LBO投资收益测算过程

1、第一部分：确定投资资金的结构一、近3年一期损益表，并预测近一期的完整年度损益表；现时资产负债表IncomeStatement2005HlistoricalPeriodLTM20062&2007SalesS7SD.fiU5QJS&25.C$977.St&DO.O%growthNA9.0%&冊NACostofGoodsSold47119SI2.1555D5867BDD0GrossProfitS30S.1$337.9MMS3S1.1$4MjO%ma/gj/i30.5%39.8%40.0%血昭40.G%Selling.GeneraliAdrninistratiie19B.9214.62313244.4

2、250.0%saes255%25.3%250%25.0%OtherExf-ense/(Income)-EBITDA$109.2$123.3$1J5.85HG.7$150.0%rnsrg.n14.0%14.5%15.0%伍號epreciaticn&Amortization15G1701B5旧丘20.0AmortizationEBIT斜063$12&.3S127.1$130JO%m&rq)n伦5%13.0%忖.臨13.0%EalancoGashandCashEquivalentsA&counts-ReoEivsbleInwenioriesPrepaidsandtUher-CurreniAsaefs

3、TotalCurnentAssetsProperty,PlantandEquipment,netGoodwillandIntangibleAsOther站seisD&ferredFinancingTotalAssetAoGountsPayableAccruedLisbili-tiesOtherCurnentLiabilitiesTotalCurrentLiabilitiesRevsIvingCreditF-scilityTermLosnATermLoanETermLoanCEsistingTermLoan2ndLienSeniorNbotesSeniarSubordinstedNotesOth

4、erDebtOtherLgng-TerniLisbilliitieTotalLizbiliti屯弓N&nrantrialliingInter-estSfiarfehiOlclrEquityTotalISirehoicier5EquitfatalLiabiliti-e&ndEquityBaJsncepenimg525.a1-65.Q!125.a:5325.D：65D.S：175.a：75.975.D：1DD.5：52DD.D：33D.3：S525.05700.DNetWorkingCapitalr100.0(Incresse/Dec归占壬inMetWorldng-Cspit!、计算购买价格及估值

5、比率PurchasePricePublic/PrivateTargetEntryEBTDAMultipleLTM9/30/2008EBRDAEnterprise-Valu&7.5x145.7$1,100JOLess:TotalDebt(300.0)TOC o 1-5 h zLess:PreferredSecunties-Less:NoncontrollingInterest-Plus:CashandCashEquivalents2&DEquityPurchasePrice怖鮎根据投资时的EBITDA146.7（损益表）及假设的估働EBITDA倍数7.5倍，计算确定标的收购价格=146.7*7.

6、5=1100；现时需要偿还的有息借款300（资产负债表）、现金25（资产负债表），标的现金偿还有息负债后剩余275有息负债；公司股权价值=1100-275=825。$=16.50目d0S-825.O2店0OfferPriceperFullyDilutedSharesEciuit/PurchasePiic&PIu97ExistingNet口屯tatEnteiprisGValuerEnterpriseValuefEBITDALTM9/30720OE$1d67?B5xNOIOI呂E15D.7.3X根据购买价格及现时销售额、EBITDA计算市销率和市值/EBITDA比。三、设计投资资金结构Finano

7、n口Structures.SitrLKtLME123J5SourcesofFundsSlruclijr&1StnicturE?Stnu-cture3Structure4StatusQuoRavdUngCreditFacilibSizeSIDO05iaad51QDasidoaRelwngCreditFacilitYDraw-25aTermLoanA125D-TermLoanB4500350D35Da425aTermLoanC-2ndLien-SeniorNotes-15D.Q-SeniorSubordnatedNcte&3DOQ300D25D.Q325.QEquityCcntnbulicn3E5

8、036DDlesa4ioa2DDRolloverEcpity-Cash口仃Hand25025D:TotalSourcesofFundis刪lAnn刖1AO0SIIHriD粘iAnatnLles-olFundsEquityPunchasePrice5B25QJB25DW5aW5.a-RepayExislingBankDebt3DO匕300D30D.a300.0TenderrCallPremiums-Firi且ncingFeea2Da20D2D.a20.a20D15015D150:150TotalUsesofFunds刖iaon中ifinn9IflMJ-JYmt5YiirLO1皿qHii1LU42

9、1LI3Hi右J9X12EMIWEA-ri二gwrSus4M3M3-El：X32KLWA.-TSuflllBT1111111.1l.!1!1!-ZadUrn-MSMd-SktSt気rd-rua1：J0JD.?C.7&.!&.Ta-.r：.T3.TSerb寸如=2対-白*Fb11：ased0.3.1.4*辺2立任，FFHL1EaMiLM.1D1D1D.1i.l11灯l*udAmibEiIrpriEEJi1i&US蛀EEl.j1.3Flas4342t.it.Eti2四、完成SourcesofFundsUsesofFunds表并和签署已做PurchasePriceTransactionMultipl

10、es表合并：TrarissctinSuiinntsrvSource&ofFundi.IJi-einJFandxTDlBlMuttiplc-ci田IDAalTotalAifiaUriESciuruACumLiLfitireFriciiiqAftiQunil-堅-je-KL-32E：t口_肚hu4屮田ilyEDE：D711%TermLoenA-苦-J(申Rapsp&hi：ingW3W0?5WTerffiLiMPB45C-033.8%S1KMsL*3WbpsTenterPCHPrerrtuWg嶋TermLoanG-%-苦3dJ!殆RrHnchgFeEi20D17ZndLiEn-%-Kl.1xNAOf

11、herretsandSperattl&.Q1珈SW1DTNdKM-K沾StfiurSutordinitedN;3OG.D25.M41Dm&.1xEqulyLorintuticnJ3B.D33.2*2ExT.T1RjJb亡iEqul|-KT.TmCuhonHard26-.D3JKD2kT.QxToMSaurui$1.16Q.D7期侮TqIeH出1上1$1.1EkOmEwrT*i.Hfhgr#HiibIh曲irriA*FBr*muc砧as由4何ljui.Fl旨OumSkimEvcrgSdiricttj-X-JiL*37SkfiR.ictwaaVeAmCc-542EPEfciKyFhjidiaiBP

12、nciSSi.1TbiLerA-K-EHnnuft&kraMC：:sr%Pk.aSJWigzra：TtiLnn&-CCDXIXllx311LBbpiTindHIChlRwn.詞EnaraniaVriu51.1W1CT-wnLnnCX叭陷FrarcmgFi.他tT?dSLb-X3IIF*OwR旳&*CuMKlETi皿口33：T.?i2：CEiim:l.-lxRcbnE#|i-XT?iEriiarpraaVkiIEB1MGaah-xiHmd7502avThLTUMCEIE51JSJ?SxToni挪即恋十1MJCT%?3XT.hT阿LflH4i1i4lOlH.2WIEi$0l?3x第二部分：预测未来

13、财务数据五、损益表和现金流量表预测前提假设条件（一）销售收入：假设各年的销售收入增长率，一般发展稳定后销售收入增长趋缓ncomeStateinnentAssumptionsales(%grcftvthBaseSponsorMaragementDownsidE1DownsidesYearlaoffiY咖2ffiWY*ar32011Y#ar42012Year52P13YvB2514Ytaf72515伽82015Yar92017Ytar10M18e.a%6.0%4.0%3.0%10%30%3.0%3.0%30%3.0%8.0%6.0%40%30%30%10%3.0%3.0%3.0%玄黝10.0%8.

14、0%60%40%30%50%30%3.0%3.0%a.(m12.0%10.0%eo%60%40%40%40%4.0%4.0%4.0%5曲4.0%3.0%3.0%ID%SD%3.0%3.0%3.0%3曲2.0%2.0%20唏50%20%10%2D%2.0%2.02曲二）成本：成本以销售收入为基础，假设成本占销售收入的百分比：CostofGoodsSold(%saJes)BeseSponsorManagementDawnErde1Downside260.0%600%600%600%00%80.0%00.0%60.0%60.0%80.(M0.0%eog00.0%GOD唏CDD%WO%60.0%閻0皱

15、600%WO%00.0%酣金GG.O%GOD唏CDD%600%60.0%600%600%60.0%59.0%59.0%59.0%59.0%59.0%&9.0%59.0%&9JO%59D%&9.0%61.0%61.0%B1.&%81.0%61.0%to%B1.0%010%.B1D%BtO%62.0%62.0%62曲620%620%62.0%&2.0%62.0%62.0%62.0%（三）SG&A（国内为销售费用和管理费用）：假设占销售收入的百分比:SG&A(%sales)25.0%25.0%25.0%25D%25.0%250%25.0%25.0%25.0%Ba&125.0%2&朋26.0%25曲2

16、6.0%250%25D%2&.Q%25.0%25.0%.Sponsor225.0%25.0%250%寄曲250%25.0%25.0%2&.0%25.0%25.0%Managefn&nt324.0怖24.0%2i0%24脾2d0%24.0%24.0%24.0%24.0%24.0%Downside1426.0K25.250%25.G%25D%250%250%2&.0%25.0%250%Down&ide2527.026曲2&.0%26脸2B.0%260%2BD%26.0%20.0%2E0%四）折旧和摊销：假设占销售收入的百分比：epreciaian&AmeriEati口n(%safes)2.CP%2

17、.0%2lD%2.0%2.0%2D%2.0%20%2.0%Base12曲20%20%20%2.0%2.0%210%2.0%2.0%2.0SponsM22曲20%20%20%2.0%2.0%20%2.0%20%2.0%Managermenl32曲2D20%20%2.0%.2.0%20%2.0%20%2.0%Downside142曲2D20%20%2.0%.2.0%20%2.0%20%2.0%DoibVnside25会曲210%20%20%2.0%2.0%20%2.0%20%2.0%（五）利息收入：假设占现金（根据后续预测的现金流量表中的相邻2年现金平均数）的百分比（即1年期利率？）：Iruere

18、stIncome3.0%3.0%30%3.0%3.0%3.0%3.0%30%3.0%3.0%Base13.0%3.0%3.0%3.0%3.0%3.(m3.0%303曲3.0%Sponso*23.0%3.0&30%3.0%3曲2.0%3.0%3.0%3.0%3.0%Management33.0%3.0%3哪3.0%3.0%3.0%30%30%3.0%3.0%nsidE1斗3.0%3.0%a.o%3.0%3.0%3.0%3.0%3D%3.0%3.0%DownsHi巳2S3.0%3.0&30%3.0%3.0&3.0%3.0%3.0%3.0%3.0%（六）现金流量表中资本化支出：假设占销售收入的比率六

19、、资产负债表预测前提假设条件（一）应收账款周转天数：假设应收账款周转天数，应收账款=销售收入/365*应收账款周转天数Pnoi比ctioriBwriiioijear1Year2Year3Year4YearsYtar6Year7YearsYear9Y（ar10湘曲加naanam铀们卸口铀佃曲佔铀仃刘佃DaysSalesOuBtanding（DSO）BaseSponsorManag&memtDownsideiDnwn&ide260260.26D.260.26(1.260260.260.22345.2.2.0.0.7606CI65.59W.22.O.O.7606065.岡57.22.0.7606CI

20、65.59&7226o.6a.65.服帀O5-9h-6551260o65.2.2.0.0.7).Q.S.9.7.&6055CashFl&vStateiroffiAssumptionsC日ptaiEendiures(%sales)20%2.G%2.0%2D%2.0%2.0%202.0%2.0%20%Ba&120%2.0%2.0%SD%2.0%2.0%20%2.0%2.0%20%Sponsor22.0%2.0%2曲2.0%2.0%2JP%20%2.0%2.0%2D%ManagemefU32.0%2.0%2.02.0%E.X2脈210%2曲2.0?410%Downside1425%2.5%2.5%2

21、5%2.5%2.5%216%2.5%2.5知15%Downside2525%2.5%2.幽25%2.5%25%2.5%2.5%25%（二）存货周转天数：假设存货周转天数，存货=成本/365*存货周转天数laysInvertoyHeld(DIK)了&Q76076076076076.&76076.076.0760BasE17SDTSOTSO7SD76076.Q7BQ76076.07BDSponsor27&.076_076.07&.076-076.G7&_076.076.079.0Ltansgenierit37607607607&076076.076076.076.0760Downside148DD

22、0D8008D00DSO.Q80D30.08G.Q80DDownside26aioaioaidaioaio92.G92.082.092.092.0三）预付款项：假设占销售收入的百分比：PrepaidsandOttiETCurrentAssets(%ssalesLG%to%LO%LG%to%110%1.0%1D%to%Ba&e11l曲1.0%1.0%l曲1.0%10%10%1011D%10%Sponsor21.01.01.01.0i.oa1.0%1.0%1.0%1.0%1.0WkWiagementa1.01.01.0i.(m1.0&1.0%1.0%1.011.0%1.0%Downside1斗1.

23、01.0%1咋1.0%1.0%1.0%1.0%1.0%1.0%1.0%Downside2&1曲1脈1.0%IE1脈10%1。晦1脈10%10%(四)应付账款周转天数：应付账款=成本/365*应付账款周转天数CurreflrLI血唤事DaysPayabfeOutstanding(DPO)456456灵456话五45645B4564&Base1Sponsor2Management3Downside14Downside25R-6D_h-o5.5T2-O4444466Q&Q蚯巧軒42.io0&D6o5-5丁2-044444.6.6.G.5.05.5.7.2.0.44444&D6o5.572-O4444

24、4.6.6.0.50S.5.7.S.&4d-JH4d-66Q&Q45.-15-1742.關6605045.帖-1742.酣6605045.45.47.42.40.五）应计债务：假设占销售收入的百分比AccruedLiabRies(%sales)10.0%10.0%100%10.0%10.0%10.0%100%100%10.0%100%Ba&e110.0%10.0%10.0%10.0%10.0%w.o%1DD%100%10.0%1DD%Sponsor210.0%10.0%10.010.0110.0%10.IDD%100%讪gIDD%Management310.0%10.0%10.0讪曲10.0%

25、10.0IDD%100%10.0%IDD%Downside1斗10.0%10.0%10.0w.cm10.0%G脈100%100%企临100%Downside&10.0%lO.g10.0%10.翳10.0噺讪曲10.0%10.0%血映10.0%六）其他流动负债：假设占销售收入的百分比OtherGunrentLiabilities(%sales)25%25%2.5%25%2.5%25%2.5%25%25%2.5%Bae1.15%25%25%2.5%2.5%25%2.5%25%25%2.5%Sponsof215%26%25%2.5%2.5%25%2.5%25%25%2.5%Management.J.

26、25%25%25%2.5%2.5%2.5%2.5%26%2.5%2.5%已1斗35%25%25%2.5%2.5%2.5%2.5%25%2.5%2.5%Downside2525%25%25%2.5%2.5%25%2.525%2彌2.5%七、利润表预测（收入、成本EBIT部分，净利润部分需要扣减的财务费用，即利息，得还债表做出后才能做）ProlectioiiLTMPreformsYear1Year?YearSYear4YearBS,30/200B20102011劄13Ssles-1,000.0391.1$400.0$43Z0$457.9$4ra.i3490,5$5临工%rrn40D賂400勿（40

27、.0%40WSellng,General&Admlnistrath244.4250.027O.D2M.2297.6306.6315.3%丁肓空25.除25X250%2502562505250%OtherExpense/(hcome)_ffiTTOAM46.7tl50.0162.0JV1.7tlTUG$13.9宇13虫&%并血帥15.0%T5.D13.0?5.C%曲诺15.0%CepreciationSAmortizaHan19.S0.0G22?23324.5兀3Amortization_ffifTS-13TJ打30.0S1414154.3tl94t1642%REl蚀73.0%心伽rara13.

28、0%M&rastBcpansoReolwing巳iMFacllfiy-TermLoanA-T&nnLoanE29.327.825.322.118.614.5TermLoanC-Bt&tingTennLean-2ndLienr-5enlorNotes-SeniorSuihordnatedNoles30.030.03C.03D.D30.0EOTimilrrentFeeonUnusedRsD.5Q50.50.5D.50.5Admn&tratFMeAgentFeeD.20.20.20.2D.20.2cashinterestExpenser湖5JS5JSS5Z.T54.2$4&Z红框内为利息支出，需要其

29、他表格（还贷计划表中的利息支出等）数据，暂不考虑；销售收入、成本、销售管理费用、折旧及摊销等按照签署假设填入。八、资产负债表预测（一）由于投资基准日不是完整会计年度（例子中是2008年9月30日），所以需要对930资产负债表按照投资后调整，亿预测2008年年度资产负债表。2003+-20082009CashandCashEquivalents$25.0(25.0：:AccountsReceivable165.0165.0173.2Inventories1250125.0135.0PrepaidsandOtherCurrentAsseis10.010.010.STotalCurrentAsset

30、s$325.0$300.0$324.0Property,PlantandEquipment,net650.0I650.0650.0GoodwillandIntangibleAsse175.0125.0300.0300.0OtherAssets75.075.075.0DeferredFinancingFees-20.020.017.5TotalAssetsS1.225.0$1.345.0Jl.366.5AccountsPayable75.075.081.0AccruedLiabilities100.0100.0100.0OtherCurrentLiabilities25.025.027.0Tot

31、alCurr-entLiabilities$200j0$200.0$216.0RevolvingCreditFacility-TermLoanA-TermLoanB-450.0450.0406.3TermLoanC-ExistingTermLoan300.0(300.0;：2ndLien-SeniorNote-SeniorSubordinatedNotes300.0300.0300.0OtherDebt-OtherLong-TermLiabilities25.025.025.0TotalLiabilities$525.0$975.0$947.3NancontrollingInterestSha

32、reholdersEquity700.0370.0(700.0：!370.0419.3TotalStiaretioldrsEquity$7QQ.O$37Q.Q419,3TotalLiabilrtiesandEqurtvJ1.225.0JI.345.0i1.366.5CashandCashEquivalents：标的账上现金25会支出使用（用于还债？）GoodwillandIntangibleAssets：商誉及无形资产增加125，因为股权收购价格825相对于标的净资产700的溢价125计入商誉及无形资产。DeferredFinancingFees:递延融资费用，投举债在所花的融资费用20Ter

33、mLoanB：投资举债，标的增加450借款ExistingTermLoan:已存在的有息负债300会在投资后还掉SeniorSubordinatedNotes：投资举债，标的增加300借款ShareholdersEquity:投资中股权资本385，扣减其他费用15后，标的所有者权益增加370；标的所有者权益因老股东撤资减少700（暂时按国内减资理解）：SourcesofFunds.Structuref:Revok1ngCrecitFacilitySizeS100.0:Revoh/ngGrecitFacilityDrawTermLoanA-:TermLoanB450.0:TermLoanC.:2

34、ndLienSsniarNotss.:SeniorSubordinatedNotes300.0:EquityContribution385.0RolloverEqurtyCashonHand25.0:TotalSources,ofFunds4AnnUsesoFFundsEquityRjrchasePriceSB25.0；RepayExistingBankDebt300.0:Tender/CallRemiumsFinanciigFees20.0:1恬叫TotalUsesofFundsiRAiHl：（二）资产负债表预测标的调整后的资产负债表如图红框OpeningAdjuatnn亡nt呂ProFor

35、maYear1+CashandCashEquivalenfts525.0:(2E.D)A-ccounbReceivable1&5.Q:165.Q175.2ImentoriM125JO:1125JO135.0FrepiidsandOtherCurrentAssffttpg:10.Q10.3TotalCurremtAssets.U25JIiISODJDJ.S34.0Property：AantandEquipment,net65D.D:&50.0660.0GoodwillandIntangibleAssets175.0:125.03C0.0300.0OtherAssets7S.D:75.0750De

36、ferredFinancingFee20.01了.百TotalAssetsS1.225.0!阳6占AccountsRayable弋75.031.0AccruedLiabilities1OD.0:100.0103.0OtherCurrentLiatiilitis25.D27.DTotalCuitrentLiabilities$209.0:S20CU0$MURevofyingCreditFacility.TermLaanA-!TermLoanB-:450.0450.0406.3TermLaanC-!BcistingTermLoan30D.D:(3CO.O)2ndLien-:SeniorNcrt&s

37、-:SeniorSubordinatedNotas300.03C0.0300.0OtherDebt-!OtherLong-TermLiabilities毋0125.025.0TotalLiabilitiestWEUOJ.M7.3NoncontrollinInterest-iShareholdersIqurty他。:37C.0i7G3.0)S7O.3415.3TotalSharchioldersEquity$700.0；$3-70,0$419JTotalLiabilitiesaidEquity11.276.0!11.345.01.366.B未来几年的资产负债表预测如下：|BalanceSheet

38、|OpeningAdjuatments-Pro-FormaYear1Year2+刖防如0CashandGashEquivalentsS25.01125.0):AccountsReceivable165.0；165.0178.2188.9liwerrtories125.0:125.0135.0143.-1PrepaidsandOtherCurrentAssetsTO.OiTOY10.SH.4TotalCurrentAssets1325.0:S3DDJD1J43.4Property：PlantandEquipment.nE650.0:6B0.D650.0650.CGoodwillandIntang

39、ibleAsset175.0:125.0300.034)0.0300.0OtherAssets75.0:175.075.075.0DeferredFinancingFees20.017.E-15.-1TotalAsseiH.225.0:H.S45.0H3S6.5Id.383.5AccountsPayable75.10；75.DE1.0眈AccruedLiabilities100.0:100.0W8.0114.5OtherCurrentLiabilities茁虽:5S.C37.3曲ETotalCurrentLiabilitiesS3DOUOtnsjoRevolvingCreditFacility

40、_:-TermLoanA-TermLoanB450.0450.0406.3354.2TermLoanC-:-listinglermLoan3CO.O:(300.C.I：2ndLien-SeniorNotas-SeniorSubordinatedNotes-:XQ.G3WDOtherDebt-:OtherLong-TermLiabilities2氐0125.025.025.0TotalLiabilities$525.0:$975.0$947.3$9OS_2忖anccntrollingInterest-iShareholdersEquity他0:3皿0(7100.0370.0419.3475.3T

41、TotallShareholdersEqui$700.0；$370.0$419135475.3TotalLiabilrtiesandEquityJ1.225.O11345.0划3C6.5CashandCashEquivalents：现金及现金等价物，需要现金流量表数据，攒搁置。AccountsReceivable：应收账款，=收入/365*应收账款周转天数（之前假设数据）。Inventories：存货，=成本/365*存货周转天数。PrepaidsandOtherCurrentAssets：预付账款，=成本/365*预付账款周转天数。Property,PlantandEquipment,net

42、固定资产（查不到，瞎理解-，-），=上一年固定资产-折旧+资本化支出（折旧和资本化支出在损益表和现金流量表都有，是在损益表中按照收入及假设的比例来预测的数值）。GoodwillandIntangibleAssets：商誉和无形资产，=上年值-摊销（本例中该项目摊销假设0）。OtherAssets：其他长期资产，假设保持不变。DeferredFinancingFees:融资费用，=上年值-摊销（该项目摊销在“第一步-三”已计算）。AccountsPayable：应付账款，=成本/365*应付账款周转天数。AccruedLiabilities：应计负债，根据占收入比例计算。OtherCurrent

43、Liabilities：其他流动负债，根据占收入比例计算。ShareholdersEquity:所有者权益，=上年值+上年净利润三）循环引用补全相关表格RevohingCrediFa.ciiyTermLoanATermLoanBTermLoanC-BflehnglcnnLoan2ndLjctiSenerr-tolasSenior丸dor日no馆mNotasOtherLang-Term由tiii器-”450.0痕33&S3.-300Q-3M.D3C0.C26.C-2LQ35.DI525.QS-97G.0iSM7.5鲁姬.2.3DC.316B7.7旳QU3CK.D300.C-和25J2和&I735

44、.&I666J如上图，负债需要循环引用：初始负债=450，以下为确定年初负债的过程（年初负债为待求解未知数）：年初负债=上年负债-还本数额还本数额=min（年初负债，可用净现金流）；年末负债=年初负债-还本数额可用净现金流=净利润【相关】净利润=EBIT-利息=EBIT-average（年初负债，年末负债）*利率=EBIT-average（年初负债，（年初负债-还本数额）*利率=EBIT-average（年初负债，（年初负债-min（年初负债，可用净现金流）*利率=EBIT-average（年初负债，（年初负债-min（年初负债，净利润【相关】）*利率以上计算过程可见，年初负债的求解需要年初负

45、债本身，也需要净利润，而净利润的计算需要净利润本身，也需要年初负债，存在2层循环引用，在Excel中开启即可：Microsoftoffice：观图常规与I呆仔重新卄尊自定5（序列错逞检査拼写检宜安全性烘連笛问工旦栏WPSoffice：里韵i-苣*口动亘阜加手动垂寡训）団诣存工件蹲苛重新i+育仰1迭仁1-且（ij最务达鹰农数130殳大民差心：U.U1丄作遗近项限显示精嗟力范0）使用IR4日期系蛭CO按照上述思路，以负债作为开端，利用公式的循环引用，可以填写完成所资产负债表、损益表、现金流量表、偿债计划表，投资回报分析表最后再说，下面描述现金流量表补全过程中的注意事项：九、现金流量表补全注意问题上

46、文分析得现金流量表中的净现金流为净利润【相关】，即现金流包括经营活动、投资活动、融资活动产生的现金流，其中：投资活动现金流：CapitalExpendturesOtherlnvestingActivitiesCashFlowfromInvestingActivilieat$211523t$238t$245如上图，投资活动现金流主要是资本化支出,资本化支出是按照销售收入的假设百分比计算。(22.3)(23.B)(25.3)融资活动现金流：融资活动现金流为各项有息负债的年末年初余额差，即还本金额(案例里的利息费用貌似算到经营活动里了，在计算净利润时把利息减掉了，所以利息对现金流的影响在经营活动现金

47、流中体现)，如下图：Financing4ctfi?esRewlvingCrediFacilityTermLoanATermL曲nBTermLeanCExistingTermLoan2ndLienSeniorNotesSeniorSubordinatedNolesOtherDebtDividendsEquityIssuan匚r/RepurchaseCashFlowfromiFinancingActraties(4171(52.D)(59.6)(65.7)(71.1)(77.2)I站工廿|占蛀.山性59.曲t弼丄和醇M/hI轩7.2)经营活动现金流：CashFlowStatemtntOpe用艰ng

48、ActivitiesNetIncomePlu3-Depreciation&AmortisalionPlu3-AmortizationPlu3-AmortizationofFinancingFeesChafesmWooingCapitalftems(Inc.JDecinAccountsRKeraMeflnc.pDecmIintones(Inc.)7DecinPrepaidandOtherCurrentAsselE-Inc.y(DecJinA亡匚DunlsPayableInt.y(DecinA亡亡ruedLiabilitiesInc.y(DecJiniDtherCunentLiabdlilies(

49、Inc.)yDecinNetWorkingCaplalf臼曲FlewiTDimOperatingActivitiesiYearlYear2Year3Year4YearsYear6沁20102011201220122fr14悶3S5F1环1ate&a572.3578521622.S23.a24-525.32F-02.5.2.5252525.2.5PculicxiUQ勾TJ-nn-5d-住耳e-刃aBl-E可in.(5.(D.Cu可10.e.e引.r)J4)(4.”.引口G)S653$83.4SMi2maS1D3J22日39D9经营活动现金流按照净利润+折旧摊销+融资费用摊销营运资金项目调整计算。

50、其中净利润通过公式循环引用计算解决，折旧摊销及融资费用摊销前文已计算。ChangesinWorkingCapitalItems(营运资本项目对现金流的影响，暂理解为流动资产和流动负债)(Inc.)/Dec.inAccountsReceivable：【increase/decrease】应收账款增减对现金流的影响，年初应收账款-年末应收账款；(Inc.)/Dec.inInventories:存货增减对现金流影响，年初存货-年末存货(Inc.)/Dec.inPrepaidandOtherCurrentAssets：预付账款对现金流影响，年初-年末Inc./(Dec.)inAccountsPayab

51、le：应付账款对现金流影响，年末-年初Inc./(Dec.)inAccruedLiabilities:应计债务对现金流影响，年末-年初Inc./(Dec.)inOtherCurrentLiabilities:其他短期负债对现金流影响，年末-年初上述调整在资产负债表也有体现：Year1Year2Year3Year斗Year5Year6Year7ED帕2CMD2D11再加恬OtherLong-TermLiabiliiiesToiallLisbiiNrties2LQ23血232丘02542542工S-9473$P0iR：S.a&7.7J7盟.2$735上$-G6L5翦盟Q419.2475.3537.

52、1&Q3生7卫754.7&40卫.S419.J.3475.3$53.1$603.9$676.2$754.7$B40.3NoncortrollingInterestSharehDldersEquiyTotallShareholdersEquiiiL)TotalLtaiNNitbesandEquity0.0000.006(j.OQOD.tWD0.0900.090NetworkingCapitalincreate/Decrea&inNetVJcrkingCapital105.0114.5119.1122.6126.3130.1134.0S.0(S.E)(4.6)(3.6)(3.7)(3.8)(S.f

53、fiNetWorkingCapital：流动资产-流动负债(Increase)/DecreaseinNetWorkingCapital：NetWorkingCapital【年初】-【年末】最终将经营活动、投资活动和融资活动现金流汇总得出预测的现金流量表。第三部分：投资回报分析ReturnsAnmhzsisProformaYear1r2qqqfiaaarYear22D10Years2D11EntryEBlTDlAMiltiple7.5xInitialEqurtyInvestmentS385.0EBITDA$162.0S171.7S178.6StitEBrTDAMultiple7.5x-Enter

54、prtseValueatBeitSV15.0J1,287.9$1,339.4Less:NetDebtRevolvingCreditFacility-TermLoanA-TermLoan巳406.3354.22&4.6TermLoanC-ExistingTermLoan-2ndLien-SeniorNotes-SeniorSubordinatedNotes30G.C-300.0300.0OtherDebtTotalDebt$706.3$54_2$594JGLess:CashELridCashEquwalentsNetDebt$706.31654.2S594J6EquityValueatExitq

55、1；nR77RCashReturn1.3x1.Sx1.9kYear1Year2Year3NPMInitialEqurtyInvestment(S385.0)CS385.0)(S3B5.0)EquityProceedsS50S.7S633.7S744.82008年9月30投资，进入EBITDA倍数7.5倍(公司价值1100，实际股权资本投入385),退出日期待定，退出倍数暂定7.5倍。投资回报计算如下：退出时股权投资收益=退出时企业估值-净债务=退出时EBITDA*估值倍数-净债务。现金回报率=退出时股权投资收益/InitialEquityInvestmentIRR计算如下：Year1Initi

56、alEquityInve5(rrientEquityProceedsS508.7Year2Year3Year4201020112012($385.0)(W5.0)($305.0)$633.74744.8$850.7IRR32J%28.3%21.9%敏感性分析：不同进入和退出倍数的敏感性分析IRR-Assumin口Ezitin2013EEitMultiple6.5x7.Ox7.5xS.Ok?.5xEntryMultiple5.5xr.Ox7.5m8.Ox8.5x29.5%3.2%34.7%22.7%25.3%27.7%17.7%|20.1%22.4%13.6%1B.0%18.2%10.3%12启

57、148%26.6%19.9%15.0%11.0%7.8%37.1%29.9%24.5%20.3%16.7%不同退出年份的敏感性分析：1IRR-Assumint7.5EntryMultiple1ExitYear201112012201320142015&.5x13.7%14.7%15.0%14.9%14.8%7.Ox194%18.5%17.7%17.0%16.3%T.5x216%21.&%20.1%18.B%17.8%294%25.1%22.4%20.5%19.1%6.5x33.9%2B.0%24.5%221%204%ExitMultiple按照进入和退出倍数相同，不同倍数的敏感性分析IRR-A

58、ssuminaExitin2013E1ExitMultiple6.50 xGl75xZ.OOx7.25x7.5Dx6.50 x26.6%23.1%29.5%30.9%32.2%6.75k23.0%24.5%25.9%27.2%2S.5%Z.DDx19.9%21.4%I22.7%124.1%25.3%7.25x17.3%18.7%20.0%213%22.6%7.50 x15.0%164%17.7%18.9%20.1%EntryWuhiDle第四部分：TransactionSummary概要表制作总览表：数据均计算过SioLirc；电弓Funel兮Amount%ofTotalSourcesMult

59、ipleeLEBITDA9/3Cb2OO8CumulativePricingRevolnQCredilFacility-%-K-XL+325tpsTermLoanA-%-X-XIMATermLaanR4500sa.a.%3.1x31xL+350bpsTermLoar)G-%-X3lxHA2ndLien-叫-Ka.1.xMASeniorMotes-%-K11XNASeniorSubordinatedNotes300.0259%?.0k5.1x10.000%EquityContribution305.033.2%细7.7xRollosEquily-%-K7.7xCashonHand25.07.9x

60、TotalSources$1,160.0100.G%7.9x7.9xUsesofFunds%ofTotalAmountUsesPurchaseValueCoEquity$825.071.1%RepayExistingDebt300.025.9%Tender/CallPremiums-%FinantingFees-20.01.7%OtherFeesandExpens-es-15.013TotalUses$1,160.0100.0%PurchasePriceReturnAnaluisOfferDriceperSharerulyDilutedSharesEquityPurehasePricePlus