analyses the table and contribute condition and make recommendation relating to the company financial performance and by discribe the liquidity, asset managament, long term debt paying ability, profitability and recommendation

CASH FLOW STATEMENT ANALYSIS OF ROE-5 PART RATIO TABLE VERTICAL ANALYSIS HOR Exhibiti Income Sulements (CAD) 2012 711,100,000 421.650.000 289,450,000 2013 850,762.000 316.212.000 334,350,000 2014 1.625,324,200 1.621.419,200 503.905,000 2013 2.211.160,000 1.468,340,150 743,020,450 2016 2.651,282,800 1.791,102.960 860,779,840 Sales Cost of sales Gross profit Operating costs Selling and distribution Rescarch and development Administratie Amortization Operating protin Interest Earnings before taxes Taxes Netico 74.500,100 45890.340 24350 300 49.557.07 95.151.973 14.189.065 80.92.00 28 337.IN 52.625.890 85.984.000 55.689.500 32.354,000 56,830.350 103312,150 17,386,710 26.125.440 30.143904 55.981.536 200,450,300 101,230,000 95.60.90 141,458,842 65,146,965 46,654,825 18.462.143 6,461.750 12,000,393 231,550,000 185,640,000 124.290,000 142,920,000 58,040,450 SI 226,136 267,300,200 239.500.000 137.450.300 152.885.500 63.5x3.540 56.01.189 7.568,351 2.648,923 4,919,428 2.385,010 4429,304 Exhibit2 Balance Sheets (CAD) 18,629,700 Cash Accounts receivable Partney WIP inventory Finished goods inventory Total currentes Land plant and equipment, et Intangibles Total assets 2012 75.340,000 31.650.000 96670,000 46.789,180 145.300.550 395.749,710 445.230.540 50340.030 191 120,50 2013 76,00 100 45.320.000 150320,000 65.354.460 210360300 54. 155.000 489.300 300 19.00.000 1.116.455560 2014 95.630.000 65.340,000 245,120,000 86,650,675 271.530.200 764,471.475 1.317,388.220 97,300,200 2.179.159.895 2015 55,320,100 75.800,300 339,760,200 124,532.030 314,530,400 909,993,030 1.318,350,000 110.250,000 2.339.193.000 2016 15.430,100 95.100.000 423.340,000 145,673.800 389.640,200 1.069,384,300 1.402.870,000 125.988.000 2.398.342.100 Accounts payable Current portion of long-term debe Total current liabilities Long-term debit Shareholders' equity Total liabilities and equities 6.700,400 23.453,000 92.153,400 294,530,000 564637,180 891320.580 95.620,000 26.790,000 122.410.000 267.900,000 726.145.560 1.116,456 500 167.500,00 69.575,000 237,075,300 695,750,000 1.246,114.595 2,179,159,895 240,450,430 73,453.8.20 314,103.450 734,530,200 1.190.559, NO 2,339,193,030 320,640,430 79,567,000 400,207,460 795.670,300 1.402,364.540 2.396.242.300 Cash Flows from Operating activities Cash Collections from customers Cash paid for merchandise Cash paid for operating expenses Cash paid for interest Cash paid for tanes NET INFLOW OUTFLOW from Operating activities 2013 X37,092.000 (352,017,3509 -174.207.500 (17,386,7101 -30,141,904 263336,536 2,014 2,015 2,016 1.605,304.200 2.200,900,300 2.632.183.100 (772,072.15) (1.219.165) (1,531,331.590) -397,289,190 -542.060,000 -644.310.500 (46.684x25 ($1.236,136) 156,015.189) -6,461,750 -2.385,010 -2.648,923 382,796.250 385,410.289 39,076,898 41.069.660 (28.662.9701 28,057,720 (18.297 200) 961.780 (13.549.800) -84, 520,000 (15.135.000) -72.732.630 -546,384,920 Cash Flows from favesting activities cash paid for equipment and and plant, net casa paid for investments cash received on sale of investments NET INFLOW.OUTFLOW from Investing activities Cash Flows from Financing activities cash paid for reduction of LT dcbes cash paid on current portion of LT debts NET INFLOW OUTFLOW from Financing activities -14,511.50 -99,638,000 (33.370,000) 126,790,000 (60.160,000) (427.850.000) (6.575.000) (497.425,000) (8.780200) (73.453,020 (112,237.220) (61.140.100) (79.567,030) (140,707.10) Nel Increase decrease in Cash 130 443906 -961,013.670 158,665 459 157,711,765 Cash balance, beginning Cash balance, end of year 75.340,000 76.800.300 76,800.300 95,630,000 95.630,000 35.320,100 55.20.100 15.430,300 CASH FLOW STATEMENT ANALYSIS OF ROE-5 PART RATIO TABLE VERTIC Exhibiti Income Statements (CAD) 2012 711,100,000 421,650,000 289.450,000 2013 2014 2015 2016 850,762,000 1,625,324.200 2.211.360,600 2,651,882,800 516,212,000 1,021,419,200 1,468,340,150 1,791,102,960 334,550,000 603.905,000 743,020,450 860,779,840 Sales Cost of sales Gross profit Operating costs Selling and distribution Research and development Administration Amortization Operating profit Interest Earnings before taxes Taxes Net income 74,500,300 45,890,340 24,350,300 49,557,087 95,151,973 14.189,065 80,962,908 28,337,018 52,625,890 85.984,000 55,689.500 32,534,000 56.830,350 103,512,150 17,386,710 86.125.440 30,143,904 55,981.536 200,450,300 101,230,000 95,608,890 141,468,842 65.146.968 46,684,825 18.462.143 6,461,750 12,000,393 231,530,000 185.640,000 124.890.000 142.920,000 58.040.450 51,226,136 6,814,314 2.385,010 4,429,304 267.300,200 239,560,000 137,450,300 152.885,800 63,583,540 56,015,189 7.568,351 2,648,923 4,919,428 Exhibit 2 Balance Sheets (CAD) 2014 Cash Accounts receivable Parts inventory WIP inventory Finished goods inventory Total current assets Land, plant, and equipment, net Intangibles Total assets 2012 2013 2015 2016 75,340,000 76.800,300 95,630,000 55.320,100 15,430,300 31,650,000 45,320,000 65,340,000 75.800,300 95,300,000 96,670,000 150,320,000 245,320,600 339.760,200 423,340,000 46,789,180 65.354,460 86,650,675 124,532,030 145,673,800 145,300,530 210,360,300 271,530,200 314,580,400 389,640,200 395,749.710 548,155,060 764.471,475 909.993.030 1.069,384.300 445,230,840 489,300,500 1,317,388.220 1,318,350,000 1,402,870,000 50,340,030 79,003,000 97,300.200 110.850,000 125,988,000 891.320,580 1.116,458.560 2.179.159,895 2.339.193.030 2,598,242,300 Accounts payable Current portion of long-term debt Total current liabilities Long-term debt Shareholders' equity Total liabilities and equities 68,700,400 95,620,000 167.500,300 240,650,430 320,640,430 23.453,000 26,790,000 69,575,000 73.453,020 79,567,030 92.153.400 122,410,000 237,075,300 314,103,450 400,207,460 234,530,000 267,900,000 695.750,000 734.530.200 795,670,300 564,637.180 726,148,560 1.246,334,395 1,290,539,380 1,402,364,540 891.320.580 1.116.458,560 2.179.159.895 2.339.193,030 2,598.242,300 ANALYSIS OF ROE-5 PART EBT/EBIT NIEBT EBIT/SALES 2013 2014 2015 2016 0.121 0,04 0.03 0.83 0.28 0.12 0.12 TOTAL ASSE DEBT RATIO ROE TURNOVER 0.65 7.56 7.71% 0.65 3.06 1 0.96% 0.65 27.64 1 0.14% 0.65 20.47 1 0.35% 0.02