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OpCo - Algeco

P&L, M€ 2004 2005 2006 2007 2008 2009

Sales 400 433 470 509 548 588


Growth 8.3% 8.3% 8.4% 7.6% 7.4% Sensitivity, %
Base Case 8.3% 8.3% 8.4% 7.6% 7.4%

EBITDA 127 139 151 166 184 202


Margin 31.8% 32.0% 32.1% 32.7% 33.6% 34.4% Sensitivity, %
Base Case 32.0% 32.1% 32.7% 33.6% 34.4%

D&A -55 -60 -64 -72 -81 -91

EBIT 72 79 86 95 103 112


Margin 18.0% 18.2% 18.4% 18.6% 18.8% 19.0%
18.0% 18.2% 18.4% 18.6% 18.8% 19.0%

Financial Expense 0 0 0 0 0 0 => assume no debt before

Income before tax 72 79 86 95 103 112

Corporate Tax -24 -26 -29 -31 -34 -37


Rate 33.0% 33.0% 33.0% 33.0% 33.0% 33.0%

Net Income 48 53 58 63 69 75

Cashflow, M€ 2005 2006 2007 2008 2009

EBITDA 139 151 166 184 202


Tax -26 -29 -31 -34 -37
Capex -86 -94 -104 -109 -119
Change in WC -1 0 0 -5 -5
Cash financial expense 0 0 0 0 0
Debt repayment 0 0 0 0 0
Cashflow before dividend 26 28 31 36 41
Dividend paid to HoldCo -26 -28 -31 -36 -41
Cash available 0 0 0 0 0

Sources & Uses, M€

Uses Sources

Purchase of shares 430.0 Senior debt A Shares fully diluted, M


Price, €
Debt refinancing 141.0 Senior debt B

Transaction costs 28.5 Mezzanine

Equity 599.5
of which shareholder loan 0.0 Shareholder loan
of which equity 599.5 Rate
Fund 0.0 Pourcentage of equity owned
Mgt 0.0

Total 599.5 Total 599.5

Debt repayment schedule, M€ 2005 2006 2007 2008 2009


10% 12.50% 12.50% 15% 20% Maturity, years
Tranche A - yearly repayment 6 years 0.0 0.0 0.0 0.0 0.0 7
Tranche B - bullet 7 years 0.0 0.0 0.0 0.0 0.0 8
Total 0.0 0.0 0.0 0.0 0.0
HoldCo

P&L, M€ 2005 2006 2007 2008 2009

Dividends received 26 28 31 36 41 => holdco rev = dvd


Operating costs -0.8 -0.8 -0.8 -0.8 -0.8
Transaction costs amortisation 0 0 0 0 0 => 有些transaction cost可以amortize
EBIT 25 27 30 35 41 Euribor

Interest -22 -8 -8 -8 -8 Spread Cash rate


of which tranche A (cash) -14 2.5% 7.0%
of which tranche B (cash) -8 -8 -8 -8 -8 3.0% 7.5%
of which mezzanine (cash) 0 0 0 0 0 0.0%
of which mezzanine (PIK) 0 0 0 0 0 9.0%
of which shareholder loan (PIK) => holdco provide loan to the opco => motivate mgmt.
=> 其实还是equity,只是cap了return,有点像prefer sto
Interest received from Algeco 26 29 31 34 37

Income before tax 29 48 54 62 70

(Tax paid) / tax credit -19 -26 -29 -32 -35

Net income 10 22 25 30 35

Tax really paid, €M 2005 2006 2007 2008 2009

Algeco tax paid if Algeco were alone -26 -29 -31 -34 -37 % taxed Tax Rate
Tax on dividend => 只tax一遍 -0.4 -0.5 -0.5 -0.6 -0.7 5% 33%

Holding operating costs -1 -1 -1 -1 -1


Financial Expense -22 -8 -8 -8 -8
Amortisation of transaction costs 0 0 0 0 0
Deductibles expenses of HoldCo -22 -8 -8 -8 -8
Tax Rate 33% 33% 33% 33% 33%
Tax saved HoldCo 7 3 3 3 3

Tax Credit/ (Tax paid) -19 -26 -29 -32 -35 => Opco pay 过的tax 不应该再pay

Cashflow, M€ 2005 2006 2007 2008 2009

Dividends received
Operating costs
Interest received from Algeco
Tax really paid
Cash financial expense -22 -8 -8 -8 -8
Debt reimbursement 0 0 0 0 0
Cashflow before dividend -22 -8 -8 -8 -8

Available cash -22 -29 -37 -44 -52

Balance sheet, M€ 2004 2005 2006 2007 2008 2009

Algeco shares 0 0 0 0 0 => conservative accounting


Capitalised costs 0 0 0 0 0 => only amortized 2 years
Loan to OpCo 0 0 0 0 0
Cash 0
Total Assets 0.0 0.0 0.0 0.0 0.0 0.0

Share capital 174.6 185 207 232 262 297 => assume no dvd paid to funds and mgmt.
Shareholder loan 0.0 0 0 0 0 0
Senior debt tranche A 200.0
Senior debt tranche B 100.0 100 100 100 100 100
Mezzanine 0 0 0 0 0
Total Liabilities 474.6 284.9 307.1 332.2 362.0 397.2
check -474.6 -284.9 -307.1 -332.2 -362.0 -397.2

Covenants monitoring
2004 2005 2006 2007 2008 2009
Senior debt/LTM EBITDA 2.4x 0.7x 0.7x 0.6x 0.5x 0.5x
Net debt/LTM EBITDA 2.4x 0.7x 0.7x 0.6x 0.5x 0.5x
EBITDA-capex/cash interest 2.4x 7.5x 8.2x 9.9x 11.0x
Exit at end of 2009, amounts in M€

EV at entry Jan 1st, 20 571.0 Proceeds to the Fund


= Vequity + Vd 89% of shares
LTM Multiple paid 7.9x Exercise of options by mgt 5.2
/2004 EBIT of 72M€ Exercice of options by mezzani 10.5
Total end of 2009 15.7
Exit EBIT multiple 8.0x For an initial investment in 2005 of: 0.0
EV 31 Dec 2009 CoC #DIV/0!
External net debt -100.0 IRR #DIV/0!
Shareholder loan 0.0
Exit costs 0.0 Proceeds to management
Proceeds to shareholder -100.0 5% of shares -3.0
(value of equity) Exercise of options -5.2
Total end of 2009 -8.2
Sharing of sale proceeds by shareholders For an initial investment in 2005 of: 0.0
before mgt pack.Options granted After options CoC #DIV/0!
Fund 0.0% -9.0% IRR #DIV/0!
Management 0.0% 3.0% 3.0%
Mezzanine investor 0.0% 6.0% 6.0% Proceeds to mezzanine investors
Reimbursement of mezzanine 0
6% of shares -6.0
Exercise of options -10.5
Total end of 2009 -16.5
For an initial investment in 2005 of: 0.0
CoC #DIV/0!
IRR #DIV/0!

Sensitivities

Sensitivity - Growth
#DIV/0! 0% -1% -2% -3%
0% #DIV/0! #DIV/0! #DIV/0!
Sensitivity -1% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITDA margin -2% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-3% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Price paid per share, €


#DIV/0! 85 90 95 100
Amount of 100 #DIV/0! #DIV/0! #DIV/0!
Assumption

0.0%

0.0%

4,778,000
90

of equity owned
saction cost可以amortize
4.5%

PIK rate

13.5%
rovide loan to the opco => motivate mgmt. 因为fund提供loan所以cap了一部分upside
equity,只是cap了return,有点像prefer stock,而且还是tax deductable的

过的tax 不应该再pay

tive accounting

o dvd paid to funds and mgmt.