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SIPACORE LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets $81 $200 504 497 2,1271,573 1,201 4,105 3,831 3,230

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SIPACORE LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets $81 $200 504 497 2,1271,573 1,201 4,105 3,831 3,230 $6,232 $5,404 $4,431 $30 907 1,190 Cash Accounts receivable 698 794 Inventory Total current assets Property, plant, and equipment (net) Total assets Liabilities and Shareholders Equity Liabilities Current liabilities $596 $553 $499 3,047 2,303 1,508 3,643 2,856 2,007 Non-current liabilities Total liabilities Shareholders' equity Common shares Retained earnings 1,590 1,549 1,425 2,589 2,548 2,424 Total liabilities and shareholders' equity $6,232 $5,404 $4,431 Total shareholders equity SIPACORE LTD Income Statement Year Ended December 31 (in thousands) Sales (all on credit) Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income 2018 2017 2016 $4,533 $3,963 $3,581 2,508 2,116 1,787 2,0251,8471,794 1,447 1,472 1,489 305 71 234 59 $290$184 $175 578 191 387 97 375 129 246 62 The company paid all dividends as soon as they were declared and has only issued common shares. There are no preferred shares. Retained earnings at the beginning of 2016 were $1.4 million. Calculate the cash dividends declared and dividend payout ratio for each year. (Round payout ratio to 1 decimal place, e.g. 5.290.) 2016 2017 2018 Dividends declared (in thousands)$ Payout ratio Calculate the asset turnover for each of the three years. Assume that total assets at the end of 2015 were equal to total assets at the end of 2016. Multiply the asset turnover for each year by the profit margin for each year from part (c) above to determine the return on assets for each year. (Round asset turnover to 2 decimal palces, e.g. 5.26 and return on assets to 1 decimal place, e.g. 5.2%.) 2016 2017 2018 times times times Asset turnover Return on assets Calculate the return on common shareholders' equity for each year. Assume that common shareholders' equity at the end of 2015 was equal that amount for 2016 . (Round answers to 1 decimal place, e.g. 5.296.) 2016 2017 2018 Return on common shareholders' equity 9/%

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