Dominica BEL Assignment-2

FinSAS Version 20111028
FinSAS: Financial Statement Analysis Spreadsheet
by
Dr. Donald V. Saftner
donald.saftner@utoledo.edu
To Accompany
Financial Reporting and Analysis:
Using Financial Accounting Information
13/e
by Dr. Charles Gibson
Copyright © 2013 Cengage Learning
All rights reserved
FinSAS: Financial Statement Analysis Spreadsheet allows users to input the reported data from the
financial statements, notes, and other sources. FinSAS then computes the ratios found in Financial
Reporting and Analysis: Using Financial Accounting Information 13/e. Using this tool, you can spend more
time analyzing the statements and less time crunching the numbers. In addition to the ratios, both a vertical
and horizontal analysis are performed.
Instructions:
Note the sheet tabs below. The following instructions use the names of those tabs as section headings.
Click on a tab to see that sheet after reading the instructions below.
Input
On the Input sheet, enter values into all appropriate cells (i.e., those with blue font). The figures in black
font are calculated based on your input. By entering the Company Name, Analyst Name(s), and Most
Recent Year Available in the first three input cells, those items will appear on all subsequent output sheets.
They make it easy to identify any printouts you make.
The next two input cells (Years Available for Income Statement and Balance Sheet) are particularly
important to the functioning of the model. Changing these numbers (while keeping them within the range
one through five) changes the number of columns of data that are available on the Input sheet and all
subsequent output sheets. In a single annual report/10K, there are often three years of income statements
and two years of balance sheets. The annual report/10K you are using may have more and/or you may want
to use multiple years’ worth of annual report/10Ks to increase the amount of data available to analyze. The
maximum years that FinSAS can accept is five years.
Fill in all remaining input cells for which you can find data. There are many different names for the same
account. You must translate the terminology used by the company to the generic terms used in FinSAS.
When the detail is not needed, FinSAS requests a summary figure. For instance, on the published income
statement there may be several operating expenses (e.g., wages, utilities, rent), but FinSAS only needs the
sum of those, which would be entered as Operating Expenses. Be sure to read the footnotes to the financial
statements and the comparative data section. Those sources include some of the information you need to
complete the Input sheet. Also be sure to match key subtotals (e.g. the FinSAS total current asset should be
same as the figure on the balance sheet even though the detail lines may be different.)
Be consistent in ignoring a certain number of decimal places. Many financial statements have "in
thousands, except par values," "millions except share and per share amounts," or similar statements. When
entering data into FinSAS, it is usually best to follow the same convention as the financial statements in
choosing the number of decimal places to assume have been removed. An exception is the second
statement above. Only "per share" data should be entered as dollars with no decimal places removed.
Account balances and total share information should consistently have the same number of decimal places
removed. If the share and account balances have a different number of decimal places removed then ratios
such as "book value per share" and "operating cash flow per share" will be inaccurate.
Source of Input
This is the place to document where you found the information you entered on the previous sheet. This can
be very useful for you and for anyone who reviews your work. For instance if most of it came from the
company's annual report/10K, then state that at the top. Individual lines of input in FinSAS might be the
sum of a few lines in the published financial statements. Indicate on this sheet how you determined the
FinSAS inputs from the statements. For some of the inputs, you may have used information from the
footnotes or comparative information section. Indicate that information on this sheet and include page
numbers wherever possible. Of course, other sources of information should be cited.
Vertical Analysis
After you insert your data, you can see the result of the vertical analysis. It compares each amount on the
income statement and balance sheet with a base amount (net sales on the income statement and total assets
on the balance sheet) selected from the same year.
Horizontal Analysis
After you insert your data, you can see the result of the horizontal analysis. It compares each amount on the
income statement and balance sheet with the same amount for the oldest year available.
Ratios – avg.
After you insert your data, you can see the result of the ratio analysis. For the ‘Ratio – Average’, the average
of beginning of year values and end of year values is used when appropriate. Note that if you only have
two years of balance sheet information, then for those ratios that use the average of two years of balance
sheet information, only one year's worth of ratios can be calculated. Since it is desirable to compare the
ratios across time to determine possible trends, a solution to only having one year's worth of ratios should
be sought. Some possible solutions are to find additional years' worth of data and/or use the Ratio - end.
sheet.
Ratios with a negative cash flow or negative profit measure in the numerator will display #N/A, which
means not available or not applicable. This makes it less likely that invalid conclusions will be made during
your analysis.
You may want to determine how a certain ratio is calculated. You may do this in one of two ways. If you
select the cell in which the ratio appears, then the formula for that cell appears near the top of the screen.
You will then have to determine what accounts the cell refers to by looking at the Input screen.
Alternatively, you can refer to the Documentation screen for the definition.
Ratios – end.
For the Ratios - end. sheet, the end of year values are used instead of the average values. The ‘*’ marks
indicate the ratios for which the end of year values are used whereas the averages are used on the previous
sheet. Note that the Ratios - avg. sheet is theoretically superior in that averages for balance sheet
information (point in time) is compared to income statement or cash flow statements (period of time).
Documentation
The Documentation sheet provides you the definitions of the ratios using the row labels of the Input sheet or
other ratio results.
FinSAS Version 20111028 Input
Company: Dominica Electricity Services Ltd
Analyst: Mr. Victor Miranda
Most Recent Year Available: 2017
Years Available for:
Income Statement (15) 5
Balance Sheet (15) 5
=========================================== =========== =========== =========== =========== ===========

INCOME STATEMENT 2017 2016 2015 2014 2013

Net Sales 54101.75 66317 69769 76015 73787
Less: Cost of Goods Sold 0 0 0 0 0

Gross Profit 54102 66317 69769 76015 73787
Other Operating Revenue 0 0 0 0 0
Less: Operating Expenses 52666.87 52873 57151 61617 62665

Operating Income 1435 13443 12617 14398 11122

Less: Interest Expense 11034 1164 1587 2564 1941
(no capitalized interest)
Other Income (Expenses) 873.98 592 1531 488 293
Unusual or Infreq. Item;
Gain (Loss) 0 0 0 0 0
Equity in Earnings of Assoc.;
Profit (Loss) 0 0 0 0 0

Income before Taxes 8725 12872 12561 12322 9475
Less:Taxes Related to Operations 1748 3268 3397 1266 2880

N.I. before Noncontr. Inc 6978 9604 9165 11055 6595
Noncontrolling income (loss) 0 0 0 0 0

N.I. before Nonrecurring Items 6978 9604 9165 11055 6595

Oper. of Discontinued Segment;
Income (Loss) 0 0 0 0 0
Disposal of Discont. Segment;
Gain (Loss) 0 0 0 0 0
Extraordinary Item;
Gain (Loss) 0 0 0 0 0
Cum. Effect of Acct Change;
Gain (Loss) 0 0 0 0 0

Net Income (Loss) 6978 9604 9165 11055 6595
=========================================== =========== =========== =========== =========== ===========
BALANCE SHEET 2017 2016 2015 2014 2013

ASSETS
Current Assets:
Cash 8484 10252 10648 9746 4908
Marketable Securities 6894 7153 8527 9874 9428
Gross Receivables 2664 1900 3220 2533 2763
Less: Allowance for Bad Debts 61 111 228 255 271
Net Trade Receivables 2603 1789 2992 2278 2492
Inventories 8911 7038 7381 7885 8066
Prepaid Expenses 591 617 956 633 449
Other Current Assets 920 0 0 0 335

Total Current Assets 28403 26849 30504 30416 25678
LongTerm Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) 101178 103028 96518 94781 94387
Construction in Progress 0 0 0 0 0
Intangible Assets 0 0 0 0 0
Investments 0 0 0 0 0
Other Nonoperating Assets 0 0 0 0 0
Other Operating Assets 0 0 0 0 0

Total LongTerm Assets 101178 103028 96518 94781 94387
Total Assets 129581 129876 127023 125196 120065
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 8072 7386 7259 9409 9078
Short Term Loans 4220 4168 3794 3586 3386
Current Maturity of L.t. Debt 0 0 0 0 0
Other Current Liabilities 920 896 1678 1270 702

Total Current Liabilities 13212 12450 12731 14266 13166
LongTerm Liabilities:
Longterm Debt 27277 18275 22562 26384 27215
Reserves 0 0 0 0 0
Deferred Liabilities 8385 7298 6808 6679 14332
Noncontrolling Interest 0 0 0 0 0
Redeemable Preferred 0 0 0 0 0
Other Longterm Liabilities 12861 14698 14262 13264 9396.32

Total Longterm Liabilities 48523 40271 43632 46327 50943
Total Liabilities 61734 52721 56363 60593 64109
Shareholders' Equity:
Preferred Equity 7770 7770 7770 7770 7770
Common Equityincl. Ret. Ern. 60077 69385 62889 56833 48186

Total Equity 67847 77156 70660 64603 55957
Total Liabilities and Equity 129581 129876 127023 125196 120065
=========================================== =========== =========== =========== =========== ===========
OTHER DATA 2017 2016 2015 2014 2013

Capitalized Interest 0.0 0.0 0.0 0.0 0.0
Interest Portion of Rentals 0.0 0.0 0.0 0.0 0.0
Liquidation Value of Pref. Stock 0.0 0.0 0.0 0.0 0.0
Dividends on Redeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends on Nonredeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends per Common Share 0.000 0.000 0.000 0.000 0.000
Total Cash Dividends 0.0 0.0 0.0 0.0 0.0
Dil. Earn. per Sh. before Nonrec. Items 0.000 0.000 0.000 0.000 0.000
Market Price per Common Share 0.000 0.000 0.000 0.000 0.000
Tax Rate (01) 0.000 0.000 0.000 0.000 0.000
Common Shares Outstanding 0.0 0.0 0.0 0.0 0.0
Diluted Weighted Average Common Shares 0.0 0.0 0.0 0.0 0.0
Cash Flow from Operations 0.0 0.0 0.0 0.0 0.0
Options:
Option expense 0.0 0.0 0.0 0.0 0.0
Net income bef. nonrec. items
not incl. opt. exp. 0.0 0.0 0.0 0.0 0.0
FinSAS Version 20111028 Source of Input
===========================================
INCOME STATEMENT

Net Sales 72532565.00
Less: Cost of Goods Sold
Gross Profit
Other Operating Revenue
Less: Operating Expenses 70608862.00
Operating Income 1923703.00
Less: Interest Expense
Other Income (Expenses) 1171717.00
Gain (Loss)
Profit (Loss)
Income before Taxes
Less:Taxes Related to Operations
N.I. before Noncontr. Inc
Noncontrolling income (loss)
N.I. before Nonrecurring Items

Income (Loss)
Gain (Loss)
Extraordinary Item;
Gain (Loss)
Gain (Loss)
Net Income (Loss)
===========================================
BALANCE SHEET

ASSETS
Current Assets:
Cash
Marketable Securities
Gross Receivables
Less: Allowance for Bad Debts
Net Trade Receivables
Inventories
Prepaid Expenses
Other Current Assets
Total Current Assets
LongTerm Assets:
construction in progress)
Construction in Progress
Intangible Assets
Investments
Other Nonoperating Assets
Other Operating Assets
Total LongTerm Assets
Total Assets
Accounts Payable
Short Term Loans
Current Maturity of L.t. Debt
Other Current Liabilities
Total Current Liabilities
Longterm Debt
Reserves
Deferred Liabilities
Noncontrolling Interest
Redeemable Preferred
Other Longterm Liabilities
Total Longterm Liabilities
Total Liabilities
Preferred Equity
Common Equityincl. Ret. Ern.
Total Equity
Total Liabilities and Equity
===========================================
OTHER DATA

Capitalized Interest
Interest Portion of Rentals
Liquidation Value of Pref. Stock
Dividends on Redeemable Pref.
Dividends on Nonredeemable Pref.
Dividends per Common Share
Total Cash Dividends
Dil. Earn. per Sh. before Nonrec. Items
Market Price per Common Share
Tax Rate (01)
Common Shares Outstanding
Diluted Weighted Average Common Shares
Cash Flow from Operations
Options:
Option expense
Net income bef. nonrec. items
not incl. opt. exp.
FinSAS Version 20111028 Vertical Analysis
=========================================== =========== =========== =========== =========== ===========


Net Sales 100.00% 100.00% 100.00% 100.00% 100.00%
Less: Cost of Goods Sold 0.00% 0.00% 0.00% 0.00% 0.00%

Gross Profit 100.00% 100.00% 100.00% 100.00% 100.00%
Other Operating Revenue 0.00% 0.00% 0.00% 0.00% 0.00%

Less: Operating Expenses 97.35% 79.73% 81.92% 81.06% 84.93%

Operating Income 2.65% 20.27% 18.08% 18.94% 15.07%

Less: Interest Expense 20.40% 1.75% 2.27% 3.37% 2.63%
Other Income (Expenses) 1.62% 0.89% 2.19% 0.64% 0.40%
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Loss) 0.00% 0.00% 0.00% 0.00% 0.00%

Income before Taxes 16.13% 19.41% 18.00% 16.21% 12.84%
Less:Taxes Related to Operations 3.23% 4.93% 4.87% 1.67% 3.90%

N.I. before Noncontr. Inc 12.90% 14.48% 13.14% 14.54% 8.94%
Noncontrolling income (loss) 0.00% 0.00% 0.00% 0.00% 0.00%

N.I. before Nonrecurring Items 12.90% 14.48% 13.14% 14.54% 8.94%

Income (Loss) 0.00% 0.00% 0.00% 0.00% 0.00%
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00%
Extraordinary Item;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00%
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00%

Net Income (Loss) 12.90% 14.48% 13.14% 14.54% 8.94%
=========================================== =========== =========== =========== =========== ===========
BALANCE SHEET 2017 2016 2015 2014 2013

ASSETS
Current Assets:
Cash 6.55% 7.89% 8.38% 7.78% 4.09%
Marketable Securities 5.32% 5.51% 6.71% 7.89% 7.85%
Gross Receivables 2.06% 1.46% 2.54% 2.02% 2.30%
Less: Allowance for Bad Debts 0.05% 0.09% 0.18% 0.20% 0.23%
Net Trade Receivables 2.01% 1.38% 2.36% 1.82% 2.08%
Inventories 6.88% 5.42% 5.81% 6.30% 6.72%
Prepaid Expenses 0.46% 0.48% 0.75% 0.51% 0.37%
Other Current Assets 0.71% 0.00% 0.00% 0.00% 0.28%

Total Current Assets 21.92% 20.67% 24.01% 24.29% 21.39%
LongTerm Assets:
construction in progress) 78.08% 79.33% 75.99% 75.71% 78.61%
Construction in Progress 0.00% 0.00% 0.00% 0.00% 0.00%
Intangible Assets 0.00% 0.00% 0.00% 0.00% 0.00%
Investments 0.00% 0.00% 0.00% 0.00% 0.00%
Other Nonoperating Assets 0.00% 0.00% 0.00% 0.00% 0.00%
Other Operating Assets 0.00% 0.00% 0.00% 0.00% 0.00%

Total LongTerm Assets 78.08% 79.33% 75.99% 75.71% 78.61%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00%
Accounts Payable 6.23% 5.69% 5.71% 7.52% 7.56%
Short Term Loans 3.26% 3.21% 2.99% 2.86% 2.82%
Current Maturity of L.t. Debt 0.00% 0.00% 0.00% 0.00% 0.00%
Other Current Liabilities 0.71% 0.69% 1.32% 1.01% 0.58%

Total Current Liabilities 10.20% 9.59% 10.02% 11.39% 10.97%
Longterm Debt 21.05% 14.07% 17.76% 21.07% 22.67%
Reserves 0.00% 0.00% 0.00% 0.00% 0.00%
Deferred Liabilities 6.47% 5.62% 5.36% 5.33% 11.94%
Noncontrolling Interest 0.00% 0.00% 0.00% 0.00% 0.00%
Redeemable Preferred 0.00% 0.00% 0.00% 0.00% 0.00%
Other Longterm Liabilities 9.93% 11.32% 11.23% 10.59% 7.83%

Total Longterm Liabilities 37.45% 31.01% 34.35% 37.00% 42.43%
Total Liabilities 47.64% 40.59% 44.37% 48.40% 53.39%
Preferred Equity 6.00% 5.98% 6.12% 6.21% 6.47%
Common Equityincl. Ret. Ern. 46.36% 53.42% 49.51% 45.40% 40.13%

Total Equity 52.36% 59.41% 55.63% 51.60% 46.61%
Total Liabilities and Equity 100.00% 100.00% 100.00% 100.00% 100.00%
=========================================== =========== =========== =========== =========== ===========
FinSAS Version 20111028 Horizontal Analysis
=========================================== =========== =========== =========== =========== ===========


Net Sales 73.32% 89.88% 94.55% 103.02% 100.00%
Less: Cost of Goods Sold #N/A #N/A #N/A #N/A #N/A

Gross Profit 73.32% 89.88% 94.55% 103.02% 100.00%
Other Operating Revenue #N/A #N/A #N/A #N/A #N/A

Less: Operating Expenses 84.05% 84.37% 91.20% 98.33% 100.00%

Operating Income 12.90% 120.87% 113.44% 129.45% 100.00%

Less: Interest Expense 568.59% 59.97% 81.77% 132.13% 100.00%
Other Income (Expenses) 298.06% 201.87% 522.11% 166.49% 100.00%
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Profit (Loss) #N/A #N/A #N/A #N/A #N/A

Income before Taxes 92.09% 135.85% 132.57% 130.04% 100.00%
Less:Taxes Related to Operations 60.69% 113.48% 117.96% 43.98% 100.00%

N.I. before Noncontr. Inc 105.79% 145.61% 138.95% 167.62% 100.00%
Noncontrolling income (loss) #N/A #N/A #N/A #N/A #N/A

N.I. before Nonrecurring Items 105.79% 145.61% 138.95% 167.62% 100.00%

Income (Loss) #N/A #N/A #N/A #N/A #N/A
Extraordinary Item;

Net Income (Loss) 105.79% 145.61% 138.95% 167.62% 100.00%
=========================================== =========== =========== =========== =========== ===========
BALANCE SHEET 2017 2016 2015 2014 2013

ASSETS
Current Assets:
Cash 172.87% 208.88% 216.95% 198.58% 100.00%
Marketable Securities 73.12% 75.87% 90.45% 104.73% 100.00%
Gross Receivables 96.41% 68.75% 116.54% 91.65% 100.00%
Less: Allowance for Bad Debts 22.57% 41.02% 84.23% 94.17% 100.00%
Net Trade Receivables 104.43% 71.77% 120.05% 91.38% 100.00%
Inventories 110.47% 87.26% 91.50% 97.76% 100.00%
Prepaid Expenses 131.72% 137.47% 213.00% 140.93% 100.00%
Other Current Assets 274.84% 0.00% 0.00% 0.00% 100.00%

Total Current Assets 110.61% 104.56% 118.79% 118.45% 100.00%
LongTerm Assets:
construction in progress) 107.19% 109.15% 102.26% 100.42% 100.00%
Construction in Progress #N/A #N/A #N/A #N/A #N/A
Intangible Assets #N/A #N/A #N/A #N/A #N/A
Investments #N/A #N/A #N/A #N/A #N/A
Other Nonoperating Assets #N/A #N/A #N/A #N/A #N/A
Other Operating Assets #N/A #N/A #N/A #N/A #N/A

Total LongTerm Assets 107.19% 109.15% 102.26% 100.42% 100.00%
Total Assets 107.93% 108.17% 105.79% 104.27% 100.00%
Accounts Payable 88.91% 81.36% 79.96% 103.65% 100.00%
Short Term Loans 124.63% 123.09% 112.04% 105.91% 100.00%
Current Maturity of L.t. Debt #N/A #N/A #N/A #N/A #N/A
Other Current Liabilities 131.08% 127.66% 239.17% 181.07% 100.00%

Total Current Liabilities 100.35% 94.56% 96.70% 108.35% 100.00%
Longterm Debt 100.23% 67.15% 82.90% 96.95% 100.00%
Reserves #N/A #N/A #N/A #N/A #N/A
Deferred Liabilities 58.50% 50.92% 47.50% 46.60% 100.00%
Noncontrolling Interest #N/A #N/A #N/A #N/A #N/A
Redeemable Preferred #N/A #N/A #N/A #N/A #N/A
Other Longterm Liabilities 136.87% 156.43% 151.78% 141.16% 100.00%

Total Longterm Liabilities 95.25% 79.05% 85.65% 90.94% 100.00%
Total Liabilities 96.30% 82.24% 87.92% 94.52% 100.00%
Preferred Equity 100.00% 100.00% 100.00% 100.00% 100.00%
Common Equityincl. Ret. Ern. 124.68% 143.99% 130.51% 117.94% 100.00%

Total Equity 121.25% 137.88% 126.28% 115.45% 100.00%
Total Liabilities and Equity 107.93% 108.17% 105.79% 104.27% 100.00%
=========================================== =========== =========== =========== =========== ===========
FinSAS Version 20111028 Ratios average

LIQUIDITY 2017 2016 2015 2014 2013

Days' Sales in Receivables 17.97 10.46 16.85 12.16 13.67
Accounts Receivable Turnover 23.71 25.90 24.26 28.71 53.41
A/R Turnover in Days 15.39 14.09 15.05 12.71 #N/A
Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Inventory Turnover 0.00 0.00 0.00 0.00 0.00
Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A
Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A

Working Capital 15,192 14,399 17,774 16,150 12,512
Current Ratio 2.15 2.16 2.40 2.13 1.95
Acid Test 1.36 1.54 1.74 1.53 1.28

Cash Ratio 1.16 1.40 1.51 1.38 1.09
Sales to Working Capital 3.66 4.12 4.11 5.30 11.79
Cash Flow/Cur. Mat. of Debt & NP

LONGTERM DEBTPAYING ABILITY 2017 2016 2015 2014 2013

Times Interest Earned 0.21 12.06 8.92 5.81 5.88
Fixed Charge Coverage 0.21 12.06 8.92 5.81 5.88
Debt Ratio 47.64% 40.59% 44.37% 48.40% 53.39%
Debt/Equity 90.99% 68.33% 79.77% 93.79% 114.57%

Debt to Tangible Net Worth 90.99% 68.33% 79.77% 93.79% 114.57%
Cash Flow/Total Debt 0.00% 0.00% 0.00% 0.00% 0.00%

PROFITABILITY 2017 2016 2015 2014 2013

Net Profit Margin #N/A 14.48% 13.14% 14.54% 8.94%
Total Asset Turnover 0.42 0.52 0.55 0.62 1.23
Return on Assets #N/A 7.48% 7.27% 9.02% 10.99%
Operating Income Margin 2.65% 20.27% 18.08% 18.94% 15.07%

Operating Asset Turnover 0.42 0.52 0.55 0.62 1.23
Return on Operating Assets 1.11% 10.47% 10.01% 11.74% 18.53%
Sales to Fixed Assets 0.53 0.66 0.73 0.80 1.56

Return on Investment 3.47% 9.29% 9.55% 12.50% 15.97%
Return on Total Equity #N/A 12.99% 13.55% 18.34% 23.57%
Return on Common Equity #N/A 14.52% 15.31% 21.05% 27.37%

Gross Profit Margin 100.00% 100.00% 100.00% 100.00% 100.00%

INVESTOR ANALYSIS 2017 2016 2015 2014 2013

Degree of Financial Leverage #N/A 1.09 1.13 1.21 1.20
Earnings per Share 0.00 0.00 0.00 0.00 0.00
Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Percentage of Earnings Retained #N/A 100.00% 100.00% 100.00% 100.00%

Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Yearend Market Price 0.00 0.00 0.00 0.00 0.00
=========================================== =========== =========== =========== =========== ===========
FinSAS Version 20111028 Ratios ending
* EOY values instead of averages

LIQUIDITY 2017 2016 2015 2014 2013

Days' Sales in Receivables 17.97 10.46 16.85 12.16 13.67
* Accounts Receivable Turnover 20.31 34.91 21.67 30.02 26.70
* A/R Turnover in Days 17.97 10.46 16.85 12.16 13.67
Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Inventory Turnover 0.00 0.00 0.00 0.00 0.00
* Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Working Capital 15,192 14,399 17,774 16,150 12,512
Current Ratio 2.15 2.16 2.40 2.13 1.95
Acid Test 1.36 1.54 1.74 1.53 1.28

Cash Ratio 1.16 1.40 1.51 1.38 1.09
* Sales to Working Capital 3.56 4.61 3.93 4.71 5.90
Cash Flow/Cur. Mat. of Debt & NP

LONGTERM DEBTPAYING ABILITY 2017 2016 2015 2014 2013

Times Interest Earned 0.21 12.06 8.92 5.81 5.88
Fixed Charge Coverage 0.21 12.06 8.92 5.81 5.88
Debt Ratio 47.64% 40.59% 44.37% 48.40% 53.39%
Debt/Equity 90.99% 68.33% 79.77% 93.79% 114.57%

Debt to Tangible Net Worth 90.99% 68.33% 79.77% 93.79% 114.57%
Cash Flow/Total Debt 0.00% 0.00% 0.00% 0.00% 0.00%

PROFITABILITY 2017 2016 2015 2014 2013

Net Profit Margin #N/A 14.48% 13.14% 14.54% 8.94%
* Total Asset Turnover 0.42 0.51 0.55 0.61 0.61
* Return on Assets #N/A 7.39% 7.21% 8.83% 5.49%
Operating Income Margin 2.65% 20.27% 18.08% 18.94% 15.07%

* Operating Asset Turnover 0.42 0.51 0.55 0.61 0.61
* Return on Operating Assets 1.11% 10.35% 9.93% 11.50% 9.26%
* Sales to Fixed Assets 0.53 0.64 0.72 0.80 0.78

* Return on Investment 3.49% 9.17% 9.41% 12.28% 7.99%
* Return on Total Equity #N/A 12.45% 12.97% 17.11% 11.79%
* Return on Common Equity #N/A 13.84% 14.57% 19.45% 13.69%

Gross Profit Margin 100.00% 100.00% 100.00% 100.00% 100.00%

INVESTOR ANALYSIS 2017 2016 2015 2014 2013

Degree of Financial Leverage #N/A 1.09 1.13 1.21 1.20
Earnings per Share
Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Percentage of Earnings Retained #N/A 100.00% 100.00% 100.00% 100.00%

Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Yearend Market Price 0.00 0.00 0.00 0.00 0.00
=========================================== =========== =========== =========== =========== ===========
FinSAS Version 20111028 Documentation
-
LIQUIDITY
-
Gross Receivables
Days' Sales in Receivables ---------------------------
Net Sales / 365
Net Sales
Accounts Receivable Turnover ----------------------------------------
Average (Gross Receivables)
365
A/R Turnover in Days --------------------------------------------
Accounts Receivable Turnover
Ending Inventory
Days' Sales in Inventory -----------------------------------
Cost of Goods Sold / 365
Cost of Goods Sold

Inventory Turnover ---------------------------------
Average (Inventories)
365
Inventory Turnover in Days --------------------------------------
Inventory Turnover
Operating Cycle A/R Turnover in Days + Inventory Turnover in Days
Working Capital Total Current Assets - Total Current Liabilities
Total Current Assets

Current Ratio ----------------------------------
Cash + Marketable Securities + Net Trade Receivables

Acid Test ---------------------------------------------------------------------------------
Cash + Marketable Securities

Cash Ratio ---------------------------------------------
Net Sales
Sales to Working Capital ------------------------------------
Average (Working Capital)

Cash Flow/Cur. Mat. of Debt & NP ---------------------------------------------------------------------
Short Term Loans + Current Maturity of L.t. Debt
-
LONG-TERM DEBT-PAYING ABILITY
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Times Interest Earned --------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Expense (no capitalized interest) + Capitalized Interest
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) + Interest Portion of Rentals
Fixed Charge Coverage -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Expense (no capitalized interest) + Capitalized Interest + Interest Portion of Rentals
Total Liabilities
Debt Ratio --------------------------------
Total Assets
Total Liabilities
Debt/Equity ------------------------
Total Equity
Total Liabilities
Debt to Tangible Net Worth -----------------------------------------------
Total Equity - Intangible Assets

Cash Flow/Total Debt ----------------------------------------
Total Liabilities
-
PROFITABILITY
-
N.I. before Noncontr. Inc. – Equity in Earnings of Assoc.; Profit (Loss)
Net Profit Margin ---------------------------------------------------------------------------------------
Net Sales
Net Sales
Total Asset Turnover ---------------------------------
Average (Total Assets)
N.I. before Noncontr. Inc.

Return on Assets -----------------------------
Average (Total Assets)
Operating Income
Operating Income Margin -------------------------
Net Sales
Net Sales
Operating Asset Turnover --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)
Operating Income
Return on Operating Assets --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)
Net Sales
Sales to Fixed Assets -------------------------------------------------------------------------------------------------------
Average (Net Tangible (Fixed) Assets (other than construction in progress))
N.I. before Noncontr. Inc. + {(1- Tax Rate) * Interest Expense (no capitalized interest)}
Return on Investment ------------------------------------------------------------------------------------------------
Average (Total Liabilities and Equity - Total Current Liabilities)
N.I. before Nonrecurring Items - Dividends on Redeemable Pref.

Return on Total Equity ----------------------------------------------------------------------------------------
Average (Total Equity)
N.I. before Nonrecurring Items - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Return on Common Equity ---------------------------------------------------------------------------------------------------------------------------------------------
Average (Common Equity-incl. Ret. Ern.)
Gross Profit
Gross Profit Margin --------------------
Net Sales
-
INVESTOR ANALYSIS
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Degree of Financial Leverage ------------------------------------------------------------------------------------------------------------------------------------------------------
Income before Taxes - Equity in Earnings of Assoc.; Profit (Loss)
Earnings per Share Dil. Earn. per Sh. before Nonrec. Items

Price/Earnings Ratio ----------------------------------------------
N.I. before Nonrecurring Items - Total Cash Dividends

Percentage of Earnings Retained ---------------------------------------------------------
N.I. before Nonrecurring Items

Dividend Payout ----------------------------------------------

Dividend Yield ----------------------------------------------
Common Equity-incl. Ret. Ern.

Book Value per Share ---------------------------------------------
Common Shares Outstanding
Option expense
Materiality of Options ---------------------------------------------------------------
Net income bef. nonrec. items not incl. opt. exp.
Cash Flow from Operations - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Oper. Cash Flow per Share ---------------------------------------------------------------------------------------------------------------------------------------
Diluted Weighted Average Common Shares

Oper. Cash Flow/Cash Dividends ---------------------------------------
Total Cash Dividends
Year-end Market Price Market Price per Common Share

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Dominica BEL Assignment-2

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FinSAS Version 20111028

=========================================== =========== =========== =========== =========== ===========

Less:Taxes Related to Operations ­1748 3268 3397 1266 2880

=========================================== =========== =========== =========== =========== ===========

Other Operating Revenue 0.00% 0.00% 0.00% 0.00% 0.00%

Less:Taxes Related to Operations ­3.23% 4.93% 4.87% 1.67% 3.90%

Noncontrolling income (loss) 0.00% 0.00% 0.00% 0.00% 0.00%

=========================================== =========== =========== =========== =========== ===========

Other Operating Revenue #N/A #N/A #N/A #N/A #N/A

Less:Taxes Related to Operations ­60.69% 113.48% 117.96% 43.98% 100.00%

Noncontrolling income (loss) #N/A #N/A #N/A #N/A #N/A

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­

Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A

Acid Test 1.36 1.54 1.74 1.53 1.28

Cash Flow/Cur. Mat. of Debt & NP ­ ­ ­ ­ ­

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­

Debt/Equity 90.99% 68.33% 79.77% 93.79% 114.57%

Operating Income Margin 2.65% 20.27% 18.08% 18.94% 15.07%

Sales to Fixed Assets 0.53 0.66 0.73 0.80 1.56

Return on Common Equity #N/A 14.52% 15.31% 21.05% 27.37%

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­

Percentage of Earnings Retained #N/A 100.00% 100.00% 100.00% 100.00%

Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Acid Test 1.36 1.54 1.74 1.53 1.28

Cash Flow/Cur. Mat. of Debt & NP ­ ­ ­ ­ ­

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­

Debt/Equity 90.99% 68.33% 79.77% 93.79% 114.57%

Operating Income Margin 2.65% 20.27% 18.08% 18.94% 15.07%

* Sales to Fixed Assets 0.53 0.64 0.72 0.80 0.78

* Return on Common Equity #N/A 13.84% 14.57% 19.45% 13.69%

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­ ­­­­­­­­­­­

Percentage of Earnings Retained #N/A 100.00% 100.00% 100.00% 100.00%

Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cost of Goods Sold

Operating Cycle A/R Turnover in Days + Inventory Turnover in Days

Working Capital Total Current Assets - Total Current Liabilities

Total Current Assets

Cash + Marketable Securities + Net Trade Receivables

Cash + Marketable Securities

Cash Flow from Operations

Cash Flow from Operations

N.I. before Noncontr. Inc.

N.I. before Nonrecurring Items - Dividends on Redeemable Pref.

Market Price per Common Share

N.I. before Nonrecurring Items - Total Cash Dividends

Dividends per Common Share

Dividends per Common Share

Common Equity-incl. Ret. Ern.

Cash Flow from Operations

Year-end Market Price Market Price per Common Share

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Less:Taxes Related to Operations 1748 3268 3397 1266 2880

Less:Taxes Related to Operations 3.23% 4.93% 4.87% 1.67% 3.90%

Less:Taxes Related to Operations 60.69% 113.48% 117.96% 43.98% 100.00%

Cash Flow/Cur. Mat. of Debt & NP

Cash Flow/Cur. Mat. of Debt & NP