2015

Dec
XIAOMI INCOME STATEMENT
Revenue 66,811,258
Cost of Sales -64,111,325
Gross Profit 2,699,933
Selling and marketing expenses -1,912,765
Administrative expenses -766,252
Research and development expenses -1,511,815
Fair value changes on investment measured at fair value
through profit or loss
2,813,353
Share of (losses)/gains of investment accounted for using the
equity method
-92,781
Other income 522,436
Other (losses)/gains, net -379,439
Operating profit 1,372,670
Finance (expenses)/ income, net -85,867
Fair value changes of convertible redeemable preferred
shares -8,759,314
(loss)/profit before income tax -7,472,511
Income tax expenses -154,519
(loss)/profit for the year/period (7,627,030)
Non-IFRS Measure: Adjusted (loss)/profit (unaudited)
(303,887)

Other Income (Breakdown)

Government grants 87,698
Value-added tax and other tax refunds 38,017
Dividend income 3,652
Investment income from ST investments measured at fair
value through profit/ loss 292,055
Interest income from ST investments measured at amortized
cost 101,014
Total 522,436

Removal 393,069

XIAOMI REVENUE SEGMENTS

Smartphones 53,715,410
IoT and lifestyle products 8,690,563
Internet services 3,239,454
 Advertising services 1,820,637
Internet value-added services 1,418,817
Others 1,165,831
Total 66,811,258

XIAOMI CONSOLIDATED INCOME STATEMENT

2015
Dec
(Loss)/profit for the year/ period -7,627,030
Other comprehensive (loss)/ income for the year/period,
netoftax
-5,509,097
Total comprehensive loss for theyear/period -13,136,127

Attributable to:
Owners of the Company -13,098,817
Non-controlling interests -37,310
-13,136,127

Assets
Non-current assets
Land use rights 0
Property and equipment 290,183
Intangible assets 553,759
Investments accounted for using the equity method 1,729,269
Long-term investments measured at fair value through profit
or loss
8,390,794
Deferred income tax assets 394,144
Prepayments to land use right 2,600,552
Other non-current assets 225,309
14,184,010

Current assets
Inventories 8,643,183
Trade receivables 1,470,155
Loan receivables 100,980
Prepayment and other receivables 3,118,768
Short-term investments measured at amortized cost 1,629,000
Short-term investments measured at fair value through profit
or loss 789,942
Short-term bank deposits 739,360
Restricted cash 67,090
Cash and cash equivalent 8,394,078
24,952,556
Total assets 39,136,566

Equity and liabilities

Equity attributable to owners of company
Company
Share capital 150
Reserves (86,714,628)
(86,714,478)
Non-controlling interests 76,170
Total equity (86,638,308)

Liabilities
Non-current liabilities
Borrowings 3,246,800
Deferred income tax liabilities 103,564
Warranty provision 11,963
Convertible redeemable preferred shares 105,932,869
Other non-current liabilities 15,369
109,310,565
Current liabilities
Trade payables 14,225,540
Other payables and accruals 1,275,068
Advance from customers 530,675
Borrowings -
Income tax liabilities 101,345
Warranty provision 331,652
16,464,280
Total liabilities 125,774,845

Total equity and liabilities 39,136,537

Cash (used in)/ generated from operations

(Loss)/profit before income tax (7,472,511)
Adjusted for:
Depreciation of property and equipment 142,240
Amortization of intangible assets 64,221

Segment information (gross profit)

Smartphones (170,899)
IoT and lifestyle products 34,877
Internet services 2,078,677
Others 757,278
2,699,933

% of total gross profit

Smartphones -6%
IoT and lifestyle products 1%
Internet services 77%
Others 28%
1

Operating profit (EBIT) 1,372,670

+ depreciation of property & equipment 142,240
+ amortization of intangible assets 64,221
- Fair value changes on investment measured at fair value
through profit or loss -2,813,353
- Share of (losses)/gains of investment accounted for using
the equity method 92,781
- Other income (393,069)
- Other (losses)/gains, net 379,439
EBITDA 4,313,333
Smartphones (273,023.18)
IoT and lifestyle products 55,718.46
Internet services 3,320,832.81
Others 1,209,804.91

APPLE
Shares o/s (31 Mar 2018)
Share price (as at Jul 9 2018) - shares on FS reflected in '000
Equity value
+ commercial paper
+ current portion of long term debt
+ long-term debt
- cash & cash equivalent
-short-term marketable securities
- long-term marketable securities
Enterprise Value
30sep17 - 31dec16 + 31dec17
2017 (10-K) 2016 (10-Q)
Sep Dec
Operating profit (EBIT) 61,344 23,359
+ Depreciation and amortization 10,157 2,987
EBITDA 71,501 26,346

EV/EBITDA

2017 (10-K) 2016 (10-Q)

Sep Dec
Sales 229,234 78,351

EV/Sales

EBITDA
Smartphones 9,540,956.66
Internet services 8,501,571.54
Others 267,336.44
Total EBITDA 18,309,864.64
EV = EBITDA * Apple EV/EBITDA 238,454,641.31

HAIER
Shares o/s (31 Mar 2018)
Share price (as at Jul 9 2018) - shares on FS reflected in '000
Equity value
+ Interest-bearing borrowings (current)
+ Interest-bearing borrowings (non-current)
- Cash and cash equivalents
- Investment properties
- Investments in associates
- Available-for-sale investments
Enterprise Value
30sep17 - 31dec16 + 31dec17

Profit before tax (EBT)

Finance cost
EBIT
+ Depreciation of property, plant and equipment
+ Amortisation of intangible assets
EBITDA

EV/EBITDA
Sales

EV/Sales

EBITDA
IoT and lifestyle products 3,097,907.36
EV = EBITDA * HAIER EV/EBITDA 39,548,037.62

EV = EBITDA * Apple EV/EBITDA 238,454,641.31

EV = EBITDA * HAIER EV/EBITDA 39,548,037.62
Total EV (SOTP) 278,002,678.93

Xiaomi EV/EBITDA
Enterprise Value 278,002,678.93
+ Short-term bank deposits 221,398
+ Cash and cash equivalent 14,027,013
- Non-controlling interests (938)
- Borrowings (current) (5,806,972)
- Borrowings (non-current) (8,249,878)
Equity Value 278,193,301.93

Shares o/s (31 Mar 2018) 9,758,340

Share price (estimated valuation) 28.51

CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating activities

Cash (used in)/generated from operations (2,293,755)
Income tax paid (307,556)
Net cash (used in)/ generated from operatin activities (2,601,311)
Cash flows from investing activities
Capital expenditures (2,524,356)
Proceeds from disposal of property and equipment 398
Withdrawal of short-term bank deposits (739,360)
Placement of short-term bank deposits 753,894
Purchase of short-term investments measured at fair value
through profit or loss (57,474,480)
Receipt from maturity of short-term investments measured at
fair value through profit or loss 62,873,480
Purchase of short-term investments measured at amortized
cost (15,405,000)
Receipt from maturity of short-term investments measured at
amortized cost 15,607,000
Interest income received 198,285
Investment income received 292,055
Purchase of long-term investments measured at fair value
thorough profit or loss (2,891,017)
Proceeds from disposal of long-term investments measured
at fair value through profit or loss 742,011
Purchase of investment accounted for using the equity
method (567,025)
Dividends received 7,510
Net cash generated from/(used in) investing activities 873,395
Cah flows from financing activities
Proceeds from issuance of convertible redeemable preferred
shares 1,390,492
Proceeds from borrowings 3,246,800
Repayment of borrowings (4,001,826)
Finance expenses paid (67,083)
Placement of restricted cash -
Withdrawal of restrcited cash -
Payment for acquisition of non-controlling interest in a non-
wholly owned subsidiary -
Net cash egenrated from/(used in) financing activities 568,383
Net (decrease)/ increase in cash and cash equivalents (1,159,533)
Cash and cash equivalents at the beginning of the year/ 9,264,955
period
Effects of exchange rate changes on cash and cash equivalents
288,656
Cash and cash equivalents at the end of the year/ period
8,394,078

Tencent
(RMB' million)

Revenues
Cost of revenues
Gross profit
Interest income
Other gains, net
Selling and marketing expenses
General and administrative expenses
Operating profit
Finance costs, net
Share of profit/(loss) of associates and JV
Profit before income tax
Income tax expense
Profit for the year

Attributable to:
Equity holder of the company
Non-controlling interest

APPLE

Net sales 229,234 78,351

Cost of sales (141,048) (48,175)
Gross margin 88,186 30,176
Operating expenses:
Research and development 11,581 2,871
Selling, general and administrative 15,261 3,946
Total operating expenses 26,842 6,817
Operating income 61,344 23,359
Other income/(expenses), net 2,745 821
Income before provision for income taxes 64,089 24,180
Provision for income taxes 15,738 6,289
Net income 48,351 17,891

Earnings per share:

Basic 9.27 3.38
Diluted 9.21 3.36

Shares used in computing earnings per share:

Basic 5,217,242 5,298,661
Diluted 5,251,692 5,327,995
Cash dividend declared per share 2.40 0.57
Balance Sheet
Current Asset:
Cash and cash equivalents
Short-term marketable securities
Accounts receivable, less allowances of $60 and $58,
respectively
Inventories
Vendor non-trade receivables
Other current assets
Total current assets

Long-term marketable securities

Property, plant and equpment, net
Goodwill
Acquired intangible assets, net
Other non-current assets
Total assets

Current liabiltiies
Accounts payable
Accrued expenses
Deferred revenue
Commercial paper
Current portion of long-term debt
Total current liabiltiies

Deferred revenue, non-current

Long-term debt
Other non-current liabiltiies
Total liabilities

Commitments and contigencies

Shareholders' equity:
Common stock and additional paid-in capital, $0.00001 par
value: 12,600,000 shares authorised; 4,943,282 and
5,126,201 shares issued and outstanding, respectively
Retained earnings
Accumulated other comprehensive income/(loss)
Total shareholders' equity
Total liabiltiites and shareholders' equity
2016 2017 2017 2018 TTM
Dec Dec March March March

68,434,161 114,624,742 18,531,793 34,412,362 130,505,311

-61,184,806 -99,470,537 -16,067,675 -30,110,935 (113,513,797)
7,249,355 15,154,205 2,464,118 4,301,427 16,991,514
-3,022,313 -5,231,540 -726,857 -1,402,829 (5,907,512)
-926,833 -1,216,110 -240,209 -465,323 (1,441,224)
-2,104,226 -3,151,401 -604,689 -1,103,775 (3,650,487)

2,727,283 6,371,098 1,179,700 1,762,868 6,954,266

-150,445 -231,496 -66,404 16,329 (148,763)

540,493 448,671 24,156 158,226 582,741
-528,250 72,040 -75,319 97,567 244,926
3,785,064 12,215,467 1,954,496 3,364,490 13,625,461
-86,246 26,784 -12,121 17,834 56,739

-2,523,309 -54,071,603 -9,464,478 -10,071,376 (54,678,501)

1,175,509 -41,829,352 -7,522,103 -6,689,052 (40,996,301)
-683,903 -2,059,763 -344,915 -338,359 (2,053,207)
491,606 (43,889,115) (7,867,018) (7,027,411) (43,049,508)

1,895,687 5,361,876 660,530 1,699,301 6,400,647

- 0.05 (0)
-
217,046 121,151 7,556 88,281 201,876
121,939 3,738 17 12,369 16,090
96,328 106,291 2,704 - 103,587

98,837 162,702 11,868 43,435 194,269

6,343 54,789 2,011 14,141 66,919

540,493 448,671 24,156 158,226 582,741
-
105,180 217,491 13,879 57,576 261,188

48,764,139 80,563,594 12,193,852 23,239,490

12,415,438 23,447,823 4,160,665 7,696,566
6,537,769 9,896,389 2,029,637 3,231,350
 3,838,420 5,614,389 1,008,338 1,874,024
2,699,349 4,282,000 1,021,299 1,357,326
716,815 716,936 147,639 244,956
68,434,161 114,624,742 18,531,793 34,412,362

2016 2017 2017 2018

Dec Dec March March
491,606 -43,889,115 -7,867,018 -7,027,411

-6,798,761 7,894,366 584,669 5,710,890

-6,307,155 7,894,366 -7,282,349 -1,316,521

-6,254,475 -35,922,124 -7,260,782 -1,288,535

-52,680 43,816,490 -21,567 -27,986
-6,307,155 7,894,366 -7,282,349 -1,316,521

3,494,041 3,416,359 3,416,359 3,396,938

848,377 1,730,872 1,730,872 2,099,305
1,120,133 2,274,352 2,274,352 2,246,404
1,852,563 1,710,819 1,710,819 2,668,702

12,349,198 18,856,961 18,856,961 19,919,203

446,303 591,576 591,576 606,534
0 0 0 0
18,668 150,361 150,361 127,818
20,129,283 28,731,300 28,731,300 31,064,904

8,378,342 16,342,928 15,136,731

2,089,518 5,469,507 6,045,241
1,598,063 8,144,493 8,185,244
4,748,418 11,393,910 12,090,162
80,000 800,000 1,000,000

3,437,537 4,488,076 2,644,754

440,156 225,146 221,398
 633,964 2,711,119 1,678,153
9,230,320 11,563,282 14,027,013
30,636,318 61,138,461 61,028,696
50,765,601 89,869,761 92,093,600

150 150 150

(92,191,820) (127,272,511) (127,992,149)
(92,191,670) (127,272,361) (127,991,999)
133,795 61,670 938
(92,057,875) (127,210,691) (127,991,061)

390,000 7,251,312 8,249,878

458,289 1,018,651 980,870
101,970 191,404 199,019
115,802,177 161,451,203 165,330,822
7,778 35,211 34,433
116,760,214 169,947,781 174,795,022

17,577,702 34,003,331 29,491,076

1,876,267 4,223,979 3,201,447
1,836,174 3,390,650 4,382,266
3,768,500 3,550,801 5,806,972
257,558 421,113 525,967
747,061 1,542,797 1,881,911
26,063,262 47,132,671 45,289,639
142,823,476 217,080,452 220,084,661

50,765,601 89,869,761 92,093,600

1,175,509 (41,829,352) (7,522,103) (6,689,052)

139,942 166,515 43,650 43,340

100,090 194,441 30,070 140,118

1,681,762 7,101,339 718,386 1,189,778 7,572,731

 1,012,873 1,950,865 469,914 977,882 2,458,833
4,208,475 5,960,751 1,224,925 2,011,937 6,747,763
346,245 141,250 50,893 121,830 212,187
7,249,355 15,154,205 2,464,118 4,301,427 16,991,514

23% 47% 29% 28% 45%

14% 13% 19% 23% 14%
58% 39% 50% 47% 40%
5% 1% 2% 3% 1%
1 1

3,785,064 12,215,467 1,954,496 3,364,490 13,625,461

139,942 166,515 43,650 43,340 166,205
100,090 194,441 30,070 140,118 304,489

-2,727,283 -6,371,098 -1,179,700 -1,762,868 (6,954,266)

150,445 231,496 66,404 -16,329 148,763

(105,180) (217,491) (13,879) (57,576) (261,188)
528,250 -72,040 75,319 -97,567 (244,926)
6,178,864 19,005,556 3,080,072 5,482,288 21,407,772
1,433,421.14 8,906,102.04 897,960.49 1,516,405.06 9,540,956.66
863,305.01 2,446,665.73 587,378.10 1,246,337.73 3,097,907.36
3,587,021.83 7,475,640.39 1,531,118.72 2,564,269.50 8,501,571.54
295,116.02 177,147.85 63,614.69 155,275.71 267,336.44

5,157,787 5,024,877
190.58
- 957,641
11,980 11,980
6,498 8,498
103,922 101,362
27,491 45,059
49,662 42,881
207,944
(162,697) 991,541

2017 (10-Q) 2017 (10-K) 2017 2018 TTM

Dec Dec March March March
26,274 64,259 14,097 15,894 66,056
 2,745 9,915 5,319 5,484 10,080
29,019 74,174 19,416 21,378 76,136

13.02

2017 (10-Q) 2017 (10-K) 2017 2018 TTM

Dec Dec March March March
88,293 239,176 52,896 61,137 247,417

4.01

Sales
9,540,956.66
8,501,571.54
267,336.44
18,309,864.64
73,378,072.53

2,804,591,798 2,804,592
24.75
61,338,063.31
162,082 162,082
30,542 8,498
15,015,303 30,542
29,415 29,415
252,659 252,659
1,283,082 1,283,082
59,912,945

2017
Dec
4,350,402
11,121
4,361,523
319,464
12,160
4,693,147

12.77
 2017
Dec
78,798,324

0.76

Sales
3,097,907.36
2,355,440.38

73,378,072.53
2,355,440.38
75,733,512.91

EV/Sales
75,733,512.91
221,398
14,027,013
-938
-5,806,972
-8,249,878
75,924,136

9,758,340
7.78

4,714,517 527,321 (1,134,445) (987,888)

(183,253) (1,522,990) (112,251) (289,794)
4,531,264 (995,669) (1,246,696) (1,277,682)

(1,826,245) (1,217,806) (178,284) (706,042)

49,855 1,531 472 645
(1,847,920) (255,262) (1,071) (7,048)
2,147,124 448,690 346,850 -
 (53,086,000) (104,284,000) (12,120,000) (25,415,500)

50,442,943 103,254,537 14,651,537 27,270,476

(1,151,000) (10,641,000) (1,604,000) (3,400,000)

2,700,000 9,921,000 1,604,000 3,200,000

106,983 266,054 25,449 107,515
98,837 162,702 11,868 43,435

(809,882) (813,175) (96,497) (600,242)

260,391 494,018 27,488 127,462

(924,608) (156,551) (10,659) (160,054)

104,255 141,548 2,704 -
(3,735,267) (2,677,714) 2,659,857 460,647

- 67,573 - -
740,000 11,174,861 1,664,000 3,913,362
(50,000) (4,531,248) (300,000) (521,286)
(137,811) (207,384) (26,856) (34,600)
(624,330) (913,202) - -
- 624,330 - -

- - - (20,000)
(72,141) 6,214,930 1,337,144 3,337,476
723,856 2,541,547 2,750,305 2,520,441
8,394,078 9,230,320 9,230,320 11,563,282

112,386 (208,585) (68,054) (56,710)

9,230,320 11,563,282 11,912,571 14,027,013

151,938 237,760
(67,439) (120,835)
 84,499 116,925 -
2,619 3,940
3,594 20,140
(12,136) (17,652)
(22,459) (33,051)
56,117 90,302 -
(1,955) (2,908)
(2,522) 821
51,640 88,215 -
(10,193) (15,744)
41,447 72,471

41,095 71,510
352 961
41,447 72,471

88,293 239,176 52,896 61,137 247,417

(54,381) (147,254) (32,305) (37,715) (152,664)
33,912 91,922 20,591 23,422 94,753
- -
3,407 12,117 2,776 3,378 12,719
4,231 15,546 3,718 4,150 15,978
7,638 27,663 6,494 7,528 28,697
26,274 64,259 14,097 15,894 66,056
756 2,680 587 274 2,367
27,030 66,939 14,684 16,168 68,423
6,965 16,414 3,655 2,346 15,105
20,065 50,525 11,029 13,822 53,318

3.92 2.11 2.75

2.10 2.73

5,112,877 5,225,791 5,024,877

5,157,787 5,261,688 5,068,493
0.63 0.57 0.63
 27,491 45,059
49,662 42,881

23,440 14,324
4,421 7,662
27,459 8,084
11,337 12,043
143,810 130,053

207,944 179,286
33,679 35,077
5,889
2,149
13,323 23,086
406,794 367,502

62,985 34,311
26,281 26,756
8,044 7,775
11,980 11,980
6,498 8,498
115,788 89,320

3,131 3,087
103,922 101,362
43,754 46,855
150,807 240,624

36,447 38,044
104,593 91,898
(841) (3,064)
140,199 126,878
406,794 367,502
 (RMB/HKD)
69,413,647 0.88366