Homework
FINC 3304: Business Finance
Work the Web project : Part 2 (due 9/20/20, new due 9/27/20)
Instructor: Dr. Nazif Durmaz
Work the Web Part-2, Instructions :
You will use some of the techniques discussed in Chapter-3 to do a basic financial analysis of the firm you are
studying.
You will need to use/submit two files for this assignment : one Word file and one Excel file. The XL file will include
the data needed for the Work the Web parts. The WW2 report (Word file) will include the following :
• Basic company information collected in WW1
• Trend analysis of profitability
• Ratio analysis vs competitors
• DuPont Analysis
Please find the attached XL file (SampleWW2.xlsx).
Please refer to this sample file so you understand what you must do for your company.
Data collection
To start WW2 you will need to obtain historical data that will be used in WW2, WW3 and WW4. Even if you
don’t use all the items in this report, make sure you save them in an Excel file that can be used later.
For the exercises use one of the freely available Financial Websites ;
• CSIMarket https:
csimarket.com
• Macrotrends https:
www.macrotrends.net
• Zacks Investment Research https:
www.zacks.com
• Reuters.com https:
www.reuters.com/finance
• MSN Money https:
www.msn.com/en-us/money
• Yahoo ! Finance https:
finance.yahoo.com
or any other financial website you prefer or can locate your company’s data , copy and paste balance
sheet and income statements for the last 3 to 5 years. Include BS and IS in the same sheet in Excel. Make sure the
columns align. Check how many years are provided in each website and then decide your source.
Trend analysis
ROA and ROE are two of the most important variables that measure the performance of a company. For example ;
you may go to the MSN website and get the 10 year chart of ROA and ROE for your company. You can use the
link below and then click on the Management Effectiveness tab http:
www.msn.com/en-us/money/stockdetails
analysis/fi-126.1.XOM.NYS
Once you include the information on your report, add your comments describing the trend. Is there a trend that
you can see ? Is it improving or deteriorating ? Is there an especially bad year ? If there is, try to explain it.
Another performance measure that investors care about is the stock price. Go to your favorite financial website and
copy/paste a chart of the stock prices over the last 5 years (or 10 years if available). Compare to the previous chart.
Do you see a relationship between profitability and stock prices ? Describe the trend. Is it increasing or decreasing ?
Is there an especially bad year ? If there is, try to explain it.
Ratio analysis
1
https:
csimarket.com
https:
www.macrotrends.net
https:
www.zacks.com
https:
www.reuters.com/finance
https:
www.msn.com/en-us/money
https:
finance.yahoo.com
http:
www.msn.com/en-us/money/stockdetails/analysis/fi-126.1.XOM.NYS
http:
www.msn.com/en-us/money/stockdetails/analysis/fi-126.1.XOM.NYS
– Work the Web project : Part 2 2
Visit one of the financial websites provided in Data Collection section that provides financial ratios for you
company, industry, and sector. For instance ; you may go to this page http:
www.reuters.com/finance/stocks
financialHighlights?symbol=XOM (input the ticker for your own company) and copy the 7 categories of financial
atios that Reuters reports for Company, Industry and Sector. Start with valuation ratios. Please ignore the data
shown in ”Revenue & Earnings per share”. Repeat the process for the two competitors that you identified in WW1.
Copy the ratios into a new tab in Excel so the rows for your company and the 2 competitors match. Then rea
ange
the columns so you can see next to each other the values for your company, your competitor 1, your competitor 2,
industry and sector.
Once you have them next to each other, you’ll start comparing the numbers trying to find where your company
performs better and where your company show worse performance than competitors.
As a minimum, you must find one overall weakness and one overall strength as suggested by this comparison. It is
not necessary to comment each of the financial ratios, only those that are perceived as strengths or weaknesses. You
can report strengths or weaknesses in each financial ratio category but it is not necessary.
Du Pont analysis
You will copy key data you got in Excel into a new sheet. The specific rows you need are :
spacing
◦ Sales
◦ Net Income
◦ Assets
◦ Debt
◦ Equity
Based on these five rows of data you will calculate the 5 ratios involved in the Du Pont analysis for each of the
years for which you have information ;
spacing
◦ Profit Margin
◦ Total assets turnove
◦ Return on Assets
◦ Equity Multiplie
◦ Return on Equity
Once you have all the ratios for all the years with data, compare the components of ROA and ROE against industry
level and make an overall assessment of the performance of the company. Is the company doing well or not so well ?
Need to monitor PM TAT or EM ? Include any recommendations that you believe are needed.
http:
www.reuters.com/finance/stocks/financialHighlights?symbol=XOM
http:
www.reuters.com/finance/stocks/financialHighlights?symbol=XOM
standardized XOM
Exxon Mobil Corp (NYS: XOM)
Exchange rate used is that of the Year End reported date
Standardized Annual Balance Sheet
Report Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008
Cu
ency USD USD USD USD USD USD USD USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 3177000 3657000 3705000 4658000 4913000 9923000 XXXXXXXXXX 8453000 XXXXXXXXXX XXXXXXXXXX
Short Term Investments - - - - - - - 2000 169000 570000
Cash & Equivs & ST Investments 3177000 3657000 3705000 4658000 4913000 9923000 XXXXXXXXXX 8455000 XXXXXXXXXX XXXXXXXXXX
Receivables (ST) XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Inventories XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Other Cu
ent Assets 1368000 1285000 2798000 3565000 5108000 5008000 6229000 5269000 5175000 3911000
Total Cu
ent Assets XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Gross Property Plant & Equip XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Accumulated Depreciation XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Net Property Plant & Equip XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Long Term Investments XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Other Assets XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Total Assets XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Accounts Payable & Accrued Exps XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Accounts Payable XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Accrued Expenses 3311000 2653000 2937000 3290000 3883000 4130000 7123000 6778000 5921000 5866000
Cu
ent Debt XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 3653000 7711000 2787000 2476000 2400000
Related Parties (ST Liab) 5453000 4748000 4639000 6589000 6587000 6114000 5553000 5450000 4979000 3552000
Other Cu
ent Liabilities 3045000 2615000 2802000 4938000 7831000 9758000 XXXXXXXXXX 9812000 8310000 XXXXXXXXXX
Total Cu
ent Liabilities XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
LT Debt & Leases XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 6891000 7928000 9322000 XXXXXXXXXX 7129000 7025000
Pensions & OPEB XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Defe
ed LT Liabilities XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Minority Interests 6812000 6505000 5999000 6665000 6492000 5797000 6348000 5840000 4823000 4558000
Other Liabilities XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Total Liabilities XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Common Share Capital XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 9653000 9512000 9371000 5503000 5314000
Retained Earnings XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Accum Other Comprehensive Income XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 4168000 5011000 4402000 1146000
Treasury Stock XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
For Cu
Trans (BS) XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX -846000 2410000 4168000 5011000 4402000 1146000
Other Equity 9482000 XXXXXXXXXX XXXXXXXXXX 5952000 846000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Total Equity XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Total Liabilities & Equity XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Standardized Annual Income Statement
Report Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008
Cu
ency USD USD USD USD USD USD USD USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Affiliates Revenue 5380000 4806000 7644000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 7143000 XXXXXXXXXX
Other Revenue XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Total Revenue XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Direct Costs XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Gross Profit XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Selling General & Admin XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Depreciation & Amortization XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Other Operating Expense 1790000 1467000 1523000 1669000 1976000 1840000 2081000 2144000 2021000 1451000
Total Indirect Operating Costs XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Operating Income XXXXXXXXXX 8422000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Interest Income -601000 -453000 -311000 -286000 -9000 -327000 -247000 -259000 -548000 -673000
Other Non-Operating Income 0 0 0 0 0 0 0 0 0 0
Total Non-Operating Income -601000 -453000 -311000 -286000 -9000 -327000 -247000 -259000 -548000 -673000
Earnings Before Tax XXXXXXXXXX 7969000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Taxation XXXXXXXXXX -406000 5415000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Minority Interests 138000 535000 401000 1095000 868000 2801000 1146000 938000 378000 1647000
Extraordinary Items 0 0 0 0 0 0 0 0 0 0
Accounting Changes 0 0 0 0 0 0 0 0 0 0
Net Income XXXXXXXXXX 7840000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Preference Dividends & Similar 0 0 0 0 0 0 0 0 0 0
Net Income to Common XXXXXXXXXX 7840000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Average Shares Basic 4256000 4177000 4196000 4282000 4419000 4628000 4870000 4885000 4832000 5149000
EPS Net Basic 4.63 1.88 3.85 7.6 7.37 9.7 8.43 6.24 3.99 8.78
EPS Continuing Basic 4.63 1.88 3.85 7.6 7.37 9.7 8.43 6.24 3.99 8.78
Average Shares Diluted 4256000 4177000 4196000 4282000 4419000 4628000 4875000 4897000 4848000 5203000
EPS Net Diluted 4.63 1.88 3.85 7.6 7.37 9.7 8.42 6.22 3.98 8.69
EPS Continuing Diluted 4.63 1.88 3.85 7.6 7.37 9.7 8.42 6.22 3.98 8.69
Shares Outstanding 4239000 4148000 4156000 4201000 4335000 4502000 4734000 4979000 4727000 4976000
Standardized Annual Retained Earnings
Report Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008
Cu
ency USD USD USD USD USD USD USD USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Retained Earnings at Start XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Retained Earnings at End XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Standardized Annual Cash Flows
Report Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008
Cu
ency USD USD USD USD USD USD USD USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Net Income XXXXXXXXXX 8375000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Adjustments from Inc to Cash XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 6183000 XXXXXXXXXX XXXXXXXXXX 9955000 XXXXXXXXXX
Change in Working Capital -649000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 627000 XXXXXXXXXX 3845000 XXXXXXXXXX 1432000
Other Operating Cash Flows -771000 -214000 -166000 -823000 350000 1679000 1148000 -318000 -16000 490000
Cash Flow from Operations XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Purchase of Pty Plant & Equip XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Purchase of Investments XXXXXXXXXX XXXXXXXXXX -607000 XXXXXXXXXX XXXXXXXXXX -972000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Disposal of Investments - - - - - - 1674000 155000 571000 1868000
Other Investing Cash Flows 5179000 5177000 3273000 7608000 3903000 9642000 XXXXXXXXXX 3766000 2269000 6559000
Cash Flow from Investing XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Change in ST Debt XXXXXXXXXX XXXXXXXXXX 1253000 1304000 XXXXXXXXXX XXXXXXXXXX 1521000 XXXXXXXXXX -310000 -414000
Change in LT Debt 60000 XXXXXXXXXX 8002000 5662000 332000 848000 436000 XXXXXXXXXX 157000 -113000
Change in Equity -747000 -971000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Payment of Dividends XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Other Financing Cash Flows -150000 0 0 0 -1000 204000 -16000 -7000 -113000 -419000
Cash Flow from Financing XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Effect of Exchange Rate 314000 -434000 -394000 -281000 -175000 217000 -85000 -153000 520000 XXXXXXXXXX
Change in Cash -480000 -48000 -911000 -28000 XXXXXXXXXX XXXXXXXXXX 4839000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Opening Cash 3657000 3705000 4616000 4644000 9582000 XXXXXXXXXX 7825000 XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Closing Cash 3177000 3657000 3705000 4616000 4644000 9582000 XXXXXXXXXX 7825000 XXXXXXXXXX XXXXXXXXXX
Depn & Amortn (CF) XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Net Purch of Pty Plant & Equip XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Standardized Annual CS Balance Sheet
Report Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008
Cu
ency USD USD USD USD USD USD USD USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents %TA 0.911 1.107 1.1 1.333 1.417 2.973 3.947 2.794 4.583 13.785
Short Term Investments %TA - - - - - - - 0.001 0.072 0.25
Cash & Equivs & ST Investments %TA 0.911 1.107 1.1 1.333 1.417 2.973 3.947 2.795 4.655 14.035
Receivables (ST) %TA 7.341 6.477 5.902 8.014 9.559 10.482 11.672 10.672 11.848 10.832
Inventories %TA 4.873 4.565 4.824 4.772 4.652 4.357 4.538 4.289 4.952 5.107
Other Cu
ent Assets %TA 0.392 0.389 0.831 1.02 1.473 1.5 1.882 1.742 2.218 1.715
Total Cu
ent Assets %TA 13.517 12.538 12.657 15.139 17.101 19.311 22.04 19.498 23.673 31.688
Gross Property Plant & Equip %TA 136.85 137.419 132.836 127.839 125.29 122.624 119.013 123.612 131.108 118.765
Accumulated Depreciation %TA 64.399 63.482 58.122 55.544 55.035 54.634 54.17 57.648 71.485 65.555
Net Property Plant & Equip %TA 72.451 73.937 74.714 72.296 70.255 67.991 64.843 65.964 59.624 53.21
LT Investments %TA 8.617 7.768 7.464 7.274 7.454 7.417 7.429 8.612 9.856 9.201
Other Assets %TA 5.414 5.757 5.165 5.292 5.19 5.281 5.689 5.926 6.847 5.9
Total Assets as 100% 100 100 100 100 100 100 100 100 100 100
Accounts Payable & Accrued Exps %TA 8.989 8.006 8.247 10.197 11.966 13.366 15.561 14.738 15.556 14.51
Accounts Payable %TA 8.039 7.203 7.375 9.256 10.846 12.128 13.409 12.497 13.018 11.938
Accrued Expenses %TA 0.95 0.803 0.872 0.941 1.12 1.237 2.152 2.241 2.538 2.572
Cu
ent Debt %TA 5.142 4.187 5.571 4.998 4.558 1.094 2.329 0.921 1.061 1.052
Other Cu
ent Liabilities %TA 0.873 0.792 0.832 1.413 2.258 2.923 3.844 3.244 3.562 4.41
Total Cu
ent Liabilities %TA 16.568 14.422 16.028 18.493 20.681 19.215 23.412 20.704 22.313 21.53
LT Debt & Lease %TA 6.999 8.759 5.917 3.334 1.987 2.375 2.816 4.042 3.055 3.08
Pensions & OPEB %TA 6.06 6.261 6.725 7.383 5.953 7.57 7.55 6.402 7.69 9.09
Defe
ed LT Liabilities %TA 7.713 10.306 10.933 11.225 11.687 11.255 11.061 11.619 9.921 8.65
Minority Interests %TA 1.954 1.969 1.781 1.907 1.872 1.737 1.918 1.931 2.067 1.999
Other Liabilities %TA 6.88 7.627 7.894 7.757 7.647 8.158 6.606 6.761 7.565 6.117
Total Liabilities %TA 46.174 49.344 49.278 50.099 49.827 50.31 53.362 51.46 52.611 50.465
Common Share Capital %TA 4.203 3.68 3.448 3.088 2.906 2.892 2.873 3.098 2.359 2.33
Retained Earnings %TA 118.885 123.468 122.475 116.85 111.714 109.566 99.966 98.825 118.693 116.5
Accum Other Comprehens Income %TA -4.664 -6.733 -6.982 -5.424 -3.092 -3.65 1.259 1.656 1.887 0.503
Other Equity %TA 2.719 4.39 4.208 1.703 0.244 -0.722 -5.274 -4.925 -6.114 -5.36
Total Equity %TA 53.826 50.656 50.722 49.901 50.173 49.69 46.638 48.54 47.389 49.535
Total Liabilities & Equity %TA 100 100 100 100 100 100 100 100 100 100
Standardized Annual CS Income Statement
Report Date 12/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008
Cu
ency USD USD USD USD USD USD USD USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Affiliates Revenue %TR 2.202 2.126 2.843 3.234 3.178 3.112 3.143 2.786 2.3 2.321
Other Revenue %TR 97.798 97.874 97.157 96.766 96.822 96.888 96.857 97.214 97.7 97.679
Total Revenue (100% TR) 100 100 100 100 100 100 100 100 100 100
Direct Costs %TR 66.436 69.523 70.019 71.897 71.938 69.683 69.96 68.446 68.184 67.427
Gross Profit %TR 33.564 30.477 29.981 28.103 28.062 30.317 30.04 31.554 31.816 32.573
Selling General & Admin %TR 16.803 16.236 14.417 10.896 10.521 10.25 11.298 13.256 15.955 12.065
Depreciation & Amortization %TR 8.141 9.867 6.712 4.199 3.921 3.294 3.204 3.852 3.837 2.593
Other Operating Expense %TR 0.733 0.649 0.566 0.405 0.451 0.382 0.428 0.559 0.651 0.304
Total Indirect Operating Costs %TR 25.676 26.752 21.696 15.5 14.892 13.926 14.929 17.667 20.443 14.962
Operating Income %TR 7.888 3.725 8.285 12.603 13.17 16.391 15.111 13.887 11.374 17.611
Interest Income %TR -0.246 -0.2 -0.116 -0.069 -0.002 -0.068 -0.051 -0.068 -0.176 -0.141
Other Non-Operating Income %TR 0 0 0 0 0 0 0 0 0 0
Total Non-Operating Income %TR -0.246 -0.2 -0.116 -0.069 -0.002 -0.068 -0.051 -0.068 -0.176 -0.141
Earnings Before Tax %TR 7.642 3.525 8.169 12.533 13.168 16.323 15.06 13.819 11.197 17.47
Taxation %TR -0.48 -0.18 2.014 4.373 5.536 6.437 6.383 5.626 4.868 7.653
Minority Interests %TR 0.056 0.237 0.149 0.266 0.198 0.581 0.236 0.245 0.122 0.345
Extraordinary Items %TR 0 0 0 0 0 0 0 0 0 0
Accounting Changes %TR 0 0 0 0 0 0 0 0 0 0
Net Income %TR 8.066 3.468 6.006 7.894 7.434 9.306 8.441 7