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Cash flow from investing activities (Capex) -2,459 -3,531 -4,519 -852
2017 2018
3,320 2,036
73,980 76,736 32%
43,755 44,690 48%
15,025 15,346 16%
3,486 3,592 4.8%
2017 2018
36,714 39,517
2,346 1,997
-3,549 -2,756
-1,326 -935
455 321
129 106
34,770 38,250
-369 -713
34,402 37,537
2017 2018
34,402 37,537
451,755
19,434 246,567
Sales(in 000's) 2012 2013 2014 2015 2016
2003 6,034 6,235 6,430 6,618 6,799
2004 17,869 18,464 19,041 19,599 20,134
2005 24,499 25,315 26,108 26,872 27,605
2006 34,824 35,984 37,110 38,197 39,239
2007 43,541 44,991 46,399 47,758 49,061
2008 9,257 9,683 9,986 10,278 10,559
2009 3,540 4,001 4,176 4,299 4,416
2010 5,300 6,707 7,564 7,881 8,096
2011 3,354 4,610 5,823 6,555 6,816
2012 5,379 9,428 12,935 16,305 18,319
2013 0 3,622 6,337 8,677 10,917
2014 0 0 3,731 6,514 8,903
2015 0 0 0 3,597 6,268
Total Sales 153,597 169,039 185,641 203,152 217,132
2017 2018
2,769 2,833 Year COGS (as % of sales)
8,199 8,390 1 71%
11,242 11,503 2 64%
15,979 16,351 3 56%
19,979 20,444 4 40%
4,300 4,400
1,798 1,840
3,297 3,374
2,776 2,840
7,551 7,727
4,862 5,036
4,440 4,969
4,806 4,255
91,996 93,961
2017 2018
948 970 Year SGA (as % of sales)
2,807 2,873 1 19%
3,849 3,939 2 18%
5,471 5,598 3 17%
6,841 7,000 4 14%
1,472 1,506
616 630
1,129 1,155
950 972
2,585 2,646
1,665 1,724
1,520 1,701
1,478 1,457
31,331 32,171
2017 2018
499 511 Year Advertising (as % of sales)
1,479 1,513 1 11%
2,027 2,074 2 8.9%
2,882 2,949 3 8.2%
3,603 3,687 4 7.2%
775 793
324 332
595 608
501 512
1,362 1,393
877 908
801 896
699 767
16,423 16,945
2017 2018
381 381 Year Lease per square feet
1,193 1,193 2012 20.45
1,510 1,706 2013 20.88
2,203 2,203 2014 21.30
2,824 2,824 2015 21.72
673 673 2016 22.16
321 321 2017 22.60
664 664 2018 23.05
610 710
1,000 1,127
668 668
682 682
652 652
13,382 13,805
Corporate Expense
11,404 11,828 5%
2,346 1,997
61,191 65,862
36,714 39,517
Sales per square feet
110
113
117
120
286
1,155
2,299
4,007
5,990
4,725
3,087
2,019
1,677
2,894
3,948
5,447
7,180
5,297
3,320
2,036
Depreciation
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
72 72 72
235 235 235 235
363 363 363 363 363
594 594 594 594 594
812 812 812 812 812
185 185 185 185 185
79 79 79 79 79
150 150 150 150 150
221 221 221 221
463 463 463
492 492
706
669 1,264 2,075 2,188 2,032 1,820 1,447 1,098 1,405 2,032
221
463 463
492 492 492
706 706 706 706
904 904 904 904
170 170 170
74 74
143
2,786 2,735 2,346 1,997
Exhibit 1: Teuer Furnitures Showrooms and Square Footage
600,000
500,000
400,000
300,000
200,000
100,000
0
005 2007 2009 2011 2013 2015
Number of Showrooms Total Square Feet
Teuer Furniture Pro Forma Income Statement
2012 2013 2014 2015 2016 2017 2018 2019
Sales 148,218
CGS -61,955
SGA (exc adv & dep) -21,253
Advertising -10,744
Depreciation -1,450
Lease (stores) -9,320
Corp Expense (inc lease/adv) -7,411
Taxes -14,434
Net income 21,651
Parameters:
Corporate tax rate 40%
Corporate expenses 5%
Exhibit 8: Forecasting Sales Revenue and Costs
Year 1 2 3 4 5 6 7 8 9
Sales growth 2003 73.6% 34.6% 19.5% 15.1% 0.2% 1.2% 1.0% -0.6%
2004 72.9% 29.2% 21.4% 8.1% 3.6% 3.4% 0.0%
2005 76.6% 32.6% 22.2% 7.8% 3.7% -3.1%
2006 73.8% 28.8% 24.4% 11.3% -1.3%
2007 64.5% 36.8% 26.1% 6.3%
2008 60.5% 35.6% 23.6%
2009 69.0% 36.6%
2010 70.4%
2011
Average 70.2% 33.5% 22.9% 9.7% 1.5% 0.3%
Year 1 2 3 4 5 6 7 8 9
CGS 2003 71.1% 61.5% 57.8% 38.9% 43.4% 42.0% 38.9% 36.6% 40.0%
2004 71.3% 62.4% 52.1% 43.8% 39.0% 41.2% 38.7% 40.2%
2005 72.9% 65.6% 57.8% 40.6% 41.1% 40.3% 36.9%
2006 70.1% 53.1% 57.6% 33.3% 38.9% 40.0%
2007 72.6% 67.3% 53.9% 38.4% 41.0%
2008 64.4% 67.0% 61.0% 40.7%
2009 71.0% 65.9% 53.3%
2010 74.0% 66.5%
2011 70.3%
Average 70.9% 63.7% 56.2% 39.7%
Year 1 2 3 4 5 6 7 8 9
SGA 2003 19.9% 17.1% 16.4% 13.9% 12.9% 13.9% 13.6% 11.7% 13.1%
2004 17.6% 18.0% 17.4% 14.1% 14.5% 13.7% 13.9% 13.0%
2005 20.4% 17.9% 17.0% 14.5% 13.2% 13.2% 15.1%
2006 20.4% 19.0% 18.0% 12.7% 14.4% 14.2%
2007 19.8% 17.6% 18.0% 13.0% 13.6%
2008 16.4% 18.4% 16.9% 13.4%
2009 17.9% 19.2% 17.4%
2010 20.7% 19.4%
2011 20.9%
Average 19.3% 18.3% 17.3% 13.6%
Year 1 2 3 4 5 6 7 8 9
Advertising 2003 9.9% 8.9% 7.6% 7.1% 6.7% 7.7% 6.9% 6.8% 7.6%
2004 10.3% 8.2% 8.3% 7.4% 8.0% 7.7% 7.2% 7.2%
2005 10.9% 8.9% 8.0% 7.6% 7.0% 6.7% 7.3%
2006 10.3% 8.4% 8.3% 6.8% 6.8% 6.6%
2007 10.2% 9.0% 8.1% 6.9% 7.1%
2008 10.2% 9.6% 8.3% 7.3%
2009 11.0% 9.1% 8.6%
2010 11.7% 8.9%
2011 10.7%
Average 10.6% 8.9% 8.2% 7.2%
Exhibit 2: Economic Indicators: GDP and Furniture Sales Growth
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
CPI index 180.9 184.3 190.3 196.8 201.8 210.0 210.2 215.9 219.2 225.7 229.6 233.5 237.7 242.3 247.4 252.1 256.6 261.3
Inflation (CPI) 1.9% 3.3% 3.4% 2.5% 4.1% 0.1% 2.7% 1.5% 3.0% 1.7% 1.7% 1.8% 1.9% 2.1% 1.9% 1.8% 1.8%
GDP (T$) 10,642 11,142 11,853 12,623 13,377 14,029 14,292 13,974 14,499 15,076 15,685 16,238 17,049 18,012 19,021 20,078 21,101
GDP growth 4.7% 6.4% 6.5% 6.0% 4.9% 1.9% -2.2% 3.8% 4.0% 4.0% 3.5% 5.0% 5.6% 5.6% 5.6% 5.1%
Furniture sales ($B) 94.44 96.7 103.8 109.1 112.8 111.1 99.6 86.3 87.3 90.1 93.1 95.9 98.6 101.2 103.6 105.9 108.0 110.2
Furniture sales growth 2.4% 7.3% 5.2% 3.4% -1.5% -10.4% -13.4% 1.2% 3.2% 3.4% 3.0% 2.8% 2.6% 2.4% 2.2% 2.0% 2.0%
10.0%
5.0%
0.0%
2003 2005 2007 2009 2011 2013 2015 2017
-5.0%
-10.0%
-15.0%
GDP Growth Furniture Sales Growth Inflation (CPI)
Exhibit 3: Teuer Furniture Income Statement
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Sales 2,057 10,415 26,701 51,540 79,191 90,680 111,451 134,093 148,218 259834.9 356592.2 449646.3 460437.8 470567.5 479978.8
Cost of goods sold -1,463 -7,057 -17,424 -30,730 -43,834 -47,290 -49,068 -55,487 -61,955
Selling, general and admin -410 -1,812 -4,958 -9,230 -13,576 -14,679 -16,471 -18,698 -21,253
Advertising -203 -1,019 -2,411 -4,588 -6,585 -7,532 -8,367 -9,545 -10,744
Depreciation -72 -307 -669 -1,264 -2,075 -2,188 -2,032 -1,820 -1,450
Lease -250 -1,080 -2,330 -4,240 -6,770 -7,380 -7,712 -8,450 -9,320
Corporate expense -185 -729 -1,602 -3,092 -4,751 -5,441 -5,573 -6,705 -7,411
Taxes 0 0 0 0 0 -543 -8,892 -13,356 -14,434
Net income -526 -1,588 -2,693 -1,604 1,600 5,626 13,337 20,033 21,651
Parameters:
Corporate tax rate 40%
Exhibit 4: Teuer Furniture Balance Sheet
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Assets
Accounts Receivable 0 751 3,479 8,675 16,946 25,272 29,059 36,625 42,421 48,200
Inventory 671 3,151 8,216 15,125 20,908 21,715 24,868 26,808 29,216 33,343
Total Current Assets 671 3,902 11,695 23,800 37,853 46,987 53,927 63,433 71,637 81,543
PPE 358 1,461 2,969 5,270 8,065 6,914 5,119 3,839 3,142 3,920
Total Assets 1,029 5,364 14,663 29,070 45,918 53,900 59,046 67,272 74,779 85,463
Parameters:
Lease rate (2013) 20.88
Lease inflation 2.0%
Exhibit 6: Teuer Furniture Balance Sheet for Individual Showrooms
# Avg Size 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2003 1 17,200 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Cap expenditure 358 324
Accts receivable 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 3 17,600 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Cap expenditure 1,175 936
Accts receivable 2,292 3,870 5,029 5,526 5,276 5,599 5,612 5,691
Inventory 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
2005 4 18,500 0 1 2 3 4 5 6 7 8 9 10 11 12 13
Cap expenditure 1,814
Accts receivable 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 5 21,100 0 1 2 3 4 5 6 7 8 9 10 11 12
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 6 22,100 0 1 2 3 4 5 6 7 8 9 10 11
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 2 15,500 0 1 2 3 4 5 6 7 8 9 10
Cap expenditure 924
Accts receivable 1,048 1,758 2,212 2,905
Inventory 1,028 1,711 2,147 1,727 1,911
Accts payable 349 547 662 586 690
Accr expenses 43 72 88 94 101
2009 1 14,500 0 1 2 3 4 5 6 7 8 9
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 2 14,700 0 1 2 3 4 5 6 7 8
Cap expenditure 752
Accts receivable 956 1,787
Inventory 1,013 1,787 1,913
Accts payable 348 577 683
Accr expenses 44 71 91
2011 2 15,400 0 1 2 3 4 5 6 7
Cap expenditure 798
Accts receivable 1,093
Inventory 1,067 1,795
Accts payable 387 623
Accr expenses 47 76
2012 3 16,300 0 1 2 3 4 5 6
Cap expenditure 1,293
Accts receivable
Inventory 1,708
Accts payable 617
Accr expenses 79
2013 2 16,000 0 1 2 3 4 5
Cap expenditure 860
Accts receivable
Inventory
Accts payable
Accr expenses
2014 2 16,000 0 1 2 3 4
Cap expenditure 876
Accts receivable
Inventory
Accts payable
Accr expenses
2015 2 15,000 0 1 2 3
Cap expenditure 837
Accts receivable
Inventory
Accts payable
Accr expenses
Year 1 2 3 4 5 6 7 8 9
Inventory 2003 45.9% 47.2% 44.0% 50.4% 42.4% 42.4% 44.3% 50.3% 42.5%
2004 43.4% 48.3% 54.5% 46.4% 47.3% 45.6% 48.5% 47.3%
2005 47.2% 48.3% 40.6% 46.8% 43.4% 44.9% 48.2%
2006 45.6% 58.0% 48.8% 59.3% 50.4% 49.2%
2007 46.7% 42.2% 53.0% 48.1% 45.5%
2008 50.1% 49.4% 48.6% 45.9%
2009 47.8% 53.4% 46.7%
2010 45.5% 50.7%
2011 45.3%
Average 47.6%
Year 1 2 3 4 5 6 7 8 9
Accounts Payable 2003 16.1% 17.2% 14.8% 16.9% 14.6% 15.2% 15.7% 17.2% 15.3%
2004 16.1% 16.9% 18.0% 15.6% 17.0% 16.3% 16.8% 15.9%
2005 15.4% 16.1% 15.2% 16.2% 16.2% 15.9% 17.3%
2006 16.1% 19.8% 16.0% 19.1% 16.3% 16.7%
2007 15.5% 16.8% 16.5% 17.3% 15.2%
2008 17.0% 15.8% 15.0% 15.6%
2009 16.8% 15.8% 17.3%
2010 15.6% 16.4%
2011 16.4%
Average 16.3%
Year 1 2 3 4 5 6 7 8 9
Accrued Expenses 2003 4.7% 5.1% 4.9% 4.7% 4.9% 4.5% 4.6% 5.2% 4.7%
2004 5.1% 5.1% 4.9% 4.9% 4.7% 4.7% 4.8% 4.9%
2005 4.6% 4.7% 4.8% 4.4% 5.2% 5.0% 4.6%
2006 4.6% 4.7% 4.8% 5.0% 4.7% 4.7%
2007 4.6% 5.0% 4.6% 4.8% 4.8%
2008 5.1% 5.0% 4.8% 4.9%
2009 5.2% 4.8% 4.7%
2010 4.5% 4.7%
2011 4.4%
Average 4.8%
Nominal Real
Construction costs 2003 20.8 25.9
2004 22.3 26.8
2005 24.5 28.6
2006 28.2 32.0
2007 30.6 33.5
2008 29.8 32.6
2009 27.2 28.9
2010 25.6 26.8
2011 25.9 26.4
2012 26.4 26.4
2013 26.9 26.4
2014 27.4 26.4
2015 27.9 26.4
Nominal Real
Refresh cost 2003 90.6% 74.0%
2004 79.6% 66.0%
Average 70.0%
Exhibit 10: Forecasting Parameters
1 2 3 4 5 6 7
Sales growth 70.2% 33.5% 22.9%
CGS (% sales) 70.9% 63.7% 56.2% 39.7%
SGA (% sales, excluding dep & advertising) 19.3% 18.3% 17.3% 13.6%
Advertising (% sales) 10.6% 8.9% 8.2% 7.2%
Accounts Receivable (% sales) 32.4%
Inventory (% next year's CGS) 47.6%
Accounts Payable (% next year's CGS) 16.3%
Accrued expenses (next year's SGA adv) 4.8%
Depreciation (years) 5
Refresh cost 70.0%
Corporate tax rate 40.0%
Corporate expenses 5.0%
Discount rate 12.1%
Long-term growth rate 3.5%
Shares outstanding (K) 9,945
Teuer Furniture Pro Forma Income Statement
2012 2013 2014 2015 2016 2017 2018 2019
Sales 148,218
CGS -61,955
SGA (exc adv & dep) -21,253
Advertising -10,744
Depreciation -1,450
Lease (stores) -9,320
Corp Expense (inc lease/adv) -7,411
Taxes -14,434
Net income 21,651
Parameters:
Corporate tax rate 40%
Corporate expenses 5%
Teuer Furniture Pro Forma Balance Sheet
2012 2013 2014 2015 2016 2017 2018
Assets
Accounts Receivable 48,200
Inventory 33,343
Total Current Assets 81,543
PPE 3,920
Total Assets 85,463
Asset value
Share value
Parameters:
Asset discount rate 12.1%
Long-term growth rate 3.5%
Shareholders (#) 187
Shares outstanding (K) 9,945