Balance Sheet 31 December 2019 (MOP) 2019 2018 2019 2018 Equity Assets Non-Current Assets Financial assets Tangible assets (net) 121,073,900 2,525,871,622 2,646,945,522 90,227,000 1,650,950,788 1,741,177,788 Legal reserve Provident fund Special provident fund Accumulated P&L Total equity 242,042,000 110,510,500 886,484,598 200,000,000 655,661,809 2,094,698,907 242,042,000 110,510,500 859,339,326 200,000,000 577,825,712 1,989,717,538 Current Assets Inventory Less: Bad debt provision 54,394,057 88,214,880 (33,620,329) 54,594,551 54,394,057 Liabilities Risk and liability provision Tax provision 20,448,912 28,614,545 Non-Current Receivables Refundable deposits Other assets 144,123,170 309,450 144,432,620 131,923,174 309,450 132,232,624 Non-Current Liabilities Accrued expenses Deferred tax 707,225,684 23,951,611 731,177,295 676,960,480 19,592,429 696,552,909 Current Receivables Customer receivables Account receivables Other receivables Prepaid expenses 148,887,193 15,548,345 862,746,135 77,968,396 1,105,150,069 123,200,519 23,339,406 1,150,286,613 38,316,500 1,335,143,038 345,209,213 Current Liabilities Customer advanced payment Customer payables Account payables Other payables and expenses Accrued expenses Bank loans 396,600,641 151,157,194 110,304,198 375,407,062 800,009,790 Cash and Bank Fixed deposit Current deposit Cash and Bank 151,400,405 60,097,152 346,071,206 453,853,405 350,000,000 1,706,631,381 727,454,411 1,226,826 914,506,620 243,758,928 303,318 1,158,568,866 1,833,478,885 728,681,237 Total Liabilities 2,585, 105,092 2,431,798,835 Total Assets 4,679,803,999 4,421,516,373 Total Equity and Liabilities 4,679,803,999 4,421,516,373 (MOP) 2019 2019 2018 Operating Revenue Services Non-core revenue 3,563,733,636 821,032,244 4,384,765,880 61,557,635 4,446,323,515 Income Statement As of 31 December 2018 Operating costs and Expenses 3,408,778,281 Outsourced supplies and services 722,263,136 Staff expenses 4,131,041,417 Financial expenses 57,383,868 Other expenses 4,188,425,285 Non-current asset depreciation Provision for bad debts 3,163,564,302 782,625,016 5,206,696 146,730,834 170,280,781 Financial revenue 2,900,900,505 737,551,871 5,728,686 142,777,376 125,658,266 221,466 3,912,838,170 4,268,407,629 Other loss of the period Income tax 16,130,631 16,219,627 36,735,634 27,595,334 Other revenue of the period 4,883,069 1,699,085 4,451,206,584 4,190,124,370 4,300,757,887 3,977,169,138 Annual Profit 150,448,697 212,955,232 2. Use appropriate financial ratios, comment on the followings for both 2018 and 2019 (Note: Show all the financial ratios used AND provide the comments in wordings, supplemented by the ratios calculated): a. Liquidity b. Debt Management C. Asset Efficiency d. Profitability 1. Balance Sheet (Horizontal Analysis) - Balance Sheet 31 December 2019 Change % Change Equity Horizontal Analysis Change % Change 2019 2018 2019 2018 0.00% Assets Non Current Assets Financial Assets Tangible Assets (net) 0.00% 121,073,900 2,525,871,622 2,646,945,522 90,227,000 1,650,950,788 1,741,177,788 30,846,900 874,920,834 905,767,734 27,145,272 242,042,000 110,510,500 886,484,598 200,000,000 655,661,809 2,094,698,907 242,042,000 110,510,500 859,339,326 200,000,000 577,825,712 1,989,717,538 34.19% Legal Reserve 52.99% Provident Fund 52.02% Special Provident Fund Accumulated P&L Total Equity 62.18% 100.00% Liabilities 0.37% Risk and Liability Provision Tax Provision 3.16% 0.00% 13.47% 5.28% 77,836,097 Current Assets Inventory Less: Bad debts Provision 104,981,369 54,394,057 88,214,880 (33,620,329) 54,594,551 33,820,823 (33,620,329) 200,494 54,394,057 20,448,912 28,614,545 (8,165,633) -28.54% Non Current Receivables Refundable Deposits Other Assets 12,199,996 144, 123,170 309,450 144,432,620 131,923, 174 309,450 132,232,624 9.25% Non Current Liabilities 0.00% Accrued Expenses 9.23% Deferred Tax 12,199,996 707,225,684 23,951,611 731,177,295 676,960,480 19,592,429 696,552,909 30,265,204 4,359,182 34,624,386 4.47% 22.25% 4.97% Non Current Receivables Customer Receivables Accounts Receivables Other Receivables Prepaid Expenses 148,887,193 15,548,345 862,746,135 77,968,396 1,105,150,069 123,200,519 25,686,674 23,339,406 (7,791,061) 1,150,286,613 (287,540,478) 38,316,500 39,651,896 1,335,143,038 (229,992,969 20.85% Current Liabilities -33.38% Customer Advance Payment -25.00% Customer Payables 103.49% Accounts Payable -17.23% Other Payable and Expense Accrued Expenses Bank Loans -100.00% 198.43% 304.47% Total Liabilities -37.11% 396,600,641 151, 157,194 110,304,198 375,407,062 800,009,790 345,209,213 151,400,405 60,097,152 346,071,206 453,853,405 350,000,000 1,706,631,381 51,391,428 (243,211) 50,207,046 29,335,856 346,156,385 (350,000,000 126.847,504 14.89% -0.16% 83.54% 8.48% 76.27% -100.00% 7.43% 1,833,478,885 Cast and Bank Fixed Deposit Current Deposit Cash and Bank 727,454,411 1,226,826 728,681,237 914,506,620 (914,506,620) 243,758,928 483,695,483 303,318 923,508 1,158,568,866 (429,887,629 2,585,105,092 2,431,798,835 153,306,257 6.30% Total Assets 4,679,803,999 4,421,516,373 258,287,626 5.84% Total Equity and Liabilities 4,679,803,999 4,421,516,373 258,287,626 5.84% 2. Income Statement (Horizontal Analysis) - Horizontal Analysis Change % Change 2019 2018 2019 2018 Operating Revenue Services Non-Core Revenue 3,563,733,636 3,408,778,281 821,032,244 722,263,136 4,384,765,880 4,131,041,417 61,557,635 57,383,868 4,446,323,515 4,188,425,285 Income Statement As of 31 December 2019 Change % Change Operating costs and Expenses 154,955,355 4.55% Outsourced Supplies and Services 98,769,108 13.67% Staff Expenses 253,724,463 6.14% Financial Expenses 4,173,767 7.27% Other Expenses 257,898,230 6.1 Non Current Asse Depreciation Provision for Bad Debts 3.163,564,302 782,625,016 5,206,696 146,730,834 170,280, 781 262,663,797 45,073,145 (521,990) 3,953,458 Financial Revenue 2,900,900,505 737,551,871 5,728,686 142,777,376 658,2 221,466 3,912,838,170 36,735,634 27,595,334 9.05% 6.11% -9.11% 2.77% 35. - 100.00% 9.09% (221,466) 355,569,459 (20,605,003) (11,375,707) Other Revenue of the Period 4,883,069 1,699,085 3,183,984 4,268,407,629 16,130,631 16,219,627 187.39% Other Loss of the period Incomes Tax -56.09% -41.22% 4,451,206,584 4,190,124,370 261,082,214 6.23% 4,300,757,8873,977,169,138 323,588,749 8.14% Annual Profit 150,448,697 212,955,232 (62,506,535) -29.35% 3. Balance Sheet (Vertical Analysis) - Vertical Analysis Change % Change 2019 Balance Sheet 31 December 2019 % % Equity 2018 2019 2018 Assets Non Current Assets Financial Assets Tangible Assets (net) 121,073,900 90,227,000 2,525,871,622 1,650,950,788 2,646,945,522 1,741,177,788 2.59% 53.97% 56.56% 242,042,000 110,510,500 886,484,598 200,000,000 655,661,809 2,094,698,907 242,042,000 110,510,500 859,339,326 200,000,000 577,825,712 1,989,717,538 5.17% 2.36% 18.94% 4.27% 14.01% 2.04% Legal Reserve 37.34% Provident Fund 39.38% Special Provident Fund Accumulated P&L Total Equity 1.23% 0.00% Liabilities 1.23% Risk and Liability Provision Tax Provision 5.47% 2.50% 19.44% 4.52% 13.07% 45.00% Current Assets Inventory Less: Bad debts Provision 44.76% 54,394,057 88,214,880 (33,620,329) 54,594,551 1.89% -0.72% 1.17% 54,394,057 20,448,912 28,614,545 0.44% 0.65% Non Current Receivables Refundable Deposits Other Assets 144,123,170 309,450 144,432,620 131,923, 174 309,450 132,232,624 3.08% 0.01% 3.09% 2.98% Non Current Liabilities 0.01% Accrued Expenses 2.99% Deferred Tax 15.31% 707,225,684 23,951,611 731,177,295 676,960,480 19,592,429 696,552,909 15.11% 0.51% 15.62% 0.44% 15.75% 3.18% Non Current Receivables Customer Receivables Accounts Receivables Other Receivables Prepaid Expenses 148,887,193 123,200,519 15,548,345 23,339,406 862,746,135 1,150,286,613 77,968,396 38,316,500 1,105,150,069 1,335,143,038 0.33% 18.44% 1.67% 23.62% 2.79%Current Liabilities 0.53% Customer Advance Payment 26.02% Customer Payables 0.87% Accounts Payable 30.20% Other Payable and Expense Accrued Expenses Bank Loans 20.68% 5.51% 0.01% Total Liabilities 26.20% 396,600,641 151, 157,194 110,304,198 375,407,062 800,009,790 345,209,213 151,400,405 60,097,152 346,071,206 453,853,405 350,000,000 1,706,631,381 8.47% 3.23% 2.36% 8.02% 17.09% 0.00% 39.18% 7.81% 3.42% 1.36% 7.83% 10.26% 7.92% 38.60% 1,833,478,885 Cast and Bank Fixed Deposit Current Deposit Cash and Bank 914,506,620 727,454,411 243,758,928 1,226,826 303,318 728,681,237 1,158,568,866 0.00%) 15.54% 0.03% 15.57% 2,585,105,092 2,431,798,835 55.24% 55.00% Total Assets 4,679,803,999 4,421,516,373 100.00% 100.00% Total Equity and Liabilities 4,679,803,999 4,421,516,373 100.00% 100.00% 4. Income Statement (Vertical Analysis) - Vertical Analysis % % 2019 Income Statement As of 31 December 2019 % Operating costs and Expenses 80.06% 81.35% Outsourced Supplies and Services 2018 2019 2018 Operating Revenue Services 3,563,733,636 3,408,778,281 3,163,564,302 2,900,900,505 71.07% 69.23% 4. Income Statement (Vertical Analysis) - Vertical Analysis % % 2019 2018 2019 2018 Operating Revenue Services Income Statement As of 31 December 2019 % Operating costs and Expenses 80.06% 81.35% Outsourced Supplies and Services 18.45% 17.24% Staff Expenses 98.51% 98.59% Financial Expenses 1.38% | 1.37% Other Expenses 99.89% 99.96% Non Current Assets Depreciation Provision for Bad Debts 3,563,733,636 3,408,778,281 821,032,244 722,263,136 4,384,765,880 4,131,041,417 61.557.635 57,383,868 4,446,323,515 4,188,425,285 Non-Core Revenue Financial Revenue 3,163,564,302 2,900,900,505 782,625,016 737,551,871 5,206,696 5,728,686 146,730,834 142,777,376 170,280,781 125,658,266 221,466 4,268,407,629 3,912,838,170 16,130,631 36,735,634 16,219,627 27,595,334 71.07% 17.58% 0.12% 3.30% 3.83% 0.00% 95.89% 0.36% 0.36% 69.23% 17.60% 0.14% 3.41% 3.00% 0.01% 93.38% 0.88% Other Revenue of the Period 4,883,069 1,699,085 0.11% 0.04% Other Loss of the period Incomes Tax 100.00% 0.66% 4,451,206,584 4,190,124,370 100.00% 4,300,757,887 3,977,169,138 96.62% 94.92% Annual Profit 150,448,697 212,955,232 3.38% 5.08% Balance Sheet 31 December 2019 (MOP) 2019 2018 2019 2018 Equity Assets Non-Current Assets Financial assets Tangible assets (net) 121,073,900 2,525,871,622 2,646,945,522 90,227,000 1,650,950,788 1,741,177,788 Legal reserve Provident fund Special provident fund Accumulated P&L Total equity 242,042,000 110,510,500 886,484,598 200,000,000 655,661,809 2,094,698,907 242,042,000 110,510,500 859,339,326 200,000,000 577,825,712 1,989,717,538 Current Assets Inventory Less: Bad debt provision 54,394,057 88,214,880 (33,620,329) 54,594,551 54,394,057 Liabilities Risk and liability provision Tax provision 20,448,912 28,614,545 Non-Current Receivables Refundable deposits Other assets 144,123,170 309,450 144,432,620 131,923,174 309,450 132,232,624 Non-Current Liabilities Accrued expenses Deferred tax 707,225,684 23,951,611 731,177,295 676,960,480 19,592,429 696,552,909 Current Receivables Customer receivables Account receivables Other receivables Prepaid expenses 148,887,193 15,548,345 862,746,135 77,968,396 1,105,150,069 123,200,519 23,339,406 1,150,286,613 38,316,500 1,335,143,038 345,209,213 Current Liabilities Customer advanced payment Customer payables Account payables Other payables and expenses Accrued expenses Bank loans 396,600,641 151,157,194 110,304,198 375,407,062 800,009,790 Cash and Bank Fixed deposit Current deposit Cash and Bank 151,400,405 60,097,152 346,071,206 453,853,405 350,000,000 1,706,631,381 727,454,411 1,226,826 914,506,620 243,758,928 303,318 1,158,568,866 1,833,478,885 728,681,237 Total Liabilities 2,585, 105,092 2,431,798,835 Total Assets 4,679,803,999 4,421,516,373 Total Equity and Liabilities 4,679,803,999 4,421,516,373 (MOP) 2019 2019 2018 Operating Revenue Services Non-core revenue 3,563,733,636 821,032,244 4,384,765,880 61,557,635 4,446,323,515 Income Statement As of 31 December 2018 Operating costs and Expenses 3,408,778,281 Outsourced supplies and services 722,263,136 Staff expenses 4,131,041,417 Financial expenses 57,383,868 Other expenses 4,188,425,285 Non-current asset depreciation Provision for bad debts 3,163,564,302 782,625,016 5,206,696 146,730,834 170,280,781 Financial revenue 2,900,900,505 737,551,871 5,728,686 142,777,376 125,658,266 221,466 3,912,838,170 4,268,407,629 Other loss of the period Income tax 16,130,631 16,219,627 36,735,634 27,595,334 Other revenue of the period 4,883,069 1,699,085 4,451,206,584 4,190,124,370 4,300,757,887 3,977,169,138 Annual Profit 150,448,697 212,955,232 2. Use appropriate financial ratios, comment on the followings for both 2018 and 2019 (Note: Show all the financial ratios used AND provide the comments in wordings, supplemented by the ratios calculated): a. Liquidity b. Debt Management C. Asset Efficiency d. Profitability 1. Balance Sheet (Horizontal Analysis) - Balance Sheet 31 December 2019 Change % Change Equity Horizontal Analysis Change % Change 2019 2018 2019 2018 0.00% Assets Non Current Assets Financial Assets Tangible Assets (net) 0.00% 121,073,900 2,525,871,622 2,646,945,522 90,227,000 1,650,950,788 1,741,177,788 30,846,900 874,920,834 905,767,734 27,145,272 242,042,000 110,510,500 886,484,598 200,000,000 655,661,809 2,094,698,907 242,042,000 110,510,500 859,339,326 200,000,000 577,825,712 1,989,717,538 34.19% Legal Reserve 52.99% Provident Fund 52.02% Special Provident Fund Accumulated P&L Total Equity 62.18% 100.00% Liabilities 0.37% Risk and Liability Provision Tax Provision 3.16% 0.00% 13.47% 5.28% 77,836,097 Current Assets Inventory Less: Bad debts Provision 104,981,369 54,394,057 88,214,880 (33,620,329) 54,594,551 33,820,823 (33,620,329) 200,494 54,394,057 20,448,912 28,614,545 (8,165,633) -28.54% Non Current Receivables Refundable Deposits Other Assets 12,199,996 144, 123,170 309,450 144,432,620 131,923, 174 309,450 132,232,624 9.25% Non Current Liabilities 0.00% Accrued Expenses 9.23% Deferred Tax 12,199,996 707,225,684 23,951,611 731,177,295 676,960,480 19,592,429 696,552,909 30,265,204 4,359,182 34,624,386 4.47% 22.25% 4.97% Non Current Receivables Customer Receivables Accounts Receivables Other Receivables Prepaid Expenses 148,887,193 15,548,345 862,746,135 77,968,396 1,105,150,069 123,200,519 25,686,674 23,339,406 (7,791,061) 1,150,286,613 (287,540,478) 38,316,500 39,651,896 1,335,143,038 (229,992,969 20.85% Current Liabilities -33.38% Customer Advance Payment -25.00% Customer Payables 103.49% Accounts Payable -17.23% Other Payable and Expense Accrued Expenses Bank Loans -100.00% 198.43% 304.47% Total Liabilities -37.11% 396,600,641 151, 157,194 110,304,198 375,407,062 800,009,790 345,209,213 151,400,405 60,097,152 346,071,206 453,853,405 350,000,000 1,706,631,381 51,391,428 (243,211) 50,207,046 29,335,856 346,156,385 (350,000,000 126.847,504 14.89% -0.16% 83.54% 8.48% 76.27% -100.00% 7.43% 1,833,478,885 Cast and Bank Fixed Deposit Current Deposit Cash and Bank 727,454,411 1,226,826 728,681,237 914,506,620 (914,506,620) 243,758,928 483,695,483 303,318 923,508 1,158,568,866 (429,887,629 2,585,105,092 2,431,798,835 153,306,257 6.30% Total Assets 4,679,803,999 4,421,516,373 258,287,626 5.84% Total Equity and Liabilities 4,679,803,999 4,421,516,373 258,287,626 5.84% 2. Income Statement (Horizontal Analysis) - Horizontal Analysis Change % Change 2019 2018 2019 2018 Operating Revenue Services Non-Core Revenue 3,563,733,636 3,408,778,281 821,032,244 722,263,136 4,384,765,880 4,131,041,417 61,557,635 57,383,868 4,446,323,515 4,188,425,285 Income Statement As of 31 December 2019 Change % Change Operating costs and Expenses 154,955,355 4.55% Outsourced Supplies and Services 98,769,108 13.67% Staff Expenses 253,724,463 6.14% Financial Expenses 4,173,767 7.27% Other Expenses 257,898,230 6.1 Non Current Asse Depreciation Provision for Bad Debts 3.163,564,302 782,625,016 5,206,696 146,730,834 170,280, 781 262,663,797 45,073,145 (521,990) 3,953,458 Financial Revenue 2,900,900,505 737,551,871 5,728,686 142,777,376 658,2 221,466 3,912,838,170 36,735,634 27,595,334 9.05% 6.11% -9.11% 2.77% 35. - 100.00% 9.09% (221,466) 355,569,459 (20,605,003) (11,375,707) Other Revenue of the Period 4,883,069 1,699,085 3,183,984 4,268,407,629 16,130,631 16,219,627 187.39% Other Loss of the period Incomes Tax -56.09% -41.22% 4,451,206,584 4,190,124,370 261,082,214 6.23% 4,300,757,8873,977,169,138 323,588,749 8.14% Annual Profit 150,448,697 212,955,232 (62,506,535) -29.35% 3. Balance Sheet (Vertical Analysis) - Vertical Analysis Change % Change 2019 Balance Sheet 31 December 2019 % % Equity 2018 2019 2018 Assets Non Current Assets Financial Assets Tangible Assets (net) 121,073,900 90,227,000 2,525,871,622 1,650,950,788 2,646,945,522 1,741,177,788 2.59% 53.97% 56.56% 242,042,000 110,510,500 886,484,598 200,000,000 655,661,809 2,094,698,907 242,042,000 110,510,500 859,339,326 200,000,000 577,825,712 1,989,717,538 5.17% 2.36% 18.94% 4.27% 14.01% 2.04% Legal Reserve 37.34% Provident Fund 39.38% Special Provident Fund Accumulated P&L Total Equity 1.23% 0.00% Liabilities 1.23% Risk and Liability Provision Tax Provision 5.47% 2.50% 19.44% 4.52% 13.07% 45.00% Current Assets Inventory Less: Bad debts Provision 44.76% 54,394,057 88,214,880 (33,620,329) 54,594,551 1.89% -0.72% 1.17% 54,394,057 20,448,912 28,614,545 0.44% 0.65% Non Current Receivables Refundable Deposits Other Assets 144,123,170 309,450 144,432,620 131,923, 174 309,450 132,232,624 3.08% 0.01% 3.09% 2.98% Non Current Liabilities 0.01% Accrued Expenses 2.99% Deferred Tax 15.31% 707,225,684 23,951,611 731,177,295 676,960,480 19,592,429 696,552,909 15.11% 0.51% 15.62% 0.44% 15.75% 3.18% Non Current Receivables Customer Receivables Accounts Receivables Other Receivables Prepaid Expenses 148,887,193 123,200,519 15,548,345 23,339,406 862,746,135 1,150,286,613 77,968,396 38,316,500 1,105,150,069 1,335,143,038 0.33% 18.44% 1.67% 23.62% 2.79%Current Liabilities 0.53% Customer Advance Payment 26.02% Customer Payables 0.87% Accounts Payable 30.20% Other Payable and Expense Accrued Expenses Bank Loans 20.68% 5.51% 0.01% Total Liabilities 26.20% 396,600,641 151, 157,194 110,304,198 375,407,062 800,009,790 345,209,213 151,400,405 60,097,152 346,071,206 453,853,405 350,000,000 1,706,631,381 8.47% 3.23% 2.36% 8.02% 17.09% 0.00% 39.18% 7.81% 3.42% 1.36% 7.83% 10.26% 7.92% 38.60% 1,833,478,885 Cast and Bank Fixed Deposit Current Deposit Cash and Bank 914,506,620 727,454,411 243,758,928 1,226,826 303,318 728,681,237 1,158,568,866 0.00%) 15.54% 0.03% 15.57% 2,585,105,092 2,431,798,835 55.24% 55.00% Total Assets 4,679,803,999 4,421,516,373 100.00% 100.00% Total Equity and Liabilities 4,679,803,999 4,421,516,373 100.00% 100.00% 4. Income Statement (Vertical Analysis) - Vertical Analysis % % 2019 Income Statement As of 31 December 2019 % Operating costs and Expenses 80.06% 81.35% Outsourced Supplies and Services 2018 2019 2018 Operating Revenue Services 3,563,733,636 3,408,778,281 3,163,564,302 2,900,900,505 71.07% 69.23% 4. Income Statement (Vertical Analysis) - Vertical Analysis % % 2019 2018 2019 2018 Operating Revenue Services Income Statement As of 31 December 2019 % Operating costs and Expenses 80.06% 81.35% Outsourced Supplies and Services 18.45% 17.24% Staff Expenses 98.51% 98.59% Financial Expenses 1.38% | 1.37% Other Expenses 99.89% 99.96% Non Current Assets Depreciation Provision for Bad Debts 3,563,733,636 3,408,778,281 821,032,244 722,263,136 4,384,765,880 4,131,041,417 61.557.635 57,383,868 4,446,323,515 4,188,425,285 Non-Core Revenue Financial Revenue 3,163,564,302 2,900,900,505 782,625,016 737,551,871 5,206,696 5,728,686 146,730,834 142,777,376 170,280,781 125,658,266 221,466 4,268,407,629 3,912,838,170 16,130,631 36,735,634 16,219,627 27,595,334 71.07% 17.58% 0.12% 3.30% 3.83% 0.00% 95.89% 0.36% 0.36% 69.23% 17.60% 0.14% 3.41% 3.00% 0.01% 93.38% 0.88% Other Revenue of the Period 4,883,069 1,699,085 0.11% 0.04% Other Loss of the period Incomes Tax 100.00% 0.66% 4,451,206,584 4,190,124,370 100.00% 4,300,757,887 3,977,169,138 96.62% 94.92% Annual Profit 150,448,697 212,955,232 3.38% 5.08%