CESIM Team Report

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Uvebgb

Business Finance

Pace University - New York

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Report guidelines

Your report should be approximately10 pages, including the cover page and all charts/figures. In addition, you will provide an appendix to the report that describes and discusses your team’s process over the course of the semester. Remember, you are providing a description of your strategy and strategic goals, discussing your performance relative to these goals, and analyzing the causes of your performance.

The body of the report should be organized as follows:

  • Cover page, indicating your company name and managers’ names
  • Company Overview
    • Strategy, etc.
  • Review of Financial Performance
    • Charts/figures may be inserted within the text or as separate pages at the end.
  • Analysis of factors affecting Cumulative Shareholder Return
  • Discussion and analysis of the industry and competitive dynamics
    • Charts/figures may be inserted within the text or as separate pages at the end.
  • Simulation Learning Outcomes
  • Appendix – Team organization and project plan:
    • Provide an organizational chart and identify responsibilities of your management team
    • Team Project Plan and reflection on how your team organized itself, or not, and implications for performance.

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CESIM Simulation – Team Report Due April 22nd A strategic report is due at the end of the semester. This report takes the form of a year-end discussion of company results. This discussion usually appears in various formats within the investor relations portion of a company’s website. I encourage you to look at some examples (links provided on BB) so you can see examples of how managers discuss their strategy and performance, both in written reports and in investor presentations. Report guidelines Your report should be approximately10 pages, including the cover page and all charts/figures. In addition, you will provide an appendix to the report that describes and discusses your team’s process over the course of the semester. Look at the examples of letter to shareholders at the beginning of an annual report (examples on BB). Frame your discussion in a similar way. Provide detailed charts or figures to back up your discussion. Remember, you are providing a description of your strategy and strategic goals, discussing your performance relative to these goals, and analyzing the causes of your performance. The body of the report should be organized as follows: 1. Cover page, indicating your company name and managers’ names 2. Company Overview a. Strategy, etc. 3. Review of Financial Performance a. Charts/figures may be inserted within the text or as separate pages at the end. 4. Analysis of factors affecting Cumulative Shareholder Return 5. Discussion and analysis of the industry and competitive dynamics a. Charts/figures may be inserted within the text or as separate pages at the end. 6. Simulation Learning Outcomes 7. Appendix – Team organization and project plan: a. Provide an organizational chart and identify responsibilities of your management team b. Team Project Plan and reflection on how your team organized itself, or not, and implications for performance. Examples of how Managers Write up Results: http://www.pepsico.com/Investors http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-irhome http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-presentations http://investors.southwest.com/ http://www.canon.com/ir/ Profit and Loss statement, k USD, Global Sales revenue Green 1.973.764 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs and expenses total 534.135 60.951 137.340 84.817 274.965 51.000 98.802 1.242.010 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 731.754 126.225 OPERATING PROFIT (EBIT) Net financing expenses 605.529 7.286 PROFIT BEFORE TAXES Income taxes 598.243 150.706 PROFIT FOR THE ROUND 447.537 Balance sheet, k USD, Global Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 715.275 0 75.990 826.047 1.617.312 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital Profit for the round Retained earnings Total equity Liabilities Long-term loans Short term loans (unplanned) Payables Total liabilities 339.000 0 447.537 301.522 1.088.059 497.789 0 31.464 529.253 Total shareholders' equity and liabilities 1.617.312 Profit and Loss statement, k USD, USA Green Sales revenue from markets from internal transfers Sales revenue total 515.793 742.300 1.258.093 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 534.135 12.923 91.202 0 274.965 11.000 78.802 0 1.003.027 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 255.066 126.225 OPERATING PROFIT (EBIT) Net financing expenses 128.841 14.077 PROFIT BEFORE TAXES Income taxes 114.764 40.167 PROFIT FOR THE ROUND 74.597 Balance sheet, k USD, USA Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 715.275 0 19.858 365.341 1.100.474 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital 299.000 0 Profit for the round Retained earnings Total equity 74.597 161.016 534.612 Liabilities Long-term loans Short term loans (unplanned) Internal loans Payables Total liabilities 497.789 0 43.500 24.573 565.862 Total shareholders' equity and liabilities 1.100.474 PARENT COMPANY'S CASH FLOW STATEMENT, k USD Green Cash provided by operating activities Operating profit before depreciation (EBITDA) Change in receivables (incr - / decr +) Change in inventories (incr - / decr +) Change in payables (incr + / decr -) Net financing expenses Income taxes Total 255.066 -6.881 0 2.031 -14.077 -40.167 195.971 Cash provided by investment activities Plant investments Cash flow before financing activities 0 195.971 Cash provided by financing activities Dividends Proceeds from equity issues and buybacks Dividends received from subsidiaries Change in long-term debt (incr + / decr -) Change in short-term debt (incr + / decr -) Change in internal loans Total Change in cash and cash equivalents 0 -18.363 8.091 -12.000 0 -1.500 -23.772 172.199 Cash 1.1. Cash 31.12. 193.142 365.341 Profit and Loss statement, k USD, Asia Green Sales revenue from markets from internal transfers Sales revenue total 926.355 0 926.355 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 0 34.459 46.138 69.187 0 25.000 10.000 501.718 686.502 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 239.853 0 OPERATING PROFIT (EBIT) Net financing expenses 239.853 -6.023 PROFIT BEFORE TAXES Income taxes 245.876 36.881 PROFIT FOR THE ROUND 208.995 Balance sheet, k USD, Asia Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 0 0 35.665 230.519 266.184 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity 20.000 208.995 55.423 284.417 Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 0 -24.000 5.767 -18.233 Total shareholders' equity and liabilities 266.184 Profit and Loss statement, k USD, Europe Green Sales revenue Sales revenue 531.616 Costs and expenses Feature costs Transportation and tariffs Promotion Administration Costs of imported products Costs and expenses total 13.569 15.630 15.000 10.000 240.582 294.781 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 236.835 0 OPERATING PROFIT (EBIT) Net financing expenses 236.835 -768 PROFIT BEFORE TAXES Income taxes 237.603 73.657 PROFIT FOR THE ROUND 163.946 Balance sheet, k USD, Europe Green ASSETS Fixed assets Receivables Cash and cash equivalents Total assets 0 20.467 230.187 250.654 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity 20.000 163.946 85.084 269.030 Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 0 -19.500 1.124 -18.376 Total shareholders' equity and liabilities 250.654 Ratios and key financial indicators Ratios Market capitalization of the company, k USD Shares outstanding at the end of round, k shares Share price at the end of round, USD Average trading price during the round, USD Dividend yield, % P/E ratio Cumulative total shareholder return (p.a.), % Green 8.402.769 29.900 281 184 0 18,78 53,56 Key financial indicators, % Operating profit before depreciation (EBITDA) Operating profit (EBIT) Return on sales (ROS) Equity ratio Net debt to equity (gearing) Return on capital employed (ROCE) Return on equity (ROE) Earnings per share (EPS), USD Green 37,07 30,68 22,67 67,28 -30,17 43,97 51,24 14,97 Market report, global Global market shares, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 18,99 16,61 51,99 0 0 Market report, USA Green Tech 1 Selling Price, USD Number of offered features Sales, k units Demand, k units 350 2 824 824 Tech 2 Selling Price, USD Number of offered features Sales, k units Demand, k units 450 1 505 505 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 16,88 11,84 55,35 0 0 Market report, Asia Green Tech 1 Selling Price, RMB Number of offered features Sales, k units Demand, k units 2.450 2 2.781 2.781 Tech 2 Selling Price, RMB 3.800 Number of offered features Sales, k units Demand, k units 1 182 182 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 20,46 19,63 57,80 0 0 Market report, Europe Green Tech 1 Selling Price, EUR Number of offered features Sales, k units Demand, k units 250 2 959 959 Tech 2 Selling Price, EUR Number of offered features Sales, k units Demand, k units 410 1 344 344 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 18,33 15,10 45,51 0 0 Production report In-house manufacturing, k units Green USA Tech 1 Tech 2 Tech 3 Tech 4 3.264 930 Asia Tech 1 Tech 2 Tech 3 Tech 4 Contract manufacturing, k units USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 900 100 400 Capacity usage, % USA Tech 1 Tech 2 49 14 Tech 3 Tech 4 Free capacity 36 Asia Tech 1 Tech 2 Tech 3 Tech 4 Free capacity 0 Origin of products sold in USA, k units USA Asia 1.329 Origin of products sold in Asia, k units USA Asia 2.562 400 Origin of products sold in Europe, k units USA Asia 1.303 Number of plants this round USA Asia 12 Number of plants next round USA Asia 12 Number of plants after next round USA Asia 15 3 Cost report Logistics Green Average logistics cost per sold product, USD Products sold in USA Products sold in Asia Products sold in Europe 0 23,35 12 Production cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 84,79 277 Asia Tech 1 Tech 2 Tech 3 Tech 4 Contract manufacturing cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 87,49 125 115 Average unit cost per sold product, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Asia Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Europe Tech 1 Tech 2 Tech 3 Tech 4 Weighted average 85,37 262 152 89,69 262 100 85,37 262 132 Production scrap, % USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 1,71 2,66 Tech 2 Tech 3 Tech 4 Logistics details Tech 1, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand 3.264 900 0 4.164 -824 -2.381 -959 1.224 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 0 400 2.381 2.781 -2.781 0 0 0 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 959 0 959 -959 0 Tech 2, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production 930 100 0 1.030 -505 -182 -344 1.050 Unsatisfied demand 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 0 0 182 182 -182 0 0 0 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 344 0 344 -344 0 Tech 3, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Tech 4, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Cost report - Transportation cost incl. tariffs per sold product, USD Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 Europe Tech 1 Tech 2 Tech 3 Tech 4 0 0 23,12 27 12 12 Red Blue Ochre Pink Navy 1.071.310 1.587.048 1.487.714 1.513.751 1.754.949 0 33.639 228.428 5.957 415.000 71.000 98.802 852.826 382.161 336.665 104.766 107.968 58.287 59.371 71.540 50.414 131.365 415.000 45.180 32.000 98.802 98.802 892.101 1.100.219 399.860 70.560 64.729 115.718 71.365 29.770 98.802 850.805 480.250 76.032 0 106.301 0 46.281 98.802 807.666 218.484 126.225 694.947 126.225 387.495 126.225 662.946 126.225 947.283 126.225 92.259 29.738 568.722 6.852 261.270 9.568 536.721 757 821.058 4.776 62.521 108.591 561.870 144.993 251.703 83.289 535.965 108.032 816.282 200.547 -46.070 416.877 168.414 427.932 615.736 Red Blue Ochre Pink Navy 715.275 715.275 715.275 715.275 715.275 0 0 0 0 0 41.245 61.101 57.277 58.279 67.566 577.912 832.919 602.559 925.219 1.057.078 1.334.432 1.609.295 1.375.111 1.698.774 1.839.919 340.000 340.000 0 0 -46.070 416.877 268.885 318.885 562.814 1.075.761 340.000 350.000 340.000 0 167.109 0 168.414 427.932 615.736 318.885 318.885 318.885 827.299 1.263.926 1.274.620 509.789 251.510 10.319 771.618 509.789 16.679 21.345 547.813 509.789 0 23.745 533.534 409.789 0 25.058 434.847 539.789 0 25.509 565.298 1.334.432 1.609.295 1.375.111 1.698.774 1.839.919 Red Blue Ochre Pink 387.600 16.406 404.005 408.209 326.815 735.024 469.866 442.538 912.404 371.294 453.899 497.542 599.300 868.835 1.053.199 0 12.048 99.090 0 415.000 18.000 78.802 0 622.941 382.161 24.493 58.287 0 131.365 6.580 78.802 0 681.688 336.665 40.274 29.052 0 415.000 6.000 78.802 0 905.793 399.860 14.852 29.052 0 71.365 6.020 78.802 0 599.951 480.250 18.782 0 0 0 13.000 78.802 0 590.835 -218.936 126.225 53.337 126.225 6.611 126.225 268.885 126.225 462.364 126.225 -345.161 22.681 -72.888 16.108 -119.614 12.960 142.660 9.747 336.139 6.381 -367.842 0 -88.996 0 -132.574 0 132.913 46.519 329.759 115.416 -367.842 -88.996 -132.574 86.393 214.343 Blue Ochre Red 715.275 0 14.923 504.616 1.234.813 300.000 0 Pink Navy Navy 715.275 715.275 715.275 715.275 0 0 0 0 15.716 18.090 14.295 17.475 222.990 474.768 516.094 995.882 953.981 1.208.133 1.245.664 1.728.632 300.000 0 300.000 0 310.000 167.109 300.000 0 -367.842 143.587 75.745 -88.996 170.287 381.292 -132.574 170.287 337.713 509.789 0 645.000 4.279 1.159.068 509.789 0 45.000 17.900 572.689 509.789 0 345.000 15.631 870.420 1.234.813 953.981 1.208.133 1.245.664 1.728.632 Red Blue Ochre 86.393 170.287 733.790 214.343 170.287 684.631 409.789 539.789 0 0 85.000 485.000 17.085 19.213 511.874 1.044.002 Pink Navy -218.936 -1.946 0 -18.264 -22.681 0 -261.826 53.337 -2.739 0 -4.642 -16.108 0 29.848 6.611 -5.113 0 -6.912 -12.960 0 -18.374 268.885 -1.318 0 -5.458 -9.747 -46.519 205.843 462.364 -4.498 0 -3.330 -6.381 -115.416 332.741 0 0 0 0 0 -261.826 29.848 -18.374 205.843 332.741 -50.000 0 23.300 0 0 600.000 573.300 311.474 0 0 0 0 0 0 0 29.848 0 0 0 0 0 300.000 300.000 281.626 0 177.109 0 -100.000 0 40.000 117.109 322.953 0 0 0 30.000 0 440.000 470.000 802.741 193.142 504.616 193.142 222.990 193.142 474.768 193.142 516.094 193.142 995.882 Red Blue Ochre Pink Navy 269.642 67.102 336.744 606.871 0 606.871 575.740 1.121.151 0 0 575.740 1.121.151 944.680 0 944.680 0 10.715 129.337 0 0 34.000 10.000 0 184.053 0 39.325 0 44.241 0 30.000 10.000 136.836 260.403 0 37.308 30.319 35.221 0 18.000 10.000 224.578 355.426 0 54.488 35.678 114.498 0 16.100 10.000 488.943 719.707 0 39.241 0 88.291 0 26.100 10.000 371.790 535.422 152.692 0 346.469 0 220.314 0 401.444 0 409.258 0 152.692 -2.440 346.469 -8.376 220.314 -3.667 401.444 -8.642 409.258 -1.312 155.132 23.270 354.845 53.227 223.981 33.597 410.086 61.513 410.570 61.586 131.862 301.618 190.384 348.573 348.985 Red Blue Ochre Pink Navy 0 0 10.381 71.296 81.678 0 0 23.365 335.085 358.449 0 0 22.166 125.791 147.957 0 0 43.164 346.902 390.066 0 0 36.370 21.138 57.509 20.000 131.862 49.423 201.286 20.000 301.618 58.614 380.232 20.000 190.384 58.614 268.998 20.000 348.573 58.614 427.187 20.000 348.985 58.614 427.599 0 -125.000 5.392 -119.608 0 -25.000 3.217 -21.783 0 -125.000 3.960 -121.040 0 -45.000 7.880 -37.120 0 -375.000 4.910 -370.090 81.678 358.449 147.957 390.066 Red Blue Ochre Pink 414.069 571.967 442.109 21.307 356.370 10.875 5.957 19.000 10.000 83.508 129.340 40.948 27.299 8.600 10.000 189.979 276.826 30.385 15.193 8.000 10.000 217.961 281.539 1.220 1.220 7.650 10.000 8.598 28.689 18.009 18.009 7.181 10.000 227.510 280.710 284.729 0 295.141 0 160.570 0 -7.382 0 75.660 0 284.729 9.498 295.141 -880 160.570 274 -7.382 -348 75.660 -293 275.231 85.321 296.021 91.767 160.296 49.692 -7.034 0 75.953 23.545 189.909 204.255 110.604 -7.034 52.408 Red Blue Ochre 0 15.942 2.000 17.942 0 22.021 274.845 296.865 0 17.021 2.000 19.021 0 820 62.223 63.043 0 13.720 40.057 53.778 20.000 189.909 75.874 285.783 20.000 204.255 89.983 314.238 20.000 110.604 89.983 220.588 20.000 -7.034 89.983 102.949 20.000 52.408 89.983 162.391 Pink 57.509 Navy Navy 251.510 -520.000 648 -267.842 0 -20.000 2.628 -17.372 16.679 -220.000 1.755 -201.566 0 -40.000 94 -39.906 0 -110.000 1.387 -108.613 17.942 296.865 19.021 63.043 53.778 Red Blue Ochre Pink Navy 5.814.302 7.797.831 7.188.035 7.466.103 8.506.557 30.000 30.000 30.000 31.000 30.000 194 260 240 241 284 183 183 183 177 183 0,86 0 0 0 0 n/a 18,71 42,68 17,45 13,82 6,81 42,03 30,92 31,60 54,94 Red 20,39 8,61 -4,30 42,18 32,58 7,40 -7,54 -1,54 Blue 43,79 35,84 26,27 66,85 -30,04 41,30 48,06 13,90 Ochre 26,05 17,56 11,32 60,16 -9,20 20,72 22,66 5,61 Pink 43,79 35,46 28,27 74,40 -40,78 37,77 44,51 13,80 Navy 53,98 46,79 35,09 69,28 -40,58 55,05 63,69 20,52 Red 6,37 Blue 17,90 Ochre 15,27 Pink 19,96 Navy 21,51 3,37 48,01 0 0 19,19 0 0 0 16,37 0 0 0 21,40 0 0 0 23,06 0 0 0 Red 480 4 298 298 Blue Ochre Pink Navy 300 3 1.361 1.361 280 4 1.678 1.678 300 2 1.238 1.238 290 2 1.565 1.565 Red 8,96 Blue 17,27 Ochre 21,30 Pink 15,71 Navy 19,87 4,28 44,65 0 0 19,54 0 0 0 24,10 0 0 0 17,77 0 0 0 22,47 0 0 0 600 2 407 407 Red 4.000 4 380 380 5.000 Blue 3.000 4 1.639 1.639 Ochre 3.000 4 1.554 1.554 Pink 2.000 2 4.541 4.541 Navy 2.340 2 3.270 3.270 2 133 133 Red 3,54 Blue 11,32 Ochre 10,74 Pink 31,36 Navy 22,58 2,68 42,20 0 0 11,57 0 0 0 10,97 0 0 0 32,06 0 0 0 23,09 0 0 0 Red 400 4 247 247 480 2 411 411 Blue 180 3 2.275 2.275 Ochre 250 4 1.266 1.266 Pink 150 2 102 2.450 Navy 170 2 1.501 2.035 Red 9,27 Blue 32,02 Ochre 17,82 Pink 1,43 Navy 21,12 3,90 54,49 0 0 35,83 0 0 0 19,94 0 0 0 1,60 0 0 0 23,63 0 0 0 Red 500 500 Blue Ochre Pink Navy 4.624 3.949 5.280 650 300 300 250 300 60 80 500 500 70 6.336 96 100 30 40 20 4 0 0 0 0 0 706 1.361 1.678 1.238 1.565 1.639 1.304 250 4.241 300 3.270 172 487 2.275 1.266 102 1.501 12 12 12 12 12 12 12 12 12 12 14 2 12 12 15 3 13 513 Red 0 0 9,04 Blue Ochre Pink Navy 0 27 12 0 22,66 12 0 25,22 12 0 27 12 82,64 85,26 75,73 75,80 91,84 106 89,67 113 146 96,84 96,84 121 119 91,84 106 83,51 86,08 76,87 75,80 100 83,51 86,08 76,87 75,80 113 146 83,51 91,74 79,64 75,80 121 83,51 91,74 79,64 75,80 102 142 83,51 86,08 76,87 75,80 127 83,51 86,08 76,87 75,80 1,69 1,70 1,68 1,66 Red Blue Ochre Pink Navy 0 500 0 500 -298 0 -128 4.950 0 4.624 650 0 5.274 -1.361 -1.639 -2.275 1.976 0 3.949 300 0 4.249 -1.678 -1.304 -1.266 1.958 0 5.280 300 0 5.580 -1.238 -4.241 -102 0 0 6.336 0 0 6.336 -1.565 -3.270 -1.501 0 0 0 500 0 500 -380 0 -120 0 0 0 0 1.639 1.639 -1.639 0 0 0 0 0 250 1.304 1.554 -1.554 0 0 0 0 0 300 4.241 4.541 -4.541 0 0 0 0 0 0 3.270 3.270 -3.270 0 0 0 0 128 120 247 -247 0 2.275 0 2.275 -2.275 0 1.266 0 1.266 -1.266 0 102 0 102 -102 2.349 1.501 0 1.501 -1.501 534 Red 0 500 0 500 -407 0 -44,13 990 Blue Ochre Pink Navy 0 0 500 0 500 -133 0 -367 0 0 44,13 367 411 -411 0 Red Blue Ochre Pink Navy Red Blue Ochre Pink Navy Red Blue Ochre Pink Navy 0 0 0 0 0 0 0 0 27,00 22,66 25,22 27 10,06 8,43 12 12 12 12 Profit and Loss statement, k USD, Global Sales revenue Green 1.927.790 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs and expenses total 250.269 79.020 205.168 49.677 345.000 62.000 98.802 1.089.937 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 837.853 107.291 OPERATING PROFIT (EBIT) Net financing expenses 730.562 17 PROFIT BEFORE TAXES Income taxes 730.544 192.221 PROFIT FOR THE ROUND 538.323 Balance sheet, k USD, Global Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1.507.984 0 74.220 836.391 2.418.594 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital Profit for the round Retained earnings Total equity Liabilities Long-term loans Short term loans (unplanned) Payables Total liabilities 349.000 261.934 538.323 749.059 1.898.316 497.789 0 22.489 520.278 Total shareholders' equity and liabilities 2.418.594 Profit and Loss statement, k USD, USA Green Sales revenue from markets from internal transfers Sales revenue total 526.522 215.141 741.663 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 250.269 22.701 92.608 0 345.000 14.000 78.802 0 803.380 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets -61.717 107.291 OPERATING PROFIT (EBIT) Net financing expenses -169.008 13.970 PROFIT BEFORE TAXES Income taxes -182.979 0 PROFIT FOR THE ROUND -182.979 Balance sheet, k USD, USA Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1.027.984 0 20.271 129.077 1.177.332 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital 309.000 261.934 Profit for the round Retained earnings Total equity Liabilities Long-term loans Short term loans (unplanned) Internal loans Payables Total liabilities Total shareholders' equity and liabilities -182.979 235.612 623.568 497.789 0 41.900 14.075 553.764 1.177.332 PARENT COMPANY'S CASH FLOW STATEMENT, k USD Green Cash provided by operating activities Operating profit before depreciation (EBITDA) Change in receivables (incr - / decr +) Change in inventories (incr - / decr +) Change in payables (incr + / decr -) Net financing expenses Income taxes Total -61.717 -413 0 -10.498 -13.970 0 -86.599 Cash provided by investment activities Plant investments -420.000 Cash flow before financing activities -506.599 Cash provided by financing activities Dividends Proceeds from equity issues and buybacks Dividends received from subsidiaries Change in long-term debt (incr + / decr -) Change in short-term debt (incr + / decr -) Change in internal loans Total Change in cash and cash equivalents Cash 1.1. Cash 31.12. 0 271.934 0 0 0 -1.600 270.334 -236.264 365.341 129.077 Profit and Loss statement, k USD, Asia Green Sales revenue from markets from internal transfers Sales revenue total 1.096.603 12.704 1.109.306 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 0 49.213 112.561 46.180 0 30.000 10.000 173.990 421.944 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 687.362 0 OPERATING PROFIT (EBIT) Net financing expenses 687.362 -12.412 PROFIT BEFORE TAXES Income taxes 699.774 125.959 PROFIT FOR THE ROUND 573.815 Balance sheet, k USD, Asia Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 480.000 0 42.219 321.119 843.338 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity 20.000 573.815 264.417 858.232 Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 0 -22.900 8.006 -14.894 Total shareholders' equity and liabilities 843.338 Profit and Loss statement, k USD, Europe Green Sales revenue Sales revenue 304.665 Costs and expenses Feature costs Transportation and tariffs Promotion Administration Costs of imported products Costs and expenses total 7.107 3.496 18.000 10.000 53.854 92.457 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 212.208 0 OPERATING PROFIT (EBIT) Net financing expenses 212.208 -1.541 PROFIT BEFORE TAXES Income taxes 213.749 66.262 PROFIT FOR THE ROUND 147.487 Balance sheet, k USD, Europe Green ASSETS Fixed assets Receivables Cash and cash equivalents Total assets 0 11.730 386.195 397.925 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity 20.000 147.487 249.030 416.517 Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 0 -19.000 408 -18.592 Total shareholders' equity and liabilities 397.925 Ratios and key financial indicators Ratios Market capitalization of the company, k USD Shares outstanding at the end of round, k shares Share price at the end of round, USD Average trading price during the round, USD Dividend yield, % P/E ratio Cumulative total shareholder return (p.a.), % Green 8.489.492 30.900 275 272 0 15,77 22,52 Key financial indicators, % Operating profit before depreciation (EBITDA) Operating profit (EBIT) Return on sales (ROS) Equity ratio Net debt to equity (gearing) Return on capital employed (ROCE) Return on equity (ROE) Earnings per share (EPS), USD Green 43,46 37,90 27,92 78,49 -17,84 36,69 36,05 17,42 Market report, global Global market shares, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 12,81 9,88 47,50 0 0 Market report, USA Green Tech 1 Selling Price, USD Number of offered features Sales, k units Demand, k units 400 3 820 820 Tech 2 Selling Price, USD Number of offered features Sales, k units Demand, k units 600 4 331 331 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 13,63 10,36 62,43 0 0 Market report, Asia Green Tech 1 Selling Price, RMB Number of offered features Sales, k units Demand, k units 3.200 3 1.971 1.971 Tech 2 Selling Price, RMB 4.500 Number of offered features Sales, k units Demand, k units 4 573 573 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 18,03 15,20 50,31 0 0 Market report, Europe Green Tech 1 Selling Price, EUR Number of offered features Sales, k units Demand, k units 600 3 57 57 Tech 2 Selling Price, EUR Number of offered features Sales, k units Demand, k units 700 4 253 253 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 3,56 0,72 33,01 0 0 Production report In-house manufacturing, k units Green USA Tech 1 Tech 2 Tech 3 Tech 4 1.729 457 Asia Tech 1 Tech 2 Tech 3 Tech 4 Contract manufacturing, k units USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 529 400 590 300 Capacity usage, % USA Tech 1 Tech 2 26 7 Tech 3 Tech 4 Free capacity 67 Asia Tech 1 Tech 2 Tech 3 Tech 4 Free capacity 0 Origin of products sold in USA, k units USA Asia 1.151 Origin of products sold in Asia, k units USA Asia 1.710 833 Origin of products sold in Europe, k units USA Asia 253 57 Number of plants this round USA Asia 12 Number of plants next round USA Asia 15 3 Number of plants after next round USA Asia 21 11 Cost report Logistics Green Average logistics cost per sold product, USD Products sold in USA Products sold in Asia Products sold in Europe 0 18,16 11,26 Production cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 89,40 210 Asia Tech 1 Tech 2 Tech 3 Tech 4 Contract manufacturing cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 92,83 109 111 157 Average unit cost per sold product, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Asia Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Europe Tech 1 Tech 2 Tech 3 Tech 4 Weighted average 90,21 163 111 95,84 160 110 111 163 153 Production scrap, % USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 1,62 2,23 Tech 2 Tech 3 Tech 4 Logistics details Tech 1, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand 1.729 529 0 2.258 -820 -1.438 0 3.551 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 0 590 1.438 2.028 -1.971 0 -57,19 0 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 0 57,19 57,19 -57,19 0 Tech 2, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production 457 400 0 857 -331 -273 -253 863 Unsatisfied demand 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 0 300 273 573 -573 0 0 0 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 253 0 253 -253 0 Tech 3, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Tech 4, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Cost report - Transportation cost incl. tariffs per sold product, USD Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 Europe Tech 1 Tech 2 Tech 3 Tech 4 0 0 19,70 12,85 8 12,00 Red 879.750 Blue 2.446.948 Ochre Pink 2.036.823 2.195.341 Navy 1.441.651 0 39.116 252.339 5.441 335.000 81.000 98.802 811.698 387.330 214.661 248.375 104.477 260.000 91.580 98.802 1.405.226 386.131 448.942 146.386 152.712 59.842 190.021 72.685 131.580 0 135.661 32.000 40.520 98.802 98.802 795.846 1.198.238 263.788 49.886 86.338 32.832 206.493 82.459 98.802 820.598 68.052 107.291 1.041.722 107.291 1.240.978 107.291 997.103 107.291 621.053 107.291 -39.239 144.808 934.431 -14.301 1.133.687 -9.654 889.811 -8.448 513.761 -31.440 -184.047 99.351 948.732 232.813 1.143.341 287.068 898.260 217.797 545.201 149.532 -283.398 715.919 856.273 680.463 395.669 Pink Navy Red Blue Ochre 1.207.984 0 33.870 427.155 1.669.009 607.984 0 94.207 1.636.040 2.338.231 607.984 1.507.984 0 0 78.418 84.521 1.568.303 771.226 2.254.704 2.363.730 747.984 0 55.504 3.702.210 4.505.697 340.000 0 -283.398 207.814 264.417 340.000 0 715.919 735.761 1.791.680 340.000 351.000 0 190.116 856.273 680.463 487.299 746.817 1.683.572 1.968.396 440.000 2.026.639 395.669 934.540 3.796.849 509.789 883.373 11.430 1.404.592 509.789 0 36.761 546.550 509.789 35.739 25.604 571.132 359.789 0 35.545 395.334 569.789 122.395 16.664 708.849 1.669.009 2.338.231 2.254.704 2.363.730 Red Blue 186.353 0 186.353 562.593 358.789 921.381 0 9.240 108.227 0 335.000 22.000 78.802 0 553.270 387.330 52.743 95.778 0 260.000 8.580 78.802 0 883.234 386.131 54.651 29.523 0 0 6.000 78.802 0 555.107 448.942 26.357 88.311 0 135.661 6.020 78.802 0 784.095 263.788 18.289 28.540 0 206.493 15.000 78.802 0 610.912 -366.917 107.291 38.148 107.291 590.174 107.291 264.628 107.291 155.367 107.291 -474.208 57.632 -69.144 14.810 482.882 -651 157.337 3.976 48.076 -34.374 -531.841 0 -83.954 0 483.534 133.365 153.360 58.277 82.450 31.331 -531.841 -83.954 350.169 95.083 51.119 Red Blue 887.984 0 7.175 423.155 1.318.313 607.984 0 21.660 243.114 872.757 300.000 0 300.000 0 Ochre Pink 4.505.697 637.593 468.576 507.688 580.146 1.145.281 1.048.723 Ochre Pink 607.984 1.027.984 0 0 24.547 18.040 1.228.247 398.344 1.860.778 1.444.368 300.000 0 311.000 190.116 Navy 518.183 248.096 766.279 Navy 747.984 0 19.950 3.531.170 4.299.104 400.000 2.026.639 -531.841 -209.158 -440.998 -83.954 81.292 297.338 350.169 37.713 687.883 95.083 256.681 852.880 51.119 384.598 2.862.356 509.789 0 1.245.000 4.523 1.759.311 509.789 0 45.000 20.630 575.419 509.789 0 645.000 18.107 1.172.896 359.789 0 210.000 21.699 591.488 569.789 0 855.000 11.959 1.436.748 1.318.313 872.757 1.860.778 1.444.368 4.299.104 Red Blue Ochre Pink Navy -366.917 7.748 0 244 -57.632 0 -416.558 38.148 -5.944 0 2.730 -14.810 0 20.124 590.174 -6.458 0 2.476 651 -133.365 453.479 264.628 -3.745 0 4.614 -3.976 -58.277 203.243 155.367 -2.475 0 -7.254 34.374 -31.331 148.681 -280.000 0 0 -420.000 -140.000 -696.558 20.124 453.479 -216.757 8.681 -15.000 0 30.097 0 0 600.000 615.097 -81.461 0 0 0 0 0 0 0 20.124 0 0 0 0 0 300.000 300.000 753.479 0 24.007 0 -50.000 0 125.000 99.007 -117.750 -80 2.126.639 47 30.000 0 370.000 2.526.606 2.535.288 504.616 423.155 222.990 243.114 474.768 1.228.247 516.094 398.344 995.882 3.531.170 Red Blue Ochre Pink Navy 144.540 140.808 285.348 1.260.002 0 1.260.002 828.825 1.261.614 0 0 828.825 1.261.614 396.209 0 396.209 0 6.390 144.111 0 0 36.000 10.000 0 196.502 0 96.882 152.597 78.462 0 72.000 10.000 205.491 615.432 0 53.708 30.319 53.671 0 18.000 10.000 282.507 448.205 0 87.592 101.709 105.738 0 17.000 10.000 418.903 740.942 0 9.628 57.798 10.863 0 57.959 10.000 52.259 198.507 88.846 0 644.571 0 380.620 0 520.672 0 197.702 0 88.846 23.729 644.571 -27.117 380.620 -10.437 520.672 -11.778 197.702 3.457 65.118 11.721 671.688 120.904 391.057 70.390 532.451 95.841 194.245 34.964 53.396 550.784 320.667 436.610 159.281 Pink Navy Red Blue Ochre 320.000 0 5.565 2.000 327.565 0 0 48.510 870.132 918.642 0 0 31.910 338.056 369.965 480.000 0 48.572 176.583 705.155 0 0 15.254 2.000 17.254 20.000 53.396 169.081 242.478 20.000 550.784 360.232 931.016 20.000 320.667 248.998 589.664 20.000 436.610 407.187 863.796 20.000 159.281 407.564 586.845 304.293 -225.000 5.794 85.087 0 -25.000 12.626 -12.374 0 -225.000 5.301 -219.699 0 -170.000 11.359 -158.641 122.395 -695.000 3.014 -569.591 327.565 918.642 Red Blue 548.858 624.352 23.486 5.441 23.000 10.000 140.808 202.735 369.965 Ochre 705.155 17.254 Pink Navy 570.405 465.150 527.259 65.037 26.015 11.000 10.000 153.297 265.349 38.027 19.014 8.000 10.000 225.181 300.221 38.762 25.842 17.500 10.000 161.244 253.348 21.969 21.969 9.500 10.000 195.837 259.276 346.123 0 359.004 0 270.184 0 211.802 0 267.984 0 346.123 63.447 359.004 -1.994 270.184 1.434 211.802 -646 267.984 -523 282.676 87.630 360.998 111.909 268.750 83.313 212.448 63.679 268.506 83.237 195.046 249.088 185.438 148.770 185.269 Red Blue Pink Navy Ochre 0 21.131 2.000 23.131 0 24.038 522.794 546.832 0 21.961 2.000 23.961 0 17.908 196.298 214.207 0 20.299 169.040 189.340 20.000 195.046 247.891 462.937 20.000 249.088 294.238 563.326 20.000 185.438 200.588 406.025 20.000 148.770 82.949 251.719 20.000 185.269 142.379 347.648 579.080 -1.020.000 1.114 -439.806 0 -20.000 3.505 -16.495 35.739 -420.000 2.196 -382.065 0 -40.000 2.487 -37.513 0 -160.000 1.692 -158.308 23.131 546.832 23.961 214.207 189.340 Red Blue Ochre Pink Navy 1.776.232 11.686.855 10.027.820 8.055.550 11.769.818 30.000 30.000 30.000 31.100 40.000 59,21 390 334 259 294 194 260 240 240 213 0,84 0 0 0 0 n/a 16,32 11,71 11,84 29,75 -42,02 45,90 35,15 18,97 26,80 Red 7,74 -4,46 -32,21 15,84 365 -2,63 -68,52 -9,45 Blue 42,57 38,19 29,26 76,63 -62,86 48,08 49,93 23,86 Ochre 60,93 55,66 42,04 74,67 -60,75 63,28 68,21 28,54 Pink 45,42 40,53 31 83,27 -20,90 44,47 42,10 21,88 Navy 43,08 35,64 27,45 84,27 -79,28 16,30 15,60 9,89 Red 3,70 Blue 23,57 Ochre 19,50 Pink 27,13 Navy 13,29 1,44 30,37 0 0 23,69 22,14 0 0 21,15 0 0 0 29,42 0 0 0 14,42 0 0 0 Red 680 5 69 69 Blue Ochre Pink Navy 320 5 1.758 1.758 280 4 2.277 2.277 320 3 1.464 1.464 340 2 1.524 1.524 Red 3,18 Blue 20,82 Ochre 26,97 Pink 17,34 Navy 18,05 0,87 37,57 0 0 22,22 0 0 0 28,78 0 0 0 18,51 0 0 0 19,26 0 0 0 700 6 199 199 Red Blue 5.000 5 181 181 2.900 5 2.906 2.906 10.000 3.300 Ochre 3.000 4 2.238 2.238 Pink 2.100 3 4.866 6.889 Navy 4.000 2 802 802 6 26 26 3 539 539 Red 1,47 Blue 24,43 Ochre 15,87 Pink 34,51 Navy 5,69 1,40 2,32 0 0 22,42 47,36 0 0 17,26 0 0 0 37,54 0 0 0 6,19 0 0 0 Red 500 5 166 166 580 6 514 514 Blue 200 5 2.168 3.352 Ochre 250 4 1.584 1.584 Pink 150 3 2.153 2.153 Navy 200 2 1.831 1.831 Red 7,79 Blue 24,84 Ochre 18,16 Pink 24,68 Navy 20,98 2,09 66,99 0 0 27,23 0 0 0 19,91 0 0 0 27,05 0 0 0 23 0 0 0 Red 600 500 500 600 Blue Ochre Pink Navy 5.742 5.549 6.534 3.527 1.090 300 1.000 230 40 250 950 400 65 84 99 53 1.090 87 100 13 16 1 47 0 0 0 0 0 268 1.758 2.277 1.464 1.524 208 2.906 539 1.988 250 3.916 950 402 400 0 680 2.168 1.584 2.153 1.831 12 12 12 12 12 14 2 12 12 15 3 13 16 4 12 2 12 16 4 14 3 Red Blue 0 0 8 Ochre Pink Navy 0 22,78 12 0 23,98 12 0 21,73 12 0 13,54 12 67,46 69,58 68,71 74,79 91,76 106 113 146 87,87 98,41 88,31 101 131 121 107 115 179 140 91,76 106 70,71 71,06 71,31 76,41 103 70,71 71,06 71,31 76,41 113 146 70,71 140 76,67 78,29 95,82 117 81,55 76,67 78,29 95,82 113 146 70,71 71,06 71,31 76,41 138 70,71 71,06 71,31 76,41 1,54 1,55 1,52 1,52 Red Blue Ochre Pink Navy 0 600 0 600 -69,09 0 0 4.884 0 5.742 1.090 0 6.832 -1.758 -2.906 -2.168 0 0 5.549 300 0 5.849 -2.277 -1.988 -1.584 358 0 6.534 1.000 0 7.534 -1.464 -3.916 -2.153 0 0 3.527 230 0 3.757 -1.524 -402 -1.831 2.129 0 0 500 0 500 -181 0 -166 0 0 0 0 2.906 2.906 -2.906 0 0 0 0 0 250 1.988 2.238 -2.238 0 0 0 0 0 950 3.916 4.866 -4.866 0 0 0 2.023 0 400 402 802 -802 0 0 0 0 0 166 166 -166 0 2.168 0 2.168 -2.168 1.184 1.584 0 1.584 -1.584 0 2.153 0 2.153 -2.153 0 1.831 0 1.831 -1.831 0 Red 0 500 0 500 -199 0 0,00 1.716 Blue 0 0 0 0 0 0 0 858 Ochre Pink Navy 0 40 0 40 0 0 0 660 0 0 0 0 600 0 600 -26,43 0 -514 0 0 0 1.090 0 1.090 -539 0 0 0 0 0 65 0 65 0 0 0 0 0 0,00 514 514 -514 0 0 0 0 0 0 0 0 0 0 0 Red Blue Ochre Pink Navy Red Blue Ochre Pink Navy Red Blue Ochre Pink Navy 0 0 0 0 0 0 0 0 27,00 0 23,98 21,73 13,54 8 8,00 12 12 12 12,00 Profit and Loss statement, k USD, Global Sales revenue Green 1,905,164 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs and expenses total 231,906 116,409 195,086 38,271 170,219 73,500 121,812 947,203 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 957,961 226,198 OPERATING PROFIT (EBIT) Net financing expenses 731,763 41,013 PROFIT BEFORE TAXES Income taxes 690,750 131,681 PROFIT FOR THE ROUND 559,069 Balance sheet, k USD, Global Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 3,401,786 0 73,349 506,585 3,981,720 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital Profit for the round Retained earnings Total equity 347,000 208,628 559,069 1,287,382 2,402,079 Liabilities Long-term loans Short term loans (unplanned) Payables Total liabilities 497,789 1,059,458 22,394 1,579,641 Total shareholders' equity and liabilities 3,981,720 Profit and Loss statement, k USD, USA Green Sales revenue from markets from internal transfers Sales revenue total 608,241 230,763 839,004 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 181,100 40,763 75,082 0 141,849 19,000 87,363 0 545,157 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 293,847 154,198 OPERATING PROFIT (EBIT) Net financing expenses 139,649 32,446 PROFIT BEFORE TAXES Income taxes 107,203 0 PROFIT FOR THE ROUND 107,203 Balance sheet, k USD, USA Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1,713,786 0 23,417 2,000 1,739,203 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital 307,000 208,628 Profit for the round Retained earnings Total equity 107,203 52,634 675,465 Liabilities Long-term loans Short term loans (unplanned) Internal loans Payables Total liabilities 497,789 512,617 41,900 11,432 1,063,738 Total shareholders' equity and liabilities 1,739,203 PARENT COMPANY'S CASH FLOW STATEMENT, k USD Green Cash provided by operating activities Operating profit before depreciation (EBITDA) Change in receivables (incr - / decr +) Change in inventories (incr - / decr +) Change in payables (incr + / decr -) Net financing expenses Income taxes Total 293,847 -3,146 0 -2,642 -32,446 0 255,612 Cash provided by investment activities Plant investments -840,000 Cash flow before financing activities -584,388 Cash provided by financing activities Dividends Proceeds from equity issues and buybacks Dividends received from subsidiaries Change in long-term debt (incr + / decr -) Change in short-term debt (incr + / decr -) Change in internal loans Total Change in cash and cash equivalents Cash 1.1. Cash 31.12. 0 -55,306 0 0 512,617 0 457,311 -127,077 129,077 2,000 Profit and Loss statement, k USD, Asia Green Sales revenue from markets from internal transfers Sales revenue total 889,723 119,699 1,009,422 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 50,807 55,138 120,004 30,104 28,370 33,500 24,449 174,108 516,480 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 492,942 72,000 OPERATING PROFIT (EBIT) Net financing expenses 420,942 10,789 PROFIT BEFORE TAXES Income taxes 410,153 77,929 PROFIT FOR THE ROUND 332,224 Balance sheet, k USD, Asia Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1,688,000 0 34,254 2,000 1,724,254 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 20,000 332,224 838,232 1,190,456 546,841 -22,900 9,858 533,799 Total shareholders' equity and liabilities 1,724,254 Profit and Loss statement, k USD, Europe Green Sales revenue Sales revenue 407,200 Costs and expenses Feature costs Transportation and tariffs Promotion Administration Costs of imported products Costs and expenses total 20,508 8,167 21,000 10,000 176,354 236,029 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 171,172 0 OPERATING PROFIT (EBIT) Net financing expenses 171,172 -2,222 PROFIT BEFORE TAXES Income taxes 173,394 53,752 PROFIT FOR THE ROUND 119,642 Balance sheet, k USD, Europe Green ASSETS Fixed assets Receivables Cash and cash equivalents Total assets 0 15,677 502,585 518,262 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity 20,000 119,642 396,517 536,158 Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 0 -19,000 1,104 -17,896 Total shareholders' equity and liabilities 518,262 Ratios and key financial indicators Ratios Market capitalization of the company, k USD Shares outstanding at the end of round, k shares Share price at the end of round, USD Average trading price during the round, USD Dividend yield, % P/E ratio Cumulative total shareholder return (p.a.), % Green 3,410,459 30,700 111 277 0 6.10 -15.33 Key financial indicators, % Operating profit before depreciation (EBITDA) Operating profit (EBIT) Return on sales (ROS) Equity ratio Net debt to equity (gearing) Return on capital employed (ROCE) Return on equity (ROE) Earnings per share (EPS), USD Green 50.28 38.41 29.34 60.33 43.74 23.03 26 18.21 Market report, global Global market shares, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 14.58 12.59 21.36 0 0 Market report, USA Green Tech 1 Selling Price, USD Number of offered features Sales, k units Demand, k units 310 4 1,070 1,070 Tech 2 Selling Price, USD Number of offered features Sales, k units Demand, k units 550 5 503 503 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 20.73 20.96 20.24 0 0 Market report, Asia Green Tech 1 Selling Price, RMB Number of offered features Sales, k units Demand, k units 3,050 4 1,559 1,559 Tech 2 Selling Price, RMB 4,000 Number of offered features Sales, k units Demand, k units 5 590 590 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 13.25 11.56 21.56 0 0 Market report, Europe Green Tech 1 Selling Price, EUR Number of offered features Sales, k units Demand, k units 300 4 356 356 Tech 2 Selling Price, EUR Number of offered features Sales, k units Demand, k units 520 5 399 399 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 10.96 6.95 22.61 0 0 Production report In-house manufacturing, k units Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 2,274 711 Contract manufacturing, k units USA Tech 1 Tech 2 Tech 3 Tech 4 730 Asia Tech 1 Tech 2 Tech 3 Tech 4 800 Capacity usage, % USA Tech 1 Tech 2 28 Tech 3 Tech 4 Free capacity Asia Tech 1 Tech 2 Tech 3 Tech 4 Free capacity 72 43 57 Origin of products sold in USA, k units USA Asia 1,573 Origin of products sold in Asia, k units USA Asia 1,038 1,112 Origin of products sold in Europe, k units USA Asia 356 399 Number of plants this round USA Asia 15 3 Number of plants next round USA Asia 21 11 Number of plants after next round USA Asia 21 11 Cost report Logistics Green Average logistics cost per sold product, USD Products sold in USA Products sold in Asia Products sold in Europe 0 14 10.82 Production cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 79.63 Asia Tech 1 Tech 2 Tech 3 Tech 4 71.48 Contract manufacturing cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 103 Asia Tech 1 Tech 2 Tech 3 Tech 4 150 Average unit cost per sold product, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Asia Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Europe Tech 1 Tech 2 Tech 3 Tech 4 Weighted average 79.63 103 87.05 75.92 135 92.11 79.63 150 117 Production scrap, % USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 1.56 2.61 Tech 2 Tech 3 Tech 4 Logistics details Tech 1, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand 2,274 0 0 2,274 -1,070 -849 -356 366 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 711 0 849 1,559 -1,559 0 0 114 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 356 0 356 -356 0 Tech 2, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production 0 730 0 730 -503 -189 0 0 Unsatisfied demand 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 0 800 189 989 -590 0 -399 0 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 0 399 399 -399 0 Tech 3, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Tech 4, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Cost report - Transportation cost incl. tariffs per sold product, USD Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 Europe Tech 1 Tech 2 Tech 3 Tech 4 0 0 15.78 9.30 13.20 8.70 Red 1,490,607 Blue 2,088,502 Ochre 1,720,827 Pink 2,652,213 Navy 698,903 179,852 116,033 246,051 28,346 55,000 63,000 114,998 803,281 445,968 219,816 233,067 99,084 165,000 91,580 98,802 1,353,318 292,652 95,730 149,852 59,850 420,000 54,000 98,802 1,170,885 478,671 188,711 288,887 181,948 211,663 61,000 121,812 1,532,693 281,261 19,469 69,893 18,121 0 102,050 101,699 592,493 687,326 181,198 735,184 91,198 549,942 91,198 1,119,520 226,198 106,410 112,198 506,129 96,342 643,987 -31,440 458,744 -29,631 893,322 -15,272 -5,788 5,068 409,787 104,757 675,427 176,387 488,376 113,634 908,595 218,036 -10,856 33,752 305,030 499,040 374,742 690,558 -44,608 Red Blue Pink Navy Ochre 1,626,786 0 57,388 420,081 2,104,255 836,786 0 80,407 1,921,736 2,838,930 516,786 0 66,252 1,995,711 2,578,749 1,581,786 1,255,786 0 0 102,110 26,908 1,328,669 4,863,631 3,012,565 6,146,325 370,000 131,476 305,030 -75,583 730,922 340,000 0 499,040 1,451,680 2,290,720 337,000 0 374,742 1,245,281 1,957,022 351,000 474,000 190,116 2,914,699 690,558 -44,608 1,427,280 1,330,209 2,658,955 4,674,300 509,789 841,588 21,956 1,373,333 509,789 0 38,421 548,209 509,789 88,912 23,026 621,727 309,789 582,789 0 874,270 43,821 14,967 353,610 1,472,025 2,104,255 2,838,930 2,578,749 Ochre 3,012,565 6,146,325 Red Blue 367,106 191,058 558,165 340,783 477,257 818,039 703,611 394,388 1,097,999 572,895 580,274 1,153,170 125,895 449,722 575,617 156,930 28,189 87,385 0 48,125 18,000 84,551 0 423,180 445,968 37,176 111,305 0 165,000 8,580 78,802 0 846,832 292,652 35,785 119,533 0 420,000 11,000 78,802 0 957,773 409,414 35,977 122,226 0 176,386 11,000 87,363 0 842,366 281,261 3,214 21,543 1,897 0 22,000 81,699 13,051 424,666 134,985 133,198 -28,792 91,198 140,226 91,198 310,804 154,198 150,951 112,198 1,787 22,544 -119,990 14,743 49,029 -12,376 156,606 3,065 38,754 -50,068 -20,757 0 -134,733 0 61,405 23,334 153,541 58,346 88,821 33,752 -20,757 -134,733 38,071 95,196 55,069 Red Blue Ochre Pink Pink Navy Navy 1,034,786 0 14,134 416,081 1,465,001 516,786 0 13,120 210,374 740,280 516,786 0 27,089 1,412,738 1,956,613 1,013,786 775,786 0 0 22,056 4,847 428,876 4,588,495 1,464,718 5,369,128 330,000 131,476 300,000 0 297,000 0 311,000 434,000 190,116 2,914,699 -20,757 -740,998 -300,280 -134,733 -2,662 162,605 38,071 359,506 694,577 95,196 55,069 351,764 435,717 948,076 3,839,485 509,789 0 1,245,000 10,491 1,765,280 509,789 0 45,000 22,886 577,675 509,789 0 735,000 17,247 1,262,036 309,789 582,789 0 0 185,000 935,000 21,853 11,855 516,642 1,529,644 1,465,001 740,280 1,956,613 1,464,718 5,369,128 Red Blue Ochre Pink Navy 134,985 -6,959 0 5,969 -22,544 0 111,451 -28,792 8,540 0 2,256 -14,743 0 -32,740 140,226 -2,542 0 -860 12,376 -23,334 125,867 310,804 -4,016 0 154 -3,065 -58,346 245,531 150,951 15,103 0 -104 50,068 -33,752 182,266 -280,000 0 0 -140,000 -140,000 -168,549 -32,740 125,867 105,531 42,266 0 161,476 0 0 0 0 161,476 -7,074 0 0 0 0 0 0 0 -32,740 0 -101,291 69,915 0 0 90,000 58,624 184,491 0 0 0 922,060 0 0 -50,000 13,000 0 0 -25,000 80,000 -75,000 1,015,060 30,531 1,057,325 423,155 416,081 243,114 210,374 1,228,247 1,412,738 398,344 3,531,170 428,876 4,588,495 Red Blue Ochre Pink Navy 626,068 112,802 738,870 1,363,857 0 1,363,857 798,415 0 798,415 1,734,833 131,932 1,866,765 91,861 47,269 139,131 22,922 49,719 158,667 16,133 6,875 26,000 20,447 118,377 419,139 0 131,865 121,762 80,466 0 72,000 10,000 367,970 784,063 0 43,737 30,319 50,936 0 36,000 10,000 297,595 468,586 69,257 120,837 166,661 166,455 35,277 30,000 24,449 579,078 1,192,015 0 1,584 48,349 1,095 0 79,000 10,000 15,403 155,431 319,730 48,000 579,794 0 329,829 0 674,750 72,000 -16,301 0 271,730 32,464 579,794 -43,226 329,829 -20,678 602,750 -17,050 -16,301 56,242 239,267 45,461 623,020 118,374 350,507 66,596 619,800 117,762 -72,542 0 193,806 504,646 283,911 502,038 -72,542 Red Blue Pink Navy Ochre 592,000 0 24,104 2,000 618,104 320,000 0 52,509 1,051,016 1,423,525 0 0 30,739 580,973 611,712 568,000 0 66,791 581,187 1,215,978 480,000 0 3,537 2,000 485,537 20,000 193,806 222,478 436,284 20,000 504,646 911,016 1,435,662 20,000 283,911 527,989 831,900 20,000 502,038 843,796 1,365,834 20,000 -72,542 566,845 514,302 397,293 -225,000 9,526 181,820 0 -25,000 12,863 -12,137 0 -225,000 4,812 -220,188 0 -170,000 20,144 -149,856 874,270 -905,000 1,965 -28,766 618,104 1,423,525 Red Blue 497,433 383,862 38,125 12,213 19,000 10,000 185,484 264,821 611,712 Ochre 1,215,978 485,537 Pink Navy 218,802 344,484 481,146 50,775 18,618 11,000 10,000 109,287 199,680 16,208 8,914 7,000 10,000 96,793 138,915 31,897 15,493 20,000 10,000 133,129 210,518 14,671 15,128 1,050 10,000 468,537 509,387 232,611 0 184,182 0 79,887 0 133,966 0 -28,241 0 232,611 41,334 184,182 -2,958 79,887 3,423 133,966 -1,287 -28,241 -1,105 191,277 59,296 187,140 58,013 76,464 23,704 135,253 41,929 -27,135 0 131,981 129,127 52,760 93,325 -27,135 Red Blue Ochre Pink Navy 0 19,151 2,000 21,151 0 14,779 660,346 675,125 0 8,424 2,000 10,424 0 13,263 318,606 331,869 0 18,524 273,136 291,660 20,000 131,981 442,937 594,918 20,000 129,127 543,326 692,453 20,000 52,760 357,785 430,545 20,000 93,325 231,719 345,044 20,000 -27,135 327,648 320,513 444,295 -1,020,000 1,938 -573,767 0 -20,000 2,672 -17,328 88,912 -510,000 967 -420,121 0 -15,000 1,825 -13,175 0 -30,000 1,147 -28,853 21,151 675,125 10,424 331,869 291,660 Red Blue Ochre Pink Navy 2,010,828 12,378,869 11,969,778 11,765,286 7,968,119 33,000 30,000 29,700 31,100 43,400 60.93 413 403 378 184 53.83 390 338 259 271 0 0 0 0 0 6.59 24.81 31.94 17.04 n/a -29.75 31.13 30.10 27.39 0.11 Red 46.11 33.95 20.46 34.74 127 27.07 61.29 9.24 Blue 35.20 30.83 23.89 80.69 -61.64 25.24 24.45 16.63 Ochre 31.96 26.66 21.78 75.89 -71.38 19.17 20.59 12.62 Pink 42.21 33.68 26.04 88.26 -38.32 33.73 29.85 22.20 Navy 15.23 -0.83 -6.38 76.05 -72.88 -0.11 -1.05 -1.03 Red 11.05 Blue 20.74 Ochre 15.87 Pink 32.47 Navy 5.28 10.98 11.30 0 0 23.54 11.24 0 0 15.06 18.61 0 0 35.55 22.04 0 0 2.29 15.46 0 0 Red 380 5 557 557 Blue 330 6 1,033 1,033 650 8 239 239 Ochre Pink Navy 300 4 1,258 1,258 315 3 919 919 470 2 268 268 350 1 932 932 350 4 810 1,104 512 2 0 446 Red 10.49 Blue 13.61 Ochre 28.86 Pink 22.78 Navy 3.53 10.91 9.63 0 0 20.23 0 0 0 24.65 37.52 0 0 18 32.61 0 0 5.25 0 0 0 Red Blue Ochre Pink Navy 3,000 5 1,364 1,364 2,700 6 3,139 3,139 3,000 4 1,638 1,638 2,100 3 5,740 5,740 5,350 2 50 50 5,000 3,100 4,000 2,500 5,700 8 183 183 4 785 1,297 2 368 368 4 730 1,106 2 82 82 Red 9.53 Blue 24.18 Ochre 12.36 Pink 39.86 Navy 0.81 10.11 6.68 0 0 23.27 28.68 0 0 12.14 13.44 0 0 42.54 26.66 0 0 0.37 2.99 0 0 Red 250 5 683 683 580 8 367 367 Blue 210 6 1,410 1,410 Ochre 250 4 675 675 Pink Navy 150 3 1,772 1,772 320 2 224 224 250 4 0 2,336 300 2 998 1,080 Red 15.26 Blue 20.48 Ochre 9.81 Pink 25.74 Navy 17.76 13.34 20.82 0 0 27.54 0 0 0 13.19 0 0 0 34.60 0 0 0 4.38 56.57 0 0 Red Blue 1,457 Ochre 3,202 785 Pink 3,322 100 208 Navy 6,275 47 1,001 1,255 340 500 1,230 600 600 1,150 19 49 12 400 810 155 35 250 500 730 340 44 50 2 76 1 14 1,200 81 40 48 24 19 85 76 81 0 0 24 0 796 1,033 2,190 1,729 202 65 556 991 2,775 1,150 1,756 250 5,740 730 38 94 683 367 1,410 675 17 1,755 998 224 14 2 12 12 15 3 13 16 4 12 2 12 16 4 14 3 16 4 14 2 12 2 17 5 14 3 Red Blue Ochre Pink Navy 0 10.43 11.63 0 20.50 13.20 0 25.39 13.20 0 25.73 8.74 7.08 8.30 12.37 108 72.49 272 71.67 546 65.24 87.77 277 110 55.18 101 106 90.49 98.92 102 109 132 111 154 106 121 113 151 117 192 106 106 77.48 71.67 134 67.26 102 107 272 106 77.48 98.17 83.56 107 109 154 87.89 272 79.24 134 67.26 151 117 229 114 125 89.27 76.71 186 106 154 77.48 71.67 71.55 117 272 123 77.48 71.67 71.55 244 1.75 1.45 2.71 1.47 3.33 1.40 1.49 2.63 3.16 99.61 2.19 Red Blue Ochre Pink Navy 1,457 340 0 1,797 -557 -556 -683 3,933 0 3,202 1,230 0 4,432 -1,033 -1,989 -1,410 2,408 0 3,322 0 0 3,322 -1,258 -1,388 -675 1,087 0 6,275 400 0 6,675 -919 -5,740 -16.94 1,975 0 47.44 155 65.43 268 -268 0 0 6,102 0 208 600 556 1,364 -1,364 0 0 562 0 0 1,150 1,989 3,139 -3,139 0 0 0 0 0 250 1,388 1,638 -1,638 0 0 0 0 1,255 500 5,740 7,495 -5,740 0 -1,755 395 0 0 340 0 340 -50.25 -65.43 -224 0 0 683 0 683 -683 0 1,410 0 1,410 -1,410 0 675 0 675 -675 0 16.94 1,755 1,772 -1,772 0 0 224 224 -224 0 Red 0 500 0 500 -239 0 0 2,156 Blue 785 0 0 785 0 -785 0 0 Ochre 100 1,200 0 1,300 -932 -368 0 494 Pink 0 810 0 810 -810 0 0 0 Navy 1,001 35 0 1,036 0.00 -37.76 -998 0 0 0 0 294 446 0 600 0 600 -183 0 -367 330 0 0 0 785 785 -785 0 0 0 512 0 0 368 368 -368 0 0 0 0 0 730 0 730 -730 0 0 0 376 0 44 37.76 81.76 -81.76 0 0 0 0 0 367 367 -367 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,336 998 0 998 -998 82 Red Blue Ochre Pink Navy Red Blue Ochre Pink Navy Red Blue Ochre Pink Navy 0 0 0 0 0 0 0 7.08 0 11.82 0 18.38 29 24.57 29.00 29 0 0 13.39 13.20 8.70 13.20 13.20 8.74 8.70 13.20 Profit and Loss statement, k USD, Global Sales revenue Green 2,430,528 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs and expenses total 921,649 288,003 55,069 58,910 347,946 64,000 164,394 1,899,971 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 530,557 510,268 OPERATING PROFIT (EBIT) Net financing expenses 20,289 115,392 PROFIT BEFORE TAXES Income taxes -95,103 76,216 PROFIT FOR THE ROUND -171,319 Balance sheet, k USD, Global Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 2,891,518 0 93,575 1,041,104 4,026,197 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital Profit for the round Retained earnings Total equity Liabilities Long-term loans Short term loans (unplanned) Payables Total liabilities 449,000 957,158 -171,319 1,846,451 3,081,291 497,789 396,158 50,960 944,907 Total shareholders' equity and liabilities 4,026,197 Profit and Loss statement, k USD, USA Green Sales revenue from markets from internal transfers Sales revenue total 725,274 428,712 1,153,986 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 599,782 82,651 31,481 0 228,340 15,000 103,537 0 1,060,791 93,195 257,068 OPERATING PROFIT (EBIT) Net financing expenses -163,873 65,089 PROFIT BEFORE TAXES Income taxes -228,962 0 PROFIT FOR THE ROUND -228,962 Balance sheet, k USD, USA Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1,456,718 0 27,923 379,566 1,864,208 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital 409,000 957,158 Profit for the round Retained earnings Total equity Liabilities Long-term loans Short term loans (unplanned) Internal loans Payables Total liabilities Total shareholders' equity and liabilities -228,962 159,837 1,297,033 497,789 0 41,900 27,486 567,175 1,864,208 PARENT COMPANY'S CASH FLOW STATEMENT, k USD Green Cash provided by operating activities Operating profit before depreciation (EBITDA) Change in receivables (incr - / decr +) Change in inventories (incr - / decr +) Change in payables (incr + / decr -) Net financing expenses Income taxes Total 93,195 -4,506 0 16,053 -65,089 0 39,653 Cash provided by investment activities Plant investments Cash flow before financing activities 0 39,653 Cash provided by financing activities Dividends Proceeds from equity issues and buybacks Dividends received from subsidiaries Change in long-term debt (incr + / decr -) Change in short-term debt (incr + / decr -) Change in internal loans Total Change in cash and cash equivalents Cash 1.1. Cash 31.12. 0 850,530 0 0 -512,617 0 337,913 377,566 2,000 379,566 Profit and Loss statement, k USD, Asia Green Sales revenue from markets from internal transfers Sales revenue total 865,463 159,451 1,024,914 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 321,867 104,748 23,588 27,827 119,606 29,000 50,857 153,010 830,503 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 194,411 253,200 OPERATING PROFIT (EBIT) Net financing expenses -58,789 53,208 PROFIT BEFORE TAXES Income taxes -111,997 0 PROFIT FOR THE ROUND -111,997 Balance sheet, k USD, Asia Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1,434,800 0 33,320 2,000 1,470,120 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 20,000 -111,997 1,170,456 1,078,458 396,158 -22,900 18,404 391,662 Total shareholders' equity and liabilities 1,470,120 Profit and Loss statement, k USD, Europe Green Sales revenue Sales revenue 839,792 Costs and expenses Feature costs Transportation and tariffs Promotion Administration Costs of imported products Costs and expenses total 100,604 31,083 20,000 10,000 435,153 596,840 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 242,952 0 OPERATING PROFIT (EBIT) Net financing expenses 242,952 -2,905 PROFIT BEFORE TAXES Income taxes 245,857 76,216 PROFIT FOR THE ROUND 169,641 Balance sheet, k USD, Europe Green ASSETS Fixed assets Receivables Cash and cash equivalents Total assets 0 32,332 659,537 691,869 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity 20,000 169,641 516,158 705,799 Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 0 -19,000 5,070 -13,930 Total shareholders' equity and liabilities 691,869 Ratios and key financial indicators Ratios Market capitalization of the company, k USD Shares outstanding at the end of round, k shares Share price at the end of round, USD Average trading price during the round, USD Dividend yield, % P/E ratio Cumulative total shareholder return (p.a.), % Green 7,682,115 40,900 188 83.39 0 n/a 0.65 Key financial indicators, % Operating profit before depreciation (EBITDA) Operating profit (EBIT) Return on sales (ROS) Equity ratio Net debt to equity (gearing) Return on capital employed (ROCE) Return on equity (ROE) Earnings per share (EPS), USD Green 21.83 0.83 -7.05 76.53 -4.78 0.51 -6.25 -4.19 Market report, global Global market shares, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 26.18 23.86 33 0 0 Market report, USA Green Tech 1 Selling Price, USD Number of offered features Sales, k units Demand, k units 300 5 983 983 Tech 2 Selling Price, USD Number of offered features Sales, k units Demand, k units 340 7 1,265 1,265 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 27.16 24.52 29.65 0 0 Market report, Asia Green Tech 1 Selling Price, RMB Number of offered features Sales, k units Demand, k units 2,100 5 2,827 2,827 Tech 2 Selling Price, RMB 3,700 Number of offered features Sales, k units Demand, k units 7 475 475 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 21.72 24.53 16.34 0 0 Market report, Europe Green Tech 1 Selling Price, EUR Number of offered features Sales, k units Demand, k units 185 5 829 829 Tech 2 Selling Price, EUR Number of offered features Sales, k units Demand, k units 250 7 1,803 1,803 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 33.84 21.20 50.58 0 0 Production report In-house manufacturing, k units Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 2,806 2,289 1,633 959 Contract manufacturing, k units USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 295 200 Capacity usage, % USA Tech 1 Tech 2 24 20 Tech 3 Tech 4 Free capacity Asia Tech 1 Tech 2 Tech 3 Tech 4 Free capacity 56 27 16 57 Origin of products sold in USA, k units USA Asia 2,249 Origin of products sold in Asia, k units USA Asia 994 2,308 Origin of products sold in Europe, k units USA Asia 2,148 485 Number of plants this round USA Asia 21 11 Number of plants next round USA Asia 21 11 Number of plants after next round USA Asia 21 11 Cost report Logistics Green Average logistics cost per sold product, USD Products sold in USA Products sold in Asia Products sold in Europe 0 8.43 11.81 Production cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 76.98 168 Asia Tech 1 Tech 2 Tech 3 Tech 4 68.24 219 Contract manufacturing cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 107 118 Average unit cost per sold product, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Asia Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Europe Tech 1 Tech 2 Tech 3 Tech 4 Weighted average 76.98 161 124 74.83 219 95.60 76.98 176 145 Production scrap, % USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 1.48 1.96 2.40 Tech 2 Tech 3 Tech 4 3.80 Logistics details Tech 1, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand 2,806 0 0 2,806 -983 -994 -829 2,391 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 1,633 200 994 2,827 -2,827 0 0 1,392 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 829 0 829 -829 0 Tech 2, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production 2,289 295 0 2,584 -1,265 0 -1,318 2,331 Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 0 959 0 0 959 -475 0 -485 977 0 1,318 485 1,803 -1,803 0 Tech 3, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Tech 4, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Cost report - Transportation cost incl. tariffs per sold product, USD Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 Europe Tech 1 Tech 2 Tech 3 Tech 4 0 0 9.84 0 12.60 11.44 Red 800,569 Blue 2,012,346 Ochre 1,414,821 Pink 2,607,460 Navy 390,352 217,232 62,795 59,830 23,960 0 63,000 128,326 555,142 464,225 246,180 158,999 101,720 129,874 109,000 109,249 1,319,247 154,731 62,516 221,445 29,838 60,000 64,000 98,802 691,332 762,505 203,389 274,471 96,089 103,325 68,500 128,326 1,636,606 43,926 13,056 140,979 4,275 434,196 27,259 119,000 782,691 245,427 244,018 693,100 125,518 723,489 77,518 970,854 237,268 -392,339 188,368 1,409 162,919 567,582 -39,916 645,971 -34,130 733,586 -32,874 -580,707 76,495 -161,510 17,222 607,498 122,841 680,101 203,508 766,459 216,000 -657,202 25,065 -178,731 484,657 476,593 550,459 -682,267 Pink Navy Red Blue Ochre 1,382,768 0 30,822 679,268 2,092,858 991,268 0 77,475 2,553,810 3,622,554 759,268 0 54,471 1,417,620 2,231,359 1,644,518 0 100,387 1,775,751 3,520,656 1,067,418 0 15,029 6,955,958 8,038,405 400,000 269,045 -178,731 224,447 714,760 340,000 0 484,657 1,950,720 2,775,377 327,000 0 476,593 1,212,957 2,016,550 351,000 190,116 550,459 2,117,838 3,209,414 574,000 4,306,856 -682,267 1,285,101 5,483,690 509,789 854,302 14,007 1,378,098 809,789 0 37,388 847,177 109,789 86,981 18,038 214,809 259,789 0 51,454 311,242 582,789 1,964,140 7,786 2,554,715 2,092,858 3,622,554 2,231,359 Blue 243,256 217,078 460,334 571,157 387,606 958,763 576,566 172,298 748,864 584,925 763,973 1,348,898 141,788 32,935 174,723 156,102 18,867 59,830 0 0 18,000 90,138 0 342,935 418,596 56,412 84,815 0 111,321 17,000 78,802 0 766,946 154,731 27,652 92,629 0 60,000 11,000 78,802 0 424,814 699,361 41,820 135,534 0 82,660 13,500 90,138 0 1,063,012 29,278 4,740 54,743 0 357,573 13,501 84,551 0 544,387 117,399 155,218 191,817 77,518 324,050 77,518 285,885 152,068 -369,664 116,368 -37,819 45,698 114,299 19,168 246,532 -19,310 133,817 -37 -486,032 -87,265 -83,516 0 95,131 0 265,842 101,020 133,854 50,865 -398,767 0 -83,516 95,131 164,822 82,989 -398,767 Blue Ochre Pink 8,038,405 Red Red Ochre 3,520,656 Pink Navy Navy 879,568 0 9,365 675,268 1,564,201 719,268 0 21,990 392,820 1,134,078 439,268 0 22,198 1,123,411 1,584,877 1,001,718 0 22,520 485,370 1,509,608 659,418 0 5,459 6,689,013 7,353,890 360,000 269,045 300,000 0 287,000 0 311,000 190,116 534,000 4,306,856 -83,516 -745,155 -199,627 95,131 -137,395 257,735 164,822 297,677 749,500 82,989 446,960 1,031,065 -398,767 490,595 4,932,684 509,789 0 1,245,000 9,040 1,763,829 809,789 0 45,000 21,553 876,342 109,789 0 715,000 10,588 835,377 259,789 0 185,000 33,754 478,542 582,789 0 1,835,000 3,417 2,421,206 1,564,201 1,134,078 1,584,877 1,509,608 7,353,890 Red Blue Ochre Pink Navy 117,399 4,768 0 -1,452 -45,698 0 75,018 191,817 -8,869 0 -1,333 -19,168 0 162,446 324,050 4,891 0 -6,659 19,310 -101,020 240,573 285,885 -463 0 11,900 37 -50,865 246,494 -369,664 -612 0 -8,437 87,265 0 -291,449 0 -280,000 0 -140,000 0 75,018 -117,554 240,573 106,494 -291,449 -5,000 167,569 21,600 0 0 0 184,169 259,187 0 0 0 300,000 0 0 300,000 182,446 0 -417,065 307,166 -400,000 0 -20,000 -529,900 -289,327 0 0 0 -50,000 0 0 -50,000 56,494 -500 1,492,157 309 0 0 900,000 2,391,966 2,100,518 416,081 675,268 210,374 392,820 1,412,738 1,123,411 428,876 485,370 4,588,495 6,689,013 Red Blue Ochre Pink Navy 324,998 0 324,998 1,182,768 0 1,182,768 576,120 30,974 607,093 1,263,391 0 1,263,391 18,957 66,644 85,601 61,131 28,693 0 17,289 0 26,000 28,189 147,725 309,026 45,629 156,303 74,184 90,007 18,553 70,000 20,447 315,307 790,429 0 23,969 128,816 22,555 0 36,000 10,000 117,263 338,604 63,145 99,878 138,937 63,674 20,665 30,000 28,189 420,350 864,837 14,648 506 86,236 0 76,623 12,458 24,449 0 214,919 15,971 88,800 392,338 48,000 268,490 0 398,554 85,200 -129,318 72,000 -72,829 60,718 344,338 -55,579 268,490 -19,647 313,354 -30,782 -201,318 165,105 -133,547 0 399,917 87,982 288,137 63,390 344,135 75,710 -366,424 0 -133,547 311,935 224,746 268,426 -366,424 Pink Navy Red Blue Ochre 503,200 0 12,512 2,000 517,712 272,000 0 45,537 1,419,157 1,736,693 320,000 0 22,181 292,209 634,390 642,800 0 48,641 786,896 1,478,337 408,000 0 730 2,000 410,730 20,000 -133,547 407,212 293,665 20,000 311,935 1,415,662 1,747,598 20,000 224,746 607,893 852,639 20,000 268,426 1,345,834 1,634,260 20,000 -366,424 494,110 147,686 444,923 -225,000 4,124 224,047 0 -25,000 14,096 -10,904 0 -225,000 6,751 -218,249 0 1,964,140 -170,000 -1,705,000 14,077 3,903 -155,923 263,044 517,712 1,736,693 Red Blue 232,316 258,422 15,235 6,671 19,000 10,000 69,353 120,259 634,390 410,730 Pink Navy 262,135 759,144 229,608 33,465 11,713 22,000 10,000 72,300 149,477 10,894 7,282 17,000 10,000 86,009 131,186 61,692 32,415 25,000 10,000 343,622 472,729 7,810 4,275 1,300 10,000 99,579 122,965 112,057 0 108,945 0 130,949 0 286,415 0 106,643 0 112,057 56,503 108,945 -3,505 130,949 4,827 286,415 -2,055 106,643 -1,345 55,554 17,222 112,450 34,860 126,122 39,098 288,470 89,426 107,989 25,065 38,332 77,591 87,024 199,044 82,924 Red Blue Ochre 1,478,337 Ochre Pink Navy 0 8,944 2,000 10,944 0 9,949 741,834 751,783 0 10,092 2,000 12,092 0 29,227 503,484 532,712 0 8,840 264,945 273,785 20,000 38,332 562,390 620,722 20,000 77,591 672,453 770,044 20,000 87,024 307,387 414,411 20,000 199,044 325,044 544,088 20,000 82,924 300,396 403,320 409,379 -1,020,000 843 -609,778 0 -20,000 1,739 -18,261 86,981 -490,000 700 -402,319 0 -15,000 3,623 -11,377 0 -130,000 465 -129,535 10,944 751,783 12,092 532,712 273,785 Red Blue Ochre Pink 2,765,947 11,916,164 10,706,151 13,250,292 36,000 30,000 28,700 31,100 76.83 397 373 426 55.86 413 417 378 0.18 0 0 0 n/a 24.59 22.46 24.07 -18.76 21.38 19.49 23.52 Navy 6,929,624 53,400 130 149 0.01 n/a -8.23 Red 30.66 0.18 -22.33 34.15 95.81 0.07 -24.73 -4.96 Blue 34.44 28.20 24.08 76.61 -62.84 17.78 19.13 16.16 Ochre 51.14 45.66 33.69 90.37 -60.54 27.09 23.99 16.61 Pink 37.23 28.13 21.11 91.16 -47.23 22.79 18.76 17.70 Navy -101 -149 -175 68.22 -80.40 -8.20 -13.43 -12.78 Red 6.38 Blue 23.05 Ochre 12.93 Pink 29.14 Navy 2.32 8.69 2.84 0 0 25.72 20.54 0 0 10.93 7.82 100 0 29.95 30.60 0 0 0.86 5.20 0 0 Red Blue Ochre Pink Navy 380 5 466 466 320 6 775 775 300 4 942 942 315 3 744 744 520 3 101 101 650 8 102 102 340 5 951 951 350 1 840 840 370 5 948 948 550 3 162 162 Red 6.86 Blue 20.84 Ochre 21.52 Pink 20.43 Navy 3.18 11.61 2.39 0 0 19.31 22.28 0 0 23.49 19.68 0 0 18.54 22.21 0 0 2.53 3.79 0 0 Red Blue 3,000 5 800 800 2,200 6 3,297 3,297 5,000 2,600 Ochre 3,000 4 806 806 Pink Navy 2,100 3 3,789 3,789 6,000 3 6 6 3,100 6,000 8 98 98 5 1,254 1,754 5 1,056 1,056 3 22 22 3,500 1 773 773 Red 5.90 Blue 29.94 Ochre 10.38 Pink 31.87 Navy 0.18 6.94 3.37 0 0 28.60 43.19 0 0 6.99 0 100 0 32.88 36.35 0 0 0.05 0.75 0 0 Red Blue 250 4 424 424 200 6 930 930 580 8 105 105 240 5 0 1,579 Ochre 250 4 378 378 310 1 303 303 Pink Navy 150 3 1,291 1,291 385 3 60 60 275 5 1,282 1,282 380 3 374 374 Red 6.81 Blue 11.95 Ochre 8.76 Pink 33.07 Navy 5.58 10.84 2.96 0 0 23.77 0 0 0 9.67 0 100 0 33 35.96 0 0 1.52 10.50 0 0 Red Blue Ochre 1,032 83 4,165 825 258 22 836 400 200 Pink 2,126 Navy 2,825 2,286 119 1,177 40 880 967 428 1,000 340 200 1,394 500 200 500 1,262 12 1 63 13 32 32 26 2 87 24 12 1 76 87 24 0 47 98 568 1,725 1,782 1,691 263 617 280 3,215 1,336 806 773 2,274 2,571 28 529 930 378 303 2,573 157 277 16 4 12 2 12 16 4 14 3 16 4 14 2 12 2 17 5 14 3 16 4 15 3 13 2 18 7 15 4 Red 68 42 98 53 2 Blue Ochre Pink Navy 0 19.26 12.60 0 19.78 12.60 0 14.29 10.69 0 13.14 12.60 0 0 9.85 104 585 64.81 180 72.78 65.43 225 247 103 1,555 93.97 111 54.56 53.65 370 96.38 95.79 93.32 95.59 95.60 111 99.67 107 163 148 102 101 250 64.81 137 72.78 95.79 69.10 186 95.60 162 128 105 83.63 134 136 102 547 62.21 141 72.78 75.55 186 107 197 102 150 84.07 87.12 99.55 178 101 250 64.81 72.78 69.10 186 107 183 102 131 64.81 85.83 127 172 1.68 3.31 1.40 2.22 1.43 1.34 2.37 2.25 2.97 2.17 2.02 7.88 Red 4.72 Blue Ochre Pink Navy 1,032 400 0 1,432 -466 -542 -424 5,128 0 4,165 0 0 4,165 -775 -2,460 -930 1,313 0 2,126 0 0 2,126 -942 -806 -378 1,174 0 2,825 428 0 3,253 -744 -1,218 -1,291 2,455 0 0 340 0 340 -101 0 0 4,235 0 258 0 542 800 -800 0 0 1,282 0 836 0 2,460 3,297 -3,297 0 0 264 0 0 0 806 806 -806 0 0 0 0 1,177 1,394 1,218 3,789 -3,789 0 0 1,023 0 0 500 0 500 -6.16 0 -59.60 495 0 424 0 424 -424 0 930 0 930 -930 0 378 0 378 -378 0 1,291 0 1,291 -1,291 0 0 59.60 59.60 -59.60 0 Red 83.05 200 0 283 -102 -75.77 -105 2,381 Blue 825 880 0 1,705 -951 -754 0 0 Ochre 0 967 0 967 -840 0 0 0 Pink 2,286 1,000 0 3,286 -948 -1,056 -1,282 1,234 Navy 119 200 0 319 -162 0 -157 3,346 0 0 0 0 0 22.25 0 75.77 98.02 -98.02 0 0 638 0 0 500 754 1,254 -1,254 0 0 0 499 0 0 0 0 0 0 0 0 0 0 0 1,056 1,056 -1,056 0 0 0 0 39.55 200 0 240 -21.93 0 -218 1,115 0 105 0 105 -105 0 0 0 0 0 1,579 0 0 0 0 0 1,282 0 1,282 -1,282 0 157 218 374 -374 0 Red Blue Ochre Pink 0 0 0 0 0 0 0 0 0 0 1,262 0 1,262 -773 0 -303 0 0 0 303 303 -303 0 Navy Red Blue Ochre Pink Navy Red Blue Ochre Pink Navy 0 0 0 0 0 0 0 0 0 0 18.97 21.65 20.90 16.84 28.00 9.00 28 0 0 12.60 12.60 8.30 10.10 0 12.60 12.60 12.60 12.60 8.30 Profit and Loss statement, k USD, Global Sales revenue Green 2,212,730 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs and expenses total 658,973 167,879 232,244 79,109 194,267 45,500 164,394 1,542,366 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 670,364 433,728 OPERATING PROFIT (EBIT) Net financing expenses 236,636 13,928 PROFIT BEFORE TAXES Income taxes 222,708 64,105 PROFIT FOR THE ROUND 158,602 Balance sheet, k USD, Global Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 2,457,791 0 85,190 2,174,560 4,717,541 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital Profit for the round Retained earnings Total equity Liabilities Long-term loans Short term loans (unplanned) Payables Total liabilities 492,000 1,644,979 158,602 1,675,132 3,970,714 497,789 205,211 43,821 746,821 Total shareholders' equity and liabilities 4,717,534 Profit and Loss statement, k USD, USA Green Sales revenue from markets from internal transfers Sales revenue total 702,457 278,033 980,490 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total 333,518 72,447 73,842 0 127,488 10,500 103,537 0 721,332 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 259,157 218,508 OPERATING PROFIT (EBIT) Net financing expenses 40,650 -1,854 PROFIT BEFORE TAXES Income taxes 42,504 0 PROFIT FOR THE ROUND 42,504 Balance sheet, k USD, USA Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1,238,211 0 27,045 1,363,264 2,628,519 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Additional paid-in capital 452,000 1,644,979 Profit for the round Retained earnings Total equity Liabilities Long-term loans Short term loans (unplanned) Internal loans Payables Total liabilities Total shareholders' equity and liabilities 42,504 -69,125 2,070,357 497,789 0 41,900 18,473 558,162 2,628,519 PARENT COMPANY'S CASH FLOW STATEMENT, k USD Green Cash provided by operating activities Operating profit before depreciation (EBITDA) Change in receivables (incr - / decr +) Change in inventories (incr - / decr +) Change in payables (incr + / decr -) Net financing expenses Income taxes Total 259,157 878 0 -9,013 1,854 0 252,877 Cash provided by investment activities Plant investments Cash flow before financing activities 0 252,877 Cash provided by financing activities Dividends Proceeds from equity issues and buybacks Dividends received from subsidiaries Change in long-term debt (incr + / decr -) Change in short-term debt (incr + / decr -) Change in internal loans Total Change in cash and cash equivalents Cash 1.1. Cash 31.12. 0 730,821 0 0 0 0 730,821 983,697 379,566 1,363,264 Profit and Loss statement, k USD, Asia Green Sales revenue from markets from internal transfers Sales revenue total 962,058 273,991 1,236,049 Costs and expenses Variable production costs Feature costs Contract manufacturing costs Transportation and tariffs R&D Promotion Administration Costs of imported products Costs and expenses total OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets OPERATING PROFIT (EBIT) Net financing expenses 325,455 79,936 158,401 70,762 66,779 19,500 50,857 256,264 1,027,955 208,094 215,220 -7,126 19,454 PROFIT BEFORE TAXES Income taxes -26,580 0 PROFIT FOR THE ROUND -26,580 Balance sheet, k USD, Asia Green ASSETS Fixed assets Inventory Receivables Cash and cash equivalents Total assets 1,219,580 0 37,039 2,000 1,258,619 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 20,000 -26,580 1,058,458 1,051,878 205,211 -22,900 24,430 206,741 Total shareholders' equity and liabilities 1,258,619 Profit and Loss statement, k USD, Europe Green Sales revenue Sales revenue 548,222 Costs and expenses Feature costs Transportation and tariffs Promotion Administration Costs of imported products Costs and expenses total 15,496 8,347 15,500 10,000 295,760 345,104 OPERATING PROFIT BEFORE DEPR. (EBITDA) Depreciation from fixed assets 203,119 0 OPERATING PROFIT (EBIT) Net financing expenses 203,119 -3,672 PROFIT BEFORE TAXES Income taxes 206,791 64,105 PROFIT FOR THE ROUND 142,686 Balance sheet, k USD, Europe Green ASSETS Fixed assets Receivables Cash and cash equivalents Total assets 0 21,107 809,297 830,403 SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital Profit for the round Retained earnings Total equity 20,000 142,686 685,799 848,485 Liabilities Short term loans (unplanned) Internal loans Payables Total liabilities 0 -19,000 918 -18,082 Total shareholders' equity and liabilities 830,403 Ratios and key financial indicators Ratios Market capitalization of the company, k USD Shares outstanding at the end of round, k shares Share price at the end of round, USD Average trading price during the round, USD Dividend yield, % P/E ratio Cumulative total shareholder return (p.a.), % Green 11,834,731 45,200 262 170 0 74.62 7.43 Key financial indicators, % Operating profit before depreciation (EBITDA) Operating profit (EBIT) Return on sales (ROS) Equity ratio Net debt to equity (gearing) Return on capital employed (ROCE) Return on equity (ROE) Earnings per share (EPS), USD Green 30.30 10.69 7.17 84.17 -37.06 5.47 4.50 3.51 Market report, global Global market shares, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 18.09 17.04 11.87 28.54 100 Market report, USA Green Tech 1 Selling Price, USD Number of offered features Sales, k units Demand, k units 330 5 802 802 Tech 2 Selling Price, USD Number of offered features Sales, k units Demand, k units 380 7 1,152 1,152 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, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 23.60 21.42 25.39 0 0 Market report, Asia Green Tech 1 Selling Price, RMB Number of offered features Sales, k units Demand, k units Tech 2 Selling Price, RMB 2,550 5 2,283 2,286 Number of offered features Sales, k units Demand, k units Tech 3 Selling Price, RMB Number of offered features Sales, k units Demand, k units 3,500 2 955 955 Tech 4 Selling Price, RMB Number of offered features Sales, k units Demand, k units Asia market shares, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 16.90 17.12 0 30.44 0 Market report, Europe Green Tech 1 Selling Price, EUR Number of offered features Sales, k units Demand, k units Tech 2 Selling Price, EUR Number of offered features Sales, k units Demand, k units Tech 3 Selling Price, EUR Number of offered features Sales, k units Demand, k units Tech 4 310 5 291 293 Selling Price, EUR Number of offered features Sales, k units Demand, k units 515 2 564 564 Europe market shares, % Total Tech 1 Tech 2 Tech 3 Tech 4 Green 14.29 10.64 0 0 100 Production report In-house manufacturing, k units Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 3,004 852 367 40 Contract manufacturing, k units USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 375 300 600 525 Capacity usage, % USA Tech 1 Tech 2 26 7 Tech 3 Tech 4 Free capacity 67 Asia Tech 1 Tech 2 Tech 3 Tech 4 Free capacity 6 1 93 Origin of products sold in USA, k units USA Asia 1,954 Origin of products sold in Asia, k units USA Asia 2,283 955 Origin of products sold in Europe, k units USA Asia 291 564 Number of plants this round USA Asia 21 11 Number of plants next round USA Asia 21 11 Number of plants after next round USA Asia 21 11 Cost report Logistics Green Average logistics cost per sold product, USD Products sold in USA Products sold in Asia Products sold in Europe 0 21.86 9.76 Production cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 71.25 140 Asia Tech 1 Tech 2 Tech 3 Tech 4 650 2,421 Contract manufacturing cost per unit, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 104 117 118 167 Average unit cost per sold product, USD USA Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Asia Tech 1 Tech 2 Tech 3 Tech 4 Weighted average Europe Tech 1 Tech 2 Tech 3 Tech 4 Weighted average 74.84 134 110 74.84 315 146 74.84 324 239 Production scrap, % USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 1.42 1.78 Tech 2 Tech 3 Tech 4 6.97 8.46 Logistics details Tech 1, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand 3,004 375 0 3,379 -802 -2,283 -291 3,404 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 0 0 2,283 2,283 -2,283 0 0 0 3 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 291 0 291 -291 3 Tech 2, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production 852 300 0 1,152 -1,152 0 0 881 Unsatisfied demand 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 0 0 0 0 0 0 0 0 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 0 0 0 0 0 Tech 3, k units Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand 0 0 0 0 0 0 0 0 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 367 600 0 967 -955 0 0 3,880 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand Tech 4, k units 0 0 0 0 0 Green USA Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Cut production Unsatisfied demand 0 0 0 0 0 0 0 0 0 Asia Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Cut production Unsatisfied demand 40.40 525 0 565 0 0 -564 929 0 Europe Imported from USA Imported from Asia Total products Sales in Europe Unsatisfied demand 0 564 564 -564 0 Cost report - Transportation cost incl. tariffs per sold product, USD Green USA Tech 1 Tech 2 Tech 3 Tech 4 Asia Tech 1 Tech 2 Tech 3 Tech 4 Europe Tech 1 Tech 2 Tech 3 Tech 4 0 0 31.00 0 12.60 8.30 Red 514,462 Blue Ochre 2,436,803 1,382,914 Pink 2,982,552 Navy 946,455 0 45,407 304,939 4,591 110,000 79,000 128,326 672,263 451,078 299,105 358,742 58,702 344,125 348,520 128,125 76,229 110,000 540,000 112,000 70,900 114,998 109,249 1,619,068 1,502,705 695,422 248,852 134,456 183,493 369,593 72,500 134,621 1,838,937 447,169 69,961 0 62,202 55,000 37,600 119,000 790,933 -157,801 207,415 817,736 148,690 -119,791 113,890 1,143,615 246,678 155,523 160,113 -365,216 232,351 669,045 -51,875 -233,681 5,383 896,937 -43,172 -4,590 19,237 -597,567 14,769 720,921 135,352 -239,064 17,301 940,109 261,220 -23,827 29,114 -612,336 585,568 -256,365 678,889 -52,941 Blue Ochre Pink Red Navy 1,175,353 0 19,807 599,536 1,794,696 1,142,578 785,378 0 0 93,817 53,242 2,983,699 768,158 4,220,094 1,606,778 1,857,841 0 114,828 2,174,018 4,146,687 1,207,306 0 36,439 4,789,630 6,033,374 400,000 269,045 -612,336 45,715 102,424 340,000 310,000 0 0 585,568 -256,365 2,435,377 1,032,459 3,360,945 1,086,094 351,000 190,116 678,889 2,668,298 3,888,302 574,000 4,306,856 -52,941 602,834 5,430,749 209,789 0 48,596 258,385 532,789 47,532 22,304 602,625 509,789 1,168,818 13,665 1,692,272 809,789 0 49,360 859,149 120,689 369,867 30,128 520,685 1,794,696 Red 245,876 0 245,876 0 21,550 141,779 0 88,000 23,000 90,138 0 364,467 4,220,094 1,606,778 Blue 765,442 346,875 1,112,318 Ochre 4,146,687 Pink 6,033,374 Navy 549,690 378,726 928,416 639,106 595,357 1,234,463 0 227,581 227,581 393,332 279,264 86,850 25,011 142,572 122,514 0 25,782 96,250 462,857 27,000 13,000 84,551 78,802 0 125,311 830,555 1,132,541 604,672 51,316 0 25,423 285,595 13,500 92,878 40,811 1,114,195 227,573 0 0 0 45,294 13,100 84,551 0 370,518 -118,590 131,935 281,762 107,890 -204,125 65,890 120,269 150,258 -142,937 98,913 -250,526 58,289 173,872 21,159 -270,016 -12,975 -29,989 -1,773 -241,849 -90,630 -308,815 0 152,713 0 -257,040 0 -28,216 0 -151,219 0 -308,815 152,713 -257,040 -28,216 -151,219 Blue Ochre Red 747,633 0 9,466 595,536 1,352,635 360,000 269,045 751,378 513,378 0 0 29,470 21,163 508,366 764,158 1,289,213 1,298,699 300,000 0 270,000 0 Pink Navy 991,461 0 24,606 407,807 1,423,873 700,506 0 0 4,457,010 5,157,515 311,000 190,116 534,000 4,306,856 -308,815 -828,672 -508,442 -257,040 282,627 295,586 -28,216 529,949 1,002,849 -151,219 91,828 4,781,465 509,789 0 1,345,000 6,288 1,861,077 809,789 120,689 0 0 45,000 865,000 23,976 17,424 878,765 1,003,113 209,789 0 185,000 26,234 421,023 532,789 0 -165,500 8,762 376,050 1,352,635 1,289,213 1,298,699 1,423,873 5,157,515 Red 152,713 -42,265 410,448 Blue Ochre Pink Navy -118,590 -101 0 -2,752 -58,289 0 -179,732 281,762 -7,480 0 2,423 -21,159 0 255,546 -204,125 1,035 0 6,836 12,975 0 -183,279 120,269 -2,086 0 -7,519 1,773 0 112,437 -142,937 5,459 0 5,344 90,630 0 -41,503 0 -140,000 -140,000 -140,000 -140,000 -179,732 115,546 -323,279 -27,563 -181,503 0 0 0 0 0 100,000 100,000 -79,732 0 0 0 0 0 0 0 115,546 0 -674,091 477,218 10,900 0 150,000 -35,973 -359,252 0 0 0 0 0 0 -50,000 -50,000 0 0 0 -2,000,500 -50,000 -2,050,500 -77,563 -2,232,003 675,268 595,536 392,820 1,123,411 508,366 764,158 485,370 407,807 Red Blue Pink Ochre 6,689,013 4,457,010 Navy 25,882 69,331 95,213 1,447,958 0 1,447,958 623,596 125,311 748,907 1,368,870 89,059 1,457,929 732,899 0 732,899 0 1,775 163,160 0 22,000 31,000 28,189 0 246,123 57,745 240,864 201,553 118,815 13,750 71,000 20,447 298,861 1,023,035 19,841 23,917 226,006 43,999 77,143 38,900 20,447 288,126 738,379 90,749 118,944 134,456 126,787 83,998 34,000 31,743 345,914 966,593 219,596 57,688 0 55,759 9,706 14,500 24,449 145,168 526,866 -150,910 75,480 424,923 40,800 10,528 48,000 491,336 96,420 206,033 61,200 -226,390 110,005 384,123 -69,124 -37,472 361 394,916 -37,977 144,833 111,357 -336,395 0 453,247 99,714 -37,834 0 432,893 95,236 33,477 0 -336,395 353,533 -37,834 337,656 33,477 Red Blue Ochre Pink Navy 427,720 0 996 2,000 430,716 391,200 0 55,746 1,653,014 2,099,961 272,000 0 24,008 2,000 298,008 866,380 0 52,701 900,966 1,820,047 506,800 0 28,217 2,000 537,017 20,000 -336,395 273,665 -42,730 20,000 353,533 1,727,598 2,101,130 20,000 -37,834 508,813 490,980 20,000 337,656 1,614,260 1,971,916 20,000 33,477 127,686 181,163 792,096 -325,000 6,350 473,446 0 -25,000 23,831 -1,169 119,949 -325,000 12,080 -192,971 0 -170,000 18,131 -151,869 47,532 295,500 12,822 355,854 430,716 2,099,961 298,008 1,820,047 537,017 Red Blue Ochre Pink Navy 242,704 223,403 209,628 974,576 213,556 22,082 4,591 25,000 10,000 69,331 131,004 31,028 9,310 14,000 10,000 48,014 112,353 9,774 6,447 19,000 10,000 90,599 135,821 78,591 31,282 25,000 10,000 297,691 442,565 12,273 6,444 10,000 10,000 82,413 121,130 111,700 0 111,050 0 73,807 0 532,011 0 92,426 0 111,700 64,057 111,050 -3,910 73,807 17,997 532,011 -3,422 92,426 -1,489 47,643 14,769 114,961 35,638 55,810 17,301 535,433 165,984 93,915 29,114 32,874 79,323 38,509 369,448 64,801 Red Blue Ochre Pink Navy 0 9,344 2,000 11,344 0 8,601 822,318 830,919 0 8,071 2,000 10,071 0 37,521 865,246 902,767 0 8,222 330,620 338,842 20,000 32,874 600,722 653,595 20,000 79,323 750,044 849,366 20,000 38,509 241,019 299,527 20,000 369,448 524,088 913,537 20,000 64,801 383,320 468,122 376,722 -1,020,000 1,027 -642,251 0 -20,000 1,553 -18,447 249,919 -540,000 625 -289,457 0 -15,000 4,230 -10,770 0 -130,000 721 -129,279 11,344 830,919 10,071 902,767 338,842 Red Blue Ochre Pink 1,680,195 12,710,092 8,141,072 16,391,126 36,000 30,000 27,000 31,100 46.67 424 302 527 76.83 397 397 426 0 0 0 0 n/a 21.71 n/a 24.14 -22.91 18.28 10.50 23.56 Navy 5,488,696 53,400 103 130 0 n/a -10.90 Red -30.67 -70.99 -119 5.71 1,054 -18.92 -150 -17.01 Blue 33.56 27.46 24.03 79.64 -64.68 17.25 19.09 19.52 Ochre -8.66 -16.90 -18.54 67.59 -25.56 -12.33 -16.53 -9.50 Pink 38.34 30.07 22.76 93.77 -50.52 23.71 19.13 21.83 Navy 16.43 -0.48 -5.59 90.01 -77.51 -0.07 -0.97 -0.99 Red 3.40 Blue 26.76 Ochre 11.70 Pink 30.17 Navy 9.87 4.47 2.58 0 0 30.96 28.97 0 0 9.53 8.57 35.60 0 30.22 29.87 35.87 0 7.77 18.14 0 0 Red Blue Ochre Pink Navy 400 6 406 406 320 7 894 895 310 4 834 834 310 4 808 820 310 3 0 627 650 9 129 129 350 6 1,370 1,494 350 1 832 832 365 5 1,054 1,054 360 4 0 833 Red 6.45 Blue 27.34 Ochre 20.12 Pink 22.50 10.84 2.83 0 0 23.87 30.20 0 0 22.28 18.33 0 0 21.59 23.24 0 0 Red Blue 5,000 6 49 49 2,200 7 4,500 4,502 9,500 2,700 Ochre 3,200 4 751 751 Pink 2,100 3 4,208 4,210 Navy 0 0 0 0 0 Navy 2,100 3 1,540 2,546 3,000 9 0 0 6 1,441 4,088 4 1,249 1,249 3,600 1 982 982 3,500 6 1,200 1,307 Red 0.26 Blue 31.01 Ochre 9.05 Pink 28.23 Navy 14.56 0.37 0 0 0 33.75 53.58 0 0 5.63 0 31.31 0 31.57 0 38.25 0 11.55 46.42 0 0 Red 250 6 431 431 Blue 210 7 739 739 Ochre 260 4 303 318 500 9 122 122 320 2 209 209 Pink Navy 175 4 970 970 215 3 0 328 275 5 1,844 2,827 290 4 511 1,278 Red 9.24 Blue 12.35 Ochre 8.55 Pink 47.03 Navy 8.55 15.77 4.91 0 0 27.03 0 0 0 11.08 0 100 0 35.48 74.45 0 0 0 20.65 0 0 Red Blue Ochre 4,667 770 1,574 Pink Navy 4,102 2,899 1,540 770 1,030 667 110 800 592 314 1,915 990 800 600 1,495 582 600 1,331 1,500 1,200 61 10 24 44 31 20 10 16 100 29 61 25 61 10 29 70 100 29 71 30 40 534 2,264 834 832 1,043 820 0 49 3,833 2,106 1,419 314 4,090 1,311 1,799 990 739 512 1,844 970 511 16 4 14 2 12 2 17 5 14 3 16 4 15 3 13 2 18 7 15 4 20 10 15 3 14 3 18 7 15 4 60 553 Red 0 0 8.31 Blue 70 Ochre Pink Navy 0 20 12.60 15.48 25.39 12.60 13.56 23.44 11.12 19.99 12.60 59.55 150 69.86 56.38 129 67.20 161 164 51.11 215 96.64 109 63.22 47.39 222 ...
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CESIM REPORT

1

Blue Tech Inc. Financial Analysis

Student's Name
Institution Affiliation
Course
Instructor
Date

CESIM REPORT

2
Blue Tech Inc. Financial Analysis
Company Overview

BlueTech Inc. is an information technology solution and professional services
company operating in the United States. The company defines its customer base and market
as customers in the defense and federal government industry. BlueTech Inc. has its
headquarters in San Diego, California, from where it serves its customers across the United
States (Contiguous United States, CONUS) and overseas customers (Outside contiguous
United States, OCONUS) (BlueTech, 2022). As a solution provider and a Value-Added
Reseller (VAR), BlueTech prides itself on being responsive by upholding the highest
standards of integrity in its interaction and relationship with business partners and customers.
BlueTech Inc. was incorporated in 1984, with its headquarters in San Diego and an office in
Sacramento and Monterey, California, and New York City. The company has experience
conducting procurement, performing the role of the prime contractor, leading teams, and
managing personnel to meet and exceed customer expectations. The company prides itself
with experience on contracts with customers serving the federal government. The strong
position of the company in the market is demonstrated by the numerous awards it has
received coupled with the ISO certification. BlueTech mission is to deliver high-quality
customer service to its clientele.
BlueTech has been an ISO certified 9001 and 20243 company since 2008 and 2021.
The company received certification for activities such as cloud solutions, Information
Technology Product Sales and Services, Data Centers and Storage, Cyber Security, radio
systems, unified communications, telecommunications wireless and mobility, network
design, video telepresence systems design and integration, program management,
infrastructure installation, computer software and hardware sales and service (Blue Tech

CESIM REPORT

3

INC., 2022). The company first received its IOS certification in 2008; it has been able to
maintain the certified status successfully. ISO 9001 helps the company enhance its customer
satisfaction by establishing systems for assurance of conformity to statutory, customer, and
regulatory requirements and processes improvements. However, the company's success can
be attributed to its focus on quality customer service coupled with effective market
segmentation.
Review of Financial Performance
The company had a mixed result in 2021, attributed to various factors. Attached is the
financial report from all company offices highlighting the company's financial position.
Financial Statement
Profit and Loss statement, k USD, Global

Sales revenue

Green
1,927,790

Costs and expenses
Variable production costs
Feature costs
Contract manufacturing costs
Transportation and tariffs
R&D
Promotion
Administration
Costs and expenses total

250,269
79,020
205,168
49,677
345,000
62,000
98,802
1,089,937

OPERATING PROFIT BEFORE DEPR. (EBITDA)
Depreciation from fixed assets

837,853
107,291

OPERATING PROFIT (EBIT)
Net financing expenses

730,562
17

PROFIT BEFORE TAXES
Income taxes

730,544
192,221

PROFIT FOR THE ROUND

538,323

Balance sheet, k USD, Global

CESIM REPORT

4

Green
ASSETS
Fixed assets
Inventory
Receivables
Cash and cash equivalents
Total assets

1,507,984
0
74,220
836,391
2,418,594

SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital
Additional paid-in capital
Profit for the round
Retained earnings
Total equity

349,000
261,934
538,323
749,059
1,898,316

Liabilities
Long-term loans
Short term loans (unplanned)
Payables
Total liabilities
Total shareholders' equity and liabilities

497,789
0
22,489
520,278
2,418,594

Profit and Loss statement, k USD, USA
Green
Sales revenue
from markets
from internal transfers
Sales revenue total

526,522
215,141
741,663

Costs and expenses
Variable production costs
Feature costs
Contract manufacturing costs
Transportation and tariffs
R&D
Promotion
Administration
Costs of imported products
Costs and expenses total

250,269
22,701
92,608
0
345,000
14,000
78,802
0
803,380

OPERATING PROFIT BEFORE DEPR. (EBITDA)
Depreciation from fixed assets

-61,717
107,291

OPERATING PROFIT (EBIT)

-169,008

CESIM REPORT
Net financing expenses

5
13,970

PROFIT BEFORE TAXES
Income taxes

-182,979
0

PROFIT FOR THE ROUND

-182,979

Balance sheet, k USD, USA
Green
ASSETS
Fixed assets
Inventory
Receivables
Cash and cash equivalents
Total assets
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital
Additional paid-in capital
Profit for the round
Retained earnings
Total equity
Liabilities
Long-term loans
Short term loans (unplanned)
Internal loans
Payables
Total liabilities
Total shareholders' equity and liabilities

1,027,984
0
20,271
129,077
1,177,332

309,000
261,934
-182,979
235,612
623,568
497,789
0
41,900
14,075
553,764
1,177,332

PARENT COMPANY'S CASH FLOW STATEMENT, k USD
Green
Cash provided by operating activities
Operating profit before depreciation (EBITDA)
Change in receivables (incr - / decr +)
Change in inventories (incr - / decr +)
Change in payables (incr + / decr -)
Net financing expenses
Income taxes
Total

-61,717
-413
0
-10,498
-13,970
0
-86,599

CESIM REPORT

6

Cash provided by investment activities
Plant investments

-420,000

Cash flow before financing activities

-506,599

Cash provided by financing activities
Dividends
Proceeds from equity issues and buybacks
Dividends received from subsidiaries
Change in long-term debt (incr + / decr -)
Change in short-term debt (incr + / decr -)
Change in internal loans
Total
Change in cash and cash equivalents

0
271,934
0
0
0
-1,600
270,334
-236,264

Cash 1.1.
Cash 31.12.

365,341
129,077

Profit and Loss statement, k USD, Asia
Green
Sales revenue
from markets
from internal transfers
Sales revenue total

1,096,603
12,704
1,109,306

Costs and expenses
Variable production costs
Feature costs
Contract manufacturing costs
Transportation and tariffs
R&D
Promotion
Administration
Costs of imported products
Costs and expenses total

0
49,213
112,561
46,180
0
30,000
10,000
173,990
421,944

OPERATING PROFIT BEFORE DEPR. (EBITDA)
Depreciation from fixed assets

687,362
0

OPERATING PROFIT (EBIT)
Net financing expenses

687,362
-12,412

PROFIT BEFORE TAXES
Income taxes

699,774
125,959

PROFIT FOR THE ROUND

573,815

CESIM REPORT

7

Balance sheet, k USD, Asia
Green
ASSETS
Fixed assets
Inventory
Receivables
Cash and cash equivalents
Total assets

480,000
0
42,219
321,119
843,338

SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital
Profit for the round
Retained earnings
Total equity

20,000
573,815
264,417
858,232

Liabilities
Short term loans (unplanned)
Internal loans
Payables
Total liabilities

0
-22,900
8,006
-14,894

Total shareholders' equity and liabilities

843,338

Profit and Loss statement, k USD, Europe
Green
Sales revenue
Sales revenue

Costs and expenses
Feature costs
Transportation and tariffs
Promotion
Administration
Costs of imported products
Costs and expenses total

304,665

7,107
3,496
18,000
10,000
53,854
92,457

OPERATING PROFIT BEFORE DEPR. (EBITDA)
Depreciation from fixed assets

212,208
0

OPERATING PROFIT (EBIT)
Net financing expenses

212,208
-1,541

CESIM REPORT

8

PROFIT BEFORE TAXES
Income taxes

213,749
66,262

PROFIT FOR THE ROUND

147,487

Balance sheet, k USD, Europe
Green
ASSETS
Fixed assets
Receivables
Cash and cash equivalents
Total assets

0
11,730
386,195
397,925

SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital
Profit for the round
Retained earnings
Total equity

20,000
147,487
249,030
416,517

Liabilities
Short term loans (unplanned)
Internal loans
Payables
Total liabilities

0
-19,000
408
-18,592

Total shareholders' equity and liabilities

397,925

Ratios and critical financial indicators
Ratios
The market capitalization of the company, k USD
Shares outstanding at the end of the round, k shares
Share price at the end of round, USD
Average trading price during the round, USD
Dividend yield, %
P/E ratio
Cumulative total shareholder return (p.a.), %

Key financial indicators, %

Green
8,489,492
30,900
275
272
0
15.77
22.52

CESIM REPORT

9

Operating profit before depreciation (EBITDA)
Operating profit (EBIT)
Return on sales (ROS)
Equity ratio
Net debt to equity (gearing)
Return on capital employed (ROCE)
Return on equity (ROE)
Earnings per share (EPS), USD

Green
43.46
37.90
27.92
78.49
-17.84
36.69
36.05
17.42

Factors Affecting Cumulative Shareholders Returns
The cumulative shareholder returns are the aggregate amount that a shareholder
investment has gained or lost over a period, independent of the amount of time involved. This
metric is expressed as a percentage of the original prices of the security. There are many
factors affecting shareholders' returns in the current market. For instance, Matemilola et al.,
(2013) pointed out that the worldwide increase in shareholders and premium risk-return in the
recent financial crisis is partially due to the use of excessive leverage by top management in
big organizations. Matemilola et al., (2013) explain that this can be attributed to the fact that
shareholders demand more returns to compensate for the heightened financial risk due to high
leverage. Some of the factors that impact shareholders’ returns include tax, leverage, and
price-to-book size. However, Matemilola et al. (2013) note that researchers have often
omitted managerial skills as a factor because it is unobservable and hard to measure, which
explains why it has been omitted in return models. In this regard, Pandey (2015) notes that
"failure to account for unobservable firm-specific factors in a return model would lead to
omitted variable bias.” Nevertheless, it is important to note that inferences made based on
models that do not account for unobservable firm-specific factors can be incorrect. As such,
Matemilola et al., (2013) indicate that although it is difficult to make inferences to these
unobservable factors, it is important to be cognizant of their influence on shareholders’
return.

CESIM REPORT

10

The upper-echelon theory that d...


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