Green So cute team

Summary, k EUR
Net Sales 8,858 13,619
EBIT% 5.61 9.12
Cost of goods sold 3,560 5,690
Profit for the year -636 720
Cumulative Earnings -636 720

Variable production cost per unit, EUR

Finland Rubbana 107 107
USA AndyOx 0 0

Shifts
Finland 3 3

Cash management, k EUR

Cash and cash equivalents 300 2,589
Short-term debt 6,819 0
Net -6,519 2,589

Promotion and quality assurance expenditures, k EUR

Advertising 210 300
Customer care 200 400
Quality control 300 2,000

Income statement structure

Net Sales 8,858 13,619
Gross Profit 5,298 7,929
Operating profit before depreciation 3,292 4,037
Profit for the Year -636 720

Profit for the year -636 720

Deprec. and finance 3,928 3,317
Fixed costs 2,006 3,892
Variable costs 3,560 5,690

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 270 260

Sales/(k units)
Rubbana
Finland 32.81 52.38
 Sales Total (k units)-Rubbana 32.81 52.38

Sales to Markets Total (k units) 32.81 52.38

Market shares/%
Rubbana/Finland 19.21 30.67

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

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

Closing inventory/(k units)

Rubbana 27.55 7.97

Production Report
Finland
Buildings capacity, k units 54.15 54.15
Building capacity next year, k units 254 84.15
Machinery capacity, k units 53.75 53.75
Production capacity, k units 53.75 53.75
Shifts 3 3
Production wages total, k EUR 1,093 1,093
Rubbana
Persons in production 16.30 16.30
Production volume, k units 53.75 53.75
Production efficiency, k units/person 3.30 3.30
Share of wages, k EUR 1,093 1,093

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 6.60 6.60
From production 53.75 53.75
Additional deliveries 0 0
Deliveries to Finland 32.81 52.38
Closing inventory 27.55 7.97

Rubbana - USA, k units

AndyOx - Finland, k units
AndyOx - USA, k units
Variable production cost per unit, EUR
Finland - Rubbana 107 107
Income Statement (k EUR)
Green So cute team
Net Sales 8,858 13,619
Variable Costs
Rubbana
Purchases of materials and supplies 4,666 4,678
Variable personnel costs 1,093 1,093
Transportation 36.09 57.62

Changes in inventories -2,234 -139

Variable costs total 3,560 5,690
Gross Profit 5,298 7,929

Marketing and sales costs

Advertising 210 300
Customer care 200 400
Market research 50 50
Marketing and sales costs total 460 750

Overhead costs
Administration 100 100
Lay-off costs 0 0
Quality control 300 2,000
Cost efficiency improvement 1,000 1,000
Inventory holding costs 146 42.26
Overhead costs total 1,546 3,142
Operating Profit before Depreciation (EBITDA) 3,292 4,037

Depreciation
Buildings 379 379
Machinery 2,416 2,416
Operating Profit (EBIT) 497 1,242

Financing Income and Expenses

Interest income 37.51 48.96
Int.exp. on long-term loans 1,021 277
Int.exp. on short-term loans 150 0
Profit before taxes -636 1,014
Direct taxes 0 294
Profit for the year -636 720

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 34,002 11,222
 Machinery 7,248 7,248
Fixed assets total 41,250 18,470
Current Assets
Finished products inventory 2,951 856
Accounts receivable 485 1,866
Cash and cash equivalents 300 2,589
Assets Total 44,986 23,780

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 2,000
Other restricted equity 0 0
Retained earnings 5,308 5,308
Profit for the year -636 720
Shareholders' equity total 6,671 8,028

Liabilities
Long-term
Long-term debt 31,240 15,240
Short-term
Short-term debt 6,819 0
Advance payments received 0 0
Accounts payable 256 513
Liabilities total 38,315 15,753
Liabilities and equity total 44,986 23,780

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 3,292 4,037
Financing income and expenses -1,133 -228
Direct taxes 0 -294
Funds from operations total 2,159 3,515
Changes in net working capital
Changes in inventories (incr - / decr +) -2,234 -139
Changes in receivables (incr - / decr +) 61.64 -1,319
Changes in payables (incr. + / decr -) 41.62 299
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) -2,131 -1,159
Cash flow from operations 27.95 2,356

Capital expenditure
Buildings 26,800 4,020
Machinery 2,950 2,950
Capital expenditure total 29,750 6,970
Cash flow before financing -29,722 -4,614
Financing
 Changes in long-term loans (incr. + / decr. -) 16,000 0
Changes in short-term financing (incr. + / decr. -) 6,819 0
Dividend payment 0 0
Proceeds from equity issue 0 0
Financing total 22,819 0
Change in liquid assets -6,903 -4,614
Liquid assets at 1st January 7,203 7,203
Liquid assets at 31st December 300 2,589

Key Ratios
Green So cute team
Sales costs/sales, % 5.19 5.51
Quality control/sales, % 3.39 14.69
Gross margin, % 59.81 58.22
Operating profit margin, % 5.61 9.12
Net profit, % -7.18 5.29
Return on capital employed, ROCE % 1.48 5.42
Current ratio 0.95 12.03
Equity ratio, % 14.83 33.76

Weighted average cost of capital WACC, % 8.17 8.44

Implied cost of equity, % 9.91 9.39
Market value of company, k EUR 90,684 113,989
Number of shares (k-shares) 8,000 8,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 11.34 14.25
Earnings per share, EUR -0.08 0.09
P/E ratio - 158
Long-term borrowing rate, % 4.39 1.82
Total shareholder return this year, % -14.88 6.99
Cumulative total shareholder return, p.a, % -14.88 6.99
Happy blue Orange_Joker Grey Whale

8,558 10,830 5,944

12.31 9.13 -15.34
3,055 4,495 1,703
290 532 -1,227
290 532 -1,227

105 107 107

0 0 0

2.14 2.96 3

300 1,218 300

2,922 0 592
-2,622 1,218 -292

201 202 270

200 202 250
500 1,000 450

8,558 10,830 5,944

5,503 6,335 4,240
3,848 3,784 1,883
290 532 -1,227

290 532 -1,227

3,558 3,252 3,111
1,655 2,551 2,357
3,055 4,495 1,703

Happy blue Orange_Joker Grey Whale

299 262 380

28.62 41.34 15.64

 28.62 41.34 15.64

28.62 41.34 15.64

16.76 24.20 9.16

0 0 0
15 0 0

16.38 18.27 44.71

54.15 54.15 54.15

94.15 94.15 74.15
53.75 53.75 53.75
53.75 53.75 53.75
2.14 2.96 3
689 1,083 1,093

12.68 16.27 16.30

38.40 53 53.75
3.03 3.26 3.30
689 1,083 1,093

Happy blue Orange_Joker Grey Whale

6.60 6.60 6.60
38.40 53 53.75
0 0 0
28.62 41.34 15.64
16.38 18.27 44.71

105 107 107

Happy blue Orange_Joker Grey Whale
8,558 10,830 5,944

3,333 4,613 4,672

689 1,083 1,093
31.48 45.47 17.20

-999 -1,246 -4,078

3,055 4,495 1,703
5,503 6,335 4,240

201 202 270

200 202 250
50 50 50
451 454 570

100 100 100

17.14 0 0
500 1,000 450
500 900 1,000
86.83 96.82 237
1,204 2,097 1,787
3,848 3,784 1,883

379 379 379

2,416 2,416 2,416
1,053 989 -912

37.51 42.10 37.51

622 282 346
59.69 0 6.73
409 749 -1,227
119 217 0
290 532 -1,227

12,562 12,562 9,882

 7,248 7,248 7,248
19,810 19,810 17,130

1,716 1,963 4,795

469 593 326
300 1,218 300
22,295 23,585 22,551

2,000 2,000 2,020

0 0 1,035
1,308 5,308 4,508
290 532 -1,227
3,598 7,839 6,335

15,240 15,240 15,240

2,922 0 592
353 0 0
183 506 384
18,697 15,746 16,216
22,295 23,585 22,551

3,848 3,784 1,883

-645 -240 -315
-119 -217 0
3,085 3,327 1,568

-999 -1,246 -4,078

78.08 -46.43 221
-31.39 292 170
353 0 0
-600 -1,001 -3,687
2,486 2,326 -2,119

5,360 5,360 2,680

2,950 2,950 2,950
8,310 8,310 5,630
-5,824 -5,984 -7,749
 0 0 0
2,922 0 592
-4,000 0 -800
0 0 1,055
-1,078 0 847
-6,903 -5,984 -6,903
7,203 7,203 7,203
300 1,218 300

Happy blue Orange_Joker Grey Whale

5.27 4.19 9.59
5.84 9.23 7.57
64.31 58.49 71.34
12.31 9.13 -15.34
3.39 4.91 -20.65
4.75 4.33 -
1.35 11.35 10.47
16.14 33.24 28.09

8.35 8.44 8.41

9.15 9.41 9.52
103,670 111,256 93,109
8,000 8,000 8,080
0.25 0.25 0.25
12.96 13.91 11.52
0.04 0.07 -0.15
357 209 -
4.08 1.85 2.27
1.38 4.43 -12.66
1.38 4.43 -12.66
 Green So cute team
Summary, k EUR
Net Sales 19,865 16,680
EBIT% 12.02 8.56
Cost of goods sold 7,050 6,467
Profit for the year -3,623 655
Cumulative Earnings -4,259 1,375

Variable production cost per unit, EUR

Finland Rubbana 107 107
Finland AndyOx 84.55 84.30
USA AndyOx 0 0

Shifts
Finland 3 3

Cash management, k EUR

Cash and cash equivalents 6,446 850
Short-term debt 0 0
Net 6,446 850

Promotion and quality assurance expenditures, k EUR

Advertising 800 1,020
Customer care 600 600
Quality control 2,000 2,000

Income statement structure

Net Sales 19,865 16,680
Gross Profit 12,814 10,213
Operating profit before depreciation 7,751 4,912
Profit for the Year -3,623 655

Profit for the year -3,623 655

Deprec. and finance 11,373 4,257
Fixed costs 5,064 5,301
Variable costs 7,050 6,467

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 260 280
AndyOx
Finland, EUR 300 220
Sales/(k units)
Rubbana
Finland 40.43 43.13
AndyOx
Finland 31.18 20.93

Sales Total (k units)-Rubbana 40.43 43.13

Sales Total (k units)-AndyOx 31.18 20.93

Sales to Markets Total (k units) 71.61 64.06

Market shares/%
Rubbana/Finland 23.72 25.30
AndyOx/Finland 26.58 17.84

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

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

Closing inventory/(k units)

Rubbana 40.24 0
AndyOx 6.01 14.23

Production Report
Finland
Buildings capacity, k units 251 81.44
Building capacity next year, k units 251 161
Machinery capacity, k units 90.31 70.31
Production capacity, k units 90.31 70.31
Shifts 3 3
Production wages total, k EUR 2,075 1,624
Rubbana
Persons in production 15.54 10.13
Production volume, k units 53.13 35.16
Production efficiency, k units/person 3.42 3.47
Share of wages, k EUR 1,099 716
AndyOx
Persons in production 13.81 12.85
Production volume, k units 37.19 35.16
Production efficiency, k units/person 2.69 2.74
Share of wages, k EUR 976 909

Logistics Report
Rubbana - Finland, k units Green So cute team
Opening inventory 27.55 7.97
From production 53.13 35.16
Additional deliveries 0 0
Deliveries to Finland 40.43 43.13
Closing inventory 40.24 0

Rubbana - USA, k units

AndyOx - Finland, k units
Opening inventory 0 0
From production 37.19 35.16
Additional deliveries 0 0
Deliveries to Finland 31.18 20.93
Closing inventory 6.01 14.23

AndyOx - USA, k units

Variable production cost per unit, EUR
Finland - Rubbana 107 107
Finland - AndyOx 84.55 84.30

Income Statement (k EUR)

Green So cute team
Net Sales 19,865 16,680
Variable Costs
Rubbana
Purchases of materials and supplies 4,611 3,060
Variable personnel costs 1,099 716
Transportation 44.47 47.44
AndyOx
Purchases of materials and supplies 2,168 2,055
Variable personnel costs 976 909
Transportation 34.29 23.02

Changes in inventories -1,882 -344

Variable costs total 7,050 6,467
Gross Profit 12,814 10,213

Marketing and sales costs

Advertising 800 1,020
Customer care 600 600
Market research 100 100
Marketing and sales costs total 1,500 1,720

Overhead costs
Administration 300 300
 Lay-off costs 0 0
Quality control 2,000 2,000
Cost efficiency improvement 1,000 1,200
Inventory holding costs 264 81.11
Overhead costs total 3,564 3,581
Operating Profit before Depreciation (EBITDA) 7,751 4,912

Depreciation
Buildings 1,700 561
Machinery 3,663 2,923
Operating Profit (EBIT) 2,387 1,429

Financing Income and Expenses

Interest income 33.73 17.19
Int.exp. on long-term loans 5,607 523
Int.exp. on short-term loans 437 0
Profit before taxes -3,623 922
Direct taxes 0 268
Profit for the year -3,623 655

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 32,302 21,381
Machinery 10,990 8,768
Fixed assets total 43,292 30,149
Current Assets
Finished products inventory 4,833 1,200
Accounts receivable 1,088 2,285
Cash and cash equivalents 6,446 850
Assets Total 55,660 34,483

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 2,000
Other restricted equity 0 0
Retained earnings 671 6,028
Profit for the year -3,623 655
Shareholders' equity total -952 8,683

Liabilities
Long-term
Long-term debt 56,240 25,240
Short-term
Short-term debt 0 0
Advance payments received 0 0
Accounts payable 371 561
 Liabilities total 56,611 25,801
Liabilities and equity total 55,660 34,483

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 7,751 4,912
Financing income and expenses -6,010 -506
Direct taxes 0 -268
Funds from operations total 1,741 4,139
Changes in net working capital
Changes in inventories (incr - / decr +) -1,882 -344
Changes in receivables (incr - / decr +) -603 -419
Changes in payables (incr. + / decr -) 116 47.88
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) -2,370 -715
Cash flow from operations -629 3,424

Capital expenditure
Buildings 0 10,720
Machinery 7,405 4,443
Capital expenditure total 7,405 15,163
Cash flow before financing -8,034 -11,739
Financing
Changes in long-term loans (incr. + / decr. -) 25,000 10,000
Changes in short-term financing (incr. + / decr. -) -6,819 0
Dividend payment -4,000 0
Proceeds from equity issue 0 0
Financing total 14,181 10,000
Change in liquid assets 6,146 -1,739
Liquid assets at 1st January 300 2,589
Liquid assets at 31st December 6,446 850

Key Ratios
Green So cute team
Sales costs/sales, % 7.55 10.31
Quality control/sales, % 10.07 11.99
Gross margin, % 64.51 61.23
Operating profit margin, % 12.02 8.56
Net profit, % -18.24 3.93
Return on capital employed, ROCE % 4.77 5.00
Current ratio 46.31 9.87
Equity ratio, % -1.71 25.18

Weighted average cost of capital WACC, % 10.27 8.32

 Implied cost of equity, % N/A 10.31
Market value of company, k EUR 25,772 82,327
Number of shares (k-shares) 8,000 8,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 3.22 10.29
Earnings per share, EUR -0.45 0.08
P/E ratio - 126
Long-term borrowing rate, % 12.82 2.59
Total shareholder return this year, % -66.80 -27.78
Cumulative total shareholder return, p.a, % -46.84 -12.09
Happy blue Orange_Joker Grey Whale

22,836 17,549 8,157

23.73 15.78 -5.31
8,711 5,725 2,191
3,168 1,135 -1,351
3,458 1,667 -2,579

108 108 107

85.04 84.98 83.90
0 0 0

3 2.99 3

13,583 300 300

0 17,566 7,604
13,583 -17,266 -7,304

802 402 245

900 402 260
1,200 2,000 1,000

22,836 17,549 8,157

14,126 11,824 5,966
9,711 7,431 2,243
3,168 1,135 -1,351

3,168 1,135 -1,351

6,543 6,295 3,594
4,415 4,393 3,723
8,711 5,725 2,191

Happy blue Orange_Joker Grey Whale

268 300 380

269 300 370

41.43 30.39 15.07

30.51 28.11 6.57

41.43 30.39 15.07

30.51 28.11 6.57

71.94 58.50 21.64

24.31 17.83 8.84

26.02 23.96 5.60

15 0 0
0 0 0
0 0 20
0 0 20

18.66 37.88 55.25

1.10 12.89 18.13

91.44 91.44 71.44

101 151 91.44
90.31 100 50.31
90.31 91.44 50.31
3 2.99 3
2,079 2,132 1,145

17.47 14.82 7.29

58.70 50 25.61
3.36 3.37 3.52
1,235 1,045 515

11.94 15.42 8.92

31.61 41 24.70
2.65 2.66 2.77
844 1,087 630
Happy blue Orange_Joker Grey Whale
16.38 18.27 44.71
58.70 50 25.61
15 0 0
41.43 30.39 15.07
18.66 37.88 55.25

0 0 0
31.61 41 24.70
0 0 0
30.51 28.11 6.57
1.10 12.89 18.13

108 108 107

85.04 84.98 83.90

Happy blue Orange_Joker Grey Whale

22,836 17,549 8,157

5,099 4,352 2,226

1,235 1,045 515
45.57 33.43 16.58

1,844 2,397 1,442

844 1,087 630
33.56 30.92 7.22

-390 -3,221 -2,646

8,711 5,725 2,191
14,126 11,824 5,966

802 402 245

900 402 260
100 100 100
1,802 904 605

300 300 300

 0 0 0
1,200 2,000 1,000
1,000 900 1,400
113 289 418
2,613 3,489 3,118
9,711 7,431 2,243

628 628 494

3,663 4,034 2,182
5,420 2,769 -433

69.41 7.59 3
969 747 726
57.99 431 195
4,462 1,599 -1,351
1,294 464 0
3,168 1,135 -1,351

13,274 19,974 12,068

10,990 12,101 6,547
24,264 32,074 18,615

2,106 5,184 7,442

938 962 447
13,583 300 300
40,891 38,520 26,803

2,003 2,000 2,025

127 0 1,260
1,518 1,839 1,664
3,168 1,135 -1,351
6,815 4,975 3,598

33,600 15,240 15,260

0 17,566 7,604
0 0 40
476 740 302
 34,076 33,545 23,206
40,891 38,520 26,803

9,711 7,431 2,243

-957 -1,170 -918
-1,294 -464 0
7,460 5,797 1,325

-390 -3,221 -2,646

-470 -368 -121
293 234 -82.49
-353 0 40
-919 -3,355 -2,810
6,540 2,442 -1,485

1,340 8,040 2,680

7,405 8,886 1,481
8,745 16,926 4,161
-2,205 -14,484 -5,646

18,360 0 20
-2,922 17,566 7,012
-80 -4,000 -1,616
129 0 230
15,488 13,566 5,646
13,283 -918 0.00
300 1,218 300
13,583 300 300

Happy blue Orange_Joker Grey Whale

7.89 5.15 7.42
5.25 11.40 12.26
61.86 67.38 73.14
23.73 15.78 -5.31
13.87 6.47 -16.57
17.43 9.10 -
39.39 0.64 1.98
16.67 12.91 13.42

8.21 8.28 8.16

 10.01 9.17 9.70
101,101 81,407 47,576
8,010 8,000 8,100
0.25 0.25 0.25
12.62 10.18 5.87
0.40 0.14 -0.17
31.91 71.70 -
3.97 4.90 4.76
-2.52 -22.93 -47.15
-0.36 -10.29 -31.72
 Green So cute team
Summary, k EUR
Net Sales 64,207 41,467
EBIT% 35.91 31.76
Cost of goods sold 26,090 15,803
Profit for the year 16,333 8,839
Cumulative Earnings 12,074 10,214

Variable production cost per unit, EUR

Finland Rubbana 108 107
Finland AndyOx 84.28 83.60
USA AndyOx 0 0

Shifts
Finland 2.99 3.00

Cash management, k EUR

Cash and cash equivalents 4,209 2,432
Short-term debt 0 0
Net 4,209 2,432

Promotion and quality assurance expenditures, k EUR

Advertising 1,400 1,010
Customer care 600 500
Quality control 2,200 2,200

Income statement structure

Net Sales 64,207 41,467
Gross Profit 38,116 25,664
Operating profit before depreciation 31,951 19,630
Profit for the Year 16,333 8,839

Profit for the year 16,333 8,839

Deprec. and finance 15,618 10,791
Fixed costs 6,165 6,033
Variable costs 26,090 15,803

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 250 250
USA, USD 260 250
AndyOx
Finland, EUR 300 250
 USA, USD 300 275

Sales/(k units)
Rubbana
Finland 3.01 52.46
USA 137 0
AndyOx
Finland 28.02 35.80
USA 87.86 79.51

Sales Total (k units)-Rubbana 140 52.46

Sales Total (k units)-AndyOx 116 115

Sales to Markets Total (k units) 256 168

Market shares/%
Rubbana/Finland 2.05 35.71
Rubbana/USA 73.93 0
AndyOx/Finland 20.92 26.72
AndyOx/USA 37.64 34.07

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

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

Closing inventory/(k units)

Rubbana 0 0
AndyOx 27.13 3.83

Production Report
Finland
Buildings capacity, k units 239 157
Building capacity next year, k units 239 187
Machinery capacity, k units 238 173
Production capacity, k units 238 157
Shifts 2.99 3.00
Production wages total, k EUR 5,646 3,697
Rubbana
Persons in production 28.65 14.52
Production volume, k units 100 52.46
Production efficiency, k units/person 3.49 3.61
Share of wages, k EUR 2,086 1,059
AndyOx
Persons in production 48.87 36.16
Production volume, k units 137 105
 Production efficiency, k units/person 2.80 2.90
Share of wages, k EUR 3,560 2,638

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 40.24 0
From production 100 52.46
Additional deliveries 0 0
Deliveries to Finland 3.01 52.46
Deliveries to USA 137 0
Closing inventory 0 0

Rubbana - USA, k units

AndyOx - Finland, k units
Opening inventory 6.01 14.23
From production 137 105
Additional deliveries 0 0
Deliveries to Finland 28.02 35.80
Deliveries to USA 87.86 79.51
Closing inventory 27.13 3.83

AndyOx - USA, k units

Variable production cost per unit, EUR
Finland - Rubbana 108 107
Finland - AndyOx 84.28 83.60

Income Statement (k EUR)

Green So cute team
Net Sales 64,207 41,467
Variable Costs
Rubbana
Purchases of materials and supplies 8,680 4,566
Variable personnel costs 2,086 1,059
Transportation 731 62.95
AndyOx
Purchases of materials and supplies 7,987 6,133
Variable personnel costs 3,560 2,638
Transportation 499 464

Changes in inventories 2,547 880

Variable costs total 26,090 15,803
Gross Profit 38,116 25,664

Marketing and sales costs

 Advertising 1,400 1,010
Customer care 600 500
Market research 200 200
Marketing and sales costs total 2,200 1,710

Overhead costs
Administration 600 600
Lay-off costs 0 0
Quality control 2,200 2,200
Cost efficiency improvement 1,000 1,500
Inventory holding costs 165 23.35
Overhead costs total 3,965 4,323
Operating Profit before Depreciation (EBITDA) 31,951 19,630

Depreciation
Buildings 1,615 1,069
Machinery 7,278 5,390
Operating Profit (EBIT) 23,058 13,171

Financing Income and Expenses

Interest income 79.92 24.61
Int.exp. on long-term loans 1,873 746
Int.exp. on short-term loans 0 0
Profit before taxes 21,264 12,449
Direct taxes 4,931 3,610
Profit for the year 16,333 8,839

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 30,687 24,332
Machinery 21,834 16,170
Fixed assets total 52,521 40,502
Current Assets
Finished products inventory 2,287 320
Accounts receivable 3,518 5,680
Cash and cash equivalents 4,209 2,432
Assets Total 62,535 48,934

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 2,000
Other restricted equity 0 0
Retained earnings -2,952 6,683
Profit for the year 16,333 8,839
Shareholders' equity total 15,381 17,522
Liabilities
Long-term
Long-term debt 46,240 30,240
Short-term
Short-term debt 0 0
Advance payments received 0 0
Accounts payable 913 1,173
Liabilities total 47,153 31,413
Liabilities and equity total 62,535 48,934

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 31,951 19,630
Financing income and expenses -1,794 -722
Direct taxes -4,931 -3,610
Funds from operations total 25,226 15,298
Changes in net working capital
Changes in inventories (incr - / decr +) 2,547 880
Changes in receivables (incr - / decr +) -2,430 -3,395
Changes in payables (incr. + / decr -) 542 612
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) 659 -1,904
Cash flow from operations 25,885 13,394

Capital expenditure
Buildings 0 4,020
Machinery 18,122 12,792
Capital expenditure total 18,122 16,812
Cash flow before financing 7,763 -3,418
Financing
Changes in long-term loans (incr. + / decr. -) -10,000 5,000
Changes in short-term financing (incr. + / decr. -) 0 0
Dividend payment 0 0
Proceeds from equity issue 0 0
Financing total -10,000 5,000
Change in liquid assets -2,237 1,582
Liquid assets at 1st January 6,446 850
Liquid assets at 31st December 4,209 2,432

Key Ratios
Green So cute team
Sales costs/sales, % 3.43 4.12
Quality control/sales, % 3.43 5.31
Gross margin, % 59.37 61.89
 Operating profit margin, % 35.91 31.76
Net profit, % 25.44 21.32
Return on capital employed, ROCE % 39.45 32.25
Current ratio 13.47 7.46
Equity ratio, % 24.60 35.81

Weighted average cost of capital WACC, % 8.32 8.36

Implied cost of equity, % 9.50 9.74
Market value of company, k EUR 224,149 141,982
Number of shares (k-shares) 8,000 8,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 28.02 17.75
Earnings per share, EUR 2.04 1.10
P/E ratio 13.72 16.06
Long-term borrowing rate, % 3.66 2.69
Total shareholder return this year, % 770 72.46
Cumulative total shareholder return, p.a, % 29.03 10.05
Happy blue Orange_Joker Grey Whale

31,829 19,417 31,313

30.17 4.12 22.16
11,515 6,141 13,519
6,177 -3,545 4,740
9,635 -1,878 2,162

108 108 107

85.01 84.35 83.49
0 0 0

3.00 2.89 3.00

14,498 300 300

0 35,692 15,423
14,498 -35,392 -15,123

1,801 1,452 510

1,100 652 370
2,000 2,000 1,020

31,829 19,417 31,313

20,314 13,275 17,794
13,813 6,690 13,444
6,177 -3,545 4,740

6,177 -3,545 4,740

7,636 10,235 8,703
6,501 6,585 4,350
11,515 6,141 13,519

Happy blue Orange_Joker Grey Whale

275 300 350

286 700 350

288 300 360

 296 600 340

42.66 31.68 17.07

12.89 0.57 34.94

31.00 28.59 10.56

30.08 1.85 34.09

55.54 32.25 52.01

61.08 30.44 44.65

117 62.68 96.67

29.04 21.57 11.62

6.94 0.31 18.82
23.14 21.34 7.88
12.89 0.79 14.61

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

0 35.63 24.59
0 92.46 0

96.87 147 87.87

157 197 168
97.73 145 198
96.87 145 87.87
3.00 2.89 3.00
2,389 3,472 1,998

10.83 8.70 11.41

36.89 30 41.35
3.41 3.45 3.62
790 624 832

21.93 39.75 15.99

59.98 110 46.52
 2.74 2.77 2.91
1,599 2,848 1,166

Happy blue Orange_Joker Grey Whale

18.66 37.88 55.25
36.89 30 41.35
0 0 20
42.66 31.68 17.07
12.89 0.57 34.94
0 35.63 24.59

1.10 12.89 18.13

59.98 110 46.52
0 0 20
31.00 28.59 10.56
30.08 1.85 34.09
0 92.46 0

108 108 107

85.01 84.35 83.49

Happy blue Orange_Joker Grey Whale

31,829 19,417 31,313

3,204 2,611 3,597

790 624 832
119 41.02 206

3,499 6,431 2,718

1,599 2,848 1,166
197 44.10 193

2,106 -6,457 4,808

11,515 6,141 13,519
20,314 13,275 17,794
 1,801 1,452 510
1,100 652 370
200 200 200
3,101 2,304 1,080

600 600 600

0 0 0
2,000 2,000 1,020
800 900 1,500
0 781 150
3,400 4,281 3,270
13,813 6,690 13,444

664 999 603

3,547 4,891 5,901
9,602 801 6,940

211 4.50 4.50

1,113 1,580 799
0 2,771 522
8,700 -3,545 5,623
2,523 0 883
6,177 -3,545 4,740

20,650 25,675 22,184

10,641 14,672 17,702
31,291 40,347 39,887

0.00 11,642 2,634

1,308 1,064 2,145
14,498 300 300
47,097 53,353 44,965

2,005 2,000 2,035

250 0 1,484
4,606 2,975 313
6,177 -3,545 4,740
13,038 1,430 8,572
 33,600 15,240 20,320

0 35,692 15,423
0 0 45
459 991 605
34,059 51,923 36,393
47,097 53,353 44,965

13,813 6,690 13,444

-902 -4,346 -1,316
-2,523 0 -883
10,388 2,344 11,244

2,106 -6,457 4,808

-370 -102 -1,698
-16.41 251 304
0 0 5
1,720 -6,308 3,419
12,108 -3,964 14,663

8,040 6,700 10,720

3,198 7,462 17,056
11,238 14,162 27,776
870 -18,126 -13,113

0 0 5,060
0 18,126 7,819
-80.10 0 0
126 0 234
45.96 18,126 13,113
916 0.00 0.00
13,583 300 300
14,498 300 300

Happy blue Orange_Joker Grey Whale

9.74 11.87 3.45
6.28 10.30 3.26
63.82 68.37 56.83
 30.17 4.12 22.16
19.41 -18.26 15.14
22.06 1.78 19.61
34.43 0.67 0.48
27.68 2.68 19.06

8.29 8.49 8.27

9.93 5.42 9.36
121,890 9,239 94,203
8,020 8,000 8,140
0.25 0.25 0.25
15.20 1.15 11.57
0.77 -0.44 0.58
19.73 - 19.87
3.31 10.36 4.49
20.50 -88.65 97.03
6.00 -49.22 -3.58
 Green So cute team
Summary, k EUR
Net Sales 53,989 48,021
EBIT% 30.87 29.72
Cost of goods sold 21,316 19,433
Profit for the year 11,083 9,813
Cumulative Earnings 23,156 20,027

Variable production cost per unit, EUR

Finland Rubbana 118 119
Finland AndyOx 86.70 86.61
USA AndyOx 0 0

Shifts
Finland 3.00 3.00

Cash management, k EUR

Cash and cash equivalents 14,297 47,408
Short-term debt 0 0
Net 14,297 47,408

Promotion and quality assurance expenditures, k EUR

Advertising 1,400 1,150
Customer care 600 600
Quality control 3,000 3,500

Income statement structure

Net Sales 53,989 48,021
Gross Profit 32,673 28,588
Operating profit before depreciation 24,963 20,838
Profit for the Year 11,083 9,813

Profit for the year 11,083 9,813

Deprec. and finance 13,880 11,025
Fixed costs 7,710 7,750
Variable costs 21,316 19,433

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 245 270
USA, USD 245 300
AndyOx
Finland, EUR 290 250
 USA, USD 310 275

Sales/(k units)
Rubbana
Finland 0 20.25
USA 80.00 69.50
AndyOx
Finland 34.29 50.73
USA 91.99 42.85

Sales Total (k units)-Rubbana 80.00 89.75

Sales Total (k units)-AndyOx 126 93.58

Sales to Markets Total (k units) 206 183

Market shares/%
Rubbana/Finland 0 28.23
Rubbana/USA 24.23 21.05
AndyOx/Finland 21.74 32.17
AndyOx/USA 26.55 12.37

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

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

Closing inventory/(k units)

Rubbana 0 0
AndyOx 47.74 0

Production Report
Finland
Buildings capacity, k units 227 180
Building capacity next year, k units 247 380
Machinery capacity, k units 228 180
Production capacity, k units 227 180
Shifts 3.00 3.00
Production wages total, k EUR 7,269 5,478
Rubbana
Persons in production 22.53 24.78
Production volume, k units 80 89.75
Production efficiency, k units/person 3.55 3.62
Share of wages, k EUR 2,245 2,469
AndyOx
Persons in production 50.43 30.20
Production volume, k units 147 89.75
 Production efficiency, k units/person 2.91 2.97
Share of wages, k EUR 5,024 3,009

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 0 0
From production 80 89.75
Additional deliveries 0 0
Deliveries to Finland 0 20.25
Deliveries to USA 80 69.50
Closing inventory 0 0

Rubbana - USA, k units

AndyOx - Finland, k units
Opening inventory 27.13 3.83
From production 147 89.75
Additional deliveries 0 0
Deliveries to Finland 34.29 50.73
Deliveries to USA 91.99 42.85
Closing inventory 47.74 0

AndyOx - USA, k units

Variable production cost per unit, EUR
Finland - Rubbana 118 119
Finland - AndyOx 86.70 86.61

Income Statement (k EUR)

Green So cute team
Net Sales 53,989 48,021
Variable Costs
Rubbana
Purchases of materials and supplies 7,200 8,167
Variable personnel costs 2,245 2,469
Transportation 440 407
AndyOx
Purchases of materials and supplies 7,712 4,764
Variable personnel costs 5,024 3,009
Transportation 547 297

Changes in inventories -1,853 320

Variable costs total 21,316 19,433
Gross Profit 32,673 28,588

Marketing and sales costs

 Advertising 1,400 1,150
Customer care 600 600
Market research 400 400
Marketing and sales costs total 2,400 2,150

Overhead costs
Administration 1,000 1,000
Lay-off costs 0 0
Quality control 3,000 3,500
Cost efficiency improvement 1,000 1,100
Inventory holding costs 310 0
Overhead costs total 5,310 5,600
Operating Profit before Depreciation (EBITDA) 24,963 20,838

Depreciation
Buildings 1,534 1,217
Machinery 6,765 5,349
Operating Profit (EBIT) 16,664 14,272

Financing Income and Expenses

Interest income 185 498
Int.exp. on long-term loans 1,239 949
Int.exp. on short-term loans 0 0
Profit before taxes 15,610 13,821
Direct taxes 4,527 4,008
Profit for the year 11,083 9,813

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 31,832 68,715
Machinery 20,294 16,046
Fixed assets total 52,127 84,762
Current Assets
Finished products inventory 4,139 0.00
Accounts receivable 2,958 13,156
Cash and cash equivalents 14,297 47,408
Assets Total 73,521 145,326

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 3,250
Other restricted equity 0 53,359
Retained earnings 13,381 15,122
Profit for the year 11,083 9,813
Shareholders' equity total 26,464 81,543
Liabilities
Long-term
Long-term debt 46,240 60,240
Short-term
Short-term debt 0 0
Advance payments received 0 0
Accounts payable 817 3,543
Liabilities total 47,057 63,783
Liabilities and equity total 73,521 145,326

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 24,963 20,838
Financing income and expenses -1,054 -451
Direct taxes -4,527 -4,008
Funds from operations total 19,382 16,379
Changes in net working capital
Changes in inventories (incr - / decr +) -1,853 320
Changes in receivables (incr - / decr +) 560 -7,476
Changes in payables (incr. + / decr -) -96.16 2,370
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) -1,389 -4,786
Cash flow from operations 17,993 11,593

Capital expenditure
Buildings 2,680 45,600
Machinery 5,225 5,225
Capital expenditure total 7,905 50,825
Cash flow before financing 10,088 -39,232
Financing
Changes in long-term loans (incr. + / decr. -) 0 30,000
Changes in short-term financing (incr. + / decr. -) 0 0
Dividend payment 0 -400
Proceeds from equity issue 0 54,609
Financing total 0 84,209
Change in liquid assets 10,088 44,976
Liquid assets at 1st January 4,209 2,432
Liquid assets at 31st December 14,297 47,408

Key Ratios
Green So cute team
Sales costs/sales, % 4.45 4.48
Quality control/sales, % 5.56 7.29
Gross margin, % 60.52 59.53
 Operating profit margin, % 30.87 29.72
Net profit, % 20.53 20.44
Return on capital employed, ROCE % 24.81 15.06
Current ratio 31.25 17.09
Equity ratio, % 36.00 56.11

Weighted average cost of capital WACC, % 8.38 8.39

Implied cost of equity, % 9.54 9.98
Market value of company, k EUR 257,760 261,336
Number of shares (k-shares) 8,000 13,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 32.22 20.10
Earnings per share, EUR 1.39 0.75
P/E ratio 23.26 26.63
Long-term borrowing rate, % 2.68 2.10
Total shareholder return this year, % 15.00 13.57
Cumulative total shareholder return, p.a, % 25.33 10.92
Happy blue Orange_Joker Grey Whale

43,445 62,851 34,225

36.99 36.43 30.51
15,591 27,290 12,976
10,766 16,043 6,425
20,401 14,165 8,586

119 119 118

87.67 87.29 86.23
0 0 0

3.00 3.00 2.99

10,757 300 300

0 33,108 20,050
10,757 -32,808 -19,750

802 752 380

600 400 330
2,400 1,800 1,000

43,445 62,851 34,225

27,854 35,561 21,249
21,852 29,939 16,761
10,766 16,043 6,425

10,766 16,043 6,425

11,086 13,896 10,336
6,002 5,622 4,488
15,591 27,290 12,976

Happy blue Orange_Joker Grey Whale

298 260 340

305 245 350

290 278 350

 305 276 340

35.61 0 15.89
19.39 126 35.65

31.42 28.58 12.70

65.58 106 40.19

55.00 126 51.54

97 134 52.88

152 260 104

49.62 0 22.15
5.87 38.05 10.80
19.92 18.12 8.05
18.93 30.55 11.60

0 0 0
0 0 25
15 0 0
0 0 0

0 0 31.05
0 56.96 27.12

152 190 163

252 260 253
153 189 178
152 189 163
3.00 3.00 2.99
4,994 5,984 5,131

15.92 25.68 16.09

55 90 58
3.46 3.50 3.61
1,586 2,558 1,600

34.21 34.39 35.49

97 98.90 105
 2.84 2.88 2.96
3,408 3,426 3,531

Happy blue Orange_Joker Grey Whale

0 35.63 24.59
55 90 58
0 0 0
35.61 0 15.89
19.39 126 35.65
0 0 31.05

0 92.46 0
97 98.90 105
0 0 25
31.42 28.58 12.70
65.58 106 40.19
0 56.96 27.12

119 119 118

87.67 87.29 86.23

Happy blue Orange_Joker Grey Whale

43,445 62,851 34,225

4,953 8,123 5,231

1,586 2,558 1,600
149 691 215

5,096 5,207 5,524

3,408 3,426 3,531
398 616 236

0.00 6,670 -3,361

15,591 27,290 12,976
27,854 35,561 21,249
 802 752 380
600 400 330
400 400 400
1,802 1,552 1,110

1,000 1,000 1,000

0 0 0
2,400 1,800 1,000
800 900 1,000
0 370 378
4,200 4,070 3,378
21,852 29,939 16,761

1,033 1,284 1,109

4,750 5,758 5,209
16,069 22,897 10,443

253 6 6
1,159 533 753
0 1,223 646
15,163 21,148 9,049
4,397 5,105 2,624
10,766 16,043 6,425

48,058 41,291 33,135

14,251 17,274 15,628
62,308 58,565 48,763

0.00 4,972 5,995

1,785 3,444 2,157
10,757 300 300
74,851 67,281 57,215

2,030 2,000 2,040

1,727 0 1,709
10,703 -570 4,239
10,766 16,043 6,425
25,225 17,473 14,413
 48,600 15,240 21,720

0 33,108 20,050
338 0 0
688 1,461 1,031
49,626 49,809 42,802
74,851 67,281 57,215

21,852 29,939 16,761

-906 -1,749 -1,394
-4,397 -5,105 -2,624
16,548 23,085 12,743

0.00 6,670 -3,361

-477 -2,380 -11.92
229 470 426
338 0 -45
89.29 4,759 -2,993
16,638 27,844 9,751

28,440 16,900 12,060

8,360 8,360 3,135
36,800 25,260 15,195
-20,162 2,584 -5,444

15,000 0 1,400
0 -2,584 4,627
-80.20 0 -814
1,501 0 231
16,421 -2,584 5,444
-3,741 0.00 0.00
14,498 300 300
10,757 300 300

Happy blue Orange_Joker Grey Whale

4.15 2.47 3.24
5.52 2.86 2.92
64.11 56.58 62.09
 36.99 36.43 30.51
24.78 25.53 18.77
26.68 38.75 20.78
18.22 0.40 0.69
33.70 25.97 25.19

8.34 8.39 8.37

9.89 9.13 9.22
198,675 121,998 147,719
8,120 8,000 8,160
0.25 0.25 0.25
24.47 15.25 18.10
1.33 2.01 0.79
18.45 7.60 22.99
2.82 3.49 3.58
61.06 1,220 57.36
17.28 4.51 8.72
 Green So cute team
Summary, k EUR
Net Sales 59,933 87,630
EBIT% 33.24 30.03
Cost of goods sold 20,351 35,994
Profit for the year 12,937 17,707
Cumulative Earnings 36,093 37,734

Variable production cost per unit, EUR

Finland Rubbana 124 124
USA Rubbana 0 129

Finland AndyOx 82.34 82.39

USA AndyOx 0 88.05

Shifts
Finland 3 3
USA 0 3

Cash management, k EUR

Cash and cash equivalents 8,598 47,400
Short-term debt 0 0
Net 8,598 47,400

Promotion and quality assurance expenditures, k EUR

Advertising 1,800 1,600
Customer care 700 900
Quality control 3,000 3,500

Income statement structure

Net Sales 59,933 87,630
Gross Profit 39,582 51,637
Operating profit before depreciation 28,154 39,253
Profit for the Year 12,937 17,707

Profit for the year 12,937 17,707

Deprec. and finance 15,217 21,546
Fixed costs 11,428 12,384
Variable costs 20,351 35,994

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 245 250
 USA, USD 245 280
France, EUR 245 240
AndyOx
Finland, EUR 300 250
USA, USD 300 290
France, EUR 300 240

Sales/(k units)
Rubbana
Finland 0 49.50
USA 0 43.31
France 38.54 52.20
AndyOx
Finland 29.04 54.58
USA 103 108
France 43.80 37.29

Sales Total (k units)-Rubbana 38.54 145

Sales Total (k units)-AndyOx 176 200

Sales to Markets Total (k units) 215 345

Market shares/%
Rubbana/Finland 0 50.26
Rubbana/USA 0 15.60
Rubbana/France 24.48 33.16
AndyOx/Finland 18.17 34.15
AndyOx/USA 20.97 21.90
AndyOx/France 17.90 15.24

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

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

Closing inventory/(k units)

Rubbana 0 0
AndyOx 64.39 0

Production Report
Finland
Buildings capacity, k units 236 371
Building capacity next year, k units 236 371
Machinery capacity, k units 231 205
Production capacity, k units 231 205
Shifts 3 3
 Production wages total, k EUR 7,726 6,408
Rubbana
Persons in production 10.69 25.99
Production volume, k units 38.54 95.02
Production efficiency, k units/person 3.60 3.66
Share of wages, k EUR 1,109 2,695
AndyOx
Persons in production 63.81 35.80
Production volume, k units 193 110
Production efficiency, k units/person 3.02 3.06
Share of wages, k EUR 6,617 3,712

USA
Buildings capacity, k units 0 200
Building capacity next year, k units 150 200
Machinery capacity, k units 0 140
Production capacity, k units 0 140
Shifts 0 3
Production wages total, k EUR 0 5,210
Rubbana
Persons in production 0.00 15.34
Production volume, k units 0.00 50
Production efficiency, k units/person 1.41 3.26
Share of wages, k EUR 0 1,653
AndyOx
Persons in production 0 33.01
Production volume, k units 0 90
Production efficiency, k units/person 0 2.73
Share of wages, k EUR 0 3,557

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 0 0
From production 38.54 95.02
Additional deliveries 0 0
Deliveries to Finland 0 49.50
Deliveries to USA 0 0
Deliveries to France 38.54 45.52
Closing inventory 0 0

Rubbana - USA, k units

Opening inventory 0 0
From production 0.00 50
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 0 43.31
Deliveries to France 0.00 6.69
 Closing inventory 0 0

AndyOx - Finland, k units

Opening inventory 47.74 0
From production 193 110
Additional deliveries 0 0
Deliveries to Finland 29.04 54.58
Deliveries to USA 103 17.77
Deliveries to France 43.80 37.29
Closing inventory 64.39 0

AndyOx - USA, k units

Opening inventory 0 0
From production 0 90
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 0 90
Deliveries to France 0 0
Closing inventory 0 0

Variable production cost per unit, EUR

Finland - Rubbana 124 124
Finland - AndyOx 82.34 82.39
USA - Rubbana 0 129
USA - AndyOx 0 88.05

Income Statement (k EUR)

Green So cute team
Net Sales 59,933 87,630
Variable Costs
Rubbana
Purchases of materials and supplies 3,661 13,930
Variable personnel costs 1,109 4,349
Transportation 119 312
AndyOx
Purchases of materials and supplies 9,249 9,689
Variable personnel costs 6,617 7,269
Transportation 759 444

Changes in inventories -1,163 0.00

Variable costs total 20,351 35,994
Gross Profit 39,582 51,637

Marketing and sales costs

Advertising 1,800 1,600
Customer care 700 900
Market research 851 851
 Marketing and sales costs total 3,351 3,351

Overhead costs
Administration 3,633 3,633
Lay-off costs 0 0
Quality control 3,000 3,500
Cost efficiency improvement 1,000 1,900
Inventory holding costs 444 0
Overhead costs total 8,077 9,033
Operating Profit before Depreciation (EBITDA) 28,154 39,253

Depreciation
Buildings 1,592 3,436
Machinery 6,641 9,498
Operating Profit (EBIT) 19,921 26,319

Financing Income and Expenses

Interest income 229 948
Int.exp. on long-term loans 1,929 2,328
Int.exp. on short-term loans 0 0
Profit before taxes 18,221 24,939
Direct taxes 5,284 7,232
Profit for the year 12,937 17,707

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 45,241 65,279
Machinery 19,923 28,494
Fixed assets total 65,164 93,773
Current Assets
Finished products inventory 5,302 0.00
Accounts receivable 3,284 24,008
Cash and cash equivalents 8,598 47,400
Assets Total 82,348 165,181

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 3,250
Other restricted equity 0 53,359
Retained earnings 20,464 24,155
Profit for the year 12,937 17,707
Shareholders' equity total 35,401 98,470

Liabilities
Long-term
Long-term debt 46,240 60,240
 Short-term
Short-term debt 0 0
Advance payments received 0 0
Accounts payable 707 6,471
Liabilities total 46,947 66,711
Liabilities and equity total 82,348 165,181

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 28,154 39,253
Financing income and expenses -1,700 -1,380
Direct taxes -5,284 -7,232
Funds from operations total 21,169 30,641
Changes in net working capital
Changes in inventories (incr - / decr +) -1,163 0.00
Changes in receivables (incr - / decr +) -326 -10,852
Changes in payables (incr. + / decr -) -110 2,928
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) -1,598 -7,924
Cash flow from operations 19,571 22,717

Capital expenditure
Buildings 15,000 0
Machinery 6,270 21,945
Capital expenditure total 21,270 21,945
Cash flow before financing -1,699 772
Financing
Changes in long-term loans (incr. + / decr. -) 0 0
Changes in short-term financing (incr. + / decr. -) 0 0
Dividend payment -4,000 -780
Proceeds from equity issue 0 0
Financing total -4,000 -780
Change in liquid assets -5,699 -8.19
Liquid assets at 1st January 14,297 47,408
Liquid assets at 31st December 8,598 47,400

Key Ratios
Green So cute team
Sales costs/sales, % 5.59 3.82
Quality control/sales, % 5.01 3.99
Gross margin, % 66.04 58.93
Operating profit margin, % 33.24 30.03
Net profit, % 21.59 20.21
Return on capital employed, ROCE % 25.81 17.52
 Current ratio 31.79 11.04
Equity ratio, % 42.99 59.61

Weighted average cost of capital WACC, % 8.30 8.30

Implied cost of equity, % 9.37 9.48
Market value of company, k EUR 230,483 283,732
Number of shares (k-shares) 8,000 13,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 28.81 21.83
Earnings per share, EUR 1.62 1.36
P/E ratio 17.82 16.02
Long-term borrowing rate, % 4.17 3.86
Total shareholder return this year, % -8.90 8.89
Cumulative total shareholder return, p.a, % 17.67 10.51
Happy blue Orange_Joker Grey Whale

105,087 76,043 54,926

35.77 28.01 23.16
42,127 35,332 18,936
25,713 13,956 6,285
46,114 28,121 14,871

125 124 124

128 172 0

83.34 82.64 82.21

87.55 139 0

3.00 2.95 3.00

3 3 0

18,566 2,000 2,000

0 18,440 45,712
18,566 -16,440 -43,712

1,900 1,000 790

1,400 1,650 670
2,400 2,100 1,100

105,087 76,043 54,926

62,959 40,711 35,990
51,128 30,557 26,123
25,713 13,956 6,285

25,713 13,956 6,285

25,415 16,601 19,839
11,831 10,154 9,867
42,127 35,332 18,936

Happy blue Orange_Joker Grey Whale

275 255 320

 280 245 315
275 250 310

275 280 315

280 270 320
270 275 299

33.70 0 15.30
86.48 106 41.81
44.82 0 21.89

38.65 18.81 18.74

109 123 49.29
69.54 58.69 35.34

165 106 79.00

218 200 103

383 306 182

34.22 0 15.53
31.15 38.18 15.06
28.46 0 13.90
24.18 11.77 11.73
22.21 24.90 10.02
28.42 23.99 14.44

15 0 0
0 0 0
0 0 0
0 0 0

0 0 32.05
6.90 0 88.74

244 250 245

394 250 295
245 172 284
244 172 245
3.00 2.95 3.00
 7,942 5,460 7,917

34.23 18.83 22.07

120 67 80
3.51 3.56 3.63
3,549 1,937 2,287

42.36 34.25 54.33

124 102 165
2.94 2.98 3.04
4,393 3,523 5,630

160 80 0
240 80 180
160 80 150
160 80 0
3 3 0
5,936 6,719 0

18.41 27.63 0.00

60 39 0.00
3.26 1.41 3.39
1,984 2,978 0

36.67 34.72 0
100 41 0
2.73 1.18 0
3,952 3,741 0

Happy blue Orange_Joker Grey Whale

0 0 31.05
120 67 80
15 0 0
33.70 0 15.30
26.48 67 41.81
44.82 0 21.89
0 0 32.05

0 0 0
60 39 0.00
0 0 0
0 0 0
60 39 0.00
0 0 0
 0 0 0

0 56.96 27.12
124 102 165
0 0 0
38.65 18.81 18.74
9.31 81.56 49.29
69.54 58.69 35.34
6.90 0 88.74

0 0 0
100 41 0
0 0 0
0 0 0
100 41 0
0 0 0
0 0 0

125 124 124

83.34 82.64 82.21
128 172 0
87.55 139 0

Happy blue Orange_Joker Grey Whale

105,087 76,043 54,926

17,112 10,098 7,614

5,533 4,914 2,287
438 452 325

10,779 6,888 7,934

8,345 7,264 5,630
495 743 413

-575 4,972 -5,267

42,127 35,332 18,936
62,959 40,711 35,990

1,900 1,000 790

1,400 1,650 670
851 851 851
 4,151 3,501 2,311

3,633 3,633 3,633

0 20.09 0.00
2,400 2,100 1,100
1,600 900 1,990
47.59 0 833
7,681 6,653 7,556
51,128 30,557 26,123

2,403 2,065 1,657

11,139 7,192 11,744
37,587 21,300 12,722

293 23 23
1,664 618 1,874
0 1,048 2,019
36,215 19,656 8,852
10,502 5,700 2,567
25,713 13,956 6,285

73,755 39,227 56,178

33,417 21,577 35,233
107,171 60,804 91,412

575 0 11,262
4,319 4,167 3,461
18,566 2,000 2,000
130,631 66,970 108,135

2,530 2,000 2,053

40,490 0 2,597
21,387 15,473 10,664
25,713 13,956 6,285
90,120 31,429 21,598

38,600 15,240 39,420

 0 18,440 45,712
0 0 0
1,910 1,861 1,406
40,510 35,542 86,537
130,631 66,970 108,135

51,128 30,557 26,123

-1,371 -1,644 -3,871
-10,502 -5,700 -2,567
39,255 23,213 19,686

-575 4,972 -5,267

-2,533 -723 -1,304
1,222 401 374
-338 0 0
-2,224 4,650 -6,197
37,031 27,863 13,489

28,100 0 24,700
30,305 11,495 31,350
58,405 11,495 56,050
-21,374 16,368 -42,561

-10,000 0 17,700
0 -14,668 25,661
-81.20 0 0
39,264 0 900
29,183 -14,668 44,261
7,809 1,700 1,700
10,757 300 300
18,566 2,000 2,000

Happy blue Orange_Joker Grey Whale

3.95 4.60 4.21
2.28 2.76 2.00
59.91 53.54 65.53
35.77 28.01 23.16
24.47 18.35 11.44
37.11 32.54 15.62
 12.58 0.30 0.59
68.99 46.93 19.97

8.40 8.30 8.08

8.97 9.40 9.23
386,438 75,356 127,089
10,120 8,000 8,210
0.25 0.25 0.25
38.19 9.42 15.48
2.54 1.74 0.77
15.03 5.40 20.22
3.82 4.06 6.13
56.11 -38.23 -14.49
23.96 -5.36 3.77
 Green So cute team
Summary, k EUR
Net Sales 69,003 108,504
EBIT% 20.11 28.79
Cost of goods sold 26,660 44,694
Profit for the year 8,589 21,294
Cumulative Earnings 44,682 59,028

Variable production cost per unit, EUR

Finland Rubbana 123 124
USA Rubbana 125 123

Finland AndyOx 80.21 81.12

USA AndyOx 83.45 79.57

Shifts
Finland 3 3
USA 3 2.53

Cash management, k EUR

Cash and cash equivalents 2,639 16,570
Short-term debt 0 0
Net 2,639 16,570

Promotion and quality assurance expenditures, k EUR

Advertising 2,000 2,630
Customer care 800 1,400
Quality control 4,000 4,100

Income statement structure

Net Sales 69,003 108,504
Gross Profit 42,344 63,810
Operating profit before depreciation 21,174 42,282
Profit for the Year 8,589 21,294

Profit for the year 8,589 21,294

Deprec. and finance 12,585 20,988
Fixed costs 21,170 21,528
Variable costs 26,660 44,694

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 245 250
 USA, USD 245 280
France, EUR 240 240
AndyOx
Finland, EUR 285 250
USA, USD 285 290
France, EUR 285 240

Sales/(k units)
Rubbana
Finland 0 50.33
USA 40.77 93.80
France 48.36 54.54
AndyOx
Finland 30.66 52.50
USA 103 95.34
France 46.68 89.07

Sales Total (k units)-Rubbana 89.13 199

Sales Total (k units)-AndyOx 181 237

Sales to Markets Total (k units) 270 436

Market shares/%
Rubbana/Finland 0 46.04
Rubbana/USA 11.09 25.52
Rubbana/France 22.29 25.13
AndyOx/Finland 17.21 29.47
AndyOx/USA 20.33 18.76
AndyOx/France 15.31 29.21

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

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

Closing inventory/(k units)

Rubbana 0 0
AndyOx 168 76.42

Production Report
Finland
Buildings capacity, k units 224 352
Building capacity next year, k units 224 352
Machinery capacity, k units 257 374
Production capacity, k units 224 352
Shifts 3 3
 Production wages total, k EUR 7,024 10,814
Rubbana
Persons in production 10.38 37.23
Production volume, k units 39.13 139
Production efficiency, k units/person 3.77 3.72
Share of wages, k EUR 1,077 3,861
AndyOx
Persons in production 57.35 67.05
Production volume, k units 185 213
Production efficiency, k units/person 3.22 3.18
Share of wages, k EUR 5,947 6,953

USA
Buildings capacity, k units 150 190
Building capacity next year, k units 150 190
Machinery capacity, k units 150 279
Production capacity, k units 150 190
Shifts 3 2.53
Production wages total, k EUR 5,058 4,694
Rubbana
Persons in production 14.04 16.37
Production volume, k units 50 60
Production efficiency, k units/person 3.56 3.67
Share of wages, k EUR 1,513 1,590
AndyOx
Persons in production 32.89 31.94
Production volume, k units 100 100
Production efficiency, k units/person 3.04 3.13
Share of wages, k EUR 3,545 3,104

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 0 0
From production 39.13 139
Additional deliveries 0 0
Deliveries to Finland 0 50.33
Deliveries to USA 0 33.80
Deliveries to France 39.13 54.54
Closing inventory 0 0

Rubbana - USA, k units

Opening inventory 0 0
From production 50 60
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 40.77 60
Deliveries to France 9.23 0
 Closing inventory 0 0

AndyOx - Finland, k units

Opening inventory 64.39 0
From production 185 213
Additional deliveries 0 0
Deliveries to Finland 30.66 52.50
Deliveries to USA 3.33 0
Deliveries to France 46.68 86.56
Closing inventory 168 74.27

AndyOx - USA, k units

Opening inventory 0 0
From production 100 100
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 100 95.34
Deliveries to France 0 2.51
Closing inventory 0 2.15

Variable production cost per unit, EUR

Finland - Rubbana 123 124
Finland - AndyOx 80.21 81.12
USA - Rubbana 125 123
USA - AndyOx 83.45 79.57

Income Statement (k EUR)

Green So cute team
Net Sales 69,003 108,504
Variable Costs
Rubbana
Purchases of materials and supplies 8,468 19,083
Variable personnel costs 2,590 5,451
Transportation 251 553
AndyOx
Purchases of materials and supplies 13,664 15,207
Variable personnel costs 9,492 10,056
Transportation 399 539

Changes in inventories -8,204 -6,196

Variable costs total 26,660 44,694
Gross Profit 42,344 63,810

Marketing and sales costs

Advertising 2,000 2,630
Customer care 800 1,400
Market research 1,367 1,367
 Marketing and sales costs total 4,167 5,397

Overhead costs
Administration 9,074 9,074
Lay-off costs 0 0
Quality control 4,000 4,100
Cost efficiency improvement 2,700 2,400
Inventory holding costs 1,229 558
Overhead costs total 17,003 16,132
Operating Profit before Depreciation (EBITDA) 21,174 42,282

Depreciation
Buildings 2,262 3,264
Machinery 5,036 7,784
Operating Profit (EBIT) 13,876 31,234

Financing Income and Expenses

Interest income 84.28 480
Int.exp. on long-term loans 1,864 1,722
Int.exp. on short-term loans 0 0
Profit before taxes 12,097 29,992
Direct taxes 3,508 8,698
Profit for the year 8,589 21,294

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 42,979 62,015
Machinery 28,537 44,110
Fixed assets total 71,516 106,125
Current Assets
Finished products inventory 13,506 6,196
Accounts receivable 3,781 29,727
Cash and cash equivalents 2,639 16,570
Assets Total 91,442 158,619

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 3,250
Other restricted equity 0 53,359
Retained earnings 33,401 41,082
Profit for the year 8,589 21,294
Shareholders' equity total 43,990 118,984

Liabilities
Long-term
Long-term debt 46,240 30,240
 Short-term
Short-term debt 0 0
Advance payments received 0 0
Accounts payable 1,213 9,395
Liabilities total 47,453 39,635
Liabilities and equity total 91,442 158,619

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 21,174 42,282
Financing income and expenses -1,779 -1,242
Direct taxes -3,508 -8,698
Funds from operations total 15,887 32,342
Changes in net working capital
Changes in inventories (incr - / decr +) -8,204 -6,196
Changes in receivables (incr - / decr +) -497 -5,719
Changes in payables (incr. + / decr -) 505 2,923
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) -8,195 -8,992
Cash flow from operations 7,691 23,350

Capital expenditure
Buildings 0 0
Machinery 13,650 23,400
Capital expenditure total 13,650 23,400
Cash flow before financing -5,959 -49.61
Financing
Changes in long-term loans (incr. + / decr. -) 0 -30,000
Changes in short-term financing (incr. + / decr. -) 0 0
Dividend payment 0 -780
Proceeds from equity issue 0 0
Financing total 0 -30,780
Change in liquid assets -5,959 -30,830
Liquid assets at 1st January 8,598 47,400
Liquid assets at 31st December 2,639 16,570

Key Ratios
Green So cute team
Sales costs/sales, % 6.04 4.97
Quality control/sales, % 5.80 3.78
Gross margin, % 61.36 58.81
Operating profit margin, % 20.11 28.79
Net profit, % 12.45 19.63
Return on capital employed, ROCE % 16.15 20.29
 Current ratio 27.57 6.25
Equity ratio, % 48.11 75.01

Weighted average cost of capital WACC, % 8.24 8.41

Implied cost of equity, % 9.75 8.90
Market value of company, k EUR 164,752 358,759
Number of shares (k-shares) 8,000 13,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 20.59 27.60
Earnings per share, EUR 1.07 1.64
P/E ratio 19.18 16.85
Long-term borrowing rate, % 4.03 3.81
Total shareholder return this year, % -28.52 26.74
Cumulative total shareholder return, p.a, % 8.67 13.05
Happy blue Orange_Joker Grey Whale

112,216 72,718 67,292

29.54 27.36 22.64
45,865 28,410 26,484
22,707 12,226 7,820
68,821 40,347 22,691

124 124 122

126 127 125

82.17 81.74 79.09

84.06 85.29 82.95

3.00 3.00 2.67

3 3 3

9,765 2,000 2,000

0 68,215 26,154
9,765 -66,215 -24,154

3,106 1,050 1,112

2,500 1,400 1,010
2,800 2,700 1,140

112,216 72,718 67,292

66,351 44,308 40,808
44,574 26,071 23,428
22,707 12,226 7,820

22,707 12,226 7,820

21,866 13,845 15,608
21,778 18,237 17,380
45,865 28,410 26,484

Happy blue Orange_Joker Grey Whale

275 265 295

 280 265 275
260 260 295

275 265 285

270 270 280
265 275 280

37.50 0 21.48
111 48.33 73.48
51.04 38.67 24.41

36.10 35.31 23.59

130 110 69.97
73.21 55.40 40.56

200 87 119
239 201 134

439 288 253

34.31 0 19.65
30.24 13.15 19.99
23.52 17.82 11.25
20.26 19.82 13.24
25.53 21.61 13.77
24.01 18.17 13.30

0 0 0
0 0 0
0 0 30
0 0 5

146 0 26.98
35.87 24.33 193

382 238 283

382 388 283
388 236 241
382 236 241
3.00 3.00 2.67
 11,822 7,664 6,327

69.21 14.95 20.46

246 54 75
3.56 3.61 3.67
7,177 1,551 1,986

44.79 58.96 44.71

136 182 140
3.04 3.08 3.13
4,644 6,114 4,340

232 76 180
232 276 190
236 78 138
232 76 138
3 3 3
7,833 2,645 4,593

28.55 9.72 10.85

100 33 39.29
3.50 3.40 3.62
3,077 1,047 1,170

44.13 14.83 31.77

132 43 98.21
2.99 2.90 3.09
4,756 1,598 3,424

Happy blue Orange_Joker Grey Whale

0 0 32.05
246 54 75
0 0 0
37.50 0 21.48
11.12 15.33 34.19
51.04 38.67 24.41
146 0 26.98

0 0 0
100 33 39.29
0 0 0
0 0 0
100 33 39.29
0 0 0
 0 0 0

6.90 0 88.74
136 182 140
0 0 0
36.10 35.31 23.59
0 66.85 0
71.72 55.40 35.65
35.15 24.33 170

0 0 0
132 43 98.21
0 0 0
0 0 0
130 43 69.97
1.49 0 4.91
0.73 0 23.33

124 124 122

82.17 81.74 79.09
126 127 125
84.06 85.29 82.95

Happy blue Orange_Joker Grey Whale

112,216 72,718 67,292

32,906 8,288 10,877

10,254 2,598 3,156
468 277 382

12,876 10,825 11,455

9,400 7,712 7,764
531 699 303

-20,570 -1,989 -7,454

45,865 28,410 26,484
66,351 44,308 40,808

3,106 1,050 1,112

2,500 1,400 1,010
1,367 1,367 1,367
 6,973 3,817 3,489

9,074 9,074 9,074

0 669 73.10
2,800 2,700 1,140
1,600 1,800 2,000
1,331 178 1,605
14,805 14,421 13,891
44,574 26,071 23,428

3,688 1,961 2,809

7,743 4,212 5,383
33,143 19,898 15,236

212 30 30
1,374 703 2,383
0 2,005 1,869
31,982 17,220 11,014
9,275 4,994 3,194
22,707 12,226 7,820

70,067 97,365 54,920

43,874 23,865 30,501
113,941 121,231 85,420

21,145 1,989 18,716

4,612 3,985 4,240
9,765 2,000 2,000
149,462 129,204 110,376

2,530 2,000 2,058

40,490 0 2,900
46,999 29,429 16,949
22,707 12,226 7,820
112,727 43,655 29,726

33,600 15,240 52,420

 0 68,215 26,154
0 0 57
3,136 2,095 2,019
36,736 85,549 80,650
149,462 129,204 110,376

44,574 26,071 23,428

-1,161 -2,678 -4,222
-9,275 -4,994 -3,194
34,138 18,399 16,011

-20,570 -1,989 -7,454

-293 182 -779
1,225 233 613
0 0 57
-19,638 -1,574 -7,563
14,500 16,825 8,449

0 60,100 1,550
18,200 6,500 650
18,200 66,600 2,200
-3,700 -49,775 6,249

-5,000 0 13,000
0 49,775 -19,558
-101 0 0
0 0 309
-5,101 49,775 -6,249
-8,801 0 0.00
18,566 2,000 2,000
9,765 2,000 2,000

Happy blue Orange_Joker Grey Whale

6.21 5.25 5.18
2.50 3.71 1.69
59.13 60.93 60.64
29.54 27.36 22.64
20.24 16.81 11.62
24.10 20.70 14.17
 18.07 0.14 1.55
75.42 33.79 26.93

8.41 8.39 8.06

8.90 8.86 9.89
398,211 163,963 125,158
10,120 8,000 8,230
0.25 0.25 0.25
39.35 20.50 15.21
2.24 1.53 0.95
17.54 13.41 16.00
3.81 4.61 5.19
3.07 118 -1.76
20.23 8.10 2.89
 Green So cute team
Summary, k EUR
Net Sales 67,547 122,380
EBIT% 20.33 26.10
Cost of goods sold 28,425 56,351
Profit for the year 8,199 23,661
Cumulative Earnings 52,881 82,689

Variable production cost per unit, EUR

Finland Rubbana 123 125
USA Rubbana 125 125

Finland AndyOx 77.93 79.01

USA AndyOx 79.74 80.03

Shifts
Finland 3.00 3
USA 3 3

Cash management, k EUR

Cash and cash equivalents 2,000 19,370
Short-term debt 27,593 0
Net -25,593 19,370

Promotion and quality assurance expenditures, k EUR

Advertising 1,300 4,800
Customer care 1,000 2,500
Quality control 3,000 4,100

Income statement structure

Net Sales 67,547 122,380
Gross Profit 39,122 66,029
Operating profit before depreciation 20,328 41,664
Profit for the Year 8,199 23,661

Profit for the year 8,199 23,661

Deprec. and finance 12,128 18,004
Fixed costs 18,794 24,364
Variable costs 28,425 56,351

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 240 240
 USA, USD 240 240
France, EUR 235 240
AndyOx
Finland, EUR 235 240
USA, USD 235 240
France, EUR 260 240

Sales/(k units)
Rubbana
Finland 34.79 50.75
USA 5.69 131
France 52.47 67.74
AndyOx
Finland 37.07 55.11
USA 108 152
France 56.04 88.14

Sales Total (k units)-Rubbana 92.94 249

Sales Total (k units)-AndyOx 202 295

Sales to Markets Total (k units) 295 544

Market shares/%
Rubbana/Finland 18.69 27.26
Rubbana/USA 1.41 32.46
Rubbana/France 20.97 27.08
AndyOx/Finland 18.33 27.25
AndyOx/USA 19.38 27.13
AndyOx/France 16.21 25.49

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

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

Closing inventory/(k units)

Rubbana 0 0
AndyOx 229 30.50

Production Report
Finland
Buildings capacity, k units 213 334
Building capacity next year, k units 313 334
Machinery capacity, k units 218 318
Production capacity, k units 213 318
Shifts 3.00 3
 Production wages total, k EUR 6,390 9,424
Rubbana
Persons in production 13.43 42.61
Production volume, k units 51.03 159
Production efficiency, k units/person 3.80 3.73
Share of wages, k EUR 1,393 4,419
AndyOx
Persons in production 48.19 48.27
Production volume, k units 162 159
Production efficiency, k units/person 3.35 3.29
Share of wages, k EUR 4,997 5,005

USA
Buildings capacity, k units 143 181
Building capacity next year, k units 203 181
Machinery capacity, k units 148 237
Production capacity, k units 143 181
Shifts 3 3
Production wages total, k EUR 4,488 5,489
Rubbana
Persons in production 11.08 23.70
Production volume, k units 41.91 90.25
Production efficiency, k units/person 3.78 3.81
Share of wages, k EUR 1,195 2,554
AndyOx
Persons in production 30.56 27.23
Production volume, k units 101 90.25
Production efficiency, k units/person 3.29 3.31
Share of wages, k EUR 3,293 2,934

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 0 0
From production 51.03 159
Additional deliveries 0 0
Deliveries to Finland 34.79 50.75
Deliveries to USA 0 40.45
Deliveries to France 16.24 67.74
Closing inventory 0 0

Rubbana - USA, k units

Opening inventory 0 0
From production 41.91 90.25
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 5.69 90.25
Deliveries to France 36.23 0
 Closing inventory 0 0

AndyOx - Finland, k units

Opening inventory 168 74.27
From production 162 159
Additional deliveries 0 0
Deliveries to Finland 37.07 55.11
Deliveries to USA 7.88 59.45
Deliveries to France 56.04 88.14
Closing inventory 229 30.50

AndyOx - USA, k units

Opening inventory 0 2.15
From production 101 90.25
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 101 92.40
Deliveries to France 0 0
Closing inventory 0 0

Variable production cost per unit, EUR

Finland - Rubbana 123 125
Finland - AndyOx 77.93 79.01
USA - Rubbana 125 125
USA - AndyOx 79.74 80.03

Income Statement (k EUR)

Green So cute team
Net Sales 67,547 122,380
Variable Costs
Rubbana
Purchases of materials and supplies 8,922 24,188
Variable personnel costs 2,588 6,973
Transportation 325 713
AndyOx
Purchases of materials and supplies 12,322 11,842
Variable personnel costs 8,290 7,939
Transportation 469 910

Changes in inventories -4,492 3,786

Variable costs total 28,425 56,351
Gross Profit 39,122 66,029

Marketing and sales costs

Advertising 1,300 4,800
Customer care 1,000 2,500
Market research 1,387 1,387
 Marketing and sales costs total 3,687 8,687

Overhead costs
Administration 9,074 9,074
Lay-off costs 12.65 60.61
Quality control 3,000 4,100
Cost efficiency improvement 2,700 2,400
Inventory holding costs 321 42.70
Overhead costs total 15,107 15,677
Operating Profit before Depreciation (EBITDA) 20,328 41,664

Depreciation
Buildings 2,149 3,101
Machinery 4,446 6,616
Operating Profit (EBIT) 13,732 31,947

Financing Income and Expenses

Interest income 23.20 180
Int.exp. on long-term loans 2,173 579
Int.exp. on short-term loans 650 0
Profit before taxes 10,933 31,548
Direct taxes 2,733 7,887
Profit for the year 8,199 23,661

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 62,290 58,915
Machinery 25,197 37,493
Fixed assets total 87,486 96,408
Current Assets
Finished products inventory 17,998 2,410
Accounts receivable 3,701 33,529
Cash and cash equivalents 2,000 19,370
Assets Total 111,186 151,716

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 3,250
Other restricted equity 0 53,359
Retained earnings 25,990 61,336
Profit for the year 8,199 23,661
Shareholders' equity total 36,189 141,605

Liabilities
Long-term
Long-term debt 46,240 240
 Short-term
Short-term debt 27,593 0
Advance payments received 0 0
Accounts payable 1,164 9,871
Liabilities total 74,997 10,111
Liabilities and equity total 111,186 151,716

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 20,328 41,664
Financing income and expenses -2,800 -399
Direct taxes -2,733 -7,887
Funds from operations total 14,795 33,378
Changes in net working capital
Changes in inventories (incr - / decr +) -4,492 3,786
Changes in receivables (incr - / decr +) 79.81 -3,802
Changes in payables (incr. + / decr -) -48.63 476
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) -4,461 461
Cash flow from operations 10,334 33,839

Capital expenditure
Buildings 21,460 0
Machinery 1,106 0
Capital expenditure total 22,566 0
Cash flow before financing -12,232 33,839
Financing
Changes in long-term loans (incr. + / decr. -) 0 -30,000
Changes in short-term financing (incr. + / decr. -) 27,593 0
Dividend payment -16,000 -1,040
Proceeds from equity issue 0 0
Financing total 11,593 -31,040
Change in liquid assets -639 2,799
Liquid assets at 1st January 2,639 16,570
Liquid assets at 31st December 2,000 19,370

Key Ratios
Green So cute team
Sales costs/sales, % 5.46 7.10
Quality control/sales, % 4.44 3.35
Gross margin, % 57.92 53.95
Operating profit margin, % 20.33 26.10
Net profit, % 12.14 19.33
Return on capital employed, ROCE % 13.72 21.95
 Current ratio 1.45 5.85
Equity ratio, % 32.55 93.34

Weighted average cost of capital WACC, % 8.18 8.50

Implied cost of equity, % 9.90 8.50
Market value of company, k EUR 125,793 394,693
Number of shares (k-shares) 8,000 13,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 15.72 30.36
Earnings per share, EUR 1.02 1.82
P/E ratio 15.34 16.68
Long-term borrowing rate, % 4.70 3.80
Total shareholder return this year, % -13.11 10.33
Cumulative total shareholder return, p.a, % 5.48 12.65
Happy blue Orange_Joker Grey Whale

104,365 92,690 62,439

24.97 20.85 13.04
44,972 42,072 30,302
18,764 11,311 3,363
87,586 51,658 26,054

125 125 125

125 126 119

79.42 79.65 79.17

80.47 81.17 73.28

3 3.00 3
3 3 2.14

18,161 2,000 2,000

0 86,500 20,558
18,161 -84,500 -18,558

3,200 2,350 1,090

1,700 2,100 1,010
5,000 2,700 1,140

104,365 92,690 62,439

59,393 50,618 32,137
36,561 30,845 16,041
18,764 11,311 3,363

18,764 11,311 3,363

17,797 19,534 12,678
22,832 19,772 16,096
44,972 42,072 30,302

Happy blue Orange_Joker Grey Whale

258 240 260

 258 240 250
258 235 270

248 245 250

248 265 240
248 235 260

36.69 40.08 23.87

103 101 62.54
49.98 51.37 28.60

41.31 42.22 26.53

132 88.23 79.32
79.37 80.48 41.74

190 192 115

252 211 148

442 403 263

19.71 21.53 12.82

25.61 24.98 15.53
19.98 20.54 11.43
20.43 20.88 13.12
23.55 15.76 14.17
22.96 23.27 12.07

0 0 30
0 0 5
0 0 0
0 0 0

187 78.75 0
134 179 264

363 376 269

363 376 269
360 371 215
360 371 215
3 3.00 3
 11,167 11,438 6,616

35.85 44.05 20.49

130 159 75.00
3.63 3.61 3.66
3,717 4,567 2,124

71.84 66.27 43.32

230 211 140
3.20 3.19 3.23
7,449 6,871 4,492

220 272 181

220 272 181
221 266 177
220 266 177
3 3 2.14
6,936 8,572 3,165

27.01 30.71 11.52

100.00 112 43.04
3.70 3.64 3.74
2,910 3,310 981

37.35 48.83 25.63

120 155 83.34
3.22 3.17 3.25
4,025 5,262 2,183

Happy blue Orange_Joker Grey Whale

146 0 26.98
130 159 75.00
0 0 30
36.69 40.08 23.87
3.12 0 19.50
49.98 46.99 28.60
187 72.03 0

0 0 0
100.00 112 43.04
0 0 0
0 0 0
100.00 101 43.04
0 4.38 0
 0 6.72 0

35.15 24.33 170

230 211 140
0 0 5
41.31 42.22 26.53
10.65 0 0
79.37 59.92 38.00
134 134 240

0.73 0 23.33
120 155 83.34
0 0 0
0 0 0
121 88.23 79.32
0 20.56 3.74
0 45.81 23.61

125 125 125

79.42 79.65 79.17
125 126 119
80.47 81.17 73.28

Happy blue Orange_Joker Grey Whale

104,365 92,690 62,439

22,095 26,069 11,352

6,628 7,877 3,106
418 420 329

16,480 17,245 10,516

11,475 12,133 6,675
606 538 329

-12,729 -22,210 -2,005

44,972 42,072 30,302
59,393 50,618 32,137

3,200 2,350 1,090

1,700 2,100 1,010
1,387 1,387 1,387
 6,287 5,837 3,487

9,074 9,074 9,074

22.35 0 25.64
5,000 2,700 1,140
2,000 1,800 2,000
449 361 369
16,545 13,935 12,608
36,561 30,845 16,041

3,503 4,868 2,746

6,996 6,649 5,156
26,062 19,328 8,139

140 20 20
1,182 701 2,540
0 3,566 1,135
25,019 15,081 4,485
6,255 3,770 1,121
18,764 11,311 3,363

66,564 92,497 52,174

39,643 37,677 29,216
106,207 130,174 81,390

33,874 24,199 20,720

4,289 5,079 3,935
18,161 2,000 2,000
162,531 161,452 108,045

2,530 2,000 2,058

40,490 0 2,900
69,504 41,655 24,769
18,764 11,311 3,363
131,289 54,966 33,090

28,600 15,240 52,420

 0 86,500 20,558
0 0 0
2,642 4,747 1,977
31,242 106,487 74,955
162,531 161,452 108,045

36,561 30,845 16,041

-1,043 -4,247 -3,655
-6,255 -3,770 -1,121
29,264 22,828 11,265

-12,729 -22,210 -2,005

323 -1,094 306
-494 2,652 -41.95
0 0 -57
-12,900 -20,652 -1,798
16,363 2,176 9,467

0 0 0
2,765 20,461 3,871
2,765 20,461 3,871
13,598 -18,285 5,596

-5,000 0 0
0 18,285 -5,596
-202 0 0
0 0 0
-5,202 18,285 -5,596
8,396 0.00 0.00
9,765 2,000 2,000
18,161 2,000 2,000

Happy blue Orange_Joker Grey Whale

6.02 6.30 5.59
4.79 2.91 1.83
56.91 54.61 51.47
24.97 20.85 13.04
17.98 12.20 5.39
17.02 13.62 7.59
 34.14 0.61 2.10
80.78 34.04 30.63

8.43 8.39 8.04

8.87 8.91 10.72
363,460 143,710 86,235
10,120 8,000 8,230
0.25 0.25 0.25
35.92 17.96 10.48
1.85 1.41 0.41
19.37 12.71 25.64
3.80 4.60 4.85
-8.67 -12.35 -31.10
15.67 5.03 -2.54
 Green So cute team
Summary, k EUR
Net Sales 69,721 92,598
EBIT% 16.26 18.15
Cost of goods sold 32,084 38,606
Profit for the year 6,147 12,771
Cumulative Earnings 59,029 95,460

Variable production cost per unit, EUR

Finland Rubbana 122 118
USA Rubbana 125 126

Finland AndyOx 72.95 68.49

USA AndyOx 77.22 77.52

Shifts
Finland 2.54 1.89
USA 3 2.97

Cash management, k EUR

Cash and cash equivalents 2,000 27,592
Short-term debt 23,213 0
Net -21,213 27,592

Promotion and quality assurance expenditures, k EUR

Advertising 1,300 5,980
Customer care 1,000 2,900
Quality control 3,000 4,600

Income statement structure

Net Sales 69,721 92,598
Gross Profit 37,636 53,992
Operating profit before depreciation 18,708 27,106
Profit for the Year 6,147 12,771

Profit for the year 6,147 12,771

Deprec. and finance 12,560 14,335
Fixed costs 18,929 26,886
Variable costs 32,084 38,606

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 240 280
 USA, USD 240 240
France, EUR 235 260
AndyOx
Finland, EUR 235 280
USA, USD 235 240
France, EUR 235 260

Sales/(k units)
Rubbana
Finland 30.42 35.59
USA 67.33 90.85
France 40.74 43.56
AndyOx
Finland 32.73 40.67
USA 85.88 122
France 64.08 67.47

Sales Total (k units)-Rubbana 138 170

Sales Total (k units)-AndyOx 183 231

Sales to Markets Total (k units) 321 401

Market shares/%
Rubbana/Finland 13.93 16.30
Rubbana/USA 13.59 18.33
Rubbana/France 16.38 17.51
AndyOx/Finland 13.25 16.47
AndyOx/USA 14.61 20.81
AndyOx/France 16.50 17.37

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

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

Closing inventory/(k units)

Rubbana 58.38 0.00
AndyOx 225 0

Production Report
Finland
Buildings capacity, k units 302 318
Building capacity next year, k units 302 518
Machinery capacity, k units 295 470
Production capacity, k units 295 318
Shifts 2.54 1.89
 Production wages total, k EUR 6,369 4,208
Rubbana
Persons in production 42.02 26.80
Production volume, k units 160 100
Production efficiency, k units/person 3.81 3.73
Share of wages, k EUR 3,943 2,010
AndyOx
Persons in production 25.85 29.31
Production volume, k units 90 100
Production efficiency, k units/person 3.48 3.41
Share of wages, k EUR 2,426 2,198

USA
Buildings capacity, k units 195 171
Building capacity next year, k units 195 371
Machinery capacity, k units 125 402
Production capacity, k units 125 171
Shifts 3 2.97
Production wages total, k EUR 3,784 5,026
Rubbana
Persons in production 9.47 17.94
Production volume, k units 36.88 70
Production efficiency, k units/person 3.89 3.90
Share of wages, k EUR 1,021 1,924
AndyOx
Persons in production 25.64 28.91
Production volume, k units 88.50 100
Production efficiency, k units/person 3.45 3.46
Share of wages, k EUR 2,763 3,101

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 0 0
From production 160 100
Additional deliveries 0 0
Deliveries to Finland 30.42 35.59
Deliveries to USA 30.46 20.85
Deliveries to France 40.74 43.56
Closing inventory 58.38 0.00

Rubbana - USA, k units

Opening inventory 0 0
From production 36.88 70
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 36.88 70
Deliveries to France 0 0
 Closing inventory 0 0

AndyOx - Finland, k units

Opening inventory 229 30.50
From production 90 100
Additional deliveries 0 0
Deliveries to Finland 32.73 40.67
Deliveries to USA 0 22.36
Deliveries to France 63.50 67.47
Closing inventory 223 0

AndyOx - USA, k units

Opening inventory 0 0
From production 88.50 100
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 85.88 100
Deliveries to France 0.58 0
Closing inventory 2.04 0

Variable production cost per unit, EUR

Finland - Rubbana 122 118
Finland - AndyOx 72.95 68.49
USA - Rubbana 125 126
USA - AndyOx 77.22 77.52

Income Statement (k EUR)

Green So cute team
Net Sales 69,721 92,598
Variable Costs
Rubbana
Purchases of materials and supplies 19,097 16,673
Variable personnel costs 4,964 3,934
Transportation 408 423
AndyOx
Purchases of materials and supplies 8,211 9,302
Variable personnel costs 5,189 5,299
Transportation 389 564

Changes in inventories -6,173 2,410

Variable costs total 32,084 38,606
Gross Profit 37,636 53,992

Marketing and sales costs

Advertising 1,300 5,980
Customer care 1,000 2,900
Market research 1,408 1,408
 Marketing and sales costs total 3,708 10,288

Overhead costs
Administration 9,074 9,074
Lay-off costs 50.25 524
Quality control 3,000 4,600
Cost efficiency improvement 2,700 2,400
Inventory holding costs 396 0.00
Overhead costs total 15,220 16,598
Operating Profit before Depreciation (EBITDA) 18,708 27,106

Depreciation
Buildings 3,114 2,946
Machinery 4,256 7,358
Operating Profit (EBIT) 11,337 16,803

Financing Income and Expenses

Interest income 20 235
Int.exp. on long-term loans 2,038 9.12
Int.exp. on short-term loans 1,123 0
Profit before taxes 8,197 17,028
Direct taxes 2,049 4,257
Profit for the year 6,147 12,771

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 59,175 93,969
Machinery 24,119 41,695
Fixed assets total 83,295 135,664
Current Assets
Finished products inventory 24,171 0.00
Accounts receivable 3,820 25,369
Cash and cash equivalents 2,000 27,592
Assets Total 113,286 188,625

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 3,500
Other restricted equity 0 81,301
Retained earnings 34,189 83,697
Profit for the year 6,147 12,771
Shareholders' equity total 42,337 181,269

Liabilities
Long-term
Long-term debt 46,240 240
 Short-term
Short-term debt 23,213 0
Advance payments received 0 0
Accounts payable 1,496 7,117
Liabilities total 70,949 7,357
Liabilities and equity total 113,286 188,625

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 18,708 27,106
Financing income and expenses -3,140 226
Direct taxes -2,049 -4,257
Funds from operations total 13,518 23,075
Changes in net working capital
Changes in inventories (incr - / decr +) -6,173 2,410
Changes in receivables (incr - / decr +) -119 8,159
Changes in payables (incr. + / decr -) 332 -2,754
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) -5,960 7,815
Cash flow from operations 7,558 30,890

Capital expenditure
Buildings 0 38,000
Machinery 3,179 11,560
Capital expenditure total 3,179 49,560
Cash flow before financing 4,379 -18,670
Financing
Changes in long-term loans (incr. + / decr. -) 0 0
Changes in short-term financing (incr. + / decr. -) -4,379 0
Dividend payment 0 -1,300
Proceeds from equity issue 0 28,192
Financing total -4,379 26,892
Change in liquid assets 0.00 8,222
Liquid assets at 1st January 2,000 19,370
Liquid assets at 31st December 2,000 27,592

Key Ratios
Green So cute team
Sales costs/sales, % 5.32 11.11
Quality control/sales, % 4.30 4.97
Gross margin, % 53.98 58.31
Operating profit margin, % 16.26 18.15
Net profit, % 8.82 13.79
Return on capital employed, ROCE % 10.22 10.39
 Current ratio 2.19 7.44
Equity ratio, % 37.37 96.10

Weighted average cost of capital WACC, % 8.13 8.50

Implied cost of equity, % 10.55 8.50
Market value of company, k EUR 92,253 344,892
Number of shares (k-shares) 8,000 14,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 11.53 24.64
Earnings per share, EUR 0.77 0.91
P/E ratio 15.01 27.01
Long-term borrowing rate, % 4.41 3.80
Total shareholder return this year, % -26.66 -18.50
Cumulative total shareholder return, p.a, % 1.89 8.23
Happy blue Orange_Joker Grey Whale

127,857 116,114 58,201

19.48 15.04 12.03
60,545 61,373 27,238
18,221 10,170 2,290
105,807 61,828 28,344

125 126 125

125 126 125

77.12 77.39 77.03

77.93 78.61 77.86

3.00 3 2.99
3.00 3.00 2.99

38,006 2,000 2,000

0 34,264 13,709
38,006 -32,264 -11,709

6,005 5,400 1,098

6,000 5,400 1,000
8,000 3,200 1,420

127,857 116,114 58,201

67,312 54,741 30,962
34,446 27,742 14,383
18,221 10,170 2,290

18,221 10,170 2,290

16,225 17,572 12,094
32,866 26,999 16,579
60,545 61,373 27,238

Happy blue Orange_Joker Grey Whale

222 200 245

 238 200 235
222 220 245

228 210 232

238 225 225
228 235 240

62.82 63.27 26.19

121 155 61.46
71.68 63.95 28.80

72.63 71.21 29.79

156 144 79.54
117 93.73 45.98

256 282 116

346 309 155

602 591 272

28.78 28.99 12.00

24.44 31.24 12.40
28.82 25.71 11.58
29.40 28.83 12.06
26.62 24.43 13.53
30.16 24.13 11.84

0 0 0
0 0 0
0 0 50
0 0 0

166 46.68 186

105 162 228

345 357 255

345 357 255
346 315 253
345 315 253
3.00 3 2.99
 10,338 9,406 7,237

39.72 41.17 57.94

145 150 212
3.65 3.64 3.66
4,119 4,270 5,999

59.97 49.54 11.96

200 165 40
3.33 3.33 3.35
6,219 5,137 1,238

209 259 172

209 259 172
208 226 170
208 226 170
3.00 3.00 2.99
6,293 6,946 5,077

23.62 26.64 23.55

90 100 90
3.81 3.75 3.82
2,545 2,869 2,535

34.78 37.86 23.61

118 126 80
3.38 3.33 3.39
3,748 4,077 2,542

Happy blue Orange_Joker Grey Whale

187 72.03 0
145 150 212
0 0 0
62.82 63.27 26.19
31.16 48.12 0
71.68 63.95 24.97
166 46.68 161

0 6.72 0
90 100 90
0 0 0
0 0 0
90 107 61.46
0 0 3.83
 0 0 24.70

134 134 240

200 165 40
0 0 0
72.63 71.21 29.79
38.99 0 0
117 83.39 41.94
105 144 208

0 45.81 23.61
118 126 80
0 0 0
0 0 0
118 144 79.54
0 10.34 4.03
0 17.83 20.03

125 126 125

77.12 77.39 77.03
125 126 125
77.93 78.61 77.86

Happy blue Orange_Joker Grey Whale

127,857 116,114 58,201

22,801 24,383 29,347

6,664 7,138 8,534
641 746 237

14,615 13,460 5,530

9,967 9,214 3,780
887 652 326

4,969 5,780 -20,515

60,545 61,373 27,238
67,312 54,741 30,962

6,005 5,400 1,098

6,000 5,400 1,000
1,408 1,408 1,408
 13,413 12,208 3,506

9,074 9,074 9,074

0 325 0
8,000 3,200 1,420
2,000 1,900 2,000
379 292 579
19,453 14,791 13,073
34,446 27,742 14,383

3,328 4,625 2,609

6,207 5,652 4,773
24,911 17,466 7,002

281 20 20
897 1,350 3,107
0 2,575 862
24,295 13,560 3,053
6,074 3,390 763
18,221 10,170 2,290

63,235 87,872 49,565

35,171 32,026 27,045
98,406 119,898 76,609

28,905 18,419 41,236

5,254 9,544 3,986
38,006 2,000 2,000
170,572 149,861 123,832

2,530 2,000 2,060

40,490 0 3,003
88,167 48,966 28,132
18,221 10,170 2,290
149,409 61,136 35,484

18,600 48,240 71,420

 0 34,264 13,709
0 0 65
2,563 6,221 3,153
21,163 88,725 88,347
170,572 149,861 123,832

34,446 27,742 14,383

-616 -3,905 -3,949
-6,074 -3,390 -763
27,756 20,447 9,671

4,969 5,780 -20,515

-965 -4,465 -51.85
-79.38 1,474 1,176
0 0 65
3,925 2,789 -19,326
31,681 23,236 -9,655

0 0 0
1,734 0 2,601
1,734 0 2,601
29,947 23,236 -12,256

-10,000 33,000 19,000

0 -52,236 -6,848
-101 -4,000 0
0 0 105
-10,101 -23,236 12,256
19,846 0.00 0.00
18,161 2,000 2,000
38,006 2,000 2,000

Happy blue Orange_Joker Grey Whale

10.49 10.51 6.02
6.26 2.76 2.44
52.65 47.14 53.20
19.48 15.04 12.03
14.25 8.76 3.93
15.19 11.63 6.18
 39.44 1.20 5.25
87.59 40.80 28.66

8.45 8.26 7.70

8.74 9.73 14.60
360,062 166,343 40,760
10,120 8,000 8,240
0.25 0.25 0.25
35.58 20.79 4.95
1.80 1.27 0.28
19.76 16.36 17.80
3.80 4.25 5.02
-0.90 18.77 -52.79
13.49 6.61 -10.18
 Green So cute team
Summary, k EUR
Net Sales 84,418 71,019
EBIT% 12.48 11.86
Cost of goods sold 47,071 28,954
Profit for the year 6,025 6,552
Cumulative Earnings 65,054 102,013

Variable production cost per unit, EUR

Finland Rubbana 127 120
USA Rubbana 131 128

Finland AndyOx 77.31 69.28

USA AndyOx 84.97 80.47

Shifts
Finland 3.00 1.50
USA 3.00 2.11

Cash management, k EUR

Cash and cash equivalents 2,000 37,153
Short-term debt 7,998 0
Net -5,998 37,153

Promotion and quality assurance expenditures, k EUR

Advertising 1,800 5,200
Customer care 1,800 1,800
Quality control 3,000 4,600

Income statement structure

Net Sales 84,418 71,019
Gross Profit 37,347 42,065
Operating profit before depreciation 17,220 19,375
Profit for the Year 6,025 6,552

Profit for the year 6,025 6,552

Deprec. and finance 11,195 12,822
Fixed costs 20,127 22,690
Variable costs 47,071 28,954

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 200 280
 USA, USD 200 260
France, EUR 200 260
AndyOx
Finland, EUR 200 280
USA, USD 200 260
France, EUR 200 260

Sales/(k units)
Rubbana
Finland 45.59 28.76
USA 108 67.30
France 50.73 33.08
AndyOx
Finland 52.56 34.12
USA 118 72.99
France 84.78 55.04

Sales Total (k units)-Rubbana 204 129

Sales Total (k units)-AndyOx 255 162

Sales to Markets Total (k units) 459 291

Market shares/%
Rubbana/Finland 19.64 12.39
Rubbana/USA 21.41 13.39
Rubbana/France 20.40 13.30
AndyOx/Finland 18.57 12.06
AndyOx/USA 21.37 13.25
AndyOx/France 18.99 12.33

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

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

Closing inventory/(k units)

Rubbana 82.48 90.86
AndyOx 129 57.84

Production Report
Finland
Buildings capacity, k units 287 502
Building capacity next year, k units 287 502
Machinery capacity, k units 281 400
Production capacity, k units 281 400
Shifts 3.00 1.50
 Production wages total, k EUR 8,466 4,431
Rubbana
Persons in production 51.63 29.79
Production volume, k units 197 100
Production efficiency, k units/person 3.81 3.36
Share of wages, k EUR 5,826 2,154
AndyOx
Persons in production 23.40 31.50
Production volume, k units 84.31 100
Production efficiency, k units/person 3.60 3.17
Share of wages, k EUR 2,640 2,277

USA
Buildings capacity, k units 186 363
Building capacity next year, k units 186 363
Machinery capacity, k units 107 341
Production capacity, k units 107 341
Shifts 3.00 2.11
Production wages total, k EUR 3,995 7,621
Rubbana
Persons in production 7.87 33.86
Production volume, k units 31.34 120
Production efficiency, k units/person 3.98 3.54
Share of wages, k EUR 1,063 3,545
AndyOx
Persons in production 21.72 38.92
Production volume, k units 75.23 120
Production efficiency, k units/person 3.46 3.08
Share of wages, k EUR 2,932 4,075

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 58.38 0.00
From production 197 100
Additional deliveries 0 0
Deliveries to Finland 45.59 28.76
Deliveries to USA 76.31 0
Deliveries to France 50.73 19.02
Closing inventory 82.48 52.22

Rubbana - USA, k units

Opening inventory 0 0
From production 31.34 120
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 31.34 67.30
Deliveries to France 0 14.07
 Closing inventory 0 38.63

AndyOx - Finland, k units

Opening inventory 223 0
From production 84.31 100
Additional deliveries 0 0
Deliveries to Finland 52.56 34.12
Deliveries to USA 40.44 0
Deliveries to France 84.78 32.12
Closing inventory 129 33.75

AndyOx - USA, k units

Opening inventory 2.04 0
From production 75.23 120
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 77.27 72.99
Deliveries to France 0 22.92
Closing inventory 0 24.09

Variable production cost per unit, EUR

Finland - Rubbana 127 120
Finland - AndyOx 77.31 69.28
USA - Rubbana 131 128
USA - AndyOx 84.97 80.47

Income Statement (k EUR)

Green So cute team
Net Sales 84,418 71,019
Variable Costs
Rubbana
Purchases of materials and supplies 22,124 21,577
Variable personnel costs 6,888 5,699
Transportation 633 230
AndyOx
Purchases of materials and supplies 7,339 10,232
Variable personnel costs 5,572 6,353
Transportation 587 317

Changes in inventories 3,928 -15,454

Variable costs total 47,071 28,954
Gross Profit 37,347 42,065

Marketing and sales costs

Advertising 1,800 5,200
Customer care 1,800 1,800
Market research 1,408 1,408
 Marketing and sales costs total 5,008 8,408

Overhead costs
Administration 9,074 9,074
Lay-off costs 48.83 0
Quality control 3,000 4,600
Cost efficiency improvement 2,700 400
Inventory holding costs 296 208
Overhead costs total 15,119 14,282
Operating Profit before Depreciation (EBITDA) 17,220 19,375

Depreciation
Buildings 2,959 4,698
Machinery 3,729 6,254
Operating Profit (EBIT) 10,533 8,422

Financing Income and Expenses

Interest income 20 324
Int.exp. on long-term loans 1,883 9.12
Int.exp. on short-term loans 637 0
Profit before taxes 8,033 8,737
Direct taxes 2,008 2,184
Profit for the year 6,025 6,552

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 56,217 89,271
Machinery 21,129 35,441
Fixed assets total 77,345 124,711
Current Assets
Finished products inventory 20,243 15,454
Accounts receivable 4,626 19,457
Cash and cash equivalents 2,000 37,153
Assets Total 104,214 196,776

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 3,500
Other restricted equity 0 81,301
Retained earnings 40,337 96,468
Profit for the year 6,025 6,552
Shareholders' equity total 48,361 187,821

Liabilities
Long-term
Long-term debt 46,240 240
 Short-term
Short-term debt 7,998 0
Advance payments received 0 0
Accounts payable 1,614 8,715
Liabilities total 55,853 8,955
Liabilities and equity total 104,214 196,776

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 17,220 19,375
Financing income and expenses -2,500 315
Direct taxes -2,008 -2,184
Funds from operations total 12,712 17,505
Changes in net working capital
Changes in inventories (incr - / decr +) 3,928 -15,454
Changes in receivables (incr - / decr +) -805 5,912
Changes in payables (incr. + / decr -) 118 1,598
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) 3,241 -7,943
Cash flow from operations 15,953 9,562

Capital expenditure
Buildings 0 0
Machinery 738 0
Capital expenditure total 738 0
Cash flow before financing 15,215 9,562
Financing
Changes in long-term loans (incr. + / decr. -) 0 0
Changes in short-term financing (incr. + / decr. -) -15,215 0
Dividend payment 0 0
Proceeds from equity issue 0 0
Financing total -15,215 0
Change in liquid assets 0.00 9,562
Liquid assets at 1st January 2,000 27,592
Liquid assets at 31st December 2,000 37,153

Key Ratios
Green So cute team
Sales costs/sales, % 5.93 11.84
Quality control/sales, % 3.55 6.48
Gross margin, % 44.24 59.23
Operating profit margin, % 12.48 11.86
Net profit, % 7.14 9.23
Return on capital employed, ROCE % 9.83 4.56
 Current ratio 4.90 10.04
Equity ratio, % 46.41 95.45

Weighted average cost of capital WACC, % 8.07 8.50

Implied cost of equity, % 11.73 8.51
Market value of company, k EUR 63,422 218,012
Number of shares (k-shares) 8,000 14,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 7.93 15.57
Earnings per share, EUR 0.75 0.47
P/E ratio 10.53 33.27
Long-term borrowing rate, % 4.07 3.80
Total shareholder return this year, % -31.25 -36.79
Cumulative total shareholder return, p.a, % -0.97 2.09
Happy blue Orange_Joker Grey Whale

128,291 115,920 57,792

16.43 12.05 -1.96
65,092 61,263 35,295
15,806 8,120 -5,511
121,613 69,949 22,833

128 128 111

132 132 124

78.67 78.88 61.15

85.86 86.06 76.98

3.00 2.99 0.80

3 2.97 2.07

65,781 2,000 19,869

0 24,202 0
65,781 -22,202 19,869

7,000 5,400 1,020

5,800 7,400 970
8,000 5,500 1,450

128,291 115,920 57,792

63,199 54,657 22,498
29,694 23,606 5,437
15,806 8,120 -5,511

15,806 8,120 -5,511

13,888 15,486 10,948
33,506 31,050 17,061
65,092 61,263 35,295

Happy blue Orange_Joker Grey Whale

215 199 222

 220 215 215
222 219 225

215 207 218

220 205 205
228 209 220

63.65 65.65 28.55

140 122 66.18
66.74 67.35 30.77

83.14 80.94 32.20

164 117 79.19
114 140 51.78

270 255 126

361 339 163

631 593 289

27.41 28.27 12.30

27.82 24.22 13.16
26.84 27.08 12.37
29.38 28.60 11.38
29.71 21.30 14.37
25.62 31.46 11.60

0 0 50
0 0 0
0 0 0
0 0 0

25.66 192 80.05

134 0 155

328 339 243

328 339 243
324 338 225
324 338 225
3.00 2.99 0.80
 10,434 10,552 863

21.89 68.44 13.97

80 250 50
3.65 3.65 3.58
2,470 7,713 713

70.60 25.18 2.95

244 87 10
3.46 3.45 3.38
7,965 2,838 151

199 246 163

199 246 163
196 242 145
196 242 145
3 2.97 2.07
7,562 8,776 3,009

12.83 38.69 5.23

50.00 150 20
3.90 3.88 3.83
1,732 5,194 538

43.19 26.68 24.03

146 90 80
3.39 3.37 3.33
5,830 3,582 2,472

Happy blue Orange_Joker Grey Whale

166 46.68 161
80 250 50
0 0 50
63.65 65.65 28.55
89.87 0 21.48
66.74 60.01 30.77
25.66 171 80.05

0 0 24.70
50.00 150 20
0 0 0
0 0 0
50.00 122 44.70
0 7.34 0
 0 20.90 0

105 144 208

244 87 10
0 0 0
83.14 80.94 32.20
17.30 9.52 0
114 140 46.56
134 0 139

0 17.83 20.03
146 90 80
0 0 0
0 0 0
146 108 79.19
0 0 5.22
0 0 15.63

128 128 111

78.67 78.88 61.15
132 132 124
85.86 86.06 76.98

Happy blue Orange_Joker Grey Whale

128,291 115,920 57,792

12,618 39,016 6,802

4,202 12,908 1,250
790 408 282

17,970 8,187 4,147

13,794 6,421 2,622
655 625 276

15,063 -6,301 19,915

65,092 61,263 35,295
63,199 54,657 22,498

7,000 5,400 1,020

5,800 7,400 970
1,408 1,408 1,408
 14,208 14,208 3,398

9,074 9,074 9,074

0 0 1,260
8,000 5,500 1,450
2,000 2,000 1,550
224 269 329
19,298 16,842 13,663
29,694 23,606 5,437

3,162 4,394 2,478

5,460 5,247 4,094
21,072 13,966 -1,135

519 20 109
517 1,965 4,122
0 1,194 363
21,074 10,827 -5,511
5,269 2,707 0
15,806 8,120 -5,511

60,074 83,479 47,087

30,941 29,731 23,197
91,014 113,210 70,284

13,842 24,720 21,321

5,272 9,528 3,958
65,781 2,000 19,869
175,909 149,458 115,433

2,530 2,000 2,063

40,490 0 3,049
106,388 59,136 30,422
15,806 8,120 -5,511
165,214 69,256 30,023

8,600 48,240 84,420

 0 24,202 0
0 0 0
2,095 7,759 990
10,695 80,202 85,410
175,909 149,458 115,433

29,694 23,606 5,437

2.13 -3,139 -4,376
-5,269 -2,707 0
24,427 17,760 1,061

15,063 -6,301 19,915

-17.87 15.93 28.00
-468 1,539 -2,163
0 0 -65
14,577 -4,746 17,714
39,005 13,014 18,775

0 0 0
1,230 2,952 246
1,230 2,952 246
37,775 10,062 18,529

-10,000 0 13,000
0 -10,062 -13,709
0 0 0
0 0 49.41
-10,000 -10,062 -660
27,775 0.00 17,869
38,006 2,000 2,000
65,781 2,000 19,869

Happy blue Orange_Joker Grey Whale

11.07 12.26 5.88
6.24 4.74 2.51
49.26 47.15 38.93
16.43 12.05 -1.96
12.32 7.00 -9.54
12.33 9.79 -
 47.13 1.91 67.14
93.92 46.34 26.01

8.47 8.23 7.34

8.63 10.12 31.49
311,993 131,954 11,791
10,120 8,000 8,250
0.25 0.25 0.25
30.83 16.49 1.43
1.56 1.02 -0.67
19.74 16.25 -
3.80 4.07 5.29
-13.35 -20.67 -71.11
10.23 3.43 -18.20
 Green So cute team
Summary, k EUR
Net Sales 104,763 95,261
EBIT% 1.52 9.05
Cost of goods sold 57,447 46,257
Profit for the year -558 6,471
Cumulative Earnings 64,496 108,484

Variable production cost per unit, EUR

Finland Rubbana 131 124
USA Rubbana 131 124

Finland AndyOx 78.27 70.56

USA AndyOx 83.93 75.02

Shifts
Finland 3.00 1.94
USA 3.00 2.07

Cash management, k EUR

Cash and cash equivalents 10,457 79,787
Short-term debt 0 0
Net 10,457 79,787

Promotion and quality assurance expenditures, k EUR

Advertising 10,000 8,500
Customer care 10,000 3,300
Quality control 6,000 5,000

Income statement structure

Net Sales 104,763 95,261
Gross Profit 47,317 49,004
Operating profit before depreciation 7,984 18,403
Profit for the Year -558 6,471

Profit for the year -558 6,471

Deprec. and finance 8,541 11,931
Fixed costs 39,333 30,601
Variable costs 57,447 46,257

Market Report
Prices (per unit) Green So cute team
Rubbana
Finland, EUR 200 230
 USA, USD 200 210
France, EUR 200 220
AndyOx
Finland, EUR 200 210
USA, USD 200 200
France, EUR 200 210

Sales/(k units)
Rubbana
Finland 63.35 40.20
USA 130 118
France 69.71 45.45
AndyOx
Finland 85.26 66.86
USA 62.13 108
France 138 103

Sales Total (k units)-Rubbana 263 204

Sales Total (k units)-AndyOx 286 278

Sales to Markets Total (k units) 549 482

Market shares/%
Rubbana/Finland 24.85 15.77
Rubbana/USA 23.79 21.58
Rubbana/France 26.96 17.58
AndyOx/Finland 24.28 19.04
AndyOx/USA 10.89 18.97
AndyOx/France 25.50 18.95

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

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

Closing inventory/(k units)

Rubbana 108 87.05
AndyOx 0 0

Production Report
Finland
Buildings capacity, k units 273 477
Building capacity next year, k units 273 477
Machinery capacity, k units 269 340
Production capacity, k units 269 340
Shifts 3.00 1.94
 Production wages total, k EUR 8,816 5,456
Rubbana
Persons in production 44.31 27.22
Production volume, k units 169 100
Production efficiency, k units/person 3.81 3.67
Share of wages, k EUR 5,490 2,449
AndyOx
Persons in production 26.85 33.43
Production volume, k units 100 120
Production efficiency, k units/person 3.72 3.59
Share of wages, k EUR 3,327 3,007

USA
Buildings capacity, k units 176 345
Building capacity next year, k units 176 345
Machinery capacity, k units 181 290
Production capacity, k units 176 290
Shifts 3.00 2.07
Production wages total, k EUR 6,182 5,473
Rubbana
Persons in production 29.57 24.56
Production volume, k units 120 100
Production efficiency, k units/person 4.06 4.07
Share of wages, k EUR 3,990 2,521
AndyOx
Persons in production 16.24 28.75
Production volume, k units 56.30 100
Production efficiency, k units/person 3.47 3.48
Share of wages, k EUR 2,192 2,952

Logistics Report

Rubbana - Finland, k units Green So cute team

Opening inventory 82.48 52.22
From production 169 100
Additional deliveries 0 0
Deliveries to Finland 63.35 40.20
Deliveries to USA 10.24 0
Deliveries to France 69.71 38.43
Closing inventory 108 73.60

Rubbana - USA, k units

Opening inventory 0 38.63
From production 120 100
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 120 118
Deliveries to France 0 7.02
 Closing inventory 0 13.45

AndyOx - Finland, k units

Opening inventory 129 33.75
From production 100 120
Additional deliveries 0 0
Deliveries to Finland 85.26 66.86
Deliveries to USA 5.83 0
Deliveries to France 138 86.90
Closing inventory 0 0

AndyOx - USA, k units

Opening inventory 0 24.09
From production 56.30 100
Additional deliveries 0 0
Deliveries to Finland 0 0
Deliveries to USA 56.30 108
Deliveries to France 0 15.82
Closing inventory 0 0

Variable production cost per unit, EUR

Finland - Rubbana 131 124
Finland - AndyOx 78.27 70.56
USA - Rubbana 131 124
USA - AndyOx 83.93 75.02

Income Statement (k EUR)

Green So cute team
Net Sales 104,763 95,261
Variable Costs
Rubbana
Purchases of materials and supplies 28,311 19,818
Variable personnel costs 9,480 4,970
Transportation 446 324
AndyOx
Purchases of materials and supplies 7,034 10,010
Variable personnel costs 5,518 5,959
Transportation 518 488

Changes in inventories 6,140 4,687

Variable costs total 57,447 46,257
Gross Profit 47,317 49,004

Marketing and sales costs

Advertising 10,000 8,500
Customer care 10,000 3,300
Market research 1,408 1,408
 Marketing and sales costs total 21,408 13,208

Overhead costs
Administration 9,074 9,074
Lay-off costs 0 298
Quality control 6,000 5,000
Cost efficiency improvement 2,700 2,900
Inventory holding costs 151 122
Overhead costs total 17,925 17,393
Operating Profit before Depreciation (EBITDA) 7,984 18,403

Depreciation
Buildings 2,811 4,464
Machinery 3,578 5,316
Operating Profit (EBIT) 1,595 8,623

Financing Income and Expenses

Interest income 62.28 585
Int.exp. on long-term loans 2,051 579
Int.exp. on short-term loans 164 0
Profit before taxes -558 8,629
Direct taxes 0 2,157
Profit for the year -558 6,471

Balance Sheet (k EUR)

Assets
Fixed Assets
Buildings 53,406 84,807
Machinery 20,275 30,125
Fixed assets total 73,681 114,932
Current Assets
Finished products inventory 14,103 10,767
Accounts receivable 5,740 26,099
Cash and cash equivalents 10,457 79,787
Assets Total 103,980 231,585

Liabilities and Shareholders' Equity

Shareholders' equity
Share capital 2,000 3,500
Other restricted equity 0 81,301
Retained earnings 46,361 101,900
Profit for the year -558 6,471
Shareholders' equity total 47,804 193,173

Liabilities
Long-term
Long-term debt 54,240 30,240
 Short-term
Short-term debt 0 0
Advance payments received 0 0
Accounts payable 1,937 8,172
Liabilities total 56,177 38,412
Liabilities and equity total 103,980 231,585

Cash Flow Statement (k EUR)

Funds From Operations

Operating profit before depreciation 7,984 18,403
Financing income and expenses -2,153 5.47
Direct taxes 0 -2,157
Funds from operations total 5,831 16,251
Changes in net working capital
Changes in inventories (incr - / decr +) 6,140 4,687
Changes in receivables (incr - / decr +) -1,115 -6,642
Changes in payables (incr. + / decr -) 322 -543
Advance payments received (incr. + / decr -) 0 0
Changes in net working capital total (incr. - / decr. +) 5,348 -2,498
Cash flow from operations 11,179 13,753

Capital expenditure
Buildings 0 0
Machinery 2,724 0
Capital expenditure total 2,724 0
Cash flow before financing 8,455 13,753
Financing
Changes in long-term loans (incr. + / decr. -) 8,000 30,000
Changes in short-term financing (incr. + / decr. -) -7,998 0
Dividend payment 0 -1,120
Proceeds from equity issue 0 0
Financing total 1.71 28,880
Change in liquid assets 8,457 42,633
Liquid assets at 1st January 2,000 37,153
Liquid assets at 31st December 10,457 79,787

Key Ratios
Green So cute team
Sales costs/sales, % 20.43 13.87
Quality control/sales, % 5.73 5.25
Gross margin, % 45.17 51.44
Operating profit margin, % 1.52 9.05
Net profit, % -0.53 6.79
Return on capital employed, ROCE % 1.56 4.19
 Current ratio 22.93 15.59
Equity ratio, % 45.97 83.41

Weighted average cost of capital WACC, % 7.74 8.37

Implied cost of equity, % 21.22 9.26
Market value of company, k EUR 18,835 187,940
Number of shares (k-shares) 8,000 14,000
Face value of share, EUR 0.25 0.25
Market value of share, EUR 2.35 13.42
Earnings per share, EUR -0.07 0.46
P/E ratio - 29.04
Long-term borrowing rate, % 4.08 3.80
Total shareholder return this year, % -70.30 -13.24
Cumulative total shareholder return, p.a, % -6.25 0.52
Happy blue Orange_Joker Grey Whale

117,432 119,834 51,756

12.80 12.00 5.61
61,200 64,670 26,872
11,687 9,060 -1,199
133,299 79,009 21,634

132 131 120

132 133 132

79.65 78.84 67.79

84.81 85.10 84.26

2.99 2.83 1.49

3.00 3.00 2.79

77,312 4,735 22,210

0 0 0
77,312 4,735 22,210

7,000 6,400 1,100

5,800 7,400 1,050
8,000 5,500 1,530

117,432 119,834 51,756

56,232 55,164 24,884
22,845 23,253 8,838
11,687 9,060 -1,199

11,687 9,060 -1,199

11,158 14,192 10,036
33,387 31,912 16,046
61,200 64,670 26,872

Happy blue Orange_Joker Grey Whale

200 194 215

 215 203 210
215 209 215

200 204 210

215 193 200
215 203 210

63.12 61.15 27.11

122 120 56.91
56.36 60.56 26.48

86.22 80.52 32.31

152 174 73.69
112 140 48.76

242 242 111

351 395 155

592 637 265

24.76 23.99 10.64

22.35 21.90 10.39
21.80 23.42 10.24
24.55 22.93 9.20
26.72 30.50 12.91
20.65 25.92 9.00

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

33.83 75.67 92.54

25.09 17.10 110

311 322 231

311 322 231
305 327 201
305 322 201
2.99 2.83 1.49
 10,451 10,195 2,239

32.81 6.81 16.83

120 24.91 60
3.66 3.66 3.56
4,059 818 1,331

51.66 78.14 11.49

185 279 40
3.57 3.57 3.48
6,392 9,377 908

189 233 155

189 233 155
187 236 143
187 233 143
3.00 3.00 2.79
6,680 8,715 4,851

32.73 25.33 16.28

130 100 63
3.97 3.97 3.87
4,417 3,418 2,109

16.77 39.25 21.17

56.90 133 70
3.39 3.39 3.31
2,263 5,297 2,743

Happy blue Orange_Joker Grey Whale

25.66 171 80.05
120 24.91 60
0 0 0
63.12 61.15 27.11
0 0 0
51.58 59.91 25.12
30.96 74.86 87.81

0 20.90 0
130 100 63
0 0 0
0 0 0
122 120 56.91
4.78 0.64 1.35
 2.87 0.80 4.74

134 0 139
185 279 40
0 0 0
86.22 80.52 32.31
95.60 41.09 0
112 140 45.10
25.09 17.10 102

0 0 15.63
56.90 133 70
0 0 0
0 0 0
56.90 133 73.69
0 0 3.66
0 0 8.28

132 131 120

79.65 78.84 67.79
132 133 132
84.81 85.10 84.26

Happy blue Orange_Joker Grey Whale

117,432 119,834 51,756

24,517 12,352 12,076

8,477 4,236 3,440
372 369 170

10,876 18,649 4,959

8,655 14,675 3,651
923 809 256

7,381 13,580 2,320

61,200 64,670 26,872
56,232 55,164 24,884

7,000 6,400 1,100

5,800 7,400 1,050
1,408 1,408 1,408
 14,208 15,208 3,558

9,074 9,074 9,074

22.56 0 0
8,000 5,500 1,530
2,000 2,000 1,600
82.50 130 284
19,179 16,704 12,488
22,845 23,253 8,838

3,004 4,174 2,354

4,811 4,698 3,582
15,030 14,381 2,902

715 33.68 210

163 1,865 4,311
0 469 0
15,582 12,080 -1,199
3,896 3,020 0
11,687 9,060 -1,199

57,070 79,305 44,732

27,264 26,622 20,296
84,334 105,927 65,029

6,462 11,141 19,001

4,826 9,849 3,545
77,312 4,735 22,210
172,934 131,652 109,784

2,480 2,000 2,063

40,490 0 3,049
115,852 67,256 24,911
11,687 9,060 -1,199
170,509 78,316 28,824

0 48,240 79,420
 0 0 0
0 0 0
2,424 5,096 1,540
2,424 53,336 80,960
172,934 131,652 109,784

22,845 23,253 8,838

552 -2,301 -4,100
-3,896 -3,020 0
19,502 17,932 4,737

7,381 13,580 2,320

446 -322 413
329 -2,663 550
0 0 0
8,156 10,595 3,284
27,657 28,527 8,021

0 0 0
1,135 1,589 681
1,135 1,589 681
26,522 26,938 7,340

-8,600 0 -5,000
0 -24,202 0
-101 0 0
-6,290 0 0
-14,991 -24,202 -5,000
11,531 2,735 2,340
65,781 2,000 19,869
77,312 4,735 22,210

Happy blue Orange_Joker Grey Whale

12.10 12.69 6.87
6.81 4.59 2.96
47.88 46.03 48.08
12.80 12.00 5.61
9.95 7.56 -2.32
8.73 10.72 2.61
 39.21 7.23 41.40
98.60 59.49 26.26

8.50 8.23 7.20

8.50 10.28 248
247,918 125,879 1,072
9,920 8,000 8,250
0.25 0.25 0.25
24.99 15.73 0.13
1.18 1.13 -0.15
21.21 13.89 -
3.80 3.87 5.26
-18.90 -4.60 -90.91
7.03 2.72 -23.21