EXHIBIT 1

2010 2011 2012 2013

REVENUES 11187.9 15205.9 21588.3 22449.8
COGS 7163.3 9766.8 13757.5 15163.8
GROSS PROFIT 4024.6 5439.1 7830.8 7286

GENERAL AND ADMINISTRATIVES EXPENSES 3024.5 3971.5 5759.3 6559.5

OPERATING INCOME 1000.1 1467.6 2071.5 726.5

INTEREST EXPENSE 60.5 98.8 130.8 150

OTHER EXPENSE, net 29.3 91.8 80.8 52.3
RESTRUCTURING CHARGE, net 324.8
IBIT 910.3 1277 1859.9 199.4
INCOME TAXES 227.6 319.3 465.0 49.9
NET INCOME 682.7 957.8 1394.9 149.6

DILLUTED EARNINGS PER COMMON SHARE 3.4

AVERAGE SHARE OUTSTANDING (DILLUTED)

EXHIBIT 2

assumptions 2017 2018 2019 2020

revenue growth (%) 7.00% 6.50% 6.50% 6.50%
COGS/sales (%) 60.00% 55.00% 55.00% 55.00%
SG&A/sales (%) 28.00% 25.00% 25.00% 25.00%
tax rate (%) 25.00% 25.00% 25.00% 25.00%
current assets/sales (%) 40.00% 40.00% 40.00% 40.00%
current liabilities/sales (%) 12.00% 12.00% 12.00% 12.00%
cost of capital (%) 12.00%
terminal growth value 5.58%
in million dollars
value of company 26826.19
less: curreent outstanding debt 3241.5
equity value 23584.69
current shares outstanding 271.5 million
equity value per share 86.87
current market share price 100

EXHIBIT 3
2015 2016
IN MILLION OF DOLLARS
assets
current assetts
cash and equivalents 254.3 304
accounts receivable 1569.4 1621.4
inventories 1446 1424.1
differed income taxes 111.5 113.3
prepaid expenses 215.2 162.5
total current assets 3596.4 3625.3
property, plant, and equipment, net 1583.4 1618.8
indefiable intangible assets and goodwill, net 410.9 397.3
deferred income taxes and other assets 266.2 178.2
total assets 5856.9 5819.6

liabilities and shareholders' equity

current liabilities
current portion of long term debt 50.1 5.4
notes payable 924.2 855.3
accounts payables 543.8 432
accrued liabilities 621.9 472.1
income taxes payable 21.9
total current liabilities 2140 1786.7

long term debt 470.3 435.9

deffered income taxes and other liabilities 110.3 102.2
redeemable preferred stock 0.3 0.3

shareholders' equity
common stock, par 2.8 2.8
capital in excess of stated value 369 459.4
unearned stock compensation -11.7 -9.9
accumulated other coomprehensive income -111.1 -152.1
retained earnings 2887 3194.3
total shareholders' equity 3136 3494.5
total liabilities and shareholders' equity 5856.9 5819.6
 2014 2015 2016 2017 2018 2019
20625.7 21138.5 22298.7 23859.6 25410.5 27062.2
13733.8 13509.5 14462.3 14315.8 13975.8 14884.2
6891.9 7629 7836.4 9543.8 11434.7 12178.0

6066.5 6516 6724.3 6680.7 6352.6 6765.5

825.4 1113 1112.1 2863.2 5082.1 5412.4

110.3 112.5 146.8

53.8 58 85.3
112.8 6.3
548.5 936.2 880
137.1 234.1 220.0 715.8 1270.5 1353.1
411.4 702.2 660.0 2147.4 3811.6 4059.3
current assets 3625.3 9543.8 10164.2 10824.9
current lliabilities 1786.7 2863.2 3049.3 3247.5
nwc

2021 2022 2023 2024 2025 2026

6.50% 6.00% 6.00% 6.00% 6.00% 6.00%
55.00% 55.00% 55.00% 55.00% 55.00% 55.00%
25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
 2020 2021 2022 2023 2024 2025 2026
28821.2 30694.6 32536.3 34488.4 36557.7 38751.2 41076.3
15851.7 16882.0 17894.9 18968.6 20106.8 21313.2 22592.0
12969.5 13812.6 14641.3 15519.8 16451.0 17438.0 18484.3

7205.3 7673.6 8134.1 8622.1 9139.4 9687.8 10269.1

5764.2 6138.9 6507.3 6897.7 7311.5 7750.2 8215.3

1441.1 1534.7 1626.8 1724.4 1827.9 1937.6 2053.8

4323.2 4604.2 4880.4 5173.3 5483.7 5812.7 6161.4
11528.5 12277.8 13014.5 13795.4 14623.1 15500.5 16430.5
3458.5 3683.4 3904.4 4138.6 4386.9 4650.1 4929.2

pv 1 2 3 4
2017 2018 2019 2020
revenue 21303.22 20257.08 19262.31 18316.40
cogs 12781.93 11141.40 10594.27 10074.02
gross profit 8521.29 9115.69 8668.04 8242.38
net income 1917.29 3038.56 2889.35 2747.46
 5 6 7 8 9 10
2021 2022 2023 2024 2025 2026
17416.93 16483.88 15600.82 14765.06 13974.07 13225.46
9579.31 9066.13 8580.45 8120.78 7685.74 7274.00
7837.62 7417.75 7020.37 6644.28 6288.33 5951.46
2612.54 2472.58 2340.12 2214.76 2096.11 1983.82
financial ratio
2015 2016
LIQUIDITY RATIO
cash & market sec. to total assets 0.043419 0.052237
acid test ratio 0.852196 1.077629
current ratio 1.680561 2.029048
working capital/ sales 0.068898 0.082453

EFFICIENCY
days of inventory 39.06806 35.94148
days receivable 27.09894 26.54016
days payable 14.6924 10.90283

FINANCIAL LEVERAGE
debt to total assets 0.246649 0.222799
debt to common equity 0.443292 0.354601
long-term debt to common equity 0.144317 0.119212
total debt to EBITDA 1.297934 1.165902
EBITDA / interest 9.893333 7.575613
EBIT/ interest 9.893333 7.575613

PROFITABILITY
return to common equity 0.215463 0.1805
return on assets 0.119884 0.11341

GROWTH
sales 0.054886
operating income -0.00081
net income -0.06003

ROE DECOMPOSITION (DUPONT FORMULA)

return on equity 0.2239 0.188868
return on sales 0.033217 0.029598
assets turnover 3.609162 3.831655
leverage 1.867634 1.66536

EXHIBIT 3
2015 2016
IN MILLION OF DOLLARS
assets
current assetts
cash and equivalents 254.3 304
accounts receivable 1569.4 1621.4
inventories 1446 1424.1
differed income taxes 111.5 113.3
prepaid expenses 215.2 162.5
total current assets 3596.4 3625.3
property, plant, and equipment, net 1583.4 1618.8
indefiable intangible assets and goodwill, net 410.9 397.3
deferred income taxes and other assets 266.2 178.2
total assets 5856.9 5819.6

liabilities and shareholders' equity

current liabilities
current portion of long term debt 50.1 5.4
notes payable 924.2 855.3
accounts payables 543.8 432
accrued liabilities 621.9 472.1
income taxes payable 21.9
total current liabilities 2140 1786.7

long term debt 470.3 435.9

deffered income taxes and other liabilities 110.3 102.2
redeemable preferred stock 0.3 0.3

shareholders' equity
common stock, par 2.8 2.8
capital in excess of stated value 369 459.4
unearned stock compensation -11.7 -9.9
accumulated other coomprehensive income -111.1 -152.1
retained earnings 2887 3194.3
total shareholders' equity 3136 3494.5
total liabilities and shareholders' equity 5856.9 5819.6

common equity 3258.8 3656.5

vertical analysis
2010 2011 2012 2013 2014 2015 2016 2017
cogs 0.640272 0.642303 0.637266 0.675454 0.665859 0.639095 0.648571 0.6
gross profits of sales 0.359728 0.357697 0.362734 0.324546 0.334141 0.360905 0.351429 0.4
operating expenses 0.270337 0.261182 0.266779 0.292185 0.294123 0.308253 0.301556 0.28
ebit 0.089391 0.096515 0.095955 0.032361 0.040018 0.052653 0.049873 0.12
net income to sales 0.061024 0.062985 0.064615 0.006662 0.019945 0.033217 0.029598
2018 2019 2020 2021 2022 2023 2024 2025 2026
0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55
0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45
0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
discounted cash flow

cost of capital 12.00%

terminal growth value 5.58%

dcf 2017-2026
2017 2018 2019 2020 2021 2022 2023
Operating Income 2863.153 5082.097 5412.433 5764.241 6138.917 6507.252 6897.687
Taxes 715.7883 1270.524 1353.108 1441.06 1534.729 1626.813 1724.422
NOPAT 2147.365 3811.573 4059.325 4323.181 4604.188 4880.439 5173.265
Capex, net of depreciation
Change in NWC
Free cash flow
Terminal Value
Total flows
Present value of flows
 2024 2025 2026
7311.548 7750.241 8215.256
1827.887 1937.56 2053.814
5483.661 5812.681 6161.442