Revenue growth (FY, 2015 - FY, 2016), %2%

Gross profit (FY, 2016)514.3 M

Gross profit margin (FY, 2016), %8%

Net income (FY, 2016)187.8 M

EBIT (FY, 2016)224.8 M

Cash, 31-Dec-2016398.3 M

EV2 B

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Revenue | 5.9 b | 6.2 b | 6.4 b | 6.5 b |

## Revenue growth, % | 5% | 3% | 2% | |

## Cost of goods sold | 5.5 b | 5.7 b | 5.9 b | 6 b |

## Gross profit | 426.8 m | 488.3 m | 483.9 m | 514.3 m |

## Gross profit Margin, % | 7% | 8% | 8% | 8% |

## R&D expense | 37.7 m | |||

## General and administrative expense | 244.6 m | |||

## Operating expense total | 282.4 m | |||

## EBIT | 157.6 m | 199.7 m | 203.1 m | 224.8 m |

## EBIT margin, % | 3% | 3% | 3% | 3% |

## Interest expense | 41 m | 30.8 m | 25 m | 24.9 m |

## Interest income | 1 m | 1.5 m | 1.1 m | 680 k |

## Pre tax profit | 103.4 m | 161.7 m | 176.2 m | 204.6 m |

## Income tax expense | 24.1 m | (35.4 m) | (201.1 m) | 16.8 m |

## Net Income | 79.4 m | 197.2 m | 377.3 m | 187.8 m |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Cash | 402.9 m | 466.6 m | 412.3 m | 398.3 m |

## Inventories | 781.6 m | 893.2 m | 918.7 m | 946.2 m |

## Current Assets | 2.2 b | 2.5 b | 2.4 b | 2.4 b |

## PP&E | 540.2 m | 563 m | 590.8 m | 617.5 m |

## Total Assets | 3 b | 3.3 b | 3.5 b | 3.6 b |

## Accounts Payable | 956.5 m | 1.1 b | 1 b | 1.1 b |

## Short-term debt | 22.3 m | 157.4 m | 113.4 m | 28.4 m |

## Current Liabilities | 1.2 b | 1.5 b | 1.4 b | 1.4 b |

## Long-term debt | 562.5 m | 386.7 m | 423.9 m | 434.1 m |

## Non-Current Liabilities | 697.6 m | 532.2 m | 592.2 m | 614.2 m |

## Total Debt | 584.8 m | 544.1 m | 537.4 m | 462.5 m |

## Total Liabilities | 1.9 b | 2.1 b | 2 b | 2 b |

## Additional Paid-in Capital | 6.1 b | 6.1 b | 6.1 b | 6.1 b |

## Retained Earnings | (4.9 b) | (4.7 b) | (4.3 b) | (4.1 b) |

## Total Equity | 1.1 b | 1.2 b | 1.5 b | 1.6 b |

## Debt to Equity Ratio | 0.5 x | 0.4 x | 0.4 x | 0.3 x |

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x | 0.1 x |

## Financial Leverage | 2.7 x | 2.7 x | 2.3 x | 2.3 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Net Income | 79.4 m | 197.2 m | 377.3 m | 187.8 m |

## Depreciation and Amortization | 3.4 m | |||

## Accounts Receivable | 56.8 m | (35.8 m) | 40.2 m | (36.9 m) |

## Inventories | 44.3 m | (81.2 m) | (13.7 m) | 5.6 m |

## Accounts Payable | 22.3 m | 174.3 m | (116.9 m) | 95.2 m |

## Cash From Operating Activities | 317.9 m | 307.4 m | 174.9 m | 390.1 m |

## Purchases of PP&E | (76 m) | (69.5 m) | (119.1 m) | (120.4 m) |

## Cash From Investing Activities | (42.9 m) | (141.9 m) | (102.4 m) | (174.5 m) |

## Long-term Borrowings | (4.4 m) | |||

## Cash From Financing Activities | (279.3 m) | (103 m) | (126.8 m) | (231.4 m) |

## Interest Paid | 42.2 m | 31.5 m | 18.7 m | 21.3 m |

## Income Taxes Paid | 18.1 m | 29.1 m | 44.8 m | 29.3 m |

USD | Y, 2016 |
---|---|

## EV/EBIT | 8.8 x |

## EV/CFO | 5 x |

## Revenue/Employee | 145.2 k |

## Debt/Equity | 0.3 x |

## Debt/Assets | 0.1 x |

## Financial Leverage | 2.3 x |