462 4,200,819,000

46,854,000,000 11,907,000,000 -2,816,000,000 211,875,892,842 67,161,000,000

4,475,203,000 985,289,000 -2,816,000,000 37,318,024,462 4,200,819,000

25,664,601,500 6,446,144,500 -580,394,000 124,596,958,652 35,680,909,500
25,664,601,500 6,446,144,500 -580,394,000 124,596,958,652 35,680,909,500
46,854,000,000 11,907,000,000 1,655,212,000 211,875,892,842 67,161,000,000
 EBIT D&A EBITDA Interest Expense Interest Tax Shield

4,022,000,000 688,000,000 4,710,000,000 1,361,000,000 285,810,000

1,408,000,000 333,000,000 1,741,000,000 400,900,000 84,189,000
3,903,000,000 1,047,000,000 4,950,000,000 456,000 95,760
10,447,000,000 2432000000 12,879,000,000 1,135,000,000 238,350,000
979,000,000 446,000,000 1,425,000,000 356,000,000 74,760,000
2,827,000,000 1,098,000,000 3,925,000,000 462,000,000 97,020,000
1,401,000,000 484,000,000 1,885,000,000 284,000,000 59,640,000
1,595,952,000 291,544,000 1,887,496,000 152,122,000 31,945,620
2,953,900,000 594,700,000 3,548,600,000 475,100,000 99,771,000
14,512,000,000 2,824,000,000 17,336,000,000 613,000,000 128,730,000
3,762,000,000 519,000,000 4,281,000,000 193,000,000 40,530,000
2,378,000,000 698,000,000 3,076,000,000 654,000,000 137,340,000
165,746,000 17,234,000 182,980,000 3,900,000 819,000
17,042,680,000 3,935,780,000 20,978,460,000 1,089,680,000 228,832,800
3,690,180,000 992,940,000 4,683,120,000 670,320,000 140,767,200

165,746,000 17,234,000 182,980,000 456,000 95,760

2,953,900,000 688,000,000 3,925,000,000 462,000,000 97,020,000
4,739,163,867 1,093,413,200 5,832,577,067 523,365,200 109,906,692
17,042,680,000 3,935,780,000 20,978,460,000 1,361,000,000 285,810,000

165,746,000 17,234,000 182,980,000 3,900,000 819,000

10,447,000,000 2,432,000,000 12,879,000,000 1,135,000,000 238,350,000
1,402,939,000 64,814,000 1,467,753,000 320,000,000 67,200,000
2,378,000,000 698,000,000 3,076,000,000 654,000,000 137,340,000
17,042,680,000 3,935,780,000 20,978,460,000 1,089,680,000 228,832,800
3,690,180,000 992,940,000 4,683,120,000 670,320,000 140,767,200

165,746,000 17,234,000 182,980,000 3,900,000 819,000

3,034,090,000 845,470,000 3,879,560,000 662,160,000 139,053,600
5,854,424,167 1,356,794,667 7,211,218,833 645,483,333 135,551,500
17,042,680,000 3,935,780,000 20,978,460,000 1,135,000,000 238,350,000

10,447,000,000 2,432,000,000 12,879,000,000 1,135,000,000 238,350,000

 4,022,000,000 688,000,000 4,710,000,000 1,361,000,000 285,810,000
165,746,000 17,234,000 182,980,000 3,900,000 819,000

165,746,000 17,234,000 182,980,000 3,900,000 819,000

4,022,000,000 688,000,000 4,710,000,000 1,135,000,000 238,350,000
4,878,248,667 1,045,744,667 5,923,993,333 833,300,000 174,993,000
10,447,000,000 2,432,000,000 12,879,000,000 1,361,000,000 285,810,000

2,378,000,000 698,000,000 3,076,000,000 654,000,000 137,340,000

10,447,000,000 2,432,000,000 12,879,000,000 1,135,000,000 238,350,000
17,042,680,000 3,935,780,000 20,978,460,000 1,089,680,000 228,832,800
4,022,000,000 688,000,000 4,710,000,000 1,361,000,000 285,810,000

2,378,000,000 688,000,000 3,076,000,000 654,000,000 137,340,000

7,234,500,000 1,565,000,000 8,794,500,000 1,112,340,000 233,591,400
8,472,420,000 1,938,445,000 10,410,865,000 1,059,920,000 222,583,200
17,042,680,000 3,935,780,000 20,978,460,000 1,361,000,000 285,810,000

10,447,000,000 2,432,000,000 12,879,000,000 1,135,000,000 238,350,000

17,042,680,000 3,935,780,000 20,978,460,000 1,089,680,000 228,832,800
3,690,180,000 992,940,000 4,683,120,000 670,320,000 140,767,200

3,690,180,000 992,940,000 4,683,120,000 670,320,000 140,767,200

10,447,000,000 2,432,000,000 12,879,000,000 1,089,680,000 228,832,800
10,393,286,667 2,453,573,333 12,846,860,000 965,000,000 202,650,000
17,042,680,000 3,935,780,000 20,978,460,000 1,135,000,000 238,350,000

4,077,900,000 1,449,300,000 5,527,200,000 331,000,000 69,510,000

17,042,680,000 3,935,780,000 20,978,460,000 1,089,680,000 228,832,800

4,077,900,000 1,449,300,000 5,527,200,000 331,000,000 69,510,000

10,560,290,000 2,692,540,000 13,252,830,000 710,340,000 149,171,400
10,560,290,000 2,692,540,000 13,252,830,000 710,340,000 149,171,400
17,042,680,000 3,935,780,000 20,978,460,000 1,089,680,000 228,832,800

1,402,939,000 64,814,000 1,467,753,000 320,000,000 67,200,000

10,447,000,000 2,432,000,000 12,879,000,000 1,135,000,000 238,350,000

1,402,939,000 64,814,000 1,467,753,000 320,000,000 67,200,000

 5,924,969,500 1,248,407,000 7,173,376,500 727,500,000 152,775,000
5,924,969,500 1,248,407,000 7,173,376,500 727,500,000 152,775,000
10,447,000,000 2,432,000,000 12,879,000,000 1,135,000,000 238,350,000
 Net Capital Free Cash Flow to
Net Income Operating Cash Flow Expenditures Firm EV/EBITDA

1,935,000,000 3,552,000,000 768,000,000 3,069,810,000 18.81

678,400,000 1,125,500,000 353,100,000 856,589,000 15.88
3,870,000,000 3,965,000,000 925,000,000 3,040,095,760 18.37
7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 16.45
211,000,000 1,398,000,000 384,000,000 1,088,760,000 16.87
2,035,000,000 2,513,000,000 1,259,000,000 1,351,020,000 7.31
960,000,000 1,176,000,000 586,000,000 649,640,000 18.22
1,146,752,000 1,763,873,000 318,192,000 1,477,626,620 12.03
2,181,200,000 3,676,200,000 460,800,000 3,315,171,000 14.24
3,966,000,000 15,242,000,000 3,347,000,000 12,023,730,000 19.34
2,367,000,000 3,133,000,000 335,000,000 2,838,530,000 16.30
1,254,000,000 2,474,000,000 493,000,000 2,118,340,000 22.97
129,972,000 177,692,000 23,890,000 154,621,000 15.69
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 17.20
2,199,060,000 3,926,160,000 1,211,820,000 2,855,107,200 12.67

129,972,000 177,692,000 23,890,000 154,621,000 7.31

2,035,000,000 3,133,000,000 586,000,000 2,838,530,000 16.45
2,910,128,267 4,704,828,333 1,274,864,133 3,539,870,892 16.16
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 22.97

129,972,000 177,692,000 23,890,000 154,621,000 15.69

7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 16.45
1,107,835,000 1,965,198,000 1,169,397,000 863,001,000 25.43
1,254,000,000 2,474,000,000 493,000,000 2,118,340,000 22.97
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 17.20
2,199,060,000 3,926,160,000 1,211,820,000 2,855,107,200 12.67

129,972,000 177,692,000 23,890,000 154,621,000 12.67

1,726,530,000 3,200,080,000 1,190,608,500 2,486,723,600 16.82
4,234,901,167 5,832,175,000 1,926,044,500 4,041,682,000 18.40
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 25.43

7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 16.45

 1,935,000,000 3,552,000,000 768,000,000 3,069,810,000 18.81
129,972,000 177,692,000 23,890,000 154,621,000 15.69

129,972,000 177,692,000 23,890,000 154,621,000 15.69

1,935,000,000 3,552,000,000 768,000,000 3,069,810,000 16.45
3,139,324,000 4,459,564,000 1,617,963,333 3,016,593,667 16.98
7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 18.81

1,254,000,000 2,474,000,000 493,000,000 2,118,340,000 22.97

7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 16.45
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 17.20
1,935,000,000 3,552,000,000 768,000,000 3,069,810,000 18.81

1,254,000,000 2,474,000,000 493,000,000 2,118,340,000 16.45

4,644,000,000 6,600,500,000 2,415,000,000 4,447,580,000 18.00
5,976,885,000 8,119,000,000 2,479,790,000 5,861,793,200 18.86
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 22.97

7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 16.45

13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 17.20
2,199,060,000 3,926,160,000 1,211,820,000 2,855,107,200 12.67

2,199,060,000 3,926,160,000 1,211,820,000 2,855,107,200 12.67

7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 16.45
7,639,200,000 10,125,386,667 3,289,993,333 7,038,043,333 15.44
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 17.20

3,599,200,000 5,047,000,000 1,806,600,000 3,309,910,000 22.17

13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 17.20

3,599,200,000 5,047,000,000 1,806,600,000 3,309,910,000 17.20

8,482,370,000 10,924,000,000 3,201,380,000 7,871,791,400 19.68
8,482,370,000 10,924,000,000 3,201,380,000 7,871,791,400 19.68
13,365,540,000 16,801,000,000 4,596,160,000 12,433,672,800 22.17

1,107,835,000 1,965,198,000 1,169,397,000 863,001,000 25.43

7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 16.45

1,107,835,000 1,965,198,000 1,169,397,000 863,001,000 16.45

4,230,417,500 5,807,099,000 2,615,698,500 3,344,175,500 20.94
4,230,417,500 5,807,099,000 2,615,698,500 3,344,175,500 20.94
7,353,000,000 9,649,000,000 4,062,000,000 5,825,350,000 25.43
© Corporate Finance Institute. All rights reserved.

The Coca-Cola Company 2003 2004

In $USD millions except per share data

Consolidated Income Statement

Net Operating Revenues 20,857 21,742
Cost of goods sold (7,776) (7,674)
GROSS PROFIT 13,081 14,068

Selling, general and administrative expenses (7,287) (7,890)

Other operating charges (573) (480)
OPERATING INCOME 5,221 5,698

Interest income 176 157

Interest expense (178) (196)
Equity income (loss) — net 406 621
Other income (loss) — net (138) (82)
Gains on issuances of stock by equity investees 8 24
INCOME BEFORE INCOME TAXES 5,495 6,222

Income taxes (1,148) (1,375)

NET INCOME 4,347 4,847
Less: Net Income attributable to noncontrolling interests - -
Net Income available for shareholders 4,347 4,847

Consolidated Balance Sheet

ASSETS
Cash and cash equivalents 6,707
Short Term Investments -
Total Cash and Cash Equivalents 6,707
Marketable securities 61
Trade accounts receivable 2,244
Inventories 1,420
Prepaid expenses and other assets 1,849
Assets held for sale -
TOTAL CURRENT ASSETS 12,281

INVESTMENTS
Equity method investments -
Coca-Cola Hellenic Bottling Company S.A. 1,067
Coca-Cola FEMSA, S.A.B. de C.V. 1,569
Coca-Cola Amatil Limited 792
Coca-Cola Enterprises Inc. 736
Other, principally bottling companies and joint ventures 1,733
Other investments, principally bottling companies 355
TOTAL INVESTMENTS 6,252
OTHER ASSETS 2,981
Deferred income tax assets -
PROPERTY, PLANT AND EQUIPMENT — net 6,091
TRADEMARKS WITH INDEFINITE LIVES 2,037
Bottler's franchise rights with indefinite lives -
GOODWILL 1,097
OTHER INTANGIBLE ASSETS 702
TOTAL ASSETS 31,441

LIABILITIES AND SHAREOWNERS' EQUITY

Accounts payable and accrued expenses 4,403
Loans and notes payable 4,531
Current maturities of long-term debt 1,490
Accrued income taxes 709
Liabilities held for sale -
TOTAL CURRENT LIABILITIES 11,133

LONG-TERM DEBT 1,157

OTHER LIABILITIES 2,814
DEFERRED INCOME TAXES 402
Total Liabilities 15,506

SHAREOWNERS' EQUITY
Common stock $0.25 par; Authorized — 11,200 shares; Issued — 7,040 875
Capital surplus 4,928
Reinvested earnings 29,105
Accumulated other comprehensive income (loss) (1,348)
Treasury stock, at cost — 1,207 and 1,201 shares, respectively (17,625)
TOTAL SHAREOWNERS' EQUITY attributable to shareholders 15,935
Non-Controlling Interests -
Total Equity 15,935
TOTAL LIABILITIES AND SHAREOWNERS' EQUITY 31,441

Consolidated Statement of Cash Flows

OPERATING ACTIVITIES
Net income 4,347 4,847
Depreciation and amortization 850 893
Stock-based compensation expense 422 345
Deferred income taxes (188) 162
Equity income or loss, net of dividends (294) (476)
Foreign currency adjustments (79) (59)
Gains on issuances of stock by equity investees (8) (24)
Significant (Gains) losses on sales of assets, net (5) (20)
Other (gains) losses, net - -
Other operating charges 330 480
Other items 249 437
Net change in operating assets and liabilities (168) (617)
Net cash provided by operating activities 5,456 5,968

INVESTING ACTIVITIES
Purchases of investments (177) (46)
Proceeds from disposals of investents - -
Acquisitions of businesses, equity method investments, and non marketable securities (359) (267)
Proceeds from disposal of businesses, equity method investments, and non marketable 147 161
Purchases of property, plant and equipment (812) (755)
Proceeds from disposals of property, plant and equipment 87 341
Other investing activities 178 63
Net cash used in investing activities (936) (503)

FINANCING ACTIVITIES
Issuances of debt 1,026 3,030
Payments of debt (1,119) (1,316)
Issuances of stock 98 193
Purchases of stock for treasury (1,440) (1,739)
Dividends (2,166) (2,429)
Other financing activities - -
Net cash provided by (used in) financing activities (3,601) (2,261)

EFFECT OF EXCHANGE RATE CHANGES 183 141

Net increase (decrease) during the year 1,102 3,345

Cash, cash equivalents, and restricted cash and cash equivalents

Balance at beginning of year with cash/cash equivalents 2,260 3,362
Balance at end of year with restricted cash/cash equivalents - -
Less: Restricted cash and cash equivalents at end of year - -
Cash and Cash Equivalents at end of year 3,362 6,707
2005 2006 2007 2008 2009 2010 2011 2012

23,104 24,088 28,857 31,944 30,990 35,119 46,542 48,017

(8,195) (8,164) (10,406) (11,374) (11,088) (12,693) (18,216) (19,053)
14,909 15,924 18,451 20,570 19,902 22,426 28,326 28,964

(8,739) (9,431) (10,945) (11,774) (11,358) (13,158) (17,440) (17,738)

(85) (185) (254) (350) (313) (819) (732) (447)
6,085 6,308 7,252 8,446 8,231 8,449 10,154 10,779

235 193 236 333 249 317 483 471

(240) (220) (456) (438) (355) (733) (417) (397)
680 102 668 (874) 781 1,025 690 819
(93) 195 173 39 40 5,185 529 137
23 - - - - - - -
6,690 6,578 7,873 7,506 8,946 14,243 11,439 11,809

(1,818) (1,498) (1,892) (1,632) (2,040) (2,384) (2,805) (2,723)

4,872 5,080 5,981 5,874 6,906 11,859 8,634 9,086
- - - (67) (82) (50) (62) (67)
4,872 5,080 5,981 5,807 6,824 11,809 8,572 9,019

4,701 2,440 4,093 4,701 7,021 8,517 12,803 8,442

- - - - 2,130 2,682 1,088 5,017
4,701 2,440 4,093 4,701 9,151 11,199 13,891 13,459
66 150 215 278 62 138 144 3,092
2,281 2,587 3,317 3,090 3,758 4,430 4,920 4,759
1,424 1,641 2,220 2,187 2,354 2,650 3,092 3,264
1,778 1,623 2,260 1,920 2,226 3,162 3,450 2,781
- - - - - - - 2,973
10,250 8,441 12,105 12,176 17,551 21,579 25,497 30,328

- - - - 6,217 6,954 7,233 9,216

1,039 1,251 1,549 1,487 - - - -
982 835 996 877 - - - -
748 817 806 638 - - - -
1,731 1,312 1,637 - - - - -
2,062 2,095 2,301 2,314 - - - -
 360 473 488 463 538 631 1,141 1,232
6,922 6,783 7,777 5,779 6,755 7,585 8,374 10,448
2,648 2,701 2,675 1,733 1,976 2,121 3,495 3,585
- - - - - - -
5,786 6,903 8,493 8,326 9,561 14,727 14,939 14,476
1,946 2,045 5,153 6,059 6,183 6,356 6,430 6,527
- - - - - 7,511 7,770 7,405
1,047 1,403 4,256 4,029 4,224 11,665 12,219 12,255
828 1,687 2,810 2,417 2,421 1,377 1,250 1,150
29,427 29,963 43,269 40,519 48,671 72,921 79,974 86,174

4,493 5,055 6,915 6,205 6,657 8,859 9,009 8,680

4,518 3,235 5,919 6,066 6,749 8,100 12,871 16,297
28 33 133 465 51 1,276 2,041 1,577
797 567 258 252 264 273 362 471
- - - - - - 796
9,836 8,890 13,225 12,988 13,721 18,508 24,283 27,821

1,154 1,314 3,277 2,781 5,059 14,041 13,656 14,736

1,730 2,231 3,133 3,401 2,965 4,794 5,420 5,468
352 608 1,890 877 1,580 4,261 4,694 4,981
13,072 13,043 21,525 20,047 23,325 41,604 48,053 53,006

877 878 880 880 880 880 880 1,760

5,492 5,983 7,378 7,966 8,537 10,057 11,212 11,379
31,299 33,468 36,235 38,513 41,537 49,278 53,550 58,045
(1,669) (1,291) 626 (2,674) (757) (1,450) (2,703) (3,385)
(19,644) (22,118) (23,375) (24,213) (25,398) (27,762) (31,304) (35,009)
16,355 16,920 21,744 20,472 24,799 31,003 31,635 32,790
- - - - 547 314 286 378
16,355 16,920 21,744 20,472 25,346 31,317 31,921 33,168
29,427 29,963 43,269 40,519 48,671 72,921 79,974 86,174

4,872 5,080 5,981 5,807 6,906 11,859 8,634 9,086

932 938 1,163 1,228 1,236 1,443 1,954 1,982
324 324 313 266 241 380 354 259
(88) (35) 109 (360) 353 617 1,028 632
(446) 124 (452) 1,128 (359) (671) (269) (426)
47 52 9 (42) 61 151 7 (130)
(23) - - - - - - -
(9) (303) (244) (130) (43) (645) (220) (98)
- - - - - (4,713) - -
85 159 166 209 134 264 214 166
299 233 99 153 221 477 (335) 254
 430 (615) 6 (688) (564) 370 (1,893) (1,080)
6,423 5,957 7,150 7,571 8,186 9,532 9,474 10,645

(53) (82) (99) (240) (2,152) (4,711) (4,844) (14,824)

- - - - - 4,032 5,647 7,791
(637) (901) (5,653) (759) (300) (2,511) (977) (1,486)
33 640 448 479 240 972 562 20
(899) (1,407) (1,648) (1,968) (1,993) (2,215) (2,920) (2,780)
88 112 239 129 104 134 101 143
(28) (62) (6) (4) (48) (106) (93) (268)
(1,496) (1,700) (6,719) (2,363) (4,149) (4,405) (2,524) (11,404)

178 617 9,979 4,337 14,689 15,251 27,495 42,791

(2,460) (2,021) (5,638) (4,308) (12,326) (13,403) (22,530) (38,573)
230 148 1,619 586 664 1,666 1,569 1,489
(2,055) (2,416) (1,838) (1,079) (1,518) (2,961) (4,513) (4,559)
(2,678) (2,911) (3,149) (3,521) (3,800) (4,068) (4,300) (4,595)
- - - - (2) 50 45 100
(6,785) (6,583) 973 (3,985) (2,293) (3,465) (2,234) (3,347)

(148) 65 249 -615 576 (166) (430) (255)

(2,006) (2,261) 1,653 608 2,320 1,496 4,286 (4,361)

6,707 4,701 2,440 4,093 4,701 7,021 8,517 12,803

- - - - - - - -
- - - - - - - -
4,701 2,440 4,093 4,701 7,021 8,517 12,803 8,442
 2013 2014 2015 2016 2017 2018 2019

46,854 45,998 44,294 41,863 36,212 34,300 37,266

(18,421) (17,889) (17,482) (16,465) (13,721) (13,067) (14,619)
28,433 28,109 26,812 25,398 22,491 21,233 22,647

(17,310) (17,218) (16,427) (15,262) (12,834) (11,002) (12,103)

(895) (1,183) (1,657) (1,510) (1,902) (1,079) (458)
10,228 9,708 8,728 8,626 7,755 9,152 10,086

534 594 613 642 679 689 563

(463) (483) (856) (733) (853) (950) (946)
602 769 489 835 1,072 1,008 1,049
576 (1,263) 631 (1,234) (1,763) (1,674) 34
- - - - - - -
11,477 9,325 9,605 8,136 6,890 8,225 10,786

(2,851) (2,201) (2,239) (1,586) (5,607) (1,749) (1,801)

8,626 7,124 7,366 6,550 1,283 6,476 8,985
(42) (26) (15) (23) (35) (42) (65)
8,584 7,098 7,351 6,527 1,248 6,434 8,920

10,414 8,958 7,309 8,555 6,006 9,077 6,480

6,707 9,052 8,322 9,595 9,352 2,025 1,467
17,121 18,010 15,631 18,150 15,358 11,102 7,947
3,147 3,665 4,269 4,051 5,317 5,013 3,228
4,873 4,466 3,941 3,856 3,667 3,685 3,971
3,277 3,100 2,902 2,675 2,655 3,071 3,379
2,886 3,066 2,752 2,481 2,000 2,059 1,886
- 679 3,900 2,797 7,548 - -
31,304 32,986 33,395 34,010 36,545 24,930 20,411

10,393 9,947 12,318 16,260 20,856 19,412 19,025

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
 1,119 3,678 3,470 989 1,096 867 854
11,512 13,625 15,788 17,249 21,952 20,279 19,879
4,661 4,407 4,207 4,248 4,560 4,148 6,075
- - - - - 2,674 2,412
14,967 14,633 12,571 10,635 8,203 9,598 10,838
6,744 6,533 5,989 6,097 6,729 6,682 9,266
7,415 6,689 6,000 3,676 138 51 109
12,312 12,100 11,289 10,629 9,401 14,109 16,764
1,140 1,050 854 726 368 745 627
90,055 92,023 90,093 87,270 87,896 83,216 86,381

9,577 9,234 9,660 9,490 8,748 9,533 11,312

16,901 19,130 13,129 12,498 13,205 13,835 10,994
1,024 3,552 2,677 3,527 3,298 5,003 4,253
309 400 331 307 410 411 414
- 58 1,133 710 1,533 - -
27,811 32,374 26,930 26,532 27,194 28,782 26,973

19,154 19,063 28,407 29,684 31,182 25,376 27,516

3,498 4,389 4,301 4,081 8,021 7,646 8,510
6,152 5,636 4,691 3,753 2,522 2,354 2,284
56,615 61,462 64,329 64,050 68,919 64,158 65,283

1,760 1,760 1,760 1,760 1,760 1,760 1,760

12,276 13,154 14,016 14,993 15,864 16,520 17,154
61,660 63,408 65,018 65,502 60,430 63,234 65,855
(3,432) (5,777) (10,174) (11,205) (10,305) (12,814) (13,544)
(39,091) (42,225) (45,066) (47,988) (50,677) (51,719) (52,244)
33,173 30,320 25,554 23,062 17,072 16,981 18,981
267 241 210 158 1,905 2,077 2,117
33,440 30,561 25,764 23,220 18,977 19,058 21,098
90,055 92,023 90,093 87,270 87,896 83,216 86,381

8,626 7,124 7,366 6,550 1,283 6,476 8,985

1,977 1,976 1,970 1,787 1,260 1,086 1,365
227 209 236 258 219 225 201
648 (40) 73 (856) (1,252) (413) (280)
(201) (371) (122) (449) (628) (457) (421)
168 415 (137) 158 292 (50) 91
- - - - - - -
(670) 831 (374) 1,146 1,459 743 (467)
- - - - - - -
465 761 929 647 1,218 558 127
234 149 744 (224) (252) 699 504
 (932) (439) (157) (221) 3,442 (1,240) 366
10,542 10,615 10,528 8,796 7,041 7,627 10,471

(14,782) (17,800) (15,831) (15,499) (17,296) (7,789) (4,704)

12,791 12,986 14,079 16,624 16,694 14,977 6,973
(353) (389) (2,491) (838) (3,809) (1,263) (5,542)
872 148 565 1,035 3,821 1,362 429
(2,550) (2,406) (2,553) (2,262) (1,750) (1,548) (2,054)
111 223 85 150 108 248 978
(303) (268) (40) (209) (80) (60) (56)
(4,214) (7,506) (6,186) (999) (2,312) 5,927 (3,976)

43,425 41,674 40,434 27,281 29,926 27,605 23,009

(38,714) (36,962) (37,738) (25,615) (28,871) (30,600) (24,850)
1,328 1,532 1,245 1,434 1,595 1,476 1,012
(4,832) (4,162) (3,564) (3,681) (3,682) (1,912) (1,103)
(4,969) (5,350) (5,741) (6,043) (6,320) (6,644) (6,845)
17 (363) 251 79 (95) (272) (227)
(3,745) (3,631) (5,113) (6,545) (7,447) (10,347) (9,004)

(611) (934) (878) (6) 241 (262) (72)

1,972 (1,456) (1,649) 1,246 (2,477) 2,945 (2,581)

8,442 10,414 8,958 7,309 8,850 6,373 9,318

- - - - 6,373 9,318 6,737
- - - - 271 241 257
10,414 8,958 7,309 8,958 6,102 9,077 6,480
2020

-
-
© Corporate Finance Institute. All rights reserved. 2018
The Coca-Cola Company 03/30/18 06/29/18
In $USD millions except per share data

Consolidated Income Statement

Net Operating Revenues 7,626 9,421
Cost of goods sold 2,738 3,543
GROSS PROFIT 4,888 5,878
Selling, general and administrative expenses 2,541 2,887
Other operating charges 536 225
OPERATING INCOME 1,811 2,766
Interest income 165 173
Interest expense 230 247
Equity income (loss) — net 142 324
Other income (loss) — net (55) (74)
INCOME BEFORE INCOME TAXES 1,833 2,942
Income taxes 506 611
NET INCOME 1,400 2,331
Less: Net Income attributable to noncontrolling interests and other 105 15
Net Income available for shareholders 1,368 2,316
Total Comprehensive Adjustment 644 (1,751)
Total Comprehensive Income attributable to Shareholders 2,044 580

PER-SHARE DATA
BASIC NET INCOME PER SHARE 0.32 0.54
DILUTED NET INCOME PER SHARE 0.32 0.54

AVERAGE SHARES OUTSTANDING 4,265 4,255

Effect of dilutive securities 41 35
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION 4,306 4,290

Consolidated Balance Sheet

ASSETS
Cash and cash equivalents 8,291 7,975
Short Term Investments 7,518 5,843
Total Cash and Cash Equivalents 15,809 13,818
Marketable securities 5,564 5,536
Trade accounts receivable 3,904 4,565
Inventories 2,937 2,881
Prepaid expenses and other assets 9,828 9,224
TOTAL CURRENT ASSETS 38,042 36,024
INVESTMENTS
Equity method investments 21,478 20,604
Other investments, principally bottling companies 1,039 1,015
TOTAL INVESTMENTS
OTHER ASSETS 4,428 4,401
Deferred income tax assets 3,298 2,999
PROPERTY, PLANT AND EQUIPMENT — net 7,977 7,688
TRADEMARKS WITH INDEFINITE LIVES 6,753 6,669
Bottler's franchise rights with indefinite lives 53 38
GOODWILL 9,908 9,863
OTHER INTANGIBLE ASSETS 306 292
TOTAL ASSETS 93,282 89,593

LIABILITIES AND SHAREOWNERS' EQUITY

Accounts payable, accrued expenses, and other 11,746 12,298
Loans and notes payable 14,785 14,715
Current maturities of long-term debt 4,370 4,023
Accrued income taxes 579 362
TOTAL CURRENT LIABILITIES 31,480 31,398
LONG-TERM DEBT 29,792 28,063
OTHER LIABILITIES 8,079 7,367
DEFERRED INCOME TAXES 2,314 2,589
Total Liabilities 71,665 69,417
SHAREOWNERS' EQUITY
Common stock $0.25 par; Authorized — 11,200 shares; Issued — 7,040 1,760 1,760
Capital surplus 16,006 16,117
Reinvested earnings 63,150 63,808
Accumulated other comprehensive income (loss) (10,038) (11,774)
Treasury stock, at cost — 1,207 and 1,201 shares, respectively (51,268) (51,588)
TOTAL SHAREOWNERS' EQUITY attributable to shareholders 19,610 18,323
Non-Controlling Interests 2,007 1,853
Total Equity 21,617 20,176
TOTAL LIABILITIES AND SHAREOWNERS' EQUITY 93,282 89,593

Consolidated Statement of Cash Flows

Operating Cash Flow
Net Income
Depreciation and amortization
Stock-based compensation expense
Deferred income taxes
Equity (income) loss, net of dividends
Foreign currency adjustments
Gains on issuances of stock by equity investees
Significant (Gains) losses on sales of assets, net
Other (gains) losses, net
Other operating charges
Other items
Net change in operating assets and liabilities
Net Cash Provided by Operating Activities
Investing Cash Flow
Purchases of investments
Proceeds from disposals of investments
Acquisitions of businesses, equity method investments, and non marketable securities
Proceeds from disposal of businesses, equity method investments, and non marketable securities
Purchases of property, plant and equipment
Proceeds from disposals of property, plant and equipment
Other investing activities
Net Cash Provided by Investing Activities

Financing Cash Flow

Issuances of debt
Payments of debt
Issuances of stock
Purchases of stock for treasury
Dividends
Other financing activities
Net Cash Provided by Financing Activities

Effect of exchange rate changes on cash & cash equivalents

Net Increase (decrease) during the year

Balance at the beginning of year

Less: Restricted Cash and cash equivalents
Balance at end of year
2018 2019
09/28/18 12/31/18 03/29/19 06/28/19 09/27/19 12/31/19

8,775 7,806 8,694 9,997 9,507 9,068

3,346 3,102 3,365 3,921 3,767 3,566
5,429 4,704 5,329 6,076 5,740 5,502
2,660 2,716 2,767 2,996 3,116 3,224
155 163 127 92 125 114
2,614 1,825 2,435 2,988 2,499 2,164
171 179 133 142 153 135
214 253 245 236 230 235
348 195 133 329 346 241
(546) (981) (231) (174) 324 115
2,373 965 2,225 3,049 3,092 2,420
555 38 522 421 503 355
1,818 927 1,703 2,628 2,589 2,065
(62) 57 25 21 (4) 23
1,880 870 1,678 2,607 2,593 2,042
(234) na 983 (677) (721) na
1,584 na 2,686 1,951 1,868 na

0.44 0.2 0.39 0.61 0.61 0.48

0.44 0.2 0.39 0.61 0.6 0.47

4,255 4,262 4,271 4,269 4,280 4,282

40 42 35 36 41 40
4,295 4,304 4,306 4,305 4,321 4,322

9,065 9,077 5,645 6,731 7,531 6,480

4,727 2,025 1,538 2,572 2,001 1,467
13,792 11,102 7,183 9,303 9,532 7,947
5,055 5,013 4,765 4,058 3,456 3,228
3,702 3,685 3,852 4,888 4,353 3,971
2,627 3,071 3,178 3,453 3,266 3,379
8,237 2,059 9,562 2,658 2,510 1,886
33,413 24,930 28,540 24,360 23,117 20,411

20,899 19,412 19,283 19,418 18,689 19,025

1,051 867 915 894 878 854
 4,535 4,148 5,382 5,596 5,750 6,075
2,720 2,674 2,617 2,559 2,452 2,412
7,404 9,598 8,866 10,254 10,217 10,838
6,668 6,682 9,351 9,313 9,167 9,266
51 51 111 110 109 109
9,856 14,109 12,964 16,840 16,465 16,764
280 745 318 652 589 627
86,877 83,216 88,347 89,996 87,433 86,381

11,803 9,533 12,821 12,819 12,727 11,312

12,973 13,835 11,570 13,030 10,972 10,994
6,341 5,003 3,297 2,749 492 4,253
313 411 255 784 909 414
31,430 28,782 27,943 29,382 25,100 26,973
25,523 25,376 29,400 29,296 31,012 27,516
7,246 7,646 8,598 8,336 8,057 8,510
2,500 2,354 2,602 2,687 2,581 2,284
66,699 64,158 68,543 69,701 66,750 65,283

1,760 1,760 1,760 1,760 1,760 1,760

16,266 16,520 16,577 16,833 17,039 17,154
64,028 63,234 63,704 64,602 65,481 65,855
(12,070) (12,814) (12,325) (12,981) (13,706) (13,544)
(51,720) (51,719) (51,981) (52,033) (51,861) (52,244)
18,264 16,981 17,735 18,181 18,713 18,981
1,914 2,077 2,069 2,114 1,970 2,117
20,178 19,058 19,804 20,295 20,683 21,098
86,877 83,216 88,347 89,996 87,433 86,381
 2020
03/27/20 06/26/20

8,601 7,150
3,371 3,013
5,230 4,137
2,648 1,983
202 173
2,380 1,981
112 100
193 274
167 176
544 214
3,010 2,197
215 438
2,795 1,759
20 (20)
2,775 1,779

2,795 1,759

0.65 0.41
0.64 0.41

4,289 4,295
36 21
4,325 4,316

13,561 10,037
1,713 7,551
15,274 17,588
2,392 2,228
4,430 3,849
3,558 3,501
2,580 2,205
28,234 29,371

18,020 18,189
652 746
 6,001 5,875
2,275 2,366
10,993 10,695
10,457 10,172
108 103
16,673 16,617
600 555
94,013 94,689

12,640 11,668
13,657 9,423
5,642 5,181
458 576
32,397 26,848
31,094 37,729
8,832 8,954
1,856 1,969
74,179 75,500

1,760 1,760
17,312 17,367
66,870 66,888
(15,696) (16,460)
(52,088) (52,071)
18,158 17,484
1,676 1,705
19,834 19,189
94,013 94,689

4,554
748
36
(39)
(212)
(67)
na
(901)
na
341
52
(1,726)
2786
 (8,294)
2,649
(984)
46
(536)
112
40
(6,967)

19,775
(10,304)
444
(93)
(1,761)
(16)
8045

(172)
3,692

6,737
392
6,345