Executive summary

Mallouppas & Papacostas Trading Co. Ltd. (M&P Public Co. LTD) is a leading
commercial group in Cyprus, launched in 1978 with activities in the fields of satellite
systems, antennas and household appliances and electrical goods. In the fashion
market originally entered in 1990 with the creation of the Linea Moderna Shoes.
However, the last 20 years has successfully manage to diverse and be involved in the
retail of fashion brands, indoor and outdoor furniture, household, electrical &
electronic goods, and the distribution of satellite & telecommunication products.
In 1996, the group brought in Cyprus MANGO shops, which formed the first
integrated franchise that came into place, a concept, which has changed and defined
the shape and path of the Cyprus market and in particular the high street trade.
Today, with 65 branches all over Cyprus, the group still represents eight international
brands of clothing, footwear and fashion accessories: Intimissimi, Calzedonia,
Stradivarius, Playlife, Bagatt, Women 'Secret, Tezenis, Kipling And Charles & Keith.
Also, imports and distributes satellite systems and antennas through Mp Sat, wireless
and landline phones via Prototel, operates the store Satellite & Electronics in Nicosia
and the 4-Day Clearance, which became an institution in Cyprus market.
The rapid expansion of Mallouppas & Papacostas Group and its excellent reputation
both in Cyprus and among its overseas associates, results from the commitment to
identify and exploit new products and as well as emerging market trends. Mallouppas
& Papacostas Public Co. Ltd was listed on the Cyprus Stock Exchange in December
1999.

1. Introduction
1.1 Purpose of the project
The first part of the assignment requires you to produce an analysis of the companys
performance over the last two years from a prospective investors point of view
(which should include investor ratios and non-financial information). The second part
of the report requires you to discuss the key financial areas considered by a lending
organisation before a loan could be confirmed.
For the purpose of this project the company of my concern is Mallouppas &
Papacosta Public Co. Ltd. By using the annual report of 2010-2011 I will try to
analyze

the

financial

flotation

of

&

Public

Co.

Ltd.

Furthermore I will conduct an extended ratio analysis for the last two years of the
company operations (based on the auditors and financial reports of 2010-2011) and
finally I will criticize the companys performance and end up with recommendations
upon specific problems that I will define as crucial for the survival of the company.

1.2 Company overview

History
The M&P Group of companies started out in 1978 as a small-scale partnership to
promote the retail sale of home appliances, antennas and electrical goods. Within 20
years, this modest enterprise has successfully evolved into a large and flexible group,
involved in a wide range of activities, both locally and abroad. The group is active in
fields as diverse as clothing, footwear, personal gifts, school items, fashion
accessories, household goods, indoor and outdoor furniture, electrical and electronic
goods, satellite and telecommunications products.
This rapid expansion is mainly due to the founders foresight in identifying and
responding to emerging market trends. This successful strategy has enabled the
company to build an impressive position in the market.
The group first branched out from its core activities in 1996 with a franchise
agreement to bring the MANGO fashion label to Cyprus. The tremendous success of

this franchise opened the way for new fashion related business ventures. More
franchise agreements were signed with well-known international brands, such as
Playlife, Intimissimi, Calzedonia, Tezenis, Stradivarius, Bagatt, Womensecret and
Kipling. These established brands helped M&P to penetrate the field of fashion and
allowed the group to acquire invaluable know-how on retail promotion and outlet
management. In addition to its fashion activities, the group closely follows
technological developments in telecommunications, satellite systems, electrical and
electronic goods, offering a comprehensive range of high technology products in its
own shops and other selected outlets. The group also has a dynamic presence in the
household accessories sector, with extensive lines in tableware, kitchen accessories
and gifts. The group operates on a two monthly basis a discount outlet selling indoor
and outdoor furniture, household goods, electrical appliances and a large variety of
other products at low prices.
The strategic location of the groups retail shops, in key commercial streets across the
island, ensures prestigious product promotion and access to a wide public. The
groups network currently consists of more than 65 shops across Cyprus and continues
to grow.
The groups commitment to identifying and exploiting new products and trends has
contributed to its excellent reputation both in Cyprus and among its overseas
associates. In keeping with its dynamic development to date, the group will continue
to seek new markets and invest in products to satisfy consumer needs created by everchanging social trends.
Mallouppas & Papacostas Group represents the following brands in Cyprus under the
names of the subsidiary companies of the Group:

M&P Clothing Ltd - Mango

M&P Young Fashion Ltd - Stradivarius

M&P Swimwear&Hosiery Ltd - Calzedonia

M&P Intimates Ltd - Intimissimi

M&P Young Intimates Ltd - Tezenis

M&P Footwear&Accessories Ltd - Bagatt

LMGift - Kipling

M&P Shoes&Accessories Ltd - Charles & Keith

M&P Leisurewear Ltd - Playlife

Fashion
The group, which entered the field of fashion in 1988 by importing personal gifts and
school accessories, is today involved in a wide range of activities at the cutting edge
of contemporary international design. These include sports, casual and evening wear,
as well as gifts, footwear, leather goods, undergarments, swimwear and hosiery.
The companys pioneering franchise agreement with the Spanish company MANGO
in 1996 brought the first ever European retail chain to Cyprus, revolutionising the
fashion market on the island. This success led to a series of other franchise
agreements with renowned companies, such as PLAYLIFE, INTIMISSIMI,
CALZEDONIA, STRADIVARIUS, BAGATT, WOMENSECRET and KIPLING and
the establishment of retail outlets all over the island.
No effort is spared in the pursuit of customer satisfaction. The companys shops, in
central commercial locations, offer an aesthetic environment for easy shopping, with
staff always ready to respond to individual customer needs. The group remains
committed to providing excellent quality fashion products at affordable prices.
The group invests continuously in training staff to provide professional customer
service both during and after the sale. This excellent customer service provides the
group with a unique competitive advantage which competitors find extremely difficult
to match.
Four Day Clearance
The FOUR DAY CLEARANCE concept features a retail sale activity that takes place
for several days every two months. Customers can choose from an enormous variety
of household goods, indoor and outdoor furniture, electrical appliances, gym
equipment, gifts, toys and many more products.
The main characteristic of this activity is the excellent relation of quality to price and
the high level of customer service during and after the sale. The reason behind the

success of the FOUR DAY CLEARANCE is the good quality, value for money
products and the large number of repeat customers.
Technology
M&P holds an important position in the wholesale and retail markets for
technological goods in Cyprus.
This success story began in the 1980s, when the group identified and responded to the
huge demand for domestic antennas, later expanding its activities outside Cyprus.
Today, the group is associated with top quality products and dominates the satellite
market on the island as the exclusive distributor for many international suppliers.
The groups growing experience and technical knowledge led to the gradual
expansion of its activities. With the establishment of PROTOTEL in 1989, the group
penetrated the telecommunications market and today commands a large share of sales
of telephone appliances, cordless phones, answering machines, fax machines and
telephone systems. The companys brand range consists of Panasonic, Alcatel,
Topcom and General Electric telephones, including cordless phones, answering
machines, faxes and VoIP telephones.
The company operates one retail outlet in Nicosia and works closely with more than
150 dealers of electrical goods and specialised telecommunications stores, as well as
supermarkets and department stores. PROTOTEL is also the exclusive distributor of
Panasonic PABX telephone systems.
The management always keeps a close eye on technological developments in the field
of satellite technology, providing clients with the latest technology products available
and at the same time a comprehensive customer service.
MP SAT dominates the market in the import and distribution of antennas and satellite
systems, including dishes, receivers and other accessories and equipment. MP SAT
distributes its products across Cyprus through a well-organised network of wholesale
dealers and retailers. The company also operates a retail shop in Nicosia under the
name Satellite & Electronics. The group remains committed to monitoring
technological developments in all its fields of activity. In this way, it will continue to

provide its customers with up-to-date products and the highest standards of service in
its many retail stores.

BOARD OF DIRECTORS

Polys Mallouppas - Executive Chairman

Costas Papacostas - A' Executive Vice-Chairman

Minos Charalambous- B' Executive Vice-Chairman

Andreas Mallouppas - Managing Director

Liza Mallouppa - Director

Yiannis Antoniades - Director

Costas Toumbouris - Director

Vangelis Sykopetritis - Director

EXECUTIVE MANAGEMENT TEAM

Polys Mallouppas - Executive Chairman

Costas Papacostas - A' Executive

Minos Charalambous- B' Executive Vice-Chairman

Liza Mallouppa - Director

Andreas Mallouppas - Managing Director

Maria Mallouppa - Assistant Managing Director

COMPANY SECRETARY
MPT Secretarial Services Limited
Registered office
Acropoleos Av. 1 - 2000 Acropoli - Nicosia
AUDITORS
PricewaterhouseCoopers Limited
BANKERS

Marfin Popular Bank Public Co Limited

Bank of Cyprus Public Co Ltd.

Societe Generale Cyprus Limited

Pireaus Bank (Cyprus) Limited

Hellenic Bank Public Company Ltd

LEGAL ADVISORS
C. Kallis & D. Kallis

2. Financial statements
Financial statements are useful as they can be used to predict future indicators for a
firm using the financial ratio analysis. From an investors perspective financial
statement analysis aims at predicting the future profitability and viability of a
company, while from the managements point of view the ratio analysis is important
as it helps anticipate the future conditions in which the firm should expect to operate
and facilitates strategic decision making (Brigham and Houston 2007, p. 77).
One of the most widely used forms of financial analysis is the use of ratios. They can
provide data that is useful for investment decisions.

They can also help internal

management of an organization gain an awareness of their company's strengths and

weaknesses. And, if we can find weaknesses, we can move to correct them before
severe harm is done.
Ratios can be grouped in 3 main areas:
Performance (profitability) How well has the business done
Position (liquidity) Short term standing of the business
Potential (investor) What investors are looking at

Profitability ratios
Gross profit margin ratio is the ratio of gross profit of a business to its revenue. It is a
profitability ratio measuring what proportion of revenue is converted into gross profit.
It shows the profitability of sales after the costs of sales has been deducted. This ratio
is important to the firm in order for the firm compare how much gross profit they are
making and may help them come up with new ideas to increase sales or discover why
sales have decreased.
Gross profit Margin
(Gross Profit / Sales) * 100
2010
2011

(13,521.305/34,427.198)*100

39,3%

(15,334.659/39,252.152)*100

39%

The gross margin is not an exact estimate of the company's pricing strategy but it does
give a good indication of financial health. Without an adequate gross margin, a
company will be unable to pay its operating and other expenses and build for the

future. In general, a company's gross profit margin should be stable. It should not
fluctuate much from one period to another, unless the industry it is in has been
undergoing drastic changes which will affect the costs of goods sold or pricing
policies. As we can understand the gross profit margin for M&P Public Co. Ltd is
been

stable

for

the

past

two

years.

1.Return on Capital Employed

(Profit before interest and tax / Capital, Reserves and long term liabilities) * 100
2010

(-324.651/27,306.329+13,386.789)*100

2011

(2,250.494/28,605.868+13,479.758)*100

5,35%

Return on Capital Employed is a measure of the returns that a company is making

from its capital. The advantage of ROCE is that it is very transparent, which is why it
is highly regarded by investors.

2.Operating Profit Margin

( Profit before interest and tax / Sales) * 100
2010
2011

(2,250.494/39,252.152)*100

5,73%

3.Asset Turnover
(Sales / Capital, Reserves and long term liabilities) * 100
2010

(34,427.198/27,306.329+13,386.789)*100

84,60%

2011

(39,252.152/28,605.868+13,479.758)*100

93,27%

This ratio measures how effectively a company uses its total resources to generate
sales. For any company this ratio helps in deciding whether the company's "operations
have been financially effective." (Gitman, pg.62, 2006)
The Asset Turnover ratio shows how much sales are generated for every 1 of capital
employed. A low asset turnover indicates that the business is not using its assets
affectively and should either try to increase its sales or dispose of some of the assets.
M&P Public although it has a high rate of assets turn over both years, in 2011 the
sales was increased by 14%. The increase is mainly due to the fact that the Group was
one of the main suppliers of digital MP4 decoders for digital TVs.

Average Collection Period

Accounts receivable / (Annual Credit Sales/365)
2010
1,973.816/(34,427.198/365)
2011

2,020.432/(39,252.152/365)

The average collection period ratio represents the average number of days for which a
firm has to wait before its debtors are converted into cash. This ratio measures the
quality of debtors. A short collection period implies prompt payment by debtors. It
reduces the chances of bad debts. Similarly, a longer collection period implies too
liberal and inefficient credit collection performance.
In the case of M&P Public Co. Ltd the average collection period for 2010 was 21 days
and for 2011 was 19 days.
The difference may sound small but 2 days is a significant number when it comes to
receiving owed money.
These results were become from the important increase in sales by 5 milions, but
mainly from the significantly decrease of the wholesale debtors and the increase of
the daily retail sales.

21
19

4.Return on Equity Ratio

(Profit available to ordinary shares / Share Capital+Reserves) * 100
2008

1.825.739/26.929.666*100

6,78%

2007

6.299.197/26.928.831*100

23,39%

LIQUIDITY RATIOS
An indication of a company's ability to meet short-term debt obligations; the higher
the ratio, the more liquid the company is. Current ratio is equal to current assets
divided by current liabilities. If the current assets of a company are more than twice
the current liabilities, then that company is generally considered to have good shortterm financial strength. If current liabilities exceed current assets, then the company
may have problems meeting its short-term obligations.
5.(Current Ratio)
Current Assets / Current Liabilities
2010

15,887.545/12,362.061

1,285:1

2011

15,611.732/14,823.792

1,053:1

The current ratio provides an estimate of the ability of the company to pay, if
necessary, short-term obligations using the cash available plus other current assets,
which could relatively easily (within 12 months at most ) convert fluid. According to
Marshall (2002) The liquidity of a company is the ability to meet its loan obligations
as it relates to its current assets and its current liabilities.

This means that the current assets of M & P, cover current liabilities by 1.053 times in
2011, unlike in 2010 was 1.285. Considered satisfactory although it has a significant
decrease from the previous year, but when you consider the cash of the company, it
seems that M & P has no liquidity problems.
In the case of liquidation of the company, the need for fast fluidization, the current
assets of M & P will not be sufficient to fully repay all creditors after:
15,611.732 x 50% = 7,805.866 < 12,362.061

6.(Quick Ratio)
(Current Assets Inventory) / Current Liabilities
2010

(15,887.545-6,566.473)/12,362.061

0,75:1

2011

(15,611.7328,343.655)/14,823.792

0,49:1

The Quick ratio, measure more accurately the actual liquidity of the company,
because is not counting stocks that need a little more time to be liquidate in relation
to accounts receivable from trade debtors. . It is usually in a company's best interests
not to have to get rid of their inventory in order to pay off creditors because this
leaves them with more assets.

The M & P in 2011 presents immediate liquidity ratio 0,49:1 suggesting that direct
liquid assets are insufficient for the immediate repayment of current liabilities. In
2010 amounted to 0,75:1, considerably higher than in 2011. These results were
become from the slight increase in trade and other receivables, but mainly from the
vast increase of creditors. Therefore the assets of the company are not sufficient either
in half for the direct payment of current liabilities. Although if we take into
consideration that the stocks count was 31/12/2011 before the sales period and
between Christmas holidays, we can assume that most of the stock will be sold in the
first month of 2012.

Investors ratio
7.Earnings per share (EPS)
Profit after tax and preference dividend / Number of ordinary shares
2010
2011

1,322,498/43,210.867

0.031

Earnings per share (EPS) ratio It is a popular measure of overall profitability of the
company. It measures how many euro of net income have been earned by each share
of common stock. It is computed by dividing net income less preferred dividend by
the number of shares of common stock outstanding during the period.

8.PE ratio (Price/earnings per share)

Market price per share/ EPS
2010
2011

0.179/0.031

Price earnings ratios (P/E ratio) measures how many times the earnings per share
(EPS) has been covered by current market price of an ordinary share. It is computed
by dividing the current market price of an ordinary share by earnings per share.

9.Dividend yield
(Dividend per share / Market price per share) *100
2010
2011

5.8

Dividend yield ratio is calculated by dividing the dividend per share by market value
per share. This ratio is used to measure the relationship between the amount of
dividend per share and the current market price per share. Both years 2010 and 2011
M&P Group didnt share any dividend.

10.Dividend Cover
Profit after interest and tax / Dividend (in income statement)
2010
2011

Dividend coverage ratio shows whether the company generates enough cash (from
operating cash flow) for dividend payout. Data to calculate this ratio is collected from
the stock market bulletin and cash flow statement.
Dividend is a part of companys net income paid to the companys shareholders, so it
is obvious that this ratio mainly interests them. Also it might be interesting for those
who are keen on buying companys shares.

coverage ratios
The coverage ratios show the viability of the company and whether the available
operating earnings provide safety for affordability in various existing repayments.
Debt Service Coverage Ratio
Net Profit + Depreciation + Non Cash Expenses / Current Maturities of Long Term Debt
2008

1.415.005+2.824.404/1.461.506

2.90:1

2007

5.740.081+1.421.666/1.361.171

5.26:1

, ,
,
2,90 2008 2007 5,26.

1. Ratio
Net Profit Before Interest and Taxes / Interest Expense
2008

2.890.070/977.555

2.96:1

2007

7.165.236/841.524

8.51:1

&P
, .

Summarize Results

2010
The turnover of the Group during the first half of 2010 amounted to 16.073.414
compared with 26.649.445 in the corresponding period of 2009, a decrease of
39.7%. The decrease is due to the following facts:
During the first half of 2009, the turnover of the company included sales of property
amounting 4.818.000. During the first half of 2010 there was no sale in the real
estate sector.
The turnover of the first half of 2009 includes sales of companies Emilios Eliades
Trading Ltd and Mallouppas Papacostas & Commercial Enterprises Inc. amounting to
5.402.788 and 258.309 respectively whose activities were terminated in 2009.
The gross profit of the Group for the first half of 2010 amounted to 6.538.693
compared to 10.116.262 with the corresponding period of 2009. The gross profit for
the first half of 2010 was 40.7% compared with 38.0% in the first half of 2009, an
increase of 7.1%.
The loss attributable to shareholders for the first half of 2010 was 1.568,860,
compared with a profit 822.899 in the corresponding period of 2009.
Profit from continuing activities the first half of 2009 includes gain on property sales
3.3 million, while in the corresponding period of 2010, there was no activity in this
area. Additional profit from other business activities of the Group in the first half of
2010 is reduced by 1.2 million compared to the same period in 2009, a result of
adverse economic conditions prevailing market conditions.
2011
The turnover of the Group during the first half of 2011 amounted to 17.778.612
compared to 16.073.414 in the corresponding period of 2010, recording an increase
of 10.6%. The increase is mainly due to the fact that the Group was one of the main
suppliers of digital decoders thus achieved additional sales of 1.159. 703.
The gross profit of the Group for the first half of 2011 amounted to 7.368.490
compared to 6.538.693 in the corresponding period of 2010. The gross profit for the
first half of 2011 amounted to 41.4% compared with 40.7% in the first half of 2010.

The profit attributable to shareholders for the first half of 2011 amounted to 35,599
compared with a loss of 1.568.860 in the corresponding period of 2010.
The significant improvement is due to the additional profit resulting from sales of
digital decoders as well as significant reductions in operating costs.
2012
The results in 2012 were negatively affected by the effects of the economic crisis that
has plagued several sectors of the Cyprus economy and generally the economy of
European countries.
The turnover of the Group during 2012 amounted to 36.63 compared with 39.25
in the corresponding period of 2011, recording a decrease of 6.7%. The decrease is
due to the fact that sales in 2011 included sales of digital decoders amounted to 2.71
that were not repeated in 2012.
The Group in 2012 in an attempt to disengage from harmful activities and any
activities in which there has no comparative competitive superiority sold the company
named Prototel Co Ltd. Prototel Co Ltd specialises in the import and wholesale
distribution of telecommunication products.
Moreover, M&P public Co. Ltd in the first quarter of 2013 decided to end the
activities of the subsidiary company Mallouppas & Papacostas Leisurewear Ltd
representative of the brand Playlife.

The balance scorecard

A more recent contribution to strategic management accounting that emphasises the
role of management accounting in formulating and supporting the overall competitive
strategy of an organization is the balance scorecard. According to Chandler and
Salsbury (1971) the Balanced scorecard retains the traditional financial measures and
complements them with measures that are drivers of future performance. The
objectives and measures of the scorecard are derived from an organizations vision and
strategy and these view organizational performance from four perspectives: financial,
customer, internal business process and learning and growth. These four perspectives

provide the framework for the Balanced scorecard. The balanced scorecard is a
management system (not only a measurement system) that enables organizations to
clarify their vision and strategy and translate them into action. As stated by Drucker
(1954) it provides feedback around both the internal business processes and external
outcomes in order to continuously improve strategic performance and results. When
fully deployed, the balanced scorecard transforms strategic planning from an
academic exercise into the nerve center of an enterprise. Kaplan and Norton (1996,
pg. 75) describe the innovation of the balanced scorecard as follows: "The balanced
scorecard retains traditional financial measures. But financial measures tell the story
of past events, an adequate story for industrial age companies for which investments
in long-term capabilities and customer relationships were not critical for success.
Greenwood (1981) claims these financial measures are inadequate, however, for
guiding and evaluating the journey that information age companies must make to
create future value through investment in customers, suppliers, employees, processes,
technology, and innovation."
The balanced scorecard is a way of

Measuring organizational, business unit or department success;

Balancing long and short term actions;

Balancing different measures of success and

i Financial
ii Customer
iii Internal Operations
iv Human Resource Systems & Development (Learning & growth)
The objective of any measurement system should be to motivate all managers and
employees to implement successfully the business units strategy. Those companies
that can translate their strategy into measurement system will be able to execute their
strategy because they communicate their objectives and their targets. The

communication makes managers and employees focus on the critical drivers enabling
them to align investments, initiatives and actions accomplishing strategic goals
Helfert (2001). Historically, the measurement system for any business has been
financial. Accounting was considered to be the language of business Innovations in
measuring the financial performance of the industrial age companies played a vital
role in their successful growth. And financial innovations, such as the Return on
Investment (ROI) metric, and operating and cash budgets, were critical to the success
of these corporations.

Conclusion
Financial ratios should be used as indicators showing where strengths and weaknesses
lie. This is important to any bank or investor because it reveals if the company is
likely to become profitable.

By using ratios to compare past, present, and future

numbers any bank or investor will know if the company will be able to repay its
debts, make money, or just squeak by. They will also know how the company stands
against similar companies giving them the advantage of where they can make a good
investment that will most likely bring in good returns.
.

References
Brigham, E., and Houston, J., (2007). Fundamentals of Financial Management.
Mason: Thomson Publishing Limited.
Chandler, A. and Salsbury, S. (1971) Pierre DuPont and the making of the modern
corporation. New York: Harper and Row.
Colin Drury, Management and Cost Accounting, 7th edition (p. 576-587)
Gitman, Lawrence J. (2006) Principles of Managerial Finance (11th ed.) Upper
Saddle River, N.J.: Pearson Prentice Hall
Marshall, D.H., McManus, W.W., Viele, D.F., Anthony, R.N., Hawkins, D.F., and
Merchant, K.A. (2002). Accounting: What the Numbers Mean, Fifth Edition
http://mppublic.com/board-directors
http://mppublic.com/about-company
http://accountingexplained.com/financial/ratios/dividend-yield
http://www.investopedia.com/terms/g/gross_profit_margin.asp#ixzz2NoTZMHkK
http://markets.ft.com/research/Markets/Tearsheets/Financials?
s=MPTCEUR:PAR&subview=CashFlow

Appendices
Balance Sheet
Fiscal data as of Dec 31 2012

Dec 31 2012

Dec 31 2011

Dec 31 2011

2.16

2.11

4.21

2.16

2.02

1.97

12

11

10

Prepaid expenses

--

--

--

Other current assets, total

--

--

--

16

16

16

10

11

11

--

--

--

2.82

2.84

5.74

28

28

20

Note receivable - long term

--

--

--

Other long term assets

--

--

--

57

57

53

Accounts payable

7.58

8.61

6.11

Accrued expenses

--

--

--

6.94

4.52

6.40

1.51

1.54

1.99

0.02

0.15

0.15

Total current liabilities

16

15

14

Total long term debt

11

11

12

ASSETS
Cash And Short Term
Investments
Total Receivables, Net
Total Inventory

Total current assets

Property, plant & equipment,
net
Goodwill, net
Intangibles, net
Long term investments

Total assets
LIABILITIES

Notes payable/short-term debt

Current portion long-term
debt/capital leases
Other current liabilities, total

Fiscal data as of Dec 31 2012

Dec 31 2012

Dec 31 2011

Dec 31 2011

20

18

20

Deferred income tax

2.01

2.00

1.57

Minority interest

0.36

0.36

0.37

--

--

--

30

29

27

15

15

15

--

--

--

13

11

12

Treasury stock - common

--

--

--

Unrealized gain (loss)

--

--

--

Other equity, total

--

2.71

--

27

28

27

57

57

54

43

43

43

--

--

--

Total debt

Other liabilities, total

Total liabilities
SHAREHOLDERS EQUITY
Common stock
Additional paid-in capital
Retained earnings
(accumulated deficit)

Total equity
Total liabilities & shareholders'
equity
Total common shares
outstanding
Treasury shares - common
primary issue

Profit and Loss

Fiscal data as of Dec 31 2012

2012

2011

2010

37

39

34

23

24

21

12

12

12

REVENUE AND GROSS PROFIT

Total revenue
OPERATING EXPENSES
Cost of revenue total
Selling, general and admin. expenses,
total

Fiscal data as of Dec 31 2012

2012

2011

2010

Depreciation/amortization

--

--

--

Unusual expense(income)

(0.26)

(1.28)

(0.87)

2.67

2.64

2.90

36

36

35

0.17

2.81

(0.66)

--

(0.01)

(0.13)

Other operating expenses, total

Total operating expense
Operating income
Other, net

INCOME TAXES, MINORITY INTEREST AND EXTRA ITEMS

Net income before taxes

(0.84)

1.80

(1.59)

0.17

0.47

0.16

(1.01)

1.32

(1.75)

0.00

0.00

0.00

Net income before extra. Items

(1.01)

1.32

(1.75)

Total extraordinary items

(0.79)

--

(0.78)

Net income

(1.79)

1.32

(1.75)

(1.01)

1.32

(0.97)

(1.79)

1.32

(1.75)

43

43

43

Basic/primary eps excl. extra items

(0.02)

0.03

(0.04)

Basic/primary eps incl. extra items

(0.04)

0.03

(0.02)

--

43

43

43

Diluted eps excl. extra items

(0.02)

0.03

(0.04)

Diluted eps incl. extra items

(0.04)

0.03

(0.02)

DPS - common stock primary issue

--

Gross dividend - common stock

--

Provision for income taxes

Net income after taxes
Minority interest

Inc.avail. to common excl. extra.

Items
Inc.avail. to common incl. extra.
Items
EPS RECONCILIATION
Basic/primary weighted average
shares

Dilution adjustment
Diluted weighted average shares

COMMON STOCK DIVIDENDS

PRO FORMA INCOME

Fiscal data as of Dec 31 2012

2012

2011

2010

Pro forma net income

--

--

--

Interest expense, supplemental

--

1.00

0.81

--

1.33

1.29

(0.26)

(1.28)

(0.87)

(1.09)

0.52

(2.46)

(0.09)

(0.34)

(0.30)

0.08

0.14

(0.15)

Normalized income after tax

(1.17)

0.38

(2.31)

Normalized income avail. to common

(1.17)

0.38

(2.31)

Basic normalized EPS

(0.03)

0.01

(0.05)

Diluted normalized EPS

(0.03)

0.01

(0.05)

SUPPLEMENTAL INCOME
Depreciation, supplemental
Total special items
NORMALIZED INCOME
Normalized income before taxes
Effect of special items on income
taxes
Income tax excluding impact of
special items