Profit and Loss statement, k USD, Global
Company 1 Company 2 Company 3 Company 4 Company 5Sales revenue 1,885,254 1,365,371 417,269 2,124,834 2,841,903
Costs and expensesVariable production costs 694,510 449,378 83,913 815,459 881,669Feature costs 163,798 166,144 32,516 184,528 523,314Contract manufacturing costs 154,643 101,080 122,487 70,650 0Transportation and tariffs 149,578 12,212 39,361 169,175 107,459R&D 108,246 247,258 84,294 55,000 89,383Promotion 36,000 6,500 3,000 57,000 175,000Administration 126,952 146,306 134,718 182,571 130,928Costs and expenses total 1,433,727 1,128,878 500,289 1,534,382 1,907,753
OPERATING PROFIT BEFORE DEPR. (EBITDA) 451,527 236,493 -83,020 590,452 934,150Depreciation from fixed assets 165,378 282,226 179,926 338,562 218,848
OPERATING PROFIT (EBIT) 286,148 -45,733 -262,946 251,890 715,301Net financing expenses -19,493 97,257 80,421 771,063 -2,949
PROFIT BEFORE TAXES 305,641 -142,989 -343,367 -519,173 718,250Income taxes 85,808 48,319 12,668 99,157 191,799
PROFIT FOR THE ROUND 219,834 -191,308 -356,035 -618,330 526,451
Balance sheet, k USD, Global
Company 1 Company 2 Company 3 Company 4 Company 5
ASSETSFixed assets 937,145 1,599,280 1,019,582 1,918,517 1,240,140Inventory 0 234,703 1,285,436 1,460,987 0Receivables 72,582 52,567 16,065 81,806 109,413Cash and cash equivalents 1,562,048 725,158 297,777 135,238 1,219,994Total assets 2,571,775 2,611,708 2,618,860 3,596,547 2,569,547
SHAREHOLDERS' EQUITY AND LIABILITIESEquityShare capital 340,000 340,000 340,000 355,000 340,000Additional paid-in capital 0 0 0 129,379 0Profit for the round 219,834 -191,308 -356,035 -618,330 526,451Retained earnings 1,457,395 1,043,048 1,342,213 -1,387,761 1,135,078Total equity 2,017,229 1,191,739 1,326,178 -1,521,712 2,001,529
LiabilitiesLong-term debts 509,789 309,789 509,789 2,509,789 509,789Short-term debts (unplanned) 0 1,082,120 772,179 2,560,737 0Payables 44,757 28,059 10,714 47,733 58,229Total liabilities 554,546 1,419,969 1,292,682 5,118,259 568,018
Total shareholders' equity and liabilities 2,571,775 2,611,708 2,618,860 3,596,547 2,569,547
Profit and Loss statement, k USD, USA
Company 1 Company 2 Company 3 Company 4 Company 5
Sales revenuefrom markets 576,886 448,897 154,244 424,408 808,925from internal transfers 492,163 71,887 132,403 517,084 388,285Sales revenue total 1,069,049 520,784 286,648 941,492 1,197,210
Costs and expensesVariable production costs 614,257 260,673 83,913 652,413 662,156Feature costs 47,049 40,497 13,882 28,538 135,956Contract manufacturing costs 154,643 6,437 95,106 70,650 0Transportation and tariffs 0 0 0 0 0R&D 79,760 133,931 53,238 36,667 53,630Promotion 12,500 2,500 0 28,000 95,000Administration 85,209 85,161 83,902 124,714 79,260Costs of imported products 0 0 0 0 0Costs and expenses total 993,418 529,200 330,041 940,982 1,026,001
OPERATING PROFIT BEFORE DEPR. (EBITDA) 75,631 -8,416 -43,393 510 171,209Depreciation from fixed assets 91,683 78,787 65,890 178,167 65,890
OPERATING PROFIT (EBIT) -16,053 -87,203 -109,283 -177,657 105,319Net financing expenses 11,811 111,711 57,488 581,931 10,795
PROFIT BEFORE TAXES -27,864 -198,914 -166,771 -759,587 94,524Income taxes 0 0 0 0 0
PROFIT FOR THE ROUND -27,864 -198,914 -166,771 -759,587 94,524
Balance sheet, k USD, USA
Company 1 Company 2 Company 3 Company 4 Company 5
ASSETSFixed assets 519,540 446,459 373,378 1,009,612 373,378Inventory 0 194,939 598,621 1,460,987 0Receivables 22,210 17,283 5,938 16,340 31,144Cash and cash equivalents 520,315 2,000 2,000 2,000 414,440Total assets 1,062,065 660,681 979,937 2,488,938 818,962
SHAREHOLDERS' EQUITY AND LIABILITIESEquityShare capital 300,000 300,000 300,000 315,000 300,000Additional paid-in capital 0 0 0 129,379 0Profit for the round -27,864 -198,914 -166,771 -759,587 94,524Retained earnings -196,274 -289,158 -80,304 -2,086,145 -211,078Total equity 75,862 -188,071 52,925 -2,401,354 183,446
LiabilitiesLong-term debts 509,789 309,789 509,789 2,509,789 509,789Short-term debts (unplanned) 0 1,082,120 264,797 1,486,566 0Internal loans 445,000 -555,000 145,000 865,000 95,000Payables 31,414 11,843 7,427 28,937 30,727Total liabilities 986,203 848,752 927,012 4,890,292 635,516
Total shareholders' equity and liabilities 1,062,065 660,681 979,937 2,488,938 818,962
PARENT COMPANY'S CASH FLOW STATEMENT, k USD
Company 1 Company 2 Company 3 Company 4 Company 5
Cash provided by operating activitiesOperating profit before depreciation (EBITDA) 75,631 -8,416 -43,393 510 171,209Change in receivables (incr – / decr +) -9,036 998 7,618 -1,890 -6,932Change in inventories (incr – / decr +) 82,263 -23,209 -481,946 502,068 43,529Change in payables (incr + / decr -) 15,187 -7,380 -1,252 14,326 6,388Net financing expenses -11,811 -111,711 -57,488 -581,931 -10,795Income taxes 0 0 0 0 0Total 152,233 -149,718 -576,462 -66,917 203,400
Cash provided by investment activitiesPlant investments (-) / divestments (+) 0 0 0 0 0
Cash flow before financing activities 152,233 -149,718 -576,462 -66,917 203,400
Cash provided by financing activitiesDividends 0 0 0 0 -30,000Proceeds from equity issues and buybacks 0 0 0 0 0Dividends received from subsidiaries 0 0 0 0 35,579Change in long-term debt (incr + / decr -) 0 0 0 500,000 0Change in short-term debt (incr + / decr -) 0 649,718 264,797 -633,083 0Change in internal loans 200,000 -500,000 0 200,000 -150,000Total 200,000 149,718 264,797 66,917 -144,421Change in cash and cash equivalents 352,233 0 -311,665 0 58,978
Cash 1.1. 168,082 2,000 313,665 2,000 355,462Cash 31.12. 520,315 2,000 2,000 2,000 414,440
Profit and Loss statement, k USD, Asia
Company 1 Company 2 Company 3 Company 4 Company 5
Sales revenuefrom markets 967,696 593,299 153,919 1,064,452 773,374from internal transfers 0 41,616 0 0 97,336
Sales revenue total 967,696 634,915 153,919 1,064,452 870,710
Costs and expensesVariable production costs 80,253 188,706 0 163,045 219,513Feature costs 99,846 96,081 7,269 106,625 202,938Contract manufacturing costs 0 94,643 27,381 0 0Transportation and tariffs 133,211 0 31,406 140,891 64,021R&D 28,486 113,327 31,056 18,333 35,753Promotion 13,500 1,700 0 16,000 20,000Administration 31,743 51,144 40,816 47,857 41,668Costs of imported products 341,321 0 95,106 301,004 128,546Costs and expenses total 728,360 545,600 233,033 793,756 712,439
OPERATING PROFIT BEFORE DEPR. (EBITDA) 239,336 89,315 -79,115 270,696 158,271Depreciation from fixed assets 73,695 203,439 114,036 160,395 152,958
OPERATING PROFIT (EBIT) 165,641 -114,124 -193,151 110,301 5,313Net financing expenses -29,677 -14,180 24,309 189,746 -11,975
PROFIT BEFORE TAXES 195,318 -99,944 -217,459 -79,446 17,288Income taxes 42,970 0 0 0 3,803
PROFIT FOR THE ROUND 152,348 -99,944 -217,459 -79,446 13,485
Balance sheet, k USD, Asia
Company 1 Company 2 Company 3 Company 4 Company 5
ASSETSFixed assets 417,605 1,152,821 646,204 908,905 866,762Inventory 0 39,764 686,815 0 0Receivables 37,256 22,842 5,926 40,981 29,775Cash and cash equivalents 668,104 661,801 2,000 2,000 380,437Total assets 1,122,965 1,877,228 1,340,945 951,886 1,276,974
SHAREHOLDERS' EQUITY AND LIABILITIESEquityShare capital 20,000 20,000 20,000 20,000 20,000Profit for the round 152,348 -99,944 -217,459 -79,446 13,485Retained earnings 963,555 667,564 753,479 116,354 749,760Total equity 1,135,903 587,620 556,019 56,908 783,244 LiabilitiesShort-term debts (unplanned) 0 0 507,382 1,074,171 0Internal loans -25,000 1,275,000 275,000 -195,000 475,000Payables 12,062 14,608 2,543 15,807 18,729Total liabilities -12,938 1,289,608 784,925 894,978 493,729
Total shareholders' equity and liabilities 1,122,965 1,877,228 1,340,945 951,886 1,276,974
Profit and Loss statement, k USD, Europe
Company 1 Company 2 Company 3 Company 4 Company 5
Sales revenueSales revenue 340,671 323,175 109,106 635,974 1,259,604
Costs and expensesFeature costs 16,903 29,566 11,365 49,364 184,421Transportation and tariffs 16,367 12,212 7,956 28,284 43,439Promotion 10,000 2,300 3,000 13,000 60,000Administration 10,000 10,000 10,000 10,000 10,000Costs of imported products 150,842 113,503 37,297 216,080 357,075Costs and expenses total 204,112 167,581 69,618 316,728 654,934
OPERATING PROFIT BEFORE DEPR. (EBITDA) 136,560 155,594 39,488 319,246 604,670Depreciation from fixed assets 0 0 0 0 0
OPERATING PROFIT (EBIT) 136,560 155,594 39,488 319,246 604,670Net financing expenses -1,628 -274 -1,376 -614 -1,769
PROFIT BEFORE TAXES 138,187 155,868 40,864 319,860 606,438
Income taxes 42,838 48,319 12,668 99,157 187,996
PROFIT FOR THE ROUND 95,349 107,549 28,196 220,703 418,443
Balance sheet, k USD, Europe
Company 1 Company 2 Company 3 Company 4 Company 5
ASSETSFixed assets 0 0 0 0 0Receivables 13,116 12,442 4,201 24,485 48,495Cash and cash equivalents 373,629 61,357 293,777 131,238 425,117Total assets 386,745 73,799 297,978 155,723 473,612
SHAREHOLDERS' EQUITY AND LIABILITIESEquityShare capital 20,000 20,000 20,000 20,000 20,000Profit for the round 95,349 107,549 28,196 220,703 418,443Retained earnings 690,115 664,642 669,038 582,030 596,397Total equity 805,464 792,191 717,234 822,733 1,034,839
LiabilitiesShort-term debts (unplanned) 0 0 0 0 0Internal loans -420,000 -720,000 -420,000 -670,000 -570,000Payables 1,281 1,608 744 2,989 8,773Total liabilities -418,719 -718,392 -419,256 -667,011 -561,227
Total shareholders' equity and liabilities 386,745 73,799 297,978 155,723 473,612
Ratios and key financial indicators
Ratios Company 1 Company 2 Company 3 Company 4 Company 5
Market capitalization of the company, k USD 9,112,676 5,614,429 2,431,314 2,057,414 11,633,680Shares outstanding at the end of round, k shares 30,000 30,000 30,000 31,500 30,000Share price at the end of round, USD 304 187 81.04 65.31 388Average trading price during the round, USD 270 253 249 1.58 313Dividend yield, % 0 0 0 0 0.26P/E ratio 41.45 n/a n/a n/a 22.10Cumulative total shareholder return (p.a.), % 9.46 -0.65 -15.37 -19.51 15.22
Key financial indicators, %Company 1 Company 2 Company 3 Company 4 Company 5
Operating profit before depreciation (EBITDA) 23.95 17.32 -19.90 27.79 32.87Operating profit (EBIT) 15.18 -3.35 -63.02 11.85 25.17Return on sales (ROS) 11.66 -14.01 -85.32 -29.10 18.52Equity ratio 78.44 45.63 50.64 n/a 77.89Net debt to equity (gearing) -52.16 55.95 74.21 n/a -35.48Return on capital employed (ROCE) 11.84 -1.94 -10.96 6.36 31.61Return on equity (ROE) 11.53 -14.86 -23.67 n/a 30.03Earnings per share (EPS), USD 7.33 -6.38 -11.87 -19.63 17.55
Market report, globalGlobal market shares, %
Company 1 Company 2 Company 3 Company 4 Company 5Total 25.07 15.24 6.31 24.98 28.39
Tech 1 25.58 17.15 5.50 24.78 26.98Tech 2 24.26 12.18 7.60 25.31 30.65Tech 3 0 0 0 0 0Tech 4 0 0 0 0 0
Market report, USA
Company 1 Company 2 Company 3 Company 4 Company 5Tech 1
Selling Price, USD 150 210 200 210 230Number of offered features 3 5 3 4 7Sales, k units 1,666 684 771 741 947Demand, k units 1,666 684 771 741 947 Tech 2 Selling Price, USD 230 275 300 295Number of offered features 2 3 2 8Sales, k units 1,422 1,110 896 2,004Demand, k units 1,422 1,110 896 2,004 Tech 3 Selling Price, USD 330Number of offered features 1Sales, k units 0Demand, k units 0 Tech 4 Selling Price, USDNumber of offered featuresSales, k unitsDemand, k units
USA market shares, % Company 1 Company 2 Company 3 Company 4 Company 5Total 30.15 17.52 7.53 15.99 28.81 Tech 1 34.64 14.22 16.04 15.41 19.69Tech 2 26.17 20.44 0 16.49 36.89Tech 3 0 0 0 0 0Tech 4 0 0 0 0 0
Market report, Asia
Company 1 Company 2 Company 3 Company 4 Company 5Tech 1Selling Price, RMB 1,399 1,650 1,420 1,500Number of offered features 3 5 3 7Sales, k units 4,637 3,021 4,831 4,523Demand, k units 4,637 3,021 4,831 4,915
Tech 2Selling Price, RMB 1,999 2,200 1,210 2,000 2,150Number of offered features 2 3 1 2 8Sales, k units 1,365 303 1,211 1,639 270Demand, k units 1,365 1,125 1,954 1,639 1,589
Tech 3Selling Price, RMB 2,500Number of offered features 1Sales, k units 0Demand, k units 0
Tech 4Selling Price, RMBNumber of offered featuresSales, k unitsDemand, k units
Asia market shares, %Company 1 Company 2 Company 3 Company 4 Company 5
Total 27.53 15.25 5.56 29.68 21.99
Tech 1 27.26 17.76 0 28.40 26.59Tech 2 28.51 6.32 25.30 34.22 5.64Tech 3 0 0 0 0 0Tech 4 0 0 0 0 0
Market report, Europe
Company 1 Company 2 Company 3 Company 4 Company 5Tech 1Selling Price, EUR 99 130 120 130 130Number of offered features 3 5 3 5 7Sales, k units 219 668 631 746 1,408Demand, k units 1,029 668 631 746 1,408
Tech 2Selling Price, EUR 199 260 230 265Number of offered features 2 3 3 8Sales, k units 1,080 529 1,498 2,610Demand, k units 1,399 1,003 1,498 2,610 Tech 3Selling Price, EUR 280Number of offered features 1Sales, k units 0Demand, k units 0 Tech 4Selling Price, EURNumber of offered featuresSales, k unitsDemand, k units
Europe market shares, %Company 1 Company 2 Company 3 Company 4 Company 5
Total 13.83 12.75 6.72 23.90 42.79
Tech 1 5.97 18.19 17.19 20.32 38.33Tech 2 18.89 9.26 0 26.21 45.65Tech 3 0 0 0 0 0Tech 4 0 0 0 0 0
Production report
In-house manufacturing, k unitsCompany 1 Company 2 Company 3 Company 4 Company 5
USATech 1 3,850 1,287 3,234 1,100 1,980Tech 2 2,310 1,573 1,650 4,620Tech 3 3,366Tech 4
AsiaTech 1 1,705 3,328 550 4,136Tech 2 303 1,375 264Tech 3 3,465Tech 4
Contract manufacturing, k unitsUSATech 1Tech 2 1,428Tech 3 1,612Tech 4 AsiaTech 1 1,000Tech 2Tech 3 1,574Tech 4
Capacity usage, %USATech 1 50 18 49 10 30Tech 2 30 22 15 70Tech 3 51Tech 4Free capacity 20 60 0 75 0 AsiaTech 1 62 55 10 94Tech 2 5 25 6
Tech 3 90Tech 4Free capacity 38 40 10 65 0
Inventory, k unitsUSATech 1 0 3,154 2,170 8,024 0Tech 2 0 0 0 8,972 0Tech 3 0 0 4,978 0 0Tech 4 0 0 0 0 0
AsiaTech 1 0 638 0 0 0Tech 2 0 0 0 0 0Tech 3 0 0 5,039 0 0Tech 4 0 0 0 0 0
Inventory management costs, k USD 657 3,750 7,456 23,800 457
Origin of products sold in USA, k unitsUSA 3,088 1,794 771 1,637 2,951Asia
Origin of products sold in Asia, k unitsUSA 4,297 1,013 4,545 2,065Asia 1,705 3,324 198 1,925 2,728
Origin of products sold in Europe, k unitsUSA 1,299 529 631 2,245 2,346Asia 668 1,672
Number of plants this roundUSA 14 13 12 20 12Asia 5 11 7 10 8
Number of plants next roundUSA 14 13 12 18 12Asia 8 11 7 8 10
Number of plants after next roundUSA 14 13 12 18 12Asia 8 11 7 8 10
Cost report
LogisticsCompany 1 Company 2 Company 3 Company 4 Company 5
Average logistics cost per sold product, USDProducts sold in USA 0 0 0 0 0Products sold in Asia 22.19 0 25.92 21.78 13.36Products sold in Europe 12.60 10.20 12.60 12.60 10.81
Production cost per unit, USDUSATech 1 54.17 57.54 58.58 56.70 54.12Tech 2 143 137 96.14 111Tech 3 101Tech 4 AsiaTech 1 47.07 47.66 46.48 44.78Tech 2 177 99.99 130Tech 3 148Tech 4
Contract manufacturing cost per unit, USDUSATech 1Tech 2 103Tech 3 81.72Tech 4 AsiaTech 1 111Tech 2Tech 3 111Tech 4
Average unit cost per sold product, USDUSATech 1 56.73 62.37 59.07 63.37 54.95Tech 2 128 136 113 111Tech 3 Tech 4 Weighted average 89.63 108 59.07 90.34 92.81
AsiaTech 1 53.18 62.30 61.45 48.82Tech 2 128 177 101 102 111Tech 3 Tech 4 Weighted average 70.24 72.73 101 71.72 52.31
EuropeTech 1 56.73 62.30 59.07 63.37 44.78Tech 2 128 136 113 113Tech 3 Tech 4 Weighted average 116 94.81 59.07 96.26 88.87
Production scrap, %USATech 1 1.33 1.34 1.36 1.30 1.28Tech 2 2.01 1.90 1.48 1.66Tech 3 2.04Tech 4 AsiaTech 1 1.99 2 1.90 1.87Tech 2 3.62 2.38 2.90Tech 3 4.16Tech 4
Logistics details
Tech 1, k unitsCompany 1 Company 2 Company 3 Company 4 Company 5
USA Beginning inventory 967 2,551 338 12,693 762Production 3,850 1,287 3,234 1,100 1,980Contract manufacturing 0 0 0 0 0Imported from Asia 0 0 0 0 0Total products 4,817 3,838 3,572 13,793 2,742Sales in USA -1,666 -684 -771 -741 -947Exported to Asia -2,932 0 0 -4,281 -1,795Exported to Europe -219 0 -631 -746 0Ending inventory 0 3,154 2,170 8,024 0.00Unsatisfied demand 0 0 0 0 0
Asia Beginning inventory 0 0 0 0 0Production 1,705 3,328 0 550 4,136Contract manufacturing 0 1,000 0 0 0Imported from USA 2,932 0 0 4,281 1,795Total products 4,637 4,328 0 4,831 5,931Sales in Asia -4,637 -3,021 0 -4,831 -4,523Exported to USA 0 0 0 0 0Exported to Europe 0 -668 0 0 -1,408Ending inventory 0 638 0 0 0Unsatisfied demand 0 0 0 0 392
Europe Imported from USA 219 0 631 746 0Imported from Asia 0 668 0 0 1,408Total products 219 668 631 746 1,408Sales in Europe -219 -668 -631 -746 -1,408Unsatisfied demand 809 0 0 0 0
Tech 2, k unitsCompany 1 Company 2 Company 3 Company 4 Company 5
USA Beginning inventory 129 66.34 1,013 9,979 0
Production 2,310 1,573 0 1,650 4,620Contract manufacturing 1,428 0 0 0 0Imported from Asia 0 0 0 0 0Total products 3,867 1,639 1,013 11,629 4,620Sales in USA -1,422 -1,110 0 -896 -2,004Exported to Asia -1,365 0 -1,013 -264 -270Exported to Europe -1,080 -529 0 -1,498 -2,346Ending inventory 0.00 0 0 8,972 0Unsatisfied demand 0 0 0 0 0
Asia Beginning inventory 0 0.00 198 0 0Production 0 303 0 1,375 264Contract manufacturing 0 0 0 0 0Imported from USA 1,365 0 1,013 264 270Total products 1,365 303 1,211 1,639 534Sales in Asia -1,365 -303 -1,211 -1,639 -270Exported to USA 0 0 0 0 0Exported to Europe 0 0 0 0 -264Ending inventory 0 0 0.00 0 0Unsatisfied demand 0 823 742 0 1,318
Europe Imported from USA 1,080 529 0 1,498 2,346Imported from Asia 0 0 0 0 264Total products 1,080 529 0 1,498 2,610Sales in Europe -1,080 -529 0 -1,498 -2,610Unsatisfied demand 319 474 0 0 0
Tech 3, k unitsCompany 1 Company 2 Company 3 Company 4 Company 5
USA Beginning inventory 0 Production 3,366 Contract manufacturing 1,612 Imported from Asia 0 Total products 4,978 Sales in USA 0 Exported to Asia 0 Exported to Europe 0 Ending inventory 4,978 Unsatisfied demand 0
Asia Beginning inventory 0 Production 3,465 Contract manufacturing 1,574 Imported from USA 0 Total products 5,039 Sales in Asia 0 Exported to USA 0 Exported to Europe 0 Ending inventory 5,039 Unsatisfied demand 0
Europe Imported from USA 0 Imported from Asia 0 Total products 0 Sales in Europe 0 Unsatisfied demand 0
Tech 4, k unitsCompany 1 Company 2 Company 3 Company 4 Company 5
USA Beginning inventory Production Contract manufacturing Imported from Asia Total products Sales in USA Exported to Asia Exported to Europe Ending inventory Unsatisfied demand
Asia Beginning inventory
Production Contract manufacturing Imported from USA Total products Sales in Asia Exported to USA Exported to Europe Ending inventory 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
Company 1 Company 2 Company 3 Company 4 Company 5USA Tech 1 0 0 0 0 0Tech 2 0 0 0 0Tech 3 Tech 4 Asia Tech 1 19.60 0 27.47 12.30Tech 2 31.00 0 25.92 4.99 31Tech 3 Tech 4 Europe Tech 1 12.60 8.30 12.60 12.60 8.30Tech 2 12.60 12.60 12.60 12.17Tech 3 Tech 4
