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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

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

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

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

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

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, % 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

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

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

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, % 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

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

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

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

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, % 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

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

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

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, % 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

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

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

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, % 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

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

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

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, % 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

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

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

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, % 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

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

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

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, % 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

Module 2 – SLP

The Balance Sheet

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 balance sheet presented in the case during this module to compute solvency and efficiency ratios. Compute three ratios based on balance sheet accounts for which you have sufficient information.

Assume that ABC Company is a small specialty retail store.

 

Ratios are relevant when assessed over time or across companies. IBISWorld 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.

Below is a brief introduction to financial ratios using IBISWorld and screenshots that provide guidance for accessing IBISWorld via the Trident library.

Required

Part 1

First, choose three ratios from the background materials. ABC is a simple organization (see balance sheet in case), so pick 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.

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

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

3. What is your conclusion about the solvency and efficiency of the company?

4. How successful is ABC Company relative to the industry average and leaders in the small specialty retail store industry? Write two paragraphs or more for this question. Refer to an actual ratio found in the IBISWorld database to support your conclusion.

A suggested approach to the assignment:

Step 1

Watch the brief introduction to financial ratios using IBISWorld as suggested.

Step 2

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

Step 3

Choose three ratios from the background materials for which information is available in the ABC Company’s balance sheet. Make sure at least one of the ratios is included in the IBISWorld database.

A General Example Not Using to ABC Company data.

EFG is a business with $42,000 of current assets and $40,000 of current liabilities. Therefore, the current ratio is:

Current ratio = current assets / current liabilities
Current ratio = $42,000 / $40,000
Current ratio = 1.05 (or 1.05 to 1 or 1.05:1)

EFG’s current ratio of 1.05 may be small or large depending on the industry. For example, which factors should be considered in interpreting the ratio? 

Step 4

Use data from the module 2 case balance sheet to compute ratios. Identify each ratio and show the computations. 

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.

 

Step 2

 
Step 3

 
Step 4

 
Step 5

This

short presentation

provides the same information as above.

SLP Assignment Expectations

Identify three balance sheet ratios. Use numbers from ABC’s balance sheet. 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.

Module 2 – Case

The Balance Sheet

Assignment Overview

The background material for this module explains and shows examples of balance sheets. Pay attention to the layout and definitions before reviewing the balance sheet the for ABC Company shown below.

This assignment has two parts. 

1. An essay

2. Answer 10 questions relating to ABC’s balance sheet.

Case Assignment

Part 1

Write a minimum of 300 words about the role of the balance sheet as one of the four required financial statements.

· Comment on some significant characteristics of the balance sheet.

· Who is interested in the information?

· What kind of information does the balance sheet convey to users?

Part 2

Review the background material for the second module before attempting the case below in order to answer a series of questions about the balance sheet for ABC Company shown below. Start with the accounting equation and pay attention to definitions of assets, liabilities, and equity.

The background information for the module includes the basic concepts, but for more ideas, go to the optional background source

principlesofaccounting.com

. The site also offers multiple videos that you may find relevant. You may also use other sites for ideas to complete the table. Do not forget to reference the sources used.

Find the balance sheet for ABC Company below. The data is to be used for part 2 of the current case assignment and the SLP for this module.

The Balance Sheet

Part 1

The balance sheet is one of the financial statements that shows the financial position of the company. The balance sheet reports the assets, liabilities, and shareholder’s equity of the company (Bobryshev et al., 2014). This is at a certain period of time. The transactions recorded in the balance sheet are recorded in two sides, one sides consists of assets while the other side consists of liabilities. The two sides have to be equal for the statement to show the true financial position of the company. The balance sheet is a perioding statement which is prepared at the end of a particular period. Therefore, it shows the financial position of the company at that specific period of time. The balance sheet is usually prepared after the income statement making it a complementary statement to the income statement.

There are common users of the balance sheet who include the management of the company and others. The management of the company are the first to use the balance sheet. The management decisions are made based on the data on the balance sheet. The management has to refer to the balance sheet when looking at the progress of the company (Warren, 2012). The investors of the company also use the balance sheet for investment decisions. The balance sheet will determine whether they continue investing in the company or move out of the company. The customers are among the users of the balance sheet. The customers would want to transact with companies that are financially stable. They are aware that financially stable companies would be able to provide the customers with credit. Competitors also look at the balance sheet of the competition to know the financial health of their competitors.

The balance sheet shows the assets, liabilities, and the owner’s equity net worth. The assets are items of value for the company capable of meeting their obligations. The balance sheet shows whether the company is able to meet its debt obligations. The balance sheet also shows the liquidity position of the company.

Part 2

  
Answer each question below and explain your answer with numbers, computations, and 3 to 5 sentences. 

1. Determine total assets and total liabilities for ABC Company. Add some thoughts about the significance of the classifications.

Total assets = $ 292,000

Total Liabilities = $ 136,000

The total assets are a representation of the company’s worth. This is based on the definition of an asset which is what is owned by the company. ABC has tow parts f liabilities, long-term and current liabilities. Current liabilities are short-term obligations of the company while long-term liabilities are long-term obligations like debentures.

2. Complete the accounting equation below using numbers from ABC’s balance sheet instead of words. In addition, explain how this equation is significant for the creation and understanding of the financial statements.
Assets = Liabilities + Equity

$ 292,000 = $ 136,000 + $ 156,000

This is the basic accounting formula used to determine the financial health of a business. The formula gives an understanding of the balance sheet. Equity is the net worth of the business while the liabilities is what the business owes. The two should equal the total assets.

3. Are short-term payables or receivables larger? Show the computation. Explain the significance of the difference.

The short-term payables (48,000+8,000) are larger than the receivables (21,000+1,000). The significance of the financial health of the company. The financial health of ABC is not good as the short-term payables exceed the receivables. The payables show what the company owes while the receivables what the company should receive. The funds coming to the business are lower than what the business owes.

4.  Is the order in which assets and liabilities are listed on the balance sheet significant? Explain.

The assets and liabilities are usually listed in the balance sheet according to permanence and liquidity. This is the amount it would take to convert the assets into cash. Liabilities are usually listed according to maturity.

5. Determine the total amount owed by ABC at the end of the year. How could this information be useful to a reader of the balance sheet?

The amount owed by ABC at the end of the year is (48,000+8000+80000) $ 136,000. This information allows the user of the balance sheet to know the liabilities of the company. The understanding helps in determining the financial stability of the company.

6. Does the company have more assets or liabilities? What is the significance of determining the difference between net assets and net liabilities? What happens to a company if the total liabilities exceed the total assets?

ABC has more assets than liabilities. Determining the difference will show the net worth of the company. ABC has a positive net worth because their assets exceed their liabilities. If the liabilities exceeded the assets, then the net worth, I negative which means the company is having financial problems.

7. If the company borrows an additional $15,000, which two balance sheet accounts will be affected? The new totals for total assets and total liabilities are?

The two accounts that will be affected are cash and loans for either long-term liabilities or short-term liability depending on the duration of the loan. The new total assets will be $307,000 and the total liabilities will be $ 151,000.

8. Explain retained earnings. How is this accounting computed? Is retained earnings an asset, a liability, or an equity account?

Retained earnings are historic profits of a business that have not been paid out as dividends (Ball et al., 2020). It is calculated by adding net income to (or subtracting in case of loss) the previous year’s retained earnings and subtracting any dividend paid to shareholders. Retained earnings is an equity account.

9. What is the “total wealth” of the company according to the balance sheet? What are some other accounting terms for “wealth” in connection with corporate entities? For example, retained earnings account fits this category, but it is not the only account.

The “total wealth” of the company is calculated by subtracting the total assets from the total liabilities.

Total assets (92,000 + 21,000 + 1,000 + 50,000 +128,000) = 292,000

Total liabilities (48,000 + 8,000 + 80,000) = 136,000

Total wealth = 292,000-136,000 = $ 156,000

Net worth can also be used in measuring the wealth of the company. It also represents the value of assets less the liabilities.

10. Assume that the company paid $20,000 in dividends to the shareholders. Which balance sheet accounts (items) would have been affected by the payment? Use numbers and be specific.

The two accounts that will be affected are cash and retained earnings. The cash and retained earnings account will be reduced by $ 20,000. The cash account on the asset side will reduce by $ 20,000 and the retained earnings on the equity side will also reduce by $ 20,000.

References

Bobryshev, A. N., Uryadova, T. N., Lyubenkova, E. P., Yakovenko, V. S., & Alekseeva, O. A. (2014). Analytical and management approaches to modeling of the accounting balance sheet. Life Science Journal, 11(8), 502-506.

Ball, R., Gerakos, J., Linnainmaa, J. T., & Nikolaev, V. (2020). Earnings, retained earnings, and book-to-market in the cross section of expected returns. Journal of Financial Economics, 135(1), 231-254.

Warren, K. (2012). Developing a government’s balance sheet—does it improve performance? Public Money & Management, 32(1), 9-14.

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