Beruflich Dokumente
Kultur Dokumente
General Assumptions
Sources & Uses
General Assumptions
Sources
Tax Rate
161.1
Subordinated Debt
177.1
7.0x
151.8
6.0x
Senior Debt
Total Sources
Debt/LTM EBITDA
6.5x
490.0
Uses
Purchase Price
Working Capital Funding
Transaction Costs
Total Uses
53.5%
10.0%
Debt Assumptions
400.0
50.0
40.0
490.0
151.8
7.0%
6.0%
5.0%
Senior Debt
Total Senior Debt Facility
Interest Rate
Amortization Period
177.1
0.1
5.0
1998
1999
2000
2001
Motorcycle Revenue
Apparel Revenue
Total Revenue
199.5
0.0
199.5
260.0
0.0
260.0
343.1
0.0
343.1
426.2
0.0
426.2
509.3
0.0
509.3
614.9
0.0
614.9
Material Costs
Direct Labor & Other Direct Expenses
Variable Sales Expense
109.1
13.1
6.0
137.9
16.0
7.4
166.6
18.9
8.8
195.4
21.7
10.1
224.1
24.6
11.5
252.9
27.5
12.9
Gross Profit
71.3
98.8
148.9
198.9
249.0
321.7
46.0
54.2
62.4
70.6
78.8
87.0
EBITDA
25.3
44.6
86.5
128.3
170.2
234.7
Depreciation
Amortization
6.0
24.7
8.3
27.0
10.7
27.0
13.0
27.0
15.3
27.0
17.6
27.0
EBIT
(5.4)
9.3
48.8
88.3
127.9
190.0
11.0
33.6
32.8
32.0
31.3
30.7
(16.4)
(24.4)
16.0
56.4
96.6
159.3
0.0
16.9
51.7
85.2
(24.4)
16.0
39.5
44.9
74.1
30.3%
38.0%
17.1%
32.0%
43.4%
25.2%
24.2%
46.7%
30.1%
19.5%
48.9%
33.4%
20.8%
52.3%
38.2%
23.0
23.0
23.0
23.0
23.0
4.0
4.0
4.0
4.0
4.0
27.0
27.0
27.0
27.0
27.0
Taxable Income
Current Period Increase in Net Operating Loss Balance
Net Operating Loss Balance Available Before Current Period use of NOLs
Net Operating Loss Used for Tax Shield in Current Period
Net Operating Loss Balance Available After Current Period use of NOLs
(24.4)
(24.4)
16.4
0.0
40.8
16.0
0.0
40.8
16.0
24.8
56.4
0.0
24.8
24.8
0.0
96.6
0.0
0.0
0.0
0.0
159.3
0.0
0.0
0.0
0.0
(24.4)
53.5%
0.0
0.0
53.5%
0.0
31.6
53.5%
16.9
96.6
53.5%
51.7
159.3
53.5%
85.2
Taxable Income
Taxes
0.0
Net Income
(16.4)
0.0
Operating Metrics
YoY Revenue Growth %
Gross Margin %
EBITDA Margin %
Amortization Schedule
Purchase Price
Net Asset Value
Goodwill
Amortization Period (Years)
Goodwill Amortization
400.0
170.0
230.0
10.0
Transaction Costs
Amortization Period (Years)
Transaction Costs Amortization
40.0
10.0
Total Amortization
Tax Schedule
Page 1 of 9
Adjustments
As of December 31,
Post-Deal
1997
1998
1999
2000
2001
11.3
50.0
61.3
14.9
10.0
29.4
55.4
111.6
84.5
37.2
2.2
123.9
0.0
0.0
0.0
0.0
84.5
37.2
2.2
123.9
101.9
44.9
7.9
154.6
119.2
52.6
13.5
185.3
136.6
60.3
19.2
216.1
153.9
68.0
24.8
246.8
171.3
75.8
30.5
277.5
64.8
0.0
0.0
64.8
0.0
230.0
40.0
270.0
64.8
230.0
40.0
334.8
71.4
207.0
36.0
314.4
77.6
184.0
32.0
293.6
83.5
161.0
28.0
272.5
89.1
138.0
24.0
251.1
94.4
115.0
20.0
229.4
200.0
320.0
520.0
483.9
488.9
518.0
553.3
618.5
30.3
9.4
39.7
0.0
0.0
0.0
30.3
9.4
39.7
38.7
9.1
47.8
47.1
8.7
55.8
55.5
8.4
63.9
63.8
8.1
71.9
72.2
7.8
80.0
0.0
0.0
0.0
177.1
151.8
328.9
177.1
151.8
328.9
187.7
121.4
309.2
199.0
91.1
290.1
210.9
60.7
271.6
223.6
30.4
253.9
237.0
0.0
237.0
151.4
127.0
143.0
182.5
227.4
301.5
520.0
483.9
488.9
518.0
553.3
618.5
106.9
OK
129.5
OK
152.2
OK
174.8
OK
197.5
OK
143.0
118.9
102.4
126.8
115.3
103.1
117.0
112.7
103.6
110.3
110.8
104.0
101.7
109.4
104.3
160.3
200.0
(8.9)
320.0
84.2
OK
*Equals prior period's shareholder's equity plus current period's net income
Working Capital Statistics
Days Receivable
Days Inventory
Days Payable
Cash Flow Statement
Last Twelve Months (Projected)
1996
1997
1998
1999
2000
2001
(24.4)
35.3
10.6
16.0
37.7
11.3
39.5
40.0
11.9
44.9
42.3
12.7
(22.7)
(22.7)
(22.7)
(22.7)
(22.7)
42.3
68.7
77.2
109.5
(14.9)
(14.9)
(16.9)
(16.9)
(18.9)
(18.9)
(20.9)
(20.9)
(22.9)
(22.9)
0.0
(30.4)
(30.4)
0.0
(30.4)
(30.4)
0.0
(30.4)
(30.4)
0.0
(30.4)
(30.4)
0.0
(30.4)
(30.4)
(46.4)
(5.0)
19.5
26.0
56.2
(1.1)
74.1
44.6
13.4
(12.9)
Page 2 of 9
Debt Schedule
Last Twelve Months (Projected)
1997
1998
1999
2000
2001
177.1
0.0
10.6
187.7
187.7
0.0
11.3
199.0
199.0
0.0
11.9
210.9
210.9
0.0
12.7
223.6
223.6
0.0
13.4
237.0
6.0%
10.6
6.0%
11.3
6.0%
11.9
6.0%
12.7
6.0%
13.4
7.0%
12.8
7.0%
13.5
7.0%
14.3
7.0%
15.2
7.0%
16.1
10.6
12.8
23.4
11.3
13.5
24.8
11.9
14.3
26.3
12.7
15.2
27.9
13.4
16.1
29.5
151.8
30.4
121.4
121.4
30.4
91.1
91.1
30.4
60.7
60.7
30.4
30.4
30.4
30.4
0.0
7.5%
10.2
7.5%
8.0
7.5%
5.7
7.5%
3.4
7.5%
1.1
Credit Statistics
Debt / EBITDA
EBITDA / Cash Interest Expense
(EBITDA-CAPEX) / Cash Interest Expense
(EBITDA-CAPEX) / (Mandatory Principal Payments + Cash Interest Expense)
6.9x
1.9x
1.3x
0.6x
3.4x
4.0x
3.2x
1.3x
2.1x
6.4x
5.5x
2.2x
1.5x
9.1x
8.0x
3.0x
1.0x
13.6x
12.3x
4.4x
5.0x
2001 EBITDA
Enterprise Value @ Exit
Net Debt
Total Equity Value @ Exit
5.5x
6.0x
6.5x
7.0x
7.5x
8.0x
234.7
234.7
234.7
234.7
234.7
234.7
234.7
1,173.3
1,290.6
1,408.0
1,525.3
1,642.6
1,760.0
1,877.3
125.4
125.4
125.4
125.4
125.4
125.4
125.4
1,047.9
1,165.3
1,282.6
1,399.9
1,517.3
1,634.6
1,751.9
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
52.4
58.3
64.1
70.0
75.9
81.7
87.6
10.0%
10.0%
10.0%
10.0%
10.0%
10.0%
10.0%
104.8
116.5
128.3
140.0
151.7
163.5
175.2
890.8
990.5
1,090.2
1,189.9
1,289.7
1,389.4
1,489.1
161.1
161.1
161.1
161.1
161.1
161.1
161.1
TPG IRR
40.8%
43.8%
46.6%
49.2%
51.6%
53.9%
56.0%
TPG ROI
5.5x
6.1x
6.8x
7.4x
8.0x
8.6x
9.2x
Page 3 of 9
Financing Packages
These financing packages are complete and final. They cannot be mix-and-matched.
Assume fees are identical for all three.
7.0x
ITL 177.1
7.50%
5.0x
ITL 126.5
8.00%
9.0x
ITL 227.7
8.50%
5 years
7 years
10 years
6.0x
ITL 151.8
7.00%
6.00%
5.00%
8.0x
ITL 202.4
4.00%
10.00%
10.00%
4.0x
ITL 101.2
6.00%
6.00%
1.00%
Senior Debt
Model Assumptions
Revenue
Apparel Revenue
Material Costs
Direct Labor & Other Direct Expenses
Variable Sales Expense
S,G&A (excluding D&A)
Depreciation
Balance Sheet
Accounts Receivable
Inventory
Other Current Assets
Accounts Payable
Other Current Liabilities
Capital Expenditures
Assumption Numbers
$614.94
0.00%
41.12%
4.47%
2.10%
14.15%
2.87%
$171.27
75.76
30.47
$72.23
7.76
$22.86