Key Financial Items 2011 2012 2013 2014 2015

Cash 1648 813 784 670 2210

Receivables 6226 6757 5841 5800 5800
Inventory 5838 6254 7903 8278 6000
Total Current Assets 14405 14706 16388 11573 14087
Total Assets 34995 37349 48163 44553 41404
Total Current Liabilities 9588 11117 14031 12777 11736
Total Liabilities 20790 21716 31605 28322 27407
Total Stockholder Equity 14205 15633 16558 16231 13997
Sales 52620 59490 73301 71279 72618
Cost of Sales 34927 39399 50568 50039 51278
EBIT 4296 5041 5740 5170 4535
Pretax Income 3860 4497 5056 4121 3653
Net Income (Loss) 2408 2787 2999 1971 -1636
Dividend Expense 334 396 400 450 450
 Sales g: 3.00%
Dollar Amounts 2011 2012 2013 2014 2015 2016 2017
Cash 1648 813 784 670 2210 4355 6336
Receivables 6226 6757 5841 5800 5800 7073 7285
Inventory 5838 6254 7903 8278 6000 6000 6000
Other Current Assets 693 882 1860 -3175 77 148 152
Total Current Assets 14405 14706 16388 11573 14087 17576 19773
Net Fixed Assets 20590 22643 31775 32980 27317 27317 27317
Total Assets 34995 37349 48163 44553 41404 44893 47090
Total Current Liabilities 9588 11117 14031 12777 11736 13484 13888
Total LT Liabilities 11202 10599 17574 15545 15671 15671 15671
Total Liabilities 20790 21716 31605 28322 27407 29155 29559
Total Stockholder Equity 14205 15633 16558 16231 13997 15738 17531
Sales 52620 59490 73301 71279 72618 74797 77040
Cost of Sales 34927 39399 50568 50039 51278 51222 52758
EBIT 4296 5041 5740 5170 4535 5680 5850
Pretax Income 3860 4497 5056 4121 3653 4877 5024
Net Income (Loss) 2408 2787 2999 1971 -1636 2074 2136
Dividend Expense 334 396 400 450 450 Avg. 333 343
Div. Payout Ratio 13.87% 14.21% 13.34% 22.83% 16.06%

A2RE 1741 1793

Percent of Sales 2011 2012 2013 2014 2015 Ave.

Cash
Receivables 11.83% 11.36% 7.97% 8.14% 7.99% 9.46%
Inventory 11.09% 10.51% 10.78% 11.61% 8.26% 10.45%
Other Current Assets 1.32% 1.48% 2.54% -4.45% 0.11% 0.20%
Total Current Assets
Net Fixed Assets
Total Assets
Total Current Liabilities 18.22% 18.69% 19.14% 17.93% 16.16% 18.03%
Total LT Liabilities
Total Liabilities
Total Stockholder Equity
Sales 100% 100% 100% 100% 100% 100.00%
Cost of Sales 66.38% 66.23% 68.99% 70.20% 70.61% 68.48%
EBIT 8.16% 8.47% 7.83% 7.25% 6.25% 7.59%
Pretax Income 7.34% 7.56% 6.90% 5.78% 5.03% 6.52%
Net Income (Loss) 4.58% 4.68% 4.09% 2.77% -2.25% 2.77%
Dividend Expense
 2018 2019 2020
8376 10478 12643
7504 7729 7961
6000 6000 6000
157 162 166
22037 24369 26770
27317 27317 27317
49354 51686 54087
14305 14734 15176
15671 15671 15671
29976 30405 30847
19378 21280 23240
79352 81732 84184
54341 55971 57650
6025 6206 6392
5174 5330 5490
2200 2266 2334
353 364 375

1847 1902 1959

 Now 2016 2017 2018 2019 2020 2021
Div. Expense 333.14 343.13 353.42 364.03 374.95
Div. per Share 0.50 0.51 0.53 0.54 0.56 0.58
P2019
32.01
Present Value 0.47 0.46 0.44 25.79

PRICE
27.16

r 6.00%
g 4.25%
# of Share (in millions) 669.3
2022 2023 etc.
etc.
0.61 0.63 etc.
 2011 2012 2013 2014 2015
Current Ratio 0.6929 0.6772 0.5185 0.4086 0.5140
Accounts Receivable Turnover Rati 8.4517 8.8042 12.5494 12.2895 12.5203
Average Collection Period Ratio 42.5952 40.8896 28.6866 29.2933 28.7532
Inventory Turnover Ratio 5.9827 6.2998 6.3986 6.0448 8.5463
Days to Sell Inventory Ratio 60.1735 57.1446 56.2625 59.5551 42.1233
Net Profit Margin Ratio 0.0458 0.0468 0.0409 0.0277 -0.0225
Total Asset Turnover Ratio 1.5036 1.5928 1.5219 1.5999 1.7539
 2016 2017 2018 2019 2020
0.6028 0.6689 0.7352 0.8015 0.8678
10.5747 10.5747 10.5747 10.5747 10.5747
34.0436 34.0436 34.0436 34.0436 34.0436
8.5369 8.7930 9.0568 9.3285 9.6084
42.1698 40.9415 39.7491 38.5913 37.4673
0.0277 0.0277 0.0277 0.0277 0.0277
1.6661 1.6360 1.6078 1.5813 1.5565
 Explaination
The firm is improving in preparation for paying out coming-due-soon debt by cash from its most liquid assets.
From 2016, the ability to collect money on credit/ convert AR into cash of the firm is more efficient (more times per year) than 2
From 2011-2015, the period of collecting payment/convert AR to cash of the firm is getting shorter => The firm's ability to collec
The firm is improving in turnover entire balance of Inventory, more times per year on average.
The day of holding stock on shelf of the firm is decreasing, which shows the firm's efficiency in selling so that inventory conver
The profit margin is decreasing. The firm may not do well in term of managing exspenses while generating sales.
The firm seem to have stable ability to use of all its assets to generating sales.
llection periods are stable.