Using the attached financial statements of Aspen 2017 and 2018 compute liquidity, profitability, and activity and leverage ratios and then answer the following questions.What do liquidity, profitability activity and leverage ratios tell us about Aspen What is it that this analysis is not telling us about Aspen?What are the issues that limit the importance of ratio analysis?

Group statement of comprehensive income for the year ended 30 June 2018 Notes I'million million Revenue 21 Cost of sales 41 213 (20 991) 21 317) Gross profit 21 605 19 896 selling and distribution expenses Administrative experses 16 720 Other operating income (3 1070 Other operating expenses (2 224 2 420 celebrating 20 years operating profit 9 2:37 Group statement of financial position Financing corits (2 235) Operating profit after investment income and financing costs at 30 June 2018 Share of after-tax net profits from joint ventures 6.2 7 345 6 239 it before tax 27 7 398 (1 385) 6 011 (1 1240 Profit for the year 5 128 2018 Notes R' million i'mlion Other comprehensive income, not of tax" Net losses//gains from cash flow hedging in re Assets Currency translation gains Josse (96) 188 Non-current Remeasurement of retirement and other be benefit obligations 2 372 Intangible assets Property, plant and equipment 72 163 Total comprehensive income 8 288 1 839 Goodwill 11 368 Profit for the year attributable to Deferred tax assets Equity holders of the parent 6 010 Non-controlling interests 5 128 Contingent environmental indemnification assets 747 Other non-current assets 1 189 6 011 5 128 Total non-current assets 12 614 78 230 Total comprehensive income attributable to Equity holders of the parent Current assets Non-controlling interests 8 287 1 839 Inventories Receivables and other current assets 14 4% 13 811 14 421 13 592 B 288 1 839 Cash and cash equivalents 11 170 10 707 Earnings per share Total operating current assets 1 087 046 ZE Basic earnings per share (cents) 1 316.6 's classified as held for sale 10 135 200 ed earnings per share (cents) 316. Formeasurement of retiremers and omer am 1 123,4 Total current assets 0 22 38 110 has All other Income may be reclassified to profit and loss. Total assets 13 83 116 310 Shareholders' equity Non-distributable reserves 32 354 Share capital (net of treasury shares) Share based compensation reserve Ordinary shareholders' equity 13 141 Non-controlling interests Total shareholders' equity 0 095 13 138 celebrating 20 years Liabilities Non current liabilities Group statement of cash flows Borrowings for the year ended 30 June 2018 Other non-current liabilities 2 775 Unfavourable and onerous contracts Delamed tax labinies 1 382 1 635 Contingent environmental liabilities 2 213 2085 Retirement and other employee benefit obligations 635 570 Notes A'millio 2317 Total man-current liabilities 54 532 38 396 Current liabilities Cash flows from operating activities cash generated from operations 1 225 10 328 nd other payables 18 860 Financing costs paid other current liabilities 10 257 (2 077) parchment income received Unfavourable and onerous contracts 374 Total current liabilities 8 209 34 806 Cash generated from operating activities 7017 6 487 Total liabilities 12 74 73 2012 Cash flows from investing activities Total equity and liabilities 32 83 116 350 pital expenditure - property plant and equipment (2 1457 (1 484) oceeds on the sale of property, plant and equipment isition of residual rioted - 43 Ariel ( 147) Proceeds on the sale of intangible assets 832 Acquisition of s all subsidiaries and businesses (152) ( 428) Acquisition of joint venture for gift of deferred fixed and contingent consideration relating to prior year (4 599) Proceeds received from/investment ing other non-current angets (192) Proceeds on the sale of assets classified as held-for sale 291) Cash used in investing activities (12 813) Cash flows from financing activities Proceeds from borrowings Repayment of borrowings 19 186 25 251 Dividends paid (11 496) Treasury shares purchased ash generated from financing activities 6 333 4 956 wement in cash and cash equivalents before currency translation ummency translani 289 (526) lovement in cash and cath equivalents Cash and cash equivalents at the beginning of the year 7 188 Cash and cash equivalents at the end of the year 8 114 7 198 ank depos