1. Calculate the company's working capital, current ratio, and acidtest ratio at [balance sheet dates].

2. Based on the results of your analysis above, assess the company's overall liquidity position. Explain which ratios indicate particular strengths and/or weaknesses. Assume the following industry averages: Working capital = varies in proportion to firm size; Current ratio = 2.0; Acid-test ratio = 1.6.

3. Explain how working capital and the current ratio are related. Would you expect firms with large amounts of working capital to always have high current ratios?

4. Calculate ROI, showing margin and turnover, for 2017, 2016 and 2015

5. Calculate ROE for as many of the past three years as you can.

6. Calculate the price/earnings ratio for as many of the past three years as you can.

7. Calculate the dividend payout and dividend yield ratios for as many of the past three years as you can.

8. Based on the results of your analysis above, assess the company's overall profitability. Explain which ratios indicate particular strengths and/or weaknesses within the company. Assume the following industry averages: ROI = 15%; Margin = 10%; Turnover = 1.5; ROE = 20%; Price/earnings = 14.0; Dividend payout = 40%; Dividend yield = 5%.

9. As an investor in this company's stock, would you be pleased with this year's dividend yield? How would your dividend yield "expectations" change, if at all, if the company's ROI was 5% higher? Explain.

CONSOLIDATED INCOME STATEMENT CONSOLIDATED CASH FLOW STATEMENT [EUR mullians] Notes 201720162015 1. OPERATING ACTIMIIES AND OPERATING INVESTMENTS Operating profit Income/flossl and dividends from joint ventures and associates Net increase in depreciation, amortization and provisions Other computed expenses Other adiustments Cash from operatiens before changes in working capital Cost of net financial debt interest paid Tax paid Net cash from operating activities before changes in working capital Change in werking capital 11. FINANCIAL INVESTMENTS Purchase of non-current ava labie for sale financial assets" Proceeds frorn sale of non-current availabie for sale financial assets Dividends recehed Tax paid related to non-current available for sale Enoncial assets and consolidated investments Impact of purchase and sale of consolidates investments Net cash from (used in] financial inwestrents III. TRANSACTIONS RELATING TO EOUIIY Capitat increases of LVMH SE Capital increases of subsidiaries subscribed by minonity interests Acquisition and disposals of treasury shares and LVMH share-settled derivatives Interim and final dividends paid by LVMA SE. Tax paid related to interim and final dividends paid Interim and final dividends paid to minerity irterests in consolidaled subsidiaries. Purchase and proceeds from sale of minority interests. Net cash from (used in) transactions retating to equity Change in cash before financing activities N. FINANCING ACTIVIIIES Proceeds from borrowings Reparment of borrowings Purchase and proceeds from sale of current ava alable forsale financiat assets Net cash trom (used in) financing activities V. EFFECT OF DICHANOE RATE CHANGES NET INCREASE [DECREASE] IN CASH AND CASH EOUNALENTS (i+li+lliIVVV] CASHAND CASH EOUIVALENIS AT BEOINNINO OF PERIDD CASHAND CASH EOUIVALENTS AT END OF PERDO IOTAL TAX PAD