FINANCIAL STATEMENT (Based on Article) 1999

Net sales $ 237.00

Cost of sales $ 145.30
Gross profit $ 91.80
Selling, general & Administrative expenses $ 82.90
Earnings before interest and taxes $ 8.90
Net income $ 8.00

Working capital $ 42.80

Total assets $ 150.60
Long-term debt and obligations $ 16.70
Stockholders' equity $ 89.40

Per-share figures:
Sales $ 31.34
Earnings $ 1.06
Book equity $ 11.82

Gross margin 38.70%

Operating margin 3.80%
Net Income margin 3.40%
Asset turnover 1.6
Working capital turnover 5.5
ROA 3.5%
ROE 8.9%
30-Year Treasury Bonds 6.5%

Capital Expenditure 1998

Property, plant and equipment $ 63,451.00
Investments $ 303.00
Other Assets $ 3,438.00
Non-Current Assets $ 67,192.00

Working Capital 1998

Cash and cash equivalents $ 25,111.00
Short term investments $ 22,118.00
Accounts receivable $ 11,338.00
Inventories $ 13,090.00
Deferred income taxes $ 7,547.00
Prepaid expenses and other current assets $ 3,105.00
Total current assets $ 82,309.00

Accounts payable and accrued expenses $ 28,662.00

Current portion of long-term debt and
obligations under capital leases $ 5,266.00
Total current liabilities $ 23,396.00
Working Capital $ 58,913.00

Cost of Equity = Risk Free + Beta (Market Risk - Risk Free)

1999
Risk Free (30-Year Treasury Bonds) 6.50%
Risk Premium (File: Historical Risk Premium) 2.05%
Beta (File: Beta (Year 2000)) 0.73
COE 0.079965

Cost of Debt = Kd * (1-Tax)

Fed Interest Rate (November 1999) 5.50%
Ben & Jerry's Credit Spread (BBB) 1.60%
Kd 7.10%
Tax 40%
COD 0.0426

WACC 1999
Total Equity $ 89.40
Total Debt $ 61.20
Total 150.6
WACC = (Ke x We) + (Kd x (1-T) x Wd) 0.0647808167

Kasus Merger Ben & Jerry's

Jumlah Saham 7561089
EAT (million) $ 8,000,000.00
EPS $ 1.06
1 lembar saham Ben & Jerry's ditukar dengan 1.06/1.88 lembar saham Unilever
Penerbitan saham baru 4254863
Jumlah saham Unilever 3487391743
EAT (Exclude Sinergi) $ 6,557,000,000.00
Sinergi $ 100,000,000.00
EAT (with Sinergi) $ 6,657,000,000.00
EPS (with sinergi) $ 1.91
EPS (Exclude Synergy) $ 1.88
Pemegang Saham Ben & Jerry's $ 1.07

Pemegang saham Unilever akan mendukung merger, sebab $1.91 > $1.88
Pemegang saham Ben & Jerry's akan mendukung merger, sebab $1.07 > $1.06
 1998 1997 1996 1995
$ 209.20 $ 174.20 $ 167.20 $ 155.30
$ 136.20 $ 114.30 $ 115.20 $ 109.10
$ 73.00 $ 59.90 $ 51.90 $ 46.20
$ 63.90 $ 53.50 $ 45.50 $ 36.40
$ 9.10 $ 6.40 $ 6.40 $ 9.80
$ 6.20 $ 3.90 $ 3.90 $ 5.90

$ 48.40 $ 51.40 $ 50.10 $ 51.00

$ 149.50 $ 145.50 $ 136.70 $ 131.10
$ 20.50 $ 25.70 $ 31.10 $ 32.00
$ 90.90 $ 86.90 $ 82.70 $ 78.50

34.90% 34.40% 31.00% 29.70%

4.30% 3.70% 3.80% 6.30%
3.00% 2.20% 2.30% 3.50%
1.4 1.2 1.2 1.2
4.3 3.4 3.3 3
3.7% 2.6% 2.8% 4.5%
6.8% 4.5% 4.7% 7.5%
5.1% 5.9% 6.6% 6.0%

1997 FOCF (Ekuitas) 1998

$ 62,724.00 Net income $ 6,242.00
$ 1,061.00 Depreciation $ 8,181.00
$ 2,606.00 Working Capital $ 3,303.00
$ 66,391.00 Long term Debt $ (5,185.00)
Capital Expenditure $ (801.00)
1997 FOCF $ 11,740.00
$ 47,318.00
$ 481.00 Asumsi: perusahaan akan beroperasi selamanya
$ 12,710.00 PV = FCF/(WACC $ 209,737,349.18
$ 11,122.00 FV = PV(1+WACC)^n $ 223,324,305.96
$ 6,071.00
$ 2,378.00 Ben & Jerry's Outstanding shares
$ 80,080.00 Common A 6759276
Common B 801813
$ 23,266.00 Total 7561089

$ 5,402.00 Unilever
$ 17,864.00 Ordinary NV 571575900
 2400
$ 62,216.00 Ordinary PLC 2911458580
100000
k - Risk Free) Total Outstanding shares
1998
5.10%
2.26%
0.73
0.067498

4.75%
1.60%
6.35%
40%
0.0381

1999 1998
59% $ 90.90 61%
41% $ 58.60 39%
100% 149.5 100%
0647808167 0.0559747706

Unilever
3483136880
$ 6,549,000,000.00
$ 1.88
mbar saham Unilever
4254863
3487391743
6,557,000,000.00
100,000,000.00
6,657,000,000.00
1.91
1.88
1.07

ebab $1.91 > $1.88

sebab $1.07 > $1.06
 1994
$ 148.80
$ 109.80
$ 39.00
$ 36.30
$ 2.80
$ (1.90)

$ 37.50
$ 120.30
$ 32.40
$ 72.50

26.20%
1.90%
-1.30%
1.2
4
1.4%
-2.6%
7.9%

1000

perasi selamanya
209,737,349.18
223,324,305.96

g shares Price per share $ 29.54

Unilever's Offer $ 36.00
Premium $ 6.46
571578300

2911558580
3483136880
Source: http://sec.edg
ource: http://sec.edgar-online.com/ben-jerrys-homemade-inc/10-k-annual-report/1999/03/26/section2.aspx
03/26/section2.aspx