Analyzing Cash Flow Statements

This assignment requires you to analyze the provided cash flow statements for a company over several years. You will need to examine different sections of the statement, including operating activities, investing activities, and financing activities. Pay close attention to the net cash changes and identify trends or patterns in the data. Your analysis should provide insights into the company's financial health and its ability to generate cash flow.

Running Head: Financial analysis and management
1
Project report: Financial analysis and management

Financial analysis and management 2
Introduction:
It is requisite for every investor and the financial analyst to evaluate the position of
the market as well as the company to identify the bets market situation and the company to
invest their amount. Various techniques and methods have been invented through which it
becomes easy for the analyst as well as the investor to identify and analyze the market and
make a better decision about the performance and the situation of the company.
In this report, Marshall Motor Holdings Plc has been analyzed to identify that how
this company is performing in the market in context of the financial information. This
analysis has been done to make a decision about investment or not to invest into the business
of the company. For this, various ratio analysis, financial analysis and market situation of the
company has been analyzed so that a better decision could be made and it becomes easy for
the investors to analyze the position of the investments in the company.
More, in this report, competitive company of Marshal Motor Holdings plc which is
Lookers plc has also been analyzed and it has been found that how this company is
performing in the market and what is the current position of this company in the market? The
best company has been evaluated according to the market position in this report.
Company overview:
Firstly, the study has been done over the background, mission and vision of both the
companies which are as follows:
Marshal Motor holdings plc:
MARSHAL MOTOR HOLDINGS PLC is operating its business into the London
stock exchange. The main business and functions of this company is to sales the new and old
vehicles as well as repair them to enhance their utilization timing. This company also
provides the commercial vehicle and passenger vehicle on lease. Currently, this company has
total 103 franchises all over the world which has dealt with around 24 brands of the vehicle
and this company is operating its business in 25 countries in which 86 sites are managing by
this company (Home, 2017). The main mission and vision of this company is to maintain the
good relationship with the current clients and grab the entire car dealership market through
dealing with every brand.
Lookers plc:

Financial analysis and management 3
LOOKERS PLC is operating its business into the London stock exchange. The main
business and functions of this company is car dealership chain. This company reveals about
various motor brands. Currently, this company has diversifies its market into various
countries and it is enhancing its market through cracking the various new deals with various
car making companies (Home, 2017). The main mission and vision of this company is to
maintain the good relationship with the current clients and make new deals with the car
manufacturing companies so that the market share of the company could be enhanced.
Financial analysis:
Further, the study has been done over the financial position of both the companies to
analyze and evaluate the position of both the companies. For this study, various tools have
been analyzed. The main activities and the figures of both the company have been analyzed
for this report. The study of financial statement of both the companies is as follows:
Marshal Motor holdings plc:
Through the financial statements of the MARSHAL MOTO HOLDINGS PLC, it has
been analyzed that the position of this company is getting better day by day. Firstly, the study
over the total revenues of the company depict that the total revenues has been enhanced by
107% in last 5 years. Further, the other aspect of the income statement, balance sheet and
cash flow has also been analyzed to evaluate the position of the company. The gross profit
position and the net profit position of the company depict that the operating profit has been
enhanced by 106% and net profit has been enhanced by 134% from last 5 years which depict
about the less operating expenses in last 5 years (Schlichting, 2013).
Further, the study has been done over the balance sheet of the company and it has
been found that the current assets and current liabilities of the company has been enhanced by
115% and 123% from last 5 years which depict that the company has enhanced the level of
the current assets as well as current liabilities according to the operations of the company so
that the working capital could be managed properly (Phillips and Stawarski, 2016).
More, the study has been done over the total assets, total liabilities and the total equity
of the company. Through the analysis over all the three aspects, it has been found that the
118%, 120% and 110% changes have taken place into the total assets, total liabilities and the
total equity of the company respectively (Palicka, 2011).
Financial Data

Financial analysis and management 4
Descriptio
n Marshall Holdings plc ($)
2016 2015 2014 2013 2012
Chan
ges
Revenue
1,89,94,05,0
00
1,23,27,6
1,000
1,08,58,83,
000
94,05,05,0
00
79,44,37,0
00 107%
Cost of
goods sold
1,67,89,49,0
00
1,08,74,5
2,000
95,97,12,00
0
82,67,07,0
00
70,11,53,0
00 107%
Gross
profit 22,04,56,000
14,53,09,
000
12,61,71,00
0
11,37,98,0
00
9,32,84,00
0 106%
Operating
profit 2,90,54,000
1,82,46,0
00 1,52,43,000
1,25,72,00
0 68,81,000 126%
Net profit 1,77,54,000
1,17,14,0
00 99,36,000 77,32,000 33,05,000 134%
Interest 29,85,000
14,18,00
0 11,40,000 11,95,000 11,66,000 109%
Inventory 38,00,16,000
24,06,32,
000
16,30,11,00
0
13,49,58,0
00
11,04,77,0
00 120%
Current
assets 47,51,72,000
30,74,86,
000
23,80,18,00
0
21,43,37,0
00
15,73,73,0
00 115%
Receivable
s 8,46,61,000
3,81,93,0
00 7,03,01,000
7,49,43,00
0
4,32,84,00
0 99%
Current
liabilities 58,49,14,000
28,99,70,
000
25,14,11,00
0
21,28,34,0
00
15,53,40,0
00 123%
Payables 49,73,40,000
21,24,06,
000
22,14,42,00
0
18,25,44,0
00
12,86,86,0
00 123%
Equity 14,56,38,000
12,98,84,
000 6,61,20,000
6,06,81,00
0
5,59,46,00
0 110%
Total
liabilities 65,60,14,000
32,51,19,
000
28,70,14,00
0
24,72,56,0
00
18,72,75,0
00 120%
Total assets 80,16,52,000
45,50,03,
000
35,31,34,00
0
30,79,37,0
00
24,32,21,0
00 118%
(Morningstar, 2017)

Financial analysis and management 5
Through the analysis, it has been found that various positive changes have taken place
into the performance and the position of the company in last five years which depicts about
the better position of the company in the industry.
Lookers plc:
Through the financial statements of the LOOKERS PLC, it has been analyzed that the
company is achieving growth continuously. Firstly, the study over the total revenues of the
company depict that the total revenues has been enhanced by 100% in last 5 years. Further,
the other aspect of the income statement, balance sheet and cash flow has also been analyzed
to evaluate the position of the company (Madhura, 2014). The gross profit position and the
net profit position of the company depict that the operating profit has been enhanced by 92%
and net profit has been enhanced by 115% from last 5 years which depict about the less
operating expenses in last 5 years.
Further, the study has been done over the balance sheet of the company and it has
been found that the current assets and current liabilities of the company has been enhanced by
1022% and 104% from last 5 years which depict that the company has enhanced the level of
the current assets as well as current liabilities according to the operations of the company so
that the working capital could be managed properly (Kurth, 2013).
More, the study has been done over the total assets, total liabilities and the total equity
of the company. Through the analysis over all the three aspects, it has been found that the
101%, 103% and 93% changes have taken place into the total assets, total liabilities and the
total equity of the company respectively (Krantz, 2016).
Financial Data
Description Lookers plc ($)
2016 2015 2014 2013 2012
Chan
ges
Revenue
4,08,82,00,
000
3,64,91,00,
000
3,04,29,00,
000
2,46,45,00,
000
2,05,66,00,
000 100%
Cost of
goods sold
3,63,87,00,
000
3,19,69,00,
000
2,64,68,00,
000
2,12,87,00,
000
1,78,43,00,
000 101%
Gross profit
44,95,00,0
00
45,22,00,0
00
39,61,00,0
00
33,58,00,0
00
27,23,00,0
00 92%
Operating 102%

Financial analysis and management 6
profit
10,08,00,0
00
8,06,00,00
0
7,42,00,00
0
5,70,00,00
0
4,79,00,00
0
Net profit
8,13,00,00
0
5,08,00,00
0
4,68,00,00
0
3,60,00,00
0
2,70,00,00
0 115%
Interest
1,76,00,00
0
1,41,00,00
0
1,19,00,00
0
1,05,00,00
0
1,26,00,00
0 83%
Inventory
83,94,00,0
00
81,60,00,0
00
54,88,00,0
00
44,67,00,0
00
38,41,00,0
00 103%
Current
assets
1,17,13,00,
000
1,14,39,00,
000
79,12,00,0
00
65,93,00,0
00
55,92,00,0
00 102%
Receivables
26,64,00,0
00
30,14,00,0
00
21,46,00,0
00
18,95,00,0
00
15,04,00,0
00 95%
Current
liabilities
1,13,03,00,
000
1,08,54,00,
000
72,52,00,0
00
61,03,00,0
00
51,30,00,0
00 104%
Payables
26,67,00,0
00
26,57,00,0
00
19,33,00,0
00
17,20,00,0
00
14,92,00,0
00 95%
Equity
34,17,00,0
00
29,78,00,0
00
25,69,00,0
00
22,73,00,0
00
20,33,00,0
00 93%
Total
liabilities
1,36,61,00,
000
1,28,73,00,
000
86,41,00,0
00
72,41,00,0
00
62,92,00,0
00 103%
Total assets
1,70,78,00,
000
1,58,51,00,
000
1,12,10,00,
000
95,14,00,0
00
83,25,00,0
00 101%
(Morningstar, 2017)
Through the analysis, it has been found that various positive changes have taken place
into the performance and the position of the company in last five years which depicts about
the better position of the company in the industry. But in comparison of the MARSHAL
MOTOR HOLDINGS PLC, the company has achieved less growth.
Ratio analysis:
Further, the study of ratio analysis has been conducted over both the companies to
analyze and evaluate the liquidity position, solvency position, efficiency position and
profitability position of both the companies. For this study, various ratio analysis methods
have been analyzed. The main activities and the figures of both the company have been
analyzed for this report. The study of ratio analysis of both the companies is as follows.

Financial analysis and management 7
Firstly, the study has been done over MARSHAL MOTOR HOLDINGS PLC and
LOOKERS PLC to analyze the liquidity position, solvency position, efficiency position and
profitability position.
Profitability ratio:
Firstly, the profitability analysis has been done over MARHALL MOTOR
HOLDINGS PLC and the performance and position of the company has been analyzed
according to the changes in the figures in last five year and the competitor’s performance.
Through the analysis over the profitability position of the company, it has been found that the
net margin and return on equity of the company has been enhanced from 2012 in 2016. So,
the position of LOOKERS PLC has also been enhanced. According to this, it has been found
that the Net margin ratio of the Marshall MOTOR HOLDINGS PLC was 0.42% in 2012 and
in 2016, it has became 0.93% whereas if the LOOKERS PLC is concerned than the net profit
ratio of the company has become 1.99% in 2016 from 1.31% from 2012. This depict that the
profitability position of the company has became better but in comparison of the LOOKERS
plc, performance of the profitability position of the company is not that much good. Company
is suggested to maintain the position in a good manner (London stock exchange, 2016).
At the same time, the return on equity of the company has also been analyzed and it
has been found that the return on equity of the Marshall MOTOR HOLDINGS PLC was
5.91% in 2012 and in 2016, it has became 12.19% whereas if the LOOKERS PLC is
concerned than the return on equity of the company has become 23.79% in 2016 from
13.28% from 2012. This depict that the profitability position of the company has became
better but in comparison of the LOOKERS plc, performance of the profitability position of
the company is not that much good. Company is suggested to maintain the position in a good
manner.
Description Formula Marshall Holdings plc
2016 2015 2014 2013 2012
Profitabilit
y
Net margin
Net
profit/revenue
s 0.93% 0.95% 0.92% 0.82% 0.42%
Return on
equity
Net
profit/Equity 12.19% 9.02% 15.03% 12.74% 5.91%

Financial analysis and management 8
Lookers Plc
2016 2015 2014 2013 2012
Profitabilit
y
Net margin
Net
profit/revenue
s 1.99% 1.39% 1.54% 1.46% 1.31%
Return on
equity
Net
profit/Equity 23.79% 17.06% 18.22% 15.84% 13.28%
Liquidity Position:
Further, the liquidity analysis has been done over MARHALL MOTOR HOLDINGS
PLC and the performance and position of the company has been analyzed according to the
changes in the figures in last five year and the competitor’s performance. Through the
analysis over the liquidity position of the company, it has been found that the current ratio
and quick ratio of the company has been reduced from 2012 in 2016. At the same time, the
position of LOOKERS PLC has also been reduced. According to this, it has been found that
the current ratio of the Marshall MOTOR HOLDINGS PLC was 1.01 in 2012 and in 2016, it
has became 0.81 whereas if the LOOKERS PLC is concerned than the current ratio of the
company has become 1.04 in 2016 from 1.09 in 2012. This depict that the liquid position of
the company has became better in comparison of the LOOKERS plc. Performance of the
Liquidity position of the company is quite good. Company is suggested to maintain the
position in a good manner (Baker and Nofsinger, 2010).
At the same time, the quick ratio of the company has also been analyzed and it has
been found that the quick liquid position of the Marshall MOTOR HOLDINGS PLC was
0.30 in 2012 and in 2016, it has became 0.16 whereas if the LOOKERS PLC is concerned
than the quick ratio of the company has become 0.29 in 2016 from 0.34 from 2012. This
depict that the liquid position of the company has became better in comparison of the
LOOKERS plc. Performance of the Liquidity position of the company is quite good.
Company is suggested to maintain the position in a good manner.
MARSHALL MOTOR HOLDINFS PLC
Liqui
dity

Financial analysis and management 9
Curre
nt
ratio
Current
assets/curr
ent
liabilities 0.81 1.06 0.95 1.01 1.01
Quick
Ratio
Current
assets-
Inventory/c
urrent
liabilities 0.16 0.23 0.30 0.37 0.30
Lookers Plc:
Liqui
dity
Curren
t ratio
Current
assets/curre
nt liabilities 1.04 1.05 1.09 1.08 1.09
Quick
Ratio
Current
assets-
Inventory/c
urrent
liabilities 0.29 0.30 0.33 0.35 0.34
Efficiency ratios:
Further, the efficiency analysis has been done over MARHALL MOTOR
HOLDINGS PLC and the performance and position of the company has been analyzed
according to the changes in the figures in last five year and the competitor’s performance.
Through the analysis over the efficiency position of the company, it has been found that the
receivables collection period, asset turnover ratio and payable payment ratio of the company
has been changed from 2012 in 2016. At the same time, the position of LOOKERS PLC has
also been changed. According to this, it has been found that the receivables collection period
and asset turnover ratio of the Marshall MOTOR HOLDINGS PLC was 19.89 and 3.27 in
2012 and in 2016, it has became 16.27 and 2.37 whereas if the LOOKERS PLC is concerned
than the receivables collection period and asset turnover ratio of the company has become
23.78 and 2.39 in 2016 from 26.69 and 2.47 in 2012 (DRURY, 2013). This depict that the
efficiency position of the company has became better in comparison of the LOOKERS plc.
Performance of the efficiency position of the company is quite good. Company is suggested
to maintain the current scenario (Kinsky, 2011).

Financial analysis and management 10
At the same time, the payable days of the company has also been analyzed and it has
been found that the payment payable days of the Marshall MOTOR HOLDINGS PLC was
66.99 in 2012 and in 2016, it has became 108.12 whereas if the LOOKERS PLC is concerned
than the payment payable days of the company has become 26.75 in 2016 from 30.52 from
2012. This depict that the efficiency position of the company has became better in
comparison of the LOOKERS plc. Performance of the efficiency position of the company is
quite good. Company is suggested to maintain the position in a good manner.
Efficie
ncy
Receiva
bles
collecti
on
period
Receiva
bles/
Total
sales*36
5 16.27 11.31 23.63 29.08 19.89
Payable
s
collecti
on
period
Payable
s/ Cost
of
sales*36
5 108.12 71.29 84.22 80.60 66.99
Asset
turnove
r ratio
Total
sales/
Total
assets 2.37 2.71 3.07 3.05 3.27
LOOKERS PLC:
Efficien
cy
Receiva
bles
collectio
n period
Receivab
les/ Total
sales*36
5 23.78 30.15 25.74 28.07 26.69
Payables
collectio
n period
Payables
/ Cost of
sales*36
5 26.75 30.34 26.66 29.49 30.52
Asset
turnover
ratio
Total
sales/
Total
assets 2.39 2.30 2.71 2.59 2.47

Financial analysis and management 11
Solvency Position:
Further, the solvency analysis has been done over MARHALL MOTOR HOLDINGS
PLC and the performance and position of the company has been analyzed according to the
changes in the figures in last five year and the competitor’s performance. Through the
analysis over the solvency position of the company, it has been found that the debt equity
ratio and debt to asset ratio of the company has been changed from 2012 in 2016. At the same
time, the position of LOOKERS PLC has also been changed. According to this, it has been
found that the debt to equity ratio of the Marshall MOTOR HOLDINGS PLC was 3.35 in
2012 and in 2016, it has became 4.50 whereas if the LOOKERS PLC is concerned than the
debt to equity ratio of the company has become 4.00 in 2016 from 3.09 in 2012 (DRURY,
2013). This depict that the solvency position of the company has became better in
comparison of the LOOKERS plc. Performance of the solvency position of the company is
quite good. Company is suggested to maintain the current scenario (Bhimani et al, 2008).
At the same time, the debt to assets ratio of the company has also been analyzed and it
has been found that the debt to asset ratio of the Marshall MOTOR HOLDINGS PLC was
0.77 in 2012 and in 2016, it has became 0.82 whereas if the LOOKERS PLC is concerned
than the payment payable days of the company has become 0.8 in 2016 from 0.76 from 2012.
This depict that the solvency position of the company has became better in comparison of the
LOOKERS plc (Ackert and Deaves, 2009). Performance of the solvency position of the
company is quite good. Company is suggested to maintain the position in a good manner.
Solve
ncy
Debt
to
Equity
Ratio
Debt
/
Equi
ty 4.50 2.50 4.34 4.07 3.35
Debt
to
assets
Debt
/
Tota
l
asset
s 0.82 0.71 0.81 0.80 0.77
LOOKERS PLC:

Financial analysis and management 12
Solven
cy
Debt to
Equity
Ratio
Debt
/
Equi
ty 4.00 4.32 3.36 3.19 3.09
Debt to
assets
Debt
/
Total
asset
s 0.80 0.81 0.77 0.76 0.76
Through the above analysis, it has been found that various changes have taken place
into the position and the performance of the company in last 5 years and some of the changes
are in the favor of the company as well as some of these are occurring risk for the company
(Elton, Gruber, Brown and Goetzmann, 2009).
Current market position:
Further, the study has been done over the marketing position of both the companies to
analyze and evaluate the position of both the companies in the market. For this study, current
share price of the company has been analyzed (Garrison et al, 2010). The PE multiple models
have been done over the share price of the company to evaluate the position. The study of
share price and market position of both the companies is as follows:
Marshal Motor holdings plc:
Through the study over the current market position of the company, it has been found
that the current market share price of the company is 154. The risk free rate of the market is
2.77% and the expected return from the market is .10%. More, the systematic risk of the
company is 6.19% and thus, the required rate of return from the shares of the company is
2.6%. Following table depict about the required rate position of the company:
Assumptions
Risk free rate 2.77%
Expected rate of return on market
portfolio 0.10%
systematic risk of common stock 0.06193782
Required rate of return 2.60%
calculations:
r= R(f)+ beta{E(R(m)-R(f)}

Financial analysis and management 13
(Hansen, Mowen, and Madison 2010)
Further, for analyzing the position of the company into the market, intrinsic value of
the company has been analyzed which is 64.40 whereas the current share price of the
company is 154. This depict that the stock of the company has been overvalued and thus the
investors must sell out the holding stock in current market.
PE Multiple Model
Industry PE ratio 280.00
EPS 0.23
Intrinsic Value 64.40
Share Price 154
Overvalued
Further, it has been found that though the intrinsic value of the stock of the company
is lower according to the PE multiple model but the position of the company in the industry is
quite good and thus it is a great option for the investors to invest into his company as the
future prediction also brief that this company would enhance its position into the market.
Lookers plc:
Through the study over the current market position of the company, it has been found
that the current market share price of the company is 100. The risk free rate of the market is
2.77% and the expected return from the market is .10%. More, the systematic risk of the
company is 19.74% and thus, the required rate of return from the shares of the company is
2.24% (Hopper, Northcott and Scapens, 2007). Following table depict about the required rate
position of the company:
Assumptions
Risk free rate 2.77%
Expected rate of return on market
portfolio 0.10%
systematic risk of common stock 0.19748663
Required rate of return 2.24%
calculations:
r= R(f)+ beta{E(R(m)-R(f)}
Further, for analyzing the position of the company into the market, intrinsic value of
the company has been analyzed which is 58.80 whereas the current share price of the

Financial analysis and management 14
company is 100. This depict that the stock of the company has been overvalued and thus the
investors must sell out the holding stock in current market.
PE Multiple Model
Industry PE ratio 280.00
EPS 0.21
Intrinsic Value 58.80
Share Price 100
Overvalued
(Horngren, 2009)
Further, it has been found that though the intrinsic value of the stock of the company
is lower according to the PE multiple model but the position of the company in the industry is
quite good and thus it is a great option for the investors to invest into his company as the
future prediction also brief that this company would enhance its position into the market.
Recommendation and Conclusion:
Through the analysis over both the companies, it has been found that both the
companies are performing well into the market and both are achieving the growth into the
market. Though, the growth rate of MARSHAL MOTOR HOLDINGS PLC is better than the
LOOKERS PLC. The strategies which has been followed by the MARSHAL MOTOR
HOLDINGS PLC is quite good than the LOOKERS PLC. Further, it has been found that the
market position and the performance of MARSHAL PLC are better.
Through the above analysis, it has been recommended to the investors to invest their
amount into the operations and the activities of the MARSHAL MOTOR HOLDINGS PLC
to manage and enhance the position of the company into the market. Further, it has been
found that this company would offer the high returns to the investors than the LOOKERS
PLC.

Financial analysis and management 15
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Financial analysis and management 16
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Palicka, V.J. 2011. Fusion Analysis: Merging Fundamental and Technical Analysis for Risk-
Adjusted Excess Returns. McGraw Hill Professional.
Phillips, P.P. and Stawarski, C.A. 2016. Data Collection: Planning for and Collecting All
Types of Data. John Wiley and Sons.
Schlichting, T. 2013. Fundamental Analysis, Behavioral Finance and Technical Analysis on
the Stock Market. GRIN Verlag.

Financial analysis and management 17
Appendix:
MARSHALL MOTOR HOLDINGS PLC (MMH) CashFlowFlag INCOME
STATEMENT
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12
Revenue
1899405
000
1232761
000
1085883
000
940505
000
794437
000
Cost of revenue
1678949
000
1087452
000
9597120
00
826707
000
701153
000
Gross profit
2204560
00
1453090
00
1261710
00
113798
000
932840
00
Operating expenses
Sales, General and administrative 3518000 1455000 1843000
125000
0 662000
Other operating expenses
1878840
00
1256080
00
1090850
00
999760
00
857410
00
Total operating expenses
1914020
00
1270630
00
1109280
00
101226
000
864030
00
Operating income
2905400
0
1824600
0
1524300
0
125720
00
688100
0
Interest Expense 2985000 1418000 1140000
119500
0
116600
0
Other income (expense)
-
3918000
-
1465000
-
1210000
-
116400
0
-
116300
0
Income before income taxes
2215100
0
1536300
0
1289300
0
102130
00
455200
0
Provision for income taxes 4397000 3649000 2957000
248100
0
124700
0
Minority interest -8000 -7000 -3000 -3000 -5000
Other income -8000 -7000 -3000 -3000 -5000
Net income from continuing
operations
1775400
0
1171400
0 9936000
773200
0
330500
0
Other 8000 7000 3000 3000 5000
Net income
1776200
0
1172100
0 9939000
773500
0
331000
0
Net income available to common
shareholders
1776200
0
1172100
0 9939000
773500
0
331000
0
Earnings per share
Basic 0.23 0.2 0.13 0.1 0.04
Diluted 0.22 0.19 0.13 0.1 0.04
Weighted average shares outstanding
Basic
7732697
0
5942517
1
7723626
3
772362
63
772362
63
Diluted
7950054
8
6104687
5
7723626
3
772362
63
772362
63
EBITDA
4936900
0
3786800
0
3502800
0
320180
00
245650
00

Financial analysis and management 18
MARSHALL MOTOR HOLDINGS PLC (MMH) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12
Assets
Current assets
Cash
Cash and cash equivalents 83000
2413000
0 1826000 1759000 1480000
Total cash 83000
2413000
0 1826000 1759000 1480000
Inventories
3800160
00
2406320
00
1630110
00
1349580
00
1104770
00
Prepaid expenses
1041200
0 4531000 2880000 2677000 2132000
Other current assets
8466100
0
3819300
0
7030100
0
7494300
0
4328400
0
Total current assets
4751720
00
3074860
00
2380180
00
2143370
00
1573730
00
Non-current assets
Property, plant and equipment
Land
3738100
0
3301700
0
2747000
0
2592400
0
Fixtures and equipment
3512600
0
2717700
0
2586300
0
2738700
0
2503300
0
Other properties
2324680
00
1092620
00
9928100
0
9234300
0
8786800
0
Property and equipment, at cost
2675940
00
1738200
00
1581610
00
1472000
00
1388250
00
Accumulated Depreciation
-
6578300
0
-
6653500
0
-
6712400
0
-
6533000
0
-
5943900
0
Property, plant and equipment,
net
2018110
00
1072850
00
9103700
0
8187000
0
7938600
0
Goodwill
1211910
00
3779100
0
2205500
0 9587000 6452000
Intangible assets 842000 453000
Other long-term assets 2636000 1988000 2024000 2143000 10000
Total non-current assets
3264800
00
1475170
00
1151160
00
9360000
0
8584800
0
Total assets
8016520
00
4550030
00
3531340
00
3079370
00
2432210
00
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt
4705000
0
2670000
0
2834200
0
2812400
0
2662900
0
Capital leases 3068000

Financial analysis and management 19
0
Accounts payable
4973400
00
2124060
00
2214420
00
1825440
00
1286860
00
Taxes payable 4602000 4763000 1627000 2166000 25000
Other current liabilities 5242000
4610100
0
Total current liabilities
5849140
00
2899700
00
2514110
00
2128340
00
1553400
00
Non-current liabilities
Long-term debt 7531000
2467700
0
2520500
0
2401000
0
2097300
0
Capital leases
3383300
0
Deferred taxes liabilities
2080300
0 1885000 1783000 1880000 2843000
Minority interest 21000 29000 36000 39000 42000
Other long-term liabilities 8912000 8558000 8579000 8493000 8077000
Total non-current liabilities
7110000
0
3514900
0
3560300
0
3442200
0
3193500
0
Total liabilities
6560140
00
3251190
00
2870140
00
2472560
00
1872750
00
Stockholders' equity
Common stock
4953100
0
Additional paid-in capital
1967200
0
1967200
0
Retained earnings
7643500
0
6078100
0
6387000
0
5843100
0
5369600
0
Accumulated other comprehensive income
4943100
0 2250000 2250000 2250000
Total stockholders' equity
1456380
00
1298840
00
6612000
0
6068100
0
5594600
0
Total liabilities and stockholders'
equity
8016520
00
4550030
00
3531340
00
3079370
00
2432210
00
MARSHALL MOTOR HOLDINGS PLC (MMH) Statement of CASH FLOW
Fiscal year ends in December. GBP. 2016-12
2015-
12
2014-
12
2013-
12
2012-
12
Cash Flows From Operating Activities
Stock based compensation 1313000 556000
Inventory
-
1481400
0
-
776210
00
-
138160
00
-
562200
0
-
714200
0
Other working capital
5308800
0
699730
00
278480
00
-
187000
116230
00
Other non-cash items
4072200
0
325850
00
296880
00
291980
00
227700
00

Financial analysis and management 20
Net cash provided by operating
activities
8030900
0
254930
00
437200
00
233890
00
272510
00
Cash Flows From Investing Activities
Investments in property, plant, and
equipment
-
6192700
0
-
395730
00
-
330590
00
-
302010
00
-
276480
00
Property, plant, and equipment
reductions
1141800
0
864600
0
838200
0
738500
0
591300
0
Acquisitions, net
-
9135000
0
-
214980
00
-
157880
00
-
182500
0
-
217600
0
Purchases of investments
-
100000
Net cash used for investing activities
-
1418590
00
-
524250
00
-
405650
00
-
246410
00
-
239110
00
Cash Flows From Financing Activities
Long-term debt issued
8544400
0
286420
00
252630
00
285610
00
206890
00
Long-term debt repayment
-
4469000
0
-
308110
00
-
238510
00
-
240300
00
-
208340
00
Common stock issued
668530
00
Cash dividends paid
-
3251000
-
154480
00
-
450000
0
-
300000
0
-
250000
0
Net cash provided by (used for)
financing activities
3750300
0
492360
00
-
308800
0
153100
0
-
264500
0
Net change in cash
-
2404700
0
223040
00 67000 279000 695000
Cash at beginning of period
2413000
0
182600
0
175900
0
148000
0 785000
Cash at end of period 83000
241300
00
182600
0
175900
0
148000
0
Free Cash Flow
Operating cash flow
8030900
0
254930
00
437200
00
233890
00
272510
00
Capital expenditure
-
6192700
0
-
395730
00
-
330590
00
-
302010
00
-
276480
00
Free cash flow
1838200
0
-
140800
00
106610
00
-
681200
0
-
397000
Supplemental schedule of cash flow data

Financial analysis and management 21
LOOKERS PLC (LOOK) CashFlowFlag INCOME STATEMENT

Financial analysis and management 22
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12
Revenue
4088200
000
3649100
000
3042900
000
2464500
000
2056600
000
Cost of revenue
3638700
000
3196900
000
2646800
000
2128700
000
1784300
000
Gross profit
4495000
00
4522000
00
3961000
00
3358000
00
2723000
00
Operating expenses
Sales, General and administrative
3487000
00
3716000
00
3219000
00
2788000
00
2244000
00
Total operating expenses
3487000
00
3716000
00
3219000
00
2788000
00
2244000
00
Operating income
1008000
00
8060000
0
7420000
0
5700000
0
4790000
0
Interest Expense
1760000
0
1410000
0
1190000
0
1050000
0
1260000
0
Other income (expense)
-
3600000
-
3700000
-
3100000
-
2600000
Income before income taxes
7960000
0
6280000
0
5920000
0
4390000
0
3530000
0
Provision for income taxes 7900000
1200000
0
1240000
0 7700000 8200000
Minority interest 200000 100000
Other income 200000 100000
Net income from continuing
operations
7170000
0
5080000
0
4680000
0
3620000
0
2710000
0
Net income from discontinuing
ops 9600000
Other -200000 -100000
Net income
8130000
0
5080000
0
4680000
0
3600000
0
2700000
0
Net income available to common
shareholders
8130000
0
5080000
0
4680000
0
3600000
0
2700000
0
Earnings per share
Basic 0.21 0.13 0.12 0.09 0.07
Diluted 0.2 0.13 0.12 0.09 0.07
Weighted average shares outstanding
Basic
3963571
94
3943842
84
3891586
72
3880894
02
3871081
85
Diluted
4058674
07
4038944
97
3982207
60
3956795
91
3955785
32
EBITDA
1204000
00
9520000
0
8580000
0
6800000
0
5980000
0
LOOKERS PLC (LOOK) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12
Assets

Financial analysis and management 23
Current assets
Cash
Cash and cash equivalents
3980000
0 8300000 5900000 5200000 8700000
Total cash
3980000
0 8300000 5900000 5200000 8700000
Inventories
8394000
00
8160000
00
5488000
00
4467000
00
3841000
00
Prepaid expenses
2570000
0
1820000
0
2190000
0
1790000
0
1600000
0
Other current assets
2664000
00
3014000
00
2146000
00
1895000
00
1504000
00
Total current assets
1171300
000
1143900
000
7912000
00
6593000
00
5592000
00
Non-current assets
Property, plant and equipment
Land
2088000
00
1497000
00
1458000
00
1386000
00
Fixtures and equipment
6990000
0
7260000
0
5250000
0
4530000
0
3850000
0
Other properties
3263000
00
7950000
0
6790000
0
6150000
0
5900000
0
Property and equipment, at cost
3962000
00
3609000
00
2701000
00
2526000
00
2361000
00
Accumulated Depreciation
-
7710000
0
-
7800000
0
-
5450000
0
-
4800000
0
-
3900000
0
Property, plant and equipment,
net
3191000
00
2829000
00
2156000
00
2046000
00
1971000
00
Goodwill
1180000
00
1058000
00
8390000
0
6140000
0
Intangible assets
9940000
0
5250000
0
3030000
0
8750000
0
1480000
0
Total non-current assets
5365000
00
4412000
00
3298000
00
2921000
00
2733000
00
Total assets
1707800
000
1585100
000
1121000
000
9514000
00
8325000
00
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt
2510000
0
8340000
0
2020000
0
1450000
0
1570000
0
Accounts payable
2667000
00
2657000
00
1933000
00
1720000
00
1492000
00
Taxes payable
3310000
0
2880000
0
2430000
0
1940000
0
1620000
0
Other current liabilities
8054000
00
7075000
00
4874000
00
4044000
00
3319000
00
Total current liabilities 1130300 1085400 7252000 6103000 5130000

Financial analysis and management 24
000 000 00 00 00
Non-current liabilities
Long-term debt
8880000
0
8660000
0
3760000
0
3380000
0
4120000
0
Deferred taxes liabilities
3500000
0
2520000
0
1230000
0
1020000
0 8600000
Pensions and other benefits
7840000
0
5530000
0
5760000
0
4410000
0
4410000
0
Minority interest 700000 500000
Other long-term liabilities
3360000
0
3480000
0
3140000
0
2500000
0
2180000
0
Total non-current liabilities
2358000
00
2019000
00
1389000
00
1138000
00
1162000
00
Total liabilities
1366100
000
1287300
000
8641000
00
7241000
00
6292000
00
Stockholders' equity
Common stock
1980000
0
Additional paid-in capital
7770000
0
7770000
0
7690000
0
7560000
0
7530000
0
Retained earnings
2296000
00
1857000
00
1457000
00
1188000
00
9540000
0
Accumulated other
comprehensive income
1460000
0
3440000
0
3430000
0
3290000
0
3260000
0
Total stockholders' equity
3417000
00
2978000
00
2569000
00
2273000
00
2033000
00
Total liabilities and stockholders'
equity
1707800
000
1585100
000
1121000
000
9514000
00
8325000
00
LOOKERS PLC (LOOK) Statement of CASH FLOW
Fiscal year ends in December. GBP.
2016-
12 2015-12 2014-12
2013-
12
2012-
12
Cash Flows From Operating Activities
Deferred income taxes
105000
00
1200000
0
1240000
0
770000
0
Stock based compensation
180000
0 1500000 1100000
Inventory
-
234000
00
-
2672000
00
-
1022000
00
-
626000
00
-
639000
00
Other working capital
567000
00
2345000
00
8210000
0
714000
00
707000
00
Other non-cash items
538000
00
5210000
0
4120000
0
210000
00
214000
00
Net cash provided by operating
activities
994000
00
3290000
0
3460000
0
375000
00
282000
00

Financial analysis and management 25
Cash Flows From Investing Activities
Investments in property, plant, and
equipment
-
363000
00
-
3520000
0
-
1650000
0
-
165000
00
-
153000
00
Property, plant, and equipment
reductions
289000
00 9800000 7200000
126000
00
370000
0
Acquisitions, net
189000
00
-
1044000
00
-
2430000
0
-
193000
00
-
160000
00
Purchases of intangibles
-
920000
0
-
2600000 -900000
-
140000
0
Sales of intangibles 100000
Net cash used for investing activities
230000
0
-
1324000
00
-
3450000
0
-
231000
00
-
290000
00
Cash Flows From Financing Activities
Long-term debt issued
140000
00
6220000
0
1460000
0
Long-term debt repayment
-
102000
00
-
1180000
0
-
7800000
-
750000
0
-
750000
0
Common stock issued 900000 1600000 300000 400000
Cash dividends paid
-
132000
00
-
1160000
0
-
1040000
0
-
950000
0
-
840000
0
Net cash provided by (used for)
financing activities
-
940000
0
3970000
0
-
2000000
-
167000
00
-
155000
00
Net change in cash
923000
00
-
5980000
0
-
1900000
-
230000
0
-
163000
00
Cash at beginning of period
-
635000
00
-
3700000
-
1800000 500000
168000
00
Cash at end of period
288000
00
-
6350000
0
-
3700000
-
180000
0 500000
Free Cash Flow
Operating cash flow
994000
00
3290000
0
3460000
0
375000
00
282000
00
Capital expenditure
-
455000
00
-
3780000
0
-
1740000
0
-
165000
00
-
167000
00
Free cash flow
539000
00
-
4900000
1720000
0
210000
00
115000
00
Supplemental schedule of cash flow data

Financial analysis and management 26