Financial Analysis Peer and Industry Benchmarking Strictly Confidential

Table of Contents

Profitability
Utilization
Leverage
Growth

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All figures in USD thousands unless stated Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Average

Return on Equity 0.41% 4.81% 7.56% 11.59% 6.32% 9.62% 10.08% 16.20% 8.32%
Average 8.32% 8.32% 8.32% 8.32% 8.32% 8.32% 8.32% 8.32%

Gross Margin 28.21% 31.15% 31.72% 32.72% 33.73% 35.97% 35.26% 36.48% 33.15%
Average 33.15% 33.15% 33.15% 33.15% 33.15% 33.15% 33.15% 33.15%

EBITDA Margin 5.01% 7.03% 7.84% 8.26% 7.63% 9.98% 9.41% 10.53% 8.21%
Average 8.21% 8.21% 8.21% 8.21% 8.21% 8.21% 8.21% 8.21%

EBIT Margin 1.55% 3.53% 4.51% 4.89% 4.22% 4.73% 4.49% 5.52% 4.18%
Average 4.18% 4.18% 4.18% 4.18% 4.18% 4.18% 4.18% 4.18%

Net Profit Margin 0.12% 1.39% 2.12% 3.26% 1.64% 2.25% 2.10% 3.53% 2.05%
Average 2.05% 2.05% 2.05% 2.05% 2.05% 2.05% 2.05% 2.05%
 Return on Equity Gross Margin
20.00%
39.00%
16.00% 37.00%
35.00%
12.00%
33.00%
8.00% 31.00%
29.00%
4.00%
27.00%
-
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 25.00%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Return on Equity Trend Average

Gross Margin Trend Average

EBITDA Margin EBIT Margins

12.00% 6.00%

10.00% 5.00%

8.00% 4.00%

6.00% 3.00%

4.00% 2.00%

2.00% 1.00%

- -
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

EBITDA Margin Trend Average EBIT Margin Trend Average

Net Profit Margin

4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
-
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Net Profit Margin Trend

Average
All figures in USD thousands unless stated Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Average

Asset Turnover 1.27x 1.34x 1.35x 1.51x 1.54x 1.52x 1.66x 1.65x 1.48x
Average 1.48x 1.48x 1.48x 1.48x 1.48x 1.48x 1.48x 1.48x

Cash Days 8.7 days 8.7 days 12.2 days 18.4 days 9.1 days 9.0 days 13.4 days 16.8 days 12.0 days
Average 12.0 days 12.0 days 12.0 days 12.0 days 12.0 days 12.0 days 12.0 days 12.0 days

A/R Days 2.0 days 2.7 days 1.8 days 2.0 days 2.0 days 1.8 days 2.2 days 4.4 days 2.4 days
Average 2.4 days 2.4 days 2.4 days 2.4 days 2.4 days 2.4 days 2.4 days 2.4 days

Inventory Days 51.4 days 50.5 days 50.4 days 51.7 days 56.7 days 60.2 days 55.6 days 55.8 days 54.0 days
Average 54.0 days 54.0 days 54.0 days 54.0 days 54.0 days 54.0 days 54.0 days 54.0 days

A/P Days 55.7 days 59.6 days 58.7 days 60.9 days 62.5 days 63.1 days 57.5 days 58.7 days 59.6 days
Average 59.6 days 59.6 days 59.6 days 59.6 days 59.6 days 59.6 days 59.6 days 59.6 days

Cash Conversion Cycle (2.3)days (6.5)days (6.5)days (7.2)days (3.9)days (1.1)days 0.3 days 1.5 days (3.2)days
Average (3.2)days (3.2)days (3.2)days (3.2)days (3.2)days (3.2)days (3.2)days (3.2)days
 Asset Turnover Cash Days
1.70x
20.0 days
1.60x
16.0 days
1.50x
1.40x 12.0 days
1.30x
8.0 days
1.20x
1.10x 4.0 days

1.00x
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 –
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Asset Turnover Trend Average

Cash Days Trend Average

A/R Days Inventory Days

5.0 days 65.0 days
60.0 days
4.0 days
55.0 days
3.0 days 50.0 days
45.0 days
2.0 days
40.0 days
1.0 days
35.0 days

– 30.0 days
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

A/R Days Trend Average Inventory Days Trend Average

A/P Days Cash Conversion Cycle / WC Funding Gap

70.0 days 2.0 days

60.0 days –
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
50.0 days (2.0)days

40.0 days (4.0)days

30.0 days (6.0)days

20.0 days (8.0)days

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Cash Conversion Cycle Trend
A/P Days Trend Average Average

Financial Analysis Peer and Industry Benchmarking Page 5 of 9

All figures in USD thousands unless stated Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Average

Debt to Equity 1.27x 1.19x 1.26x 0.96x 1.06x 1.33x 1.40x 1.31x 1.22x
Average 1.22x 1.22x 1.22x 1.22x 1.22x 1.22x 1.22x 1.22x

Debt to EBITDA 7.60x 4.91x 4.50x 3.26x 3.60x 3.12x 3.11x 2.72x 4.10x
Average 4.10x 4.10x 4.10x 4.10x 4.10x 4.10x 4.10x 4.10x

Debt to Equity Debt to EBITDA

1.50x
8.00x
1.40x
7.00x
1.30x
6.00x
1.20x
1.10x 5.00x
1.00x 4.00x
0.90x 3.00x
0.80x 2.00x
0.70x 1.00x
0.60x
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 –
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Debt to Equity Trend Average

Debt to EBITDA Trend Average
All figures in USD thousands unless stated Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Average

Current 0.87x 0.79x 0.89x 0.81x 0.71x 0.70x 0.85x 0.90x 0.82x
Average 0.82x 0.82x 0.82x 0.82x 0.82x 0.82x 0.82x 0.82x

Quick 0.20x 0.20x 0.26x 0.30x 0.16x 0.15x 0.26x 0.34x 0.23x
Average 0.23x 0.23x 0.23x 0.23x 0.23x 0.23x 0.23x 0.23x

Current Ratio Quick Ratio

1.00x 0.40x
0.35x
0.80x
0.30x
0.60x 0.25x
0.20x
0.40x
0.15x

0.20x 0.10x
0.05x
– –
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Current Trend Average Quick Trend Average

All figures in USD thousands unless stated Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Average

Revenue Growth 6.53% 2.18% 0.44% 0.23% 2.88% 9.74% 0.87% 3.27%
Average 3.27% 3.27% 3.27% 3.27% 3.27% 3.27% 3.27%

EBITDA Growth 49.63% 13.84% 5.86% (7.43%) 34.59% 3.48% 12.90% 16.12%
Average 16.12% 16.12% 16.12% 16.12% 16.12% 16.12% 16.12%

Net Income Growth 1092.45% 55.54% 54.32% (49.51%) 41.12% 2.50% 69.22% 180.81%
Average 180.81% 180.81% 180.81% 180.81% 180.81% 180.81% 180.81%

Total Asset Growth 0.76% 1.46% (10.39%) (2.02%) 4.19% 0.87% 1.41% (0.53%)
Average (0.53%) (0.53%) (0.53%) (0.53%) (0.53%) (0.53%) (0.53%)
 Revenue Growth EBITDA Growth
10.00%
50.00%

8.00% 40.00%

6.00% 30.00%

20.00%
4.00%
10.00%
2.00%
0.00%
0.00%
-10.00%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Revenue Growth Trend Average

EBITDA Growth Trend Average

Net Income Growth Total Asset Growth

300.00% 20.00%
250.00% 15.00%
200.00%
10.00%
150.00%
5.00%
100.00%
50.00% 0.00%
0.00% -5.00%
-50.00% -10.00%
-100.00% -15.00%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Net Income Growth Trend Total Asset Growth Trend

Average Average