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assist slp 3

Module 3 – SLP

The Income Statement

Before you start the assignment,

test

your understanding of concepts covered in the assignment. It is not a graded quiz, but a tool for reviewing some key points. The tool can be used multiple times.

The purpose of this SLP is to apply ratio analysis to assess the financial health of ABC Company. Use the income statement presented in the case during this module to compute general or overall profitability ratios. Compute three ratios using at least one of the income statement accounts for each ratio. Some profitability ratios include both income and balance sheet accounts. The balance sheet accounts are found in module 2.

Assume that ABC Company is a small specialty retail store. Ratios are relevant when assessed over time or across companies. IBIS is a comprehensive resource containing market research and statistics, which can be used to compare ABC Company to the industry and leaders in the industry.

Required

Part 1

First, choose three ratios from the background materials. ABC is a simple organization (see income statement in case), so pick profitability ratios for which sufficient financial data is available. Verify that at least one of the ratios is included in the IBISWorld database.

Identify the name of the ratio, the formula, and show your computations.

Part 2

Next, respond to the following questions.

· Comment on the purpose and information conveyed by each ratio.

· What did you learn about ABC Company by reviewing the three ratios?

· What is your conclusion about the profitability of the company?

· How successful is ABC Company relative to the industry average and leaders in the small specialty retail store industry? Comment from a profitability perspective. Write two paragraphs or more. Include ratios found in the IBIS database to support your conclusion.

Suggestion for the approach to the assignment:

Step 1

Watch the brief introduction to financial ratios using IBISWorld as a refresher. The video is located in module 2.

Step 2

Access the IBISWorld database in the Trident library. See screenshots on this page for guidance.

Step 3

Choose and identify three profitability ratios found in the background materials or from other sources. Show the computation of the three ratios.

A General Example Not Using ABC Company data.`

Last year, EFG Corporation had net sales of $800,000 and its cost of goods sold was $600,000. As a result, EFG’s ‘s gross profit was $200,000.

Gross margin = gross profit / sales  Gross margin = $200,000 / $800,000 Gross margin = 0.25 or 25%
EFG’s gross margin equals 25%. What does this tell us? What are some of the factors considered in evaluating this percentage?

Step 4

Use data from the Module 3 case income statement to compute ratios. Show the computations and give the name of each ratio. Note that many profitability ratios do use one balance sheet account. It is acceptable for this assignment.

Step 5

Analyze and interpret.

Step 6

Locate at least one of the industry ratios computed above in the IBISWorld database to make a comparison to the ABC Company. See instructions for how to access the data base in the Trident library.

Step 1

Step 2

Step 3

Step 4

Step 5

This

short presentation

provides the same information as above.

SLP Assignment Expectations

Identify three profitability ratios. Use numbers from ABC’s income statement. Show the formula and computations.

· The use of IBISWorld database is required (found in the Trident library).

· Three to five sentences are sufficient to respond to questions 1 to 3 in the second part. Do not use an essay format.

· The use of IBISWorld is a requirement for question 4. Refer to at least one actual ratio and write a minimum of two paragraphs.

Show sources when appropriate. APA format is suggested but not required.

All Asset Sizes

8.9

8.8

8.8 8.8 8.5

9.6 8.5

8.1

7.6

7.9 8.1 8.1 8.0 7.8 7.9

2.3 2.4 1.9 1.8 1.9 2.1 2.2 2.1 2.8 2.3 2.3 2.4 2.5 2.5

2.5 2.5 2.4

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

96.7 96.6 96.7

96.2

60.4

54.1

39.6

11.3

11.0

12.1 11.9 12.0

11.8

1.8

1.6 1.6 1.6

1.8 1.8 2.2 1.9 2.1 2.2 1.6 1.7 1.7 1.7 1.9 1.9

1.7 2.5 1.6 1.5 1.5 1.6 1.6 1.6 2.2 1.6 1.4 1.4 1.6 1.6 1.6 1.6 1.5 1.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

2.1

1.9 2.1 2.1 2.2 2.3 2.2 1.8 2.3 2.8 2.8 1.7 1.5 1.3 1.5 2.0 2.1

2.5

2.5 2.4 2.4 2.3 2.2 2.3 3.2 2.3 2.7 2.7 2.1 2.3 2.3 2.3 2.4 2.5

0.6 0.3 0.6 0.7 0.7 0.7 0.7 0.7

0.7 0.7 0.7

0.9 0.9 0.9

0.7

1.5 0.2 0.2 0.2 0.1 0.1 0.3 1.0 0.1 0.0 0.1 0.9 0.8 0.8 0.8 0.5 0.4

2.1 1.8 2.0 2.1 2.1 2.2 2.2 2.1 2.2 2.2 2.4 2.4 1.8 1.8 1.9 1.8 2.1 2.1

2.7 3.1 2.8 2.8 2.8 2.7 2.6 2.6 3.1 2.7 3.1 3.1 2.8

2.9 2.9 2.9 2.8

2.3 2.4 1.9 1.8 1.9 2.1 2.2 2.1 2.8 2.3 2.3 2.4 2.5 2.5 2.6 2.5 2.5 2.4

1.0 2.2 0.8 0.4 0.5 0.5 0.5 0.6 2.0 0.5 1.0 0.8 1.1 0.9 0.8 0.9 0.9 0.9

1.6 1.7 1.3 1.2 1.2 1.4 1.4 1.4 2.2 1.5 1.9 1.9 1.0 0.9 0.9 0.9 1.3 1.5

1.3 0.1 1.2 1.5 1.5 1.5 1.6 1.5 0.7 1.6 1.9 1.9 0.8 0.6 0.5 0.6 1.1 1.3

4.1 0.1 2.5

3.3 4.1 5.1

4.8 4.8 5.1

4.6

4.7 4.8 4.6

8.5 8.0

9.6

11.7 11.8

11.2 8.7 7.7

6.4 7.1 8.2 10.0

11.5 10.0

12.6 11.8

11.3 11.0 11.9 12.1 12.4 12.1 11.8

0.4 0.3 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.4 0.4 0.4 0.4 0.3 0.3

21.5

5.2 7.7 10.7 5.8

4.3 4.6 4.2 4.8 3.0 4.2 5.5 4.2 3.9 3.6 3.9 4.3 4.2

8.4 7.2 8.9

7.6 8.1

8.7

7.8 8.3

11.4 12.3 11.4

9.5

44.2

33.0

32.8

26.5

21.3 20.9

22.0

13.8

29.5

29.5 28.2

2.1 2.3 3.1 2.3 2.3 2.1 2.2 2.1 2.5 1.6 2.5 2.2 4.9 4.9 5.0 4.9 3.9 3.0

4.6

3.9 3.0 4.2 3.9 3.3 2.7 0.0 5.9 2.3 5.2

5.4 4.9 3.8

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

14.8

13.1 15.0 14.8 9.2

12.3 12.2 12.2 12.2 12.3 12.6

6.1 6.9 9.3 5.6 6.2 5.7 5.6 3.6 5.2

4.7 5.0 5.4 5.5 5.6 5.5 5.3 5.0

16.6 9.7 8.5 10.0 9.3

12.2 11.8 11.2 9.3 12.3 10.5 10.0 9.6 10.0 10.4 10.7

5.5 5.3 7.6 6.6 6.5 8.6 9.7 6.5 7.1 4.7 6.3 5.1 5.3 4.9 4.5 4.9 5.2 6.3

22.1

37.9

30.9

2.0 3.6 4.8 7.9 6.8

8.4 6.9 6.2 10.5 8.4 8.5 9.0 9.4 9.8 9.4 9.0 8.8

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

5.1

6.1 4.0 4.1 4.2 5.4 2.7 2.9 2.5 3.9

5.1 5.1 5.0 5.1 4.5 4.0

25.1 26.8 25.7

27.6

27.5

28.3 28.0

0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1

13.2 8.6 9.1 10.5 12.2

9.5

10.8 10.8 10.8 0.9 1.5 2.0 1.5 5.2 8.3

11.7 13.2 10.9 9.1 11.0 12.0 13.1

7.4 9.8 8.6 8.7 8.8 8.9 8.8 9.0 10.7

30.7

29.4 30.4 27.9 25.3

26.2 25.4 26.4

27.6

26.5 26.4

1.5 1.4 1.7 1.9 1.9 2.1 2.0 1.8 1.8 1.8 1.9 1.6 1.6 1.6 1.6 1.6 1.7 1.8

0.7 0.7 0.9 1.0 1.1 1.2 1.1 0.9 0.9 1.0 1.0 0.9 0.9 0.8 0.8 0.8 0.9 1.0

6.8 9.1

7.9 6.3 6.2 6.9 8.3 8.8 10.6 9.1 9.4 8.7 8.5 8.4 8.6 8.8 8.5

58.8

41.8

42.7 41.4

2.2 2.3 2.4 2.3 2.4 2.4 2.3 2.2 2.0 2.9 2.4 2.5 2.6 2.6 2.6 2.6 2.6 2.5

3.6 4.2 4.9 4.3 4.0 4.6 4.6 4.1 3.8 6.4 4.4 4.8 4.7 4.6 4.6 4.6 4.6 4.7

79.4 79.7

3.8 4.1 4.2 3.9 3.7 3.4 3.5 4.0 3.9 4.8 4.4 4.6 4.6 4.6 4.5 4.6 4.6 4.2

-0.0 -0.0 2.2 1.6 2.2 1.9 1.4 1.6 2.7 3.5 1.5 1.0 1.5 1.4 2.0 1.9

2.6 2.8 2.7 2.9 3.0 2.8 3.1 3.7 3.7 4.1 3.4 3.4 3.5 3.3 3.3 3.3 3.4 3.4

3.3 3.4 3.3 3.4 3.4 3.3 3.6 4.0 3.9 4.4 3.8 3.9 3.8 3.7 3.6 3.7 3.8 3.8

0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

27.2

22.6 25.7 33.0

33.6

34.0 34.4 33.7

8.3 4.9 6.0 6.3 6.6 7.8 9.2 8.4 8.7 8.9 8.8 9.3 9.1 9.1 9.3 9.2 9.1 8.9

1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

EBITDA/Revenue 11.8 7.9 9.3 9.6 10.0 11.4 12.8 11.9 12.4 12.5

13.2 12.2 11.8 11.9 12.0 12.4 12.3
EBIT/Revenue 8.0 4.8 5.8 6.0 6.4 7.6 8.9 8.1 8.4 8.6 8.5 8.9 8.8 8.8 9.0 8.8 8.8 8.5

56.9

45.9

42.8

31.2

49.4

54.0

49.9 45.0

25.3

33.8 30.4

35.3

4.6 4.2 5.7 3.0 2.9 1.9 2.3 1.7 1.8 3.5 3.9 0.9

1.3 1.8 2.1

																																																																																																																																																																																				Ratio					2006						2007					2008					2009				2010		2011		2012						2013		2014		2015	2016	2017			2018		2019	2020	3-Year		5-Year		10-Year
												EBIT/Revenue																								8.0																							4.8													5.8																						6.0																																																																			6.4												7.6													8.9																		8.1												8.4						8.6							8.5				8.8	9.0
												EBITDA/Revenue		1																																																																															1.8																																						7.9																			9.3																																																				9.6	1																																			0.0	1									1.4	1						2.8	1													1.9	1			2.4	1					2.5	1			2.7	1	3.2	1					2.2	11.8	11.9	1	2.0	12.4	1	2.3
	Leverage Ratio												8.2	1																																																																																																					2.1	1																																																															0.4																						10.0																								7.5																7.8		7.7		7.3
	Taxes Paid/Revenue																																																																	2.6
	Total Revenue																																																																																																																																																																																																																																															100.0
	Business receipts			9																												6.6			9																																																																																													6.2	9					7.1		97.3	9								7.2	9																								6.9		96.6		9			6.7	95.8		96.7			96.2	9									5.7	96.4	9											6.5
	Cost of goods	58.2	6																																																																																																																																																																																																																																									0.3	6															0.7	60.4	5							8.7	58.1	58.8	5		4.1	56.9	5			5.1	5			3.9	5	5.0	5			3.6	5					4.2	5	4.3	55.8
	Gross Profit												41.8	3																																9.7	39.3		39.6	4																																																	1.3		41.9	4																																															1.2		4								5.9	4																												3.1	4								4.9	4											6.1	45.0	45.9	46.4	45.8	45.7				44.2
	Salaries and wages	1																																																																															1.1			1																																																																																																																																																							1.0							11.2		11.4		11.3	11.0			12.0	1						1.6	12.3	12.6	12.1					12.2
	Advertising																																																																					1.5																																																																1.7
	Depreciation
	Depletion																																																																																																																																																																																																																																						0.1
	Amortization																																																																																																									0.6
	Rent paid																																																																3.3
	Repairs																																																																																																																											0.5																																																																								0.9																											0.8
	Bad debts																																																																																																																																										0.2
	Employee benefit programs
	Compensation of officers																																																																																																																																								2.9
	Taxes paid
	Interest Income
	Royalties
	Rent Income
	Net Income																																																															3.0																																													4.5																												3.5																										4.6																																													4.7
	Cash and Equivalents																																									6.8																											11.7																											11.5																							13.2																			10.7									7.0
	Notes and accounts receivable	1																										5.2																														13.1									16.5																					16.6																				15.0															9.8							12.5
	Allowance for bad debts
	Inventories														28.0																							27.6																		26.5																						26.8	2																								6.3																		25.7										26.2	2												7.4	28.2	20.2		23.9	22.0			21.6				21.5		21.3									22.1	2																																3.8
	Other current assets																																											5.5
	Other investments																																				9.5																		9.4																																	8.3														10.2										10.4														10.5
	Property, Plant and Equipment													38.6												39.0	3																																						9.1									42.3												42.2												41.0									41.3	44.6		33.0			37.9		33.3			32.8	32.4	33.9		37.4
	Accumulated depreciation															22.3																				22.4																	23.1								27.2							26.9									27.5													29.5				29.8			20.9		25.5	21.4										20.7	21.0			24.5
	Intangible assets (Amortizable)																																																																																																										13.8															16.4										17.3												14.8										14.5														15.2			17.4		16.7		36.3	23.3					29.1	2					9.2			2		9.9							24.1
	Accumulated amortization
	Other assets																																																5.3																				4.4																																				5.4																																				5.6
	Total assets
	Accounts payable																17.0																												12.8																	14.4									15.8																						13.0					12.9							11.6
	Mort, notes, and bonds under 1 yr																																																																			3.7
	Other current liabilities																		16.3																	10.6
	Loans from shareholders
	Mort, notes, bonds, 1 yr or more																	22.6																	23.7																					25.1							27.3																			25.3											24.8																				30.4												29.4		32.1	32.0					31.2		30.9					30.7		31.4	30.1
	Other liabilities																									10.9
	Total liabilities
	Capital stock																																																											4.0																																																																																																													3.4
	Additional paid-in capital												23.4													25.8											26.0													21.9				24.7	24.3	27.7																	27.9									28.3	28.6						26.4
	Retained earnings, appropriated
	Retained earnings-unappropriated																					13.6																			13.7																																																																												10.8
	Cost of treasury stock																		14.6											15.3
	Net worth												30.5														29.2											29.7						25.4		22.9		27.1				27.0
	Current Ratio
	Quick Ratio
	Sales/Receivables																																																																																																		10.3
	Days’ Receivables												53.5													40.3														35.3											46.2						58.3							52.8									44.1		41.4	34.5							39.9		38.8			42.7		43.6			43.8
	Days’ Inventory	168.9	1	60.8	1		54.0	1	56.4	1	53.8	154.7	158.2	1		63.5	1	83.1	124.8	1		52.9	1									43.5	138.3	1			39.7	139.6	139.2	1	42.8	1	49.8
	Inventory Turnover
	Payables Turnover
	Days’ Payables	102.7	86.0	74.4		84.2	92.2		78.5		78.9		89.6			96.5		56.8		82.6		76.0		78.4		79.7	80.1		79.4
	Sales/Working Capital
	Interest Coverage	493.9	208.6	417.4	491.6	508.0	5																																																																							41.2	585.7	5	50.4	396.7	5			75.3	631.5	650.4	5		34.0	5		40.4	5				33.8	5	36.1	5	78.0	554.0
	Debt Service Coverage Ratio						-0.0
	Fixed Assets/Net Worth
	Debt/Net Worth
	Tangible Net Worth
	Return on Net Worth, %					16.9					19.5				21.1				33.2			34.4				38.9			33.6	36.5					34.6						33.7
	Return on Assets, %
	Sales/Total Assets
12.7
	Cash from Trading		64.7		68.2		74.7	80.0			66.2		64.1		66.5	48.5	85.2	66.7				64.2			67.5
	Cash after Operations					49.4						49.9														50.8		55.6		37.1		49.7	67.3		45.6	48.0
	Net Cash after Operations			47.1				46.6			49.0		43.4		34.3			40.9		46.8	33.1										69.8		46.5
	Debt Service P&I Coverage		25.6																																																																																																																																																				26.3		36.6		43.1		42.1	39.5				57.6		15.6	28.8	36.7	36.9
	Interest Coverage (Operating Cash)	-0.8

<500k

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue

22.4

23.9 33.2 25.3 26.8 31.4

17.9 18.4

EBITDA/Revenue

23.9 24.1

27.9 29.8

16.0 16.5

Leverage Ratio 4.7 3.2 4.0 4.0 4.7 4.9 4.8 3.7 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5
Taxes Paid/Revenue 2.1 2.2 2.2 2.2 2.3 2.2 2.2 2.0 3.4 3.6 3.7 3.9 2.6 2.6 2.6 2.6 3.1 2.9

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts
Cost of goods

6.9

35.3

42.7 44.1 28.0

18.3 16.4 40.2

49.7 52.9 49.4 40.9 37.8

Gross Profit 67.5

64.2 64.7

59.8

47.1

Salaries and wages

14.6 13.2 13.2 11.8 11.8 12.2 14.5

15.2 15.3

12.9 12.6 12.4 12.6

Advertising 1.2 1.2 1.2 1.2 1.1 1.1 1.2 1.3 1.5 1.1 1.2 1.3 0.9 0.8 0.8 0.8 1.0 1.1
Depreciation 1.8 1.9 1.7 1.7 1.6 1.6 1.6 1.8 3.2 2.1 2.3 2.9 0.8 0.3 0.5 0.5 1.4 1.7
Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.3 0.5 0.7 1.3 0.0 0.0 0.0 0.0 0.4 0.4
Amortization 0.2 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Rent paid 8.0 12.9 5.4 5.4 4.5 5.4 4.4 7.3 10.0 6.4 6.3 9.0 1.8 0.8 0.5 1.0 3.7 5.2
Repairs 1.0 1.2 1.0 1.0 0.9 0.9 0.9 1.1 0.8 0.6 0.5 0.5 1.2 1.3 1.3 1.3 1.0 0.9
Bad debts 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Employee benefit programs 1.4 1.3 1.4 1.4 1.3 1.3 1.4 1.5 1.6 1.6 1.6 1.6 1.7 1.8 1.8 1.8 1.7 1.6
Compensation of officers 5.8 6.8 5.5 5.6 5.6 5.6 5.4 5.6 8.1 6.3 6.5 7.4 4.8 4.3 4.3 4.5 5.5 5.8
Taxes paid 2.1 2.2 2.2 2.2 2.3 2.2 2.2 2.0 3.4 3.6 3.7 3.9 2.6 2.6 2.6 2.6 3.1 2.9
Interest Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.2 0.0 0.8 1.0 1.0 0.9 0.6 0.3
Royalties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.3 0.2 0.2 0.1 0.1
Rent Income 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 1.3 1.7 1.5 1.5 0.9 0.5
Net Income 15.8

19.5

15.0

21.3 25.4 15.5

14.6 15.0 18.4 19.1

Cash and Equivalents 8.5 8.0 6.8 9.6 11.7 11.7 11.8 11.5 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.7
Notes and accounts receivable 15.2 11.5 10.0 13.1 16.5 16.6 15.0 12.6

14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.4

Allowance for bad debts 0.4 0.3 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Inventories 28.0 27.6 26.5 26.8 26.3 25.7 26.2

26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3

Other current assets 5.2 7.7 10.7 5.8 5.5 4.3 4.6 4.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 5.6
Other investments 8.4 7.2 8.9 9.5 7.6 8.1 9.4 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7
Property, Plant and Equipment 38.6 39.0

42.3 42.2 41.0 41.3 44.2 41.2 41.2 41.2 41.2 41.2 41.2 41.2 41.2 41.2

Accumulated depreciation 22.3 22.4 23.1 26.5 27.2 26.9 27.5 29.5 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.8
Intangible assets (Amortizable) 13.8 16.4 17.3 14.8 13.8 14.5 15.2 17.4 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.3
Accumulated amortization 2.1 2.3 3.1 2.3 2.3 2.1 2.2 2.1 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.3
Other assets 4.6 5.3 4.4 3.9 3.0 4.2 3.9 3.3 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9

Total assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Accounts payable 17.0 14.8 12.8 14.4 15.8 13.0 13.1 15.0 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8
Mort, notes, and bonds under 1 yr 6.1 6.9 9.3 5.6 6.2 5.7 5.6 3.6 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.0
Other current liabilities 16.3 16.6 9.7 8.5 10.0 9.3 10.6 12.2 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.6 10.0
Loans from shareholders 5.5 5.3 7.6 6.6 6.5 8.6 9.7 6.5 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.9
Mort, notes, bonds, 1 yr or more 22.6 23.7 25.1 27.3 25.3 22.1 24.8 30.4

24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 25.2

Other liabilities 2.0 3.6 4.8 7.9 6.8 10.9 8.4 6.9 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 8.1

Total liabilities 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Capital stock 5.1 4.0 6.1 4.0 4.1 4.2 5.4 2.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.5
Additional paid-in capital 23.4 25.1 26.8 25.7 25.8 26.0 21.9 27.6 25.2 25.2 25.2 25.2 25.2 25.2 25.2 25.2 25.2 25.2
Retained earnings, appropriated 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Retained earnings-unappropriated 13.6 13.2 8.6 9.1 10.5 12.2 13.7 9.5 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8

Cost of treasury stock 11.7 13.2 10.9 9.1 11.0 12.0 13.1 14.6 11.2 11.2 11.2 11.2 11.2 11.2 11.2 11.2 11.2 11.8
Net worth 30.5 29.2 30.7 29.7 29.4 30.4 27.9 25.3

29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.1

Current Ratio 1.5 1.4 1.7 1.9 1.9 2.1 2.0 1.8 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
Quick Ratio 0.7 0.7 0.9 1.0 1.1 1.2 1.1 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Sales/Receivables 6.8 9.1 10.3 7.9 6.3 6.2 6.9 8.3 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.4
Days’ Receivables 53.5 40.3 35.3 46.2 58.3 58.8 52.8 44.1 50.3 50.3 50.3 50.3 50.3 50.3 50.3 50.3 50.3 50.8
Days’ Inventory

233.2 233.2 233.2 233.2 233.2 233.2 233.2 233.2

Inventory Turnover 1.2 0.3 1.4 1.4 1.7 1.7 1.8 1.1 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6
Payables Turnover 2.0 0.5 2.9 2.5 2.8 3.4 3.5 1.9 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
Days’ Payables

122.4 122.4 122.4 122.4 122.4 122.4 122.4 122.4

Sales/Working Capital 4.1 4.3 4.6 4.3 4.0 3.7 3.9 4.4 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1
Interest Coverage

Debt Service Coverage Ratio 2.4 3.2 3.1 2.0 2.2 3.2 2.6 1.8 2.6 2.6 1.7 2.6 2.7 2.3 2.4 2.4
Fixed Assets/Net Worth 2.6 2.8 2.7 2.9 3.0 2.8 3.1 3.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.0
Debt/Net Worth 3.3 3.4 3.3 3.4 3.4 3.3 3.6 4.0 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4
Tangible Net Worth 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Return on Net Worth, %

74.7

68.2

69.8 69.8 69.8 69.8 69.8 69.8 69.8 69.8 69.8

Return on Assets, %

29.2 22.9 23.2

24.9 20.7 20.7 20.7 20.7 20.7 20.7 20.7 20.7 20.7 20.7

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 20.6 30.2 23.9 24.1 20.8 19.6 20.0 25.9 37.8 27.9 29.8 35.6 17.6 16.0 16.0 16.5 23.0 24.6
EBIT/Revenue 18.7 28.1 22.2 22.4 19.1 17.9 18.3 23.9 33.2 25.3 26.8 31.4 18.9 18.4 17.9 18.4 22.7 23.2

Cash from Trading 42.3

23.7 19.4 19.8

29.3 29.3 53.5 29.3 52.9

38.9

Cash after Operations

12.6 5.5 9.8 17.6 38.6 17.6 17.6 37.9 17.6 16.6 24.1 21.5 19.2

Net Cash after Operations 26.9 22.3 12.4 8.5 10.3

25.7 17.5 17.5 34.0 17.5 19.2

21.2

Debt Service P&I Coverage 19.1

6.9 5.0 6.9 12.3 9.2 12.3 12.3

12.3 17.6

14.4 11.2

Interest Coverage (Operating Cash) 1.1 1.3 0.3 0.2 0.3 0.7 0.4 0.7 0.7 0.7 0.7 1.2 0.9 0.8 0.6

				18.7						28.1				22.2					19.1			17.9				18.3	18.9		18.4		22.7		23.2
			20.6				30.2				20.8			19.6				20.0		25.9				37.8	35.6			17.6		16.0		23.0		24.6
	32.5				35.8					42.9		40.2				45.5
93.1		57.1	57.3			55.9	72.0		59.8	81.7		83.6		54.5																							50.3	50.6	59.1	62.2
					13.3		18.1		17.1			14.1		14.2
																																								25.2	19.2	16.1	15.5	21.2	27.8	20.1	15.1
																																			14.3
												27.4
										39.1											41.5
																																				24.9
											11.1
																																			29.6
302.7	261.4	2	67.6	2									16.2		212.6	208.4	343.5						233.2	239.7
1	84.0	751.8	126.3	144.1	129.6	107.8	104.0	1		88.3								122.4	125.7
1507.6	14								87.6	1500.6	14		94.1	14				98.6
					63.7	100.1	78.1	67.2	60.9			98.3		71.6
		19.4				19.8				18.5			19.0
31.8						29.3	85.9	45.3	37.3
	28.9				23.5
					17.5		23.6				18.0
		18.2			17.7				15.9

500k-1m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 42.9 29.3 39.7 33.3 45.5 27.9 24.9 29.6 9.0 8.9 9.5 9.5 8.9 9.0 9.1 9.0 9.2 14.6
EBITDA/Revenue

29.9 39.9 33.7 46.6

25.7

11.4 11.5 12.6 12.7 10.5 10.4 10.0 10.3 11.2 16.4

Leverage Ratio 2.2 3.2 2.4 2.9 2.1 3.4 3.7 3.2 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.1
Taxes Paid/Revenue 0.6 1.3 0.7 1.1 0.4 1.3 1.5 1.2 3.1 3.1 3.5 3.8 4.6 5.8 5.9 5.4 4.7 3.4

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts

98.7 98.6

98.5

96.6

98.6 98.6

Cost of goods 58.3

67.5

66.2 64.2

Gross Profit

39.9 41.3

34.6

32.5

34.0

34.5 33.8 35.8

Salaries and wages 2.5 4.4 2.9 3.8 2.1 4.6 5.0 4.3 10.2 10.4 12.6 12.9 9.2 9.6 8.8 9.2 10.6 8.7
Advertising 0.8 0.9 0.9 0.9 0.8 0.9 0.9 0.9 1.0 1.1 1.3 1.2 0.9 0.9 0.9 0.9 1.0 1.0
Depreciation 1.0 0.5 0.1 0.4 0.9 0.6 0.7 0.5 2.2 2.4 2.9 3.0 2.1 2.3 1.9 2.1 2.4 1.9
Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 0.1
Amortization 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1
Rent paid 1.9 2.4 2.0 2.2 1.8 2.4 2.5 2.4 3.6 3.8 3.9 4.1 4.2 4.7 4.4 4.4 4.3 3.6
Repairs 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.7 0.8 0.9 0.8 0.9 1.3 1.6 1.6 1.5 1.2 1.0
Bad debts 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.1 0.5 0.5 0.7 1.1 1.5 1.1 0.9 0.6
Employee benefit programs 1.0 1.1 1.0 1.0 1.0 1.1 1.1 1.1 1.4 1.4 1.4 1.5 1.5 1.7 1.6 1.6 1.5 1.4
Compensation of officers 3.8 4.1 4.0 3.4 3.9 3.1 3.1 3.1 10.2 10.3 15.2 15.9 8.8 10.4 8.8 9.3 11.8 8.9
Taxes paid 0.6 1.3 0.7 1.1 0.4 1.3 1.5 1.2 3.1 3.1 3.5 3.8 4.6 5.8 5.9 5.4 4.7 3.4
Interest Income 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.2 1.0 0.9 0.0 0.0 0.0 0.0 0.4 0.3
Royalties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1
Rent Income 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1
Net Income 41.0

30.9 43.8 25.3 22.1 27.1 4.5 4.3 4.2 4.1 4.0 3.6 3.8 3.8 4.0 10.3

Cash and Equivalents 8.5 8.0 6.8 9.6 11.7 11.7 11.8 11.5 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.7
Notes and accounts receivable 15.2 11.5 10.0 13.1 16.5 16.6 15.0 12.6 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.4
Allowance for bad debts 0.4 0.3 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Inventories 28.0 27.6 26.5 26.8 26.3 25.7 26.2 27.4 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3
Other current assets 5.2 7.7 10.7 5.8 5.5 4.3 4.6 4.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 5.6
Other investments 8.4 7.2 8.9 9.5 7.6 8.1 9.4 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7
Property, Plant and Equipment 38.6 39.0 39.1 42.3 42.2 41.0 41.3 44.2 41.2 41.2 41.2 41.2 41.2 41.2 41.2 41.2 41.2 41.5
Accumulated depreciation 22.3 22.4 23.1 26.5 27.2 26.9 27.5 29.5 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.3 26.8
Intangible assets (Amortizable) 13.8 16.4 17.3 14.8 13.8 14.5 15.2 17.4 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.3
Accumulated amortization 2.1 2.3 3.1 2.3 2.3 2.1 2.2 2.1 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.3
Other assets 4.6 5.3 4.4 3.9 3.0 4.2 3.9 3.3 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9
Total assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Accounts payable 17.0 14.8 12.8 14.4 15.8 13.0 13.1 15.0 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8
Mort, notes, and bonds under 1 yr 6.1 6.9 9.3 5.6 6.2 5.7 5.6 3.6 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.4 6.0
Other current liabilities 16.3 16.6 9.7 8.5 10.0 9.3 10.6 12.2 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.6 9.6 10.0
Loans from shareholders 5.5 5.3 7.6 6.6 6.5 8.6 9.7 6.5 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.9
Mort, notes, bonds, 1 yr or more 22.6 23.7 25.1 27.3 25.3 22.1 24.8 30.4 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 25.2
Other liabilities 2.0 3.6 4.8 7.9 6.8 10.9 8.4 6.9 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 7.8 8.1
Total liabilities 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Capital stock 5.1 4.0 6.1 4.0 4.1 4.2 5.4 2.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.5
Additional paid-in capital 23.4 25.1 26.8 25.7 25.8 26.0 21.9 27.6 25.2 25.2 25.2 25.2 25.2 25.2 25.2 25.2 25.2 25.2
Retained earnings, appropriated 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Retained earnings-unappropriated 13.6 13.2 8.6 9.1 10.5 12.2 13.7 9.5 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 11.1
Cost of treasury stock 11.7 13.2 10.9 9.1 11.0 12.0 13.1 14.6 11.2 11.2 11.2 11.2 11.2 11.2 11.2 11.2 11.2 11.8
Net worth 30.5 29.2 30.7 29.7 29.4 30.4 27.9 25.3 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.1
Current Ratio 1.5 1.4 1.7 1.9 1.9 2.1 2.0 1.8 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
Quick Ratio 0.7 0.7 0.9 1.0 1.1 1.2 1.1 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Sales/Receivables 6.8 9.1 10.3 7.9 6.3 6.2 6.9 8.3 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.4
Days’ Receivables 53.5 40.3 35.3 46.2 58.3 58.8 52.8 44.1 50.3 50.3 50.3 50.3 50.3 50.3 50.3 50.3 50.3 50.8

Days’ Inventory

156.1 156.1 156.1 156.1 156.1 156.1 156.1 156.1

Inventory Turnover 2.2 2.3 2.3 2.3 2.3 2.4 2.4 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3
Payables Turnover 3.6 4.2 4.7 4.3 3.8 4.8 4.8 4.2 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5
Days’ Payables

82.1 82.1 82.1 82.1 82.1 82.1 82.1 82.1

Sales/Working Capital 3.8 4.2 4.3 4.0 3.7 3.4 3.6 4.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8
Interest Coverage

Debt Service Coverage Ratio 3.9 3.2 5.0 3.5 6.7 4.8 3.6 4.5 1.8 2.5 0.5 2.1 4.7 0.5 0.3 1.8 1.6 2.5

Fixed Assets/Net Worth 2.6 2.8 2.7 2.9 3.0 2.8 3.1 3.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.0
Debt/Net Worth 3.3 3.4 3.3 3.4 3.4 3.3 3.6 4.0 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4
Tangible Net Worth 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

Return on Net Worth, %

119.4 119.4 119.4 119.4 119.4 119.4 119.4 119.4

Return on Assets, % 44.6 30.4

34.4 47.1 28.9 25.8

35.5 35.5 35.5 35.5 35.5 35.5 35.5 35.5

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 44.0 29.9 39.9 33.7 46.6 28.7 25.7 30.3 11.4 11.5 12.6 12.7 10.5 10.4 10.0 10.3 11.2 16.4
EBIT/Revenue 42.9 29.3 39.7 33.3 45.5 27.9 24.9 29.6 9.0 8.9 9.5 9.5 8.9 9.0 9.1 9.0 9.2 14.6

Cash from Trading

42.0 27.9 32.1 29.6 29.2

32.2

54.0 32.2 1.1

24.5 27.4

Cash after Operations 38.9 31.2 16.5

20.0 19.1 20.6 21.9 21.9 36.9 29.6 21.9

3.5 12.1

Net Cash after Operations

29.9 18.3 23.7

22.4 22.4 33.4 29.8 22.4

7.5 14.3

Debt Service P&I Coverage 21.6 20.3

18.4 18.4

16.2 16.4 16.4 7.6 26.5 16.4

3.1 8.7 12.6

Interest Coverage (Operating Cash) 0.6 0.6 0.4 0.6 0.6 0.7 0.6 0.6 0.6 0.5 0.6 0.6 -0.0

0.2 0.3 0.5

	44.0					28.7					30.3
	98.7							98.5			98.8					98.4					97.4			97.6	96.8		99.6		98.9		98.0	98.1
60.1	58.7	59.5		58.0		60.2	60.6	60.0	65.2			65.4		67.1	65.1		66.0			65.3		65.5
41.7	40.5			42.0	39.8			39.4	40.0		34.8										32.9		34.9	34.7
				26.7		37.7
168.7	161.3	159.2	158.7	160.1	150.8	1	51.5	160.2									1		56.1	155.5
		102.5			86.3	76.9	85.4			96.0		76.5		75.6		87.8								82.1	81.5
632.5	584.0	568.8	606.8	587.8	598.0
146.2	104.2	133.9	116.0	1	59.9	94.8			92.6	1			21.8									119.4	114.5
41.1		30.8													35.5		33.4
		44.5				28.4				32.2	71.3	-36.1	-0.9
22.8		-13.6	-57.2	-16.3
37.5					20.3	19.7								20.4		-4.8	-43.1	-8.5
																										10.1		14.9	-1.2	-6.0
												-0.1

1m-5m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 2.9 3.8 2.7 1.2 5.0 3.7 5.8 0.9 0.1 0.6

2.1 1.4 1.5 1.7 0.5 1.4

EBITDA/Revenue 3.9 5.0 3.8 2.2 6.1 4.7 6.6 1.7 -0.1 0.5

-1.8 3.0 1.9 1.9 2.2 0.6 1.7

Leverage Ratio 24.5 19.4 25.4

15.8 20.4 14.5

24.1 24.1 24.1 24.1 24.1 24.1 24.1 24.1 24.1 25.9

Taxes Paid/Revenue 0.3 1.9 0.8 0.5 2.6 2.7 2.4 0.3 1.8 0.2 1.8 1.8 0.7 0.5 0.5 0.6 1.1 1.3

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Business receipts

Cost of goods

98.0

Gross Profit 2.1

6.5 0.6

-13.6 2.0

0.5

9.3 5.3 5.5 6.7

Salaries and wages 1.7 0.2 3.5 2.5 10.1 0.6 10.1 1.6 0.7 1.7 5.4 5.4 3.3 2.5 2.5 2.7 3.8 3.4
Advertising 1.0 1.0 0.2 0.0 0.6 0.9 0.8 0.7 0.5 0.0 0.5 0.5 0.2 0.1 0.1 0.1 0.3 0.4
Depreciation 1.0 1.0 1.1 1.0 0.9 0.9 0.7 0.9 0.9 0.9 0.9 0.9 0.3 0.9 0.9 0.7 0.8 0.8
Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Amortization 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.7 0.5 0.9 0.7 0.6 0.5 0.5 0.6 0.7 0.5
Rent paid 0.8 0.4 1.2 0.9 0.2 0.5 3.4 0.7 0.5 0.7 0.1 0.2 1.1 0.9 0.9 1.0 0.7 0.9
Repairs 0.2 0.1 0.3 0.2 0.0 0.1 0.5 0.2 0.3 0.3 0.3 0.3 0.5 0.4 0.4 0.4 0.4 0.3
Bad debts 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Employee benefit programs 0.4 0.2 0.7 0.6 0.1 0.3 0.7 0.4 0.5 0.2 0.5 0.5 0.4 0.2 0.3 0.3 0.4 0.4
Compensation of officers 2.6 2.1 3.1 2.9 2.0 2.3 1.6 2.5 1.6 2.1 1.0 1.2 2.4 2.2 2.3 2.3 1.8 1.9
Taxes paid 0.3 1.9 0.8 0.5 2.6 2.7 2.4 0.3 1.8 0.2 1.8 1.8 0.7 0.5 0.5 0.6 1.1 1.3
Interest Income 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Royalties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Rent Income 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Net Income 2.3 1.7 1.5 0.5 2.3 0.9 3.4 0.3 0.1 0.2

1.0 0.7 0.7 0.8 0.2 0.6

Days’ Inventory

93.5 100.0

86.3

98.1

89.3 89.3 89.3 89.3 89.3 89.3 89.3 89.3

Inventory Turnover 3.6 3.9 3.7 3.8 4.3 4.2 4.5 3.7 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1
Payables Turnover 6.0 7.3 7.6 7.1 7.2 8.3 9.0 6.8 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9
Days’ Payables

50.6 43.8 40.3 53.8

46.9 46.9 46.9 46.9 46.9 46.9 46.9 46.9 46.6

Sales/Working Capital 4.2 4.6 4.8 4.5 4.2 3.9 4.1 4.4 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.3
Interest Coverage

49.9

738.5

Debt Service Coverage Ratio 0.8 0.9 0.6 0.8 1.7 1.9 2.2 0.4 1.4 0.1 -0.1 0.0 0.2 1.4 0.7 0.7 0.4 0.8

Return on Net Worth, % 9.9 13.6 9.0 4.1 17.6 12.6 21.6 3.6 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 12.9
Return on Assets, % 3.0 4.0 2.8 1.2 5.2 3.8 6.0 0.9 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.7

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 3.9 5.0 3.8 2.2 6.1 4.7 6.6 1.7 -0.1 0.5 -1.8 -1.8 3.0 1.9 1.9 2.2 0.6 1.7
EBIT/Revenue 2.9 3.8 2.7 1.2 5.0 3.7 5.8 0.9 0.1 0.6 -1.3 -1.1 2.1 1.4 1.5 1.7 0.5 1.4

Cash from Trading 35.5 37.9 23.7 25.9 26.4 8.9

23.5 23.5

87.8 23.5 42.9

Cash after Operations 18.9 33.7

15.6

22.6 24.3 11.8 11.8

78.9 11.8 36.6

Net Cash after Operations

31.2 18.0 19.5 18.7 2.2 23.2 25.6 16.3 16.3

16.3 23.0 35.4 27.8 22.2

Debt Service P&I Coverage

30.9 16.4 36.3 27.5 4.6

25.1 25.1 30.3 2.7 19.5 25.1 42.9 29.2 24.1 25.1

Interest Coverage (Operating Cash) 0.8 0.8 0.4 0.7 0.6 0.1 0.6 0.5 0.5 0.5 0.6 0.0 0.7 0.5 1.3 0.8 0.6 0.5

	-1.3		-1.1
			-1.8
44.3		55.3
						97.9	103.6			93.5		99.4	110.0	105.2	113.6	103.5			99.5	111.7	110.6	90.7		94.7	94.5	93.3	100.4	102.2
-3.6	-10.0	-5.2				-3.5	-11.7	-10.6				-0.4	-2.2
-0.6					-0.5
	100.5		95.1	84.4	80.9											89.3		89.1
		61.1					50.0		48.3		51.2												46.9
937.8	840.6	636.4	2	74.1	305.2		7	38.5	530.1	462.1	462.7	485.0	586.4	4	45.1
32.6			35.4	255.4	-45.7				51.4	72.8		48.8
				13.5		18.8	-11.2	138.7	135.5		42.4	80.3	46.1
			26.6	127.1	–		94.4										66.9
										29.0		40.8		35.2

5m-10m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 6.7 7.2 15.8

98.5 50.0 37.1 9.6 10.2 10.3 11.0 9.5 8.3 7.4 8.4 9.3 25.2

EBITDA/Revenue 8.1 10.2

42.1 13.8 12.1 13.2 13.5 11.1 10.2 9.3 10.2 11.5 27.9

Leverage Ratio 11.8 9.5 4.8

1.0 1.8 2.3 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8

Taxes Paid/Revenue 1.4 2.3 1.7 1.7 1.5 1.3 0.0 1.1 3.2 3.3 3.3 3.6 3.2 2.7 2.4 2.8 3.0 2.4

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts 98.8 97.4

63.7 76.0 96.0 96.6 96.5

96.2 96.6

96.6 96.5 84.0

Cost of goods

79.4

100.4

49.0 49.0

56.4 61.1 55.6

75.6

Gross Profit

36.6 20.4 20.6

-0.4

51.0 55.3

43.6 38.9

Salaries and wages 4.4 9.8 11.7 11.3 17.6 22.6 16.5 16.1 14.4 14.5

15.5

12.2 13.8 14.1 15.5

Advertising 0.8 0.4 1.2 0.2

27.0 9.6 4.7 1.5 1.2 1.3 1.3 1.3 1.2 1.1 1.2 1.2 5.0

Depreciation 1.3 2.7 3.9 4.3 1.0 1.1 3.7 4.8 3.4 2.2 2.8 2.6 1.9 1.9 1.8 1.9 2.2 2.6
Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Amortization 0.1 0.3 0.3 0.4 0.3 0.1 0.1 0.1 0.6 0.3 0.1 0.3 0.3 0.3 0.0 0.2 0.2 0.2
Rent paid 1.6 1.2 0.6 3.7

4.4 1.6 2.9 2.1 2.4 2.4 2.0 1.9 1.8 1.9 2.1 3.7

Repairs 0.1 1.0 1.5 2.1 0.7 0.7 0.6 0.8 0.9 0.2 0.3 0.2 0.6 0.8 0.8 0.7 0.5 0.6
Bad debts 0.1 0.5 1.4 1.6 0.3 0.4 1.7 2.1 1.1 0.7 0.4 0.6 0.9 0.6 0.5 0.7 0.6 0.9
Employee benefit programs 1.5 0.9 0.7 0.8 19.6 7.9 0.6 0.6 1.6 2.2 2.0 2.3 2.3 1.9 1.7 2.0 2.0 2.3
Compensation of officers 2.4 3.3 2.6 2.3 8.9 5.8 2.9 2.7 5.3 3.4 3.9 3.8 4.0 4.0 3.8 3.9 3.9 4.0
Taxes paid 1.4 2.3 1.7 1.7 1.5 1.3 0.0 1.1 3.2 3.3 3.3 3.6 3.2 2.7 2.4 2.8 3.0 2.4
Interest Income 0.1 0.1 0.6 0.4 11.7 7.4 3.1 1.8 0.9 4.6 4.6 4.6 4.6 0.2 0.3 1.7 2.9 3.2
Royalties 0.1 0.0 0.0 0.6 10.6 5.6 1.6 0.5 0.6 3.7 0.4 0.2 3.7 3.7 3.7 3.7 2.3 2.3
Rent Income 0.2 0.0 1.1 0.7 24.0 15.2 6.4 3.6 0.4 9.5 9.5 9.5 0.1 0.2 0.3 0.2 3.9 5.5
Net Income 5.0 2.8 0.9

0.9 1.2 3.2 3.2 5.3 4.8 5.4 4.7 4.0 3.3 4.0 4.4 3.6

Days’ Inventory

41.0

74.1 95.8

80.8 80.8 80.8 80.8 80.8 80.8 80.8 80.8

Inventory Turnover 2.8 2.4 3.1 3.1 8.9 7.0 4.9 3.8 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.3
Payables Turnover 4.6 4.5 6.4 5.7 14.9 13.7 9.9 7.0 10.1 10.1 10.1 10.1 10.1 10.1 10.1 10.1 10.1 10.1
Days’ Payables 78.5

56.8 64.1 24.6 26.6

52.5 41.8 41.8 41.8 41.8 41.8 41.8 41.8 41.8 41.8 40.9

Sales/Working Capital 3.9 4.1 3.9 3.7 3.6 0.9 2.3 3.1 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.6
Interest Coverage

102.5

Debt Service Coverage Ratio 1.2 1.3 3.5

3.8 5.6 0.1 0.5 0.0 0.8 0.6 0.6 5.1 2.1 1.4 3.2

Return on Net Worth, % 23.0 25.5

-126.3 -126.3 -126.3 -126.3 -126.3 -126.3 -126.3 -126.3

Return on Assets, % 7.0 7.4 16.3

38.6

38.2 38.2 38.2 38.2 38.2 38.2 38.2 38.2 45.9

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 8.1 10.2 19.9 99.7 53.7 42.1 13.8 12.1 13.2 13.5 11.1 10.2 9.3 10.2 11.5 27.9
EBIT/Revenue 6.7 7.2 15.8 -16.7 98.5 50.0 37.1 9.6 10.2 10.3 11.0 9.5 8.3 7.4 8.4 9.3 25.2

Cash from Trading 48.8 67.1

42.2

23.9 100.5

18.5 99.6 66.2 43.2 18.5

43.2

Cash after Operations 25.7 48.9 20.4

28.7

10.4 5.7

5.7

36.1 18.4 5.7 20.1 29.8 16.1

Net Cash after Operations 35.5 46.2 22.6 26.4 27.6

14.8 6.3

6.3 84.2 35.3 17.9 6.3 19.8 30.0 15.4

Debt Service P&I Coverage 23.7 43.8 16.5 20.9 22.1

10.6 13.7 9.9 6.2 27.0 10.8 6.1 13.7 10.2 12.8 8.6

Interest Coverage (Operating Cash) 1.0 2.8 0.5 0.5 0.7 -0.5 0.2 0.8 0.5 0.1 0.4 1.1 0.3 0.8 0.7 0.5 0.4

	-16.7
	19.9		99.7			53.7
								-0.3
90.2		91.7			95.2		25.0	96.3			96.9
	76.2		63.4	79.6	1	73.0	1				24.0				48.9	44.7			49.3	52.1
		23.8	-126.6	-73.0	-24.0		51.1			51.0	50.7	44.4	47.9						24.4
13.9					15.7							13.4
46.7
		30.0					15.4
-30.1
129.2	152.8	117.5	119.0		52.5									80.8		78.8
81.8			37.0
351.2	119.9	-1				43.2	102.3	113.2	290.7	627.3	458.2	543.8	598.1	494.2	426.5	506.3	504.2	375.7
-1.6					14.7
53.2	-58.2	-1146.6	334.2	1	86.1	152.7									-126.3	-21.1
-17.3	101.7	51.9									38.2
	36.2	38.4	-91.7	110.7		42.6				49.2
			26.1	–	95.5	62.5	82.8
-91.3	47.0
-34.6

10m-25m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 7.4 8.7 8.5 6.4 6.4 6.9 12.0 8.3 6.2 4.3 5.4 6.1 6.6 6.4 6.0 6.3 6.1 6.8
EBITDA/Revenue 10.1 11.6 11.8 9.3 8.5 10.3 16.3 11.7 6.7 3.5 4.5 5.9 9.4 9.3 8.8 9.2 7.6 8.6
Leverage Ratio 9.5 8.3 8.2 10.4 11.4 9.4 5.9 8.2 9.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1 8.7
Taxes Paid/Revenue 2.2 2.4 2.8 2.2 1.6 2.7 3.5 1.9 1.7 1.0 1.4 1.6 0.9 0.9 0.8 0.9 1.1 1.6

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts 98.9

98.5 97.6 98.0 96.6

98.1 99.5 97.3 97.3 97.3 97.9

97.9 97.9 97.6

Cost of goods

57.1

49.9

76.2 75.3

63.7

Gross Profit 40.4 42.1 46.4 42.9 37.0 45.6

23.8 24.7 26.7 36.9 36.3 35.6 36.3 32.1

Salaries and wages 12.4 12.1 12.5 11.6 11.5 11.5 15.9 13.7 8.9 8.3 8.5 8.9 10.5 10.4 10.3 10.4 9.7 10.7
Advertising 0.0 1.1 1.0 1.1 1.5 1.8 0.8 1.9 0.3 0.1 0.3 0.4 0.3 0.3 0.2 0.3 0.3 0.6
Depreciation 2.7 2.8 3.2 2.9 1.9 2.9 4.2 3.0 1.5 0.4 0.7 1.1 2.0 2.0 1.9 2.0 1.5 2.0
Depletion 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.7 0.7 0.7 0.7 0.4 0.2
Amortization 0.1 0.1 0.1 0.0 0.1 0.4 0.2 0.2 0.2 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2
Rent paid 2.1 2.1 2.2 2.1 2.1 2.3 3.0 2.1 1.3 0.6 0.9 1.1 1.7 1.6 1.5 1.6 1.4 1.6
Repairs 0.4 0.3 0.5 0.7 0.6 0.9 1.3 0.6 0.8 0.8 0.8 0.8 0.2 0.2 0.1 0.1 0.4 0.6
Bad debts 0.1 0.1 0.2 0.2 0.3 0.2 1.6 0.6 0.6 0.8 0.8 0.7 0.5 0.5 0.5 0.5 0.6 0.7
Employee benefit programs 1.6 1.7 1.7 1.3 1.2 1.2 0.5 0.6 1.2 0.8 0.7 0.9 2.3 2.3 2.3 2.3 1.7 1.3
Compensation of officers 3.1 3.9 4.0 2.4 1.4 1.8 2.8 1.9 1.8 1.5 1.6 1.8 2.2 2.2 2.2 2.2 2.0 2.0
Taxes paid 2.2 2.4 2.8 2.2 1.6 2.7 3.5 1.9 1.7 1.0 1.4 1.6 0.9 0.9 0.8 0.9 1.1 1.6
Interest Income 0.8 1.1 1.0 0.1 0.0 0.0 0.7 0.2 0.4 0.4 0.4 0.4 0.7 0.7 0.7 0.7 0.6 0.4
Royalties 0.3 0.3 0.5 0.2 0.1 0.3 0.2 0.2 0.0 0.6 0.2 0.3 0.4 0.4 0.4 0.4 0.3 0.3
Rent Income 0.0 0.0 0.2 0.2 0.1 0.2 0.8 0.5 0.5 0.5 0.8 0.8 0.3 0.3 0.3 0.3 0.5 0.5
Net Income 4.1 5.7 4.5 2.1 3.3 1.6 3.5 3.8 4.1 3.3 3.6 4.0 5.7 5.6 5.5 5.6 4.9 4.1

Days’ Inventory

167.6 167.6 167.6 167.6 167.6 167.6 167.6 167.6

Inventory Turnover 2.2 2.2 2.1 2.2 2.5 2.2 2.0 1.8 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.1
Payables Turnover 3.6 4.1 4.3 4.1 4.1 4.3 4.0 3.4 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.1
Days’ Payables

89.1 88.3

91.7

87.6 87.6 87.6 87.6 87.6 87.6 87.6 87.6 87.6

Sales/Working Capital 3.9 4.2 4.3 3.9 3.7 3.4 3.5 4.0 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.7
Interest Coverage

381.7 381.7 381.7 381.7

Debt Service Coverage Ratio 1.5 1.4 0.1 1.5 0.3 1.5 1.5 0.5 0.8 0.9 0.9 1.0

Return on Net Worth, % 25.1

28.7 22.3 22.6 23.3 44.5 34.3 28.3 28.3 28.3 28.3 28.3 28.3 28.3 28.3 28.3 30.0

Return on Assets, % 7.6 9.1 8.8 6.6 6.7 7.1 12.4 8.7 8.3 8.3 8.3 8.3 8.3 8.3 8.3 8.3 8.3 8.6

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 10.1 11.6 11.8 9.3 8.5 10.3 16.3 11.7 6.7 3.5 4.5 5.9 9.4 9.3 8.8 9.2 7.6 8.6
EBIT/Revenue 7.4 8.7 8.5 6.4 6.4 6.9 12.0 8.3 6.2 4.3 5.4 6.1 6.6 6.4 6.0 6.3 6.1 6.8

Cash from Trading 31.4

89.3 55.9

65.0

Cash after Operations 21.8

61.1

30.1

49.2 20.8

Net Cash after Operations 23.4

29.0

23.0

Debt Service P&I Coverage 14.7

24.1 16.7 13.4 15.1 18.1 12.8

Interest Coverage (Operating Cash) 0.4 -0.1 0.5 0.5 0.4 0.5 0.5 0.3

	99.3	95.6	97.8			97.5
59.6	57.9		53.6	63.0	54.4			48.4	71.5		73.3	63.1	64.4	67.9	64.0
50.1	51.6				28.5		36.0
1	65.0	167.2	174.4	165.4	147.3		166.9	183.9	198.5								167.6	172.2
	100.3	89.5	84.3	84.7	108.8	89.9
711.6	1374.1	6	71.9	2	96.1	429.1	2		69.6	241.7	310.2	1199.8				381.7	1200.1	1143.8	697.8	5	89.2
31.1
63.6	84.8	72.6	76.7
-65.4	56.5	43.3
–	62.3	70.5		54.3		41.6	51.3
-4.9

25m-50m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 8.0 9.4 8.1 8.0 5.4 6.6 5.0 8.2 16.0

18.7 20.7 11.2 11.2 11.2 11.2 14.6 12.3

EBITDA/Revenue 11.4 13.0 11.2 12.7 7.7 9.4 8.5 11.4 24.0 20.7 27.4 29.4 15.8 15.7 15.6 15.7 20.8

Leverage Ratio 8.5 7.4 8.6 7.6 12.5 10.3 11.4 8.4 10.1 10.1 10.1 10.1 10.1 10.1 10.1 10.1 10.1 10.1
Taxes Paid/Revenue 2.2 2.7 2.4 2.1 1.5 1.9 1.3 2.5 3.0 3.1 4.1 5.3 3.2 3.4 3.4 3.3 3.9 3.1

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts

97.4

98.9 98.4 97.9 99.4 96.7 95.1 96.4 95.2 96.0 98.3 98.6 98.8 98.6 97.4

Cost of goods 63.4 58.0 65.4

75.3 65.4 28.4 37.7 17.6 9.9 50.8 50.8 51.1

36.0 45.8

Gross Profit 36.6 42.0 34.6

29.4 24.7 34.6 71.6 62.3

49.2 49.2 48.9

64.0

Salaries and wages 9.4 10.7 8.6 10.0 6.1 7.4 6.5 8.5 15.6 14.4 19.0

13.0 13.4 13.5 13.3 16.3 13.4

Advertising 1.0 0.8 0.1 1.5 0.4 0.4 1.0 2.2 1.0 1.2 1.5 2.2 1.5 1.7 1.7 1.6 1.7 1.4
Depreciation 2.9 3.1 2.2 3.4 1.8 2.1 2.3 2.1 7.8 6.2 8.2 7.7 3.8 3.5 3.4 3.5 5.3 4.7
Depletion 0.0 0.3 0.7 0.0 0.1 0.3 0.0 0.9 0.2 0.2 0.2 0.2 0.0 0.1 0.1 0.1 0.1 0.2
Amortization 0.5 0.1 0.2 1.3 0.4 0.4 1.1 0.2 0.7 0.7 0.8 1.1 0.9 0.9 0.9 0.9 0.9 0.8
Rent paid 1.6 2.0 2.1 1.3 1.3 1.6 0.8 2.2 3.9 3.0 4.0 3.6 1.8 1.6 1.6 1.7 2.5 2.4
Repairs 0.4 1.0 1.6 0.7 0.6 0.9 0.6 1.8 3.2 2.1 2.8 1.7 0.3 0.0 0.9 0.4 1.1 1.4
Bad debts 0.3 0.2 0.0 0.4 0.2 0.1 0.3 0.0 1.7 1.1 1.5 1.0 0.3 0.1 0.1 0.2 0.6 0.6
Employee benefit programs 1.6 1.4 0.9 2.0 1.1 1.1 1.6 0.7 4.2 3.3 4.2 3.7 1.9 1.7 1.7 1.8 2.7 2.4
Compensation of officers 1.8 1.8 1.4 2.1 1.3 1.4 1.6 1.3 2.7 2.7 3.3 4.1 2.6 2.7 2.7 2.7 3.1 2.5
Taxes paid 2.2 2.7 2.4 2.1 1.5 1.9 1.3 2.5 3.0 3.1 4.1 5.3 3.2 3.4 3.4 3.3 3.9 3.1
Interest Income 0.1 0.1 0.0 0.2 0.1 0.0 0.2 0.0 0.1 0.1 0.1 0.1 0.2 0.5 0.5 0.4 0.3 0.2
Royalties 0.1 0.2 0.2 0.2 0.1 0.1 1.1 0.3 0.3 0.3 0.3 0.1 0.2 0.3 0.3 0.2 0.2 0.3
Rent Income 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.1 1.7 1.0 1.4 0.7 0.1 0.1 0.1 0.1 0.5 0.5
Net Income 4.4 4.8 3.5 4.9 2.6 3.1 3.1 3.4 11.6 9.4 12.8 13.0 6.3 6.1 6.0 6.1 8.8 7.5

Days’ Inventory

166.9

133.7 133.7 133.7 133.7 133.7 133.7 133.7 133.7

Inventory Turnover 2.4 2.2 2.6 2.4 3.0 2.8 3.0 2.5 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8
Payables Turnover 3.9 4.1 5.3 4.4 5.0 5.6 6.0 4.5 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3
Days’ Payables 94.4 89.3

65.3 60.8

70.2 70.2 70.2 70.2 70.2 70.2 70.2 70.2 69.8

Sales/Working Capital 3.8 4.1 4.2 4.0 3.7 3.4 3.6 4.0 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8
Interest Coverage

Debt Service Coverage Ratio 0.6 0.9 2.1 2.7 3.0 2.5 1.2 0.6 0.6 0.8 1.6 1.6

Return on Net Worth, % 27.2 33.6 27.4 27.8 18.9 22.6 18.8 33.8 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.7
Return on Assets, % 8.3 9.8 8.4 8.3 5.6 6.9 5.2 8.6 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 11.4 13.0 11.2 12.7 7.7 9.4 8.5 11.4 24.0 20.7 27.4 29.4 15.8 15.7 15.6 15.7 20.8 17.8
EBIT/Revenue 8.0 9.4 8.1 8.0 5.4 6.6 5.0 8.2 16.0 14.0 18.7 20.7 11.2 11.2 11.2 11.2 14.6 12.3

Cash from Trading 14.0

38.5

34.9

75.9 51.5

Cash after Operations 3.6 39.4 39.1 35.2 37.0

48.6 40.3 33.8

Net Cash after Operations 0.4

39.6 34.8 30.2 46.9 46.9 37.3

Debt Service P&I Coverage 0.2 18.0 28.1 20.3 14.0 19.2 19.2 17.8 16.6
Interest Coverage (Operating Cash) 0.0 0.5 5.5 1.7 3.9 0.6 0.6 2.1 2.0

				14.0
						17.8
98.2		97.0			97.2
61.9	75.8	70.6			50.9
	38.1			24.2	82.4	90.1		49.1	54.2
	22.5
1	55.2	142.8	152.6	122.5	128.6	121.9	147.0										133.7	133.3
		69.0										82.2	73.5	80.6					70.2
576.8	488.4	365.2	8	66.4	415.0	413.8	780.3	344.7	1118.8	934.2	1008.0	859.7	681.3	647.3	633.6	654.1	766.0	742.2
	63.9	43.7			75.9						45.2
					48.6
37.6		31.6

50m-100m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 8.4 6.5

8.1 9.3 6.4 7.0 10.2

9.9 7.8 8.4 17.1 12.7 13.7 14.5 11.9 13.6

EBITDA/Revenue 12.2 10.3

12.0 13.2 9.9 10.1 13.4 50.0 13.1 10.8 11.5 21.3 16.4 17.4 18.4 15.5 17.4

Leverage Ratio 7.9 9.3 8.0 7.3 9.8 9.5 7.2 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7 8.7
Taxes Paid/Revenue 3.6 3.8 4.0 3.6 3.7 2.5 2.2 1.9 13.1 2.8 2.1 2.3 5.1 3.7 4.0 4.3 3.4 4.0

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts 98.3 95.5

88.3

96.1 97.5

94.1 93.5

94.7

Cost of goods

66.4 69.0

71.9 97.0

55.2

16.4 39.7 34.7 30.3 44.1 60.9

Gross Profit

33.6

24.5 36.2 9.4 28.1 3.0 25.8

33.7

83.6

65.3

55.9 39.1

Salaries and wages 10.2 10.0 9.0 7.7 9.3 2.1 8.0 2.1 53.6 10.9 8.2 9.0 20.3 14.7 15.9 17.0 13.6 14.5
Advertising 2.6 2.6 2.9 2.7 2.5 1.8 1.4 1.6 7.9 1.5 1.1 1.2 2.9 2.1 2.3 2.4 1.9 2.4
Depreciation 3.2 3.4 3.7 3.4 3.4 3.3 2.5 2.7 6.1 2.7 2.5 2.6 3.5 3.0 3.1 3.2 2.9 3.2

Depletion 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Amortization 0.7 0.5 0.3 0.5 0.4 0.2 0.6 0.5 2.1 0.5 0.4 0.5 0.9 0.7 0.7 0.8 0.6 0.7
Rent paid 2.7 2.6 2.7 3.1 2.4 2.1 1.7 2.7 3.2 1.4 1.3 1.3 1.8 1.6 1.6 1.7 1.5 1.9
Repairs 2.8 3.2 4.2 3.7 3.2 3.8 0.8 2.4 3.7 0.8 0.6 0.7 1.4 1.1 1.1 1.2 1.0 1.6
Bad debts 1.1 0.8 0.9 1.9 1.0 1.5 0.7 2.8 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.7
Employee benefit programs 2.5 2.1 1.9 2.6 2.2 1.4 2.1 2.7 4.1 1.7 1.5 1.6 2.2 1.9 2.0 2.0 1.8 2.1
Compensation of officers 0.9 0.9 0.7 0.9 1.2 0.7 1.3 0.8 3.0 1.3 1.2 1.3 1.7 1.5 1.5 1.6 1.5 1.4
Taxes paid 3.6 3.8 4.0 3.6 3.7 2.5 2.2 1.9 13.1 2.8 2.1 2.3 5.1 3.7 4.0 4.3 3.4 4.0
Interest Income 0.2 0.3 0.5 0.7 0.7 0.9 0.2 0.8 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3
Royalties 0.0 0.7 0.9 1.1 1.1 1.6 0.1 1.9 1.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.5
Rent Income 1.2 1.6 2.4 2.1 1.9 2.9 0.2 1.5 0.5 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.6
Net Income 2.6 0.4

1.0 2.6 0.4 3.2 4.7 26.6 5.7 4.4 4.7 10.3 7.5 8.1 8.6 7.0 7.5

Days’ Inventory

100.3

126.8 126.8 126.8 126.8 126.8 126.8 126.8 126.8

Inventory Turnover 2.5 2.5 2.7 2.9 2.5 3.6 2.9 3.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.1
Payables Turnover 4.1 4.7 5.6 5.4 4.2 7.2 5.7 6.7 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.9
Days’ Payables 88.3 78.0 65.5

50.9 63.7 54.3 66.9 66.9 66.9 66.9 66.9 66.9 66.9 66.9 66.9 63.7

Sales/Working Capital 3.8 4.0 3.9 3.7 3.3 3.0 3.7 3.8 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
Interest Coverage

Debt Service Coverage Ratio 0.8 0.7 -0.3 0.9 1.0 0.5 0.5 0.5 0.8 0.5 0.1 1.2 0.5 0.6 0.6 0.6

Return on Net Worth, % 28.5 23.0

28.1 32.8 21.8 26.0 41.8 16.2 16.2 16.2 16.2 16.2 16.2 16.2 16.2 16.2 20.3

Return on Assets, % 8.7 6.7

8.4 9.7 6.6 7.3 10.6 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 5.7

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 12.2 10.3 -4.3 12.0 13.2 9.9 10.1 13.4 50.0 13.1 10.8 11.5 21.3 16.4 17.4 18.4 15.5 17.4
EBIT/Revenue 8.4 6.5 -8.3 8.1 9.3 6.4 7.0 10.2 42.5 9.9 7.8 8.4 17.1 12.7 13.7 14.5 11.9 13.6

Cash from Trading 22.7 19.1 24.8 27.8 31.0 27.9 27.9 27.9

27.9 98.5 27.9 51.4 63.9 50.4

Cash after Operations 11.9 11.3 14.0 18.5 20.4 17.6 17.6 17.6 45.0 22.3 17.6

17.6 7.3 17.8 17.8

Net Cash after Operations 12.5 11.4 14.7 19.5 21.6

18.6 18.6 42.3 14.6 18.6

18.6 7.5 15.9 16.9

Debt Service P&I Coverage 4.5 4.1 5.6 7.8 8.9 7.4 7.4 7.4 17.5 3.6

7.4

1.2 3.5

Interest Coverage (Operating Cash) 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.3 1.4 0.1 -0.1 0.3 0.3 0.2 0.4 0.4

	-8.3		42.5
	-4.3
91.2		91.0	86.7				93.2	73.4		97.1	91.1		92.9	91.4
67.7										75.5	63.8	90.6	74.2		66.3	63.2
32.3		31.0	44.8	36.8	60.3	69.7
-15.1
145.3	145.8	135.6	125.1	145.4	127.7	99.1									126.8	121.5
67.4	87.2
387.9	284.4	237.1	306.4	183.6	436.5	281.6	1530.3	700.9	590.7	623.6	997.4	833.3	871.4	900.7	783.3	704.9
-28.0
-8.6
90.9	74.6
-13.4
				18.6	-14.8
-16.8	-5.7		-5.0

100m-250m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 16.9 6.9 8.3 6.9 6.0 11.7 13.8 27.0 7.0 7.3 7.0 7.0 5.3 5.2 5.2 5.2 5.9 9.6
EBITDA/Revenue 23.7 10.9 12.8 11.3 10.8 18.2 22.1 41.5 10.0 10.3 10.5 10.6 8.3 8.3 8.4 8.3 9.2 14.8
Leverage Ratio 4.1 8.8 7.5 8.6 9.0 5.3 4.4 2.3 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.1
Taxes Paid/Revenue 4.0 1.6 2.1 1.7 2.0 3.3 4.3 8.0 1.6 1.8 1.2 1.2 0.9 0.9 0.7 0.8 1.0 2.4

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts

96.9 96.2 97.1 96.7

92.6 86.1

97.5 97.2 97.2 98.0 98.0 97.9 97.9 97.6

Cost of goods 45.1

75.3

49.4 11.9 73.0 67.6

83.1

64.2

Gross Profit

24.9 31.6 22.7 24.7 41.5 50.6

27.0 32.4 33.2 33.9 16.6 16.9 17.5 17.0 23.6 35.8

Salaries and wages 15.4 5.8 8.0 5.0 5.6 11.1 14.3 26.6 6.4 6.8 7.3 7.4 5.2 5.2 5.4 5.3 6.1 9.6
Advertising 2.0 0.7 0.8 0.8 0.9 1.5 1.8 3.3 0.9 0.9 1.0 1.0 0.4 0.3 0.4 0.4 0.6 1.1
Depreciation 5.7 3.5 3.9 3.6 3.9 5.4 7.3 12.8 2.6 2.6 2.4 2.4 2.3 2.2 2.2 2.2 2.3 4.2
Depletion 0.1 0.1 0.0 0.6 0.6 0.4 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2
Amortization 1.0 0.4 0.6 0.2 0.2 0.6 0.8 1.6 0.3 0.2 1.1 1.1 0.6 0.7 1.0 0.8 0.9 0.8
Rent paid 2.5 1.5 1.4 2.1 2.3 2.7 3.3 5.6 1.1 1.1 1.4 1.4 1.0 1.0 1.1 1.0 1.2 2.0
Repairs 1.0 0.4 0.7 0.0 0.0 0.5 0.9 1.9 0.4 0.3 0.6 0.6 0.2 0.2 0.3 0.2 0.4 0.6
Bad debts 1.9 1.2 0.9 2.1 2.4 2.7 3.6 6.8 0.4 0.3 0.4 0.4 0.3 0.3 0.3 0.3 0.3 1.5
Employee benefit programs 2.8 1.2 1.9 0.3 0.3 1.5 2.3 4.3 1.4 1.6 1.1 1.1 0.8 0.7 0.6 0.7 0.8 1.5
Compensation of officers 2.6 1.6 1.3 2.7 3.0 3.3 3.8 6.5 1.0 1.0 1.2 1.2 1.1 1.2 1.2 1.2 1.2 2.1
Taxes paid 4.0 1.6 2.1 1.7 2.0 3.3 4.3 8.0 1.6 1.8 1.2 1.2 0.9 0.9 0.7 0.8 1.0 2.4
Interest Income 0.8 0.6 0.2 1.6 1.8 1.6 1.6 2.4 0.4 0.5 0.1 0.1 0.1 0.1 1.4 0.5 0.4 0.8
Royalties 0.4 0.0 0.3 0.0 0.0 0.1 0.0 0.2 0.1 0.1 0.4 0.5 0.5 0.5 0.6 0.5 0.5 0.3
Rent Income 2.0 0.7 1.2 0.2 0.4 1.5 2.8 6.2 0.3 0.2 0.3 0.3 1.2 1.2 0.0 0.8 0.6 1.4
Net Income 7.3 2.8 2.7 3.4 1.9 4.0 2.6 5.4 3.7 3.7 4.2 4.2 3.2 3.2 3.4 3.3 3.7 3.8

Days’ Inventory

144.7 144.7 144.7 144.7 144.7 144.7 144.7 144.7

Inventory Turnover 1.7 2.8 2.7 3.0 3.0 2.4 2.0 0.5 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.3
Payables Turnover 2.8 5.3 5.5 5.5 4.9 4.6 3.9 0.8 4.9 4.9 4.9 4.9 4.9 4.9 4.9 4.9 4.9 4.4
Days’ Payables

69.0 66.0

78.8

75.5 75.5 75.5 75.5 75.5 75.5 75.5 75.5 75.5

Sales/Working Capital 3.7 4.1 4.2 3.9 3.7 3.3 3.4 3.6 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.6
Interest Coverage

Debt Service Coverage Ratio 1.1 1.0 0.9 1.4 2.2 4.6 1.0 1.3 0.7 1.3 0.1 0.8 1.0 0.6 0.8 1.4

Return on Net Worth, % 57.6 24.7 28.0 24.2 21.1 39.9 51.2

32.9 32.9 32.9 32.9 32.9 32.9 32.9 32.9 32.9 43.2

Return on Assets, % 17.6 7.2 8.6 7.2 6.2 12.1 14.3 28.1 9.7 9.7 9.7 9.7 9.7 9.7 9.7 9.7 9.7 12.2

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 23.7 10.9 12.8 11.3 10.8 18.2 22.1 41.5 10.0 10.3 10.5 10.6 8.3 8.3 8.4 8.3 9.2 14.8
EBIT/Revenue 16.9 6.9 8.3 6.9 6.0 11.7 13.8 27.0 7.0 7.3 7.0 7.0 5.3 5.2 5.2 5.2 5.9 9.6

Cash from Trading 48.4 52.8 50.8 42.4

99.5 48.6 78.4 48.6 48.6

54.5 58.1

Cash after Operations 29.4 31.2 28.5 22.5 26.1

27.9 49.8 27.9 27.9 53.7 48.9 43.5 41.6 38.1

Net Cash after Operations 27.0 26.3 29.7 24.0 25.0

26.7 48.3 26.7 26.7

49.3

40.8 37.4

Debt Service P&I Coverage 13.1 11.6 12.0 13.0 14.7 34.6 12.5 17.7 12.5 12.5 28.5 31.4 24.1

18.9

Interest Coverage (Operating Cash) 3.3 6.3 0.7 0.6 1.5 1.3 2.7 0.7 2.7 2.7 2.1 1.8 2.2 2.0 1.7

93.8	94.6	97.7		95.7
75.1	68.4	77.3	58.5	66.8	66.1	83.4	82.5	83.0	76.4
54.9	88.1
218.2	129.0	136.7	122.2	123.2	155.3	186.1	804.9									144.7	215.9
132.6		65.8	73.9	92.8	441.2	114.1
304.5	272.8	236.8	376.8	278.5	264.1	200.0	198.0	408.1	419.1	447.2	450.8	466.2	479.4	486.3	477.3	466.0	381.9
111.2
46.0	59.3	55.7	57.8
68.0
64.8	53.0	43.0
20.5

250m-500m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 10.4 10.0 8.1 12.8 8.8 6.0 5.9 36.3 5.6 4.3

-0.4 1.8 0.3

0.4 0.1 5.9

EBITDA/Revenue 15.1 14.5 11.5 18.9 12.6 7.1 6.8 56.1 8.2 6.2 -0.1 -0.3 1.9 -0.5

-0.3 -0.3 8.3

Leverage Ratio 6.4 6.7 8.4 5.1 7.7 13.5 14.2 1.7 9.8 9.8 9.8 9.8 9.8 9.8 9.8 9.8 9.8 9.8
Taxes Paid/Revenue 3.3 3.1 2.0 4.7 2.4 1.9 2.0 18.0 1.1 0.4 2.6 2.6 2.6 2.6 2.6 2.6 2.6 3.7

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts

95.2 96.7

96.2

97.4 98.4

95.3 95.3 95.3 95.3 95.3 95.3 93.3

Cost of goods 55.8 58.1

43.1

94.7

82.6 99.3

98.0

Gross Profit 44.2 41.9

56.9 35.5 7.7 5.3 42.6 23.9 17.4 0.7 0.1 2.0

8.0

Salaries and wages 10.8 10.1 7.2 14.4 8.2 0.2 13.3 51.0 5.1 3.2 8.7 8.7 8.7 8.7 8.7 8.7 8.7 11.6
Advertising 1.6 1.5 1.2 2.0 1.3 0.4 0.3 6.0 1.0 0.8 0.4 0.3 0.3 0.0 1.0 0.4 0.4 1.0
Depreciation 3.6 3.4 2.7 4.5 3.0 1.0 0.8 13.3 1.9 1.4 2.4 2.4 0.4 2.4 2.4 1.7 2.0 2.8
Depletion 0.3 0.3 0.1 0.5 0.1 0.0 0.0 2.9 0.3 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.4
Amortization 0.9 0.8 0.6 1.1 0.7 0.1 0.1 3.6 0.5 0.3 0.0 0.0 0.0 0.5 0.5 0.4 0.2 0.6
Rent paid 1.3 1.3 1.0 1.7 1.1 0.3 0.2 5.3 1.0 0.8 0.7 0.7 0.3 0.0 0.9 0.4 0.5 1.0
Repairs 0.7 0.6 0.4 0.9 0.5 0.0 0.8 3.1 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.8
Bad debts 0.1 0.1 0.2 0.0 0.1 0.3 0.3 4.9 0.4 0.4 0.7 0.7 0.3 0.3 0.3 0.3 0.5 0.9
Employee benefit programs 2.2 2.0 1.4 2.9 1.6 1.5 1.5 10.5 0.7 0.3 1.8 1.8 1.8 1.8 1.8 1.8 1.8 2.3
Compensation of officers 1.0 1.0 0.8 1.2 0.9 0.5 0.5 2.7 0.5 0.5 0.8 0.8 0.4 0.3 0.2 0.3 0.5 0.7
Taxes paid 3.3 3.1 2.0 4.7 2.4 1.9 2.0 18.0 1.1 0.4 2.6 2.6 2.6 2.6 2.6 2.6 2.6 3.7
Interest Income 0.8 0.8 0.5 1.1 0.6 0.0 0.0 4.2 0.2 0.1 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.7
Royalties 0.5 0.4 0.2 0.8 0.3 0.1 0.1 3.6 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.6
Rent Income 0.2 0.2 0.1 0.2 0.1 0.0 0.0 0.7 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Net Income 3.6 3.6 3.5 3.6 3.5 3.4 3.3 4.4 3.0 2.9 2.0 2.0 3.1 3.1 3.1 3.1 2.7 3.0

Days’ Inventory

98.4 96.9

139.1 139.1 139.1 139.1 139.1 139.1 139.1 139.1 133.7

Inventory Turnover 2.1 2.2 2.7 1.7 2.5 3.7 3.8 2.2 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.0
Payables Turnover 3.4 4.1 5.5 3.1 4.2 7.3 7.5 4.0 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.8
Days’ Payables

89.2 66.3

86.3 49.9 48.4

73.8 73.8 73.8 73.8 73.8 73.8 73.8 73.8

Sales/Working Capital 3.7 4.0 4.2 3.7 3.6 3.5 3.7 3.1 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.6
Interest Coverage

28.1 41.5

76.1

Debt Service Coverage Ratio 0.4 0.7 0.5 0.5 0.5 0.4 -0.0 -0.0 0.5 0.5 0.5 0.5 0.3 0.4

Return on Net Worth, % 35.4 35.5 27.3 44.5 30.8 20.4 21.8

29.0 29.0 29.0 29.0 29.0 29.0 29.0 29.0 29.0 39.4

Return on Assets, % 10.8 10.4 8.4 13.2 9.1 6.2 6.1 37.8 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6 11.0

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 15.1 14.5 11.5 18.9 12.6 7.1 6.8 56.1 8.2 6.2 -0.1 -0.3 1.9 -0.5 -2.5 -0.3 -0.3 8.3
EBIT/Revenue 10.4 10.0 8.1 12.8 8.8 6.0 5.9 36.3 5.6 4.3 -0.2 -0.4 1.8 0.3 -1.0 0.4 0.1 5.9

Cash from Trading

-25.1 -25.1 -25.1 75.9 46.9 -25.1 -25.1 -25.1 -25.1 9.5 -3.5

Cash after Operations

-41.9 -41.9 -41.9 -41.9 20.0 -41.9 -41.9 -41.9 -41.9

Net Cash after Operations -32.7

-32.8 -32.8

21.1 -32.8 -32.8 -32.8 -32.8

Debt Service P&I Coverage -4.8

-8.0 -8.0 -8.0

7.5 -8.0 -8.0 -8.0 -8.0

Interest Coverage (Operating Cash) -0.1 -0.3 -0.2 -0.2 -0.2 -0.2 -0.1 0.2 -0.2 -0.2 -0.2 -0.2 -0.1 -0.1

											-0.2			-1.0
	-2.5
94.9	93.0	74.5								95.3
68.1	64.5	92.3	57.4		76.1	99.9	106.4	113.3	105.9	103.4	92.0
31.9	-6.4	-13.3	-5.9	-3.4
176.2	166.7	137.3	219.1	144.0	167.4									139.1
107.1	118.0	91.8									73.8	70.7
299.1	301.8	317.7	288.1	310.9	835.9	1092.5	260.9	369.0	438.8	569.0	-37.5	202.5	135.4	367.4
149.4
	-32.7	-29.2								-25.1
-56.9	-48.5									-41.9	-29.5	-34.1
-44.9							-32.8	-385.4	-352.8	-86.0	-110.1
-12.1								-8.0	-10.1			-5.3	-6.3

>500m

Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year 5-Year 10-Year

EBIT/Revenue 11.7 57.6 6.3 8.3 13.3 14.5

17.8 8.5 22.0 24.3 21.5 -3.5

4.4 10.4

EBITDA/Revenue 15.4 63.5 9.8 11.9 17.0 18.3 23.2

11.2 26.1 28.4 25.4 -0.2

-5.3 7.5 13.8

Leverage Ratio 6.2 1.5 9.8 8.2 5.7 5.3 4.1 4.4 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.0
Taxes Paid/Revenue 2.1 2.0 1.8 1.9 2.2 2.2 2.5 2.4 1.5 3.2 3.2 3.0 2.1 2.1 2.1 2.1 2.5 2.4

Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Business receipts 94.4 95.7 95.3 94.1

92.6 92.9 98.4

89.6 91.0

94.3 94.3 94.3

93.2

Cost of goods

69.6 66.5

49.1 51.4

30.4

Gross Profit 39.0 30.4

41.4 43.4 50.9 48.6 9.5

69.6 59.9

-5.0 18.9

Salaries and wages 8.5 14.1 6.8 7.4 8.9 9.3 10.8 10.3 3.6 12.1 13.6 11.8 2.1 8.7 8.7 6.5 9.0 9.1
Advertising 1.1 1.4 0.8 0.9 1.3 1.3 1.7 1.6 1.1 2.0 2.3 2.0 1.2 1.2 1.2 1.2 1.6 1.6
Depreciation 2.8 1.9 2.6 2.7 2.8 2.8 2.9 2.9 2.3 3.0 3.1 3.0 2.5 2.2 2.0 2.2 2.5 2.7
Depletion 0.0 3.3 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.7 1.9 1.8 1.8 1.1 0.6
Amortization 0.9 0.7 0.8 0.9 1.0 1.0 1.1 1.0 0.8 1.4 1.3 1.2 0.9 0.9 0.9 0.9 1.1 1.1
Rent paid 1.3 3.3 1.1 1.2 1.4 1.5 1.7 1.6 1.0 1.9 2.2 1.9 0.4 0.0 1.4 0.6 1.2 1.4
Repairs 0.6 1.1 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.6 0.6 0.6 0.6 0.8 0.7
Bad debts 0.1 1.3 0.2 0.2 0.1 0.1 0.1 0.1 0.4 0.1 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.2
Employee benefit programs 1.8 1.3 1.6 1.7 1.9 1.9 2.1 2.1 1.6 2.6 2.8 2.6 1.8 1.8 1.8 1.8 2.2 2.1
Compensation of officers 0.7 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.7 0.6 0.5 0.5 0.5 0.6 0.6
Taxes paid 2.1 2.0 1.8 1.9 2.2 2.2 2.5 2.4 1.5 3.2 3.2 3.0 2.1 2.1 2.1 2.1 2.5 2.4
Interest Income 0.7 9.8 0.8 0.7 0.6 0.6 0.5 0.6 1.1 0.5 0.4 0.5 0.9 1.1 1.3 1.1 0.8 0.8
Royalties 0.8 0.1 0.5 0.6 0.9 1.0 1.3 1.2 0.4 1.3 1.9 1.6 0.1 0.9 0.1 0.3 0.9 1.0
Rent Income 0.3 1.7 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.1 0.1 1.4 1.5 1.4 1.4 0.9 0.6
Net Income 7.1 5.0 1.4 3.5 8.7 10.0 14.9 13.4 3.1 17.7 20.4 17.3

-1.0 5.4

Days’ Inventory

11.3

186.9

156.4 156.4 156.4 156.4 156.4 156.4 156.4 156.4

Inventory Turnover 2.3 32.2 2.7 2.6 2.3 2.3 2.0 2.0 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.3
Payables Turnover 3.7 60.2 5.6 4.8 3.8 4.5 3.9 3.6 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.4
Days’ Payables 98.0 6.1

76.5

93.2 102.5 82.2 82.2 82.2 82.2 82.2 82.2 82.2 82.2 82.2

Sales/Working Capital 3.7 9.1 4.1 3.8 3.6 3.3 3.4 3.8 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6
Interest Coverage

212.6

539.6 539.6

Debt Service Coverage Ratio 6.9 1.0 1.2 1.7 2.4 3.0 3.2 1.8 4.6 1.8 1.8 -0.1 -0.5 1.8 0.4 1.0 2.0

Return on Net Worth, % 39.9

21.2 28.8 46.5 49.3

73.3 43.5 43.5 43.5 43.5 43.5 43.5 43.5 43.5 43.5 49.9

Return on Assets, % 12.2 59.8 6.5 8.5 13.7 15.0 20.0 18.5 12.8 12.8 12.8 12.8 12.8 12.8 12.8 12.8 12.8 14.3

Sales/Total Assets 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBITDA/Revenue 15.4 63.5 9.8 11.9 17.0 18.3 23.2 21.7 11.2 26.1 28.4 25.4 -0.2 -7.0 -8.8 -5.3 7.5 13.8
EBIT/Revenue 11.7 57.6 6.3 8.3 13.3 14.5 19.3 17.8 8.5 22.0 24.3 21.5 -3.5 -9.4 -10.8 -7.9 4.4 10.4

Cash from Trading 39.9

46.8 42.2 49.4 44.2 45.2 45.2 45.2 45.2 93.2 59.1 45.2 65.8 57.6 51.4

Cash after Operations 19.8 26.4 24.9 20.4 30.3 24.2 24.4 24.4 24.4 24.4 64.9 40.4 24.4 43.2

30.2

Net Cash after Operations 17.0 24.7 22.2

30.9 23.8 22.4 22.4 22.4 22.4 45.5 39.5 22.4 35.8 30.5 26.9

Debt Service P&I Coverage 8.9 13.7 12.1 12.2 21.1 19.0 13.6 13.6 13.6 13.6

13.7 13.6 38.8 28.7 22.3

Interest Coverage (Operating Cash) 0.6 1.0 1.0 0.8 1.4 1.0 1.0 1.0 1.0 1.0 3.6 0.3 1.0 1.6 1.3 1.2

	19.3		-9.4		-10.8		-7.9
	21.7		-7.0		-8.8
93.7	90.8				94.3	92.7
61.0	58.6	56.6	90.5	38.0	40.1	129.8	157.9	167.1	151.6	105.0	81.1
33.5	62.0	-29.8	-57.9	-67.1	-51.6
-9.1	-15.8	-17.6	-14.2
161.2	134.3	142.1	158.4	160.5		186.9									156.4	162.9
	64.9	95.0	81.4	85.3
454.1	113.9	202.9	284.3	545.2	629.8	1036.0	892.3			539.6	-45.3	-101.4	-110.7	-85.8	164.4	413.2
205.0	71.7
47.5
35.7
17.2
89.0

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