Standardised Balance Sheets 2018 2019 2020 2021 Cash and marketable securities Trade receivables Inventory Otrher current assets Total Current Assets 16,082 14,071 185,645 28,208 244,006 62,327 20,424 203,816 2,155 288,722 15,653 23,939 248,023 15,476 303,090 58,027 26,913 283,737 747 369,424 Non-current tangible assets Non-current intangible assets Other non-current assets Deferred tax assets Total non-current assets TOTAL ASSETS 229,219 0 3,667 8,441 241,327 485,333 226,869 17,254 10,650 16,889 271,662 560,385 243,624 21,433 8,543 12,754 286,353 589,443 283,237 25,511 8,672 27,328 344,749 714,173 724 Current debt Trade payables Other current liabilities Total current liabilities 7,338 118,801 0 126,139 88,437 43,030 132,190 51,300 111,616 21,928 184,844 151,205 78,102 229,307 103,409 107,714 334 127,733 3,874 Non-current debt Other non-current liabilities Deferred taxes Total Non-current liabilities Total Liabilities 95,311 13,236 0 108,547 234,686 108,048 240,238 103,409 288,253 131,607 360,914 Minority Interest Shareholders' Equity TOTAL LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 1,253 249,394 485,333 485,333 1,601 318,546 560,385 560,385 1,506 299,684 589,443 589,443 1,766 351,492 714,173 714,173 Standardised Income Statements 2019 2020 2021 Sales Cost of Sales Gross Profit 1,409,109 1,561,527 1,892,831 (909,155) (1,013,273) (1,196,113) 499,954 548,254 696,718 (297,113) 10,534 (93,952) (339,251) 9,226 (109,202) (444,761) 7,196 (121,706) SG&A Other Operating Income Other Operating Expenses Other operating expenses (income) Operating Profit Investment Income Other Income Other expenses 119,423 2,530 18,830 (434) 109,026 2,733 9,459 137,447 3,542 347 (13,595) Earnings before Interest and Tax Interest Income Interest expense Interest Income (expense) Profit before tax Tax expense Profit for the year Attributable to: Shareholders of parent Minority interest 140,350 2,934 (8,107) (5,174) 135,176 (37,849) 97,327 121,218 4,226 (9,981) (5,755) 115,464 (32,330) 83,134 127,741 2,190 (9,711) (7,521) 120,220 (33,662) 86,558 96,840 487 97,327 82,718 416 83,134 86,126 433 86,558 Please use the first Dupont decomposition (week 7 of the course) to calculate the following items for each of the three years (6) (1) What is Schokking's ROA for each year and what is the trend? (4 marks) (ii) What is Schokking's CEL for each year and what does it explain? (4 marks) (iii) What is Schokking's CSL for each year and what does CSL explain? (4 marks) Please use the second Dupont decomposition (week 7 of the course) to calculate the following items for each of the three years (No explanations are necessary) (1) Schokking's operating ROA for each year (3 marks) Schokking's Effective Interest Rate (net) for each year (3 marks) (iii) Schokking's spread for each year (3 marks) (iv) Schokking's Net Financial Leverage for each year (3 marks) (v) Schokking's UROE for each year (3 marks) (vi) Use your answers to these questions in (b) to compute Schokking's ROE for each year (3 marks) (11 Total 30 Marks Question 5 is on the next page Standardised Balance Sheets 2018 2019 2020 2021 Cash and marketable securities Trade receivables Inventory Otrher current assets Total Current Assets 16,082 14,071 185,645 28,208 244,006 62,327 20,424 203,816 2,155 288,722 15,653 23,939 248,023 15,476 303,090 58,027 26,913 283,737 747 369,424 Non-current tangible assets Non-current intangible assets Other non-current assets Deferred tax assets Total non-current assets TOTAL ASSETS 229,219 0 3,667 8,441 241,327 485,333 226,869 17,254 10,650 16,889 271,662 560,385 243,624 21,433 8,543 12,754 286,353 589,443 283,237 25,511 8,672 27,328 344,749 714,173 724 Current debt Trade payables Other current liabilities Total current liabilities 7,338 118,801 0 126,139 88,437 43,030 132,190 51,300 111,616 21,928 184,844 151,205 78,102 229,307 103,409 107,714 334 127,733 3,874 Non-current debt Other non-current liabilities Deferred taxes Total Non-current liabilities Total Liabilities 95,311 13,236 0 108,547 234,686 108,048 240,238 103,409 288,253 131,607 360,914 Minority Interest Shareholders' Equity TOTAL LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 1,253 249,394 485,333 485,333 1,601 318,546 560,385 560,385 1,506 299,684 589,443 589,443 1,766 351,492 714,173 714,173 Standardised Income Statements 2019 2020 2021 Sales Cost of Sales Gross Profit 1,409,109 1,561,527 1,892,831 (909,155) (1,013,273) (1,196,113) 499,954 548,254 696,718 (297,113) 10,534 (93,952) (339,251) 9,226 (109,202) (444,761) 7,196 (121,706) SG&A Other Operating Income Other Operating Expenses Other operating expenses (income) Operating Profit Investment Income Other Income Other expenses 119,423 2,530 18,830 (434) 109,026 2,733 9,459 137,447 3,542 347 (13,595) Earnings before Interest and Tax Interest Income Interest expense Interest Income (expense) Profit before tax Tax expense Profit for the year Attributable to: Shareholders of parent Minority interest 140,350 2,934 (8,107) (5,174) 135,176 (37,849) 97,327 121,218 4,226 (9,981) (5,755) 115,464 (32,330) 83,134 127,741 2,190 (9,711) (7,521) 120,220 (33,662) 86,558 96,840 487 97,327 82,718 416 83,134 86,126 433 86,558 Please use the first Dupont decomposition (week 7 of the course) to calculate the following items for each of the three years (6) (1) What is Schokking's ROA for each year and what is the trend? (4 marks) (ii) What is Schokking's CEL for each year and what does it explain? (4 marks) (iii) What is Schokking's CSL for each year and what does CSL explain? (4 marks) Please use the second Dupont decomposition (week 7 of the course) to calculate the following items for each of the three years (No explanations are necessary) (1) Schokking's operating ROA for each year (3 marks) Schokking's Effective Interest Rate (net) for each year (3 marks) (iii) Schokking's spread for each year (3 marks) (iv) Schokking's Net Financial Leverage for each year (3 marks) (v) Schokking's UROE for each year (3 marks) (vi) Use your answers to these questions in (b) to compute Schokking's ROE for each year (3 marks) (11 Total 30 Marks Question 5 is on the next page