Balance Sheet1957 1958 1959 1960

Cash 533.9 1,232.0 1,736.4 2,328.7 Accounts receivable 2,640.0 4,686.5 5,788.4 15,749.7 Inventories 2,340.3 3,379.8 6,993.2 3,914.3

Current assets 5,514.2 9,298.3 14,518.0 21,992.7 Land, buildings, equipment 2,253.5 2,439.5 7,364.6 8,003.4 Less: Accumulated Depreciation 544.0 650.0 1,211.3 1,687.1

Net fixed assets 1,709.5 1,789.5 6,153.3 6,316.3 Investment in advances to affiliates 1,165.6 28.9 232.3 462.0 Other assets 488.5 376.6 837.5 1,132.0

Total assets 8,877.8 11,493.3 21,741.1 29,903.0

Accounts payable 1,540.8 2,134.6 4,140.2 2,791.0 Notes payable, banks 300.0 1,000.0 Accrued taxes, interest, and other e 674.3 1,437.7 1,900.7 1,941.2 Current sinking fund requirements 77.0 173.9 324.3 382.5

Current liabilities 2,592.1 3,746.2 7,365.2 5,114.7 Long term debt 2,186.7 2,059.7 6,939.8 13,649.5

Of parent company 2,186.7 2,059.7 1,777.2 9,000.0 Of subsdiary 5,162.6 4,649.5

Total liabilities 4,778.8 5,805.9 14,305.0 18,764.2 Preferred stock 1,757.2 2,432.2 2,392.5 2,347.5 Common stock and surplus 2,341.8 3,255.2 5,043.6 8,791.3

Net worth 4,099.0 5,687.4 7,436.1 11,138.8 Total liabilities and net worth 8,877.8 11,493.3 21,741.1 29,903.0

Income Statement1957 1958 1959 1960

Net sales 18,675.9 23,400.2 30,563.7 38,396.4 Cost of goods sold 15,500.9 18,914.7 24,119.5 30,416.8 Gross Profit 3,175.0 4,485.5 6,444.2 7,979.6 General & admin, R&D 1,817.2 2,134.1 2,499.3 2,853.6 Depreciation 263.2 185.9 377.6 584.2 Operating Profit 1,094.6 2,165.5 3,567.3 4,541.8 Interest expense 199.8 212.7 410.6 881.6 Net Income before tax 894.8 1,952.8 3,156.7 3,660.2 Tax 443.5 1,051.6 1,671.2 1,875.2 Net Income after tax 451.3 901.2 1,485.5 1,785.0

Profitability1957 1958 1959 1960

Gross Profit Rate 17.0% 19.2% 21.1% 20.8%Operating Margin 5.9% 9.3% 11.7% 11.8%Net Profit Margin 2.4% 3.9% 4.9% 4.6%Return on Shareholders' Equity 11.0% 15.8% 20.0% 16.0%Return on Assets 5.1% 7.8% 6.8% 6.0%Return on Total Capital Employed 6.9% 11.6% 9.7% 7.2%Times Interest Earned 3.3 5.2 4.6 3.0

1957 1958 1959 1960Average Daily Sales 51.9 65.0 84.9 106.7 Average Receivables Balance 2,640.0 3,663.3 5,237.5 10,769.1 Average Inventories 2,340.3 2,860.1 5,186.5 5,453.8 Average Total Assets 8,877.8 10,185.6 16,617.2 25,822.1 Average Daily Cost of Sales 43.1 52.5 67.0 84.5 Average Daily Purchases 49.6 55.4 77.0 75.9 Average Payables 1,540.8 1,837.7 3,137.4 3,465.6 Average Gross Fixed Assets 2,253.5 2,346.5 4,902.1 7,684.0 Average Current Assets 5,514.2 7,406.3 11,908.2 18,255.4 Average Current Liabilities 2,592.1 3,169.2 5,555.7 6,240.0 Average Net Working Capital 2,922.1 4,237.1 6,352.5 12,015.4 Average Cash 533.9 883.0 1,484.2 2,032.6 Average Quick Assets 3,173.9 4,546.2 6,721.7 12,801.6

Beg inventory 2,340.3 3,379.8 6,993.2 Purchases 17,841.2 19,954.2 27,732.9 27,337.9 Total Goods available 17,841.2 22,294.5 31,112.7 34,331.1 Less:ending 2,340.3 3,379.8 6,993.2 3,914.3 COGS 15,500.9 18,914.7 24,119.5 30,416.8

Turnover1957 1958 1959 1960

Days' Supply in Inventory (DSI) 54 64 104 46 Inventory Turnover 6.6 6.6 4.7 5.6 Days' SALES Outstanding (DSO) 51 72 68 148 Receivables Turnover 7.1 6.4 5.8 3.6 Days' PURCHASES Outstanding (DP 31 39 54 37 Payables Turnover 11.6 10.9 8.8 7.9 Gross Fixed Asset Turnover 8.3 10.0 6.2 5.0 Net Working Capital Turnover 6.4 5.5 4.8 3.2 Asset Turnover 2.1 2.3 1.8 1.5 Cash Conversion Cycle 74 98 119 157

Financial Leverage1957 1958 1959 1960

Current Ratio 2.1 2.5 2.0 4.3 Acid Test Ratio 1.2 1.4 1.2 2.1 Debt to Capital Ratio 38% 27% 52% 55%Debt to Equity Ratio 0.6 0.4 1.1 1.2

1960 1961Dec Mar Jun Sep

Accounts ReceivableStandard 1,500 6,540 3,110 4,400 Trust Receipt plan 8,660 15,880 11,890 16,830

Total Receivables 10,160 22,420 15,000 21,230 % of Standard 15% 29% 21% 21%% Trust receipt plan 85% 71% 79% 79%

Sales growth 25% 31% 26%

1961 1,454.3 21,500.5 5,590.5 28,545.3 8,370.2 2,247.1 6,123.1 133.6 937.8 35,739.8

6,239.2

1,207.7 512.5 7,959.4 16,170.4 12,000.0 4,170.4 24,129.8 2,254.3 9,355.7 11,610.0 35,739.8

1961 43,140.1 34,331.7 8,808.4 3,850.7 589.6 4,368.1 1,131.5 3,236.6 1,665.9 1,570.7

196120.4%10.1%

3.6%13.5%

4.4%5.7%

2.4

1961 119.8 18,625.1 4,752.4 32,821.4 95.4 100.0 4,515.1 8,186.8 25,269.0 6,537.0 18,732.0 1,891.5 20,516.6

3,914.3 36,007.9 39,922.2 5,590.5 34,331.7

1961 59 7.2 179 2.3 62 8.0 5.3 2.3 1.3 176

1961 3.6 3.1

58% 1.4

12%