Results Round 1,2-2
Results Round 1,2-2
Results Round 1,2-2
OPERATING PROFIT BEFORE DEPR. (EBITDA) 475,962 445,744 408,532 590,604 380,948
Depreciation from fixed assets 126,225 126,225 126,225 126,225 126,225
Liabilities
Long-term loans 500,000 609,789 509,789 559,789 509,789
Short term loans (unplanned) 0 0 240,011 0 0
Payables 30,477 37,491 36,574 29,503 20,254
Total liabilities 530,477 647,280 786,373 589,292 530,043
Total shareholders' equity and liabilities 1,425,993.00 2,959,646.00 1,605,052.00 1,269,087.00 1,357,054.00
OPERATING PROFIT BEFORE DEPR. (EBITDA) -82,994 -157,394 -144,933 -24,995 -54,096
Depreciation from fixed assets 126,225 126,225 126,225 126,225 126,225
Liabilities
Long-term loans 500,000 609,789 509,789 559,789 509,789
Short term loans (unplanned) 0 0 240,011 0 0
Internal loans 265,000 45,000 45,000 345,000 195,000
Payables 19,415 22,215 23,564 18,055 11,607
Total liabilities 784,415 677,004 818,364 922,843 716,396
Total shareholders' equity and liabilities 1,027,890 2,300,013 990,496 1,063,403 986,971
Plant investments 0 0 0 0 0
Cash flow before financing activities -222,359 -235,388 -379,979 -128,673 -289,619
OPERATING PROFIT BEFORE DEPR. (EBITDA) 325,581 348,010 299,257 291,125 261,719
Depreciation from fixed assets 0 0 0 0 0
Liabilities
Short term loans (unplanned) 0 0 0 0 0
Internal loans -175,000 -25,000 -25,000 -225,000 -115,000
Payables 9,209 12,642 10,484 8,831 6,494
Total liabilities -165,791 -12,358 -14,516 -216,169 -108,506
Total shareholders' equity and liabilities 208,178 383,773 339,441 64,102 211,339
OPERATING PROFIT BEFORE DEPR. (EBITDA) 233,376 255,128 254,207 324,474 173,325
Depreciation from fixed assets 0 0 0 0 0
Liabilities
Short term loans (unplanned) 0 0 0 0 0
Internal loans -90,000 -20,000 -20,000 -120,000 -80,000
Payables 1,853 2,634 2,526 2,618 2,153
Total liabilities -88,147 -17,366 -17,474 -117,382 -77,847
Total shareholders' equity and liabilities 189,924 275,860 275,115 141,582 158,743
Tech 2
Selling Price, USD 250 299 360 390
Number of offered features 1 1 1 2
Sales, k units 742 527 373 483
Demand, k units 742 527 373 483
Tech 3
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units
Tech 4
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units
Tech 3
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units
Tech 4
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units
Tech 3
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units
Tech 4
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units
Production report
In-house manufacturing, k units
Green Red Blue Orange Grey
USA
Tech 1 6,435 6,600 5,775 5,610 5,610
Tech 2 825
Tech 3
Tech 4
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Asia
Tech 1 300 1,000
Tech 2 1,000 1,000 1,000 700
Tech 3
Tech 4
Capacity usage, %
USA
Tech 1 98 100 88 85 85
Tech 2 13
Tech 3
Tech 4
Free capacity 3 0 0 15 15
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Free capacity 0 0 0 0 0
Inventory, k units
USA
Tech 1 1,823 1,552 0 1,171 3,431
Tech 2 254 0 1,452 368 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0
Asia
Tech 1 0 0 0 0 0
Tech 2 0 39 33 0 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0
Cost report
Logistics
Green Red Blue Orange Grey
Average logistics cost per sold product, USD
Products sold in USA 0 1.60 0 0 0
Products sold in Asia 22.30 23.96 21.95 21.17 15.16
Products sold in Europe 10.86 11.15 11.30 11.23 12
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Asia
Tech 1 119 107
Tech 2 138 138 138 142
Tech 3
Tech 4
Production scrap-%
USA
Tech 1 1.64 1.64 1.65 1.66 1.66
Tech 2 2.69
Tech 3
Tech 4
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Valuation - Global
Green Red Blue Orange Grey
Enterprise value, k USD 7,305,273 7,363,573 7,087,768 7,863,914 6,244,672
Excess cash (+), k USD 476,884 2,039,114 555,962 352,315 330,763
Value of debt (-), k USD -500,000 -609,789 -749,800 -559,789 -509,789
Market capitalization, k USD 7,282,157 8,792,897 6,893,930 7,656,440 6,065,647
Multiple valuation
EV/Sales 4 4 4 4 4
Adjusted sales, k USD 1,377,604 1,446,705 1,426,083 1,436,908 1,188,389
Enterprise value, k USD 5,510,417 5,786,819 5,704,332 5,747,632 4,753,555
0 0 0 0 0
0 0 0 0 -50,000
-198,489 0 -357,226 0 -97,562
93,959 0 169,334 0 71,065
0 -50,000 0 0 0
613,667 808,025 177,505 262,975 211,549
300,000 200,000 110,000 200 180,000
809,137 958,025 99,613 263,175 315,052
-139,968 -139,968 -139,968 -139,968 -139,968
0 0 0 0 0
8,564 50,898 0 0 0
23,657 9,146 31,502 24,370 21,465
34,610 2,000 126,906 320,492 148,696
66,831 62,044 158,409 344,862 170,161
0 145,689 0 0 0
-225,000 -225,000 -125,000 -25,200 -125,000
6,187 3,645 11,150 7,083 6,494
-218,813 -75,666 -113,850 -18,117 -118,506
0 0 0 0 0
16,365 5,290 16,537 20,662 13,358
71,843 148,827 101,817 275,590 83,292
88,208 154,118 118,354 296,252 96,649
0 0 0 0 0
-120,000 -20,000 -30,000 -20,000 -100,000
1,700 283 3,108 2,285 1,913
-118,300 -19,717 -26,892 -17,715 -98,087
60 80 91 83 85
40 10
0 10 9 17 15
0 0 0 0 0
0 5,301 1,545 2,057 3,372
3,328 1,138 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
59 355 0 0 0
0 0 0 0 0
0 0 0 0 0
12 12 12 12 12
12 12 12 12 12
13 12 12 12 12
1 1 2 1
Ochre Pink Navy Yellow Olive
0 0 0 0 0
24.98 2.43 19.67 16.94 15.16
11.30 10.67 12 12 12
4 4 4 4 4
1,292,396 1,008,230 1,336,897 1,319,895 1,178,882
5,169,583 4,032,920 5,347,587 5,279,581 4,715,530
CCC CC A- A BBB
Profit and Loss statement, k USD, Global
Green Red Blue Orange Grey
Sales revenue 1,657,903 2,160,332 2,312,774 1,671,302 1,243,283
OPERATING PROFIT BEFORE DEPR. (EBITDA) 220,147 271,866 682,662 618,090 246,347
Depreciation from fixed assets 107,291 107,291 107,291 107,291 107,291
Liabilities
Long-term loans 500,000 609,789 509,789 1,259,789 409,789
Short term loans (unplanned) 242,869 0 0 167,026 46,151
Payables 26,586 42,392 38,164 25,157 23,319
Total liabilities 769,454 652,181 547,953 1,451,971 479,259
Total shareholders' equity and liabilities 1,962,814.00 4,752,098.00 1,545,502.00 2,443,972.00 1,195,930.00
OPERATING PROFIT BEFORE DEPR. (EBITDA) -323,855 -454,817 108,321 5,234 -193,945
Depreciation from fixed assets 107,291 107,291 107,291 107,291 107,291
Liabilities
Long-term loans 500,000 609,789 509,789 1,259,789 409,789
Short term loans (unplanned) 129,874 0 0 0 46,151
Internal loans 385,000 -555,000 345,000 -155,000 645,000
Payables 15,960 21,665 23,015 12,909 18,246
Total liabilities 1,030,834 76,454 877,804 1,117,698 1,119,186
Total shareholders' equity and liabilities 1,160,875 2,916,671 1,074,516 1,117,178 1,070,385
Cash flow before financing activities -724,464 -437,605 -95,215 -206,839 -398,721
OPERATING PROFIT BEFORE DEPR. (EBITDA) 273,986 395,800 300,202 264,053 273,614
Depreciation from fixed assets 0 0 0 0 0
Liabilities
Short term loans (unplanned) 112,995 0 0 167,026 0
Internal loans -55,000 275,000 -25,000 475,000 -375,000
Payables 8,746 17,048 12,783 9,701 3,557
Total liabilities 66,741 292,048 -12,217 651,727 -371,443
Total shareholders' equity and liabilities 665,179 1,028,420 436,094 1,144,139 98,989
OPERATING PROFIT BEFORE DEPR. (EBITDA) 270,016 330,882 274,139 348,802 166,678
Depreciation from fixed assets 0 0 0 0 0
Liabilities
Short term loans (unplanned) 0 0 0 0 0
Internal loans -330,000 280,000 -320,000 -320,000 -270,000
Payables 1,880 3,679 2,366 2,547 1,516
Total liabilities -328,120 283,679 -317,634 -317,453 -268,484
Total shareholders' equity and liabilities 136,759 807,007 34,892 182,655 26,556
Tech 2
Selling Price, USD 280 350 450 405 320
Number of offered features 2 6 4 3 1
Sales, k units 574 392 306 306 222
Demand, k units 574 392 306 306 222
Tech 3
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units
Tech 4
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units
Tech 3
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units
Tech 4
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units
Tech 3
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units
Tech 4
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units
Production report
In-house manufacturing, k units
Green Red Blue Orange Grey
USA
Tech 1 5,544 5,940 6,600 5,610 3,630
Tech 2 1,320
Tech 3
Tech 4
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Asia
Tech 1 129
Tech 2 1,000 1,120 1,000 1,100
Tech 3
Tech 4
Capacity usage, %
USA
Tech 1 84 90 100 85 55
Tech 2 20
Tech 3
Tech 4
Free capacity 16 10 0 15 25
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Free capacity 0 0 0 0 0
Inventory, k units
USA
Tech 1 3,487 1,575 327 2,779 3,550
Tech 2 248 227 1,911 1,134 1,271
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0
Asia
Tech 1 0 0 0 0 0
Tech 2 0 0 0 0 0
Tech 3 0 0 0 0 0
Tech 4 0 0 0 0 0
Cost report
Logistics
Green Red Blue Orange Grey
Average logistics cost per sold product, USD
Products sold in USA 0 0 0 0 0
Products sold in Asia 20.49 21.86 20.95 24.29 27
Products sold in Europe 10.84 11.38 11.28 10.29 12
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Asia
Tech 1 129
Tech 2 141 140 141 140
Tech 3
Tech 4
Production scrap-%
USA
Tech 1 1.49 1.49 1.50 1.51 1.53
Tech 2 2.55
Tech 3
Tech 4
Asia
Tech 1
Tech 2
Tech 3
Tech 4
Valuation - Global
Green Red Blue Orange Grey
Enterprise value, k USD 7,116,334 8,384,515 9,726,578 8,367,516 6,518,369
Excess cash (+), k USD 114,557 3,450,763 100,741 349,855 83,808
Value of debt (-), k USD -722,957 -603,334 -509,789 -1,383,138 -455,940
Market capitalization, k USD 6,507,934 11,231,944 9,317,530 7,334,233 6,146,236
Multiple valuation
EV/Sales 4 4 4 4 4
Adjusted sales, k USD 1,475,709 1,696,474 1,736,425 1,518,946 1,207,602
Enterprise value, k USD 5,902,836 6,785,897 6,945,700 6,075,783 4,830,407
-140,000 0 0 0 0
0 0 0 0 0
0 666,528 0 0 -51,712
0 0 0 0 125,410
200,000 100,000 0 0 0
-269,233 -808,025 -177,505 -262,975 104,194
285,000 200,000 300,000 650,000 180,000
215,767 158,504 122,495 387,025 357,892
0 111,886 61,683 136,270 0
0 0 0 0 0
-285,000 -125,000 -175,000 -425,200 -225,000
6,031 12,395 15,513 9,669 10,152
-278,969 -112,605 -159,487 -415,531 -214,848
0 0 0 0 0
22,845 20,542 20,618 23,849 14,958
25,356 2,000 35,462 243,478 78,148
48,201 22,542 56,081 267,327 93,106
0 2,377 0 0 0
-345,000 -320,000 -280,000 -270,000 -180,000
3,002 3,718 3,001 3,154 1,548
-341,998 -313,904 -276,999 -266,846 -178,452
83 57 91 56 40
30
18 43 9 44 30
0 0 0 0 0
1,683 2,613 1,513 1,825 1,921
1,423 734 91 401 2,813
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
12 12 12 12 12
12 12 12 12 12
1 1 2 1
12 13 12 12 12
2 3 2 1 1
Ochre Pink Navy Yellow Olive
0 0 0 0 0
26.40 24.92 21 23.41 22.13
12 12 11.65 10.75 10.64
4 4 4 4 4
1,428,985 1,342,525 1,592,024 1,389,300 1,259,803
5,715,938 5,370,100 6,368,096 5,557,201 5,039,211
BB B A+ AA- A
USA
Green Red Blue Orange
Tech1 1,533 1,222 1,897 1,141
Tech2 742 527 373 483
1 2,275 1,749 2,270 1,624
X: Y:
3 1,895 1,379 2,892 956
Europe
Green Red Blue Orange
Tech1 1,350 1,494 1,684 1,835
Tech2 544 404 356 619
1 1,894 1,898 2,040 2,454
X: Y:
3 1550 1638 1444 1728
Asia
Green Red Blue Orange
Tech1 2,186 3,389 3,234 2,221
Tech2 461 429 610 229
1 2,647 3,818 3,844 2,450
X: Y:
3 1509 5476 3722 1662
Grey Ochre Pink Navy Yellow Olive
751 1,031 560 1,314 1,023 734
312 172 211
751 1,343 732 1,314 1,234 734