Complete table and Interpret the trend: Are the ratios improving or weakening? Or compare: Are the ratios for Fedex better or worse than the ratios for UPS (and vice-versa)?

table:summary of comparative results use exhibits 2,3 to fill in

	fedex	ups
financial ratio analysis
activity
liquidity
leverage
profitability
growth

EXHIBIT 3 Financial and Analytical Ratios for UPS UPS 2000 Activity Analysis 23.13 23.11 25.66 30.50 3481 38.57 37.68 39.67 4479 5316 54.92 51.60 267.78 4,748.29 161.79 80.63 20.39 20.81 14.51 365/receivables turmover Working capital turnover Fixed assets tumover Total asset tumover 390 11.3510.33 982 7.72 Sales/average net working captal 1.17 1.37 1.24 1.19 .18 Sales/average total assets 2.41 228 2.30 2.41 Sales/average net fixed assets 1.83 1.86 1.75 166 1.50 1.41 1.45 Liquidity Analysis Current Cash ratio Cash from operations ratio 1.03 1.00 1.04 1.09 1.35 1.32 1.46 265 158 184 0.06 .12 09 007 01201 044 150 043 0.69 0.74 056 0.66 060 0.53 0610.84 1.57 1.79 Current assets/current liab. 179 0.35 0.54 072 (Cashmkt securitiesyourr.liab. 0.73 0.77 0.53 0.61 0.84 1.01 0.84 Cash from operationsicur. 183 1.47 1.36 1.38 1.603.12 5.13 3.07 282 4.9 457 (Cash ARcash tasosy Defensive interval 4.57 (rents gross CAPEX) Long-Term Debt and Solvency Analysis 0.36 0.19 0.37 0.50 03726 Total debitotal equity 7.38 12.17 1608 1958 1683 23.15 36.41 EBITinterest expense 0.23 0.22 0.24 0.34 0.44 0.43 Times interest eamed 18.68 23.59 2085 17.19 13.71 738 12.17 16.08 0.25 0.19 19.58 16 83 23.15 3641 EBIT/rental exp. and int.exp.) 0.29 0.41 0.33 Cash from operations/CAPEX Fixed-charge coverage ratio 18.68 23.59 20.85 17.19 13.71 0.23 0.26 021 0.22 1.13 0.19 0.22 0.74 Capital expenditure ratio 0.22 Cash from operations/debt ratio 1.67 204 Profitability Analysis 1.10 092 0.76 0.75 122 22 Cash from operations/hotal debt 1.43 0.94 14.74% 3.26% 4.91% 12. 10.29% 4.96% 9.24% 12.47% 7.56% 4.05% 7.16% 15.19% 9.88% 14.61% 6on 6 7,83% 10.68% 12.81% 7.74% 3.12% 647% 8.20% 4,55% 9.10% 7.95% 4,82% 910% 9.07% 5.12% 8.65% EBIT Net incomesaes (NI + int. Margin before interest and tax 13.16% 8.65% 10.44% Net profit margin 7.02% 10.1 8% exp.)/avg, totai assets 11.69% 13.87% 20.53% 20.30% 20,25% 19.42% 14.93% 242756 7.08% 3014% 23.41% 25.55% 1as1e set 60.70% Return on assets 12.73% Return on total equity Financial leverage effedt 35, 59% 46.16% 58.39% 53.41% 60.16% 36.82% 39.72% 107.00% 61.51% 56.55% 62.38% Net income operating income Growth 92-93 93-94 "94-95 "95-'96 96-97 97-98 98-'99 '99-00 '00-01 '01-02 02-03 CAGR (92-03) Sales Book assets Net income bef unusual (gain) loss Net income 7.65% 5.93% 5.82% 56.86% 14.08% 10.08% 16.80% 16.51% 16.51% 6.74% 7.51% 13.08% 10.57% 10.57% 39.21% 6.29% 18.26% 98896 9.88% (6.33%) 0.40% 6.41% (20.68%) (20.68%) (16.31%) 10.37% 7.26% 91.53% 91.53% 81.98% 9.13% 35.01% (49.28%) (49.28%) 29.06% 10.05% (5.99%) 232.28% 232.28% 13.39% 2.94% 13.73% (17.35%) (18.23%) (14.02%) 2.04% 6.95% 34.19% 32.64% 3.01% 7.08% 9.68% (10.94%) (8.93%) 10.01% 7.32% 8.12% 14.25% 18.83% 12.35% (92403) (92-03) (92-03) (92-03 income Source of data: DataStream (Thomson Financial)