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    Length: 5760 (0x1680)
    Types: TextFile
    Names: »MERGER.MOD«

└─⟦6ae1c04a5⟧ Bits:30004364 SW1656 IFPS/Personal Version 2.10 release 1.1
    └─⟦this⟧ »MERGER.MOD« 

TextFile

COLUMNS 1985..1994
ØØ
ØØ  This model can be used to evaluate the effect that a
ØØ  new organization would have on bottom line earnings if
ØØ  it was purchased.  This design for this analysis would 
ØØ  be to maintain:
ØØ
ØØ      ----------------              ----------------
ØØ      * Database on  *              *  Database on *
ØØ      * Acqusition   *              *  Purchasing  *
ØØ      * Candidate    *              *  Company     *
ØØ      ----------------              -----------------
ØØ                      Ø            /
ØØ                       Ø          /
ØØ                   ====================
ØØ                   *      Model       *
ØØ                   *  to    evaluate  *
ØØ                   *   Acquistion     *
ØØ                   ====================
ØØ
ØØ  For the purpose of simplicity, this analysis shows all
ØØ  three entities combined in one model.  /Personal datafiles
ØØ  and consolidation commands should be used to make this a
ØØ  more generic process.
ØØ
SALES=BUYERS SALES + SELLERS SALES
OPERATING EXPENSES=SALES - EBIT           
EBIT=BUYERS EBIT + SELLERS EBIT
INCOME TAXES ON EBIT=46% * EBIT
OPERATING EARNINGS AFTER TAXES=EBIT-INCOME TAXES ON EBIT
DEPRECIATION=SELLERS DEPRECIATION + BUYERS DEPRECIATION
CAPITAL EXPENDITURES=SELLERS CAPITAL EXPENDITURES + '
                     BUYERS CAPITAL EXPENDITURES
INCREASE IN WORKING CAPITAL=SELLERS INCREASE IN WORKING CAPITAL + '
                            BUYERS INCREASE IN WORKING CAPITAL
ØØ
CASH FLOW=SUM(OPERATING EARNINGS AFTER TAXES..INCREASE IN WORKING CAPITAL)
RESIDUAL VALUE=0 FOR 9,SELLERS RESIDUAL VALUE+BUYERS RESIDUAL VALUE  
ØØ
CASH INFLOWS=CASH FLOW + RESIDUAL VALUE
CASH OUTFLOWS=DEBT ASSUMED - TEMPORARY INVESTMENTS
DEBT ASSUMED=BUYERS DEBT ASSUMED + SELLERS DEBT ASSUMED
TEMPORARY INVESTMENTS=BUYERS TEMPORARY INVESTMENTS+SELLERS TEMPORARY INVESTMENTS
DISCOUNT RATE=12%
INTEREST=BUYERS INTEREST + SELLERS INTEREST
PRESENT VALUE OF EQUITY=NPVC(CASH INFLOWS,DISCOUNT RATE,CASH OUTFLOWS)
NET INCOME=(EBIT - INTEREST) * (1-46%)
EPS=(SELLERS NET INCOME + BUYERS NET INCOME) / '
    ((SELLERS NUMBER OF SHARES * EXCHANGE RATIO) + '
      BUYERS NUMBER OF SHARES)
EXCHANGE RATIO=1.43
ØØ
ØØ    BUYERS STATEMENT
ØØ
BUYERS SALES=675,PREVIOUS + BUYERS SALES INCREASE            
BUYERS OPERATING EXPENSES=BUYERS SALES - BUYERS EBIT
BUYERS EBIT=BUYERS SALES * BUYERS EBIT TO SALES RATIO
BUYERS INCOME TAXES ON EBIT=BUYERS EBIT * 46%
BUYERS OPERATING EARNINGS AFTER TAXES=BUYERS EBIT - '
                          BUYERS INCOME TAXES ON EBIT
BUYERS DEPRECIATION=BUYERS OLD EQPT DEPR + BUYERS NEW EQPT DEPR
BUYERS CAPITAL EXPENDITURES=-BUYERS CAPITAL INTENSITY * '                  
                 BUYERS SALES INCREASE - BUYERS DEPRECIATION
BUYERS INCREASE IN WORKING CAPITAL=-BUYERS WORKING CAPITAL TO SALES * '
                                   BUYERS SALES INCREASE
ØØ
BUYERS CASH FLOW=SUM(BUYERS OPERATING EARNINGS AFTER TAXES..BUYERS INCREASE IN WORKING CAPITAL)
STLINE(-PREVIOUS BUYERS CAPITAL EXPENDITURES,0,10;BUYERS NEW EQPT DEPR)
BUYERS RESIDUAL VALUE=0 FOR 9,BUYERS OPERATING EARNINGS AFTER TAXES / '
                       BUYERS DISCOUNT RATE
ØØ
BUYERS CASH INFLOWS=BUYERS CASH FLOW + BUYERS RESIDUAL VALUE
BUYERS CASH OUTFLOWS=BUYERS DEBT ASSUMED - BUYERS TEMPORARY INVESTMENTS
BUYERS PRESENT VALUE OF EQUITY=NPVC(BUYERS CASH INFLOWS,'
              BUYERS DISCOUNT RATE,BUYERS CASH OUTFLOWS)
BUYERS NET INCOME=(BUYERS EBIT - BUYERS INTEREST) * (1-46%)
BUYERS EPS=BUYERS NET INCOME / BUYERS NUMBER OF SHARES
ØØ
ØØ BUYERS DATA:
BUYERS SALES GROWTH RATE=DATA           
BUYERS SALES INCREASE=DATA
BUYERS EBIT TO SALES RATIO=DATA 
BUYERS OLD EQPT DEPR=DATA  
BUYERS CAPITAL INTENSITY=DATA
BUYERS WORKING CAPITAL TO SALES=DATA
BUYERS DEBT ASSUMED=DATA
BUYERS TEMPORARY INVESTMENTS=DATA
BUYERS DISCOUNT RATE=DATA
BUYERS INTEREST=DATA
BUYERS NUMBER OF SHARES=DATA
ØØ
ØØ    SELLERS STATEMENT
ØØ
SELLERS SALES=57.50,PREVIOUS + SELLERS SALES INCREASE            
SELLERS OPERATING EXPENSES=SELLERS SALES - SELLERS EBIT
SELLERS EBIT=SELLERS SALES * SELLERS EBIT TO SALES RATIO
SELLERS INCOME TAXES ON EBIT=SELLERS EBIT * 46%
SELLERS OPERATING EARNINGS AFTER TAXES=SELLERS EBIT - '
                          SELLERS INCOME TAXES ON EBIT
SELLERS DEPRECIATION=SELLERS OLD EQPT DEPR + SELLERS NEW EQPT DEPR
SELLERS CAPITAL EXPENDITURES=-SELLERS CAPITAL INTENSITY * '                  
                 SELLERS SALES INCREASE - SELLERS DEPRECIATION
SELLERS INCREASE IN WORKING CAPITAL=-SELLERS WORKING CAPITAL TO SALES * '
                                   SELLERS SALES INCREASE
ØØ
SELLERS CASH FLOW=SUM(SELLERS OPERATING EARNINGS AFTER TAXES..SELLERS INCREASE IN WORKING CAPITAL)
STLINE(-PREVIOUS SELLERS CAPITAL EXPENDITURES,0,10;SELLERS NEW EQPT DEPR)
SELLERS RESIDUAL VALUE=0 FOR 9,SELLERS OPERATING EARNINGS AFTER TAXES / '
                       SELLERS DISCOUNT RATE
ØØ
SELLERS CASH INFLOWS=SELLERS CASH FLOW + SELLERS RESIDUAL VALUE
SELLERS CASH OUTFLOWS=SELLERS DEBT ASSUMED - SELLERS TEMPORARY INVESTMENTS
SELLERS PRESENT VALUE OF EQUITY=NPVC(SELLERS CASH INFLOWS,'
              SELLERS DISCOUNT RATE,SELLERS CASH OUTFLOWS)
SELLERS NET INCOME=(SELLERS EBIT - SELLERS INTEREST) * (1-46%)
SELLERS EPS=SELLERS NET INCOME / SELLERS NUMBER OF SHARES
ØØ
ØØ SELLERS DATA:
SELLERS SALES GROWTH RATE=DATA
SELLERS SALES INCREASE=DATA
SELLERS EBIT TO SALES RATIO=DATA
SELLERS OLD EQPT DEPR=DATA
SELLERS CAPITAL INTENSITY=DATA
SELLERS WORKING CAPITAL TO SALES=DATA
SELLERS DEBT ASSUMED=DATA
SELLERS TEMPORARY INVESTMENTS=DATA
SELLERS DISCOUNT RATE=DATA
SELLERS INTEREST=DATA                    
SELLERS NUMBER OF SHARES=DATA
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