Balance Sheet (S000) Dec 31 Industry Balance Sheet (000M 2016 2017 2018 Average % of TA % of TA % of TA Assets Current assets 6.81 % Cash 1.512 1.176 3.6 % 1097 2.3 % 6% 28.09 % 20 % Accounts receivable 6,237 10,271 31.2 % 15,919 33.4 % Inventeries 4.536 20.43% 7,838 23.8% 26.4 % 31% 12,570 Prepaid expenses 3,780 17.02% 5.140 15.6% 6,840 14.3 % 5% Total current assets 16,065 72.35 % 24,425 74.2 % 36,426 76.4% 62% 27.6 % Gross fixed assets 6.300 28.37 % 9,080 12.918 27.1 % 25% 9.0 % Less: Accumulated depreciation Net fixed assets Intangible assets 2,050 9.23 % 4.250 8.9 % 9% 2.958 28% 4,250 19.14 % 6,122 18.6 % 8,668 18.2 % 567 2.55 % 588 18% 605 4% 13 % All other noncurrent assets 1,323 S.96% 1.790 S.4% 4.2% 6% 1,985 47.684 100.0 % Total Assets 22.205 100.00% 32.92S 100.0% 100% Liabilities and Stockholders Equity Current liabilities Nates payable 1.205 5.4 % 3,243 9.8% 6.323 13.3% 4.7 % 20.9 % Current maturities-LT.D. 1,008 4.5% 1,460 4.4% 2,246 5% 16 % Accounts payables Income taxes payable 3,570 16.1% 5,958 18.1% 9.955 84 0.4 % 336 10% 336 0.7 % 9.0 % Accruals & other Non Current Liabilities 1.995 3,360 10.2 % 5.016 10.5% 8% 43.6 % Total current liabilities 7,862 35.4 % 14.357 23,876 S0.1% 36% 13 % 61 % Long-term debt 2.940 13.2% 6,100 18.5 % 9,350 19.6 % 48.6 % Total Liabilities 10.802 20.457 62.1 % 33,226 69.7 % Stockholder's equity 7.0 % Common stock Paid-in capital Retained earnings 3,360 15.1% 3,360 10.2 % 3,360 2.100 9.5% 2,100 6.4 % 2.100 4.4 % 5.943 26.8% 7,008 21.3 % 8,998 18.9 % Total stockholders' equity Total liabilities & equity 11,403 S1.4 % 12.468 37.9 % 14,458 30.3% 39% 22.205 100.0% 32.925 100.0% 47.684 100.0% 100% Industry 2016 2017 2018 Average Income Statement % of Sales % of Sales % of Sales Sales Revenue (All Sales are an account) S0,400 100% 65.100 100% 81,312 100 % 100.0%6 Less Cost of Goods Sold Gross Profit Less Operating Expenses 35,431 70% 45,872 7O% 57,098 70% 71.5% 30 % 14,969 19.228 30% 24,214 30% 28.5 % Gen & Admin and Selling 12.331 24% 15,099 23% 17,296 21% 19.6% Depreciation Expense 630 1% 908 1% 1,292 2% 3.4 % 25 % Total Operating Experses 12.961 26% 16.007 18.588 23% 23.0% Operating Income (EBIT) Less Interest Expense Earnings before taxes (EBT 2,008 3,221 5% 5,626 7% S.5% 2 % 335 1% 756 1% 1,343 1.1% 4 % 1,673 2,465 4.283 5% 4.4 % 1 % 2 % 2 % Less Income Taxes (34 %) 569 198 838 18% 1456 1.104 2% 1.627 2.827 3% 6.9 % Net Income Common Stock Dividends (000) Number shares common stock (000) 314 S62 837 1.120 1.120 1120 Earnings per Common Share (EPS) Market price per common share 17.25 18.43 17.71 Trend Industry Industry Analysis 2015-17 Analysis Financial Ratios 2016 2017 2018 2017 Average Liquidity Accounts receivables turnover (times) 8.08 6.34 5.11 9.4 Average Collection Period (days) 38.8 Inventory turnover (times) 3.8 Average days in inventory (days) 96.1 Current ratio (times) 2.04 1.70 1.53 1.6 Quick or Acid-test ratio (times) 099 0.80 0.71 0.8 Solvency 48.6 % Debt to Equity Ratio- Times interest earned (times) 62.1 % 69.7 % 0.667 5.99 4.26 4.19 3.4 Profitability Gross profit ratio (%) S.4% Profit margin (% ) [ before tax] 4.4% Asset Turnover 18 Return on assets (%) [before tax 8.0% 29.6 % Return on equity (%) [before taxl 14.7 % 19.8% 17.10 % Price to earnings ratio Cash Flow Statement 2017 2018 Cash, beginning of year Operating Activities Net Income Plus Depreciation Minus increase in accounts receivable Minus increase in inventory Minus increase in prepaid expenses Plus increase in accounts payable Plus increase in income taxes payable Plus increase in accruals & cther cur. Liab. Net Cash from operating activities Investment Activities Fixed asset acquisitions Change in intangible assets Change in all other noncurrent activities Net Cash from investing activities Financing Activities Change in notes payable Change current maturities-LT.D. Change in long-term debt Change in Com Stock & paid-in cap Dividends paid Net Cash from financing Activities Net Change in Cash Cash, end of year
