Chapter 6

Fi
Financial
i l Statement
S
Analysis
6-1

Pearson Education Limited 2004

Fundamentals of Financial Management,
Management 12/e
Created by: Gregory A. Kuhlemeyer, Ph.D.
Carroll College, Waukesha, WI

After studying Chapter 6,

you should be able to:

6-2

Understand
U
d t d the
th purpose off basic
b i financial
fi
i l statements
t t
t and
d their
th i
contents.
Explain why financial statement analysis is important to the firm
and
a
d to outs
outside
de supp
suppliers
e so
of cap
capital.
ta
Define, calculate, and categorize (according to liquidity, financial
leverage, coverage, activity, and profitability) the major financial
ratios and understand what they can tell us about the firm.
Define, calculate, and discuss a firms operating cycle and cash
cycle.
Use ratios to analyze a firm's health and then recommend
reasonable alternative courses of action to improve the health of
the firm.
Analyze a firms return on investment (i.e., earning power) and
return on equity using a DuPont approach.
Understand the limitations of financial ratio analysis.
Use trend analysis, common-size analysis, and index analysis to
gain additional insights into a firm's performance.

Financial
Statement Analysis
Financial
A

Statements

Possible Framework for Analysis

Balance

Sheet Ratios

Income

Statement and Income

Statement/Balance Sheet Ratios

Trend

Analysis

Common-Size
6-3

and Index Analysis

Examples of External Uses

of Statement Analysis
Trade

Creditors -- Focus on the

liquidity of the firm
firm.

Bondholders

-- Focus on the
long-term cash flow of the firm.

Shareholders

-- Focus on the
profitability and long-term health of
the
h firm.
fi

6-4

Examples of Internal Uses

of Statement Analysis
Plan

-- Focus on assessing the current

financial position and evaluating
potential firm opportunities.

Control

-- Focus on return on investment

for various assets and asset efficiency.

Understand

-- Focus on understanding
how suppliers of funds analyze the firm.

6-5

Primary Types of
Financial Statements
Balance Sheet

A summary off a firms

f
ffinancial position on
a given date that shows total assets = total
liabilities + owners
owners equity.
equity

Income Statement

6-6

A summary of a firms revenues and

expenses over a specified period, ending
with net income or loss for the period.
period

Basket Wonders Balance

Sheet (Asset Side)
Basket Wonders Balance Sheet (thousands) Dec
Dec. 31
31, 2007a
Cash and C.E.
$ 90
Acct. Rec.c
394
Inventories
696
Prepaid Exp d
5
Accum Tax Prepay
10
Current Assetse $1,195
Fixed Assets (@Cost)f 1030
L
Less:
Acc.
A
D
Depr. g
(329)
Net Fix. Assets $ 701
Investment,, LT
50
Other Assets, LT
223
Total Assets b $2,169
6-7

a. How the firm stands on

a specific
p
date.
b. What BW owned.
c. Amounts owed by
customers
customers.
d. Future expense items
already paid.
e. Cash/likely convertible
to cash within 1 year.
f Original amount paid.
f.
paid
g. Acc. deductions for
wear and tear.

Basket Wonders Balance

Sheet (Liability Side)
Basket Wonders Balance Sheet (thousands) Dec
Dec. 31
31, 2007
Notes Payable
c
Acct. Payable
y
Accrued Taxes d
Other Accrued Liab. d
Current Liab
Liab. e
Long-Term Debt f
Shareholders Equity
C
Com.
S
Stock
k ($1 par)) g
Add Pd in Capital g
Retained Earnings
g h
Total Equity
a,b
6-8 Total Liab/Equity

$ 290
94
16
100
$ 500
530

a. Note, Assets =
Liabilities + Equity.
q y
b. What BW owed and
ownership position.
c Owed to suppliers for
c.
goods and services.
d. Unpaid wages,
200
salaries, etc.
729 e. Debts payable < 1 year.
210 f.
f Debts payable > 1 year
year.
$1,139 g. Original investment.
$2,169 h. Earnings reinvested.

Basket Wonders
Income Statement
Basket Wonders Statement of Earnings (in thousands)
for Year Ending December 31, 2007a
Net Sales
$ 2,211
Cost of Goods Sold b 1,599
Gross Profit $
612
SG&A Expenses c
402
EBITd
$
210
Interest Expensee
59
EBT f
$
151
Income Taxes
60
EATg
$
91
Cash Dividends
38
Increase in RE
$
53
6-9

a. Measures profitability
over a time period.
b. Received, or receivable,
from customers
customers.
c. Sales comm., adv.,
officers salaries, etc.
d Operating
d.
O
ti income.
i
e. Cost of borrowed funds.
a ab e income.
co e
f. Taxable
g. Amount earned for
shareholders.

Framework for
Financial Analysis
T
Trend
d / Seasonal
S
l Component
C
How much funding will be
required in the future?
1. Analysis of the funds
needs of the firm.

Is there a seasonal
component?

Analytical Tools Used

Sources and Uses Statement
Statement of Cash Flows
Cash Budgets
6-10

Framework for
Financial Analysis
Health of a Firm
1. Analysis of the funds
needs of the firm.
2. Analysis of the financial
condition and profitability
of the firm.

6-11

Financial Ratios
1.
2.
3.
4.

Individually
Over time
In combination
In comparison

Framework for
Financial Analysis

1. Analysis of the funds

needs of the firm.

Business risk relates to

the risk inherent in the
operations of the firm.

2. Analysis of the financial

condition and profitability
of the firm.

Examples:
Examples:
Volatility in sales

3. Analysis of the business

risk of the firm.

Volatility in costs
Proximity to break
break-even
even
point

6-12

Framework for
Financial Analysis

1. Analysis of the funds

needs of the firm.
2. Analysis of the financial
condition and profitability
of the firm.
3. Analysis of the business
risk of the firm.

6-13

Determining
the
financing
needs of
tthe
e firm.

A Financial
Manager
mustt
consider all
three jointly
when
determining
g
the
financing
needs of the
firm.

Framework for
Financial Analysis

1. Analysis of the funds

needs of the firm.
2. Analysis of the financial
condition and profitability
of the firm.
3. Analysis of the business
risk of the firm.

6-14

Determining
the
financing
needs of
tthe
e firm.

Negotiations
with
ith
suppliers of
capital.
p

U off Fi
Use
Financial
i l Ratios
R ti
A Financial Ratio is
an index
i d that
th t relates
l t
two accounting
b
and
d is
i
numbers
obtained by dividing
b by
b the
th
one number
other.
6-15

Types of
Comparisons
Internal
Comparisons
External
Comparisons

External Comparisons and

Sources of Industry Ratios
This involves
comparing the ratios
of one firm with those
of similar firms or with
industry averages.
Similarity is important
as one should
compare apples
apples to
apples.
6-16

Examples:
Risk Management
g
Association
Dun & Bradstreet
Almanac of
Business and
Industrial
Financial Ratios

Li idit Ratios
Liquidity
R ti
Balance Sheet Ratios
Liquidity Ratios

Shows a firms
ability to cover its
current liabilities
with its current
assets.
6-17

Current
C
Current
tA
Assets
t
Current Liabilities
For Basket Wonders
December 31,
31 2007
$1,195 = 2.39
$500

Liquidity Ratio
Comparisons
Current Ratio
Year

BW

Industry

2007

2.39

2.15

2006

2.26

2.09

2005

1.91

2.01

R ti is
Ratio
i stronger
t
than
th the
th industry
i d t average.
6-18

Li idit Ratios
Liquidity
R ti
Balance Sheet Ratios
Liquidity Ratios

Shows a firms
ability to meet
current liabilities
with its most liquid
assets.
6-19

Acid--Test (Quick)
Acid
C
Current
tA
Assets
t - Inv
I
Current Liabilities
For Basket Wonders
December 31,
31 2007
$1,195 - $696 = 1.00
$500

Liquidity Ratio
Comparisons
Acid--Test Ratio
Acid
Year

BW

Industry

2007

1.00

1.25

2006

1.04

1.23

2005

1.11

1.25

R ti is
Ratio
i weaker
k than
th the
th industry
i d t average.
6-20

Summary of the Liquidity

Ratio Comparisons
Ratio
Current
Acid-Test

BW
2.39
1.00

Industry
2.15
1.25

Strong current ratio and weak acid-test

ratio indicates a potential problem in the
inventories account.

Note that this industry has a relatively

high level of inventories.

6-21

Current Ratio -- Trend

Analysis Comparison
Trend Analysis of Current Ratio

R atio Valu
ue

2.5
2.3
2.1
1.9
1.7
1.5
2005
6-22

BW
Industry

2006
Analysis Year

2007

Acid-Test Ratio -- Trend

AcidAnalysis Comparison
Trend Analysis of Acid-Test Ratio

R atio Val ue

1.5
1.3

08
0.8
0.5
2005

6-23

BW
Industry

1.0

2006
Analysis Year

2007

Summary of the Liquidity

Trend Analyses

The current ratio for BW has been rising

at the same time the acid-test ratio has
been declining.

The current ratio for the industry has

been rising slowly at the same time the
acid-test
acid
test ratio has been relatively stable.

This indicates that inventories are a

significant
i ifi
t problem
bl
for
f BW
BW.

6-24

Fi
Financial
i l Leverage
L
Ratios
R ti
Balance Sheet Ratios
Financial Leverage
Ratios

Shows th
Sh
the extent
t t to
t
which the firm is
fi
financed
d by
b debt.
d bt
6-25

Debt--to
Debt
to--Equity
T t l Debt
Total
D bt
Shareholders Equity
For Basket Wonders
December 31,
31 2007
$1,030 = .90
$1,139

Financial Leverage
Ratio Comparisons
Debt--to
Debt
to--Equity Ratio

6-26

Year

BW

Industry

2007

.90

.90

2006

.88

.90

2005

.81

.89

BW has average debt utilization

relative to the industry average.

Fi
Financial
i l Leverage
L
Ratios
R ti
Balance Sheet Ratios
Financial Leverage
Ratios

Shows the p
percentage
g
of the firms assets
pp
by
y
that are supported
debt financing.
6-27

Debt--to
Debt
to--Total
Total--Assets
T t l Debt
Total
D bt
Total Assets
For Basket Wonders
December 31,
31 2007
$1,030 = .47
$2,169

Financial Leverage
Ratio Comparisons
Debt--to
Debt
to--Total
Total--Asset Ratio

6-28

Year

BW

Industry

2007

.47

.47

2006

.47

.47

2005

.45

.47

BW has average debt utilization

relative to the industry average.

Fi
Financial
i l Leverage
L
Ratios
R ti
Balance Sheet Ratios
Financial Leverage
Ratios
Shows the relative
importance of long-term
debt to the long-term
fi
financing
i off the
th firm.
fi
6-29

Total Capitalization
(i.e., LT-Debt + Equity)

Long-term Debt
LongTotal Capitalization
p
For Basket Wonders
December 31, 2007
$530 = .32
$1,669

Financial Leverage
Ratio Comparisons
Total Capitalization Ratio
Year

BW

Industry

2007

.32

.30

2006

.32

.31

2005

.37

.32

BW has average long-term debt utilization

relative to the industry average.
6-30

C
Coverage
R
Ratios
ti
Income Statement
Ratios
Coverage Ratios

Indicates a firms
ability to cover
g
interest charges.
6-31

Interest Coverage
EBIT
Interest Charges
For Basket Wonders
December 31,
31 2007
$210 = 3.56
$59

Coverage
Ratio Comparisons
Interest Coverage Ratio
Year

BW

Industry

2007

3.56

5.19

2006

4.35

5.02

2005

10.30

4.66

BW has below average interest coverage

relative to the industry average.
6-32

Coverage Ratio -- Trend

Analysis Comparison
Trend Analysis of Interest Coverage Ratio

R atio Vaalue

11.0
9.0
7.0

BW
Industry

5.0
3.0
2005

2006
Analysis Year

6-33

2007

Summary of the Coverage

Trend Analysis

The interest coverage ratio for BW has

been falling since 2005. It has been
below industry averages for the past
two years.

This indicates that low earnings (EBIT)

may be a potential problem for BW
BW.

Note, we know that debt levels are in

li with
line
ith the
th industry
i d t averages.

6-34

A ti it Ratios
Activity
R ti
Income Statement /
Balance Sheet
Ratios
Activity Ratios
Indicates quality of
receivables and how
successful the firm is in
its collections.
6-35

Receivable Turnover
(Assume all sales are credit sales.)

A
Annual
lN
Nett C
Credit
dit S
Sales
l
Receivables
For Basket Wonders
December 31,
31 2007
$2,211 = 5.61
$394

A ti it Ratios
Activity
R ti
Income Statement /
Balance Sheet
Ratios
Activity Ratios
Average number of days
that receivables are
outstanding.
(or RT in days)
6-36

A C
Avg
Collection
ll ti Period
P i d
Days in the Year
Receivable Turnover
For Basket Wonders
December 31, 2007
365
5.61

= 65 days

Activity
Ratio Comparisons
Average Collection Period

6-37

Year

BW

Industry

2007

65.0

65.7

2006

71.1

66.3

2005

83.6

69.2

BW has improved the average collection

period to that of the industry average.

A ti it Ratios
Activity
R ti
Income Statement /
Balance Sheet
Ratios
Activity Ratios
Indicates the
promptness of payment
to suppliers by the firm.
firm
6-38

Payable Turnover (PT)

(Assume annual credit
purchases = $1,551.)
p
$ ,
)

Annual Credit Purchases

Accounts Payable
For Basket Wonders
December 31, 2007
$1551
16 5
= 16.5
$94

A ti it Ratios
Activity
R ti
Income Statement /
Balance Sheet
Ratios
Activity Ratios
Average number of days
that payables are
outstanding
outstanding.
6-39

PT in Days
D
Days
iin the
th Year
Y
Payable Turnover
For Basket Wonders
December 31,
31 2007
365
16.5

= 22.1 days

Activity
Ratio Comparisons
Payable Turnover in Days
Year

BW

Industry

2007

22.1

46.7

2006

25.4

51.1

2005

43.5

48.5

BW has improved the PT in Days

Days.
6-40

Is this good?

A ti it Ratios
Activity
R ti
Income Statement /
Balance Sheet
Ratios
Activity Ratios
Indicates the
effectiveness of the
inventory management
practices of the firm.
6-41

Inventory Turnover
Cost
C t off G
Goods
d Sold
S ld
Inventory
For Basket Wonders
December 31,
31 2007
$1,599 = 2.30
$696

Activity
Ratio Comparisons
Inventory Turnover Ratio
Year

BW

Industry

2007

2.30

3.45

2006

2.44

3.76

2005

2.64

3.69

BW has a very poor inventory turnover ratio

ratio.
6-42

Inventory Turnover Ratio -Trend Analysis Comparison

Trend Analysis of Inventory Turnover Ratio

Ratio V
Value

4.0
3.5
30
3.0

BW
Industry

2.5
2.0
2005

2006
Analysis Year

6-43

2007

A ti it Ratios
Activity
R ti
Income Statement /
Balance Sheet
Ratios
Activity Ratios
Indicates the overall
effectiveness of the firm
in utilizing its assets to
generate sales.
6-44

Total Asset Turnover

N tS
Net
Sales
l
Total Assets
For Basket Wonders
December 31,
31 2007
$2,211 = 1.02
$2,169

Activity
Ratio Comparisons
Total Asset Turnover Ratio
Year

BW

Industry

2007

1.02

1.17

2006

1.03

1.14

2005

1.01

1.13

BW has a weak total asset turnover ratio

ratio.
6-45

Why is this ratio considered weak?

P fit bilit Ratios

Profitability
R ti
Income Statement /
Balance Sheet
Ratios
Profitability Ratios
Indicates the efficiency
of operations and firm
pricing policies.
policies
6-46

Gross Profit Margin

G
Gross
Profit
P fit
Net Sales
For Basket Wonders
December 31,
31 2007
$612 = .277
277
$2,211

Profitability
Ratio Comparisons
Gross Profit Margin
Year

BW

Industry

2007

27.7%

31.1%

2006

28.7

30.8

2005

31.3

27.6

BW h
has a weak
kG
Gross P
Profit
fit Margin.
M
i
6-47

Gross Profit Margin -Trend Analysis Comparison

Trend Analysis of Gross Profit Margin

Ratio Val ue (%)

R

35.0
32.5
30 0
30.0

BW
Industry

27.5
25.0
2005

2006
Analysis Year

6-48

2007

P fit bilit Ratios

Profitability
R ti
Income Statement /
Balance Sheet
Ratios
Profitability Ratios
Indicates the firms
profitability after taking
account of all expenses
and income taxes.
6-49

Net Profit Margin

N tP
Net
Profit
fit after
ft T
Taxes
Net Sales
For Basket Wonders
December 31,
31 2007
$91 = .041
$2,211

Profitability
Ratio Comparisons
Net Profit Margin
Year

BW

Industry

2007

4.1%

8.2%

2006

4.9

8.1

2005

9.0

7.6

BW h
has a poor N
Nett P
Profit
fit Margin.
M
i
6-50

Net Profit Margin -Trend Analysis Comparison

Trend Analysis of Net Profit Margin

Ratio Val ue (%)

R

10
9
8
7

BW
Industry

6
5
4
2005

2006
Analysis Year

6-51

2007

P fit bilit Ratios

Profitability
R ti
Income Statement /
Balance Sheet
Ratios
Profitability Ratios
Indicates the
profitability on the
assets of the firm (after
all expenses and taxes).
6-52

Return on Investment
N tP
Net
Profit
fit after
ft T
Taxes
Total Assets
For Basket Wonders
December 31,
31 2007
$91 = .042
$2,160

Profitability
Ratio Comparisons
Return on Investment
Year

BW

Industry

2007

4.2%

9.8%

2006

5.0

9.1

2005

9.1

10.8

BW has
h a poor Return
R t
on Investment.
I
t
t
6-53

Return on Investment
Trend Analysis Comparison
Trend Analysis of Return on Investment

Ratio Val ue (%)

R

12
10
8

BW
Industry

6
4
2005

2006
Analysis Year

6-54

2007

P fit bilit Ratios

Profitability
R ti
Income Statement /
Balance Sheet
Ratios
Profitability Ratios
Indicates the profitability
to the shareholders of
the firm (after all
expenses and taxes).
6-55

Return on Equity
N tP
Net
Profit
fit after
ft T
Taxes
Shareholders Equity
For Basket Wonders
December 31,
31 2007
$91 = .08
$1,139

Profitability
Ratio Comparisons
Return on Equity
Year

BW

Industry

2007

8.0%

17.9%

2006

9.4

17.2

2005

16.6

20.4

BW h
has a poor R
Return
t
on E
Equity.
it
6-56

Return on Equity
y -Trend Analysis Comparison
Trend Analysis of Return on Equity

Ratio Val ue (%)

R

21.0
17.5
14 0
14.0

BW
Industry

10.5
7.0
2005

2006
Analysis Year

6-57

2007

Return on Investment and

the Du Pont Approach
Earning Power = Sales profitability X
Asset efficiency
y
ROI = Net profit margin X
Total asset turnover

ROI2007

= .041 x 1.02 = .042 or 4.2%

ROIIndustry = .082 x 1.17 = .098 or 9.8%

6-58

Return on Equity
y and
the Du Pont Approach
Return On Equity = Net profit margin X
Total asset turnover X
Equity Multiplier
Total Assets
Equity Multiplier =
Shareholders Equity

ROE2007

= .041 x 1.02 x 1.90 = .080

ROEIndustry = .082
082 x 1.17
1 17 x 1.88
1 88 = .179
179
6-59

Summary of the Profitability

Trend Analyses

Th profitability
The
fit bilit ratios
ti for
f BW have
h
ALL
been falling since 2005. Each has been
b l
below
the
th industry
i d t averages for
f th
the pastt
three years.

This indicates that COGS and

y both be too
administrative costs may
high and a potential problem for BW
BW.

Note this result is consistent with the low

Note,
interest coverage ratio.

6-60

S
Summary
off Ratio
R ti Analyses
A l

6-61

Inventories are too high.

May be paying off creditors

(accounts payable) too soon.

COGS may be too high.

Selling general
Selling,
general, and
administrative costs may be too
high
high.

C
CommonCommon
-size
i Analysis
A l i
An analysis of percentage
financial statements where all
balance sheet items are divided
by total assets and all income
statement items are divided by
nett sales
l or revenues.

6-62

Basket Wonders Common

Size Balance Sheets
Regular (thousands of $)
Assets

2006

2007

2005

2006

2007

Cash
AR
Inv
Other CA

148
283
322
10

100
410
616
14

90
394
696
15

12.10
12
10
23.14
26.33
0.82

4.89
4
89
20.06
30.14
0.68

4.15
4
15
18.17
32.09
0.69

Tot CA
Net FA
LT Inv
Other LT

763
349
0
111

1,140
631
50
223

1,195
701
50
223

62.39
28.54
0.00
9.08

55.77
30.87
2.45
10.91

55.09
32.32
2.31
10.28

1 223
1,223

2 044
2,044

2 169
2,169

100 0
100.0

100 0
100.0

100 0
100.0

Tot Assets
6-63

2005

Common-Size (%)

Basket Wonders Common

Size Balance Sheets
Regular (thousands of $)
Liab+Equity

6-64

2005

2006

2007

Common-Size (%)
2005

2006

2007

Note Pay
Acct Pay
Accr Tax
Other Accr

290
81
13
15

295
94
16
100

290
94
16
100

23.71
23
71
6.62
1.06
1.23

14.43
14
43
4.60
0.78
4.89

13.37
13
37
4.33
0.74
4.61

Tot CL
LT Debt
Equity

399
150
674

505
453
1,086

500
530
1,139

32.62
12.26
55.11

24.71
22.16
53.13

23.05
24.44
52.51

Tot L+E

1,223

2,044

2,169

100.0

100.0

100.0

Basket Wonders Common

Size Income Statements
Regular (thousands of $)
2005
Net Sales
COGS

6-65

2006

2007

Common-Size (%)
2005

2006

2007

1,235
1
235
849

2,106
2
106
1,501

2,211
2
211
1,599

100.0
100
0
68.7

100.0
100
0
71.3

100.0
100
0
72.3

Gross Profit
Adm.

386
180

605
383

612
402

31.3
14.6

28.7
18.2

27.7
18.2

EBIT
Int Exp

206
20

222
51

210
59

16.7
16
1.6

10.5
24
2.4

9.5
27
2.7

EBT

186

171

151

15.1

8.1

6.8

EAT

112

103

91

9.1

4.9

4.1

Cash Div

50

50

50

4.0

2.4

2.3

I d Analyses
Index
A l
An analysis of percentage financial
statements where all balance sheet
or income statement figures for a
base year equal 100.0 (percent) and
subsequent
q
financial statement
items are expressed as percentages
of their values in the base year.
6-66

Basket Wonders
Indexed Balance Sheets
Regular (thousands of $)
Assets

2006

2007

2005

2006

2007

Cash
AR
Inv
Other CA

148
283
322
10

100
410
616
14

90
394
696
15

100.0
100
0
100.0
100.0
100.0

67.6
67
6
144.9
191.3
140.0

60.8
60
8
139.2
216.1
150.0

Tot CA
Net FA
LT Inv
Other LT

763
349
0
111

1,140
631
50
223

1,195
701
50
223

100.0
100.0
100.0
100.0

149.4
180.8
inf.
200.9

156.6
200.9
inf.
200.9

1 223
1,223

2 044
2,044

2 169
2,169

100 0
100.0

16 1
167.1

1 4
177.4

Tot Assets
6-67

2005

Indexed (%)

Basket Wonders
Indexed Balance Sheets
Regular (thousands of $)
Liab+Equity

6-68

2005

2006

2007
290
94
16
100

Indexed (%)
2005

2006

2007

100.0
100
0
100.0
100.0
100.0

101.7
101
7
116.0
123.1
666.7

100.0
100
0
116.0
123.1
666.7

Note Pay
Acct Pay
Accr Tax
Other Accr

290
81
13
15

295
94
16
100

Tot CL
LT Debt
Equity

399
150
674

505
453
1,086

500 100.0
530 100.0
1,139 100.0

126.6
302.0
161.1

125.3
353.3
169.0

Tot L+E

1,223

2,044

2,169 100.0

167.1

177.4

Basket Wonders Indexed

Income Statements
Regular (thousands of $)
2005
Net Sales
COGS

6-69

2006

2007

Indexed (%)
2005

2006

2007

1,235
1
235
849

2,106
2
106
1,501

2,211
2
211
1,599

100.0
100
0
100.0

170.5
170
5
176.8

179.0
179
0
188.3

Gross Profit
Adm.

386
180

605
383

612
402

100.0
100.0

156.7
212.8

158.5
223.3

EBIT
Int Exp

206
20

222
51

210
59

100.0
100 0
100.0

107.8
255 0
255.0

101.9
295 0
295.0

EBT

186

171

151

100.0

91.9

81.2

EAT

112

103

91

100.0

92.0

81.3

Cash Div

50

50

50

100.0

100.0

100.0