MBA 520 Milestone Two- ABC Firm Patricia Cavagnaro Southern New Hampshire University Strategic Priorities ABC’s financial and strategic priorities are two basic principles; low cost structure and 3 key businesses that support each other. The company is very growth orientated. In 1997 ABC had 1,510,000 customers. By 2012 they had over 182 Million customers. In 15 years the company double they customer pool by more than 119 times (Ubaka, 2015). ABC starting massive investments from the beginning and continue to current day. ABC has acquired several businesses to grow their product line. This excessive financing could put the company at risk for bankruptcy. In growing their businesses they grow sales and profit shares. The low cost structure leads to lower prices, a huge range of products which results in better customer services to bring customer back time and time again. This could be the reason that the company can manage/maintain the high debt financing. The support of the businesses helps promote a loyal customer base and higher sales. ABC is able to keep prices low due to allowing third party sellers to sell on their website and selling all products online. ABC does not have the overhead that retails stores have; such as lower wages (less employees), buildings, overhead…etc. By selling all products online ABC is able to sell more products with less marginal cost. Instead of having the high marginal cost they are able to invest in additional fulfillment centers thus reducing the time and cost to ship products. ABC has the largest range in products sold than all their competitors. ABC sold over 536.6 million products compared to 38 million sold from Walmart in 2016 (Jurevicius, 2017). ABC allows third party sellers to sell on their website which some could argue that would be competition for ABC, but on the contrary it may bring them more business. This huge product range brings customers back to shop because it is similar to a one stop shop. You can get almost anything you are looking for and all on one website. ABC has three key businesses, ABC market place, ABC Web Services (AWS) and ABC Prime. All three of these businesses support each other in turn giving customers better service and higher sales for ABC. The AWS business provides speed and the capability for customers to shop on the market place. The market place provides growth and investment opportunities to the AWS business. The ABC Prime provides loyal customers and increased sales to support the market place (Jurevicius, 2017). The high sales provide increased market shares to investors. ABC’s CEO, John, has always looked into the future with his business. He focuses on long term planning through the theory of low price, selection and convenience. Bezos is very good at piggybacking off of major products and creating his own. For instance the kindle fire competes with the Ipad, Alexa competes with Siri. This is essential for keeping.

1. MBA 520 Milestone Two- ABC Firm
Patricia Cavagnaro
Southern New Hampshire University
Strategic Priorities
ABC’s financial and strategic priorities are two basic
principles; low cost structure and 3 key businesses that support
each other. The company is very growth orientated. In 1997
ABC had 1,510,000 customers. By 2012 they had over 182
Million customers. In 15 years the company double they
customer pool by more than 119 times (Ubaka, 2015). ABC

2. starting massive investments from the beginning and continue to
current day. ABC has acquired several businesses to grow their
product line. This excessive financing could put the company at
risk for bankruptcy. In growing their businesses they grow
sales and profit shares. The low cost structure leads to lower
prices, a huge range of products which results in better
customer services to bring customer back time and time again.
This could be the reason that the company can manage/maintain
the high debt financing. The support of the businesses helps
promote a loyal customer base and higher sales.
ABC is able to keep prices low due to allowing third party
sellers to sell on their website and selling all products online.
ABC does not have the overhead that retails stores have; such as
lower wages (less employees), buildings, overhead…etc. By
selling all products online ABC is able to sell more products
with less marginal cost. Instead of having the high marginal
cost they are able to invest in additional fulfillment centers thus
reducing the time and cost to ship products.
ABC has the largest range in products sold than all their
competitors. ABC sold over 536.6 million products compared
to 38 million sold from Walmart in 2016 (Jurevicius, 2017).
ABC allows third party sellers to sell on their website which
some could argue that would be competition for ABC, but on
the contrary it may bring them more business. This huge
product range brings customers back to shop because it is
similar to a one stop shop. You can get almost anything you are
looking for and all on one website.
ABC has three key businesses, ABC market place, ABC
Web Services (AWS) and ABC Prime. All three of these
businesses support each other in turn giving customers better
service and higher sales for ABC. The AWS business provides
speed and the capability for customers to shop on the market
place. The market place provides growth and investment
opportunities to the AWS business. The ABC Prime provides
loyal customers and increased sales to support the market place
(Jurevicius, 2017). The high sales provide increased market

3. shares to investors.
ABC’s CEO, John, has always looked into the future with
his business. He focuses on long term planning through the
theory of low price, selection and convenience. Bezos is very
good at piggybacking off of major products and creating his
own. For instance the kindle fire competes with the Ipad, Alexa
competes with Siri. This is essential for keeping up with
innovative products and putting a different (more appealing)
spin on them. For now, that strategy has worked for Bezos, but
some analysts have argued that he may not be able to continue
the company focuses in this direction before financial problems
arise.
Non-financial factors
One non-financial factor that has worked in ABC’s favor is
the overabundance of top notch executives that have been
recruited by Bezos, such as a few top executive from Walmart
and Apple Computer (Ubaka, 2015). By having these highly
skilled individuals they are able to carry ABC to new levels
from working at very innovative and profitable companies.
Bezos’ theory and reputation of having a very profitable
company attracts talented players in the industry to go work for
that company.
Innovation has been a factor of ABC’s success. Much like
Apple, ABC is known for being innovative and creating new
and exciting product that brings customers back wanting the
newest and best product on the market, an example would be
ABC’s Alexa. This innovation keeps competitors at a
disadvantage.
Recently ABC has been in the news for unfavorable
working conditions in their warehouses. Current and previous
employees are complaining about working conditions such as
mandatory overtime, long shifts, no value to employees, no job
security, and vacation time being taken away. This type of
negative publicity has financially hurt other companies in the
past, so ABC must get a handle on this situation to ensure their
reputation is not damaged and perhaps driving customers to

4. their competitors.
Internal Risks
Shipping costs are an internal risk for ABC. Part of their
“claim to fame” is ABC Prime. This promises free shipping and
two day delivery. If ABC experiences a rise in shipping cost
they will not be able to promise free shipping. Also, they
depend on other companies such as UPS, FedEx, and USPS to
delivery their packages. Once the package leaves their
warehouse, the delivery is out of the hands of ABC. Half of
ABC’s customers in the US are Prime members (Kline, 2017).
If the package doesn’t arrive within the two day promise this
will hurt reputation and result in lower revenues.
Being strictly an online retailer, one major concern is a
security breach. Being the largest online retailer, hackers target
ABC customers. A security breach could cripple ABC in legal
fees if that were to happen. Also, allowing third party sellers
on ABC could increase the risk for a security breach. Although
ABC works hard to ensure a breach doesn’t happen to their
customers it is impossible to guarantee that would never
happen.
Works Cited
Jurevicius, O. (2017, October 16). ABC SWOT analysis 2017.
Retrieved from ABC SWOT analysis 2017:
https://www.strategicmanagementinsight.com/swot-
analyses/ABC-swot-analysis.html
Kline, D. (2017, May 24). This Is What ABC Worries About .
Retrieved from The Motley Fool:
https://www.fool.com/investing/2017/05/24/this-is-what-ABC-
worries-about.aspx
Rittenhouse, L. (2017, September 29). ABC Warehouse
Employees' Message to Jeff Bezos -- We Are Not Robots.
Retrieved from The Street:
https://www.thestreet.com/story/14312539/1/ABC-warehouse-
employees-discuss-grueling-work.html

5. Ubaka, E. E. (2015, July). CRITICAL EVALUATION OF HOW
WELL PLACED ABC IS TO SUSTAIN . Retrieved from British
Journal of Marketing Studies: http://www.eajournals.org/wp-
content/uploads/Critical-Evaluation-Of-How-Well-Placed-ABC-
Is-To-Sustain-Its-Historical-In-Online-Retailing.pdf
Introduction
ABC Company, known as ABC, is responsible for the
manufacturing and sales of vehicles within the automotive
sector. ABC manufactures vehicles for all eight of the brands
that make up ABC and conduct vehicle sales globally. Being a
manufacturing company requires ABC to be innovative on
vehicle design, technology implementation, and develop
environmentally friendly features. ABC is highly successful in
the automotive industry and ranks highly worldwide. ABC ranks
at number eight for revenue on the Fortune 500 (“Fortune 500”).
Companies ranked above ABC on the Fortune 500 include:
Walmart, Apple, CVS Health, etc.; however, there are no other
automotive companies before ABC (“Fortune 500”). The
ranking on the Fortune 500 is indicative of a financially strong
company. Furthermore, ABC’s financials indicate that ABC is
beginning to thrive again. Following is an in-depth analysis of
the key features of ABC, their financial performance, and their
current financial health.
Organizational Content
Key Features
ABC’s purpose is to develop, manufacture, and sell vehicles in
the automotive industry. A fundamental promise that ABC has
to their customers is “to earn customers for life” (“Overview”).
This promise requires that ABC care about the customer

6. throughout the ownership of the vehicle and constantly evolve
their vehicles to be the best, safest, and highest valued vehicles.
The two major services of ABC are through their manufacturing
and vehicle sales. ABC manufactures the components to
assemble their vehicles worldwide. There are several
manufacturing plants in other countries that ABC utilizes to
produce parts. Eventually, all the parts from these
manufacturing are used to assemble a vehicle. This vehicle is,
in most instances, then sent out to a dealership to be sold. ABC
serves five continents through manufacturing and vehicle sales
(“Our People”). In fact, in 2017 ABC delivered 9 million
vehicles globally to over 125 countries (“Our Brands”). The
manufacturing and selling are two completely different
operations that are codependent on each other.
The customer base for ABC is broad because their company
operates globally. Having a broad customer base can be
challenging because of the different expectations. Therefore,
ABC has to make business decisions based on each country. A
feature that is required in the United States automotive market,
may not have the same importance in the Chinese automotive
market. One similarity across markets is the option of new or
used vehicles. ABC offers the sale of both new or used vehicles
which widens their customer base. ABC is concerned with their
customer base because in order to keep up with the competitive
nature of the automotive industry, ABC needs to continue to
expand. ABC is organized and managed in way to cater to their
customer base which can affect business decisions.
Organization
ABC is divided into three operating seABCents: ABC North
America, ABC International, and ABC Financial Company.
ABC Financial Company is a completely different seABCent
than ABC North American and ABC International. ABC
Financial Company “provides auto finance solutions for 14,000
dealers worldwide” (“About ABC Financial”). ABC Financial
Company helps customers who need financing for their
vehicles. Based on the revenue release in the “First Quarter

7. Earnings Report” for 2018 ABC Financial Company is the
second largest revenue earner for ABC (ABC, 2018). The
success or failure of the ABC Financial Company seABCent
affects the decision to keep the financing option available. If
the program is not successful, then ABC will either need to
restructure the program or stop the program all together. The
other two operating seABCents are related because they focus
on the manufacturing, development, and sales of vehicles.
The management of ABC is divided into two major groups:
ABC North America and ABC International. The North America
and International seABCents are then broken down further into
smaller geographic locations. The smaller geographic locations
are managed by other employees of ABC. The employees of
each geographic location are responsible for the research of the
markets, which ultimately affects the design and production
decisions of the market. The “First Quarter Earnings Report”
for 2018 was recently released and showed the success of the
North American and International seABCent. The North
American seABCent is the largest revenue earner for ABC,
whereas the International seABCent is the smallest revenue
earner out of the three operating seABCents.
The accounting and financial information that is reported each
quarter is used to make business decisions. ABC can evaluate
how well the seABCent is doing. Based on this evaluation, ABC
can determine which of the seABCents to invest in and what
projects are reasonable. The accounting and financial
information is important for ABC because it is one measure that
is used to make financial decisions.
Recent Financial Performance
Consolidated Income Statement
The consolidated income statement assesses the overall health
of an entire group of companies.. The consolidated income
statement combines all the revenue, expenses, and income from
the parent company and all of the subsidiaries. The statement in
useful because it allows analysis of the company as whole. A
year to year comparison can be made in revenue, operating

8. income, net profit or loss, and the earnings before interest and
tax. The comparison can be used to show the financial
performance of ABC. Figure 1: Consolidated Income Statement
gives an overview of the four categories to be discussed on the
consolidated income statement.
Revenue
The total revenue for ABC was $135,725,000, $149,184,000,
and $145,588,000 for the years 2015, 2016, and 2017
respectively (“ABC Income Statement”). The total revenue
increased by 9.9% from 2015 to 2016 and decreased by 2.4%
from 2016 to 2017. ABC made good strides between 2015 and
2016 to increase their revenue, but ABC was unable to continue
the upward trend between 2016 and 2017. There are a number of
factors that could affect the total revenue of the company. These
factors include: the economy, the consumer’s demand, brand
reputation, etc. ABC will need to identify what caused the
decrease to prevent the total revenue from continually
decreasing.
Operating Income
The operating income is the gross income with the operating
expenses, depreciation, and amortization deducted. The
operating income for ABC was $5,538,000, $9,962,000, and
$10,016,000 for the years 2015, 2016, and 2017 respectively
(“ABC Income Statement”). The operating income increased by
79.9% from 2015 to 2016 and increased by .54% from 2016 to
2017. The increase in operating income is a positive thing for
ABC.
Net Profit and Loss
The net profit or loss is a reflection of the profit or loss after
the working expenses are deducted. The net profit or loss is an
important calculation because it is used for the calculation of
many other ratios. The net profit or loss for ABC was
$9,687,000, $9,427,000, and ($3,864,000) for the years 2015,
2016, and 2017 respectively (“ABC Income Statement”). The
net profit and loss decreased by 2.8% from 2015 to 2016 and

9. decreased by 1.4% from 2016 to 2017. The decrease in net
profit or loss is worrisome, especially the negative net loss from
2017. The expenses are outweighing the amount of revenue
ABC is earning. ABC needs a to find a way to generate more
revenue and less expense to increase generate a net profit.
Earnings Before Interest and Tax
Earnings before interest and tax is a measure of the profitability
of the company. The earnings before interest and tax shows a
company’s ability to generate earnings from operations. The
earnings before interest and tax for ABC was $8,794,000,
$12,571,000, and 12,438,000 for the years 2015, 2016, and 2017
respectively (“ABC Income Statement”). The earnings before
interest and tax increased by 42.9% from 2015 to 2016 and
decreased by 1.1% from 2016 to 2017. The decrease in earnings
before interest and tax may be due to a loss in sales or an
increase in operating expense. ABC should look into what
caused this loss and determine how to eliminate any
unnecessary expenditures to produce stronger earnings before
interest and tax value.
Consolidated Income Statement Evaluation
Based on the consolidated income statement, 2017 was a
difficult year for ABC. The revenue earned was lower than the
previous year and ABC produced a net loss. ABC did have a
higher operating income than the previous two years, even
though the gross profit was lower. ABC was able to accomplish
this through lowering their sales, general, and administration
expenses. There was significant growth in operating income and
total revenue from 2015 to 2016; however, a slight decrease in
net income. The figures given on the consolidated income
statement are used to evaluate the health of ABC. Based on the
consolidated income statement ABC is in moderate financial
health. In 2018, ABC needs to focus on generating a net profit,
instead of a net loss.
Consolidated Cash Flow Statement
The cash flow statement is broken down into three sections:
operating activities, investing activities, and financing

10. activities. The net cash flows from each of the sections is
reflected in Figure 2: Consolidated Cash Flow Statement.
Operating Activities
Operating activities are the company’s core activities which
include: marketing, manufacturing, and the sale of a product or
good. The operating activities are also reflected in the income
statement. The net cash flow for operating activities for ABC
was $11,769,000, $16,607,000, and $17,328,000 for the years
2015, 2016, and 2017 respectively (“ABC Cash Flow”). There is
an increase in the operating activities over this three-year
period. Some of the factors that can cause an increase in the
cash flow of operating activities is a rise in the inventory
turnover and consistent accounts receivable col1ections. These
two factors increase the cash inflow which increases the
operating activities.
Investing Activities
Investing activities are any change in a company’s cash position
from long term investments, some examples include: the
acquisition of equipment or a building. The net cash flow for
investing activities for ABC was ($27,572,000), ($35,643,000),
and ($27,710,000) for the years 2015, 2016, and 2017
respectively (“ABC Cash Flow”). The negative cash flow is not
worrisome for ABC because it is a growing company. There
have been many changes in the automotive industry that have
required ABC to invest into more equipment and technology.
Financing Activities
Financing activities are the external activities a company does
to raise capital. A company may take out loans or issue more
stock, these actions will either increase or decrease the net cash
flow of financing activities. The net cash flow for financing
activities for ABC was $12,584,000, $17,077,000, and
$13,608,000 for the years 2015, 2016, and 2017 respectively
(“ABC Cash Flow”). There is not a real pattern that ABC is
following. Based on the scenario, ABC determines how much

11. capital is needed for an investment.
Consolidated Cash Flow Statement Evaluation
The net cash flow for ABC over 2015, 2016, and 2017 was
($3,857,000), ($2,172,000), and $2,688,000 respectively (“ABC
Cash Flow”). A negative net cash flow in indicative of a receipt
of cash flows, but there were more expenditures. In comparison,
a positive net cash flow is indicative of a receipt of cash with
less expenditures. The operating, investing, and financing
activities are a part of the calculation of the net cash flow,
which is why it is important to analyze each section. The cash
flow was negative in 2015 and 2016 and was positive in 2017.
To generate a positive cash flow, ABC has been better handling
their expenditures.
Financial Performance
The financial performance of ABC over the past three years has
been variable in all aspects. One of the indicators to evaluate on
the consolidated income statement is the net income. The net
income was positive for 2015 and 2016 but dropped
considerably in 2017. The loss in 2017 was attributed to a
European business that was sold in 2017 (Naughton, 2018). On
the consolidated cash flow statement, the net cash flow is
important to evaluate. The net cash flow was negative in 2015
and 2016 but positive in 2017. The positive cash flow reflects
the control over expenditures. The Chief Financial Officer,
Chuck Stevens, announced that ABC is had “disciplined
execution” throughout 2017 (Naughton, 2018). The disciplined
execution is important to keep the expenditures low. Having low
expenditures helps to78uiok both increase net income and the
net cash flow. A main goal of ABC’s is to be more successful,
especially in revenue making opportunities. One way to increase
revenue is to decrease expenditures.
Current Financial Health
The current financial health of ABC is important to make
decisions about opportunity and growth. Capitalization is a
process of valuing a company. The capitalization of a company
is determined by the number of shares outstanding multiplied by

12. the market price (Green, 2017). There are different categories of
capitalization. Investors use the market capitalization to help
value a company. Other indicators that investors evaluate are
cash and cash equivalents, total debt, shareholders’ equity,
current ratio, debt/equity ratio, and Days Sales Outstanding.
These indicators tell investors a lot about the financial health
and growth of a company. Figure 3 illustrates the cash and cash
equivalents, total debt, and shareholder’s equity from 2015 to
2017. The cash and cash equivalents were high in 2015, then
dropped in 2016, and then increased in 2017 to a slightly higher
value than 2015. The cash and cash equivalents represent the
amount of cash and assets that can be converted to cash easily.
The total debt was low in 2015, increased in 2016, and slightly
decreased in 2016. The total debt is the amount that a company
is responsible for repaying, this includes both short and long-
term liabilities. The total debt has increased, similarly to the
cash and cash equivalents which indicates ABC will be able to
repay their obligations. The shareholder’s equity increases in
2015 and 2016, then decreased in 2017. Although the
shareholder’s equity has increased and decreased over the past
three years, the importance is that it has stayed positive. A
positive shareholder’s equity means that the company is able to
meet their liabilities.
The current ratio is used to evaluate whether or not a company
will be able to pay their short-term and long-term obligations.
The current ratio for ABC is .97, .89, and .89 for the year 2015,
2016, and 2017 respectively. Figure 4 illustrates the trend of the
current ratio over 2015, 2016, and 2017. The current ratio for
ABC was high in 2015 and dropped in 2016 and then stayed
stagnant. The ratio is less than one which can indicate that ABC
will have a difficult time meeting the current obligations.
However, with good performance projected for 2018, ABC
should be able to increase their current ratio to better reflect
their ability to repay their obligations.

13. The debt-to-equity ratio compares a company’s equity to debt
and is used to interpret a company’s financial standing. The
debt-to-equity ratio for ABC was 3.87, 4.06, and 5.07 for the
years 2015, 2016, and 2017 respectively. The debt-to equity
ratio has been increasing over the past three years. It increased
by .19 from 2015 to 2016 and 1.01 from 2016 to 2017. The
increase in the debt-to-equity ratio indicates two things. One,
ABC is being aggressive in financing. This is risky because the
total debt increases. However, this is necessary for the growth
of the company. The second thing indicated is the company is
growing. The debt acquired is for the growth of the company.
The days sales outstanding measures the average number of
days it takes a company to collect payment once a sale has been
made. As shown in Figure 6, ABC’s DSO was 71, 61, and 72
days for years 2015, 2016 and 2017. The days sales outstanding
is a ratio that ABC can work on lowering because it will
generate revenue quicker when it is lower.
Opportunity for Growth
The cash and other resources that ABC has valued is enough to
fuel the future growth of the company. ABC has already
developed plans to implement self-driving technologies into
their fleets in the near future. In order to accomplish this, ABC
has positioned themselves within other companies such as
Cruise Automation. With the revenue that is generated from the
implementation of self-driving technologies, ABC will be able
to reduce their debts. The reduction of debt will be good for the
company as a whole and the investors. As previously shown,
ABC had a net loss. This is concerning for investors because it
portrays the company as financially instable. Although ABC had
reasoning for their net loss, it is not an excuse. The ABC brand
has the reputation of being a well built, affordable automotive
company. Their reputation will help the company be that more

14. successful.
The business decisions ABC makes depend largely on how well
the company is doing. ABC anticipated the loss that was
generated in 2017, which allowed for preparation for 2018. If
ABC is able to implement the self-driving technologies, then
the company will stand out in the industry. Based on their
performances in the last three years, ABC is able to accomplish
their goals. However, it is necessary for them to continue to
strengthen their financials.
Financial Value
The future of ABC seems to be stable now that the European
company was sold that continued to generate a loss. With this
off their books, ABC can focus on strengthening and growing
their brand. ABC has proven to be a successful company
through their financials and customer feedback. The market
value and price-to-earnings ratio tells a lot about the future
performance of a company. At year end in 2017, the market
value of ABC was 58,714M (Stock Analysis). The price-to-
earnings ratio was 5.79 at the year-end of 2017 and is
anticipated to increase in 2018 (“Price/Earnings Ratio”). A
higher price-to-earnings ratio shows that investors will pay
more for a higher growth potential. Additionally, the high
market value shows that there is confidence in the ABC brand.
Based on the year end information about the market value and
price-to-earnings ratio, ABC is in good financial health and
performance. At the rate ABC is growing, the company will be
able to outperform other competitors such as Toyota Motor
Corporation and Volkswagen.
Conclusion
ABC is an automotive giant that operates domestically and
globally as an automotive manufacturer and automotive sales
company. ABC has recovered significantly since the last major
economic downturn and has developed into an even stronger
company. The consolidated income statement and consolidated
cash flow indicate that ABC is in a moderate financial position.
The data from 2018 will decipher if ABC will have excellent or

15. poor financial health. ABC has the right amount of cash and
other resources for their future growth. ABC has positioned
themselves with other companies to not only strengthen their
brand, but to also develop top of the line technology upgrades
to their vehicle line up. The positioning has helped ABC be
recognized by consumers, but investors have confidence from
their price-to-earnings ratio value and market value. These two
values prove that there is a strong future for ABC. ABC will
need all the support as the company continues to grow.
References
Fortune 500. (n.d.). Fortune 500 Companies 2017: Who Made
the List. Retrieved May 19, 2018, from
http://fortune.com/fortune500/list/
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http://media.ABC.com/content/dam/Media/ABCcom/investor/20
18/apr/general-Motors-2018-Q1-earnings.pdf
ABC Financial. (n.d.). About ABC Financial. Retrieved May 19,
2018, from https://www.ABCfinancial.com/about-us.aspx

16. Green, J. (2017, November 21). How to Understand Business
Capitalization. Retrieved May 19, 2018, from
http://smallbusiness.chron.com/understand-business-
capitalization-32172.html
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motors/2018/02/06/ABC-annual-earnings/110146218/
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on.net/NYSE/Company/General-Motors-
Co/Valuation/Enterprise-Value

17. Figure 2: Consolidated Cash Flow Statement
Operating Activities 2015 2016 2017 11769000 16607000
17328000 Financing Activities 2015 2016 2017 -27572000
-35643000 -27710000 Investing Activites 2015
2016 2017 12584000 17077000 13608000
Figure 3: Cash and Cash Equivanlents, Total Debt,
Shareholder's Equity
Cash and Cash Equivalents 2015 2016 2017 15238000
12574000 15512000 Total Debt 2015 2016 2017
154467000 177854000 177481000
Shareholder's Equity 2015 2016 2017 39871000
43836000 35001000
Figure 4: Current Ratio
Current Ratio 2015 2016 2017 0.97 0.89 0.89
Figure 5: Debt to Equity Ratio
Debt to Equity Ratio 2015 2016 2017 3.87
4.0599999999999996 5.07
Figure 6: Days Sales Outstanding
Days Sales Outstanding 2015 2016 2017 71 61 72
Year

18. Days
Figure 1: Consolidated Income Statement
Total Revenue 2015 2016 2017 135725000 149184000
145588000 Operating Income 2015 2016 2017
5538000 9962000 10016000 Net Profit and Loss 2015
2016 2017 9687000 9427000 -3864000 Earnings Before
Interest and Tax 2015 2016 2017 8794000 12571000
12438000
12