Ratios Glaxo Smith Kline

Income Statement
Glaxo Smith Kline (GSK)

As of 31st December 2010, 2011, 2012
Rs in (000)
Description
Net sales
Cost of sales
Gross profit
Selling, marketing and distribution expenses
Administrative expenses
Other operating expenses
Other operating income
Operating Profit
Financial charges
Profit before taxation
Taxation
Profit after taxation for the year
Other comprehensive income
Fair value gain on available-for-sale investments
Reversal of deficit on revaluation of available-for-sale investments
Deferred tax thereon
Total comprehensive income
Earnings per share
Stock Price Per Share
Total outstanding shares
Net Sales Per Share
Dec 31, 2010

18,916,191
-14,063,242
4,852,949
-2,301,516
-826,236
-171,143
397,696
1,951,750
-20,026
1,931,724
-874,341
1,057,383
3,544
0
-1,240
2,304
1,059,687
4.42
88.4
31,771,778
0.60
12
Dec 31, 2011 Dec 31, 2012

21,750,147
23,149,964
-15,931,728
-17,068,949
5,818,419
6,081,015
-2,790,373
-3,046,675
-1,022,493
-771,322
-194,066
-192,617
461,927
289,207
2,273,414
2,359,608
-36,526
-47,512
2,236,888
2,312,096
-1,095,972
-992,000
1,140,916
1,320,096
0
128
-45
83
1,140,999
0
0
0
0
1,320,096
4.77
73.93
239,269,179
0.09
5.02
73.31
263,196,097
0.09
Balance Sheet
As of 31st December 2010, 2011, 2012
Rs. in (000)
Description
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Staff retirement benefits
Deferred taxation
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
Dec 31, 2010
3,429,292
131,001
3,560,293
115,240
416,452
531,692
4,091,985
SHARE CAPITAL AND RESERVES

Share capital
Reserves
Shareholder's Equity
1,964,118
8,835,696
10,799,814
TOTAL EQUITY AND LIABILITIES
14,891,799
ASSETS
NON-CURRENT ASSETS
Fixed assets
Property, plant and equipment
Intangible - Goodwill
Long-term loans to employees
Long-term deposits
Total Non-current Assets
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and prepayments
Interest accrued
Refunds due from government
Other receivables
Taxation - payments less provision
4,189,996
955,742
73,590
11,871
5,231,199
150,632
4,312,535
295,762
144,267
96,234
19,443
17,534
290,056
623,410
Investments
Cash and bank balances
Total Current Assets
901,955
2,808,772
9,660,600
TOTAL ASSETS
14,891,799
12
Dec 31, 2011
Dec 31, 2012
3,663,772
217,239
3,881,011
3,950,339
200,716
4,151,055
19,706
428,296
448,002
50,381
570,298
620,679
4,329,013
4,771,734
2,392,691
8,715,881
11,108,572
2,631,960
8,839,631
11,471,591
15,437,585
16,243,325
4,771,175
955,742
82,005
11,780
5,820,702
5,784,694
955,742
81,959
16,761
6,839,156
159,268
5,602,526
343,404
163,378
54,657
30,372
17,104
319,800
600,742
170,501
5,080,220
350,362
243,070
92,542
12,205
40,759
438,674
660,092
196,706
2,128,926
9,616,883
198,118
2,117,626
9,404,169
15,437,585
16,243,325
Vertical Analysis Of Income Statement

As of 31st December 2010, 2011, 2012
Rs. in (000)
Description
Net sales
Cost of sales
Gross profit
Operating Profit
Financial charges
Taxation
Fair value gain on available-for-sale investments
Reversal of deficit on revaluation of available-for-sale investments
Dec 31, 2010

100.00%
-74.34%
25.66%
-12.17%
-4.37%
-0.90%
2.10%
10.32%
-0.11%
10.21%
-4.62%
5.59%
0.02%
0%
-0.01%
5.60%
Earnings per share
0.00%
tement
1, 2012
Dec 31, 2011 Dec 31, 2012

100.00%
100.00%
-73.25%
-73.73%
26.75%
26.27%
-12.83%
-13.16%
-4.70%
-3.33%
-0.89%
-0.83%
2.12%
1.25%
10.45%
10.19%
-0.17%
-0.21%
10.28%
9.99%
-5.04%
-4.29%
5.25%
5.70%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.25%
5.70%
0.00%
0.00%
Vertical Analysis of Balance Sheet

As of 31st December 2010, 2011, 2012
Rs. in Rupees
Description
CURRENT LIABILITIES
Provisions
Deferred taxation
Dec 31, 2010
23.03%
0.88%
23.91%
0.77%
2.80%
3.57%
TOTAL LIABILITIES
27.48%

Share capital
Reserves
13.19%
59.33%
72.52%
100.00%
ASSETS
NON-CURRENT ASSETS
Fixed assets
Long-term deposits
28.14%
6.42%
0.49%
0.08%
35.13%
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
Loans and advances
Interest accrued
Other receivables
1.01%
28.96%
1.99%
0.97%
0.65%
0.13%
0.12%
1.95%
4.19%
Investments
TOTAL ASSETS
6.06%
18.86%
64.87%
100.00%
et
12
Dec 31, 2011
Dec 31, 2012
23.73%
1.41%
25.14%
24.32%
1.24%
25.56%
0.13%
2.77%
2.90%
0.31%
3.51%
3.82%
28.04%
29.38%
15.50%
56.46%
71.96%
16.20%
54.42%
70.62%
100.00%
100.00%
30.91%
6.19%
0.53%
0.08%
37.70%
35.61%
5.88%
0.50%
0.10%
42.10%
1.03%
36.29%
2.22%
1.06%
0.35%
0.20%
0.11%
2.07%
3.89%
1.05%
31.28%
2.16%
1.50%
0.57%
0.08%
0.25%
2.70%
4.06%
1.27%
13.79%
62.30%
1.22%
13.04%
57.90%
100.00%
100.00%
Horizontal Analysis Of Income Statement

As of 31st December 2010, 2011, 2012
Rs. in (000)
Description
Net sales
Cost of sales
Gross profit
Operating Profit
Financial charges
Taxation
Fair valueofgain
on available-for-sale
Reversal
deficit
on revaluation of investments
available-forsale investments
Earnings per share
Dec 31, 2010

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Dec 31, 2011

114.98%
113.29%
119.89%
121.24%
123.75%
113.39%
116.15%
116.48%
182.39%
115.80%
125.35%
107.90%
100.0%
0.0%
100.0%
100.0%
100.0%
0.00%
0.00%
3.63%
3.60%
107.67%
100%
107.92%
ment
12
Dec 31, 2012

122.38%
121.37%
125.31%
132.38%
93.35%
112.55%
72.72%
120.90%
237.25%
358.15%
119.69%
124.85%
0.00%
0.00%
0.00%
0.00%
124.57%
113.57%
Horizontal Analysis Balance Sheet

As of 31st December 2010, 2011, 2012
Rs. in Rupees
Description
Dec 31, 2010

CURRENT LIABILITIES
Provisions
100.00%
100.00%
100.00%
Deferred taxation
100.00%
100.00%
100.00%
TOTAL LIABILITIES
100.00%

Share capital
Reserves
100.00%
100.00%
100.00%
100.00%
ASSETS
NON-CURRENT ASSETS
Fixed assets
Long-term deposits
100.00%
100.00%
100.00%
100.00%
100.00%
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
Loans and advances
Interest accrued
Other receivables
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Investments
100.00%
100.00%
100.00%
TOTAL ASSETS
100.00%
et
12
Dec 31, 2011
Dec 31, 2012
106.84%
165.83%
109.01%
115.19%
153.22%
116.59%
17.10%
102.84%
84.26%
43.72%
136.94%
116.74%
105.79%
116.61%
121.82%
98.64%
102.86%
134.00%
100.04%
106.22%
103.67%
109.08%
113.87%
100.00%
111.43%
99.23%
111.27%
138.06%
100.00%
111.37%
141.19%
130.74%
105.73%
129.91%
116.11%
113.25%
56.80%
156.21%
97.55%
110.25%
110.25%
113.19%
117.80%
118.46%
168.49%
96.16%
62.77%
232.46%
151.24%
105.88%
21.81%
75.80%
99.55%
21.97%
75.39%
97.35%
103.67%
109.08%
Liquidity Measurement Ratios

For
2010, 2011, 2012
2010
Definition:
Current Ratio
Current Assets
Current Liabilities
2.71
Quick Ratio
Total quick assets

Current Liabilities
1.50
Current Liabilities to
Inventory Ratio
Current Liabilities
Inventory
0.83
Cash Ratio
Total cash assets

Current Liabilities
0.79
Average Inventory
Processing Period (AIPP)
365 Days
Inventory Turnover Ratio
115.84
Average Recivable
Collection Period (ARCP)
365 Days
Recivable Turnover Ratio
5.60
Averagepayable Payment
Period (APPP)
365 Days
Payable Turnover Raito
5.71
Cash Conversion Cycle
AIPP + ARCP - APPP
3.00
2.71
2.48
115.73
2.48
2.50
2.00
1.50
1.50
1.03
1.00
0.83
0.79
0.69
0.55
0.50
0.00
2010
2011
140.00
120.00
115.84
115.73
113.58
113.18
100.00
80.00
60.00
40.00
20.00
5.60
5.71
5.37
5.76
0.00
2010
2011
asurement Ratios
th Kline (GSK)
For
2011, 2012
2011
2012
9,660,600.00
3,560,293.00
2.48
9,616,883.00
3,881,011.00
2.27
9,404,169.00
4,151,055.00
5,348,065.00
3,560,293.00
1.03
4,014,357.00
3,881,011.00
1.04
4,323,949.00
4,151,055.00
3,560,293.00
4,312,535.00
0.69
3,881,011.00
5,602,526.00
0.82
4,151,055.00
5,080,220.00
2,808,772.00
3,560,293.00
0.55
2,128,926.00
3,881,011.00
0.51
2,117,626.00
4,151,055.00
365
3.15
113.58
365
3.21
114.22
365
3.20
365
65.22
5.37
365
68.01
6.92
365
52.77
365
63.95747594
5.76
365
63.33690638
5.52
365
66.07441446
Days
113.18
Days
115.61
Days
Current Ratio
Current Ratio
2.27
Quick Ratio
Current Liabilities to
Inventory Ratio
1.04
0.82
0.51
Cash Ratio
2012
115.61
114.22
Average Inventory Processing Period (AIPP)
Average Recivable Collection Period (ARCP)
Averagepayable Payment Period (APPP)
Cash Conversion Cycle

6.92
5.52
2012
Profitability Indicator R
Glaxo Smith Kline (GS
As of 31st December 2010, 2
Rs. in Rupees
Definition:
2010
Return on Assets Ratio
Net Income
Total Assets
7.10%
Return on Equity Ratio
Net Income
Owners' Equity
9.79%
Gross Profit
Net Sales
25.66%
Gross Profit Margin

Ratio
Operating Profit Margin

Ratio
Operating Profit
Net Sales
10.32%
Net Profit Margin Ratio
Net Income
Net Sales
5.59%
Basic Earnings Power

Ratio
Earnings Before Interest and Taxes

Total Assets
13.11%
30.00%
26.75%
25.66%
25.00%
20.00%
14.73%
15.00%
13.11%
9.79%
10.00%
10.32%
10.27%
10.45%
7.39%
7.10%
5.59%
5.25%
5.00%
0.00%
2010
2011
Indicator Ratios
th Kline (GSK)
mber 2010, 2011, 2012
n Rupees
2011
2012
1,057,383.00
14,891,799.00
7.39%
1,140,916.00
15,437,585.00
8.13%
1,320,096.00
16,243,325.00
1,057,383.00
10,799,814.00
10.27%
1,140,916.00
11,108,572.00
11.51%
1,320,096.00
11,471,591.00
4,852,949.00
18,916,191.00
26.75%
5,818,419.00
21,750,147.00
26.27%
6,081,015.00
23,149,964.00
1,951,750.00
18,916,191.00
10.45%
2,273,414.00
21,750,147.00
10.19%
2,359,608.00
23,149,964.00
1,057,383.00
18,916,191.00
5.25%
1,140,916.00
21,750,147.00
5.70%
1,320,096.00
23,149,964.00
1,951,750.00
14,891,799.00
14.73%
2,273,414.00
15,437,585.00
14.53%
2,359,608.00
16,243,325.00
26.27%
Gross Profit Margin Ratio

14.73%
14.53%
11.51%
Operating Profit Margin

Ratio
10.19%
8.13%
5.70%
Basic Earnings Power Ratio
2012
Debt R
ABB
Fo
2010, 20
Definition:
Total Debt Ratio
Interest Coverage Ratio
Total Liabilities
Total Assets
27.48%
Earnings Before Interest and Taxes

Interest Expense
97.46%
Capitalization Ratio
Long-Term Debs
Long-Term Debs + Owners' Equity
0.11%
Debt/Equity Ratio
Total Debts
Owners' Equity
0.05
120.00%
97.46%
100.00%
80.00%
62.24%
60.00%
40.00%
28.04%
27.48%
20.00%
0.05
0.11%
0.00%
0.11%
0.11%
0.11%
0.00%
2010
2011
Debt Ratios
ABBOT
For
2010, 2011, 2012,
2010
2011
11,871.00 +
4,091,985.00
14,891,799.00
28.04%
4,329,013.00
15,437,585.00
29.38%
1,951,750.00
2,002,600.00
62.24%
2,273,414.00
3,652,600.00
49.66%
11,871.00
10,799,814.00
0.11%
11,780.00
11,108,572.00
0.15%
531,692.00
10,799,814.00
0.04
448,002.00
11,108,572.00
0.05
11,780.00 +
Total Debt Rat
Interest Cover
Ratio
Capitalization
49.66%
Debt/Equity R
29.38%
0.11%
0.04
0.05
0.15%
0.11%
2011
0.15%
2012
2012
4,771,734.00
16,243,325.00
2,359,608.00
4,751,200.00
16,761.00 +
16,761.00
11,471,591.00
620,679.00
11,471,591.00
Total Debt Ratio

Interest Coverage
Ratio
Debt/Equity Ratio
Operating Performance Ratio

For
2010, 2011, 2012
Definition:
1
2010
Inventory Turnover Ratio =
Cost of Good Sold

Average Inventory
3.15
Recivables Turnover
Ratio
Total Sales
Account Recivale
65.22
Debtors Turnover Ratio
Total Sales
Trade Debt
63.96
Fixed Assets Turnover

Ratio
Total Sales
Property Plant and Equipment
4.51
Total Assets Ratio
Total Sales
Total Assets
1.27
Total Assets
Owners' Equity
1.30
1.41
1.43
Asset to Equity Ratio
80.00
70.00
68.01
65.22 63.96
63.34
60.00
50.00
40.00
30.00
20.00
10.00
3.15
4.51
1.27
1.30
3.21
4.56
10.00
3.15
4.51
1.27
1.30
3.21
4.56
0.00
2010
2011
1.41
1.43
rformance Ratios
th Kline (GSK)
For
2011, 2012
2011
2012
14,063,242.00
4,463,167.00
3.21
15,931,728.00
4,957,530.50
3.20
17,068,949.00
5,341,373.00
18,916,191.00
290,056.00
68.01
21,750,147.00
319,800.00
52.77
23,149,964.00
438,674.00
18,916,191.00
295,762.00
63.34
21,750,147.00
343,404.00
66.07
23,149,964.00
350,362.00
$18,916,191
$4,189,996
4.56
$21,750,147
$4,771,175
4.00
$23,149,964
$5,784,694
18,916,191.00
14,891,799.00
1.41
21,750,147.00
15,437,585.00
1.43
23,149,964.00
16,243,325.00
14,063,242.00
10,799,814.00
1.43
15,931,728.00
11,108,572.00
1.49
17,068,949.00
11,471,591.00
66.07
52.77

Recivables Turnover Ratio
Debtors Turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Ratio
1.43
3.20
4.00
1.43
1.49
1.43
3.20
4.00
2012
1.43
1.49
Investment Valuation Rati

Glaxo Smith Kline (GSK
For
2010, 2011, 2012, 2013
Profitability Ratios
2010
Definition:
Price/Sales Ratio

Net Sales per Share
148.51
Dividend Yield
Annual Dividend per Share

Stock Price per Share
0.05

Total Assets-Intangible Assets-Liabilities
0.00
Stock Price per Share

Earnings per Share
20.00
Price/Book Value Ratio =
Price/Earnings Ratio
45
39.75193628
40
35
30
25
20
14.04022471
15
10
5
0
9.20242915
7.315589354
2.287752675
0.025156007
2.696322657
0.071223931
2.287752675
0.074257733
0.025156007
0.071223931
2010
2011
0.074257733
Valuation Ratios
mith Kline (GSK)
For
011, 2012, 2013
2011
2012
$88.42
$0.60
813.29
$73.93
$0.09
833.47
$73.31
$0.09
$4.00
$88.42
0.05
$4.00
$73.93
0.05
$4.00
$73.31
$88.42
9,844,072
0.00
$73.93
10,152,830
0.00
$73.31
10,515,849
$88.42
$4.42
15.50
$73.93
$4.77
14.60
$73.31
$5.02
Price/Sales Ratio
Dividend Yield
Price/Book Value Ratio

13.46661096
12.73890518
9.20242915
7.315589354
287752675
0.074257733
Price/Earnings Ratio
2.696322657
0.078499682
0.074257733
0.078499682
2012
2013
SUMMARY OF RATIOS
For
2010, 2011, 2012, 2013
2010
2011
Ratios Name
Liquidity Measurement Ratios
S.No
1
2
3
4
5
6
7
8
Current Ratios
Quick Ratio
Current Liabilities to Inventory Ratio
Cash Ratio
Average inventory processing period (AIPP)
Average receivable collection period (ARCP)
Average payables payment period (APPP)
Cash Conversion Cycle Days
1.72
1.19
2.47
0.60
50
65
14
101
1.45
1.40
2.98
0.56
56
76
26
107
2012
2013
Average
1.25
0.80
3.33
0.49
50
62
28
84
1.08
0.74
3.88
0.39
50
57
33
74
1.38
1.03
3.17
0.51
52
65
25
91
11.42%
54.27%
70.13%
13.55%
17.27%
18.61%
$ 2.86
14.11%
72.19%
67.61%
27.61%
20.51%
19.14%
$ 3.57
10%
50%
71%
21%
16%
17%
2.66
0.77
9.98
0.64
1.78
0.79
10.16
0.67
2.39
0.77
9.15
0.63
1.90
7.28
5.91
13.05
3.09
0.66
4.75
7.30
6.37
11.01
3.23
0.69
5.11
7.11
5.67
16.04
3.05
0.68
4.78
2.29
7.43%
2.70
7.85%
2.49
6.23%
Profitability Indicator Ratios

1
2
3
4
5
6
7

Operating Profit Margin Ratio
Basic Earnings Power Ratio
Earnings per Share Ratio
1
2
3
4
Total Debt Ratio

Interest Coverage Ratio
Debt/Equity Ratio
1
2
3
4
5
6

Receivables turnover Ratio
Payables turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio
4.37%
21.69%
73.26%
13.32%
5.76%
10.49%
$ 0.97
11.80%
50.53%
73.23%
28.51%
19.21%
18.93%
$ 3.24
Financial Leverage Ratio

0.79
5.11
0.66
2.00
0.75
11.35
0.54
1.43
Operating Performance Ratios

7.37
5.60
25.92
3.09
0.76
4.97
6.48
4.80
14.19
2.81
0.61
4.28
Investment Valuation Ratios

1 Price/Sales Ratio
2 Dividend Yield
2.29
2.52%
2.70
7.12%
3 Price/Book Value Ratio

4 Price/Earnings Ratio
7.32
39.75
9.20
14.04
7.32
13.47
9.20
12.74
8.26
20.00
Dupont Analysis
ABBOT
As of 31st December 2010, 2011, 2012
USD RS. in Rupees
ABBOT
Return On Equity (ROE)
Net Income (NI)
Total Asset (TA)
Average Total Asset (Avg TA)
Shareholder Equity (ShEq)
Average Shareholder Equity (Avg ShEq)
Revenue (Rev)
Earnings before Taxes (EBT)
Earnings before Interest and Taxes (EBIT)
Formula:
DuPont is an analysis its a tool to compare a company to itself and to its competitors.
1. ROE
= (NI / Avg TA) x (Avg TA / Avg ShEq)
= ROA x Leverage
2. ROE
= (NI / Rev) x (Rev / Avg TA) x (Avg TA / Avg ShEq)
= Net Profit Margin x Asset Turnover x Leverage
3. ROE
= (NI / EBT) x (EBT / EBIT) x (EBIT / Rev) x (Rev / Avg TA) x (Avg TA / Avg ShEq)
= Tax Burden x Interest Burden x EBIT Margin x Asset Turnover x Leverage
Where:
ROE = Return on Equity
NI = Net Income
Avg TA = Average Total Assets
Avg ShEq = Average Shareholder Equity
Rev = Revenue
EBT = Earnings before Taxes
EBIT = Earnings before Interest and Taxes
ABBOT
Return On Equity (ROE)

Tax Burden
Interest Burden
EBIT Margin
Asset Turnover
Laverage
ROE
Abbot has strong ROE over the 3-years. The range is between 22% and 31%.
This range is a bit large, but is on the high side and the low is far above the 09% requirement.
is
, 2011, 2012
ees
Dec 31, 2010
21.69%
#REF!
14,891,799
4,020,700
10,799,814
2,515,112
18,916,191
1,931,724
#REF!
Dec 31, 2010
Dec 31, 2011

50.53%
#REF!
15,437,585
6,597,875
11,108,572
4,549,361
21,750,147
2,236,888
#REF!
Dec 31, 2011
Dec 31, 2012

11.42%
#REF!
16,243,325
8,367,595
11,471,591
5,946,788
23,149,964
2,312,096
#REF!
Dec 31, 2012
#REF!
#REF!
#REF!
#REF!
4.70470
1.59862
#REF!
#REF!
#REF!
#REF!
3.29654
1.45029
#REF!
#REF!
#REF!
#REF!
2.76662
1.40708
Balance Sheet
As of 31st December 2010, 2011, 2012
Rs. in (000)
Description
Dec 31, 2010
Dec 31, 2011
Dec 31, 2012
Cash Flow From Operating Activities

cash genrated from operations
financial charges pad
staff retirement benefit paid
taxes paid
increase in long term loans to employees
decrease in long term deposits
net cash generated from operating activities
3647883
-2369 -53016
-1147359
-12291
476
2433324
1402378
-205481
-1061460
-8415
91
127113
Cash Flow From Investing Activities

fixed capital expenditure
proceeds from sale of operating assets
investimetns encashed
return on investiments PIBS
net cash used in investing activities
-789884
34278
16275
-739331
-834597
93840
175000 7945 -557812
-849019
-782165
-900008
844974
-1212864
-9888
2693522
3538496
3538496
2325632
2325632
2315744
-1497581
152891
-1344690
Cash Flow From Financing Activities

Dividend Paid
Net(decrease)/Increase in cash and cash equivalents
cash and cash equivalents at beginning of the year
cash and cash equivalents at end of the year

Ratios Glaxo Smith Kline

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Ratios Glaxo Smith Kline

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Income Statement

Glaxo Smith Kline (GSK)

Dec 31, 2010

Dec 31, 2011 Dec 31, 2012

Dec 31, 2010

SHARE CAPITAL AND RESERVES

TOTAL EQUITY AND LIABILITIES

Dec 31, 2011

Dec 31, 2012

Vertical Analysis Of Income Statement

Dec 31, 2010

Total comprehensive income

Earnings per share

Dec 31, 2011 Dec 31, 2012

Vertical Analysis of Balance Sheet

Dec 31, 2010

SHARE CAPITAL AND RESERVES

TOTAL EQUITY AND LIABILITIES

Dec 31, 2011

Dec 31, 2012

Horizontal Analysis Of Income Statement

Dec 31, 2010

Dec 31, 2011

Dec 31, 2012

Horizontal Analysis Balance Sheet

Dec 31, 2010

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

TOTAL EQUITY AND LIABILITIES

Dec 31, 2011

Dec 31, 2012

Liquidity Measurement Ratios

Total quick assets

Total cash assets

Cash Conversion Cycle

AIPP + ARCP - APPP

Average Inventory Processing Period (AIPP)

Average Recivable Collection Period (ARCP)

Averagepayable Payment Period (APPP)

Cash Conversion Cycle

Return on Assets Ratio

Return on Equity Ratio

Gross Profit Margin

Operating Profit Margin

Net Profit Margin Ratio

Basic Earnings Power

Earnings Before Interest and Taxes

Return on Assets Ratio

Return on Equity Ratio

Gross Profit Margin Ratio

Gross Profit Margin Ratio

Operating Profit Margin

Net Profit Margin Ratio

Basic Earnings Power Ratio

Total Debt Ratio

Interest Coverage Ratio

Earnings Before Interest and Taxes

Total Debt Rat

Total Debt Ratio

Operating Performance Ratio

Inventory Turnover Ratio =

Cost of Good Sold

Debtors Turnover Ratio

Fixed Assets Turnover