GROUP MEMBERS

S.# Name: Roll No.: Name of Company:

Muhammad Asim BAFE-21-02 PAKISTAN FEFINERY LIMITED
Ezan Abbas BAFE-21-34
Umar Hayyar BAFE-21-38

GROUP LEADER NAME:

Ezan Abbas
 Chart Title
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PAKISTAN REFINERY LIMITED Statement of Financial Position
For the year ended 30th june

2019
Rs 000s
Non-current assets
Property, plant and equipment 18,975,232
Deferred tax asset
Right-of-use asset
Intangibles 108
Long Term Investments 29,352
Long-term loans, advances & deposits 62,036
Employees’ retirement benefits 17,622
109,118
Current Assets
Inventories 9,447,424
Trade receivables 13,195,089
Trade deposits, loans, advances and short-term prepayments 181,427.00
Other receivables 553,503
Taxation - payments less provision 164,940
Cash and bank balances 253,889
23,796,272
Total Assets 23,905,390

EQUITY AND LIABILITIES

Equity
Share Capital and Reserves
Share capital 2,940,000
Accumulated loss (10,666,517)
Special reservez 1,943,476
Revaluation surplus on property, plant and equipment 9,290,728
Other reserves 9,290,728
Subscription money against rights issue -

12,798,415
Non-current liabilities
Long term finances 4,300,000
Deferred Taxation 13,304
Employees’ retirement benefits 367,090
Long term lease liability -
4,680,394
Current liabilities
Trade and other payables 19,967,440
Short-term borrowings 14,701,779
Unclaimed dividend 21,768
Unearned revenue -
Current portion of long-term lease liability -
Taxation - payments less provision
34,690,987
39,371,381
Total equity and liabilities 52,169,796

Pakistan Rifinery Lemet

Vertical Analysis
Balance Sheet
2019
ASSETS
Property, plant and equipment 79%
Deferred tax asset 0%
Right-of-use asset 0
Intangibles 0%
Long Term Investments 0%
Long-term loans, advances & deposits 0%
Employees’ retirement benefits 0
0%
Current Assets
Inventories 39.52%
Trade receivables 55.20%
Trade deposits, loans, advances and short-term prepayments 0.76%
Other receivables 2.32%
Taxation - payments less provision 0.69%
Cash and bank balances 1.06%
99.54%
Total Assets 100%

EQUITY AND LIABILITIES

Equity
Share Capital and Revenues
Share capital 10%
Accumulated loss 3.49%
Special reservez 3.49%
Revaluation surplus on property, plant and equipment 0.00%
Other reserves 8.74%
Subscription money against rights issue 0.00%
Non-current liabilities
Long term finances 3.09%
Deferred Taxation 7.89%
Employees’ retirement benefits 0.00%
Long term lease liability 0%
Current liabilities
Trade and other payables 11.62%
Current portion of long term liabilities 0.68%
Accrued finance cost 0.32%
Unclaimed dividend 0.02%
Short term borrowings 15.68%
Provision for taxation 0.00%
28.32%
100%

Pakistan Refinery Ltd.-Horizontal Analysis (% ch

Balance Sheet
2019
ASSETS
Non-current assets
Property, plant and equipment 100%
Biological Assets 100%
Intangibles
Long-term Investments 100%
Long-term loans, advances & deposits 100%
Employees' retirement benefits 100%
100%
Current Assets
Biological Assets 100%
Stores, spare parts and loose tools 100%
Stock-in trade 100%
Trade debts 100%
Loans, advances, deposits, prepayments & other receivables 100%
Cash and bank balances 100%
100%
Net assets
Total Assets

EQUITY AND LIABILITIES

Equity
Authorized capital
150,000,000 (2016: 150,000,000)
ordinary shares of Rs. 10 each 100.00%
50,000,000 (2016: 50,000,000) preference shares of Rs. 10 each 100.00%
Issued, subscribed and paid up capital 125,000,000 (2016: 110,000,000)
ordinary shares of Rs 10 each 100.00%
Equity portion of director loan - net of tax 100.00%
Other capital reserves 100.00%
Reserves 100.00%
Accumulated loss 100.00%
100.00%
Surplus on revaluation of property, plant and equipment - net of tax 100.00%
100.00%
Non-current liabilities
Long term finances 100.00%
Deferred Taxation 100.00%
Deffered Income - Government grant 100.00%
Employees' retirement benefits 100.00%
100.00%
Current liabilities
Trade and other payables 100.00%
Current portion of long term liabilities 100.00%
Accrued finance cost 100.00%
Unclaimed dividend 100.00%
Short term borrowings 100.00%
Provision for taxation 100.00%
100.00%
Total equity and liabilities 100.00%

Pakistan REfinery Limited Statement of Comprehensive Income

For the year ended 30th june

2017

Sales - net 11,360,157

Cost of sales $ (10,704,342.00)
Gross profit / (loss) 655,815
Administrative expenses (282,315)
Distribution and selling costs (161,084)
Other expenses (30,500)
Other income 142,584
Profit / (loss) from operations 324,500
Finance cost (169,832)
Share of profit from associates 195,344
Profit / (loss) before taxation 350,012
Taxation
Company (72,227)
Associates (66,966)
(139,193)
Profit / (loss) for the year 210,819
Earnings / (loss) per share - basic and diluted 1.80

Other comprehensive income

Profit / (loss) for the year 210,819
Items that are or may be reclassified to profit or loss account:
Fair value gain on ‘Available for sale’ investments 5,792
Items that will never be reclassified to profit or loss account:
Related deferred tax liability on revaluation surplus on property, plant
and equipment
Remeasurement of defined benefit obligation
Share of other comprehensive income of equity
accounted investment
Fair value loss on Investment classified as FVOCI
Share of other comprehensive loss of associates (4,050)
Deferred income tax relating to investments at fair value through other
comprehensive income
Remeasurement gain on employee retirement benefits 6,110
Other comprehensive income / (loss) for the year - net of deferred
income tax

Total Comprehensive Income for the year 218,671

Pakistan Refinery Ltd.-Vertical

Income Statement
2018
Sales - net 100%
Cost of sales -94%
Gross profit / (loss) 6%
Administrative expenses -2%
Distribution and selling costs -1%
Other expenses 0%
Other income 1%
Profit / (loss) from operations 3%
Finance cost -1%
Share of profit from associates 2%
Profit / (loss) before taxation 3%
Taxation
Company -1%
Associates -1%

Profit / (loss) for the year -1%

Earnings / (loss) per share - basic and diluted 2%
 Pakistan Refinery Ltd.-Horizontal Analysis (% ch
Income Statement
2019
Sales - net 100%
Cost of sales 100%
Gross profit / (loss) 100%
Administrative expenses 100%
Distribution and selling costs 100%
Other expenses 100%
Other income 100%
Profit / (loss) from operations 100%
Finance cost 100%
Share of profit from associates 100%
Profit / (loss) before taxation 100%
Taxation
Company 100%
Associates 100%

Profit / (loss) for the year 100%

Earnings / (loss) per share - basic and diluted 100%

Additional Information
2019
Dividend per share (Rs) $ 1.25
Price per share (Rs) $ (10,704,342.00)
Total Dividend (Rs)
COGS $ (11,109,612.00)
Credit Purchases (Rs 000s)
Number of shares (not in 1000s) 79,021,000
Tax rate 30.00%
Depreciation & Amortization (Rs 000s) $ 1,054,322.00
Accounts Payable (Rs 000s)
Book value per share (Rs)

Pakistan Refinery Ltd. Rat

2018
Liquidity Ratios
Current ratio (times) 0.40
Days sales in receivables 8.27
Inventory turnover in days 2.17
Cash Ratio 0.00
Sales to working capital -4.81
Quick ratio (times) 0.39
Assets Management Ratios
Inventory turnover (times) -42.11
Receivables turnover (times) 10.54
Payables turnover (times) -2.84
Days Sales Outstanding (days) 3.33
Days Sales Of Inventory (days) -3.21
Days Payable Outstanding (days) -98.62
Operating Cycle (days) -101.83
Cash Conversion cycle (days) -203.66
Total Asset Turnover (times) 0.62
Fixed Asset turnover (times) 0.82
Debt Management Ratio
Debt to Asset Ratio 0.46
Debt to Equity ratio 0.63
Fixed charge coverage ratio 2.11
Debt to tangible networth ratio 0.49
Long term debt ratio 0.20
Times Interest Earned Ratio -1.91
Profatibility Ratios
Gross Profit Margin 6%
Net Profit Margin 2%
Operating Asset turnover 86%
Return on operating assets -28%
Sales to fixed assets 140%
ROI 19%
Operating Profit Margin 3%
Return On Total Assets 1%
Return On Common Equity -28%
Market Value Ratios
Price to earning ratio (times) N/A
Market to Book Ratio (times) 55.00
Dividend Yield Ratio
Dividend Payout Ratio
Dividend Cover (times)
Ratios for the investors:
Degree of financial leverage 1.50
EPS 0.11
%age of earnings retained 69%
Book value per share (Rs) 69.40

Solvency Ratio -5%

 Liquidity Ratios
Current Ratio Days S
0.45
9.00
0.40
8.00
0.35
7.00
0.30
6.00
0.25
0.20 5.00

0.15 4.00

0.10 3.00

0.05 2.00

0.00 1.00
1 2 3 4 5 0.00
1 2

Cash Ratio Sales to w

0.03 0.00
1 2
-1.00

0.02 -2.00

-3.00

0.01 -4.00

-5.00

0.00
1 2 3 4 5 -6.00

Asset Management Ratio

Inventory Turnover Receiva
0.00 12.00
1 2 3 4 5
-5.00
10.00
-10.00
-15.00 8.00
-20.00
6.00
-25.00
-30.00 4.00
-35.00
2.00
-40.00
-45.00 0.00
1 2
 -30.00 4.00
-35.00
2.00
-40.00
-45.00 0.00
1 2

Days Sales Outstanding Days Sales

9.00 0.00
8.00 1 2

7.00 -1.00
6.00
-2.00
5.00
4.00 -3.00
3.00
2.00 -4.00

1.00
-5.00
0.00
1 2 3 4 5
-6.00

Operating Cycle
Cash Convers
0.00
1 2 3 4 5 0.00
1 2
-50.00
-50.00
-100.00
-150.00
-100.00 -200.00
-250.00
-150.00 -300.00
-350.00
-200.00 -400.00
-450.00
-250.00 -500.00

Fixed Asset Turnover

0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
1 2 3 4 5

Debt Management Ratio

Debt to Asset Ratio Debt t
0.48 0.68
0.46 0.66
0.64
0.44
0.62
 Debt to Asset Ratio Debt t
0.48 0.68
0.46 0.66
0.64
0.44
0.62
0.42
0.60
0.40 0.58
0.38 0.56
0.54
0.36
0.52
0.34
1 2 3 4 5 0.50
1 2

Debt to Tangible Networth Ratio Long Term De

0.60 0.30

0.50 0.25

0.40 0.20

0.30 0.15

0.20 0.10

0.10 0.05

0.00 0.00
1 2 3 4 5 1 2 3

Profitability Ratios
Gross Profit Margin Net Profit Mar
10% 5%

5% 0%
1 2 3

0% -5%
1 2 3 4 5

-5% -10%

-10% -15%

-15% -20%

Return on Operating Assets Sales to Fixed

0% 160%
1 2 3 4 5
140%
-5%
120%
-10%
100%
-15% 80%
60%
-20%
 Return on Operating Assets Sales to Fixed
0% 160%
1 2 3 4 5
140%
-5%
120%
-10%
100%
-15% 80%
60%
-20%
40%
-25% 20%
-30% 0%
1 2 3

Operating Profit Margin Return on Total

4%
1%
2%
0%
1 2 3 4 5
-2%
-4%
0%
-6% 1 2 3
-8%
-10%
-12%
-1%

Market Value Ratios

Market to Book Ratio
60.00

50.00

40.00

30.00

20.00

10.00

0.00
1 2 3 4 5 6 7

Ratios for the Investors

Degree of financial leverage
6.00 2.00

4.00 0.00
1 2 3 4
-2.00
2.00
-4.00
 Degree of financial leverage
6.00 2.00

4.00 0.00
1 2 3 4
-2.00
2.00
-4.00
0.00
1 2 3 4 5 6 7 8 9 10 -6.00
-2.00
-8.00
-4.00
-10.00

-6.00 -12.00

Book value per share (Rs)

100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
1 2 3 4 5 6 7 8 9 10

Solvency Ratio
Solvency Ratio
0%
1 2 3 4 5 6 7 8 9

-1%

-2%

-3%

-4%

-5%

-6%
 tement of Financial Position
h june

2020 2021 2022

Rs 000s Rs 000s Rs 000s

21,208,088 20,414,353 28,981,489

163,075 147,165 131,255

- -
65,294 58,930 55,514
25,946 27,240 30,897
30,257 25,580 32,584
21,492,660 20,673,268 29,231,739

7,964,392 10,415,407 24,056,915

3,667,153 6,588,913 11,305,849
49,340 75,293 228,579
6,556 3,072,762 2,585,239
82,540 95,697 -
2,189,707 72,680 23,538,605
13,959,688 10,488,087 47,595,520
35,452,348 31,161,355 76,827,259

3,150,000 6,300,000 6,300,000

-18,362,739 (18,184,869) (18,285,559)
1,943,476 2,780,632 15,254,082
11,149,288 11,149,288 20,325,928
1,947 1,947 1,947
1,943,175 -

(174,853) 2,046,998 23,596,398

4,215,146 293,924 -
9,922 4,902 284,315
450,323 377,551 586,749
152,448 148,237 141,745
4,827,839 824,614 1,012,809

18,036,132 20,509,338 46,297,714

 12,599,469 17,573,548 18,901,244
19,866 19,852 19,852
140,525 15,084 6,465
3,370 4,586 6,460
1,105,984
30,799,362 38,122,408 66,337,719
35,627,201 38,947,022 67,350,528
35,452,348 40,994,020 90,946,926

akistan Rifinery Lemeted

Vertical Analysis
Balance Sheet
2020 2021 2022

1% 66% 38%
0% 0% 0%
0 0 0
0% 0% #VALUE!
0% 0% 0%
0% 0% 0%
0
61% 90% 94%

22.47% 0.16% 0.08%

10.34% 0.44% 0.26%
0.14% 4.83% 1.89%
0.02% 1.59% 0.43%
0.23% 2.78% 1.72%
6.18% 0.06% 0.01%
#NAME? 33.66% 6.15%
100% 100% 100%

11% 12% 8%
3.75% 3.93% 2.61%
3.75% 3.93% 2.61%
14.98% 15.71% 10.45%
9.36% 9.82% 6.53%
0.00% 0.00% 0.00%
 0.96% 1.73% 0.00%
8.93% 7.27% 14.97%
0.00% 0.03% 0.00%
0% 1% 1%

15.19% 22.05% 17.44%

1.92% 1.93% 2.18%
0.60% 0.45% 0.30%
0.02% 0.02% 0.01%
13.51% 11.12% 4.89%
0.00% 0.30% 0.44%
31.24% 35.86% 25.25%
100% 100% 100%

orizontal Analysis (% change from base year 2019)

Balance Sheet
2020 2021 2022

127.55% 94.72% 95.04%

97.62% 147.23% 110.59%

178.76% 103.95% 83.32%

93.03% 100.04% 100.10%
23.56% 326.38% 0.00%
132.58% 96.39% 92.87%

133.12% 148.60% 71.58%

107.20% 96.86% 87.29%
92.16% 56.10% 106.63%
23.51% 88.96% 578.98%
129.35% 66.94% 174.12%
537.98% 296.07% 9.68%
92.84% 66.79% 126.72%

100.00% 100.00% 100.00%

100.00% 100.00% 100.00%
 0.00% 100.00%
100.00% 100.00% 100.00%
0.00%

127.22% 100.74% 23.33%

101.83% 123.34% 136.69%
126.95% 80.91% 51.28%
145.87% 93.14% 95.77%

109.10% 28.98% 171.44%

148.45% 105.58% 77.60%

134.76% 84.01% 99.12%

80.71% 121.95% 138.47%

78.98% 262.48% 95.70%
39.23% 174.24% 71.76%
78.98% 262.48% 95.70%
135.04% 80.42% 78.47%

102.27% 102.92% 109.51%

127% 93% 95%

f Comprehensive Income
une

2018 2019 2020

7,404,243 6,251,907 6,409,384

$ (6,861,630.00) (6,397,502) (7,081,059)
542,613 (145,595) (671,675)
(275,136) (311,176) (320,360)
(216,785) (31,405) (66,676)
(49,225) (38,707) (38,460)
91,404 78,168 803,952
92,871 (448,715) (293,219)
(200,464) (331,034) (338,799)
265,754 (23,540) (538,637)
158,161 (803,289) (1,170,655)

(93,570) (6,396)
(78,599) 58,152
(172,169) 51,756 173,072
 (14,008) (751,533) (997,583)
$ (0.11) $ (6.01) $ (7.98)

(14,008) (751,533) (997,583)

(14,700)

(392,032) 44,964
2,721,104 27,198 (207,519)

484,668
(14,700) (5,964) 5,413
6,330

(43,376)

47,911

2,726,956 (682,388) (1,148,395)

n Refinery Ltd.-Vertical Analysis

Income Statement
2019 2020 2021
100% 100% 100%
-102% -110% -106%
-2% -10% -6%
-5% -5% -4%
-1% -1% -1%
-1% -1% -1%
1% 13% 2%
1% -7% -5%
-3% -5% -5%
4% 0% -8%
2% -13% -18%

-1% 0% 0%
-1% 1% 0%

-2% 1% 3%
0% -12% -16%
orizontal Analysis (% change from base year 2019)
Income Statement
2020 2021 2022
65% 84% 103%
64% 93% 111%
83% -27% 461%
97% 113% 103%
135% 14% 212%
161% 79% 99%
64% 86% 1028%
29% -483% 65%
118% 165% 102%
136% -9% 2288%
45% -508% 146%

130% 7% 0%
117% -74% 0%

-7% 5365% 133%

-6% 5464% 133%

Additional Information
2020 2021 2022

$ 7,087,326.00 $ 5,676,453.00 $ 7,087,764.00

$ 858,121.00 $ 143,350.00 $ (262,493.00)

akistan Refinery Ltd. Ratios

2019 2020 2021

0.37 0.24 0.28

2.30 2.00 8.09
3.44 3.40 2.74
 0.01 0.02 0.00
-2.88 -1.97 -1.94
0.35 0.22 0.26

-26.50 -26.82 -33.35

7.30 5.61 4.69
-1.82 -1.30 -1.13
1.84 6.95 8.14
-5.19 -5.22 -4.17
-142.41 -195.83 -230.76
-147.60 -201.05 -234.93
-295.21 -402.10 -469.87
0.35 0.32 0.29
0.46 0.41 0.36

0.39 0.41 0.46

0.65 0.56 0.66
1.31 0.24 0.50
0.47 0.42 0.52
0.25 0.25 0.23
-0.46 1.36 0.87

7% -2% -10%
0% -12% -16%
161% 174% 165%
-16% -16% -14%
85% 63% 72%
-1% -37% -59%
1% -7% -5%
0% -1% 0%
-16% -16% -14%

N/A N/A N/A

34.10 38.00 52.50

1.37 2.44 -5.51

-5.83 -7.98 -11.10
64% 55% 90%
63.67 54.87 89.77

-4% -5% -5%

dity Ratios
Days Sales in Receivables
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
1 2 3 4 5

Sales to working capital

0.00
1 2 3 4 5
-1.00

-2.00

-3.00

-4.00

-5.00

-6.00

Management Ratio
Receivables Turnover
12.00

10.00

8.00

6.00

4.00

2.00

0.00
1 2 3 4 5
 4.00

2.00

0.00
1 2 3 4 5

Days Sales of Inventory

00
1 2 3 4 5
00

00

00

00

00

00

Cash Conversion Cycle

.00
1 2 3 4 5
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00

Management Ratio
Debt to Equity Ratio
.68
.66
.64
.62
 Debt to Equity Ratio
.68
.66
.64
.62
.60
.58
.56
.54
.52
.50
1 2 3 4 5

Long Term Debt Ratio Times Interest Earned Ra

4.00

3.00

2.00

1.00

0.00
1 2 3
-1.00

-2.00

-3.00
1 2 3 4 5

tability Ratios
Net Profit Margin Operating Asset Turnov
200%
180%
160%
1 2 3 4 5 140%
120%
100%
80%
60%
40%
20%
0%
1 2 3

Sales to Fixed Assets Return on Investme

40%

20%

0%
1 2 3
-20%

-40%
 Sales to Fixed Assets Return on Investme
40%

20%

0%
1 2 3
-20%

-40%

-60%

-80%

1 2 3 4 5 -100%

Return on Total Assets Return on Common Equ

0%
1 2 3
-5%

-10%

-15%
1 2 3 4 5
-20%

-25%

-30%

et Value Ratios
Market to Book Ratio

3 4 5 6 7 8 9 10

s for the Investors

EPS
0

0
1 2 3 4 5 6 7 8 9 10
0

0
 EPS
0

0
1 2 3 4 5 6 7 8 9 10
0

ency Ratio
Solvency Ratio
5 6 7 8 9 10
 2023
Rs 000s

28,449,521
161,484
115,345
6,736
45,854
28,222
19,105
28,826,267

35,460,884
19,912,335
174,300
9,427,538

11,670,607
76,645,664
105,471,931

6,300,000
(18,249,656)
16,979,049
20,325,928
1,947

25,357,268

2,000,000

636,518
133,054
2,769,572

46,432,882
 29,834,030
19,852

8,723
1,049,604
77,345,091
80,114,663
105,471,931

2033

27%
0%
0
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19)

2033

165.88%
97.42%

103.49%
106.17%

156.47%

77.39%
90.96%
58.72%
40.76%
93.01%
23.52%
93.65%

100.00%
100.00%
100.00%
100.00%

100.00%
136.70%
-31.84%
188.35%

0.00%
309.53%
0.00%
137%
235.52%

118.81%
169.89%
98.90%
169.89%
66.05%
220.35%
105.79%
150%

2021

9,161,763
(9,751,929)
(590,166)
(365,910)
(119,449)
(83,754)
204,910
(954,369)
(275,025)
157,377
(1,072,017)

(315,893)
 (1,387,910)
$ (11.10)

(1,387,910)

9,755
(40,913)

(3,123)
(3,435)

5,873,893

4,448,267

2022
100%
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-10%
-3%
2%
-12%

0%
0%

-3%
-15%
19)

2023
143%
138%
88%
114%
179%
218%
25%
325%
81%
-29%
92%

139%
139%

2023
$ 1.25
$ (10,704,342.00)

$ 9,521,068.00

$ (290,031.00)

2022

0.24
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-2.51
0.23

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0.41
0.60
-0.38
0.37
0.25
3.47

-6%
-15%
182%
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69%
-80%
-10%
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N/A
45.00

3.88
-1.80
84%
84.07

-3%
 Inventory Turnover in days
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
5 1 2 3 4 5

Quick Ratio
5 0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
1 2 3 4 5

Payables turnover
0.00
1 2 3 4 5
-0.50

-1.00

-1.50

-2.00

-2.50

5 -3.00
 -2.00

-2.50

5 -3.00

Days Payable Outstanding

5 0.00
1 2 3 4 5

-50.00

-100.00

-150.00

-200.00

-250.00

Total Asset Turnover

0.70

0.60

0.50

0.40

0.30

0.20

0.10

0.00
1 2 3 4 5

Fixed Charge Coverage Ratio

2.50

2.00

1.50
 Fixed Charge Coverage Ratio
2.50

2.00

1.50

1.00

0.50

0.00
1 2 3 4 5
-0.50

5 -1.00

Times Interest Earned Ratio

4.00

3.00

2.00

1.00

0.00
1 2 3 4 5
-1.00

-2.00

-3.00

Operating Asset Turnover

200%
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
1 2 3 4 5

Return on Investment
40%

20%

0%
1 2 3 4 5
-20%

-40%
 Return on Investment
40%

20%

0%
1 2 3 4 5
-20%

-40%

-60%

-80%

-100%

Return on Common Equity

0%
1 2 3 4 5
-5%

-10%

-15%

-20%

-25%

-30%

%age of earnings retained

100%
90%
10 80%
70%
60%
 %age of earnings retained
100%
90%
10 80%
70%
60%
50%
40%
30%
20%
10%
0%
1 2 3 4 5 6 7 8 9 10