The key drivers of your firm's past economic profit (Abnormal OI) are Return on Net operating assets (RNOA), cost of capital and Net operating assets (NOA). The two key accounting drivers of RNOA are Profit margin (PM) and Asset turnover (ATO). The key accounting drivers of your firm's Free cash flow (OI - NOA) are Operating income (OI) and Net operating assets (NOA).

Comment on what is driving or causing your firm's economic profit and Free cash flow over the past four years to be at the levels they are. If your firm's economic profit and Free cash flow are negative (or positive), what is causing them to be negative (or positive)? If they are large numbers, what is causing them to be so large? If they are small numbers, what is causing them to be so small? If they changed a lot over these years, why did they? If they stayed much the same, why was this?

Comment on your firm's key accounting drivers, what is driving your firm's economic profit and Free cash flow. Which are the most important or critical?

What similarities or differences are there between your different firms' key accounting drivers? What similarities or differences are there between the economic profit and Free cash flow of your different firms? Why is this? What is causing these similarities or differences? What insights have you gained by 'breaking into bits' your firm's financial statements? What insights have you not gained?

Include your commentary on your firm's ratios and what is driving your firm's economic profit and Fee cash flow.

ABC
RATIOS
Years ended 30 June
		2019	2020	2021	2022
Profitability Ratios
Net Profit Margin	Net profit after tax/Sales	-137.2%	-100.8%	-19.9%	-41.1%
Return on Assets	Net profit after tax/Total assets	-72.6%	-52.5%	-13.8%	-52.3%
Efficiency (or Asset Management) Ratios
Total Asset Turnover Ratio	Sales/Total assets	0.53	0.52	0.69	1.27
Current Asset Turnover Ratio	Sales/Current assets	0.8	0.9	1.3	2.5
Liquidity Ratios
Current Ratio	Current assets/Current liabilities	3.5	6.4	2.8	3.0
Quick Ratio 1	(Current assets - inventory - prepayments)/Current liabilities	2.8	5.5	2.2	1.5
Quick Ratio 2	(Current assets - inventory - prepayments - receivables)/Current liabilities	2.3	4.6	1.5	1.0
Financial Structure Ratios
Debt/Equity Ratio	Debt/Equity	2395%	115%	151%	308%
Equity Ratio	Equity/Total assets	4.0%	46.5%	39.9%	24.5%
Times Interest Earned	Earnings before interest & tax/Interest	(3)	(1)	15	(77)
Market Ratios
Earnings per Share (EPS)	Net profit after tax/Number of issued shares	(10.54)	(3.38)	(1.52)	(18.42)
Dividends per Share (DPS)	Dividends/Number of issued shares	0.00	0.00	0.00	0.00
Dividend Yield Ratio	Dividends per share/Market price per share	0.00	0.00	0.00	0.00
Price Earnings Ratio	Market price per share/Earnings per share	(0)	(0)	(0)	(0)
Net Asset Backing per Share Ratio	Net assets (ie Total equity)/Number of shares issued	0	0	0	0
Market/Book Ratio	Market price per share/Net asset backing per share	135	6	8	8
Ratios Based on Reformulated Financial Statements
Dividend Payout Ratio	Dividends/Comprehensive income (CI)	0%	0%	0%	0%
Return on Equity (ROE)	Comprehensive Income (CI)/Shareholders' equity	-1820%	-113%	-35%	-213%
Return on Net Operating Assets (RNOA)	Operating income (OI) after tax/Net operating assets	-120%	-54%	-38%	-86%
Net Borrowing Cost (NBC)	Net financial expenses after tax/Net financial obligations	-59%	763%	63%	-4%
Profit Margin (PM)	OI after tax/Sales	-96%	-45%	-25%	-40%
Operating Liability Leverage (OLLEV)	Operating liabilities/Net operating assets	0.43	0.40	0.60	0.44
Financial Leverage (FLEV)	Net financial obligations/Shareholders' equity	9.49	(0.08)	0.14	1.41
Return on Operating Assets (ROOA)	(OI after tax + implicit interest after tax)/Operating assets	-83%	-37%	-22%	-58%
Operating Liability Leverage Spread (OLSPREAD)	ROOA - short-term borrowing rate (after tax)1	-88%	-37%	-22%	-58%
Asset Turnover (ATO)	Sales/Net operating assets	1.26	1.22	1.53	2.16
Growth in Sales	Change in sales/Prior period's sales2	-58%	20%	20%	12%
Growth in Operating Income	Change in OI after tax/Prior period's OI after tax	4	-44%	-33%	81%
Growth in Net Operating Assets	Change in NOA/Opening NOA	4	24%	-4%	-20%
Growth in Shareholders' Equity	Change in shareholders' equity/Opening shareholders' equity	4	1317%	-23%	-62%
Free Cash Flow	YES - NOA	4	(3,675,390)	(1,594,092)	(2,304,133)
Implicit interest after tax	Short-term borrowing rate (after tax)1 x Operating liabilities	86,474	99,603	142,115	83,597
Economic profit	(RNOA - cost of capital3) x NOA	-5156426	-3110659	-2194773	-3577667