PSDA - 1

Comprehensive Financial Analysis

Unveiling the Performance and Health of Hyundai through a Decade of Key Financial Ratios

NAME AYUSH RAJ GIRI

ROLL NO A3146921002

SECTION B.COM - HONS

Table of Contents :
I. Introduction
● Background and Purpose of Financial Analysis
● Overview of Key Financial Ratios

II. Profitability Ratios

● Net Profit Margin

● Operating Profit Margin
● Return on Assets (ROA)
● Return on Equity (ROE)
● Earnings Per Share (EPS)
● Return on Capital Employed (ROCE)
● Price/Earnings (P/E) Ratio
● Practical Interpretations and Implications

III. Efficiency Ratios

● Operating Ratio
● Current Ratio
● Quick/Acid Test Ratio
● Inventory Holding Period
● Creditors Payment Period
● Debtors Collection Period
● Practical Interpretations and Implications

IV. Coverage Ratios

● Interest Coverage Ratio

● Debt Equity Ratio
● Proprietary Ratio
● Solvency Ratio
● Return on Shareholders' Fund
● Practical Interpretations and Implications

V. Turnover Ratios

● Fixed Asset Turnover Ratio

● Current Asset Turnover Ratio
● Total Asset Turnover Ratio
● Interpretations and Insights

VI. Conclusion

● Summarizing Key Findings

● Recommendations for Stakeholders
● Future Considerations

VIII. References

● Sources and References Used in the Analysis

Introduction:
Financial ratios serve as powerful tools for evaluating a company's performance, financial
health, and operational efficiency. In this comprehensive analysis, we delve into various key
financial ratios spanning profitability, efficiency, coverage, and turnover. These ratios, derived
from the company's financial statements over a ten-year period, offer crucial insights into
different facets of its financial landscape.

The profitability ratios, including Net Profit Margin, Operating Profit Margin, Return on Assets
(ROA), Return on Equity (ROE), Earnings Per Share (EPS), Return on Capital Employed
(ROCE), and Price/Earnings (P/E) Ratio, provide a snapshot of the company's ability to
generate profits and returns for its shareholders. Efficiency ratios, such as Operating Ratio,
Current Ratio, Quick/Acid Test Ratio, Inventory Holding Period, Creditors Payment Period,
and Debtors Collection Period, shed light on the company's operational efficiency, liquidity,
and management of assets and liabilities. Additionally, coverage ratios, like the Interest
Coverage Ratio, Debt Equity Ratio, Proprietary Ratio, Solvency Ratio, and Return on
Shareholders' Fund, assess the company's financial strength, leverage, and its capacity to
meet long-term obligations.

Furthermore, the turnover ratios - Fixed Asset Turnover, Current Asset Turnover, and Total
Asset Turnover - provide insights into the efficiency with which the company utilizes its
assets to generate revenue. These ratios collectively offer a holistic view of the company's
financial health and operational effectiveness, guiding stakeholders in making informed
decisions.
Ratios Formulas Used 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

Net 5.17 4.20 1.53 2.82 1.56 4.18 6.47 6.98 8.23 9.78
Profit Net Profit / Revenue % % % % % % % % % %
Operatin 6.89 5.68 2.57 3.38 2.29 4.05 6.21 6.94 8.41 9.84
g Profit Operating Profit / Revenue % % % % % % % % % %
Return
on Net Profit / Average Total 3.01 2.23 0.71 1.59 0.83 2.26 3.14 4.11 5.24 6.40
Assets Assets % % % % % % % % % %
Return
on Net Profit / Average 4.66 3.48 1.13 2.65 1.41 3.84 5.15 6.83 9.10 11.1
Equity Shareholders' Equity % % % % % % % % % 2%
(Net Profit - Dividends on 201 238 271 314
Earnings Preferred Stock) / Weighted 3641 2475 5473 1137 5688 150 24.4 85.4 31.0 59.3
Per Average Common Shares 0.38 8.82 .126 9.44 .950 11.4 556 468 129 179
Share Outstanding 268 176 873 478 922 424 1 3 6 1
Return
on
Capital Operating Profit / Capital
Employe Employed(Total Assets - 10.8 8.08 3.14 5.11 3.26 5.64 7.18 10.2 13.0 16.5
d Current Liabilities) 0% % % % % % % 9% 2% 5%
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.01 722 539 454 399 344
2979 4382 0.01 9534 9072 781 145 251 911 889
Price/Ea Market Price per Share / 9192 2763 9824 7358 0576 976 018 497 349 867
rnings Earnings per Share 44 88 1339 38 6 1 9 9 2 9

Profitability Ratios
1. Net Profit Margin:
- Practical Interpretation: A net profit margin of 5.17% means that for every dollar of
revenue generated, the company retains Rs.0.0517 as profit after covering all expenses.
This indicates the company's ability to manage costs effectively and generate a reasonable
profit.

2. Operating Profit Margin:

- Practical Interpretation: An operating profit margin of 6.89% implies that, after accounting
for the core operational expenses, the company retains Rs.0.0689 as profit for every dollar
of revenue. This highlights the efficiency of the company's core business activities.

3. Return on Assets (ROA):

 - Practical Interpretation: With a return on assets of 3.01%, the company is generating a
3.01% return on its total assets. This ratio indicates the efficiency of asset utilization, with a
higher percentage suggesting better utilization.

4. Return on Equity (ROE):

- Practical Interpretation: A return on equity of 4.66% signifies that shareholders are
earning a 4.66% return on their investment. This metric reflects the company's ability to
generate profits from shareholder equity.

5. Earnings Per Share (EPS):

- Practical Interpretation: An earnings per share of 36410.38 indicates that each common
share would theoretically be entitled to Rs.36410.38 of the company's earnings, after
deducting dividends on preferred stock.

6. Return on Capital Employed (ROCE):

- Practical Interpretation: With a return on capital employed of 10.80%, the company is
generating a 10.80% return on the capital employed, which includes both equity and debt.
This highlights the efficiency of capital utilization.
7. Price/Earnings (P/E) Ratio:
- Practical Interpretation: A P/E ratio of 0.00298 suggests that the market is valuing the
company at approximately 0.00298 times its earnings per share. This low ratio might indicate
that the market perceives the company as undervalued.
Ratios Formulas Used 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Operatin Operating Expenses / Net 93.1 94.3 97.7 96.6 97.7 95.9 94.4 93.0 91.5 90.1
g Ratio Sales 1% 2% 0% 2% 1% 5% 5% 6% 9% 6%
1.29 1.37 1.40 1.42 1.47 1.71 1.66 1.63 1.84 1.84
Current Current Assets / Current 8408 8732 7450 7068 6748 3964 1314 8520 8387 3881
Ratio Liabilities 591 812 745 612 445 291 925 806 96 308
Quick/Ac (Current Assets - 1.10 1.19 1.21 1.20 1.26 1.47 1.41 1.41 1.63 1.62
id Test Inventory) / Current 5899 7440 6838 8292 0017 5786 9997 5317 7549 2290
Ratio Liabilities 227 417 166 55 018 925 293 376 189 253
Inventor
y 41.4 43.8 49.0 46.3 47.8 48.1 47.3 41.1 37.7 38.0
Holding 365 / Inventory Turnover 4556 3079 7926 6222 8661 8231 8581 4532 1039 4460
Period Ratio - Days 37 218 121 637 972 278 195 036 813 219
Creditor
s Accounts Payable / Cost 34.5 34.9 37.5 31.7 34.2 30.0 33.5 35.0 36.6 36.1
Payment of Goods Sold) * Number 0614 2541 3113 7767 1438 3387 6869 6872 5042 6001
Period of Days in the Period 276 283 949 04 18 407 707 199 879 334
Debtors Accounts Receivable / 14.5 14.1 15.9 17.3 18.9 19.7 22.0 26.2 23.6 21.9
Collectio Revenue) * Number of 7910 7786 2029 0668 4612 7007 5275 2052 8463 1377
n Period Days in the Period 708 4 498 693 627 23 423 993 924 865

Effeciency Ratios
1. Operating Ratio:
- Formula: Operating Expenses / Net Sales
- Interpretation: An operating ratio of 93.11% means that 93.11 cents out of every dollar of
net sales are spent on operating expenses. This ratio is used to assess operational
efficiency, and a lower ratio is generally favorable.

2. Current Ratio:
- Formula: Current Assets / Current Liabilities
- Interpretation: A current ratio of 1.30 suggests that the company has Rs1.30 in current
assets for every dollar of current liabilities. This ratio measures short-term liquidity, and a
ratio above 1 indicates the company can cover its short-term obligations.

3. Quick/Acid Test Ratio:

- Formula: (Current Assets - Inventory) / Current Liabilities
- Interpretation: With a quick ratio of 1.11, the company has Rs.1.11 in liquid assets
(excluding inventory) for every dollar of current liabilities. This provides a more stringent
measure of short-term liquidity.
4. Inventory Holding Period:
- Formula: 365 / Inventory Turnover Ratio - Days
- Interpretation: The company takes approximately 41.45 days to sell and replace its
inventory. This ratio measures how efficiently the company manages its inventory, and a
lower holding period is generally favorable.

5. Creditors Payment Period:

- Formula: (Accounts Payable / Cost of Goods Sold) * Number of Days in the Period
- Interpretation: The company takes approximately 34.51 days to pay its creditors. This
ratio assesses how quickly the company pays its suppliers and manages its payable, and a
reasonable period is often desired.

6. Debtors Collection Period:

- Formula: (Accounts Receivable / Revenue) * Number of Days in the Period
- Interpretation: The company takes around 14.58 days to collect its receivables. This ratio
assesses how efficiently the company collects payments from its customers, and a lower
collection period is generally favorable.
Ratios Formulas Used 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Earnings Before
Interest Interest and Taxes -81.5 403. -101. -150. -45.4 -43.5 -31.7 -25.6
Coverage (EBIT) / Interest 3591 1677 1438 5296 #VAL 0411 8348 1169 1019 #VAL
Ratio Expense 58 443 488 949 UE! 021 683 826 041 UE!
Debt 1.05 1.05 1.05 1.05 1.06
Equity Total Debt / 3323 5470 4657 8693 0538
Ratio Shareholders' Equity 1 1 1 237 732 34 1 1 497 565
Proprietary (Shareholders' Equity / 64.4 64.6 63.5 60.7 59.1 58.0 59.5 62.4 57.4 57.5
Ratio Total Assets) 6% 9% 3% 4% 0% 5% 5% 9% 7% 9%
-75.2 -9.96 -7.31 -14.0 -17.1 -9.21 -6.96 -9.06
Solvency (EBIT / Interest + Debt 3028 6576 7182 0872 #VAL 4406 5331 2573 3425 #VAL
Ratio Repayment) 716 086 22 227 UE! 042 699 574 174 UE!
Return on
Sharehold (Net Profit / Average 4.47 3.27 1.07 2.52 1.41 3.90 5.08 6.21 8.68 11.12
ers' Fund Shareholders' Fund) % % % % % % % % % %

Coverage Ratio
1. Interest Coverage Ratio:
- Formula: Earnings Before Interest and Taxes (EBIT) / Interest Expense
- Interpretation: The interest coverage ratio is negative (-81.54) for 2022, indicating that the
company's earnings are not sufficient to cover its interest expenses. A negative ratio
suggests potential financial distress, and further investigation is needed to understand and
address the issue.

2. Debt Equity Ratio:

- Formula: Total Debt / Shareholders' Equity
- Interpretation: The debt-equity ratio has consistently been around 1, indicating an equal
proportion of debt and equity in the company's capital structure. While this ratio suggests a
balanced mix of financing, it's essential to consider industry standards and the company's
risk tolerance.

3. Proprietary Ratio:
- Formula: Shareholders' Equity / Total Assets
- Interpretation: The proprietary ratio, ranging from 57.47% to 64.69%, reflects the
proportion of total assets financed by shareholders' equity. A higher ratio indicates a lower
reliance on external debt, implying a relatively strong financial position.
4. Solvency Ratio:
- Formula: EBIT / (Interest + Debt Repayment)
- Interpretation: The solvency ratio is negative for 2022 (-75.23), indicating potential
financial difficulties. This ratio assesses the ability to meet both interest and debt repayment
obligations. A negative value signals a potential inability to cover these obligations with
earnings.

5. Return on Shareholders' Fund:

- Formula: Net Profit / Average Shareholders' Fund
- Interpretation: The return on shareholders' fund has varied over the years, with 4.47% in
2022. This ratio measures the profitability of the shareholders' investment. While positive, it's
important to compare this return to industry benchmarks and consider the risk associated
with the debt-equity structure.

Formulas
Ratios Used 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Fixed Asset Revenue / 2.231 1.989 1.889 2.002 1.899 1.903 1.928 2.236 2.631
Turnover Average Fixed 1076 3181 7548 6635 3525 1974 0948 7202 5581 2.726
Ratio Assets 99 41 12 28 46 23 99 52 71 0241
Current Revenue /
Asset Average 1.541 1.365 1.301 1.418 1.326 1.316 1.338 1.387 1.440 1.483
Turnover Current 21611 5669 8476 5489 0529 3836 0457 4815 9917 4083
Ratio Assets 4 04 84 46 68 87 23 67 67 23
Total Asset Revenue / 0.582 0.530 0.515 0.563 0.535 0.539 0.544 0.588 0.636 0.654
Turnover Average Total 11465 6253 0226 7284 8955 8685 1485 3606 0762 3746
Ratio Assets 15 678 306 091 247 052 763 956 63 678

Turnover Ratios
1. Fixed Asset Turnover Ratio:
- Formula: Revenue / Average Fixed Assets
- Interpretation: The fixed asset turnover ratio measures how efficiently the company
utilizes its fixed assets to generate revenue. A ratio of 2.23 in 2022 indicates that the
company generated Rs. 2.23 in revenue for every dollar invested in fixed assets. An
increasing ratio over the years may suggest improved efficiency in utilizing fixed assets.

2. Current Asset Turnover Ratio:

- Formula: Revenue / Average Current Assets
- Interpretation: The current asset turnover ratio assesses how effectively the company
utilizes its current assets to generate revenue. A ratio of 1.54 in 2022 means that the
company generated Rs. 1.54 in revenue for every dollar invested in current assets. This ratio
provides insights into the efficiency of working capital management.
3. Total Asset Turnover Ratio:
- Formula: Revenue / Average Total Assets
- Interpretation: The total asset turnover ratio measures the company's overall efficiency in
using its assets to generate revenue. A ratio of 0.58 in 2022 suggests that the company
generated Rs. 0.58 in revenue for every dollar of average total assets. A decreasing ratio
over the years might indicate a decrease in efficiency in utilizing total assets.

Summary
- Higher turnover ratios indicate better efficiency in asset utilization.
- Increasing ratios over time may signify improved operational efficiency.
- It's crucial to compare these ratios with industry benchmarks to assess the company's
performance relative to its peers.

These ratios provide insights into how well the company is utilizing its assets (both fixed and
current) to generate revenue. The interpretation should consider industry standards,
company-specific circumstances, and trends over time for a comprehensive analysis.

Conclusion:
In conclusion, the analysis of these financial ratios paints a comprehensive picture of the
company's financial standing and operational performance over the past decade. The
findings highlight strengths, such as consistent operating profits, balanced debt-equity
structure, and effective asset utilization. However, challenges emerge, including negative
interest coverage ratios in recent years, suggesting potential financial distress.

Stakeholders must use this information to make strategic decisions, such as identifying
areas for improvement, assessing risk exposure, and gauging the company's overall
financial stability. Continuous monitoring of these ratios, alongside industry benchmarks, will
be essential for steering the company toward sustainable growth and resilience in a dynamic
business environment. As financial landscapes evolve, the insights gleaned from these
ratios will guide the company's strategic direction and facilitate proactive decision-making for
long-term success.
 BALANCE SHEET
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
Name 2022 2021 2020 2019 2018
Total Current Assets 96,389,273 88,565,366 83,686,357 76,082,873 73,008,101
Cash and Short Term
Investments 32,110,530 32,045,772 29,858,883 25,374,510 26,800,814
Cash - - - - -
Cash & Equivalents 20,864,879 12,795,554 9,862,136 8,681,971 9,113,625
Short Term Investments 5,878,899 7,000,238 7,291,359 16,692,539 17,687,189
Total Receivables, Net 9,254,209 7,737,861 7,745,307 37,513,419 33,136,589
Accounts Receivables - Trade,
Net 5,692,943 4,568,404 4,536,089 5,014,028 5,025,271
Total Inventory 14,291,216 11,645,641 11,333,734 11,663,848 10,714,858
Prepaid Expenses 782,749 558,336 459,580 1,447,718 1,452,376
Other Current Assets, Total 39,950,569 36,577,756 34,288,853 83,378 903,464
Total Assets 255,742,462 233,946,415 209,344,212 194,512,220 180,655,752
Property/Plant/Equipment, Total
- Net 64,952,017 62,811,905 55,430,244 54,634,406 50,971,374
Property/Plant/Equipment, Total
- Gross 99,475,136 93,827,568 82,776,163 82,177,133 76,801,458
Accumulated Depreciation, Total -34,523,119 -31,015,663 -27,345,919 -27,542,727 -25,830,084
Goodwill, Net 692,235 373,281 340,994 261,525 259,407
Intangibles, Net 6,102,377 5,846,986 5,677,567 5,004,971 4,661,976
Long Term Investments 28,441,619 25,852,749 22,669,701 22,275,736 19,640,932
Note Receivable - Long Term 3,561,266 3,169,457 3,209,218 32,559,794 29,177,658
Other Long Term Assets, Total 4,113,608 2,730,893 1,839,462 3,692,915 2,936,304
Other Assets, Total 111,284,560 107,500,989 97,573,914 - -
Total Current Liabilities 74,236,472 64,236,787 59,459,528 53,314,096 49,438,414
Accounts Payable 10,797,065 9,155,255 8,793,179 7,669,424 7,655,630
Payable/Accrued - - - - -
Accrued Expenses 3,351,822 2,851,174 2,957,418 2,850,091 2,669,315
Notes Payable/Short Term Debt 11,366,480 13,087,836 13,780,670 12,570,693 12,249,850
Current Port. of LT Debt/Capital
Leases 25,979,184 20,746,168 16,245,483 15,910,946 14,104,927
Other Current liabilities, Total 22,741,921 18,396,354 17,682,778 14,312,942 12,758,692
Total Liabilities 164,845,917 151,330,626 133,003,242 124,446,418 112,681,783
Total Long Term Debt 75,950,960 74,909,846 62,137,651 53,658,498 46,941,364
Long Term Debt 75,245,209 74,126,540 61,522,085 53,022,902 46,941,364
Capital Lease Obligations 705,751 783,306 615,566 635,596 -
Deferred Income Tax 5,027,741 3,689,328 3,277,573 3,503,077 3,320,346
Minority Interest 8,547,258 7,629,667 6,860,337 6,299,952 5,922,041
Other Liabilities, Total -26,593,138 -29,015,411 -28,073,852 7,670,795 7,059,618
Total Equity 90,896,545 82,615,789 76,340,970 76,365,754 73,896,010
Redeemable Preferred Stock,
Total - - - - -
Preferred Stock - Non
Redeemable, Net 205,461 205,461 205,461 205,461 205,461
Common Stock, Total 1,283,532 1,283,532 1,283,532 1,283,532 1,283,532
Additional Paid-In Capital 4,241,303 4,070,260 4,190,093 4,197,015 4,201,214
Retained Earnings
(Accumulated Deficit) 79,953,601 73,167,855 68,911,800 68,249,633 66,490,082
Treasury Stock - Common -1,713,928 -1,968,385 -1,700,592 -1,516,817 -1,155,244
ESOP Debt Guarantee - - - - -
Unrealized Gain (Loss) -278,440 -801,589 -609,913 -859,917 -
Other Equity, Total 6,926,576 5,857,066 3,450,676 3,946,930 2,870,965
Total Liabilities & Shareholders'
Equity 255,742,462 233,946,415 209,344,212 194,512,220 180,655,752
Total Common Shares
Outstanding 202.26 199.62 260.26 261.88 265.09
Total Preferred Shares
Outstanding - - - - -
Shareholder's Equity 164,845,917 151,330,626 133,003,242 118,146,466 106,759,742
Dividends on preferred Stock
Cost of Goods Sold 114,209,483 95,680,131 85,515,931 88,091,409 81,670,479
Average Inventory 12,968,429 11,489,688 11,498,791 11,189,353 10714858
8.80673267 8.32747896 7.43694976 7.87278844 7.62217091
Inventory Turnover Ratio 4 8 3 5 4
-122,887,99 -104,252,72
EBIT 7 8 -99,208,259 -98,591,230 -92,384,331

BALANCE SHEET
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
Name 2017 2016 2015 2014 2013
Total Current Assets 73,975,914 72,449,600 67,529,210 65,025,684 58,856,105
Cash and Short Term
Investments 29,349,287 27,713,631 24,355,525 25,954,040 22,216,381
Cash - - - - -
Cash & Equivalents 8,821,529 7,890,089 7,331,463 7,096,513 6,872,430
Short Term Investments 20,527,758 7,369,012 17,024,062 18,857,527 15,343,951
Total Receivables, Net 32,874,699 8,029,753 32,594,253 30,413,233 28,175,138
Accounts Receivables - Trade,
Net 5,220,170 5,658,134 6,606,046 5,791,791 5,241,754
Total Inventory 10,279,904 10,523,812 9,198,999 7,417,239 7,073,116
Prepaid Expenses 1,382,224 402,565 1,262,216 1,149,217 1,305,082
Other Current Assets, Total 89,800 25,779,839 118,217 91,955 86,388
Total Assets 178,199,454 178,835,928 165,367,946 147,225,117 133,421,479
Property/Plant/Equipment, Total
- Net 50,555,092 50,722,976 46,418,533 35,807,875 32,027,463
Property/Plant/Equipment, Total
- Gross 73,941,714 72,951,214 66,254,440 53,356,992 47,843,063
Accumulated Depreciation, Total -23,386,622 -22,228,238 -19,835,907 -17,549,117 -15,815,600
Goodwill, Net 291,429 289,811 292,078 286,478 299,352
Intangibles, Net 4,517,907 4,586,172 4,006,010 3,535,178 2,829,738
Long Term Investments 20,088,576 20,582,926 19,894,812 18,847,353 17,490,099
Note Receivable - Long Term 26,621,499 2,291,181 25,455,047 22,500,021 20,925,797
Other Long Term Assets, Total 2,149,037 2,316,244 1,772,256 1,222,528 992,925
Other Assets, Total - - - - -
Total Current Liabilities 43,160,709 43,609,793 41,213,520 35,179,673 31,919,682
Accounts Payable 6,483,875 6,985,942 7,081,124 7,041,529 6,722,740
Payable/Accrued - - - - -
Accrued Expenses 3,830,729 2,752,047 3,051,435 1,954,263 1,663,951
Notes Payable/Short Term Debt 9,959,654 8,760,678 9,384,165 6,845,920 5,292,798
Current Port. of LT Debt/Capital
Leases 13,098,547 14,836,967 10,788,763 9,688,224 8,694,347
Other Current liabilities, Total 9,787,904 10,274,159 10,908,033 9,649,737 9,545,846
Total Liabilities 109,095,970 106,491,350 103,343,988 89,570,289 81,490,394
Total Long Term Debt 48,942,329 49,846,375 44,760,126 37,733,259 33,999,428
Long Term Debt 48,942,329 49,846,375 44,760,126 37,732,514 33,988,810
Capital Lease Obligations 10,618 - - - -
Deferred Income Tax 3,234,707 4,622,226 4,257,834 4,051,203 3,352,352
Minority Interest 5,653,870 5,154,920 4,857,443 4,965,737 4,651,704
Other Liabilities, Total 8,104,355 -16,177,634 8,255,065 7,640,417 7,567,228
Total Equity 74,757,354 72,344,578 62,023,958 62,620,565 56,582,789
Redeemable Preferred Stock,
Total - - - - -
Preferred Stock - Non
Redeemable, Net 205,461 205,461 205,461 205,461 205,461
Common Stock, Total 1,283,532 1,283,532 1,283,532 1,283,532 1,283,532
Additional Paid-In Capital 4,201,214 4,202,597 3,520,395 4,134,550 4,130,668
Retained Earnings
(Accumulated Deficit) 67,332,328 64,361,408 60,035,088 54,649,863 48,274,239
Treasury Stock - Common -1,640,096 -1,640,096 -1,588,697 -1,273,752 -1,128,779
ESOP Debt Guarantee - - - - -
Unrealized Gain (Loss) -73,808 184,578 260,390 407,660 -
Other Equity, Total 3,374,915 3,931,676 3,425,622 3,620,911 3,817,668
Total Liabilities & Shareholders'
Equity 178,199,454 178,835,928 165,367,946 147,225,117 133,421,479
Total Common Shares
Outstanding 268.65 268.65 268.67 270.79 271.52
Total Preferred Shares
Outstanding - - - - -
Shareholder's Equity 103,442,100 106,491,350 103,343,988 84,604,552 76,838,690
Dividends on preferred Stock
Cost of Goods Sold 78,798,172 75,959,720 73,701,296 70,126,276 67,859,491
Average Inventory 10,401,858 9,861,406 8,308,119 7,245,178 7073116
7.57539393 7.70272756 8.87099667 9.67902801 9.59400227
Inventory Turnover Ratio 4 8 2 6 6
EBIT -88,578,697 -83,262,024 -79,194,512 -74,242,431 -70,120,448

INCOME STATEMENT
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
Name 2022 2021 2020 2019 2018
142,527,5 117,610,6 103,997,6 105,746,4 96,812,60
Total Revenue 35 26 01 22 9
142,527,5 117,610,6 93,076,97 105,746,4 96,812,60
Revenue 35 26 9 22 9
10,920,62
Other Revenue, Total 0 0 2 - -
114,209,4 95,680,13 85,515,93 88,091,40 81,670,47
Cost of Revenue, Total 83 1 1 9 9
28,318,05 21,930,49 18,481,67 17,655,01 15,142,13
Gross Profit 2 5 0 3 0
132,707,7 110,931,6 101,602,9 102,168,8 94,598,47
Total Operating Expenses 66 77 30 26 0
16,735,53 13,716,55 14,749,12 12,759,79 11,594,36
Selling/General/Admin. Expenses, Total 4 3 7 3 2
Research & Development 1,762,749 1,534,993 1,337,872 1,289,715 1,125,603
Depreciation / Amortization 3,180,687 2,937,914 - - -
Interest Expense (Income) - Net
Operating -536,086 -304,542 -362,377 - -
Unusual Expense (Income) -24,774 -58,486 27,909 208,026 -
Other Operating Expenses, Total -2,644,601 -2,633,372 362,377 - -
Operating Income 9,819,769 6,678,949 2,394,671 3,577,596 2,214,139
Interest Income (Expense), Net
Non-Operating 1,507,164 -258,584 980,863 654,962 -
Gain (Loss) on Sale of Assets -127,690 -33,921 -69,276 -128,742 -144,076
Other, Net -1,000,484 -1,246,692 370,691 -265,951 -195,443
10,947,94
Net Income Before Taxes 3 7,959,562 2,093,256 4,163,766 2,529,582
Provision for Income Taxes 2,964,329 2,266,485 168,703 978,120 884,563
Net Income After Taxes 7,983,614 5,693,077 1,924,553 3,185,646 1,645,019
Minority Interest 8,547,258 7,629,667 6,860,337 -205,597 -136,935
Equity In Affiliates - - - - -
U.S GAAP Adjustment - - - - -
Net Income Before Extraordinary Items 7,364,364 4,942,356 1,424,436 2,980,049 1,508,084
Total Extraordinary Items 0 0 0 - -
Net Income 7,364,364 4,942,356 1,424,436 2,980,049 1,508,084
Total Adjustments to Net Income -1,049,149 -714,512 -208,259 - -
Income Available to Common Excluding
Extraordinary Items 6,315,215 4,227,844 1,216,177 2,980,049 1,508,084
Dilution Adjustment 1,049,149 714,512 208,259 - -
Diluted Net Income 6,315,215 4,227,844 1,216,177 2,980,049 1,508,084
Diluted Weighted Average Shares 221.67 222.74 222.81 263.08 266.9
Diluted EPS Excluding Extraordinary
Items 28,489.60 18,981.15 5,458.35 11,327.56 5,650.43
DPS - Common Stock Primary Issue 7,000 5,000 3,000 4,000 4,000
Diluted Normalized EPS 28,434.59 19,059.09 3,821.48 11,783.13 6,508.35
18,498,28 15,251,54 16,086,99 14,077,41 12,927,99
Total Operating Expenses 3 6 9 7 1

INCOME STATEMENT
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
Name 2017 2016 2015 2014 2013
96,376,07 93,649,02 91,958,73 89,256,31 87,307,63
Total Revenue 9 4 6 9 6
96,376,07 83,586,99 91,958,73 89,256,31 87,307,63
Revenue 9 4 6 9 6
Other Revenue, Total - - - - -
78,798,17 75,959,72 73,701,29 70,126,27 67,859,49
Cost of Revenue, Total 2 0 6 6 1
17,577,90 17,689,30 18,257,44 19,130,04 19,448,14
Gross Profit 7 4 0 3 5
92,477,38 88,455,52 85,576,62 81,749,37 78,714,04
Total Operating Expenses 8 4 4 5 2
11,963,98 11,476,61 10,970,25 10,787,34 10,409,91
Selling/General/Admin. Expenses, Total 0 6 4 2 6
Research & Development 1,039,260 1,019,188 929,280 792,715 722,732
Depreciation / Amortization - - - - -
Interest Expense (Income) - Net
Operating - - - - -
Unusual Expense (Income) 25,184 -24,206 43,042 -278,097 -
Other Operating Expenses, Total - - - - -
Operating Income 3,898,691 5,193,500 6,382,112 7,506,944 8,593,594
Interest Income (Expense), Net
Non-Operating 1,950,896 1,910,403 2,497,328 2,898,941 -
Gain (Loss) on Sale of Assets -162,786 135,100 9,444 -3,410 90,363
Other, Net 80,568 -2,248,672 157,414 -49,588 113,808
11,696,70
Net Income Before Taxes 4,438,550 7,307,072 8,459,373 9,951,274 6
Provision for Income Taxes -107,850 1,587,419 1,950,208 2,301,806 2,703,209
Net Income After Taxes 4,546,400 5,719,653 6,509,165 7,649,468 8,993,497
Minority Interest -513,576 5,154,920 -91,862 -302,661 -451,663
Equity In Affiliates - - - - -
U.S GAAP Adjustment - - - - -
Net Income Before Extraordinary Items 4,032,824 5,406,435 6,417,303 7,346,807 8,541,834
Total Extraordinary Items - - - - -
Net Income 4,032,824 5,406,435 6,417,303 7,346,807 8,541,834
Total Adjustments to Net Income - - - - -
Income Available to Common Excluding
Extraordinary Items 4,032,824 4,624,762 6,417,303 7,346,807 8,541,834
Dilution Adjustment - - - - -
Diluted Net Income 4,032,824 4,624,762 6,417,303 7,346,807 8,541,834
Diluted Weighted Average Shares 268.65 229.84 268.75 271.46 271.52
Diluted EPS Excluding Extraordinary
Items 15,011.27 20,121.38 23,878.72 27,063.77 31,459.21
DPS - Common Stock Primary Issue 4,000 4,000 4,000 3,000 1,950
Diluted Normalized EPS 17,040.63 18,190.11 23,782.38 27,195.31 30,415.80
 13,679,21 12,495,80 11,875,32 11,623,09 10,854,55
Total Operating Expenses 6 4 8 9 1

CASH FLOW STATEMENT

Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
Name 2022 2021 2020 2019 2018
Net Income/Starting Line 7,364,364 4,942,356 1,424,436 3,185,646 1,645,019
10,627,31
Cash From Operating Activities 1 -1,176,416 -409,807 419,784 3,667,215
Depreciation/Depletion 3,180,687 2,990,671 2,945,390 2,545,183 2,357,887
Amortization 81,150 52,757 35,974 1,286,689 1,403,582
Deferred Taxes - - - - -
12,137,98 10,776,27 11,314,12 10,177,95
Non-Cash Items 2 9,613,267 8 3 7
Cash Receipts - - - - -
Cash Payments - - - - -
Cash Taxes Paid 2,393,649 1,116,885 897,317 1,070,958 1,276,486
Cash Interest Paid 2,695,029 1,905,945 2,008,084 2,073,310 1,950,392
-13,922,65 -20,287,77 -16,991,77 -17,911,85 -11,917,23
Changes in Working Capital 7 6 1 7 0
Cash From Investing Activities -1,203,495 -5,182,579 -9,337,596 -5,929,184 -2,415,064
Capital Expenditures -4,014,969 -4,304,334 -4,687,842 -5,303,396 -4,859,197
Other Investing Cash Flow Items, Total 2,811,474 -878,245 -4,649,754 -625,788 2,444,133
11,352,47
Cash From Financing Activities -1,324,499 8,792,286 3 4,874,926 -880,782
Financing Cash Flow Items 97,621 -434,396 -28,078 67,087 200,453
Total Cash Dividends Paid -1,354,996 -1,186,800 -893,769 -1,121,820 -1,127,452
Issuance (Retirement) of Stock, Net -193,451 -305,337 -303,077 -453,225 -454,724
10,718,81 12,577,39
Issuance (Retirement) of Debt, Net 126,327 9 7 6,382,884 500,941
Foreign Exchange Effects -51,578 73,574 -405,029 202,820 -79,273
Net Change in Cash 8,069,325 2,933,418 1,180,165 -431,654 292,096
12,795,55
Beginning Cash Balance 4 9,862,136 8,681,971 9,113,625 8,821,529
20,864,87 12,795,55
Ending Cash Balance 9 4 9,862,136 8,681,971 9,113,625
3,852,454. 975,963.3 744,987.7
Free Cash Flow 88 8 5 -4,883,612 -1,191,982
Free Cash Flow Growth 294.73 31 137.51 -309.71% -100.10%
Free Cash Flow Yield 14.64 -15.07 -15.88 -17.45% -
 CASH FLOW STATEMENT
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
Name 2017 2016 2015 2014 2013
Net Income/Starting Line 4,546,400 5,406,435 6,509,165 7,649,468 8,993,497
Cash From Operating Activities 3,922,421 996,964 1,248,415 2,120,845 1,208,466
Depreciation/Depletion 2,254,552 2,206,056 1,972,727 1,843,802 1,768,985
Amortization 1,274,842 41,421 821,307 706,095 782,353
Deferred Taxes - - - - -
Non-Cash Items 9,251,687 5,796,831 6,701,775 5,819,759 4,781,441
Cash Receipts - - - - -
Cash Payments - - - - -
Cash Taxes Paid 1,644,452 2,070,794 1,662,596 1,818,469 1,947,532
Cash Interest Paid 1,746,629 1,670,859 1,458,498 1,393,607 1,444,092
-13,405,06 -13,565,12 -14,756,55 -13,898,27 -15,117,81
Changes in Working Capital 0 8 9 9 0
Cash From Investing Activities -4,744,413 -6,311,750 -8,060,288 -6,195,010 -6,620,732
Capital Expenditures -4,518,126 -2,971,161 -9,359,865 -4,725,895 -4,162,157
Other Investing Cash Flow Items, Total -226,287 -3,340,589 1,299,577 -1,469,115 -2,458,575
Cash From Financing Activities 2,181,191 5,691,418 7,213,667 4,706,977 5,715,450
Financing Cash Flow Items 28,571 -92,246 -11,512 -53,839 -226,886
Total Cash Dividends Paid -1,138,661 -1,079,544 -1,352,510 -534,409 -632,529
Issuance (Retirement) of Stock, Net 75,449 -261,552 -299,299 2,734 476,493
Issuance (Retirement) of Debt, Net 3,215,832 7,124,760 8,876,988 5,292,491 6,098,372
Foreign Exchange Effects -427,759 95,237 -166,844 -408,729 -190,092
Net Change in Cash 931,440 558,626 234,950 224,083 113,092
Beginning Cash Balance 7,890,089 7,331,463 - - -
Ending Cash Balance 8,821,529 7,890,089 - - -
1,866,589. -526,104.6
Free Cash Flow 62 2 - - -
Free Cash Flow Growth 454.79 88.17 - - -
Free Cash Flow Yield - - - - -