Habib Alfla Chart
-
Upload
tanveer-abbas -
Category
Documents
-
view
221 -
download
0
Transcript of Habib Alfla Chart
-
7/31/2019 Habib Alfla Chart
1/25
1.3 Companys introduction:
Introduction of Habib Bank of Pakistan:
Habib Bank Limited commonly referred to as "HBL" and head-quartered in Habib Bank Plaza, Karachi,
Pakistan, is the largest bank in Pakistan. HBL is a Banking Company, which is engaged in Commercial &
Retail Banking and related services domestically and overseas. HBL was incorporated on 25th August
1941 and operated in the private sector until its nationalization in 1974. HBL has been approved for
privatization and the privatization commission has selected a Financial Advisor to prepare a
comprehensive plan and assist in the sale process. The government has appointed a professional
management team to restructure the bank and to recover and clean its doubtful and classified portfolio.
HBL is one of the largest commercial bank of Pakistan. It accounts for a substantial share (20%) of the
total commercial banking market in Pakistan with a network of 1,705 domestic branches; 55 overseas
branches in 26 countries spread over Europe, the Middle East, Far East, Asia, Africa and the United
States; 3 HBL wholly owned Subsidiaries namely Habib Bank Financial Services (PVT) LTD. Karachi, Habib
Finance International LTD (Hong Kong) and Habib Finance Australia Ltd. Sydney; 2 Joint Ventures
namely Habib Nigeria Bank Ltd. (40%) and Himalayan Bank Ltd. (20%) and 2 representative offices in Iran
and Egypt. It continues to dominate the commercial banking sector with a major market share in inward
foreign remittances (55%) and loans to small industries, traders and farmers. HBL is one of Pakistan's
premier banks in terms of deposits and advances with a huge domestic and international network. HBL
provides its customers a complete range of banking products and services including retail banking,
corporate and institutional banking, trade finance, consumer finance and credit cards. HBL is currently
rated AA (Long term) and A-1+ (Short term) and has a balance sheet size of over USD 11 billion. It is the
first Pakistani bank to raise Tier II Capital from external sources.
Vision:
Enabling people to advance with confidence and success
Mission:
To make our customer prosper, our staff excels and creates value for shareholders
-
7/31/2019 Habib Alfla Chart
2/25
Introduction of Bank Al Falah:
Bank Alfalah Limited is a private bank in Pakistan owned by the Abu Dhabi Group. Bank
Alfalah Limited was incorporated on June 21st, 1992 as a public limited company under the
Companies Ordinance 1984. Its banking operations commenced from November 1st ,1997. The
bank is engaged in commercial banking and related services as defined in the Banking
companies ordinance, 1962. The Bank is currently operating through 195 branches in 74 cities,
with the registered office at B.A.Building, I.I.Chundrigar, Karachi. This facilitates the commitment
to a culture of innovation and seeks out synergies with clients and service providers to ensure
uninterrupted services to its customers. Bank Al-Falah is known to perceive the requirements of
customers and match them with quality products and service solutions. During the past five years, this
bank has emerged as one of the foremost financial institution in the region endeavoring to meet the
needs of tomorrow today. With a vision to be the premier organization operating locally &
internationality that provides the complete range of financial services to all segments under one roof,
Bank Al-Falah is one of the most important entities in banking sector of Pakistan with a strong credit
rating of AA for long term and A one plus for the short term. Since its inception, as the new identity of
H.C.E.B after the privatization in 1997, the management of the bank has implemented strategies and
policies to carve a distinct position for the bank in the market place. Since its inception, as the new
identity of H.C.E.B after the privatization in 1997, the management of the bank has implemented
strategies and policies to carve a distinct position for the bank in the market place.
Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its
board of management, the Bank has invested in revolutionary technology to have an extensive range of
products and services.
Vision:
To be the premier organization operating locally & internationality that provides the complete range of
financial services to all segments under one roof
Mission:
To develop & deliver the most innovative products, manage customer experience, deliver quality
services that contributes to brand strength, establishes a competitive advantage and enhances
profitability, thus providing value to the stakeholders of the bank
-
7/31/2019 Habib Alfla Chart
3/25
1.4 List of competitors:
Standard Chartered Bank
National Banks
Allied Bank Limited
RATIO ANALYSIS:
Financial ratios are useful indicators of a firm's performance and financial situation.
Financial ratios can be used to analyze trends and to compare the firm's financials to
those of other firms.Ratio analysis is the calculation and comparison of ratios which are
derived from the information in a company's financial statements. Financial ratios are
usually expressed as a percent or as times per period. Ratio analysis is a widely used toolof financial analysis. It is defined as the systematic use of ratio to interpret the financial
statements so that the strength and weaknesses of a firm as well as its historical
performance and current financial condition can be determined. The term ratio refers to
the numerical or quantitative relationship between two variables. With the help of ratio
analysis conclusion can be drawn regarding several aspects such as financial health,
profitability and operational efficiency of the undertaking. Ratio points out the operating
efficiency of the firm i.e. whether the management has utilized the firms assets correctly,
to increase the investors wealth. It ensures a fair return to its owners and secures
optimum utilization of firms assets. Ratio analysis helps in inter-firm comparison by
providing necessary data. An inter firm comparison indicates relative position. It provides
the relevant data for the comparison of the performance of different departments. If
comparison shows a variance, the possible reasons of variations may be identified and if
results are negative, the action may be initiated immediately to bring them in line. Yet
another dimension of usefulness or ratio analysis, relevant from the View point of
management is that it throws light on the degree efficiency in the various activity ratios
measures this kind of operational efficiency.
-
7/31/2019 Habib Alfla Chart
4/25
a)Liquidity Ratios
b) Leverage Ratios
c) Profitability Ratios
a) Liquidity Ratios
Liquidity ratios measure a firms ability to meet its current obligations. These include:
Current Ratio:
Current Ratio = Current Assets / Current Liabilities
This ratio indicates the extent to which current liabilities are covered by those assets expected to be
converted to cash in the near future. Current assets normally include cash, marketable securities,
accounts receivables, and inventories. Current liabilities consist of accounts payable, short-term notes
payable, current maturities of long-term debt, accrued taxes, and other accrued expenses. Current
assets are important to businesses because they are the assets that are used to fund day-to-day
operations and pay ongoing expenses.
HABIB BANK
BANK AL FALAH
Year 2009 2010 2011Current Assets 575611106 671597594 731954693
Current Liabilities 480455832 566659483 631948038
Current ratio 1.20 1.19 1.16
Year 2009 2010 2011
Current Assets 265182551 316972828 335217471
Current Liabilities 249906022 286843944 315476169
Current ratio 1.06 1.10 1.06
-
7/31/2019 Habib Alfla Chart
5/25
InterpretationHABIB BANK
The current ratio for the year 2009, 2010 & 2011 is 1.20, 1.19 & 1.16 respectively, compared to standard
ratio 2:1 this ratio is lower which shows low short term liquidity efficiency at the same time holding less
than sufficient current assets mean inefficient use of resources
BANK AL FALAH
The ratios for the last 3 years are 1.06, 1.10 & 1.06, shows below standard of 2:1 which means efficient
use of funds but at the risk of low liquidity.
Working Capital:
Working Capital = Current Assets Current Liabilities
A measure of both a company's efficiency and its short-term financial health. Positive working capital
means that the company is able to pay off its short-term liabilities. Negative working capital means that
a company currently is unable to meet its short-term liabilities with its current assets (cash, accounts
receivable and inventory).
Also known as "net working capital", or the "working capital ratio".
0.95
1
1.05
1.11.15
1.2
1.25
Bank al falah Habib Bank
Ratio
Years
Current Ratio
2009
2010
2011
-
7/31/2019 Habib Alfla Chart
6/25
HABIB BANK
BANK AL FALAH
Interpretation:
HABIB BANK:
It is very clear from the above calculations that the working capital of the bank is gradually increasing
over the years, which shows good short term liquidity efficiency.
BANK AL FALAH:
This ratio increased to a great extent in 2010, almost double of the year 2009 but later on in the year
2011 it went down again.
0
20000000
40000000
60000000
80000000
100000000
120000000
Habib Bank Bank al falah
WorkingCapital
Year
Working Capital
2009
2010
2011
Year 2009 2010 2011
Current Assets 575611106 671597594 731954693
Current Liabilities 480455832 566659483 631948038
Working Capital 95155274 104938111 100006655
Year 2009 2010 2011
Current Assets 265182551 316972828 335217471
Current Liabilities 249906022 286843944 315476169
Working Capital 15276529 30128884 19741302
-
7/31/2019 Habib Alfla Chart
7/25
b) Leverage Ratios:
By using a combination of assets, debt, equity, and interest payments, leverage ratio's are used to
understand a company's ability to meet it long term financial obligations. Leverage ratios measure the
degree of protection of suppliers of long term funds. The level of leverage depends on a lot of factorssuch as availability of collateral, strength of operating cash flow and tax treatments. Thus, investors
should be careful about comparing financial leverage between companies from different industries. For
example companies in the banking industry naturally operates with a high leverage as collateral their
assets are easily collateralized.
These include:
Time Interest Earned:
TIE Ratio = EBIT / Interest Charges
The interest coverage ratiotells us how easily a company is able to pay interest expenses associated tothe debt they currently have. The ratio is designed to understand the amount of interest due as a
function of companys earnings before interest and taxes (EBIT).This ratio measures the extent to which
operating income can decline before the firm is unable to meet its annual interest cost.
HABIB BANK
BANK AL FALAH
Year 2011 2010 2009
EBIT 32044524 34298574 48559935
Interest Charges 13204037 19153957 19153957
TIE ratio 2.43 1.79 1.83
Year 2011 2010 2009
EBIT 17798831 21156515 22125914
Interest charges 15232886 16620963 20331194
TIE ratio 1.16 1.27 1.08
-
7/31/2019 Habib Alfla Chart
8/25
HABIB BANK
We can see from this ratio analysis that, this company has covered their interest expenses 2.43 times in
2011, 1.79 times in 2010 and 1.8 times in 2009. It means they have performed pretty much same in
2009 and 2010, but has taken a different look in 2011. As in 2011 they issued a little high number of
long-term loans and does not have good liquidity position, their EBIT became high thus making TIE a
little high as well
BANK AL FALAH
We can see that, this company has covered their interest expenses 1.16 times in 2011, 1.27 times in
2010 and 1.08 times in 2009. It means they havent improved in the past years.
0
0.5
1
1.5
2
2.5
3
Habib Bank Bank al falah
TIERatio
Years
TIE Ratio
2011
2010
2009
-
7/31/2019 Habib Alfla Chart
9/25
Debt Ratio:
Debt Ratio = Total Debt / Total Assets
The ratio of total debt to total assets, generally called the debt ratio, measures the percentage of funds
provided by the creditors. The proportion of a firm's total assets that are being financed with borrowed
funds. The debt ratio is calculated by dividing total long-term and short-term liabilities by total assets.
The higher the ratio, the more leverage the company is using and the more risk it is assuming. Assets
and liabilities are found on a company's balance sheet.
HABIB BANK
BANK AL FALAH
0.87
0.88
0.89
0.9
0.91
0.92
0.93
0.94
0.95
0.96
Habib Bank Bank al falah
DebtRatio
Years
Debt Ratio
2011
2010
2009
Year 2011 2010 2009
Total debt 536848102 628754092 682747953
Total Assets 590291468 691991521 757928,89
Debt Ratio 0.91 0.91 0.9
Year 2011 2010 2009
Total debt 263443596 312675308 331946025
Total Assets 275685541 328895152 348990764
Debt Ratio 0.95 0.95 0.95
-
7/31/2019 Habib Alfla Chart
10/25
Interpretation:
HABIB BANK
Calculating the debt ratio, we came to see that this company is highly leveraged one
BANK AL FALAH
Calculating the debt ratio, we came to see that this company is highly leveraged one.
Debt to Equity Ratio:
Debt to Equity Ratio = Total debt / Total Equity
The debt to equity ratio is the most popular leverage ratio and it provides detail around the amount of
leverage (liabilities assumed) that a company has in relation to the monies provided by shareholders. As
you can see through the formula below, the lower the number, the less leverage that a company is
using. It is a common measure of the long-term viability of a company's business and, along with current
ratio, a measure of its liquidity, or its ability to cover its expenses. As a result, debt to equity calculations
often only includes long-term debt rather than a company's total liabilities. A high debt to equity ratio
implies that the company has been aggressively financing its activities through debt and therefore must
pay interest on this financing.
HABIB BANK
BANK AL FALAH
Year 2011 2010 2009
Total debt 536848102 628754092 682747953
Total Equity 45177664 55063125 71280902
Debt To Equity Ratio 11.88 11.42 9.58
Year 2011 2010 2009
Total debt 263443596 312675308 331946025
Total Equity 10572605 13766673 14608523
Debt To Equity Ratio 24.91 22.71 22.72
-
7/31/2019 Habib Alfla Chart
11/25
Interpretation
HABIB BANK
We can see from the above calculations that this ratios continuously decreasing in the last three years.
BANK AL FALAH
Calculating this debt ratio we can see that it was 24.91, 22.71 & 22.72 in the year 2011, 2010 & 2009
respectively. This shows a decline in the ratio over the years.
Current Worth / Net worth Ratio:
Current Worth to Net worth Ratio= Current Worth / Net worth Ratio
We can calculate current worth and net worth by using following formulas:
Current Worth = Total Current Assets Total Current Liabilities
Net Worth = Total Assets - Total Liabilities
0
5
10
15
20
25
30
Habib Bank Bank al falah
DebttoEquityRatio
Years
Debt to Equity Ratio
2011
2010
2009
-
7/31/2019 Habib Alfla Chart
12/25
HABIB BANK
BANK AL FALAH
Interpretation
HABIB BANK
We can see from the above calculations that this ratios continuously decreasing in the last three years.
In 2011 it was 1.78, in 2010 it was 1.66 and in 2009 it was 1.33.
BANK AL FALAH
Analysis shows that this ratio was as high as 1.2 among three years. However, it declined to 1.15 in the
year 2009. In 2010 the ratio somewhat increased to 1.85.
0
0.5
1
1.5
2
Habib Bank Bank al falah
NetWorth
Years
Net Worth Ratio
2011
2010
2009
Year 2011 2010 2009
Current Worth 95155274 104938111 100006655
Net Worth 53443366 63237429 75180436
Current Worth to Net 1.78 1.66 1.33
Year 2011 2010 2009
Current Worth 15276529 30128884 19741302
Net Worth 12241945 16219844 17044739
Current Worth to Net 1.247 1.85 1.15
-
7/31/2019 Habib Alfla Chart
13/25
Total Capitalization Ratio:
Total Capitalization Ratio = Long-term debt / long-term debt + shareholders' equity
The capitalization ratio measures the debt component of a company's capital structure, or
capitalization (i.e., the sum of long-term debt liabilities and shareholders' equity) to support a
company's operations and growth. Long-term debt is divided by the sum of long-term
debt and shareholders' equity. This ratio is considered to be one of the more meaningful
of the "debt" ratios - it delivers the key insight into a company's use of leverage.
HABIB BANK
BANK AL FALAH
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Habib Bank Bank al falah
CapitalizationRatioworth
Years
Total Capitalization Ratio
2011
2010
2009
Year 2011 2010 2009
Long Term debt 56392270 62094609 50799915
Long term debt + Equity 101569934 117157734 122080817
Capitalization Ratio worth 0.56 0.53 0.42
Year 2011 2010 2009
Long Term debt 13537574 25831364 16469856
Long term debt + Equity 24110179 39598037 31078379
Capitalization Ratio worth 0.56 0.65 0.52
-
7/31/2019 Habib Alfla Chart
14/25
Interpretation
HABIB BANK
It is obvious from the above calculations that there is a gradual fall in this ratio over the years.
BANK AL FALAH
The ratios for the last 3 years are 0.56, 0.65 and 0.52. Shows below standard of 2:1
Long term Assets versus Long term Debt:
Long term Assets versus Long term Debt= Long Term Assets/ Long Term Debts
HABIB BANK
BANK AL FALAH
Year 2011 2010 2009
Long Term Assets 14680362 20393927 25973696
Long term debt 56392270 62094609 50799915
L.T Assets /L.T Debts 0.26 0.33 0.51
Year 2011 2010 2009
Long Term Assets 13773293 11922324 10502990
Long term debt 13537574 25831364 16469856
L.T Assets /L.T Debts 1.01 0.46 0.63
-
7/31/2019 Habib Alfla Chart
15/25
Debt Coverage Ratio:
Debt Coverage Ratio = Net Operating Income / Total Debt
HABIB BANK
BANK AL FALAH
Profitability Ratios:
Profitability is the net result of a number of policies and decisions. This section of the discusses the
different measures of corporate profitability and financial performance. These ratios, much like the
operational performance ratios, give users a good understanding of how well the company utilized its
resources in generating profit and shareholder value. The long-term profitability of a company is vital for
0
0.01
0.02
0.03
0.04
0.05
0.06
Habib Bank Bank al falah
DebtCoverageRatio
Years
Debt Coverage Ratio
2011
2010
2009
Year 2011 2010 2009
Net Operating Income 12074762 5121453 5655568
Total Debt 536848102 628754092 682747953
Debt Coverage Ratio 0.02 0.008 0.0083
Year 2011 2010 2009
Net Operating Income 14574192 15118049 16880487
Total Debt 263443596 312675308 331946025
Debt Coverage Ratio 0.055321869 0.048350633 0.0508531
-
7/31/2019 Habib Alfla Chart
16/25
both the survivability of the company as well as the benefit received by shareholders. It is these ratios
that can give insight into the all-important "profit". Profitability ratios show the combined effects of
liquidity, asset management and debt on operating results. These ratios examine the profit made by the
firm and compare these figures with the size of the firm, the assets employed by the firm or its level of
sales. There are four important profitability ratios that I am going to analyze:
Net Profit Margin:
Net Profit margin = Net Profit / Sales x 100
Net Profit Margin gives us the net profit that the business is earning per dollar of sales.
This margin indicates the profit after all the costs have been incurred it shows that what % of
turnover is represented by the net profit. An increase in the ratios indicates that a firm is
producing higher net profit of sales than before.
HABIB BANK
BANK AL FALAH
Year 2011 2010 2009
Net Profit 12700315 10084037 15614020
Sales 43685740 50481021 63305033
Net Profit Margin 29.07% 19.97% 24.66%
Year 2011 2010 2009
Net Profit 1762691 3130229 1301301
Sales 21191470 25783871 31046583
Net Profit Margin 8.31% 12.1% 4%
-
7/31/2019 Habib Alfla Chart
17/25
Interpretation
Bank al falah
Therefore, the Net Profit Margin was 8.31% in 2011, increase to 12.1% in 2010 and then
decrease to 4% in 2009
HABIB BANK
Therefore, the Net Profit Margin was 29.07% in 2011, decrease to 19.97% in 2010 and then
again increased to 24.66% in 2009
Operating Income Margin:
Operating Income Margin = Operating Income x 100
Net Sales
Operating Income Margin =
Net mark-up / interest income after provisions + Mark-up / return / interest expensed - Total non-mark-
up / interest expenses
0
5
10
15
2025
30
35
Habib Bank Bank al falah
NetProfitMarg
in
Years
Net Profit Margin
2011
2010
2009
-
7/31/2019 Habib Alfla Chart
18/25
HABIB BANK
BANK AL FALAH
0
10
20
30
40
50
60
70
80
Habib Bank Bank al falah
OperatingIncomeMargin
Years
Operating Income Margin
2011
2010
2009
Year 2011 2010 2009
Operating Income 25278799 24275410 37738818
Net Sales 43685740 50481021 63305033
Operating Income Margin 57.9% 48% 59.6%
Year 2011 2010 2009
Operating Income 14574192 15118049 16880487
Net Sales 21191470 25783871 31046583
Operating Income Margin 0.687738604 0.586337443 0.5437148
-
7/31/2019 Habib Alfla Chart
19/25
Return on Assets:
Return on Assets (ROA) = Profit after Taxation / Average Total assets x 100
ROA, A measure of a company's profitability, equal to a fiscal year's earnings divided by its total assets,
expressed as a percentage. This is an important ratio for companies deciding whether or not to initiate a
new project. The basis of this ratio is that if a company is going to start a project they expect to earn a
return on it, ROA is the return they would receive. Simply put, if ROA is above the rate that the company
borrows at then the project should be accepted, if not then it is rejected.
HABIB BANK
BANK AL FALAH
0
0.5
1
1.5
2
2.5
Habib Bank Bank al falah
ROA
years
Return on Assets
2011
2010
2009
Year 2011 2010 2009
Net income 12700315 10084037 15614020
Total Average assets 559592686.5 641141494.5 724959955
ROA 2.27% 1.57% 2.15%
Year 2011 2010 2009
Net income 1762691 3130229 1301301
Total Average assets 137966927.5 302290346.5 338942958
ROA 1.27% 1.01% 0.038%
-
7/31/2019 Habib Alfla Chart
20/25
Interpretation
HABIB BANK
Return on assets decreased in 2009 and 2010 and it was maximum in year 2011. This may have
occurred because Square used more debt financing in 2011 compared to 2009 and 2010 which
resulted in more interest cost and brought the Net income down.
. BANK AL FALAH
Return on assets decreased gradually throughout the years.
Return on Equity (ROE):
Return on Total Equity = Profit after taxation x 100
Total Equity
Return on Equity measures the amount of Net Income earned by utilizing each dollar of Total common
equity. It is the most important of the Bottom line ratio. By this, we can find out how much the
shareholders are going to get for their shares. This ratio indicates how profitable a company is by
comparing its net income to its average shareholders' equity. The return on equity ratio (ROE) measures
how much the shareholders earned for their investment in the company. The higher the ratio
percentage, the more efficient management is in utilizing its equity base and the better return is to
investors.
HABIB BANK
BANK AL FALAH
Year 2011 2010 2009
Net income 12700315 10084037 15614020
Total Equity 45177664 55063125 71280902
ROE 28.11% 18.31% 21.9%
Year 2011 2010 2009
Net income 1762691 3130229 1301301
Total Equity 10572605 13766673 14608523
ROE 16.6% 22.5% 8.9%
-
7/31/2019 Habib Alfla Chart
21/25
Interpretation
HABIB BANK
The Return on Equity was maximum in 2011 but decreased in 2010. This again may have
happened due to the issue of more long-term debt..
BANK AL FALAH
The Return on Equity was maximum in 2010 but decreased to an extent in the following years 2011 and
2009. This again may have happened due to the issue of more long-term debt.
0
5
10
15
20
25
30
Habib Bank Bank al falah
ROE
Years
Return on Total Equity
2011
2010
2009
-
7/31/2019 Habib Alfla Chart
22/25
Detail of Operating Assets of Habib Bank Limited
2011
Operating Assets:
Cash and balances with treasury banks 56533134
Balances with other banks 39307321
Operating fixed assets 14751252
110591707
2010
Operating Assets:
Cash and balances with treasury banks 55487664
Balances with other banks 27020704
Operating fixed assets 13780555
97259620
2009
Operating Assets:
Cash and balances with treasury banks 46310478
Balances with other banks 35965048
Operating fixed assets 11954876
94,230,402
-
7/31/2019 Habib Alfla Chart
23/25
Detail of Operating Assets of Bank Al Falah Limited
2011
Operating Assets:
Cash and balances with treasury banks 27859360
Balances with other banks 12731952
Operating fixed assets 10502990
51094302
2010
Operating Assets:
Cash and balances with treasury banks 29436378
Balances with other banks 18380738
Operating fixed assets 11922324
59739440
2009
Operating Assets:
Cash and balances with treasury banks 32687335
Balances with other banks 21581043
Operating fixed assets 13773293
68041671
-
7/31/2019 Habib Alfla Chart
24/25
Return on Operating Assets:
Return on Operating Assets = Profit after Taxation x 100
Operating assets
HABIB BANK
BANK AL FALAH
Sales to Fixed Assets:
This ratio is indicates that how much sales are contributed by investment in fixed Assets.
Sales to Fixed Assets = Net Sales / Fixed Assets
HABIB BANK
BANK AL FALAH
Year 2011 2010 2009
Net Profit 12700315 10084037 15614020
Operating Assets 94230402 97259620 110591707
Return on Operating Assets 13.48% 10.37% 11.19%
Year 2011 2010 2009
Net Profit 1762691 3130229 1301301
Operating Assets 51094302 59739440 68041671
Return on Operating Assets 0.034 0.052 0.019
Year 2011 2010 2009
Net Sales 43685740 50481021 63305033
Fixed Assets 11954876 13780555 14751252
Sales to Fixed Assets 3.65 times 3.66 times 3.66 times
-
7/31/2019 Habib Alfla Chart
25/25
Year 2011 2010 2009
Net Sales 21191470 25783871 31046583
Fixed Assets 10502990 11922324 13773293
Sales to Fixed Assets 2.017 times 2.16 times 2.25 times