The following information (in $000) has been obtained from Sandhill Limited’s financial statements for the fiscal years ended December 31.

2020			2019			2018
Total assets		$735			$587			$517
Current liabilities		93			89			94
Total liabilities		240			170			164
Total shareholders’ equity		495			426			410
Income before taxes		87			66			44
Interest expense		10			6			5
Net cash provided by operating activities		123			105			104
Net income		60			54			58
Capital expenditures for the year		30			20			15
Number of common shares outstanding		65			65			65
Taken from stock market at Dec. 31 Market price per share (not in $000)		$16.50			$12.34			$12.20

There were no preferred shares issued by Sandhill nor were there any dividends paid in any of the three years.

Calculate the following items for Sandhill Limited. (Round price earnings ratio, times interest earned ratio and free cash flow to operating cash flows answers to 1 decimal place, e.g. 52.7 and other answers to 2 decimal places, e.g. 52.75.)

2019			2020
1.		Current cash debt coverage ratio for fiscal years 2019 and 2020.			times			times
2.		Cash debt coverage ratio for fiscal years 2019 and 2020.			times			times
3.		Earnings per share for fiscal years 2019 and 2020.
4.		Price earnings ratio for fiscal years 2019 and 2020.			times			times
5.		Times interest earned ratio for fiscal years 2019 and 2020.			times			times
6.		Free cash flow to operating cash flows for fiscal years 2019 and 2020.			%			%

Comment on whether there has been improvement or deterioration from 2019 to 2020 in the six ratios calculated. Take the perspective of Sandhill’s management.

1.		Current cash debt coverage ratio for fiscal years 2019 and 2020.		select an option Deteriorated or Improved
2.		Cash debt coverage ratio for fiscal years 2019 and 2020.		select an option Deteriorated or Sightly Improved
3.		Earnings per share for fiscal years 2019 and 2020.		select an option Deteriorated or Improved
4.		Price earnings ratio for fiscal years 2019 and 2020.		select an option Deteriorated or Improved
5.		Times interest earned ratio for fiscal years 2019 and 2020.		select an option Improved or Deteriorated
6.		Free cash flow to operating cash flows for fiscal years 2019 and 2020		select an option Improved or Deteriorated