TeamSystem Income Statement

1996

1997

1998

1999

39,665

42,922

50,694

60,499

(9,979)
(9,380)
(328)
(19,687)

(11,430)
(8,692)
(394)
(20,516)

(12,258)
(10,889)
(1,493)
(24,640)

(15,179)
(12,389)
(1,553)
(29,121)

Total Personnel Costs

(4,875)
(1,855)
(456)
(7,186)

(5,382)
(2,047)
(481)
(7,910)

(6,282)
(1,917)
(572)
(8,771)

(7,151)
(2,011)
(753)
(9,915)

Other Operating Costs

(2,793)

(3,052)

(3,133)

(1,339)

EBITDA

9,999
(1,052)

11,444
(1,427)

14,150
(1,355)

20,124
(1,636)

8,947
(185)
1,800

10,017
(144)
1,305

12,795
(154)
1,132

18,488
(210)
1,283

10,563
(5,870)

11,178
(6,699)

13,773
(6,437)

19,562
(9,525)

Earnings Before Minorities

Elimination of intercompany invest

4,693
(30)

4,479
(13)

7,336
(139)

10,036
(287)

Net Income

4,663

4,466

7,197

9,749

Total Sales

Cost of materials
Cost of service
Rents and leasing
Total Operating Cost

Salaries
Social contributions
Other personnel costs

Depreciation & amortization

EBIT
Interest Expense

Non-op income
Pre-Tax Profit

Taxes

2000
15%

2001
15%

2002
15%

Values in Lire (millions)

PRO-FORMA
2003
2004
2005
6%
6%
6%

2006
6%

2007
6%

69,573

80,009

92,011

97,532

103,383

109,586

116,162

123,131

(31,308)

(36,004)

(41,405)

(43,889)

(46,523)

(49,314)

(52,273)

(55,409)

(10,784)

(12,401)

(14,262)

(15,117)

(16,024)

(16,986)

(18,005)

(19,085)

(2,783)

(3,200)

(3,680)

(3,901)

(4,135)

(4,383)

(4,646)

(4,925)

24,699
(835)

28,403
(900)

32,664
(975)

34,624
(1,010)

36,701
(1,046)

38,903
(1,085)

41,237
(1,126)

43,712
(1,170)

23,863
(3,160)

27,503
(3,160)

31,689
(3,160)

33,614
(2,765)

35,655
(1,975)

37,818
(1,185)

40,111
(395)

42,542
-

561

1,157

1,855

2,091

2,408

2,813

3,310

4,507

21,265
(10,207)

25,500
(12,240)

30,383
(14,584)

32,939
(15,811)

36,088
(17,322)

39,446
(18,934)

43,026
(20,652)

47,049
(22,584)

11,058

13,260

15,799

17,129

18,766

20,512

22,373

24,465

11,058

13,260

15,799

17,129

18,766

20,512

22,373

24,465

growth

45.0% of sales

15.5% of sales
4.0% of sales

25.0% of PP&E and Intang

6.9% interest
5.0% return on mkt secur

48.0% of pre-tax profit

TeamSystem Balance Sheet

1996

1997

13,092

19,134

13,257
1,333
27,682

14,957
1,087
35,178

14
4,962
729
327
1,434
35,148

22
2,080
668
1,947
1,173
41,068

7,661
6,796
1,200
2,688
18,345

8,932
9,827
1,127
2,094
21,980

Capital
Reserves
Net Income
(Less Special Dividend)

4,580
6,636
4,584

4,580
9,442
4,405

Total Shareholders' Equity

Minority interest

15,800
1,003

18,427
661

Total Shareholders' Equity and

Minority Interest

16,803

19,088

Total Shareholders' Equity and Liabilities

35,148

41,068

ASSETS

Cash
Marketable Securities
Receivables
Inventory
Total Current Assets

Intangible assets
Land, PP&E
Other tangible assets
Deferred Costs
Securities and other
Total Assets
LIABILITIES
Accounts payable
Tax and other payables
Deferred income and accruals

Long term liabilities

Total Liabilities
SHAREHOLDERS' EQUITY AND MINORITY INTEREST

1998

1999

2000

21,144

28,513

13,500

16,328
1,195
38,667

19,443
1,235
49,191

Err:522
20,872
1,391
Err:522

18
2,489
1,140
1,738
1,229
45,281

21
3,681
2,055
1,865
1,226
58,039

8,969
8,660
1,257
2,235
21,121

4,580
11,662
7,132

Values in Lire (millions)

2004
2005

2001

2002

2003

15,202
Err:522
24,003
1,600
Err:522

17,482
Err:522
27,603
1,840
Err:522

18,531
Err:522
29,259
1,951
Err:522

19,643
Err:522
31,015
2,068
Err:522

20,821
Err:522
32,876
2,192
Err:522

1,739
2,087
1,391
Err:522

20
1,581
2,000
2,400
1,600
Err:522

20
1,581
2,300
2,760
1,840
Err:522

20
1,581
2,438
2,926
1,951
Err:522

20
1,581
2,585
3,102
2,068
Err:522

20
1,581
2,740
3,288
2,192
Err:522

9,669
9,956
4,156
3,055
26,836

11,132
11,132
3,479
46,000
71,742

12,802
12,802
4,000
46,000
75,604

14,722
14,722
4,601
46,000
80,044

15,605
15,605
4,877
34,500
70,587

16,541
16,541
5,169
23,000
61,252

17,534
17,534
5,479
11,500
52,047

4,580
15,884
9,660

4,580
25,544
11,058

4,580
(24,398)
13,260

4,580
(11,138)
15,799

4,580
4,661
17,129

4,580
21,789
18,766

4,580
40,555
20,512

20
1,581

(61,000)

23,374
786

30,124
1,079

(19,818)
Err:522

(6,558)
Err:522

9,241
Err:522

26,369
Err:522

45,135
Err:522

65,647
Err:522

24,160

31,203

Err:522

Err:522

Err:522

Err:522

Err:522

Err:522

45,281

58,039

Err:522

Err:522

Err:522

Err:522

Err:522

Err:522

Total Assets
Total Liab
PLUG

42,583
Err:522
Err:522

48,407
Err:522
Err:522

55,427
Err:522
Err:522

58,657
Err:522
Err:522

62,080
Err:522
Err:522

65,709
Err:522
Err:522

46,000
0%

0%

0%

25%

25%

25%

(11,500)

(11,500)

(11,500)

DEBT REPAYMENT
Starting Balance

Principal Due
Payment

(millions)
2006

2007

22,071
Err:522
34,848
2,323
Err:522

23,395
Err:522
36,939
2,463
Err:522

20
1,581
2,904
3,485
2,323
Err:522

20
1,581
3,078
3,694
2,463
Err:522

18,586
18,586
5,808
42,980

19,701
19,701
6,157
45,559

4,580
61,067
22,373

4,580
83,440
24,465

88,020
Err:522

112,486
Err:522

Err:522

Err:522

Err:522

Err:522

69,556
Err:522
Err:522

73,633
Err:522
Err:522

25%

(11,500)

19.0% of sales

PLUG
30.0% of sales
2.0% of sales

2.5% of sales
3.0% of sales
2.0% of sales

16.0% of sales
16.0% of sales
5.0% of sales

3.5% of equity

NOF

Caja + Clientes + Existencias - Proveedores

Cash
Receivables
Inventory

$
$
$

1999
28,513
19,443
1,235

Accounts payable
Tax and other payables
Deferred income and accruals

$
$
$

9,669
9,956
4,156

NOF/WK

25,410

Variacin WK

$
$
$
$
$
$
$

2000
13,500
20,872
1,391
11,132
11,132
3,479
10,021

-$

15,389

$
$
$
-$
-$
-$

2000
1,581
1,739
3,320
2,416
835
1,581

$
$
$
$
$

2000
12,409
835
15,389
1,581
30,213

97,412

Inversin en AF
1999
Land, PP&E
Other tangible assets
Activos Fijos Tangibles
Variacin AFT
Depreciacin
CAPEX

$
$
$

3,681
2,055
5,736

FLUJO LIBRE DE CAJA

1999
EBIT (1-tax)
Depreciacin
Variacin WK
Variacin CAPEX
FLUJO LIBRE DE CAJA
Tasa descuento VT
Valor terminal
Valor Presente
Tasa descuento
Deuda Neta
Patrimonio
Precio ITL
Tasa ITL/EUR
Precio EUR

$
$
$
$
$

6%
277,876
186,281
14%
32,500
153,781
78,428
1.936
40,510

cias - Proveedores

$
$
$
$
$
$
$

2001
15,202
24,003
1,600
12,802
12,802
4,000
11,201

$
$
$
$
$
$
$

2002
17,482
27,603
1,840
14,722
14,722
4,601
12,882

1,680

$
$
$
$
$
$
$

2003
18,531
29,259
1,951
15,605
15,605
4,877
13,654

1,180

$
$
$
$
-$
$

2001
1,581 $
2,000 $
3,581 $
261 $
900 -$
1,161 $

2002
1,581 $
2,300 $
3,881 $
300 $
975 -$
1,275 $

$
$
-$
-$
$

2001
14,302 $
900 $
1,180 -$
1,161 -$
12,861 $

2002
16,478 $
975 $
1,680 -$
1,275 -$
14,498 $

$
$
$
$
$
$
$

2004
19,643
31,015
2,068
16,541
16,541
5,169
14,474

$
$
$
$
$
$
$

2005
20,821
32,876
2,192
17,534
17,534
5,479
15,342

773

819

868

2003
1,581 $
2,438 $
4,019 $
138 $
1,010 -$
1,148 $

2004
1,581 $
2,585 $
4,166 $
146 $
1,046 -$
1,193 $

2005
1,581
2,740
4,321
155
1,085
1,240

2003
17,479 $
1,010 $
773 -$
1,148 -$
16,568 $

2004
18,540 $
1,046 $
819 -$
1,193 -$
17,575 $

2005
19,665
1,085
868
1,240
18,642

$
$
$
$
$
$
$

2006
22,071
34,848
2,323
18,586
18,586
5,808
16,263

$
$
$
$
$
$
$

2007
23,395
36,939
2,463
19,701
19,701
6,157
17,238

921

976

$
$
$
$
-$
$

2006
1,581 $
2,904 $
4,485 $
164 $
1,126 -$
1,291 $

2007
1,581
3,078
4,659
174
1,170
1,344

$
$
-$
-$
$

2006
20,858 $
1,126 $
921 -$
1,291 -$
19,773 $

2007
22,122
1,170
976
1,344
20,972