Profit and Loss statement, k USD, Global

Green Red
Sales revenue 2,618,243 3,862,737

Costs and expenses

Variable production costs 1,034,785 1,415,294
Feature costs 371,647 649,258
Contract manufacturing costs 61,230 560,534
Transportation and tariffs 163,113 145,867
R&D 289,978 195,986
Promotion 55,000 117,500
Administration 153,542 126,299
Costs and expenses total 2,129,295 3,210,739

OPERATING PROFIT BEFORE DEPR. (EBITDA) 488,947 651,999

Depreciation from fixed assets 194,291 109,933

OPERATING PROFIT (EBIT) 294,656 542,066

Net financing expenses 25,739 -8,896

PROFIT BEFORE TAXES 268,917 550,961

Income taxes 135,656 173,003

PROFIT FOR THE ROUND 133,260 377,959

Balance sheet, k USD, Global

Green Red
ASSETS
Fixed assets 1,100,984 622,953
Inventory 298,398 25,977
Receivables 100,802 148,715
Cash and cash equivalents 154,124 1,539,956
Total assets 1,654,308 2,337,601

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 440,000 342,490
Additional paid-in capital 687,233 0
Profit for the round 133,260 377,959
Retained earnings -70,420 835,470
Total equity 1,190,073 1,555,919

Liabilities
Long-term loans 309,789 675,000
Short term loans (unplanned) 91,660 0
Payables 62,785 106,682
Total liabilities 464,234 781,682
Total shareholders' equity and liabilities 1,654,308.00 2,337,601.00

Profit and Loss statement, k USD, USA

Green Red
Sales revenue
from markets 701,019 1,026,077
from internal transfers 482,899 968,199
Sales revenue total 1,183,917 1,994,276

Costs and expenses

Variable production costs 867,087 1,157,353
Feature costs 80,588 192,959
Contract manufacturing costs 0 354,063
Transportation and tariffs 0 0
R&D 210,893 130,657
Promotion 15,000 56,500
Administration 103,478 80,932
Costs of imported products 0 0
Costs and expenses total 1,277,046 1,972,464

OPERATING PROFIT BEFORE DEPR. (EBITDA) -93,129 21,812

Depreciation from fixed assets 99,875 19,537

OPERATING PROFIT (EBIT) -193,004 2,275

Net financing expenses 11,601 14,818

PROFIT BEFORE TAXES -204,605 -12,543

Income taxes 0 0

PROFIT FOR THE ROUND -204,605 -12,543

Balance sheet, k USD, USA

Green Red
ASSETS
Fixed assets 565,958 110,707
Inventory 197,805 25,977
Receivables 26,989 39,504
Cash and cash equivalents 58,241 756,755
Total assets 848,993 932,944

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 400,000 302,490
Additional paid-in capital 687,233 0
Profit for the round -204,605 -12,543
Retained earnings -1,605,360 -1,495,622
Total equity -722,732 -1,205,675

Liabilities
Long-term loans 309,789 675,000
Short term loans (unplanned) 0 0
Internal loans 1,225,450 1,398,000
Payables 36,486 65,618
Total liabilities 1,571,724 2,138,618

Total shareholders' equity and liabilities 848,993 932,944

PARENT COMPANY'S CASH FLOW STATEMENT, k USD

Green Red
Cash provided by operating activities
Operating profit before depreciation (EBITDA) -93,129 21,812
Change in receivables (incr - / decr +) 1,022 -22,613
Change in inventories (incr - / decr +) 133,687 270,669
Change in payables (incr + / decr -) 11,352 34,114
Net financing expenses -11,601 -14,818
Income taxes 0 0
Total 41,331 289,162

Plant investments 0 0

Cash flow before financing activities 41,331 289,162

Cash provided by financing activities

Dividends 0 0
Proceeds from equity issues and buybacks 0 -230,141
Dividends received from subsidiaries 0 7,755
Change in long-term debt (incr + / decr -) 0 0
Change in short-term debt (incr + / decr -) 0 0
Change in internal loans 0 375,000
Total 0 152,614
Change in cash and cash equivalents 41,331 441,776

Cash 1.1. 16,910 314,979

Cash 31.12. 58,241 756,755

Profit and Loss statement, k USD, Asia

Green Red
Sales revenue
from markets 1,096,362 1,525,410
from internal transfers 61,230 0
Sales revenue total 1,157,591 1,525,410

Costs and expenses

Variable production costs 167,698 257,942
Feature costs 202,399 289,303
Contract manufacturing costs 61,230 206,471
Transportation and tariffs 138,283 108,169
R&D 79,085 65,329
Promotion 15,000 26,000
Administration 40,065 35,367
Costs of imported products 224,809 450,266
Costs and expenses total 928,567 1,438,846

OPERATING PROFIT BEFORE DEPR. (EBITDA) 229,024 86,564

Depreciation from fixed assets 94,416 90,396

OPERATING PROFIT (EBIT) 134,608 -3,833

Net financing expenses 10,882 -22,541

PROFIT BEFORE TAXES 123,726 18,708

Income taxes 27,220 4,116

PROFIT FOR THE ROUND 96,506 14,592

Balance sheet, k USD, Asia

Green Red
ASSETS
Fixed assets 535,026 512,246
Inventory 100,593 0
Receivables 42,210 58,728
Cash and cash equivalents 2,000 522,415
Total assets 679,829 1,093,389

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000
Profit for the round 96,506 14,592
Retained earnings 874,882 825,614
Total equity 991,388 860,207

Liabilities
Short term loans (unplanned) 91,660 0
Internal loans -425,150 200,000
Payables 21,930 33,183
Total liabilities -311,560 233,183

Total shareholders' equity and liabilities 679,829 1,093,389

Profit and Loss statement, k USD, Europe
Green Red
Sales revenue
Sales revenue 820,862 1,311,251

Costs and expenses

Feature costs 88,660 166,996
Transportation and tariffs 24,831 37,698
Promotion 25,000 35,000
Administration 10,000 10,000
Costs of imported products 319,320 517,933
Costs and expenses total 467,810 767,627

OPERATING PROFIT BEFORE DEPR. (EBITDA) 353,052 543,623

Depreciation from fixed assets 0 0

OPERATING PROFIT (EBIT) 353,052 543,623

Net financing expenses 3,256 -1,173

PROFIT BEFORE TAXES 349,796 544,796

Income taxes 108,437 168,887

PROFIT FOR THE ROUND 241,359 375,910

Balance sheet, k USD, Europe

Green Red
ASSETS
Fixed assets 0 0
Receivables 31,603 50,483
Cash and cash equivalents 93,883 260,785
Total assets 125,486 311,268

SHAREHOLDERS' EQUITY AND LIABILITIES

Equity
Share capital 20,000 20,000
Profit for the round 241,359 375,910
Retained earnings 660,058 1,505,478
Total equity 921,417 1,901,387

Liabilities
Short term loans (unplanned) 0 0
Internal loans -800,300 -1,598,000
Payables 4,369 7,881
Total liabilities -795,931 -1,590,119

Total shareholders' equity and liabilities 125,486 311,268

Ratios and key financial indicators

Ratios
Green Red
Market capitalization of the company, k USD 8,628,475 10,326,340
Shares outstanding at the end of round, k shares 40,000 30,249
Share price at the end of round, USD 216 341
Average trading price during the round, USD 178 306
Dividend yield, % 0 0
P/E ratio 64.75 27.32
Cumulative total shareholder return (p.a.), % 1.84 8.58

Key financial indicators, %

Green Red
Operating profit before depreciation (EBITDA) 18.67 16.88
Operating profit (EBIT) 11.25 14.03
Return on sales (ROS) 5.09 9.78
Equity ratio 71.94 66.56
Net debt to equity (gearing) 20.78 -55.59
Return on capital employed (ROCE) 17.69 25.13
Return on equity (ROE) 11.86 25.50
Earnings per share (EPS), USD 3.33 12.49

Market report, global

Global market shares, %
Green Red
Total 8.72 12.68

Tech 1 0 4.26
Tech 2 11.91 21.91
Tech 3 13.74 0
Tech 4 10.61 31.18

Market report, USA

Green Red
Tech 1
Selling Price, USD 197
Number of offered features 9
Sales, k units 1,289
Demand, k units 1,289

Tech 2
Selling Price, USD 249
Number of offered features 6
Sales, k units 708
Demand, k units 708

Tech 3
Selling Price, USD
Number of offered features
Sales, k units
Demand, k units

Tech 4
Selling Price, USD 400 338
Number of offered features 7 9
Sales, k units 1,312 2,285
Demand, k units 1,312 2,285

USA market shares, %

Green Red
Total 8.49 15.02

Tech 1 0 30.50
Tech 2 11.81 0
Tech 3 0 0
Tech 4 14.25 24.83

Market report, Asia

Green Red
Tech 1
Selling Price, RMB
Number of offered features
Sales, k units
Demand, k units

Tech 2
Selling Price, RMB 2,300 2,048
Number of offered features 6 10
Sales, k units 1,687 3,501
Demand, k units 1,687 3,501
Tech 3
Selling Price, RMB 2,100
Number of offered features 7
Sales, k units 3,373
Demand, k units 3,373

Tech 4
Selling Price, RMB 2,448
Number of offered features 4
Sales, k units 3,303
Demand, k units 3,438

Asia market shares, %

Green Red
Total 8.85 11.89

Tech 1 0 0
Tech 2 20.80 43.16
Tech 3 16.25 0
Tech 4 0 100

Market report, Europe

Green Red
Tech 1
Selling Price, EUR
Number of offered features
Sales, k units
Demand, k units

Tech 2
Selling Price, EUR 239
Number of offered features 10
Sales, k units 905
Demand, k units 905

Tech 3
Selling Price, EUR 229
Number of offered features 7
Sales, k units 812
Demand, k units 812

Tech 4
Selling Price, EUR 301 338
Number of offered features 7 9
Sales, k units 1,299 2,087
Demand, k units 1,361 2,087
Europe market shares, %
Green Red
Total 8.65 12.26

Tech 1 0 0
Tech 2 0 15.10
Tech 3 15.20 0
Tech 4 10.74 17.24

Production report
In-house manufacturing, k units
Green Red
USA
Tech 1 1,579
Tech 2
Tech 3 3,652
Tech 4 2,200 3,740

Asia
Tech 1
Tech 2 2,162 2,640
Tech 3
Tech 4

Contract manufacturing, k units

USA
Tech 1
Tech 2
Tech 3
Tech 4 1,697

Asia
Tech 1
Tech 2
Tech 3
Tech 4 411 1,525

Capacity usage, %
USA
Tech 1 29
Tech 2
Tech 3 42
Tech 4 25 68
Free capacity 34 3
Asia
Tech 1
Tech 2 66 96
Tech 3
Tech 4
Free capacity 35 4

Inventory, k units
USA
Tech 1 0 290
Tech 2 498 87
Tech 3 2,341 0
Tech 4 0 0

Asia
Tech 1 0 0
Tech 2 1,030 0
Tech 3 0 0
Tech 4 0 0

Inventory management costs, k USD 4,864 1,765

Origin of products sold in USA, k units

USA 2,020 3,573
Asia

Origin of products sold in Asia, k units

USA 3,373 2,638
Asia 1,687 4,165

Origin of products sold in Europe, k units

USA 1,700 2,992
Asia 411

Number of plants this round

USA 16 10
Asia 6 5

Number of plants next round

USA 15 10
Asia 5 5

Number of plants after next round

USA 15 10
Asia 5 5

Cost report
Logistics
Green Red
Average logistics cost per sold product, USD
Products sold in USA 0 0
Products sold in Asia 27.33 15.90
Products sold in Europe 11.76 12.60

Production cost per unit, USD

USA
Tech 1 59.27
Tech 2
Tech 3 62.50
Tech 4 230 241

Asia
Tech 1
Tech 2 97.65 97.71
Tech 3
Tech 4

Contract manufacturing cost per unit, USD

USA
Tech 1
Tech 2
Tech 3
Tech 4 144

Asia
Tech 1
Tech 2
Tech 3
Tech 4 149 135

Production scrap-%
USA
Tech 1 1.40
Tech 2
Tech 3 1.53
Tech 4 2.17 2.22

Asia
Tech 1
Tech 2 2.51 2.51
Tech 3
Tech 4

Valuation - Global
Green Red
Enterprise value, k USD 8,881,801 9,461,720
Excess cash (+), k USD 148,124 1,533,956
Value of debt (-), k USD -401,449 -669,336
Market capitalization, k USD 8,628,475 10,326,340
Discounted cash flow -valuation
Beta 0.67 0.75
Required return on equity, % 7.35 7.90
After tax cost of debt, % 3.30 3.33
Debt to equity 0.34 0.43
WACC, % 6.33 6.52
Enterprise value, k USD 11,319,991 10,460,360

Multiple valuation
EV/Sales 4 4
Adjusted sales, k USD 2,154,000 2,661,463
Enterprise value, k USD 8,616,002 10,645,852

EV/EBITDA 11.65 11.65

Adjusted EBITDA, k USD 415,835 547,470
Enterprise value, k USD 4,844,483 6,378,023

EV/EBIT 14.63 14.63

Adjusted EBIT, k USD 254,658 507,781
Enterprise value, k USD 3,725,647 7,428,830

EV/NOPLAT 17.30 17.30

Adjusted NOPLAT, k USD 214,562 427,881
Enterprise value, k USD 3,711,930 7,402,341

Credit rating AA AA-

Blue Orange Grey Ochre Pink Navy Yellow
2,059,388 2,906,681 1,228,977 2,041,832 2,544,758 3,033,826 2,132,329

455,275 820,059 378,921 725,162 563,393 1,006,869 549,801

374,845 355,174 252,631 344,965 311,362 410,212 465,597
315,703 225,062 230,006 207,395 406,189 303,134 367,554
164,323 165,779 88,621 89,132 92,993 259,222 138,834
69,978 179,979 110,000 602,770 275,000 32,318 73,883
22,000 95,000 81,000 40,000 180,000 55,000 60,000
126,553 135,270 106,083 129,052 129,830 124,857 125,263
1,528,677 1,976,323 1,247,263 2,138,476 1,958,768 2,191,612 1,780,932

530,711 930,358 -18,285 -96,644 585,990 842,215 351,397

92,119 136,436 0 108,806 178,014 93,662 100,934

438,592 793,921 -18,285 -205,450 407,976 748,553 250,463

3,102 -37,124 241,991 519,928 -16,706 -161,520 328

435,490 831,045 -260,276 -725,378 424,682 910,072 250,135

109,508 251,796 45,851 84,375 153,036 165,699 70,073

325,983 579,249 -306,128 -809,752 271,646 744,374 180,062

Blue Orange Grey Ochre Pink Navy Yellow

522,006 773,139 160,000 616,566 1,008,748 530,751 871,958

89,426 292,484 914,731 812,138 117,121 67,120 221,770
79,286 111,907 47,316 78,611 97,973 116,802 82,095
580,225 2,308,647 589,776 434,855 1,408,043 7,069,964 291,623
1,270,944 3,486,177 1,711,822 1,942,170 2,631,885 7,784,637 1,467,446

340,000 390,000 395,000 440,000 400,000 806,670 320,000

0 715,220 369,836 317,238 973,628 5,252,483 0
325,983 579,249 -306,128 -809,752 271,646 744,374 180,062
264,732 1,199,626 -516,897 -1,633,089 633,715 904,902 529,006
930,715 2,884,095 -58,189 -1,685,603 2,278,988 7,708,429 1,029,068

289,789 541,789 999,789 859,789 300,000 0 379,789

0 0 733,641 2,715,367 0 0 0
50,441 60,294 36,582 52,616 52,897 76,208 58,589
340,230 602,083 1,770,011 3,627,773 352,897 76,208 438,378
1,270,944.00 3,486,177.00 1,711,822.00 1,942,170.00 2,631,885.00 7,784,637.00 1,467,446.00

Blue Orange Grey Ochre Pink Navy Yellow

380,033 660,344 233,403 563,563 511,075 1,050,352 597,347

341,595 551,087 493,972 483,563 395,431 617,986 299,339
721,628 1,211,432 727,375 1,047,126 906,506 1,668,339 896,686

291,181 739,186 378,921 645,926 393,756 953,172 382,848

91,352 76,263 50,744 93,647 50,774 120,993 127,208
191,608 104,623 230,006 75,231 226,001 159,425 170,162
0 0 0 0 0 0 0
37,322 149,983 110,000 482,216 103,125 28,009 59,106
10,000 30,000 60,000 10,000 60,000 20,000 20,000
73,133 98,413 86,083 92,194 65,663 92,669 88,406
0 0 0 0 0 0 0
694,597 1,198,468 915,754 1,399,214 899,319 1,374,269 847,730

27,031 12,963 -188,379 -352,089 7,187 294,069 48,956

0 87,380 0 47,606 0 68,606 47,606

27,031 -74,417 -188,379 -399,694 7,187 225,464 1,351

10,735 4,150 252,184 113,807 3,138 -70,456 8,141

16,295 -78,566 -440,563 -513,501 4,050 295,920 -6,791

0 0 0 0 0 0 0

16,295 -78,566 -440,563 -513,501 4,050 295,920 -6,791

Blue Orange Grey Ochre Pink Navy Yellow

0 495,153 0 269,766 0 388,766 409,766

73,524 292,484 914,731 812,138 117,121 67,120 221,770
14,631 25,423 8,986 21,697 19,676 40,439 22,998
139,497 684,292 2,000 2,000 347,984 3,079,398 150,250
227,652 1,497,352 925,717 1,105,601 484,781 3,575,722 804,783

300,000 350,000 355,000 400,000 360,000 766,670 280,000

0 715,220 369,836 317,238 973,628 5,252,483 0
16,295 -78,566 -440,563 -513,501 4,050 295,920 -6,791
-1,418,536 -1,151,513 -1,762,383 -1,861,285 -973,712 -1,341,844 -309,404
-1,102,241 -164,860 -1,478,110 -1,657,549 363,966 4,973,229 -36,194

289,789 541,789 999,789 859,789 300,000 0 379,789

0 0 733,641 126,991 0 0 0
1,018,000 1,085,000 645,000 1,745,000 -205,000 -1,445,000 435,000
22,104 35,423 25,397 31,370 25,815 47,493 26,188
1,329,893 1,662,212 2,403,827 2,763,149 120,815 -1,397,507 840,977

227,652 1,497,352 925,717 1,105,601 484,781 3,575,722 804,783

Blue Orange Grey Ochre Pink Navy Yellow

27,031 12,963 -188,379 -352,089 7,187 294,069 48,956

-1,626 -17,530 -4,441 5,920 -419 -18,472 2,324
30,862 -197,756 224,562 -561,258 -7,136 323,746 -137,852
7,529 10,641 4,837 -31,014 -10,461 16,619 -1,501
-10,735 -4,150 -252,184 -113,807 -3,138 70,456 -8,141
0 0 0 0 0 0 0
53,060 -195,831 -215,605 -1,052,248 -13,967 686,419 -96,214

115,071 0 115,071 0 0 0 -140,000

168,132 -195,831 -100,534 -1,052,248 -13,967 686,419 -236,214

0 -200,000 0 0 0 0 0
0 -161,138 0 0 0 0 -540,207
0 391,979 0 0 0 0 824,464
0 -50,000 100,000 200,000 0 -209,789 -200,000
-30,635 0 534 126,991 0 0 0
0 100,000 0 200,000 0 -290,000 -450,000
-30,635 80,840 100,534 526,991 0 -499,789 -365,743
137,497 -114,991 0 -525,257 -13,967 186,630 -601,956

2,000 799,283 2,000 527,257 361,951 2,892,768 752,206

139,497 684,292 2,000 2,000 347,984 3,079,398 150,250

Blue Orange Grey Ochre Pink Navy Yellow

1,181,063 1,183,292 284,742 699,834 960,850 1,300,257 1,119,861

124,015 0 0 0 180,189 0 26,959
1,305,078 1,183,292 284,742 699,834 1,141,039 1,300,257 1,146,820

164,094 80,873 0 79,235 169,637 53,697 166,953

262,474 185,147 18,983 189,633 172,803 225,028 261,557
124,094 120,438 0 132,164 180,189 143,709 197,392
149,695 132,962 43,239 63,224 61,812 232,262 118,536
32,656 29,997 0 120,554 171,875 4,309 14,777
6,000 45,000 11,000 10,000 60,000 15,000 20,000
43,419 26,858 10,000 26,858 54,167 22,188 26,858
292,023 215,518 98,096 93,174 183,149 386,855 188,216
1,074,456 836,793 181,317 714,842 1,053,631 1,083,048 994,288

230,622 346,500 103,425 -15,008 87,408 217,209 152,531

92,119 49,056 0 61,200 178,014 25,056 53,328

138,504 297,443 103,425 -76,208 -90,607 192,153 99,203

-9,154 -37,925 -8,105 407,845 -17,573 -82,166 -7,175

147,658 335,368 111,529 -484,052 -73,033 274,318 106,378

25,331 73,781 24,536 0 0 60,350 23,403

122,327 261,587 86,993 -484,052 -73,033 213,968 82,975

Blue Orange Grey Ochre Pink Navy Yellow

522,006 277,986 160,000 346,800 1,008,748 141,986 462,193

15,902 0 0 0 0 0 0
45,471 45,557 10,963 26,944 36,993 50,060 43,115
325,211 948,754 148,584 2,000 444,307 2,047,099 88,944
908,590 1,272,297 319,546 375,744 1,490,047 2,239,144 594,252

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

122,327 261,587 86,993 -484,052 -73,033 213,968 82,975
914,300 1,235,712 635,158 -641,455 395,580 1,204,970 427,616
1,056,627 1,517,299 742,151 -1,105,507 342,546 1,438,939 530,591

0 0 0 2,588,377 0 0 0
-175,000 -265,000 -425,000 -1,125,000 1,125,000 775,000 35,000
26,964 19,998 2,396 17,874 22,501 25,206 28,661
-148,036 -245,002 -422,604 1,481,251 1,147,501 800,206 63,661

908,590 1,272,297 319,546 375,744 1,490,047 2,239,144 594,252

Blue Orange Grey Ochre Pink Navy Yellow

498,292 1,063,044 710,833 778,434 1,072,832 683,217 415,122

21,019 93,763 182,904 61,685 87,785 64,190 76,833

14,627 32,817 45,383 25,908 31,181 26,960 20,298
6,000 20,000 10,000 20,000 60,000 20,000 20,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000
173,587 335,570 395,877 390,389 392,471 231,131 138,082
225,233 492,149 644,164 507,982 581,437 352,281 265,212

273,058 570,894 66,669 270,452 491,395 330,936 149,909

0 0 0 0 0 0 0

273,058 570,894 66,669 270,452 491,395 330,936 149,909

1,521 -3,348 -2,088 -1,724 -2,271 -8,898 -638

271,537 574,243 68,757 272,176 493,666 339,834 150,547

84,177 178,015 21,315 84,375 153,036 105,349 46,670

187,361 396,228 47,443 187,802 340,629 234,486 103,878

Blue Orange Grey Ochre Pink Navy Yellow

0 0 0 0 0 0 0
19,184 40,927 27,367 29,970 41,304 26,304 15,982
115,517 675,601 439,192 430,855 615,752 1,943,467 52,429
134,701 716,528 466,559 460,825 657,056 1,969,771 68,412

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

187,361 396,228 47,443 187,802 340,629 234,486 103,878
768,968 1,115,428 610,328 869,651 1,211,847 1,041,776 410,794
976,329 1,531,655 677,770 1,077,453 1,572,476 1,296,261 534,672

0 0 0 0 0 0 0
 -843,000 -820,000 -220,000 -620,000 -920,000 670,000 -470,000
1,372 4,873 8,789 3,372 4,580 3,509 3,740
-841,628 -815,127 -211,211 -616,628 -915,420 673,509 -466,260

134,701 716,528 466,559 460,825 657,056 1,969,771 68,412

Blue Orange Grey Ochre Pink Navy Yellow

6,750,219 13,447,701 1,990,280 2,358,279 9,151,995 14,922,039 6,713,023
30,000 35,000 35,500 40,000 36,000 76,667 28,000
225 384 56.06 58.96 254 195 240
171 322 85.66 34.83 177 159 270
0 1.49 0 0 0 0 0
20.71 23.22 n/a n/a 33.69 20.05 37.28
2.30 10.79 -14.41 -15.51 4.10 0.21 3.86

Blue Orange Grey Ochre Pink Navy Yellow

25.77 32.01 -1.49 -4.73 23.03 27.76 16.48
21.30 27.31 -1.49 -10.06 16.03 24.67 11.75
15.83 19.93 -24.91 -39.66 10.67 24.54 8.44
73.23 82.73 n/a n/a 86.59 99.02 70.13
-31.21 -61.26 n/a n/a -48.62 -91.72 8.57
39.66 23.76 -1.03 -11.20 16.70 10.06 14.83
42.46 20.87 -323 n/a 12.67 10.15 14.89
10.87 16.55 -8.62 -20.24 7.55 9.71 6.43

Blue Orange Grey Ochre Pink Navy Yellow

10.20 10.26 5.27 8.81 9.41 13.64 9.86

17.21 9.43 0 18.29 12.55 11.71 15.97

4.19 0 20.81 13.48 0 0 27.68
12.63 16.13 4.49 0 10.64 24.40 0
3.49 12.41 0 4.25 11.72 13.87 0

Blue Orange Grey Ochre Pink Navy Yellow

 187 195 200
8 7 8
954 1,015 967
954 1,015 967

239 250 215 210

9 10 5 7
843 824 1,701 1,923
890 824 1,701 1,923

249 380 240 200

6 3 5 5
642 72 886 1,571
642 72 886 1,571

339 370 299

6 5 5
1,476 807 2,462
1,476 1,657 2,462

Blue Orange Grey Ochre Pink Navy Yellow

7.56 8.90 3.77 11.42 7.11 16.95 12.15

22.59 0 0 24.02 0 0 22.89

14.06 0 13.74 28.35 0 0 32.06
0 14.72 1.65 0 20.30 36.01 0
0 16.04 0 0 8.77 26.76 0

Blue Orange Grey Ochre Pink Navy Yellow

1,297 1,479 1,550 1,499 1,299 1,750

8 4 7 6 4 8
4,248 2,850 4,515 3,795 3,540 2,891
5,439 4,638 4,515 4,727 5,288 2,891

2,200 2,100
10 7
0 2,923
2,302 2,923
 1,937 2,349 2,700 2,000 2,600 1,800
3 6 3 5 4 5
3,253 3,243 1,055 0 1,508 4,669
3,253 3,243 1,055 3,463 1,508 4,669

Blue Orange Grey Ochre Pink Navy Yellow

13.11 10.65 1.84 7.89 9.27 14.35 10.16

16.97 11.38 0 18.03 15.16 14.14 11.55

0 0 0 0 0 0 36.04
15.68 15.63 5.08 0 7.27 22.50 0
0 0 0 0 0 0 0

Blue Orange Grey Ochre Pink Navy Yellow

130
8
971
971

130 200 230

9 5 7
3,360 1,011 720
3,876 1,011 720

193 239 260 230 180

3 6 1 5 5
595 1,026 242 848 1,189
595 1,026 242 848 1,189

274 318 330 269 280

2 6 5 5 5
859 1,579 1,045 2,078 951
859 1,579 1,045 2,078 1,607
Blue Orange Grey Ochre Pink Navy Yellow
5.96 10.67 14.75 8.42 11.99 8.77 6.93

0 0 0 0 0 0 100
0 0 56.04 16.86 0 0 12.01
11.14 19.21 4.52 0 15.88 22.26 0
7.10 13.04 0 8.64 17.17 7.86 0

Blue Orange Grey Ochre Pink Navy Yellow

1,100 1,012 3,696

4,026 2,904
3,168 4,538 2,772 3,300 4,433
3,713 2,574 2,503

3,850 1,650 1,650 3,795 1,100

1,650

1,000
1,562 1,056
1,562 1,673 1,428 1,562
1,562

1,200 1,323 1,444

1,507

600 1,323

25 23 56
61 44
72 55 63 100 62
45 39 35
3 0 14 0 0 3 0
 100 100 100 69 100
100

0 0 0 0 31 0 0

0 0 3,885 1,595 0 0 1,078

0 957 0 2,877 1,064 0 1,550
882 1,299 7,725 0 59 986 0
0 658 0 1,529 0 0 0

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
111 0 0 0 0 0 0

1,403 2,323 14,137 6,091 1,313 3,187 2,303

1,798 2,118 896 2,716 1,692 4,033 2,891

0

3,651 3,243 1,055 1,542 1,508 5,665 2,891

3,850 2,850 0 2,973 3,795 2,544 2,923

595 2,605 3,602 2,056 1,603 2,140 1,457

859 1,323 234

8 15 8 12 6 13 12
7 3 3 10 2 3

8 13 8 12 6 13 13
7 3 1 3 10 2 4

8 13 8 14 6 13 13
7 4 1 6 10 2 5

Blue Orange Grey Ochre Pink Navy Yellow

 0 0 0 0 0 0 0
19.96 21.82 41 14 11.66 28.29 20.39
10.06 12.60 12.60 12.60 10.66 12.60 12.01

52.56 52.70 56.38

105 97.61
85.32 61.80 78.44 121 64.13
169 273 152

42.62 49.01 48.02 44.70 48.82

101

92.26
99.26 101
79.28 79.08 79.56 79.28
145

100 99.90 99.52

131

144 136

1.28 1.31 1.32

1.61 1.52
1.87 1.49 1.80 2.26 1.55
1.77 2.34 1.68

1.86 2.08 2.05 2 2.07

2.51

Blue Orange Grey Ochre Pink Navy Yellow

6,465,783 11,686,843 2,300,585 3,936,345 8,023,545 7,839,884 6,806,367
574,225 2,302,647 583,776 428,855 1,402,043 7,063,964 285,623
-289,789 -541,789 -894,080 -2,006,922 -273,593 18,192 -378,967
6,750,219 13,447,701 1,990,280 2,358,279 9,151,995 14,922,039 6,713,023
 0.68 0.61 2.02 2.06 0.58 0.53 0.71
7.63 6.92 16.76 16.96 6.71 6.32 7.64
3.50 3.29 10.69 10.60 3.27 3.21 3.33
0.31 0.19 NA NA 0.13 0 0.37
6.65 6.35 10.75 10.66 6.31 6.32 6.48
7,398,802 13,394,905 1,870,886 3,952,748 9,895,294 7,107,723 7,786,465

4 4 4 4 4 4 4
1,775,182 2,596,833 1,327,177 1,751,392 2,009,464 2,353,266 1,978,845
7,100,728 10,387,330 5,308,707 7,005,570 8,037,855 9,413,064 7,915,382

11.65 11.65 11.65 11.65 11.65 11.65 11.65

390,000 747,452 177,234 238,449 384,148 699,617 396,764
4,543,497 8,707,817 2,064,780 2,777,927 4,475,321 8,150,538 4,622,306

14.63 14.63 14.63 14.63 14.63 14.63 14.63

292,578 611,509 151,172 191,834 284,561 614,833 295,652
4,280,412 8,946,373 2,211,648 2,806,529 4,163,130 8,995,014 4,325,387

17.30 17.30 17.30 17.30 17.30 17.30 17.30

250,889 488,871 126,902 176,701 242,045 531,439 259,064
4,340,375 8,457,472 2,195,399 3,056,931 4,187,380 9,193,889 4,481,809

AA AA+ C C AA+ AAA AA

Olive
3,064,078

644,926
492,119
481,859
152,554
94,594
82,500
128,941
2,077,492

986,586
101,315

885,271
-14,234

899,505
246,660

652,845

Olive

894,117
142,981
117,967
1,266,794
2,421,859

410,000
871,121
652,845
109,903
2,043,869

309,789
0
68,201
377,990
2,421,859.00

Olive

588,761
611,117
1,199,878

537,197
91,343
300,555
0
70,946
30,000
87,721
0
1,117,761

82,117
41,119

40,998
5,816

35,182
0

35,182

Olive

233,010
142,981
22,667
513,138
911,796

370,000
871,121
35,182
-2,505,066
-1,228,763

309,789
0
1,795,000
35,770
2,140,559

911,796

Olive

82,117
627
26,400
204
-5,816
0
103,532

103,532

-190
-239,103
4,521
-300,000
0
450,000
-84,772
18,760

494,378
513,138

Olive

1,238,065
0
1,238,065

107,729
268,486
181,304
116,836
23,649
27,500
31,220
202,744
959,467

278,598
60,195

218,402
-18,041

236,444
52,018

184,426

Olive

661,107
0
47,665
412,333
1,121,105

20,000
184,426
1,265,716
1,470,142

0
-375,000
25,963
-349,037

1,121,105
Olive

1,237,253

132,290
35,718
25,000
10,000
408,374
611,382

625,871
0

625,871
-2,008

627,879
194,643

433,237

Olive

0
47,634
341,323
388,958

20,000
433,237
1,349,253
1,802,489

0
-1,420,000
6,468
-1,413,532

388,958

Olive
11,179,603
37,000
302
239
0
17.12
6.70

Olive
32.20
28.89
21.31
84.39
-46.82
38.54
35.54
17.64

Olive
11.13

10.58
0
17.97
12.46

Olive
 245
7
1,192
1,192

345
8
860
1,739

Olive
8.63

0
0
27.31
9.35

Olive

1,475
6
3,200
4,384
 2,099
7
3,650
3,650

Olive
11.97

12.78
0
17.59
0

Olive

299
7
630
630

309
8
2,205
2,205
Olive
11.61

0
0
11.79
18.22

Olive

5,940
660

2,200

1,780

1,000

800

90
10
0
 100

0
401
1,269
0

0
0
0
0

1,618

2,052

2,850
4,000

2,835

12
4

11
6

11
6

Olive
 0
17.06
12.60

71.15
201

48.97

144

101

99.90

1.63
1.96

2.08

Olive
10,228,598
1,260,794
-309,789
11,179,603
 0.59
6.71
3.23
0.15
6.25
11,247,540

4
2,426,284
9,705,137

11.65
693,094
8,074,549

14.63
590,433
8,638,040

17.30
484,567
8,383,018

AA+