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Investment Analysis
Polar Sports, Inc.
Apndice
Feb
2,24
3
Mar
1,43
7
Apr
Ma
y
Jun
Jul
500
500
500
500
500
500
832
2,31
4
5,38
9
2,98
8
8,37
7
630
2,96
6
5,03
3
2,98
8
8,02
1
554
3,63
9
4,69
3
2,98
8
7,68
1
378
4,44
2
5,32
0
2,98
8
8,30
8
239
5,23
4
5,97
3
2,98
8
8,96
1
391
5,90
7
6,79
8
2,98
8
9,78
6
643
6,48
3
7,62
6
2,98
8
10,6
14
2,457
495
1,05
3
495
2,28
9
495
3,37
9
495
-563
100
1,08
5
1,00
0
2,08
5
6,22
2
8,30
8
-875
100
2,00
9
-966
100
3,00
8
495
4,42
1
1,03
8
100
3,97
8
950
2,95
9
6,00
3
8,96
1
950
3,95
8
5,82
7
9,78
6
950
4,92
8
5,68
6
10,6
14
5,245
Inventariosc
1,227
Activos Circulantes
6,972
2,988
Total de activos
9,960
Jan
1,32
7
2,54
1
1,70
6
5,57
4
2,98
8
8,56
2
Accounts payablee
966
495
495
495
495
826
96
Accrued taxesf
Long-term debt, current portion
139
100
104
100
41
100
-171
100
-451
100
Current Liabilities
2,031
Long-term debtg
1,000
Total liabilities
3,031
Shareholders' equity
6,929
9,960
699
1,00
0
1,69
9
6,86
3
8,56
2
636
1,00
0
1,63
6
6,74
0
8,37
7
424
1,00
0
1,42
4
6,59
7
8,02
1
241
1,00
0
1,24
1
6,44
1
7,68
1
Efectivoa
500
Aug
Sep
5,601
8,558
2,988
11,54
6
4,798
-981
100
4,412
950
5,362
6,184
11,54
6
Oct
500
3,84
3
4,98
9
9,33
2
2,98
8
12,3
20
495
4,99
8
-786
100
4,80
7
950
5,75
7
6,56
3
12,3
20
Nov
Dec
500
500
5,771
6,489
2,455
1,227
8,725
8,216
2,988
11,71
3
2,988
11,20
4
495
495
2,521
1,229
-150
100
2
100
2,966
1,826
950
900
3,916
2,726
7,797
11,71
3
8,478
11,20
4
Accrued Taxes
Beg. accrued taxes
Accrual of monthly taxes
Tax payments
End. accrued taxes
139
139
-34
0
104
-63
0
41
-74
-139
-171
-81
-199
-451
-112
0
-563
-113
-199
-875
-90
0
104
41
-171
-451
-563
-875
-966
-966
-73
0
1,03
8
1,038
256
-199
-981
195
0
-786
636
0
-150
351
-199
-981
-786
-150
360
11
11
1
101
360
15
7
2
186
360
19
7
4
217
360
23
7
2
237
Income taxesd
-34
Net income
-66
-63
122
-74
143
-81
156
360
28
8
1
331
112
218
360
33
13
1
333
113
220
Sep
2,970
1,782
1,188
Oct
2,520
1,512
1,008
Nov
5,724
3,434
2,290
Dec
3,546
2,128
1,418
Total
18,000
10,800
7,200
360
38
20
1
265
360
41
30
1
214
360
36
39
1
360
32
43
1
360
16
44
1
360
8
20
1
4,320
0
249
16
754
574
1,870
1,032
2,647
-90
175
-73
141
256
195
636
351
798
498
379
1,234
681
1,849
Assumed cost of goods sold equal to 60% sales due to the savings regarding the maintenance ($480,000) and training
($600,000) costs.
b
Assumed to be same for each month throughout the year.
Feb
M
ar
-66
25
2,7
04
122
25
1,7
10
14
3
25
20
2
608
65
2
479
471
-34
-63
Apr
Ma
y
Jun
Jul
Aug
Sep
Oct
Nov
Dec
220
25
-175
25
141
25
498
25
379
25
1,23
4
25
681
25
139
151
252
1,8
14
1,3
86
792
673
576
882
612
312
-90
-73
57
195
636
152
Operating Activities
Net income
Depreciation
Less: Increase (Decrease) in A/R
Less: Increase (Decrease) in
Inventory
0
21
2
-76
21
8
25
17
6
673
80
3
156
25
0
280
0
11
2
1,92
8 718
2,53 1,22
4
8
78
1
1,0
09
93
2
1,1
61
1,06
5
1,0
17
916
-25
80
6
-25
1,0
34
1,6
53
1,7
43
93
7
-96
-25
95
7
95
7
-25
1,1
86
1,1
86
-25
1,09
0
1,09
0
-25
1,0
42
1,0
42
826
0
0
0
0
0
0
0
96
0
0
95
7
0
50
1,2
36
0
0
1,09
0
0
0
1,0
42
826
96
95
7
1,1
86
1,09
0
916
80
6
937
1,6
78
941
Investing Activities
Less: capital expenditures
-25
-25
1,6
53
353
175
2,50 1,36
2
7
-25
-25
378
200
2,47 1,34
7
2
378
200
2,47 1,34
7
2
0
0
0
0
2,47 1,29
7
2
0
50
378
200
1,0
42
378
200
-25
-25
Financing Activities
Less: bank note repayment
Less: debt repayment
827
0
0
2,47 1,34
7
2
Dec,20
11
Sales
Labour Costs
Less:COGS-Material
Cost
Purchases
Ending Inventory
1227
Januar
y
Februar
y
Marc
h
April
May
Augus
t
Septem
ber
Octob
er
Novemb
er
Decemb
er
702
405
486
405
414
405
378
405
162
405
180
405
378
405
540
405
2,970
405
2,520
405
5,724
405
3546
405
421
292
248
227
97
108
227
324
1782
1512
3434
2128
495
495
495
1706
2314
2966
495
363
9
495
495
495
495
495
495
495
495
4442
5234
5907
6483
5601
4989
2455
1227
June
July
Exhibit 5 (Ratios)
Ratios Under level of Production
Januar
y
Debt Ratio
0.25
Februa
ry
0.24
March
0.22
April
0.19
May
June
Leverage
0.34
0.49
July
0.68
Augus
t
Septem
ber
Octob
er
Novemb
er
Decembe
r
0.87
0.87
0.88
0.50
0.32
Debt-Equity ratio
Times interest earned
Working Capital-to Total
Assets
Current ratio
0.15
-21.19
0.15
-25.68
0.15
-28.23
0.17
-38.20
0.57
0.57
0.57
0.58
7.97
8.47
11.87
19.49
0.083
0.075
0.059
0.054
0.053
0.048
-30.92%
38.23
%
64.29%
-1.73%
-1.83%
-2.02%
Sales-to-Assets
Sales-to-Working Capital
20.82%
ROA
0.33
0.54
-23.53
-11.27
Liquidity
0.74
-5.41
0.94
20.85
0.93
15.03
0.91
43.59
0.45
54.86
0.25
11.66
0.44
0.39
0.34
0.36
0.37
0.49
0.57
4.90
2.97
Efficiency
0.047
0.019
0.041
0.017
Profitability
129.04
74.03
%
%
2.26
1.92
1.94
1.94
2.94
4.50
0.019
0.017
0.037
0.034
0.049
0.046
0.249
0.234
0.210
0.212
0.500
0.466
160.20
%
12.12%
68.20
%
7.24%
71.33%
-0.93%
7.81%
3.02%
14.30%
3.62%
0.06
0.16
-21.63
0.06
0.17
96.40
0.21
0.15
74.54
0.32
0.27
147.47
0.39
0.14
117.69
0.39
0.22
19.32
0.62
0.61
0.61
0.55
0.52
0.52
0.53
-11.44
-6.14
Efficiency
-5.68
-5.39
13.77
4.95
3.72
3.69
0.054
0.024
0.049
0.023
Profitability
119.78
71.49
59.60%
%
%
0.061
0.057
0.080
0.071
0.372
0.331
0.265
0.236
0.528
0.469
131.71
%
9.34%
56.32
%
5.41%
42.72%
-1.56%
10.51%
3.47%
14.90%
2.86%
0.51
-3.04%
-2.42%
25.18
%
1.42%
Debt Ratio
Debt-Equity ratio
Times interest earned
Working Capital-to Total
Assets
Current ratio
0.19
0.15
-26.49
0.16
0.15
-28.16
0.13
0.16
-38.17
0.59
0.59
0.60
0.61
12.41
17.49
95.28
-26.13
0.086
0.078
0.062
0.057
0.056
0.051
0.029
0.026
-31.15%
37.71
%
-1.84%
-1.94%
-2.10%
25.51
%
2.04%
Sales-to-Assets
Sales-to-Working Capital
Leverage
0.11
0.07
0.16
0.16
-37.34
-29.50
Liquidity
0.21
0.15
-23.15
21.35%
0.61
-3.19%
-2.92%