EFTA00596787.pdf

DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information COMPARATIVE INCOME STATEMENTS PHAIDON PRESS LIMITED FOP THE YEAFtS ENDED JUNE 30. 0:0 f060 C000 C000 8%3 C COO t000 HISTORY RISTORY RISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2011 2012 2019 2014 2015 2016 2017 TOTAL SALES 19.44 22.577 23.679 20.387 21211 25.094 28.473 31.793 OOST OF SALES I» Ceel 5.429 6.506 7.663 6.949 7.489 8.663 9.543 10.659 %yam«. 1.122 1,245 1.317 976 1212 1.335 1.595 1.785 ContwogancyPeovdian 20 0 0 0 0 TOTAL OOST OF SALES 4,571 7,751 8,000 7,925 9901 91 ;2 11,: 1 .1 290 "4) Piovisions IN«) 139 0 at) 1.148 604 0 0 0 GROSS IMAM 12.780 14~ 14.770 11.314 11206 15.274 17.564 19.603 Verlable Indlr441 Casts Grafie Baks and fregni 77 120 107 120 157 150 170 175 Tned Pony Sakes Cornmar.ced 331 378 369 410 515 562 638 657 Thed Paly Oismbuida 1.509 1,724 1,537 1.353 1.432 1.863 2.114 2.177 Fan" 40 540 545 450 455 304 345 355 Csuptfrokedng 251 196 297 290 258 375 375 388 CHainnon. "Won 635 618 586 610 604 240 152 1S0 Total varlable Indom' colts 3.243 3.575 3.441 3.233 3.421 3.494 3.794 3.906 Illsegin Esse Variabk Inbeet Coats 9,532 11,251 11,329 4.001 $.315 11,710 13,770 15,494 SsIss and 4.1~4Ing Onwheads Distrtanod Lol Faas 04441 (221 1167) 191) I (931 0 0 0 ~aa 595 720 502 76 98 0 0 0 Web Sde GOH! 212 120 280 361 931 333 463 477 UW taaie BoCkeelog 1227 1.966 2.045 1.889 2.325 2.522 2.632 2.711 UW taaie Publoty 970 443 397 474 722 912 884 911 Marketing Coda 676 704 611 534 958 950 950 979 Taal Sales and Marteling 1:racebaan 678 3.776 3,74 3.335 4.303 4,757 0.922 5,078 CONTRIBUT1011 5,*54 7,475 7,565 4.746 4.082 7.023 1,141 10,417 Publitalng and Genard Overheads Slag Coda Bociunalon 1.550 1.684 1.556 1.652 1.968 2.563 2.609 2,687 Ultei Piodtits 0 260 73 112 138 153 179 184 Alles olAtchtecturc 0 0 44 160 338 549 638 657 Siell Costa Mannemeni Seneca 1.199 1.740 1.446 1.534 2.339 2.982 3.061 9.143 Onze Spaad and Faclrhos 1.268 1.362 1.354 1.264 1.413 1,452 1.471 1.515 Rnancal and Pratostenal SI 1 422 539 638 696 622 623 647 Total Publishing and Gdeard Ontbadi 4522 Mg 5,012 5,360 6892 4.121 6.570 8,833 Prots Bekte Excheng• 1.332 2.007 2,573 91141 (28101 Hal) 265 1,784 Eneange Gen (Loss) 63 52 148) 379 35 0 0 0 IP.oIe, Lossa Deposal cl Mlr. 0 0 19 1101 0 0 0 0 OPERATINO PROFT 0/40140111C ACTIVITIES 1,269 1,955 2,602 (9431 1194) (1.211121 284 1.784 F145 Coats 947 1,058 1.291 367 0 0 0 0 Rasicutiunn9 Coda 0 0 241 498 16561 0 0 0 TRAOING PROPT 0.05.5) 322 867 1,070 0 444/ (1.214) 265 1,7114 09% Oma« Bond 19«e« (3551 090) in) 0 0 0 0 0 Inwast faxatfabla o I 10 0 0 0 0 0 iniacost Payablo (1161 i%) 1104) (1011 0061 0 0 0 Roanoing 0 2 1 01 (11 0 0 0 Total Olbst Imam (EsPan44) (4711 (440) 1131) (102/ (1051 0 0 0 PROPT BEFOftE TAX (149) 411 939 (1.950) (1.2941 Pag) 266 1.784 Proasuon 18511400 fa Tams !g ii r .611 1.105 164‘ ..3/d 0 0 56 375 PC PROFF ROSS) (1,912) (1.204) (1011) 206 1,409 EFTA00596787 DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information Du, 64 A 2 COMMON-SIZED INCOME STATEMENTS PHAIDON PRESS LIMITED FOR THE YEARS ENDED JUNE 30. ............ .-.3.. ...,... -... .. -- . et- ......--. ...----. 2010 2011 2012 2019 2014 201$ 2016 2017 TOTAL SALES 100.0% 100D% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% COST OF SALES LM l Coel 27.9% 28.8% 92.4% 34.1% 353% 34.5% 33.5% 33.5% Repairs 5.8% 5.5% 5.6% 4.11% 62% 5.3% 5.6% 5.6% ContoigeneyProvaien TOTAL. 0.1% 0.0% 0.0% 0.0% 0.0% 43.7% 4.8% 4.8% COST Of SALES 337% 44.3% 3749E 36.9% 414% 311% 333% 34.3% Provisions IN40 0.7% 0.0% 0.3% 5.8% 28% 00% 00% 0.0% GROSS MARGIN 55.8% 65.7% 62.4% 55.5% 55.7% 602% 647% 61.7% Variable InclImel Coats Gratis Bede and Frog(' 0.4% 0.5% 0.5% 0.6% 0.7% 0.6% 0.8% 013% iRM Parry Saks Com, cas 1.7% 1.7% 1.6% 2.0% 24% 2.2% 2.2% 2.1% Tnrd Parry Ostneulcn 7.7% 7.6% 45% 6.6% 6.8% 7.4% 7.4% 6.8% Frei" 2-3% 2.4% 2.3% 2.2% 21% 1.2% 1.2% 1.1% Opp Witiloling 12% 0.9% 1.3% 1.4% 1.2% 1.5% 1.3% 1.2% Oi en. Phaidon 33% 2.7% 2.5% 3.0% 28% 1.0% 0.5% 0.5% Total Variable Indirect Costs 16.7% 15.8% 14.5% 15.9% 16.1% 139% 132% 12.3% Maigin Less Variable Indeed Costs 404% al% 474% 394% 394% 46.9% 46.4% 49.4% Sales and Managing Overheads Cotnavlod Lal Foos (Noll al% .07% 4.4% 0.0% 03% 0.01E 0.0% 0.0% Petal 3.1% 3.2% 2.1% OA% 03% 0.0% 0.0% 0.0% Web 5ile Costs 1.2% 0,5% 1.2% 1.0% 1.4% 1.3% 1.8% 1.5% Stall Gads Dedvieting 94% 17% 0.8% 9.3% 11.0% 10.1% 9.2% 8.5% $tall Gods Publicity 1.9% 2.0% 1.7% 2.3% 34% 3,8% 9.1% 2.9% Ila/kalin° Costs 3.5% 34% 2.6% 2.6% 4.59E 3.8% 3.3% 3.1% Total Sales and Mastoung Overheads 182% 167% 15.6% 16.4% 20.3% 19.0% 17.3% 16.0% CONTRIBUT411 >3.0% 331% 320% 29.9% 111% 204% 341% 334% /obtain° and Omani Orarheads Siall Coals Boolunalona 8.0% 7.5% 6.6% 8.1% 92% 10.2% 9.2% 8.5% 134020P100.418 0.0% 1.2% 03% 0.5% 0.7% 05% 0.8% 0.8% alb! of An/Pattie 004 0.0% 0.2% 0.0% 14% 22% 2.2% 2.1% Stall Goals lAantrgemeni Secedes 8.1% 7.7% 8.1% 7.5% 11.0% 11.9% 10.7% 94% 09X0 Space and Fumes 65% 6.0% 5.7% 5.2% 5.7% SA% 5.2% AA% Rnancal and Pratossenal 2.6% 1.9% 2.3% 3.1% 33% 2.5% 2.2% 2.0% Total Publishing and Canada Overheads 232% 24.2% 21.2% 243% 324% 33.2% 30.1% 27.1% Prey( Settee Exchange 6.4% SS% 10.9% 40% -13.2% 42% 0.9% 0.4% Erxharge Gan (Lou) 03% 0.2% 0.2% 1.9% 029E 0.0% 0.0% 0.0% (ProICIASS On Deposal of Mtet 00% 0.0% 0.1% 0.0% 00% 0.0% 0.0% 0.0% OPERATING PROFIT ON ONGOING ACTIVITIES 64% 47% 11.0% 44% -13.4% 4.2% 04% 54% FHS Oasts 4.9% 4.7% 5.5% III% DO% 0.0% 0.0% 0.0% Raaln.Cluang Cosis 0.0% 0.0% 1.0% 2.4% .72% 0.0% 0.0% 0.0% TRADING PROFIT (LOSS) 1.7% 4.0% 44% -9.1% -54% 42% 04% 5.6% Den asco(nt Bad added 4.2% 0.0% 00% 00% 0.0% 0.0% imams Reachable 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% interes Payable 0.6% .0.4% 0.4% .0.5% 0.59E 0.0% 0.0% 0.0% Rooneleg 00% 0.0% 0.0% 0.0% 00% 0.0% 0.0% 0.0% Told pax IrKenle @PM* -24% -04% 4.5% .0.5% OA% 0.0% 00% PROFIT BEFOftE TAX 4.8% UM 4.0% .9.5% 4.1% 4.2% 0.9% 5.6% Provision (2.20241)for Tapas 0.4% 0.6% 0.7% 02% 00% 0.0% 0.2% 1.2% NET PROFIT (L053) -12% 1.3% 47% 44% 4.1%, 42% 0.7% 4.4% EFTA00596788 DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information DIP L-1 4 A; INCOME STATEMENT TREND ANALYSIS PHAIDON PRESS LIMITED FOR THE YEARS MOW JUNE 30. ..-.-... .-.-.. .-. -.. .....-... .. .. ...---. 2011 2012 2019 2014 2015 2018 2017 TOTAL SALES SS% 4.9% 43.9% 4.0% 18.3% 13.5% 11.7% COST °FULLS WI Coal 19.8% 17.8% 4.3% 7.5% 15.5% 10.3% 11.7% Floyalbas 11.0% 5.8% 35.9% 344% 1.9% 19.5% 11.9% ConiMpocdPioetilan -100.0% NA WA WA NA .393% TOTAL COST OF SALES 17.6% 15.9% -11.7% 11.1% 11.9% 11.1% iirk Piovlslena(Nell -11:00% NA 17104% -47.4% -100.0% NA WA GROSS MARGIN 16.0% 4.4% .234% 631E 29.4% 15.0% lin Variable Indlrota COMB &dor and FM9ht S5.8% .10.6% 12.1% 90.0% -4.5% 13.3% 2.9% Traci Party Saps Coni.nsr.d, 14.2% 3.4% 11.1% 25.69E 9.1% 13.5% 3.0% Mid Parry Oistabuhan 14.2% •10.11% SS% 30.1% 13.5% 3.0% Rai" 21.31E 0.9% -174% 1.1% .33.2% 13.5% 2.9% Coop WaslaRing -223% 52.3% 4.4% -114% 45.3% 0.0% 2.9% CittriMOn. Phaidon .27% 4.1% 40.3% 49.7% 3.9% Taal Variable Indirect Costs 10.1% 4.7% 4.0% SA% 2.1% 68% 3.0% Margin Less Variable Indeed Coals 110% GT% 417% 34% 405% 144% 14.0% Sales and Mottling Overheads Ondda.noi Lni Fed: i`n.: 459.1% 45.5% 101.1% -W00% 100.0% NA NA Real 21.01E 40.3% 414.9% 23.71E -100.0% NA NA Web Sie Costs -63.3% 133.3% 28.9% -166% 10.6% 39.0% 3.0% Sian Cools B00kael Mp 7.1% 4.8% -7.6% 23.1% 19% 3.9% 3.0% Stall Coals Putdcry 19.7% -10.4% 19.4% 523% 30.5% 42% 3.1% liailuridd Costs 4.1% .12.6% 7'67% 0.0% 3.1% ToW SaWs and markohng Overheads 27% 46% .10.9% 29.0% 108% 38% 3.0% CONTRIBUT9011 27.7% 1.6% -374% -144% 720% 254% 201% Publishaw and General Overheads Stall Coals Bangnakna 661E 7.6% 6.2% 15.1% 30.2% IS% 3.0% NAM PrOcknIn NIA -71.9% 59.4% 232% 10.9% 17.0% 2.6% Alias of Aichleane NIA NA 263.6% 1112% 62.4% 102% 3.0% Slall Calla Manndamenl SannCeel 45.9% .16.0% 6.1% 52.5% 27.5% 2.3% 3.0% Onto Space and FacHhos 7.4% -0.6% 4.6% 11.8% 1.5% 1.3% 3.0% Rnancal and Prcloo:caal .17.4% 27.7% 18.4% 9.1% 1.0% 3.0% Total Put4Islung and Canard Overheads MIK 42% 114% 21.0% 10.7% 3.1% 3.0% Groat Before Eat:hang. 50.7% 212% -1234% -357.7% US% 1204% 573.2% Embaege Gan (Loss) -17.5% .192.3% 559.6% .930% 100.0% NA WA (RnalOLOSS On Deposal of Ap.p. NA NA -152.6% 1004% NA HA NA OPERATING PROFIT ON ONGOING ACTNITIES WI% 332% -1372% -101.4% 54.4% MA% 571.2% 6)45 Coals 11.7% 22.0% -71.6% .160.0% WA NA WA Rasloslunng Cops NA NA 106.6% .4325% 100.0% NA WA TRADING PROFIT 0.0(13) 174.1% 10.3% -272.7% 352% 42% 120.4% 573.2% Deep Gscatt Boni POPet4 -10.7% 90.3% 103.0% NA NIA NA NA Inlaroal Accetnada NA 900.0% 400.0% NA eta NA WA Payatio 17.2% 2.9% 40% 100.0% NA NA Roondog NA -200.0% 00% 1000% NA NA Teal peel Ifterne (F4171069/ -32% 73.0% 21.1% 441E 1000% NA NA PROFIT BEFORE TAX 3752% 128.5% 33.6% .03% 110.4% 573.2% Proasion rBanorq for Taus 46.5^. 231.0, . 77.0% 1030% WA NA 5732% NET PROFIT (LOSS) 2±[35. 287.4% .773.7% 32.3% 43% 116.1% 573.2% EFTA00596789  DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT A-4 ADJUSTED EBITDA ANALYSIS PHAIDON PRESS LIMITED FOR THE YEARS ENDED DECEMBER 31, £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 HISTORY HISTORY HISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2011 2012 2013 2014 2015 2016 2017 Total Sales 19,484 22.577 23,679 20.387 21,211 25,094 28.473 31,793 Reported Operating Income 322 897 1,070 (1,848) (1,189) (1.298) 265 1,784 Plus: Depreciation 329 351 326 176 196 389 408 400 Reported EBITDA 651 1.248 1,396 (1,672) (993) (909) 673 2,184 Ad ustments: (Profit)/Loss on Disposal of Assets 0 0 19 (10) 0 0 0 0 FHS Costs 947 1.058 1.291 367 0 0 0 0 Restructuring Costs 0 0 241 498 (1.656) 0 0 0 Impairment of Fixed Assets 0 0 0 0 437 0 0 0 Write-down of Swiss Subsidiary 0 0 0 216 0 0 0 0 Total Adjustments 947 1.058 1.551 1.071 (1.219) 0 0 0 Adjusted EBITDA 1,598 2.306 2,947 (601) (2,212) (909) 673 2,184 Note: Revenue Growth N/A 15.9% 4.9% -13.9% 4.0% 18.3% 13.5% 11.7% Reported Operating Margin 1.7% 4.0% 4.5% -9.1% -5.6% -5.2% 0.9% 5.6% Reported EB1TDA Margin 3.3% 5.5% 5.9% -8.2% -4.7% -16% 2.4% 6.9% Adjusted EBITDA Margin 8.2% 10.2% 12.4% -29% -10.4% -16% 2.4% 6.9% EFTA00596790 DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 6-I COMPARATIVE BALANCE SHEETS PHAID•N PRE LIMITED 4'000 4000 0800 V000 2'000 r000 C000 6'000 H1510112 HISTORY HISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 200 2012 2013 2014 2015 2016 2017 Caish al Bank end le Hand 191 284 130 129 1.403 1.403 1.403 1.403 Aotcorlt Aneroid* IDebtOn1) 2388 5.307 4.288 3.891 4,301 13.400 8.541 6.841 Ineoelog ISlogsl 10.420 11.318 11.874 11.320 10803 10.995 10.882 10.70(1 I.Howntel Royally/awes 381 397 549 549 515 531 538 550 Sundry Dobiors 502 568 479 263 241 256 241 241 Delayed Tv 106 250 178 251 261 261 261 251 Cniporallan Tax 0 0 313 59 51 53 51 51 Pro.Paymonis 669 514 477 477 490 495 496 495 Rounding 0 0 0 0 (11 0 0 0 Total Currant Assets 15.217 18436 18.266 16.749 18.054 20,394 26.410 20.350 Oportn; Malone Coll 3.987 4.245 4498 4,553 4.331 2.264 2.938 3.339 Exchargc AOHsznont 50 22 139) (191 (991 0 0 0 AOIR4tax 398 313 367 241 726 654 400 400 Disoasals (1901 Pal) 1163) (5441 (2,6781 0 0 0 1492tio koala 4.245 4.498 4.663 4.331 2.284 2.938 3,336 3.738 ten PccooulattH Deoreeuton (3.4041 134330) 13.1383) (3.891/ (1.5801 17599) 12.357) (2.757/ 1444 Reed Anal* 841 798 770 840 724 969 961 981 AceLenulaled Fret Cash Flow (4,201) 13,735) (2.097) TOTAL ASSETS 16,058 19,434 19,036 17,389 18,778 17,182 17,656 19,234 LIABILMES 8 SHAREHOLDERS' EQUITY Oat* Otoo1r/A 2.440 2.531 2,074 1.923 0 0 0 0 Olata Ostot, 677 1.027 537 187 355 348 388 388 Acottnts Payse10,018al 2 635 4.296 4.125 2.850 3.818 3.811 4.072 4.200 Royaben Payable 276 489 383 328 541 491 567 550 TA, and 549491 Soosty 83 374 157 157 166 151 151 151 Tv Poets 118 344 0 0 0 0 0 0 Delayed Income 207 893 1.067 549 699 557 567 500 MORMIOS 1.031 493 577 540 1.177 996 996 1.000 Rounding 0 9 0 0 (21 0 0 0 Total Currant LlabdIdos 7.527 10,451 8.920 5.732 6.752 6.412 6,719 5.887 Haopagance 2.005 1.843 1.911 1.974 1.765 1.807 1.765 1.755 Can Paean Bond 3.599 3.992 0 0 0 0 0 0 Shaecitdor Loan 0 0 0 0 2.529 2529 zus 2.529 Ranting 0 0 0 (II (II 0 0 0 Total Other LiXtalallos 5,604 5855 1.911 1.973 4,293 4.336 4,294 4,294 TOTAL LIABILITIES 13.131 18308 10831 8,705 11.045 10.748 11.013 11.191 Cd1DD JD Swe CH"., 53 53 60 80 60 60 80 80 Pot Poo $4.,44 Coral 0 0 0 2.111 0 0 0 0 Slitra Pr000rt 0 0 4.000 4.000 6.110 6.110 8.110 8.110 Dola are U ,55 Xcyautt., 2.874 3075 4.145 2.513 1.563 284 473 1.883 Total Shmeholclers• Egully 2.927 3.128 0206 9.884 7.733 8.434 6.843 9.053 TOTAL LIABILITIES & SHARE/401DM' EOUiTY 16,058 19,434 19.036 17.389 18,778 17.162 17.656 19,234 EFTA00596791 DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHISIT B 2 COMMON•SIZ_ED BALANCE SHEETS - HAI • •/.1 LI ITED HISTORY HISTORY SSTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2011 2017 2013 2014 2015 3016 2017 ASSET5 Cash al Bookend h Hand 12% I5, . 0.7% 0.7% 75% 8.2% 7.9% 7.3% AccioNe ReoeHet4e t0e0eers) 185% 27.3% 22.4% 212% 229% 37.2% 37.0% 345% Invenloiy 1310041 84.9% 512% 62.4% 85.1% 574% 04.0% 61.6% 55.7% Unowned Rangy A0yancee 22% 2.0% 2.9% 3.2% 27% 11% 3.0% 2.9% Sundry Dobiors 3.1% 2.9% 2.5% 1.5% 1.3% 15% 1.4% 1.3% WPM," Tax 0.7% 1.3% 0.9% 1.5% 14% 13% 1.5% IA% Comoraisan Tax 0.0% 0.0% 1.6% 0.3% 0.3% 0.3% 0.3% 0.3% PmA.rym•nms 4.2% 2.6% 2.5% 2.7% 22% 2.9% 22% 22% Rooming 0.0% 0.0% 0.0% 0.0% 00% 0.0% 0.0% 0.0% Total Current b1001 942% 95.9% 96.0% 96.3% 941% 110.7% 115.6% 105.0% Opanng Nsionc Cost 912% 21.8% 23.6% 26.0% 23.1% 113% 11.6% 174% Exxnango AtRuurtnet 0.3% 0.1% 4.2% 0.1% 45% 0.0% 0.0% 0.0% 4dd%0ra. 25% 1.6% 1.9% 1.4% 3.9% 32% 2.3% 2.1% 011Posals .1.2% A.5% 4.9% .11% 0.0% 0.0% 0.0% langOla Assets 264% 211% 7.4.4% 24.9% 122% 17.1% 1119% 194% Less Accumulated Deprotiaten 41.2% .190% 40.4% -21.2% 83% .113% .131% .143% NH Med Assets 52% 4.1% 4.0% 3.7% 3.9% 5.8% 58% 5.1% Acoanuleeed Free Ont. Flow 445% .212% .10.1% TOTAL ASSETS 100.011 100.0% 100.0% 100.0% 100.01E 100.0% 100.0% 100.0% & SHAREHOLDERS EQUITY 8461,Ove•ors1t 152% 110% 10.9% 11.1% 0.0% 0.0% 0.0% 0.0% Conte CH46, s 42% 5.3% 2.8% 1.1% 1.9% 22% 2.2% 2.0% Acccorls Paret4e tOtHROs) 16.4% 221% 21.7% 16.4% 203% 223% 23.1% 21.0% %Ribes Pay-HoLo 1.7% 25% 2.0% 1.9% 29% 2.9% 3.2% 2.9% Tax aM Socal SoRst, 05% 1.9% 0.0% 0.9% 0.9% 0.9% 0.9% 0.0% Tax Pa)atIo 0.7% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Wetted Hoorn* 1.3% 4.6% 52% 3.7% 17% 32% 3.2% 3.1% Accruat 62% 2.5% 3.0% 3.7% 62% 5.0% 5.6% 52% ROuriOn, 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% OA% total 0.1110111Llabillbei 469% 53.0% 46.9% 30.7% 36.0% 37.3% 30.1% 35.8% 0 HOGMarco 125% 9.6% 10.0% 114% 9.4% 10.5% 10.0% 92% Map Discount Bead 224% 20.5% 0.0% OD% 0.0% 0.0% 0.0% OD% SharehOldat Leal 0.0% 0.0% 0.0% OD% 133% 14.7% 11.3% 13.1% Rcurcan; 0.0% 0.0% 0.0% OA% 0.0% 0.0% 0.0% OR% Total Other 1.10bihtieS 349% 30.1% 10.0% 112% 22-9% 25.2% 24.3% 222% 0 TOTAL LIABILRES 818% 819% 504% 50.1% 504% 626% 02.4% 50.1% Cale:Ito Sears Capta. 03% 03% 0.3% 03% 03% 0.3% 0.3% 03% Pro.P.0 Shwa C4PIal 00% 0.0% 0.0% 12.1% 00% 0.0% 0.0% 0.0% Short Prerman Room* 0.0% 00% 21.0% 23.0% 325% 35.6% 34.6% 31.0% Prof.' and Loos Atcowes 174% 15.8% 21.0% 14.5% 83% 1.5% 2.7% 9.8% Tow 34.orenolelow foils 182% 16.1% 43.1% 49.9% 412% 37.4% 37.6% 41.9% TOTAL. mans a SHAREHOLDERS' EQUITY 100.0% 1000% 100.0% 100.0% 1004% 100.0% 100.0% 100.0% EFTA00596792 DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT C COMPARATIVE CASH FLOW STATEMENTS PHAID N E LI EVE V000 CV00 V000 4000 0904 0000 4000 V000 HISTORY HISTORY HISTORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2011 2012 2013 2014 2015 2016 2017 CASH FLOW FROM OPERAING ACT/Yr/1ES °al.-a/Ha Peon: 322 897 1.070 0.8481 (1.1891 11.298) 209 1.409 AdµHmcH110 recorcno Not In:wooto Nei Cash PronSof Iran Operaeng AcitApos Dec(ociailon M Tangibb Eked Assets 329 351 326 176 196 389 408 400 Impairment of lanebb Food Assels 0 0 0 0 437 0 0 0 Picas 0.0201on Sale ol Assels 17 40 19 (101 0 0 0 0 690110 age Oillateces raj (120) 48 339 152 42 142) 0 Oporalirq ProlnYananoo 0 3 0 215 0 0 0 0 Ow) Doc_ p Iweniory (Sloes/ 67 (596) 1558) 554 517 (192) 113 174 Om /Dec 0 Dettors 710 (2.203) 787 797 (2851 12.140) 1129) (1141 Inc (040)41AcCOLete Peyote ce.e.do., 40 2.336 160 (1.916) ISIS C140) 307 160 NH Cosh Provided By (Used In) °doming Ad/Hiles 1 467 410 1.631 (1.7531 1.441 0.647) 003 2.037 CASH PLOW FROLIINVESTINO ACTIVIDES Purchased Fixed ASSN! (ooto (312) 1387) (244) (726) (654) 1400) (400) Sale 01 Fited AsSets 16 0 17 10 0 0 0 0 Interest ReCerced 0 0 10 I 2 0 0 0 Cash DiSpOrie0 wth Subsoisty 0 0 0 (1131 0 0 0 0 NH Cosh P/ovkled By (Used In) Investing AchHINS .3021 (312) 1340) (346) (7241 (664) 400) (400) CASH FLOW FROM FINANCING ACTIVITIES Iniereol Paid (1161 (96) 1104) (10 / (491 Tax Paid (225) 1361) 240 0 Shareholder Loan (5001 MOO) 2329 Pie Paa Peoktonos smuts 0 0 2.11 0 ntapaymom oi coop Pscouni Eked 0 14.000) 0 Isstoot otar44 Share. 0 7 0 ISSo)Ot PrOlOrerCO Snare. 0 4.000 0 I t Cash Provided By (Used In) Financing Aolvenlos (8411 (96) 1988) 2.24 2480 NET INCREASE (DECREASE) IN CASH 234 2 303 IS 3.197 (4.201) 466 1.63 Free cash 4134 4.201 1466) (1.63 13sonnsti Wen .2483) i2.24 t2.247) (;I.7941 1.403 1.403 1.40 Encr0 Coon .2 2491 R.24n III944 ii1:7141) 1,403 1.403 1.40 EFTA00596793 DRAFT - 11/26/14 Subject to Change Upon Receipt of Additional Information EXHIBIT 0 SELECTED FINANCIAL RATIOS PHAID • N PR FOR THE YEARS ENDED JUNE 30. HISTORY HISTORY -STORY HISTORY HISTORY PROJECT PROJECT PROJECT 2010 2011 2012 2013 2014 2015 2016 2017 LANINef Reilp Cineel Ratio 20 2.0 2.5 27 3.2 3.0 30 Ouel. Rape 0.4 05 0.5 0.6 0.8 1.2 1.2