V.

INTERNAL/ COMPANY ANALYSIS

A.

1. REVENUE SALES IN PAST THREE YEARS

Annual

Quarterly

2. HOW THE COMPANYS GROWTH COMPARES WITH INDUSTRY GROWTH OR VIS-A-SIS

THE OTHER PLAYERS

MACAY Growth Ratios (December 31 2016)

1 year 3 years 5 years 10 years

Diluted EPS growth 0.01 0.54 0.41 -

Diluted continuous EPS growth 0.01 0.54 0.41 -

Dividend growth -0.92 - - -

MACAY Growth Ratios (December 31 2016)
1 year 3 years 5 years 10 years

Equity per share growth - 0.14 0.13 -

Revenue growth 0.01 0.49 0.32 -

Operating income growth -0.02 0.74 0.41 -

Net income growth 0.01 0.54 0.41 -

Net income cont growth 0.01 0.54 0.41 -

CFO growth 0.12 0.73 0.37 -

FCF growth 0.13 0.70 0.33 -

Operating revenue growth 0.01 0.49 0.32 -

MACAY Avearge Growth Ratios Over 5 Years

(December 31 2016)
Growth ann capital spending 0.79

Growth ann gross profit 0.07

Avg gross margin -

Avg post tax margin -

Avg pre tax marginr -

Avg net profit -

Avg ret commonr -

Avg ret assets -

Avg ret invested capital -

3. PROFITABILITY

MACAY Profitability Ratios (December 31 2016)

Gross margin 0.35

Operating margin 0.22

EBT margin 0.22

Tax rate 0.28

Net margin 0.16

Sales per employee -

EBIT margin 0.22

EBITDA margin 0.32

Normalized net profit margin 0.16

Interest coverage -

Inc per employee tot ops -

4. APPLICABLE FINANCIAL RATIOS

MACAY Financial Ratios (December 31 2016)

Current ratio 1.73

Quick ratio 0.89

Debt total capital ratio -

Debt equity ratio -

Financial leverage 1.44

Total debt to equity 0.02

5. VALUE CHAIN ANALYSIS

B.

C.

SWOT - Strengths
-domestic market

SWOT - Weaknesses
-future market size

SWOT - Opportunities
-growth rates and profitability
-growing economy
-growing demand

SWOT - Threats
-government regulations

Business Trends
Profitability
Outlook
Market
The industry shows a growth rate of about 2%.

D.
Industry specific SWOT analysis (Relevance/Importance)
Strengths
-The industry provides future trends. (52%, 32%)
-We see low barriers of market entry. (43%, 51%)
Weaknesses
-There migth be a lack of strategic relationships. (25%, 23%)
-Missing suppliers are possible. (39%, 15%)
-There is a competitive market. (59%, 46%)

Opportunities
-The industry shows a positive trend. (14%, 45%)
-We see global growth opportunities. (37%, 28%)
-New trends can increase market size. (22%, 55%)

Threats
-Economic barriers can be seen. (16%, 29%)

Industry SWOT Analysis Weighting of components Strengths Weaknesses Opportunities Threat. A SWOT Analysis provides a
comprehensive insight into the history of the company, corporate strategy, business and financial structure, management and
operations. The report contains a detailed SWOT analysis on products and services, key competitors, as well as detailed
financial information.