Pershing Square Activist Presentation Deck
Appendix
Set forth herein are the
schedules for (1) FY
2005E funds available
for proposed share
buybacks; (2) '05E Total
Debt Balances; and (3)
'05E Cash Balances.
We have assumed that
no incremental debt
would be issued at
McOpCo as of
9/30/2005 on top of the
estimated $3 billion
required to repatriate
earnings from foreign
territories.
McDonald's Cash and Debt Schedules:
No Incremental Debt Issued Post 9/30/2005
$ in millions
Pre-IPO Cash Available to Fund Share Buybacks:
Beginning Cash Balances 1/1/2005
Plus: FY'05E Free Cash Flow Before Dividends and Debt Pay Down
Less: FY'05E Debt Reduction
Less: FY'05E Dividends
Equals: FY 2005E Cash on Books Available for Share Buybacks
FY 2005E Total Debt Balance:
Beginning Total Debt Balances 1/1/2005
Less: FY'05E Debt Reduction
Estimated New Term Loan to Fund Repatriation
Total Debt FY 2005E
Post IPO FY 2005E Cash Balance:
Beginning Cash Balances 1/1/2005
Plus: FY'05E Free Cash Flow Before Dividends and Debt Paydown
Less: FY'05E Debt Reduction
Less: FY'05E Dividends
Plus: Estimated IPO Proceeds, net of fees
Less: Share buybacks
Plus: Proceeds from Repatriation
FY 2005E Ending Cash Balance
FY 2005E Net Debt
Final Revised Proposal.ppt
53
$1,380
2,351
(1,155)
(843)
$1,733
$9,220
(1,155)
3,000
$11,065
$1,380
2,351
(1,155)
(843)
1,246
($2,979)
3,000
$3,000
$8,065View entire presentation