For financial institution, Vertical Analysis-Undefined Relevant Ratios and Discussion of Your Findings of Vertical Analysis - Discuss briefly your vertical analysis findings, which are calculated automatically on the spreadsheet under the vertical analysis tab. Then, identify any key ratios that you think impact vertical analysis. (20 points)

INCOME STATEMENT	2015	2014	2013	2012
-	----------	----------	----------	----------
Net Sales	100.00%	100.00%	100.00%	100.00%
Less: Cost of Goods Sold	4.36%	4.56%	5.13%	5.90%
	----------	----------	----------	----------
Gross Profit	95.64%	95.44%	94.87%	94.10%
Other Operating Revenue	0.00%	0.00%	0.00%	0.00%
Less: Operating Expenses	50.19%	48.80%	48.32%	47.07%
	----------	----------	----------	----------
Operating Income	45.45%	46.64%	46.55%	47.03%
Less: Interest Expense	2.13%	2.06%	2.28%	4.09%
(no capitalized interest)
Other Income (Expenses)	-19.83%	-17.06%	-17.06%	-21.13%
Unusual or Infreq. Item;
Gain (Loss)	0.00%	0.00%	0.00%	0.00%
Equity in Earnings of Assoc.;
Profit (Loss)	0.00%	0.00%	0.00%	0.00%
	----------	----------	----------	----------
Income before Taxes	23.49%	27.52%	27.21%	21.81%
Less:Taxes Related to Operations	7.46%	8.99%	9.20%	6.21%
	----------	----------	----------	----------
N.I. before Min. Ern.	16.02%	18.53%	18.01%	15.60%
Minority Share of Earnings (Loss)	0.00%	0.00%	0.00%	0.00%
	----------	----------	----------	----------
N.I. before Nonrecurring Items	16.02%	18.53%	18.01%	15.60%
Oper. of Discontinued Segment;
Income (Loss)	0.00%	0.00%	0.00%	0.00%
Disposal of Discont. Segment;
Gain (Loss)	0.00%	0.00%	0.00%	0.00%
Extraordinary Item;
Gain (Loss)	0.00%	0.00%	0.00%	0.00%
Cum. Effect of Acct Change;
Gain (Loss)	0.00%	0.00%	0.00%	0.00%
	----------	----------	----------	----------
Net Income (Loss)	16.02%	18.53%	18.01%	15.60%
=	=	=	=	=
BALANCE SHEET	2015	2014	2013	2012
-	---------	---------	---------	---------
ASSETS
Current Assets:
Cash	18.03%	18.71%	18.78%	19.91%
Marketable Securities	0.00%	0.00%	0.00%	0.00%
Gross Receivables	0.30%	0.29%	0.40%	0.45%
Less: Allowance for Bad Debts	0.00%	0.00%	0.00%	0.00%
Net Trade Receivables	0.30%	0.29%	0.40%	0.45%
Inventories	0.00%	0.00%	0.00%	0.00%
Prepaid Expenses	0.00%	0.00%	0.00%	0.00%
Other Current Assets	0.00%	0.00%	0.00%	0.00%
	---------	---------	---------	---------
Total Current Assets	18.33%	19.00%	19.18%	20.36%
Long-Term Assets:
Net Tangible (Fixed) Assets (other than construction in progress)	0.90%	1.00%	1.07%	0.95%
Construction in Progress	0.00%	0.00%	0.00%	0.00%
Intangible Assets	3.64%	3.78%	3.91%	3.69%
Investments	73.00%	72.07%	71.23%	70.40%
Other Nonoperating Assets	4.14%	4.16%	4.61%	4.60%
Other Operating Assets	0.00%	0.00%	0.00%	0.00%
	---------	---------	---------	---------
Total Long-Term Assets	81.67%	81.00%	80.82%	79.64%
Total Assets	100.00%	100.00%	100.00%	100.00%
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	0.08%	0.07%	0.09%	0.12%
Short Term Loans	5.31%	4.90%	4.81%	6.85%
Current Maturity of L.t. Debt	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	2.42%	2.39%	2.74%	2.54%
	---------	---------	---------	---------
Total Current Liabilities	7.80%	7.36%	7.64%	9.51%
Long-Term Liabilities:
Long-term Debt	0.00%	0.00%	0.00%	0.00%
Reserves	0.00%	0.00%	0.00%	0.00%
Deferred Liabilities	0.00%	0.00%	0.00%	0.00%
Minority Interest	0.00%	0.00%	0.00%	0.00%
Redeemable Preferred	0.00%	0.00%	0.00%	0.00%
Other Long-term Liabilities	54.74%	55.53%	57.15%	56.38%
	---------	---------	---------	---------
Total Long-term Liabilities	54.74%	55.53%	57.15%	56.38%
Total Liabilities	62.55%	62.89%	64.79%	65.89%
Shareholders' Equity:
Preferred Equity	0.00%	0.00%	0.00%	0.00%
Common Equity-incl. Ret. Ern.	0.00%	0.00%	0.00%	0.00%
	---------	---------	---------	---------
Total Equity	0.00%	0.00%	0.00%	0.00%
Total Liabilities and Equity	62.55%	62.89%	64.79%	65.89%
=	=	=	=	=