Profit and Loss statement, k USD, Global

Green Red
Sales revenue 1,454,214 1,423,943

Costs and expenses

Variable production costs 387,488 380,321
Feature costs 64,165 63,664
Contract manufacturing costs 67,022 77,589
Transportation and tariffs 107,696 107,696
R&D 325,000 205,000
Promotion 29,880 29,980
Administration 98,802 98,802
Costs and expenses total 1,080,054 963,052

OPERATING PROFIT BEFORE DEPR. (EBITDA) 374,160 460,891

Depreciation from fixed assets 126,225 126,225

OPERATING PROFIT (EBIT) 247,935 334,666

Net financing expenses 9,514 8,351

PROFIT BEFORE TAXES 238,421 326,315

Income taxes 112,094 112,020

PROFIT FOR THE ROUND 126,327 214,295

Balance sheet, k USD, Global

Green Red
ASSETS
Fixed assets 715,275 715,275
Inventory 0 0
Receivables 55,987 54,822
Cash and cash equivalents 552,923 638,928
Total assets 1,324,185 1,409,025

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 340,090 340,100
Additional paid-in capital 1,557 1,730
Profit for the round 126,327 214,295
Retained earnings 318,885 318,885
Total equity 786,858 875,009

Liabilities
Long-term loans 509,789 509,789
Short term loans (unplanned) 3,423 0
Payables 24,115 24,227
Total liabilities 537,327 534,016
Total shareholders' equity and liabilities 1,324,185.00 1,409,025.00

Profit and Loss statement, k USD, USA

Green Red
Sales revenue
from markets 282,350 252,080
from internal transfers 411,587 411,938
Sales revenue total 693,937 664,019

Costs and expenses

Variable production costs 387,488 380,321
Feature costs 3,807 3,306
Contract manufacturing costs 67,022 77,589
Transportation and tariffs 0 0
R&D 325,000 205,000
Promotion 6,280 6,380
Administration 78,802 78,802
Costs of imported products 0 0
Costs and expenses total 868,399 751,397

OPERATING PROFIT BEFORE DEPR. (EBITDA) -174,462 -87,379

Depreciation from fixed assets 126,225 126,225

OPERATING PROFIT (EBIT) -300,687 -213,604

Net financing expenses 18,959 17,791

PROFIT BEFORE TAXES -319,646 -231,395

Income taxes 0 0

PROFIT FOR THE ROUND -319,646 -231,395

Balance sheet, k USD, USA

Green Red
ASSETS
Fixed assets 715,275 715,275
Inventory 0 0
Receivables 10,870 9,705
Cash and cash equivalents 2,000 88,287
Total assets 728,145 813,267

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 300,090 300,100
Additional paid-in capital 1,557 1,730
Profit for the round -319,646 -231,395
Retained earnings 170,287 170,287
Total equity 152,288 240,722

Liabilities
Long-term loans 509,789 509,789
Short term loans (unplanned) 3,423 0
Internal loans 45,000 45,000
Payables 17,645 17,757
Total liabilities 575,857 572,546

Total shareholders' equity and liabilities 728,145 813,267

PARENT COMPANY'S CASH FLOW STATEMENT, k USD

Green Red
Cash provided by operating activities
Operating profit before depreciation (EBITDA) -174,462 -87,379
Change in receivables (incr - / decr +) 2,107 3,272
Change in inventories (incr - / decr +) 0 0
Change in payables (incr + / decr -) -4,897 -4,786
Net financing expenses -18,959 -17,791
Income taxes 0 0
Total -196,211 -106,684

Plant investments 0 0

Cash flow before financing activities -196,211 -106,684

Cash provided by financing activities

Dividends 0 0
Proceeds from equity issues and buybacks 1,647 1,830
Dividends received from subsidiaries 0 0
Change in long-term debt (incr + / decr -) 0 0
Change in short-term debt (incr + / decr -) 3,423 0
Change in internal loans 0 0
Total 5,070 1,830
Change in cash and cash equivalents -191,142 -104,854

Cash 1.1. 193,142 193,142

Cash 31.12. 2,000 88,287

Profit and Loss statement, k USD, Asia

Green Red
Sales revenue
from markets 779,232 779,232
from internal transfers 0 0
Sales revenue total 779,232 779,232

Costs and expenses

Variable production costs 0 0
Feature costs 37,871 37,871
Contract manufacturing costs 0 0
Transportation and tariffs 85,209 85,209
R&D 0 0
Promotion 16,000 16,000
Administration 10,000 10,000
Costs of imported products 258,243 258,463
Costs and expenses total 407,322 407,543

OPERATING PROFIT BEFORE DEPR. (EBITDA) 371,909 371,689

Depreciation from fixed assets 0 0

OPERATING PROFIT (EBIT) 371,909 371,689

Net financing expenses -8,754 -8,750

PROFIT BEFORE TAXES 380,664 380,439

Income taxes 57,100 57,066

PROFIT FOR THE ROUND 323,564 323,373

Balance sheet, k USD, Asia

Green Red
ASSETS
Fixed assets 0 0
Inventory 0 0
Receivables 30,000 30,000
Cash and cash equivalents 351,916 351,725
Total assets 381,917 381,725

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000
Profit for the round 323,564 323,373
Retained earnings 58,614 58,614
Total equity 402,178 401,987

Liabilities
Short term loans (unplanned) 0 0
Internal loans -25,000 -25,000
Payables 4,739 4,739
Total liabilities -20,261 -20,261

Total shareholders' equity and liabilities 381,917 381,725

Profit and Loss statement, k USD, Europe
Green Red
Sales revenue
Sales revenue 392,631 392,631

Costs and expenses

Feature costs 22,487 22,487
Transportation and tariffs 22,487 22,487
Promotion 7,600 7,600
Administration 10,000 10,000
Costs of imported products 153,344 153,475
Costs and expenses total 215,919 216,050

OPERATING PROFIT BEFORE DEPR. (EBITDA) 176,713 176,582

Depreciation from fixed assets 0 0

OPERATING PROFIT (EBIT) 176,713 176,582

Net financing expenses -690 -690

PROFIT BEFORE TAXES 177,403 177,272

Income taxes 54,995 54,954

PROFIT FOR THE ROUND 122,408 122,317

Balance sheet, k USD, Europe

Green Red
ASSETS
Fixed assets 0 0
Receivables 15,116 15,116
Cash and cash equivalents 199,007 198,916
Total assets 214,123 214,032

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000
Profit for the round 122,408 122,317
Retained earnings 89,983 89,983
Total equity 232,391 232,301

Liabilities
Short term loans (unplanned) 0 0
Internal loans -20,000 -20,000
Payables 1,732 1,732
Total liabilities -18,268 -18,268

Total shareholders' equity and liabilities 214,123 214,032

Ratios and key financial indicators

Ratios
Green Red
Market capitalization of the company, k USD 6,989,033 6,961,122
Shares outstanding at the end of round, k shares 30,009 30,010
Share price at the end of round, USD 233 232
Average trading price during the round, USD 183 183
Dividend yield, % 0 0
P/E ratio 55.33 32.48
Cumulative total shareholder return (p.a.), % 27.26 26.75

Key financial indicators, %

Green Red
Operating profit before depreciation (EBITDA) 25.73 32.37
Operating profit (EBIT) 17.05 23.50
Return on sales (ROS) 8.69 15.05
Equity ratio 59.42 62.10
Net debt to equity (gearing) -5.05 -14.76
Return on capital employed (ROCE) 20.09 26.21
Return on equity (ROE) 17.48 27.94
Earnings per share (EPS), USD 4.21 7.14

Market report, global

Global market shares, %
Green Red
Total 17.12 16.98

Tech 1 17.12 16.98

Tech 2 12.25 26.90
Tech 3 0 0
Tech 4 0 0

Market report, USA

Green Red
Tech 1
Selling Price, USD 890 915
Number of offered features 2 2
Sales, k units 317 275
Demand, k units 317 275

Tech 2
Selling Price, USD 2,680 2,481
Number of offered features 1 1
Sales, k units 0 0
Demand, k units 0 0

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

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

USA market shares, %

Green Red
Total 4.64 4.03

Tech 1 4.64 4.03

Tech 2 12.25 26.90
Tech 3 0 0
Tech 4 0 0

Market report, Asia

Green Red
Tech 1
Selling Price, RMB 2,000 2,000
Number of offered features 2 2
Sales, k units 3,156 3,156
Demand, k units 3,156 3,156

Tech 2
Selling Price, RMB
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

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

Asia market shares, %

Green Red
Total 20.99 20.99

Tech 1 20.99 20.99

Tech 2 0 0
Tech 3 0 0
Tech 4 0 0

Market report, Europe

Green Red
Tech 1
Selling Price, EUR 150 150
Number of offered features 2 2
Sales, k units 1,874 1,874
Demand, k units 1,874 1,874

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
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units
Europe market shares, %
Green Red
Total 20.00 20.00

Tech 1 20 20
Tech 2 0 0
Tech 3 0 0
Tech 4 0 0

Production report
In-house manufacturing, k units
Green Red
USA
Tech 1 4,797 4,705
Tech 2
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Contract manufacturing, k units

USA
Tech 1 550 600
Tech 2 140 200
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Capacity usage, %
USA
Tech 1 73 71
Tech 2
Tech 3
Tech 4
Free capacity 27 29
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Free capacity 0 0

Origin of products sold in USA, k units

USA 317 275
Asia

Origin of products sold in Asia, k units

USA 3,156 3,156
Asia

Origin of products sold in Europe, k units

USA 1,874 1,874
Asia

Number of plants this round

USA 12 12
Asia

Number of plants next round

USA 12 12
Asia

Number of plants after next round

USA 15 13
Asia 3 1

Cost report
Logistics
Green Red
Average logistics cost per sold product, USD
Products sold in USA 0 0
Products sold in Asia 27 27
Products sold in Europe 12 12

Production cost per unit, USD

USA
Tech 1 80.78 80.83
Tech 2
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Contract manufacturing cost per unit, USD

USA
Tech 1 91.01 90.30
Tech 2 121 117
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4

Average unit cost per sold product, USD

USA
Tech 1 81.83 81.90
Tech 2 121 117
Tech 3
Tech 4
Weighted average 81.83 81.90

Asia
Tech 1 81.83 81.90
Tech 2
Tech 3
Tech 4
Weighted average 81.83 81.90

Europe
Tech 1 81.83 81.90
Tech 2
Tech 3
Tech 4
Weighted average 81.83 81.90

Production scrap, %
USA
Tech 1 1.69 1.69
Tech 2
Tech 3
Tech 4

Asia
Tech 1
Tech 2
Tech 3
Tech 4
Gross margin, % 56.93 55.81
Logistics details
Tech 1, k units
Green Red
USA
Production 4,797 4,705
Contract manufacturing 550 600
Imported from Asia 0 0
Total products 5,347.08 5,305.32
Sales in USA -317 -275
Exported to Asia -3,156 -3,156
Exported to Europe -1,874 -1,874
Cut production 1,341 1,235
Unsatisfied demand 0 0

Asia
Production 0 0
Contract manufacturing 0 0
Imported from USA 3,156 3,156
Total products 3,155.89 3,155.89
Sales in Asia -3,156 -3,156
Exported to USA 0 0
Exported to Europe 0 0
Cut production 0 0
Unsatisfied demand 0 0

Europe
Imported from USA 1,874 1,874
Imported from Asia 0 0
Total products 1,873.96 1,873.96
Sales in Europe -1,874 -1,874
Unsatisfied demand 0 0

Tech 2, k units
Green Red
USA
Production 0 0
Contract manufacturing 140 200
Imported from Asia 0 0
Total products 140.00 200.00
Sales in USA 0.00 -0.01
Exported to Asia 0 0
Exported to Europe 0 0
Cut production 462 660
Unsatisfied demand 0 0

Asia
Production 0 0
Contract manufacturing 0 0
Imported from USA 0 0
Total products 0.00 0.00
Sales in Asia 0 0
Exported to USA 0 0
Exported to Europe 0 0
Cut production 0 0
Unsatisfied demand 0 0

Europe
Imported from USA 0 0
Imported from Asia 0 0
Total products 0.00 0.00
Sales in Europe 0 0
Unsatisfied demand 0 0

Tech 3, k units
Green Red
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 Red
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 Red
USA
Tech 1 0 0
Tech 2 0 0
Tech 3
Tech 4
Asia
Tech 1 27 27
Tech 2
Tech 3
Tech 4
Europe
Tech 1 12 12
Tech 2
Tech 3
Tech 4
Blue Orange Grey Ochre
1,425,109 1,448,740 1,751,348 1,311,033

380,406 362,052 445,801 144,992

63,683 64,050 78,480 40,854
77,589 81,420 77,589 193,624
107,696 107,696 65,179 18,488
205,000 260,000 205,000 172,000
29,980 32,180 29,980 37,180
98,802 98,802 98,802 98,802
963,157 1,006,201 1,000,831 705,940

461,952 442,540 750,517 605,093

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

335,727 316,315 624,292 478,868

8,338 8,603 4,862 10,404

327,389 307,712 619,430 468,464

112,029 111,291 163,094 169,562

215,360 196,421 456,336 298,901

Blue Orange Grey Ochre

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

0 0 0 0
54,867 55,777 67,427 50,475
639,953 619,559 867,989 717,146
1,410,094 1,390,610 1,650,691 1,482,896

340,100 340,100 340,000 340,000

1,730 1,730 0 0
215,360 196,421 456,336 298,901
318,885 318,885 318,885 318,885
876,074 857,135 1,115,221 957,786

509,789 509,789 509,789 509,789

0 0 0 0
24,231 23,686 25,681 15,321
534,020 533,475 535,470 525,110
1,410,094.00 1,390,610.00 1,650,691.00 1,482,896.00

Blue Orange Grey Ochre

253,246 276,877 1,155,292 918,209

411,897 415,385 184,551 84,303
665,143 692,262 1,339,843 1,002,511

380,406 362,052 445,801 144,992

3,325 3,692 49,512 18,364
77,589 81,420 77,589 86,902
0 0 0 0
205,000 260,000 205,000 172,000
6,380 8,580 6,380 5,580
78,802 78,802 78,802 78,802
0 0 0 0
751,502 794,546 863,084 506,640

-86,359 -102,284 476,759 495,871

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

-212,584 -228,509 350,534 369,646

17,779 17,999 12,557 12,442

-230,363 -246,508 337,977 357,204

0 0 118,292 125,021

-230,363 -246,508 219,685 232,183

Blue Orange Grey Ochre

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

0 0 0 0
9,750 10,660 44,479 35,351
89,279 71,677 507,065 516,268
814,303 797,612 1,266,818 1,266,894

300,100 300,100 300,000 300,000

1,730 1,730 0 0
-230,363 -246,508 219,685 232,183
 170,287 170,287 170,287 170,287
241,754 225,609 689,973 702,470

509,789 509,789 509,789 509,789

0 0 0 0
45,000 44,998 45,000 45,000
17,761 17,216 22,057 9,635
572,550 572,003 576,846 564,424

814,303 797,612 1,266,818 1,266,894

Blue Orange Grey Ochre

-86,359 -102,284 476,759 495,871

3,227 2,317 -31,502 -22,374
0 0 0 0
-4,782 -5,327 -486 -12,907
-17,779 -17,999 -12,557 -12,442
0 0 -118,292 -125,021
-105,693 -123,292 313,923 323,126

0 0 0 0

-105,693 -123,292 313,923 323,126

0 0 0 0
1,830 1,830 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 -2 0 0
1,830 1,828 0 0
-103,863 -121,465 313,923 323,126

193,142 193,142 193,142 193,142

89,279 71,677 507,065 516,268

Blue Orange Grey Ochre

779,232 779,232 596,056 193

0 0 0 106,704
 779,232 779,232 596,056 106,898

0 0 0 0
37,871 37,871 28,968 2
0 0 0 106,722
85,209 85,209 65,179 0
0 0 0 0
16,000 16,000 16,000 24,000
10,000 10,000 10,000 10,000
258,438 260,626 184,551 0
407,517 409,706 304,698 140,724

371,715 369,526 291,358 -33,826

0 0 0 0

371,715 369,526 291,358 -33,826

-8,751 -8,708 -7,320 -1,405

380,465 378,234 298,678 -32,421

57,070 56,735 44,802 0

323,395 321,499 253,876 -32,421

Blue Orange Grey Ochre

0 0 0 0
0 0 0 0
30,000 30,000 22,948 7
351,747 349,852 288,167 25,294
381,748 379,853 311,115 25,302

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

323,395 321,499 253,876 -32,421
58,614 58,614 58,614 58,614
402,009 400,113 332,490 46,193

0 0 0 0
-25,000 -24,999 -25,000 -25,000
4,739 4,739 3,625 4,109
-20,261 -20,260 -21,375 -20,891

381,748 379,853 311,115 25,302

Blue Orange Grey Ochre

392,631 392,631 0 392,631

22,487 22,487 0 22,487

22,487 22,487 0 18,488
7,600 7,600 7,600 7,600
10,000 10,000 10,000 10,000
153,459 154,759 0 191,007
216,034 217,334 17,600 249,583

176,597 175,298 -17,600 143,048

0 0 0 0

176,597 175,298 -17,600 143,048

-690 -688 -375 -632

177,287 175,985 -17,225 143,680

54,959 54,555 0 44,541

122,328 121,430 -17,225 99,139

Blue Orange Grey Ochre

0 0 0 0
15,116 15,116 0 15,116
198,927 198,029 72,758 175,584
214,043 213,146 72,758 190,700

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

122,328 121,430 -17,225 99,139
89,983 89,983 89,983 89,983
232,311 231,413 92,758 209,123

0 0 0 0
 -20,000 -19,999 -20,000 -20,000
1,732 1,732 0 1,578
-18,268 -18,267 -20,000 -18,422

214,043 213,146 72,758 190,700

Blue Orange Grey Ochre

6,966,928 7,115,169 8,433,522 7,681,343
30,010 30,010 30,000 30,000
232 237 281 256
183 183 183 183
0 0 0 0
32.35 36.22 18.48 25.70
26.85 29.55 53.61 39.91

Blue Orange Grey Ochre

32.42 30.55 42.85 46.15
23.56 21.83 35.65 36.53
15.11 13.56 26.06 22.80
62.13 61.64 67.56 64.59
-14.86 -12.81 -32.12 -21.65
26.28 24.95 44.69 36.33
28.06 25.91 51.44 36.98
7.18 6.55 15.21 9.96

Blue Orange Grey Ochre

16.99 17.08 20.93 10.90

16.99 17.08 20.93 10.90

27 10.69 23.16 0
0 0 0 0
0 0 0 0

Blue Orange Grey Ochre

 914 900 280 600
2 2 2 2
277 308 4,126 1,530
277 308 4,126 1,530

2,480 2,787 2,480

1 1 1
0 0 0
0 0 0

Blue Orange Grey Ochre

4.05 4.50 60.38 22.39

4.05 4.50 60.38 22.39

27 10.69 23.16 0
0 0 0 0
0 0 0 0

Blue Orange Grey Ochre

2,000 2,000 2,000 9,500

2 2 2 2
3,156 3,156 2,414 0
3,156 3,156 3,156 0
Blue Orange Grey Ochre
20.99 20.99 16.05 0.00

20.99 20.99 16.05 0

0 0 0 0
0 0 0 0
0 0 0 0

Blue Orange Grey Ochre

150 150 150 150

2 2 2 2
1,874 1,874 0 1,874
1,874 1,874 1,874 1,874
Blue Orange Grey Ochre
20.00 20.00 0.00 20.00

20 20 0 20
0 0 0 0
0 0 0 0
0 0 0 0

Blue Orange Grey Ochre

4,707 4,437 5,940 1,404

600 900 600 1,000

200 20 200

1,000

71 67 90 21

29 33 10 79
 0 0 0 0

277 308 4,126 1,530

3,156 3,156 2,414

0

1,874 1,874 874

1,000

12 12 12 12

12 12 12 12

13 14 13 12
1 2 1

Blue Orange Grey Ochre

0 0 0 0
27 27 27 0
12 12 9.87

80.82 81.59 75.05 103

90.30 87.49 90.30 86.90
117 134 117

107

81.89 82.58 76.45 96.44

117 134 117

81.89 82.58 76.45 96.44

81.89 82.58 76.45 107

81.89 82.58 76.45 107

81.89 82.58 102

81.89 82.58 102

1.69 1.69 1.67 1.76

 55.84 57.53 61.91 69.65

Blue Orange Grey Ochre

4,707 4,437 5,940 1,404

600 900 600 1,000
0 0 0 0
5,306.89 5,337.48 6,540.00 2,404.47
-277 -308 -4,126 -1,530
-3,156 -3,156 -2,414 0
-1,874 -1,874 0 -874
1,233 1,173 0 5,196
0 0 0 0

0 0 0 0
0 0 0 1,000
3,156 3,156 2,414 0
3,155.89 3,155.89 2,414.03 1,000.00
-3,156 -3,156 -2,414 -0.16
0 0 0 0
0 0 0 -1,000
0 0 0 0
0 0 742 0

1,874 1,874 0 874

0 0 0 1,000
1,873.96 1,873.96 0.00 1,873.96
-1,874 -1,874 0 -1,874
0 0 1,874 0

Blue Orange Grey Ochre

0 0 0
200 20 200
0 0 0
200.00 20.00 200.00
-0.01 0.00 -0.01
0 0 0
0 0 0
660 990 660
0 0 0

0 0 0
 0 0 0
0 0 0
0.00 0.00 0.00
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0

0 0 0
0 0 0
0.00 0.00 0.00
0 0 0
0 0 0

Blue Orange Grey Ochre

Blue Orange Grey Ochre

Blue Orange Grey Ochre

0 0 0 0
0 0 0

27 27 27 0

12 12 9.87