Financial Analysis of Thomas Cook

This assignment requires a comprehensive analysis of Thomas Cook's financial performance using various ratios. Students must calculate and interpret key ratios related to profitability (e.g., net profit ratio, gross profit ratio), liquidity (e.g., current ratio, quick ratio), solvency (e.g., debt-equity ratio), efficiency (e.g., assets turnover ratio, receivable turnover ratio, inventory turnover ratio), and valuation (e.g., P/E ratio, dividend yield ratio). The analysis should provide insights into the company's financial health and position within its industry.

FIANANCIAL ANALSIS AND
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Choice of company and justification for its inclusion................................................................3
Identification of key events and announcements........................................................................4
Changes in key financial trends..................................................................................................6
Ratio analysis of Thomas cook...................................................................................................8
Recommendation and conclusion..................................................................................................19
REFRENCES.................................................................................................................................20
APPENDIX....................................................................................................................................22
INDEX OF TABLES
Table 1: Ratios of Thomas cook......................................................................................................8
ILLUSTRATION INDEX
Illustration 1: Gross profit ratio of Thomas cook............................................................................6
Illustration 2: Net profit ratio of Thomas cook................................................................................7
Illustration 3: Gross profit ratio of Thomas cook............................................................................9
Illustration 4: Net profit ratio of Thomas cook..............................................................................10
Illustration 5: Operating profit ratio of Thomas cook....................................................................11
Illustration 6: Current ratio of Thomas cook.................................................................................12
Illustration 7: Quick ratio of Thomas cook....................................................................................13
Illustration 8: Assets turnover ratio of Thomas cook.....................................................................14
Illustration 9: Inventory turnover ratio of Thomas cook...............................................................14
Illustration 10: Receivable turnover ratio of Thomas cook...........................................................16
Illustration 11: Debt equity ratio of Thomas cook.........................................................................17
Illustration 12: EPS of Thomas cook.............................................................................................17
Illustration 13: PE ratio of Thomas cook.......................................................................................18
Illustration 14: Dividend yield ratio of Thomas cook....................................................................19

INTRODUCTION
Ratio analysis is a one of the most important technique that is used to measure firm
performance. In financial analysis firms are evaluated on the basis of various parameters. In this
report Thomas cook which operates in the travel and tourism industry of UK is taken in to
consideration and is analyzed deeply by using different type of ratios. Justification for selection
of the firm is given in the report. After doing entire analysis and study of the firm some
recommendations are given in the report. Along with this conclusion is also derived at end of the
report.
Choice of company and justification for its inclusion
Thomas cook is taken into consideration for the financial analysis of a company and it is
currently operating across the globe. In many nations like India, China and UK, it is operating its
business. In UK and Ireland, it is employing 9,262 employees. Thomas cook is taken for research
because it is one of the leading firms in the UK which is operating in the travel and tourism
industry. From past few years, it has been observed that its profitability has been shrinking
consistently. This report is prepared to identify the factors due to which firm is not performing
well even it has good image among the public. Travel and tourism industry covers 9% of the UK
GDP. . In past years, firm profitability was negative in value (Chen and Gupta, 2011). The
second factor that is taken into consideration while selecting Thomas cook is that travel and
tourism industry is growing at a rapid pace approx 9% and instead of that, this firm is struggling
for its survival and fast growth rate. Hence, it is very important to identify the reasons that are
responsible for very slow growth of firm in the industry. If there is slow growth rate of in case
of small or medium sized firm then to some extent it can assumed that that poor economic
condition of the nation is the main reason behind same. Thomas cook is the largest travel and
tourism firm in the UK so it can be said that firm’s growth rate must be in alignment to the
industry growth rate. But this is not happening and firm is nowhere nearby to industry in terms of
growth rate which is a matter of concern for its top managers (Miller and Jones, 2010). In past
years, firm’s top managers taken many decisions but results show that same were ineffective for
the firm in terms of growth rate. Ratio analysis method will be used to evaluate the performance
of firm. This will help in evaluating the business performance from various sides. This technique
will also aid in assessing several strong and weak points in context of business. Thus, by this,

firm will be able to know the internal factors that are responsible for the slow growth of it. This
company is chosen because its profitability was low and it will help in understanding the extent
to which business environment puts negative impact on the firm’s profitability. It will also aid in
understanding the internal factors and the roles played by same in the firm’s growth rate. Hence,
it can be said that this ratio will to large extent help in identifying the factors to which firms must
give due importance. Analysis of Thomas cook will also support in identifying the factors that
indirectly put their large impact on the firm’s financial performance.
Identification of key events and announcements
There are many events and announcements that put their impact on the firm’s
performance. These events will also affect the firm’s future performance in its business.
Information about some of the events related to the firm is extracted from the Chairman report
section of Thomas cook annual report. Signing of £ 800 million financing facility in May- As per the company’s annual report,
it signed documents to obtain debt of £ 800 million from the market. Firm will use this
amount for funding its operations (Melnikov, 2011). Apart from this, debt amount will
also be used to open new branches of the firm in different nations of the world.
Especially, in the nations where there are number of tourist destinations. This will put a
positive impact on the firm earnings because in past years, firm did not earn good amount
of profit in the business. Getting a huge debt from the market will help the firm in
expanding its business at a rapid pace. Commencement of joint venture with Chinese firm, Fosun- China is one of the largest
markets in Asia in terms of travel and tourism. Every year large number of foreign people
come in China to visit places like Great wall of mentioned nation etc. Firm’s decision to
expand its business in China is good and it will also positively affect the business. Fosun
has become a joint strategic partner of Thomas cook and purchased 4% shareholding in
the firm. This received amount will be used by the firm to expand business in other
nations of the world. Thus, this decision will positively affect the business firm. Exit of Greece from Euro-zone- Exit of Greece from Euro-zone was one of the major
incidents that badly affected the business firm (Ziegler, 2012). Greece is one of the most
favorite tourist destinations in the Europe. Due to poor economic conditions, debt burden
and inflation rate were always high. Exit of Greece from Euro-zone has led to strong

currency fluctuation in the nation. This has affected revenue of the firm from Europe
region. It can be said that this event has negatively impacted the business firm. Unrest in Europe (Refugee) - Due to attacks in Syria and Iraq, there have availability of
refugees in European nations and it is creating environment of tension among the general
public. This is the reason due to which many people who like to visit the tourist place are
refraining from doing so (Greiner and Wang, 2010). This event also negatively affects the
firm’s profitability. Hence, unrest in Europe create problem for the firm. Poor conditions
in Europe are also badly affecting the firm’s profitability.
 Terrorist attack on Tunisia- Terrorist attacks in Tunisia are also affecting the firm to
some extent. It was unfortunate event for the firm when terrorist attack happened in the
Tunisia’s firm and as per its annual report, 15,000 of its customers were repatriated
overnight from the mentioned nation. Thus, firm keeps its customer’s life safe in the
foreign nation. It can be said that this event was not good for the firm. However by
actively taking action its rescue people and create its good image among them. Hence, it
can be said that firm takes good decision and surely, it positively affects the business
firm.

Changes in key financial trends
In order to analyze firm performance and trend in which it is performing charting of firm
gross profit data is done. It can be seen from the charts that gross profit ratio of the firm is
declining consistently which is matter of concern for the firm. Gross profit is a profit that is
computed by deducting all direct expenses from the revenue. Firm gross profit is declining and
elevation in cost is its one of the main reason. It can be seen that due to poor economic
conditions inflation rate is high. Hence, cost of tour is high and it can be said that due to this
reason firm is not earning sufficient amount of profit in its business (Bangake and Eggoh, 2011).
Poor economic conditions if the nations is one of the basic reason which is responsible for
decline in the firm profitability. However, management makes efforts in order to elevate its
performance but due to unfavorable economic conditions strategies are not generating sufficient
amount of return for the firm. Unrest in European nations is another reason which is creating
problems for the firm. From trend it can be seen that gross profit of the firm is declining
consistently and no reverse trend is occurring in the chart pattern. This is strongly indicating the
consistent poor conditions of Euro-zone is one the primary reason responsible for poor
performance of the firm.
Gross Profit Ratio
1600
1700
1800
1900
2000
2100
2200
1772
1868
2020
2075 2098
2015
2014
2013
2012
2011
Illustration 1: Gross profit ratio of Thomas cook

On other hand, same trend is observed in the net profit ratio and it can be observed that
value of net profit is declining consistently. However, in last year trend get reversed and firm
earn some profit in last fiscal year. However, it can be observed that firm negative net profit
decline year by year significantly. In year 2011 it was -518 and after that it increased to -590 in
FY 2012. But after this trend get changed and negative net profit comes down from -590 to -208.
Hence, it can be said that firm performance was not good but its level of loss reduced in FY
2013. Improvement in performance was again seen in FY 2014 and negative net profit reduced
from -208 to -115. Now, in last year it become positive and it can be said that firm give
somewhat good performance in its business (Gitman and Zutter, 2012). It can be said on
comparison of figures of gross and net profit that firm gross profit decline every year but its net
profit is not decline at same pace. This means that to some extent firm efforts are preventing
sharp increase in negative net profit value in the income statement. It can be said that firm give
good performance in its business from this angel and its efforts are producing satisfactory results
but to some extent. It can be assumed that if in future economic conditions become good then
firm can give excellent performance in its business and its fundamentals become more stronger
then before.
Net Profit Ratio
-700
-600
-500
-400
-300
-200
-100
0
100
23 -115 -208 -590 -518
2015
2014
2013
2012
2011
Illustration 2: Net profit ratio of Thomas cook

Ratio analysis of Thomas cook
Table 1: Ratios of Thomas cook
Ratios Formula 2015 2014 2013 2012 2011
Profitability ratios
Gross Profit Ratio
(Gross Profit/ Net
Sales) *100 22.62% 12.58% 13.42% 14.35% 15.52%
Operating Profit Ratio
(Operating Profit/ Net
Sales) *100 2.69% 0.36% 0.09% -2.21% -1.93%
Net Profit Ratio
(Net Profit/ Net Sales)
*100 0.29% -0.77% -1.38% -4.08% -3.83%
Liquidity ratios
Closing Stock 32 34 28 31 39
Current Ratio
Current Assets / current
Liabilities 0.55 0.47 0.54 0.43 0.43
Quick ratio
Quick Assets/Current
liability 0.54 0.46 0.53 0.42 0.42
Activity ratio
Total Assets Turnover
Ratio Net Sales/ Total Assets 1.17 2.51 2.39 2.45 2.02
Inventory turnover ratio Net sales/ Inventory 244.8 436.6 537.5 466.5 346.5
Receivable turnover Net sales/Receivable 112 225 103 79 70
Solvency Ratio
Debt Equity Ratio Debt/ Equity 0.90 1.76 2.19 3.96 3.03
Investment Ratios
EPS 0.01 -0.07 -0.1 -0.6 -0.6

P/E ratio
Current market
price/EPS 9309.91
-
2266.43 -661.25 -32.51 -114.28
Dividend yield ratio
DPS/Market value per
share 0 0 0 0
0.10144
92754
Interpretation
Gross profit ratio- Gross profit ratio reflects the portion of sales that is covered by the gross
profit of the firm. It is a type of profit that is computed by subtracting direct expenses from the
sales. It can be seen from the comparative analysis chart that gross profit percentage is declining
but in last fiscal year it increase by 23%. It means that fir gives a good performance in its
business in last fiscal year. This also reflects that Thomas cook maintain good control on its
direct expenses. It means that cost control strategy devised by the firm prove effective and result
is in font of investors and other stakeholders of Thomas cook. It can be said that firm give
elegant performance in its business and suddenly its gross profit ratio percentage increases by
10%. This was record increase in gross profit ratio of the firm and it can be assumed that firm
gives marvelous performance.
Gross Profit Ratio
0
0.05
0.1
0.15
0.2
0.25 0.23
0.13 0.13 0.14 0.16 2015
2014
2013
2012
2011
Illustration 3: Gross profit ratio of Thomas cook

Net profit ratio- It is one of the most important ratio that is often used by the investors for
analyzing the company. This ratio reflects portion of sales that is covered by the net profit. It also
indicate the extent to which have control on its indirect expenses (Embrechts Klüppelberg and
Mikosch, 2013). It can be seen from the diagram that net profit of the firm is declining on year
on year basis from FY 2011 to 2014. However, this trend comes to end in FY 2015 to 0.29%.
So, it is a good signal for the firm and it can be said that firm successfully maintain good control
on its indirect expenses. The other thing on which one must give due importance is that rate of
decline in net profit reduce substantially in last four years.
It is reflecting that steps taken by the firm to control expansion of loss were very effective
and sharp decline in loss amount is observed in the chart.
Operating profit ratio- It is one of the most important ratio and it indicate the proportion of sales
which is covered by operating profit of the firm. It can be seen that from FY 2011-2012 this ratio
is negative but after that scene get changed and profit percentage become positive. In last fiscal
year this ratio value increase at rapid pace. If we evaluate this entire picture then it can be noted
Net Profit Ratio
-0.05
-0.04
-0.03
-0.02
-0.01
0
0.01
0 -0.01 -0.01 -0.04 -0.04
2015
2014
2013
2012
2011
Illustration 4: Net profit ratio of Thomas cook

that in last three years firm maintain strict control on its operating expenses. In FY 2011
and 2012 profit becomes negative at operating profit ratio and due to this reason huge decline
was observed in the firm profitability. On this basis it can be said that no or less control on
operating expenses was one of the main reason for decline in the firm profit (Scellato and
Ughetto, 2010). Thomas cook prepare a cost control strategy for operating expenses and due to
this reason its operating profit ratio become positive. In last year this profit rise at huge rate
which was good for the firm.
Liquidity ratio
Current ratio- It is a ratio that indicate liquidity position of the firm. Liquidity simply refers to
the cash that is available in specific quantity that will be used to make payment of current
liability.
Operating Profit Ratio
-0.03
-0.02
-0.01
0
0.01
0.02
0.03 0.03
0 0 -0.02 -0.02
2015
2014
2013
2012
2011
Illustration 5: Operating profit ratio of Thomas cook

It can be seen from the above given chart that liquidity position of the firm get improve.
Standard ratio is 2:1 which means that for every one unit of current liability there must be two
units of current assets. If any firm have current ratio equivalent or nearby to this value then it can
be said that firm is in good position. Current ratio of the Thomas cook improved significantly in
comparison to previous year but it is less then 1:1. This means that today also firm is not able to
pay its current liability entirely by using current assets. It reflects that firm liquidity position is
weak. This is happening because Thomas cook does not earn sufficient amount of profit in its
business.
Quick ratio- It is also a one of the most important ratio and it reflects the liquidity position of
the firm. It can be said that current ratio give a more clear picture of liquidity position of the firm
(Flannery and Hankins, 2013). This is because in case of current ratio all current assets are taken
in to consideration but it is not possible to convert all current assets easily in cash in short time
period. Hence, in order to get more broad and clear overview of the firm liquidity position quick
ratio is used. In this ratio from current assets stock and prepaid expenses are removed. Thus, due
to this reason along with current ratio quick ratio is also used by the business firms. It can be
seen from the diagram that
Current Ratio
0
0.1
0.2
0.3
0.4
0.5
0.6 0.550
0.470
0.541
0.433 0.435
2015
2014
2013
2012
2011
Illustration 6: Current ratio of Thomas cook

in FY 2011 value of quick ratio was 0.425 but it increased to 0.541. This means to some
extent liquidity position of the firm become more stronger then before. However, value of ratio is
below standard 1:1. Hence, it can be said that firm needs to improve its liquidity position.
Total assets turnover ratio- Total assets turnover ratio is very important and it reflect the
efficiency with which firm is using its assets to generate sales (Bendat and Piersol, 2011). It can
be seen from the tables that from FY 2011 value of this ratio increases and almost remain stable.
But in FY 2015 scene
Quick ratio
0
0.1
0.2
0.3
0.4
0.5
0.6 0.541
0.461
0.533
0.425 0.425
2015
2014
2013
2012
2011
Illustration 7: Quick ratio of Thomas cook

get changed and value of this ratio decline sharply which was not good for the business. It can
be said that firm in last year does not use its assets fully for benefit of the business. Thus, firms
needs to prepare sound business strategy in order to ensure that all available assets are used
effectively for benefit of an organization.
Inventory turnover ratio- This is also one of the most important ratio because it helps in
identifying whether firm is effectively using its inventory to produce sale for the business
(Verguet and et.al., 2013). Inventory refers to final good that are ready to sale in the market.
Higher the value of ratio more will be beneficial for the firm.
Total Assets Turnover Ratio
0
0.5
1
1.5
2
2.5
3
1.171
2.513 2.395 2.448
2.020
2015
2014
2013
2012
2011
Illustration 8: Assets turnover ratio of Thomas cook
Inventory turnover ratio
0
100
200
300
400
500
600
244.813
436.588
537.536
466.452
346.513 2015
2014
2013
2012
2011
Illustration 9: Inventory turnover ratio of Thomas cook

It can be seen from the chart that inventory turnover ratio of the firm increases from 346-
537 in FY 2013. It can be said that inventory turnover ratio of the firm increases which state that
firm was selling its goods at rapid pace in the market. After FY 2013 trend get reversed and firm
inventory turnover ratio decline. This means that firm is taking more time to convert its
inventory in to sales. Hence, it can be said that firm gives poor performance in its business and it
needs to take some strong steps in order to ensure that its product will sale at rapid pace in the
market.
Receivable turnover ratio- It is a ratio which reflect the extent to which firm is using receivables
to generate sales for its product. It can be seen from the chart that receivable turnover ratio of
Thomas cook is increasing consistently (Loughran and McDonald, 2011). From FY 2011 this
ratio increases from 70 to 224. On this basis it can be said that firm create lots of sales on credit
basis. However, in FY 2015 value of this ratio declined and it can be said that firm generate less
sale from receivables.

It can be said that firm follow a right approach because in previous years firm was
struggling to generate sales. Due to this reason it become dependent on receivables to elevate
profitability in the business. In FY 2015 situation get improve and due to this reason firm
generate less sales from receivables. If there will be heavy amount of sales on the basis of credit
then there will be heavy risk of bad debt. Hence, it can be said that here firm give a good
performance.
Debt equity ratio- It is a ratio which reflects capital structure of the firm. There must be balanced
capital structure in the business. It can be observed that in FY 2012 this ratio was 3.029 and
increased to 3.960 (Chen and Joslin, 2012). This means proportion of debt was threefold then
equity. This means that finance cost was very high for the firm. From FY 2013 big change comes
in the firm debt equity ratio and its value declined from 2.189 to 0.905. This means that firm
consistently reduce debt
Receivable turnover ratio
0
50
100
150
200
250
111.914
224.909
103.089
79.451 70.385
2015
2014
2013
2012
2011
Illustration 10: Receivable turnover ratio of Thomas cook

from its balance-sheet. This means that large part of earned profit was used in payment of
debt amount. Hence, this is one of the main reason responsible for negative profit. It can be said
that now debt and equity are in balanced manner in the debt equity ratio of the firm. Firm really
perform well on this ratio and it was necessary to reduce proportion of debt in the firm balance-
sheet.
Earning per share- Earnings per share reflects the part of earning that comes on per share that is
hold by the shareholders.
Debt Equity Ratio
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
0.905
1.757
2.189
3.960
3.029
2015
2014
2013
2012
2011
Illustration 11: Debt equity ratio of Thomas cook
EPS
-0.8
-0.7
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0
0.1 0.015 -0.080 -0.174 -0.677 -0.604
2015
2014
2013
2012
2011
Illustration 12: EPS of Thomas cook

earning per share of the firm will increase. It can be observed that earning per share of
the firm is negative from FY 2012 to 2014. However, in FY 2015 this ratio increases which was
good for the firm and bring some confidence among investors. It can EPS is positive because
firm earn profit in its business. Hence, it can be said that from investor point of view to some
extent Thomas cook give good performance.
PE ratio- PE ratio is also known as price earning ratio and it is used to identify whether firm
shares are overpriced or under-priced (Verguet, S. and et.al., 2013). If firm PE ratio is above
industry PE ratio then it can be said that firm shares are overvalued. On other hand, if firm
shares PE ratio is less then industry
ratio then it is assumed that firms shares are under-priced. Firm PE ratio is too high and
it reflects that firm shares are not valued at proper price. Thus, if someone make purchase of
Thomas cook shares then it can be said that he is not buying shares at right price. Instead he is
making purchase of shares at high price.
Dividend yield ratio- This ratio is used to compute dividend that every shareholder is earning for
PE ratio
-4000
-2000
0
2000
4000
6000
8000
10000 9309.913
-2266.435 -661.250 -32.515 -114.290
2015
2014
2013
2012
2011
Illustration 13: PE ratio of Thomas cook

making one pound of investment in the Thomas cook shares. Firm lastly declare dividend in FY
2011 and thereafter it never declare same for its shareholders (Dividend yield ratio, 2016).
Hence, it can be said that due to earning of less profit firm does not declare dividend for its
shareholders. It was right decision from business point of view.
Recommendation and conclusion
On the basis of above discussion it is concluded that Thomas cook performance was not
good. However, in last year it give somewhat good performance but more improvements are
required on same. It is recommended that firm must try to control its direct and operating
expenses. This is because past years ratio analysis is revealing that it was lack of control on
direct expenses due to which performance of the firm was poor. Company can use cost control
strategies in order to control its expenses. It is also recommended that firm must adopt cash
management strategies in order to control cash outflow and increasing cash inflow. In this regard
firm can decentralize its payment receipt system (Loughran and McDonald, 2011). By doing so
firm can boost cash inflow. On other hand, firm can centralize its payment making system and by
doing so it can delay cash out flow from its bank account. This will increase current assets and
will improve current ratio of the firm. Firm must issue shares instead of taking a bank loan. By
doing so it will be able to make its finance cost flexible as it is not necessary to pay dividend
every year. This will make firm capital structure more balanced then before. It is also
recommended that firm must pay its due attention on Asian market because most of the nations
that are in Asia are in good condition. Apart from this Asian nations are culturally rich and there
are lots of things that tourists can seen in Asian nations. Hence, if firm will shift its entire focus
on Asian market it will be profitable for itself. Along with focusing on Chinese market firm can
Dividend yield ratio
0
0.05
0.1
0.15
0.000 0.000 0.000 0.000
0.101 2015
2014
2013
2012
2011
Illustration 14: Dividend yield ratio of Thomas cook

focus on Indian market in which different religion people with different culture background lives
together. Hence, by taking all these steps firm can improve its performance.

REFRENCES
Books & journals
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Bendat, J.S. and Piersol, A.G., 2011. Random data: analysis and measurement procedures. John
Wiley & Sons.
Chen, H. and Joslin, S., 2012. Generalized transform analysis of affine processes and
applications in finance. Review of Financial Studies. 25(7). pp.2225-2256.
Chen, J. and Gupta, A.K., 2011. Parametric statistical change point analysis: with applications
to genetics, medicine, and finance. Springer Science & Business Media.
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to genetics, medicine, and finance. Springer Science & Business Media.
Embrechts, P., Klüppelberg, C. and Mikosch, T., 2013. Modelling extremal events: for insurance
and finance . Springer Science & Business Media.
Flannery, M.J. and Hankins, K.W., 2013. Estimating dynamic panel models in corporate finance.
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Gitman, L.J. and Zutter, C.J., 2012. Principles of managerial finance. Prentice Hall.
Greiner, M.E. and Wang, H., 2010. Building consumer-to-consumer trust in e-finance
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15(2). pp.105-136.
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dictionaries, and 10‐Ks. The Journal of Finance. 66(1). pp.35-65.
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dictionaries, and 10‐Ks. The Journal of Finance. 66(1). pp.35-65.
Melnikov, A., 2011. Risk analysis in finance and insurance. CRC Press.
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Scellato, G. and Ughetto, E., 2010. The Basel II reform and the provision of finance for R & D
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Verguet, S and et.al., 2013. Public finance of rotavirus vaccination in India and Ethiopia: an
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Dividend yield ratio, 2016. [Online]. Available through:
<http://www.myaccountingcourse.com/financial-ratios/dividend-yield>. [Acessed on 28th
June 2016].

APPENDIX
Ratios Formula 2015 2014 2013 2012 2011
Profitability ratios
Gross profit 1772 1868 2020 2075 2098
Operating Profit 211 54 13 -319 -261
Net profit 23 -115 -208 -590 -518
Net Sales 7834 14844 15051 14460 13514
Gross Profit Ratio
(Gross Profit/ Net
Sales) *100 22.62% 12.58% 13.42% 14.35% 15.52%
Operating Profit Ratio
(Operating Profit/ Net
Sales) *100 2.69% 0.36% 0.09% -2.21% -1.93%
Net Profit Ratio
(Net Profit/ Net Sales)
*100 0.29% -0.77% -1.38% -4.08% -3.83%
Return on Equity 4.57 3.98 7.99 4.4
Return on capital invested 2.42 2.42 6.12 4.17
Liquidity ratios
Current Assets 2035 1829 2003 1534 1646
Current Liabilities 3702 3894 3705 3540 3784
Closing Stock 32 34 28 31 39
Current Ratio
Current Assets / current
Liabilities 0.55 0.47 0.54 0.43 0.43
Quick ratio
Quick Assets/Current
liability 0.54 0.46 0.53 0.42 0.42
Activity ratio
Total assets 6690 5907 6285 5907 6690
Net Sales 7834 14844 15051 14460 13514
Total Assets Turnover
Ratio Net Sales/ Total Assets 1.17 2.51 2.39 2.45 2.02

Inventory 32.00 34.00 28.00 31.00 39.00
Sales 7834.00
14844.0
0
15051.0
0
14460.0
0
13514.0
0
Inventory turnover ratio Net sales/ Inventory 244.8 436.6 537.5 466.5 346.5
Recivables 70.000 66.000 146.000 182.000 192.000
Sales 7834 14844 15051 14460 13514
Receivable turnover Net sales/Receivable 112 225 103 79 70
Solvency Ratio
Debt 1038 715 1114 978 1030
Equity 1147 407 509 247 340
Debt Equity Ratio Debt/ Equity 0.90 1.76 2.19 3.96 3.03
Investment Ratios
Net profit 23 -115 -208 -590 -518
Shares issued 1487 1440 1196 872 858
EPS
0.01546
7384
-
0.07986
11111
-
0.17391
30435
-
0.67660
55046
-
0.60372
96037
Market price of shares 144 181 115 22 69
EPS 0.02 -0.08 -0.17 -0.68 -0.60
P/E ratio
9309.91
304347
83
-
2266.43
478260
87 -661.25
-
32.5152
542373
-
114.289
575289
6
Cash dividend per share 0 0 0 0 7
Market value per share 144 181 115 22 69
Dividend yield ratio 0 0 0 0 0.10144

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