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2013
2014 [E]
329.0
295.3
33.7
28.6
1.7
3.4
0.2
1.1
2.1
$0.52
$0.20
345.5
310.4
35.1
30.3
1.8
3.0
0.0
1.1
2.0
$0.49
$0.20
Balance sheet
Cash
Accounts receivable
Other current assets
Current assets
Net PP&E
Investments and other assets
Total assets
3.6
20.7
6.3
30.6
3.1
45.0
78.7
4.2
22.0
5.1
31.3
5.1
47.1
83.6
3.3
29.3
4.9
37.5
7.2
47.3
92.0
1.5
30.4
5.0
36.9
9.2
47.6
93.7
0.4
31.0
4.9
36.3
11.2
47.2
94.6
Accounts payable
Bank borrowing
Current Liabilities
Accrued expenses and deferred taxes
Other non-current liabilities
Total liabilities
Shareholders' equity
Total liabilities and equity
5.6
0.0
5.6
13.9
16.6
36.1
42.6
78.7
5.3
0.0
5.3
13.9
17.5
36.7
46.9
83.6
7.6
4.0
11.6
15.0
17.0
43.6
48.4
92.0
8.9
2.5
11.4
15.3
17.3
44.0
49.7
93.7
10.4
0.0
10.4
15.5
17.9
43.8
50.8
94.6
2012
2013
2014 [E]
149.5
137.1
12.4
2.9
2.5
7.0
0.4
2.3
4.3
$1.22
$0.24
155.3
142.5
12.8
3.0
2.8
7.0
0.4
2.3
4.3
$1.23
$0.24
161.9
148.6
13.3
3.0
2.9
7.4
0.4
2.5
4.6
$1.30
$0.24
1.8
13.1
2.8
17.7
16.0
35.9
69.6
1.0
13.5
4.0
18.5
17.4
38.6
74.5
1.9
14.6
4.1
20.6
18.6
41.8
81.1
1.5
15.2
4.2
20.9
19.7
43.2
83.8
2.1
16.2
4.2
22.5
20.9
43.5
86.8
Accounts payable
9.3
Long-term debt, current portionb
0.4
Current Liabilities
9.7
Long-term debt
8.2
Accrued expenses and deferred taxes
11.6
Other non-current liabilities
11.0
Total liabilities
40.5
Shareholders 'equity
29.1
Total liabilities and equity
69.6
a
Interest rate on long-term debt outstanding is at 4.5% per year.
b
Principal amount of long-term debt is amortized at $0.4m per year.
9.9
0.4
10.3
7.7
12.8
11.2
42.0
32.5
74.5
10.4
0.4
10.8
8.7
13.1
12.5
45.1
36.0
81.1
11.0
0.4
11.4
8.3
13.3
11.4
44.4
39.4
83.8
11.5
0.4
11.9
7.9
13.0
10.9
43.7
43.1
86.8
Exhibit 3a Five-year Forecast of Landmark's Income and Cash Flow, 2015-2019 (U.S. $ millions)*
2015
2016
2017
Net sales
362.8
380.9
400.0
Operating profit
5.4
5.7
6.0
Net income
3.5
3.7
3.9
Depreciation and amortization
2.1
2.4
2.7
Change in net working capital
1.3
1.3
1.4
Capital expenditure
3.6
3.8
4.0
Total FCF
0.7
1.0
1.2
2018
420.0
6.3
4.1
3.0
1.5
4.2
1.4
2019
441.0
6.6
4.3
3.3
1.6
4.4
1.6
Exhibit 3b Five-year Forecast of Broadway's Income and Cash Flow, 2015-2019 (U.S. $ millions)*
2015
2016
2017
Net sales
168.4
175.1
182.1
Operating profit
6.7
7.0
7.3
Interest expense
0.4
0.4
0.4
Net income
4.1
4.3
4.5
Depreciation and amortization
3.1
3.3
3.5
Change in net working capital
0.4
0.4
0.4
Capital expenditure
4.2
4.4
4.6
Total FCF
2.8
3.1
3.3
2018
189.4
7.6
0.4
4.7
3.7
0.4
4.7
3.5
2019
197.0
7.9
0.4
4.9
3.9
0.4
4.9
3.7
*Numbers in the exhibits are based on the assumption Broadway does not acquire Landmark.
11.469
8.4379032258
$26.76
231.2
$6,186.9
$5,887.0
$10,267.1
1.69
$46.83
67.3
$3,151.7
$355.0
$3,465.9
1.25
Comparable Company 3
$836.9
$12.1
$0.55
$22.73
22.0
$500.1
$289.0
$862.4
1.56
0.04%
0.10%
2.56%
4.16%
4.34%
4.52%
4.70%
5.90%
WACC
REVENUE GROWTH
OPERATING MARGIN
NET WC
CAP EX
REVENUE
OPERATING PROFITS
TAXES
PAT
DEP & AMORTISATION
NET WC
CHANGE IN NET WC
CAP EX
FCF
TERMINAL VALUE
PV (LANDMARK)
REVENUE GROWTH
GROSS MARGIN
OPERATING EXPENSES
2015
8.44%
5.00%
1.50%
7.00%
1.00%
2016
8.44%
5.00%
2.00%
6.50%
1.00%
2017
8.44%
5.00%
2.50%
6.30%
1.00%
2018
8.44%
5.00%
3.00%
6.00%
1.00%
2019
8.44%
5.00%
3.00%
5.50%
1.00%
362.78
380.91
399.96
419.96
440.96
2020
8.44%
4.00%
3.00%
5.50%
1.00%
2021
8.44%
4.00%
3.00%
5.50%
1.00%
2022
8.44%
4.00%
3.00%
5.50%
1.00%
458.59
476.94
496.01