LBO投資收益測(cè)算過(guò)程

1、第一部分：確定投資資金的結(jié)構(gòu)一、近3年一期損益表，并預(yù)測(cè)近一期的完整年度損益表；現(xiàn)時(shí)資產(chǎn)負(fù)債表;Income StatementHistorical PeriodSales2005S780.02006S850,0200?$925.0LTM9/30/2008S977.8Pro foima2003 ti.mo% growthNA90%NA8.1%Cost of Goods Sold們9512 1血05朋1迦QGross Profit$308.1$337.9i370.0S391.1$400,0% margin39.5%39.8%40.0%40.0%40.0%Belling: General &

2、; Administrative198.9214 6231 3244.4250 Q% safes25.5%25.3%25.0%25.0%25 0%Other Expense I Inconnen<EBITDAMMJ£123.3$131.8S146.7SI 50.0% margin14.0%14.5%15 0%150%15 0%Depreciation & Amortization15617.018.519.620.0Amortization_EBIT$120.3S127.1$130.0% margin12.0%12 5%13 0%13 0%13.0%BalarKE 弘窗

3、Cs力 andEquivalentsAccnunts ReceisnleInventoriesP'fiDBitls sn2 OthE” Cuf nt AmtmTotal Current AssetsPro petty. Plant gnd Equipment, netGoodwll and Intsngiule AsOlhef A see isDefssd Financmg FeesTotal At setAccountsAgchjc Li3bilitieOlhwf Cerent LisbilitTotal CiirTerrt LiabilitiesRevolv ng Credit F

4、bci lit>'Term Loan ATefi Ldsti BTerm Loan CExiUing Term Loan2nd LienSenior NoteiSenioT Subordinated NotesOther DbtOther LonQ-ernn LisbilitTotal LiabilitiesNoncnntrnlliTig InterEnar&holdert EquityTotal $liar«holder%1 EquitTotal Liabilibes and EquityEm'mrce CdeckOpeningS25.0：15 0:1

5、25 0： Itld5325 0：650.0：175 0：75 Q：7S.D100.0$200.0300.0$525.0$700.0Q.000Mat Working OapitAlr 10C.0(Inc-ease | iin VJb4a*ig Cap t：、計(jì)算購(gòu)買(mǎi)價(jià)格及估值比率卩rnxh占se PricePublici Private Target(300,0)Entry EBITIDA MultipleLTO 9/30/2003 EBITDAEnterprise ValueLess- Total DebtLess: Prefered S&curitiesLess. Nonconir

6、olling InterestPlus: Cash and Cash EquivalentsEquity P u rcha se Price根據(jù)投資時(shí)的EBITDA146.7（損益表）及假設(shè)的估值/EBITDA倍數(shù)7.5倍，計(jì)算確定標(biāo)的收購(gòu) 價(jià)格=146.7*7.5=1100 ;現(xiàn)時(shí)需要償還的有息借款300 （資產(chǎn)負(fù)債表）、現(xiàn)金 25 （資產(chǎn)負(fù)債表），標(biāo)的現(xiàn)金償還有息負(fù)債后剩余275有息負(fù)債；公司股權(quán)價(jià)值 =1100-275=825。根據(jù)購(gòu)買(mǎi)價(jià)格及現(xiàn)時(shí)銷(xiāo)售額、三、設(shè)計(jì)投資資金結(jié)構(gòu)EBITDA計(jì)算市銷(xiāo)率和市值/EBITDA比。12Structure3d15Sources of Funds-Str

7、ucture 1STriichJr 2Structure 3Strmchjire1 4寫(xiě)怙 Kus QuidREwjIvingFjcililyM0Q.05100 0S10U 0S1S0 0 =Revd-ving Credt Facility gw?5 0-:Term Loan A-125.0-；-:Teirri Loan B450 0350.0350.0 3425.0 :Term Loan C-J2nd Uen= != 2Senior Notes-丄150.0 ；-jSenior Subordinated Notes300.0300.0250.0325.0 :Equity Contnbutio

8、nr335.0360 0385.0410.0 r20.0Roilcyer Equity-:-Cash on Hand25 0250-j 2Totl Sources of Funcis51価QS1-1M.Dsi 1&0 0Use$ of Funds E equity Punchase PriceSS25 0U25.0$825 0S325 0 iRepay EkisEing Bank Dbl300300 0 30D .D ；-Tender! Call Pr&miumfi-_ j-J-Financing Fees20.02Q.G20 0 ?2D 0 ：2D DOther Fees a

9、nd Expenses15Q-150-15.0« :-:r；1&.D jTotal Uwsof FundsS1.1S0.0 ；SX1.0確定各類(lèi)舉債金額（structure1中450、300，注意100是循環(huán)信用額度，類(lèi)似授信總額，不使用無(wú)金額借入，但有手續(xù)費(fèi)）及手續(xù)費(fèi)（ 金金額及手續(xù)費(fèi)），預(yù)計(jì)其他費(fèi)用（15）賬上現(xiàn)金25，算出需要自有投入的資本數(shù)額/LP的資20結(jié)構(gòu)化私募基金中為各類(lèi)優(yōu)先級(jí)份額；據(jù)前文已得股權(quán)價(jià)格825、有息負(fù)債300、標(biāo)的（基金中的劣后級(jí)或 GP份額）=（825+300+20+15）-（450+300+25）=385,杠桿率為 385:（ 450+300）

10、=1:1.95。手續(xù)費(fèi)計(jì)算如下:Structure 1SirwR電詬札ing Credit Facility Siz$100.01.750%S1 8Term Loan A-1.750%-Term Loan B450.01.750%79Term Loan C-2nd LienSenior Notes2.250%Senior Subordinated Noleswo2.250%6«Senior Bridge Facility-1.D00%-Senicr Subordnated Bridge Facilrty300.01.000%3.0Other Financing Fees &

11、Exp&nses0GTotal FinAiicinei Fees*$2D.O將上述舉債費(fèi)用按假定的借款年限攤銷(xiāo)（利潤(rùn)表及資產(chǎn)負(fù)債表預(yù)測(cè)時(shí)需要使用）四、完成 Sources of Funds'Uses of Funds表并和簽署已做 Purchase Price'Transaction Multiples 表合并：TransaGfcidin Sumrhrygf FuinMijf lijnciToralMulrinlti 0=1104* of Tomi蟲(chóng)MIT" PrimriGAmfuuHtMeRcvoh ng&KM Facintr-%-X-亂L*12S!

12、 bpsiAurchB&t VulteCa Equiy55.0Tl 1%Term Loan 4%址N&鬪卵 Exisi許fiDe&e300.026 9%TcfmLwnB-MB*31iJUL*瑚珮hnQh j Cfll Prunw噸-Term LmfiC-%-H1191NA1 7%2ndLJBn-I11M函Otfw Feet and Esanies1SA1 3%Sariv%-XNASCf*M SutMfdmircrf3W0J5-9*ZQk&1MIflWXHiEfMty CorirtMiicn述D2.6kT.TxRokwflf Rtyr%T.7XCash'l

13、lSBD2加D2XT 9htui Source &1.160,31M.0%7-9kTAeTotal U»e»1嗆葉Trinsjnn JufflOMirvCaumi.Ptu-WdrTWMu£4ifc Ijl 衛(wèi)TDA.KtiTairiarer fret ixr 5>we5-16 90由 EEJUrriSourui.他？MM匚 imuWHeIfticnnAnounlx ! DUld SW«HK 0CT#4E FiH«y-M-KfWcms* VMieCo 印商5«2i.O7| 1%礙葉 FWcftMe- rkeT<-ri

14、 .car A %-X-XF#.Fpay Rsn-tgniriDC il=1.1 I3h±沖 hHCMx7T5 0TW IMP &454 l.ix3.1k11仙虛-X X出*昭I T%2nflL<fi. %31sHAOrel reel円i自呻s出5JJ1 T4TiuiiAiiiaijiiuiuutEi' %NJLrmiipran Vilw i 3k HO2.¥h2ibElIKlONMLTW&16-3MWJ7i&1.1b.已MrT7ki.p*MhACKvei Efy-T.ftiEfrtfiiipiike Ydlvk "EBltJ

15、AGlEbZa才fl 7tT farllTW MWI5HHT7.bTdtfl畀串H.1KP1MJ0%金F1L1M4IMU*剛HE1Kii7.3<第二部分：預(yù)測(cè)未來(lái)財(cái)務(wù)數(shù)據(jù)五、損益表和現(xiàn)金流量表預(yù)測(cè)前提假設(shè)條件（一）銷(xiāo)售收入：假設(shè)各年的銷(xiāo)售收入增長(zhǎng)率，一般發(fā)展穩(wěn)定后銷(xiāo)售收入增長(zhǎng)趨緩：Ymi-1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 YearS YearS Year 1020W2M5 2fill20112S1Z 2Q1SSales (% growtlh)so%e.o%4 0%3.0%3.0-%3.0%3.0%3.0%3.0%3.0%Base1eo

16、%fl.O%4.0%2tl%3t>%30%30%30%10%a.o%Sponsor210.0%&.0%6.0%4.0%3.0%3 0%30%3 0%3.0%3.0%Management312.0%10.0%B.0%6.0%4.0%4.0%4.D%4.0%4.0%4.0%Downside 145 0%4 0%3.0%3 0%atmatm30%3.0%10%a.o%Downside 252.0%2.0%2.0%2.0%2.0%23%20%20%2.0%2.0%（二）成本：成本以銷(xiāo)售收入為基礎(chǔ)，假設(shè)成本占銷(xiāo)售收入的百分比:Cost of Goods Sold (% sales)60.0

17、%60.0%60.0%60.0%60.0%60 0%60.0%60 0%即0%60 0%Base160-0%60 G%創(chuàng)0%弭幽60 0%60 0%60.0%60.0%60.0%60.0%Sponsor260.0%6O.0fe60.0%60.0%60.0%60 0%60.0%60.0%60.0%60.0%35&.0%59 0%59.0%59 tm59.0%&9 0%59 0%59 05910%59 0%Downside 1461.0%61 (Hfe61.0%61 Of%61.0%6L0%61.0%61.0%61.0%610%Downside 2662.0%62.0%62倔62.

18、0%820%62.0%62 0%於0%62 0%（三） SG&A （國(guó)內(nèi)為銷(xiāo)售費(fèi)用和管理費(fèi)用）：假設(shè)占銷(xiāo)售收入的百分比SG&A (% sales)25.0%25.0%25.0%25.0%25.0%25.0%25.0%25.0%25 0%26.0%Base125 0%250%25.0%2525.0%26 0%25.0%25 0%25 .m25 0%Sponsor225.0%25.0%25.0%25.0%25.0 般25.0*%25.0%25.0%25.0%25.0%Manag&nent324 0%24 0%24.0%24 Mi24,0%24 0%34.0%24.0%24

19、0%24 0%Downside 11420.0%25.0%25.0%25.0%25.0%25.0(%2&.0%2S.0%25.0%25.0%Down5Kte2&27.0%26 0%26.0%26 tm26.0%25.0%26 0%260%26.0%（四）折舊和攤銷(xiāo)：假設(shè)占銷(xiāo)售收入的百分比:Depreciation & Arnortization (% sales)20%2幽20%20%2 0%2.0%2.0%2.0%2.0%12.0%2-0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2 0%Sponsor22.0%2 0%2.C%20%2 0%2.0%2.

20、0%2.0%2.0%2.0%btanagement22.0%ZtWi2.0%2.0%2.0%20%20%2 0%20%2 0%Downrside 142.0%2-0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%Downside 232.0%2 0%2.0%20%2 0%2.0%2.0%2.0%2.0%2.0%（五）利息收入：假設(shè)占現(xiàn)金/ 士口 -bR 匚厶土電百麗|AAt TITTJ云 曰 士 rh士口 Ar2年現(xiàn)金平均數(shù)）的百（根據(jù)后續(xù)預(yù)測(cè)的現(xiàn)金流量表中的相鄰分比（即1年期利率？）：Inter esl Income3.0%3.0%3 03.0%3 0%3.0%3.0%3.

21、0%3.0%3.0%Base13.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%30%3.0%Spqnscr23.0%3.0%NO%3.0%3.0%3 0%$0%30%30%3d%iManagemenl33皿30%30%3.0%30%3.0%3.0%3.0%3 0%3.0%Downside 143.Q%3.0%3 0%3.0%3 0%3.0%3.0%3.0%3.0%3.0%Downside 253.0%3.0%30%3.0%3.0%3.0%2.0%3.0%30%3.0%（六）現(xiàn)金流量表中資本化支出：假設(shè)占銷(xiāo)售收入的比率Cash Flow Statement sumptionsCa

22、pital Expenditures (% sates)2 0%20%20%2 0%2.0%2.0%2.0%2.D-%2.0%2.0%12.0%2.0%2.0%2.0%2.0%2 0%2 0%2 020%2 0Sponsor22.0%2.0%2.0%2.0%2.0%2-0%2.0%2.0%2.0%2.0%Management32 0%20%20%2 0%20%2JJ%2.0%2.(m2.0%2.0%Dnside 142.5%2.5%2.5%2.5%2.5%2 5%2.5%2 5%2.5%2 5%Downside 252 5H2.S%25%2.5%25%25%2.5%2.5%2.5%2.5%六、

23、資產(chǎn)負(fù)債表預(yù)測(cè)前提假設(shè)條件（一）應(yīng)收賬款周轉(zhuǎn)天數(shù)：假設(shè)應(yīng)收賬款周轉(zhuǎn)天數(shù)，應(yīng)收賬款=銷(xiāo)售收入/365*應(yīng)收賬款周轉(zhuǎn)天數(shù)¥*3r 1 Y*ar2 Y«ar3 Y»ar4 ¥*ar5 Ytar 6Year?2015Y«ar& meY»ar?2017Yaar10201BSOOS2010201120122M32014CLfrrenr AssetsDays Sales Outstanding (DSO)S02W 260 250 260250 260.2麹260.2的2Base160.260260.260.260.260.260.260-2

24、6Q.260.2Sponsor26Q2w?602&02&)2$0260 2w?6Q2関2Manageniertt365.06565.065.065.065.065.06565.065Dowri 弓 id 總 14陽(yáng)050590網(wǎng)05069 0斶0&9.059 DDownside 2557.757.757.757.757.757.757.757.757.757.7（二）存貨周轉(zhuǎn)天數(shù)：假設(shè)存貨周轉(zhuǎn)天數(shù)，存貨=成本/365*存貨周轉(zhuǎn)天數(shù)Days Invenlory Held (DIH)7&.076.075.076.076.076. a75.076.D76.Q76.0B

25、ase176.076. &76.076 076.076. &76.076.076.076.0Sponsor2750TO760reo?6(JTO76 076 076 0?6dManagement376.076.076.076.076.076J76.076.076.076.0Downside 14BO-Oeo.o80.0BOOSO.OSODma80.0&0 0m.oDownside 2582.082 082.082 082.082 082.082082 0szo（三）預(yù)付款項(xiàng)：假設(shè)占銷(xiāo)售收入的百分比:Prepays 5nd Gtr*er Currem 陽(yáng)3弗(% sales

26、)1.0%1.0%1.0%1.0%1.0%1嘆1 0%1 0%1 0%1 0%Base11 0%1 0%1.0%1 &%10%1.0%1.0%1.0%1.0%1.0%Sponsor21.0%1.0%1.0%1.0%10%Ltt%1.0%1.0%1.0%1.0%31.0%1.0%1.0%i tm11.0%1 D%伽1 0%1 0%11 %Downside 1410%1 0%1.0%1 0%1.0%1.0%to%1.0%1.0%1.0%Downside251.0%1.0%1.0%1.0%1.0%i cm1.0%1.D%1.0%1.0%（四）應(yīng)付賬款周轉(zhuǎn)天數(shù):應(yīng)付賬款=成本/365*應(yīng)付賬款

27、周轉(zhuǎn)天數(shù)Current U&bifitiesays Payable Outstanding (DPO)45.645.645.645 645.645 645.645645 645.6Base145.645 645.645 645645 645 645645 645 8Sponsor245.645 645.645.645.645.645.645.645 645.6Management347.0狎47.047.04"47.047.047.047.0Dowrskte 11442.542 542.542542.542 542.542.542 542.5Downside 2540.040

28、.040.040 040.040.040.040 040.0（五）應(yīng)計(jì)債務(wù)：假設(shè)占銷(xiāo)售收入的百分比Accrued Liabilftj呂5 (% sates10 0%10 0%mo喘10 D%100%10.0%10.0%10.0%10.0%10.0%Base110.0%10.0%10.0%10.0%10.0%10.0%100%10 0%10.C%10 0%Sponsor21訥io m10 OH10 0%100%10.0%10.0%10.0%10.0%10.0%FLhnaeiYberit310.0%10 0%10.0%10.0%10.0%10 0%100%10 0%100%10 0%Downsid

29、e 1410.0%10U%10.0%10.0%W.Q%10.0%10.0%10.0%10.0%10.0%Downs Kte 2510.0%10 0%10.0%10.0%10.0%10 0%100%10 0%100%1(10%（六）其他流動(dòng)負(fù)債：假設(shè)占銷(xiāo)售收入的百分比Otfier Current Liabilities (% safes)25%25%2S%2 5%2&%2.5%2.5%25%25%2.5%Base12.5%2.5%2.5%2.5%2.5%2 5%2 5%25%2 5%2S%Sportsor22.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%M

30、anagement32.5%25%2 5%2.5%2 6%2.5%2.5%2.5%2.5%2.5%Downside i42.5%2.5%2.5%2.5%2.5%2 5%2 5%25%2 5%2.5%Downside 252.5%2.5%2.5%2.5%2,5%2.5%2.5%2.5%2.5%2.5%七、利潤(rùn)表預(yù)測(cè)（收入、成本EBIT部分，凈利潤(rùn)部分需要扣減的財(cái)務(wù)費(fèi)用，即利息，得還債表做出后才能做）InuorriE St血mgntPr oje cti d n ILTMProformaYear 1Year；Year 3Year 4Year 52ooa2M5測(cè)0加122013SatesI977.B

31、I$1,004.0$1 .OBO.O$1.144.11,140.6S1,22«3% growthN4 :s t%BO%0%<0%30%10%CdSit of Goo酸 SoldB蚯7 1&DDD64B 0歸歸714.473S.B7B7.9Gtqis PtofftS3M.ilS40Q.Q1432UIW57.9U76JMW. 5SGQU% mrgj40.0% :40.0%40.0%40.0%40.0%4O.C40.0%Selling. General & Administrate244.4 =250.02700286.2297.6306.6315.3% safes2

32、5.0% :25.0%25.0%25.0%23.0%25.0%25.0%th&r Bcpense / fincoffielEBITDA$148.71S1&0.0$182.01171J»1l 7B.6斛3鳥(niǎo)lisas% mgiryinfSW :150%15 0%15 0%10%150%Depr eciaibon & AmortaationED.21.622 %23生MB藥3Amorttzafcn_ fflITS127.1l =S13fluDS140.41148.8$154 J&$1594S1B4.213.0% :13 0%13.0%13.0%?J0%13

33、.0%13 0%tfit&rest BepenseRevolving Qedit Facitty-*Term Loein A-»-Term Loan B2&327.825.322.118.614.5Term Loan C-be is ting Term Lopn-2nd LienF-Senior Notes-Sanior Subor-dlnAiled NotH30jQ30.0X.030.030.030. Comnitment Fee on Unused Re0505D.60.50.505Admmistr&tive Agent Fee022020型CL2Cash

34、 llihteres-t Expenser$593SSB.5SS5.9$£2.7M9.2礙2紅框內(nèi)為利息支出，需要其他表格（還貸計(jì)劃表中的利息支出等）數(shù)據(jù)，暫不考慮；銷(xiāo)售收 入、成本、銷(xiāo)售管理費(fèi)用、折舊及攤銷(xiāo)等按照簽署假設(shè)填入。八、資產(chǎn)負(fù)債表預(yù)測(cè)（一）由于投資基準(zhǔn)日不是完整會(huì)計(jì)年度（例子中是2008年9月30日），所以需要對(duì)930資產(chǎn)負(fù)債表按照投資后調(diào)整，億預(yù)測(cè)2008年年度資產(chǎn)負(fù)債表。2008*20082009Cash andCasti EquivalentsS25.0(25-0-Accounts Recei'ble165.0165.0178.2Inventories125

35、.0125.0135 0Prepaids and Other Current As s ets10 010.010.6Total Current Assets$3250$300S324.0Property: Plant and Equipment, net6500650.0650 0Gooctwill and Intangible Asse'175.0125.0300.0300.0Other Assets75.075.075.0Deferred Financing Fees20.020017.5Total Assets$1,225.0$1345.0$1.366.5Accounts Pa

36、yable75.075061.0Accrued Liabilities100 0100 0103.0Other Current Liabilities25 025 027.0Total Current Liabilities1200.0$200.0$216.0Revolving Credit Facility一-一Term Loan A-Term Loan B-450.0450.04063Term Loan C-Easting Term Loan300 0(3QOO)亠2nd Lien-*-Senior NotesSenior Subordinated Notes-300.0300.0300

37、0Other Debt1 -1Other Long-Term Liabilities25.025.025.0TotlLiabilrties5525.0$975.03947JNoncontrolling Interest-Shareholders1 Equity700.0370 0(700 0)370.0419.3Total Shareholders' Equity$700.0$170.0S419JTotal Liabilrties and Equity$1.225.0$1.345.0S1.366.5Cash and Cash Equivalents標(biāo)的賬上現(xiàn)金 25會(huì)支出使用（用于還債

38、？）Goodwill and Intangible Assets :商譽(yù)及無(wú)形資產(chǎn)增加125，因?yàn)楣蓹?quán)收購(gòu)價(jià)格825相對(duì)于標(biāo)的凈資產(chǎn)700的溢價(jià)125計(jì)入商譽(yù)及無(wú)形資產(chǎn)。Deferred Financing Fees:遞延融資費(fèi)用，投舉債在所花的融資費(fèi)用20Term Loan B：投資舉債，標(biāo)的增加450借款Existing Term Loan：已存在的有息負(fù)債300會(huì)在投資后還掉Senior Subordinated Notes :投資舉債，標(biāo)的增加300借款Shareholders' Equity :投資中股權(quán)資本 385，扣減其他費(fèi)用15后，標(biāo)的所有者權(quán)益增加370；標(biāo)的所有者權(quán)

39、益因老股東撤資減少700 （暫時(shí)按國(guó)內(nèi)減資理解）：Soi|jce：s of Fund容Rev口lvRigQredrt Facility Size Revolving Credit Facility1 Draw Term Loan ATerm Loan BTerm U&an C2nd LienSenior NotesSenior Subordinated Mot酩Equity CDntritxjtiofiRdlovef EquityCash on HandTotal Sources of Fund呂Itete鼻 of Fund鼻Equity Purchase ft iceRepay Ri

40、oting Bank DebtTender J Call RemumsFinancing FeesOther F亡已5 and Scpens esStructure 勺SiDO.O15D.0300.0 :|羽丘D25.0SS2S.0300.0Total Uses of Funds（二）資產(chǎn)負(fù)債表預(yù)測(cè) 標(biāo)的調(diào)整后的資產(chǎn)負(fù)債表如圖紅框:Opening20加Adjustments+ -Pro FormaYear 1Casti and Cash EquivalentsS250(25.0.I-Accounts Fteceivabte155.0165 01782trventorb&s125012S

41、.013S0Repaids and Other Current Assets1D0IDO10 8Total Curre nt Assets$325.0$300.0$324.0R'operty, Rant and Equipment, net650 0650.0650 0Goodw il and Intangible Assets175.0125.0300 0300.DOther Assets75 D7E.075.0Deferred Anancing Fees20.030 01了 ETotal A&aetiS1.225.0S11.345.0劉.36KEAttuunts Payab

42、le75,075.001.0Accrued Liabilities100 0100.0103 0Other Current Liablities25.026 027 0Total Current Liabilities$200.0S200.0Rev olving Cxedrt Facility-Term Loan A-Term Loan B-4&0.0450.0406 3Term Loan C-&dstingTeirn Loan3D0D(300.0I-2nd Lien-Senior Notes*-Senior Sut>ordinat&ci Notes-300030

43、0 0300.DOther Debt-Other Lsng-Term Uabilti&52E0Total Liabilities$52B.O$976.0SS47.3些匹221I2B23JP1 常年 st-tiarehoJders' lauitvmo370.0f700.Di3花04T鼻3Total Shareholdera' EquitySTW.0S370.0$4個(gè)3Total Liabilities and Equitv11.73011.U5JI未來(lái)幾年的資產(chǎn)負(fù)債表預(yù)測(cè)如下:Bal日neg Sh電OpeningJ008Adjustments+Pre FormaYear

44、1Year 220池Cash and Cash EquivBl&nts$260r(25.0)Accounta Receivable1S5.0165.01782188&inventories125.0125.0135.0143 1Repairis and Other Cuirenl10 010010 811.4Total Current Aatels$325.0$300.05324.0$343.4froperty. Rant and Equipment, net6500S&DOGEO.O650.0ill find Intangible Asset17&.0125.

45、0300.0300.03000Other Assets75.075.075.075 0Deferred Financing Fees Total Assel20030017 515.1S1.345.0S1.366.6S1.M3.5Accounts P&': atMe75 Q75081.085.9Accrued Liabilities100.01000108.0114.5Other Current Linb帥務(wù)250250270286Total Current LiabilitiesI2O0J0t200JD$21«j0S229.0Revolving Credit Facility-一-Term Loan A-*Term Loan 0 Term Loan C-450.04&