Z-Score

1. explain its trend during the last five years.

2. Interpret Z-Score analysis of the last five years - what drives your companys Z-Score to increase or decrease?

Altman's Z-Score Ratios Matson Inc. A.P. Moller - Maersk A/S Class B Numerator Denominator Ratio Numerator Denominator Ratio Liquidity Working Capital Total Assets Ratio Working Capital Total Assets Ratio FY-2021 92.10 3693.10 0.02 13.71 72.27 0.19 FY-2020 -205.60 2900.60 -0.07 2.68 56.12 0.05 FY-2019 -147.10 2845.40 -0.05 1.87 55.40 0.03 FY-2018 -52.40 2430.40 -0.02 7.42 56.64 0.13 FY-2017 -20.30 2247.50 -0.01 9.32 63.23 0.15 Cumulative Profitability Retained Earnings Total Assets Ratios Retained Earnings Total Assets Ratios FY-2021 1353.50 3693.10 0.37 41.00 72.27 0.57 FY-2020 658.10 2900.60 0.23 26.22 56.12 0.47 FY-2019 504.20 2845.40 0.18 24.32 55.40 0.44 FY-2018 460.00 2430.40 0.19 28.85 56.64 0.51 FY-2017 381.50 2247.50 0.17 26.84 63.23 0.42 Profitabilitiy EBIT Total Assets Ratios EBIT Total Assets Ratios FY-2021 1193.90 3693.10 0.32 19.674 72.27 0.27 FY-2020 286.40 2900.60 0.10 4.186 56.12 0.07 FY-2019 130.30 2845.40 0.05 1.725 55.40 0.03 FY-2018 166.40 2430.40 0.07 0.627 56.64 0.01 FY-2017 149.40 2247.50 0.07 0.641 63.23 0.01 Financial Structure Book Value of Equity Book Value of Total Liabilities Ratio Book Value of Equity Book Value of Total Liabilities Ratio FY-2021 1667.40 2025.70 0.82 45.59 26.68 1.71 FY-2020 961.20 1939.40 0.50 30.85 25.26 1.22 FY-2019 805.70 2039.70 0.40 28.84 26.56 1.09 FY-2018 755.30 1675.10 0.45 33.39 23.24 1.44 FY-2017 678.20 1569.30 0.43 31.43 31.80 0.99 Capital Turnover Rate Sales Total Assets Ratio Sales Total Assets Ratio FY-2021 3925.30 3693.10 1.06 61.787 72.27 0.85 FY-2020 2383.30 2900.60 0.82 39.74 56.12 0.71 FY-2019 2203.10 2845.40 0.77 38.89 55.40 0.70 FY-2018 2222.80 2430.40 0.91 39.019 56.64 0.69 FY-2017 2046.90 2247.50 0.91 30.945 63.23 0.49 Altman's Z-Score Matson Inc. Coeffiencent 0.717 0.847 3.107 0.42 0.998 Liquidity Cumulative Profitability Profitability Financial Strucutre Capital Turnover Rate Z-Score FY-2021 0.02 0.31 1.00 0.35 1.06 2.74 FY-2020 -0.05 0.19 0.31 0.21 0.82 1.48 FY-2019 -0.04 0.15 0.14 0.17 0.77 1.19 FY-2018 -0.02 0.16 0.21 0.19 0.91 1.46 FY-2017 -0.01 0.14 0.21 0.18 0.91 1.43 A.P. Moller - Maersk A/S Class B Coeffiencent 0.717 0.847 3.107 0.42 0.998 Liquidity Cumulative Profitability Profitability Financial Strucutre Capital Turnover Rate Z-Score FY-2021 0.14 0.48 0.85 0.72 0.85 3.03 FY-2020 0.03 0.40 0.23 0.51 0.71 1.88 FY-2019 0.02 0.37 0.10 0.46 0.70 1.65 FY-2018 0.09 0.43 0.03 0.60 0.69 1.85 FY-2017 0.11 0.36 0.03 0.42 0.49 1.40