Green Red Blue

Summary, k EUR
Net Sales 10,253 38,051 66,710
EBIT% -28.41 36.35 23.50
Cost of goods sold 2,644 12,887 33,693
Profit for the year -16,402 9,015 10,691
Cumulative Earnings -42,585 13,584 6,562

Variable production cost per unit, EUR

Finland Rubbana 107 109 113
USA Rubbana 0 110 117

Finland AndyOx 83.44 85.68 90.51

USA AndyOx 0 0 95.19

Shifts
Finland 2.40 3 3.00
USA 0.00 3 3

Cash management, k EUR

Cash and cash equivalents 300 300 300
Short-term debt 82,809 29,151 47,633
Net -82,509 -28,851 -47,333

Promotion and quality assurance expenditures, k EUR

Advertising 400 1,900 1,000
Customer care 400 480 1,400
Quality control 200 450 600

Income statement structure

Net Sales 10,253 38,051 66,710
Gross Profit 7,609 25,164 33,017
Operating profit before depreciation 4,253 19,615 28,617
Profit for the Year -16,402 9,015 10,691

Profit for the year -16,402 9,015 10,691

Deprec. and finance 20,655 10,599 17,927
Fixed costs 3,356 5,549 4,400
Variable costs 2,644 12,887 33,693

Market Report
Prices (per unit) Green Red Blue
Rubbana
Finland, EUR 350 300 259
USA, USD 0 330 249
AndyOx
Finland, EUR 400 300 235
USA, USD 0 350 229
Sales/(k units)
Rubbana
Finland 16.96 34.12 1.50
USA 0 38.46 157
AndyOx
Finland 10.79 17.93 0
USA 0 35.98 156

Sales Total (k units)-Rubbana 16.96 72.58 158

Sales Total (k units)-AndyOx 10.79 53.91 156

Sales to Markets Total (k units) 27.75 126 314

Market shares/%
Rubbana/Finland 6.32 12.71 0.56
Rubbana/USA 0 16.17 65.81
AndyOx/Finland 5.03 8.35 0
AndyOx/USA 0 14.58 63.29

Additional deliveries (bulk-clients)/(k units)

This year:Rubbana 0 0 0
This year:AndyOx 0 0 0
Next year:Rubbana 0 0 0
Next year:AndyOx 0 0 0

Closing inventory/(k units)

Rubbana 83.77 34.26 0
AndyOx 89.37 0 0

Production Report
Finland
Buildings capacity, k units 210 88.37 146
Building capacity next year, k units 210 188 216
Machinery capacity, k units 131 85.23 185
Production capacity, k units 131 85.23 146
Shifts 2.40 3 3.00
Production wages total, k EUR 2,385 2,159 4,171
Rubbana
Persons in production 15.67 9.42 26.44
Production volume, k units 50 31.32 75.71
Production efficiency, k units/person 3.19 3.33 2.86
Share of wages, k EUR 1,006 687 1,929
AndyOx
Persons in production 21.47 20.18 30.74
Production volume, k units 55 53.91 70.66
Production efficiency, k units/person 2.56 2.67 2.30
Share of wages, k EUR 1,379 1,472 2,242

USA
 Buildings capacity, k units 20 70 100
Building capacity next year, k units 20 70 200
Machinery capacity, k units 15 70 175
Production capacity, k units 15 70 100
Shifts 0.00 3 3
Production wages total, k EUR 0.00 1,620 3,260
Rubbana
Persons in production 0.00 21.85 21.65
Production volume, k units 0.00 70 54.55
Production efficiency, k units/person 1.45 3.20 2.52
Share of wages, k EUR 0.00 1,620 1,605
AndyOx
Persons in production 0 0 22.31
Production volume, k units 0 0 45.45
Production efficiency, k units/person 0 0 2.04
Share of wages, k EUR 0 0 1,655

Logistics Report
Rubbana - Finland, k units Green Red Blue
Opening inventory 50.73 5.52 27.80
From production 50 31.32 75.71
Additional deliveries 0 0 0
Deliveries to Finland 16.96 34.12 1.50
Deliveries to USA 0 0 102
Closing inventory 83.77 2.72 0

Rubbana - USA, k units

Opening inventory 0.00 0.00 0.00
From production 0.00 70 54.55
Additional deliveries 0 0 0
Deliveries to Finland 0 0 0
Deliveries to USA 0 38.46 54.55
Closing inventory 0.00 31.54 0

AndyOx - Finland, k units

Opening inventory 45.16 0 40.05
From production 55 53.91 70.66
Additional deliveries 0 0 0
Deliveries to Finland 10.79 17.93 0
Deliveries to USA 0 35.98 111
Closing inventory 89.37 0 0

AndyOx - USA, k units

Opening inventory 0 0 0
From production 0 0 45.45
Additional deliveries 0 0 0
Deliveries to Finland 0 0 0
Deliveries to USA 0 0 45.45
Closing inventory 0 0 0
Variable production cost per unit, EUR
Finland - Rubbana 107 109 113
Finland - AndyOx 83.44 85.68 90.51
USA - Rubbana 0 110 117
USA - AndyOx 0 0 95.19

Income Statement (k EUR)

Green Red Blue
Net Sales 10,253 38,051 66,710
Variable Costs
Rubbana
Purchases of materials and supplies 4,346 8,807 11,400
Variable personnel costs 1,006 2,307 3,534
Transportation 20.35 102 630
AndyOx
Purchases of materials and supplies 3,211 3,147 6,826
Variable personnel costs 1,379 1,472 3,897
Transportation 12.95 212 659

Changes in inventories -3,734 0 3,621

Variable costs total 2,644 12,887 33,693
Gross Profit 7,609 25,164 33,017

Marketing and sales costs

Advertising 400 1,900 1,000
Customer care 400 480 1,400
Market research 200 200 200
Marketing and sales costs total 1,000 2,580 2,600

Overhead costs
Administration 600 600 600
Lay-off costs 0 0 0
Quality control 200 450 600
Cost efficiency improvement 500 1,710 600
Inventory holding costs 1,056 209 0
Overhead costs total 2,356 2,969 1,800
Operating Profit before Depreciation (EBITDA) 4,253 19,615 28,617

Depreciation
Buildings 1,518 936 1,465
Machinery 5,648 4,846 11,477
Operating Profit (EBIT) -2,913 13,833 15,675

Financing Income and Expenses

Interest income 4.50 4.50 4.50
Int.exp. on long-term loans 2,286 500 617
Int.exp. on short-term loans 11,207 640 1,818
Profit before taxes -16,402 12,698 13,245
Direct taxes 0 3,682 2,555
Profit for the year -16,402 9,015 10,691
Balance Sheet (k EUR)
Assets
Fixed Assets
Buildings 28,845 31,179 46,622
Machinery 16,944 14,538 34,430
Fixed assets total 45,789 45,717 81,051
Current Assets
Finished products inventory 16,154 3,768 0
Accounts receivable 843 2,085 3,655
Cash and cash equivalents 300 300 300
Assets Total 63,085 51,869 85,007

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 1,863 2,175
Other restricted equity 0 0 5,802
Retained earnings -21,183 718 -328
Profit for the year -16,402 9,015 10,691
Shareholders' equity total -35,585 11,596 18,339

Liabilities
Long-term
Long-term debt 15,240 10,140 15,040
Short-term
Short-term debt 82,809 29,151 47,633
Advance payments received 0 0 0
Accounts payable 621 983 3,995
Liabilities total 98,670 40,274 66,668
Liabilities and equity total 63,085 51,869 85,007

Cash Flow Statement (k EUR)

Funds From Operations
Operating profit before depreciation 4,253 19,615 28,617
Financing income and expenses -13,488 -1,135 -2,430
Direct taxes 0 -3,682 -2,555
Funds from operations total -9,236 14,797 23,633
Changes in net working capital
Changes in inventories (incr - / decr +) -7,331 -3,161 6,747
Changes in receivables (incr - / decr +) -23.27 -930 -2,763
Changes in payables (incr. + / decr -) 0 641 2,461
Advance payments received (incr. + / decr -) 0 0 0
Changes in net working capital total (incr. - / decr. +) -7,355 -3,451 6,445
Cash flow from operations -16,590 11,346 30,077

Capital expenditure
Buildings 0 13,400 18,780
Machinery 0 11,726 21,320
 Capital expenditure total 0 25,126 40,100
Cash flow before financing -16,590 -13,780 -10,023
Financing
Changes in long-term loans (incr. + / decr. -) 0 -5,000 -200
Changes in short-term financing (incr. + / decr. -) 16,590 26,293 6,856
Dividend payment 0 0 0
Proceeds from equity issue 0 -7,514 3,366
Financing total 16,590 13,780 10,023
Change in liquid assets 0.00 0 0
Liquid assets at 1st January 300 300 300
Liquid assets at 31st December 300 300 300

Key Ratios
Green Red Blue
Sales costs/sales, % 9.75 6.78 3.90
Quality control/sales, % 1.95 1.18 0.90
Gross margin, % 74.21 66.13 49.49
Operating profit margin, % -28.41 36.35 23.50
Net profit, % -160 23.69 16.03
Return on capital employed, ROCE % -4.67 35.03 22.19
Current ratio 0.21 0.20 0.08
Equity ratio, % -56.41 22.36 21.57

Weighted average cost of capital WACC, % 10.67 8.42 8.36

Implied cost of equity, % N/A 8.82 9.08
Market value of company, k EUR 80 144,895 114,419
Number of shares (k-shares) 8,000 7,450 8,700
Face value of share, EUR 0.25 0.25 0.25
Market value of share, EUR 0.01 19.45 13.15
Earnings per share, EUR -2.05 1.21 1.23
P/E ratio - 16.07 10.70
Long-term borrowing rate, % 15 3.96 4.07
Total shareholder return this year, % 0 38.11 84.11
Cumulative total shareholder return, p.a, % -90.93 13.43 -0.18
Orange Grey Ochre Pink Navy 5 Students Olive Brown Black

20,489 21,530 7,994 13,960 14,742 8,823 21,122 4,936 22,781

26.31 18.49 -49.12 -4.17 -5.18 14.78 39.93 -31.27 34.22
7,264 9,514 6,414 5,566 5,979 3,959 7,438 2,075 7,833
3,182 2,640 -4,472 -1,238 -2,338 786 5,783 -1,884 5,348
4,757 4,798 -920 75.40 -3,178 2,953 7,150 -1,298 9,146

108 110 112 110 110 122 115 108 111

0 113 136 0 125 0 0 0 116

84.74 86.57 90.11 87.16 86.77 102 93.91 0 88.31

0 90.60 119 0 105 0 0 0 94.74

3 3 3 3 3 3 3 3 3
0.00 3 3 0.00 3.00 0 0 0 3

300 1,627 300 300 300 12,418 3,902 11,340 4,459

6,744 0 591 2,640 25,191 0 0 0 0
-6,444 1,627 -291 -2,340 -24,891 12,418 3,902 11,340 4,459

280 200 150 400 250 100 350 200 620

280 200 130 250 450 125 600 200 640
1,200 1,100 775 2,000 800 450 400 1,000 500

20,489 21,530 7,994 13,960 14,742 8,823 21,122 4,936 22,781

13,226 12,016 1,580 8,395 8,763 4,864 13,684 2,861 14,947
9,519 8,616 -627 4,445 5,291 3,331 11,053 -257 11,574
3,182 2,640 -4,472 -1,238 -2,338 786 5,783 -1,884 5,348

3,182 2,640 -4,472 -1,238 -2,338 786 5,783 -1,884 5,348

6,337 5,976 3,845 5,683 7,629 2,545 5,270 1,627 6,227
3,707 3,400 2,207 3,950 3,472 1,533 2,631 3,118 3,373
7,264 9,514 6,414 5,566 5,979 3,959 7,438 2,075 7,833

Orange Grey Ochre Pink Navy 5 Students Olive Brown Black

300 270 325 260 270 265 350 260 320

0 200 300 0 270 265 350 0 300

250 200 280 230 370 265 350 0 320

0 180 270 0 370 265 350 0 300
36.93 29.46 10.78 17.84 44.68 13.94 9.55 18.98 33.72
0 0 0 0 0 0 32.68 0 10.20

37.65 58.35 9.25 40.53 4.91 4.96 12.36 0 18.05

0 11.94 0 0 2.62 16.22 10.64 0 13.15

36.93 29.46 10.78 17.84 44.68 13.94 42.23 18.98 43.91

37.65 70.29 9.25 40.53 7.53 21.18 23.00 0 31.20

74.57 99.75 20.03 58.37 52.21 35.12 65.23 18.98 75.11

13.76 10.97 4.01 6.64 16.64 5.19 3.56 7.07 12.56

0 0 0 0 0 0 13.74 0 4.29
17.53 27.16 4.31 18.87 2.28 2.31 5.76 0 8.41
0 4.84 0 0 1.06 6.58 4.31 0 5.33

0 0 20 0 0 0 0 0 0
0 0 20 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 25 0 0 0

32.74 0.00 0 0.00 0 0 5.04 0.00 0.00

0 0 0.00 0 93.79 9.49 0 0 18.51

117 68.37 58.87 58.37 67.87 48.87 48.87 48.87 68.37

117 78.37 58.87 58.37 108 48.87 78.87 48.87 78.37
65.86 77.11 33.98 69.61 71.48 44.61 48.98 18.98 75.23
65.86 68.37 33.98 58.37 67.87 44.61 48.87 18.98 68.37
3 3 3 3 3 3 3 3 3
1,565 1,808 981 1,579 1,789 1,818 1,556 402 1,847

9.55 6.83 5.44 5.65 7.98 6.66 10.12 5.51 11.28

32.93 21.99 15.58 17.84 25.45 13.94 25.87 18.98 34.19
3.45 3.22 2.86 3.16 3.19 2.09 2.56 3.45 3.03
697 498 397 412 582 486 738 402 823

11.90 17.95 8.01 16.00 16.56 18.26 11.21 0 14.05

32.93 46.38 18.41 40.53 42.42 30.67 23.00 0 34.19
2.77 2.58 2.30 2.53 2.56 1.68 2.05 0 2.43
868 1,309 584 1,167 1,208 1,332 817 0 1,025
 20 10 10 30 50 0 0 0 10
20 40 40 30 100 0 20 0 40
15 50 47.50 45 75 0 20 0 17.50
15 10 10 30 50 0 0 0 10
0.00 3 3 0.00 3.00 0 0 0 3
0.00 310 551 0.00 2,207 0 0 0 329

0.00 0.70 3.15 0.00 8.57 0 0 0.00 1.98

0.00 2 4.76 0.00 16.67 0 0 0.00 5
1.45 2.84 1.51 1.45 1.95 0 0 1.45 2.52
0.00 52.15 234 0.00 635 0 0 0 147

0 3.48 4.29 0 21.19 0 0 0 2.45

0 8 5.24 0 33.33 0 0 0 5
0 2.30 1.22 0 1.57 0 0 0 2.04
0 258 318 0 1,572 0 0 0 182

Orange Grey Ochre Pink Navy 5 Students Olive Brown Black

36.74 5.47 10.44 0 2.57 0 21.40 0 4.73
32.93 21.99 15.58 17.84 25.45 13.94 25.87 18.98 34.19
0 0 20 0 0 0 0 0 0
36.93 27.46 6.02 17.84 28.02 13.94 9.55 18.98 33.72
0 0 0 0 0 0 32.68 0 5.19
32.74 0 0 0 0 0 5.04 0 0.00

0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00

0.00 2 4.76 0.00 16.67 0 0 0.00 5
0 0 0 0 0 0 0 0 0
0 2.00 4.76 0.00 16.67 0.00 0 0.00 0
0 0 0 0 0 0 0.00 0 5.00
0.00 0.00 0 0.00 0 0 0 0.00 0

4.72 15.91 5.61 0 25.56 0 0 0 10.53

32.93 46.38 18.41 40.53 42.42 30.67 23.00 0 34.19
0 0 20 0 0 0 0 0 0
37.65 58.35 4.02 40.53 4.91 4.96 12.36 0 18.05
0 3.94 0 0 0 16.22 10.64 0 8.15
0 0 0 0 63.08 9.49 0 0 18.51

0 0 0 0 0 0 0 0 0
0 8 5.24 0 33.33 0 0 0 5
0 0 0 0 0 0 0 0 0
0 0 5.24 0 0 0 0 0 0
0 8 0 0 2.62 0 0 0 5
0 0 0.00 0 30.71 0 0 0 0
 108 110 112 110 110 122 115 108 111
84.74 86.57 90.11 87.16 86.77 102 93.91 0 88.31
0 113 136 0 125 0 0 0 116
0 90.60 119 0 105 0 0 0 94.74

Orange Grey Ochre Pink Navy 5 Students Olive Brown Black

20,489 21,530 7,994 13,960 14,742 8,823 21,122 4,936 22,781

2,862 2,084 1,768 1,550 3,656 1,210 2,248 1,650 3,404

697 551 630 412 1,217 486 738 402 970
44.31 42.75 30.55 21.40 115 16.73 185 22.78 75.99

1,922 3,173 1,380 2,366 4,416 1,788 1,342 0 2,286

868 1,567 902 1,167 2,779 1,332 817 0 1,207
45.18 104 30.49 48.64 10.09 91.93 71.21 0 72.86

401 1,392 505 0 -6,495 -965 0 0 -704

7,264 9,514 6,414 5,566 5,979 3,959 7,438 2,075 7,833
13,226 12,016 1,580 8,395 8,763 4,864 13,684 2,861 14,947

280 200 150 400 250 100 350 200 620

280 200 130 250 450 125 600 200 640
200 200 200 200 200 200 200 200 200
760 600 480 850 900 425 1,150 600 1,460

600 600 600 600 600 600 600 600 600

46.88 0 42.06 0 0 0.00 0.00 18.26 0
1,200 1,100 775 2,000 800 450 400 1,000 500
900 1,100 310 500 600 0 450 900 700
200 0.00 0.00 0.00 572 57.86 30.74 0.00 113
2,947 2,800 1,727 3,100 2,572 1,108 1,481 2,518 1,913
9,519 8,616 -627 4,445 5,291 3,331 11,053 -257 11,574

895 520 456 547 704 342 342 342 520

3,233 4,117 2,843 4,480 5,350 1,685 2,277 944 3,258
5,391 3,980 -3,926 -583 -764 1,304 8,435 -1,543 7,797

4.50 38.20 49.20 4.50 4.50 188 106 174 66.99

550 300 584 500 732 384 395 515 332
364 0 11.43 160 847 0 0 0 0
4,482 3,718 -4,472 -1,238 -2,338 1,108 8,145 -1,884 7,532
1,300 1,078 0 0 0 321 2,362 0 2,184
3,182 2,640 -4,472 -1,238 -2,338 786 5,783 -1,884 5,348
17,006 14,035 11,486 10,388 23,443 6,500 12,400 6,500 14,035
9,698 12,350 8,530 13,441 16,051 5,054 6,830 2,832 9,774
26,703 26,385 20,015 23,829 39,494 11,553 19,230 9,332 23,809

3,539 0.00 0.00 0.00 8,704 965 582 0.00 1,635

1,684 1,475 657 1,147 808 483 1,389 406 1,872
300 1,627 300 300 300 12,418 3,902 11,340 4,459
32,227 29,487 20,972 25,277 49,306 25,420 25,102 21,078 31,776

2,028 2,125 2,000 2,000 2,128 2,000 2,025 2,000 2,000

1,367 5,264 0 0 6,203 0 911 0 0
2,173 6,358 7,352 6,314 2,561 7,166 767 5,586 8,798
3,182 2,640 -4,472 -1,238 -2,338 786 5,783 -1,884 5,348
8,750 16,387 4,880 7,075 8,553 9,953 9,487 5,702 16,146

16,340 12,740 15,243 15,240 15,120 15,240 15,340 15,240 15,240

6,744 0 591 2,640 25,191 0 0 0 0

0 0 0 0 0 62.50 0 0 0
393 360 259 322 442 164 275 136 390
23,477 13,100 16,093 18,201 40,754 15,467 15,615 15,376 15,630
32,227 29,487 20,972 25,277 49,306 25,420 25,102 21,078 31,776

9,519 8,616 -627 4,445 5,291 3,331 11,053 -257 11,574

-909 -262 -546 -656 -1,575 -197 -289 -341 -265
-1,300 -1,078 0 0 0 -321 -2,362 0 -2,184
7,310 7,277 -1,173 3,789 3,716 2,813 8,402 -598 9,126

825 1,993 1,672 0.00 -6,215 -965 2,035 0.00 -182

-180 -421 235 579 135 34.38 -1,096 135 -624
-93.05 11.42 -11.81 -16.94 177 8.21 125 -45.21 89.80
0 0 -190 0 0 62.50 0 0 0
551 1,583 1,705 562 -5,903 -860 1,065 90.02 -716
7,861 8,860 532 4,351 -2,187 1,953 9,466 -508 8,410

0 4,160 2,820 0 10,060 0 5,900 0 4,160

0 8,528 4,264 0 3,198 2,132 5,330 0 4,264
 0 12,688 7,084 0 13,258 2,132 11,230 0 8,424
7,861 -3,828 -6,552 4,351 -15,445 -179 -1,764 -508 -14.23

0 -3,000 0 0 -100 0 100 0 0

-7,861 0 591 -4,351 15,545 0 0 0 0
0 -400 0 0 0 0 -5,600 0 0
0 5,389 0 0 0 0 936 0 0
-7,861 1,989 591 -4,351 15,445 0 -4,564 0 0
0.00 -1,839 -5,961 0.00 0.00 -179 -6,327 -508 -14.23
300 3,467 6,261 300 300 12,596 10,229 11,847 4,473
300 1,627 300 300 300 12,418 3,902 11,340 4,459

Orange Grey Ochre Pink Navy 5 Students Olive Brown Black

3.71 2.79 6.00 6.09 6.11 4.82 5.44 12.16 6.41
5.86 5.11 9.70 14.33 5.43 5.10 1.89 20.26 2.19
64.55 55.81 19.77 60.13 59.44 55.13 64.79 57.97 65.61
26.31 18.49 -49.12 -4.17 -5.18 14.78 39.93 -31.27 34.22
15.53 12.26 -55.95 -8.87 -15.86 8.91 27.38 -38.17 23.48
15.78 14.84 -17.33 -2.10 -1.81 5.26 34.83 -7.05 27.15
0.77 8.62 1.13 0.49 0.38 61.14 21.32 86.60 20.44
27.15 55.57 23.27 27.99 17.35 39.15 37.79 27.05 50.81

8.31 8.39 7.56 8.23 8.05 8.30 8.38 7.72 8.42

9.72 9.83 33.49 10.59 10.25 10.82 9.61 28.86 9.36
69,017 61,062 2,849 38,091 31,722 39,301 81,675 3,835 111,537
8,110 8,500 8,000 8,000 8,510 8,000 8,100 8,000 8,000
0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
8.51 7.18 0.36 4.76 3.73 4.91 10.08 0.48 13.94
0.39 0.31 -0.56 -0.15 -0.27 0.10 0.71 -0.24 0.67
21.69 23.13 - - - 49.97 14.12 - 20.86
3.37 2.10 3.83 3.28 4.82 2.52 2.59 3.38 2.18
-24.30 -36.79 -97.21 -53.73 -62.86 -47.97 14.38 -94.18 -2.73
-11.79 -18.37 -65.56 -29.20 -33.29 -28.46 -6.85 -67.06 1.29