Profit and Loss statement, k USD, Global

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6

Sales revenue 752,929 1,472,146 839,251 1,603,961 644,568 1,380,282

Costs and expenses

Variable production costs 225,583 472,319 172,028 492,602 159,407 280,753
Feature costs 150,880 206,545 138,934 302,449 70,052 243,585
Contract manufacturing costs 165,923 282,116 157,421 190,942 140,748 277,720
Transportation and tariffs 52,684 45,413 37,100 75,465 31,179 64,743
R&D 219,357 50,554 119,309 182,172 19,426 185,503
Sustainability 0 0 0 0 0 0
Promotion 33,917 45,000 40,500 143,000 44,720 91,000
Administration 117,590 122,431 110,928 119,628 157,851 144,479
Costs and expenses total 965,934 1,224,379 776,219 1,506,258 623,383 1,287,783

OPERATING PROFIT BEFORE DEPR. (EBITDA) -213,005 247,767 63,032 97,704 21,185 92,499
Depreciation from fixed assets 54,313 75,013 54,313 97,918 135,013 142,918

OPERATING PROFIT (EBIT) -267,318 172,754 8,719 -214 -113,828 -50,419

Net financing expenses -36,775 91,007 -10,952 19,440 186,802 42,879

PROFIT BEFORE TAXES -230,543 81,747 19,671 -19,654 -300,630 -93,298

Income taxes 0 38,120 31,029 19,334 4,027 36,681

PROFIT FOR THE ROUND -230,543 43,627 -11,358 -38,988 -304,657 -129,979

Balance sheet, k USD, Global

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
ASSETS
Fixed assets 787,773 425,073 627,773 554,868 765,073 1,109,868
Inventory 234,590 215,905 199,236 27,502 339,374 266,963
Receivables 28,988 56,678 32,311 61,753 24,816 53,141
Cash and cash equivalents 1,502,857 150,550 935,966 1,044,996 646,460 183,192
Total assets 2,554,208 848,205 1,795,285 1,689,119 1,775,723 1,613,164
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital 495,000 369,000 480,000 360,000 394,000 355,000
Additional paid-in capital 1,951,211 354,247 990,807 369,843 635,133 314,454
Profit for the round -230,543 43,627 -11,358 -38,988 -304,657 -129,979
Retained earnings 289,649 -567,261 157,987 447,609 -448,995 530,529
Total equity 2,505,317 199,612 1,617,436 1,138,463 275,481 1,070,003

Liabilities
Long-term loans 0 529,789 0 509,789 1,484,789 509,789
Short term loans (unplanned) 25,981 80,058 158,389 0 0 0
Payables 22,910 38,746 19,461 40,866 15,453 33,372
Total liabilities 48,891 648,593 177,850 550,655 1,500,242 543,161

Total shareholders' equity and liabilities 2,554,208.00 848,205.00 1,795,285.00 ### 1,775,723.00 1,613,164.00

Profit and Loss statement, k USD, USA

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Sales revenue
from markets 190,527 313,527 196,833 412,632 140,109 315,068
from internal transfers 313,409 449,590 248,551 570,101 174,601 252,593
Sales revenue total 503,936 763,117 445,383 982,733 314,709 567,661

Costs and expenses

Variable production costs 225,583 303,749 172,028 464,038 159,407 224,652
Feature costs 27,907 42,145 31,006 91,478 16,837 61,130
Contract manufacturing costs 108,225 220,964 94,196 125,233 21,200 87,250
Transportation and tariffs 0 0 0 0 0 0
R&D 219,357 40,443 119,309 168,159 16,651 160,769
Sustainability 0 0 0 0 0 0
Promotion 10,523 14,000 13,000 38,000 10,500 30,000
Administration 97,590 91,534 90,928 93,628 127,404 114,032
Costs of imported products 0 0 0 0 0 0
Costs and expenses total 689,184 712,836 520,466 980,536 351,999 677,833
OPERATING PROFIT BEFORE DEPR. (EBITDA) -185,248 50,281 -75,083 2,197 -37,289 -110,172
Depreciation from fixed assets 54,313 27,013 54,313 77,518 94,213 98,518

OPERATING PROFIT (EBIT) -239,561 23,268 -129,396 -75,321 -131,502 -208,690

Net financing expenses -34,586 80,948 -15,624 31,953 194,066 44,278

PROFIT BEFORE TAXES -204,975 -57,680 -113,772 -107,274 -325,568 -252,968

Income taxes 0 0 0 0 0 0

PROFIT FOR THE ROUND -204,975 -57,680 -113,772 -107,274 -325,568 -252,968

Balance sheet, k USD, USA

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
ASSETS
Fixed assets 307,773 153,073 307,773 439,268 533,873 698,268
Inventory 234,590 209,521 199,236 27,502 339,374 266,963
Receivables 7,335 12,071 7,578 15,886 5,394 12,130
Cash and cash equivalents 1,471,892 2,000 890,576 701,424 430,544 154,798
Total assets 2,021,591 376,665 1,405,163 1,184,080 1,309,186 1,132,160

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 455,000 329,000 440,000 320,000 354,000 315,000
Additional paid-in capital 1,951,211 354,247 990,807 369,843 635,133 314,454
Profit for the round -204,975 -57,680 -113,772 -107,274 -325,568 -252,968
Retained earnings -238,572 -1,410,573 -407,316 -316,487 -1,033,769 -543,477
Total equity 1,962,665 -785,007 909,719 266,083 -370,205 -166,991

Liabilities
Long-term loans 0 529,789 0 509,789 1,484,789 509,789
Short term loans (unplanned) 0 80,058 0 0 0 0
Internal loans 45,000 530,000 484,000 382,000 187,000 775,000
Payables 13,926 21,824 11,443 26,209 7,602 14,362
Total liabilities 58,926 1,161,671 495,443 917,998 1,679,391 1,299,151
Total shareholders' equity and liabilities 2,021,591 376,665 1,405,163 1,184,080 1,309,186 1,132,160

PARENT COMPANY'S CASH FLOW STATEMENT, k USD

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Cash provided by operating activities
Operating profit before depreciation (EBITDA) -185,248 50,281 -75,083 2,197 -37,289 -110,172
Change in receivables (incr - / decr +) 4,945 -1,131 3,270 1,470 1,265 8,771
Change in inventories (incr - / decr +) 43,934 45,466 -135,208 141,219 180,607 -22,008
Change in payables (incr + / decr -) -4,716 1,146 -8,563 3,827 -7,738 -8,121
Net financing expenses 34,586 -80,948 15,624 -31,953 -194,066 -44,278
Income taxes 0 0 0 0 0 0
Total -106,499 14,813 -199,960 116,760 -57,221 -175,808

Plant investments 0 182,000 0 0 91,000 -140,000

Cash flow before financing activities -106,499 196,813 -199,960 116,760 33,779 -315,808

Cash provided by financing activities

Dividends 0 0 0 -20,000 0 0
Proceeds from equity issues and buybacks 583,400 0 711,175 0 -28,141 329,454
Dividends received from subsidiaries 0 0 0 34,141 0 0
Change in long-term debt (incr + / decr -) 0 0 0 0 0 0
Change in short-term debt (incr + / decr -) 0 -381,813 0 0 0 0
Change in internal loans -300,000 185,000 20,000 70,000 250,000 80,000
Total 283,400 -196,813 731,175 84,141 221,859 409,454
Change in cash and cash equivalents 176,901 0 531,215 200,901 255,638 93,646

Cash 1.1. 1,294,991 2,000 359,361 500,522 174,906 61,152

Cash 31.12. 1,471,892 2,000 890,576 701,424 430,544 154,798

Profit and Loss statement, k USD, Asia

 U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Sales revenue
from markets 424,924 476,436 440,345 810,936 329,578 592,666
from internal transfers 0 155,915 0 0 47,038 342,237
Sales revenue total 424,924 632,351 440,345 810,936 376,616 934,903

Costs and expenses

Variable production costs 0 168,570 0 28,564 0 56,101
Feature costs 104,034 112,912 78,295 122,747 35,537 142,452
Contract manufacturing costs 57,698 61,152 63,225 65,709 119,548 190,470
Transportation and tariffs 46,056 22,419 25,574 50,538 22,760 50,649
R&D 0 10,111 0 14,013 2,775 24,734
Sustainability 0 0 0 0 0 0
Promotion 10,600 12,000 12,500 70,000 21,000 33,000
Administration 10,000 20,897 10,000 16,000 20,447 20,447
Costs of imported products 212,165 108,328 130,997 348,082 111,902 207,154
Costs and expenses total 440,553 516,388 320,592 715,654 333,969 725,006

OPERATING PROFIT BEFORE DEPR. (EBITDA) -15,629 115,963 119,753 95,282 42,647 209,897
Depreciation from fixed assets 0 48,000 0 20,400 40,800 44,400

OPERATING PROFIT (EBIT) -15,629 67,963 119,753 74,882 1,847 165,497

Net financing expenses -2,028 11,271 4,884 -12,096 -6,452 -1,237

PROFIT BEFORE TAXES -13,601 56,692 114,869 86,979 8,299 166,733

Income taxes 0 12,472 25,271 19,135 1,571 36,681

PROFIT FOR THE ROUND -13,601 44,220 89,598 67,843 6,728 130,052

Balance sheet, k USD, Asia

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
ASSETS
Fixed assets 480,000 272,000 320,000 115,600 231,200 411,600
Inventory 0 6,384 0 0 0 0
Receivables 16,360 18,343 16,953 31,221 12,689 22,818
Cash and cash equivalents 2,000 19,760 2,000 264,391 108,428 2,421
Total assets 498,360 316,487 338,953 411,212 352,317 436,838

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000 20,000 20,000 20,000 20,000
Profit for the round -13,601 44,220 89,598 67,843 6,728 130,052
Retained earnings 272,980 468,213 326,534 548,068 368,742 724,859
Total equity 279,379 532,433 436,131 635,911 395,470 874,911

Liabilities
Short term loans (unplanned) 25,981 0 158,389 0 0 0
Internal loans 185,000 -230,000 -262,000 -235,000 -50,000 -455,000
Payables 8,000 14,055 6,433 10,301 6,847 16,927
Total liabilities 218,981 -215,945 -97,178 -224,699 -43,153 -438,073

Total shareholders' equity and liabilities 498,360 316,487 338,953 411,212 352,317 436,838

Profit and Loss statement, k USD, Europe

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Sales revenue
Sales revenue 137,478 682,183 202,074 380,394 174,881 472,548

Costs and expenses

Feature costs 18,939 51,488 29,632 88,224 17,678 40,003
Transportation and tariffs 6,629 22,995 11,526 24,927 8,419 14,094
Promotion 12,794 19,000 15,000 35,000 13,220 28,000
Administration 10,000 10,000 10,000 10,000 10,000 10,000
Costs of imported products 101,245 497,177 117,553 222,019 109,736 387,676
Costs and expenses total 149,606 600,659 183,711 380,170 159,054 479,774

OPERATING PROFIT BEFORE DEPR. (EBITDA) -12,128 81,523 18,362 224 15,827 -7,225
Depreciation from fixed assets 0 0 0 0 0 0

OPERATING PROFIT (EBIT) -12,128 81,523 18,362 224 15,827 -7,225

Net financing expenses -161 -1,211 -212 -416 -813 -162

PROFIT BEFORE TAXES -11,967 82,734 18,574 641 16,640 -7,064

Income taxes 0 25,648 5,758 199 2,456 0

PROFIT FOR THE ROUND -11,967 57,087 12,816 442 14,184 -7,064

Balance sheet, k USD, Europe

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
ASSETS
Fixed assets 0 0 0 0 0 0
Receivables 5,293 26,264 7,780 14,645 6,733 18,193
Cash and cash equivalents 28,965 128,790 43,390 79,181 107,488 25,973
Total assets 34,258 155,054 51,170 93,826 114,221 44,166

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000 20,000 20,000 20,000 20,000
Profit for the round -11,967 57,087 12,816 442 14,184 -7,064
Retained earnings 255,240 375,099 238,769 216,028 216,032 349,147
Total equity 263,273 452,186 271,585 236,470 250,216 362,083

Liabilities
Short term loans (unplanned) 0 0 0 0 0 0
Internal loans -230,000 -300,000 -222,000 -147,000 -137,000 -320,000
Payables 984 2,868 1,585 4,356 1,005 2,083
Total liabilities -229,016 -297,132 -220,415 -142,644 -135,995 -317,917

Total shareholders' equity and liabilities 34,258 155,054 51,170 93,826 114,221 44,166
Ratios and key financial indicators

Ratios
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Market capitalization of the company, k USD 4,069,805 1,714,796 3,933,356 5,434,488 652,227 4,243,055
Shares outstanding at the end of round, k shares 45,500 32,900 44,000 32,000 35,400 31,500
Share price at the end of round, USD 89.45 52.12 89.39 170 18.42 135
Average trading price during the round, USD 117 113 88.90 215 14.07 220
Dividend yield, % 0 0 0 0.37 0 0
P/E ratio n/a 39.31 n/a n/a n/a n/a
Cumulative total shareholder return (p.a.), % -18.11 -28.51 -18.14 -3.67 -44.09 -9.35

Key financial indicators, %

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Operating profit before depreciation (EBITDA) -28.29 16.83 7.51 6.09 3.29 6.70
Operating profit (EBIT) -35.50 11.73 1.04 -0.01 -17.66 -3.65
Return on sales (ROS) -30.62 2.96 -1.35 -2.43 -47.27 -9.42
Equity ratio 98.09 23.53 90.09 67.40 15.51 66.33
Net debt to equity (gearing) -58.95 230 -48.07 -47.01 304 30.52
Return on capital employed (ROCE) -11.41 16.26 0.65 -0.01 -5.91 -3.41
Return on equity (ROE) -9.90 24.54 -0.90 -3.34 -68.95 -13.40
Earnings per share (EPS), USD -5.07 1.33 -0.26 -1.22 -8.61 -4.13

Market report, global

Global market shares, %
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Total 8.77 11.48 8.02 15.04 6.20 10.95

Tech 1 11.40 7.77 10.11 18.07 6.51 11.78

Tech 2 8.46 10.51 10.41 12.77 9.73 10.32
Tech 3 6.72 0 0 21.31 0 0
Tech 4 0 49.72 0 0 0 24.88
Market report, USA
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Tech 1
Selling Price, USD 205 204 150 230
Number of offered features 6 8 2 9
Marketing strategy focus Low price Low price Balanced Features
Sales, k units 430 888 368 665
Demand, k units 430 888 368 665

Tech 2
Selling Price, USD 170 219 210 199 205 270
Number of offered features 6 8 5 7 5 7
Marketing strategy focus Features Features Low price Footprint Balanced Features
Sales, k units 701 590 517 1,163 414 600
Demand, k units 701 590 517 1,163 414 600

Tech 3
Selling Price, USD 160
Number of offered features 1
Marketing strategy focus Low price
Sales, k units 446
Demand, k units 446

Tech 4
Selling Price, USD 240
Number of offered features 3
Marketing strategy focus Footprint
Sales, k units 768
Demand, k units 948

USA market shares, %

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Total 8.83 10.45 7.29 15.78 6.02 9.74

Tech 1 0 0 8.97 18.52 7.69 13.88

Tech 2 11.38 9.58 8.41 18.90 6.72 9.75
Tech 3 34.89 0 0 0 0 0
Tech 4 0 100 0 0 0 0

Market report, Asia

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Tech 1
Selling Price, RMB 1,100 1,390 1,465 1,480 1,520 1,599
Number of offered features 6 7 6 8 2 9
Marketing strategy focus Low price Low price Low price Footprint Balanced Low price
Sales, k units 2,602 1,773 1,512 2,380 813 1,669
Demand, k units 2,842 1,773 1,512 2,380 813 1,669

Tech 2
Selling Price, RMB 2,136 1,790 1,745 1,700 1,750
Number of offered features 6 8 5 5 7
Marketing strategy focus Low price Low price Low price Low price Low price
Sales, k units 287 801 795 859 1,246
Demand, k units 287 801 795 859 1,246

Tech 3
Selling Price, RMB 2,200
Number of offered features 1
Marketing strategy focus Brand
Sales, k units 1,415
Demand, k units 1,823

Tech 4
Selling Price, RMB
Number of offered features
Marketing strategy focus
Sales, k units
Demand, k units
Asia market shares, %
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Total 10.88 9.69 8.69 14.29 6.30 10.98

Tech 1 17.23 11.74 10.02 15.76 5.38 11.05

Tech 2 4.72 13.14 13.05 0 14.10 20.45
Tech 3 0 0 0 26.40 0 0
Tech 4 0 0 0 0 0 0

Market report, Europe

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Tech 1
Selling Price, EUR 145 145 129 140 169
Number of offered features 6 6 8 2 9
Marketing strategy focus Balanced Low price Low price Low price Features
Sales, k units 0 365 856 305 354
Demand, k units 380 365 856 305 354

Tech 2
Selling Price, EUR 200 210 185 161 195
Number of offered features 6 8 5 7 5
Marketing strategy focus Features Features Low price Low price Balanced
Sales, k units 526 491 550 1,123 467
Demand, k units 526 491 550 1,321 467

Tech 3
Selling Price, EUR
Number of offered features
Marketing strategy focus
Sales, k units
Demand, k units
Tech 4
Selling Price, EUR 270 260
Number of offered features 3 3
Marketing strategy focus Footprint Features
Sales, k units 1,552 1,161
Demand, k units 1,552 1,729

Europe market shares, %

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Total 4.22 16.37 7.33 15.86 6.19 12.14

Tech 1 0 0 12.44 29.20 10.42 12.07

Tech 2 9.32 8.69 9.74 19.88 8.27 0
Tech 3 0 0 0 0 0 0
Tech 4 0 39.82 0 0 0 29.78

Production report

In-house manufacturing, k units

U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
USA
Tech 1 2,310 1,923
Tech 2 990 1,650 880 1,320 629
Tech 3 495 941

Tech 4 242

Asia
Tech 1 462 550 1,100
Tech 2
Tech 3
Tech 4 638

Contract manufacturing, k units

USA
Tech 1
Tech 2 335 1,428 966 1,434
Tech 3 910 474
Tech 4 1,440

Asia
Tech 1 1,245 1,440 1,394 1,440 6
Tech 2 1,165
Tech 3
Tech 4 1,161

Capacity usage, %
USA
Tech 1 42 27
Tech 2 18 38 16 20 9
Tech 3 9 14
Tech 4 6
Free capacity 73 57 42 66 100 64

Asia
Tech 1 42 100 100
Tech 2
Tech 3
Tech 4 58
Free capacity 0 0 0 0 100 0

Inventory, k units
USA
Tech 1 0 1,304 2,283 416 2,693 2,420
Tech 2 1,220 1,067 446 0 1,136 1,092
Tech 3 959 0 0 0 0 0
Tech 4 0 0 0 0 0 0

Asia
Tech 1 0 129 0 0 0 0
Tech 2 0 0 0 0 0 0
Tech 3 0 0 0 0 0 0
Tech 4 0 0 0 0 0 0
Inventory management costs, k USD 24,732 25,316 18,071 14,826 48,602 32,333

Origin of products sold in USA, k units

USA 1,147 1,358 948 2,051 782 1,265
Asia

Origin of products sold in Asia, k units

USA 1,645 801 913 1,805 813 1,809
Asia 1,245 1,773 1,394 1,990 859 1,106

Origin of products sold in Europe, k units

USA 526 1,405 915 1,978 467 354
Asia 638 306 1,161

Number of plants this round

USA 10 8 10 12 12 13
Asia 2 1 2 2

Number of plants next round

USA 10 8 10 12 12 14

Asia 3 2 2 1 2 3

Number of plants after next round

USA 11 8 10 12 12 14
Asia 3 3 2 1 2 3

Cost report

Logistics
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Average logistics cost per sold product, USD
Products sold in USA 0 0 0 0 0 0
Products sold in Asia 15.94 8.71 11.08 13.32 13.61 17.38
Products sold in Europe 12.60 11.26 12.60 12.60 10.90 9.30
Production cost per unit, USD
USA
Tech 1 66.28 64.59
Tech 2 125 123 153 166 151
Tech 3 112 110
Tech 4 228

Asia
Tech 1 62.29 51.93 51
Tech 2
Tech 3
Tech 4 222

Contract manufacturing cost per unit, USD

USA
Tech 1
Tech 2 91.61 79.65 83.49 80.05
Tech 3 88.49 94.06
Tech 4 153

Asia
Tech 1 46.34 45.55 45.36 45.63 56.42
Tech 2 103
Tech 3
Tech 4 164

Average unit cost per sold product, USD

USA
Tech 1 59.98 67.94 66.18 68.83 64.22
Tech 2 123 129 108 131 136 110
Tech 3 96.65
Tech 4 164
Weighted average 112 149 89.60 103 104 85.72

Asia
Tech 1 59.58 49.61 47.13 50.46 68.83 55.48
Tech 2 123 129 108 103 110
Tech 3 105
Tech 4
Weighted average 65.85 74.26 67.95 70.70 86.19 78.59

Europe
Tech 1 67.94 66.18 68.83 64.22
Tech 2 123 129 108 131 114
Tech 3
Tech 4 188 164
Weighted average 123 174 91.79 103 96.19 141

Production scrap, %
USA
Tech 1 1.46 1.39
Tech 2 1.70 1.72 2.01 2.05 1.94
Tech 3 2.06 2.06
Tech 4 2.06

Asia
Tech 1 2.49 2.17 2.14
Tech 2
Tech 3
Tech 4 4.12

HR report

Human resources
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Wage / month, USD 2,500 1,800 3,850 3,500 4,750 2,000
Training budget / month, USD 350 600 200 3,900 400 100

Number of R&D personnel 308 1,122 109 600 200 1,672

Personnel turnover, % 77.54 39.62 0 0.00 6.16 46.14
Recruitments + / Layoffs - 271 -25.25 109 -355 78.01 447
Allocation of person-days, % 99.08 99.91 100 100 100 99.97
HR Efficiency Multiplier 0.89 1.04 0.89 1.15 0.98 1.06

Total costs 19,357 50,554 9,309 72,172 19,426 75,503

Total monthly costs per employee, USD 5,237 3,755 7,117 10,024 8,094 3,763

Social responsibility report

Social responsibility by team U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Ethics 3.50 3.25 2.50 3.50 4 3.50
Sustainability 3.50 3.25 2.80 3.50 3.50 3.50

Average component supplier cost per product sold, USD 10.33 10.25 9.90 10.33 10.50 10.33

Average image per supplier

Supplier 1 3.50
Supplier 2 1.50
Supplier 3 1.25
Supplier 4 4
Supplier 5 3

Supplier cost, USD

Supplier 1 10.50
Supplier 2 8.50
Supplier 3 10
Supplier 4 10.50
Supplier 5 10

Valuation - Global
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
Enterprise value, k USD 2,547,331 1,981,419 3,161,779 4,745,975 953,572 4,346,141
Excess cash (+), k USD 1,496,857 144,550 929,966 1,038,996 640,460 177,192
Value of debt (-), k USD 25,618 -411,173 -158,389 -350,482 -941,804 -280,278
Market capitalization, k USD 4,069,805 1,714,796 3,933,356 5,434,488 652,227 4,243,055

Discounted cash flow -valuation

Beta 0.52 2.07 0.57 0.74 2.07 0.77
Required return on equity, % 6.17 17.16 6.60 7.83 17.16 8.09
After tax cost of debt, % 6.34 6.95 3.25 6.83 10.13 6.92
Debt to equity 0.01 3.06 0.10 0.45 >5 0.48
WACC, % 6.17 9.47 6.30 7.52 11.23 7.71
Enterprise value, k USD 2,679,743 1,418,160 3,873,664 5,640,650 591,185 5,058,385

Multiple valuation
EV/Sales 4 4 4 4 4 4
Adjusted sales, k USD 1,090,903 1,444,045 1,020,357 1,603,034 768,775 1,674,799
Enterprise value, k USD 4,363,613 5,776,180 4,081,428 6,412,137 3,075,098 6,699,196

EV/EBITDA 11.65 11.65 11.65 11.65 11.65 11.65

Adjusted EBITDA, k USD 167,761 183,487 147,884 258,509 98,180 230,454
Enterprise value, k USD 1,954,412 2,137,624 1,722,850 3,011,632 1,143,797 2,684,794

EV/EBIT 14.63 14.63 14.63 14.63 14.63 14.63

Adjusted EBIT, k USD 105,025 117,021 89,092 146,112 63,460 125,700
Enterprise value, k USD 1,536,519 1,712,023 1,303,419 2,137,625 928,424 1,838,988

EV/NOPLAT 17.30 17.30 17.30 17.30 17.30 17.30

Adjusted NOPLAT, k USD 89,035 97,075 73,301 118,754 48,629 109,140
Enterprise value, k USD 1,540,305 1,679,398 1,268,113 2,054,453 841,288 1,888,122

Credit rating BB B+ AAA B+ CCC- B+

Gross margin, % 20.97 31.64 39.77 33.82 37.73 37.20

Logistics details

Tech 1, k units
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
USA
Beginning inventory 1,357 1,304 886 2,550 4,180 2,079
Production 0 0 2,310 0 0 1,923
Contract manufacturing 0 0 0 0 0 0
Imported from Asia 0 0 0 0 0 0
Total products 1,357.37 1,304.37 3,195.89 2,549.54 4,180.12 4,002.16
Sales in USA 0 0 -430 -888 -368 -665
Exported to Asia -1,357 0 -118 -390 -813 -563
Exported to Europe 0 0 -365 -856 -305 -354
Ending inventory 0.00 1,304 2,283 416 2,693 2,420
Unsatisfied demand 0 0 0 0 0 0

Asia
Beginning inventory 0 0 0 0 0 0
Production 0 462 0 550 0 1,100
Contract manufacturing 1,245 1,440 1,394 1,440 0 6
Imported from USA 1,357 0 118 390 813 563
Total products 2,602.37 1,902.00 1,512.50 2,380.43 812.86 1,668.82
Sales in Asia -2,602 -1,773 -1,512 -2,380 -813 -1,669
Exported to USA 0 0 0 0 0 0
Exported to Europe 0 0 0 0 0 0
Ending inventory 0 129 0 0 0 0
Unsatisfied demand 240 0 0 0 0 0

Europe
Imported from USA 0 0 365 856 305 354
Imported from Asia 0 0 0 0 0 0
Total products 0.00 0.00 364.63 855.74 305.37 353.80
Sales in Europe 0 0 -365 -856 -305 -354
Unsatisfied demand 380 0 0 0 0 0

Tech 2, k units
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
USA
Beginning inventory 1,410 1,298 0 0.00 1,711 875
Production 990 1,650 880 1,320 0 629
Contract manufacturing 335 0 1,428 966 0 1,434
Imported from Asia 0 0 0 0 0 0
Total products 2,734.81 2,947.92 2,308.00 2,286.00 1,711.13 2,938.52
Sales in USA -701 -590 -517 -1,163 -414 -600
Exported to Asia -287 -801 -795 0 0 -1,246
Exported to Europe -526 -491 -550 -1,123 -162 0
Ending inventory 1,220 1,067 446 0 1,136 1,092
Unsatisfied demand 0 0 0 0 0 0

Asia
Beginning inventory 0 0 0 0 0 0
Production 0 0 0 0 0 0
Contract manufacturing 0 0 0 0 1,165 0
Imported from USA 287 801 795 0 0 1,246
Total products 287.48 800.67 794.85 0.00 1,165.00 1,246.08
Sales in Asia -287 -801 -795 0 -859 -1,246
Exported to USA 0 0 0 0 0 0
Exported to Europe 0 0 0 0 -306 0
Ending inventory 0 0 0 0 0 0
Unsatisfied demand 0 0 0 0 0 0

Europe
Imported from USA 526 491 550 1,123 162 0
Imported from Asia 0 0 0 0 306 0
Total products 526.07 490.65 550.16 1,122.57 467.12 0.00
Sales in Europe -526 -491 -550 -1,123 -467 0
Unsatisfied demand 0 0 0 198 0 0

Tech 3, k units
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
USA
Beginning inventory 0 0
Production 495 941
Contract manufacturing 910 474
Imported from Asia 0 0
Total products 1,405.00 1,414.50
Sales in USA -446 0
Exported to Asia 0 -1,415
Exported to Europe 0 0
Ending inventory 959 0
Unsatisfied demand 0 0

Asia
Beginning inventory 0 0
Production 0 0
Contract manufacturing 0 0
Imported from USA 0 1,415
Total products 0.00 1,414.50
Sales in Asia 0 -1,415
Exported to USA 0 0
Exported to Europe 0 0
Ending inventory 0 0
Unsatisfied demand 0 409

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 4, k units
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
USA
Beginning inventory 0 0
Production 242 0
Contract manufacturing 1,440 0
Imported from Asia 0 0
Total products 1,682.00 0.00
Sales in USA -768 0
Exported to Asia 0 0
Exported to Europe -914 0
Ending inventory 0 0
Unsatisfied demand 180 0

Asia
Beginning inventory 0 0
Production 638 0
Contract manufacturing 0 1,161
Imported from USA 0 0
Total products 638.00 1,161.00
Sales in Asia 0 0
Exported to USA 0 0
Exported to Europe -638 -1,161
Ending inventory 0 0
Unsatisfied demand 0 0

Europe
Imported from USA 914 0
Imported from Asia 638 1,161
Total products 1,552.05 1,161.00
Sales in Europe -1,552 -1,161
Unsatisfied demand 0 568

Cost report - Transportation cost incl. tariffs per sold product, USD
U18T1 U18T2 U18T3 U18T4 U18T5 U18T6
USA
Tech 1 0 0 0 0
Tech 2 0 0 0 0 0 0
Tech 3 0
Tech 4 0
Asia
Tech 1 14.60 0 2.19 4.59 28 9.44
Tech 2 28 28.00 28 0 28.00
Tech 3 28
Tech 4
Europe
Tech 1 12.60 12.60 12.60 12.60
Tech 2 12.60 12.60 12.60 12.60 9.79
Tech 3
Tech 4 10.83 8.30
U18T7 U18T8 U18T9 U18T10
879,059 1,266,887 1,182,377 1,287,861

166,893 369,763 252,932 287,602

192,769 233,595 151,767 106,832
167,528 230,586 182,174 281,373
34,600 19,759 78,815 82,888
77,212 200,362 228,717 124,786
0 0 0 0
70,000 106,000 80,000 76,000
146,184 115,989 113,109 143,508
855,185 1,276,053 1,087,515 1,102,989

23,873 -9,167 94,863 184,872

77,518 78,494 65,263 142,318

-53,645 -87,660 29,600 42,554

107,564 -14,713 -21,927 -8,820

-161,209 -72,948 51,526 51,375

12,248 10,997 16,782 33,514

-173,457 -83,945 34,744 17,861

U18T7 U18T8 U18T9 U18T10

439,268 444,798 689,823 806,468

455,556 172,715 135,026 193,640
33,844 48,775 45,522 49,583
105,624 1,485,480 1,080,153 383,526
1,034,292 2,151,768 1,950,524 1,433,217
 340,000 460,000 505,000 366,000
0 1,425,962 1,351,762 477,368
-173,457 -83,945 34,744 17,861
13,418 316,883 33,389 542,779
179,961 2,118,900 1,924,895 1,404,008

809,789 0 0 0
22,913 0 0 0
21,629 32,868 25,629 29,210
854,331 32,868 25,629 29,210

### 2,151,768.00 1,950,524.00 1,433,217.00

U18T7 U18T8 U18T9 U18T10

266,861 402,331 250,162 186,999

168,266 164,334 487,795 515,604
435,126 566,665 737,957 702,603

166,893 215,323 242,098 287,602

56,373 101,367 34,182 20,386
30,227 91,093 119,794 87,835
0 0 0 0
77,212 160,290 205,845 99,829
0 0 0 0
25,000 33,000 26,000 16,000
126,127 85,542 87,109 109,059
0 0 0 0
481,831 686,616 715,028 620,710
 -46,705 -119,951 22,928 81,892
77,518 30,494 44,863 77,518

-124,223 -150,444 -21,935 4,374

106,859 -12,744 -14,742 1,404

-231,082 -137,700 -7,193 2,971

0 0 0 0

-231,082 -137,700 -7,193 2,971

U18T7 U18T8 U18T9 U18T10

439,268 172,798 254,223 439,268

453,922 172,715 135,026 193,640
10,274 15,490 9,631 7,199
12,220 1,446,967 773,493 101,901
915,684 1,807,970 1,172,374 742,009

300,000 420,000 465,000 326,000

0 1,425,962 1,351,762 477,368
-231,082 -137,700 -7,193 2,971
-517,782 -8,992 -544,830 -44,568
-448,864 1,699,270 1,264,739 761,770

809,789 0 0 0
0 0 0 0
545,000 93,000 -107,614 -35,000
9,759 15,700 15,249 15,239
1,364,548 108,700 -92,365 -19,761
915,684 1,807,970 1,172,374 742,009

U18T7 U18T8 U18T9 U18T10

-46,705 -119,951 22,928 81,892

5,135 1,127 582 5,111
-171,027 -32,870 89,293 32,061
-4,944 -7,871 -1,272 -1,264
-106,859 12,744 14,742 -1,404
0 0 0 0
-324,399 -146,820 126,274 116,397

0 182,000 182,000 0

-324,399 35,180 308,274 116,397

0 -42,000 0 -8,000
0 1,352,118 459,375 -96,833
0 43,192 0 8,657
0 0 0 -159,789
0 -91,523 0 0
100,000 148,000 -400,000 200,000
100,000 1,409,787 59,375 -55,965
-224,399 1,444,967 367,649 60,431

236,619 2,000 405,844 41,470

12,220 1,446,967 773,493 101,901
U18T7 U18T8 U18T9 U18T10

380,586 516,722 932,215 498,503

53,905 32,291 0 193,538
434,492 549,014 932,215 692,041

0 154,440 10,834 0
88,251 58,351 117,585 51,702
137,301 139,492 62,381 193,538
24,934 0 78,815 61,446
0 40,072 22,872 24,957
0 0 0 0
20,000 40,000 46,000 27,000
10,057 20,447 16,000 24,449
117,091 0 487,795 333,875
397,634 452,802 842,281 716,968

36,858 96,211 89,934 -24,927

0 48,000 20,400 64,800

36,858 48,211 69,534 -89,727

1,081 -1,777 -6,747 -9,551

35,777 49,988 76,282 -80,175

7,871 10,997 16,782 0

27,906 38,991 59,500 -80,175

U18T7 U18T8 U18T9 U18T10

0 272,000 435,600 367,200

1,634 0 0 0
14,653 19,894 35,890 19,192
 2,000 6,688 174,747 154,975
18,287 298,581 646,238 541,367

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

27,906 38,991 59,500 -80,175
362,824 217,027 394,267 459,735
410,730 276,018 473,767 399,560

22,913 0 0 0
-425,000 9,000 162,091 130,000
9,644 13,563 10,380 11,807
-392,443 22,563 172,471 141,807

18,287 298,581 646,238 541,367

U18T7 U18T8 U18T9 U18T10

231,611 347,834 0 602,360

48,145 73,877 0 34,744

9,665 19,759 0 21,442
25,000 33,000 8,000 33,000
10,000 10,000 10,000 10,000
105,080 196,625 0 375,267
197,891 333,261 18,000 474,453

33,720 14,573 -18,000 127,907

 0 0 0 0

33,720 14,573 -18,000 127,907

-376 -191 -437 -673

34,096 14,764 -17,563 128,579

4,377 0 0 33,514

29,719 14,764 -17,563 95,066

U18T7 U18T8 U18T9 U18T10

0 0 0 0
8,917 13,392 0 23,191
91,404 31,825 131,913 126,650
100,321 45,216 131,913 149,841

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

29,719 14,764 -17,563 95,066
168,377 108,848 183,952 127,612
218,095 143,611 186,390 242,678

0 0 0 0
-120,000 -102,000 -54,477 -95,000
2,226 3,605 0 2,163
-117,774 -98,395 -54,477 -92,837

100,321 45,216 131,913 149,841

 U18T7 U18T8 U18T9 U18T10
1,351,872 5,533,206 5,167,864 5,395,935
30,000 42,000 46,500 32,600
45.06 132 111 166
112 129 91.88 194
0 0.76 0 0.15
n/a n/a 149 302
-30.76 -9.68 -13.61 -4.34

U18T7 U18T8 U18T9 U18T10

2.72 -0.72 8.02 14.35
-6.10 -6.92 2.50 3.30
-19.73 -6.63 2.94 1.39
17.40 98.47 98.69 97.96
404 -70.11 -56.11 -27.32
-4.93 -5.65 1.76 2.79
-65.04 -5.57 2.07 1.23
-5.78 -2 0.75 0.55

U18T7 U18T8 U18T9 U18T10

7.29 11.55 10.80 9.90

7.77 8.65 12.32 5.63

11.30 17.79 0 8.71
0 12.81 42.25 16.91
0 0 0 25.40
 U18T7 U18T8 U18T9 U18T10

245 155 199

9 8 7
Balanced Low price Low price
471 1,334 637
471 1,334 637

235 220 207

8 7 5
Features Balanced Brand
644 889 637
644 889 637

199 260
2 1
Footprint Low price
621 212
621 212

U18T7 U18T8 U18T9 U18T10

 8.58 17.10 9.67 6.53

9.83 27.83 13.28 0

10.46 14.44 0 10.35
0 0 48.53 16.58
0 0 0 0

U18T7 U18T8 U18T9 U18T10

1,750 1,399 1,577

9 7 6
Low price Low price Low price
891 2,176 1,284
891 2,176 1,284

1,859 1,725
8 7
Features Balanced
837 1,268
837 1,268

2,400 2,099 2,256

1 2 1
Features Footprint Features
850 2,184 910
1,009 2,336 1,258
 U18T7 U18T8 U18T9 U18T10
6.51 7.98 16.42 8.26

5.90 0 14.41 8.51

13.73 20.81 0 0
0 15.87 40.75 16.98
0 0 0 0

U18T7 U18T8 U18T9 U18T10

155 135
9 8
Low price Low price
411 640
411 640

210 175 184

8 7 5
Features Balanced Footprint
541 1,027 921
541 1,027 921

199
2
Balanced
0
310
 246
1
Low price
1,185
1,360

U18T7 U18T8 U18T9 U18T10

7.63 13.37 0.00 16.88

14.02 21.85 0 0
9.58 18.20 0 16.32
0 0 0 0
0 0 0 30.40

U18T7 U18T8 U18T9 U18T10

1,320 1,980
990 616 607
1,376 1,122

171
165
850
1,440 1,440 1,440
1,428

1,374
1,394 1,394

1,185

20 45
15 14 9
28 17

65 41 72 74

31
15
77

0 8 69 100

3,613 1,148 240 2,089

1,786 957 858 539
0 0 0 0
0 0 0 0

0 0 0 0
16 0 0 0
0 0 0 0
0 0 0 0
 47,382 18,874 17,312 30,257

1,116 2,223 1,257 849

891 2,815 2,195

837 2,118 1,545

411 1,376 921

541 291 1,185

12 8 9 12
2 1 3

12 8 9 12

2 3 3

12 8 9 12
4 3 3

U18T7 U18T8 U18T9 U18T10

0 0 0 0
14.44 0 18.08 28
10.16 11.85 10.18
68.05 65.04
166 156 169
111 112

63.54
202
142

79.18 79.58 79.93

83.89

45.40
99.67 100

163

69.20 66.53 70.43

115 105 107
97.21 112

95.38 81.95 83.65 108

69.20 54.08 65.23

99.67 111
142 97.21 112
 83.96 124 75.69 84.52

69.20 66.53
99.67 107 107

163
86.52 91.30 139

1.45 1.44
2.06 2.03 2.06
2.06 2.06

2.42
4.03
4.12

U18T7 U18T8 U18T9 U18T10

5,000 4,400 4,745 6,350
2,500 4,000 600 800

627 1,522 1,239 990

0.00 0.00 2.74 0.15
27.00 185 33.91 58.36
100 100 100 100
 1.14 1.15 1.02 1.04

77,212 200,362 118,717 124,786

10,262 10,970 7,985 10,504

U18T7 U18T8 U18T9 U18T10

2.50 2.50 2.88 3.25
2.50 2.80 3.13 3.25

9.50 9.90 9.88 10.25

U18T7 U18T8 U18T9 U18T10

1,644,925 4,036,939 4,089,906 5,015,357
99,624 1,479,480 1,074,153 377,526
-392,677 16,788 3,805 3,052
1,351,872 5,533,206 5,167,864 5,395,935
 2.05 0.51 0.52 0.52
17.01 6.23 6.40 6.28
10.06 6.46 3.37 3.30
4.63 0 0 0
11.29 6.23 6.40 6.28
1,497,087 4,999,610 5,411,134 6,279,159

4 4 4 4
1,090,458 1,404,138 1,093,081 1,433,139
4,361,833 5,616,550 4,372,323 5,732,555

11.65 11.65 11.65 11.65

105,890 165,303 140,264 250,893
1,233,623 1,925,780 1,634,074 2,922,905

14.63 14.63 14.63 14.63

67,304 96,944 87,268 133,806
984,652 1,418,290 1,276,734 1,957,578

17.30 17.30 17.30 17.30

51,249 81,567 66,423 107,837
886,615 1,411,107 1,149,124 1,865,575

CCC- BB+ AAA AAA

36.09 32.61 43.70 41.09

U18T7 U18T8 U18T9 U18T10

4,066 1,143 1,507 3,374

1,320 1,980 0 0
0 0 0 0
0 0 0 0
5,385.89 3,122.65 1,507.38 3,373.72
-471 -1,334 -637 0
 -891 0 -631 -1,284
-411 -640 0 0
3,613 1,148 240 2,089
0 0 0 0

0 0 0 0
0 0 171 0
0 0 1,374 0
891 0 631 1,284
890.50 0.00 2,175.75 1,284.49
-891 0 -2,176 -1,284
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0

411 640 0 0
0 0 0 0
410.82 640.25 0.00 0.00
-411 -640 0 0
0 0 0 0

U18T7 U18T8 U18T9 U18T10

0 526 858 49.73

990 616 0 607
1,440 1,440 0 1,440
0 0 0 0
2,430.00 2,582.39 857.75 2,096.93
-644 -889 0 -637
0 0 0 0
0 -736 0 -921
1,786 957 858 539
0 0 0 0
 0 0 0 0
0 165 0 0
1,394 1,394 0 0
0 0 0 0
1,394.00 1,559.00 0.00 0.00
-837 -1,268 0 0
0 0 0 0
-541 -291 0 0
16.39 0 0 0
0 0 0 0

0 736 0 921
541 291 0 0
540.86 1,027.27 0.00 921.14
-541 -1,027 0 -921
0 0 0 0

U18T7 U18T8 U18T9 U18T10

0 0 0
0 1,376 1,122
0 1,428 0
0 0 0
0.00 2,804.10 1,122.00
0 -621 -212
0 -2,184 -910
0 0 0
0 0 0
0 0 0

0 0 0
850 0 0
0 0 0
0 2,184 910
850.30 2,183.58 910.03
-850 -2,184 -910
 0 0 0
0 0 0
0 0 0
159 153 348

0 0 0
0 0 0
0.00 0.00 0.00
0 0 0
0 310 0

U18T7 U18T8 U18T9 U18T10

0
0
0
0
0.00
0
0
0
0
0

0
0
1,185
0
1,185.00
0
0
-1,185
0
0
 0
1,185
1,185.00
-1,185
175

U18T7 U18T8 U18T9 U18T10

0 0 0
0 0 0
0 0

28 8.12 28
0 0
0 28 28

12.60 12.60
8.30 11.38 12.60

8.30
 Team
Values U18T1 U18T2 U18T3 U18T4 U18T5 U18T6 U18T7
Share Price at the end of the round 89.45 52.12 89.39 169.83 18.42 134.70 45.06
EBITDA -213,005.00 247,767.00 63,032.00 97,704.00 21,185.00 92,499.00 23,873.00
Net Profit for the round -230,543 43,627 -11,358 -38,988 -304,657 -129,979 -173,457
Market Share (Global) 8.77 11.48 8.02 15.04 6.20 10.95 7.29
Cumulative Shareholder Return -18.11 -28.51 -18.14 -3.67 -44.09 -9.35 -30.76
Inventory Management Cost 24,732 25,316 18,071 14,826 48,602 32,333 47,382
Short Term Loans Unplanned 25,981 80,058 158,389 0 0 0 22,913

Ranks U18T1 U18T2 U18T3 U18T4 U18T5 U18T6 U18T7

Share Price at the end of the round 6 8 7 1 10 3 9
EBITDA 10 1 6 3 8 5 7
Net Profit for the round 9 1 4 5 10 7 8
Market Share (Global) 7 3 8 1 10 4 9
Cumulative Shareholder Return 6 8 7 1 10 3 9
Inventory Management Cost 5 6 3 1 10 8 9
Short Term Loans Unplanned 8 9 10 1 1 1 7

Score U18T1 U18T2 U18T3 U18T4 U18T5 U18T6 U18T7

Share Price at the end of the round 0.50 0.30 0.40 1.00 0.10 0.80 0.20
EBITDA 0.10 1.00 0.50 0.80 0.30 0.60 0.40
Net Profit for the round 0.20 1.00 0.70 0.60 0.10 0.40 0.30
Market Share (Global) 0.40 0.80 0.30 1.00 0.10 0.70 0.20
Cumulative Shareholder Return 0.50 0.30 0.40 1.00 0.10 0.80 0.20
Inventory Management Cost 0.60 0.50 0.80 1.00 0.10 0.30 0.20
Short Term Loans Unplanned 0.30 0.20 0.10 1.00 1.00 1.00 0.40
Total Score 2.60 4.10 3.20 6.40 1.80 4.60 1.90
Final Rank 8 6 7 1 10 5 9
U18T8 U18T9 U18T10
131.74 111.14 165.52
-9,167.00 94,863.00 184,872.00
-83,945 34,744 17,861
11.55 10.80 9.90
-9.68 -13.61 -4.34
18,874 17,312 30,257
0 0 0

U18T8 U18T9 U18T10

4 5 2
9 4 2
6 2 3
2 5 6
4 5 2
4 2 7
1 1 1

U18T8 U18T9 U18T10

0.70 0.60 0.90
0.20 0.70 0.90
0.50 0.90 0.80
0.90 0.60 0.50
0.70 0.60 0.90
0.70 0.90 0.40
1.00 1.00 1.00
4.70 5.30 5.40
4 3 2
 Team
Values U4T1 U4T2 U4T3 U4T4 U4T5 U4T6 U4T7 U4T8
Share Price at the end of the round 252.87 220.49 222.03 229.12 110.40 230.42 249.92 145.98
EBITDA 247,261.00 308,716.00 282,257.00 345,471.00 1,427.00 280,568.00 339,137.00 94,497.00
Net Profit for the round 17,341 90,883 -356 112,535 -274,643 40,444 63,577 -249,643
Market Share (Global) 12.40 9.06 11.35 9.63 3.44 11.18 12.76 11.68
Cumulative Shareholder Return 26.75 10.52 11.29 14.85 -44.66 15.50 25.27 -26.83
Inventory Management Cost 7,963 21,468 11,681 4,416 28,198 12,266 7,881 10,282
Short Term Loans Unplanned 123,576 323,811 315,962 0 644,474 117,867 199,886 552,089

Ranks U4T1 U4T2 U4T3 U4T4 U4T5 U4T6 U4T7 U4T8

Share Price at the end of the round 1 7 6 5 10 4 2 9
EBITDA 7 3 4 1 10 6 2 9
Net Profit for the round 6 2 7 1 10 4 3 9
Market Share (Global) 2 8 4 7 10 6 1 3
Cumulative Shareholder Return 1 7 6 5 10 4 2 9
Inventory Management Cost 3 8 6 1 10 7 2 5
Short Term Loans Unplanned 3 7 6 1 10 2 5 9

Score U4T1 U4T2 U4T3 U4T4 U4T5 U4T6 U4T7 U4T8

Share Price at the end of the round 1.00 0.40 0.50 0.60 0.10 0.70 0.90 0.20
EBITDA 0.40 0.80 0.70 1.00 0.10 0.50 0.90 0.20
Net Profit for the round 0.50 0.90 0.40 1.00 0.10 0.70 0.80 0.20
Market Share (Global) 0.90 0.30 0.70 0.40 0.10 0.50 1.00 0.80
Cumulative Shareholder Return 1.00 0.40 0.50 0.60 0.10 0.70 0.90 0.20
Inventory Management Cost 0.80 0.30 0.50 1.00 0.10 0.40 0.90 0.60
Short Term Loans Unplanned 0.80 0.40 0.50 1.00 0.10 0.90 0.60 0.20
Total Score 5.40 3.50 3.80 5.60 0.70 4.40 6.00 2.40
Final Rank 3 7 6 2 10 5 1 8
 U4T9 U4T10
152.09 232.38
146,451.00 281,446.00
-115,500 34,598
7.20 11.29
-23.77 16.48
27,451 10,234
340,809 162,252

U4T9 U4T10
8 3
8 5
8 5
9 5
8 3
9 4
8 4

U4T9 U4T10
0.30 0.80
0.30 0.60
0.30 0.60
0.20 0.60
0.30 0.80
0.20 0.70
0.30 0.70
1.90 4.80
9 4
Score U18T1 U18T2 U18T3 U18T4 U18T5 U18T6 U18T7 U18T8 U18T9 U18T10
Round 1 5.40 3.50 3.80 5.60 0.70 4.40 6.00 2.40 1.90 4.80
Round 2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 5 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 7 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Round 10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Scores 5.4 3.5 3.8 5.6 0.7 4.4 6 2.4 1.9 4.8
Scoring Criteria for Evaluation Based on Outcome of Performance at the end of each round
Group Rank in the Defined Parameter
Parameter Maximum Score
1 2 3 4 5 6 7 8 9 10 11 12
Share Price at the end of the
1 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.05 0.00
round
EBITDA 1 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.05 0.00
Net Profit for the round 1 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.05 0.00
Market Share (Global) 1 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.05 0.00

Cumulative Shareholder Return 1 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.05 0.00

Inventory Management Cost 1 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.05 0.00

Short Term Loans Unplanned 1 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.05 0.00