Profit and Loss statement, k USD, Global

Green Red Blue Orange Grey

Sales revenue 1,692,488 1,889,918 1,830,999 1,861,927 1,151,872

Costs and expenses

Variable production costs 396,582 447,824 543,135 378,506 247,891
Feature costs 101,715 191,324 157,608 109,507 78,183
Contract manufacturing costs 213,711 219,166 154,585 198,890 146,789
Transportation and tariffs 79,594 115,470 94,639 79,420 53,227
R&D 289,902 336,365 323,537 270,000 110,000
Promotion 34,700 34,000 49,000 135,000 33,700
Administration 100,323 100,025 99,962 100,000 101,135
Costs and expenses total 1,216,526 1,444,174 1,422,467 1,271,324 770,924

OPERATING PROFIT BEFORE DEPR. (EBITDA) 475,962 445,744 408,532 590,604 380,948
Depreciation from fixed assets 126,225 126,225 126,225 126,225 126,225

OPERATING PROFIT (EBIT) 349,737 319,519 282,307 464,379 254,723

Net financing expenses 11,828 -6,918 18,244 16,688 13,508

PROFIT BEFORE TAXES 337,909 326,437 264,063 447,690 241,216

Income taxes 122,168 132,887 125,158 144,713 93,980

PROFIT FOR THE ROUND 215,742 193,550 138,904 302,977 147,236

Balance sheet, k USD, Global

Green Red Blue Orange Grey
ASSETS
Fixed assets 715,275 715,275 715,275 715,275 715,275
Inventory 162,673 126,495 257,321 123,814 260,669
Receivables 65,161 72,762 70,493 71,684 44,347
Cash and cash equivalents 482,884 2,045,114 561,962 358,315 336,763
Total assets 1,425,993 2,959,646 1,605,052 1,269,087 1,357,054

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 340,000 440,000 340,000 325,000 340,000
Additional paid-in capital 0 1,339,042 0 0 0
Profit for the round 215,742 193,550 138,904 302,977 147,236
Retained earnings 339,774 339,774 339,774 51,818 339,774
Total equity 895,516 2,312,366 818,679 679,795 827,011

Liabilities
Long-term loans 500,000 609,789 509,789 559,789 509,789
Short term loans (unplanned) 0 0 240,011 0 0
Payables 30,477 37,491 36,574 29,503 20,254
Total liabilities 530,477 647,280 786,373 589,292 530,043

Total shareholders' equity and liabilities 1,425,993.00 2,959,646.00 1,605,052.00 1,269,087.00 1,357,054.00

Profit and Loss statement, k USD, USA

Green Red Blue Orange Grey
Sales revenue
from markets 522,626 469,321 532,816 530,721 225,403
from internal transfers 274,588 390,264 347,295 303,233 221,618
Sales revenue total 797,214 859,585 880,111 833,954 447,021

Costs and expenses

Variable production costs 396,582 447,824 543,135 378,506 247,891
Feature costs 32,037 39,827 47,770 26,334 13,524
Contract manufacturing costs 75,665 86,569 21,153 64,110 40,067
Transportation and tariffs 0 2,802 0 0 0
R&D 289,902 336,365 323,537 270,000 110,000
Promotion 5,700 6,000 9,500 40,000 8,500
Administration 80,323 80,007 79,947 80,000 81,135
Costs of imported products 0 17,584 0 0 0
Costs and expenses total 880,209 1,016,979 1,025,043 858,950 501,117

OPERATING PROFIT BEFORE DEPR. (EBITDA) -82,994 -157,394 -144,933 -24,995 -54,096
Depreciation from fixed assets 126,225 126,225 126,225 126,225 126,225

OPERATING PROFIT (EBIT) -209,219 -283,619 -271,158 -151,220 -180,321

Net financing expenses 17,707 2,815 27,111 19,208 19,505

PROFIT BEFORE TAXES -226,927 -286,435 -298,269 -170,428 -199,826

Income taxes 0 0 0 0 0

PROFIT FOR THE ROUND -226,927 -286,435 -298,269 -170,428 -199,826

Balance sheet, k USD, USA

Green Red Blue Orange Grey
ASSETS
Fixed assets 715,275 715,275 715,275 715,275 715,275
Inventory 162,673 121,047 252,708 123,814 260,669
Receivables 20,121 18,069 20,513 20,433 8,678
Cash and cash equivalents 129,820 1,445,622 2,000 203,882 2,350
Total assets 1,027,890 2,300,013 990,496 1,063,403 986,971

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 300,000 400,000 300,000 285,000 300,000
Additional paid-in capital 0 1,339,042 0 0 0
Profit for the round -226,927 -286,435 -298,269 -170,428 -199,826
Retained earnings 170,401 170,401 170,401 25,988 170,401
Total equity 243,475 1,623,009 172,132 140,559 270,575

Liabilities
Long-term loans 500,000 609,789 509,789 559,789 509,789
Short term loans (unplanned) 0 0 240,011 0 0
Internal loans 265,000 45,000 45,000 345,000 195,000
Payables 19,415 22,215 23,564 18,055 11,607
Total liabilities 784,415 677,004 818,364 922,843 716,396

Total shareholders' equity and liabilities 1,027,890 2,300,013 990,496 1,063,403 986,971

PARENT COMPANY'S CASH FLOW STATEMENT, k USD

 Green Red Blue Orange Grey
Cash provided by operating activities
Operating profit before depreciation (EBITDA) -82,994 -157,394 -144,933 -24,995 -54,096
Change in receivables (incr - / decr +) -7,144 -5,092 -7,536 -7,456 4,299
Change in inventories (incr - / decr +) -112,420 -70,794 -202,455 -73,561 -210,416
Change in payables (incr + / decr -) -2,093 707 2,056 -3,454 -9,901
Net financing expenses -17,707 -2,815 -27,111 -19,208 -19,505
Income taxes 0 0 0 0 0
Total -222,359 -235,388 -379,979 -128,673 -289,619

Plant investments 0 0 0 0 0

Cash flow before financing activities -222,359 -235,388 -379,979 -128,673 -289,619

Cash provided by financing activities

Dividends 0 0 0 0 0
Proceeds from equity issues and buybacks 0 1,439,042 0 -302,956 0
Dividends received from subsidiaries 0 0 0 143,542 0
Change in long-term debt (incr + / decr -) -9,789 100,000 0 50,000 0
Change in short-term debt (incr + / decr -) 0 0 240,011 0 0
Change in internal loans 220,000 0 0 300,000 150,000
Total 210,211 1,539,042 240,011 190,586 150,000
Change in cash and cash equivalents -12,148 1,303,654 -139,968 61,913 -139,619

Cash 1.1. 141,968 141,968 141,968 141,968 141,968

Cash 31.12. 129,820 1,445,622 2,000 203,882 2,350

Profit and Loss statement, k USD, Asia

Green Red Blue Orange Grey
Sales revenue
from markets 689,809 903,896 770,810 666,311 557,535
from internal transfers 74,441 73,343 49,186 66,652 0
Sales revenue total 764,250 977,240 819,996 732,963 557,535

Costs and expenses

Variable production costs 0 0 0 0 0
Feature costs 42,116 104,250 67,293 42,725 27,370
Contract manufacturing costs 138,046 132,597 133,432 134,780 106,722
Transportation and tariffs 59,027 91,507 71,586 51,861 34,582
R&D 0 0 0 0 0
Promotion 20,000 20,000 26,000 55,000 17,000
Administration 10,000 10,018 10,015 10,000 10,000
Costs of imported products 169,481 270,857 212,412 147,472 100,142
Costs and expenses total 438,669 629,229 520,739 441,838 295,816

OPERATING PROFIT BEFORE DEPR. (EBITDA) 325,581 348,010 299,257 291,125 261,719
Depreciation from fixed assets 0 0 0 0 0

OPERATING PROFIT (EBIT) 325,581 348,010 299,257 291,125 261,719

Net financing expenses -5,241 -8,884 -8,021 -2,020 -5,427

PROFIT BEFORE TAXES 330,822 356,894 307,278 293,145 267,146

Income taxes 49,623 53,534 46,092 43,972 40,072

PROFIT FOR THE ROUND 281,199 303,360 261,186 249,174 227,074

Balance sheet, k USD, Asia

Green Red Blue Orange Grey
ASSETS
Fixed assets 0 0 0 0 0
Inventory 0 5,448 4,613 0 0
Receivables 26,558 34,800 29,676 25,653 21,465
Cash and cash equivalents 181,621 343,525 305,151 38,449 189,874
Total assets 208,178 383,773 339,441 64,102 211,339

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000 20,000 20,000 20,000
Profit for the round 281,199 303,360 261,186 249,174 227,074
Retained earnings 72,771 72,771 72,771 11,098 72,771
Total equity 373,970 396,131 353,957 280,272 319,845

Liabilities
Short term loans (unplanned) 0 0 0 0 0
Internal loans -175,000 -25,000 -25,000 -225,000 -115,000
Payables 9,209 12,642 10,484 8,831 6,494
Total liabilities -165,791 -12,358 -14,516 -216,169 -108,506

Total shareholders' equity and liabilities 208,178 383,773 339,441 64,102 211,339

Profit and Loss statement, k USD, Europe

Green Red Blue Orange Grey
Sales revenue
Sales revenue 480,054 516,700 527,373 664,895 368,934

Costs and expenses

Feature costs 27,562 47,246 42,544 40,449 37,289
Transportation and tariffs 20,568 21,161 23,054 27,559 18,644
Promotion 9,000 8,000 13,500 40,000 8,200
Administration 10,000 10,000 10,000 10,000 10,000
Costs of imported products 179,549 175,166 184,068 222,413 121,476
Costs and expenses total 246,678 261,573 273,166 340,422 195,609

OPERATING PROFIT BEFORE DEPR. (EBITDA) 233,376 255,128 254,207 324,474 173,325
Depreciation from fixed assets 0 0 0 0 0

OPERATING PROFIT (EBIT) 233,376 255,128 254,207 324,474 173,325

Net financing expenses -638 -849 -846 -499 -571

PROFIT BEFORE TAXES 234,014 255,977 255,054 324,973 173,895

Income taxes 72,544 79,353 79,067 100,742 53,908

PROFIT FOR THE ROUND 161,469 176,624 175,987 224,231 119,988

Balance sheet, k USD, Europe
Green Red Blue Orange Grey
ASSETS
Fixed assets 0 0 0 0 0
Receivables 18,482 19,893 20,304 25,598 14,204
Cash and cash equivalents 171,442 255,967 254,811 115,984 144,539
Total assets 189,924 275,860 275,115 141,582 158,743

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000 20,000 20,000 20,000
Profit for the round 161,469 176,624 175,987 224,231 119,988
Retained earnings 96,602 96,602 96,602 14,733 96,602
Total equity 278,071 293,226 292,589 258,964 236,590

Liabilities
Short term loans (unplanned) 0 0 0 0 0
Internal loans -90,000 -20,000 -20,000 -120,000 -80,000
Payables 1,853 2,634 2,526 2,618 2,153
Total liabilities -88,147 -17,366 -17,474 -117,382 -77,847

Total shareholders' equity and liabilities 189,924 275,860 275,115 141,582 158,743

Ratios and key financial indicators

Ratios
Green Red Blue Orange Grey
Market capitalization of the company, k USD 7,282,157 8,792,897 6,893,930 7,656,440 6,065,647
Shares outstanding at the end of round, k shares 30,000 40,000 30,000 28,500 30,000
Share price at the end of round, USD 243 220 230 269 202
Average trading price during the round, USD 192 144 192 202 192
Dividend yield, % 0 0 0 0 0
P/E ratio 33.75 45.43 49.63 25.27 41.20
Cumulative total shareholder return (p.a.), % 26.51 14.57 19.77 40.01 5.38

Key financial indicators, %

Green Red Blue Orange Grey
Operating profit before depreciation (EBITDA) 28.12 23.59 22.31 31.72 33.07
Operating profit (EBIT) 20.66 16.91 15.42 24.94 22.11
Return on sales (ROS) 12.75 10.24 7.59 16.27 12.78
Equity ratio 62.80 78.13 51.01 53.57 60.94
Net debt to equity (gearing) 1.91 -62.07 22.94 29.64 20.92
Return on capital employed (ROCE) 27.06 15.54 20.47 38.23 20.17
Return on equity (ROE) 27.39 12.94 18.54 44.57 19.54
Earnings per share (EPS), USD 7.19 4.84 4.63 10.63 4.91

Market report, global

Global market shares, %
Green Red Blue Orange Grey
Total 12.01 13.16 13.35 11.51 8.08

Tech 1 10.41 12.54 12.80 10.67 9.42

Tech 2 21.70 16.90 16.65 16.54 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Market report, USA

Green Red Blue Orange Grey
Tech 1
Selling Price, USD 220 255 210 300 300
Number of offered features 3 5 4 3 3
Sales, k units 1,533 1,222 1,897 1,141 751
Demand, k units 1,533 1,222 1,897 1,141 751

Tech 2
Selling Price, USD 250 299 360 390
Number of offered features 1 1 1 2
Sales, k units 742 527 373 483
Demand, k units 742 527 373 483

Tech 3
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units

Tech 4
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units

USA market shares, %

Green Red Blue Orange Grey
Total 16.21 12.47 16.19 11.58 5.36

Tech 1 13.68 10.91 16.93 10.18 6.71

Tech 2 26.30 18.69 13.24 17.13 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Market report, Asia

Green Red Blue Orange Grey
Tech 1
Selling Price, RMB 2,050 1,850 1,860 2,100 1,980
Number of offered features 3 5 4 3 2
Sales, k units 2,186 3,389 2,651 2,221 2,281
Demand, k units 2,186 3,389 3,234 2,221 2,281
Tech 2
Selling Price, RMB 2,400 2,450 2,150 3,200
Number of offered features 1 1 1 2
Sales, k units 461 429 610 229
Demand, k units 461 429 610 229

Tech 3
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units

Tech 4
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units

Asia market shares, %

Green Red Blue Orange Grey
Total 10.29 14.85 12.68 9.53 8.87

Tech 1 9.36 14.51 11.35 9.51 9.76

Tech 2 19.56 18.22 25.90 9.73 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Market report, Europe

Green Red Blue Orange Grey
Tech 1
Selling Price, EUR 170 180 165 165 170
Number of offered features 3 5 4 3 4
Sales, k units 1,350 1,494 1,684 1,835 1,554
Demand, k units 1,350 1,494 1,684 1,835 1,554
Tech 2
Selling Price, EUR 210 250 280 280
Number of offered features 1 1 1 2
Sales, k units 544 404 356 619
Demand, k units 544 404 356 619

Tech 3
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units

Tech 4
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units

Europe market shares, %

Green Red Blue Orange Grey
Total 11.15 11.17 12.01 14.44 9.15

Tech 1 9.56 10.58 11.93 13 11.01

Tech 2 18.93 14.06 12.41 21.55 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Production report
In-house manufacturing, k units
Green Red Blue Orange Grey
USA
Tech 1 6,435 6,600 5,775 5,610 5,610
Tech 2 825
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Contract manufacturing, k units

USA
Tech 1 600 950
Tech 2 1,000 400 1,000 1,000
Tech 3
Tech 4

Asia
Tech 1 300 1,000
Tech 2 1,000 1,000 1,000 700
Tech 3
Tech 4

Capacity usage, %
USA
Tech 1 98 100 88 85 85
Tech 2 13
Tech 3
Tech 4
Free capacity 3 0 0 15 15

Asia
Tech 1
Tech 2
Tech 3
Tech 4
Free capacity 0 0 0 0 0

Inventory, k units
USA
Tech 1 1,823 1,552 0 1,171 3,431
Tech 2 254 0 1,452 368 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Asia
Tech 1 0 0 0 0 0
Tech 2 0 39 33 0 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Inventory management costs, k USD 1,520 1,223 1,160 1,198 2,333

Origin of products sold in USA, k units

USA 2,274 1,622 2,270 1,624 751
Asia 127

Origin of products sold in Asia, k units

USA 2,186 3,389 2,651 1,921 1,281
Asia 461 429 610 529 1,000

Origin of products sold in Europe, k units

USA 1,354 1,494 1,684 1,983 1,554
Asia 539 404 356 471

Number of plants this round

USA 12 12 12 12 12
Asia

Number of plants next round

USA 12 12 12 12 12
Asia

Number of plants after next round

USA 14 12 13 12 12
Asia 4 3 2 7

Cost report
Logistics
Green Red Blue Orange Grey
Average logistics cost per sold product, USD
Products sold in USA 0 1.60 0 0 0
Products sold in Asia 22.30 23.96 21.95 21.17 15.16
Products sold in Europe 10.86 11.15 11.30 11.23 12

Production cost per unit, USD

USA
Tech 1 75.22 76.89 77.75 74.07 74.07
Tech 2 263
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Contract manufacturing cost per unit, USD

USA
Tech 1 90.30 87.18
Tech 2 101 109 101 101
Tech 3
Tech 4

Asia
Tech 1 119 107
Tech 2 138 138 138 142
Tech 3
Tech 4

Production scrap-%
USA
Tech 1 1.64 1.64 1.65 1.66 1.66
Tech 2 2.69
Tech 3
Tech 4
Asia
Tech 1
Tech 2
Tech 3
Tech 4

Valuation - Global
Green Red Blue Orange Grey
Enterprise value, k USD 7,305,273 7,363,573 7,087,768 7,863,914 6,244,672
Excess cash (+), k USD 476,884 2,039,114 555,962 352,315 330,763
Value of debt (-), k USD -500,000 -609,789 -749,800 -559,789 -509,789
Market capitalization, k USD 7,282,157 8,792,897 6,893,930 7,656,440 6,065,647

Discounted cash flow -valuation

Beta 0.84 0.68 1.03 0.98 0.87
Required return on equity, % 8.43 7.37 9.75 9.38 8.64
After tax cost of debt, % 3.45 3.39 3.62 3.61 3.45
Debt to equity 0.56 0.26 0.92 0.82 0.62
WACC, % 6.64 6.54 6.82 6.77 6.66
Enterprise value, k USD 9,064,687 9,198,300 8,827,948 9,703,501 7,636,522

Multiple valuation
EV/Sales 4 4 4 4 4
Adjusted sales, k USD 1,377,604 1,446,705 1,426,083 1,436,908 1,188,389
Enterprise value, k USD 5,510,417 5,786,819 5,704,332 5,747,632 4,753,555

EV/EBITDA 11.65 11.65 11.65 11.65 11.65

Adjusted EBITDA, k USD 433,863 423,287 410,263 473,988 400,608
Enterprise value, k USD 5,054,505 4,931,289 4,779,559 5,521,956 4,667,086

EV/EBIT 14.63 14.63 14.63 14.63 14.63

Adjusted EBIT, k USD 293,159 282,583 269,559 333,284 260,203
Enterprise value, k USD 4,288,921 4,134,187 3,943,645 4,875,943 3,806,766

EV/NOPLAT 17.30 17.30 17.30 17.30 17.30

Adjusted NOPLAT, k USD 220,276 207,724 201,298 246,972 196,543
Enterprise value, k USD 3,810,766 3,593,633 3,482,453 4,272,607 3,400,187

Credit rating AA- AA A+ A+ AA-

Ochre Pink Navy Yellow Olive
1,449,035 637,133 1,576,181 1,527,605 1,124,711

410,301 95,727 395,830 303,644 243,165

88,549 30,977 207,530 87,936 73,702
73,578 92,678 175,020 200,467 136,333
74,239 4,233 95,479 65,249 51,142
480,737 456,148 236,246 410,000 260,000
67,200 97,000 31,100 29,100 32,500
101,099 103,099 100,004 100,311 101,100
1,295,705 879,863 1,241,209 1,196,707 897,941

153,331 -242,730 334,972 330,898 226,770

126,225 126,225 126,225 126,225 126,225

27,106 -368,955 208,747 204,673 100,545

98,737 142,746 27,653 21,289 32,259

-71,632 -511,701 181,093 183,385 68,286

105,630 33,643 100,773 136,355 93,272

-177,261 -545,344 80,320 47,029 -24,986

Ochre Pink Navy Yellow Olive

715,275 715,275 715,275 715,275 715,275

572,861 663,910 117,125 152,703 255,417
55,788 24,530 60,683 58,813 43,301
108,453 152,827 230,724 598,082 233,988
1,452,377 1,556,542 1,123,806 1,524,873 1,247,981
 330,000 340,000 322,470 340,000 335,000
0 0 0 0 0
-177,261 -545,344 80,320 47,029 -24,986
151,286 339,774 78 339,774 197,212
304,025 134,430 402,868 726,804 507,226

509,789 459,789 509,789 509,789 509,789

613,667 953,714 177,505 262,975 211,549
24,897 8,609 33,644 25,306 19,417
1,148,353 1,422,112 720,938 798,070 740,755

1,452,377.00 1,556,542.00 1,123,806.00 1,524,873.00 1,247,981.00

Ochre Pink Navy Yellow Olive

409,505 262,165 328,411 357,951 220,224

280,994 17,766 358,582 289,579 207,685
690,499 279,931 686,993 647,530 427,909

410,301 95,727 395,830 303,644 243,165

22,303 14,470 39,409 18,607 13,213
9,198 11,375 68,298 91,735 29,611
0 0 0 0 0
480,737 456,148 236,246 410,000 260,000
13,600 9,000 6,000 7,000 7,500
81,073 82,940 80,004 80,311 81,100
0 0 0 0 0
1,017,213 669,660 825,787 911,296 634,589

-326,714 -389,729 -138,794 -263,766 -206,680

126,225 126,225 126,225 126,225 126,225

-452,939 -515,954 -265,019 -389,991 -332,905

 101,060 131,561 32,127 30,553 37,177

-553,999 -647,516 -297,146 -420,544 -370,082

0 0 0 0 0

-553,999 -647,516 -297,146 -420,544 -370,082

Ochre Pink Navy Yellow Olive

715,275 715,275 715,275 715,275 715,275

564,297 613,012 117,125 152,703 255,417
15,766 10,093 12,644 13,781 8,479
2,000 2,000 2,000 2,000 2,000
1,297,338 1,340,380 847,044 883,759 981,171

290,000 300,000 282,470 300,000 295,000

0 0 0 0 0
-553,999 -647,516 -297,146 -420,544 -370,082
75,872 170,401 39 170,401 98,905
-188,127 -177,114 -14,637 49,857 23,822

509,789 459,789 509,789 509,789 509,789

613,667 808,025 177,505 262,975 211,549
345,000 245,000 155,000 45,200 225,000
17,009 4,681 19,386 15,938 11,011
1,485,465 1,517,494 861,681 833,902 957,348

1,297,338 1,340,380 847,044 883,759 981,171

Ochre Pink Navy Yellow Olive

-326,714 -389,729 -138,794 -263,766 -206,680

-2,789 2,884 333 -804 4,498
-514,044 -562,759 -66,872 -102,450 -205,164
-4,499 -16,828 -2,122 -5,570 -10,498
-101,060 -131,561 -32,127 -30,553 -37,177
0 0 0 0 0
-949,106 -1,097,993 -239,582 -403,143 -455,020

0 0 0 0 0

-949,106 -1,097,993 -239,582 -403,143 -455,020

0 0 0 0 -50,000
-198,489 0 -357,226 0 -97,562
93,959 0 169,334 0 71,065
0 -50,000 0 0 0
613,667 808,025 177,505 262,975 211,549
300,000 200,000 110,000 200 180,000
809,137 958,025 99,613 263,175 315,052
-139,968 -139,968 -139,968 -139,968 -139,968

141,968 141,968 141,968 141,968 141,968

2,000 2,000 2,000 2,000 2,000

Ochre Pink Navy Yellow Olive

614,457 237,557 818,237 632,986 557,535

39,638 12,271 0 0 0
654,095 249,827 818,237 632,986 557,535
 0 0 0 0 0
39,754 11,887 110,462 34,332 27,370
64,380 81,303 106,722 108,732 106,722
56,578 1,496 72,416 40,902 34,582
0 0 0 0 0
37,000 76,000 17,000 10,500 17,000
10,026 10,160 10,000 10,000 10,000
173,889 4,345 208,892 118,994 99,974
381,627 185,191 525,491 323,460 295,648

272,469 64,636 292,745 309,526 261,887

0 0 0 0 0

272,469 64,636 292,745 309,526 261,887

-1,934 11,767 -4,010 -8,366 -4,500

274,402 52,869 296,755 317,892 266,388

41,160 7,930 44,513 47,684 39,958

233,242 44,939 252,242 270,208 226,430

Ochre Pink Navy Yellow Olive

0 0 0 0 0
8,564 50,898 0 0 0
23,657 9,146 31,502 24,370 21,465
34,610 2,000 126,906 320,492 148,696
66,831 62,044 158,409 344,862 170,161

20,000 20,000 20,000 20,000 20,000

233,242 44,939 252,242 270,208 226,430
32,402 72,771 17 72,771 42,238
 285,643 137,710 272,259 362,979 288,667

0 145,689 0 0 0
-225,000 -225,000 -125,000 -25,200 -125,000
6,187 3,645 11,150 7,083 6,494
-218,813 -75,666 -113,850 -18,117 -118,506

66,831 62,044 158,409 344,862 170,161

Ochre Pink Navy Yellow Olive

425,073 137,412 429,532 536,667 346,952

26,493 4,619 57,658 34,997 33,119

17,662 2,737 23,063 24,347 16,559
16,600 12,000 8,100 11,600 8,000
10,000 10,000 10,000 10,000 10,000
146,742 25,691 149,690 170,585 107,711
217,497 55,048 248,512 251,529 175,389

207,576 82,364 181,020 285,138 171,563

0 0 0 0 0

207,576 82,364 181,020 285,138 171,563

-389 -581 -464 -898 -418

207,965 82,945 181,484 286,036 171,981

64,469 25,713 56,260 88,671 53,314

143,496 57,232 125,224 197,365 118,667

Ochre Pink Navy Yellow Olive

0 0 0 0 0
16,365 5,290 16,537 20,662 13,358
71,843 148,827 101,817 275,590 83,292
88,208 154,118 118,354 296,252 96,649

20,000 20,000 20,000 20,000 20,000

143,496 57,232 125,224 197,365 118,667
43,012 96,602 22 96,602 56,070
206,509 173,834 145,246 313,967 194,737

0 0 0 0 0
-120,000 -20,000 -30,000 -20,000 -100,000
1,700 283 3,108 2,285 1,913
-118,300 -19,717 -26,892 -17,715 -98,087

88,208 154,118 118,354 296,252 96,649

Ochre Pink Navy Yellow Olive

3,756,218 2,666,114 5,484,510 6,561,664 5,033,278
29,000 30,000 28,247 30,000 29,500
130 88.87 194 219 171
198 192 204 192 195
0 0 0 0 0.99
n/a n/a 68.28 140 n/a
 -32.49 -53.68 1.19 13.99 -10.19

Ochre Pink Navy Yellow Olive

10.58 -38.10 21.25 21.66 20.16
1.87 -57.91 13.24 13.40 8.94
-12.23 -85.59 5.10 3.08 -2.22
20.93 8.64 35.85 47.66 40.64
334 938 113 24.03 96.08
2.07 -26.96 18.31 15.22 8.32
-36.04 -134 14.84 6.69 -4.21
-6.11 -18.18 2.84 1.57 -0.85

Ochre Pink Navy Yellow Olive

9.11 2.83 12.19 10.01 7.75

9.07 2.44 14.21 9.40 9.03

9.36 5.18 0 13.67 0
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

270 330 250 255 300

3 4 5 2 3
1,031 560 1,314 1,023 734
1,031 560 1,314 1,023 734
 420 450 460
2 1 5
312 172 211
312 172 211

Ochre Pink Navy Yellow Olive

9.58 5.22 9.37 8.80 5.23

9.20 5 11.72 9.13 6.55

11.07 6.10 0 7.48 0
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

2,100 2,999 1,800 2,000 1,980

3 4 5 2 2
2,095 455 3,682 2,117 2,281
2,095 455 3,682 2,117 2,281
 3,400 3,499 3,000
2 1 5
170 160 297
170 160 297

Ochre Pink Navy Yellow Olive

8.81 2.39 14.32 9.39 8.87

8.97 1.95 15.76 9.06 9.76

7.20 6.77 0 12.62 0
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

160 350 160 150 180

3 4 5 2 4
1,291 171 1,922 1,437 1,380
1,599 171 1,922 1,437 1,380
 360 450 285
2 1 5
272 86 592
272 86 678

Ochre Pink Navy Yellow Olive

9.20 1.51 11.31 11.94 8.12

9.14 1.21 13.61 10.18 9.78

9.46 2.98 0 20.60 0
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

3,960 5,280 6,006 5,478 5,610

2,640 660
 350 1,000 700
1,000 650 900

400 1,000 700 1,000

500 600 200

60 80 91 83 85
40 10

0 10 9 17 15

0 0 0 0 0
 0 5,301 1,545 2,057 3,372
3,328 1,138 0 0 0
0 0 0 0 0
0 0 0 0 0

0 0 0 0 0
59 355 0 0 0
0 0 0 0 0
0 0 0 0 0

2,297 4,297 1,201 1,508 2,297

1,343 732 1,314 1,234 734

2,095 55 2,682 1,515 1,281

170 560 1,000 900 1,000

1,291 171 1,922 2,029 1,380

272 86

12 12 12 12 12

12 12 12 12 12

13 12 12 12 12
1 1 2 1
Ochre Pink Navy Yellow Olive

0 0 0 0 0
24.98 2.43 19.67 16.94 15.16
11.30 10.67 12 12 12

79.87 74.60 73.94 74.23 74.07

196 265

95.25 86.90 89.12

101 104 101

115 107 109 107

146 143 161

1.68 1.66 1.65 1.66 1.66

2.33 2.76
Ochre Pink Navy Yellow Olive
4,361,832 3,398,917 5,926,530 6,742,346 5,476,043
102,453 146,827 224,724 592,082 227,988
-708,067 -879,630 -666,744 -772,764 -670,753
3,756,218 2,666,114 5,484,510 6,561,664 5,033,278

2.14 2.13 1.46 1.10 1.30

17.55 17.45 12.78 10.27 11.68
9.37 11.08 4.55 3.97 4.95
3.70 >5 1.71 1.06 1.42
11.11 11.63 7.59 7.02 7.73
4,898,766 3,695,166 7,113,532 8,499,040 6,615,004

4 4 4 4 4
1,292,396 1,008,230 1,336,897 1,319,895 1,178,882
5,169,583 4,032,920 5,347,587 5,279,581 4,715,530

11.65 11.65 11.65 11.65 11.65

320,942 267,276 384,516 383,091 346,646
3,738,976 3,113,769 4,479,616 4,463,007 4,038,425

14.63 14.63 14.63 14.63 14.63

193,782 170,751 243,813 242,658 228,806
2,835,035 2,498,092 3,566,979 3,550,090 3,347,430

17.30 17.30 17.30 17.30 17.30

143,476 125,630 184,389 181,303 171,620
2,482,134 2,173,390 3,189,927 3,136,537 2,969,025

CCC CC A- A BBB
Profit and Loss statement, k USD, Global
Green Red Blue Orange Grey
Sales revenue 1,657,903 2,160,332 2,312,774 1,671,302 1,243,283

Costs and expenses

Variable production costs 270,184 390,616 492,886 272,488 363,694
Feature costs 117,199 325,025 194,521 121,876 63,297
Contract manufacturing costs 241,895 263,773 204,989 187,594 96,757
Transportation and tariffs 61,260 121,686 98,886 71,462 81,935
R&D 539,429 621,534 137,799 157,719 250,000
Promotion 105,500 65,000 400,000 140,000 37,500
Administration 102,289 100,832 101,031 102,073 103,753
Costs and expenses total 1,437,756 1,888,466 1,630,112 1,053,212 996,936

OPERATING PROFIT BEFORE DEPR. (EBITDA) 220,147 271,866 682,662 618,090 246,347
Depreciation from fixed assets 107,291 107,291 107,291 107,291 107,291

OPERATING PROFIT (EBIT) 112,856 164,574 575,371 510,799 139,056

Net financing expenses 28,581 -42,463 18,003 43,685 13,998

PROFIT BEFORE TAXES 84,276 207,037 557,368 467,113 125,058

Income taxes 133,202 178,066 140,776 154,908 102,117

PROFIT FOR THE ROUND -48,926 28,971 416,592 312,206 22,941

Balance sheet, k USD, Global

Green Red Blue Orange Grey
ASSETS
Fixed assets 1,527,984 1,087,984 1,067,984 1,727,984 607,984
Inventory 250,443 124,178 281,736 295,789 450,272
Receivables 63,829 83,173 89,042 64,345 47,866
Cash and cash equivalents 120,557 3,456,763 106,741 355,855 89,808
Total assets 1,962,814 4,752,098 1,545,502 2,443,972 1,195,930

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 355,000 540,000 330,000 325,000 334,500
Additional paid-in capital 331,769 2,997,621 0 0 0
Profit for the round -48,926 28,971 416,592 312,206 22,941
Retained earnings 555,516 533,324 250,957 354,795 359,230
Total equity 1,193,359 4,099,917 997,549 992,001 716,671

Liabilities
Long-term loans 500,000 609,789 509,789 1,259,789 409,789
Short term loans (unplanned) 242,869 0 0 167,026 46,151
Payables 26,586 42,392 38,164 25,157 23,319
Total liabilities 769,454 652,181 547,953 1,451,971 479,259

Total shareholders' equity and liabilities 1,962,814.00 4,752,098.00 1,545,502.00 2,443,972.00 1,195,930.00

Profit and Loss statement, k USD, USA

Green Red Blue Orange Grey
Sales revenue
from markets 531,119 465,269 706,301 425,004 263,093
from internal transfers 202,787 369,991 318,632 205,312 360,131
Sales revenue total 733,906 835,260 1,024,933 630,316 623,224

Costs and expenses

Variable production costs 270,184 390,616 492,886 272,488 363,694
Feature costs 43,164 70,350 61,936 29,125 13,465
Contract manufacturing costs 101,194 101,763 42,975 33,675 96,757
Transportation and tariffs 0 0 0 0 0
R&D 539,429 621,534 137,799 157,719 250,000
Promotion 21,500 25,000 100,000 50,000 9,500
Administration 82,289 80,814 81,016 82,073 83,753
Costs of imported products 0 0 0 0 0
Costs and expenses total 1,057,761 1,290,077 916,612 625,081 817,169

OPERATING PROFIT BEFORE DEPR. (EBITDA) -323,855 -454,817 108,321 5,234 -193,945
Depreciation from fixed assets 107,291 107,291 107,291 107,291 107,291

OPERATING PROFIT (EBIT) -431,146 -562,108 1,030 -102,057 -301,236

Net financing expenses 29,056 -20,737 27,280 39,022 20,360

PROFIT BEFORE TAXES -460,203 -541,371 -26,251 -141,079 -321,597

Income taxes 0 0 0 0 0

PROFIT FOR THE ROUND -460,203 -541,371 -26,251 -141,079 -321,597

Balance sheet, k USD, USA

Green Red Blue Orange Grey
ASSETS
Fixed assets 887,984 607,984 747,984 607,984 607,984
Inventory 250,443 124,178 281,736 295,789 450,272
Receivables 20,448 17,913 27,193 16,363 10,129
Cash and cash equivalents 2,000 2,166,596 17,604 197,043 2,000
Total assets 1,160,875 2,916,671 1,074,516 1,117,178 1,070,385

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 315,000 500,000 290,000 285,000 294,500
Additional paid-in capital 331,769 2,997,621 0 0 0
Profit for the round -460,203 -541,371 -26,251 -141,079 -321,597
Retained earnings -56,525 -116,033 -67,037 -144,441 -21,704
Total equity 130,041 2,840,217 196,712 -520 -48,801

Liabilities
Long-term loans 500,000 609,789 509,789 1,259,789 409,789
Short term loans (unplanned) 129,874 0 0 0 46,151
Internal loans 385,000 -555,000 345,000 -155,000 645,000
Payables 15,960 21,665 23,015 12,909 18,246
Total liabilities 1,030,834 76,454 877,804 1,117,698 1,119,186

Total shareholders' equity and liabilities 1,160,875 2,916,671 1,074,516 1,117,178 1,070,385

PARENT COMPANY'S CASH FLOW STATEMENT, k USD

 Green Red Blue Orange Grey
Cash provided by operating activities
Operating profit before depreciation (EBITDA) -323,855 -454,817 108,321 5,234 -193,945
Change in receivables (incr - / decr +) -327 156 -6,679 4,070 -1,451
Change in inventories (incr - / decr +) -87,770 -3,131 -29,028 -171,975 -189,604
Change in payables (incr + / decr -) -3,455 -550 -549 -5,146 6,639
Net financing expenses -29,056 20,737 -27,280 -39,022 -20,360
Income taxes 0 0 0 0 0
Total -444,464 -437,605 44,785 -206,839 -398,721

Plant investments -280,000 0 -140,000 0 0

Cash flow before financing activities -724,464 -437,605 -95,215 -206,839 -398,721

Cash provided by financing activities

Dividends 0 0 0 0 -20,000
Proceeds from equity issues and buybacks 346,769 1,758,579 -237,722 0 -113,280
Dividends received from subsidiaries 0 0 288,552 0 135,501
Change in long-term debt (incr + / decr -) 0 0 0 700,000 -100,000
Change in short-term debt (incr + / decr -) 129,874 0 -240,011 0 46,151
Change in internal loans 120,000 -600,000 300,000 -500,000 450,000
Total 596,643 1,158,579 110,820 200,000 398,372
Change in cash and cash equivalents -127,820 720,974 15,604 -6,839 -350

Cash 1.1. 129,820 1,445,622 2,000 203,882 2,350

Cash 31.12. 2,000 2,166,596 17,604 197,043 2,000

Profit and Loss statement, k USD, Asia

Green Red Blue Orange Grey
Sales revenue
from markets 602,054 1,087,192 1,000,468 575,039 611,279
from internal transfers 70,229 38,393 44,274 125,066 0
Sales revenue total 672,283 1,125,586 1,044,743 700,104 611,279

Costs and expenses

Variable production costs 0 0 0 0 0
Feature costs 43,870 179,233 90,778 48,110 26,588
Contract manufacturing costs 140,700 162,011 162,014 153,918 0
Transportation and tariffs 42,592 101,572 79,242 49,948 65,799
R&D 0 0 0 0 0
Promotion 55,000 24,000 200,000 50,000 19,000
Administration 10,000 10,018 10,015 10,000 10,000
Costs of imported products 106,134 252,951 202,491 124,075 216,278
Costs and expenses total 398,297 729,785 744,540 436,051 337,664

OPERATING PROFIT BEFORE DEPR. (EBITDA) 273,986 395,800 300,202 264,053 273,614
Depreciation from fixed assets 0 0 0 0 0

OPERATING PROFIT (EBIT) 273,986 395,800 300,202 264,053 273,614

Net financing expenses 244 -19,127 -8,611 5,345 -5,970

PROFIT BEFORE TAXES 273,742 414,927 308,814 258,708 279,584

Income taxes 49,274 74,687 55,586 46,567 50,325

PROFIT FOR THE ROUND 224,469 340,241 253,227 212,141 229,259

Balance sheet, k USD, Asia

Green Red Blue Orange Grey
ASSETS
Fixed assets 640,000 480,000 320,000 1,120,000 0
Inventory 0 0 0 0 0
Receivables 23,179 41,857 38,518 22,139 23,534
Cash and cash equivalents 2,000 506,563 77,576 2,000 75,454
Total assets 665,179 1,028,420 436,094 1,144,139 98,989

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000 20,000 20,000 20,000
Profit for the round 224,469 340,241 253,227 212,141 229,259
Retained earnings 353,970 376,131 175,084 260,272 221,173
Total equity 598,438 736,372 448,311 492,412 470,432

Liabilities
Short term loans (unplanned) 112,995 0 0 167,026 0
Internal loans -55,000 275,000 -25,000 475,000 -375,000
Payables 8,746 17,048 12,783 9,701 3,557
Total liabilities 66,741 292,048 -12,217 651,727 -371,443

Total shareholders' equity and liabilities 665,179 1,028,420 436,094 1,144,139 98,989

Profit and Loss statement, k USD, Europe

Green Red Blue Orange Grey
Sales revenue
Sales revenue 524,730 607,871 606,005 671,259 368,911

Costs and expenses

Feature costs 30,165 75,442 41,807 44,641 23,244
Transportation and tariffs 18,668 20,114 19,644 21,513 16,136
Promotion 29,000 16,000 100,000 40,000 9,000
Administration 10,000 10,000 10,000 10,000 10,000
Costs of imported products 166,881 155,433 160,415 206,302 143,853
Costs and expenses total 254,714 276,989 331,866 322,457 202,233

OPERATING PROFIT BEFORE DEPR. (EBITDA) 270,016 330,882 274,139 348,802 166,678
Depreciation from fixed assets 0 0 0 0 0

OPERATING PROFIT (EBIT) 270,016 330,882 274,139 348,802 166,678

Net financing expenses -720 -2,599 -666 -682 -392

PROFIT BEFORE TAXES 270,736 333,481 274,805 349,484 167,070

Income taxes 83,928 103,379 85,190 108,340 51,792

PROFIT FOR THE ROUND 186,808 230,102 189,616 241,144 115,278

Balance sheet, k USD, Europe
Green Red Blue Orange Grey
ASSETS
Fixed assets 0 0 0 0 0
Receivables 20,202 23,403 23,331 25,843 14,203
Cash and cash equivalents 116,557 783,604 11,561 156,812 12,353
Total assets 136,759 807,007 34,892 182,655 26,556

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000 20,000 20,000 20,000
Profit for the round 186,808 230,102 189,616 241,144 115,278
Retained earnings 258,071 273,226 142,910 238,964 159,762
Total equity 464,879 523,328 352,526 500,108 295,040

Liabilities
Short term loans (unplanned) 0 0 0 0 0
Internal loans -330,000 280,000 -320,000 -320,000 -270,000
Payables 1,880 3,679 2,366 2,547 1,516
Total liabilities -328,120 283,679 -317,634 -317,453 -268,484

Total shareholders' equity and liabilities 136,759 807,007 34,892 182,655 26,556

Ratios and key financial indicators

Ratios
Green Red Blue Orange Grey
Market capitalization of the company, k USD 6,507,934 11,231,944 9,317,530 7,334,233 6,146,236
Shares outstanding at the end of round, k shares 31,500 50,000 29,000 28,500 29,450
Share price at the end of round, USD 207 225 321 257 209
Average trading price during the round, USD 231 176 238 269 206
Dividend yield, % 0 0 0 0 0.33
P/E ratio n/a 388 22.37 23.49 268
Cumulative total shareholder return (p.a.), % 3.77 8.20 29.40 15.81 4.46

Key financial indicators, %

Green Red Blue Orange Grey
Operating profit before depreciation (EBITDA) 13.28 12.58 29.52 36.98 19.81
Operating profit (EBIT) 6.81 7.62 24.88 30.56 11.18
Return on sales (ROS) -2.95 1.34 18.01 18.68 1.85
Equity ratio 60.80 86.28 64.55 40.59 59.93
Net debt to equity (gearing) 52.15 -69.44 40.40 108 51.09
Return on capital employed (ROCE) 6.77 4.31 37.41 27.92 11.08
Return on equity (ROE) -4.68 0.90 45.87 37.35 2.97
Earnings per share (EPS), USD -1.55 0.58 14.37 10.95 0.78

Market report, global

Global market shares, %
Green Red Blue Orange Grey
Total 9.06 12.28 12.48 8.37 7.20

Tech 1 8.06 12.29 13.57 8.31 7.29

Tech 2 11.93 12.25 9.36 8.53 6.93
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Market report, USA

Green Red Blue Orange Grey
Tech 1
Selling Price, USD 245 280 250 306 285
Number of offered features 4 8 4 4 3
Sales, k units 1,511 1,172 2,275 984 674
Demand, k units 1,511 1,172 2,275 984 674

Tech 2
Selling Price, USD 280 350 450 405 320
Number of offered features 2 6 4 3 1
Sales, k units 574 392 306 306 222
Demand, k units 574 392 306 306 222

Tech 3
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units

Tech 4
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units

USA market shares, %

Green Red Blue Orange Grey
Total 13.31 9.98 16.47 8.23 5.72

Tech 1 12.34 9.56 18.57 8.03 5.50

Tech 2 16.80 11.47 8.94 8.94 6.49
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Market report, Asia

Green Red Blue Orange Grey
Tech 1
Selling Price, RMB 2,250 1,800 2,000 2,150 1,950
Number of offered features 4 7 4 4 2
Sales, k units 1,577 3,762 3,064 1,850 1,994
Demand, k units 1,577 3,762 3,064 1,850 1,994
Tech 2
Selling Price, RMB 2,650 2,300 2,750 3,300 2,400
Number of offered features 2 4 4 3 1
Sales, k units 501 885 719 206 443
Demand, k units 501 885 719 206 443

Tech 3
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units

Tech 4
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units

Asia market shares, %

Green Red Blue Orange Grey
Total 6.54 14.62 11.90 6.47 7.67

Tech 1 6.10 14.55 11.85 7.15 7.71

Tech 2 8.44 14.91 12.11 3.47 7.46
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Market report, Europe

Green Red Blue Orange Grey
Tech 1
Selling Price, EUR 190 190 180 170 170
Number of offered features 4 8 4 4 4
Sales, k units 792 984 1,192 1,168 843
Demand, k units 792 984 1,192 1,168 843
Tech 2
Selling Price, EUR 230 300 375 290 225
Number of offered features 2 6 4 3 1
Sales, k units 930 784 550 923 502
Demand, k units 930 784 550 923 502

Tech 3
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units

Tech 4
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units

Europe market shares, %

Green Red Blue Orange Grey
Total 9.84 10.10 9.95 11.95 7.68

Tech 1 7.89 9.80 11.88 11.64 8.40

Tech 2 12.46 10.50 7.37 12.36 6.72
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Production report
In-house manufacturing, k units
Green Red Blue Orange Grey
USA
Tech 1 5,544 5,940 6,600 5,610 3,630
Tech 2 1,320
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Contract manufacturing, k units

USA
Tech 1 129
Tech 2 1,000 1,129 1,000 1,100 1,117
Tech 3
Tech 4

Asia
Tech 1 129
Tech 2 1,000 1,120 1,000 1,100
Tech 3
Tech 4

Capacity usage, %
USA
Tech 1 84 90 100 85 55
Tech 2 20
Tech 3
Tech 4
Free capacity 16 10 0 15 25

Asia
Tech 1
Tech 2
Tech 3
Tech 4
Free capacity 0 0 0 0 0

Inventory, k units
USA
Tech 1 3,487 1,575 327 2,779 3,550
Tech 2 248 227 1,911 1,134 1,271
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Asia
Tech 1 0 0 0 0 0
Tech 2 0 0 0 0 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0

Inventory management costs, k USD 3,487 2,030 2,229 3,271 4,951

Origin of products sold in USA, k units

USA 2,086 1,564 2,581 1,290 896
Asia

Origin of products sold in Asia, k units

USA 1,577 3,762 2,935 1,850 2,437
Asia 501 885 848 206

Origin of products sold in Europe, k units

USA 1,223 1,493 1,427 1,197 1,345
Asia 499 275 315 894

Number of plants this round

USA 12 12 12 12 12
Asia

Number of plants next round

USA 14 10 13 12 12
Asia 4 3 2 7

Number of plants after next round

USA 15 10 13 12 12
Asia 5 7 2 7 1

Cost report
Logistics
Green Red Blue Orange Grey
Average logistics cost per sold product, USD
Products sold in USA 0 0 0 0 0
Products sold in Asia 20.49 21.86 20.95 24.29 27
Products sold in Europe 10.84 11.38 11.28 10.29 12

Production cost per unit, USD

USA
Tech 1 64.67 64.43 68.25 65.61 67.16
Tech 2 223
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Contract manufacturing cost per unit, USD

USA
Tech 1 107
Tech 2 101 99.93 101 100 99.99
Tech 3
Tech 4

Asia
Tech 1 129
Tech 2 141 140 141 140
Tech 3
Tech 4

Production scrap-%
USA
Tech 1 1.49 1.49 1.50 1.51 1.53
Tech 2 2.55
Tech 3
Tech 4
Asia
Tech 1
Tech 2
Tech 3
Tech 4

Valuation - Global
Green Red Blue Orange Grey
Enterprise value, k USD 7,116,334 8,384,515 9,726,578 8,367,516 6,518,369
Excess cash (+), k USD 114,557 3,450,763 100,741 349,855 83,808
Value of debt (-), k USD -722,957 -603,334 -509,789 -1,383,138 -455,940
Market capitalization, k USD 6,507,934 11,231,944 9,317,530 7,334,233 6,146,236

Discounted cash flow -valuation

Beta 0.85 0.61 0.79 1.28 0.85
Required return on equity, % 8.54 6.92 8.17 11.57 8.57
After tax cost of debt, % 4.17 3.34 3.39 3.92 3.36
Debt to equity 0.62 0.15 0.51 1.44 0.64
WACC, % 6.86 6.46 6.55 7.05 6.54
Enterprise value, k USD 9,105,198 11,027,179 12,279,578 10,071,256 8,375,276

Multiple valuation
EV/Sales 4 4 4 4 4
Adjusted sales, k USD 1,475,709 1,696,474 1,736,425 1,518,946 1,207,602
Enterprise value, k USD 5,902,836 6,785,897 6,945,700 6,075,783 4,830,407

EV/EBITDA 11.65 11.65 11.65 11.65 11.65

Adjusted EBITDA, k USD 359,063 370,289 505,603 524,423 346,617
Enterprise value, k USD 4,183,079 4,313,870 5,890,269 6,109,532 4,038,085

EV/EBIT 14.63 14.63 14.63 14.63 14.63

Adjusted EBIT, k USD 232,947 241,280 376,593 395,414 217,801
Enterprise value, k USD 3,408,018 3,529,925 5,509,557 5,784,907 3,186,432

EV/NOPLAT 17.30 17.30 17.30 17.30 17.30

Adjusted NOPLAT, k USD 175,619 176,439 303,051 305,052 166,307
Enterprise value, k USD 3,038,217 3,052,387 5,242,784 5,277,405 2,877,112

Credit rating A- AA+ AA- A AA-

Ochre Pink Navy Yellow Olive
1,682,649 1,963,359 2,065,832 1,518,195 1,410,084

526,063 602,370 390,667 283,839 304,683

171,778 326,286 279,591 151,029 105,729
61,227 175,648 280,626 174,886 183,193
91,583 134,429 113,099 76,943 78,499
315,914 405,000 205,000 301,354 50,000
78,000 63,500 90,000 29,100 68,500
102,689 104,834 100,692 101,372 103,666
1,347,253 1,812,066 1,459,675 1,118,524 894,270

335,396 151,293 606,157 399,671 515,814

107,291 107,291 107,291 107,291 107,291

228,105 44,002 498,866 292,380 408,523

87,661 96,231 21,770 13,967 34,760

140,444 -52,229 477,096 278,413 373,763

131,835 116,839 152,597 153,659 113,089

8,609 -169,068 324,499 124,754 260,674

Ochre Pink Navy Yellow Olive

907,984 767,984 927,984 607,984 767,984

355,610 254,108 107,726 166,672 597,986
64,782 75,589 79,535 58,451 54,288
71,231 144,067 162,875 554,678 147,338
1,399,607 1,241,748 1,278,120 1,387,784 1,567,596
 330,000 440,000 322,470 340,000 332,000
0 566,528 0 0 0
8,609 -169,068 324,499 124,754 260,674
-25,975 -205,570 80,398 386,804 123,515
312,633 631,891 727,367 851,558 716,188

709,789 559,789 509,789 509,789 509,789

344,434 2,377 0 0 315,742
32,750 47,691 40,963 26,438 25,876
1,086,973 609,858 550,752 536,227 851,407

1,399,607.00 1,241,748.00 1,278,120.00 1,387,784.00 1,567,596.00

Ochre Pink Navy Yellow Olive

377,003 485,028 497,323 279,945 308,713

452,872 509,502 361,108 252,335 238,108
829,875 994,531 858,430 532,280 546,821

526,063 602,370 390,667 283,839 304,683

37,318 93,087 69,565 29,020 21,041
52,663 124,749 122,873 40,795 42,492
0 0 0 0 0
315,914 405,000 205,000 301,354 50,000
18,000 20,000 30,000 7,000 20,000
82,662 84,674 80,692 81,372 83,666
0 0 0 0 0
1,032,620 1,329,880 898,798 743,380 521,882

-202,744 -335,350 -40,368 -211,100 24,938

107,291 107,291 107,291 107,291 107,291

-310,036 -442,641 -147,659 -318,391 -82,353

 89,670 88,489 26,402 26,367 40,021

-399,706 -531,130 -174,061 -344,758 -122,374

0 0 0 0 0

-399,706 -531,130 -174,061 -344,758 -122,374

Ochre Pink Navy Yellow Olive

747,984 607,984 607,984 607,984 607,984

355,610 254,108 107,726 166,672 597,986
14,515 18,674 19,147 10,778 11,885
2,000 113,886 63,683 138,270 2,000
1,120,108 994,651 798,540 923,704 1,219,855

290,000 400,000 282,470 300,000 292,000

0 566,528 0 0 0
-399,706 -531,130 -174,061 -344,758 -122,374
-478,127 -477,114 -297,107 -250,143 -194,479
-587,833 -41,716 -188,698 -294,901 -24,852

709,789 559,789 509,789 509,789 509,789

344,434 0 0 0 315,742
630,000 445,000 455,000 695,200 405,000
23,718 31,578 22,450 13,616 14,176
1,707,941 1,036,367 987,238 1,218,605 1,244,708

1,120,108 994,651 798,540 923,704 1,219,855

Ochre Pink Navy Yellow Olive

-202,744 -335,350 -40,368 -211,100 24,938

1,251 -8,580 -6,503 3,003 -3,407
208,687 358,903 9,399 -13,969 -342,569
6,708 26,897 3,063 -2,323 3,166
-89,670 -88,489 -26,402 -26,367 -40,021
0 0 0 0 0
-75,767 -46,618 -60,811 -250,755 -357,892

-140,000 0 0 0 0

-215,767 -46,618 -60,811 -250,755 -357,892

0 0 0 0 0
0 666,528 0 0 -51,712
0 0 0 0 125,410
200,000 100,000 0 0 0
-269,233 -808,025 -177,505 -262,975 104,194
285,000 200,000 300,000 650,000 180,000
215,767 158,504 122,495 387,025 357,892
0 111,886 61,683 136,270 0

2,000 2,000 2,000 2,000 2,000

2,000 113,886 63,683 138,270 2,000

Ochre Pink Navy Yellow Olive

712,282 944,782 1,032,969 618,795 712,861

0 0 22,516 90,033 67,850
712,282 944,782 1,055,485 708,829 780,710
 0 0 0 0 0
78,767 156,531 153,781 62,020 59,516
8,564 50,898 157,752 134,092 140,700
69,306 114,517 91,393 55,024 63,461
0 0 0 0 0
40,000 24,000 40,000 10,500 28,500
10,026 10,160 10,000 10,000 10,000
233,452 337,454 227,914 144,264 170,214
440,116 693,560 680,839 415,899 472,392

272,166 251,222 374,646 292,929 308,319

0 0 0 0 0

272,166 251,222 374,646 292,929 308,319

-1,766 7,989 -4,289 -11,102 -4,857

273,931 243,232 378,935 304,031 313,176

49,308 43,782 68,208 54,726 56,372

224,624 199,450 310,727 249,306 256,804

Ochre Pink Navy Yellow Olive

160,000 160,000 320,000 0 160,000

0 0 0 0 0
27,423 36,374 39,769 23,824 27,445
43,875 28,181 63,729 172,930 67,189
231,298 224,555 423,499 196,754 254,635

20,000 20,000 20,000 20,000 20,000

224,624 199,450 310,727 249,306 256,804
265,643 117,710 252,259 342,979 192,679
 510,267 337,160 582,986 612,285 469,483

0 0 0 0 0
-285,000 -125,000 -175,000 -425,200 -225,000
6,031 12,395 15,513 9,669 10,152
-278,969 -112,605 -159,487 -415,531 -214,848

231,298 224,555 423,499 196,754 254,635

Ochre Pink Navy Yellow Olive

593,365 533,549 535,541 619,455 388,510

55,692 76,668 56,245 59,990 25,172

22,277 19,911 21,706 21,920 15,038
20,000 19,500 20,000 11,600 20,000
10,000 10,000 10,000 10,000 10,000
219,420 172,048 155,710 198,104 135,744
327,389 298,128 263,662 301,613 205,953

265,975 235,421 271,879 317,842 182,557

0 0 0 0 0

265,975 235,421 271,879 317,842 182,557

-243 -247 -343 -1,298 -404

266,218 235,669 272,222 319,139 182,961

82,528 73,057 84,389 98,933 56,718

183,691 162,612 187,833 220,206 126,243

Ochre Pink Navy Yellow Olive

0 0 0 0 0
22,845 20,542 20,618 23,849 14,958
25,356 2,000 35,462 243,478 78,148
48,201 22,542 56,081 267,327 93,106

20,000 20,000 20,000 20,000 20,000

183,691 162,612 187,833 220,206 126,243
186,509 153,834 125,246 293,967 125,315
390,199 336,446 333,080 534,173 271,558

0 2,377 0 0 0
-345,000 -320,000 -280,000 -270,000 -180,000
3,002 3,718 3,001 3,154 1,548
-341,998 -313,904 -276,999 -266,846 -178,452

48,201 22,542 56,081 267,327 93,106

Ochre Pink Navy Yellow Olive

5,144,228 4,558,015 7,805,242 7,521,709 5,302,207
29,000 40,000 28,247 30,000 29,200
177 114 276 251 182
130 66.65 194 219 172
0 0 0 0 0
598 n/a 24.05 60.29 20.34
 -3.85 -22.94 20.01 14.31 -2.23

Ochre Pink Navy Yellow Olive

19.93 7.71 29.34 26.33 36.58
13.56 2.24 24.15 19.26 28.97
0.51 -8.61 15.71 8.22 18.49
22.34 50.89 56.91 61.36 45.69
314 66.17 47.69 -5.27 94.69
16.33 3.21 42.87 20.44 29.49
2.79 -44.12 57.42 15.81 42.61
0.30 -4.23 11.49 4.16 8.93

Ochre Pink Navy Yellow Olive

8.81 12.76 12.63 8.17 8.23

7.81 13.40 12.54 8.23 8.50

11.68 10.94 12.88 8.02 7.48
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

290 220 250 280 280

5 8 7 5 4
837 1,657 1,523 804 813
837 1,657 1,523 804 813
 330 320 250 470 320
5 6 2 7 1
407 377 466 117 253
407 377 466 117 253

Ochre Pink Navy Yellow Olive

7.94 12.98 12.70 5.88 6.81

6.83 13.52 12.43 6.56 6.64

11.89 11.02 13.64 3.41 7.40
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

2,100 1,550 1,900 2,000 1,950

5 6 7 4 4
1,986 3,852 3,385 2,038 2,350
1,986 3,852 3,385 2,038 2,350
 2,500 2,260 2,000 3,000 2,300
5 4 2 7 1
639 744 968 312 518
639 744 968 312 518

Ochre Pink Navy Yellow Olive

8.26 14.46 13.69 7.39 9.02

7.68 14.90 13.09 7.88 9.09

10.77 12.54 16.31 5.26 8.72
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

175 180 180 150 165

5 9 7 4 4
939 941 1,130 1,119 927
939 941 1,130 1,119 927
 270 280 230 285 240
5 6 2 6 1
918 718 733 921 487
918 718 733 921 487

Ochre Pink Navy Yellow Olive

10.61 9.48 10.64 11.65 8.08

9.36 9.38 11.26 11.15 9.24

12.29 9.62 9.82 12.33 6.52
0 0 0 0 0
0 0 0 0 0

Ochre Pink Navy Yellow Olive

5,445 3,762 6,006 3,729 2,640

1,980
 1,081 1,129 800 1,090

1,129 950 1,000

83 57 91 56 40
30

18 43 9 44 30

0 0 0 0 0
1,683 2,613 1,513 1,825 1,921
1,423 734 91 401 2,813
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

3,886 6,031 1,890 2,570 4,863

1,244 2,033 1,989 921 1,066

2,567 4,241 3,385 2,038 2,350

59 355 968 312 518

1,856 1,659 1,701 1,401 932

161 638 482

12 12 12 12 12

12 12 12 12 12
1 1 2 1

12 13 12 12 12
2 3 2 1 1
Ochre Pink Navy Yellow Olive

0 0 0 0 0
26.40 24.92 21 23.41 22.13
12 12 11.65 10.75 10.64

67.96 69.09 65.16 68.89 68.17

202

100 99.93 102 100

140 141 141

1.54 1.53 1.50 1.53 1.54

2.42
Ochre Pink Navy Yellow Olive
5,925,561 4,795,667 8,158,156 7,482,820 5,986,401
65,231 138,067 156,875 548,678 141,338
-846,564 -375,719 -509,789 -509,789 -825,531
5,144,228 4,558,015 7,805,242 7,521,709 5,302,207

2.08 0.99 0.90 0.84 1.14

17.11 9.47 8.94 8.50 10.63
6.01 7.02 3.61 3.39 3.98
3.37 0.89 0.70 0.60 1.15
8.55 8.32 6.74 6.59 7.07
7,324,787 5,944,710 10,060,114 9,591,198 6,980,627

4 4 4 4 4
1,428,985 1,342,525 1,592,024 1,389,300 1,259,803
5,715,938 5,370,100 6,368,096 5,557,201 5,039,211

11.65 11.65 11.65 11.65 11.65

326,001 246,908 462,091 388,894 405,855
3,797,913 2,876,480 5,383,356 4,530,613 4,728,207

14.63 14.63 14.63 14.63 14.63

205,795 146,615 333,081 260,061 291,707
3,010,785 2,144,977 4,872,980 3,804,689 4,267,670

17.30 17.30 17.30 17.30 17.30

160,824 109,645 265,690 195,868 228,044
2,782,253 1,896,857 4,596,437 3,388,509 3,945,158

BB B A+ AA- A
 USA
Green Red Blue Orange
Tech1 1,533 1,222 1,897 1,141
Tech2 742 527 373 483
1 2,275 1,749 2,270 1,624

Tech1 1,511 1,172 2,275 984

Tech2 574 392 306 306
2 2,085 1,564 2,581 1,290
Rounds
1 2,275 1,749 2,270 1,624
2 2,085 1,564 2,581 1,290

X: Y:
3 1,895 1,379 2,892 956

Europe
Green Red Blue Orange
Tech1 1,350 1,494 1,684 1,835
Tech2 544 404 356 619
1 1,894 1,898 2,040 2,454

Tech1 792 984 1,192 1,168

Tech2 930 784 550 923
2 1,722 1,768 1,742 2,091
Rounds
1 1,894 1,898 2,040 2,454
2 1,722 1,768 1,742 2,091

X: Y:
3 1550 1638 1444 1728

Asia
Green Red Blue Orange
Tech1 2,186 3,389 3,234 2,221
Tech2 461 429 610 229
1 2,647 3,818 3,844 2,450

Tech1 1,577 3,762 3,064 1,850

Tech2 501 885 719 206
2 2,078 4,647 3,783 2,056

1 2,647 3,818 3,844 2,450

2 2,078 4,647 3,783 2,056

X: Y:
3 1509 5476 3722 1662
Grey Ochre Pink Navy Yellow Olive
751 1,031 560 1,314 1,023 734
312 172 211
751 1,343 732 1,314 1,234 734

674 837 1,657 1,523 804 813

222 407 377 466 117 253
896 1,244 2,034 1,989 921 1,066

751 1,343 732 1,314 1,234 734

896 1,244 2,034 1,989 921 1,066

1,041 1,145 3,336 2,664 608 1,398

0

Grey Ochre Pink Navy Yellow Olive

1,554 1,599 171 1,922 1,437 1,380
272 86 678
1,554 1,871 257 1,922 2,115 1,380

843 939 941 1,130 1,119 927

502 918 718 733 921 487
1,345 1,857 1,659 1,863 2,040 1,414

1,554 1,871 257 1,922 2,115 1,380

1,345 1,857 1,659 1,863 2,040 1,414

1136 1843 3061 1804 1965 1448

Grey Ochre Pink Navy Yellow Olive

2,281 2,095 455 3,682 2,117 2,281
170 160 297
2,281 2,265 615 3,682 2,414 2,281

1,994 1,986 3,852 3,385 2,038 2,350

443 639 744 968 312 518
2,437 2,625 4,596 4,353 2,350 2,868

2,281 2,265 615 3,682 2,414 2,281

2,437 2,625 4,596 4,353 2,350 2,868
2593 2985 8577 5024 2286 3455