Balance Sheet as at 31 Dcember ($ in million)

2014 2015 2016 2017 2018

Assets
Cash and equivalents 15 45 50 12 5
Account receivables 180 195 221 210 250
Inventory 270 225 240 350 410
Total current assets 465 465 511 572 665
Net plant and equipment 280 290 308 130 90
Total assets 745 755 819 702 755
Liabilities and Equity
Accounts payable 40 44 40 80 60
Accruals 60 50 50 20 70
Notes payable 60 50 55 140 230
Total current liabilities 160 144 145 240 360
Long term bonds 305 287 280 119 116
Total Liabilities(debt) 465 431 425 359 476
Common Stock(25 million shares) 130 130 130 130 130
Retained earnings 150 194 264 213 149
Total common equity 280 324 394 343 279
Total Liability and Equity 745 755 819 702 755

Book value per share=(common equity)/shares 11.2 12.9 15.7 13.7 11.1
market value per share (stock price) 23 25 26 5 3
 Income Statement for the year ended 31 December ($ in million)

Net sales
Variable operating costs(82% of sales)
Gross profit
Fixed operating costs except depreciation
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
Depreciation
Net oeprating income(NOI)=Earnings before interest and taxes(EBIT)
Interest
Earnings Before taxes (EBT)
Taxes (40%)
Net Income
Preferred dividends
Earnings available to common Stockholdes(EAC)
Common Dividends
Additional to retained earnings
Per-share data (25 million shares)
Earnings per share= (net income/sales)
Dividends per share=(common dividens)/share
d 31 December ($ in million)
2014 2015 2016 2017 2018
1500 1550 1700 650 430
1230 1271 1394 533 352
270 279 306 117 77.4
90 85 70 75 75
180 194 236 42 2.4
50 40 35 45 40
130 154 201 -3 -37.6
40 35 38 65 70
90 119 163 -68 107.6
36 47.6 65.2 -27.2 -43
54 71.4 97.8 -40.8 -64.6
0 0 0 0 0
54 71.4 97.8 -40.8 -64.6
29 27 28 10 0
25 44.4 69.8 -50.8 -64.6

2.16 2.86 3.91 -1.63 -2.58

1.16 1.08 1.12 0.04 0
 Ratio Analysis
Ratio Unit 2014 2015 2016 2017
Profitability ratio
Return on total asset(ROA) % 10.4698 12.23841 14.72527 -0.25641
Pretax return on total asset(ROA) % 0.174497 0.203974 0.245421 -0.00427
ROIC % 0.106849 0.130141 0.156827 -0.00261
Return on equity(ROE) % 0.192857 0.22037 0.248223 -0.11895
Net Profit Margin % 3.6 4.606452 5.752941 -6.27692

Liquidity Ratio
Current Ratio Times 2.90625 3.229167 3.524138 2.383333
Quick/Acid test ratio Times 1.21875 1.666667 1.868966 0.925
Inventory Turnover ratio Times 4.555556 5.135354 5.995699 1.80678
Accounts Receivable Turnover ratio Times 8.333333 8.266667 8.173077 3.016241
Accounts Payable turnover ratio Times 30.75 30.2619 33.19048 8.883333

Asset Management Ratio

Days sales outstanding(DSO) Days 43.8 44.15323 44.65882 121.0115
Days inventory held Days 80.12195 71.07592 60.87697 202.0169
Days accounts payable outstanding Days 11.86992 12.06137 10.99713 41.08818
Required financing period Days 112.052 103.1678 94.53867 281.9402

Debt Management Ratio/ Solvency Ratio

Debt to Capital % 0.624161 0.570861 0.518926 0.511396
Debt to Equity % 1.660714 1.330247 1.07868 1.046647
Times Interest Earned Times 3.25 4.4 5.289474 -0.04615
Fixed Charged Coverage Ratio Times 3.6 4.85 6.742857 0.933333
Fixed Asset Turnover Times 5.357143 5.344828 5.519481 5
Total Asset Turnover Times 2.013423 2.05298 2.075702 0.925926

Market Value Ratio

Price to Earning Ratio Times 10.64815 8.741259 6.649616 -3.06748
Market/ Book Ratio Times 2.053571 1.937984 1.656051 0.364964
 2018 Common Size Analysis of Balance Sheet
2014 2015 2016
-2.9880795 Assets
-0.0498013 Cash and equivalents 2% 6% 6%
-0.03008 Account receivables 24% 26% 27%
-0.2315412 Inventory 36% 30% 29%
-15.023256 Total current assets 62% 62% 62%
Net plant and equipment 38% 38% 38%
Total assets 100% 100% 100%
1.84722222 Liabilities and Equity
0.70833333 Accounts payable 5% 6% 5%
0.92631579 Accruals 8% 7% 6%
1.86956522 Notes payable 8% 7% 7%
5.02857143 Total current liabilities 21% 19% 18%
Long term bonds 41% 38% 34%
Total Liabilities(debt) 62% 57% 52%
195.232558 Common Stock(25 million shares) 17% 17% 16%
394.034091 Retained earnings 20% 26% 32%
72.5852273 Total common equity 38% 43% 48%
516.681422 Total Liability and Equity 100% 100% 100%

0.63046358
1.70609319
-0.5371429
0.06
4.77777778
0.56953642

-1.1627907
0.27027027
 Common Size Analysis
Sheet Common Size Analysis of Income Statement
2017 2018
Net sales
2% 1% Variable operating costs(82% of sales)
30% 33% Gross profit
50% 54% Fixed operating costs except depreciation
81% 88% Earnings before interest, taxes, depreciation, and amortization (EBITDA)
19% 12% Depreciation
100% 100% Net oeprating income(NOI)=Earnings before interest and taxes(EBIT)
Interest
11% 8% Earnings Before taxes (EBT)
3% 9% Taxes (40%)
20% 30% Net Income
34% 48% Preferred dividends
17% 15% Earnings available to common Stockholdes(EAC)
51% 63% Common Dividends
19% 17% Additional to retained earnings
30% 20%
49% 37%
100% 100%
s of Income Statement Trend Analysis of Balance
2014 2015 2016 2017 2018
100% 100% 100% 100% 100% Assets
82% 82% 82% 82% 82% Cash and equivalents
18% 18% 18% 18% 18% Account receivables
6% 5% 4% 12% 17% Inventory
12% 13% 14% 6% 1% Total current assets
3% 3% 2% 7% 9% Net plant and equipment
9% 10% 12% 0% -9% Total assets
3% 2% 2% 10% 16% Liabilities and Equity
6% 8% 10% -10% 25% Accounts payable
2% 3% 4% -4% -10% Accruals
4% 5% 6% -6% -15% Notes payable
0% 0% 0% 0% 0% Total current liabilities
4% 5% 6% -6% -15% Long term bonds
4% 5% 6% -6% -15% Total Liabilities(debt)
2% 2% 2% 2% 0% Common Stock(25 million shares)
2% 3% 4% -8% -15% Retained earnings
Total common equity
Total Liability and Equity
 Trend Analysis
Trend Analysis of Balance Sheet
2104 2015 2016 2017 2018

100% 300% 333% 80% 33%

100% 108% 123% 117% 139%
100% 83% 89% 130% 152%
100% 100% 110% 123% 143%
100% 104% 110% 46% 32%
100% 101% 110% 94% 101%

100% 110% 100% 200% 150%

100% 83% 83% 33% 117%
100% 83% 92% 233% 383%
100% 90% 91% 150% 225%
100% 94% 92% 39% 38%
100% 93% 91% 77% 102%
100% 100% 100% 100% 100%
100% 129% 176% 142% 99%
100% 116% 141% 123% 100%
100% 101% 110% 94% 101%
Trend Analysis
Trend Analysis of Income Statement
2014 2015
Net sales 100% 103%
Variable operating costs(82% of sales) 100% 103%
Gross profit 100% 103%
Fixed operating costs except depreciation 100% 94%
Earnings before interest, taxes, depreciation, and amortization (EBITDA) 100% 108%
Depreciation 100% 80%
Net oeprating income(NOI)=Earnings before interest and taxes(EBIT) 100% 118%
Interest 100% 88%
Earnings Before taxes (EBT) 100% 132%
Taxes (40%) 100% 132%
Net Income 100% 132%
Preferred dividends 0% 0%
Earnings available to common Stockholdes(EAC) 100% 132%
Common Dividends 100% 93%
Additional to retained earnings 100% 178%
2016 2017 2018
113% 43% 29%
113% 43% 29%
113% 43% 29%
78% 83% 83%
131% 23% 1%
70% 90% 80%
155% -2% -29%
95% 163% 175%
181% -76% 120%
181% -76% -119%
181% -76% -120%
0% 0% 0%
181% -76% -120%
97% 34% 0%
279% -203% -258%