4-year financial plan for one company. Assumptions: 8% annual growth of sales revenues; all cost (excl. depreciation) are variable; depreciation is calculated as percentage of net fixed assets at start of year (average for the last 3 years); cost of long-term debt (interest) is the same as the average for the last 3 years, net working capital and net fixed assets as a percentage of revenues (the same as the recent 3y average), income tax rate is 20%; Financing of growth retained earnings (assuming plowback ratio equal to the average for the last 3 years) and debt;no additional issue of equity. Find internal growth rate and sustainable growth rate.

Consolidated income statement 2019 2010.me 20 2015 In millions of CHF Sales Other revenue Cost of goods sold Distribution expenses Marketing and administration expenses Research and development costs Other trading income Other trading expenses Trading operating profit Other operating income Other operating expenses Operating profit Financial income Financial expense Profit before taxes, associates and joint ventures Taxes Income from associates and joint ventures Profit for the year - of which attributable to non-controlling interests of which attributable to shareholders of the parent (Net 2018 91,439 311 (46,070) (8,469) (20,003) (1,687) 37 (1,769) 13,789 2,535 (2,572) 13,752 247 (1,008) 12,991 (3,439) 916 10,468 333_ 10,135 92,568 297 (46,647) (8,496) (19,790) (1,672) 163 (2,749) 13,674 3,717 (1,313) 16,078 200 (1,216) 15,062 (3,159) 1,001 12.904 .-295 12,609 2020 84,343 338 (42,971) (7,861) (17,370) (1,576) 238 (908) 14,233 1,919 (1,356) 14,796 109 (983) 13,922 (3,365 1,815 12,372 AUSU HUSuure % Change % change Auste % change 2021 change swanga change 2018/2019 30101203 2019/2020 2020/2021 87,088 1,129 1.23% (8,225) -8.89% 2,745 3.25% 382 (14) -4.50% 41 13.80% 44 13.02% (45,468) (577) 1.25% 3,676 -7.88% (2,497) 5.81% (7,919) (27) 0.32% 635 -7.47% (58) 0.74% (17,294) 213 -1.06% 2,420 - 12.23% 76 -0.44% (1,670) 15 -0.89% 96 -5.74% (94) 5.96% 171 126 340.54% 75 46.01% (67) ) -28.15% (3,131) (980) 55.40% 1,841 -66.97% (2,223) 244.82% 12,159 (115) -0.83% 559 4.09% (2,074) -14.57% 698 1,182 46.63% (1,798) -48.37% (1,221) -63.63% (1,178) 1,259 -48.95% (43) 3.27% 178 -13.13% 11,679 2,326 16.91% (1,282) -7.97% (3,117) -21.07% 80 (47) - 19.03% (91) -45.50% (29) -26.61% 1953) (208) 20.63% 233 -19.16% 30 -3.05% 10,806 2,071 15.94% (1,140) -7.57% -22.38% (2,261) 280 -8.14% (206) 6.52% 1,104 -32.81% 8,651 85 9.28% 814 81.32% 6,836 376.64% 17,196 2,436 23.27% (532) -4.12% 4,824 38.99% 291 -_(38L_-11.41% --_155)__-52.54% ( 151 __107.86% 16,905 2.474 24.41% (377) -2.99% 4,673 38.20% (3,116) --- 140 12,232 profit) --- 15.1% 14.8% 16.9% 14.0% 11.1% 13.6% 14.5% 19.4% As percentages of sales Trading operating profit Profit for the year attributable to shareholders of the parent (Net profit) Earnings per share (in CHF) Basic earnings per share Diluted earnings per share 4.30 3.36 3.36 4.30 4.30 6.06 6.06 4.29 2018 2019 2020 2021 Absolute change 2 Change 2018/2019 Absolute change 2 change 2019/2020 Absolute change 2 change 2020/2021 4,500 5,801 9,125 11,167 530 183 869 8,828 41,003 7,469 2,794 9,343 11,766 498 254 768 2,771 35.663 5,235 3,374 10.101 10,746 477 310 708 3,117 34,068 6,988 7,007 11,982 11,155 575 278 1204 68 39,257 2,969 (3,007) 218 599 (32) 71 (101) (6 057) (5,340) 65.98% -51.84% 2.39% 5.36% -6.04% 38.80% - 11.62% -68.61% -13.027 (2,234) 580 758 (1,020) (21) 56 (60) 346 (1595) -29.917 20.76% 8.117 -8.67% -4.22% 22.05% -7.81% 12.49% -4.47% 1,753 3,633 1,881 409 98 (32) 496 (3,049) 5.189 33.49% 107.68% 18.62% 3.81% 20.55% -10.3274 70.06% -97.82% 15.23% 29,956 31,702 18,634 10,792 (1,194) (2,806) (810) 28,762 28,896 17,824 11,505 2,611 510 25,840 27,620 20,148 12,005 2,594 468 28,345 31,012 22,223 11,806 2,824 2,417 -3.99% -8.85%. -4.35%. 6.61% 1.71% 713 (2,922) (1,276) 2,324 500 (17) (42) -10.16% -4.4274 13.04% 4.35% -0.65% -8.24% 2,505 3,392 2,075 (199) 230 1,949 9.69% 12.28%. 10.3074 -1.66% 8.87% 416.45%. 44 487 23 4.72% 58 1816 96,012 137,015 55 2.114 92,277 127,940 1285 89,960 124,028 1258 99,885 139, 142 (3) 298 (3,735) (9,075) -5.17% 16.41% -3.89% -6.627 (829) (2,317) (3,912) -39.212 -2.51% -3.067 (27) 9,925 15,114 -2.10% 11.037. 12.197 Consolidated balance sheet In millions of CHF Assets Current assets Cash and cash equivalents Short-term investments Inventories Trade and other receivables Prepayments Derivative assets Current income tax assets Assets held foreale Total current assets Non-current assets Property, plant and equipment Goodwill Intangible assets Investments in associates and joint Financial assets Employee benefits assets and reimbursement rights Current income tax assets Deferred an assets Total non-current assets Total assets Liabilities and equity Current liabilities Financial debt Trade and other payables Accruals Provisions Derivative liabilities Current income tax liabilities Liabilities directly associated with assets.held.forsale.. Total current liabilities Non-current liabilities Financial debt Employee benefits liabilities Provisions Deferred tax liabilities Other payables Total non-current liabilities Total liabilities Equity Share capital Treasury shares Translation reserve Other reserves Retained earnings Total equity attributable to shareholders of the parent Non-controlling interests Total equity Total liabilities and equity 14,694 17,800 4,075 780 448 2,731 2,502 43,030 14,032 18,803 4,492 802 420 2,673 393 12,019 18,515 4,917 508 254 2,661 848 10,092 20,907 5,051 532 464 2,962 12 40,020 (662) 1,003 417 22 (28) (58) (2,109) (1,415) -4.517. 5.63% 10.237. 2.82% -6.25%. -2.12% -84.29% -3.297 (2,013) (288) 425 (294) (166) (12) 455 -14.35% -1.53% 9.46% -36.66% -39.52% -0.45% 115.78% -4.55% (1,927) 2,392 134 24 210 301 (836) 298 -16.03% 12.92% 2.73% 4.72% 82.68% 11.31% -98.58% 0.75% 41,615 39,722 (1,893) 25,700 5,919 1,033 2,540 390 35,582 78,612 23,132 6.151 1,162 2,589 429 33,463 75,078 27,928 5,118 1,029 2,636 1,081 37,792 77,514 36,482 3,779 1,106 3,794 234 45,395 85,415 (2,568) 232 129 49 39 (2,119) (3,534) -9.99% 3.927 12.49% 1.93%. 10.00% -5.96% -4.507 4,796 (1,033) (133) 47 652 4,329 2,436 20.73% -16.79% - 11.45%. 1.82%. 151.98% 12.94% 3.24% 8,554 (1,339) 77 1.158 (847) 7,603 7,901 30.63% -26.16% 7.4874 43.93% -78.35% 20.127 10.19% 306 (6,948) (20,432) (183) 84,620 57,363 1,040 58,403 137,015 298 (9,752) (21,526) (45) 83,060 52,035 827 52,862 127,940 288 (6,643) (24,397) (365) 76,812 45,695 819 46,514 124,028 282 (6,194) (22,266) (45) 81,363 53,140 587 53,727 139, 142 (8) (2,804) (1,094) 138 (1,560) (5,328) (213) (5,541) (9,075) -2.617 40.36% 5.35% -75.41% -1.84% -9.297 -20.48% -9.49% -6.627 (10) 3,109 (2,871) (320) (6,248) (6,340) (8) (6,348) (3,912) -3.362 -31.88% 13.34% 711.11% -7.52% -12.18% -0.97% -12.017 -3.06% (6) 449 2,131 320 4,551 7,445 (232) 7,213 15,114 -2.08% -6.76% -8.737 -87.67% 5.92% 16.29% -28.33% 15.517 12. 19% -------------- -- -- Consolidated income statement 2019 2010.me 20 2015 In millions of CHF Sales Other revenue Cost of goods sold Distribution expenses Marketing and administration expenses Research and development costs Other trading income Other trading expenses Trading operating profit Other operating income Other operating expenses Operating profit Financial income Financial expense Profit before taxes, associates and joint ventures Taxes Income from associates and joint ventures Profit for the year - of which attributable to non-controlling interests of which attributable to shareholders of the parent (Net 2018 91,439 311 (46,070) (8,469) (20,003) (1,687) 37 (1,769) 13,789 2,535 (2,572) 13,752 247 (1,008) 12,991 (3,439) 916 10,468 333_ 10,135 92,568 297 (46,647) (8,496) (19,790) (1,672) 163 (2,749) 13,674 3,717 (1,313) 16,078 200 (1,216) 15,062 (3,159) 1,001 12.904 .-295 12,609 2020 84,343 338 (42,971) (7,861) (17,370) (1,576) 238 (908) 14,233 1,919 (1,356) 14,796 109 (983) 13,922 (3,365 1,815 12,372 AUSU HUSuure % Change % change Auste % change 2021 change swanga change 2018/2019 30101203 2019/2020 2020/2021 87,088 1,129 1.23% (8,225) -8.89% 2,745 3.25% 382 (14) -4.50% 41 13.80% 44 13.02% (45,468) (577) 1.25% 3,676 -7.88% (2,497) 5.81% (7,919) (27) 0.32% 635 -7.47% (58) 0.74% (17,294) 213 -1.06% 2,420 - 12.23% 76 -0.44% (1,670) 15 -0.89% 96 -5.74% (94) 5.96% 171 126 340.54% 75 46.01% (67) ) -28.15% (3,131) (980) 55.40% 1,841 -66.97% (2,223) 244.82% 12,159 (115) -0.83% 559 4.09% (2,074) -14.57% 698 1,182 46.63% (1,798) -48.37% (1,221) -63.63% (1,178) 1,259 -48.95% (43) 3.27% 178 -13.13% 11,679 2,326 16.91% (1,282) -7.97% (3,117) -21.07% 80 (47) - 19.03% (91) -45.50% (29) -26.61% 1953) (208) 20.63% 233 -19.16% 30 -3.05% 10,806 2,071 15.94% (1,140) -7.57% -22.38% (2,261) 280 -8.14% (206) 6.52% 1,104 -32.81% 8,651 85 9.28% 814 81.32% 6,836 376.64% 17,196 2,436 23.27% (532) -4.12% 4,824 38.99% 291 -_(38L_-11.41% --_155)__-52.54% ( 151 __107.86% 16,905 2.474 24.41% (377) -2.99% 4,673 38.20% (3,116) --- 140 12,232 profit) --- 15.1% 14.8% 16.9% 14.0% 11.1% 13.6% 14.5% 19.4% As percentages of sales Trading operating profit Profit for the year attributable to shareholders of the parent (Net profit) Earnings per share (in CHF) Basic earnings per share Diluted earnings per share 4.30 3.36 3.36 4.30 4.30 6.06 6.06 4.29 2018 2019 2020 2021 Absolute change 2 Change 2018/2019 Absolute change 2 change 2019/2020 Absolute change 2 change 2020/2021 4,500 5,801 9,125 11,167 530 183 869 8,828 41,003 7,469 2,794 9,343 11,766 498 254 768 2,771 35.663 5,235 3,374 10.101 10,746 477 310 708 3,117 34,068 6,988 7,007 11,982 11,155 575 278 1204 68 39,257 2,969 (3,007) 218 599 (32) 71 (101) (6 057) (5,340) 65.98% -51.84% 2.39% 5.36% -6.04% 38.80% - 11.62% -68.61% -13.027 (2,234) 580 758 (1,020) (21) 56 (60) 346 (1595) -29.917 20.76% 8.117 -8.67% -4.22% 22.05% -7.81% 12.49% -4.47% 1,753 3,633 1,881 409 98 (32) 496 (3,049) 5.189 33.49% 107.68% 18.62% 3.81% 20.55% -10.3274 70.06% -97.82% 15.23% 29,956 31,702 18,634 10,792 (1,194) (2,806) (810) 28,762 28,896 17,824 11,505 2,611 510 25,840 27,620 20,148 12,005 2,594 468 28,345 31,012 22,223 11,806 2,824 2,417 -3.99% -8.85%. -4.35%. 6.61% 1.71% 713 (2,922) (1,276) 2,324 500 (17) (42) -10.16% -4.4274 13.04% 4.35% -0.65% -8.24% 2,505 3,392 2,075 (199) 230 1,949 9.69% 12.28%. 10.3074 -1.66% 8.87% 416.45%. 44 487 23 4.72% 58 1816 96,012 137,015 55 2.114 92,277 127,940 1285 89,960 124,028 1258 99,885 139, 142 (3) 298 (3,735) (9,075) -5.17% 16.41% -3.89% -6.627 (829) (2,317) (3,912) -39.212 -2.51% -3.067 (27) 9,925 15,114 -2.10% 11.037. 12.197 Consolidated balance sheet In millions of CHF Assets Current assets Cash and cash equivalents Short-term investments Inventories Trade and other receivables Prepayments Derivative assets Current income tax assets Assets held foreale Total current assets Non-current assets Property, plant and equipment Goodwill Intangible assets Investments in associates and joint Financial assets Employee benefits assets and reimbursement rights Current income tax assets Deferred an assets Total non-current assets Total assets Liabilities and equity Current liabilities Financial debt Trade and other payables Accruals Provisions Derivative liabilities Current income tax liabilities Liabilities directly associated with assets.held.forsale.. Total current liabilities Non-current liabilities Financial debt Employee benefits liabilities Provisions Deferred tax liabilities Other payables Total non-current liabilities Total liabilities Equity Share capital Treasury shares Translation reserve Other reserves Retained earnings Total equity attributable to shareholders of the parent Non-controlling interests Total equity Total liabilities and equity 14,694 17,800 4,075 780 448 2,731 2,502 43,030 14,032 18,803 4,492 802 420 2,673 393 12,019 18,515 4,917 508 254 2,661 848 10,092 20,907 5,051 532 464 2,962 12 40,020 (662) 1,003 417 22 (28) (58) (2,109) (1,415) -4.517. 5.63% 10.237. 2.82% -6.25%. -2.12% -84.29% -3.297 (2,013) (288) 425 (294) (166) (12) 455 -14.35% -1.53% 9.46% -36.66% -39.52% -0.45% 115.78% -4.55% (1,927) 2,392 134 24 210 301 (836) 298 -16.03% 12.92% 2.73% 4.72% 82.68% 11.31% -98.58% 0.75% 41,615 39,722 (1,893) 25,700 5,919 1,033 2,540 390 35,582 78,612 23,132 6.151 1,162 2,589 429 33,463 75,078 27,928 5,118 1,029 2,636 1,081 37,792 77,514 36,482 3,779 1,106 3,794 234 45,395 85,415 (2,568) 232 129 49 39 (2,119) (3,534) -9.99% 3.927 12.49% 1.93%. 10.00% -5.96% -4.507 4,796 (1,033) (133) 47 652 4,329 2,436 20.73% -16.79% - 11.45%. 1.82%. 151.98% 12.94% 3.24% 8,554 (1,339) 77 1.158 (847) 7,603 7,901 30.63% -26.16% 7.4874 43.93% -78.35% 20.127 10.19% 306 (6,948) (20,432) (183) 84,620 57,363 1,040 58,403 137,015 298 (9,752) (21,526) (45) 83,060 52,035 827 52,862 127,940 288 (6,643) (24,397) (365) 76,812 45,695 819 46,514 124,028 282 (6,194) (22,266) (45) 81,363 53,140 587 53,727 139, 142 (8) (2,804) (1,094) 138 (1,560) (5,328) (213) (5,541) (9,075) -2.617 40.36% 5.35% -75.41% -1.84% -9.297 -20.48% -9.49% -6.627 (10) 3,109 (2,871) (320) (6,248) (6,340) (8) (6,348) (3,912) -3.362 -31.88% 13.34% 711.11% -7.52% -12.18% -0.97% -12.017 -3.06% (6) 449 2,131 320 4,551 7,445 (232) 7,213 15,114 -2.08% -6.76% -8.737 -87.67% 5.92% 16.29% -28.33% 15.517 12. 19%