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Consolidated Statements of Income:

Revenue	57,139
Cost of sales	(36,953)
Gross profit	20,186
Research and development expenses	(4,601)
Selling and general administrative expenses	(10,774)
Other operating income	631
Other operating expenses	(403)
Income (loss) from investments accounted for using the equity method,net	(596)
Interest income	1,547
Interest expenses	(815)
Other financial income (expenses),net	496
Income from continuing operations before income taxes	5,672
Income tax expenses	(1,382)
Income from continuing operations	4,290
Income (loss) from discontinued operations, net of income taxes	(90)
Net income	4,200

Attributable to:
Non-controlling interests	170
Shareholders	4,030
Basic earnings per share
Income from continuining operations	4.93
Income from discontinued operations	0.06
Net Income	5.00
Dilluted earnings per share
Income from continuining operations	4.86
Income from discontinued operations	0.06
Net income	4.93

Consolidated Statements of Financial Position

Assets
Cash and cash equivalents	13,941
Trade and other receivables	13,974
Other current financial assets	8,282
Contract assets	5,445
Inventories	7,695
Current income tax assets	1,423
Other current assets	1,171
Assets classified as held for disposal	238
Total current assets	52,169
Goodwill	20,349
Other intangible assets	4,738
Property, plant and equipment	10,150
Investments accounted for using the equity method	7,762
Other financial assets	22,671
Deferred tax assets	2,888
Other assets	1,669
Total non-current assets	70,227
Total assets	122396
Liabilities and equity
Short-term debt and current maturities of long-term debt	6,462
Trade payables	7,773
Other current financial liabilities	1,858
Contract liabilities	7,424
Current provisions	1,574
Current income tax liabilities	2,181
Other current liabilities	6,109
Liabilities associated with assets classified as held for disposal	35
Total current liabilities	33,416
Long-term debt	37,905
Provisions for pensions and similar obligations	6,260
Deferred tax liabilities	564
Provisions	2,252
Other financial liabilities	669

Other liabilities	1,708
Total non-current liabilities	49358
Total liabilities	82774
Equity
Issued capital	2,450
Capital reserve	6,740
Retained earnings	32,978
Other components of equity	(1,349)
Treasury shares, at cost	(4,529)
Total equity attributable to shareholders	36,290
Non-controlling interests	3,333
Total equity	39,623
Total liabilities and equity	123,397

Consolidated Statements of Cash Flows

Cash flows from operating activities
Net income	4,100
Adjustments to reconcile net income to cash flows from operating activities - continuing operations
(Income) loss from discontinued operations, net of income taxes	90
Amortization, depreciation and impairments	3,057
Income tax expenses	1,282
Interest (income) expenses, net	(632)
(Income) loss related to investing activities	(542)
Other non-cash (income) expenses	279
Change in operating net working capital form
Contact assest	(623)
Inventories	(325)
Trade and other receivables	136
Trade payables	43
Contract liabilities	333
Additions to assets leased to others in operating leases	(400)
Change in other assets and liabilities	1,092
Income taxes paid	(1,550)
Dividends received	193
Interest received	1,247
Cash flows from operating activities - continuing operations	8,078
Cash flows from operating activities - discontinued operations	584
Cash flows from operating activities - Continuing and discontinued operations	8,662
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment	(1,454)
Acquisitions of business, net of cash acquired	(1,627)
Purchase of investments and financial assets for investment purposes	(1,169)
Change in receivables from financing activities	(894)
Disposal of intangibles and property, plant and equipment	47
Disposal of businesses, net of cash disposes	118
Disposal of investments and financial assets for investment purposes	1,074
Cash flows from investing activities - continuing operations	(4,005)
Cash flows from investing activities - discontinued operations	(980)
Cash flows from investing activities - continuing and discontinued operations	(4985)
Cash flows from financing activities
Purchase of treasury shares	(1,417)
Re-issuance of treasury shares and other transaction with owners	2,524
Issuance of long-term debt	10,155
Repayment of long-term debt (including current maturities of long-term debt)	(4,372)
Change in short-term debt and other financing activities	1,488
Interest paid	(733)
Dividends paid to shareholders	(3,074)
Dividends attributable to non-controlling interests	(108)
Cash flows from investing activities - continuing operations	4,163
Cash flows from investing activities - discontinued operations	(991)
Cash flows from investing activities - continuing and discontinued operations	3,172
Effect of deconsolidation on cash and cash equivalents	(4,563)
Effect of changes in exchange rates on cash and cash equivalents	(425)
Change in cash and cash equivalents	1,563

Cash and cash equivalents at beginning of period	12,291
Cash and cash equivalents at end of period	13,954
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period	13
Cash and cash equivalents at end of period (Consolidated state of financial position)	13,941

Cash flows from operating activities - continuing, discontinued, continuing and discontinued operations for each parameter are not right in this exercise! Anyway, it is not a problem for solving this exercise :) You still can use these numbers (which are not right) for solving this exercise.

QUESTIONS:

a)Characterize your company, main operating activities, all events that have influenced the company duringthe assigned years or those you assume had the impact (hint: you might wantto download the annual report and check the management discussion section)on company financial statements.

b)Find out information about share issuance, number of shares, types of shares issued?

c)What is the book value of your company, and book value per share?

d)Calculate whole set of profitability, activity, liquidity and solvency ratios

e)Read the notes to the financial statement carefully what information on applied accounting methods is the company providing (e.g. on depreciation method, inventory costing, asset impairment, etc.)

f)Comparing two consecutive years, how well is your company managingits receivables? How long in receivables turnover ratio is it improving? What could the company do to encourage its customers to pay before due date?

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