Exhibit 1

Financial Statements (in millions of US dollars)

2015 2016 2017 2018 2019

Revenue 190.5 185.6 209.8 248.3 271.8
Cost of Goods Sold 136.9 135.8 156.8 189.3 212.1
Gross Profit 53.6 49.8 53.0 59.0 59.7
Selling and General Expenses 18.8 28.8 38.3 47.5 47.0
Operating Profit 34.8 21.0 14.7 11.5 12.7
Net Interest Expense 0.9 0.5 7.0 6.1 5.6
Pretax Profit 33.9 20.5 7.7 5.4 7.1
Taxes 7.8 5.0 1.9 1.4 1.7
Net Profit 26.1 15.6 5.9 4.0 5.4

Cash and Cash Equivalents 10.5 9.8 10.5 10.4 8.5

Accounts Receivable 10.0 9.7 10.1 13.8 15.0
Inventory 6.7 7.7 8.4 10.9 12.0
Other Current Assets 3.6 3.2 4.6 6.9 7.7
Current Assets 30.8 30.4 33.6 42.0 43.2
Net Property, Plant, and Equipment 92.0 89.9 264.4 275.5 289.0
Other Fixed Assets 47.1 47.6 48.9 46.6 49.7
Total Assets 169.9 167.9 346.9 364.1 381.9

Accounts Payable 12.2 13.4 15.4 14.4 12.3

Wages Payable 12.4 14.4 13.8 13.7 15.0
Other Payables 8.1 7.8 5.6 6.6 8.3
Current Liabilities 32.7 35.6 34.8 34.7 35.6
Debt 29.5 9.1 183.0 196.3 207.8
Shareholders’ Equity 107.7 123.3 129.1 133.1 138.5
Total Liabilities and Shareholders’ Equity 169.9 167.9 346.9 364.1 381.9
Growth and Returns
Revenue Growth
Return on Assets
Return on Net Assets
Return on Equity

Margins
Gross Margin
SG&A Percentage
Operating Margin
Net Profit Margin

Asset Efficiency
Asset Turnover
PPE Turnover
NWC Turnover
AR Days (DSO)
Inv Days (DIO)
AP Days (DPO)

Leverage
Debt / Total Capital

Summary Accounts (in millions of US dollars)

NOPAT (t = 25%)
Net Working Capital
Net Assets
Note: NOPAT is net operating profit after tax; SG&A is selling, general, and administrative expenses; PP&E
accounts receivable; Inv is inventory; COGS is cost of goods sold; AP is accounts payable; DSO is days sales
outstanding.
Net Fixed asset
Net Fixed asset= Total asset Purchase Price+capital improvement) - (accumulated depreciation
 2015 2016 2017 2018 2019

[percentage change in revenue] 5.50%

[net profit / total assets] 0.15362 0.092615 0.016864 0.010959 0.014192
[NOPAT / net assets] 0.190233 0.119048 0.035325 0.026184 0.027505
[net profit / shareholders’ equity] 0.24234 0.126166 0.045314 0.02998 0.039131

[gross profit / revenue] 0.281365 0.268319 0.252622 0.237616 0.219647

[SG&A expenditures / revenue] 0.098688 0.155172 0.182555 0.191301 0.172921
[operating profit / revenue] 0.182677 0.113147 0.070067 0.046315 0.046726
[net profit / revenue] 0.137008 0.083782 0.027884 0.016069 0.019941

[revenue / total assets] 1.121248 1.10542 0.604785 0.681956 0.711705

[revenue / net PP&E] 2.070652 2.064516 0.793495 0.90127 0.940484
[revenue / net working capital] -100.2632 -35.69231 -174.8333 34.0137 35.76316
[accounts receivable / revenue × 365] 19.1601 19.07597 17.5715 20.28594 20.14349
[inventory / COGS × 365] 17.8634 20.69588 19.55357 21.0169 20.65064
[accounts payable / COGS × 365] 32.52739 36.0162 35.84821 27.76545 21.1669

[debt / (debt + shareholders’ equity)] 0.215015 0.068405 0.586351 0.595962 0.600029

[operating profit × (1 − tax rate)] 26.1 15.75 11.025 8.625 9.525

[current assets − current liabilities] -1.9 -5.2 -1.2 7.3 7.6
[net working capital + net fixed assets] 137.2 132.3 312.1 329.4 346.3
x; SG&A is selling, general, and administrative expenses; PP&E is net property, plant, and equipment; NWC is net working capital; AR is
is cost of goods sold; AP is accounts payable; DSO is days sales outstanding; DIO is days inventory outstanding; and DPO is day payables

139.1 137.5 313.3 322.1 338.7

Price+capital improvement) - (accumulated depreciation+Fixed Asset Laibilities)
 1) Is the business healthy? Why or why not?

2) Comment on the operating performance.

3) Analyze the performance using DuPont analysis. (RoA &

RoE decomposition)

4) What would you recommend to improve the

performance?

et working capital; AR is
and DPO is day payables
Name Roll No.
Prathiba P Nair 48
Sandra Vinod 49
Sheetal AV 54
Sudani Sai Himavanth 51
TP Anju 52