In XYZ's annual report to shareholders, the company's CEO wrote: "19x3 was a very good year for our company. Sales, operating profit and our assets grew 20%, equal to the immediately preceding year and evidence of the company's good prospects." Below are the company's Balance Sheets and Income Statements for the last fiscal years, as well as the value of selected financial ratios for the industry in which company XYZ operates (calculated with the average balance sheet data at the beginning and end of the period where applicable). Calculate the main financial ratios using the average of the Balance Sheet accounts for the ratios that require it. Based on the result of this calculation, do you agree with the opinion of the company's CEO? Justify your answer. Show the entire procedure performed and formulas used.

19x2 19x3 86 400 43 200 129 600 72 000 36 000 108 000 216 000 19x1 60 000 30 000 90 000 180 000 360 000 36 000 87 300 75 000 259 200 Balance Sheet 19x0 50 000 25 000 75 000 150 000 300 000 30 000 45 000 75 000 150 000 150 000 300 000 Cash and banks Accounts receivable Inventories Net fixed assets Total Assets Accounts payable Short-term debt Long-term bonds Total Liabilities Shareholders' equity Total Liabilities and Shareholders' Equity 432 000 518 400 43 200 51 840 141 957 75 000 260 157 214 432 75 000 341 272 198 300 161 700 360 000 177 128 171 843 432 000 518 400 Income Statement 19x0 Sales Cost of sales* Gross profit 19x1 19x2 19x3 100 000 120 000 144 000 (55 000) (66 000) (79 200) 45 000 54 000 64 800 Operating expenses Interest Income before taxes (15 000) (18 000) (21 600) (10 500) (19 095) (34 391) 19 500 16 905 8 809 Income taxes (40%) Net income (7 800) 11 700 (6 762) 10 143 (3 524) 5 285 *Includes depreciation for (15 000) (18 000) (21 600) Profit/equity Net Margin Gross Margin Operating Margin Current Ratio Debt Ratio Acid Test Interest Coverage Asset turnover Inventory turnover Days accounts receivable Industry Average 8,40% 14,40% 46% 29% 1,5 55% 0,75 4 0,4 0,75 70