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Exhibit 2: Economic Indicators: GDP and Furniture Sales Growth

2002 2003 2004 2005 2006 2007 2008


CPI index 180.9 184.3 190.3 196.8 201.8 210.0 210.2
Inflation (CPI) 1.9% 3.3% 3.4% 2.5% 4.1% 0.1%
GDP (T$) 10,642 11,142 11,853 12,623 13,377 14,029 14,292
GDP growth 4.7% 6.4% 6.5% 6.0% 4.9% 1.9%
Furniture sales ($B) 94.44 96.7 103.8 109.1 112.8 111.1 99.6
Furniture sales growth 2.4% 7.3% 5.2% 3.4% -1.5% -10.4%

10.0%

5.0%

0.0%
2003 2005 2007 2009 2011 2013

-5.0%

-10.0%

-15.0%
GDP Growth Furniture Sales Growth Infla
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
215.9 219.2 225.7 229.6 233.5 237.7 242.3 247.4 252.1 256.6
2.7% 1.5% 3.0% 1.7% 1.7% 1.8% 1.9% 2.1% 1.9% 1.8%
13,974 14,499 15,076 15,685 16,238 17,049 18,012 19,021 20,078 21,101
-2.2% 3.8% 4.0% 4.0% 3.5% 5.0% 5.6% 5.6% 5.6% 5.1%
86.3 87.3 90.1 93.1 95.9 98.6 101.2 103.6 105.9 108.0
-13.4% 1.2% 3.2% 3.4% 3.0% 2.8% 2.6% 2.4% 2.2% 2.0%
3.3% 3.9% 4.1% 4.0% 3.9% 3.5%

5871 6034 6235 6430 6618 6799


0.03 0.028 0.026 0.024
1.0277636 1.0333112 1.0312751 1.0292379 1.0273497

0.20% 0.20% 0.19%

2011 2013 2015 2017

iture Sales Growth Inflation (CPI)

100%
0
100.5%
2019
261.3
1.8%

110.2
2.0%
2.0%

6971 7133
0.022 0.02
1.0252978 1.0232391

0.21% 0.21%
2004 2005 2006 2007 2008 2009
Sales $ 2,057 $ 10,415 $ 26,701 $ 51,540 $ 79,191 $ 90,680
CGS $ -1,463 $ -7,057 $ -17,424 $ -30,730 $ -43,834 $ -47,290
SGA $ -410 $ -1,812 $ -4,958 $ -9,230 $ -13,576 $ -14,679
Advertising $ -203 $ -1,019 $ -2,411 $ -4,588 $ -6,585 $ -7,532
Depreciation $ -72 $ -307 $ -669 $ -1,264 $ -2,075 $ -2,188
Lease $ -250 $ -1,080 $ -2,330 $ -4,240 $ -6,770 $ -7,380
Corporate expense $ -185 $ -729 $ -1,602 $ -3,092 $ -4,751 $ -5,441
Taxes $ - $ - $ - $ - $ - $ -543
Net Income $ -526 $ -1,589 $ -2,693 $ -1,604 $ 1,600 $ 5,627
2010 2011 2012 2013 2014 2015 2016 2017
$ 111,451 $ 134,093 $ 148,218 159,526 174,602 191,742 208,578 222,211
$ -49,068 $ -55,487 $ -61,955 -65,982 -71,670 -80,304 -86,772 -91,108
$ -16,471 $ -18,698 $ -21,253 -22,286 -24,258 -26,556 -29,114 -30,863
$ -8,367 $ -9,545 $ -10,744 -11,635 -12,708 -14,013 -15,253 -16,093
$ -2,032 $ -1,820 $ -1,450 -924 -1,212 -1,798 -2,470 -2,558
$ -7,712 $ -8,450 $ -9,320 -10,107 -11,302 -12,110 -12,883 -13,210
$ -5,573 $ -6,705 $ -7,411 -7,976 -8,730 -9,587 -10,429 -11,111
$ -8,892 $ -13,356 $ -14,434 -16,246 -17,889 -18,949 -20,662 -22,907
$ 13,336 $ 20,032 $ 21,651 24,369 26,833 28,424 30,993 34,361
2018
232,780
-94,000
-31,887
-16,746
-2,177
-13,410
-11,639
-25,168
37,753
Balance Sheet

2003 2004 2005 2006 2007 2008

ASSETS
Accounts receivable 0 751 3479 8675 16946 25272
Inventory 671 3151 8216 15125 20908 21715
Total Current Assets 671 3902 11695 23800 37854 46987
PPE 358 1461 2969 5270 8065 6914
Total Assets 1029 5363 14664 29070 45919 53901

LIABILITIES AND EQUITY


Accounts payable 236 1158 2781 5119 7228 7767
Accrued expenses 29 145 358 658 958 1055
Total Curren Liabilities 265 1303 3139 5777 8186 8822
Debt 0 0 0 0 0 0
Equity 764 4061 11525 23293 3732 45079
Total Liabilities and equity 1029 5364 14664 29070 11918 53901
2009 2010 2011 2012

29059 36625 42421 48200


24868 26808 29216 33343
53927 63433 71637 81543
5119 3839 3142 3920
59046 67272 74779 85463 68497

8277 9133 9986 11364


1203 1359 1519 1682
9480 10492 11505 13046
0 0 0 0
49565 56779 63274 72417
59045 67271 74779 85463
Income Statement Individual Showrooms
1 2 3 4 5
METROS 2004 2005 2006 2007 2008
2003 Sales 17.2 2057 3754 5224 6148 6341
CGS 1463 2309 3018 2394 2753
SGA 410 640 857 856 815
Advertising 203 334 399 434 422
Depreciation 72 72 72 72 72
Lease 250 250 250 250 250
1 2 3 4
2004 Sales 52.8 6661 11907 16158 16488
CGS 4748 7428 7894 7216
SGA 1171 2148 2631 2323
Advertising 685 971 1266 1213
Depreciation 235 235 235 235
Lease 830 830 830 830
1 2 3
2005 Sales 74 9570 16651 19785
CGS 6978 10917 11430
SGA 1953 2977 3371
Advertising 1041 1488 1587
Depreciation 363 363 363
Lease 1250 1250 1250
1 2
2006 Sales 105.5 13583 21142
CGS 9526 11229
SGA 2767 4017
Advertising 1400 1784
Depreciation 594 594
Lease 1910 1910
1
2007 Sales 132.6 15435
CGS 11205
SGA 3050
Advertising 1578
Depreciation 812
Lease 2530

2008 Sales 31
CGS
SGA
Advertising
Depreciation
Lease
2009 Sales 14.5
CGS
SGA
Advertising
Depreciation
Lease

2010 Sales 29.4


CGS 26.8 29400 787920
SGA 25.6 29400 752640
Advertising
Depreciation
Lease

2011 Sales 30.8 26.4 30800 813120


CGS 25.9 30800 797720
SGA
Advertising
Depreciation
Lease
VALOR PPE
2012 Sales 48.9 26.4 48900 1290960
CGS 26.9 32000 860800
SGA 27.4 32000 876800
Advertising 27.9 30000 837000
Depreciation
Lease

2013 Sales 32 VER POLITICA DE ARRIENDOS


CGS
SGA LEASE
Advertising 2012 20.45 1000
Depreciation 2013 20.88 668
Lease 2014 21.3 682
2015 21.72 652
2014 Sales 32 --
CGS
SGA
Advertising 0.98066298
Depreciation
Lease

2015 Sales 30
CGS
SGA
Advertising
Depreciation
Lease

2004 2005 2006 2007 2008


TOTAL Sales 2,057 10,415 26,727 101,440 1,370,151
CGS 1,463 7,057 17,478 92,131 1,692,553
SGA 410 1,811 5,011 70,631 1,643,016
Advertising 203 1,019 2,439 34,588 843,584
Depreciation 72 307 670 1,264 2,076
Lease 250 1,080 2,330 4,240 6,770
1.0333 1.03108 1.02886
6 7 8 9 10 11 12
2009 2010 2011 2012 2013 2014 2015
5503 5636 5871 6034 6,235 6,429 6,614
2311 2194 2150 2416 2,476 2,553 2,626
765 767 687 791 848 874 900
423 391 401 457 447 460 474
0 0 0 65 65 65 65
250 302 302 302 302 302 302
5 6 7 8 9 10 11
15446 16187 17279 17869 18,464 19,038 19,587
6031 6675 6691 7176 7,332 7,560 7,778
2239 2224 2395 2319 2,511 2,589 2,664
1235 1241 1245 1287 1,322 1,363 1,403
235 0 0 0 187 187 187
830 830 1003 1003 1003 1003 1003
4 5 6 7 8 9 10
20951 22847 24451 24499 25,391 26,180 26,935
8499 9387 9857 9042 9,750 10,396 10,696
3039 3021 3228 3693 3,148 3,560 3,663
1598 1605 1645 1793 1,777 1,875 1,929
363 363 0 0 0 301 301
1250 1250 1250 1510 1510 1510 1510
3 4 5 6 7 8 9
23592 29702 34105 34824 36,092 37,325 38,402
13594 9902 13250 13932 13,787 14,333 15,249
4237 3780 4895 4964 5,125 4,628 5,223
1964 2014 2327 2287 2,563 2,613 2,750
594 594 594 0 0 0 490
1910 1910 1910 1910 2307 2307 2307
2 3 4 5 6 7 8
22001 30466 39628 43541 45,666 47,226 50,047
14801 16422 15232 17856 18,677 18,040 19,218
3878 5471 5166 5917 6,302 6,706 6,206
1986 2458 2748 3109 3,288 3,353 3,503
812 812 812 812 0 0 0
2530 2530 2530 2530 2530 3056 3056
1 2 3 4 5 6 7
3187 5176 7244 9257 10,493 10,992 11,343
2053 3467 4421 3764 4,271 4,496 4,333
522 951 1225 1243 1,438 1,517 1,611
326 499 598 675 745 791 805
185 185 185 185 185 0 0
610 610 610 610 610 610 737
1 2 3 4 5 6
1437 2507 3540 4,496 5,085 5,315
1021 1652 1887 1,767 2,070 2,174
257 480 615 611 697 734
158 227 303 324 361 383
79 79 79 79 79 0
280 280 280 280 280 280
1 2 3 4 5
3008 5300 7,311 9,265 10,457
787.92 2226 3526 4,109 3,641 4,256
752.64 623 1028 1,265 1,260 1,433
353 473 600 667 742
150 150 150 150 150
565 565 565 565 565
1 2 3 4
813 163 3354 5,899 8,119 10,267
798 160 2357 3,757 4,563 4,035
701 1,079 1,405 1,396
358 525 666 739
160 160 160 160
610 610 610 610
1 2 3
1291 258 5379 9440 12966
861 172 3814 6013 7287
877 175 1038 1727 2243
837 167 570 840 1063
258 258 258
1000 1000 1000
1 2
3622 6343
2568 4041
699 1161
384 565
172 172
668 668
1
3731
2645
720
396
175
682
2009 2010 2011 2012 2013 2014 2015
91,971 111,709 134,093 144,864 159,526 174,602 191,742
48,938 49,240 55,479 59,599 65,982 71,670 80,304
16,309 16,646 18,699 20,570 22,286 24,258 26,556
8,369 8,533 9,544 10,384 11,635 12,708 14,013
2,189 2,033 1,820 1,291 924 1,212 1,798
7,380 7,712 8,450 8,710 10,107 11,302 12,110
1.02664 1.02442 1.0222 1.035
13 14 15 1.0466068 0.136
2016 2017 2018 0.07161905
6,790 6,956 7,111 7,360 6315.22543
2,696 2,762 2,824 2,922
924 946 967 964 0.39709524
486 498 509 527
65 0 0 0.97298641
365 365 365 1.02776358
12 13 14
20,109 20,600 21,058 21,795
7,985 8,180 8,362 8,655
2,735 2,802 2,864 2,964
1,440 1,475 1,508 1,561
187 187 0
1003 1212 1212
11 12 13
27,653 28,328 28,957 29971
10,981 11,249 11,499 11,901
3,761 3,853 3,938 4,076
1,980 2,029 2,074 2,146
301 301 301
1510 1510 1710
10 11 12
39,425 40,388 41,285 42,730
15,656 16,038 16,394 16,968
5,362 5,493 5,615 5,811
2,824 2,893 2,957 3,060
490 490 490
2307 2307 2307
9 10 11
51,380 52,635 53,803 55,687
20,403 20,901 21,365 22,113
6,988 7,158 7,317 7,573
3,680 3,770 3,853 3,988
655 655 655
3056 3056 3056
8 9 10
11,681 11,966 12,231 12,660
4,485 4,752 4,857 5,027
1,448 1,627 1,663 1,658
818 857 876 907
0 152 152
737 737 737
7 8 9
5,473 5,624 5,749 5,950
2,091 2,160 2,283 2,363
777 697 782 809
389 394 412 426
0 0 64
338 338 338
6 7 8
10,896 11,196 11,479 11,940
4,457 4,277 4,408 4,741
1,504 1,590 1,423 1,481
785 795 804 855
0 0 0
565 683 683
5 6 7
11,563 12,023 12,326 12,822
4,706 4,917 4,709 4,924
1,584 1,659 1,750 1,821
821 866 875 910
160 0 0
610 610 737 1.208 0.82781457
4 5 6 732
16359 18384 19074 19841
6429 7482 7801 7579
2225 2519 2632 2738
1178 1305 1373 1429
258 258 0
1000 1000 1000
3 4 5
8694 10946 12274 12907
4886 4302 4995 5253
1504 1489 1682 1768
713 788 871 916
172 172 172
668 668 668
2 3 4
6520 8916 11201 12718
4153 5011 4402 5176
1193 1543 1523 1730
580 731 807 916
175 175 175 175
682 682 682
1 2 3
3597.00 6272 8558 10886
2550.27 3995 4810 4278
694.22 1148 1481 1883
381 558 702 893
167 167 167 167
652 652 652

2016 2017 2018


208,578 222,211 232,780
86,772 91,108 94,000
29,114 30,863 31,887
15,253 16,093 16,746
2,470 2,558 2,177
12,883 13,210 13,410
Balance Sheet for individual Showrooms
2003 2004 2005 2006 2007
1 2 3 4
2003 Cap Expenditure 358
Accts receivable 751 1187 1665 1975
Inventory 671 1090 1330 1206 1167
Accts payable 236 396 448 405 403
Accr expenses 29 49 62 61 61
PPE
1 2 3
2004 Cap Expenditure 1175
Accts receivable 292 3870 5029
Inventory 2061 3590 4304 3352
Accts payable 762 1255 1421 1124
Accr expenses 95 158 193 173
PPE
1 2
2005 Cap Expenditure 1814
Accts receivable 3140 5508
Inventory 3296 5271 4640
Accts payable 1078 1760 1742
Accr expenses 138 212 240
PPE
1
2006 Cap Expenditure 2971
Accts receivable 4433
Inventory 4344 6518
Accts payable 1533 2227
Accr expenses 193 272
PPE

2007 Cap Expenditure 4058


Accts receivable
Inventory 5232
Accts payable 1732
Accr expenses 213
PPE

2008 Cap Expenditure


Accts receivable
Inventory
Accts payable
Accr expenses
PPE
2009 Cap Expenditure
Accts receivable
Inventory
Accts payable
Accr expenses
PPE

2010 Cap Expenditure


Accts receivable
Inventory
Accts payable
Accr expenses
PPE

2011 Cap Expenditure


Accts receivable
Inventory
Accts payable
Accr expenses
PPE

2012 Cap Expenditure


Accts receivable
Inventory
Accts payable
Accr expenses
PPE

2013 Cap Expenditure


Accts receivable
Inventory
Accts payable
Accr expenses
PPE

2014 Cap Expenditure


Accts receivable
Inventory
Accts payable
Accr expenses
PPE

2015 Cap Expenditure


Accts receivable
Inventory
Accts payable
Accr expenses
PPE

1 2 3 4
accts receivable 33.2% 32.6% 32.4% 32.0%

0 1 2 3
inventory 47.6% 47.6% 47.6% 47.6%

0 1 2 3
accts payable 16.1% 16.9% 16.1% 16.8%

0 1 2 3
accr expenses 5.0% 5.0% 5.0% 5.0%

2003 2004 2005 2006


Totales Cap Expenditure 358 1175 1814 2971
Accts receivable 751 1479 8675
Inventory 671 3151 8216 15125
Accts payable 236 1158 2781 5119
Accr expenses 29 144 358 659
PPE
FALTA DETERMINAR POLITICA D
2008 2009 2010 2011 2012 2013 2014 2015
5 6 7 8 9 10 11 12
324
2040 1700 1745 1742 1902 2,020 2,083 2,143
980 972 1082 1027 1090 1215 1250 1284
350 345 370 369 390 416 428 440
53 54 57 58 58 67 69 70
324 260 195 130 65
4 5 6 7 8 9 10 11
936
5526 5276 5599 5612 5691 5816 5997 6170
2851 3042 3248 3397 3619 3598 3702 3801
1025 1090 1124 1139 1153 1232 1268 1302
162 162 175 177 179 198 203 209
936 749 562 375
3 4 5 6 7 8 9 10
1506
6296 6231 7149 7751 7950 7820 8247 8485
3975 4075 4427 4354 5114 4948 5091 5227
1381 1523 1572 1565 1631 1695 1743 1790
203 240 244 251 259 272 280 287
1506
2 3 4 5 6 7 8 9
2450
6593 7974 10040 10908 11761 11537 11496 12097
6635 5870 6689 6854 6348 6822 7259 7452
2181 1889 2165 2325 2377 2336 2486 2552
300 291 337 343 362 362 399 409
2450
1 2 3 4 5 6 7 8
3277
4817 6829 9849 12400 13920 14956 15097 15414
6246 8710 7320 8121 9022 8587 9148 9712
2480 2712 2631 2712 2919 2941 3133 3326
293 362 381 436 435 503 485 533
3277
1 2 3 4 5 6 7
924
1048 1758 2212 2905 3393 3600 3626
1028 2711 2147 1727 1911 2140 2063 2135
349 547 662 586 690 720 706 731
43 72 88 94 101 115 121 113
924 739 554 370 1185
1 2 3 4 5 6
394
484 840 1191 1437 1644 1741
488 882 881 823 985 1035 995
171 261 327 281 328 348 341
21 34 43 44 53 56 58
394 312 236 158
1 2 3 4 5
752
956 1787 2372 2962 3382
1013 1787 1913 1733 2026 2121
348 577 683 611 675 714
44 71 91 96 109 114
752 602 451
1 2 3 4
798
1093 1921 2634 3282
1067 1795 2172 1921 2240
387 623 605 766 640
47 76 104 107 120
798 638
1 2 3
1291
1784 3075 4206
1815 2862 3468 3060
614 1013 1174 1079
80 128 165 170

1 2
861
1201 2066
1223 1923 2326
414 681 787
54 86 111

1
877
1238
1259 1977
426 700
56 89

837

1214
411
54

5 6 7 8
32.3% 32.8% 32.0% 30.8%

4 5 6 7 8 9 10 11
47.6% 47.6% 47.6% 47.6% 47.6% 47.6% 47.6% 47.6%

4 5 6 7 8 9 10 11
15.9% 16.0% 16.3% 16.3% 16.3% 16.3% 16.3% 16.3%

4 5 6 7 8 9 10 11
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

2007 2008 2009 2010 2011 2012 2013 2014


4058 924 394 752 1122 2227 2367 3327
16945 25272 29058 36624 42421 48200 53057 58036
20909 21715 25868 26808 29215 33450 36287 40145
7228 7766 8277 9133 9987 11361 12312 13834
959 1054 1202 1360 1520 1685 1952 2135
ALTA DETERMINAR POLITICA DE APORTE DE CAPITAL PARA PPE (CON ESO COMPLETAR DEPRECIACION) Y SOBRE QUE CUENTA SE CALCULA
2016 2017 2018
13 14 15
90.50% 0.05748758 0.90502793
2,200 2,254 2,304
1315 1344 1391
450 460 476 47.60%
72 74 75
0 0 0
12 13 14
79.66% 0.0541698 0.79659574
6334 6489 6633
3894 3980 4120
1333 1363 1411
214 219 226
188 0 0
11 12 13
1506.32797
8711 8923 9122
5355 5473 5665
1834 1874 1940
294 301 311

10 11 12
2449.51036
12419 12722 13005
7634 7803 8077
2614 2672 2766
419 429 444

9 10 11
3276.8814
16185 16580 16948
9949 10170 10526
3407 3483 3604
546 559 578

8 9 10
761 761.188307
3598 3769 3853
2262 2312 2393
775 792 819
124 127 128
761
7 8 9
322 321.980747
1750 1732 1811
1028 1087 1125
352 372 385
55 60 62
322
6 7 8
616 616.384284
3569 3579 3535
2036 2098 2257
697 718 773
119 111 117
616
5 6 7

3739 3937 3940


2341 2241 2344
754 802 768
126 131 137

4 5 6

5229 5945 6247


3562 3713 3608
1187 1250 1235
191 200 208

3 4 5

2821 3499 3969


2048 2378 2500
722 792 842
114 128 134

2 3 4

2124 2893 3581


2385 2095 2464
807 739 821
114 116 132

1 2 3

1193 2043 2777


1902 2289 2037
673 775 718
85 109 139

12 13 14 15
47.6% 47.6% 47.6% 47.6%

12 13 14 15
16.3% 16.3% 16.3% 16.3%

12 13 14 15
5.0% 5.0% 5.0% 5.0%

2015 2016 2017 2018


4114 761 322 616
63850 69871 74366 77724
43544 45708 46985 48504
14812 15605 16092 16558
2339 2474 2563 2691
SOBRE QUE CUENTA SE CALCULA LOS GASTOS
Cash Flow Assets

2003 2004 2005 2006 2007 2008


Sales $ 2,057 $ 10,415 $ 26,701 $ 51,540 $ 1,919
Costs $ -2,582 $ -12,003 $ -29,394 $ -53,144 $ -77,591
Taxes $ - $ - $ - $ - $ -
Net income $ -525 $ -1,588 $ -2,693 $ -1,604 $ -75,672
Capital Expenditure $ -358 $ -1,175 $ -1,814 $ -2,971 $ -4,058 $ -924
Depreciation $ - $ 72 $ 307 $ 669 $ 1,264 $ 2,075
Increase in NWC $ -406 $ -2,193 $ -6,927 $ -9,467 $ -11,645 $ -8,498
Cash Flow assets $ -764 $ -3,821 $ -10,022 $ -14,462 $ -16,043 $ -83,019
2009 2010 2011 2012 2013 2014 2015 2016
$ 90,680 $ 111,451 $ 134,093 $ 148,218 159,526 174,602 191,742 208,578
$ -84,510 $ -89,222 $ -100,704 $ -112,132
$ -543 $ -8,892 $ -13,356 $ -14,434
$ 5,627 $ 13,337 $ 20,033 $ 21,652
$ -394 $ -752 $ -1,122 $ -2,229
$ 2,188 $ 2,032 $ 1,820 $ 1,450
$ -6,281 $ -8,494 $ -7,192 $ -8,365
$ 1,140 $ 6,123 $ 13,539 $ 12,508
2017 2018
222,211 232,780
Forecasting Sales Revenues and Costs

Panel A: Sales Growth

1 2 3 4 5 6 7
2003 73.6% 34.6% 19.5% 15.1% 0.2% 1.2%
2004 72.9% 29.2% 21.4% 8.1% 3.6% 3.4%
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% 1.6% 0.5%

Panel B Cost Of Goods Sold

1 2 3 4 5 6 7
2003 71.1% 61.5% 57.8% 38.9% 43.4% 42.0% 38.9%
2004 71.3% 62.4% 52.1% 43.8% 39.0% 41.2% 38.7%
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% 39.3% 40.7% 40.9% 38.2%

Panel C SGA Costs

1 2 3 4 5 6 7
2003 19.9% 17.1% 16.4% 13.9% 12.9% 13.9% 13.6%
2004 17.6% 18.0% 17.4% 14.1% 14.5% 13.7% 13.9%
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% 13.7% 13.8% 14.2%

Panel D Advertising
1 2 3 4 5 6 7
2003 9.9% 8.9% 7.6% 7.1% 6.7% 7.7% 6.9%
2004 10.3% 8.2% 8.3% 7.4% 8.0% 7.7% 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% 7.1% 7.2% 7.1%
8 9
1.0% -0.6%
0.0%

0.5% -0.6%

8 9
36.6% 40.0%
40.2%

38.4% 40.0% 39.7%

8 9
11.7% 13.1%
13.0%

12.4% 13.1% 13.600%


8 9
6.8% 7.6%
7.2%

7.0% 7.6% 7.2%


Forecasting Investment

Panel A Accounts Receivable

1 2 3 4 5 6 7
2003 36.5% 31.6% 31.9% 32.1% 32.2% 30.9% 31.0%
2004 34.4% 32.5% 33.2% 33.5% 34.2% 34.6% 32.5%
2005 32.8% 33.1% 31.8% 29.7% 31.3% 31.7% 32.4%
2006 32.6% 31.2% 33.8% 33.8% 32.0% 33.8%
2007 31.2% 31.0% 32.3% 31.3% 32.0%
2008 32.9% 34.0% 30.5% 31.4%
2009 33.7% 33.5% 33.6%
2010 31.8% 33.7%
2011 32.6%
Average 33.2% 32.6% 32.4% 32.0% 32.3% 32.8% 32.0%

Panel B Inventory

1 2 3 4 5 6 7
2003 45.9% 47.2% 44.0% 50.4% 42.4% 42.4% 44.3%
2004 43.4% 48.3% 54.5% 46.4% 47.3% 45.6% 48.5%
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 46.4% 49.7% 48.0% 49.5% 45.8% 45.5% 47.0%

Panel C Accounts Payable

1 2 3 4 5 6 7
2003 16.1% 17.2% 14.8% 16.9% 14.6% 15.2% 15.7%
2004 16.1% 16.9% 18.0% 15.6% 17.0% 16.3% 16.8%
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 16.1% 16.9% 16.1% 16.8% 15.9% 16.0% 16.6%

Panel D Accrued Expenses


1 2 3 4 5 6 7
2003 4.7% 5.1% 4.9% 4.7% 4.9% 4.5% 4.6%
2004 5.1% 5.1% 4.9% 4.9% 4.7% 4.7% 4.8%
2005 4.6% 4.7% 4.8% 4.4% 5.2% 5.0% 4.8%
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% 4.9% 4.8% 4.8% 4.9% 4.7% 4.7%

Panel E Construction Costs

Nominal Real
2003 20.8 25.9 222.74
2004 22.3 26.8
2005 24.5 28.6
2006 28.2 32
2007 40.6 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

Panel F Refresh Cost


Nominal Real
2003 91% 74%
2004 80% 66%
Average 70%
8 9
29.7% 31.5%
31.9%

30.8% 31.5%

8 9
50.3% 42.5%
47.3%

48.8% 42.5%

8 9
17.2% 15.3%
15.9%

16.6% 15.3%
8 9
5.2% 4.7%
4.9%
4.9%

5.0% 4.7%
Forecasting parameters

1 2 3 4 5
Sales growth 70.2% 33.5% 22.9% 9.7%
CGS 70.9% 63.7% 56.2% 39.7%
SGA 19.3% 18.3% 17.3% 13.6%
Advertising 10.6% 8.9% 8.2% 7.2%
Accounts receivable 32.4%
Inventory 47.6%
Accounts payable 16.3%
Accrued expenses 5%
Depreciation 5
Refresh cost 70.0%
Corporate tax rate 40.0%
Corporate Expenses 5.0%
Discount rate 12.1%
Long term growth rate 3.5%
Numbers of shares outstanding 9,945
6 7
1.5% 0.3%
Teuer Furniture Pro Forma Income Statement
2012 2013 2014 2015 2016 2017
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%
2018 2019
Teuer Furniture Pro Forma Cash Flow Assets
2012 2013 2014 2015 2016 2017
Sales 148,218 159,526 174,602 191,742 208,578 222,211
- Costs -112,132 -118,911 -129,880 -144,368 -156,923 -164,943
- Taxes -14,434 -16,246 -17,889 -18,949 -20,662 -22,907
Net income 21,651 24,369 26,833 28,424 30,993 34,361
- Capital expenditure -2,229 -2,367 -3,327 -4,114 -761 -322
+ Depreciation 1,450 924 1,212 1,798 2,470 2,558
- Increase in NWC -8,365 -6,583 -7,131 -8,032 -7,257 -5,197
Cash flow assets 12,508 16,342 17,588 18,077 25,446 31,400

Terminal value

Asset value
Share value

Parameters:
Asset discount rate 12.1%
Long-term growth rate 3.5%
Shareholders (#) 187
Shares outstanding (K) 9,945
2018
232,780
-169,859
-25,168
37,753
-616
2,177
-4,284
35,030
Teuer Furniture Pro Forma Balance Sheet
2012 2013 2014 2015 2016 2017
Assets
Accounts Receivable 48,200 53,057 58,036 63,850 69,871 74,366
Inventory 33,343 36,287 40,145 43,544 45,708 46,985
Total Current Assets 81,543 89,344 98,181 107,393 115,579 121,352
PPE 3,920
Total Assets 85,463

Liabilities and Equity


Accounts Payable 11,364 12,312 13,834 14,812 15,605 16,092
Accrued Expenses 1,682 1,952 2,135 2,339 2,474 2,563
Total Current Liabilities 13,046 14,264 15,970 17,150 18,079 18,655
Debt 0 0 0 0 0 0
Equity 72,417
Total Liabilities and Equity 85,463

Balance sheet check (A=L+E)


2018

77,724
48,504
126,229

2,013 2014 2015 2016 2017 2018


68497 75,080 82,211 90,243 97,500 102,696 106,980 0
6,583 7,131 8,032 7,257 5,197 4,284
16,558
2,691
19,249
0

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