Exhibit 1 Burton Sensors Consolidated Balance Sheets (Actual/Projected), 2014-2021 (Fiscal years ending December 31; U.S
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Exhibit 1 Burton Sensors Consolidated Balance Sheets (Actual/Projected), 2014-2021 (Fiscal years ending December 31; U.S. $000s)
Cash and equivalents Accounts receivable Inventory Other current assets Current assets
2014A 279.7 1,552.5 1,672.9 253.5 3,758.6
Net PP&E Total assets
3,874.0 4,293.3 4,654.1 4,847.8 4,938.8 4,875.2 4,789.5 7,632.6 8,847.2 10,082.0 11,503.2 12,588.0 13,116.5 13,572.0
Accounts payable Accrued expenses Bank loans Deferred taxes Long-term debt, current portion Current Liabilities
773.1 935.3 418.2 491.0 3,020.0 3,880.0 351.9 360.7 150.0 150.0 4,713.2 5,817.0
1,153.0 567.2 4,580.0 406.2 150.0 6,856.5
1,383.6 714.9 5,080.0 527.9 150.0 7,856.4
1,605.0 829.3 5,230.0 590.1 150.0 8,404.4
1,733.4 895.6 4,930.0 624.0 150.0 8,333.1
1,837.4 949.3 4,530.0 658.3 150.0 8,125.1
Long-term debt Total liabilities
1,980.0 1,830.0 6,693.2 7,647.0
1,680.0 8,536.5
1,530.0 9,386.4
1,380.0 9,784.4
1,230.0 9,563.1
1,080.0 9,205.1
Shareholders' equity Total liabilities and equity
939.4 1,200.1 1,545.5 2,116.8 2,803.6 3,553.4 4,366.9 7,632.6 8,847.2 10,082.0 11,503.2 12,588.0 13,116.5 13,572.0
Bank loan / (receivables + inventory) Liabilities / book equity Total interest-bearing debt / book equity
0.94 7.1x 5.5x
2015A 2016A 2017E 2018E 2019E 2020E 251.3 304.3 371.3 359.7 368.6 437.5 1,894.0 2,315.4 2,824.9 3,276.9 3,539.1 3,751.4 2,096.7 2,436.3 2,997.9 3,477.6 3,755.8 3,981.1 311.8 371.9 461.2 535.0 577.8 612.5 4,553.8 5,427.8 6,655.3 7,649.2 8,241.3 8,782.5
0.97 6.4x 4.9x
0.96 5.5x 4.1x
0.87 4.4x 3.2x
0.77 3.5x 2.4x
0.68 2.7x 1.8x
0.59 2.1x 1.3x
Tables below are not shown in case Working Capital Assumptions (U.S. $ thousands) 2014A 2015A 2016A 2017E 2018E 2019E 2020E Income Statement Metrics Revenue 6,336.9 7,794.4 9,298.7 11,530.4 13,375.3 14,445.3 15,312.0 Cost of Goods Sold 2,686.8 3,359.4 4,035.6 4,958.1 5,751.4 6,211.5 6,584.2 Working Capital Ratios Accounts receivable (% Sales) Inventory (% Sales) Accounts payable (% Sales)
24.5% 26.4% 12.2%
24.3% 26.9% 12.0%
24.9% 26.2% 12.4%
24.5% 26.0% 12.0%
24.5% 26.0% 12.0%
24.5% 26.0% 12.0%
24.5% 26.0% 12.0%
Other Activity Ratios Other Current Assets (% Sales) Accrued Expenses (% Sales)
4.0% 6.6%
4.0% 6.3%
4.0% 6.1%
4.0% 6.2%
4.0% 6.2%
4.0% 6.2%
4.0% 6.2%
PP&E (Beginning) Less: Depreciation
2014A 2015A 2016A 2017E 2018E 2019E 2020E 3,618.0 3,874.0 4,293.3 4,654.1 4,847.8 4,938.8 4,875.2 (98.9) (102.9) (122.7) (152.2) (176.6) (208.0) (238.9)
Add: CapEx & Purchase of PP&E PP&E (Ending) Depreciation (% Sales) CapEx (% Sales)
354.9 522.2 3,874.0 4,293.3 1.6% 5.6%
Long-Term Debt Schedule (U.S. $ thousands) 2014A Beginning balance (with current portion) 2,280.0 Add: issuances 0.0 Less: retirements (150.0) Ending balance (with current portion) 2,130.0 Ending balance (without current portion) 1,980.0
1.3% 6.7%
483.5 4,654.1
345.9 4,847.8
267.5 4,938.8
144.5 4,875.2
153.1 4,789.5
1.3% 5.2%
1.3% 3.0%
1.3% 2.0%
1.4% 1.0%
1.6% 1.0%
2015A 2016A 2017E 2018E 2019E 2020E 2,130.0 1,980.0 1,830.0 1,680.0 1,530.0 1,380.0 0.0 0.0 0.0 0.0 0.0 0.0 (150.0) (150.0) (150.0) (150.0) (150.0) (150.0) 1,980.0 1,830.0 1,680.0 1,530.0 1,380.0 1,230.0 1,830.0 1,680.0 1,530.0 1,380.0 1,230.0 1,080.0
Current portion of long-term debt
150.0
150.0
150.0
150.0
150.0
150.0
150.0
Interest rate as % of beginning balance Interest payment
5.5% 247.5
5.5% 283.3
5.5% 322.3
5.5% 352.6
5.5% 371.8
5.5% 371.8
5.5% 347.1
2014A 2015A 515.8 351.9 131.6 140.4 295.5 131.6 351.9 360.7
2016A 360.7 186.0 140.4 406.2
2017E 406.2 307.6 186.0 527.9
2018E 527.9 369.8 307.6 590.1
2019E 590.1 403.8 369.8 624.0
2020E 624.0 438.0 403.8 658.3
35.0%
35.0%
35.0%
35.0%
35.0%
Deferred Tax Schedule (U.S. $ thousands) Beg. accrued taxes Accrual of taxes Tax payments End. accrued taxes Tax payments as % of previous year's EBT
35.0%
35.0%
December 31; U.S. $000s) 2021E 484.6 3,976.5 (24.5% of projected sales) 4,220.0 (26% of projected sales) 649.2 (4% of projected sales) 9,330.3 4,698.6 14,028.9 1,947.7 (12% of projected sales) 1,006.3 (6.2% of projected sales) 4,030.0 702.5 150.0 7,836.5 930.0 8,766.5 5,262.4 14,028.9 0.49 1.7x 1.0x
2021E 16,230.7 6,979.2
24.5% 26.0% 12.0%
4.0% 6.2% 2021E 4,789.5 (253.2)
162.3 4,698.6 1.6% 1.0%
2021E 1,230.0 0.0 (150.0) 1,080.0 930.0 150.0 5.5% 316.8
2021E 658.3 482.2 438.0 702.5 35.0%
Exhibit 2 Burton Sensors Consolidated Income Statements (Actual/Projected), 2014-2021 (Fiscal years ending December 31; U.S. $000s
Net sales COGS Gross profit
2014A 6,336.9 2,686.8 3,650.1
2015A 7,794.4 3,359.4 4,435.0
2016A 2017E 2018E 2019E 2020E 2021E 9,298.7 11,530.4 13,375.3 14,445.3 15,312.0 16,230.7 4,035.6 4,958.1 5,751.4 6,211.5 6,584.2 6,979.2 5,263.1 6,572.3 7,623.9 8,233.8 8,727.8 9,251.5
SG&A expense R&D expense Depreciation and amortization
2,230.6 2,790.4 3,263.8 697.1 857.4 1,022.9 98.9 102.9 122.7
4,035.6 1,153.0 152.2
4,681.3 1,337.5 176.6
5,055.8 1,444.5 208.0
5,359.2 1,531.2 238.9
5,680.7 1,623.1 253.2
Net interest expense (income)* Pretax income (loss)
247.5 376.1
283.3 401.1
322.3 531.3
352.6 878.9
371.8 1,056.7
371.8 1,153.6
347.1 1,251.5
316.8 1,377.7
Income taxes Net income
131.6 244.4
140.4 260.7
186.0 345.4
307.6 571.3
369.8 686.8
403.8 749.9
438.0 813.5
482.2 895.5
Number of common shares (thousands) Earnings per share Cash dividend per share
1,500 0.16 0
1,500 0.17 0
1,500 0.23 0
1,500 0.38 0
1,500 0.46 0
1,500 0.50 0
1,500 0.54 0
1,500 0.60 0
*
Burton pays an average of 5.5% interest on all interest bearing debt.
Tables below are not shown in case Assumptions Revenue growth
2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E 23.0% 19.3% 24.0% 16.0% 8.0% 6.0% 6.0%
Items as a % of Revenue COGS SG&A expense R&D expense
42.4% 35.2% 11.0%
43.1% 35.8% 11.0%
43.4% 35.1% 11.0%
43.0% 35.0% 10.0%
43.0% 35.0% 10.0%
43.0% 35.0% 10.0%
43.0% 35.0% 10.0%
43.0% 35.0% 10.0%
Tax rate Payout ratio
35.0% -
35.0% -
35.0% -
35.0%
35.0%
35.0%
35.0%
35.0%
December 31; U.S. $000s)
(43% of projected sales)
(35% of projected sales) (10% of projected sales)
(35% of projected EBT)
Exhibit 3 Burton Sensors Consolidated Statement of Cash Flows (Actual/Projected), 2014-2021 (Fiscal years ending December 31; U.S. 2014A 2015A 2016A 2017E 2018E 2019E 2020E 2021E Operating Activities Net income Depreciation and amortization Less: increase (decrease) in accounts receivable Less: increase (decrease) in inventory Less: increase (decrease) in other current assets Add: increase (decrease) in accounts payable Add: increase (decrease) in accrued expenses Add: increase (decrease) in deferred taxes Operating activities - net cash flow
244.4 98.9 320.0 289.8 55.6 120.3 30.2 (163.9) (335.5)
Investing Activities Less: capex Investing activities - net cash flow
(354.9) (522.2) (483.5) (345.9) (267.5) (144.5) (153.1) (162.3) (354.9) (522.2) (483.5) (345.9) (267.5) (144.5) (153.1) (162.3)
Financing Activities Add: changes in bank borrowings Add: long-term debt net issuance Add: net issuance of common stock Less: cash dividend Financing activities - net cash flow
800.0 860.0 700.0 500.0 150.0 (300.0) (400.0) (500.0) (150.0) (150.0) (150.0) (150.0) (150.0) (150.0) (150.0) (150.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 650.0 710.0 550.0 350.0 0.0 (450.0) (550.0) (650.0)
260.7 102.9 341.5 423.7 58.3 162.2 72.8 8.8 (216.1)
345.4 122.7 421.3 339.6 60.2 217.7 76.2 45.6 (13.5)
571.3 152.2 509.6 561.6 89.3 230.6 147.7 121.7 62.9
Total net cash flow
(40.3) (28.4)
53.0
67.0
Beginning cash Change in cash Ending cash
320.0 279.7 251.3 (40.3) (28.4) 53.0 279.7 251.3 304.3
304.3 67.0 371.3
686.8 176.6 452.0 479.7 73.8 221.4 114.4 62.2 255.9
(11.6)
749.9 208.0 262.2 278.2 42.8 128.4 66.3 33.9 603.4
813.5 238.9 212.3 225.3 34.7 104.0 53.7 34.3 772.0
895.5 253.2 225.1 238.9 36.7 110.2 57.0 44.2 859.4
8.9
68.9
47.1
371.3 359.7 (11.6) 8.9 359.7 368.6
368.6 68.9 437.5
437.5 47.1 484.6
ending December 31; U.S. $000s)
Exhibit 4 Comparative Data on Four Publically Traded Sensor Manufacturers, 2014-2016 (U.S. $ millions) TE Connectivity (TEL) 2014 Net sales
2015
Ametek (AME)
Opsens (OPS)
2016
2014
2015
2016
12,233.00 12,238.00 13,113.00
2014
2015
3,974.30
3,840.09
4,300.17
5.21
9.60
Operating profit
1,992.00
1,936.00
2,201.00
944.32
841.40
931.89
(5.13)
(8.49)
Net income
2,420.00
2,009.00
1,683.00
590.86
512.16
681.47
(2.88)
(9.28)
20,589.00 17,608.00 19,403.00
6,660.45
7,100.67
7,796.06
12.76
16.86
Assets Total debt
3,884.00
4,070.00
4,344.00
1,866.12
2,062.64
1,866.17
3.69
5.58
11,004.00
9,123.00
9,652.00
3,405.82
3,844.16
3,768.43
6.87
9.55
9,585.00
8,485.00
9,751.00
3,254.63
3,256.51
4,027.63
5.89
7.31
Operating margin
0.16
0.16
0.17
0.24
0.22
0.22
(0.99)
(0.88)
Profit margin
0.20
0.16
0.13
0.15
0.13
0.16
(0.55)
(0.97)
405.00
366.00
355.00
239.91
232.59
230.23
60.18
66.74
Total liabilities Shareholders' equity
Shares outstanding Market capitalization
24,959.14 24,618.77 33,490.92
12,748.27 15,280.00 16,940.38
51.75 108.11
Equity beta*
1.30
1.26
1.24
1.29
1.16
1.25
1.32
1.17
EPS
5.98
5.49
4.74
2.46
2.20
2.96
(0.05)
(0.14)
P/E
10.31
12.25
19.90
21.58
29.83
24.86
NA
NA
0.16
0.17
0.13
0.15
0.13
0.11
0.07
0.05
D/Marketcap *Based on previous five years
Opsens (OPS)
Cyberoptics (CYBE)
2016
2014
2015
2016
17.75
41.13
66.24
53.33
(6.38)
(2.20)
6.15
1.02
(6.54)
(2.10) 11.56
2.00
27.61
44.74
59.58
59.50
5.30
-
-
-
9.64
8.68
10.68
7.22
17.97
36.06
48.90
52.28
(0.36)
(0.05)
0.09
0.02
(0.37)
(0.05)
0.17
0.04
80.95
6.71
6.83
6.95
90.67
51.30 191.30 114.61
1.02
0.82
0.80
0.85
(0.08)
(0.31)
1.69
0.29
NA 16.55
57.30
NA 0.06
Exhibit 5 Electro-Engineering Consolidated Balance Sheets (Actual), 2014-2016 (Fiscal years ending December 31; U.S. $000s)
Cash and equivalents Accounts receivable Inventory Prepaid expenses Current assets
2014 379.1 485.9 279.8 27.8 1,172.5
2015 350.2 592.0 413.7 5.2 1,361.1
2016 359.8 680.1 480.6 16.9 1,537.4
Net PP&E Total assets
249.1 1,421.6
339.3 1,700.3
479.8 2,017.1
340.6 126.6 104.9 572.1
340.6 153.4 77.0 570.9
310.6 175.1 101.8 587.5
849.5 1,421.6
1,129.4 1,700.3
1,429.6 2,017.1
Bank loans Accounts payable Accrued expenses Total Liabilities Shareholders' equity Total liabilities and equity
er 31; U.S. $000s)
Exhibit 6 Electro-Engineering Consolidated Income Statements (Actual), 2014-2016 (Fiscal years ending December 31; U.S. $000s) 2014 2,944.9 1,525.0 1,420.0
2015 3,566.3 1,811.7 1,754.6
2016 4,072.7 2,085.2 1,987.5
SG&A expense R&D expense Depreciation and amortization Interest expense Pretax income (loss)
814.9 153.1 142.2 18.7 291.0
930.1 178.3 196.9 18.7 430.6
1,080.9 219.9 206.1 18.7 461.8
Income taxes Net income
101.8 189.1
150.7 279.9
161.6 300.2
Number of common shares (thousand Earnings per share Cash dividend per share
1,100 0.17 0.0
1,100 0.25 0.0
1,100 0.27 0.0
Net sales COGS Gross profit
ecember 31; U.S. $000s)
Exhibit 7 Electro-Engineering Consolidated Statement of Cash Flows (Actual), 2014-2016 (Fiscal years ending December 31; U.S. $000s 2014
2015
2016
Operating Activities Net income Depreciation and amortization Less: increase (decrease) in accounts receivable Less: increase (decrease) in inventory Less: increase (decrease) in prepaid expenses Add: increase (decrease) in accounts payable Add: increase (decrease) in accrued expenses Operating activities - net cash flow
189.1 142.2 9.0 (108.5) (28.0) 35.0 14.0 507.9
279.9 196.9 106.1 133.9 (22.6) 26.7 (27.9) 258.2
300.2 206.1 88.1 66.9 11.7 21.8 24.8 386.1
Investing Activities Less: capex Investing activities - net cash flow
(230.3) (230.3)
(287.1) (287.1)
(346.6) (346.6)
Financing Activities Add: debt net issuance Add: net issuance of common stock Less: cash dividend Financing activities - net cash flow
(100.0) 0.0 0.0 (100.0)
0.0 0.0 0.0 0.0
(30.0) 0.0 0.0 (30.0)
Total net cash flow
177.6
(28.9)
9.6
Beginning cash Change in cash Ending cash
201.5 177.6 379.1
379.1 (28.9) 350.2
350.2 9.6 359.8
ng December 31; U.S. $000s)