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Loan calculation

Mobex SpA-Italy
1st

Overdraft
Two-quarter local loan
One-quarter Eurodollar loan*
Two-quarter Eurodollar loan*
Export financing

Limit

Cost

2.0
2.5
2.0
2.0
-

14%
12%
10%
10%
-

Mobex AG-Germany
2nd

Loan
Cost
1.08%
0.76%
1.10%
1.10%

Limit

Cost

2.0
2.5
2.0
2.0
-

15%
12%
12%
10%

Loan
Cost
1.23%
0.76%
1.40%
1.10%

1st
Limit

Cost

3.0
1.5
3.0
3.0
2.0

8%
8%
10%
10%
7%

Forward Discount
One-quarter forward premium (discount)
One-quarter forward premium (discount)
Expected exchange rate changes

6%

1.86%
1.87%
1.71%
1.71%
1.72%

2nd
Limit

Cost

3.0
1.5
3.0
3.0
2.0

10%
8%
12%
10%
8%

Loan Cost
1.88%
1.61%
1.88%
1.60%
1.61%

1st
Limit

Cost

3.0
2.0
2.0
2.0
1.0

11%
12%
10%
10%
9%

Loan
Cost
1.79%
1.95%
1.63%
1.63%
1.46%

2nd
Limit

Cost

3.0
2.0
2.0
2.0
0.5

12%
12%
12%
10%
10%

Forward Premium

6%
10%
-1%

-1%

Loan
Cost

Mobex Suisse-Switzerland

2.5%

2.5%
2%
0.50%

0.75%

0%
0%
0%

0%
0%
0%

Funding allocation
Italy

Germany

1st Q
Financing needs
Financing source
Overdraft
Two-quarter local loan
One-quarter Eurodollar loan*
Two-quarter Eurodollar loan*
Export financing

2nd Q

3.5

1
2.5

2.5

Switzerland

1st Q

2nd Q

1st Q

2nd Q

5.5

4.5

3
1.5

0.5

2.5

1
1.5

1
2

2
2

2
0.5

Loan
Cost
1.95%
1.95%
1.95%
1.63%
1.63%

Exhibit III 1.2 Balance Sheet Forecast ($Millions)


Mobex SpA - Italy
1st
Total
Assets
Cash
Receivables
Intersubsidiary receivables
Inventories
Plant and Equipment
$
Liabilities
Notes/loans
Taxes payable
Accoutns payable
Intersubsidiary payables
Capital stock
Retained Earnings

Financing needs
Exposure
Tax rate

Exposed

1.0
3.5

1.0
2.0

2.0
3.5
10.0 $

1.5

1.5
0.5

2nd

2.5
2.0
6.5 $

Not
Exposed

4.5 $

1.5
0.5
3.5
5.5 $

1.5
0.5

2.0 $

3.5

Total

Exposed

1.0
4.0

1.0
3.5

2.5
3.5
11.0 $

2.0

1.5
1.0
2.5
2.0
4.5 $

2.5
2.0
7.0 $

0.5

6.5 $

0.5
3.5
4.5

1.5
0.5

0.5

2.0 $

2.5
2.0
5.0

4.0
2.5
40%

Not
Exposed

4.5
40%

Mobex AG - Germany

Mobex Suisse - Switzerland

1st
Total

Exposed

1.5
4.0

1.5
2.0

3.0
4.0
12.5 $

1.0

2.0

2nd

3.0
2.5
7.5 $

Not
Exposed

4.5 $

2.0
2.0
4.0
8.0 $

Total

Exposed

2.0
4.5

2.0
2.5

3.0
4.0
13.5 $

1.5

1.5

0.5

0.5
2.0

1.5 $

3.0
2.5
6.0 $

3.0
2.5
8.0 $

5.0

1st

6.0 $

2.0
1.5
4.0
7.5 $

0.5
2.0

2.5 $

5.5
3.0
45%

Not
Exposed

Total

Exposed

1.5
3.0

1.5
2.5

2.5
3.5
10.5 $

0.5

0.5
1.5
3.0
2.5
5.5 $

2.0
2.0
6.0 $

4.5 $

0.5
2.0
3.5
6.0

0.5
1.5

2.0 $

4.5
3.5
45%

Not
Exposed

2.5
35%

2.0
2.0
4.0

obex Suisse - Switzerland


2nd
Total

Exposed

1.5
3.0

1.5
2.5

3.0
3.5
11.0 $

1.0

0.5
1.5

2.0
2.0
6.0 $

Not
Exposed

5.0 $

0.5
2.0
3.5
6.0

0.5
1.5

2.0 $

5.0
3.0
35%

2.0
2.0
4.0

Exhibit III 1.3 Affiliate Financial Plans for 1995 ($ Millions)

Working capital requirements


Proposed financing:
2 quarter Lit loan
2 quarter DM loan
Export financing
Overdraft
1 quarter Eurodollar loan
2 quarter Eurodollar loan
Total
Projected exposure
To be eliminated by
Local currency loan(s)
Forward contracts

Mobex Spa
1st
2nd
$ 3.50 $ 4.00
2.5

Affiliate Quarter
Mobex AG
1st
2nd
$ 5.00 $ 5.50

Mobex Suisse
1st
$ 4.50

2.5
1.5

1.0

2.0
1.0

3.0

3.5

1.5
4.0

2.0
5.0

1.0
5.5

0.5
2.0
2.0
4.5

2.5

4.5

3.0

3.5

2.5

2.0
0.5

2.0
2.5

5.0
-2.0

5.5
-2.0

1.0
1.5

Mobex Suisse
2nd
$ 5.00

0.5
2.5
2.0
5.0
3.0
1.0
2.0

Mobex SpA
Mobex AG
Mobex Suisse

Tax
0.40
0.45
0.35

Subsidiary
A
B
0.5
DM

B
C

Holding
C
0.5
Franc
1
DM

1
DM

Sudut pandang masing-masing subsidiary:


1. Kurs home depresiasi : pakai foreign
2. Kurs home apresiasi : pakai home

A
A

B
0.5
Lira

B
C

Sudut pandang holding:


1. Tax Rendah

1
Franc

C
0.5
Franc
1
DM

1st
Lira
DM
Franc

Lira
DM
Franc

Lira
DM
Franc

2nd

-0.010
-0.010
0.075
0.050
0.000
0.000
1st
Lira
DM
Franc
-0.079
-0.010
0.086
0.050
0.010
-0.070
2nd
Lira
DM
Franc
-0.057
-0.010
0.061
0.050
0.010
-0.048