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Circularity On
Transaction value 12,000
Valuation date 7/3/2010
EBITDA growth
18% 0% 1% 2% 3% 4% 5%
50% 18% 18% 18% 18% 18% 18%
Unlevered
Transaction value
18% 11,000.0 12,000.0 13,000.0 14,000.0 15,000.0 16,000.0
2.0 592% 133% 70% 40% 22% 9%
Year of exit
Est. Unlevered FCF $472 $1,036 $829 $999 $879 $906 $933 $961 $990 $1,020 $1,050
Post-tax interest adjustment (115) (106) (92) (561) (538) (513) (483) (449) (411) (368) (320)
FCF to paydown debt 357 930 737 293 341 393 450 512 579 651 730
Beginning debt balance 10,872 7,861 7,519 7,126 6,676 6,165 5,586 4,935
Debt issuance / (repayment) (293) (341) (393) (450) (512) (579) (651) (730)
Ending debt balance 7,861 7,519 7,126 6,676 6,165 5,586 4,935 4,205
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Returns analysis
Entry / Exit equity value (1,128.0) – – – – 10,053.6 – – –
SARA LEE CORP
10-K
08/27/2010
INCOME STATEMENT
Dollars in millions except per share data June 28, 2008 June 27, 2009 July 3, 2010
Continuing Operations
Net sales 10,949 10,882 10,793
Cost of sales 7,008 7,038 6,692
Selling, general and administrative expenses 3,232 3,090 3,204
Net charges for exit activities, asset and business dispositions 39 103 84
Impairment charges 851 314 28
Contingent sale proceeds (130) (150) (133)
Operating income (loss) (51) 487 918
Interest expense 185 170 147
Interest income (80) (41) (24)
Income (loss) from continuing operations before income taxes (156) 358 795
Income tax expense 120 133 153
Income (loss) from continuing operations (276) 225 642
Discontinued Operations
Income (loss) from discontinued operations, net of tax expense of $453, $90 and $81 236 155 (199)
Gain on sale of discontinued operations, net of tax expense of $74,nil and $1 (24) 84
Net income (loss) (64) 380 527
Less: Income from noncontrolling interests, net of tax
Continuing operations 4 5 7
Discontinued operations 11 11 14
Net income (loss) attributable to Sara Lee (79) 364 506
Amounts attributable to Sara Lee
Net income (loss) from continuing operations (280) 220 635
Net income (loss) from discontinued operations 201 144 (129)
Net income (loss) attributable to Sara Lee (79) 364 506
Income (loss) from continuing operations per share of common stock
Basic (0.39) 0.31 0.92
Diluted (0.39) 0.31 0.92
Net income (loss) per share of common stock
Basic (0.11) 0.52 0.74
Diluted (0.11) 0.52 0.73