assigment

Profit and Loss statement, k USD, Global

Company 1 Company 2 Company 3 Company 4 Company 5 Sales revenue 1,885,254 1,365,371 417,269 2,124,834 2,841,903

Costs and expenses Variable production costs 694,510 449,378 83,913 815,459 881,669 Feature costs 163,798 166,144 32,516 184,528 523,314 Contract manufacturing costs 154,643 101,080 122,487 70,650 0 Transportation and tariffs 149,578 12,212 39,361 169,175 107,459 R&D 108,246 247,258 84,294 55,000 89,383 Promotion 36,000 6,500 3,000 57,000 175,000 Administration 126,952 146,306 134,718 182,571 130,928 Costs 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 -83,020 590,452 934,150 Depreciation from fixed assets 165,378 282,226 179,926 338,562 218,848

OPERATING PROFIT (EBIT) 286,148 -45,733 -262,946 251,890 715,301 Net financing expenses -19,493 97,257 80,421 771,063 -2,949

PROFIT BEFORE TAXES 305,641 -142,989 -343,367 -519,173 718,250 Income 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

ASSETS Fixed assets 937,145 1,599,280 1,019,582 1,918,517 1,240,140 Inventory 0 234,703 1,285,436 1,460,987 0 Receivables 72,582 52,567 16,065 81,806 109,413 Cash and cash equivalents 1,562,048 725,158 297,777 135,238 1,219,994 Total assets 2,571,775 2,611,708 2,618,860 3,596,547 2,569,547

SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital 340,000 340,000 340,000 355,000 340,000 Additional paid-in capital 0 0 0 129,379 0 Profit for the round 219,834 -191,308 -356,035 -618,330 526,451 Retained earnings 1,457,395 1,043,048 1,342,213 -1,387,761 1,135,078 Total equity 2,017,229 1,191,739 1,326,178 -1,521,712 2,001,529

Liabilities Long-term debts 509,789 309,789 509,789 2,509,789 509,789 Short-term debts (unplanned) 0 1,082,120 772,179 2,560,737 0 Payables 44,757 28,059 10,714 47,733 58,229 Total 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 revenue from markets 576,886 448,897 154,244 424,408 808,925 from internal transfers 492,163 71,887 132,403 517,084 388,285 Sales revenue total 1,069,049 520,784 286,648 941,492 1,197,210

Costs and expenses Variable production costs 614,257 260,673 83,913 652,413 662,156 Feature costs 47,049 40,497 13,882 28,538 135,956 Contract manufacturing costs 154,643 6,437 95,106 70,650 0 Transportation and tariffs 0 0 0 0 0 R&D 79,760 133,931 53,238 36,667 53,630 Promotion 12,500 2,500 0 28,000 95,000 Administration 85,209 85,161 83,902 124,714 79,260 Costs of imported products 0 0 0 0 0 Costs and expenses total 993,418 529,200 330,041 940,982 1,026,001

OPERATING PROFIT BEFORE DEPR. (EBITDA) 75,631 -8,416 -43,393 510 171,209 Depreciation from fixed assets 91,683 78,787 65,890 178,167 65,890

OPERATING PROFIT (EBIT) -16,053 -87,203 -109,283 -177,657 105,319 Net financing expenses 11,811 111,711 57,488 581,931 10,795

PROFIT BEFORE TAXES -27,864 -198,914 -166,771 -759,587 94,524 Income 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

ASSETS Fixed assets 519,540 446,459 373,378 1,009,612 373,378 Inventory 0 194,939 598,621 1,460,987 0 Receivables 22,210 17,283 5,938 16,340 31,144 Cash and cash equivalents 520,315 2,000 2,000 2,000 414,440 Total assets 1,062,065 660,681 979,937 2,488,938 818,962

SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital 300,000 300,000 300,000 315,000 300,000 Additional paid-in capital 0 0 0 129,379 0 Profit for the round -27,864 -198,914 -166,771 -759,587 94,524 Retained earnings -196,274 -289,158 -80,304 -2,086,145 -211,078 Total equity 75,862 -188,071 52,925 -2,401,354 183,446

Liabilities Long-term debts 509,789 309,789 509,789 2,509,789 509,789 Short-term debts (unplanned) 0 1,082,120 264,797 1,486,566 0 Internal loans 445,000 -555,000 145,000 865,000 95,000 Payables 31,414 11,843 7,427 28,937 30,727 Total 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 activities Operating profit before depreciation (EBITDA) 75,631 -8,416 -43,393 510 171,209 Change in receivables (incr - / decr +) -9,036 998 7,618 -1,890 -6,932 Change in inventories (incr - / decr +) 82,263 -23,209 -481,946 502,068 43,529 Change in payables (incr + / decr -) 15,187 -7,380 -1,252 14,326 6,388 Net financing expenses -11,811 -111,711 -57,488 -581,931 -10,795 Income taxes 0 0 0 0 0 Total 152,233 -149,718 -576,462 -66,917 203,400

Cash provided by investment activities Plant 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 activities Dividends 0 0 0 0 -30,000 Proceeds from equity issues and buybacks 0 0 0 0 0 Dividends received from subsidiaries 0 0 0 0 35,579 Change in long-term debt (incr + / decr -) 0 0 0 500,000 0 Change in short-term debt (incr + / decr -) 0 649,718 264,797 -633,083 0 Change in internal loans 200,000 -500,000 0 200,000 -150,000 Total 200,000 149,718 264,797 66,917 -144,421 Change in cash and cash equivalents 352,233 0 -311,665 0 58,978

Cash 1.1. 168,082 2,000 313,665 2,000 355,462 Cash 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 revenue from markets 967,696 593,299 153,919 1,064,452 773,374 from 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 expenses Variable production costs 80,253 188,706 0 163,045 219,513 Feature costs 99,846 96,081 7,269 106,625 202,938 Contract manufacturing costs 0 94,643 27,381 0 0 Transportation and tariffs 133,211 0 31,406 140,891 64,021 R&D 28,486 113,327 31,056 18,333 35,753 Promotion 13,500 1,700 0 16,000 20,000 Administration 31,743 51,144 40,816 47,857 41,668 Costs of imported products 341,321 0 95,106 301,004 128,546 Costs and expenses total 728,360 545,600 233,033 793,756 712,439

OPERATING PROFIT BEFORE DEPR. (EBITDA) 239,336 89,315 -79,115 270,696 158,271 Depreciation from fixed assets 73,695 203,439 114,036 160,395 152,958

OPERATING PROFIT (EBIT) 165,641 -114,124 -193,151 110,301 5,313 Net financing expenses -29,677 -14,180 24,309 189,746 -11,975

PROFIT BEFORE TAXES 195,318 -99,944 -217,459 -79,446 17,288 Income 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

ASSETS Fixed assets 417,605 1,152,821 646,204 908,905 866,762 Inventory 0 39,764 686,815 0 0 Receivables 37,256 22,842 5,926 40,981 29,775 Cash and cash equivalents 668,104 661,801 2,000 2,000 380,437 Total assets 1,122,965 1,877,228 1,340,945 951,886 1,276,974

SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital 20,000 20,000 20,000 20,000 20,000 Profit for the round 152,348 -99,944 -217,459 -79,446 13,485 Retained earnings 963,555 667,564 753,479 116,354 749,760 Total equity 1,135,903 587,620 556,019 56,908 783,244 Liabilities Short-term debts (unplanned) 0 0 507,382 1,074,171 0 Internal loans -25,000 1,275,000 275,000 -195,000 475,000 Payables 12,062 14,608 2,543 15,807 18,729 Total 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 revenue Sales revenue 340,671 323,175 109,106 635,974 1,259,604

Costs and expenses Feature costs 16,903 29,566 11,365 49,364 184,421 Transportation and tariffs 16,367 12,212 7,956 28,284 43,439 Promotion 10,000 2,300 3,000 13,000 60,000 Administration 10,000 10,000 10,000 10,000 10,000 Costs of imported products 150,842 113,503 37,297 216,080 357,075 Costs and expenses total 204,112 167,581 69,618 316,728 654,934

OPERATING PROFIT BEFORE DEPR. (EBITDA) 136,560 155,594 39,488 319,246 604,670 Depreciation from fixed assets 0 0 0 0 0

OPERATING PROFIT (EBIT) 136,560 155,594 39,488 319,246 604,670 Net 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

ASSETS Fixed assets 0 0 0 0 0 Receivables 13,116 12,442 4,201 24,485 48,495 Cash and cash equivalents 373,629 61,357 293,777 131,238 425,117 Total assets 386,745 73,799 297,978 155,723 473,612

SHAREHOLDERS' EQUITY AND LIABILITIES Equity Share capital 20,000 20,000 20,000 20,000 20,000 Profit for the round 95,349 107,549 28,196 220,703 418,443 Retained earnings 690,115 664,642 669,038 582,030 596,397 Total equity 805,464 792,191 717,234 822,733 1,034,839

Liabilities Short-term debts (unplanned) 0 0 0 0 0 Internal loans -420,000 -720,000 -420,000 -670,000 -570,000 Payables 1,281 1,608 744 2,989 8,773 Total 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 11,633,680 Shares outstanding at the end of round, k shares 30,000 30,000 30,000 31,500 30,000 Share price at the end of round, USD 304 187 81.04 65.31 388 Average trading price during the round, USD 270 253 249 1.58 313 Dividend yield, % 0 0 0 0 0.26 P/E ratio 41.45 n/a n/a n/a 22.10 Cumulative 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 32.87 Operating profit (EBIT) 15.18 -3.35 -63.02 11.85 25.17 Return on sales (ROS) 11.66 -14.01 -85.32 -29.10 18.52 Equity ratio 78.44 45.63 50.64 n/a 77.89 Net debt to equity (gearing) -52.16 55.95 74.21 n/a -35.48 Return on capital employed (ROCE) 11.84 -1.94 -10.96 6.36 31.61 Return on equity (ROE) 11.53 -14.86 -23.67 n/a 30.03 Earnings per share (EPS), USD 7.33 -6.38 -11.87 -19.63 17.55

Market report, global Global market shares, %

Company 1 Company 2 Company 3 Company 4 Company 5 Total 25.07 15.24 6.31 24.98 28.39

Tech 1 25.58 17.15 5.50 24.78 26.98 Tech 2 24.26 12.18 7.60 25.31 30.65 Tech 3 0 0 0 0 0 Tech 4 0 0 0 0 0

Market report, USA

Company 1 Company 2 Company 3 Company 4 Company 5 Tech 1

Selling Price, USD 150 210 200 210 230 Number of offered features 3 5 3 4 7 Sales, k units 1,666 684 771 741 947 Demand, k units 1,666 684 771 741 947 Tech 2 Selling Price, USD 230 275 300 295 Number of offered features 2 3 2 8 Sales, k units 1,422 1,110 896 2,004 Demand, k units 1,422 1,110 896 2,004 Tech 3 Selling Price, USD 330 Number of offered features 1 Sales, k units 0 Demand, k units 0 Tech 4 Selling Price, USD Number of offered features Sales, k units Demand, k units

USA market shares, % Company 1 Company 2 Company 3 Company 4 Company 5 Total 30.15 17.52 7.53 15.99 28.81 Tech 1 34.64 14.22 16.04 15.41 19.69 Tech 2 26.17 20.44 0 16.49 36.89 Tech 3 0 0 0 0 0 Tech 4 0 0 0 0 0

Market report, Asia

Company 1 Company 2 Company 3 Company 4 Company 5 Tech 1 Selling Price, RMB 1,399 1,650 1,420 1,500 Number of offered features 3 5 3 7 Sales, k units 4,637 3,021 4,831 4,523 Demand, k units 4,637 3,021 4,831 4,915

Tech 2 Selling Price, RMB 1,999 2,200 1,210 2,000 2,150 Number of offered features 2 3 1 2 8 Sales, k units 1,365 303 1,211 1,639 270 Demand, k units 1,365 1,125 1,954 1,639 1,589

Tech 3 Selling Price, RMB 2,500 Number of offered features 1 Sales, k units 0 Demand, k units 0

Tech 4 Selling Price, RMB Number of offered features Sales, k units Demand, 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 26.59 Tech 2 28.51 6.32 25.30 34.22 5.64 Tech 3 0 0 0 0 0 Tech 4 0 0 0 0 0

Market report, Europe

Company 1 Company 2 Company 3 Company 4 Company 5 Tech 1 Selling Price, EUR 99 130 120 130 130 Number of offered features 3 5 3 5 7 Sales, k units 219 668 631 746 1,408 Demand, k units 1,029 668 631 746 1,408

Tech 2 Selling Price, EUR 199 260 230 265 Number of offered features 2 3 3 8 Sales, k units 1,080 529 1,498 2,610 Demand, k units 1,399 1,003 1,498 2,610 Tech 3 Selling Price, EUR 280 Number of offered features 1 Sales, k units 0 Demand, k units 0 Tech 4 Selling Price, EUR Number of offered features Sales, k units Demand, 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 38.33 Tech 2 18.89 9.26 0 26.21 45.65 Tech 3 0 0 0 0 0 Tech 4 0 0 0 0 0

Production report

In-house manufacturing, k units Company 1 Company 2 Company 3 Company 4 Company 5

USA Tech 1 3,850 1,287 3,234 1,100 1,980 Tech 2 2,310 1,573 1,650 4,620 Tech 3 3,366 Tech 4

Asia Tech 1 1,705 3,328 550 4,136 Tech 2 303 1,375 264 Tech 3 3,465 Tech 4

Contract manufacturing, k units USA Tech 1 Tech 2 1,428 Tech 3 1,612 Tech 4 Asia Tech 1 1,000 Tech 2 Tech 3 1,574 Tech 4

Capacity usage, % USA Tech 1 50 18 49 10 30 Tech 2 30 22 15 70 Tech 3 51 Tech 4 Free capacity 20 60 0 75 0 Asia Tech 1 62 55 10 94 Tech 2 5 25 6

Tech 3 90 Tech 4 Free capacity 38 40 10 65 0

Inventory, k units USA Tech 1 0 3,154 2,170 8,024 0 Tech 2 0 0 0 8,972 0 Tech 3 0 0 4,978 0 0 Tech 4 0 0 0 0 0

Asia Tech 1 0 638 0 0 0 Tech 2 0 0 0 0 0 Tech 3 0 0 5,039 0 0 Tech 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 units USA 3,088 1,794 771 1,637 2,951 Asia

Origin of products sold in Asia, k units USA 4,297 1,013 4,545 2,065 Asia 1,705 3,324 198 1,925 2,728

Origin of products sold in Europe, k units USA 1,299 529 631 2,245 2,346 Asia 668 1,672

Number of plants this round USA 14 13 12 20 12 Asia 5 11 7 10 8

Number of plants next round USA 14 13 12 18 12 Asia 8 11 7 8 10

Number of plants after next round USA 14 13 12 18 12 Asia 8 11 7 8 10

Cost report

Logistics Company 1 Company 2 Company 3 Company 4 Company 5

Average logistics cost per sold product, USD Products sold in USA 0 0 0 0 0 Products sold in Asia 22.19 0 25.92 21.78 13.36 Products sold in Europe 12.60 10.20 12.60 12.60 10.81

Production cost per unit, USD USA Tech 1 54.17 57.54 58.58 56.70 54.12 Tech 2 143 137 96.14 111 Tech 3 101 Tech 4 Asia Tech 1 47.07 47.66 46.48 44.78 Tech 2 177 99.99 130 Tech 3 148 Tech 4

Contract manufacturing cost per unit, USD USA Tech 1 Tech 2 103 Tech 3 81.72 Tech 4 Asia Tech 1 111 Tech 2 Tech 3 111 Tech 4

Average unit cost per sold product, USD USA Tech 1 56.73 62.37 59.07 63.37 54.95 Tech 2 128 136 113 111 Tech 3 Tech 4 Weighted average 89.63 108 59.07 90.34 92.81

Asia Tech 1 53.18 62.30 61.45 48.82 Tech 2 128 177 101 102 111 Tech 3 Tech 4 Weighted average 70.24 72.73 101 71.72 52.31

Europe Tech 1 56.73 62.30 59.07 63.37 44.78 Tech 2 128 136 113 113 Tech 3 Tech 4 Weighted average 116 94.81 59.07 96.26 88.87

Production scrap, % USA Tech 1 1.33 1.34 1.36 1.30 1.28 Tech 2 2.01 1.90 1.48 1.66 Tech 3 2.04 Tech 4 Asia Tech 1 1.99 2 1.90 1.87 Tech 2 3.62 2.38 2.90 Tech 3 4.16 Tech 4

Logistics details

Tech 1, k units Company 1 Company 2 Company 3 Company 4 Company 5

USA Beginning inventory 967 2,551 338 12,693 762 Production 3,850 1,287 3,234 1,100 1,980 Contract manufacturing 0 0 0 0 0 Imported from Asia 0 0 0 0 0 Total products 4,817 3,838 3,572 13,793 2,742 Sales in USA -1,666 -684 -771 -741 -947 Exported to Asia -2,932 0 0 -4,281 -1,795 Exported to Europe -219 0 -631 -746 0 Ending inventory 0 3,154 2,170 8,024 0.00 Unsatisfied demand 0 0 0 0 0

Asia Beginning inventory 0 0 0 0 0 Production 1,705 3,328 0 550 4,136 Contract manufacturing 0 1,000 0 0 0 Imported from USA 2,932 0 0 4,281 1,795 Total products 4,637 4,328 0 4,831 5,931 Sales in Asia -4,637 -3,021 0 -4,831 -4,523 Exported to USA 0 0 0 0 0 Exported to Europe 0 -668 0 0 -1,408 Ending inventory 0 638 0 0 0 Unsatisfied demand 0 0 0 0 392

Europe Imported from USA 219 0 631 746 0 Imported from Asia 0 668 0 0 1,408 Total products 219 668 631 746 1,408 Sales in Europe -219 -668 -631 -746 -1,408 Unsatisfied demand 809 0 0 0 0

Tech 2, k units Company 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 4,620 Contract manufacturing 1,428 0 0 0 0 Imported from Asia 0 0 0 0 0 Total products 3,867 1,639 1,013 11,629 4,620 Sales in USA -1,422 -1,110 0 -896 -2,004 Exported to Asia -1,365 0 -1,013 -264 -270 Exported to Europe -1,080 -529 0 -1,498 -2,346 Ending inventory 0.00 0 0 8,972 0 Unsatisfied demand 0 0 0 0 0

Asia Beginning inventory 0 0.00 198 0 0 Production 0 303 0 1,375 264 Contract manufacturing 0 0 0 0 0 Imported from USA 1,365 0 1,013 264 270 Total products 1,365 303 1,211 1,639 534 Sales in Asia -1,365 -303 -1,211 -1,639 -270 Exported to USA 0 0 0 0 0 Exported to Europe 0 0 0 0 -264 Ending inventory 0 0 0.00 0 0 Unsatisfied demand 0 823 742 0 1,318

Europe Imported from USA 1,080 529 0 1,498 2,346 Imported from Asia 0 0 0 0 264 Total products 1,080 529 0 1,498 2,610 Sales in Europe -1,080 -529 0 -1,498 -2,610 Unsatisfied demand 319 474 0 0 0

Tech 3, k units Company 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 units Company 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 5 USA Tech 1 0 0 0 0 0 Tech 2 0 0 0 0 Tech 3 Tech 4 Asia Tech 1 19.60 0 27.47 12.30 Tech 2 31.00 0 25.92 4.99 31 Tech 3 Tech 4 Europe Tech 1 12.60 8.30 12.60 12.60 8.30 Tech 2 12.60 12.60 12.60 12.17 Tech 3 Tech 4