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1

2 Page

3 Page

4 1 BIS

5 * BIS CF CF CF

6 PLAN DO BSPL BSPL SEE BS PL 5

7 6 1-3 PLAN DO SEE PLAN DO SEE PLAN DO SEE PLAN DO SEE BSPL BS PL

8

9 Coffee Break 2 BS PL CF) PLANDO SEE 8

10

11

12 CF CF CF CF CF CF CF CF CF CF FCF FCF FCF

13 1 1 12

14 13 NPV % (1+0.05) (1+0.05)

15 NPV NPV IRR NPV NPV (Net Present Value) NPV 1-2 NPV A CF CF FCF FCF * NA (1+0.05) 2 (1+0.05) 3 GO A B B CF CF FCF FCF * NA (1+0.05) 2 (1+0.05) 3 NO GO DCF Discounted Cash Flow NPV Net present value) NPV NPV NPV= DCF 5 14

16 NPV NPV 2 NPV NPV 1-3 A C C 1-3 NPV A CF CF FCF FCF * NA (1+0.05) 2 (1+0.05) 3 NPV C C 1 2 CF CF FCF FCF * NA (1+0.05)

17 Coffee Break NPV NPV IRR IRR IRR Internal Rate of Return NPV IRR IRR IRR IRR IRR CF

18 17 2 CFO 2-1 PL 2-1 CF FCF

19 18 PL BS PL BSPL BSPL CFO ,000 1,500 2,500 1,000 5,000 1,500 2,500 1,000 12,000 12,000 60,000 18,000 30,000 12,000 CF 12,000 12,000 12,000 60,000 18,000 30,000 12,000 CF 12,000 4,000 12,000 20,000 6,000 10,000 4,000 4,000 4,000 20,000 6,000 30,000-16,000 CF CF 4,000 12,000 20,000 18,000 30,000-28,000 4,000 4,000 20,000 6,000 30,000-16,000 12,000 4,000

20 PL CFO 2-3 A

21 Coffee Break CFO CFO 20

22 21 PLAN-DO-SEE DO PLAN SEE PLBS CFO PLAN DO SEE PLAN PLAN DO PLAN DO SEE PLAN DO SEE PLAN DO SEE PLAN PLAN DO

23 22 NPV CFO PLAN SEE PLAN PLAN 3-

24 A A B B PLBS 3-3 A A =-- B =-- B

25 24 CFO 2 PLAN ROA ROE FCF EVA CFROI FCF FCF ROA ROE FCF EVA CFROI FCF FCF 3-3

26 CFO EVA CFROI CFO EVA EVA EVA NPV EVA EVA CFROI HOLT CFROI CFROI 25

27 Coffee Break EVA EVA EVA EVA EVA EVA EVA 26

28 BS PL M&A BS PL BS PL 1-1 BS PL M&A BSPL BSPL 27

29

30 2 BSPL 29

31 30 BS PL 2-1 CF BSPL CF EPS 1 1 CF CF CF

32 2-2 CF M&A CF CF CF CF CF 31

33 2-3 CF CF CF CF CF 32

34 2-4 CF CF CF * CF CF CF 33

35 Coffee Break CFO LBO(Leveraged Buy Out 34

36 3 P %

37 CF = 10 + P = 15 = = = = FCF = CF 15 CF = 7.9 FCF = CF = 8.4 FCF = CF =

Page

Page Page Page 1 3 4 M&A DCF NPV 1-1 BIS 1-3 1-2 5 6 1-3 2 2 0 200 010 2-1 A B B A B 7 8 Coffee Break CAPM Capital Asset Pricing model 3 IRR NPV EVA BS PL 9 2 ROA 3-1 EBIT Earnings Before Interest,Taxes) 3-2

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