Pabst Pabst Brewing Company: Pabst ProForma Pro Forma Assumptions: 0%Growth in bbl sales volume 4%Growth rate of per barrel net revenue and GS & A expense $8.98GS & A expense base = $...

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Pabst Pabst Brewing Company: Pabst ProForma Pro Forma Assumptions: 0%Growth in bbl sales volume 4%Growth rate of per barrel net revenue and GS & A expense $8.98GS & A expense base = $8.98 (1984 actual); 18.22%Gross Margin (Gross profit to sales ratio) 41%Tax rate 0%Growth in Net Fixed Assets 0%Growth in Net working assets 4.00%Perpetuity growth rate for terminal value calculation InitialPro Forma Year19841985198619871988198919901991199219931994 Sales (MM Bbl)14,400 Net revenue/bbl$56.22 Sales Gross profit GS & A /bbl GS & A expenses EBIT EBIAT Net fixed assets110,197 Change in net fixed assets Net workng assets9,375 Change in net working assets Free cash flow Discount Rate13%17% PV of FCF 85-94 PV of Terminal Value Total PV Debt$82,502$82,502 Value of Equity Number of shares6,3006,300 Value per share &L&"Helvetica"&12&BPabstProForma Heileman Pabst Brewing Company: Heileman ProForma Pro Forma Assumptions: 0%Growth in bbl sales volume 4%Growth rate of per barrel net revenue and GS & A expense $8.98GS & A expense base = $8.98, 1984 actual; 21.00%Gross Margin (Gross profit to sales ratio) 41%Tax rate Net fixed assets constant through 1989 then increases with sales 1.50%Net working assets as percent of net sales 4.00%Perpetuity growth rate for terminal value calculation InitialPro Forma Year19841985198619871988198919901991199219931994 Sales (MM Bbl)14,400 Net revenue/bbl$56.22 Sales Gross profit GS & A /bbl GS & A expenses EBIT EBIAT Net fixed assets110,197 Change in net fixed assets Net working assets9,375 Change in net working assets Free cash flow Discount Rate13%17% PV of FCF 85-94 PV of Terminal Value Total PV Debt$82,502$82,502 Value of Equity Number of shares6,3006,300 Value per share &L&"Helvetica"&12&BPabstProForma S&P Pabst Brewing Company: S&P ProForma Pro Forma Assumptions: -11%Growth in bbl sales volume 4%Growth rate of per barrel net revenue and GS & A expense $5.21GS & A expense base = $5.21 (1984 actual minus $3.77 in saved advertising); 18.22%Gross Margin (Gross profit to sales ratio) 41%Tax rate 15%Net fixed assets as percent of net sales 1.50%Net working assets as percent of net sales -9.25%Perpetuity growth rate for terminal value calculation InitialPro Forma Year19841985198619871988198919901991199219931994 Sales (MM Bbl)14,40012,81611,40610,1529,0358,0417,1576,3695,6695,0454,490 Net revenue/bbl$56.22 Sales Gross profit GS & A /bbl GS & A expenses EBIT EBIAT Net fixed assets110,197 Change in net fixed assets Net working assets9,375 Change in net working assets Free cash flow Discount Rate13%17% PV of FCF 85-94 PV of Terminal Value Total PV Debt$82,502$82,502 Value of Equity Number of shares6,3006,300 Value per share &L&"Helvetica"&12&BPabstProForma