Can we use its statements and provide financial analysis? CARREFOUR EXHIBIT 1: INCOME STATEMENT DATA , 1965-1967 (FF in Millions) LIQUIDITY RATIO ANALYSIS No PARTICULARS 1965 1966 1967 1968 1969 1970 1971 No PARTICULARS 1966 1967 1968 1969 1970 1 Revenues (all taxes included) 156 220 339 524 1025 1445 2234 1 Operating Cash flow margin 0 0.05 0.06 0.13 0.05 2 Less: value added tax 3 5 7 11 147 195 298 2 Cash ratio 0.14 0.13 0.21 0.27 0.39 3 Revenues(net of value added tax) 153 215 332 513 878 1250 1936 3 Quick ratio (Acid test ratio) 0.48 0.36 0.52 0.63 0.75 4 Starting inventory 6 6 14 17 34 65 72 4 Current ratio 0.8 0.7 0.8 0.9 1.2 5 plus: purchases 133 194 291 454 782 1063 1670 6 less: ending inventory 6 14 17 30 65 72 107 LEVERAGE RATIO ANALYSIS 7 COGS 133 186 288 441 751 1056 1635 No PARTICULARS 1966 1967 1968 1969 1970 8 Gross margin (revenue less COGS) 20 29 44 72 127 194 301 1 Debt ratio (total debt/assets) 0.15 0.16 0.14 0.08 0.14 9 Salaries 8 11 16 26 56 82 119 2 Interest coverage ratio (EBIT/Interest expense) 10 Depreciation and ammortization 2 5 4 8 15 19 32 3 Debt to Equity ratio (Total Liabilities/ Shareholders equity) 4.4 5 4.8 3.3 4.7 11 Other expenses 3 7 11 17 26 41 61 12 Operating profit 7 6 13 21 30 52 89 13 Non-operating gains (losses) -1 0 1 1 4 -5 1 14 Investment provision 0 0 0 0 -4 -7 -10 15 EBT 6 6 14 22 30 40 80 16 Income tax 3 3 7 12 14 17 36 17 EAT (net income) 3 3 7 10 16 23 44 Allocation of Proft after Tax 18 Shareholders equity 3 2 5 3 3 3 4 19 Employee profit sharing 0 0 0 4 7 10 20 20 Dividends 0 1 2 3 6 10 20 Income Statement Analysis 21 Gross profit margin (%) 13.10% 13.50% 13.30% 14.00% 14.50% 15.50% 15.50% 22 Profit/Sales(Net VAT) % 2.00% 1.40% 2.10% 1.90% 1.80% 1.80% 2.30% 23 Profit/Equity (%) 27% 22% 43% 26% 18% 23% 39% 24 Earnings/Share (FF) 8.6 8.6 20 22 27 39 75 25 Dividends/Share (FF) 0 3 6 6 10 17 34 26 Book value/Share (FF) 33 40 48 84 151 168 191 27 Market Value/Share(FF) 0 0 0 0 0 1040 1980 28 Price/Earnings Ratio 0 0 0 0 0 27 26 29 Dividend Yield (%) 0.00% 0.00% 0.00% 0.00% 0.00% 1.60% 1.70% 30 Dividend Payout ratio (%) 0% 33% 29% 30% 38% 43% 45% EXHIBIT 2: BALANCE SHEET DATA , 1965-1967 (FF in Millions) No PARTICULARS 1965 1966 1967 1968 1969 1970 1971 1 Intangible assets 0 0 0 0 4 1 1 2 Land 5 8 8 14 20 25 28 3 Building and equipment 11 22 26 50 82 136 202 4 Other fixed assets 6 9 14 21 38 52 49 5 Total Fixed assets 22 39 48 85 140 213 279 6 less: depreciation 5 8 12 10 22 35 63 7 Net fixed assets 17 31 36 75 118 178 216 8 Investments and advances to affiliates 2 3 4 5 10 12 19 9 Inventory 6 14 17 30 65 72 107 10 Accounts receivables 0 0 1 2 2 3 4 11 Other current assets 1 9 19 58 50 75 124 12 Cash 9 5 8 18 51 116 151 13 Total current assets 16 28 45 108 168 266 386 14 Total assets (TCA+net+Investment) 35 62 85 188 296 456 621 15 Shareholders equity 11 14 17 39 89 98 112 16 Special Provisions 0 0 0 0 0 1 1 17 Long term debt 3 9 14 26 25 64 64 18 Accounts payable 0 0 0 0 48 61 77 18 Trade notes 16 33 39 100 79 147 244 19 Other current liabilities 5 6 15 23 59 86 124 20 Total current liabilities 21 39 54 123 138 233 368