LBO投资收益测算过程

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；IncomeStatementCashandCashEquivalentsA&counts-ReceivableICashandCashEquivalentsA&counts-ReceivableInvenioriesPrepaidsand□iher-CurreniA=3Et=TotalCurrentAssetsProperty,PlantandEquipment,netGoodwillandIntangibleAsOtherAssetsDeferredFinancingFeesTotalAssetAckoLintsFay51bl壬Ac=cru^edLisbililiesOtherCumentLiabjliti^sTotalCurrentLiabilitiesRevolvingCreditF.acilityTermLoanATermLosnBTermLosnCExistingTermLoan2ndLienSeniorNtotes■Senicii*SubordinatedNotesOtherDebi■OtherLqng-TfirmLisbilliitiesTotalLiabilitiesM&ncDntnalliiEngInterestStiBi陪held叁百EquityTotalShiDlcfers1EquitTotalLijbiliti«&^ndEquityBa/ajiceQfieck□penimg2OI1£825.a:1-65.D!125.D；1口也5325.0：65D.D：175.D：75.D：SI户5苴75.D：1DD,5：二5⑪S2DD.D；3D3.325节5525.071口.口1S7DD.D；一§1户5.D；Q.DQDHistuhuHlVaried20052D0B2007LTM以352008Proforma2005SalesS79D.fi5&60.0$025,0S&77.8StODO.O%growthNA9.0%3.8%NA■3.1%CostofGoodsSod4719512.15前a58676D00GrossProfitS3OB.15M37.9SM似S391.11400.09Sma/gi/i39.5%39.碗40.0%40.0%40.G%Selling.GeneralSAdministratis19B.9214.6231.3244.4250.0%sales25J%25.3%250%25.0%25G%OlherExpense/(InoDme)EBITDA$109,2$123.3S13BS5146.7$151.0%m刖gin14.0%14.5%15.0%15.0%15.G%□epreciaticn&Amortizationnse1701B519620.0AmcrtiwalienEBIT$106.3512D.3S177.1$134jO%margin120%12.5%13.0%13.0%13.0%NetVWbridngCspitsl r1€0.0(Increase)JDeaegseinMet5fo南n电-Cspiti、计算购买价格及估值比率PurchasePricePublic/PrivateTarget7.5x146J7.5x146J$1,100.0(300.0)LTM9/30/2008EBRDAEnterpriseValueLess:TotalDebtLess:PreferredSecuntiesLess:NoncontrollingInterestPlus:CashandCashEquivalentsEquityPurchasePrice根据投资时的EBITDA146.7（损益表）及假设的估值/EBITDA倍数7.5倍，计算确定标的收购价格=146.7*7.5=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。PunnlimsePr.ci已OfferPricep■白rShar^FullyDilutedSharesEquityPurchasePricePlus:ExistingNetOetotEiiteipriseValuerM6.5050□S-825.O2750T-nMiultl—nMmlti口IeyEnte-rpristsVa1ue/Sal日石LTM9/30/2口口W 晒7T& 12006E 1s000„0 1,1菖EnterpriseValuefEBITDALTM9/30/2006$146.77.5x2QQ0E15D.□7.3k根据购买价格及现时销售额、EBITDA计算市销率和市值/EBITDA比。三、设计投资资金结构与truutLirEFindncin口写tnjEurc512345与onerfFmnd%&tiruchj「d1与tnuEurc3Etiruchjrp4StHtusRjewhingCredrtFacilitySizeSIDOQjiaadliaoasido.aRavdMngCreditFacilityDraw25.0TermLoanA125DTermLoanB450Q350D35D.Q425aTermLoanC2ndLienSeniorNotes15D.QSeniorSubordnstedNotes3DOQ300D25D.Q325.0EquityCisitnbulicn3B5Q36DD305a4ioa2DDRolloverEcpityCashonHand250250::TotalSourcieao-fFunds$1imn劭ironi&n口$1，府inQnnUse5口1FundsEquityPurchasePrice5B25QJB25DJB25.DW5.aRepayExisling曰臼n*D&bt♦口口Q300D30D.a3D0.QTenderrCallPremiumsFinancingFees2Da20D2D.Q2D.a20D一150'15D15.015.a-TotalUsesofFunds钠/1血口，qiRnnmisnn$1isnnQnn确定各类举债金额（structure1中450、300，注意100是循环信用额度，类似授信总额，不

使用无金额借入，但有手续费）及手续费（20结构化私募基金中为各类优先级份额/LP的资金金额及手续费），预计其他费用（15）；据前文已得股权价格825、有息负债300、标的账上现金25,算出需要自有投入的资本数额（基金中的劣后级或GP份额）=（825+300+20+15）-（450+300+25）=385，杠杆率为385：（450+300）=1:1.95。手续费计算如下：FinancjnqF口口宕R■一Suuctura11Size忸国R白CrecitFacilitySiz«S1CD.01.750%租8TermLeanA1.75D%TermLoanB45D.01.75D%7.9TermLoanC—2ndUcmSeniorNotos2.25D%SeniorSubordinatedNbtBS30D.02.25D%63Senior日幽匕Facility1.000%SeniorSubordinatedBridgeFacility30D.01.00D%3.0OtherFinancingFeea&Expenses0.6TotalFinancinnFees$20.0将上述举债费用按假定的借款年限摊销（利润表及资产负债表预测时需要使用）：|MFinnHni]Fea |VuiFI *mt7 3 ,打， ITw9 i**irGi TflnrJ .furE YdarS Yiu11am ,i££3 iLO _iiu 1112 2U JOn 2U ^Bh 21114 *3 5J3 903- 3d3 U： El2 - - - -"•n.ailBT 11 11 11 1.1 l.! 1! 1' - - -2adLtaiSariix工描i: a? o.r D.r c.r r.r r.r i.r it j.t qj沿卬和责：Eg匕UX之IfdlEd曰FUFBaiFf1： 必 心 口J G ：.2 ：-.i 11 匕 羽SlitkjFJUACi^F-HL1Ea&MLMAmrtiEilipn■i: :■ :•■ :•■ :■ :■ :■ :■ :■ :■ ■:■£LS SE — — 6 3 ―*EF*aas 45 42 t.3 C.2 ft *5 髓 +2 外四、完成SourcesofFunds\UsesofFunds表并和签署已做PurchasePrice\TransactionMultiples表合并：Tr揖曲nNummaryScii FunriIH" Fun--Mu出口出口：EBTDAAirflowammi■二uinii备，1丫岳FfKinq■AmRavchingCrtdtF亩亡i"-y-J£L田2507111KTemiLiMnA-%-X明的口对BilSi：呐［W3W0?5WTerniLianB45C-0—31s3dML+3W&P5TenderGfilRiKrtun5■%TermLoanD-%-X3dge明RnanchgFces20D1个ZndLien-%-K工1宜NAOlherretsarriEsperses-”.口1邓SencrNotes-m-X明StncrSutordinitedNntH3OC-.D25.M2DCB.1I1ODQC4EquiyLorrintiJtaDn3SB.D33.2*2ExT.TiRdkx1ei日呜-M-KT.TkCi^honHard口段口2.3"4_口双7■.血T&hJJ5nurr*<tijen.n100则7JhfJKTnim“1W0Shi*Fv—一iAAfTk TKV口修■a8（»飒鹏 ［啤要•Anns SoitfssCu.uiiM Rjom. juncurt UmDuSasmi«f fiQqftvcbripQadiFieNj-- -U -x-a37St”n.ithiia SUED ?l.l%E4ie¥AiidiaiBPnci !Em.lT-btiLnnA-1 ■X-a % n^xifjEcBtaiglMd Kffl5 ：!9KAn,bnlvvWi* JTE,T«nLnn&-CC'D 工111 l.lx31iL-mt.TiiyIhi-ChlF¥nra. - -%ErarpnaaV^ia lldOOT«nLnnC-1 -KhM FnnovFw 拍口 1WWlLm-U -s31■ r护 R«184 I*TlAiiHhFrni.”11・1bhM- -1 -Kin泗B^ierpfheViht।ScmahoHa«-W.0 孤“ IjOk反H MDHylTUMK炖& 即7| 1,IK匕牛却C-crM>lKnS=D 33ZU gT.JjiMDUE 1fxn.c l.faREtoll-U -KThErriirprniVakil'EBlDhCiihonHmd”口 7：!f 口NT&rLTU*y际四 SI457 7J5zToni幼帽.*M.ieijQ 1MJJ%T.h __Tum- MklMrl mLH2ttlE 3© ?Jx第二部分：预测未来财务数据五、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：Pit白帕口tionPEriodYear12QQBYear2201aYear32011¥«ar42015Year52QUYear®2014Year?2015Year8Year92Q1ZYtar102013ncomeStateimentAssumptions□al«(%growth}e.a%G.0%4.0%3.0%对先ID%3.0%3.0%3.0%3.0%Base19.0%60%40%30%3.0%10%ID%3册：3.0%Sponsor210.0%8.0%GO%40%30%3.%10%他3.於3.0%Management312.CP%10.0%SO%60%40%40%40%4.0%4.0%4.(mDownsrde145.0%4.0%3.0%3.0%3.0%3口K国口K3.0%3.0%3.⑱iiDownside-252.0%2.0%20%20%20%ZD%20%2.0%2.0%2.0*%

（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：CMtofGoodsSold600%60.0%60.0%600%600%60.0%00.0%60.0%60.0%60.0%Base160.0%6c00.0%GO口吃《口睁60.0%60.0%600%600%60.0%Sponsor.1驼0%酊%SG.O%80口就即时60.0%60.0%600%600%60.0%Management3油削：68.0%53豚59.0%59.0%59.0%59.0%59JD%590%&9.0%Downsrde1461.0%6工酰&1.0%61.0%610%B1.0%61X)%B1D%BtO%Downstde2562.0%620%62.崎620%620%020%盟.战020%62.0%&2.0%（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:SO鼬(%sales)2500%25.0%250%25.G%25D%25.0%250%25.0%25.0%25.0%Bsbb125.崛拈.0%25.0%25326.0%250%25D%25.0%25.0%25.0%Sponsor225.0%25姆250%蔚.0%250%25.0%25l0%25L0K25.0%ktanagefnent324.0%24.0%240%24.0%240%24.0%24.0%24.0%24.0%24.0%Downsidei426.0%25.0%250%25眸250%25.0%250%25.0%25.13%35.0%Down&ide2527.0%260拓29.0%翁映26.0%2G0%2&D%26.0%2G.G%200%（四）折旧和摊销：假设占销售收入的百分比：Depreciation&AmoriizatianDepreciation&Amoriizatian(%与ate与｝BaseSponsorMan邓menrDownside1□™nside22.0%2.0%20%2M2.0W2.0%2D%2.0%2D%2.0%2.筋20%20%20%2.0%2.0%20%2.0%20%2.0%2.眦20%20%20%2.0%2.0%20%2.0%20%2.0%2%2口呢20%20%2.0%2.0%20%20%20%2.0%2%20%2口先20%2.0%2.0%20%2.0%20%20%2.0%10%2.0%2.0%2.0%2.0%20%2.0%2D%2.0%5（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？）：IrtefestIncomeBaseSponscwManagementIrtefestIncomeBaseSponscwManagement□™nside1DoiivniSHje23.0%3.G%MCI%3.0%3.0%3.0%3.0%30%3.0%30%3.0%3.0%3.0%3.0%3.0%3.(m3.0%SO%3.0%3.0%3.0%3.0%JO%3.0%3.酰3.0%3.0%3.0%3.0%3.0%3.0%3.0%3眦3.0%3.0%a.o%30%3哪3.0%w%3.0%3310%3M333.(m3.0%3D%3.0%3.0%3.0%3.0^630%3.0%3.脑a.o%3.0%10%3.雄3.0%（六）现金流量表中资本化支出：假设占销售收入的比率CashFl&^StsrteinwmAssumptionsespialE^endiures(%（六）现金流量表中资本化支出：假设占销售收入的比率CashFl&^StsrteinwmAssumptionsespialE^endiures(%sales)BaseSponsorManageinemDownside1Downside22.0%2.0%2.G%2D%2.0%2.fl%2。%2.0%2.9%20%20%2.0%2.0%2D%2.0%2.0%JO%2.0%2.0%20%Z0%2.0%2.0%ZO%2.0%2JF%20%2.0%2.0%2D%ZD%2.0%2.0%10%2.0%2.0%ZO%2.0%2.0%20%25%2.5%2.5%25%2.5%2.5%2.5%2.6%2.5%25%25%2.5%2.5%25%2.5%2.5%25%2.5%2.5%25%2六、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PnpjectiiQriPeiriiiodYearl Year2 Year3 Year4YearS Ytar6 Year? Years YearS Year10MD& 2010 2011 Q2a13 2QU 2315 MIS 2017 —六、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PnpjectiiQriPeiriiiodYearl Year2 Year3 Year4YearS Ytar6 Year? Years YearS Year10MD& 2010 2011 Q2a13 2QU 2315 MIS 2017 —Ccirrer?fEssersDaysSalesOulstanding（DSO）BaseSponsorManagementDownside1Downside2602 60.2 60.2 60.2 60.2602 60.2 602 60.2 60.222.0Q7口口5.9766655.2.29.0,7

606065.描取.2.2.0,0,7

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600006.5957（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l'ajftInventoryHeki(DIH)7&07607&07&076076.07&076.076.0760Base1T6D76D7BD76D7BD76.GTED76076.07BDSponsor27&.07&.07&.07&.07&.076.&7&.076.076.G7&.0Lfenegememt376076076076076076.G76076.07S.0760Dnwn&ide14即□SO08口080□SODSO.Q80D30.03Q.080DDownside25azo8Z08Z0azo8Z0B2.G82.062.0B2.0S2.0（三）预付款项：假设占销售收入的百分比：

PrepdidsandDttierCurrentAse-bIe(%&aie&jBa&&SponsorktariagementDownside1L。%1.0%L0%to%1.0%1口鸵to%1.0%L。%1.0%L0%to%1.0%1口鸵to%1.0%1D%to%1.0%1.0%［映1.0%1.0%10%10%1崎1口先10%1蟒1.0%1储1僧1.0%1.0%1.0%1.0^11工％1.0%1酰1.0%1.瓶1.酰1.0%1.0%1.0%1硼1.0%1.0%1.0%［眈［睛1.睛［睛1.0%1.0%1.0%1.0%1.0%i.ct%1Q%11.0%i.ct%1Q%10%10%1.0%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UWFMfU刷两好 DaysPayabteOutstanding(DPO) 5T& 45S 451 45^6 4^B 45^6 45^6 4^6Base 1Sponsor 2Management 3Downside1 4Downside2 5&SD5O

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6.57£n44444（五）应计债务：假设占销售收入的百分比AccruedLiabWes(%sales)10.0%10.0^100%1G.G%1G.G%io.cm100%100%10.0%100%Base110.0%10.0%110.0%1O.»%10.0%w.o%1DD%100%10.0%1DD%Sponsor210.0%10.0%10.0^1他战10.0%mi睡IDD%100%10.0%IDD%Management310.0%10.0%m酷10.(1%10.0%1Q.G%IDD%100%1Q.G%ID口呢Downside14I。；收10.0K10.映1口.0%1O.(rt4他嘛100%100%10.(^100%Downside2&10.0%10.0%10.0^6w.(m10.0^&10.0%1D.0%10.0%iQ.CWti10.0%（六）其他流动负债：假设占销售收入的百分比OtherCunrentLiabilrfes(%sales)BaseOtherCunrentLiabilrfes(%sales)BaseSpam5OfManagemeMDoiivmide1Downsides2.5%2.5%2.5%25%2.5%25%2.5%25%25%2.5%2.5%2%15%2.5542.5%25%2.5%25%25%2.5%26%2.5%15%2.5542.5%25%2.5%25%25%2.5%25%25%25%2.5%2.5%2.S%之魂215%2.$%之映25%25%25%2.5%2.5%2.5%2.5%25%2.5%2.5%注5吃25%25%2.5%2.5%25%2.5%25%25%2.5%245七、利润表预测（收入、债表做出后才能做）成本EBIT部分，净利润部分需要扣减的财务费用，即利息，得还七、利润表预测（收入、债表做出后才能做）P［口］日汕"111LIUProfarmaYear1Year2YearSYeardYear6Zfllfl加12Q11ZB13Sales$9773^1,000.0ti.aaao51,144.8必；出.331,2611%growgNA0.?%♦CW6.晚笔跋5.M3.。特CastofGmdsSod印匾T 1000SABO£脏为714』7班;E7E7QGrosaProfit£391・1$4(K),Q$432。$457,9$474,2349Q.5$5g之%ES倍而航皿4D口％的口找初蟀40.0%40魄400%5eling.GeneralScAdnilnlstratv244.425D.D270.02随.229np.63G6.8315.3%qwtes25.拒喀250旅25.0%25魄25口拓OtherExpense/(hcome)ffiTTOA5.146.7以BO.O期6?.口J171.7I17S.6制830%q加•河13.0%15.0%?5.tM613尊T5.05&但"CeprecistionSiArnortizationAmortization1且盲 2U022g2"25二53_MTm$130.0t1414$14£,1554a(194到64?%wwg面13.0%13.0^］3.晚73.徐73.㈱13.0%M&rasfEcp&nsoRerolvir^GBClitFacllfiy-TermLoanA--TennLoanE29.327.S25.322.11S.614.5TermLoanC--E&tingTermLoan--2ndLienr--SeniorNotes--SeniorSjhordnat&dNoles30.D3C.030.03D.D3C.0commilrrentFeeonUnusedR50.5050.S0.5D.505Adrmn&trsatki'eAgentFe=CashInterestExpense H2_凸20.2♦553.9林国5555.9S5Z.TM3.214&Z红框内为利息支出，需要其他表格（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。2-3 : 1 =—CashandCashEquivalents$25.0C25.0)AccountsReceivable165.0165.0173.2Inventories125.0125.0135.0PrepaidsandOtherCurrentAsseis10.010.010.STotalCurrentAssets$325.0$300.0$324.0Property,PlantandEquipment,net650.0650.0650.0GoodwillandIntangibleAsa日175.0125.0300.0300.0OtherAssets75.075.075.0DeferredFinancingFees20.020.017.5TotalAssets型口$1,345.0J1.366.5AccountsPayable75.075.081.0AccruedLiabilities100.0100.0103.0OtherCurrentLiabilities25.025.027.0TotalCurr-entLiabilities$200,0$200.0$216。RevolvingCreditFacilityTermLaanA■TermLoanB450.0450.0406.3TermLoanCExistingTermLoan300.0(300.0i2ndLienSeniorNote5一SeniorSubordinatedNotes300.0300.0300.0OtherDebti nOtherLong-TermLiabilities25.025.025.0TotalLiabilities$525.0$9X5.0$947.3NancontrollingInterest-Shareholders'Equity700.0370.0 (ZOO.O'l370.0419.3TotalShareholders'Equity$7QQQ$370.0$419,3TotalLiabilitiesandEquity一$L225,D-JI.345.0-J1.366.5CashandCashEquivalents：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20TermLoanB：投资举债，标的增加450借款ExistingTerm1。3门：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Shareholders'Equity：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）：

1 ;3caij「c幅吕ofFunds$trijc：tijr•之〔Revob'ngCrecitFacilitySizeS100.0：RevorvngGreenFacilityDrawTermLoanATermLaanB450.0：TermLoanC2ndLienSsniorNotasSeniorSubordinatedNotes300.0：EquityContribution3B5,0[RolloverEquityCashonHand25.0：TotalSourcesofFunds」EDQi:.LJisgisFundHEquityPurchasePriceS825.0：RepayExistingBankDebt300.0：Tender/CallRemiuimsFinanchgFees20.0：I1&口:dm叮蛆m:（二）资产负债表预测标的调整后的资产负债表如图红框：Opening201tsAdjustnnentsProForma200BYear1CashandCashEquivalentss^s.o整ED)AccQtnbFieceivable165.Q165.Q175.2IrrventoriM12E.0125.0135.0Frepa.idsandOtherCurrentAssels1口口1口口10.BTetalCurrentAssets.$325d»13-00.0小史4」Property：AantandEquipment,net650.0&5C.0650.0GoodwillandIntangibleAssets175.0125.03C0.0300.0OtherAssets75.D75.0750DeferredFinancingFeas20.0如口什5Tot-alAssetM345.0幼MS6,EAccotntsPayable75.075.0B1.0AccruedLiabilities100.0100.01D8.0OtherCurrentLiabilities历口27.0Tot=allCurrentLiabilities^209.0S2DCU0(216.0RevofvingCreditFacilityTermLaanATermLoanB450.0450.0406.3TermLaanCExistingTermLoan34X5,C(300.0)2ndLienSeniorNortecSeniorSubordinatedNotas300.03C0.0300.0OtherDebtOtherLong-TermLiabilities25口25.口25.0TotalLiabilities黏国白J&75,ONonGontrollinqInterestSh昆「mhHchrg.曲uitv70口.口370.0 (700.0)37BD419.3TotalStiareholders'Equity$700。$3-70,0S4193TotalLiabilrtiesandEquity未来几年的资产负债表预测如下：

BalanceSheetOpening噌8AdjLiatmentsPmFwmizo咄Year1Year2却I0CashandCashEquivalents二5。I (25.C)AccountsReceivable165.0165.0178.21BBSliwenrtories125.0125UC135.01-13.1PrepaidsandOtherCurrentAssetsdO.OdC.O-10.3■11』TatalCurrentAssets(325.0S3OL0^324.0JJ43.4Property：PlantandEquipment：nei650.065D.0650.0650.0GoodwillandIntangibleAsset175.0125.C300.0300.0300.0OtherAssets75.075.1075.075.0DeferredFinancingFees20.0如D17.E旧TotalAssei335.0H345.0AccountsPayable75.075.0B1.0小AccruedLiabilities100.0100.0WB.0114.5OtherCurrentLiabilities2EE如向TotalCurrentLiabilities1200.01200.0SMGUO我世。RevolvingCreditFacilityTermLoanATermLoanB450.04£00406.3354.2TermLoanCBiistinglermLoan3C0,C{3C0.D}2ndLienSeniorNotasSeniorSubordinatedNates部0冉300JC3WJ0OtherDebtOtherLong-TermLiabilities25.02S.025.0TotalLiabilities$525,01975.0S&47.3$9OS_2NanccntrollingInterest-Shareholders'Equity700.0370.0 (TOO.；■)37C.0419.3475nTotallShareholders'Equi'$700.01370.05419.35475.3TotalLiabilitiesandEquity225.0-3C6.5CashandCashEquivalents：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：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。OtherCurrentLiabilities：其他流动负债，根据占收入比例计算。Shareholders'Equity：所有者权益，=上年值+上年净利润（三）循环引用补全相关表格Rev口卜ngCrediFacityTermLoanATermLoanB4600450.D皿33&s2594fi22ff915"flfl7TenriLaanC-口GbrgTcnnLoan(3W0J2ndUenSflHCT口期的Effinor网hcrdrfllEiEdMotas3W.03®.口3KL口3KLe融町加心口3O3-.D3CC.CCHherDeM-■Olhei-Long-TermLfetili的2氏d25■口,25.0lotalLhdbilii^aSG25J0:W7&J)UH7.3鼻峻.21BG7.7S.75&.2S735.&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：视图视图编辑常规与保存重新计算自定义序列颜色错误检查拼写益宣安全性快速访问工具栏WPSoffice：想选项重新计算 号自动重算㈤ 手动重茸蚓回停存工作簿前至新计筲用i□迭代计算（I）最多迭代次数位）.100最大误差£〕： 口口口1工作簿这项 以显示精度为准（P）使用1304日期系统W）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：历产白蜡口gCapitalExpendtures i21B) (22.9) (23.8) \2i5) (25.3)OtherlnvestingActivities I [ z ： ： ： _一Ca曲iFlowfromInvestingActivilieg t$2L&I$22⑼t$238]t$24,5)I$253}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。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流中体现)，如下图：FrnancingActivitiesReralwingCrediFacilityTermLoanATermLoanB1 (43T'l解.口J(59.6)御7)TermLoanCExistingTermLoan2ndLien-SeniorNuteaSeniorSubordinatedNolesOtherDebtD^dendsEquityIssuance/(Repurchase1Ca%FlowfromFinancingActfvitieiIMTW—1552.0]t559.fi)reri.itIW7.2)经营活动现金流：CashFlowStatemtntChan5e5fnWagingCapitalf&ems(Inc.pDecmAcccunisChan5e5fnWagingCapitalf&ems(Inc.pDecmAcccunisReceivaMe (13.Qnc.JJDecmInventones 口0.(Inc.)，DecinPrepaidandDth&rCurrentAssel5-t,LJ675F(5-(D--1J-1^-\djR-54引门4)

也(4.口ProJ-ctii0nPnrli-dYearlYear2Year3Year4YearSYear6OperatingActivities20092010KH120122013二14NetIncomeU9:3556.1161.S笳6a$72.3S-785Plug-Depreciation&Amortizalion2162.2.923.a245253260Plug-Amortization------PlugAmortizationofFinancingFees2.52.5252c?52.5Inc./(Dec.}inAccounlsPayable6.04914212B2.9Inc.y(Dec}inAccruedLiabilities8.0E.54.836373.9Inc.y(Dec}inOtherCurrentLiatnlilies2.0161.103a9EL9(Inc.)JDecinNetWorkingCaplall€,5]I4,G1f3Gj□7}[3.91CashFlowfromOpe巾tingActiviti&g574.9103.4$90.2£%.3SI03J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。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.)inAccountsPayable：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：Year1 Year2 Year3 Year4 Year5 Year6 Year72口帖 加口 工CHI 刘W NCM3 NQ14OtherLong-TermLiabilitiesTdIbILiabilitieaNcncDrtrQllingIrter&EtShiirehDldcra1EquiyTotalShareholders1Rulit)Total andEquity的同心)GfretZ如® 2ii 2ijj 2L£! 25jQ 2fiJ2 2L£__J147.S 妙口R： JaBf.7 圻典.2 打353 耗6K.g 1591041丸3 4了IE 立.” 的3 石7&W 7*7 €4口卫$419.5 $475,3 $53r.1 $503,9 S6T62 $754,7 $54。,3$1$丽5 $1岛酪,5 *1,411.7 $1.4刖,6 $1,433.3Q.CW Q.WC C.MC CMC C.OTC C.OJC C.QJO^etWorkingCSiatalncreasej/Decrei&&inNetVJcxkiigCapital1OS.0 114.5 119.1 122.6 126.3 130.1 134.0伊⑼ 他母 (d.e) {3.6) (3.7) (3.5) (3.ffiNetWorkingCapital：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ProformaiQQfi♦Year1Year22Q1HYear32QH7b5xS3B5.0S162.C-S171.7S173.6JJ5x$1金伍。t1.287,-911,339.4406.3354.2294.6300.0300.0300.0$706,3$654,2$534辿1706.3$654,2$5ME| ?5QB.7l话装了__"山iR:ReturnsAnalvsisEntryEBITDAMultipleInitialEquityInvestmentEOTDAEitEBfTgLkjttipleEnterpriseValueatExitLess:NetDebtRevolvingCreditFacilityTermLoanATermLoanBTermLoanCExistingTermLoan2ndLienSeniorNatesSeniorSubordinatedNotesOtherDebtTotalDebtLess:CashandCashEquivalentsNetDebtEquityValueatExitYear1Year2Year320102011InitialEquityInvestment{S3B5.0)CS385.0)(S3S5.0)-EquityProceedsS5O8.7--S633.7-S744.5CashRetunn13c 1.6x 1119K:2008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:Year1Year2Year3Year42cHi2012InitialEquityInvestment(S3&5.D)($335.0)($385.D)($305.0)EquityProceeds$508.7$633.75744.8$850.7IRR32J%28.3%24.6%21.9%敏感性分析：不同进入和退出倍数的敏感性分析IRR-RssuminqExitin2013EE-itMulti-I白65KAOx L5# 8Q#3.5k6.5x26.6%29.5% 32.2% 34.7%37.1%Entry7.0x19.9%22.7% 25.3% 27.7%29.9%Multiple7.5x15.0%17.7% 22.4%24.5%8.Dx11.0%13.6% 16.0% 18.2%20.3%8.5x7.8% 10.3% 12.6% 14.8% 167%不同退出年份的敏感性分析：ExitYear201120122013201420156.5k13.7%147%15.0%14.9%14.8%7.Ox194%18.5%17..7%17.0%16.3%7.5x24.6%213%20.1%18.&%17.8%S.(hc294%25.1%22.4%20.5%19/1%8.5k33.9%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EntryWuhiDle6.50xEntryWuhiDle6.50x6.75xLODx7.25jc7.50x6.50x25.6%2&.1%29.5%30.9%32.2%6.75x23.0%24.5%25.9%27.2%2S.5%LOOx19.9%214%22.7%24.1%25.3%7.25x17..3%1B.7%20.0%21.3%22.6%7.50x15.0%16.4%17.7%13.9%20」唯ExitMultiMaIRR-Assuming1Exitin2013E

第四部分：TransactionSummary概要表制作总览表：数据均计算过Soure；e!与e>fFund;%ofTotalSduixASMulltipgofEBITDAPr©忖口兴机哝©8Cuinulativ，RevoMngCrediFacilty-%-K-XL*325bpsTermLuanA-%-K»xIMATermLaanB450038.B%3.1x3.1mL+350bpsTermLoainG-%-X3.1xHA2ndLien-%-X3.1xMASenioirMotes-%-X3.1xNASeniorSubordinatedNotes300.025.9^2.0x5.1xW.OOQttEquityContribution335.033一僚之於7.7xRollosEquily-%-X77xCashonHand25.0 Q2X LfliTotalSources$1,160.0100-0%7.9x7.9xU5一BofFundg%ofTotalAmountU-PurchaseValueCoEquity$825071.1%RepayExistingDebt300.025.9%Tender7CallPremiums--%FinancingFees-20.01.7%OtherFeesandExpenses-15.01.3%TotalUses$1,160.0100.0%PurcHas-Pric-R-tuiriAnady;MsOfferPriceperShareFulyDilutedSharesEquityPurchasePrice$16.5。50.0ExitYearEntryMultipleExitMultiple20137.5x7.5k4a25。Plus:Existi