1) Determine the quality of income for each year 2011-2015 and the likely reason for any trend in the quality of income over the five year period.

2) determine the FCFF for each year and the likely reasons for any trends in FCFF over the five year period.

3) Based on the pattern of cash flow over the five year period explain what stage of the company's lifecycle you believe the company is in.

4) what are the likely reasons that net income increased between 2011 and 2013 while cash flow from operations decreased over the same period?

5) how has the risk of this company changed over the five year period? be specific in terms of likely changes in four liquidity or solvency ratio.

2015 2014 2013 2012 2011 OPERATING 586 151 (97)0 643 299 513 243 490 25 491 20 Other Subtractions 7,320$ 4,472 2,248 1,556 (750) 1,867(7629) 4,111)(1.387) 1,228 473 ...$ 7,447 4,455(5,452) (3.589)(2,424) 1,068 (2,608)1,496 1,393 2,374 INVESTING Fixed Assets Acquired (Net) Marketable Securities Acquired Other Investment Transactions . $(1.172) (1,426) (3,306) 64 81 (849 S (302 FINANCING Issue of Capital Stock 315 0 (3,500) (170) -(170) (170) (170) (27) (614) (170) (964) (730) Other Financing Transactions $(2,098) $(5,09) $3,666 (200) s 2,318S 293S 382 $ (97) 962 (811) 7 $ 955 S 962 1,540 r24l 1,247 Cash, End of Year $3,858 $1,540 $ 1,247 $865