State Trading Organization (STO)

A Financial Analysis
For the 3 years ; 2015, 2016 and 2017

Sana Abdulla
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Table of Contents
Introduction: .................................................................................................................................................... 2
 Profitability ratios: ...................................................................................................................................... 3
1. Net profit margin: ................................................................................................................................... 3
2. Return on capital employed (ROCE) ................................................................................................... 3
 Liquidity ratios: .......................................................................................................................................... 4
1. Working capital ratio .............................................................................................................................. 4
2. Working capital: ..................................................................................................................................... 5
 Efficiency ratios: .................................................................................................................................... 5
1. Trade receivables collection period (in days):..................................................................................... 5
Trade receivables turnover:...................................................................................................................... 5
2. Trade payables outstanding period (in days) ...................................................................................... 6
Trade payables turnover: .......................................................................................................................... 6
3. Gearing ratio .......................................................................................................................................... 6
Capital contribution: .................................................................................................................................. 6
4. Interest cover ratio:................................................................................................................................ 7
 Investment ratios: ...................................................................................................................................... 7
1. Dividend per share ................................................................................................................................ 7
2. Earnings per share: ............................................................................................................................... 8
3. Price to earnings ratio ........................................................................................................................... 8
Suggestions to the potential investors in terms of investment viability with the facts from the
report: ............................................................................................................................................................... 9
Summary ........................................................................................................................................................ 11
References......................................................................................................................................................... 12
Annex: ............................................................................................................................................................. 13

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Introduction:
In order to ascertain long term success in a market, a business must analyze its financial reports
and ratios thoroughly and find out the areas where they need to improve; to take a beneficial
decision that ensures the company performs well in terms of its profitability, liquidity, efficiency
and debt management.

In this assignment, I have attempted to do that on a minor scale, for the three years; 2015, 2016
and 2017 for the company; STO Group (listed companies, n.d.). I have also provided
recommendations for the management of STO regarding its profitability, liquidity, efficiency and
debt management for these three years and suggestions for the investors who might wish to
invest in this company.

STO was formed in the 1960’s; a time when the Maldivians relied on tuna and fishing for survival.
The development was very slow and the outlook of the Maldivian economy was not a very
promising outlook. The Maldivians were in desperate need for an organization which would
import goods and sell them at the market for a cheap price. Thus in 1960, a company known as
Athireemaafannu Trading Agency (ATA) was formed which later became the State Trading
Organization (STO) in 1979 (overview).

STO soon diversified into different areas; not only selling the imports at an affordable but also in
many other fields. With many subsidiaries, associates and joint ventures even in Singapore,
STO group had diversified into many areas including, insurance, supermarket products
electronics, home appliances, pharmaceuticals and medical supplies as well as construction
materials, cooking gas and petroleum (Abdul Hadi Hussain Fulhu, 2017).

Its mission includes expansion of its existing businesses whilst entering into new ventures and
trying new opportunities. They also wish to establish the business as an international player
while providing the basic goods and services at a cheap price. In addition to that, they also plans
on building a skilled workforce and achieve sustainable growth to achieve their beautiful vision
of “enriching lives through expansion and accessibility” (Amir Mansoor, 2018).

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Below calculated are some ratios and its comparison over the three years along with
recommendations to the management of STO on how to further improve them.

 Profitability ratios:
𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡
1. Net profit margin: 𝑋 100
𝑠𝑎𝑙𝑒𝑠

2015 435349237 / 7313248218 X 100 5.95 % Profitability ratios calculate the amount of
2016 430593863 / 6939049552 X 100 6.21 %
profitability in a business. The net profit margin
2017 159680681 / 9099847272 X 100 1.75 %
calculates the net profitability. This ratio
measures the overall success of the business. In profitability ratios, it is the higher the better.

The net profit margin seems to have increased by 0.25 % in 2016, compared to 2015, which is
a good sign. This might be because the other income increased by 9740010/- along with a
reduction of 58063998/- in selling and marketing expenses. However, in 2017, the net profit
margin had decreased vastly, by a difference of 4.46 %. The net profit might have decreased
due to increase in almost all the expenses including marketing expense and administrative
expenses and other operating expenses in 2017.

The management of STO could try to reduce the expenses and increase the gross profit to
increase the net profit if they were to increase the net profit margin. They could increase the
gross profit by reducing the cost of sales and increasing the sales. They could try finding cheaper
alternative suppliers to purchase their goods. Or they could purchase in greater bulk quantities
or buy from a supplier who provides trading discount. This would indirectly lend a hand in
increasing this ratio. Furthermore, they could also try to increase the income to compensate for
the increased expenses; they could also reduce the number of advertisements for a year in order
to reduce the marketing expenses.
𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡
2. Return on capital employed (ROCE) : 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑑 𝑋 100

2015 435349237 / 5712420480 X 100 7.62 % Return on capital employed or ROCE is

2016 430593863 / 7049511283 X 100 6.11 %
calculated as the percentage return on the long
2017 159680681 / 7737822886 X 100 2.06 %
term capital employed within the business. It is
calculated by adding capital to long term liabilities. It is the most important ratio in profitability
ratios as it shows the amount of profit derived from each 100 per investment. Capital employed
is the money invested in the business.

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The ROCE is highest in the year 2015. It had decreased by 1.51 % in 2016. This could be
because the capital employed had increased whilst the net profit had decreased by 4755374/-.
The net profit could be increased by some ways mentioned above. Thus the ratio could be
increased. In 2017, the ROCE had decreased similar to the net profit margin. It had decreased
by 4.05 %. This could be due to the large fall in net profit by 270913182/-.

Here, we can see that STO had managed to perform well in the year 2015 in terms of profitability.
2016 is not bad either. However. 2017’s profitability does not seem to quite well in comparison
to the previous two years. The same ways mentioned above; under net profit margin could help
the management of STO to increase the net profit and income and decrease the expenses in
order to maximize the profitability. Overall, STO is not performing well in terms of profitability.

 Liquidity ratios:
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠
1. Working capital ratio: 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

2015 3730069889 / 2676598355 1.39 : 1 Liquidity ratios calculate the cash available in the
2016 4553718431 / 3717902497 1.22 : 1
business or how able the business is in paying its
2017 4623149746 / 4503675488 1.03 : 1
debts. The ideal ratio for working capital ratio or
current ratio is 2:1. If the current liabilities are greater than the current assets, the business may
have difficulty in paying its debts on its due time.

In the year 2015, the working capital ratio is good, although not exactly similar to the ideal ratio,
they have an extra 0.39 assets for every liability which is good. However, it seems to be
deteriorating over the next two years. In 2016, it had reduced by 0.17 while in 2017, it had again
decreased by 0.19. In fact, in 2017, STO hardly have any current asset left considering one
current asset for each liability. This could be due to decrease inventory by 51484889/- and huge
rise in overdrafts and loans. The loans and borrowings had increased by 304342987/- whilst the
bank overdraft had increased by 62446885/-.

The management of STO could thus try to increase this ratio by increasing the current assets
and reducing the current liabilities. They could do this by reducing the payment period of trade
receivables so that more cash would flow into STO. Another way the management of STO could
use to improve liquidity is disposing the non-current assets which are not in use; this will assist
them in getting cash. Furthermore, since STO is a huge company in which the majority of shares
are owned by the government, they could request the bank to extend the repayment period of

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their loans and borrowings so that more cash will be retained in the business. They could also
increase the capital in cash.

2. Working capital: current assets _ current liabilities.

2015 3730069889 - 2676598355 1053471534 Working capital is the money that remains after
2016 4553718431 - 3717902497 835815934
paying its short term obligations. These include
2017 4623149746 - 4503675488 119474258
the current assets and current liabilities (can be
converted into cash within 12 months). The working capital seems to be high in the year 2015
and seems to have decreased in the next two years. It had decreased by a total of 217655600/-
in 2016 and by 716341676/-.This could be due to various factors including purchase of non-
current assets by paying cash/cheque. STO seems to have bought many non-current assets on
cash including property, plant and equipment, investment properties and intangible assets which
comes up to a total of around 564088877/- in 2017. Another reason for this decrease in working
capital could be settlement of loans and borrowings by cash/cheque. According to STO’s cash
flow statement 2017, they had repaid a borrowing of 755265728/-.
They could increase the working capital by getting a debenture or making a high profit in the
trading sector. In addition to that, they could also sell some of its excess non-current assets, to
increase its cash resources.
Therefore, in terms of liquidity, STO is not exactly performing very well currently, but it is likely
to improve in the long term as some of the loans are now been repaid; in 2016 and 2017.

 Efficiency ratios:
365
1. Trade receivables collection period (in days): 𝑡𝑟𝑎𝑑𝑒 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟
𝑠𝑎𝑙𝑒𝑠
Trade receivables turnover:
𝑡𝑟𝑎𝑑𝑒 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠

2015 365 ÷ 7313248218 / 463263081 = 365 ÷ 15.79 23 days

2016 365 ÷ 6939049552 / 662024757 = 365 ÷ 10.48 35 days
2017 365 ÷ 9099847272 / 730793118 = 365 ÷ 12.45 29 days
Efficiency ratios calculate how efficient a business is in managing its assets. Trade receivables
turnover shows how long the customers take to pay the business. Comparing these three years,
the trade receivables collection period is shortest in the year 2015. It had then increased from
23 to 35 days in 2016. If this period is shorter, the better for STO as cash would then flow into

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the business. The no. of days had again reduced in the year 2017 to 29 but not as much as in
2015.

The management of STO could thus give more cash discounts for its customers to encourage
them to pay. For those customers who are delaying their payment for a long time, STO could
sent them letters, reminding them to pay. Although this is may not be a good option to undertake
often if STO wish to maintain good customer relations, it is necessary in order to maintain the
cash flow.
365
2. Trade payables outstanding period (in days) : 𝑡𝑟𝑎𝑑𝑒 𝑝𝑎𝑦𝑎𝑏𝑙𝑒𝑠 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟
𝑝𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠
Trade payables turnover: 𝑡𝑟𝑎𝑑𝑒 𝑝𝑎𝑦𝑎𝑏𝑙𝑒𝑠

2015 365 ÷ 5807900492 / 1079485629 = 365 ÷ 5.38 68 days

2016 365 ÷ 5564274710 / 1580668297 = 365 ÷ 3.52 104 days
2017 365 ÷ 7664902208 / 1973160896 = 365 ÷ 3.88 94 days

Trade payables turnover shows how many times a business is able to pay its creditors. In reality,
it is the longer the better for this ratio, so that more cash will be retained in the business, although
if the business pays earlier, the risks could be reduced.

In the year, 2015, it is 68 days, it had then increased to 104 days in 2016 which is good for STO.
However, it had again reduced to 94 days in 2017. STO been a huge company with a good
market share and bargaining power and a high competitive position, STO will be able to make
deals with suppliers who are in favor of them. However, the management of STO must also keep
in mind that too much delay in payment might cause harm to their reputation.
2015 45 days These are the difference between trade receivables collection period and
2016 69 days
trade payables payment period. During this time, STO could manage the
2017 65 days
cash flow by taking an overdraft if the customers don’t pay on time or could
give them cash discounts if they within 45 days, for instance, in 2015.
𝑛𝑜𝑛 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
3. Gearing ratio: 𝑋 100
𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑐𝑜𝑛𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛

Capital contribution: share capital + reserves + non-current liability

2015 825176916 / (56345500 + 2139925338 + 825176916) X 100 27.31 %

2016 889989018 / (56345500 + 2369726005 + 889989018) X 100 26.84 %
2017 710670920 / (56345500 + 2448552207 + 710670920) X 100 22.10 %

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Gearing ratio compares a business’ borrowed debts with its equity. Traditionally, a business that
has a gearing ratio more than 50 % is considered to be a highly geared business; and a gearing
ratio of 25 % is considered to be a low ratio as stated by (Bragg, 2017). Thus the lower the better
is for this ratio. As the higher it is, we can denote that the higher non-current liabilities the
business have.

In the year 2015, STO had a gearing ratio of 27.31 % which had reduced by 0.47 % which is
good. It had further reduced by 4.47 % thus they are performing well and the risk is very low.
This could be because in 2017, they seem to have repaid a loan worth 755265728/-.
𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑝𝑟𝑜𝑓𝑖𝑡
4. Interest cover ratio: 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑝𝑎𝑦𝑎𝑏𝑙𝑒

2015 435349237 / 150061709 2.90 times

2016 430593863 / 113135102 3.81 times
2017 159680681 / 136956140 1.17 times

According to (Shaun, n.d.), interest cover ratio measures the operational profit agreed to cover
the interest payable. It is the higher the better for this ratio. A high ratio shows the company’s
ability to pay the interest and a lower ratio means there is lower chance for getting bank
financing; and repaying the debt the company owes.
In 2015, STO has an interest cover ratio of 2.90 times which means STO is able to pay its present
interest rates 2.90 times over from the profit it makes from its current operations. In 2016, it
further increased to 3.33 times; denoting STO is more than capable of paying its interests in its
debts. It is very liquid and would be easy to get bank financing as well for expansion. However,
in 2017, it had reduced to 1.17 times. Thus STO has hardly enough money to cover its interest
and a little left for paying the principle amounts.
The management of STO could thus try paying off some of its burrowed loans in order to improve
this ratio; even in 2017, they have further borrowed a loan of 751438045/-. They can also try to
increase their net operating income whilst decreasing their operating expenses. Overall, STO
seems to be performing alright in terms of efficiency; its managing its assets well.

 Investment ratios:
𝑑𝑖𝑣𝑖𝑑𝑒𝑛𝑡 𝑝𝑎𝑖𝑑
1. Dividend per share : 𝑛𝑜. 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑖𝑠𝑠𝑢𝑒𝑑

2015 16091123 / 1126910 14.28

2016 135093709 / 1126910 119.88
2017 10660415 / 1126910 9.46

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According to (Al, n.d.), dividend per share is the amount of dividend or return a company pays
for every share the shareholders own. The higher the better is for this ratio. The higher the
dividend paid for the investors, the more they will be attracted to invest in the company. They
will then have enough funds to expand and for other activities.
In 2015, the dividend per share of STO was at 14.28 and it had increased greatly in 2016 to
119.88. However, in 2017, it had gone down by 110.42, which is a bad sign. If STO isn’t paying
enough dividend and if the dividend per share is decreasing so much, there is a risk that the
investors might leave the company to invest in elsewhere where they can get more return.
There are two main ways to improve this ratio; the first way is to simply try increasing the net
profits from which the dividends are paid. The other way is if they invest a lessor proportion of
its profits in growth and expansion and give out a greater proportion to equity leading to higher
dividends. However, STO is a company that strives for growth and already, expansion plans and
projects are being carried out. Therefore, it could try to increase its net profits by maybe,
decreasing the expenses or increasing the gross profit.
𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 𝑎𝑓𝑡𝑒𝑟 𝑡𝑎𝑥
2. Earnings per share: 𝑛𝑜. 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑖𝑠𝑠𝑢𝑒𝑑

2015 435349237 / 1126910 386.3

2016 430593863 / 1126910 382.10
2017 159680681 / 1126910 142.0

This is the comparison between the total income earned and the share value. It is the higher the
better for this ratio; denoting that the company has more profits to distribute to its shareholders
as defined by (Kennon, 2019). The earnings per share is highest in 2015, amongst these 3 years;
386.3, it had then reduced to 382.10 and further reduced to 142.0.
The management of STO could try increasing its revenue by increasing the sales/ increasing
prices. A company that increased its earnings per share by increasing its revenue is Raffles
Medical Group Ltd in Singapore’s stock market. (From 2011 to 2015, the earnings per share of
it increased by 28 % because of its 50% rise in revenue) (Kennon, 2019). STO can also try
margin expansion; decreasing the costs as a percentage of its revenue. Nestle (Malaysia)
Berhad increased this ratio through this way in 2015 (Kennon, 2019) .
𝑚𝑎𝑟𝑘𝑒𝑡 𝑣𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒
3. Price to earnings ratio:
𝑒𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

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2015 472 / 386.3 1.22

2016 500 / 382.10 1.31
2017 418 / 142.0 2.94
As stated by (Wilkinson, 2013), this ratio compares the market price per share with earnings per
share and calculate a stock’s market value compared to its earnings. The higher this ratio, the
higher dividend STO is likely to pay to the investors. In the year 2015, the price to earnings ratio
is at 1.22 and it had increased by 0.09 in 2016. It had again increased by 1.63 in 2017.

The lower this ratio, the poorer is STO’s current and future performance; it could be due to poor
investment. A higher ratio, on the other hand, indicates investors anticipating a high growth and
good performance in the future. Thus, STO is doing well in 2017 according to this ratio. However,
overall STO isn’t performing well as the other two investment ratios had decreased.

Note: all ratios are calculated using the figures in the annual reports of 2015, 2016 and 2017
(Abdul Hadi Hussain Fulhu A. M., 2016) (Abdul Hadi Hussain Fulhu A. M., 2017) (Amir Mansoor,
2018)

Suggestions to the potential investors in terms of investment

viability with the facts from the report:
Whether investors are venture capitalists or banks, the idea of investing in a company can be
pretty intimidating. If we were to see through their eyes, what exactly do they expect whilst
analyzing a company to sink their money in? They would indeed consider numerous vital factors.
If STO Group is a choice of investment for these investors, how well is STO qualified for a ‘viable
business’ in terms of investment?

According to (Newlands, 2014), one of the important things they would take into account is the
financial performance of the business. Especially, the venture capitalists seek companies which
is likely to give them a higher return and which has a good exit opportunity. It is vital for STO to
be financially stable and have plans for growth and expansion. A debt repayment plan is also
vital. The revenue must also be high and the current assets must cover the current liabilities as
well. Considering STO, the cash flow is positive at 159627765/- in 2017, denoting that STO can
pay its expenses and debts and reinvest. The revenue is high in 2017 at 9099847272/-.
However, the net profit margin had reduced to 1.75 % in 2017 from 6.21 % in 2016. The working
capital ratio had also decreased to 1.03:1 in 2017 from 1.22:1 in 2016. Thus, the current assets

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can hardly cover its current liabilities. But STO does have expansion plans; its ongoing and
planned projects in the tourism sector is going well as stated in (overview). They seems to be
managing its debts well as the gearing ratio is low at 22.10%. But the interest cover ratio had
decreased to 1.7 times in 2017; it does cover the interest payable even though the risk is high.

Apart from that, experience of the business in the industry is also considered as stated by
(Marquit, 2016), especially by the angel investors. If the company is small or new to the market,
it may have lessor chance of getting investors. STO is an experienced business continuing from
1970 onwards; expanding and improving in performance. An entrepreneur and an angel investor
named Tim Ferris once said ‘I look for entrepreneurs who had done some high stress thing when
rejection or failure is constant on a large or small scale everyday”.

Angel investors also look for companies which has a higher market share. If the brand has a
good customer base and competitive advantage, investors are more likely to invest in the
company. STO has a high market share and includes numerous sources of revenue such as
fuel, pharmaceuticals etc. which is proof that, it can generate good profits if managed well; thus
investors are more likely to be attracted to invest in it.

Lastly and most importantly, investors would consider the amount of dividend a company is able
to distribute from its earnings each year as stated by (Marquit, 2016). If it increases every year
that is a good sign the company is performing well in terms of profitability. The dividend per
share of STO had decreased to 9.46 in 2017 from 119.88 in 2016 which is a bad sign. However,
the price to earnings ratio is increasing constantly from 2015 to 2017; the higher this ratio, the
higher the dividend they are likely to pay; it also means the investors anticipating a higher growth
and performance in the future.

Overall, if invested right now, the investors maybe at high risk of not getting enough return for
their investment. As the dividend per share is low at 9.46 in 2017, it had decreased dramatically
from 119.88 in 2016. The profit had also decreased by 270913182/- in 2017. The net profit
margin as well as return on capital employed had also reduced (net profit margin by4.45 % and
ROCE by 4.05%). Not only the profitability, but also there is hardly any current asset to over the
current liabilities (1.03:1 in 2017) and the interest cover ratio is also very low at 1.17 times.
Therefore, the performance of STO is not exactly good currently. Thus investing in STO right
now, may not reward the investors with a good return.

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However in the future, there are chances that investors are likely to make good profit by investing
in STO. This is because, the cash flow of STO is still positive meaning it could manage its debts
well after paying its expenses. The gearing ratio is also good at 22.10 %. Price to earnings ratio
is also increasing from 2015 onwards meaning there is great anticipation that STO is likely to
perform well and grow in the future. Therefore, investing in STO could indeed be profitable in
the future.

Summary:
After the comparison and analysis of financial ratios between the three years; 2015, 2016 and
2017, it is very clear that 2015 had been a successful year of operation in terms of STO’s
profitability, efficiency, liquidity as well as debt management. However, their performance seems
to have decreased in 2017 and is not performing very well in terms of profitability and efficiency.

But in terms of debt management and liquidity, it is not performing badly. There are also chances
and signs that in the future, STO is likely to perform well. This is because of its positive cash
flow, high interest cover and gearing ratio as well as price to earnings per share. Furthermore,
they also seem to have a strong management team and good plans for the future.

For the investors however, sinking their money in STO right now may not be a very fruitful
decision due to their low dividend per share and profitability. But we should also not forget this
paper is done on a minor scale and it does not include all the ratios. By solely looking at the
dividend per share and not investing may cause the investors loss. The dividend per share alone
does not show the overall outlook of STO. Dividend yield as well as dividend payout ratio is also
vital to be considered. Then only will the investors get a good understanding of how the company
distributes the profit it makes to the investors and whether it is a good idea to invest in STO.

Apart from these, price to earnings ratio is a very important ratio to be considered while investing.
STO seems to have a good price to earnings ratio in 2017; and this means more dividend is
likely to be paid. However, dividend per share was very low inn 2017 at just 9.46. Since price to
earnings ratio is based on earnings per share, there are chances for the accountants to
manipulate it using numerous accounting techniques to attract investors. Thus, all ratios
including dividend per share and price to earnings ratio must be taken into account whilst looking
to invest in a business.

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References
Abdul Hadi Hussain Fulhu, A. M. (2016). Annual report 2015. Retrieved from sto.mv:
https://www.sto.mv/Uploads/Report/Annual%20Report%202015.pdf

Abdul Hadi Hussain Fulhu, A. M. (2017). Annual Report 2016. Retrieved from sto.mv:
https://www.sto.mv/Uploads/Report/Annual%20Report%202016.pdf

Al, K. a. (n.d.). Dividends per share - what are they and how they work? Retrieved from tradingsim.com:
https://tradingsim.com/blog/dividend-per-share/

Amir Mansoor, M. F. (2018). Annual report 2017. Retrieved from sto.mv:

https://www.sto.mv/Uploads/Report/8f02e4eb-98cd-41ba-9fa9-f9520d877dcb_d9c87461-f256-4cb8-
99b6-bcc00434cfe5.pdf

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Annex:
 Purchase amount = cost of sales (since purchase amount was not given; for all 3 years,
2015, 2016 and 2017)
 Reserves:
2015: share premium + claim equalization reserve + currency translation reserve +
general reserve + fair value reserve + retained earnings
27814500+33212779+334411+588652658+250000+1489660990 =2139925338/-
2016: share premium + claim equalization reserve + currency translation reserve +
general reserve + fair value reserve + retained earnings.
27814500+33212779+334411 +646301585 + 125000 + 1661937730 = 2369726005/-
2017: share premium + claim equalization reserve + currency translation reserve +
general reserve + fair value reserve + retained earnings.
27814500 + 41780914 + 334411+ 688170584+ 3400000+ 1687051798 =2448552207/-
 All other amounts are taken directly from the financial statements in the annual reports.

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