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 thousands unless stated Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Revenue 112,640 116,199 118,719 129,025 141,576 152,703 166,761 195,929

COGS (97,429) (99,938) (101,646) (110,512) (121,715) (131,394) (143,294) (168,903)
Gross Profit 15,211 16,261 17,073 18,513 19,861 21,309 23,467 27,026

SG&A (10,899) (11,445) (12,068) (12,950) (13,876) (14,994) (16,332) (18,461)

Other (63) (65) (78) (82) (68) (86) (55) (76)
EBITDA 4,249 4,751 4,927 5,481 5,917 6,229 7,080 8,489

Depreciation 1 (1,029) (1,127) (1,255) (1,370) (1,437) (1,492) (1,645) (1,781)

EBIT 3,220 3,624 3,672 4,111 4,480 4,737 5,435 6,708

Interest Expense (113) (124) (133) (134) (159) (150) (160) (171)
Interest Income 90 104 80 62 121 178 92 143
EBT 3,197 3,604 3,619 4,039 4,442 4,765 5,367 6,680

Provision for Taxes (1,139) (1,227) (1,269) (1,360) (1,308) (1,106) (1,365) (1,673)

Net Income 2,058 2,377 2,350 2,679 3,134 3,659 4,002 5,007
Cash Flow Statement

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

CASH FROM OPERATING

Net Income 2,058 2,377 2,350 2,679 3,134 3,659 4,002 5,007
Depreciation 1,029 1,127 1,255 1,370 1,437 1,492 1,645 1,781
Cash From Accounts Receivable (1,817) (155) 452 (184) (286) (656) 73 (542)
Cash From Inventory (8,456) (452) (61) (865) (1,206) (355) (847) (1,973)
Cash From Accounts Payable 14,412 845 (782) 2,934 2,427 1,702 3,211 3,893
Subtotal 7,226 3,742 3,214 5,934 5,506 5,842 8,084 8,166

CASH FROM INVESTING

Capital Expenditure (3,773) (3,572) (2,623) (5,482) (2,950) (2,950) (7,487) (9,300)
Subtotal (3,773) (3,572) (2,623) (5,482) (2,950) (2,950) (7,487) (9,300)

CASH FROM FINANCING

Change in Long-Term Debt 178 (26) (774) 2,565 31 (1,185) 5,508 (165)
Change in Common Equity (376) (746) 294 397 122 73 420 493
Dividends (584) - - - - - - -
Change in Revolving Credit Line - 1,283 (183) (1,014) 4 1,609 (1,604) 704
Subtotal (782) 511 (663) 1,948 157 497 4,324 1,032

CASH BALANCE
Beginning of the Year 4,644 5,738 4,801 3,379 4,546 6,055 8,384 12,277
Increase / (Decrease) 2,671 681 (72) 2,400 2,713 3,389 4,921 (102)
End of the Year 7,315 6,419 4,729 5,779 7,259 9,444 13,305 12,175
Balance Sheet

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

ASSETS

Cash 7,315 6,419 4,729 5,779 7,259 9,444 13,305 12,175

Accounts Receivable 1,817 1,972 1,520 1,704 1,990 2,646 2,573 3,115
Inventories 8,456 8,908 8,969 9,834 11,040 11,395 12,242 14,215
Total Current Assets 17,588 17,299 15,218 17,317 20,289 23,485 28,120 29,505

Property Plant & Equipment 15,436 16,141 17,945 19,030 20,541 21,915 27,436 29,763

Total Assets 33,024 33,440 33,163 36,347 40,830 45,400 55,556 59,268

LIABILITIES

Accounts Payable 14,412 15,257 14,475 17,409 19,836 21,538 24,749 28,642
Revolving Credit Line – 1,283 1,100 86 90 1,699 95 799
Total Current Liabilities 14,412 16,540 15,575 17,495 19,926 23,237 24,844 29,441

Long-Term Debt 6,309 6,283 5,509 8,074 8,105 6,920 12,428 12,263
Total Liabilities 20,721 22,823 21,084 25,569 28,031 30,157 37,272 41,704

EQUITY

Common Equity 4,845 4,099 4,393 4,790 4,912 4,985 5,405 5,898
Retained Earnings 7,458 6,518 7,686 5,988 7,887 10,258 12,879 11,666
Total Shareholders' Equity 12,303 10,617 12,079 10,778 12,799 15,243 18,284 17,564

Total Liabilities & Equity 33,024 33,440 33,163 36,347 40,830 45,400 55,556 59,268

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

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

NET OPERATING PROFIT AFTER TAX

EBIT 3,220 3,624 3,672 4,111 4,480 4,737 5,435 6,708
Effective Tax Rate 35.63% 34.05% 35.06% 33.67% 29.45% 23.21% 25.43% 25.04%
NOPAT 2,073 2,390 2,384 2,727 3,161 3,637 4,053 5,028

INVESTED CAPITAL
Interest Bearing Current Liabilities – 1,283 1,100 86 90 1,699 95 799
Interest Bearing Long Term Liabilities 6,309 6,283 5,509 8,074 8,105 6,920 12,428 12,263
Total Interest Bearing Liabilities 6,309 7,566 6,609 8,160 8,195 8,619 12,523 13,062
Cash (7,315) (6,419) (4,729) (5,779) (7,259) (9,444) (13,305) (12,175)
Net Debt (1,006) 1,147 1,880 2,381 936 (825) (782) 887
Equity 12,303 10,617 12,079 10,778 12,799 15,243 18,284 17,564
Invested Capital (aka Capital Employed) 11,297 11,764 13,959 13,159 13,735 14,418 17,502 18,451

NET ASSETS
Current Assets 17,588 17,299 15,218 17,317 20,289 23,485 28,120 29,505
Cash (7,315) (6,419) (4,729) (5,779) (7,259) (9,444) (13,305) (12,175)
Long Term Assets 15,436 16,141 17,945 19,030 20,541 21,915 27,436 29,763
Non Interest Bearing Current Liabilities (14,412) (15,257) (14,475) (17,409) (19,836) (21,538) (24,749) (28,642)
Net Assets 11,297 11,764 13,959 13,159 13,735 14,418 17,502 18,451
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 % of Revenue = = - - - - - - - -
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 = = - - - - - - - -

Total Interest Bearing Liabilities

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

EBIT

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 = 3,559 2,520 10,306 12,551 11,127 14,058 29,168 = 3.16% 2.17% 8.68% 9.73% 7.86% 9.21% 17.49%
Prior Year Revenues 112,640 116,199 118,719 129,025 141,576 152,703 166,761

EBITDA Growth = Change in EBITDA = 502 176 554 436 312 851 1,409 = 11.81% 3.70% 11.24% 7.95% 5.27% 13.66% 19.90%
Prior Year EBITDA 4,249 4,751 4,927 5,481 5,917 6,229 7,080

EBIT Growth = Change in EBIT = 404 48 439 369 257 698 1,273 = 12.55% 1.32% 11.96% 8.98% 5.74% 14.74% 23.42%
Prior Year EBIT 3,220 3,624 3,672 4,111 4,480 4,737 5,435

Net Income Growth = Change in Net Income = 319 (27) 329 455 525 343 1,005 = 15.50% (1.14%) 14.00% 16.98% 16.75% 9.37% 25.11%
Prior Year Net Income 2,058 2,377 2,350 2,679 3,134 3,659 4,002

Total Asset Growth = Change in Total Assets = 416 (277) 3,184 4,483 4,570 10,156 3,712 = 1.26% (0.83%) 9.60% 12.33% 11.19% 22.37% 6.68%
Prior Year Total Assets 33,024 33,440 33,163 36,347 40,830 45,400 55,556

Degree of Operating Leverage = Percentage Change in EBIT = 12.55% 1.32% 11.96% 8.98% 5.74% 14.74% 23.42% = 3.97x 0.61x 1.38x 0.92x 0.73x 1.60x 1.34x
Percentage Change in Revenue 3.16% 2.17% 8.68% 9.73% 7.86% 9.21% 17.49%

Degree of Financial Leverage = Percentage Change in Net Income = 15.50% (1.14%) 14.00% 16.98% 16.75% 9.37% 25.11% = 1.24x (0.86x) 1.17x 1.89x 2.92x 0.64x 1.07x
Percentage Change in EBIT 12.55% 1.32% 11.96% 8.98% 5.74% 14.74% 23.42%

Degree of Total Leverage = Percentage Change in Net Income = 15.50% (1.14%) 14.00% 16.98% 16.75% 9.37% 25.11% = 4.91x (0.52x) 1.61x 1.75x 2.13x 1.02x 1.44x
Percentage Change in Revenue 3.16% 2.17% 8.68% 9.73% 7.86% 9.21% 17.49%

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
3.16% 2.17% 8.68% 9.73% 7.86% 9.21% 17.49% - – – – – – – – –

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
11.81% 3.70% 11.24% 7.95% 5.27% 13.66% 19.90% - – – – – – – – –

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
15.50% (1.14%) 14.00% 16.98% 16.75% 9.37% 25.11% - – – – – – – – –

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
1.26% (0.83%) 9.60% 12.33% 11.19% 22.37% 6.68% - – – – – – – – –

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
4.91x (0.52x) 1.61x 1.75x 2.13x 1.02x 1.44x – – – – – – – – –
 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
3.16% 2.17% 8.68% 9.73% 7.86% 9.21% 17.49% - – – – – – – – –

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
11.81% 3.70% 11.24% 7.95% 5.27% 13.66% 19.90% - – – – – – – – –

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
15.50% (1.14%) 14.00% 16.98% 16.75% 9.37% 25.11% - – – – – – – – –

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
1.26% (0.83%) 9.60% 12.33% 11.19% 22.37% 6.68% - – – – – – – – –

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
4.91x (0.52x) 1.61x 1.75x 2.13x 1.02x 1.44x – – – – – – – – –