Asset Management  Parts Inventory Turnover in Days is higher than the industry average as a large proportion of parts must still be sourced from Asia due to lack of North American suppliers. Transportation raises the cost, and additional stock must be carried to guard against interruptions in the longer supply chain. This should improve in the future as the more local suppliers are developed and JIT principles are applied. WP Inventory Turnover in days is lower than industry average due to the modern, highly automated assembly line. FG Inventory Turnover in days is much lower than industry average due to the flexible nature of the assembly lines that allows it to quickly switch between the products. Also inventory can be delivered quickly …show more content…

ng Costs Selling and distribution R&D Administration Depreciation Operating profit Interest Earnings before taxes Taxes Net Income

100.00 61.79 38.21

100.00 57.63 42.37

100.00 58.03 41.97

100.00 64.78 35.22

100.00 65.67 34.33

9.91 4.37 4.43 3.80 15.70 2.49 13.21 -4.62 8.59

10.09 4.07 7.49 2.26 18.46 2.69 15.78 -5.52 10.25

9.85 4.22 9.60 2.17 16.13 3.33 12.80 -4.48 8.32

7.68 3.91 8.21 2.37 13.06 2.28 10.78 -3.77 7.01

7.33 5.75 7.17 2.89 11.19 2.41 8.77 -3.07 5.70

10.89 7.01 8.34 4.35 7.41 2.31 5.10 -1.79 3.32

2005 Cash Accounts Receivables Parts Inventory 14.92 15.23 12.18

2006 18.02 17.30 13.84

2007 20.54 17.17 13.73

2008 16.42 15.97 12.77

2009 14.19 15.10 12.06 4.54 8.34 5.48

WIP Inventory Finished Goods Inventory Total Current Assets Land, Plant & Equipment net Other Assets Total Assets

1.29 17.26 60.89 34.15 4.97 100.00

1.03 21.89 72.08 18.53 9.38 100.00

0.95 20.74 73.14 18.83 8.03 100.00

0.91 19.30 65.36 27.41 7.22 100.00

0.90 18.13 60.39 33.78 5.83 100.00

1.34 31.99 51.69 41.34 6.97 100.00

Accounts Payable Current Portion of Long term Debt Total Current Liabilities Long Term debt Shareholders’ Equity Total Liabilities & Equities

20.30 7.11 27.41 35.53 37.06 100.00

23.07 7.78 30.85 38.91 30.24 100.00

18.66 8.68 27.34 43.39 29.27 100.00

18.14 7.83 25.97 39.17 34.86 100.00

15.71 7.89 23.60 39.44 36.96 100.00

11.23 7.00 18.23 31.50 50.27 100.00

Exhibit TN-3 HORIZONTAL ANALYSIS 2005 Sales Cost of goods sold Gross Profit Operating Costs