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Exhibit 1: Teuer Furnitures Showrooms and Square Footage

Stores
Opened
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

Total
Stores
1
3
4
5
6
2
1
2
2
3
2
2
2

1
4
8
13
19
21
22
24
26
29
31
33
35

SQ FT
Opened
17,200
17,600
18,500
21,100
22,100
15,500
14,500
14,700
15,400
16,300
16,000
16,000
15,000

Total
SQ FT
17,200
70,000
144,000
249,500
382,100
413,100
427,600
457,000
487,800
536,700
568,700
600,700
630,700

40
35
30
25
20
15
10
5
0
2003

200
N

40

700,000

35

600,000

30

500,000

25

400,000

20

300,000

15

200,000

10

100,000

5
0
2003

2005
2007
2009
2011
Number of Showrooms
Total Square Feet

2013

0
2015

Exhibit 2: Economic Indicators: GDP and Furniture Sales Growth


CPI index
Inflation (CPI)
GDP (T$)
GDP growth
Furniture sales ($B)
Furniture sales growth

2002
180.9
10,642
94.44

2003
184.3
1.9%
11,142
4.7%
96.7
2.4%

2004
190.3
3.3%
11,853
6.4%
103.8
7.3%

2005
196.8
3.4%
12,623
6.5%
109.1
5.2%

2006
201.8
2.5%
13,377
6.0%
112.8
3.4%

2007
210.0
4.1%
14,029
4.9%
111.1
-1.5%

2008
210.2
0.1%
14,292
1.9%
99.6
-10.4%

2009
215.9
2.7%
13,974
-2.2%
86.3
-13.4%

2010
219.2
1.5%
14,499
3.8%
87.3
1.2%

2011
225.7
3.0%
15,076
4.0%
90.1
3.2%

2012
229.6
1.7%
15,685
4.0%
93.1
3.4%

10.0%

5.0%

0.0%
2003

2005

2007

2009

2011

-5.0%

-10.0%

-15.0%

GDP Growth

Furniture Sales Growth

Inflation (CPI)

2013

2015

2017

2013
233.5
1.7%
16,238
3.5%
95.9
3.0%

2014
237.7
1.8%
17,049
5.0%
98.6
2.8%

2015
242.3
1.9%
18,012
5.6%
101.2
2.6%

2016
247.4
2.1%
19,021
5.6%
103.6
2.4%

2017
252.1
1.9%
20,078
5.6%
105.9
2.2%

2018
256.6
1.8%
21,101
5.1%
108.0
2.0%

2019
261.3
1.8%

110.2
2.0%

Exhibit 3: Teuer Furniture Income Statement


2003
Sales
Cost of goods sold
Selling, general and admin
Advertising
Depreciation
Lease
Corporate expense
Taxes
Net income
Parameters:
Corporate tax rate

40%

2004
2,057
-1,463
-410
-203
-72
-250
-185
0
-526

2005
10,415
-7,057
-1,812
-1,019
-307
-1,080
-729
0
-1,588

2006
26,701
-17,424
-4,958
-2,411
-669
-2,330
-1,602
0
-2,693

2007
51,540
-30,730
-9,230
-4,588
-1,264
-4,240
-3,092
0
-1,604

2008
79,191
-43,834
-13,576
-6,585
-2,075
-6,770
-4,751
0
1,600

2009
90,680
-47,290
-14,679
-7,532
-2,188
-7,380
-5,441
-543
5,626

2010
111,451
-49,068
-16,471
-8,367
-2,032
-7,712
-5,573
-8,892
13,337

2011
134,093
-55,487
-18,698
-9,545
-1,820
-8,450
-6,705
-13,356
20,033

2012
148,218
-61,955
-21,253
-10,744
-1,450
-9,320
-7,411
-14,434
21,651

Exhibit 4: Teuer Furniture Balance Sheet


2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0
671
671
358
1,029

751
3,151
3,902
1,461
5,364

3,479
8,216
11,695
2,969
14,663

8,675
15,125
23,800
5,270
29,070

16,946
20,908
37,853
8,065
45,918

25,272
21,715
46,987
6,914
53,900

29,059
24,868
53,927
5,119
59,046

36,625
26,808
63,433
3,839
67,272

42,421
29,216
71,637
3,142
74,779

48,200
33,343
81,543
3,920
85,463

236
29
265
0
764
1,029

1,158
145
1,303
0
4,061
5,364

2,781
358
3,139
0
11,525
14,663

5,119
658
5,777
0
23,293
29,070

7,228
958
8,186
0
37,732
45,918

7,767
1,055
8,822
0
45,079
53,900

8,277
1,203
9,480
0
49,565
59,046

9,133
1,359
10,493
0
56,779
67,272

9,986
1,519
11,505
0
63,274
74,779

11,364
1,682
13,046
0
72,417
85,463

Assets
Accounts Receivable
Inventory
Total Current Assets
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check

Exhibit 5: Teuer Furniture Income Statement for Individual Showrooms


#
2003

Avg Size
1

17,200

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

10

11

12

13

14

15

16

Sales

2,057

3,754

5,224

6,148

6,341

5,503

5,636

5,871

6,034

6,235

6,430

6,618

6,799

6,971

7,133

7,299

CGS

1,463

2,309

3,018

2,394

2,753

2,311

2,194

2,150

2,416

2,486

2,564

2,639

2,711

2,779

2,844

2,910

SGA

410

640

857

856

815

765

767

687

791

848

874

900

925

948

970

993

203

334

399

434

422

423

391

401

523

Advertising
Depreciation
Lease
2004

17,600

457

447

461

474

487

499

511

72

72

72

72

72

65

65

65

65

65

250

250

250

250

250

250

302

302

302

10

11

12

13

14

15

Sales

6,661

11,907

15,158

16,488

15,446

16,187

17,279

17,869

18,464

19,041

19,599

20,134

20,643

21,123

21,615

CGS

4,748

SGA

7,428

7,894

7,216

6,031

6,675

6,691

7,176

7,362

7,592

7,815

8,028

8,231

8,422

8,618

1,171

2,148

2,631

2,323

2,239

2,224

2,395

2,319

2,511

2,589

2,665

2,738

2,807

2,873

2,939

Advertising

685

971

1,266

1,213

1,235

1,241

1,245

1,287

1,323

1,364

1,404

1,442

1,479

1,513

1,548

Depreciation

235

235

235

235

235

187

187

187

187

187

830

830

830

830

830

830

1,003

1,003

10

11

12

13

14

Sales

9,570

16,651

19,785

20,951

22,847

24,451

24,499

25,315

26,108

26,872

27,605

28,303

28,962

29,636

CGS

6,978

10,917

11,430

8,499

9,387

9,857

9,042

10,094

10,410

10,715

11,007

11,285

11,548

11,817

SGA

1,953

2,977

3,371

3,039

3,021

3,228

3,693

3,443

3,550

3,654

3,754

3,849

3,939

4,030

1,041

1,488

1,587

1,598

1,605

1,645

1,793

1,813

1,870

1,925

1,977

2,027

2,074

2,123

363

363

363

363

363

1,250

1,250

1,250

1,250

1,250

1,250

1,510

10

11

12

13

Lease
2005

18,500

Advertising
Depreciation
Lease
2006

21,100

Sales

13,583

21,142

23,592

29,702

34,105

34,824

35,984

37,110

38,197

39,239

40,231

41,167

42,125

CGS

9,526

11,229

13,594

9,902

13,259

13,932

14,348

14,797

15,230

15,646

16,041

16,415

16,797

SGA

2,767

4,016

4,237

3,780

4,895

4,946

4,893

5,047

5,194

5,336

5,471

5,598

5,729

1,400

1,784

1,964

2,014

2,327

2,287

2,577

2,658

2,736

2,811

2,882

2,949

3,017

594

594

594

594

594

1,910

1,910

1,910

1,910

1,910

1,910

10

11

12

Sales

15,435

22,001

30,466

39,628

43,541

45,542

46,967

48,343

49,662

50,917

52,102

53,315

CGS

11,205

14,801

16,422

15,232

17,856

18,159

18,727

19,276

19,802

20,302

20,775

21,258

SGA

3,050

3,878

5,471

5,166

5,917

6,193

6,387

6,574

6,754

6,924

7,085

7,250

1,578

1,986

2,458

2,748

3,109

3,262

3,364

3,463

3,557

3,647

3,732

3,819

812

812

812

812

812

2,530

2,530

2,530

2,530

2,530

10

11

Sales

3,187

5,176

CGS

2,053

SGA

Advertising
Depreciation
Lease
2007

22,100

Advertising
Depreciation
Lease
2008

15,500

7,244

9,257

10,461

10,921

11,241

11,547

11,839

12,115

12,397

3,467

4,421

3,764

4,171

4,354

4,482

4,604

4,721

4,830

4,943

522

951

1,225

1,243

1,423

1,485

1,529

1,570

1,610

1,647

1,686

Advertising

326

499

598

675

749

782

805

827

848

868

888

Depreciation

185

185

185

185

185

610

610

610

610

Lease
2009

14,500

10

Sales

1,437

2,507

3,540

4,480

5,053

5,264

5,408

5,545

5,674

5,806

CGS

1,021

1,652

1,887

1,786

2,015

2,099

2,156

2,211

2,262

2,315

SGA

257

480

615

609

687

716

735

754

772

790

158

227

303

321

362

377

387

397

406

416

79

79

Advertising
Depreciation

79

79

79

280

280

280

Sales

3,008

5,300

7,286

9,202

10,359

10,771

11,044

11,301

11,564

CGS

2,226

3,526

4,096

3,669

4,130

4,295

4,403

4,506

4,611

SGA

Lease
2010

14,700

623

1,028

1,259

1,251

1,409

1,465

1,502

1,537

1,573

Advertising

353

473

596

659

742

772

791

809

828

Depreciation

150

150

150

150

150

565

565
1

Sales

3,354

5,878

8,065

10,166

11,421

11,853

12,129

12,412

CGS

2,357

3,742

4,533

4,054

4,554

4,726

4,836

4,949

SGA

701

1,077

1,394

1,383

1,553

1,612

1,649

1,688

358

522

659

728

818

849

869

889

160

160

160

160

160

Sales

5,379

9,409

12,885

16,210

18,176

18,827

19,265

CGS

3,812

5,989

7,243

6,464

7,248

7,507

7,682

SGA

1,039

1,723

2,227

2,204

2,472

2,560

2,620

569

836

1,053

1,161

1,302

1,349

1,380

259

259

259

259

259

Sales

3,622

6,324

8,644

10,853

12,145

12,580

CGS

2,567

4,026

4,859

4,327

4,843

5,016

SGA

Lease
2011

15,400

Advertising
Depreciation
Lease
2012

16,300

Advertising
Depreciation
Lease
2013

610
3

1,000
2

16,000

700

1,158

1,494

1,476

1,652

1,711

Advertising

383

562

707

777

870

901

Depreciation

172

172

172

172

172

Sales

3,731

6,502

8,868

11,114

12,437

CGS

2,644

4,138

4,985

4,431

4,959

SGA

721

1,191

1,533

1,511

1,691

395

578

725

796

891

175

175

175

175

Sales

3,597

6,256

8,516

10,672

CGS

2,549

3,982

4,787

4,255

SGA

Lease
2014

668
2

16,000

Advertising
Depreciation
Lease
2015

175

682
2

15,000

695

1,146

1,472

1,451

Advertising

381

556

696

764

Depreciation

167

167

167

167

Lease

Parameters:
Lease rate (2013)
Lease inflation
Total
Sales
CGS
SGA
Advertising
Depreciation
Lease

652

20.88
2.0%
2,057 10,415 26,701 51,540 79,191 90,680 111,451 134,093 148,218 165,024 181,929 199,600 217,540 231,499 242,308 251,122
1,463 7,057 17,424 30,730 43,834 47,290 49,068 55,487 61,955 70,055 77,218 84,352 90,813 95,242 98,007 100,130
410 1,812 4,958 9,230 13,576 14,679 16,471 18,698 21,253 23,295 25,689 28,131 30,415 32,104 33,266 34,150
203 1,019 2,411 4,588 6,585 7,532
8,367
9,545 10,744 12,179 13,399 14,664 15,904 16,779 17,442 17,987
72
307
669 1,264 2,075 2,188
2,032
1,820
1,450
1,084
1,071
1,168
1,185
960
515
343
250 1,080 2,330 4,240 6,770 7,380
7,712
8,450
9,320
1,000
668
682
652
0
0
0

1027.124

Exhibit 6: Teuer Furniture Balance Sheet for Individual Showrooms


#
2003

Avg Size
1

17,200

Cap expenditure

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

10

11

12

13

14

15

10

11

12

13

14

10

11

12

13

10

11

12

10

11

10

358

Accts receivable

324
751

1,187

1,665

1,975

2,040

1,700

1,745

1,742

1,902

Inventory

671

1,090

1,330

1,206

1,167

980

972

1,082

1,027

1,090

Accts payable

236

396

448

405

403

350

345

370

369

390

Accr expenses

29

49

62

61

61

53

54

57

58

58

2004

17,600

Cap expenditure

1,175

Accts receivable

2,292

3,870

5,029

5,526

5,276

5,599

5,612

5,691

2,061

3,590

4,304

3,352

2,851

3,042

3,248

3,397

3,619

Accts payable

762

1,255

1,421

1,124

1,025

1,090

1,124

1,139

1,153

Accr expenses

95

158

193

173

162

162

175

177

179

Inventory

2005

18,500

Cap expenditure

3,140

5,508

6,296

6,231

7,149

7,751

7,950

Inventory

3,296

5,271

4,640

3,975

4,075

4,427

4,354

5,114

Accts payable

1,078

1,760

1,742

1,381

1,523

1,572

1,565

1,631

Accr expenses

138

212

240

203

240

244

251

259

2006

21,100

Cap expenditure

2,971

Accts receivable

4,433

6,593

7,974

10,040

10,908

11,761

Inventory

4,344

6,518

6,635

5,870

6,689

6,854

6,348

Accts payable

1,533

2,227

2,181

1,889

2,165

2,325

2,377

Accr expenses

193

272

300

291

337

343

362

2007

22,100

Cap expenditure

4,058

Accts receivable

4,817

6,829

9,849

12,400

13,920

Inventory

5,232

6,246

8,710

7,320

8,121

9,022

Accts payable

1,732

2,480

2,712

2,631

2,712

2,919

Accr expenses

213

293

362

381

436

435

2008

15,500

Cap expenditure

924

Accts receivable

1,048

1,758

2,212

2,905

1,028

1,711

2,147

1,727

1,911

Accts payable

349

547

662

586

690

Accr expenses

43

72

88

94

101

Inventory

2009

14,500

Cap expenditure

394

Accts receivable

484

840

1,191

Inventory

488

882

881

823

Accts payable

171

261

327

281

Accr expenses

21

34

43

44

2010

5,989

1,814

Accts receivable

14,700

Cap expenditure

752

Accts receivable

956

1,787

1,013

1,787

1,913

Accts payable

348

577

683

Accr expenses

44

71

91

Inventory

2011

8
936

15,400

Cap expenditure

798

Accts receivable

1,093

Inventory

1,067

1,795

Accts payable

387

623

Accr expenses

47

76

2012

16,300

Cap expenditure

0
3,170
1,985

0
1,985
1,025

0
1,025
510

1,293

Accts receivable
Inventory

1,708

Accts payable

617

Accr expenses

79

2013

16,000

Cap expenditure

860

Accts receivable
Inventory
Accts payable
Accr expenses
2014

16,000

Cap expenditure

876

Accts receivable
Inventory
Accts payable
Accr expenses
2015

15,000

Cap expenditure

837

Accts receivable
Inventory
Accts payable
Accr expenses

PPE

358
358
358

1,175
1,533
1,461

1,814
3,275
2,969

2,971
5,940
5,270

4,058
9,328
8,065

924
8,989
6,914

394
7,308
5,119

752
5,871
3,839

1,122
4,961
3,142

2,229
5,370
3,920

Equity
72,417

860
4,780
3,696
29,495
101,912

876
4,572
3,501
32,872
134,784

837
4,338
3,170
36,374
171,159

40,617
211,776

44,903
256,679

48,578
305,256

Exhibit 7: Teuer Furniture Cash Flow Assets


2003
Sales
- Costs
- Taxes
Net income
- Capital expenditure
+ Depreciation
- Increase in NWC
Cash flow to assets

0
-358
0
-406
-764

2004
2,057
-2,583
0
-526
-1,175
72
-2,193
-3,823

2005
10,415
-12,003
0
-1,588
-1,814
307
-5,957
-9,052

2006
26,701
-29,394
0
-2,693
-2,971
669
-9,467
-14,461

2007
51,540
-53,144
0
-1,604
-4,058
1,264
-11,645
-16,043

2008
79,191
-77,592
0
1,600
-924
2,075
-8,498
-5,747

2009
90,680
-84,510
-543
5,626
-394
2,188
-6,281
1,139

2010
111,451
-89,222
-8,892
13,337
-752
2,032
-8,494
6,124

2011
134,093
-100,704
-13,356
20,033
-1,122
1,820
-7,192
13,539

2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508

Exhibit 8: Forecasting Sales Revenue and Costs


Sales growth

CGS

SGA

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

2
73.6%
72.9%
76.6%
73.8%
64.5%
60.5%
69.0%
70.4%

3
34.6%
29.2%
32.6%
28.8%
36.8%
35.6%
36.6%

4
19.5%
21.4%
22.2%
24.4%
26.1%
23.6%

5
15.1%
8.1%
7.8%
11.3%
6.3%

6
0.2%
3.6%
3.7%
-1.3%

7
1.2%
3.4%
-3.1%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average
Year
2003
2004
2005
2006
2007
2008
2009

8
1.0%
0.0%

70.2%

33.5%

22.9%

9.7%

1.5%

0.3%

1
71.1%
71.3%
72.9%
70.1%
72.6%
64.4%
71.0%
74.0%
70.3%
70.9%

2
61.5%
62.4%
65.6%
53.1%
67.3%
67.0%
65.9%
66.5%

3
57.8%
52.1%
57.8%
57.6%
53.9%
61.0%
53.3%

4
38.9%
43.8%
40.6%
33.3%
38.4%
40.7%

5
43.4%
39.0%
41.1%
38.9%
41.0%

6
42.0%
41.2%
40.3%
40.0%

7
38.9%
38.7%
40.2%

8
36.6%
40.2%

63.7%

56.2%

39.9%

1
19.9%
17.6%
20.4%
20.4%
19.8%
16.4%
17.9%

2
17.1%
18.0%
17.9%
19.0%
17.6%
18.4%
19.2%

3
16.4%
17.4%
17.0%
18.0%
18.0%
16.9%
17.4%

4
13.9%
14.1%
14.5%
12.7%
13.0%
13.4%

5
12.9%
14.5%
13.2%
14.4%
13.6%

6
13.9%
13.7%
13.2%
14.2%

7
13.6%
13.9%
15.1%

8
11.7%
13.0%

Advertising

2010
2011
Average

20.7%
20.9%
19.3%

19.4%
18.3%

17.3%

13.6%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
9.9%
10.3%
10.9%
10.3%
10.2%
10.2%
11.0%
11.7%
10.7%
10.6%

2
8.9%
8.2%
8.9%
8.4%
9.0%
9.6%
9.1%
8.9%

3
7.6%
8.3%
8.0%
8.3%
8.1%
8.3%
8.6%

4
7.1%
7.4%
7.6%
6.8%
6.9%
7.3%

8.9%

8.2%

7.2%

5
6.7%
8.0%
7.0%
6.8%
7.1%

6
7.7%
7.7%
6.7%
6.6%

7
6.9%
7.2%
7.3%

8
6.8%
7.2%

9
-0.6%

9
40.0%

9
13.1%

9
7.6%

Exhibit 9: Forecasting Investment


Accounts Receivable

Inventory

Accounts Payable

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
36.5%
34.4%
32.8%
32.6%
31.2%
32.9%
33.7%
31.8%
32.6%
32.4%

2
31.6%
32.5%
33.1%
31.2%
31.0%
34.0%
33.5%
33.7%

3
31.9%
33.2%
31.8%
33.8%
32.3%
30.5%
33.6%

4
32.1%
33.5%
29.7%
33.8%
31.3%
31.4%

5
32.2%
34.2%
31.3%
32.0%
32.0%

6
30.9%
34.6%
31.7%
33.8%

7
31.0%
32.5%
32.4%

8
29.7%
31.9%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
45.9%
43.4%
47.2%
45.6%
46.7%
50.1%
47.8%
45.5%
45.3%
47.6%

2
47.2%
48.3%
48.3%
58.0%
42.2%
49.4%
53.4%
50.7%

3
44.0%
54.5%
40.6%
48.8%
53.0%
48.6%
46.7%

4
50.4%
46.4%
46.8%
59.3%
48.1%
45.9%

5
42.4%
47.3%
43.4%
50.4%
45.5%

6
42.4%
45.6%
44.9%
49.2%

7
44.3%
48.5%
48.2%

8
50.3%
47.3%

Year
2003
2004
2005
2006
2007
2008
2009

1
16.1%
16.1%
15.4%
16.1%
15.5%
17.0%
16.8%

2
17.2%
16.9%
16.1%
19.8%
16.8%
15.8%
15.8%

3
14.8%
18.0%
15.2%
16.0%
16.5%
15.0%
17.3%

4
16.9%
15.6%
16.2%
19.1%
17.3%
15.6%

5
14.6%
17.0%
16.2%
16.3%
15.2%

6
15.2%
16.3%
15.9%
16.7%

7
15.7%
16.8%
17.3%

8
17.2%
15.9%

Accrued Expenses

Construction costs

2010
2011
Average

15.6%
16.4%
16.3%

16.4%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
4.7%
5.1%
4.6%
4.6%
4.6%
5.1%
5.2%
4.5%
4.4%
4.8%

2
5.1%
5.1%
4.7%
4.7%
5.0%
5.0%
4.8%
4.7%

2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

Nominal
20.8
22.3
24.5
28.2
30.6
29.8
27.2
25.6
25.9
26.4
26.9
27.4
27.9

Real
25.9
26.8
28.6
32.0
33.5
32.6
28.9
26.8
26.4
26.4
26.4
26.4
26.4

Nominal

Real

3
4.9%
4.9%
4.8%
4.8%
4.6%
4.8%
4.7%

4
4.7%
4.9%
4.4%
5.0%
4.8%
4.9%

5
4.9%
4.7%
5.2%
4.7%
4.8%

6
4.5%
4.7%
5.0%
4.7%

7
4.6%
4.8%
4.6%

8
5.2%
4.9%

Refresh cost

2003
2004
Average

90.6%
79.6%

74.0%
66.0%
70.0%

9
31.5%

9
42.5%

9
15.3%

9
4.7%

Exhibit 10: Forecasting Parameters


1
Sales growth
CGS (% sales)
SGA (% sales, excluding dep & advertising)
Advertising (% sales)
Accounts Receivable (% sales)
Inventory (% next year's CGS)
Accounts Payable (% next year's CGS)
Accrued expenses (next year's SGA adv)
Depreciation (years)
Refresh cost
Corporate tax rate
Corporate expenses
Discount rate
Long-term growth rate
Shares outstanding (K)

70.9%
19.3%
10.6%
32.4%
47.6%
16.3%
4.8%
5
70%
40.0%
5.0%
12.1%
3.5%
9,945

2
70.2%
63.7%
18.3%
8.9%

3
33.5%
56.2%
17.3%
8.2%

4
22.9%
39.9%
13.6%
7.2%

5
9.7%
39.9%
13.6%
7.2%

6
1.5%
39.9%
13.6%
7.2%

7
0.3%
39.9%
13.6%
7.2%

Teuer Furniture Pro Forma Income Statement


Sales
CGS
SGA (exc adv & dep)
Advertising
Depreciation
Lease (stores)
Corp Expense (inc lease/adv)
Taxes
Net income
Parameters:
Corporate tax rate
Corporate expenses

2,012
148,218
(61,955)
(21,253)
(10,744)
(1,450)
(9,320)
(7,411)
(14,434)
21,651

40%
5%

2,013
165,024
(70,055)
(23,295)
(12,179)
(1,084)
(1,000)
(8,251)
(19,663)
29,495

2,014
181,929
(77,218)
(25,689)
(13,399)
(1,071)
(668)
(9,096)
(21,915)
32,872

2,015
199,600
(84,352)
(28,131)
(14,664)
(1,168)
(682)
(9,980)
(24,250)
36,374

2,016
217,540
(90,813)
(30,415)
(15,904)
(1,185)
(652)
(10,877)
(27,078)
40,617

2,017
231,499
(95,242)
(32,104)
(16,779)
(960)
(11,575)
(29,935)
44,903

2,018
242,308
(98,007)
(33,266)
(17,442)
(515)
(12,115)
(32,385)
48,578

2,019
251,122
(100,130)
(34,150)
(17,987)
(343)
(12,556)
(34,382)
51,573

PF
2012

2013

2014

2015

2016

2017

2018

48,200
33,343
81,543
0
3,920
85,463

53,529
36,726
90,255
22,451
3,696
116,402

59,012
40,119
99,132
47,985
3,501
150,618

64,745
43,192
107,937
77,110
3,170
188,217

70,564
45,299
115,863
111,832
1,985
229,680

75,092
46,614
121,706
152,392
1,025
275,122

78,598
47,624
126,221
197,384
510
324,116

11,364
1,682
13,046
0
72,417
85,463

12,611
1,879
14,490
0
101,912
116,402

13,777
2,057
15,833
0
134,784
150,618

14,832
2,226
17,058
0
171,159
188,217

15,555
2,349
17,904
0
211,776
229,680

16,007
2,437
18,444
0
256,679
275,122

16,353
2,506
18,859
0
305,256
324,116

Assets
Accounts Receivable
Inventory
Total Current Assets
Cash (bal fig)
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check (A=L+E)

Teuer Furniture Pro Forma Cash Flow Assets


Sales
- Costs (excl taxes)
- Taxes
Net income
- Capital expenditure
+ Depreciation
- Increase in NWC
Cash flow assets
Terminal value
Asset value
Present Value
Share value
Parameters:
Asset discount rate
Long-term growth rate
Shareholders (#)
Shares outstanding (K)

2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508

401,459
40.37

12.1%
3.5%
187
9,945

2013
165,024
-115,865
-19,663
29,495
-860
1,084
-7,268
22,451

2014
181,929
-127,142
-21,915
32,872
-876
1,071
-7,533
25,534

2015
199,600
-138,976
-24,250
36,374
-837
1,168
-7,580
29,125

2016
217,540
-149,845
-27,078
40,617
0
1,185
-7,079
34,722

2017
231,499
-156,661
-29,935
44,903
0
960
-5,304
40,560

22,451
20,027

25,534
20,319

29,125
20,675

34,722
21,988

40,560
22,912

2018
242,308
-161,345
-32,385
48,578
0
515
-4,100
44,992
541,476
586,468
295,536

Sales
- Costs (excl taxes)
- Taxes
Net income
- Capital expenditure
+ Depreciation
- Increase in NWC
Cash flow assets
Terminal value
Asset value
Present Value

Parameters:
Asset discount rate
Long-term growth rate
Shareholders (#)
Shares outstanding (K)

2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508

401,459

12.1%
3.5%
187
9,945

2013
165,024
-115,865
-19,663
29,495
-860
1,084
-7,268
22,451

2014
181,929
-127,142
-21,915
32,872
-876
1,071
-7,533
25,534

2015
199,600
-138,976
-24,250
36,374
-837
1,168
-7,580
29,125

22,451
20,027

25,534
20,319

29,125
20,675

2016
217,540
-149,845
-27,078
40,617
0
1,185
-7,079
34,722

2017
231,499
-156,661
-29,935
44,903
0
960
-5,304
40,560

34,722
21,988

40,560
22,912

2018
242,308
-161,345
-32,385
48,578
0
515
-4,100
44,992
541,476
586,468
295,536

1. To adjust the effecct of new showrooms and effect of economy the growth rate of sales is calculated
2. Because inventory, AP, and CGS all depend upon price paid for merchandise, inventory and AP can

of sales is calculated as the ratio of paricular year to last year sales and divided by one plus the growth rate of
nventory and AP can be forcasted as afunctionof next year CGS

us the growth rate of total furniture sales in the year

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