Download - ST Deutsche Brauerei Cohort 7
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Introduction
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Assumptions
Exhibit 1
Deutsche Brauerei
Forecast Assumptions
Assumptions 1999 2000 2001
(Actual) (Actual) (Proj'd)
Sales Growth: Germany 2.50% 3.11% 3.00%
Sales Growth: Ukraine 312.00% 47.20% 45.00%Operating Margin: Germany 6.20% 6.10% 7.00%
Operating Margin: Ukraine 6.20% 6.10% 7.00%
Capital Expenditures/Sales 6,980
Excise Duties to Sales
Depreciation to Gross PPE
Dividend Payout
Melded Interest Rate
Average Tax Rate
Cash to SalesDays Sales Outstanding:
Germany
Ukraine
Allowance for Doubtful Accounts
as a % of Accts. Rec.
Payables to Sales
Inventories to Sales
Other Current Liabs. to Sales 11.
11.
2.0
5.0
14.
12.
9
4
10.
75.
6.5
35.
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Exhibit 1
Exhibit 1
DEUTSCHE BRAUEREI
Historical and Projected Income Statements
Fiscal Year Ended December 31; all figures in thousands
1997 1998 1999 2000(Actual) (Actual) (Actual) (Actual)
1 Sales: Germany 62,032 62,653 64,219 66,216
2 Sales: Ukraine - 4,262 17,559 25,847
3 Net Sales 62,032 66,915 81,779 92,064
Operating Expenses:
4 Production Costs and Expenses 32,258 35,366 44,271 49,827
5 Admin. and Selling Expenses 12,481 13,014 16,274 18,505
6 Depreciation 3,609 4,314 5,844 6,068
7 Excise duties 9,143 9,108 10,486 11,557
8 Total Operating Expenses (57,491) (61,802) (76,874) (85,957)
9 Operating Profit 4,541 5,113 4,904 6,106
10 Allowance for Doubtful Accounts (5) (7) (38) (24)11 Interest Expense (1,185) (1,064) (1,046) (1,304)
12 Earnings Before Taxes 3,351 4,042 3,821 4,779
13 Income Taxes (1,132) (1,396) (1,510) (1,864)
14 Net Earnings 2,219 2,646 2,311 2,915
Dividends on :
15 Dividends to All Common Shares 1,669 1,988 1,734 2,186
16 Retentions of Earnings 550 658 577 729
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Exhibit 1
Exhibit 1 -contd-
DEUTSCHE BRAUEREI
Historical and Projected Balance Shee
Fiscal Year Ended December 31; all figures in thousands
1997 1998 1999 2000(Actual) (Actual) (Actual) (Actual)
Assets1 Cash 5,366 8,183 9,813 11,048
2 Accounts Receivable
Germany 6,933 7,142 7,222 7,517
Ukraine - 424 4,090 6,168
Allowance for Doubtful Accounts (69) (76) (113) (137)
3 Inventories 6,133 6,401 7,817 12,889
4 Total Current Assets 18,363 22,075 28,829 37,485
5 Investments & Other Assets 3,102 3,189 3,416 3,520
6 Gross Property Plant & Equipt. 58,435 58,435 60,682 60,682
7 Accumulated Depreciation (23,404) (27,719) (33,562) (39,631)
8 Net Property Plant & Equipt. 35,031 30,716 27,120 21,052
9 Total Assets 56,496 55,981 59,365 62,057
Liabilities and Stockholders' Equity:10 Bank Borrowings (Short Term) 2,987 10,236 12,004 13,089
11 Accounts Payable 3,578 3,755 4,103 4,792
12 Other Current Liabilities 7,397 7,361 8,996 10,12713 Total Current Liabilities 13,962 21,352 25,103 28,009
14 Long Term Debt: Bank Borrowings 16,107 7,544 6,601 5,658
15 Shareholders' Equity 26,427 27,085 27,661 28,390
16 Total Liabs. & Stockholders' Equity 56,496 55,981 59,365 62,057
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Exhibit 1
2001 2002
(Proj'd) (Proj'd)
12,682 14,277
7,661 7,891
9,241 12,014
(338) (398)
14,795 16,656
44,042 50,439
3,500 3,500
67,663 74,485
(46,397) (53,845)
21,266 20,639
68,808 74,579
17,862 21,372
5,284 5,949
11,625 13,08734,771 40,407
4,715 3,772
29,321 30,399
68,808 74,579
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Exhibit 2
DEUTSCHE BRAUEREI
Historical Exchange Rates: Ukrainian Hryvna versus Deutsche Marks and Euros
-
0.20
0.40
0.60
0.80
1.00
1.20
4/3/1997
7/3/1997
10/3/1997
1/3/1998
4/3/1998
7/3/1998
10/3/1998
1/3/1999
4/3/1999
7/3/1999
10/3/1999
1/3/2000
4/3/2000
7/3/2000
10/3/2000
DM Deutsche Marks per 1 Ukrainian Hryvna
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4/9/1997 0.93 4/9/1997 0
4/10/1997 0.93 4/10/1997 0
4/11/1997 0.93 4/11/1997 0
4/12/1997 0.93 4/12/1997 0
4/13/1997 0.93 4/13/1997 0
4/14/1997 0.93 4/14/1997 0
4/15/1997 0.94 4/15/1997 0
4/16/1997 0.93 4/16/1997 0
4/17/1997 0.94 4/17/1997 0
4/18/1997 0.93 4/18/1997 0
4/19/1997 0.93 4/19/1997 0
4/20/1997 0.93 4/20/1997 04/21/1997 0.93 4/21/1997 0
4/22/1997 0.93 4/22/1997 0
4/23/1997 0.93 4/23/1997 0
4/24/1997 0.93 4/24/1997 0
4/25/1997 0.93 4/25/1997 0
4/26/1997 0.94 4/26/1997 0
4/27/1997 0.94 4/27/1997 0
4/28/1997 0.94 4/28/1997 0
4/29/1997 0.96 4/29/1997 04/30/1997 0.95 4/30/1997 0
5/1/1997 0.95 5/1/1997 0
5/2/1997 0.96 5/2/1997 0
5/3/1997 0.96 5/3/1997 0
5/4/1997 0.96 5/4/1997 0
5/5/1997 0.95 5/5/1997 0
5/6/1997 0.95 5/6/1997 0
5/7/1997 0.95 5/7/1997 0
5/8/1997 0.94 5/8/1997 0
5/9/1997 0.93 5/9/1997 0
5/10/1997 0.92 5/10/1997 0
5/11/1997 0.92 5/11/1997 0
5/12/1997 0.92 5/12/1997 0
5/13/1997 0 92 5/13/1997 0
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5/31/1997 0.92 5/31/1997 0
6/1/1997 0.92 6/1/1997 0
6/2/1997 0.93 6/2/1997 0
6/3/1997 0.93 6/3/1997 0
6/4/1997 0.93 6/4/1997 0
6/5/1997 0.93 6/5/1997 0
6/6/1997 0.93 6/6/1997 0
6/7/1997 0.93 6/7/1997 0
6/8/1997 0.93 6/8/1997 0
6/9/1997 0.92 6/9/1997 0
6/10/1997 0.92 6/10/1997 0
6/11/1997 0.93 6/11/1997 06/12/1997 0.93 6/12/1997 0
6/13/1997 0.93 6/13/1997 0
6/14/1997 0.94 6/14/1997 0
6/15/1997 0.94 6/15/1997 0
6/16/1997 0.93 6/16/1997 0
6/17/1997 0.94 6/17/1997 0
6/18/1997 0.93 6/18/1997 0
6/19/1997 0.93 6/19/1997 0
6/20/1997 0.93 6/20/1997 06/21/1997 0.93 6/21/1997 0
6/22/1997 0.93 6/22/1997 0
6/23/1997 0.93 6/23/1997 0
6/24/1997 0.93 6/24/1997 0
6/25/1997 0.93 6/25/1997 0
6/26/1997 0.93 6/26/1997 0
6/27/1997 0.93 6/27/1997 0
6/28/1997 0.94 6/28/1997 0
6/29/1997 0.94 6/29/1997 0
6/30/1997 0.94 6/30/1997 0
7/1/1997 0.94 7/1/1997 0
7/2/1997 0.94 7/2/1997 0
7/3/1997 0.95 7/3/1997 0
7/4/1997 0 94 7/4/1997 0
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7/22/1997 0.98 7/22/1997 0
7/23/1997 0.98 7/23/1997 0
7/24/1997 0.99 7/24/1997 0
7/25/1997 0.99 7/25/1997 0
7/26/1997 0.99 7/26/1997 0
7/27/1997 0.99 7/27/1997 0
7/28/1997 0.99 7/28/1997 0
7/29/1997 0.99 7/29/1997 0
7/30/1997 0.99 7/30/1997 0
7/31/1997 0.99 7/31/1997 0
8/1/1997 1.00 8/1/1997 0
8/2/1997 1.00 8/2/1997 08/3/1997 1.00 8/3/1997 0
8/4/1997 1.01 8/4/1997 0
8/5/1997 1.01 8/5/1997 0
8/6/1997 1.02 8/6/1997 0
8/7/1997 1.01 8/7/1997 0
8/8/1997 1.01 8/8/1997 0
8/9/1997 1.00 8/9/1997 0
8/10/1997 1.00 8/10/1997 0
8/11/1997 1.00 8/11/1997 08/12/1997 1.00 8/12/1997 0
8/13/1997 1.00 8/13/1997 0
8/14/1997 0.99 8/14/1997 0
8/15/1997 0.99 8/15/1997 0
8/16/1997 0.98 8/16/1997 0
8/17/1997 0.98 8/17/1997 0
8/18/1997 0.98 8/18/1997 0
8/19/1997 0.99 8/19/1997 0
8/20/1997 1.00 8/20/1997 0
8/21/1997 1.00 8/21/1997 0
8/22/1997 0.98 8/22/1997 0
8/23/1997 0.98 8/23/1997 0
8/24/1997 0.98 8/24/1997 0
8/25/1997 0 98 8/25/1997 0
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9/12/1997 0.96 9/12/1997 0
9/13/1997 0.95 9/13/1997 0
9/14/1997 0.95 9/14/1997 0
9/15/1997 0.95 9/15/1997 0
9/16/1997 0.95 9/16/1997 0
9/17/1997 0.95 9/17/1997 0
9/18/1997 0.95 9/18/1997 0
9/19/1997 0.96 9/19/1997 0
9/20/1997 0.95 9/20/1997 0
9/21/1997 0.95 9/21/1997 0
9/22/1997 0.96 9/22/1997 0
9/23/1997 0.96 9/23/1997 09/24/1997 0.95 9/24/1997 0
9/25/1997 0.95 9/25/1997 0
9/26/1997 0.94 9/26/1997 0
9/27/1997 0.94 9/27/1997 0
9/28/1997 0.94 9/28/1997 0
9/29/1997 0.94 9/29/1997 0
9/30/1997 0.94 9/30/1997 0
10/1/1997 0.94 10/1/1997 0
10/2/1997 0.94 10/2/1997 010/3/1997 0.95 10/3/1997 0
10/4/1997 0.94 10/4/1997 0
10/5/1997 0.94 10/5/1997 0
10/6/1997 0.94 10/6/1997 0
10/7/1997 0.94 10/7/1997 0
10/8/1997 0.94 10/8/1997 0
10/9/1997 0.93 10/9/1997 0
10/10/1997 0.93 10/10/1997 0
10/11/1997 0.94 10/11/1997 0
10/12/1997 0.94 10/12/1997 0
10/13/1997 0.94 10/13/1997 0
10/14/1997 0.94 10/14/1997 0
10/15/1997 0.94 10/15/1997 0
10/16/1997 0 93 10/16/1997 0
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11/3/1997 0.93 11/3/1997 0
11/4/1997 0.92 11/4/1997 0
11/5/1997 0.92 11/5/1997 0
11/6/1997 0.92 11/6/1997 0
11/7/1997 0.91 11/7/1997 0
11/8/1997 0.91 11/8/1997 0
11/9/1997 0.91 11/9/1997 0
11/10/1997 0.91 11/10/1997 0
11/11/1997 0.91 11/11/1997 0
11/12/1997 0.91 11/12/1997 0
11/13/1997 0.91 11/13/1997 0
11/14/1997 0.92 11/14/1997 011/15/1997 0.92 11/15/1997 0
11/16/1997 0.91 11/16/1997 0
11/17/1997 0.92 11/17/1997 0
11/18/1997 0.91 11/18/1997 0
11/19/1997 0.90 11/19/1997 0
11/20/1997 0.89 11/20/1997 0
11/21/1997 0.92 11/21/1997 0
11/22/1997 0.92 11/22/1997 0
11/23/1997 0.92 11/23/1997 011/24/1997 0.92 11/24/1997 0
11/25/1997 0.93 11/25/1997 0
11/26/1997 0.93 11/26/1997 0
11/27/1997 0.94 11/27/1997 0
11/28/1997 0.93 11/28/1997 0
11/29/1997 0.93 11/29/1997 0
11/30/1997 0.93 11/30/1997 0
12/1/1997 0.94 12/1/1997 0
12/2/1997 0.94 12/2/1997 0
12/3/1997 0.94 12/3/1997 0
12/4/1997 0.91 12/4/1997 0
12/5/1997 0.94 12/5/1997 0
12/6/1997 0.94 12/6/1997 0
12/7/1997 0 94 12/7/1997 0
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12/25/1997 0.94 12/25/1997 0
12/26/1997 0.94 12/26/1997 0
12/27/1997 0.94 12/27/1997 0
12/28/1997 0.94 12/28/1997 0
12/29/1997 0.94 12/29/1997 0
12/30/1997 0.94 12/30/1997 0
12/31/1997 0.94 12/31/1997 0
1/1/1998 0.95 1/1/1998 0
1/2/1998 0.95 1/2/1998 0
1/3/1998 0.95 1/3/1998 0
1/4/1998 0.95 1/4/1998 0
1/5/1998 0.95 1/5/1998 01/6/1998 0.94 1/6/1998 0
1/7/1998 0.94 1/7/1998 0
1/8/1998 0.96 1/8/1998 0
1/9/1998 0.95 1/9/1998 0
1/10/1998 0.96 1/10/1998 0
1/11/1998 0.96 1/11/1998 0
1/12/1998 0.95 1/12/1998 0
1/13/1998 0.96 1/13/1998 0
1/14/1998 0.96 1/14/1998 01/15/1998 0.96 1/15/1998 0
1/16/1998 0.96 1/16/1998 0
1/17/1998 0.96 1/17/1998 0
1/18/1998 0.96 1/18/1998 0
1/19/1998 0.96 1/19/1998 0
1/20/1998 0.96 1/20/1998 0
1/21/1998 0.96 1/21/1998 0
1/22/1998 0.94 1/22/1998 0
1/23/1998 0.93 1/23/1998 0
1/24/1998 0.93 1/24/1998 0
1/25/1998 0.92 1/25/1998 0
1/26/1998 0.92 1/26/1998 0
1/27/1998 0.93 1/27/1998 0
1/28/1998 0 93 1/28/1998 0
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2/15/1998 0.93 2/15/1998 0
2/16/1998 0.93 2/16/1998 0
2/17/1998 0.93 2/17/1998 0
2/18/1998 0.92 2/18/1998 0
2/19/1998 0.92 2/19/1998 0
2/20/1998 0.91 2/20/1998 0
2/21/1998 0.91 2/21/1998 0
2/22/1998 0.91 2/22/1998 0
2/23/1998 0.91 2/23/1998 0
2/24/1998 0.90 2/24/1998 0
2/25/1998 0.89 2/25/1998 0
2/26/1998 0.90 2/26/1998 02/27/1998 0.89 2/27/1998 0
2/28/1998 0.90 2/28/1998 0
3/1/1998 0.90 3/1/1998 0
3/2/1998 0.88 3/2/1998 0
3/3/1998 0.89 3/3/1998 0
3/4/1998 0.89 3/4/1998 0
3/5/1998 0.89 3/5/1998 0
3/6/1998 0.90 3/6/1998 0
3/7/1998 0.90 3/7/1998 03/8/1998 0.90 3/8/1998 0
3/9/1998 0.90 3/9/1998 0
3/10/1998 0.90 3/10/1998 0
3/11/1998 0.90 3/11/1998 0
3/12/1998 0.90 3/12/1998 0
3/13/1998 0.89 3/13/1998 0
3/14/1998 0.89 3/14/1998 0
3/15/1998 0.89 3/15/1998 0
3/16/1998 0.89 3/16/1998 0
3/17/1998 0.89 3/17/1998 0
3/18/1998 0.90 3/18/1998 0
3/19/1998 0.90 3/19/1998 0
3/20/1998 0.90 3/20/1998 0
3/21/1998 0 90 3/21/1998 0
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4/8/1998 0.90 4/8/1998 0
4/9/1998 0.89 4/9/1998 0
4/10/1998 0.89 4/10/1998 0
4/11/1998 0.89 4/11/1998 0
4/12/1998 0.89 4/12/1998 0
4/13/1998 0.89 4/13/1998 0
4/14/1998 0.89 4/14/1998 0
4/15/1998 0.88 4/15/1998 0
4/16/1998 0.88 4/16/1998 0
4/17/1998 0.88 4/17/1998 0
4/18/1998 0.89 4/18/1998 0
4/19/1998 0.89 4/19/1998 04/20/1998 0.89 4/20/1998 0
4/21/1998 0.88 4/21/1998 0
4/22/1998 0.88 4/22/1998 0
4/23/1998 0.88 4/23/1998 0
4/24/1998 0.88 4/24/1998 0
4/25/1998 0.88 4/25/1998 0
4/26/1998 0.88 4/26/1998 0
4/27/1998 0.88 4/27/1998 0
4/28/1998 0.88 4/28/1998 04/29/1998 0.88 4/29/1998 0
4/30/1998 0.88 4/30/1998 0
5/1/1998 0.87 5/1/1998 0
5/2/1998 0.87 5/2/1998 0
5/3/1998 0.87 5/3/1998 0
5/4/1998 0.87 5/4/1998 0
5/5/1998 0.87 5/5/1998 0
5/6/1998 0.87 5/6/1998 0
5/7/1998 0.86 5/7/1998 0
5/8/1998 0.86 5/8/1998 0
5/9/1998 0.87 5/9/1998 0
5/10/1998 0.86 5/10/1998 0
5/11/1998 0.87 5/11/1998 0
5/12/1998 0 86 5/12/1998 0
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7/21/1998 0.84 7/21/1998 0
7/22/1998 0.85 7/22/1998 0
7/23/1998 0.85 7/23/1998 0
7/24/1998 0.84 7/24/1998 0
7/25/1998 0.84 7/25/1998 0
7/26/1998 0.84 7/26/1998 0
7/27/1998 0.84 7/27/1998 0
7/28/1998 0.84 7/28/1998 0
7/29/1998 0.83 7/29/1998 0
7/30/1998 0.83 7/30/1998 0
7/31/1998 0.83 7/31/1998 0
8/1/1998 0.83 8/1/1998 08/2/1998 0.83 8/2/1998 0
8/3/1998 0.83 8/3/1998 0
8/4/1998 0.83 8/4/1998 0
8/5/1998 0.83 8/5/1998 0
8/6/1998 0.83 8/6/1998 0
8/7/1998 0.83 8/7/1998 0
8/8/1998 0.83 8/8/1998 0
8/9/1998 0.83 8/9/1998 0
8/10/1998 0.83 8/10/1998 08/11/1998 0.83 8/11/1998 0
8/12/1998 0.83 8/12/1998 0
8/13/1998 0.83 8/13/1998 0
8/14/1998 0.83 8/14/1998 0
8/15/1998 0.84 8/15/1998 0
8/16/1998 0.84 8/16/1998 0
8/17/1998 0.82 8/17/1998 0
8/18/1998 0.81 8/18/1998 0
8/19/1998 0.80 8/19/1998 0
8/20/1998 0.79 8/20/1998 0
8/21/1998 0.78 8/21/1998 0
8/22/1998 0.78 8/22/1998 0
8/23/1998 0.79 8/23/1998 0
8/24/1998 0 79 8/24/1998 0
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9/11/1998 0.54 9/11/1998 0
9/12/1998 0.55 9/12/1998 0
9/13/1998 0.55 9/13/1998 0
9/14/1998 0.55 9/14/1998 0
9/15/1998 0.55 9/15/1998 0
9/16/1998 0.55 9/16/1998 0
9/17/1998 0.54 9/17/1998 0
9/18/1998 0.55 9/18/1998 0
9/19/1998 0.55 9/19/1998 0
9/20/1998 0.55 9/20/1998 0
9/21/1998 0.54 9/21/1998 0
9/22/1998 0.54 9/22/1998 09/23/1998 0.54 9/23/1998 0
9/24/1998 0.50 9/24/1998 0
9/25/1998 0.49 9/25/1998 0
9/26/1998 0.50 9/26/1998 0
9/27/1998 0.50 9/27/1998 0
9/28/1998 0.44 9/28/1998 0
9/29/1998 0.44 9/29/1998 0
9/30/1998 0.43 9/30/1998 0
10/1/1998 0.43 10/1/1998 010/2/1998 0.43 10/2/1998 0
10/3/1998 0.43 10/3/1998 0
10/4/1998 0.43 10/4/1998 0
10/5/1998 0.40 10/5/1998 0
10/6/1998 0.40 10/6/1998 0
10/7/1998 0.39 10/7/1998 0
10/8/1998 0.39 10/8/1998 0
10/9/1998 0.40 10/9/1998 0
10/10/1998 0.40 10/10/1998 010/11/1998 0.40 10/11/1998 0
10/12/1998 0.42 10/12/1998 0
10/13/1998 0.43 10/13/1998 0
10/14/1998 0.42 10/14/1998 0
10/15/1998 0 42 10/15/1998 0
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11/2/1998 0.48 11/2/1998 0
11/3/1998 0.48 11/3/1998 0
11/4/1998 0.47 11/4/1998 0
11/5/1998 0.46 11/5/1998 0
11/6/1998 0.45 11/6/1998 0
11/7/1998 0.44 11/7/1998 0
11/8/1998 0.45 11/8/1998 0
11/9/1998 0.45 11/9/1998 0
11/10/1998 0.43 11/10/1998 0
11/11/1998 0.44 11/11/1998 0
11/12/1998 0.43 11/12/1998 0
11/13/1998 0.41 11/13/1998 0
11/14/1998 0.41 11/14/1998 0
11/15/1998 0.41 11/15/1998 0
11/16/1998 0.41 11/16/1998 0
11/17/1998 0.45 11/17/1998 0
11/18/1998 0.44 11/18/1998 0
11/19/1998 0.44 11/19/1998 0
11/20/1998 0.43 11/20/1998 0
11/21/1998 0.43 11/21/1998 0
11/22/1998 0.43 11/22/1998 011/23/1998 0.43 11/23/1998 0
11/24/1998 0.43 11/24/1998 0
11/25/1998 0.45 11/25/1998 0
11/26/1998 0.45 11/26/1998 0
11/27/1998 0.45 11/27/1998 0
11/28/1998 0.45 11/28/1998 0
11/29/1998 0.45 11/29/1998 0
11/30/1998 0.45 11/30/1998 0
12/1/1998 0.45 12/1/1998 012/2/1998 0.45 12/2/1998 0
12/3/1998 0.45 12/3/1998 0
12/4/1998 0.43 12/4/1998 0
12/5/1998 0.44 12/5/1998 0
12/6/1998 0 44 12/6/1998 0
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12/24/1998 0.45 12/24/1998 0.2294
12/25/1998 0.44 12/25/1998 0.225
12/26/1998 0.44 12/26/1998 0.2232
12/27/1998 0.44 12/27/1998 0.2231
12/28/1998 0.43 12/28/1998 0.222
12/29/1998 0.43 12/29/1998 0.2205
12/30/1998 0.42 12/30/1998 0.2168
12/31/1998 0.42 12/31/1998 0.2159
1/1/1999 0.42 1/1/1999 0.2159
1/2/1999 0.42 1/2/1999 0.2159
1/3/1999 0.42 1/3/1999 0.215
1/4/1999 0.42 1/4/1999 0.2145
1/5/1999 0.42 1/5/1999 0.2135
1/6/1999 0.41 1/6/1999 0.2109
1/7/1999 0.42 1/7/1999 0.2154
1/8/1999 0.43 1/8/1999 0.2196
1/9/1999 0.43 1/9/1999 0.2216
1/10/1999 0.42 1/10/1999 0.2148
1/11/1999 0.41 1/11/1999 0.2119
1/12/1999 0.41 1/12/1999 0.2121
1/13/1999 0.41 1/13/1999 0.20971/14/1999 0.41 1/14/1999 0.2085
1/15/1999 0.41 1/15/1999 0.2077
1/16/1999 0.41 1/16/1999 0.2111
1/17/1999 0.41 1/17/1999 0.2109
1/18/1999 0.41 1/18/1999 0.2099
1/19/1999 0.42 1/19/1999 0.2123
1/20/1999 0.42 1/20/1999 0.2144
1/21/1999 0.42 1/21/1999 0.2133
1/22/1999 0.42 1/22/1999 0.21441/23/1999 0.42 1/23/1999 0.2148
1/24/1999 0.42 1/24/1999 0.2148
1/25/1999 0.42 1/25/1999 0.2147
1/26/1999 0.44 1/26/1999 0.2245
1/27/1999 0 45 1/27/1999 0 2278
-
8/3/2019 ST Deutsche Brauerei Cohort 7
23/46
2/14/1999 0.44 2/14/1999 0.2241
2/15/1999 0.44 2/15/1999 0.2252
2/16/1999 0.44 2/16/1999 0.2264
2/17/1999 0.45 2/17/1999 0.22892/18/1999 0.45 2/18/1999 0.2311
2/19/1999 0.45 2/19/1999 0.2319
2/20/1999 0.46 2/20/1999 0.2358
2/21/1999 0.46 2/21/1999 0.2361
2/22/1999 0.46 2/22/1999 0.2365
2/23/1999 0.47 2/23/1999 0.2395
2/24/1999 0.47 2/24/1999 0.2383
2/25/1999 0.46 2/25/1999 0.2368
2/26/1999 0.46 2/26/1999 0.2372
2/27/1999 0.46 2/27/1999 0.2369
2/28/1999 0.46 2/28/1999 0.2365
3/1/1999 0.47 3/1/1999 0.2384
3/2/1999 0.47 3/2/1999 0.2392
3/3/1999 0.46 3/3/1999 0.2362
3/4/1999 0.46 3/4/1999 0.2362
3/5/1999 0.46 3/5/1999 0.2355
3/6/1999 0.46 3/6/1999 0.23553/7/1999 0.46 3/7/1999 0.2357
3/8/1999 0.46 3/8/1999 0.2352
3/9/1999 0.46 3/9/1999 0.2346
3/10/1999 0.45 3/10/1999 0.2318
3/11/1999 0.45 3/11/1999 0.2323
3/12/1999 0.45 3/12/1999 0.231
3/13/1999 0.45 3/13/1999 0.2305
3/14/1999 0.45 3/14/1999 0.2306
3/15/1999 0.45 3/15/1999 0.22973/16/1999 0.45 3/16/1999 0.2323
3/17/1999 0.45 3/17/1999 0.23
3/18/1999 0.45 3/18/1999 0.2292
3/19/1999 0.45 3/19/1999 0.2311
3/20/1999 0 45 3/20/1999 0 2318
-
8/3/2019 ST Deutsche Brauerei Cohort 7
24/46
4/7/1999 0.44 4/7/1999 0.2233
4/8/1999 0.44 4/8/1999 0.2225
4/9/1999 0.44 4/9/1999 0.2225
4/10/1999 0.44 4/10/1999 0.22294/11/1999 0.44 4/11/1999 0.2232
4/12/1999 0.44 4/12/1999 0.2227
4/13/1999 0.44 4/13/1999 0.2244
4/14/1999 0.44 4/14/1999 0.2258
4/15/1999 0.45 4/15/1999 0.2288
4/16/1999 0.46 4/16/1999 0.2333
4/17/1999 0.46 4/17/1999 0.2375
4/18/1999 0.46 4/18/1999 0.2376
4/19/1999 0.46 4/19/1999 0.2356
4/20/1999 0.46 4/20/1999 0.2365
4/21/1999 0.46 4/21/1999 0.2372
4/22/1999 0.47 4/22/1999 0.2405
4/23/1999 0.46 4/23/1999 0.2332
4/24/1999 0.47 4/24/1999 0.2411
4/25/1999 0.47 4/25/1999 0.2411
4/26/1999 0.47 4/26/1999 0.241
4/27/1999 0.45 4/27/1999 0.23224/28/1999 0.46 4/28/1999 0.2332
4/29/1999 0.46 4/29/1999 0.2348
4/30/1999 0.46 4/30/1999 0.2351
5/1/1999 0.47 5/1/1999 0.2413
5/2/1999 0.47 5/2/1999 0.2415
5/3/1999 0.47 5/3/1999 0.2411
5/4/1999 0.46 5/4/1999 0.2346
5/5/1999 0.45 5/5/1999 0.231
5/6/1999 0.45 5/6/1999 0.23155/7/1999 0.45 5/7/1999 0.2314
5/8/1999 0.45 5/8/1999 0.2321
5/9/1999 0.45 5/9/1999 0.2322
5/10/1999 0.46 5/10/1999 0.2328
5/11/1999 0 45 5/11/1999 0 2325
-
8/3/2019 ST Deutsche Brauerei Cohort 7
25/46
5/29/1999 0.47 5/29/1999 0.2403
5/30/1999 0.47 5/30/1999 0.2399
5/31/1999 0.47 5/31/1999 0.2403
6/1/1999 0.47 6/1/1999 0.24096/2/1999 0.47 6/2/1999 0.2424
6/3/1999 0.47 6/3/1999 0.2424
6/4/1999 0.48 6/4/1999 0.2438
6/5/1999 0.47 6/5/1999 0.2422
6/6/1999 0.47 6/6/1999 0.2421
6/7/1999 0.48 6/7/1999 0.2442
6/8/1999 0.47 6/8/1999 0.2419
6/9/1999 0.47 6/9/1999 0.2403
6/10/1999 0.47 6/10/1999 0.2399
6/11/1999 0.47 6/11/1999 0.2413
6/12/1999 0.47 6/12/1999 0.241
6/13/1999 0.47 6/13/1999 0.2412
6/14/1999 0.47 6/14/1999 0.2424
6/15/1999 0.48 6/15/1999 0.2436
6/16/1999 0.47 6/16/1999 0.2427
6/17/1999 0.47 6/17/1999 0.2428
6/18/1999 0.48 6/18/1999 0.2436/19/1999 0.47 6/19/1999 0.2415
6/20/1999 0.47 6/20/1999 0.2417
6/21/1999 0.47 6/21/1999 0.2426
6/22/1999 0.48 6/22/1999 0.2432
6/23/1999 0.48 6/23/1999 0.2438
6/24/1999 0.48 6/24/1999 0.2449
6/25/1999 0.47 6/25/1999 0.2424
6/26/1999 0.47 6/26/1999 0.2428
6/27/1999 0.48 6/27/1999 0.2436/28/1999 0.48 6/28/1999 0.2437
6/29/1999 0.48 6/29/1999 0.2447
6/30/1999 0.48 6/30/1999 0.2453
7/1/1999 0.48 7/1/1999 0.245
7/2/1999 0 48 7/2/1999 0 2462
-
8/3/2019 ST Deutsche Brauerei Cohort 7
26/46
7/20/1999 0.48 7/20/1999 0.2437
7/21/1999 0.46 7/21/1999 0.2332
7/22/1999 0.45 7/22/1999 0.2323
7/23/1999 0.47 7/23/1999 0.23997/24/1999 0.47 7/24/1999 0.2393
7/25/1999 0.47 7/25/1999 0.2392
7/26/1999 0.45 7/26/1999 0.2304
7/27/1999 0.43 7/27/1999 0.2213
7/28/1999 0.43 7/28/1999 0.2198
7/29/1999 0.43 7/29/1999 0.2184
7/30/1999 0.42 7/30/1999 0.2125
7/31/1999 0.42 7/31/1999 0.2122
8/1/1999 0.41 8/1/1999 0.2121
8/2/1999 0.42 8/2/1999 0.2124
8/3/1999 0.41 8/3/1999 0.2109
8/4/1999 0.41 8/4/1999 0.2087
8/5/1999 0.41 8/5/1999 0.2083
8/6/1999 0.41 8/6/1999 0.2092
8/7/1999 0.41 8/7/1999 0.21
8/8/1999 0.41 8/8/1999 0.2097
8/9/1999 0.41 8/9/1999 0.21028/10/1999 0.41 8/10/1999 0.2093
8/11/1999 0.41 8/11/1999 0.2104
8/12/1999 0.40 8/12/1999 0.2056
8/13/1999 0.40 8/13/1999 0.2051
8/14/1999 0.41 8/14/1999 0.2103
8/15/1999 0.41 8/15/1999 0.2103
8/16/1999 0.42 8/16/1999 0.2126
8/17/1999 0.42 8/17/1999 0.2153
8/18/1999 0.42 8/18/1999 0.21538/19/1999 0.42 8/19/1999 0.2163
8/20/1999 0.42 8/20/1999 0.2136
8/21/1999 0.42 8/21/1999 0.2141
8/22/1999 0.42 8/22/1999 0.2145
8/23/1999 0 42 8/23/1999 0 2123
-
8/3/2019 ST Deutsche Brauerei Cohort 7
27/46
9/10/1999 0.41 9/10/1999 0.2076
9/11/1999 0.41 9/11/1999 0.2107
9/12/1999 0.41 9/12/1999 0.2108
9/13/1999 0.42 9/13/1999 0.21459/14/1999 0.42 9/14/1999 0.2156
9/15/1999 0.42 9/15/1999 0.2161
9/16/1999 0.42 9/16/1999 0.2169
9/17/1999 0.42 9/17/1999 0.2158
9/18/1999 0.42 9/18/1999 0.2152
9/19/1999 0.42 9/19/1999 0.2154
9/20/1999 0.43 9/20/1999 0.2176
9/21/1999 0.42 9/21/1999 0.2169
9/22/1999 0.42 9/22/1999 0.2151
9/23/1999 0.42 9/23/1999 0.2147
9/24/1999 0.42 9/24/1999 0.2129
9/25/1999 0.42 9/25/1999 0.2136
9/26/1999 0.42 9/26/1999 0.2135
9/27/1999 0.41 9/27/1999 0.2114
9/28/1999 0.41 9/28/1999 0.2111
9/29/1999 0.42 9/29/1999 0.2125
9/30/1999 0.41 9/30/1999 0.21110/1/1999 0.41 10/1/1999 0.2093
10/2/1999 0.41 10/2/1999 0.2095
10/3/1999 0.41 10/3/1999 0.2102
10/4/1999 0.41 10/4/1999 0.2083
10/5/1999 0.41 10/5/1999 0.2102
10/6/1999 0.41 10/6/1999 0.2095
10/7/1999 0.41 10/7/1999 0.2104
10/8/1999 0.41 10/8/1999 0.2088
10/9/1999 0.41 10/9/1999 0.209510/10/1999 0.41 10/10/1999 0.2097
10/11/1999 0.41 10/11/1999 0.2095
10/12/1999 0.41 10/12/1999 0.2088
10/13/1999 0.40 10/13/1999 0.2068
10/14/1999 0 40 10/14/1999 0 2052
-
8/3/2019 ST Deutsche Brauerei Cohort 7
28/46
11/1/1999 0.41 11/1/1999 0.2093
11/2/1999 0.41 11/2/1999 0.2082
11/3/1999 0.40 11/3/1999 0.206
11/4/1999 0.41 11/4/1999 0.210111/5/1999 0.41 11/5/1999 0.212
11/6/1999 0.41 11/6/1999 0.212
11/7/1999 0.41 11/7/1999 0.2109
11/8/1999 0.41 11/8/1999 0.2117
11/9/1999 0.41 11/9/1999 0.2118
11/10/1999 0.41 11/10/1999 0.2117
11/11/1999 0.38 11/11/1999 0.1925
11/12/1999 0.37 11/12/1999 0.1911
11/13/1999 0.38 11/13/1999 0.192
11/14/1999 0.38 11/14/1999 0.1918
11/15/1999 0.38 11/15/1999 0.1965
11/16/1999 0.39 11/16/1999 0.1999
11/17/1999 0.39 11/17/1999 0.1978
11/18/1999 0.38 11/18/1999 0.1924
11/19/1999 0.38 11/19/1999 0.1941
11/20/1999 0.38 11/20/1999 0.1944
11/21/1999 0.38 11/21/1999 0.194211/22/1999 0.38 11/22/1999 0.1939
11/23/1999 0.38 11/23/1999 0.1939
11/24/1999 0.38 11/24/1999 0.1955
11/25/1999 0.38 11/25/1999 0.1935
11/26/1999 0.38 11/26/1999 0.193
11/27/1999 0.38 11/27/1999 0.192
11/28/1999 0.38 11/28/1999 0.1924
11/29/1999 0.38 11/29/1999 0.1932
11/30/1999 0.38 11/30/1999 0.193712/1/1999 0.38 12/1/1999 0.1935
12/2/1999 0.38 12/2/1999 0.1942
12/3/1999 0.38 12/3/1999 0.195
12/4/1999 0.38 12/4/1999 0.1949
12/5/1999 0 38 12/5/1999 0 1948
-
8/3/2019 ST Deutsche Brauerei Cohort 7
29/46
12/23/1999 0.37 12/23/1999 0.1895
12/24/1999 0.37 12/24/1999 0.1867
12/25/1999 0.36 12/25/1999 0.1862
12/26/1999 0.36 12/26/1999 0.186312/27/1999 0.36 12/27/1999 0.1863
12/28/1999 0.35 12/28/1999 0.1812
12/29/1999 0.36 12/29/1999 0.1823
12/30/1999 0.37 12/30/1999 0.1912
12/31/1999 0.37 12/31/1999 0.1912
1/1/2000 0.37 1/1/2000 0.191
1/2/2000 0.37 1/2/2000 0.1913
1/3/2000 0.37 1/3/2000 0.1913
1/4/2000 0.37 1/4/2000 0.1875
1/5/2000 0.37 1/5/2000 0.187
1/6/2000 0.35 1/6/2000 0.1795
1/7/2000 0.35 1/7/2000 0.1806
1/8/2000 0.35 1/8/2000 0.181
1/9/2000 0.35 1/9/2000 0.1809
1/10/2000 0.35 1/10/2000 0.181
1/11/2000 0.34 1/11/2000 0.1742
1/12/2000 0.34 1/12/2000 0.1751/13/2000 0.35 1/13/2000 0.1771
1/14/2000 0.35 1/14/2000 0.1773
1/15/2000 0.35 1/15/2000 0.1777
1/16/2000 0.35 1/16/2000 0.1778
1/17/2000 0.35 1/17/2000 0.1777
1/18/2000 0.35 1/18/2000 0.1782
1/19/2000 0.35 1/19/2000 0.1769
1/20/2000 0.35 1/20/2000 0.177
1/21/2000 0.34 1/21/2000 0.17561/22/2000 0.34 1/22/2000 0.1761
1/23/2000 0.34 1/23/2000 0.1761
1/24/2000 0.34 1/24/2000 0.1761
1/25/2000 0.35 1/25/2000 0.1765
1/26/2000 0 35 1/26/2000 0 1793
-
8/3/2019 ST Deutsche Brauerei Cohort 7
30/46
2/13/2000 0.35 2/13/2000 0.1792
2/14/2000 0.35 2/14/2000 0.1795
2/15/2000 0.35 2/15/2000 0.1807
2/16/2000 0.36 2/16/2000 0.18172/17/2000 0.35 2/17/2000 0.1789
2/18/2000 0.35 2/18/2000 0.1776
2/19/2000 0.35 2/19/2000 0.18
2/20/2000 0.35 2/20/2000 0.1799
2/21/2000 0.35 2/21/2000 0.1801
2/22/2000 0.35 2/22/2000 0.1793
2/23/2000 0.35 2/23/2000 0.178
2/24/2000 0.35 2/24/2000 0.1803
2/25/2000 0.36 2/25/2000 0.1827
2/26/2000 0.36 2/26/2000 0.1834
2/27/2000 0.36 2/27/2000 0.1834
2/28/2000 0.36 2/28/2000 0.1834
2/29/2000 0.36 2/29/2000 0.1831
3/1/2000 0.36 3/1/2000 0.1848
3/2/2000 0.36 3/2/2000 0.1832
3/3/2000 0.36 3/3/2000 0.1848
3/4/2000 0.36 3/4/2000 0.18523/5/2000 0.36 3/5/2000 0.1849
3/6/2000 0.36 3/6/2000 0.1854
3/7/2000 0.37 3/7/2000 0.1892
3/8/2000 0.37 3/8/2000 0.1879
3/9/2000 0.37 3/9/2000 0.1875
3/10/2000 0.37 3/10/2000 0.1882
3/11/2000 0.37 3/11/2000 0.1887
3/12/2000 0.37 3/12/2000 0.1887
3/13/2000 0.37 3/13/2000 0.18893/14/2000 0.37 3/14/2000 0.19
3/15/2000 0.37 3/15/2000 0.1879
3/16/2000 0.37 3/16/2000 0.1894
3/17/2000 0.37 3/17/2000 0.1891
3/18/2000 0 37 3/18/2000 0 1871
-
8/3/2019 ST Deutsche Brauerei Cohort 7
31/46
4/5/2000 0.37 4/5/2000 0.1887
4/6/2000 0.37 4/6/2000 0.188
4/7/2000 0.37 4/7/2000 0.1901
4/8/2000 0.37 4/8/2000 0.18954/9/2000 0.37 4/9/2000 0.1895
4/10/2000 0.37 4/10/2000 0.1893
4/11/2000 0.37 4/11/2000 0.1883
4/12/2000 0.37 4/12/2000 0.1893
4/13/2000 0.37 4/13/2000 0.1888
4/14/2000 0.38 4/14/2000 0.193
4/15/2000 0.37 4/15/2000 0.1879
4/16/2000 0.37 4/16/2000 0.1878
4/17/2000 0.37 4/17/2000 0.1878
4/18/2000 0.37 4/18/2000 0.1895
4/19/2000 0.37 4/19/2000 0.1908
4/20/2000 0.38 4/20/2000 0.1961
4/21/2000 0.38 4/21/2000 0.1954
4/22/2000 0.38 4/22/2000 0.1952
4/23/2000 0.38 4/23/2000 0.195
4/24/2000 0.38 4/24/2000 0.1948
4/25/2000 0.38 4/25/2000 0.19484/26/2000 0.39 4/26/2000 0.1989
4/27/2000 0.39 4/27/2000 0.1991
4/28/2000 0.40 4/28/2000 0.2022
4/29/2000 0.39 4/29/2000 0.1995
4/30/2000 0.39 4/30/2000 0.1994
5/1/2000 0.39 5/1/2000 0.1995
5/2/2000 0.39 5/2/2000 0.1986
5/3/2000 0.39 5/3/2000 0.2002
5/4/2000 0.40 5/4/2000 0.20585/5/2000 0.40 5/5/2000 0.2054
5/6/2000 0.40 5/6/2000 0.2037
5/7/2000 0.40 5/7/2000 0.2067
5/8/2000 0.40 5/8/2000 0.2068
5/9/2000 0 40 5/9/2000 0 2043
-
8/3/2019 ST Deutsche Brauerei Cohort 7
32/46
5/27/2000 0.38 5/27/2000 0.1946
5/28/2000 0.38 5/28/2000 0.1938
5/29/2000 0.38 5/29/2000 0.1933
5/30/2000 0.39 5/30/2000 0.19935/31/2000 0.38 5/31/2000 0.1945
6/1/2000 0.38 6/1/2000 0.193
6/2/2000 0.38 6/2/2000 0.1935
6/3/2000 0.37 6/3/2000 0.1909
6/4/2000 0.37 6/4/2000 0.1903
6/5/2000 0.37 6/5/2000 0.1905
6/6/2000 0.37 6/6/2000 0.1897
6/7/2000 0.38 6/7/2000 0.1929
6/8/2000 0.37 6/8/2000 0.1871
6/9/2000 0.37 6/9/2000 0.1881
6/10/2000 0.37 6/10/2000 0.1884
6/11/2000 0.37 6/11/2000 0.1883
6/12/2000 0.37 6/12/2000 0.1884
6/13/2000 0.38 6/13/2000 0.193
6/14/2000 0.37 6/14/2000 0.1915
6/15/2000 0.38 6/15/2000 0.192
6/16/2000 0.37 6/16/2000 0.18816/17/2000 0.36 6/17/2000 0.1858
6/18/2000 0.36 6/18/2000 0.1859
6/19/2000 0.36 6/19/2000 0.1862
6/20/2000 0.37 6/20/2000 0.1879
6/21/2000 0.38 6/21/2000 0.1922
6/22/2000 0.38 6/22/2000 0.1945
6/23/2000 0.38 6/23/2000 0.1963
6/24/2000 0.38 6/24/2000 0.1965
6/25/2000 0.38 6/25/2000 0.19656/26/2000 0.38 6/26/2000 0.1965
6/27/2000 0.38 6/27/2000 0.1964
6/28/2000 0.38 6/28/2000 0.1945
6/29/2000 0.38 6/29/2000 0.1919
6/30/2000 0 38 6/30/2000 0 1933
-
8/3/2019 ST Deutsche Brauerei Cohort 7
33/46
7/18/2000 0.38 7/18/2000 0.1942
7/19/2000 0.39 7/19/2000 0.1973
7/20/2000 0.39 7/20/2000 0.1989
7/21/2000 0.39 7/21/2000 0.1977/22/2000 0.38 7/22/2000 0.1962
7/23/2000 0.38 7/23/2000 0.1965
7/24/2000 0.38 7/24/2000 0.1963
7/25/2000 0.39 7/25/2000 0.1982
7/26/2000 0.38 7/26/2000 0.1962
7/27/2000 0.38 7/27/2000 0.1954
7/28/2000 0.39 7/28/2000 0.199
7/29/2000 0.39 7/29/2000 0.1991
7/30/2000 0.39 7/30/2000 0.1992
7/31/2000 0.39 7/31/2000 0.1991
8/1/2000 0.39 8/1/2000 0.1994
8/2/2000 0.40 8/2/2000 0.2034
8/3/2000 0.39 8/3/2000 0.2013
8/4/2000 0.40 8/4/2000 0.2066
8/5/2000 0.40 8/5/2000 0.2027
8/6/2000 0.40 8/6/2000 0.2027
8/7/2000 0.40 8/7/2000 0.20268/8/2000 0.40 8/8/2000 0.2024
8/9/2000 0.40 8/9/2000 0.204
8/10/2000 0.40 8/10/2000 0.2045
8/11/2000 0.40 8/11/2000 0.2025
8/12/2000 0.40 8/12/2000 0.2037
8/13/2000 0.40 8/13/2000 0.2037
8/14/2000 0.40 8/14/2000 0.2035
8/15/2000 0.40 8/15/2000 0.2031
8/16/2000 0.39 8/16/2000 0.20148/17/2000 0.39 8/17/2000 0.201
8/18/2000 0.39 8/18/2000 0.2005
8/19/2000 0.40 8/19/2000 0.2029
8/20/2000 0.40 8/20/2000 0.2027
8/21/2000 0 40 8/21/2000 0 2027
-
8/3/2019 ST Deutsche Brauerei Cohort 7
34/46
9/8/2000 0.41 9/8/2000 0.2108
9/9/2000 0.41 9/9/2000 0.2115
9/10/2000 0.41 9/10/2000 0.2121
9/11/2000 0.41 9/11/2000 0.21219/12/2000 0.42 9/12/2000 0.2138
9/13/2000 0.42 9/13/2000 0.2132
9/14/2000 0.42 9/14/2000 0.2141
9/15/2000 0.42 9/15/2000 0.2125
9/16/2000 0.42 9/16/2000 0.2153
9/17/2000 0.42 9/17/2000 0.2156
9/18/2000 0.42 9/18/2000 0.2156
9/19/2000 0.42 9/19/2000 0.2154
9/20/2000 0.42 9/20/2000 0.216
9/21/2000 0.42 9/21/2000 0.2167
9/22/2000 0.42 9/22/2000 0.2142
9/23/2000 0.41 9/23/2000 0.2093
9/24/2000 0.41 9/24/2000 0.2098
9/25/2000 0.41 9/25/2000 0.2098
9/26/2000 0.41 9/26/2000 0.2104
9/27/2000 0.41 9/27/2000 0.2083
9/28/2000 0.41 9/28/2000 0.20829/29/2000 0.41 9/29/2000 0.2091
9/30/2000 0.41 9/30/2000 0.2091
10/1/2000 0.41 10/1/2000 0.2091
10/2/2000 0.41 10/2/2000 0.2082
10/3/2000 0.41 10/3/2000 0.2091
10/4/2000 0.41 10/4/2000 0.2091
10/5/2000 0.41 10/5/2000 0.2101
10/6/2000 0.41 10/6/2000 0.2105
10/7/2000 0.41 10/7/2000 0.211610/8/2000 0.41 10/8/2000 0.2115
10/9/2000 0.41 10/9/2000 0.2115
10/10/2000 0.41 10/10/2000 0.2115
10/11/2000 0.41 10/11/2000 0.2109
10/12/2000 0 41 10/12/2000 0 2115
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10/30/2000 0.43 10/30/2000 0.2191
10/31/2000 0.43 10/31/2000 0.2187
11/1/2000 0.42 11/1/2000 0.2168
11/2/2000 0.42 11/2/2000 0.213611/3/2000 0.42 11/3/2000 0.2142
11/4/2000 0.42 11/4/2000 0.2123
11/5/2000 0.41 11/5/2000 0.2119
11/6/2000 0.41 11/6/2000 0.2119
11/7/2000 0.42 11/7/2000 0.2136
11/8/2000 0.42 11/8/2000 0.2138
11/9/2000 0.42 11/9/2000 0.215
11/10/2000 0.42 11/10/2000 0.2124
11/11/2000 0.42 11/11/2000 0.2139
11/12/2000 0.42 11/12/2000 0.2138
11/13/2000 0.42 11/13/2000 0.2138
11/14/2000 0.42 11/14/2000 0.214
11/15/2000 0.42 11/15/2000 0.2144
11/16/2000 0.42 11/16/2000 0.2145
11/17/2000 0.42 11/17/2000 0.2159
11/18/2000 0.42 11/18/2000 0.2171
11/19/2000 0.42 11/19/2000 0.2171
11/20/2000 0.42 11/20/2000 0.2171
11/21/2000 0.42 11/21/2000 0.216
11/22/2000 0.43 11/22/2000 0.2181
11/23/2000 0.43 11/23/2000 0.2181
11/24/2000 0.43 11/24/2000 0.2193
11/25/2000 0.43 11/25/2000 0.2195
11/26/2000 0.43 11/26/2000 0.2195
11/27/2000 0.43 11/27/2000 0.2192
11/28/2000 0.42 11/28/2000 0.21611/29/2000 0.42 11/29/2000 0.2149
11/30/2000 0.42 11/30/2000 0.2146
12/1/2000 0.41 12/1/2000 0.211
12/2/2000 0.41 12/2/2000 0.2094
12/3/2000 0 41 12/3/2000 0 2093
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12/21/2000 0.40 12/21/2000 0.2023
12/22/2000 0.39 12/22/2000 0.201
12/23/2000 0.39 12/23/2000 0.1991
12/24/2000 0.39 12/24/2000 0.199312/25/2000 0.39 12/25/2000 0.1993
12/26/2000 0.39 12/26/2000 0.1989
12/27/2000 0.39 12/27/2000 0.1974
12/28/2000 0.39 12/28/2000 0.1978
12/29/2000 0.39 12/29/2000 0.198
12/30/2000 0.38 12/30/2000 0.1954
12/31/2000 0.38 12/31/2000 0.1954
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0.00
0.05
0.10
0.15
0.20
0.25
0.30
12/15/1998
2/15/1999
4/15/1999
6/15/1999
8/15/1999
10/15/1999
12/15/1999
2/15/2000
4/15/2000
6/15/2000
8/15/2000
10/15/2000
12/15/2000
Euros per 1 Ukrainian Hryvna
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UAH 500000 500000
0.95 0.5 4.25
dm 475000 250000 1.886 2.2534464
1.2534464
2.364
1.2534464
Exhibit 3
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Exhibit 3
DEUTSCHE BRAUEREI
Sources and Uses of Funds
Fiscal Year Ended December 31; all figures in EUR thousands
1997 1998 1999
(Actual) (Actual) (Actual)
Sources of Funds
1 Net Income 2,646 2,311
2 Increases in Allowance for Doubtful Accts. 7 38
3 Depreciation 4,314 5,844
4 Increases in Short Term Debt 7,249 1,768
5 Increases in Accounts Payable 177 348
6 Increases in Other Current Liabilities (36) 1,635
7 Total Sources of Cash 14,357 11,943
Uses of Funds
8 Dividend Payments 1,988 1,734
9 Increases in Cash Balance 2,817 1,630
10 Increases in Accts. Receivable (Germany) 209 79
11 Increases in Accts Receivable (Ukraine) 424 3,665
12 Increases in Inventories 267 1,417
13 Increases in Other Assets 87 227
14 Reductions in Long Term Debt 8,563 943
15 Capital Expenditures 0 2,247
16 Total Uses of Cash 14,357 11,943
Exhibit 3
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2000 2001 2002
(Actual) (Proj'd) (Proj'd)
2,915 3,724 4,311
24 201 60
6,068 6,766 7,448
1,085 4,773 3,510
690 492 664
1,131 1,498 1,462
11,913 17,454 17,456
2,186 2,793 3,234
1,234 1,634 1,595
296 144 230
2,078 3,074 2,772
5,072 1,906 1,861
104 (20) 0
943 943 943
0 6,980 6,822
11,913 17,454 17,456
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Exhibit 4
Exhibit 4DEUTSCHE BRAUEREI
Ratio Analyses of Historical and Projected Financial Statements
1997 1998 1999 2000 2001 2002
(Actual) (Actual) (Actual) (Actual) (Proj'd) (Proj'd)
Profitability1 Operating Profit Margin (%) 7.3% 7.6% 6.0% 6.6% 7.0% 7.0%
2 Average Tax Rate (%) 33.8% 34.5% 39.5% 39.0% 35.0% 35.0%
3 Return on Sales (%) 3.6% 4.0% 2.8% 3.2% 3.5% 3.6%4 Return on Equity (%) 8.4% 9.8% 8.4% 10.3% 12.7% 14.2%
5 Return on Net Assets (%) 6.5% 7.4% 6.9% 8.4% 9.3% 9.7%
6 Return on Assets (%) 3.9% 4.7% 3.9% 4.7% 5.4% 5.8%
Leverage7 Debt/Equity Ratio (%) 72.3% 65.6% 67.3% 66.0% 77.0% 82.7%
8 Debt/Total Capital (%) 41.9% 39.6% 40.2% 39.8% 43.5% 45.3%
9 EBIT/Interest (x) 3.8 4.8 4.7 4.7 5.0 5.1
Asset Utilization10 Sales/Assets 1.10 1.20 1.38 1.48 1.54 1.6011 Sales Growth Rate (%) 4.0% 7.9% 22.2% 12.6% 14.8% 12.6%
12 Assets Growth Rate (%) 6.0% -0.9% 6.0% 4.5% 10.9% 8.4%
13 Receivables Growth Rate (%) 4.0% 9.1% 49.5% 21.0% 23.5% 17.8%
14 Receivables Growth Rate: Germany 4.0% 3.0% 1.1% 4.1% 1.9% 3.0%
15 Receivables Growth Rate: Ukraine 0.0% NMF 863.5% 50.8% 49.8% 30.0%
16 Days in Receivables 40.8 41.3 50.5 54.3 58.4 61.1
17 Days in Receivables: Germany 40.8 41.6 41.0 41.4 41.0 41.0
18 Days in Receivables: Ukraine NMF 36.3 85.0 87.1 90.0 90.0
19 Payables to Sales 5.8% 5.6% 5.0% 5.2% 5.0% 5.0%
20 Inventories to Sales 9.9% 9.6% 9.6% 14.0% 14.0% 14.0%
Liquidity21 Current Ratio 1.32 1.03 1.15 1.34 1.27 1.25
22 Quick Ratio 0.88 0.73 0.84 0.88 0.84 0.84
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Breakeven Analysis
Volume Revenues Var. CostFixed costs 24,573 0 0 0
Rev/Unit 78.49 50 4 3
VC/Unit 52.31 100 8 5
Breakeve FC/Contrib 938,799 150 12 8200 16 10
Change in WC/Unit 30.57 250 20 13
300 24 16
Volume EBIT 350 27 181 Base 1,173,000 6,130,200 400 31 21
2 101% Volum 1,184,730 6,437,233 450 35 24
3 Change 11,730 307,033 500 39 26
4 % Change 1.00% 5.01% 550 43 29
600 47 31
Operating Leverage = 5.0 650 51 34
700 55 37
750 59 39
800 63 42
850 67 44
900 71 47
950 75 50
1000 78 52
Exhibit 5
Data for Profit Break-even A
Breakeven Chart for Deutsche Brauerei, 2000
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0
10
Thousands of Hectolitres of Beer Sold
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Fixed Cost Tot. Cost25 25 (25)
25 27 (23)
25 30 (22)
25 32 (21)
25 35 (19)
25 38 (18)
25 40 (17)
25 43 (15)25 45 (14)
25 48 (13)
25 51 (11)
25 53 (10)
25 56 (9)
25 59 (8)
25 61 (6)
25 64 (5)
25 66 (4)
25 69 (2)
25 72 (1)
25 74 0
25 77 2
nalysis Graph
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Assumptions
Revenue per HL () 78.49
Variable Costs per HL () 52.31
Contribution Percentage 33%
Tax Rate 35%
1997 1998 1999 2000 2001 2002
(Actual) (Actual) (Actual) (Actual) (Proj'd) (Proj'd)
Sales in Ukraine (, thousands) - 4,262 17,559 25,847 37,479 48,722
Change in Sales (, thousands) - 4,262 13,297 8,288 11,631 11,244
Variable Costs on the Marginal Sales - (2,841) (8,863) (5,524) (7,752) (7,494)
Contribution on the Marginal Sales - 1,421 4,435 2,764 3,879 3,750
Taxes on the Marginal Contribution - (497) (1,552) (967) (1,358) (1,312)Marginal After-tax Profits ( thousands) - 924 2,883 1,797 2,521 2,437
Variable Costs/Sales - 67% 67% 67% 67% 67%
Change in Accounts Receivable, Ukraine ( thousands) - 424 3,665 2,078 3,074 2,772
Investment in Accts. Receivable ( thousands) - 283 2,443 1,385 2,049 1,848
Return on Marginal Investment in Receivables 0% 327% 118% 130% 123% 132%
Exhibit 6
Oleg Pinchuk's Analysis of the Return on Investment from
Investment in Accounts Receivable in Ukraine