The following condensed financial information is available for Kinross Gold Corporation 

Instructions 

a. Perform a horizontal percentage of base year analysis of Kinross’s income statement and balance sheet, assuming 2017 is the base year. 

b. Using the analyses you prepared in part (a), identify any significant changes between 2017 and 2020. 

c. Which do you think would be more useful—a percentage of base-year amount or calculating the percentage change between periods—to analyze Kinross between 2017 and 2020? Explain. 

If the operating expenses for Kinross are increasing at a faster rate than revenues, what are some of the things Kinross should consider to turn this trend around?

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Revenue Cost of goods sold Gross profit Other expenses KINROSS GOLD CORPORATION Consolidated Statements of Operations Year Ended (in USD millions) Profit before income taxes Income tax expense Profit for the year Assets 2020 $4,213.4 1,917.1 Current assets Non-current assets Total assets Liabilities and Shareholders' Equity Current liabilities Non-current liabilities Total liabilities Shareholders' equity Total liabilities and shareholders' equity 2,296.3 497.8 1,798.5 439.8 $1,358.7 KINROSS GOLD CORPORATION Consolidated Balance Sheets (in USD millions) Dec. 31, 2020 2019 $3,497.3 2,148.4 963.8 246.7 $ 717.1 $ 2,449.7 8,483.5 $10,933.2 $ 1,348.4 2,921.8 4,270.2 6,663.0 $10,933.2 1,348.9 385.1 Dec. 31, 2019 $1,824.7 7,251.3 $9,076.0 $615.5 3,127.9 3,743.4 5,332.6 $9,076.0 2018 $3,212.6 2,632.9 579.7 466.5 113.2 138.8 $ (25.6) Dec. 31, 2018 $1,597.9 6,465.9 $8,063.8 $ 612.4 2,924.1 3,536.5 4,527.3 $8,063.8 2017 $3,303.0 2,598.3 704.7 285.7 419.0 (23.2) $ 442.2 Dec. 31, 2017 $2,284.4 5,872.8 $8,157.2 $ 585.3 2,952.7 3,538.0 4,619.2 $8,157.2