Annual report 2016 a4 by Pro-Gh

LOGO P YOUR YOUR SLOGAN HERE

ANNUAL REPORT

2016

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod

The standard Lorem Ipsum passage

tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim

www.yourweb.com

veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

CONTENT

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Welcome

CEOâ&#x20AC;&#x2122;s statement

Board and capital structure

Our company

Company Statement

Events of 2012

The year 2012 ahead

Financial statement

Conclusion

ANNUAL REPORT 2016

WELCOME Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de Finibus Bonorum et Malorum” (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line in section 1.10.32. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur

ANNUAL REPORT 2016

CEO’S STATEMENT Lorem Ipsum is simply dummy text of the printing and typeset-

Lorem Ipsum is simply dummy text of the printing and typeset-

ting industry. Lorem Ipsum has been the industry’s standard

dummy text ever since the 1500s, when an unknown printer

took a galley of type and scrambled it to make a type specimen

book. It has survived not only five centuries, but also the leap

into electronic typesetting, remaining essentially unchanged.

It was popularised in the 1960s with the release of Letraset

sheets containing Lorem Ipsum passages, and more recently

with desktop publishing software like Aldus PageMaker includ-

ing versions of Lorem Ipsum.

It is a long established fact that a reader will be distracted by

the readable content of a page when looking at its layout. The

point of using Lorem Ipsum is that it has a more-or-less nor-

mal distribution of letters, as opposed to using ‘Content here,

content here’, making it look like readable English. Many desk-

top publishing packages and web page editors now use Lorem

Ipsum as their default model text, and a search for ‘lorem ip-

Ipsum.

sum’ will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident,

Lorem ipsum dolor sit amet, consectetur ad-

sometimes on purpose (injected humour and the like).

ipiscing elit, sed do eiusmod tempor incididunt

“Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum

ut labore et dolore magna aliqua. Ut enim ad minim veniam,

John Doe

General manager

dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.”

ANNUAL REPORT 2016

BOARD AND CAPITAL STRUCTURE transfer of control from shareholders to creditors.

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

oard structure has been linked to firm environment and characteristics, While previous research has shown that board structure and firm characteristics are related, he goal of this paper is to study this issue by identifying

oard structure has been linked to firm environment and characteristics,

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industryâ&#x20AC;&#x2122;s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

oard structure has been linked to firm environment and characteristics,

ANNUAL REPORT 2016

we show that the number and fraction of independent directors

oard structure has been linked to firm environment and characteristics,

correlation between board independence and financial leverage. Keywords: Corporate boards, Board independence, Capital structure, Covenant violations While previous research has shown that board structure and firm characteristics are related, it has been much less clear on how they are related and what are the channels

WE START WITH NONFINANCIAL FIRMS IN THE INVESTOR

The determinants of board structure can be classified into three broadly defined hypotheses: the scope of operations hypothesis, the monitoring hypothesis,

Empirical evidence by

Boone, Field, Karpoff

Covenant violations

ANNUAL REPORT 2016

OUR COMPANY Lorem Ipsum is simply dummy text of the printing and typeset-

Contrary to popular belief, Lorem Ipsum is not simply random

ting industry. Lorem Ipsum has been the industry’s standard

text. It has roots in a piece of classical Latin literature from 45

dummy text ever since the 1500s, when an unknown printer

BC, making it over 2000 years old. Richard McClintock, a Latin

took a galley of type and scrambled it to make a type specimen

professor at Hampden-Sydney College in Virginia, looked up

book. It has survived not only five centuries, but also the leap

one of the more obscure Latin words, consectetur, from a

into electronic typesetting, remaining essentially unchanged. It

Lorem Ipsum passage, and going through the cites of the word

was popularised in the 1960s with the release of Letraset sheets

in classical literature, discovered the undoubtable source.

containing Lorem Ipsum passages, and more recently with desk-

Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de

top publishing software like Aldus PageMaker including versions

Finibus Bonorum et Malorum” (The Extremes of Good and Evil)

of Lorem Ipsum.

by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of

Contrary to popular belief, Lorem Ipsum is not simply random

Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line

text. It has roots in a piece of classical Latin literature from 45

in section 1.10.32.

BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up

The standard chunk of Lorem Ipsum used since the 1500s is

one of the more obscure Latin words, consectetur, from a Lorem

reproduced below for those interested. Sections 1.10.32 and

Ipsum passage, and going through the cites of the word in clas-

1.10.33 from “de Finibus Bonorum et Malorum” by Cicero are

sical literature.

also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.

31%

54%

There are many variations

There are many vari-

of passages of Lorem

ations of Lorem

Ipsum available.

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

6% There are many variations of passages of Lorem Ipsum available, but the majority

100% TOTAL

ANNUAL REPORT 2016

Lorem ipsum dolor sit amet, consectetur adipiscing elit,

sed do eiusmod tempor incididunt ut labore et dolore

magna aliqua. Ut enim ad minim veniam, quis nostrud

exercitation ullamco laboris nisi ut aliquip ex ea com-

modo consequat. Duis aute irure dolor in reprehenderit

in voluptate velit esse cillum dolore eu fugiat nulla paria-

tur. Excepteur sint occaecat cupidatat non proident, sunt

in culpa qui officia deserunt mollit anim id est laborum.

Sed ut perspiciatis unde omnis iste natus error sit volup-

tatem accusantium doloremque laudantium, totam rem

aperiam, eaque ipsa quae ab illo inventore veritatis et

quasi architecto beatae vitae dicta sunt explicabo. Nemo

enim ipsam voluptatem quia voluptas sit aspernatur aut

odit aut fugit, sed quia consequuntur

Contrary to popular belief, Lorem Ipsum is not simply random

text. It has roots in a piece of classical Latin literature from 45

BC, making it over 2000 years old. Richard McClintock, a Latin

professor at Hampden-Sydney College in Virginia, looked up

one of the more obscure Latin words, consectetur, from a Lo-

rem Ipsum passage, and going through the cites of the word in

classical literature, discovered the undoubtable source. Lorem

Ipsum comes from sections.

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which donâ&#x20AC;&#x2122;t look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isnâ&#x20AC;&#x2122;t anything embarrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet. It uses a dictionary of over 200 Latin words, combined with a handful of model sentence structures

ANNUAL REPORT 2016

COMPANY STATEMENT THE STANDARD LOREM IPSUM PASSAGE, USED SINCE THE 1500S Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software . Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don’t look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn’t anything embarrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature. It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy 1500s, when an unknown printer took a galley of type.

ANNUAL REPORT 2016

“

LOREM IPSUM IS SIMPLY DUMMY TEXT OF THE PRINTING AND TYPESETTING INDUSTRY.

KEY FEGURES

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don’t look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn’t anything.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, it to book.

Contrary to popular belief, Lorem

30.0500

has roots in a piece of classical Latin

NEW WORKING PLACES

literature from 45 BC, making it over

Ipsum is not simply random text. It

2000 years old. Richard McClintock,

FACTORIES

1.500 ONE YEAR PROFIT

58 000 0 13

ANNUAL REPORT 2016

EVENTS OF 2016 38% There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

START

JANUARY

19% There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

27% FEPRUARY

MARCH

160

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

150.000 APRIL

MAY

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

90% JUNE

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

ANNUAL REPORT 2016

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since

2 There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

DECEMPER

120.000 There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

NOVEMPER

OCTOBER

17% AUGUST

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

CONTRARY TO POPULAR BELIEF, LOREM IPSUM IS NOT SIMPLY RANDOM TEXT There are many variations of passages of Lorem Ipsum availawords which don’t look even slightly believable. If you are going you rrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat preng this t the Internet. It useul of model sentence structures, to generate Lorem Ipsum which looks reasonable. The generated Lorem Ipsum is therefore always free from repetition, injected humour, or non-

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

17.000 SEPTEMPER

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

characteristic words etc.

520

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

15% JULY

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more. There are many variations of passages of Lorem Ipsum availawords which don’t look even slightly believable. If you are going you rrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat preng this t the Internet. It useul of model sentence structures, to generate Lorem Ipsum which looks reasonable. The generated Lorem Ipsum is therefore always free from repetition, injected humour, or noncharacteristic words etc.

ANNUAL REPORT 2016

THE YEAR

2016

AHEAD

It is a long established fact that a reader will be distracted by the

There are many variations of passages of Lorem Ipsum avail-

readable content of a page when looking at its layout. The point

able, but the majority have suffered alteration in some form, by

of using Lorem Ipsum is that it has a more-or-less normal dis-

injected humour, or randomised words which don’t look even

tribution of letters, as opposed to using ‘Content here, content

slightly believable. If you are going to use a passage of Lorem Ip-

here’, making it look like readable English. Many desktop pub-

sum, you need to be sure there isn’t anything embarrassing hid-

lishing packages and web page editors now use Lorem Ipsum as

den in the middle of text. All the Lorem Ipsum generators on the

their default model text, and a search for ‘lorem ipsum’ will un-

Internet tend to repeat predefined chunks as necessary, making

cover many web sites still in their infancy. Various versions have

this the first true generator on the Internet. It uses a dictionary

evolved over the years, sometimes by accident, sometimes on

of over 200 Latin words, combined with a handful of model sen-

purpose (injected humour and the like).

tence structures, to generate Lorem Ipsum which looks reasonable. The generated Lorem Ipsum is therefore always free from

Lorem Ipsum is simply dummy text of the printing and typeset-

repetition, injected humour, or non-characteristic words etc.

ting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer

Vivamus pulvinar non ex ut vestibulum. Aliquam a erat enim.

took a galley of type and scrambled it to make a type specimen

Pellentesque sit amet hendrerit elit, quis congue quam. Maece-

book. It has survived not only five centuries, but also the leap

nas vitae accumsan risus, at tempor risus. Maecenas volutpat,

into electronic typesetting, remaining essentially unchanged. It

velit ut auctor gravida, felis tellus blandit ex, in rhoncus nisi est

was popularised in the 1960s with the release of Letraset sheets

nec purus. Donec justo libero, tempus in sagittis a, rhoncus vel

containing Lorem Ipsum passages, and more recently with desk-

nisl. Quisque at eros nec tellus dictum dignissim ut sed erat.

top publishing software like Aldus PageMaker including versions of Lorem Ipsum.

ANNUAL REPORT 2016

There are many variations of passages of Lorem Ipsum avail-

able, but the majority have suffered alteration in some form, by

injected humour, or randomised words which don’t look even

slightly believable. If you are going to use a passage of Lorem Ip-

sum, you need to be sure there isn’t anything embarrassing hid-

den in the middle of text. All the Lorem Ipsum generators on the

Internet tend to repeat predefined chunks as necessary, making

this the first true generator on the Internet

Your Company

2013

2014

2015

2016

Sales

1,425

1,721

1,870

1,425

Income before income taxes

2,764

5,773

5,375

2,773

Net income

17.3%

25.8%

20.8%

11.8%

2.77

4.19

3.64

4.19

3,216

5,773

5,375

5,773

10,672

13,913

15,988

13,913

Earnings per share Capital expenditures as per segment table Research and development expenses

Change 22%

ANNUAL REPORT 2016

DR.ROBBEN JOHN

Executive Director of the company Nullam varius nibh sed augue iaculis malesuada. Pellentesque posuere leo nisl, vel dapibus odio malesuada eget. Aenean id eros id orci sollicitudin rhoncus. Ut convallis vehicula augue, in sagittis massa fermentum eget. Nam luctus convallis ante vel sagittis. Sed luctus tincidunt odio non convallis.

It is a long established fact that a reader will be distracted by the

readable content of a page when looking at its layout. The point

of using Lorem Ipsum is that it has a more-or-less normal dis-

tribution of letters, as opposed to using ‘Content here, content

here’, making it look like readable English. Many desktop pub-

lishing packages and web page editors now use Lorem Ipsum

as their default model text, and a search for ‘lorem ipsum’ will

uncover many web sites still in their infancy.

uncover many web sites still in their infancy.that it has a moreor-less normal distribution of letters, as opposed to using ‘Con-

Lorem Ipsum is simply dummy text of the printing and typeset-

tent here, content here’, making it look like readable Enk like

ting industry. Lorem Ipsum has been the industry’s standard

readable English. Ma

dummy page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many

Lorem Ipsum is simply dummy text of the printing and typeset-

web sites still in their infancy. page editors now use Lorem Ip-

ting industry. Lorem Ipsum has been the industry’s standard

sum as their default model text, and a search.

dummy.

Vivamus pharetra purus id est dictum, ut malesuada sapien dictum. Praesent eleifend eget leo eu venenatis. Cum

Vivamus pharetra purus id est dictum, ut malesuada sapien dictum. Praesent eleifend eget leo eu venenatis. Cum sociis natoque

sociis natoque penatibus et magnis dis parturient montes,

penatibus et magnis dis parturient montes, nascetur ridicu-

nascetur ridiculus mus. Vivamus vel elit eget sapien rhoncus

lus mus. Vivamus vel elit eget sapien rhoncus hendrerit pel-

hendrerit pellentesque ut ex. Vivamus vitae elementum mi,

lentesque ut ex. Vivamus vitae elementum mi, nec biben-

nec bibendum leo. Donec sit amet ipsum vel justo rutrum

dum leo. Donec sit amet ipsum vel justo rutrum laoreet eget

laoreet eget in augue.

in augue.

ANNUAL REPORT 2016

DR.FERNANDO ROSE Executive Director of the company

Nullam varius nibh sed augue iaculis malesuada. Pellentesque posuere leo nisl, vel dapibus odio malesuada eget. Aenean id eros id orci sollicitudin rhoncus. Ut convallis vehicula augue, in sagittis massa fermentum eget. Nam luctus convallis ante vel sagittis. Sed luctus tincidunt odio non convallis.

It is a long established fact that a reader will be distracted by the

readable content of a page when looking at its layout. The point

of using Lorem Ipsum is that it has a more-or-less normal dis-

tribution of letters, as opposed to using ‘Content here, content

here’, making it look like readable English. Many desktop pub-

lishing packages and web page editors now use Lorem Ipsum

as their default model text, and a search for ‘lorem ipsum’ will

uncover many web sites still in their infancy.

uncover many web sites still in their infancy.that it has a moreor-less normal distribution of letters, as opposed to using ‘Con-

Lorem Ipsum is simply dummy text of the printing and typeset-

tent here, content here’, making it look like readable Enk like

ting industry. Lorem Ipsum has been the industry’s standard

readable English. Ma

dummy page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many

Lorem Ipsum is simply dummy text of the printing and typeset-

web sites still in their infancy. page editors now use Lorem Ip-

ting industry. Lorem Ipsum has been the industry’s standard

sum as their default model text, and a search.

dummy.

Vivamus pharetra purus id est dictum, ut malesuada sapien dictum. Praesent eleifend eget leo eu venenatis. Cum sociis natoque

penatibus et magnis dis parturient montes, nascetur ridicu-

lus mus. Vivamus vel elit eget sapien rhoncus hendrerit pel-

lentesque ut ex. Vivamus vitae elementum mi, nec biben-

dum leo. Donec sit amet ipsum vel justo rutrum laoreet eget

in augue.

ANNUAL REPORT 2016

FINANCIAL STATEMENT It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.

It is a long established fact that a reader will be distracted by the

readable content of a page when looking at its layout. The point

of using Lorem Ipsum is that it has a more-or-less normal dis-

tribution of letters, as opposed to using ‘Content here, content

here’, making it look like readable English. Many desktop pub-

lishing packages and web page editors now use Lorem Ipsum

as their default model text, and a search for ‘lorem ipsum’ will

uncover many web sites still in their infancy.

uncover many web sites still in their infancy.that it has a moreor-less normal distribution of letters, as opposed to using ‘Con-

Lorem Ipsum is simply dummy text of the printing and typeset-

tent here, content here’, making it look like readable Enk like

ting industry. Lorem Ipsum has been the industry’s standard

readable English. Ma

dummy page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many

Lorem Ipsum is simply dummy text of the printing and typeset-

web sites still in their infancy. page editors now use Lorem Ip-

ting industry. Lorem Ipsum has been the industry’s standard

sum as their default model text, and a search.

dummy.

2013

2014

2015

2016

Cost of goods sold

0,325

1,721

1,870

1,721

Gross profit

4,687

5,773

5,375

5,773

3.28

4.19

3.64

4.19

Research and development expenses

4,746

5,773

5,375

5,773

General administration expenses

13,257

16,913

15,988

16,913

Other operating expenses

4,873

5,773

5,375

5,773

3.97

4.19

3.64

4.19

3,256

5,773

5,375

5,773

12,864

16,913

15,988

16,913

4,934

5,773

5,375

5,773

NET SALES

Selling expenses

Operating result Equity-method loss Non-operating income Non-operating expenses

ANNUAL REPORT 2016

2013

2014

2015

2016

Cost of goods sold

0,325

1,721

1,870

1,721

Gross profit

4,687

5,773

5,375

5,773

3.28

4.19

3.64

4.19

Research and development expenses

4,746

5,773

5,375

5,773

General administration expenses

13,257

16,913

15,988

16,913

Other operating expenses

4,873

5,773

5,375

5,773

3.97

4.19

3.64

4.19

3,256

5,773

5,375

5,773

12,864

16,913

15,988

16,913

4,934

5,773

5,375

5,773

Non-operating result

1,879

1,721

1,870

1,721

Income before income taxes

3,524

5,773

5,375

5,773

Income taxes

3.89

4.19

3.64

4.19

Non-operating income

4.77

4.157

2.157

8.214

6.248

4.278

2.157

1.158

9.012

9.25

2.157

4,287

5,773

5,375

5,773

NET SALES

Selling expenses

Operating result Equity-method loss Non-operating income Non-operating expenses

Non-operating expenses Non-operating result Earnings per share

It is a long established fact that a reader will be distracted by the

readable content of a page when looking at its layout. The point

of using Lorem Ipsum is that it has a more-or-less normal dis-

tribution of letters, as opposed to using ‘Content here, content

here’, making it look like readable English. Many desktop pub-

lishing packages and web page editors now use Lorem Ipsum

as their default model text, and a search for ‘lorem ipsum’ will

uncover many web sites still in their infancy.

uncover many web sites still in their infancy.that it has a moreor-less normal distribution of letters, as opposed to using ‘Con-

Lorem Ipsum is simply dummy text of the printing and typeset-

tent here, content here’, making it look like readable Enk like

ting industry. Lorem Ipsum has been the industry’s standard

readable English. Ma

dummy page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many

Lorem Ipsum is simply dummy text of the printing and typeset-

web sites still in their infancy. page editors now use Lorem Ip-

ting industry. Lorem Ipsum has been the industry’s standard

sum as their default model text, and a search.

dummy.

ANNUAL REPORT 2016

CONCLUSION It is a long established fact that a reader will be distracted by the

It is a long established fact that a reader will be distracted by the

readable content of a page when looking at its layout. The point

of using Lorem Ipsum is that it has a more-or-less normal dis-

tribution of letters, as opposed to using ‘Content here, content

here’, making it look like readable English. Many desktop pub-

lishing packages and web page editors now use Lorem Ipsum

as their default model text, and a search for ‘lorem ipsum’ will

uncover many web sites still in their infancy.

uncover many web sites still in their infancy.that it has a moreor-less normal distribution of letters, as opposed to using ‘Con-

Lorem Ipsum is simply dummy text of the printing and typeset-

tent here, content here’, making it look like readable Enk like

ting industry. Lorem Ipsum has been the industry’s standard

readable English. Ma

dummy page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many

Lorem Ipsum is simply dummy text of the printing and typeset-

web sites still in their infancy. page editors now use Lorem Ip-

ting industry. Lorem Ipsum has been the industry’s standard

sum as their default model text, and a search.

dummy.

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy. page editors now use Lorem Ipsum as their default model text, and a search.

ANNUAL REPORT 2016

THANKS

ANNUAL REPORT 2016

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