Financial Analysis and Management of Baron Oil Plc and Aminex Oil

This report provides a comparative financial analysis of Baron Oil Plc and Aminex Oil using ratios such as profitability, liquidity, efficiency, and solvency. It also evaluates the financial strength and weakness of the companies and their trends of share price movement.

Running head: FINANCIAL ANALYSIS AND MANAGEMENT
Financial analysis and management
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1FINANCIAL ANALYSIS AND MANAGEMENT
Table of Contents
Introduction:...............................................................................................................................2
Background of company:...........................................................................................................2
Five year comparative financial performance analysis of Baron Plc and Aminex Oil using
ratios:..........................................................................................................................................2
Analysis of profitability position:..............................................................................................2
Analysis of liquidity position:....................................................................................................2
Analysis of efficiency position:.................................................................................................2
Analysis of capital structure:......................................................................................................2
Financial strength and weakness of the companies:..................................................................2
Limitation of analysis:................................................................................................................2
Conclusion:................................................................................................................................2
References:.................................................................................................................................2
Appendix:...................................................................................................................................2

2FINANCIAL ANALYSIS AND MANAGEMENT
Introduction:
The report is prepared to demonstrate the financial performances of companies over a
period of time using tool of ratio analysis. For the purpose of analysis, two companies listed
on the London stock exchange have been chosen from oil and gas sector that is Baron Oil Plc
and Aminex Oil. For the purpose of analysis, the liquidity, efficiency, solvency and
profitability position of the companies have been analysed. In addition to this, the return
generated to the shareholders has also been evaluated using ratio that would help in
determining the financial strength and weakness and trends of share price movement. Later
part of report depicts the limitation of the analysis and assumptions that have been made
while computing the ratios.
Background of company:
Baron Oil Plc is an organization that is engaged in the exploration of oil and gas that
have been incorporated and headquartered in United Kingdom. Exploration acreage is owned
by the company in Peru and UK. The results and performance of oil and gas companies is
influenced by the price of oil that is dependent upon the factors that impacts the demand and
supply in the world. Such factors cause fluctuations in the oil prices from year to year. Baron
Oil Plc has a market capitalization of 4.129 million (Baron Oil Plc 2019). In recent years,
direction of company has been changed to exploration prospects that are medium compared
to capital intensive, deep water and high risk projects. There is potential on part of company
to provide a considerable lift in the value of shareholders. Aminex Plc on other hand is a
company that is engaged in production of upstream oil and gas that intends to deliver on its
strategy to budget and time. There is increased investment on part of the group in the

3FINANCIAL ANALYSIS AND MANAGEMENT
evaluation and exploration of assets (Ali et al. 2015). The company develop, explore and
produces gas and oil reserves through its subsidiaries.
Five year comparative financial performance analysis of Baron Plc and Aminex Oil
using ratios:
Analysis of profitability position:
The profitability position of the companies have been analysed by the computation of
net profit margin, return on equity and return on total assets. Profitability ratio helps in
measuring the performance of company in terms of its ability to earn profit. An entity
experiences variation in their net product margin due to several factors. It can be seen from
the table that the net profit margin generated by Baron Oil Plc has reduced year on year from
161.24% in year 2013 to a negative value of -210.88% in year 2016 and thereafter to zero in
year 2017. This decline in the net profit margin is attributable to continuous and increasing
loss arising from the business. The negative value indicates the worse performance of
company. On other hand, net profit margin of Aminex Plc is comparatively better as against
Baron Oil Plc. Although, the figure declined continuously year on year from 1578.38% in
year 2014 to 51.26% in year 2016 and 34.34% in year 2017 respectively, the situation is
better than its competitor.
The total assets of Baron Oil have generated negative return for the consecutive four
year with the current figure standing at -29.20% in year 2017. This negative figure is
indicative of the fact that the assets of the company have not been effectively utilized to
generate profit. Now, looking at the figures of Aminex Plc, ratio is recorded at -17.85% in
year 2013 which increased to 7.08% in year 2014. There was further decline in the figure to
3.90 in year 2015 and thereafter to 1.95% in year 2017. This fall in the value depicts that the

4FINANCIAL ANALYSIS AND MANAGEMENT
efficiency of assets in generating profits have reduced. The declining trend of the ratio does
not indicate favourable scenario of the company as it reduces the amount of profits generated
(Penn and Pennix 2017). However, the performance of Aminex in generating return is better
than Baron Oil.
The ability of Baron Oil to generate profit from the investments of its stockholders is
depicted with the help of figures. It can be seen that negative return is generated from equity
in year 2014 at -47.11 which reduced to -4.74% in year 2016. However, this negative trend
continued even in year 2017 at value of – 36.10%. On other hand, return on equity generated
by Aminex Oil was negative in year 2013 at -22.30% and it increased to 8.10% in year 2014.
A negative trend continued thereafter and the figure stood at 4.45% in year 2015 and 2.38%
and 2.12% in year 2016 and 2017 respectively. This value cannot be considered desirable as
the funds of investors are not efficiently utilized.
From the analysis of the figures, it can be inferred that although the profitability
position of the both the companies is not favourable, Aminex Oil is in better position
compared to competitors and the business of former is more capable of generating profit.
Analysis of liquidity position:
Analysis of liquidity of companies helps in determining their capability to meet the
short term obligations using current assets. With the help of this ratio, investors would be
able to assess the short term financial position of the company seeking investment.
From the ratio figures computed, the current ratio has witnessed an increasing trend
over the years. Ratio for Baron Oil Plc stood at 1.675 in year 2013 which increased to 2.427
in year 2014 and 2.856 in year 2016 and further to 3.982 in year 2017 respectively. An
increase in the current ratio is considered favourable as it indicates strong short term solvency

5FINANCIAL ANALYSIS AND MANAGEMENT
position of the company. This is so because they would be able to meet short term obligations
using current assets. Figure for Aminex Oil has witnessed an increasing trend over the time
period of five years. Ratio is computed at 0.156 and 0.317 in year 2013 and 2014 and the
value reduced to 0.234 in year 2015. This figure further increased to 1.619 in year 2016 and
1.672 in year 2017 respectively. An increase in the value demonstrate desirable situation for
the company as the current assets are efficient to meet the short term obligations (Liang et al.
2017). However, if the large portion of the current assets consists of obsolete inventories,
then company with high current ratio may not be able to clear or make payment for its current
liabilities.
It is essential to make the analysis of quick ratio over the period of time and in
general, the objective of company should be to provide sufficient leverage against liquidity
given the volatility and predictability of the business. Quick ratio is considered to be more
reliable measure to assess the liquidity (Finance.yahoo.com 2019). In the given scenario of
the two companies, it can be seen that both Baron Oil and Aminex Oil has not maintained
inventory over the period of time. The inventory level of both the companies is at zero.
Therefore, the value of current ratio is the value of quick ratio. This is indicative of the fact
that no portion of current assets is illiquid. In event of presence of illiquid assets, current ratio
does not give a true position of the liquidity position of company.
Comparing the figures of baron Oil and Aminex, it can be seen that the value of
current and quick ratio of former than later. Baron Oil and Aminex Oil have been witnessing
an increasing trend. However, the figure of Baron Oil is significantly higher than the Aminex
which is suggestive of the fact that too many resources are invested by company in the
working capital that can be used elsewhere in a profitable way. Therefore, it is essential to
identify the root cause of this high figure by accounting for seasonal variations that might
result in ratio being traditionally higher.

6FINANCIAL ANALYSIS AND MANAGEMENT
Analysis of efficiency position:
Efficiency ratio helps in measuring the efficiency of the company in utilizing their
assets to generate income or sales. Investors are able to assess the operations of profitability
of company by looking at the figures of ratios. The efficiency of companies has been
evaluated by computing ratios such as total asset turnover, fixed asset turnover and days sales
outstanding (Brown et al. 2016).
Asset turnover ratio is computed for assessing their efficiency in generation of sales
from assets. Total asset turnover of Baron Oil did not witness much fluctuation from 2013 to
2015 with figures standing at 0.18 and 0.11 respectively. However, the value became zero for
two consecutive years that is 2016 and 2017. The value became negative because no revenue
was generated for these two years. Declining value of the ratio is not considered desirable as
it suggests that assets are not efficiently utilized for generating sales (Grafova et al. 2017).
Now, looking at the figure of Aminex Oil, it can be seen that the ratio that in the initial year
of analysis, value was not favourable and it became zero. However, in the later year of
analysis, there was increase in ratio from 0.04 in year 2016 and 0.06 in year 2017
respectively. This suggested that the efficiency of assets in generating sales have increased in
recent years.
Fixed asset turnover intends to assess the ability of company to generate sales from
utilization of its fixed assets over a period of time. It is always preferred to have higher ratios
than low ratios because lower ratio indicates that the company is facing some production or
management issues and they are not utilizing their assets efficiently for generating sales
(Brigham et al. 2016).
Fixed asset turnover of Baron Oil increased significantly in the initial year from 0.92
in year 2013 to 566 in year 2014 and thereafter it fell to 262 in year 2015 and continued with

7FINANCIAL ANALYSIS AND MANAGEMENT
declining trend and became zero in year 2016 and 2017 respectively. This drastic decline in
value of fixed asset turnover is indicative of the fact that the fixed assets have not been
contributing to sales generation and also the value of such assets either have been deteriorated
or fewer fixed assets have been purchased (Rabello et al. 2018). Now, looking at the figure of
Aminex Oil, it can be seen that in the initial years, the ratio declined from 0.01 in year 2013
to 0.004 in 2015. However, the ratio increased to 0.05 and 0.07 in year 2016 and 2017
respectively. This increase in value indicated that the fixed assets are being utilized for
generating sales.
By looking at the figures of days sales outstanding for Baron Oil, it can be seen that
total number of days to collect receivables increased considerably in the initial year.
However, the number declined to zero indicating that no sales are made on credit. Even if the
sales are made, cash are collected on immediate basis. On other hand, number of days to
collect receivables for Aminex witnessed declining trend with figure standing at 1267.92 in
year 2013 to 631.97 in year 2015. There was further decline in the number to 679.03 and
482.98 in year 2016 and 2017 respectively. This fall in figure suggest that company is trying
to collect its receivables on timely basis so that there are no credit issues.
Analysis of solvency position:
Solvency ratio helps in measuring the financial health and the risks associated with
any organization by measuring the proportion of the borrowed fund to the equity (Grafova et
al. 2017). For the purpose of analysing the solvency position, two ratios have been computed
that is equity ratio and debt ratio.
Debt to equity ratio of Baron Oil initially increased and it declined subsequently. It
can be seen that the figure is computed at 0.49 and 0.46 in year 2013 and 2015 compared to
0.42 and 0.24 in year 2016 and 2017 respectively. Falling debt to equity ratio is considered to

8FINANCIAL ANALYSIS AND MANAGEMENT
be desirable as it indicates low proportion of debt in proportion to equity. However, the
profits brought by the financial leverage cannot be attained by company if the ratio is low.
For Aminex Plc, ratio has declined continuously from 0.25 in year 2013 to 0.14 in year 2015
as against 0.07 and 0.09 in year 2016 and 2017 respectively. This fall in ratio is considered
favourable because it indicates that the interests of investors are protected in a better way in
the event of decline in business. Comparing the figures, it can be inferred that Aminex has
lower debt to equity ratio than Baron Oil indicating that former has favourable position in
attracting additional capital.
Debt ratio helps in measuring the financial leverage of company by assessing their
ability to pay off their liabilities using the assets. Debt ratio of Baron Oil declined from 0.33
in year 2013 to 0.32 and 0.30 in year 2015 and 2016 respectively. There was further decline
in the ratio value to 0.19 in year 2017 and this fall in ratio implies that the business is stable
and has longevity potential. However, companies with higher debt ratio are able to grow
their operations in a better way compared to equity financing. On other hand, ratio for
Aminex Plc has declined from 0.2 in year 2013 to 0.12 in year 2015. There was a further
decline in value to 0.06 and 0.08 in year 2016 and 2017 respectively. However, lower ratio is
considered favourable indicating that Aminex is in favourable position as the financial health
of company is better compared to its competitor.
Analysis of capital structure:
The return generated to the shareholder or investors is evaluated by the computation
of the ratios such as earning per share (EPS), price earnings ratio, and dividend per share and
dividend payout ratio. From the figures, it can be seen that the earning per share of Baron Oil
is recorded at 0.31 and 0.15 in year 2013 and 2015 indicating a considerable fall in value.
Ratio declined further to 0.002 in year 2016 and thereafter it increased to 0.1 in year 2017.

9FINANCIAL ANALYSIS AND MANAGEMENT
This fall in value indicates that earnings per share generated to shareholder have been falling.
A company with higher EPS implies that the financial position of company is strong and
reliable to make investment. Looking at the figure of Aminex Plc, it can be seen that the EPS
is negative with value being at 2.11 in year 2013 and 0.06 in year 2017 respectively. Loss
generated per share was negative because there was total amount of loss that was attributable
to the equity holders.
P/E ratio of Baron Oil Plc initially declined and then it increased in the later year.
Ratio stood at 5.16 in year 2013 and 3.87 in year 2014 and the value further increased to 190
in year 2016 and fell to 2.67 in year 2017 respectively. Low price earnings ratio implies that
the stocks are undervalued as the shares are trading at lower price. On other hand, P/E ratio of
Aminex Oil is recorded at negative figure because of loss generated per ordinary share. This
negative value of P/E indicates that the company is losing its money or it is generating loss
rather than profits (Karadag 2015). Comparing the figures, it can be seen that Baron Oil is in
better position with positive ratio as against Aminex Plc that is incurring loss and losing
money.
When looking at the figures of dividend payout and dividend per share, it can be seen
that the value of both the ratios stood at zero over the year of analysis. This is because of the
fact that both baron Oil and Aminex Oil have not declared dividend that is no dividend have
been paid to the shareholders. It is because of this that the value of dividend payout ratio is
recorded at zero.
Financial strength and weakness of the companies:
The trend of Aminex Plc is comparatively better than baron Oil Plc as the former
generates positive return at 2.12% in year 2017 as against the latter at -36.10% in year 2017.
It can be inferred that Aminex has better trend in terms of return on capital employed as it

10FINANCIAL ANALYSIS AND MANAGEMENT
generates positive income over the years compared to baron that is generating negative
income. Furthermore, it is indicated by the gearing ratio that the Aminex has better trend in
financial risk as against Baron Oil indicating that the business of former is more stable. When
looking at the return generated for investors, the better trend is indicated for Baron Oil as the
earning per share and price earnings ratio is positive. Although, the trend of P/E ratio is
positive but the value in the current year of analysis is low which is implying the fact that
share price is undervalued as the prices of stock is trading at lower level comparing to the
fundamentals (Weygandt et al. 2015). Investors would be prompted to buy the stocks as the
mispricing would lead to great bargain before it is corrected by the market. Higher profit is
made by investors resulting from higher prices of stock. The trend in the movement of share
price of both the companies is highly volatile and fluctuating and no clear trend can be
identified. However, in the current scenario, it can be seen that share price of both the
companies is witnessing downward trend and the earning per share of Aminex is negative
(Barr and McClellan 2018). Nevertheless, the share price trend of Aminex is more volatile as
against Baron Oil. Therefore, it would be viable to make investment in the shares of Baron
Oil and buy the stocks of the same.
Limitation of analysis:
The above figures have been computed using the tools of ratio analysis that is based
on quite a few assumptions that leads to some limitations in the identified value. It becomes
difficult to make the comparison of the numbers over a period of time if there has been
change in the rate of inflation. There would exist great variation in the actual figure reported
and the computed figures. In addition to this, the figures computed can also vary due to the
factor such as accounting policies. For any similar accounting transactions, different
accounting policies are used that makes it difficult to compare the figures. For instance, for

11FINANCIAL ANALYSIS AND MANAGEMENT
the calculation of depreciation, one company might use straight line method while other
might use diminishing method (Liang et al. 2016). Furthermore, the ways ratios are
interpreted also influence the results or the facts that have been deduced from the figure.
Conclusion:
The above report is prepared to conduct the comparative financial analysis of the
companies operating in oil and gas sector. Using several ratios, it was easy to find out the
companies which shares are worth investing for investors. While looking at different
parameters, it can be seen that the performance of Aminex Plc is better compared to Baron
Oil. However, when it comes to return generated to investor or determining the shareholder
wealth, it can be seen that Baron Oil has outperformed Aminex Plc leading investors to make
an investment in the stocks of Baron Oil Plc.

12FINANCIAL ANALYSIS AND MANAGEMENT
References and Bibliography:
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financial literacy in Malaysia. Social Indicators Research, 120(1), pp.137-156.
Aminex. (2019). Aminex. [online] Available at: http://aminex-plc.com/ [Accessed 8 Feb.
2019].
Armstrong, J. and Maclaren, J., 2018. The oil and gas sector. The Scottish economy: A living
book, pp.104-17.
Baddeley, M., 2017. Investment: Theories and Analyses. Macmillan International Higher
Education.
Baron Oil Plc. (2019). Home | Baron Oil Plc. [online] Available at:
https://www.baronoilplc.com/ [Accessed 8 Feb. 2019].
Barr, M.J. and McClellan, G.S., 2018. Budgets and financial management in higher
education. John Wiley & Sons.
Brigham, E.F., Ehrhardt, M.C., Nason, R.R. and Gessaroli, J., 2016. Financial Managment:
Theory And Practice, Canadian Edition. Nelson Education.
Brown, M., Grigsby, J., van der Klaauw, W., Wen, J. and Zafar, B., 2016. Financial
education and the debt behavior of the young. The Review of Financial Studies, 29(9),
pp.2490-2522.
Chandra, P., 2017. Investment analysis and portfolio management. McGraw-Hill Education.

13FINANCIAL ANALYSIS AND MANAGEMENT
Collier, B.L., Haughwout, A.F., Kunreuther, H.C., Michel-Kerjan, E.O. and Stewart, M.A.,
2016. Firm age and size and the financial management of infrequent shocks. National Bureau
of Economic Research.
DeFusco, R.A., McLeavey, D.W., Pinto, J.E., Anson, M.J. and Runkle, D.E.,
2015. Quantitative investment analysis. John Wiley & Sons.
DeFusco, R.A., McLeavey, D.W., Pinto, J.E., Anson, M.J. and Runkle, D.E.,
2015. Quantitative investment analysis. John Wiley & Sons.
Edwards, A., Schwab, C. and Shevlin, T., 2015. Financial constraints and cash tax
savings. The Accounting Review, 91(3), pp.859-881.
Eskerod, P., Huemann, M. and Savage, G., 2015. Project stakeholder management—Past and
present. Project Management Journal, 46(6), pp.6-14.
Finance.yahoo.com. (2019). Yahoo is now part of Oath. [online] Available at:
https://finance.yahoo.com/quote/BOIL.L/ [Accessed 8 Feb. 2019].
Grafova, T.O., Skorev, M.M., Andreeva, L.Y. and Kirischeeva, I.R., 2017. Tools of financial
management of reputational risks. European Research Studies, 20(3B), p.280.
Gupta, R., Banerjee, S. and Agrawal, S., 2018. Retailer’s Optimal Payment Decisions for
Price-dependent Demand under Partial Advance Payment and Trade Credit in Different
Scenarios. Int. J. Sci. Res. in Mathematical and Statistical Sciences Vol, 5, p.4.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises:
A strategic management approach. EMAJ: Emerging Markets Journal, 5(1), pp.26-40.
Li, C.W., 2018. The decision model on voluntary review of quarterly consolidated financial
statements. Journal of Statistics and Management Systems, 21(8), pp.1513-1528.

14FINANCIAL ANALYSIS AND MANAGEMENT
Liang, D., Lu, C.C., Tsai, C.F. and Shih, G.A., 2016. Financial ratios and corporate
governance indicators in bankruptcy prediction: A comprehensive study. European Journal
of Operational Research, 252(2), pp.561-572.
Penn, I.A. and Pennix, G.B., 2017. Records management handbook. Routledge.
Rabello, R.C.C., Nairn, K. and Anderson, V., 2018. Working within/against institutional
expectations: Exploring recommendations for social investment in the Oil and Gas
sector. The Extractive Industries and Society.
Sharan, V., 2015. Fundamentals of Financial Management, 3/e. Pearson Education India.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting.
John Wiley & Sons

15FINANCIAL ANALYSIS AND MANAGEMENT
Appendix:
Particulars 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013
Total Revenue 0 0 1048 2830 2211 6633 4934 350 444 724
Net Profit -1539 -288 -2210 -4095 3565 2278 2534 3778 7008 -17277
Total Assets 5270 8629 9716 13101 12402 117019 113595 96986 98983 96770
Total Equity 4263 6073 6651 8692 8343 107410 106353 84876 86477 77469
Net Profit Margin 0.00% 0.00% -210.88% -144.70% 161.24% 34.34% 51.36% 1079.43% 1578.38% -2386.33%
Return on Total Assets -29.20% -3.34% -22.75% -31.26% 28.75% 1.95% 2.23% 3.90% 7.08% -17.85%
Return on Equity -36.10% -4.74% -33.23% -47.11% 42.73% 2.12% 2.38% 4.45% 8.10% -22.30%
Baron Oil PLc (£ 000) Aminex Plc ( US $ 000)
Particulars 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013
Current assets 4010 7301 7164 10911 6800 15003 28746 2734 3832 2681
Current Liabilities 1007 2556 3065 4412 4059 8973 17756 11662 12081 17229
Inventories 204 235 0 0 0 0 0
Current Ratio 3.982 2.856 2.337 2.473 1.675 1.672 1.619 0.234 0.317 0.156
Quick Ratio 3.982 2.856 2.337 2.427 1.617 1.672 1.619 0.234 0.317 0.156
Baron Oil Plc Aminex Plc
Particulars 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013
Total Assets 5270 8629 9716 13104 12402 117019 113595 96986 98983 96770
Total Equity 4263 6073 6651 8692 8343 107410 106353 84876 86477 77469
Total Liabilities 1007 2556 3065 4412 4059 9609 7242 12110 12506 19301
Debt to Equity Ratio 0.24 0.42 0.46 0.51 0.49 0.09 0.07 0.14 0.14 0.25
Debt Ratio 0.19 0.30 0.32 0.34 0.33 0.08 0.06 0.12 0.13 0.20
Baron Oil Plc Aminex PLc
Particulars 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013
Total Revenue 0 1048 2830 2211 6633 4934 350 444 724
Total Assets 5270 8629 9716 13101 12402 117019 113595 96986 98983 96770
Accounts Receivable 18 2070 1712 1199 2211 8777 9179 606 1217 2515
Fixed Assets 3 4 5 2405 102016 95835 92280 92244 94089
Days' Sales Outstanding 0.00 0.00 596.26 154.64 365.00 482.98 679.03 631.97 1000.46 1267.92
Total Asset Turnover 0.00 0.00 0.11 0.22 0.18 0.06 0.04 0.004 0.004 0.01
Fixed Asset Turnover 0.00 0.00 262.00 566.00 0.92 0.07 0.05 0.004 0.005 0.01
Baron Oil Plc Aminex Plc
Particulars 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013
Particulars
Total net earnings -1539 -288 -2210 -4095 3565 2278 2534 3778 7008 -17277
Dividends 0 0 0 0 0 0 0 0 0 0
Profit after tax -1539 -288 -2210 -4095 3565 2278 2534 3778 7008 17277
Number of ordinary shares 1,37,64,09,576 1,37,64,09,576 1,37,64,09,576 1,24,60,36,407 1,15,19,95,217 35,78,729 26,00,190 19,34,014 17,04,114 8,18,658
Dividend per share 0 0 0 0 0 0 0 0 0 0
Market price per share 0.3 0.38 0.45 1.2 1.6 1.4 3.07 2.17 1 4.05
EPS 0.112 0.002 0.15 0.31 0.31 -0.06 -0.1 -0.2 -0.41 -2.11
P/E 2.678571429 190 3 3.870967742 5.161290323 -23.3333 -30.7 -10.85 -2.43902 -1.91943
DPS 0 0 0 0 0 0 0 0 0 0
Dividend payout ratio 0 0 0 0 0 0 0 0 0 0
Baron Oil PLc Aminex Plc

16FINANCIAL ANALYSIS AND MANAGEMENT
Date
Stock
Price
Monthly
Return
Stock
Price
Monthly
Return
01-01-2014 1.475 1
01-02-2014 1.4 -5.08% 0.845 -15.50%
01-03-2014 1.25 -10.71% 0.725 -14.20%
31-03-2014 1.225 -2.00% 0.84 15.86%
30-04-2014 1.3 6.12% 0.905 7.74%
31-05-2014 1.925 48.08% 0.88 -2.76%
30-06-2014 1.5 -22.08% 0.84 -4.55%
31-07-2014 1.65 10.00% 2.425 188.69%
31-08-2014 1.65 0.00% 1.935 -20.21%
30-09-2014 1.35 -18.18% 2.325 20.16%
01-11-2014 1.2 -11.11% 2.7 16.13%
01-12-2014 0.825 -31.25% 1.85 -31.48%
01-01-2015 0.95 15.15% 1.975 6.76%
01-02-2015 0.725 -23.68% 1.75 -11.39%
01-03-2015 1.1 51.72% 1.725 -1.43%
31-03-2015 1.075 -2.27% 2.125 23.19%
30-04-2015 0.8 -25.58% 1.875 -11.76%
31-05-2015 0.675 -15.63% 1.95 4.00%
30-06-2015 0.55 -18.52% 2.15 10.26%
31-07-2015 0.65 18.18% 1.725 -19.77%
31-08-2015 0.425 -34.62% 2 15.94%
30-09-2015 0.375 -11.76% 1.825 -8.75%
01-11-2015 0.45 20.00% 1.5 -17.81%
01-12-2015 0.475 5.56% 1.55 3.33%
01-01-2016 0.475 0.00% 1.325 -14.52%
01-02-2016 0.55 15.79% 1.35 1.89%
01-03-2016 0.475 -13.64% 1.4 3.70%
31-03-2016 0.625 31.58% 1.25 -10.71%
30-04-2016 0.55 -12.00% 0.975 -22.00%
31-05-2016 0.525 -4.55% 1.3 33.33%
30-06-2016 0.475 -9.52% 1.78 36.92%
31-07-2016 0.45 -5.26% 1.85 3.93%
31-08-2016 0.4 -11.11% 1.805 -2.43%
30-09-2016 0.375 -6.25% 1.985 9.97%
01-11-2016 0.375 0.00% 2.175 9.57%
01-12-2016 0.4 6.67% 2.695 23.91%
01-01-2017 0.425 6.25% 6.65 146.75%
01-02-2017 0.4 -5.88% 5.35 -19.55%
01-03-2017 0.375 -6.25% 4.875 -8.88%
31-03-2017 0.45 20.00% 3.475 -28.72%
30-04-2017 0.4 -11.11% 3.075 -11.51%
31-05-2017 0.325 -18.75% 2.675 -13.01%
30-06-2017 0.375 15.38% 4.7 75.70%
31-07-2017 0.175 -53.33% 4 -14.89%
31-08-2017 0.25 42.86% 3.9 -2.50%
30-09-2017 0.275 10.00% 3 -23.08%
Baron Aminex

17FINANCIAL ANALYSIS AND MANAGEMENT