Group balance sheet At 31 December 21318 2017' Note 053m US$m Non-cu rrent assets Goodwill 12 912 1,037 Intangible assets 13 2.779 3.119 Property, plant and equipment 14 56,361 62,093 Investments in equity accounted units 15 4.299 4,486 Inventories 16 152 161] Deferred tax assets 17 3.137 3,395 Trade and other receivables 18 1,585 1,724 Tax recoverable B 31] Other financial assets (including loans to equity accounted units) 20 B14 51 D 70.04? 76,554 Cu rrenl assets Inventories 16 3,447 3,472 Trade and other receivables 18 3,179 3,443 Tax recoverable 77' 129 Other financial assets (including Loans to equity accounted units) 20 2,692 1,084 Cash and cash equivaLents 21 10.773 10,551] 2611163 13.5?3 Assets of disposal groups held for sale 19 734 494 Totalassels 50,949 95,726 Cu rrenl liabilities Borrowings and other financial Liabilities 22 (1,073) (904) Trade and other payables 25 (6.600) (7,061) Tax payable (1.342) (1 ,985) Provisions including post-retirement benefits 26 (1,053) (1.275) (10.571) (11.225) Non-cu rrerl'l liabilities Borrowings and other financial Liabilities 22 (12,847} (15,143) Trade and other payables 25 (B41) (855) Tax payable {348) (263) Deferred tax liabilities 17 (3,573) (3.628) Provisions including post-retirement benefits 26 (12,552} (13.367) (30.251) (33,262) Liabilities of disposal groups held for sale 19 (294) 124)_ Total liabilities (41,126) (44,611} Net assets 49,823 51,115 Capital and reserves Share capital Rio Tinto ch 27 211 220 Rio Tinto Limited 28 3.477 4,140 Share premium account 4.312 4,306 Other reserves 29 3.651 12,284 Retained earnings 29 27,1125 23.761 Equity attributable to owners of Ilia Tinto 43,686 44,711 Attributable to non-controLLing interests 6.137 6,404 Total equity 49.523 51.115 Group income statement Years ended 31 December 2013 21117 2016 Note US$m US$m US$m Consolidated operations Consolidated sales revenue 2.3 40,522 40,030 33,781 Net operating costs (excluding items shown separately) 4 (27,115) (26,983) (26,799) Impairment charges 6 (132) (7'96) (249) Net gains on consolidation and disposal of interests in businesses 2,37 4,622 2,344 515 Exploration and evaluation costs 13 (488) (445) (497) Profitr'(loss) relating to interests in undeveloped projects 13 271 (15) 44 Operating profit 17,687 14.135 6,795 Share of profit after tax of equity accounted units 7 513 339 321 Prot before nance items and taxation 18,200 14,474 7,116 Finance items Net exchange gainsl(losses) on US external debt and intragroup balances 704 (601) 611 Net (lossesh'gains on derivatives not qualifying for hedge accounting (57) 33 (24) Finance income 8 249 141 89 Finance costs 8 (552) (848) (1 ,111) Amortisation of discount (377) (383) (338) (33) (1 ,658} (773) Prot before taxation 18.167 12,816 6,343 Taxation 9 (4,242) (3.965) (1,567) Prot after tax for the year 13,525 8,851 4,776 attributable to owners of Rio Tinto (net earnings) 13,638 8,762 4,617 attributable to non-controlling interests 287 89 159 Basic earnings per share 10 793.2: 490.4c 25 6.9c Diluted earnings per share 10 787.6c 486.9c 255.3c Group cash flow statement Years ended 31 December 2018 2017 Note US$m US$m 2016 US$m Cash flows from consolidated operations(") 15,655 16,670 11,368 Dividends from equity accounted units 800 817 253 Cash flows from operations 16,455 17,487 11,621 Net interest paid(b) 612) 897) (1,294) Dividends paid to holders of non-controlling interests in subsidiaries (420) 399 ) (341) Tax paid (3,602) (2,307 (1,521) Net cash generated from operating activities 11,821 13,884 8,465 Cash flows from investing activities Purchases of property, plant and equipment and intangible assets (5,430) (4,482) (3,012) Disposals of subsidiaries, joint ventures, unincorporated joint operations, and associates 37 7,733 2,675 761 Purchases of financial assets() (1,572) (723) (789) Sales of financial assets() 19 40 582 Sales of property, plant and equipment and intangible assets 586 138 354 Net funding of equity accounted units (9) (3) (12) Acquisitions of subsidiaries, joint ventures and associates 37 (5) Other investing cash flows (1 ) (18) 12 Net cash generated/(used) in investing activities 1,321 (2,373) 2,104) Cash flows before financing activities 13,142 11,511 6,361 Cash flows from financing activities Equity dividends paid to owners of Rio Tinto 11 (5,356) (4,250) (2,725) Proceeds from additional borrowings 54 18 4,413 Repayment of borrowings(b) (2,300) (2,795) (9,361) Proceeds from issue of equity to non-controlling interests 85 170 101 Own shares purchased from owners of Rio Tinto (5,386) (2,083) Purchase of non-controlling interests 37 194) (23) Other financing cash flows (48) (7) 104 Net cash flows used in financing activities (12,951) 9,141 (7,491) Effects of exchange rates on cash and cash equivalents 151 (12) (35) Net increase/(decrease) in cash and cash equivalents 342 2,358 (1,165) Opening cash and cash equivalents less overdrafts 10,54 8,189 9,354 Closing cash and cash equivalents less overdrafts 21 10,889 10,547 8,189 (a) Cash flows from consolidated operations Profit after tax for the year 13,925 8.851 ,776 Adjustments for: - Taxation 4,242 3,965 1,567 - Finance items 33 1,658 773 Share of profit after tax of equity accounted units 513) 339) (321) - Net gains on consolidation and disposal of interests in businesses 37 (4,622) 2,344) (515) Impairment charges 132 796 249 Depreciation and amortisation 4,015 4,375 4,794 - Provisions (including exchange differences on provisions) 1,011 535 1,417 Utilisation of provisions 620) 714) (627) Utilisation of provision for post-retirement benefits 26 (219) (339) (370) Change in inventories (587) (482) 292 Change in trade and other receivables (421) (138) (794) Change in trade and other payables 47 421 229 Other items'd (1,197) 425 (102) 15,655 16,670 11,368GRADED ! QUESTIONS : 1) Download the comparative Balance Sheets, Income Statements and Statements of Cash Flows for year ending December 31, 2018 and 2017 (or other year-end ) and insert them in the space provided on the answer sheet. ( 20 points ) 2) A)Calculate the four ratios (*) for both year 2018 and year 2017. (40 points ) B) By evaluating all four ratios together and changes between 2018 and 2017 write an overall, general, short comment on the company. (40 points ) (*): In case you need an " average number "to calculate a ratio, but you don't have the second year to calculate the average, use that year's "total " number as average. ( for ex.: for "average total assets" for 2017