LISTS OF FINANCIAL RATIOS 2013

LIQUIDITY RATIOS
a. Current Ratio 0.15
b. Acid test / Quick Ratio 0.15
c. Cash Ratio 0.03
d. Net Working Capital - 7,024,955,798.00

MANAGEMENT EFFICIENCY RATIOS

a. Receivable Turnover 2.09
b. Days Sales Outstanding / Receivable Turnover in Days 174
c. Total Asset Turnover 0.08

UNDERWRITING RATIOS
a. Loss rate ratio 0.68
b. Expense ratio 0.36
c. Combined ratio 1.05

LEVERAGE RATIOS
a. Debt Ratio 0.50
b. Equity Ratio 0.50
c. Debt - Equity Ratio 1.01
d. Times Interest Earned 33.67

PROFITABILITY RATIOS
a. Return on Revenue 0.19
b. Return on Assets 0.02
c. Return on stockholders' Equity 0.03

VALUATION AND GROWTH RATIOS

a. Earning per Share 82.40
b. Price - Earnings Ratio 1.51
c. Dividend Pay-out Ratio 0.04
d. Divident Yield Ratio 0.02
e. Book Value per Share 100.00
 2014 2015 2016 2017

0.15 0.23 0.56 0.61

0.15 0.23 0.56 0.61
0.02 0.05 0.08 0.07
- 6,363,904,855.00 - 7,110,215,179.00 - 3,661,712,503.00 - 4,254,268,113.00

1.79 1.65 1.37 1.34

203 222 267 272
0.07 0.09 0.08 0.09

0.48 0.30 0.48 0.53

0.40 0.33 0.35 0.34
0.87 0.63 0.82 0.87

0.46 0.45 0.38 0.44

0.54 0.55 0.61 0.56
0.84 0.82 0.63 0.79
46.03 130.71 39.10 11.06

0.05 0.29 0.14 0.06

0.003 0.03 0.01 0.01
0.01 0.05 0.02 0.01

19.35 171.59 88.63 45.95

6.42 0.72 1.40 2.70
0.23 0.02 0.03 0.07
0.04 0.02 0.02 0.02
100.00 100.00 100.00 100.00
FINANCIAL RATIO
YEAR 2013
1 LIQUIDITY RATIOS

a. Current Ratio a. Current Ratio

CURRENT ASSETS
CURRENT LIABILITIES

b. Acid test / Quick Ratio b. Acid test / Quick Ratio

(CASH +Receivables+ Short-term investments+MARKETABLE SECURITIES)
CURRENT LIABILITIES

c. Cash Ratio c. Cash Ratio

(CASH + MARKETABLE SECURITIES)
CURRENT LIABILITIES

d. Net Working Capital d. Net Working Capital

CURRENT ASSETS - CURRENT LIABILITIES
 YEAR 2013 YEAR 2014 YEAR 2015

a. Current Ratio a. Current Ratio a. Current Ratio

1,241,220,887 1,152,189,886.00 2,117,767,079.00
8,266,176,685 7,516,094,741.00 9,227,982,258.00
0.1502 0.1533 0.2294940562
b. Acid test / Quick Ratio b. Acid test / Quick Ratio b. Acid test / Quick Ratio
1,241,220,887 1,152,189,886.00 2,117,767,079.00
8,266,176,685 7,516,094,741.00 9,227,982,258.00
0.1502 0.1533 0.2294940562
c. Cash Ratio c. Cash Ratio c. Cash Ratio
264,290,247.00 124,098,211.00 476,773,294.00
8,266,176,685 7,516,094,741.00 9,227,982,258.00
0.032 0.0165 0.0516660393
d. Net Working Capital d. Net Working Capital d. Net Working Capital
1,241,220,887 1,152,189,886.00 2,117,767,079.00
8,266,176,685 7,516,094,741.00 9,227,982,258.00
- 7,024,955,798 - 6,363,904,855.00 - 7,110,215,179.00
 YEAR 2016 YEAR 2017
(restated)

a. Current Ratio a. Current Ratio

4,589,910,103.00 6,675,591,014.00
8,251,622,606.00 10,929,859,127.00
0.5562433381 0.6107664277
b. Acid test / Quick Ratio b. Acid test / Quick Ratio
4,589,910,103.00 6,675,591,014.00
8,251,622,606.00 10,929,859,127.00
0.5562433381 0.6107664277
c. Cash Ratio c. Cash Ratio
697,279,348.00 763,984,610.00
8,251,622,606.00 10,929,859,127.00
0.084502089 0.0698988524
d. Net Working Capital d. Net Working Capital
4,589,910,103.00 6,675,591,014.00
8,251,622,606.00 10,929,859,127.00
- 3,661,712,503.00 - 4,254,268,113.00
FINANCIAL RATIO

2 MANAGEMENT EFFICIENCY RATIOS

a. Receivable Turnover
NET CREDIT SALES
( AVERAGE ACCOUNTS RECEIVABLE

b. Days Sales Outstanding / Receivable Turnover in Days

360 OR 365 DAYS
RECEIVABLE TURNOVER

c. Inventory Turnover
COST OF SALES
AVERAGE INVENTORY

d. Days Inventory Outstanding / Inventory Turnover in Days

360 OR 365 DAYS
INVENTORY TURNOVER

e. Accounts Payable Turnover

NET CREDIT PURCHASES
AVE. ACCOUNTS PAYABLE

f. Days Payable Outstanding / Accounts Payable Turnover in Days

360 OR 365 DAYS
ACCOUNTS PAYABLE TURNOVER

g. Operating Cycle
DAYS INVENTORY OUTSTANDING
DAYS SALES OUTSTANDING

h. Cash Conversion Cycle

OPERATING CYCLE - DAYS PAYABLE OUTSTANDING

i. Total Asset Turnover

NET SALES
AVERAGE TOTAL ASSETS
 YEAR 2013 YEAR 2014

a. Receivable Turnover a. Receivable Turnover

1,283,041,308 1,220,446,147.00
613,060,853 680,380,862.00
2.09 1.79
b. Days Sales Outstanding / Receivable Turnover in Days b. Days Sales Outstanding / Receivable Turnover in
365 365
2.09 1.7937690714
174.40 203.48
c. Inventory Turnover c. Inventory Turnover

0 -
n/a n/a
d. Days Inventory Outstanding / Inventory Turnover in Days d. Days Inventory Outstanding / Inventory Turnove

n/a n/a

e. Accounts Payable Turnover e. Accounts Payable Turnover

0
n/a n/a
f. Days Payable Outstanding / Accounts Payable Turnover in Days f. Days Payable Outstanding / Accounts Payable Tur

n/a n/a

g. Operating Cycle g. Operating Cycle

0 0

n/a n/a
h. Cash Conversion Cycle h. Cash Conversion Cycle
n/a n/a

i. Total Asset Turnover i. Total Asset Turnover

1,283,041,308.00 1,220,446,147.00
15,415,684,875.00 0 17,424,251,588.00
0.08 0.07
 YEAR 2014 YEAR 2015

a. Receivable Turnover
1,754,249,196.00
0 1,066,406,758.50 0
1.6450094507
nding / Receivable Turnover in Days b. Days Sales Outstanding / Receivable Turnover in Days
365
1.6450094507
221.8832237404
c. Inventory Turnover

0 - 0
n/a
utstanding / Inventory Turnover in Days d. Days Inventory Outstanding / Inventory Turnover in Days

n/a

e. Accounts Payable Turnover

0 - 0
n/a
tanding / Accounts Payable Turnover in Days f. Days Payable Outstanding / Accounts Payable Turnover in Days

n/a

g. Operating Cycle
0

n/a
h. Cash Conversion Cycle

i. Total Asset Turnover

1,754,249,196.00
0 19,786,228,547.00 0
0.0886601098
 YEAR 2016 YEAR 2017

a. Receivable Turnover a. Receivable Turnover

1,914,913,718
1,401,083,787 0
1.37
b. Days Sales Outstanding / Receivable Turnover in Days b. Days Sales Outstanding / Receivable T
365
1.366737476
267.0593339352
c. Inventory Turnover c. Inventory Turnover

- 0
n/a
d. Days Inventory Outstanding / Inventory Turnover in Days d. Days Inventory Outstanding / Invento

-
n/a
e. Accounts Payable Turnover e. Accounts Payable Turnover

- 0
n/a
over in Days f. Days Payable Outstanding / Accounts Payable Turnover in Days f. Days Payable Outstanding / Accounts P
-
n/a

g. Operating Cycle g. Operating Cycle

-
n/a
h. Cash Conversion Cycle h. Cash Conversion Cycle

i. Total Asset Turnover i. Total Asset Turnover

1,914,913,718.00
22,732,344,552.00 0
0.0842374051
 YEAR 2017

a. Receivable Turnover
2,255,289,478.00
1,681,537,186.00 0
1.3412070198
b. Days Sales Outstanding / Receivable Turnover in Days
365
1.3412070198
272.1429239471
c. Inventory Turnover

- 0
n/a
d. Days Inventory Outstanding / Inventory Turnover in Days

n/a
e. Accounts Payable Turnover

- 0

f. Days Payable Outstanding / Accounts Payable Turnover in Days

g. Operating Cycle

n/a
h. Cash Conversion Cycle

i. Total Asset Turnover

2,255,289,478.00
24,571,452,383.00 0
0.0917849479
FINANCIAL RATIO

3 LEVERAGE RATIOS

a. Debt Ratio
TOTAL LIABILITIES
TOTAL ASSETS

b. Equity Ratio
TOTAL EQUITY
TOTAL ASSETS

c. Debt - Equity Ratio

TOTAL LIABILITIES
TOTAL EQUITY

d. Times Interest Earned

EBIT (Earnings Before Interest and Taxes)
INTEREST EXPENSE
 YEAR 2013 YEAR 2014

a. Debt Ratio a. Debt Ratio

8,659,209,403.00 8,030,194,545.00
17,257,500,380.00 17,591,002,796.00
0.5017649841 0.4564944158
b. Equity Ratio b. Equity Ratio
8,598,290,977.00 9,560,808,251.00
17,257,500,380.00 17,591,002,796.00
0.4982350159 0.5435055842
c. Debt - Equity Ratio c. Debt - Equity Ratio
8,659,209,403.00 8,030,194,545.00
8,598,290,977.00 9,560,808,251.00
1.0070849459 0.8399074988
d. Times Interest Earned d. Times Interest Earned
177,694,122.00 113,514,206.00
5,277,529.00 2,466,298.00
33.6699470529 46.0261517465
 YEAR 2015 YEAR 2016 YEAR 2017

a. Debt Ratio a. Debt Ratio a. Debt Ratio

9,926,484,960.00 8,855,048,305.00
21,981,454,298.00 23,037,076,676.00
0.4515845415 0.3843824644
b. Equity Ratio b. Equity Ratio b. Equity Ratio
12,054,969,338.00 13,963,132,567.00
21,981,454,298.00 23,037,076,676.00
0.5484154585 0.6061156441
c. Debt - Equity Ratio c. Debt - Equity Ratio c. Debt - Equity Ratio
9,926,484,960.00 8,855,048,305.00
12,054,969,338.00 13,963,132,567.00
0.8234351064 0.6341734752
d. Times Interest Earned d. Times Interest Earned d. Times Interest Earned
647,899,199.00 288,225,185.00
4,956,957.00 7,371,069.00
130.7050270963 39.1022231646
 YEAR 2017

11,529,139,701.00
26,105,828,090.00
0.441630875

14,576,688,389.00
26,105,828,090.00
0.558369125
ebt - Equity Ratio
11,529,139,701.00
14,576,688,389.00
0.7909299694
imes Interest Earned
137,919,072.00
12,464,882.00
11.0646111211
FINANCIAL RATIO

4 PROFITABILITY RATIOS YEAR 2013

a. Gross Profit Rate a. Gross Profit Rate

GROSS PROFIT
NET SALES

b. Return on Sales b. Return on Sales

NET INCOME
NET SALES

c. Return on Assets c. Return on Assets

NET INCOME
AVERAGE TOTAL ASSETS

d. Return on stockholders' Equity d. Return on stockholders' Equity

NET INCOME
AVERAGE STOCKHOLDERS' EQUITY
YEAR 2013 YEAR 2014

a. Gross Profit Rate a. Gross Profit Rate

n/a n/a

n/a n/a
b. Return on Sales b. Return on Sales
247,212,151.00 58,061,090.00
1,283,041,308.00 1,220,446,147.00
0.1926766889 0.04757366
c. Return on Assets c. Return on Assets
247,212,151.00 58,061,090.00
15,415,684,875.00 17,424,251,588.00 0
0.01603640 0.003332200
d. Return on stockholders' Equity d. Return on stockholders' Equity
247,212,151.00 58,061,090.00
8,005,076,707.00 9,079,549,614.00 0
0.0308819216 0.0063947104

increase in total assets Page 77

increase in AR Page 77
increase in other CA Page 77
increase in AP page 78
increase in Equity page 79
#VALUE!
 YEAR 2015 YEAR 2016

a. Gross Profit Rate a. Gross Profit Rate

n/a

n/a
b. Return on Sales b. Return on Sales
514,774,181.00
1,754,249,196.00
0.2934441596
c. Return on Assets c. Return on Assets
514,774,181.00
19,786,228,547.00 0
0.026016791
d. Return on stockholders' Equity d. Return on stockholders' Equity
514,774,181.00
10,807,888,794.50 0
0.0476294853
 YEAR 2016 YEAR 2017

a. Gross Profit Rate a. Gross Profit Rate

n/a n/a

n/a n/a
b. Return on Sales b. Return on Sales
265,877,941.00 137,847,000.00
1,914,913,718.00 2,255,289,478.00
0.1388459117 0.0611216437
c. Return on Assets c. Return on Assets
265,877,941.00 137,847,000.00
22,732,344,552.00 0 24,571,452,383.00 0
0.011696019 0.005610047
d. Return on stockholders' Equity d. Return on stockholders' Equity
265,877,941.00 137,847,000.00
13,205,221,220.50 0 14,379,358,380.00
0.0201343042 0.00958645

increase in total assets

increase in AR
increase in other CA
increase in AP
increase in Equity
 0

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FINANCIAL RATIO

5 VALUATION AND GROWTH RATIOS YEAR 2013

a. Earning per Share a. Earning per Share

(NET INCOME - PREFERRED DIVIDENDS) 247,212,151.00
AVERAGE COMMON SHARES OUTSTANDING 3,000,000.00
82.40
b. Price - Earnings Ratio b. Price - Earnings Ratio
MARKET PRICE PER SHARE 124.17
EARNINGS PER SHARE 82.40
1.51
c. Dividend Pay-out Ratio c. Dividend Pay-out Ratio
DIVIDEND PER SHARE 3.00
EARNING PER SHARE 82.40
0.04
d. Divident Yield Ratio d. Divident Yield Ratio
DIVIDEND PER SHARE 3.00
MARKET PRICE PER SHARE 124.17
0.02
e. Book Value per Share e. Book Value per Share
COMMON SHE (SHAREHOLDERS' EQUITY) 300,000,000.00
AVERAGE COMMON SHARE 3,000,000.00
100.00
 YEAR 2014 YEAR 2015 YEAR 2016

a. Earning per Share a. Earning per Share a. Earning per Share

58,061,090.00 514,774,181.00 265,877,941.00
3,000,000.00 3,000,000.00 3,000,000.00
19.3536966667 171.5913936667 88.6259803333
b. Price - Earnings Ratio b. Price - Earnings Ratio b. Price - Earnings Ratio
124.17 124.17 124.17
19.3536966667 171.5913936667 88.6259803333
6.42 0.72 1.40
c. Dividend Pay-out Ratio c. Dividend Pay-out Ratio c. Dividend Pay-out Ratio
4.5 3 3
19.3536966667 171.5913936667 88.6259803333
0.2325137196 0.0174833943 0.0338501192
d. Divident Yield Ratio d. Divident Yield Ratio d. Divident Yield Ratio
4.5 3 3
124.17 124.17 124.17
0.04 0.02 0.02
e. Book Value per Share e. Book Value per Share e. Book Value per Share
300,000,000.00 300,000,000.00 300,000,000.00
3,000,000.00 3,000,000.00 3,000,000.00
100 100 100
 YEAR 2017

a. Earning per Share

137,847,000.00
3,000,000.00
45.949
b. Price - Earnings Ratio
124.17
45.949
2.70
c. Dividend Pay-out Ratio
3
45.949
0.0652897778
d. Divident Yield Ratio
3
124.17
0.02
e. Book Value per Share
300,000,000.00
3,000,000.00
100
UNDERWRITING RATIOS 2013 2014 2015

a. Loss ratio
Net claim 876,803,306.00 579,809,443.00 529,453,594.00
Premiums earned 1,283,041,308.00 1,220,446,147.00 1,754,249,196.00
0.68 0.48 0.30
b. Expense ratio
operating expense 465,444,367.00 486,295,749.00 584,453,594.00
premiums earned 1,283,041,308.00 1,220,446,147.00 1,754,249,196.00
0.36 0.40 0.33
c. Combined ratio
net claims+expenses 1,342,247,673.00 1,066,105,192.00 1,113,907,188.00
premiums earned 1,283,041,308.00 1,220,446,147.00 1,754,249,196.00
1.05 0.87 0.63
 2016 2017

912,347,108.00 1,199,564,651.00
1,914,913,718.00 2,255,289,478.00
0.48 0.53

661,347,108.00 770,200,173.00
1,914,913,718.00 2,255,289,478.00
0.35 0.34

1,573,694,216.00 1,969,764,824.00
1,914,913,718.00 2,255,289,478.00
0.82 0.87
Taxes Payable
2015 209,861,198.00
2016 197,377,384.00
2017 295,032,182.00