3-Statement Financial Analysis Strictly Confidential

Table of Contents

Financial Statements
Ratio Calculations
3 Step DuPont Pyramid
5 Step DuPont Pyramid

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Income Statement

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

Revenue 42,611 45,394 46,385 46,587 46,693 48,037 52,714 53,170

COGS (30,591) (31,254) (31,670) (31,345) (30,945) (30,757) (34,129) (33,772)
Gross Profit 12,020 14,140 14,715 15,242 15,748 17,280 18,585 19,398

SG&A (9,886) (10,947) (11,080) (11,394) (12,186) (12,486) (13,624) (13,797)

Other – – – – – – – –
EBITDA 2,134 3,193 3,635 3,848 3,562 4,794 4,961 5,601

Depreciation 1 (1,472) (1,592) (1,543) (1,568) (1,592) (2,524) (2,596) (2,664)

EBIT 662 1,601 2,092 2,280 1,970 2,270 2,365 2,937

Interest Expense (625) (674) (681) (397) (587) (765) (752) (691)
Interest Income 41 30 28 23 23 18 10 196
EBT 78 957 1,439 1,906 1,406 1,523 1,623 2,442

Provision for Taxes (25) (325) (456) (389) (640) (442) (515) (567)

Net Income 53 632 983 1,517 766 1,081 1,108 1,875

Cash Flow Statement

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

CASH FROM OPERATING

Net Income 53 632 983 1,517 766 1,081 1,108 1,875
Depreciation 1,472 1,592 1,543 1,568 1,592 2,524 2,596 2,664
Cash From Accounts Receivable (237) (99) 106 (27) 2 19 (88) (317)
Cash From Inventory (4,309) (13) (49) (67) (365) (273) (119) 29
Cash From Accounts Payable 4,672 434 (15) 142 69 19 59 53
Subtotal 1,651 2,546 2,568 3,133 2,064 3,370 3,556 4,304

CASH FROM INVESTING

Capital Expenditure (3,347) (2,140) (2,553) 1,952 (2,710) (5,250) (2,976) (3,150)
Subtotal (3,347) (2,140) (2,553) 1,952 (2,710) (5,250) (2,976) (3,150)

CASH FROM FINANCING

Change in Long-Term Debt 368 (936) 926 (5,368) 288 1,628 988 (573)
Change in Common Equity (135) 220 (139) (244) (275) (127) (237) (193)
Dividends - - - - - - - -
Change in Revolving Credit Line 223 393 (265) 1,557 (6) 504 (527) 384
Subtotal 456 (323) 522 (4,055) 7 2,005 224 (382)

CASH BALANCE
Beginning of the Year 2,260 999 1,018 1,314 1,798 1,065 1,133 1,668
Increase / (Decrease) (1,240) 83 537 1,030 (639) 125 804 772
End of the Year 1,020 1,082 1,555 2,344 1,159 1,190 1,937 2,440
Balance Sheet

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

ASSETS

Cash 1,020 1,082 1,555 2,344 1,159 1,190 1,937 2,440

Accounts Receivable 237 336 230 257 255 236 324 641
Inventories 4,309 4,322 4,371 4,438 4,803 5,076 5,195 5,166
Total Current Assets 5,566 5,740 6,156 7,039 6,217 6,502 7,456 8,247

Property Plant & Equipment 28,118 28,199 28,280 23,820 24,018 24,999 24,319 23,977

Total Assets 33,684 33,939 34,436 30,859 30,235 31,501 31,775 32,224

LIABILITIES

Accounts Payable 4,672 5,106 5,091 5,233 5,302 5,321 5,380 5,433
Revolving Credit Line 1,723 2,116 1,851 3,408 3,402 3,906 3,379 3,763
Total Current Liabilities 6,395 7,222 6,942 8,641 8,704 9,227 8,759 9,196

Long-Term Debt 14,502 13,566 14,492 9,124 9,412 11,040 12,028 11,455
Total Liabilities 20,897 20,788 21,434 17,765 18,116 20,267 20,787 20,651

EQUITY

Common Equity 7,977 8,197 8,058 7,814 7,539 7,412 7,175 6,982
Retained Earnings 4,810 4,954 4,944 5,280 4,580 3,822 3,813 4,591
Total Shareholders' Equity 12,787 13,151 13,002 13,094 12,119 11,234 10,988 11,573

Total Liabilities & Equity 33,684 33,939 34,436 30,859 30,235 31,501 31,775 32,224

Check – – – – – – – –
Other Financial Information

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

NET OPERATING PROFIT AFTER TAX

EBIT 662 1,601 2,092 2,280 1,970 2,270 2,365 2,937
Effective Tax Rate 32.05% 33.96% 31.69% 20.41% 45.52% 29.02% 31.73% 23.22%
NOPAT 450 1,057 1,429 1,815 1,073 1,611 1,615 2,255

INVESTED CAPITAL
Interest Bearing Current Liabilities 1,723 2,116 1,851 3,408 3,402 3,906 3,379 3,763
Interest Bearing Long Term Liabilities 14,502 13,566 14,492 9,124 9,412 11,040 12,028 11,455
Total Interest Bearing Liabilities 16,225 15,682 16,343 12,532 12,814 14,946 15,407 15,218
Cash (1,020) (1,082) (1,555) (2,344) (1,159) (1,190) (1,937) (2,440)
Net Debt 15,205 14,600 14,788 10,188 11,655 13,756 13,470 12,778
Equity 12,787 13,151 13,002 13,094 12,119 11,234 10,988 11,573
Invested Capital (aka Capital Employed) 27,992 27,751 27,790 23,282 23,774 24,990 24,458 24,351

NET ASSETS
Current Assets 5,566 5,740 6,156 7,039 6,217 6,502 7,456 8,247
Cash (1,020) (1,082) (1,555) (2,344) (1,159) (1,190) (1,937) (2,440)
Long Term Assets 28,118 28,199 28,280 23,820 24,018 24,999 24,319 23,977
Non Interest Bearing Current Liabilities (4,672) (5,106) (5,091) (5,233) (5,302) (5,321) (5,380) (5,433)
Net Assets 27,992 27,751 27,790 23,282 23,774 24,990 24,458 24,351
Profitability and Return Ratios
All figures in USD thousands unless stated 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

Return on Equity = Net Income = = - - - - - - - -

Equity

Return on Assets = Net Income = = - - - - - - - -

Total Assets

Return on Net Assets = Net Income = = - - - - - - - -

PP&E plus Net Working Capital

Return on Invested Capital = NOPAT = = - - - - - - - -

Invested Capital

Gross Margin = Gross Profit = = - - - - - - - -

Revenue

SG&A % of Revenue = SG&A = = - - - - - - - -

Revenue

Other Operating Expenses % of Revenue = Other Operating Expenses = = - - - - - - - -

Revenue

EBITDA Margin = EBITDA = = - - - - - - - -

Revenue
Check OK OK OK OK OK OK OK OK

Depreciation % of Revenue = Depreciation = = - - - - - - - -

Revenue

EBIT Margin = EBIT = = - - - - - - - -

Revenue
Check OK OK OK OK OK OK OK OK

Other Non Operating Expense % of Revenue = Other Non Operating Expense = = - - - - - - - -

Revenue

EBT Margin = Earning Before Tax = = - - - - - - - -

Revenue
Check OK OK OK OK OK OK OK OK

Tax % of Revenue = Tax = = - - - - - - - -

Revenue

Net Profit Margin = Net Income = = - - - - - - - -

Revenue
Check OK OK OK OK OK OK OK OK

Effective Tax Rate = Tax = = - - - - - - - -

Earning Before Tax

Tax Burden = Net Income = = - - - - - - - -

Earning Before Tax

Effective Interest Rate = Interest Expense = = - - - - - - - -

Page 6 of 14
Asset Utilization Ratios
All figures in USD thousands unless stated 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 = Revenue = = – – – – – – – –

Total Assets

PPE Turnover = Revenue = = – – – – – – – –

PPE

Cash Turnover = Revenue = = – – – – – – – –

Cash

Cash Days = Cash x 365 = = – – – – – – – –

Revenue

A/R Turnover = Revenue = = – – – – – – – –

Accounts Receivable

A/R Days = Accounts Receivable x 365 = = – – – – – – – –

Revenue

Inventory Turnover = COGS = = – – – – – – – –

Inventory

Inventory Days = Inventory x 365 = = – – – – – – – –

COGS

A/P Turnover = COGS = = – – – – – – – –

Accounts Payable

A/P Days = Accounts Payable x 365 = = – – – – – – – –

COGS

Cash Conversion Cycle / WC Funding Gap = AR Days + Inventory Days - AP Days = – – – – – – – –

Page 7 of 14
Leverage Ratios
All figures in USD thousands unless stated 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

Total Asset to Equity = Total Assets = = – – – – – – – –

Equity

Total Liabilities to Equity = Total Liabilities = = – – – – – – – –

Equity

Debt to Equity = Interest Bearing Liabilities Only = = – – – – – – – –

Equity

Debt to EBITDA = Interest Bearing Liabilities Only = = – – – – – – – –

EBITDA

Net Debt to EBITDA = Interest Bearing Liabilities - Cash = = – – – – – – – –

EBITDA

Page 8 of 14
Liquidity Ratios
All figures in USD thousands unless stated 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 = Current Assets = = – – – – – – – –

Current Liabilities

Quick = Current Assets - Inventory = = – – – – – – – –

Current Liabilities

Interest Coverage = EBITDA = = – – – – – – – –

Interest Expense

Page 9 of 14
Growth Trends
All figures in USD thousands unless stated 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 = Change in Revenues = 2,783 991 202 106 1,344 4,677 456 = 6.53% 2.18% 0.44% 0.23% 2.88% 9.74% 0.87%
Prior Year Revenues 42,611 45,394 46,385 46,587 46,693 48,037 52,714

EBITDA Growth = Change in EBITDA = 1,059 442 213 (286) 1,232 167 640 = 49.63% 13.84% 5.86% (7.43%) 34.59% 3.48% 12.90%
Prior Year EBITDA 2,134 3,193 3,635 3,848 3,562 4,794 4,961

EBIT Growth = Change in EBIT = 939 491 188 (310) 300 95 572 = 141.84% 30.67% 8.99% (13.60%) 15.23% 4.19% 24.19%
Prior Year EBIT 662 1,601 2,092 2,280 1,970 2,270 2,365

Net Income Growth = Change in Net Income = 579 351 534 (751) 315 27 767 = 1092.45% 55.54% 54.32% (49.51%) 41.12% 2.50% 69.22%
Prior Year Net Income 53 632 983 1,517 766 1,081 1,108

Total Asset Growth = Change in Total Assets = 255 497 (3,577) (624) 1,266 274 449 = 0.76% 1.46% (10.39%) (2.02%) 4.19% 0.87% 1.41%
Prior Year Total Assets 33,684 33,939 34,436 30,859 30,235 31,501 31,775

Degree of Operating Leverage = Percentage Change in EBIT = 141.84% 30.67% 8.99% (13.60%) 15.23% 4.19% 24.19% = 21.72x 14.05x 20.64x (59.76x) 5.29x 0.43x 27.96x
Percentage Change in Revenue 6.53% 2.18% 0.44% 0.23% 2.88% 9.74% 0.87%

Degree of Financial Leverage = Percentage Change in Net Income = 1092.45% 55.54% 54.32% (49.51%) 41.12% 2.50% 69.22% = 7.70x 1.81x 6.04x 3.64x 2.70x 0.60x 2.86x
Percentage Change in EBIT 141.84% 30.67% 8.99% (13.60%) 15.23% 4.19% 24.19%

Degree of Total Leverage = Percentage Change in Net Income = 1092.45% 55.54% 54.32% (49.51%) 41.12% 2.50% 69.22% = 167.27x 25.44x 124.74x (217.58x) 14.29x 0.26x 80.02x
Percentage Change in Revenue 6.53% 2.18% 0.44% 0.23% 2.88% 9.74% 0.87%

Page 10 of 14
DuPont Pyramid 3 Step Check
All figures in USD thousands unless stated 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 Profit Margin = Net Income = - - - - - - - -= - - - - - - - -

Revenue - - - - - - - -

Asset Turnover = Revenue = - - - - - - - -= – – – – – – – –

Total Assets - - - - - - - -

Total Assets to Equity = Total Assets = - - - - - - - -= – – – – – – – –

Equity - - - - - - - -

Equals Return on Equity = Net Profit Margin x Asset Turn x Asset to Equity = = - - - - - - - -
Check OK OK OK OK OK OK OK OK

Page 11 of 14
DuPont Pyramid 5 Step Check
All figures in USD thousands unless stated 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

Tax Burden = Net Income = - - - - - - - -= - - - - - - - -

Earning Before Tax - - - - - - - -

Interest Burden = Earning Before Tax = - - - - - - - -= - - - - - - - -

EBIT - - - - - - - -

EBIT Margin = EBIT = - - - - - - - -= - - - - - - - -

Revenue - - - - - - - -

Asset Turnover = Revenue = - - - - - - - -= – – – – – – – –

Total Assets - - - - - - - -

Total Assets to Equity = Total Assets = - - - - - - - -= – – – – – – – –

Equity - - - - - - - -

Equals Return on Equity = Tax Burden x Interest Burden x EBIT Margin = = - - - - - - - -

Check x Asset Turn x Asset to Equity OK OK OK OK OK OK OK OK

Page 12 of 14
 Return on Equity
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
- - - - - - - -

Net Profit Margin Total Asset to Equity Asset Turnover

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 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
- - - - - - - - – – – – – – – – – – – – – – – – Working Capital Analysis

EBT Margin Tax % of Revenue Cash Turnover Cash 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 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
- - - - - - - - - - - - - - - - – – – – – – – – – – – – – – – –

EBIT Margin Other Non Operating Expense % of Revenue A/R Turnover A/R 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 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 Depreciation % of Revenue Inventory Turnover Inventory 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 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
- - - - - - - - - - - - - - - - – – – – – – – – – – – – – – – –

Gross Margin Other Operating Expenses % of Revenue PPE Turnover A/P 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 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
- - - - - - - - - - - - - - - - – – – – – – – – – – – – – – – –

SG&A % of Revenue Cash Conversion Cycle / WC Funding Gap

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
- - - - - - - - – – – – – – – –

Growth Analysis Leverage Analysis

Revenue Growth Debt to Equity

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
6.53% 2.18% 0.44% 0.23% 2.88% 9.74% 0.87% - – – – – – – – –

EBITDA Growth Debt to EBITDA

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
49.63% 13.84% 5.86% (7.43%) 34.59% 3.48% 12.90% - – – – – – – – –

Net Income Growth Current

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
1092.45% 55.54% 54.32% (49.51%) 41.12% 2.50% 69.22% - – – – – – – – –

Total Asset Growth Quick

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
0.76% 1.46% (10.39%) (2.02%) 4.19% 0.87% 1.41% - – – – – – – – –

Degree of Total Leverage Interest Coverage

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
167.27x 25.44x 124.74x (217.58x) 14.29x 0.26x 80.02x – – – – – – – – –
 Return on Equity
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
- - - - - - - -

Tax Burden Interest Burden EBIT Margin Total Asset to Equity Asset Turnover
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 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 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
- - - - - - - - - - - - - - - - - - - - - - - - – – – – – – – – – – – – – – – – Working Capital Analysis

EBITDA Margin Depreciation % of Revenue Cash Turnover Cash 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 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
- - - - - - - - - - - - - - - - – – – – – – – – – – – – – – – –

Gross Margin Other Operating Expenses % of Revenue A/R Turnover A/R 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 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
- - - - - - - - - - - - - - - - – – – – – – – – – – – – – – – –

SG&A % of Revenue Inventory Turnover Inventory 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 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
- - - - - - - - – – – – – – – – – – – – – – – –

PPE Turnover A/P 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
– – – – – – – – – – – – – – – –

Cash Conversion Cycle / WC Funding Gap

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

Growth Analysis Leverage Analysis

Revenue Growth Debt to Equity

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
6.53% 2.18% 0.44% 0.23% 2.88% 9.74% 0.87% - – – – – – – – –

EBITDA Growth Debt to EBITDA

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
49.63% 13.84% 5.86% (7.43%) 34.59% 3.48% 12.90% - – – – – – – – –

Net Income Growth Current

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
1092.45% 55.54% 54.32% (49.51%) 41.12% 2.50% 69.22% - – – – – – – – –

Total Asset Growth Quick

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
0.76% 1.46% (10.39%) (2.02%) 4.19% 0.87% 1.41% - – – – – – – – –

Degree of Total Leverage Interest Coverage

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
167.27x 25.44x 124.74x (217.58x) 14.29x 0.26x 80.02x – – – – – – – – –