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9 Lassonde Industries Inc. wwwfactures and sells fruit and vegetable juices and drinks, as well as specialty food products under sich brand names as Osis, Fruite. Faitee, and Canadian Club. The company's products are distributed to wholesalers, supermarkets, and food service providers. The following information was reported in a recent annual report LASSONDE INDUSTRIES INC. Consolidated Statement of Income For the Years Ended December 31 (in thousands of Canadian dollars) 2018 2017 Sales $1.593.996 $1.526.148 1.166.159 1,088,076 Cost of sales Selling and administrative expenses (Gains) losses on capital assets J22,621 105,178 24 (596) 1.488,804 1.192,858 105,192 133.290 Operating profil Financial expenses Other gains) losses 12,216 15.136 1.110 (250) Profit before income cases 88946 121.324 24 (596) (Gains) losses on capital assets 1.488,804 1.392.858 105,192 133.290 15.136 12,216 1.110 (250) 88.946 121.324 20.931 25,826 Operating profit Financial expenses Other (gains) losses Profit before income taxes Income tax expense Profit Attributable to Company shareholders Non-controlling interest $ 68.015 $ 95.498 66.382 89.949 1.633 5.549 $ 68,013 $ 95.498 $ 9.SO s 12.87 Basic and diluted earnings per share in S) Weighted average mber of shares outstanding in thousands) 6.987 6,988 LASSANDE INDT STRIES INC CORE LASSONDE INDUSTRIES INC. Consolidated Statement of Financial Position For the Years Ended December 31, (in thousands of Canadian dollars) 2018 2017 Assets Current $ 4.575 $ 16,234 147.137 131.636 5,613 900 Cash and cash equivalents Accounts receivable Income tax recoverable Inventories Derivative instruments Other current assets 238.667 207.849 8.271 270 12,708 12.447 416.971 369.336 Total current assets 1.041 Derivative instruments 305.581 273306 Property, plant, and equipment ENG 6:00 Aa "V10, 307030 TORTCUTTENT EN Derivative instruments 1.041 273,306 305,581 271.423 199,785 Property, plant, and equipment Intangible assets Net defined benefit asset Other long-term assets 6,704 11.888 1.113 921 316,814 199.434 Goodwill $1,318,606 $1,055,711 Total assets Liabilities Current s 4.998 $ 210.203 195.578 Bank overdraft Accounts payable and accrued liabilities Income tax payable Derivative instruments 3.148 5.937 1.719 5.354 1.130 1.270 Other current liabilities 24.580 9.807 Current portion of long-term debt 2C A ENG 0 0 VO 24,580 9.807 Current portion of long term debt 240,780 222,944 Total current liabilities 102 Derivative instruments 4,228 1.114 1.007 297,267 54.959 Net defined benefit liability Long-term debt Deferred tax liabilities 158,915 44.560 1.228 Other long-term liability 596,355 430.749 Total liabilities 48,678 48.864 1.380 96,466 Shareholders' equity Share capital Contributed surplus Accumulated other reserves Retained earnings Non-controlling interest Total shareholders' equity 1,382 51,762 477,576 45,378 521.769 53.958 722.251 624,962 Page 728 LASSONDE INDUSTRIES INC. Consolidated Statement of Cash Flows (partial) For the Years Ended December 31, (in thousands of Canadian dollars) (audited) 2018 2017 $ 68,015 $95.498 20,931 25.826 14,464 11.508 Operating activities Profit Adjustments for Income tax expense Interest expense Depreciation of property, plant, and equipment and amortization of intangible assets Amortization of unearned discounts and unused tax credits Change in fair value of financial instruments Cost of the defined benefit plans recognized in profit or loss.net of contributions (Gains) losses on capital assets 48.752 45.214 (550) (279) 1.541 (19) 4.841 24 (2.457) (596) (1.697) 853 Unrealized foreign exchange (gains) losses Unrealized foreign exchange (gains) losses 853 (1. 159.142 172 Change in non-cash operating working capital items (7.822) 5 Income tax received 790 1 Income tax paid (23.696) (24 Interest received 155 Interest paid (13.922) (9 38 Settlements of derivative instruments Net cash provided by operating activities $114,685 $144 Source: Lastonde Industries Inc. Annual Report 2018 Additional information related to 2016 at year-end is as follows: Shareholders' equity $ 585.581 Total assets 1.103.641 Property, plant, and equipment 268.829 Anom Additional information related to 2016 at year end is as follows: Page 729 Shareholders' equity $ 585,581 Total assets 1,103.641 268,829 137.924 Property, plant, and equipment Accounts receivable Inventories Accounts payable and accrued liabilities 217.646 199.819 The company declared and paid a dividend of $2.34 per share during fiscal year 2017 and $3.04 per share during fiscal year 2018. The market price per share was $251.77 at December 31, 2017 and $199.22 at December 31, 2018, Required: 1. Compute the ratios discussed in this chapter for the past two years. If there is insufficient information, describe what is missing and explain what you would do 2. Assume the role of an investment adviser. A client of yours has the opportunity to invest Si million in shares of international companies. Prepare a written evaluation of relevant ratios and indicate whether you would recommend to your client that the $1 million be invested in the shares of Lassonde Industries. 9 Lassonde Industries Inc. wwwfactures and sells fruit and vegetable juices and drinks, as well as specialty food products under sich brand names as Osis, Fruite. Faitee, and Canadian Club. The company's products are distributed to wholesalers, supermarkets, and food service providers. The following information was reported in a recent annual report LASSONDE INDUSTRIES INC. Consolidated Statement of Income For the Years Ended December 31 (in thousands of Canadian dollars) 2018 2017 Sales $1.593.996 $1.526.148 1.166.159 1,088,076 Cost of sales Selling and administrative expenses (Gains) losses on capital assets J22,621 105,178 24 (596) 1.488,804 1.192,858 105,192 133.290 Operating profil Financial expenses Other gains) losses 12,216 15.136 1.110 (250) Profit before income cases 88946 121.324 24 (596) (Gains) losses on capital assets 1.488,804 1.392.858 105,192 133.290 15.136 12,216 1.110 (250) 88.946 121.324 20.931 25,826 Operating profit Financial expenses Other (gains) losses Profit before income taxes Income tax expense Profit Attributable to Company shareholders Non-controlling interest $ 68.015 $ 95.498 66.382 89.949 1.633 5.549 $ 68,013 $ 95.498 $ 9.SO s 12.87 Basic and diluted earnings per share in S) Weighted average mber of shares outstanding in thousands) 6.987 6,988 LASSANDE INDT STRIES INC CORE LASSONDE INDUSTRIES INC. Consolidated Statement of Financial Position For the Years Ended December 31, (in thousands of Canadian dollars) 2018 2017 Assets Current $ 4.575 $ 16,234 147.137 131.636 5,613 900 Cash and cash equivalents Accounts receivable Income tax recoverable Inventories Derivative instruments Other current assets 238.667 207.849 8.271 270 12,708 12.447 416.971 369.336 Total current assets 1.041 Derivative instruments 305.581 273306 Property, plant, and equipment ENG 6:00 Aa "V10, 307030 TORTCUTTENT EN Derivative instruments 1.041 273,306 305,581 271.423 199,785 Property, plant, and equipment Intangible assets Net defined benefit asset Other long-term assets 6,704 11.888 1.113 921 316,814 199.434 Goodwill $1,318,606 $1,055,711 Total assets Liabilities Current s 4.998 $ 210.203 195.578 Bank overdraft Accounts payable and accrued liabilities Income tax payable Derivative instruments 3.148 5.937 1.719 5.354 1.130 1.270 Other current liabilities 24.580 9.807 Current portion of long-term debt 2C A ENG 0 0 VO 24,580 9.807 Current portion of long term debt 240,780 222,944 Total current liabilities 102 Derivative instruments 4,228 1.114 1.007 297,267 54.959 Net defined benefit liability Long-term debt Deferred tax liabilities 158,915 44.560 1.228 Other long-term liability 596,355 430.749 Total liabilities 48,678 48.864 1.380 96,466 Shareholders' equity Share capital Contributed surplus Accumulated other reserves Retained earnings Non-controlling interest Total shareholders' equity 1,382 51,762 477,576 45,378 521.769 53.958 722.251 624,962 Page 728 LASSONDE INDUSTRIES INC. Consolidated Statement of Cash Flows (partial) For the Years Ended December 31, (in thousands of Canadian dollars) (audited) 2018 2017 $ 68,015 $95.498 20,931 25.826 14,464 11.508 Operating activities Profit Adjustments for Income tax expense Interest expense Depreciation of property, plant, and equipment and amortization of intangible assets Amortization of unearned discounts and unused tax credits Change in fair value of financial instruments Cost of the defined benefit plans recognized in profit or loss.net of contributions (Gains) losses on capital assets 48.752 45.214 (550) (279) 1.541 (19) 4.841 24 (2.457) (596) (1.697) 853 Unrealized foreign exchange (gains) losses Unrealized foreign exchange (gains) losses 853 (1. 159.142 172 Change in non-cash operating working capital items (7.822) 5 Income tax received 790 1 Income tax paid (23.696) (24 Interest received 155 Interest paid (13.922) (9 38 Settlements of derivative instruments Net cash provided by operating activities $114,685 $144 Source: Lastonde Industries Inc. Annual Report 2018 Additional information related to 2016 at year-end is as follows: Shareholders' equity $ 585.581 Total assets 1.103.641 Property, plant, and equipment 268.829 Anom Additional information related to 2016 at year end is as follows: Page 729 Shareholders' equity $ 585,581 Total assets 1,103.641 268,829 137.924 Property, plant, and equipment Accounts receivable Inventories Accounts payable and accrued liabilities 217.646 199.819 The company declared and paid a dividend of $2.34 per share during fiscal year 2017 and $3.04 per share during fiscal year 2018. The market price per share was $251.77 at December 31, 2017 and $199.22 at December 31, 2018, Required: 1. Compute the ratios discussed in this chapter for the past two years. If there is insufficient information, describe what is missing and explain what you would do 2. Assume the role of an investment adviser. A client of yours has the opportunity to invest Si million in shares of international companies. Prepare a written evaluation of relevant ratios and indicate whether you would recommend to your client that the $1 million be invested in the shares of Lassonde Industries