Select Case 1

Base Case 1
Downside case 2
Upside case 3

Inputs

Energy Drinks Volume Growth

1 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual 5.0% 6.0% 7.0% 8.0% 10.0% 8.0% 6.0% 4.0% 3.0% 1.0%
Base 5.0% 6.0% 7.0% 8.0% 10.0% 8.0% 6.0% 4.0% 3.0% 1.0%
Downside 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0%
Upside 6.0% 7.0% 8.0% 9.0% 11.0% 9.0% 7.0% 5.0% 4.0% 2.0%

Water Volume Growth

1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual 4.0% 5.0% 6.0% 7.0% 8.0% 7.0% 6.0% 5.0% 3.0% 1.0%
Base 4.0% 5.0% 6.0% 7.0% 8.0% 7.0% 6.0% 5.0% 3.0% 1.0%
Downside 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0%
Upside 5.0% 6.0% 7.0% 8.0% 9.0% 8.0% 7.0% 6.0% 4.0% 2.0%

Carbonates Volume Growth

1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual 4.5% 5.0% 5.5% 6.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%
Base 4.5% 5.0% 5.5% 6.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%
Downside 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0%
Upside 5.5% 6.0% 6.5% 7.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0%

Confectionery Volume Growth

1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual 10.0% 11.0% 12.0% 14.0% 15.0% 12.0% 8.0% 5.0% 3.0% 1.0%
Base 10.0% 11.0% 12.0% 14.0% 15.0% 12.0% 8.0% 5.0% 3.0% 1.0%
Downside 5.0% 4.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0%
Upside 11.0% 12.0% 13.0% 15.0% 16.0% 13.0% 9.0% 6.0% 4.0% 2.0%

COGS as % of Gross Sales

1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0%
Base 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0% 71.0%
Downside 72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0% 72.0%
Upside 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0%

Selling expenses as % of Net Sales

1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Base 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Downside 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Upside 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%

General and Administrative as % of Net Sales

1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
Base 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
Downside 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
Upside 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5%

Capex as a % of Gross Sales

1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Base 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Downside 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Upside 3.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%
P&L

(YE 31-Dec, USDm) 2019A 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Gross Sales 212.6 260.5 273.5 277.6 291.5 308.6 331.0 362.5 399.5 444.7 486.5 522.3 550.5 571.6 583.0
% growth 23% 5% 2% 5% 6% 7% 10% 10% 11% 9% 7% 5% 4% 2%

Beverages 192.3 238.1 248.9 250.5 261.7 275.6 294.0 320.1 350.2 387.0 420.8 450.3 474.0 492.0 501.9
% of Gross Sales 90% 91% 91% 90% 90% 89% 89% 88% 88% 87% 86% 86% 86% 86% 86%
% Growth 24% 5% 1% 4% 5% 7% 9% 9% 10% 9% 7% 5% 4% 2%

Juices/Sports Energy Drinks 96.2 119.1 124.5 125.3 130.9 138.3 148.2 162.3 178.8 200.2 219.7 236.2 248.6 258.6 263.8
% of Beverage Sales 50% 50% 50% 50% 50% 50% 50% 51% 51% 52% 52% 52% 52% 53% 53%
% Growth 24% 5% 1% 4% 6% 7% 10% 10% 12% 10% 7% 5% 4% 2%

Juices/Sports Energy Drinks Volumes (mLtrs) 24.0 26.5 27.3 27.2 28.2 29.6 31.4 33.6 36.3 39.9 43.1 45.7 47.5 48.9 49.4
% Growth 10% 3% (0%) 4% 5% 6% 7% 8% 10% 8% 6% 4% 3% 1%

Price per litre ($) 4.0 4.5 4.6 4.6 4.6 4.7 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.3 5.3
% Growth 12% 2% 1% 1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 1.0%

Water 48.1 59.5 62.2 62.6 65.4 68.5 72.7 78.9 86.1 94.7 102.9 110.6 117.5 122.3 124.7
% of Beverage Sales 25% 25% 25% 25% 25% 25% 25% 25% 25% 24% 24% 25% 25% 25% 25%
% Growth 24% 5% 1% 4% 5% 6% 8% 9% 10% 9% 7% 6% 4% 2%

Water Volumes (mLtrs) 96.2 106.1 109.2 108.9 112.8 117.3 123.2 130.6 139.7 150.9 161.5 171.1 179.7 185.1 186.9
% Growth 10% 3% (0%) 4% 4% 5% 6% 7% 8% 7% 6% 5% 3% 1%

Price per litre ($) 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7
% Growth 12% 2% 1% 1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 1.0%

Carbonates 48.1 59.5 62.2 62.6 65.4 68.8 73.1 78.9 85.3 92.0 98.2 103.6 107.9 111.2 113.4
% of Beverage Sales 25% 25% 25% 25% 25% 25% 25% 25% 24% 24% 23% 23% 23% 23% 23%
% Growth 24% 5% 1% 4% 5% 6% 8% 8% 8% 7% 5% 4% 3% 2%

Carbonates Volumes (mLtrs) 32.1 35.4 36.4 36.3 37.6 39.3 41.3 43.5 46.1 48.9 51.4 53.4 55.0 56.1 56.7
% Growth 10% 3% (0%) 4% 5% 5% 6% 6% 6% 5% 4% 3% 2% 1%

Price per litre ($) 1.5 1.7 1.7 1.7 1.7 1.8 1.8 1.8 1.8 1.9 1.9 1.9 2.0 2.0 2.0
% Growth 12% 2% 1% 1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 1.0%

Confectionery 20.3 22.4 24.6 27.1 29.8 33.0 37.0 42.4 49.3 57.7 65.7 71.9 76.4 79.5 81.1
% of Gross Sales 10% 9% 9% 10% 10% 11% 11% 12% 12% 13% 14% 14% 14% 14% 14%
% Growth 10% 10% 10% 10% 11% 12% 15% 16% 17% 14% 10% 6% 4% 2%

Confectionery Volumes (mKgs) 2.0 2.0 2.2 2.4 2.6 2.8 3.1 3.5 4.0 4.6 5.2 5.6 5.8 6.0 6.1
% Growth (2%) 8% 9% 9% 10% 11% 12% 14% 15% 12% 8% 5% 3% 1%

Price per KG ($) 10.0 11.2 11.4 11.5 11.6 11.7 11.8 12.1 12.3 12.5 12.7 12.9 13.1 13.2 13.3
% Growth 12% 2% 1% 1% 0.7% 1.1% 2.3% 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 1.0%

Market Size 67.8 74.5 82.0 90.2 99.2

% Growth 10% 10% 10% 10%

Market Share in Confectionery Ind.(%) 30% 30% 30% 30% 30%

Discounts and Rebates (2.1) (2.6) (4.1) (5.6) (8.7) (9.3) (9.9) (10.9) (12.0) (13.3) (14.6) (15.7) (16.5) (17.1) (17.5)
% of Gross Sales 1% 1% 2% 2% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

Net Sales 210.5 257.9 269.4 272.1 282.7 299.4 321.1 351.6 387.5 431.3 471.9 506.6 533.9 554.4 565.6
% Growth 22% 4% 1% 4% 6% 7% 10% 10% 11% 9% 7% 5% 4% 2%

Cost of Goods Sold (148.8) (177.1) (205.1) (201.3) (204.0) (219.1) (235.0) (257.4) (283.7) (315.7) (345.4) (370.8) (390.8) (405.8) (414.0)
% of Gross Sales 70% 68% 75% 72% 70% 71% 71% 71% 71% 71% 71% 71% 71% 71% 71%

Gross Profit 61.7 80.7 64.3 70.8 78.7 80.2 86.1 94.3 103.9 115.6 126.5 135.8 143.1 148.6 151.6
% of Net Sales 29% 31% 24% 26% 28% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27%

Selling Expenses (6.3) (6.9) (7.6) (7.2) (7.6) (9.0) (9.6) (10.5) (11.6) (12.9) (14.2) (15.2) (16.0) (16.6) (17.0)
% of Net Sales 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

General & Administrative Expenses (25.0) (34.4) (35.0) (33.9) (33.4) (35.9) (38.5) (42.2) (46.5) (51.8) (56.6) (60.8) (64.1) (66.5) (67.9)
% of Net Sales 12% 13% 13% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12%

EBIT 30.4 39.5 21.7 29.7 37.7 35.3 37.9 41.5 45.7 50.9 55.7 59.8 63.0 65.4 66.8
% margin 14% 15% 8% 11% 13% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12%

Depreciation & Amortisation (2.6) (2.6) (1.4) (1.4) (1.5) (4.3) (4.8) (5.4) (6.2) (7.2) (4.1) (4.5) (4.9) (5.3) (5.5)
% of Gross sales 1% 1% 0% 0% 0% 1% 1% 2% 2% 2% 1% 1% 1% 1% 1%
% of Capex 82% 67% 50% 50% 67% 69% 72% 75% 78% 81% 84% 86% 89% 92% 95%

Capital Expenditure (3.2) (3.9) (2.7) (2.8) (2.2) (6.2) (6.6) (7.3) (8.0) (8.9) (4.9) (5.2) (5.5) (5.7) (5.8)
% of Gross Sales 2% 1% 1% 1% 1% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1%

EBITDA 33.0 42.1 23.1 31.1 39.2 39.6 42.7 47.0 52.0 58.1 59.8 64.3 67.9 70.7 72.3
% margin 16% 16% 9% 11% 14% 13% 13% 13% 13% 13% 13% 13% 13% 13% 13%

Interest Expense (3.3) (3.0) (2.7) (2.4) (2.1) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) -- -- --

EBT 27.1 36.5 19.0 27.3 35.6 22.4 25.0 28.6 32.8 38.0 42.8 46.9 63.0 65.4 66.8
% margin 13% 14% 7% 10% 13% 7% 8% 8% 8% 9% 9% 9% 12% 12% 12%

Taxes -- -- -- -- -- -- -- -- -- -- -- -- -- -- --

PAT (Carried over to Retained Earnings) 27.1 36.5 19.0 27.3 35.6 22.4 25.0 28.6 32.8 38.0 42.8 46.9 63.0 65.4 66.8
% margin 13% 14% 7% 10% 13% 7% 8% 8% 8% 9% 9% 9% 12% 12% 12%
Balance Sheet

(YE 31-Dec, USDm) 2019A 2020A 2021A 2022A 2023A 2011 (Adj.) 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

Assets

Fixed Assets 6.5 7.8 9.2 10.6 11.3 11.3 13.2 15.0 16.8 18.6 20.3 21.1 21.8 22.4 22.8 23.1
Transaction GW (as per LBO) 499.2 499.2 499.2 499.2 499.2 499.2 499.2 499.2 499.2 499.2 499.2
Current Assets
Accounts Receivables 31.9 26.0 20.5 13.9 14.6 14.6 16.4 17.6 19.3 21.2 23.6 25.9 27.8 29.3 30.4 31.0
Inventory 27.6 19.5 16.4 19.4 23.3 23.3 24.0 25.8 28.2 31.1 34.6 37.9 40.6 42.8 44.5 45.4
Cash 68.0 121.7 159.3 184.9 213.6 -- 23.2 49.0 79.7 115.2 157.0 204.1 78.4 85.5 153.1 221.0

Total Assets 134.1 175.1 205.4 228.7 262.8 548.4 575.9 606.6 643.1 685.3 734.7 788.1 667.7 679.2 749.9 819.6

Liabilities

Shareholders' Funds 41.6 78.0 97.0 124.3 159.9 240.5 262.9 287.9 316.5 349.3 387.3 430.1 476.9 540.0 605.4 672.2
Equity Share Capital 13.0 13.0 13.0 13.0 13.0
Retained Earnings 28.5 65.0 84.0 111.3 146.9

Long Term Debt 50.0 45.0 40.0 35.0 30.0 235.0 235.0 235.0 235.0 235.0 235.0 235.0 58.7 -- -- --

Current Liabilities
Accounts Payables 42.5 52.1 68.4 69.4 72.9 72.9 78.0 83.7 91.7 101.0 112.4 123.0 132.1 139.2 144.5 147.4

Total Liabilities 134.1 175.1 205.4 228.7 262.8 548.4 575.9 606.6 643.1 685.3 734.7 788.1 667.7 679.2 749.9 819.6
Check -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --

Current Ratio
Industry Average - GCC 3.0
Assumed Current Ratio of Company 3.0
Assumed Current Assets 127.6
Balance Cash 68.0

Days Payable Calculation

2019A 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Accounts Receivables Days 55 days 37 days 28 days 19 days 19 days 20 days 20 days 20 days 20 days 20 days 20 days 20 days 20 days 20 days 20 days
Accounts Payables Days 104 days 107 days 122 days 126 days 130 days 130 days 130 days 130 days 130 days 130 days 130 days 130 days 130 days 130 days 130 days
Inventory Days 68 days 40 days 29 days 35 days 42 days 40 days 40 days 40 days 40 days 40 days 40 days 40 days 40 days 40 days 40 days
Cash Flow Statement

(YE 31-Dec, USDm) 2019A 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

Net Profit 27.1 36.5 19.0 27.3 35.6 22.4 25.0 28.6 32.8 38.0 42.8 46.9 63.0 65.4 66.8
Add: Interest 3.3 3.0 2.7 2.4 2.1 12.9 12.9 12.9 12.9 12.9 12.9 12.9 -- -- --
Add: Depreciation & Amortisation 2.6 2.6 1.4 1.4 1.5 4.3 4.8 5.4 6.2 7.2 4.1 4.5 4.9 5.3 5.5

Changes in working capital 23.5 24.9 4.6 (1.1) 2.6 2.7 3.8 4.5 5.5 5.1 4.4 3.4 2.6 1.4
Change in Accounts receivables 5.8 5.5 6.6 (0.7) (1.8) (1.2) (1.7) (2.0) (2.4) (2.2) (1.9) (1.5) (1.1) (0.6)
Change in Accounts payables 9.6 16.3 1.0 3.5 5.2 5.7 8.0 9.4 11.4 10.6 9.0 7.1 5.3 2.9
Change in Accounts inventory 8.1 3.1 (3.0) (3.9) (0.7) (1.7) (2.5) (2.9) (3.5) (3.3) (2.8) (2.2) (1.6) (0.9)

Less: Interest Expenses (3.0) (2.7) (2.4) (2.1) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) -- -- --
Less: Taxes -- -- -- -- -- -- -- -- -- -- -- -- -- --
Cash Flow from Operating Activities 62.6 45.3 33.3 36.0 29.3 32.5 37.9 43.6 50.7 52.0 55.7 71.4 73.3 73.7

Capital Expenditure (3.9) (2.7) (2.8) (2.2) (6.2) (6.6) (7.3) (8.0) (8.9) (4.9) (5.2) (5.5) (5.7) (5.8)
Cash Flow from Investing Activities (3.9) (2.7) (2.8) (2.2) (6.2) (6.6) (7.3) (8.0) (8.9) (4.9) (5.2) (5.5) (5.7) (5.8)

Debt Repayment (5.0) (5.0) (5.0) (5.0) -- -- -- -- -- -- (176.2) (58.7) -- --

Cash Flow from Financing Activities (5.0) (5.0) (5.0) (5.0) -- -- -- -- -- -- (176.2) (58.7) -- --

Net Change in cash during the year 53.7 37.6 25.6 28.8 23.2 25.9 30.6 35.6 41.8 47.1 (125.7) 7.1 67.6 67.9
Add: Opening Cash Flow 68.0 121.7 159.3 184.9 -- 23.2 49.0 79.7 115.2 157.0 204.1 78.4 85.5 153.1
Closing Cash Flow 121.7 159.3 184.9 213.6 23.2 49.0 79.7 115.2 157.0 204.1 78.4 85.5 153.1 221.0
PPE Schedule

(YE 31-Dec, USDm) 2019A 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Opening Balance 5.9 6.5 7.8 9.2 10.6 11.3 13.2 15.0 16.8 18.6 20.3 21.1 21.8 22.4 22.8
(+) Additions 3.2 3.9 2.7 2.8 2.2 6.2 6.6 7.3 8.0 8.9 4.9 5.2 5.5 5.7 5.8
(-) Sale -- -- -- -- -- -- -- -- -- -- -- -- -- -- --
(-) Depreciation (2.6) (2.6) (1.4) (1.4) (1.5) (4.3) (4.8) (5.4) (6.2) (7.2) (4.1) (4.5) (4.9) (5.3) (5.5)
Closing Balance 6.5 7.8 9.2 10.6 11.3 13.2 15.0 16.8 18.6 20.3 21.1 21.8 22.4 22.8 23.1
Debt Schedule

(YE 31-Dec, USDm) 2019A 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Opening Balance 55.0 50.0 45.0 40.0 35.0
(+) Additions -- -- -- -- --
(-) Repayment (5.0) (5.0) (5.0) (5.0) (5.0)
Closing Balance 50.0 45.0 40.0 35.0 30.0

Interest Rate 6%

Interest Expense 3.3 3.0 2.7 2.4 2.1

LBO financed after 2011

Drinks Co.
Discounted Cash Flow

(YE 31-Dec, USDm)

1 2 3 4 5 6 7 8 9 10
2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

EBITDA 39.2 39.6 42.7 47.0 52.0 58.1 59.8 64.3 67.9 70.7 72.3

D&A 4.3 4.8 5.4 6.2 7.2 4.1 4.5 4.9 5.3 5.5

EBIT 35.3 37.9 41.5 45.7 50.9 55.7 59.8 63.0 65.4 66.8

Taxes -- -- -- -- -- -- -- -- -- --

Capex (6.2) (6.6) (7.3) (8.0) (8.9) (4.9) (5.2) (5.5) (5.7) (5.8)

NWC Change 2.6 2.7 3.8 4.5 5.5 5.1 4.4 3.4 2.6 1.4

FCF 36.1 38.8 43.5 48.5 54.7 60.0 63.5 65.9 67.6 67.9
Factor 0.9 0.8 0.7 0.6 0.6 0.5 0.5 0.4 0.4 0.3
Discounted FCF 32.4 31.3 31.5 31.5 31.9 31.4 29.8 27.8 25.6 23.1

WACC 11%
PGR 2%

Terminal value 804.3

Discounted TV 273.3

PV of CF 296.2

EV 569.4
Net Debt 235.0
Minority Interest --
Equity Value 334.4

1 Year Fwd EV/EBITDA 14.4x

1 Year Fwd EV/EBIT 16.1x
 Sensitivity Table
WACC
569 9% 10% 11% 12% 12%
1.0%
1.5%
PGR

2.0%
2.5%
3.0%
LBO Modelling
($m)
LTM EBITDA (2011A) 39
EBITDA FY+1 (2012) 40
Assumed Valuation (FY+1 EV/EBITDA) 12.0x
Assumed Leverage Level (LTM EBITDA) 6.0x 688
LBO Net Debt (Total) 235
Senior Debt 4.5x 176 5.5% 7 years 10
Sub Debt 1.5x 59 7.5% 8 years 4
Enterprise Value 475 6.0% Average Cost of debt
Equity Value in BS 240
51%
(YE 31-Dec, USDm) 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

Free Cash Flow before Financing 36.1 38.8 43.5 48.5 54.7 60.0 63.5 65.9 67.6 67.9

Less:
Interest Payments (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) -- -- --
Repayments -- -- -- -- -- -- (176.2) (58.7) -- --
Cash utilised to make repayments (125.7)

Cash Available to equity holders 23.2 25.9 30.6 35.6 41.8 47.1 -- 7.1 67.6 67.9

Senior Debt
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
(YE 31-Dec, USDm) 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Opening Balance 176.2 176.2 176.2 176.2 176.2 176.2 176.2 -- -- --
(+) Additions
(-) Repayment -- -- -- -- -- -- (176.2)
Closing Balance 176.2 176.2 176.2 176.2 176.2 176.2 -- -- -- --

Interest Rate 6%

Interest Expense 9.7 9.7 9.7 9.7 9.7 9.7 9.7

Subordinated Debt
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
(YE 31-Dec, USDm) 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
Opening Balance 58.7 58.7 58.7 58.7 58.7 58.7 58.7 58.7 -- --
(+) Additions
(-) Repayment -- -- -- -- -- -- -- (58.7)
Closing Balance 58.7 58.7 58.7 58.7 58.7 58.7 58.7 -- -- --

Interest Rate 8%

Interest Expense 3.2 3.2 3.2 3.2 3.2 3.2 3.2

Cash Outflow & Debt

(YE 31-Dec, USDm) 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

Interest (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) (12.9) -- -- --

Repayment -- -- -- -- -- -- (176.2) (58.7) -- --
Debt Outstanding 235.0 235.0 235.0 235.0 235.0 235.0 58.7 -- -- --
Juice Co.
IRR Valuation

(YE 31-Dec, USDm)

1 2 3 4 5 6 7 8 9 10
2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

Free Cash Flow to Equity 23.2 25.9 30.6 35.6 41.8 47.1 -- 7.1 67.6 67.9

Factor 0.9 0.8 0.7 0.6 0.5 0.4 0.4 0.3 0.3 0.2

Discounted FCF 20.2 19.6 20.1 20.3 20.8 20.4 -- 2.3 19.2 16.8

COE 15%
PGR 2%

Terminal value 600.4

Discounted TV 148.4

PV of CF 159.6

Equity Value 308.0

Net Debt 235.0
Minority Interest --
Enterprise Value 543.0

1 Year Fwd EV/EBITDA 13.7x

1 Year Fwd EV/EBIT 15.4x

Sensitivity Table
WACC
543 13% 14% 15% 16% 17%
1.0%
1.5%

PGR
2.0%
2.5%
3.0%
Juice Co.
IRR Returns Analysis

Returns in 5 years
Entry Multiple (FY1 EBITDA) 12.0x
EBITDA FY1 39.6x
EXIT Multiple (5 years) 12.0x
EBITDA FY1 (EXIT) 59.8
Enterprise Value (EXIT) $m 717.3
Less: Net Debt 78.0
Equity Value (EXIT) $m 639.3

(YE 31-Dec, USDm)

12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 42736 42737 42738 42739 42740
2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E

Free Cash Flow to Equity

Equity Investment (240.5)
Equity inflow at the time of sale 639.3
Total Cashflows (240.5) 0.0 0.0 0.0 0.0 639.3

IRR 22%

1 2 3 4 5
2011A 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E

Total Cashflows 639.3

Factor 0.8 0.7 0.6 0.5 0.4

Discounted FCF -- -- -- -- 240.8 -- -- -- -- --

IRR 22%

Entry Equity Value 240.8

Net Debt 235.0
Enterprise value 475.7
EV/EBITDA FY+1 12.0x

5 year Exit scenario (Exit Multiple = 12.0x FY+1 EBITDA)

15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25%
Entry Price 475.7
Target capital structure

Debt 40.0%
Equity 60.0%

Cost of Equity 15.0%

pre-tax Cost of Debt 6.0%
Post tax cost of debt 6.0%

WACC 11.4%