Income Statement

mDKK 2008 2009 2010

Revenue 56,989 56,027 58,095
Other operating income 294 354 344
Total income 57,283 56,381 58,439
Cost of sales -42,644 -41,752 -43,156
Other external expenses -5,233 -5,132 -5,479
Gross profit 9,406 9,497 9,804
Staff costs -6,244 -6,113 -6,310
Profit before depreciation 3,162 3,384 3,494
Depreciation and impairment -723 -749 -899
Gain on sale of business 0 0 0
Profit before financial items 2,439 2,635 2,595
Financial Income 368 243 301
Financial charges -560 -147 -172
Profit before tax 2,247 2,731 2,724
Income tax expense -584 -691 -627
Income before minority interests 1,663 2,040 2,097
Minority shareholders' share of profit -47 -35 -71
Net earnings 1,616 2,005 2,026

Balance Sheet
mDKK 2008 2009 2010
Assets

Software 0 0 110
Ongoing development of software 180 358 359
Goodwill 239 242 197
Total intangible assets 419 600 666

Land and buildings 10,866 12,560 14,967

Other fixtures and fittings 554 531 612
Conversion of rental premises 194 179 156
Plants under construction 391 1,183 387
Tangible assets 12,005 14,453 16,122

Total fixed assets 12,424 15,053 16,788

Stock (Inventory) 3,585 3,781 4,349

Receivables from affiliated company 2,045 4,165 3,490

Other receivables 420 312 283
Deferred tax assets 670 569 594
Prepayments 34 85 121
Receivables 3,169 5,131 4,488

Securities 1,657 704 648

Cash and cash equivalents 1,236 1,010 1,160
Total current assets 9,647 10,626 10,645
Total assets 22,071 25,679 27,433

Liabilities 2008 2009 2010

Equity
Share 500 500 500
Reserves 11,140 12,825 14,781
Dividend for distribution 1,000 500 500
Equity 12,640 13,825 15,781

Minority interests 122 107 140

Deferred tax 0 8 6
Provisions for claims 67 94 108
Other provisions 325 354 392
Provisions 392 456 506

Credit institutions (mortgage debt) 744 2,526 2,832

Non-current liabilities total 744 2,526 2,832
Current portion of long-term debt 18
Credit and loans 1,793 1,664 991
Supplier of goods and services 3,664 4,312 4,423
Amounts due to affiliated company 337 413 393
Corporation Tax 551 600 609
Other liabilities 1,794 1,771 1,741
Prepayments 16 5 17
Current liabilities total 8,173 8,765 8,174
Total dept liabilities 8,917 11,291 11,006
Total liabilities 22,071 25,679 27,433
Control 0 0 0

Consolidated Statement of Group

mDKK 2008 2009 2010
Opening equity 13,439 12,640 13,825
Dividends paid -1,500 -1,000 -500
Profit for the year 1,616 2,005 2,026
Exchange rate adjustment etc. concerning investments -887 180 261
Acquisition of minority interests -28 0 0
Adjustments in previous years investments sold 0 0 0
Financial hedges 0 0 169
Dividend for distribution 0 0 0
Equity at end 12,640 13,825 15,781
2011 2012 2013
54,106 54,440 55,707
254 345 296
54,360 54,785 56,003
-40,373 -40,477 -41,082
-5,048 -5,446 -5,514
8,939 8,862 9,407
-6,200 -6,362 -6,336
2,739 2,500 3,071
-602 -858 -762
3,713 18 0
5,850 1,660 2,309
224 243 147
-160 -94 -124
5,914 1,809 2,332
-614 -465 -561
5,300 1,344 1,771
-37 -27 0
5,263 1,317 1,771

2011 2012 2013

139 173 511

457 631 560
152 103 68
748 907 1,139

13,580 15,028 15,812

1,161 1,312 1,332
216 266 302
571 206 277
15,528 16,812 17,723

16,276 17,719 18,862

4,149 4,003 4,436

8,475 7,506 7,941

318 194 225
525 280 286
95 129 91
9,413 8,109 8,543

597 548 516

 645 1,102 1,001
14,804 13,762 14,496
31,080 31,481 33,358

2011 2012 2013

500 500 500

19,709 20,247 4,455
500 500 17,615
20,709 21,247 22,570

163 0 0
0 0 76
119 121 113
272 323 387
391 444 576

2,832 2,832 2,832

2,832 2,832 2,832

470 514 135

4,413 4,126 4,853
0 159 0
375 136 338
1,712 2,010 2,045
15 13 9
6,985 6,958 7,380
9,817 9,790 10,212
31,080 31,481 33,358
0 0 0

2011 2012 2013

15,781 20,709 21,247
-500 -500 -500
5,262 1,317 1,771
-248 170 -60
0 -449 0
583 0 0
-169 0 0
0 0 112
20,709 21,247 22,570
Reformulated Income Statement 2008-A 2009-A 2010-A 2011-A
Corporate tax 26% 25% 23% 10%
Revenue 56,989 56,027 58,095 54,106
Other operating income 294 354 344 254
Total income 57,283 56,381 58,439 54,360
Cost of sales -42,644 -41,752 -43,156 -40,373
Other external expenses -5,233 -5,132 -5,479 -5,048
Gross profit 9,406 9,497 9,804 8,939
Staff costs -6,244 -6,113 -6,310 -6,200
EBITDA 3,162 3,384 3,494 2,739
Depreciation and impairment -723 -749 -899 -602
Gain on sale of business 0 0 0 3,713
EBIT 2,439 2,635 2,595 5,850
Taxes on EBIT -634 -667 -597 -607
NOPAT 1,805 1,968 1,998 5,243
Net Financial income -192 96 129 64
Tax savings from debt financing 50 -24 -30 -7
Net Financial Expenses aftet tax -142 72 99 57
Minority shareholders' share of profit -47 -35 -71 -37
Net earnings 1,616 2,005 2,026 5,263
1,616 2,005 2,026 5,263
Dif 0 0 0 0
Dansk Supermarked Com
2008-A 2009-A 2010-A 2011-A
Revenue 100.0% 100.0% 100.0% 100.0%
Other operating income 0.5% 0.6% 0.6% 0.5%

Cost of sales -74.8% -74.5% -74.3% -74.6%

Other external expenses -9.2% -9.2% -9.4% -9.3%

Staff costs -11.0% -10.9% -10.9% -11.5%

Depreciation and impairment -1.3% -1.3% -1.5% -1.1%

Gain on sale of business 0.0% 0.0% 0.0% 6.9%

Taxes on EBIT -1.1% -1.2% -1.0% -1.1%

PM 3.2% 3.5% 3.4% 9.7%

2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV
26% 24% 24.5% 23.5% 22.0% 22.0% 22.0% 22.0%
54,440 55,707 57,282 59,074 61,489 64,688 65,499 66,809
345 296
54,785 56,003 57,282 59,074 61,489 64,688 65,499 66,809
-40,477 -41,082 -41,816 -43,124 -44,887 -46,575 -47,159 -48,102
-5,446 -5,514 -5,155 -5,317 -5,534 -5,822 -5,895 -6,013
8,862 9,407 10,311 10,633 11,068 12,291 12,445 12,694
-6,362 -6,336 -6,358 -6,557 -6,825 -7,180 -7,270 -7,416
2,500 3,071 3,952 4,076 4,243 5,110 5,174 5,278
-858 -762 -687 -709 -861 -841 -917 -935
18 0 0 0 0 0 0 0
1,660 2,309 3,265 3,367 3,382 4,269 4,257 4,343
-427 -555 -800 -791 -744 -939 -937 -955
1,233 1,754 2,465 2,576 2,638 3,330 3,321 3,387
149 23 -996 -934 -870 -804 -735 -664
-38 -6 244 220 191 177 162 146
111 17 -752 -715 -679 -627 -574 -518
-27 0 0 0 0 0 0 0
1,317 1,771 1,713 1,861 1,959 2,703 2,747 2,869
1,317 1,771
0 0
Common-size
2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.6% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

-74.4% -73.7% -73.0% -73.0% -73.0% -72.0% -72.0% -72.0%

-10.0% -9.9% -9.0% -9.0% -9.0% -9.0% -9.0% -9.0%

-11.7% -11.4% -11.1% -11.1% -11.1% -11.1% -11.1% -11.1%

-1.6% -1.4% -1.2% -1.2% -1.4% -1.3% -1.4% -1.4%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

-0.8% -1.0% -1.4% -1.3% -1.2% -1.5% -1.4% -1.4%

2.3% 3.1% 4.3% 4.4% 4.3% 5.1% 5.1% 5.1%

 Reformulated balance
IC Net interest bearing debt (NIBD)
2008-A 2009-A 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV 2008-A 2009-A 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV
Operating Assets: Equity 12,640 13,825 15,781 20,709 21,247 22,570 668 2,229 3,888 6,091 7,838 9,707
tangible and intangible assets Minority interests 122 107 140 163 0 0 0 0 0 0 0 0
Software 0 0 110 139 173 511 Total 12,762 13,932 15,921 20,872 21,247 22,570 668 2,229 3,888 6,091 7,838 9,707
Ongoing development of software 180 358 359 457 631 560 1,139 1,214 1,249 1,279 1,354 1,384
Goodwill 239 242 197 152 103 68 IBD:
Land and buildings 10,866 12,560 14,967 13,580 15,028 15,812 Credit institutions (mortgage debt) 744 2,526 2,832 2,832 2,832 2,832 0 0 0 0 0 0
Other fixtures and fittings 554 531 612 1,161 1,312 1,332 Current portion of long-term debt 18 0 0 0 0 0 0 0 0 0 0 0
Conversion of rental premises 194 179 156 216 266 302 Credit and loans 1,793 1,664 991 470 514 135 0 0 0 0 0 0
Plants under construction 391 1,183 387 571 206 277 18,036 18,327 18,466 18,625 18,708 18,773 Amounts due to affiliated company 337 413 393 0 159 0 0 0 0 0 0 0
Other receivables 420 312 283 318 194 225 286 295 307 323 327 334 Senior debt A 9,489 7,720 5,888 3,993 2,031 0
Deferred tax assets 670 569 594 525 280 286 286 286 286 286 286 286 Senior debt B 18,979 18,979 18,979 18,979 18,979 18,979
Prepayments 34 85 121 95 129 91 115 118 123 129 131 134

Net Working capital

Stock (Inventory) 3,585 3,781 4,349 4,149 4,003 4,436 4,067 4,194 4,366 4,593 4,650 4,743
Cash for operations (0.5%) 286 282 292 272 274 280 286 295 307 323 327 334
0.50%

OA i alt 17,419 20,082 22,427 21,635 22,599 24,180 24,215 24,730 25,104 25,559 25,784 25,988 IBD i alt 2,892 4,603 4,216 3,302 3,505 2,967 28,468 26,699 24,867 22,971 21,009 18,979
IBA:
Operating liabilities: Securities 1,657 704 648 597 548 516
Cash and cash equivalents 950 728 868 373 828 721 4,702 4,212 3,930 4,081 3,775 3,551
Deferred tax 0 8 6 0 0 76 0 0 0 0 0 0 Receivables from affiliated company 2,045 4,165 3,490 8,475 7,506 7,941 7,941 7,941 7,941 7,941 7,941 7,941
Provisions for claims 67 94 108 119 121 113 114 115 116 118 119 120
Other provisions 325 354 392 272 323 387 387 387 387 387 387 387
Supplier of goods and services 3,664 4,312 4,423 4,413 4,126 4,853 4,296 4,431 4,612 4,852 4,912 5,011
Corporation Tax 551 600 609 375 136 338 338 338 338 338 338 338
Other liabilities 1,794 1,771 1,741 1,712 2,010 2,045 2,650 2,707 2,785 2,887 2,913 2,955
Prepayments 16 5 17 15 13 9 11 12 12 13 13 13

OL 6,417 7,144 7,296 6,906 6,729 7,821 7,797 7,990 8,250 8,594 8,682 8,824 IBA i alt 4,652 5,597 5,006 9,445 8,882 9,178 12,643 12,153 11,871 12,022 11,716 11,492
Invested capital 11,002 12,938 15,131 14,729 15,870 16,359 16,418 16,740 16,854 16,965 17,102 17,164 Net interest bearing debt -1,760 -994 -790 -6,143 -5,377 -6,211 15,825 14,546 12,996 10,949 9,294 7,487
EQ+NIBD 11,002 12,938 15,131 14,729 15,870 16,359 16,493 16,775 16,884 17,040 17,132 17,194
Invested GNS 11,970 14,035 14,930 15,299 16,114 16,389 16,579 16,797 16,909 17,033 17,133 NIBD GNS -1,377 -892 -3,467 -5,760 -5,794 4,807 15,186 13,771 11,973 10,121 8,390

Likvide beholding er fratrukket likvider til drift, som er 0,5% gange omstningen. EQ GNS 13,347 14,927 18,397 21,060 21,909 11,619 1,448 3,058 4,989 6,965 8,773
NIBD GNS -1,377 -892 -3,467 -5,760 -5,794 4,807 15,186 13,771 11,973 10,121 8,390

Control assets 22,071 25,679 27,433 31,080 31,481 33,358 36,858 36,883 36,975 37,582 37,500 37,480
Total assets 22,071 25,679 27,433 31,080 31,481 33,358 36,933 36,918 37,005 37,657 37,530 37,510
Difference 0 0 0 0 0 0 -75 -35 -30 -75 -30 -30

Control liabilities 22,071 25,679 27,433 31,080 31,481 33,358 36,933 36,917 37,005 37,657 37,530 37,510
Total liabilities 22,071 25,679 27,433 31,080 31,481 33,358 22,071 25,679 27,433 31,080 31,481 33,358
Difference 0 0 0 0 0 0 14,862 11,238 9,572 6,577 6,049 4,152

Varelager GNS 3,683 4,065 4,249 4,076 4,220 4,252 4,131 4,280 4,479 4,622 4,697
Varekreditorer GNS 3,988 4,368 4,418 4,270 4,490 4,575 4,363 4,521 4,732 4,882 4,962
Dansk Supermarked Dupont
2008-A 2009-A 2010-A 2011-A 2012-A
ROIC n/a 16.4% 14.2% 35.1% 8.1%
PM n/a 3.5% 3.4% 9.6% 2.3%
ATO n/a 4.7 4.2 3.6 3.6
ROIC = PM * ATO n/a 16.4% 14.2% 35.1% 8.1%
Stock turnover rate n/a 11.3 10.6 9.5 9.9
Number of days n/a 31.8 33.9 37.9 36.3
Creditors turnover rate n/a 10.5 9.9 9.1 9.5
Number of days n/a 34 36 39 38
EBIT-margin n/a 4.7% 4.4% 10.8% 3.0%
ROE n/a 15% 14% 29% 6%
Fgear n/a 0.10 0.06 0.19 0.27
Spread n/a 9.5% -0.2% 33.3% 5.5%
Ronfa / r n/a 7.0% 14.5% 1.8% 2.6%
ROE n/a 15% 14% 29% 7%

Dansk Supermarked liquidity risk

DKK 2008-A 2009-A 2010-A 2011-A 2012-A
Current ratio 1.10 1.15 1.23 2.04 1.94
Quick ratio 0.66 0.72 0.70 1.45 1.36
Financial leverage (including off balance) 0.85 0.94 0.93 0.63 0.61
Solvency ratio (including off balance) 0.54 0.52 0.52 0.61 0.62
Cash flow from opertions 2,528 2,766 2,980 2,425 1,968
Current liabilities 8,173 8,765 8,174 6,985 6,958
CFO to short-term debt ratio 0.31 0.32 0.36 0.35 0.28
Intererst coverage ratio 13.2 n/a n/a n/a n/a

Dansk Supermarked Off balance

tDKK 2008-A 2009-A 2010-A 2011-A 2012-A
Foreign rental obligations 1,315 1,152 1,104 1,283 1,323
Domestic rental obligations 618 577 522
Operating lease commitments 42 126 184
Liabilities associated. estate contract 1,294 725 717
total off balance 1,315 1,152 3,058 2,711 2,746

Dansk Supermarked ROE analysis budget periode

2014-F 2015-F 2016-F 2017-F 2018-F
FGEAR 1.50 1.28 1.09 0.93 0.79
ROIC 15.0% 15.5% 15.7% 19.7% 19.5%
r -6.3% -6.4% -6.7% -7.3% -7.9%
SPREAD 8.7% 9.1% 9.0% 12.4% 11.6%
ROE 28% 27% 26% 31% 29%

Dansk Supermarked ROE analysis budget periode (worst case)

2014-F 2015-F 2016-F 2017-F 2018-F
FGEAR 1.50 1.28 1.09 0.93 0.79
ROIC 9.0% 8.0% 7.0% 6.0% 5.0%
r -9.3% -9.4% -9.7% -10.3% -10.9%
SPREAD -0.3% -1.4% -2.7% -4.3% -5.9%
ROE 9% 6% 4% 2% 0%
2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV
10.9% 15.0% 15.5% 15.7% 19.7% 19.5% 19.8%
3.1% 4.3% 4.4% 4.3% 5.1% 5.1% 5.1%
3.5 3.5 3.6 3.7 3.8 3.8 3.9
10.9% 15.0% 15.5% 15.7% 19.7% 19.5% 19.8%
9.7 9.8 10.4 10.5 10.4 10.2 10.2
37.0 36.6 34.5 34.3 34.6 35.3 35.2
9.2 9.1 9.9 9.9 9.8 9.7 9.7
39 39 36 36 37 37 37
4.1% 5.7% 5.7% 5.5% 6.6% 6.5% 6.5%
8% 28% 27% 26% 31% 29% 27%
0.26 1.50 1.28 1.09 0.93 0.79 0.67
10.5% 8.7% 9.1% 9.0% 12.4% 11.6% 10.9%
0.4% -6.3% -6.4% -6.7% -7.3% -7.9% -8.9%
8% 28% 27% 26% 31% 29% 27%

2013-A 2014-F 2015-F 2016-F 2017-F 2018-F RV

1.93 2.38 2.28 2.19 2.15 2.10 2.05
1.32 1.83 1.72 1.63 1.58 1.53 1.48
0.60 53.55 15.34 8.39 5.10 3.72 2.81
0.63 0.02 0.06 0.11 0.16 0.21 0.26
2,648 3078 3286 3500 4172 4239 4324
7,380 7296 7487 7747 8090 8177 8317
0.36 0.42 0.44 0.45 0.52 0.52 0.52
n/a -3.1 -3.5 -4.0 -5.2 -5.8 -6.5

2013-A
1,296
563
118
748
2,725
One year = 360 days
Dansk Supermarked A/S Profit and loss statement

DKK 2010-A 2011-A 2012-A

Net sales 58,439 54,360 54,785

% growth 3.7% -7.0% 0.8%

Cost of sales -43,156 -40,373 -40,477

Other external expenses -5,479 -5,048 -5,446
Total direct costs (48,635) (45,421) (45,923)

Gross profit 9,804 8,939 8,862

% of sales 16.8% 16.4% 16.2%

Staff costs -6310 -6200 -6362

% of sales -10.8% -11.4% -11.6%

EBITDA 3,494 2,739 2,500

% of sales 6.0% 5.0% 4.6%

Depreciation (899) (602) (858)

% of sales -1.5% -1.1% -1.6%
EBIT 2,595 2,137 1,642
% of sales 4.4% 3.9% 3.0%

Extraordinary result - 3,713 18

Interest on debt (172) (160) (94)
Interest on cash 301 224 243
Profit before tax 2,724 5,914 1,809

Tax (627) (614) (465)

Net profit before minority 2,097 5,300 1,344
% of sales 3.6% 9.7% 2.5%

Minority shareholders' share of profit -71 -37 -27

Net earnings 2,026 5,263 1,317

Dansk Supermarked A/S Balance sheet - Assets

DKK 2010-A 2011-A 2012-A

Tangible fixed assets 16,122 15,528 16,812

Intangible fixed assets 666 748 907

Deferred tax assets 594 525 280

Financial fixed assets 594 525 280

Receivables from affiliated company 3490 8475 7506

Stock (Inventory) 4,349 4,149 4,003
Other receivables 283 318 194
Prepayments and accrued income 121 95 129
Current assets 8,243 13,037 11,832

Excess cash 1,808 1,242 1,650

ASSETS 27,433 31,080 31,481

357600742.xlsx Page 11 of 41
Dansk Supermarked A/S Balance sheet - Equity & Liabilities

DKK 2010-A 2011-A 2012-A

Share 500 500 500

Reserves 14781 19709 20247
Dividend for distribution 500 500 500
Equity 15,781 20,709 21,247

Minority interests 140 163 0

Deferred tax 6 0 0
Provisions for claims 108 119 121
Other provisions 392 272 323
Operating provisions 646 554 444
Change in operating provision 83 (92) (110)
Senior debt A 2,832 2,832 2,832
Senior debt B - - -
Long-term liabilities 2,832 2,832 2,832

Current portion of long-term debt - - -

Credit and loans 991 470 514
Supplier of goods and services 4,423 4,413 4,126
Amounts due to affiliated company 393 - 159
Corporation Tax 609 375 136
Other liabilities 1,741 1,712 2,010
Prepayments 17 15 13
Current liabilities 8,174 6,985 6,958

EQUITY & LIABILITIES 27,433 31,080 31,481

357600742.xlsx Page 12 of 41
Dansk Supermarked A/S Cash flow statement
DKK 2010-A 2011-A 2012-A

EBITA 2,595 2,137 1,642

As % of sales 4.4% 3.9% 3.0%

Gain on sale of business 0 3,713 18

Operational taxes (597) (607) (427)
NOPLAT 1,998 5,243 1,233

Change in provisions 83 (92) (110)

Depreciation 899 602 858
Gross cash flow 2,980 5,753 1,981

Investments tangible fixed assets (2,568) (8) (2,142)

Investment intangible fixed assets (66) (82) (159)
Investments net working capital (491) (5,983) 1,178
Operational free cash flow (145) (320) 858

Extraordinary result (net of tax) - 3,328 13

Interest on debt (net of tax) (132) (143) (70)
Interest on cash (net of tax) 232 201 181
Cash flow from change in financial fixed assets (25) 69 245
Change in debt (387) (914) 203
Financing cash flow (313) 2,540 572

Generated cash (458) 2,220 1,430

Dividends
Debt push down
Minority shareholders' share of profit (71) (37) (27)
Change in cash (529) 2,183 1,403

357600742.xlsx Page 13 of 41
 2013-A 2014-F 2015-F 2016-F 2017-F

56,003 57,282 59,074 61,489 64,688

2.2% 2.3% 3.1% 4.1% 5.2%

-41,082 -41,816 -43,124 -44,887 -46,575

-5,514 -5,155 -5,317 -5,534 -5,822
(46,596) (46,971) (48,441) (50,421) (52,397)

9,407 10,311 10,633 11,068 12,291

16.8% 18.0% 18.0% 18.0% 19.0%

-6336 -6358 -6557 -6825 -7180

-11.3% -11.1% -11.1% -11.1% -11.1%

3,071 3,952 4,076 4,243 5,110

5.5% 6.9% 6.9% 6.9% 7.9%

(762) (687) (709) (861) (841)

-1.4% -1.2% -1.2% -1.4% -1.3%
2,309 3,265 3,367 3,382 4,269
4.1% 5.7% 5.7% 5.5% 6.6%

- - - - -
(124) (996) (934) (870) (804)
147 - - - -
2,332 2,269 2,433 2,512 3,465

(561) (556) (572) (553) (762)

1,771 1,713 1,861 1,959 2,703
3.2% 3.0% 3.2% 3.2% 4.2%

0 - - - -
1,771 1,713 1,861 1,959 2,703

2013-A 2014-F 2015-F 2016-F 2017-F

17,723 18,036 18,327 18,466 18,625

1,139 1,214 1,249 1,279 1,354

286 286 286 286 286

286 286 286 286 286

7941 7,941 7,941 7,941 7,941

4,436 4,067 4,194 4,366 4,593
225 286 295 307 323
91 115 118 123 129
12,693 12,409 12,549 12,737 12,987

1,517 4,988 4,507 4,237 4,405

33,358 36,933 36,918 37,005 37,657

357600742.xlsx Page 14 of 41
2013-A 2014-F 2015-F 2016-F 2017-F

500 500 500 500 500

4455 (132) 1,429 2,888 4,591
17615 300 300 500 1,000
22,570 668 2,229 3,888 6,091

0 - - - -
76 - - - -
113 114 115 116 118
387 387 387 387 387
576 501 502 503 505
132 (75) 1 1 1
2,832 9,489 7,720 5,888 3,993
- 18,979 18,979 18,979 18,979
2,832 28,468 26,699 24,867 22,971

- - - - -
135 - - - -
4,853 4,296 4,431 4,612 4,852
- - - - -
338 338 338 338 338
2,045 2,650 2,707 2,785 2,887
9 11 12 12 13
7,380 7,296 7,487 7,747 8,090

33,358 36,933 36,917 37,005 37,657

357600742.xlsx Page 15 of 41
2013-A 2014-F 2015-F 2016-F 2017-F

2,309 3,265 3,367 3,382 4,269

4.1% 5.7% 5.7% 5.5% 6.6%

- - - - -
(555) (800) (791) (744) (939)
1,754 2,465 2,576 2,638 3,330

132 (75) 1 1 1
762 687 709 861 841
2,648 3,078 3,286 3,500 4,172

(1,673) (1,000) (1,000) (1,000) (1,000)

(232) (75) (35) (30) (75)
(214) (280) 52 71 93
529 1,722 2,303 2,540 3,191

- - - - -
(94) (752) (715) (679) (627)
112 - - - -
(6) - - - -
(538) 25,501 (1,770) (1,832) (1,896)
(527) 24,749 (2,484) (2,510) (2,523)

2 26,471 (181) 30 668

(300) (300) (500)
(23,000) - 0
- - - - -
2 3,471 (481) (270) 168

357600742.xlsx Page 16 of 41
 Valuedrives forecast - Net sales 2012 2013 2014
Netto Denmark 15,928 15,867 15,838
Ftex 13,177 13,126 13,102
Bilka 8,833 8,799 10,079
Salling 437 431 432
Netto Polan 4,969 5,090 5,722
Netto Tyskland 8,347 8,237 8,160
Netto Sverige 3,864 3,907 3,949
Andre indtgter (valuta usikkerhed) -771 546
I alt 55,556 55,457 57,282
Markedsandele jf. Euromonitor 2012 2013 2014
Netto Denmark 11.0% 11.0% 11.0%
Ftex 9.1% 9.1% 9.1%
Bilka 6.1% 6.1% 7.0%
Salling 6.6% 6.6% 6.6%
Netto Polan 1.7% 1.7% 1.9%
Netto Tyskland 0.6% 0.6% 0.6%
Netto Sverige 1.7% 1.7% 1.7%
Valuedrives forecast - Total market forecast jf Euromonitor
2012 2013 2014
2%
DKK Danmark 144,804 144,242 143,981
0.823 Sverige 227,296 229,843 232,303
7.45 Tyskland 1,391,191 1,372,841 1,359,990
1.7846 Polen 292,303 299,433 301,173
DKK Salling 6,622 6,523 6,547
Valuedrives forecast - Total market forecast segments jf Euromonitor
%growth 2012 2013 2014

Discount DK 41,612 42,834 43,969

%-Increase in segment 2.94% 2.65%
Supermarked DK 42,737 41,562 40,610
%-Increase in segment -2.75% -2.29%
Hypermarked DK 31,570 31,422 31,237
%-Increase in segment -0.47% -0.59%
Salling 6,622 6,523 6,547
%-Increase in segment -1.50% 0.37%
Discount SEK 11,576 12,052 12,594
%-Increase in segment 4.11% 4.50%
Discount Tysk 63,933 63,283 62,795
%-Increase in segment -1.02% -0.77%
Discount Polen 33,107 35,072 37,193
%-Increase in segment 5.94% 6.05%

Valuedrives forecast - Cost of sales

2008-A 2009-A 2010-A

Net sales 57,283 56,381 58,439

Cost of sales -42,644 -41,752 -43,156
%-andel -74.4% -74.1% -73.8%
Other external expenses -5,233 -5,132 -5,479
%-andel -9.1% -9.1% -9.4%
Valuedrives forecast - Interest on debt
2008-A 2009-A 2010-A

Credit institutions (mortgage debt) 744 2526 2832

Current portion of long-term debt 18 0 0
Credit and loans 1793 1664 991
Interest-bearing liabilities, total 2,555 4,190 3,823
Financial charges -560 -147 -172
Financial charges -560 -147 -172
%andel -21.9% -3.5% -4.5%
Valuedrives forecast - Net working capital
2008-A 2009-A 2010-A

Net sales 57,283 56,381 58,439

Stock (Inventory) 3,585 3,781 4,349
%andel 6.3% 6.7% 7.4%

Other receivables 420 312 283

%andel 0.7% 0.6% 0.5%

Prepayments and accrued income 34 85 121

%andel 0.1% 0.2% 0.2%

Supplier of goods and services 3,664 4,312 4,423

%andel 6.4% 7.6% 7.6%

Other liabilities 1794 1771 1741

%andel 3.1% 3.1% 3.0%

Prepayments 16 5 17
%andel 0.03% 0.01% 0.03%
2015 2016 2017 2018 RV
15,865 15,910 15,963 16,229 16,554
13,125 13,162 13,205 13,426 13,694
10,096 10,124 10,158 10,328 10,534
466 478 493 493 503
6,680 7,663 9,311 9,381 9,569
8,169 8,261 8,401 8,429 8,597
4,674 5,892 7,157 7,214 7,358

59,074 61,489 64,688 65,499 66,809

2015 2016 2017 2018 RV
11.0% 11.0% 11.0% 11.0% 11.0%
9.1% 9.1% 9.1% 9.1% 9.1%
7.0% 7.0% 7.0% 7.0% 7.0%
7.0% 7.0% 7.0% 7.0% 7.0%
2.2% 2.5% 3.0% 3.0% 3.0%
0.6% 0.6% 0.6% 0.6% 0.6%
2.0% 2.5% 3.0% 3.0% 3.0%

2015 2016 2017 2018 RV

144,226 144,634 145,114 147,536 150,487

233,683 235,685 238,556 240,456 245,265
1,361,502 1,376,812 1,400,190 1,404,816 1,432,912
303,635 306,507 310,383 312,714 318,969
6,659 6,825 7,037 7,038 7,179

2015 2016 2017

44,875 45,759 46,608

2.06% 1.97% 1.86%
40,214 39,904 39,663
-0.98% -0.77% -0.60%
31,065 30,913 30,756
-0.55% -0.49% -0.51%
6,659 6,825 7,037
1.71% 2.49% 3.11%
13,224 13,911 14,668
5.00% 5.20% 5.44%
63,109 64,163 65,639
0.50% 1.67% 2.30%
39,279 41,349 43,358
5.61% 5.27% 4.86%

2011-A 2012-A 2013-A 2014-A 2015-F 2016-F 2017-F 2018-F

54,360 54,785 56,003 57,282 59,074 61,489 64,688 65,499

-40,373 -40,477 -41,442 -41,816 -43,124 -44,887 -46,575 -47,159
-74.3% -73.9% 74.0% 73.0% 73.0% 73.0% 72.0% 72.0%
-5,048 -5,446 -5,264 -5,155 -5,317 -5,534 -5,822 -5,895
-9.3% -9.9% 9.4% 9.0% 9.0% 9.0% 9.0% 9.0%

2011-A 2012-A 2013-A 2014-A 2015-F 2016-F 2017-F 2018-F

2832 2832 2832

 0 0 0
470 514 135
3,302 3,346 2,967
-160 -94 -124
-160 -94 -124
-4.8% -2.8% -4.2%

2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F 2018-F

54,360 54,785 56,003 57,282 59,074 61,489 64,688 65,499

4,149 4,003 4,436 4,067 4,194 4,366 4,593 4,650
7.6% 7.3% 7.9% 7.1% 7.1% 7.1% 7.1% 7.1%

318 194 0 286 295 307 323 327

0.6% 0.4% 0.0% 0.5% 0.5% 0.5% 0.5% 0.5%

95 129 91 115 118 123 129 131

0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%

4,413 4,126 4,853 4,296 4,431 4,612 4,852 4,912

8.1% 7.5% 8.7% 7.5% 7.5% 7.5% 7.5% 7.5%

1712 2010 2045 1,833 1,890 1,968 2,070 2,096

3.1% 3.7% 3.7% 3.2% 3.2% 3.2% 3.2% 3.2%

15 13 9 11 12 12 13 13
0.03% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
 RV

66,809
-48,771
73.0%
-6,013
9.0%

RV
 RV

66,809
4,743
7.1%

334
0.5%

134
0.2%

5,011
7.5%

2,138
3.2%

13
0.02%
Dansk Supermarked A/S Net working capital

DKK 2008-A 2009-A

Net sales 57,283 56,381

% growth 0.0% -1.6%

Receivables from affiliated company 2,045 4,165

Stock (Inventory) 3,585 3,781
Other receivables 420 312
Prepayments and accrued income 34 85
Current assets 6,084 8,343

Credit and loans 1793 1664

Supplier of goods and services 3664 4312
Amounts due to affiliated company 337 413
Corporation Tax 551 600
Other liabilities 1794 1771
Prepayments 16 5
Total current liabilities 8,155 8,765

Net working capital (2,071) (422)

as % of sales -3.6% -0.7%

Investments in net working capital n.a. 1,649

Dansk Supermarked A/S Tangible fixed assets

DKK 2008-A 2009-A

Tangible fixed assets begin of period 12,005

Gross investments tangible fixed assets 12,728 3,197
Depreciation (723) (749)
Tangible fixed assets end of period 12,005 14,453
% of sales 21.0% 25.6%

Dansk Supermarked A/S Intangible fixed assets

DKK 2008-A 2009-A

Intangible fixed assets begin of period 419

Gross investments intangible fixed assets
Intangible fixed assets end of period 419 600
% of sales 0.7% 1.1%

357600742.xlsx Page 23 of 41
 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F

58,439 54,360 54,785 56,003 57,282 59,074 61,489

3.7% -7.0% 0.8% 2.2% 2.3% 3.1% 4.1%

3,490 8,475 7,506 7,941 7,941 7,941 7,941

4,349 4,149 4,003 4,436 4,067 4,194 4,366
283 318 194 - 286 295 307
121 95 129 91 115 118 123
8,243 13,037 11,832 12,468 12,409 12,549 12,737

991 470 514 135 500 500 500

4423 4413 4126 4853 4,296 4,431 4,612
393 0 159 0 - - -
609 375 136 338 400 400 400
1741 1712 2010 2045 1,833 1,890 1,968
17 15 13 9 11 12 12
8,174 6,985 6,958 7,380 7,041 7,233 7,492

69 6,052 4,874 5,088 5,368 5,316 5,246

0.1% 11.1% 8.9% 9.1% 9.4% 9.0% 8.5%

491 5,983 (1,178) 214 280 (52) (71)

2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F

14,453 16,122 15,528 16,812 17,723 18,036 18,327

2,568 8 2,142 1,673 1,000 1,000 1,000
(899) (602) (858) (762) (687) (709) (861)
16,122 15,528 16,812 17,723 18,036 18,327 18,466
27.6% 28.6% 30.7% 31.6% 31.5% 31.0% 30.0%

2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F

600 666 748 907 1,139 1,214 1,249

66 82 159 232 75 35 30
666 748 907 1,139 1,214 1,249 1,279
1.1% 1.4% 1.7% 2.0% 2.1% 2.1% 2.1%

357600742.xlsx Page 24 of 41
 2017-F

64,688
5.2%

7,941
4,593
323
129
12,987

500
4,852
-
400
2,070
13
7,835

5,152
8.0%

(93)

2017-F

18,466
1,000
(841)
18,625
28.8%

2017-F

1,279
75
1,354
2.1%

357600742.xlsx Page 25 of 41
Senior debt in LBO case, annuity A-tranchen
Debt begin Repayments Interest Payment Debt end year
9,489 1,770 332 2,102 7,720 1
7,720 1,832 270 2,102 5,888 2
5,888 1,896 206 2,102 3,993 3
3,993 1,962 140 2,102 2,031 4
2,031 2,031 71 2,102 0 5

Senior debt in LBO case, bullet loan B-tranchen

Debt begin Repayments Interest Payment Debt end year
18,979 0 664 664 18,979 1
18,979 0 664 664 18,979 2
18,979 0 664 664 18,979 3
18,979 0 664 664 18,979 4
18,979 0 664 664 18,979 5
18,979 0 664 664 18,979 6
18,979 0 664 664 18,979 7
18,979 0 664 664 18,979 8
18,979 0 664 664 18,979 9
18,979 18,979 664 19,643 0 10
Enterprise value (EV) 47,447
A-tranchen debt 20% 9,489
Maturity -5
Borrowing rate 3.5%

Enterprise value (EV) 47,447

B-tranchen debt 40% 18,979
Maturity -10
Borrowing rate 3.5%
Dansk Supermarked A/S Profit and loss account assumptions

DKK 2008-A 2009-A 2010-A

Profit and loss account

Net sales growth 0.0% -1.6% 3.7%

Direct cost 1 as % of net sales 74.4% 74.1% 73.8%

Direct cost 2 as % of net sales 9.1% 9.1% 9.4%

Gross margin 16.4% 16.8% 16.8%

EBITDA margin 5.5% 6.0% 6.0%

Depreciation as % of sales 1.3% 1.3% 1.5%

EBITA margin 4.3% 4.7% 4.4%

Tax rate (corporate tax) 26.0% 25.3% 23.0%

Interest
Long term interest rate (pre-tax) 19.36% 3.19% 4.08%

Dansk Supermarked A/S net working capital investment assumptions

DKK 2008-A 2009-A 2010-A

Net working capital

In % of sales
Net working capital as % of sales -3.6% -0.7% 0.1%

In % of sales
Stock (Inventory) 6.3% 6.7% 7.4%
Other receivables 0.7% 0.6% 0.5%

357600742.xlsx Page 28 of 41
 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F

-7.0% 0.8% 2.2% 2.3% 3.1% 4.1% 5.2%

74.3% 73.9% 73.4% 73.0% 73.0% 73.0% 72.0%

9.3% 9.9% 9.8% 9.0% 9.0% 9.0% 9.0%

16.4% 16.2% 16.8% 18.0% 18.0% 18.0% 19.0%

5.0% 4.6% 5.5% 6.9% 6.9% 6.9% 7.9%

1.1% 1.6% 1.4% 1.2% 1.2% 1.4% 1.3%

3.9% 3.0% 4.1% 5.7% 5.7% 5.5% 6.6%

10.4% 25.7% 24.1% 24.5% 23.5% 22.0% 22.0%

4.85% 2.68% 4.18% 3.50% 3.50% 3.50% 3.50%

2011-A 2012-A 2013-A 2014-F 2015-F 2016-F 2017-F

11.1% 8.9% 9.1% 9.4% 9.0% 8.5% 8.0%

7.6% 7.3% 7.9% 7.1% 7.1% 7.1% 7.1%

0.6% 0.4% 0.0% 0.5% 0.5% 0.5% 0.5%

357600742.xlsx Page 29 of 41
Dansk Supermarked A/S DCF analysis

DKK 2008-A 2009-A

Net sales 57,283 56,381

% growth

EBITDA 3,162 3,384

% of sales 5.5% 6.0%

Depreciation (723) (749)

EBITA 2,439 2,635
% of sales 4.3% 4.7%

Operational taxes (634) (667)

NOPLAT 1,805 1,968
% growth

Change in provisions - 49
Depreciation 723 749
Operational cash flow 2,528 2,766

Investments tangible fixed assets

Investment intangible fixed assets
Investments in net working capital
Free cash flow

Time to cash flow

WACC
Growth
Terminal value
Present value free cash flow

Value of operations
Enterprise value (EV)
Net debt
Minority interests
Shareholder value (SV)

Implied multiples
EV/Sales
EV/EBITDA
EV/EBITA
EV/EBIT
SV/Net profit

Teminal value (Residual value)

Salling Enterprise value (th 7, january 2014)

357600742.xlsx Page 30 of 41
 2010-A 2011-A 2012-A 2013-A 2014-F 2015-F 2016-F

58,439 54,360 54,785 56,003 57,282 59,074 61,489

-7.0% 0.8% 2.2% 2.3% 3.1% 4.1%

3,494 2,739 2,500 3,071 3,952 4,076 4,243

6.0% 5.0% 4.6% 5.5% 6.9% 6.9% 6.9%

(899) (602) (858) (762) (687) (709) (861)

2,595 2,137 1,642 2,309 3,265 3,367 3,382
4.4% 3.9% 3.0% 4.1% 5.7% 5.7% 5.5%

(597) (222) (422) (555) (800) (791) (744)

1,998 1,915 1,220 1,754 2,465 2,576 2,638
-4.1% -36.3% 43.7% 40.6% 4.5% 2.4%

83 (92) (110) 132 (75) 1 1

899 602 858 762 687 709 861
2,980 2,425 1,968 2,648 3,078 3,286 3,500

(1,000) (1,000) (1,000)

(75) (35) (30)
(280) 52 71
1,722 2,303 2,540

1.000 2.000 3.000

7.49% 7.49% 7.49%

1,602 1,993 2,045

52,557
52,557
(1,315)
-
51,242

0.9x 0.9x 0.9x

13.3x 12.9x 12.4x
16.1x 15.6x 15.5x
16.1x 15.6x 15.5x
29.9x 27.5x 26.2x

80.4%
41,000
11,557

357600742.xlsx Page 31 of 41
 2017-F

64,688
5.2%

5,110
7.9%

(841)
4,269
6.6%

(939)
3,330
26.2%

1
841
4,172

(1,000)
(75)
93
3,191

4.000
7.49%

2,390

0.8x
10.3x
12.3x
12.3x
19.0x

357600742.xlsx Page 32 of 41
 WACC - CAPM

Cost of

Equity

Cost of

Debt
Market risk premium
5.0%

Beta
1.34

Risk free rate

1.43%

Debt spread
3.5%

Marginal tax rate

24.5%
Corporate risk premium
6.7%

Illiquidity premium
5.0%

Cost of debt
4.9%
Cost of equity = Beta * (Market risk premium) + Risk free rate +Illiquidity premium

Cost of equity
13.1%

After-tax cost of debt

3.7%
40%

60%
WACC
7.492%
WACC Input

Risk-free rate
Debt spread A-tranchen
Debt spread B-tranchen
Marginal tax rate
Beta equty

EK EK
U
* 1

FK
EK

* (1 t c )

E(Ri)0,143i(*0,51)34 0,%513
1.43%
3.50%
3.50%
24.50%
0.63
0.4
0.6

KPMG Confidential 06/11/2017 Page 33

 Exit in year 2018
Dansk Supermarked A/S IRR analysis

End 2013 2014-F 2015-F 2016-F 2017-F 2018-F

Equity begin -18,979
Dividends 300 300 500 1,000 1,000
Debt
Enterprise Value
Exit Equity (multiple 13,4x)

time 1 2 3 4 5 6
Cash Flow -18,979 300 300 500 1,000 1,000
IRR

Dansk Supermarked A/S IRR analysis

End 2013 2014-F 2015-F 2016-F 2017-F 2018-F

Equity begin -18,979
Dividends 300 300 500 1,000 1,000
Debt
Enterprise Value
Exit Equity (multiple 12x)

time 1 2 3 4 5 6
Cash Flow -18,979 300 300 500 1,000 1,000
IRR

Dansk Supermarked A/S IRR analysis

End 2013 2014-F 2015-F 2016-F 2017-F 2018-F

Equity begin -18,979
Dividends 300 300 500 1,000 1,000
Debt
Enterprise Value
Exit Equity (multiple 11x)

time 1 2 3 4 5 6
Cash Flow -18,979 300 300 500 1,000 1,000
IRR

Dansk Supermarked A/S IRR analysis

End 2013 2014-F 2015-F 2016-F 2017-F 2018-F

Equity begin -18,979
Dividends 300 300 500 1,000 1,000
Debt
Enterprise Value
Exit Equity (multiple 10x)

time 1 2 3 4 5 6
Cash Flow -18,979 300 300 500 1,000 1,000
IRR
 Exit in year 2017
Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
69,300 Enterprise Value
50,321 Exit Equity (multiple 13,4x)

7 time 1 2 3 4 5
50,321 Cash Flow -18,979 300 300 500 1,000
19.45% IRR

Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
62,088 Enterprise Value
43,109 Exit Equity (multiple 12x)

7 time 1 2 3 4 5
43,109 Cash Flow -18,979 300 300 500 1,000
16.57% IRR

Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
56,914 Enterprise Value
37,935 Exit Equity (multiple 11x)

7 time 1 2 3 4 5
37,935 Cash Flow -18,979 300 300 500 1,000
14.26% IRR

Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
51,740 Enterprise Value
32,761 Exit Equity (multiple 10x)

7 time 1 2 3 4 5
 32,761 Cash Flow -18,979 300 300 500 1,000
11.67% IRR
 Exit in year 2019
Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
69,300 Enterprise Value
50,321 Exit Equity (multiple 13,4x)

7 time 1 2 3 4 5
50,321 Cash Flow -18,979 300 300 500 1,000
23.06% IRR

Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
62,088 Enterprise Value
43,109 Exit Equity (multiple 12x)

7 time 1 2 3 4 5
43,109 Cash Flow -18,979 300 300 500 1,000
19.44% IRR

Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
56,914 Enterprise Value
37,935 Exit Equity (multiple 11x)

7 time 1 2 3 4 5
37,935 Cash Flow -18,979 300 300 500 1,000
16.55% IRR

Dansk Supermarked A/S IRR analysis

End 2018 End 2013 2014-F 2015-F 2016-F 2017-F

Equity begin -18,979
Dividends 300 300 500 1,000
-18,979 Debt
51,740 Enterprise Value
32,761 Exit Equity (multiple 10x)

7 time 1 2 3 4 5
 32,761 Cash Flow -18,979 300 300 500 1,000
13.32% IRR
2018-F 2019-F End 2018

1,000 1,000
-18,979
69,300
50,321

6 7 8
1,000 1,000 50,321
16.96%

2018-F 2019-F End 2018

1,000 1,000
-18,979
62,088
43,109

6 8 9
1,000 1,000 43,109
14.58%

2018-F 2019-F End 2018

1,000 1,000
-18,979
56,914
37,935

6 7 8
1,000 1,000 37,935
12.66%

2018-F 2019-F End 2018

1,000 1,000
-18,979
51,740
32,761

6 7 8
1,000 1,000 32,761
10.52%