Exhibit 2: Economic Indicators: GDP and Furniture Sales Growth

CPI index
Inflation (CPI)
GDP (T$)
GDP growth
Furniture sales ($B)
Furniture sales growth

2002
180.9
10,642
94.44

2003
184.3
1.9%
11,142
4.7%
96.7
2.4%

2004
190.3
3.3%
11,853
6.4%
103.8
7.3%

2005
196.8
3.4%
12,623
6.5%
109.1
5.17%

10.0%

2006
201.8
2.5%
13,377
6.0%
112.8
3.4%

2007
210.0
4.1%
14,029
4.9%
111.1
-1.5%

2008
210.2
0.1%
14,292
1.9%
99.6
-10.4%

2009
215.9
2.7%
13,974
-2.2%
86.3
-13.4%

2010
219.2
1.5%
14,499
3.8%
87.3
1.2%

2011
225.7
3.0%
15,076
4.0%
90.1
3.2%

2012
229.6
1.7%
15,685
4.0%
93.1
3.4%

-94212
+

5.0%

0.0%
2003

2005

2007

2009

2011

2013

-5.0%

-10.0%

-15.0%
GDP Growth

Furniture Sales Growth

Inflation (CPI)

2015

2017

2013
233.5
1.7%
16,238
3.5%
95.9
3.0%

2014
237.7
1.8%
17,049
5.0%
98.6
2.8%

2015
242.3
1.9%
18,012
5.6%
101.2
2.6%

2016
247.4
2.1%
19,021
5.6%
103.6
2.4%

2017
252.1
1.9%
20,078
5.6%
105.9
2.2%

2018
256.6
1.8%
21,101
5.1%
108.0
2.0%

2019
261.3
1.8%

110.2
2.0%

Exhibit 4: Teuer Furniture Balance Sheet

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0
671
671
358
1,029

751
3,151
3,902
1,461
5,364

3,479
8,216
11,695
2,969
14,663

8,675
15,125
23,800
5,270
29,070

16,946
20,908
37,853
8,065
45,918

25,272
21,715
46,987
6,914
53,900

29,059
24,868
53,927
5,119
59,046

36,625
26,808
63,433
3,839
67,272

42,421
29,216
71,637
3,142
74,779

48,200
33,343
81,543
3,920
85,463

236
29
265
0
764
1,029

1,158
145
1,303
0
4,061
5,364

2,781
358
3,139
0
11,525
14,663

5,119
658
5,777
0
23,293
29,070

7,228
958
8,186
0
37,732
45,918

7,767
1,055
8,822
0
45,079
53,900

8,277
1,203
9,480
0
49,565
59,046

9,133
1,359
10,493
0
56,779
67,272

9,986
1,519
11,505
0
63,274
74,779

11,364
1,682
13,046
0
72,417
85,463

Assets
Accounts Receivable
Inventory
Total Current Assets
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check

Exhibit 5: Teuer Furniture Income Statement for Individual Showrooms

#
2003

Avg Size
1

17,200

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

10

11

12

13

14

15

16

Sales

2,057

3,754

5,224

6,148

6,341

5,503

5,636

5,871

6,034

6,235

6,430

6,618

6,799

6,971

7,133

7,299

CGS

1,463

2,309

3,018

2,394

2,753

2,311

2,194

2,150

2,416

2,486

2,564

2,639

2,711

2,779

2,844

2,910

SGA

410

640

857

856

815

765

767

687

791

848

874

900

925

948

970

993

203

334

399

434

422

423

391

401

457

447

461

474

487

499

511

523

Advertising
Depreciation
Lease
2004

72

72

72

72

72

65

65

65

65

65

250

250

250

250

250

250

302

302

302

302

302

302

348

348

348

17,600

0
348

10

11

12

13

14

15

Sales

6,661

11,907

15,158

16,488

15,446

16,187

17,279

17,869

18,464

19,041

19,599

20,134

20,643

21,123

21,615

CGS

4,748

SGA

7,428

7,894

7,216

6,031

6,675

6,691

7,176

7,362

7,592

7,815

8,028

8,231

8,422

8,618

1,171

2,148

2,631

2,323

2,239

2,224

2,395

2,319

2,511

2,589

2,665

2,738

2,807

2,873

2,939

Advertising

685

971

1,266

1,213

1,235

1,241

1,245

1,287

1,323

1,364

1,404

1,442

1,479

1,513

1,548

Depreciation

235

235

235

235

235

187

187

187

187

187

830

830

830

830

830

830

1,003

1,003

1,003

1,003

1,003

1,003

1,143

1,302

1,484

10

11

12

13

14

Sales

9,570

16,651

19,785

20,951

22,847

24,451

24,499

25,315

26,108

26,872

27,605

28,303

28,962

29,636

CGS

6,978

10,917

11,430

8,499

9,387

9,857

9,042

10,094

10,410

10,715

11,007

11,285

11,548

11,817

SGA

1,953

2,977

3,371

3,039

3,021

3,228

3,693

3,443

3,550

3,654

3,754

3,849

3,939

4,030

1,041

1,488

1,587

1,598

1,605

1,645

1,793

1,813

1,870

1,925

1,977

2,027

2,074

2,123

363

363

363

363

363

1,250

1,250

1,250

1,250

1,250

1,250

1,510

1,510

1,510

1,510

1,510

1,510

1,700

1,700

10

11

12

13

Lease
2005

18,500

Advertising
Depreciation
Lease
2006

21,100

Sales

13,583

21,142

23,592

29,702

34,105

34,824

35,984

37,110

38,197

39,239

40,231

41,167

42,125

CGS

9,526

11,229

13,594

9,902

13,259

13,932

14,348

14,797

15,230

15,646

16,041

16,415

16,797

SGA

2,767

4,016

4,237

3,780

4,895

4,946

4,893

5,047

5,194

5,336

5,471

5,598

5,729

1,400

1,784

1,964

2,014

2,327

2,287

2,577

2,658

2,736

2,811

2,882

2,949

3,017

594

594

594

594

594

1,910

1,910

1,910

1,910

1,910

1,910

2,281

2,281

2,281

2,281

2,281

2,281

10

11

12

Sales

15,435

22,001

30,466

39,628

43,541

45,542

46,967

48,343

49,662

50,917

52,102

53,315

CGS

11,205

14,801

16,422

15,232

17,856

18,159

18,727

19,276

19,802

20,302

20,775

21,258

SGA

3,050

3,878

5,471

5,166

5,917

6,193

6,387

6,574

6,754

6,924

7,085

7,250

1,578

1,986

2,458

2,748

3,109

3,262

3,364

3,463

3,557

3,647

3,732

3,819

812

812

812

812

812

2,530

2,530

2,530

2,530

2,530

2,530

2,986

2,986

2,986

2,986

2,986

2,986

10

11

Sales

3,187

5,176

CGS

2,053

SGA

Advertising
Depreciation
Lease
2007

22,100

Advertising
Depreciation
Lease
2008

15,500

0
2,569

7,244

9,257

10,461

10,921

11,241

11,547

11,839

12,115

12,397

3,467

4,421

3,764

4,171

4,354

4,482

4,604

4,721

4,830

4,943

522

951

1,225

1,243

1,423

1,485

1,529

1,570

1,610

1,647

1,686

Advertising

326

499

598

675

749

782

805

827

848

868

888

Depreciation

185

185

185

185

185

610

610

610

610

610

610

711

711

711

711

Lease
2009

14,500

0
711

10

Sales

1,437

2,507

3,540

4,480

5,053

5,264

5,408

5,545

5,674

5,806

CGS

1,021

1,652

1,887

1,786

2,015

2,099

2,156

2,211

2,262

2,315

SGA

257

480

615

609

687

716

735

754

772

790

158

227

303

321

362

377

387

397

406

416

Advertising
Depreciation

79

79

79

79

79

280

280

280

280

280

280

323

323

323

323

Sales

3,008

5,300

7,286

9,202

10,359

10,771

11,044

11,301

11,564

CGS

2,226

3,526

4,096

3,669

4,130

4,295

4,403

4,506

4,611

SGA

Lease
2010

14,700

623

1,028

1,259

1,251

1,409

1,465

1,502

1,537

1,573

Advertising

353

473

596

659

742

772

791

809

828

Depreciation

150

150

150

150

150

565

565

565

565

565

565

644

644

644

Sales

3,354

5,878

8,065

10,166

11,421

11,853

12,129

12,412

CGS

2,357

3,742

4,533

4,054

4,554

4,726

4,836

4,949

SGA

701

1,077

1,394

1,383

1,553

1,612

1,649

1,688

358

522

659

728

818

849

869

889

160

160

160

160

160

610

610

610

610

610

610

687

Sales

5,379

9,409

12,885

16,210

18,176

18,827

19,265

CGS

3,812

5,989

7,243

6,464

7,248

7,507

7,682

SGA

1,039

1,723

2,227

2,204

2,472

2,560

2,620

836

1,053

1,161

1,302

1,349

1,380

Lease
2011

15,400

Advertising
Depreciation
Lease
2012

16,300

Advertising

569

Depreciation

0
687

259

259

259

259

259

1,000

1,000

1,000

1,000

1,000

1,000

1,126

Sales

3,622

6,324

8,644

10,853

12,145

12,580

CGS

2,567

4,026

4,859

4,327

4,843

5,016

SGA

Lease
2013

16,000

700

1,158

1,494

1,476

1,652

1,711

Advertising

383

562

707

777

870

901

Depreciation

172

172

172

172

172

668

668

668

668

668

668

Sales

3,731

6,502

8,868

11,114

12,437

CGS

2,644

4,138

4,985

4,431

4,959

SGA

721

1,191

1,533

1,511

1,691

395

578

725

796

891

175

175

175

175

682

682

682

682

Sales

3,597

6,256

8,516

10,672

CGS

2,549

3,982

4,787

4,255

SGA

Lease
2014

16,000

Advertising
Depreciation
Lease
2015

15,000

175
682

695

1,146

1,472

1,451

Advertising

381

556

696

764

Depreciation

167

167

167

167

652

652

652

652

217,540
90,813
30,415
15,904
1,185
13,338

231,499
95,242
32,104
16,779
960
13,558

242,308
98,007
33,266
17,442
515
13,984

251,122
100,130
34,150
17,987
343
14,580

Lease

Parameters:
Lease rate (2013)
Lease inflation
Total
Sales
CGS
SGA
Advertising
Depreciation
Lease

20.88
2.0%
2,057
1,463
410
203
72
250

10,415
7,057
1,812
1,019
307
1,080

26,701
17,424
4,958
2,411
669
2,330

51,540
30,730
9,230
4,588
1,264
4,240

79,191
43,834
13,576
6,585
2,075
6,770

90,680
47,290
14,679
7,532
2,188
7,380

111,451
49,068
16,471
8,367
2,032
7,712

134,093
55,487
18,698
9,545
1,820
8,450

148,218
61,955
21,253
10,744
1,450
9,320

165,024
70,055
23,295
12,179
1,084
10,691

181,929
77,218
25,689
13,399
1,071
11,815

199,600
84,352
28,131
14,664
1,168
12,598

Exhibit 6: Teuer Furniture Balance Sheet for Individual Showrooms

#
2003

Avg Size
1

17,200

Cap expenditure

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

10

11

12

13

14

15

10

11

12

13

14

10

11

12

13

10

11

12

10

11

10

358

Accts receivable

324
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

17,600

Cap expenditure

1,175

Accts receivable

2,292

3,870

5,029

5,526

5,276

5,599

5,612

5,691

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

Inventory

2005

18,500

Cap expenditure

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

21,100

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

22,100

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

15,500

Cap expenditure

924

Accts receivable

1,048

1,758

2,212

2,905

1,028

1,711

2,147

1,727

1,911

Accts payable

349

547

662

586

690

Accr expenses

43

72

88

94

101

Inventory

2009

14,500

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

5,989

1,814

Accts receivable

14,700

Cap expenditure

752

Accts receivable

956

1,787

1,013

1,787

1,913

Accts payable

348

577

683

Accr expenses

44

71

91

Inventory

2011

8
936

15,400

Cap expenditure

798

Accts receivable

1,093

Inventory

1,067

1,795

Accts payable

387

623

Accr expenses

47

76

2012

16,300

Cap expenditure

0
3,170
1,985

0
1,985
1,025

0
1,025
510

1,293

Accts receivable
Inventory

1,708

Accts payable

617

Accr expenses

79

2013

16,000

Cap expenditure

860

Accts receivable
Inventory
Accts payable
Accr expenses
2014

16,000

Cap expenditure

876

Accts receivable
Inventory
Accts payable
Accr expenses
2015

15,000

Cap expenditure

837

Accts receivable
Inventory
Accts payable
Accr expenses

PPE

358
358
358

1,175
1,533
1,461

1,814
3,275
2,969

2,971
5,940
5,270

4,058
9,328
8,065

924
8,989
6,914

394
7,308
5,119

752
5,871
3,839

1,122
4,961
3,142

2,229
5,370
3,920

Equity
72,417

860
4,780
3,696
23,681
96,098

876
4,572
3,501
26,184
122,282

837
4,338
3,170
29,225
151,507

33,005
184,511

36,768
221,280

40,187
261,467

Exhibit 8: Forecasting Sales Revenue and Costs

Sales growth

CGS

SGA

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

2
73.6%
72.9%
76.6%
73.8%
64.5%
60.5%
69.0%
70.4%

3
34.6%
29.2%
32.6%
28.8%
36.8%
35.6%
36.6%

4
19.5%
21.4%
22.2%
24.4%
26.1%
23.6%

5
15.1%
8.1%
7.8%
11.3%
6.3%

6
0.2%
3.6%
3.7%
-1.3%

7
1.2%
3.4%
-3.1%

8
1.0%
0.0%

70.2%

33.5%

22.9%

9.7%

1.5%

0.3%

0.1%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
71.1%
71.3%
72.9%
70.1%
72.6%
64.4%
71.0%
74.0%
70.3%
70.9%

2
61.5%
62.4%
65.6%
53.1%
67.3%
67.0%
65.9%
66.5%

3
57.8%
52.1%
57.8%
57.6%
53.9%
61.0%
53.3%

4
38.9%
43.8%
40.6%
33.3%
38.4%
40.7%

5
43.4%
39.0%
41.1%
38.9%
41.0%

6
42.0%
41.2%
40.3%
40.0%

7
38.9%
38.7%
40.2%

8
36.6%
40.2%

63.7%

56.2%

39.9%

40.1%

39.8%

39.1%

38.9%

Year
2003
2004
2005
2006
2007
2008
2009
2010

1
19.9%
17.6%
20.4%
20.4%
19.8%
16.4%
17.9%
20.7%

2
17.1%
18.0%
17.9%
19.0%
17.6%
18.4%
19.2%
19.4%

3
16.4%
17.4%
17.0%
18.0%
18.0%
16.9%
17.4%

4
13.9%
14.1%
14.5%
12.7%
13.0%
13.4%

5
12.9%
14.5%
13.2%
14.4%
13.6%

6
13.9%
13.7%
13.2%
14.2%

7
13.6%
13.9%
15.1%

8
11.7%
13.0%

Advertising

2011
Average

20.9%
19.3%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
9.9%
10.3%
10.9%
10.3%
10.2%
10.2%
11.0%
11.7%
10.7%
10.6%

18.3%

17.3%

13.6%

13.6%

13.5%

13.4%

12.6%

2
8.9%
8.2%
8.9%
8.4%
9.0%
9.6%
9.1%
8.9%

3
7.6%
8.3%
8.0%
8.3%
8.1%
8.3%
8.6%

4
7.1%
7.4%
7.6%
6.8%
6.9%
7.3%

5
6.7%
8.0%
7.0%
6.8%
7.1%

6
7.7%
7.7%
6.7%
6.6%

7
6.9%
7.2%
7.3%

8
6.8%
7.2%

8.9%

8.2%

7.2%

7.2%

7.2%

7.2%

7.2%

9
-0.6%

9
40.0%

40.0%
9
13.1%

13.1%
9
7.6%

7.6%

Exhibit 9: Forecasting Investment

Accounts Receivable

Inventory

Accounts Payable

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
36.5%
34.4%
32.8%
32.6%
31.2%
32.9%
33.7%
31.8%
32.6%
32.4%

2
31.6%
32.5%
33.1%
31.2%
31.0%
34.0%
33.5%
33.7%

3
31.9%
33.2%
31.8%
33.8%
32.3%
30.5%
33.6%

4
32.1%
33.5%
29.7%
33.8%
31.3%
31.4%

5
32.2%
34.2%
31.3%
32.0%
32.0%

6
30.9%
34.6%
31.7%
33.8%

7
31.0%
32.5%
32.4%

8
29.7%
31.9%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
45.9%
43.4%
47.2%
45.6%
46.7%
50.1%
47.8%
45.5%
45.3%
47.6%

2
47.2%
48.3%
48.3%
58.0%
42.2%
49.4%
53.4%
50.7%

3
44.0%
54.5%
40.6%
48.8%
53.0%
48.6%
46.7%

4
50.4%
46.4%
46.8%
59.3%
48.1%
45.9%

5
42.4%
47.3%
43.4%
50.4%
45.5%

6
42.4%
45.6%
44.9%
49.2%

7
44.3%
48.5%
48.2%

8
50.3%
47.3%

Year
2003
2004
2005
2006
2007
2008
2009
2010

1
16.1%
16.1%
15.4%
16.1%
15.5%
17.0%
16.8%
15.6%

2
17.2%
16.9%
16.1%
19.8%
16.8%
15.8%
15.8%
16.4%

3
14.8%
18.0%
15.2%
16.0%
16.5%
15.0%
17.3%

4
16.9%
15.6%
16.2%
19.1%
17.3%
15.6%

5
14.6%
17.0%
16.2%
16.3%
15.2%

6
15.2%
16.3%
15.9%
16.7%

7
15.7%
16.8%
17.3%

8
17.2%
15.9%

Accrued Expenses

Construction costs

Refresh cost

2011
Average

16.4%
16.3%

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
Average

1
4.7%
5.1%
4.6%
4.6%
4.6%
5.1%
5.2%
4.5%
4.4%
4.8%

2
5.1%
5.1%
4.7%
4.7%
5.0%
5.0%
4.8%
4.7%

2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

Nominal
20.8
22.3
24.5
28.2
30.6
29.8
27.2
25.6
25.9
26.4
26.9
27.4
27.9

Real
25.9
26.8
28.6
32.0
33.5
32.6
28.9
26.8
26.4
26.4
26.4
26.4
26.4

Nominal
90.6%
79.6%

Real
74.0%
66.0%
70.0%

2003
2004
Average

3
4.9%
4.9%
4.8%
4.8%
4.6%
4.8%
4.7%

4
4.7%
4.9%
4.4%
5.0%
4.8%
4.9%

5
4.9%
4.7%
5.2%
4.7%
4.8%

6
4.5%
4.7%
5.0%
4.7%

7
4.6%
4.8%
4.6%

8
5.2%
4.9%

9
31.5%

9
42.5%

9
15.3%

9
4.7%

Exhibit 10: Forecasting Parameters

1
Sales growth
CGS (% sales)
SGA (% sales, excluding dep & advertising)
Advertising (% sales)
Accounts Receivable (% sales)
Inventory (% next year's CGS)
Accounts Payable (% next year's CGS)
Accrued expenses (next year's SGA adv)
Depreciation (years)
Refresh cost
Corporate tax rate
Corporate expenses
Discount rate
Long-term growth rate
Shares outstanding (K)

70.9%
19.3%
10.6%
32.4%
47.6%
16.3%
4.8%
5
70%
40.0%
5.0%
12.1%
3.5%
9,945

2
70.2%
63.7%
18.3%
8.9%

3
33.5%
56.2%
17.3%
8.2%

4
22.9%
39.9%
13.6%
7.2%

5
9.7%
39.9%
13.6%
7.2%

6
1.5%
39.9%
13.6%
7.2%

7
0.3%
39.9%
13.6%
7.2%

Teuer Furniture Pro Forma Income Statement

Sales
CGS
SGA (exc adv & dep)
Advertising
Depreciation
Lease (stores)
Corp Expense (inc lease/adv)
Taxes
Net income
Parameters:
Corporate tax rate
Corporate expenses

2,012
148,218
(61,955)
(21,253)
(10,744)
(1,450)
(9,320)
(7,411)
(14,434)
21,651

40%
5%

2,013
165,024
(70,055)
(23,295)
(12,179)
(1,084)
(10,691)
(8,251)
(15,787)
23,681

2,014
181,929
(77,218)
(25,689)
(13,399)
(1,071)
(11,815)
(9,096)
(17,456)
26,184

2,015
199,600
(84,352)
(28,131)
(14,664)
(1,168)
(12,598)
(9,980)
(19,483)
29,225

2,016
217,540
(90,813)
(30,415)
(15,904)
(1,185)
(13,338)
(10,877)
(22,003)
33,005

2,017
231,499
(95,242)
(32,104)
(16,779)
(960)
(13,558)
(11,575)
(24,512)
36,768

2,018
242,308
(98,007)
(33,266)
(17,442)
(515)
(13,984)
(12,115)
(26,791)
40,187

2,019
251,122
(100,130)
(34,150)
(17,987)
(343)
(14,580)
(12,556)
(28,550)
42,825

PF
2012

2013

2014

2015

2016

2017

2018

48,200
33,343
81,543
0
3,920
85,463

53,529
36,726
90,255
16,637
3,696
110,588

59,012
40,119
99,132
35,483
3,501
138,115

64,745
43,192
107,937
57,458
3,170
168,564

70,564
45,299
115,863
84,568
1,985
202,416

75,092
46,614
121,706
116,993
1,025
239,723

78,598
47,624
126,221
153,595
510
280,326

11,364
1,682
13,046
0
72,417
85,463

12,611
1,879
14,490
0
96,098
110,588

13,777
2,057
15,833
0
122,282
138,115

14,832
2,226
17,058
0
151,507
168,564

15,555
2,349
17,904
0
184,511
202,416

16,007
2,437
18,444
0
221,280
239,723

16,353
2,506
18,859
0
261,467
280,326

Assets
Accounts Receivable
Inventory
Total Current Assets
Cash
PPE
Total Assets
Liabilities and Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Debt
Equity
Total Liabilities and Equity
Balance sheet check (A=L+E)

Teuer Furniture Pro Forma Cash Flow Assets

Sales
- Costs (excl taxes)
- Taxes
Net income
- Capital expenditure
+ Depreciation
- Increase in NWC
Cash flow assets
Terminal value (Perpetuity)
Asset value
Present Value
Share value
Parameters:
Asset discount rate
Long-term growth rate
Shareholders (#)
Shares outstanding (K)

2012
148,218
-112,132
-14,434
21,651
-2,229
1,450
-8,365
12,508

321,344
32.31

12.1%
3.5%
187
9,945

2013
165,024
-125,555
-15,787
23,681
-860
1,084
-7,268
16,637

2014
181,929
-138,289
-17,456
26,184
-876
1,071
-7,533
18,846

2015
199,600
-150,892
-19,483
29,225
-837
1,168
-7,580
21,975

2016
217,540
-162,532
-22,003
33,005
0
1,185
-7,079
27,110

2017
231,499
-170,219
-24,512
36,768
0
960
-5,304
32,425

16,637
14,841

18,846
14,997

21,975
15,600

27,110
17,168

32,425
18,317

2018
242,308
-175,329
-26,791
40,187
0
515
-4,100
36,602
440,496
477,098
240,422