1989 1990

Sales 337,400 380,000

Purchase costs 104,931 114,380
Purchase Margin 232,469 265,620
Production costs 94,472 106,400
Commercial costs 40,488 45,600
Advertising expense 16,870 19,000
Admin expense 32,053 36,100
Transportation costs 10,122 11,400
Partcipation salaries 3,557 4,000
EBIT 34,907 43,120
Interest income 3,399 801
Interest expense 7,119 18,487
Acquisition costs - 3,333
EBT 31,187 22,102
Tax@37% 11,539 8,178
Net income 19,648 13,924
Amortisation of Acquisition costs - 3,333
Depreciation 11,700 19,000
Changes in W.C. - 7,898
Capex 29,000 20,000
Cash flow available - 8,359
Principal repayment 8,359
Equity cash flow - 0

Working capital 63,162 71,060

Exit EV P/E*13 382,116

Debt:
Less Sr. Debt 140,000
Less Sub debt 115,182
Add Cash 0
Equity 126,934

Baring Cap Share (79%) 100,278

IRR 30%
Investment 35,110
 1991 1992 1993 1994

419,900 463,990 510,388 561,427

125,130 137,341 151,075 166,182
294,770 326,649 359,313 395,245
115,934 126,205 138,826 152,708
47,880 50,274 55,301 60,832
19,665 20,353 22,389 24,627
37,905 39,800 43,780 48,158
12,597 13,920 15,312 16,843
4,800 5,200 6,500 7,000
55,989 70,897 77,205 85,077
613 852 1,114 1,391
34,104 33,679 31,663 29,184
3,333 3,333 - -
19,165 34,737 46,656 57,284
7,091 12,853 17,263 21,195
12,074 21,884 29,394 36,089
3,333 3,333 - -
20,000 25,000 25,000 25,000
7,461 8,245 8,676 9,544
25,000 25,000 25,000 25,000
2,946 16,972 20,717 26,545
2,946 16,972 20,717 26,545
- 0 0 0 - 0

78,521 86,766 95,443 104,987

35%
30,191
 1990 1991 1992 1993

Sr. Debt 12%

Beginning debt 190,000 185,000 175,000 160,000
Interest payment 12,350 22,200 21,000 19,200
Pricipal repayment 5,000 10,000 15,000 20,000
Ending debt 185,000 175,000 160,000 140,000

Sub-debt 13.50%
Beginning debt 65,000 65,000 65,000 65,000
Interest payment 4,388 8,775 8,775 8,775
Pricipal repayment - - - -
Ending debt 65,000 65,000 65,000 65,000

W.C. loan 11%

Beginning debt 31,800 28,441 35,495 33,523
Interest payment 1,749 3,129 3,904 3,688
Pricipal repayment 3,359 - 7,054 1,972 717
Ending debt 28,441 35,495 33,523 32,806
 1994 1995 1996 1997 1998

140,000 115,000 90,000 65,000 40,000

16,800 13,800 10,800 7,800 4,800
25,000 25,000 25,000 25,000 40,000
115,000 90,000 65,000 40,000 -

65,000 65,000 65,000 65,000 65,000

8,775 8,775 8,775 8,775 8,775
- - - - 65,000
65,000 65,000 65,000 65,000 -

32,806 31,261 23,226 7,802 - 16,017

3,609 3,439 2,555 858 - 1,762
1,545 8,035 15,424 23,819 - 46,660
31,261 23,226 7,802 - 16,017 30,643
U.S. Long term Govt. 8.79%
U.S. Short term Govt. 8.61%

AAA 9.33%
AA 9.62%
A 10.11%
BBB 10.51%
BB 12.71%
B 15.11%

France Long term Govt. 10.06%

France Short term Govt. 10.66%