Base Case 1 Downside Case 2 Upside Case 3: Inputs

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Inputs

Juices/Sports Energy Drinks Volume Growth


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside

Water Volume Growth


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside

Carbonates Volume Growth


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside

Confectionery Volume Growth


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside

COGS as % of Gross Sales


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside

Selling expenses as % of Net Sales


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside

General and Administrative as % of Net Sales


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside

Capex as a % of Gross Sales


1 2007 2008 2009 2010 2011
Actual
Base
Downside
Upside
Inputs

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
5.0% 6.0% 7.0% 8.0% 10.0% 8.0% 6.0% 4.0% 3.0% 1.0%
5.0% 6.0% 7.0% 8.0% 10.0% 8.0% 6.0% 4.0% 3.0% 1.0%
2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0%
6.0% 7.0% 8.0% 9.0% 11.0% 9.0% 7.0% 5.0% 4.0% 2.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
4.0% 5.0% 6.0% 7.0% 8.0% 7.0% 6.0% 5.0% 3.0% 1.0%
4.0% 5.0% 6.0% 7.0% 8.0% 7.0% 6.0% 5.0% 3.0% 1.0%
2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0%
5.0% 6.0% 7.0% 8.0% 9.0% 8.0% 7.0% 6.0% 4.0% 2.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
4.5% 5.0% 5.5% 6.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%
4.5% 5.0% 5.5% 6.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%
2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0%
5.5% 6.0% 6.5% 7.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
10.0% 11.0% 12.0% 14.0% 15.0% 12.0% 8.0% 5.0% 3.0% 1.0%
10.0% 11.0% 12.0% 14.0% 15.0% 12.0% 8.0% 5.0% 3.0% 1.0%
5.0% 4.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0%
11.0% 12.0% 13.0% 15.0% 16.0% 13.0% 9.0% 6.0% 4.0% 2.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0%
71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0%
72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0%
70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%
2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%
1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
3.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Income Statement

(YE 31-Dec, USDm) 2007A 2008A 2009A 2010A


Gross Sales 212.6 260.5 273.5 277.6
% growth 23% 5% 2%

Beverages 192.3 238.1 248.9 250.5


% of Gross Sales 90% 91% 91% 90%
% Growth 24% 5% 1%

Juices/Sports Energy Drinks 96.2 119.1 124.5 125.3


% of Beverage Sales 50% 50% 50% 50%
% Growth 24% 5% 1%

Juices/Sports Energy Drinks Volumes (mLtr 24.0 26.5 27.3 27.2


% Growth 10% 3% (0%)

Price per litre ($) 4.0 4.5 4.6 4.6


% Growth 12% 2% 1%

Water 48.1 59.5 62.2 62.6


% of Beverage Sales 25% 25% 25% 25%
% Growth 24% 5% 1%

Water Volumes (mLtrs) 96.2 106.1 109.2 108.9


% Growth 10% 3% (0%)

Price per litre ($) 0.5 0.6 0.6 0.6


% Growth 12% 2% 1%

Carbonates 48.1 59.5 62.2 62.6


% of Beverage Sales 25% 25% 25% 25%
% Growth 24% 5% 1%

Carbonates Volumes (mLtrs) 32.1 35.4 36.4 36.3


% Growth 10% 3% (0%)

Price per litre ($) 1.5 1.7 1.7 1.7


% Growth 12% 2% 1%

Confectionery 20.3 22.4 24.6 27.1


% of Gross Sales 10% 9% 9% 10%
% Growth 10% 10% 10%

Confectionery Volumes (mKgs) 2.0 2.0 2.2 2.4


% Growth (2%) 8% 9%

Price per KG ($) 10.0 11.2 11.4 11.5


% Growth 12% 2% 1%

Market Size 67.8 74.5 82.0 90.2


% Growth 10% 10% 10%

Market Share in Confectionery Ind.(%) 30% 30% 30% 30%

Discounts and Rebates (2.1) (2.6) (4.1) (5.6)


% of Gross Sales 1% 1% 2% 2%

Net Sales 210.5 257.9 269.4 272.1


% Growth 22% 4% 1%

Cost of Goods Sold (148.8) (177.1) (205.1) (201.3)


% of Gross Sales 70% 68% 75% 72%

Gross Profit 61.7 80.7 64.3 70.8


% of Net Sales 29% 31% 24% 26%

Selling Expenses (6.3) (6.9) (7.6) (7.2)


% of Net Sales 3% 3% 3% 3%

General & Administrative Expenses (25.0) (34.4) (35.0) (33.9)


% of Net Sales 12% 13% 13% 12%

EBIT 30.4 39.5 21.7 29.7


% margin 14% 15% 8% 11%

Depreciation & Amortisation (2.6) (2.6) (1.4) (1.4)


% of Gross sales 1% 1% 0% 0%
% of Capex 82% 67% 50% 50%

Capital Expenditure (3.2) (3.9) (2.7) (2.8)


% of Gross Sales 2% 1% 1% 1%

EBITDA 33.0 42.1 23.1 31.1


% margin 16% 16% 9% 11%

Interest Expense (3.3) (3.0) (2.7) (2.4)

EBT 27.1 36.5 19.0 27.3


% margin 13% 14% 7% 10%

Taxes -- -- -- --

PAT (Carried over to Retained Earnings) 27.1 36.5 19.0 27.3


% margin 13% 14% 7% 10%
2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E
291.5 308.6 331.0 362.5 399.5 444.7 486.5 522.3 550.5
5% 6% 7% 10% 10% 11% 9% 7% 5%

261.7 275.6 294.0 320.1 350.2 387.0 420.8 450.3 474.0


90% 89% 89% 88% 88% 87% 86% 86% 86%
4% 5% 7% 9% 9% 10% 9% 7% 5%

130.9 138.3 148.2 162.3 178.8 200.2 219.7 236.2 248.6


50% 50% 50% 51% 51% 52% 52% 52% 52%
4% 6% 7% 10% 10% 12% 10% 7% 5%

28.2 29.6 31.4 33.6 36.3 39.9 43.1 45.7 47.5


4% 5% 6% 7% 8% 10% 8% 6% 4%

4.6 4.7 4.7 4.8 4.9 5.0 5.1 5.2 5.2


1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2%

65.4 68.5 72.7 78.9 86.1 94.7 102.9 110.6 117.5


25% 25% 25% 25% 25% 24% 24% 25% 25%
4% 5% 6% 8% 9% 10% 9% 7% 6%

112.8 117.3 123.2 130.6 139.7 150.9 161.5 171.1 179.7


4% 4% 5% 6% 7% 8% 7% 6% 5%

0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7


1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2%

65.4 68.8 73.1 78.9 85.3 92.0 98.2 103.6 107.9


25% 25% 25% 25% 24% 24% 23% 23% 23%
4% 5% 6% 8% 8% 8% 7% 5% 4%

37.6 39.3 41.3 43.5 46.1 48.9 51.4 53.4 55.0


4% 5% 5% 6% 6% 6% 5% 4% 3%

1.7 1.8 1.8 1.8 1.8 1.9 1.9 1.9 2.0


1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2%

29.8 33.0 37.0 42.4 49.3 57.7 65.7 71.9 76.4


10% 11% 11% 12% 12% 13% 14% 14% 14%
10% 11% 12% 15% 16% 17% 14% 10% 6%

2.6 2.8 3.1 3.5 4.0 4.6 5.2 5.6 5.8


9% 10% 11% 12% 14% 15% 12% 8% 5%

11.6 11.7 11.8 12.1 12.3 12.5 12.7 12.9 13.1


1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2%

99.2
10%

30%

(8.7) (9.3) (9.9) (10.9) (12.0) (13.3) (14.6) (15.7) (16.5)


3% 3% 3% 3% 3% 3% 3% 3% 3%

282.7 299.4 321.1 351.6 387.5 431.3 471.9 506.6 533.9


4% 6% 7% 10% 10% 11% 9% 7% 5%

(204.0) (219.1) (235.0) (257.4) (283.7) (315.7) (345.4) (370.8) (390.8)


70% 71% 71% 71% 71% 71% 71% 71% 71%

78.7 80.2 86.1 94.3 103.9 115.6 126.5 135.8 143.1


28% 27% 27% 27% 27% 27% 27% 27% 27%

(7.6) (9.0) (9.6) (10.5) (11.6) (12.9) (14.2) (15.2) (16.0)


3% 3% 3% 3% 3% 3% 3% 3% 3%

(33.4) (35.9) (38.5) (42.2) (46.5) (51.8) (56.6) (60.8) (64.1)


12% 12% 12% 12% 12% 12% 12% 12% 12%

37.7 35.3 37.9 41.5 45.7 50.9 55.7 59.8 63.0


13% 12% 12% 12% 12% 12% 12% 12% 12%

(1.5) (4.3) (4.8) (5.4) (6.2) (7.2) (4.1) (4.5) (4.9)


0% 1% 1% 2% 2% 2% 1% 1% 1%
67% 69% 72% 75% 78% 81% 84% 86% 89%

(2.2) (6.2) (6.6) (7.3) (8.0) (8.9) (4.9) (5.2) (5.5)


1% 2% 2% 2% 2% 2% 1% 1% 1%

39.2 39.6 42.7 47.0 52.0 58.1 59.8 64.3 67.9


14% 13% 13% 13% 13% 13% 13% 13% 13%

(2.1) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) --

35.6 22.4 25.0 28.6 32.8 38.0 42.8 46.9 63.0


13% 7% 8% 8% 8% 9% 9% 9% 12%

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

35.6 22.4 25.0 28.6 32.8 38.0 42.8 46.9 63.0


13% 7% 8% 8% 8% 9% 9% 9% 12%
2020E 2021E
571.6 583.0
4% 2%

492.0 501.9
86% 86%
4% 2%

258.6 263.8
53% 53%
4% 2%

48.9 49.4
3% 1%

5.3 5.3
1.0% 1.0%

122.3 124.7
25% 25%
4% 2%

185.1 186.9
3% 1%

0.7 0.7
1.0% 1.0%

111.2 113.4
23% 23%
3% 2%

56.1 56.7
2% 1%

2.0 2.0
1.0% 1.0%

79.5 81.1
14% 14%
4% 2%

6.0 6.1
3% 1%

13.2 13.3
1.0% 1.0%
(17.1) (17.5)
3% 3%

554.4 565.6
4% 2%

(405.8) (414.0)
71% 71%

148.6 151.6
27% 27%

(16.6) (17.0)
3% 3%

(66.5) (67.9)
12% 12%

65.4 66.8
12% 12%

(5.3) (5.5)
1% 1%
92% 95%

(5.7) (5.8)
1% 1%

70.7 72.3
13% 13%

-- --

65.4 66.8
12% 12%

-- --

65.4 66.8
12% 12%
Balance Sheet

(YE 31-Dec, USDm) 2007A 2008A 2009A 2010A

Assets

Fixed Assets 6.5 7.8 9.2 10.6


Transaction GW (as per LBO)
Current Assets
Accounts Receivables 31.9 26.0 20.5 13.9
Inventory 27.6 19.5 16.4 19.4
Cash 68.0 121.7 159.3 184.9

Total Assets 134.1 175.1 205.4 228.7

Liabilities

Shareholders' Funds 41.6 78.0 97.0 124.3


Equity Share Capital 13.0 13.0 13.0 13.0
Retained Earnings 28.5 65.0 84.0 111.3

Long Term Debt 50.0 45.0 40.0 35.0

Current Liabilities
Accounts Payables 42.5 52.1 68.4 69.4

Total Liabilities 134.1 175.1 205.4 228.7


Check -- -- -- --

Current Ratio
Industry Average - GCC 3.0
Assumed Current Ratio of Company 3.0
Assumed Current Assets 127.6
Balance Cash 68.0

Days Payable Calculation

2007A 2008A 2009A 2010A


Accounts Receivables Days 55 days 37 days 28 days 19 days
Accounts Payables Days 104 days 107 days 122 days 126 days
Inventory Days 68 days 40 days 29 days 35 days
2011A 2011 (Adj.) 2012E 2013E 2014E 2015E 2016E 2017E 2018E

11.3 11.3 13.2 15.0 16.8 18.6 20.3 21.1 21.8


499.2 499.2 499.2 499.2 499.2 499.2 499.2 499.2

14.6 14.6 16.4 17.6 19.3 21.2 23.6 25.9 27.8


23.3 23.3 24.0 25.8 28.2 31.1 34.6 37.9 40.6
213.6 -- 23.2 49.0 79.7 115.2 157.0 204.1 78.4

262.8 548.4 575.9 606.6 643.1 685.3 734.7 788.1 667.7

159.9 240.5 262.9 287.9 316.5 349.3 387.3 430.1 476.9


13.0
146.9

30.0 235.0 235.0 235.0 235.0 235.0 235.0 235.0 58.7

72.9 72.9 78.0 83.7 91.7 101.0 112.4 123.0 132.1

262.8 548.4 575.9 606.6 643.1 685.3 734.7 788.1 667.7


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

2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E


19 days 20 days 20 days 20 days 20 days 20 days 20 days 20 days
130 days 130 days 130 days 130 days 130 days 130 days 130 days 130 days
42 days 40 days 40 days 40 days 40 days 40 days 40 days 40 days
2019E 2020E 2021E

22.4 22.8 23.1


499.2 499.2 499.2

29.3 30.4 31.0


42.8 44.5 45.4
85.5 153.1 221.0

679.2 749.9 819.6

540.0 605.4 672.2

-- -- --

139.2 144.5 147.4

679.2 749.9 819.6


-- -- --

2019E 2020E 2021E


20 days 20 days 20 days
130 days 130 days 130 days
40 days 40 days 40 days
Cash Flow Statement

(YE 31-Dec, USDm) 2007A 2008A 2009A 2010A

Net Profit 27.1 36.5 19.0 27.3


Add: Interest 3.3 3.0 2.7 2.4
Add: Depreciation & Amortisation 2.6 2.6 1.4 1.4

Changes in working capital 23.5 24.9 4.6


Change in Accounts receivables 5.8 5.5 6.6
Change in Accounts payables 9.6 16.3 1.0
Change in Accounts inventory 8.1 3.1 (3.0)

Less: Interest Expenses (3.0) (2.7) (2.4)


Less: Taxes -- -- --
Cash Flow from Operating Activities 62.6 45.3 33.3

Capital Expenditure (3.9) (2.7) (2.8)


Cash Flow from Investing Activities (3.9) (2.7) (2.8)

Debt Repayment (5.0) (5.0) (5.0)


Cash Flow from Financing Activities (5.0) (5.0) (5.0)

Net Change in cash during the year 53.7 37.6 25.6


Add: Opening Cash Flow 68.0 121.7 159.3
Closing Cash Flow 121.7 159.3 184.9
2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E

35.6 22.4 25.0 28.6 32.8 38.0 42.8 46.9 63.0


2.1 12.9 12.9 12.9 12.9 12.9 12.9 12.9 --
1.5 4.3 4.8 5.4 6.2 7.2 4.1 4.5 4.9

(1.1) 2.6 2.7 3.8 4.5 5.5 5.1 4.4 3.4


(0.7) (1.8) (1.2) (1.7) (2.0) (2.4) (2.2) (1.9) (1.5)
3.5 5.2 5.7 8.0 9.4 11.4 10.6 9.0 7.1
(3.9) (0.7) (1.7) (2.5) (2.9) (3.5) (3.3) (2.8) (2.2)

(2.1) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) --


-- -- -- -- -- -- -- -- --
36.0 29.3 32.5 37.9 43.6 50.7 52.0 55.7 71.4

(2.2) (6.2) (6.6) (7.3) (8.0) (8.9) (4.9) (5.2) (5.5)


(2.2) (6.2) (6.6) (7.3) (8.0) (8.9) (4.9) (5.2) (5.5)

(5.0) -- -- -- -- -- -- (176.2) (58.7)


(5.0) -- -- -- -- -- -- (176.2) (58.7)

28.8 23.2 25.9 30.6 35.6 41.8 47.1 (125.7) 7.1


184.9 -- 23.2 49.0 79.7 115.2 157.0 204.1 78.4
213.6 23.2 49.0 79.7 115.2 157.0 204.1 78.4 85.5
2020E 2021E

65.4 66.8
-- --
5.3 5.5

2.6 1.4
(1.1) (0.6)
5.3 2.9
(1.6) (0.9)

-- --
-- --
73.3 73.7

(5.7) (5.8)
(5.7) (5.8)

-- --
-- --

67.6 67.9
85.5 153.1
153.1 221.0
PPE Schedule

(YE 31-Dec, USDm) 2007A 2008A 2009A 2010A


Opening Balance 5.9 6.5 7.8 9.2
(+) Additions 3.2 3.9 2.7 2.8
(-) Sale -- -- -- --
(-) Depreciation (2.6) (2.6) (1.4) (1.4)
Closing Balance 6.5 7.8 9.2 10.6
2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E
10.6 11.3 13.2 15.0 16.8 18.6 20.3 21.1 21.8
2.2 6.2 6.6 7.3 8.0 8.9 4.9 5.2 5.5
-- -- -- -- -- -- -- -- --
(1.5) (4.3) (4.8) (5.4) (6.2) (7.2) (4.1) (4.5) (4.9)
11.3 13.2 15.0 16.8 18.6 20.3 21.1 21.8 22.4
2020E 2021E
22.4 22.8
5.7 5.8
-- --
(5.3) (5.5)
22.8 23.1
Debt Schedule

(YE 31-Dec, USDm) 2007A 2008A 2009A 2010A 2011A


Opening Balance 55.0 50.0 45.0 40.0 35.0
(+) Additions -- -- -- -- --
(-) Repayment (5.0) (5.0) (5.0) (5.0) (5.0)
Closing Balance 50.0 45.0 40.0 35.0 30.0

Interest Rate 6%

Interest Expense 3.3 3.0 2.7 2.4 2.1


2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E

LBO financed after 2011


Juice Co.
Discounted Cash Flow

(YE 31-Dec, USDm)


1 2 3 4 5 6
2011A 2012E 2013E 2014E 2015E 2016E 2017E

EBITDA 39.2 39.6 42.7 47.0 52.0 58.1 59.8

D&A 4.3 4.8 5.4 6.2 7.2 4.1

EBIT 35.3 37.9 41.5 45.7 50.9 55.7

Taxes -- -- -- -- -- --

Capex (6.2) (6.6) (7.3) (8.0) (8.9) (4.9)

NWC Change 2.6 2.7 3.8 4.5 5.5 5.1

FCF 36.1 38.8 43.5 48.5 54.7 60.0


Factor 0.9 0.8 0.7 0.6 0.6 0.5
Discounted FCF 32.4 31.3 31.5 31.5 31.9 31.4

WACC 11%
PGR 2%

Terminal value 804.3


Discounted TV 273.3

PV of CF 296.2

EV 569.4
Net Debt 235.0
Minority Interest --
Equity Value 334.4

1 Year Fwd EV/EBITDA 14.4x


1 Year Fwd EV/EBIT 16.1x
7 8 9 10
2018E 2019E 2020E 2021E

64.3 67.9 70.7 72.3

4.5 4.9 5.3 5.5

59.8 63.0 65.4 66.8

-- -- -- --

(5.2) (5.5) (5.7) (5.8)

4.4 3.4 2.6 1.4

63.5 65.9 67.6 67.9


0.5 0.4 0.4 0.3
29.8 27.8 25.6 23.1
Sensitivity Table
WACC
569 9% 10% 11% 12% 13%
1.0%
1.5%
PGR

2.0%
2.5%
3.0%
LBO Modelling
($m)
LTM EBITDA (2011A) 39
EBITDA FY+1 (2012) 40
Assumed Valuation (FY+1 EV/EBITDA) 12.0x
Assumed Leverage Level (LTM EBITDA) 6.0x
LBO Net Debt (Total) 235
Senior Debt 4.5x 176 5.5% 7 years
Sub Debt 1.5x 59 7.5% 8 years
Enterprise Value 475
Equity Value in BS 240
51%
(YE 31-Dec, USDm) 2012E 2013E 2014E 2015E

Free Cash Flow before Financing 36.1 38.8 43.5 48.5

Less:
Interest Payments (12.9) (12.9) (12.9) (12.9)
Repayments -- -- -- --
Cash utilised to make repayments

Cash Available to equity holders 23.2 25.9 30.6 35.6

Senior Debt
1.0 2.0 3.0 4.0
(YE 31-Dec, USDm) 2012E 2013E 2014E 2015E
Opening Balance 176.2 176.2 176.2 176.2
(+) Additions
(-) Repayment -- -- -- --
Closing Balance 176.2 176.2 176.2 176.2

Interest Rate 6%

Interest Expense 9.7 9.7 9.7 9.7

Subordinated Debt
1.0 2.0 3.0 4.0
(YE 31-Dec, USDm) 2012E 2013E 2014E 2015E
Opening Balance 58.7 58.7 58.7 58.7
(+) Additions
(-) Repayment -- -- -- --
Closing Balance 58.7 58.7 58.7 58.7

Interest Rate 8%

Interest Expense 3.2 3.2 3.2 3.2

Cash Outflow & Debt

(YE 31-Dec, USDm) 2012E 2013E 2014E 2015E


Interest (12.9) (12.9) (12.9) (12.9)
Repayment -- -- -- --
Debt Outstanding 235.0 235.0 235.0 235.0
688

10
4
6.0% Average Cost of debt

2016E 2017E 2018E 2019E 2020E 2021E

54.7 60.0 63.5 65.9 67.6 67.9

(12.9) (12.9) (12.9) -- -- --


-- -- (176.2) (58.7) -- --
(125.7)

41.8 47.1 -- 7.1 67.6 67.9

5.0 6.0 7.0 8.0 9.0 10.0


2016E 2017E 2018E 2019E 2020E 2021E
176.2 176.2 176.2 -- -- --

-- -- (176.2)
176.2 176.2 -- -- -- --

9.7 9.7 9.7

5.0 6.0 7.0 8.0 9.0 10.0


2016E 2017E 2018E 2019E 2020E 2021E
58.7 58.7 58.7 58.7 -- --

-- -- -- (58.7)
58.7 58.7 58.7 -- -- --

3.2 3.2 3.2

2016E 2017E 2018E 2019E 2020E 2021E


(12.9) (12.9) (12.9) -- -- --
-- -- (176.2) (58.7) -- --
235.0 235.0 58.7 -- -- --
Juice Co.
IRR Valuation

(YE 31-Dec, USDm)


1 2 3 4 5
2011A 2012E 2013E 2014E 2015E 2016E

Free Cash Flow to Equity 23.2 25.9 30.6 35.6 41.8

Factor 0.9 0.8 0.7 0.6 0.5

Discounted FCF 20.2 19.6 20.1 20.3 20.8

COE 15%
PGR 2%

Terminal value 600.4


Discounted TV 148.4

PV of CF 159.6

Equity Value 308.0


Net Debt 235.0
Minority Interest --
Enterprise Value 543.0

1 Year Fwd EV/EBITDA 13.7x


1 Year Fwd EV/EBIT 15.4x
6 7 8 9 10
2017E 2018E 2019E 2020E 2021E

47.1 -- 7.1 67.6 67.9

0.4 0.4 0.3 0.3 0.2

20.4 -- 2.3 19.2 16.8

Sensitivity Table
WACC
543 13% 14%
1.0%
1.5%
PGR

2.0%
2.5%
3.0%
Sensitivity Table
WACC
15% 16% 17%
Juice Co.
IRR Returns Analysis

Returns in 5 years
Entry Multiple (FY1 EBITDA) 12.0x
EBITDA FY1 39.6x
EXIT Multiple (5 years) 12.0x
EBITDA FY1 (EXIT) 59.8
Enterprise Value (EXIT) $m 717.3
Less: Net Debt 78.0
Equity Value (EXIT) $m 639.3

(YE 31-Dec, USDm)


12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015
2011A 2012E 2013E 2014E 2015E

Free Cash Flow to Equity


Equity Investment (240.5)
Equity inflow at the time of sale
Total Cashflows (240.5) 0.0 0.0 0.0 0.0

IRR 22%

1 2 3 4
2011A 2012E 2013E 2014E 2015E

Total Cashflows

Factor 0.8 0.7 0.6 0.5

Discounted FCF -- -- -- --

IRR 22%

Entry Equity Value 240.8


Net Debt 235.0
Enterprise value 475.7
EV/EBITDA FY+1 12.0x

5 year Exit scenario (Exit Multiple = 12.0x FY+1 EBITDA)


15% 16% 17% 18% 19%
Entry Price 475.7
12/31/2016 42736 42737 42738 42739 42740
2016E 2017E 2018E 2019E 2020E 2021E

639.3
639.3

5
2016E 2017E 2018E 2019E 2020E 2021E

639.3

0.4

240.8 -- -- -- -- --

20% 21% 22% 23% 24% 25%


Target capital structure

Debt 40.0%
Equity 60.0%

Cost of Equity 15.0%


pre-tax Cost of Debt 6.0%
Post tax cost of debt 6.0%

WACC 11.4%

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