Please answer the following questions using the financial data provided below

Almarai Company

Latest complete financial report for Almarai Company was discussed in the course; students went over all financial statements of the company. The discussion provided a detailed reading and explanation of all items in the financial statements. Use the latest financial reports of the company available on the company website or any other source and reproduce the financial statements for the period 2017-2021in horizontal excel spread sheet format to answer all of the following questions:

1. What does the overall trend of main financial indicators over the period tell you?
2. Are there any inconsistences among the overall trends of the different indicators selected in question 1? (Explanations should be provided)
3. How the COVID-19 pandemic affected the performance of the company as reflected in the financial statements?
4. Evaluate the operational and financial leverage of the company?
5. Calculate the following indicators for the company over the whole period under analysis and comment on the results (some information is provided to guide the calculation):

1. Return on assets (ROA): This shows how profitable the business is compared to total assets. This is a critical indicator to any potential investors because it shows them how efficiently the management is using assets to generate earnings.
2. Return on equity (ROE): the indicator calculates the profit the company generates for its shareholders. It is used to compare profitability amongst businesses in the same industry. This is measured by dividing business's net income by shareholder's equity.
3. Net profit margin: Measures business's net profit relative to business total revenues. The higher the margin, the higher the efficiency of the company.
4. Economic value added (EVA): Referred to as the economic profit of a company, EVA shows the surplus profit over the WACC (weighted average cost of capital) demanded by the capital providers.
5. Market Value Added (MVA): refers to the difference between the market value of the company and the book value of the company. Positive value added indicates that the management has added value to the shareholders, the higher the MVA the higher the market valuation of the company relative to its book Value.

Assets

Fiscal year is January-December. All values SAR Millions.	2021	2020	2019	2018	2017
Cash & Short Term Investments	628	504	1,148	1,183	1,901
Cash Only	581	504	558	1,183	1,892
Total Accounts Receivable	1,580	1,543	1,455	1,472	1,409
Accounts Receivables, Net	1,404	1,276	1,129	1,123	1,042
Accounts Receivables, Gross	1,543	1,392	1,221	1,181	1,133
Bad Debt/Doubtful Accounts	-139	-115	-92	-57	-91
Other Receivables	176	267	326	349	367
Inventories	4,472	4,796	4,294	3,973	3,209
Finished Goods	540	543	455	518	519
Work in Progress	206	168	151	209	151
Raw Materials	3,450	3,831	3,440	3,037	2,419
Progress Payments & Other	275	254	249	208	119
Other Current Assets	423	447	428	462	293
Prepaid Expenses	411	393	414	441	293
Miscellaneous Current Assets	12	54	14	20	-
Total Current Assets	7,102	7,289	7,325	7,089	6,813
Net Property, Plant & Equipment	22,807	22,975	24,420	24,521	23,685
Property, Plant & Equipment - Gross	37,200	36,012	36,584	35,484	33,196
Buildings	14,777	14,541	14,825	13,112	11,992
Machinery & Equipment	16,224	15,996	15,636	14,156	13,059
Construction in Progress	1,104	472	1,136	3,349	4,262
Transportation Equipment	2,910	2,885	2,897	2,701	2,600
Other Property, Plant & Equipment	1,720	1,648	1,628	1,617	1,283
Accumulated Depreciation	14,393	13,037	12,164	10,963	9,511
Buildings	3,395	3,005	2,750	2,383	1,998
Machinery & Equipment	9,067	8,181	7,565	6,859	6,155
Transportation Equipment	1,747	1,664	1,671	1,526	1,358
Other Property, Plant & Equipment	185	187	178	195	-
Total Investments and Advances	91	219	234	123	237
LT Investment - Affiliate Companies	89	90	88	0	129
Other Long-Term Investments	2	130	146	122	108
Intangible Assets	1,129	1,218	1,093	1,006	1,018
Net Goodwill	943	942	941	934	935
Net Other Intangibles	187	275	152	71	83
Other Assets	580	607	35	33	103
Deferred Charges	580	607	35	33	103
Total Assets	31,754	32,344	33,148	32,783	31,896

Liabilities & Shareholders' Equity

All values SAR Millions.	2021	2020	2019	2018	2017
ST Debt & Current Portion LT Debt	2,791	1,258	2,301	2,363	2,259
Short Term Debt	214	193	271	205	438
Current Portion of Long Term Debt	2,576	1,065	2,031	2,159	1,821
Accounts Payable	1,324	1,197	1,404	1,432	1,593
Income Tax Payable	447	398	395	316	273
Other Current Liabilities	2,062	1,822	1,625	1,402	1,646
Accrued Payroll	305	134	123	120	-
Miscellaneous Current Liabilities	1,757	1,688	1,502	1,282	1,646
Total Current Liabilities	6,624	4,675	5,725	5,514	5,771
Long-Term Debt	7,433	10,420	11,233	12,062	12,243
Long-Term Debt excl. Capitalized Leases	7,072	10,089	10,897	11,652	12,243
Non-Convertible Debt	7,072	10,089	10,897	11,652	12,243
Provision for Risks & Charges	952	909	826	699	622
Deferred Taxes	72	67	62	26	8
Deferred Taxes - Credit	117	102	103	38	48
Deferred Taxes - Debit	45	36	41	11	40
Other Liabilities	10	4	2	7	31
Other Liabilities (excl. Deferred Income)	10	4	2	7	31
Total Liabilities	15,136	16,111	17,889	18,320	18,715
Common Equity (Total)	16,119	15,687	14,653	13,877	12,784
Common Stock Par/Carry Value	10,000	10,000	10,000	10,000	10,000
Retained Earnings	5,030	4,608	3,644	2,941	1,998
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-561	-565	-566	-612	-612
Other Appropriated Reserves	2,542	2,475	2,234	2,056	1,832
Unappropriated Reserves	-8	75	111	84	19
Treasury Stock	-884	-907	-771	-594	-453
Total Shareholders' Equity	16,119	15,687	14,653	13,877	12,784
Accumulated Minority Interest	499	547	606	586	397
Total Equity	16,618	16,234	15,259	14,463	13,181
Liabilities & Shareholders' Equity	31,754	32,344	33,148	32,783	31,896

	Financial Performance	2021	2020	2019	2018	2017
1	Cash & Short Term Investments Growth	24.69%	-56.12%	-2.99%	-37.78%	-
2	Cash & ST Investments / Total Assets	1.98%	1.56%	3.46%	3.61%	5.96%
3	Accounts Receivable Growth	2.40%	6.05%	-1.15%	4.45%	-
4	Accounts Receivable Turnover	10.03	9.95	9.86	9.21	9.89
5	Assets - Total - Growth	-1.82%	-2.42%	1.11%	2.78%	-
6	Accounts Payable Growth	10.60%	-14.69%	-1.99%	-10.10%	-
7	Current Ratio	1.07	1.56	1.28	1.29	1.18
8	Quick Ratio	0.4	0.53	0.53	0.57	0.62
9	Cash Ratio	0.09	0.11	0.2	0.21	0.33
10	Total Liabilities / Total Assets	47.67%	49.81%	53.97%	55.88%	58.67%
11	Common Equity / Total Assets	50.76%	48.50%	44.21%	42.33%	40.08%
12	Total Shareholders' Equity / Total Assets	50.76%	48.50%	44.21%	42.33%	40.08%

\fIncome Statement Evolution (Annual data) 2017 2018 2019 2020 2021 2022 25,000 . . . . . 20,000 15,000 Million SAR 10,000 5,000 Sales . Operating profit Net income Net Margin