BACKGROUND

Analytical procedures

Audit standards governing Analytical procedures are Statement on Auditing Standards (SAS) No. 56 Analytical Procedures in the United States (U.S.) and International Standards of Auditing (ISA) No. 520 Analytical Procedures, issued by the International Auditing and Assurance Standards Board (IAASB). In both U.S. and international standards, auditors are encouraged to use analytical procedures as an audit approach or a supplement to other approaches during the substantive testing stage, while being compulsorily required to apply analytical procedures in both planning and review stages, with the aim of assessing the risk of material misstatements and the consistency between the financial statements and the auditor’s understanding of the entity, before drawing a conclusion on the financial statements.

The purpose, degree of precision and reliance on analytical procedures vary throughout the audit process. Only audit engagement and planning are concerned here. During the engagement stage, analytical procedures will be performed to understand the business and its environment and the transactions and events that have occurred since the last financial year. During the planning stage, analytical procedures will act as an attention-directing device to assess the risk of material misstatement due to error or fraud and identify the unusual trends and relationships, in order to subsequently design the nature, timing and extent of substantive audit procedures.

SAS 56 and ISA 520 do not prescribe the list of analytical procedure techniques for auditors to use to develop expectations. Instead, they state that analytical procedures range from simple comparisons to complex models (AICPA, SAS 56, para. 2; ISA 520, para. 4).

“The type of analytical procedure techniques are limited only by the availability of reliable data and the creativity of the auditor.”

— Colbert and Wilson (1991)

More recently, Appelbaum, Kogan, and Vasarhelyi (2016) examined more than 300 papers published since the mid-1950s that discussed analytics in at least one phase of the audit and categorised techniques into the following five groups. They were: (1) audit examinations, such as transaction tests, ratio analysis, re-performance, and CAATs; (2) unsupervised, such as clustering, text mining, and process mining; (3) supervised, such as support vector machine, neural networks, genetic algorithms, and C4.5; (4) regression, such as logistic, linear, time series, ARIMA, univariate, and multivariate; and (5) other statistics, such as Benford’s Law, structural models, and Monte Carlo simulation.

Advantages of R

Excel, Cognos, IDEA, PowerBI, Tableau and others are widely used in the field of accounting and auditing. However, R offers a plenty of possibilities and benefit in those regards. All you need to do is to formulate desired questions.

“If you torture the data enough, nature will always confess.”

— Ronald Harry Coase

To know more about R’s advantages, please read Unconstant Conjunction, The Lucid Manager and Beyond Spreadsheets with R.

Case study

Firms studied are 2319.HK, 1117.HK, and FCG.NZ. Financial statements are obtained for the period from 2014 to 2018. Foreign currency (NZD) is ignored .

FY 2017
FY 2016
FY 2015
FY 2014
Movement
Movement%
rowname firm FY17 V17 H1716 FY16 V16 H1615 FY15 V15 H1514 FY14 V14 FYmean FYsd FYlow FYup Vmean Vsd Vup Vlow
Cash And Cash Equivalents mo 666519 0.04 -0.218 851788 0.05 0.762 483367 0.03 -0.132 556964 0.04 639659.5 160193.5 479466.0 799853.0 0.04 0.10 0.03 0.04
Short Term Investments mo 15000 0.00 -0.935 231750 0.01 -0.338 350202 0.02 Inf 0 0.00 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00
Net Receivables mo 924891 0.06 -0.269 1265693 0.07 0.275 992712 0.06 0.417 700347 0.05 970910.8 232876.5 738034.2 1203787.3 0.06 0.14 0.05 0.07
Inventory mo 848635 0.05 -0.135 980515 0.06 0.176 834099 0.05 0.302 640581 0.05 825957.5 140039.3 685918.2 965996.8 0.05 0.08 0.05 0.05
Other Current Assets mo 217751 0.01 -0.023 222909 0.01 -0.238 292489 0.02 -0.605 741001 0.05 368537.5 250637.0 117900.5 619174.5 0.02 0.15 0.01 0.03
Note:
All data was obtained via yahoo finance.

Based on Muddy Water, Huishan commited a frauds penetrating to PPE and sales. I am interested to know both how PPE and SGA support the growth of sales and how PPE is funded. Therefore, the following accounts are selected and the dataset is presented as below.

##  [1] "Total Revenue"                             
##  [2] "Net Receivables"                           
##  [3] "Cost of Revenue"                           
##  [4] "Accounts Payable"                          
##  [5] "Inventory"                                 
##  [6] "Selling General and Administrative"        
##  [7] "Cash And Cash Equivalents"                 
##  [8] "Short/Current Long Term Debt"              
##  [9] "Long Term Debt"                            
## [10] "Property Plant and Equipment"              
## [11] "Depreciation"                              
## [12] "Net Tangible Assets"                       
## [13] "Total Cash Flow From Operating Activities" 
## [14] "Total Cash Flows From Investing Activities"
## [15] "Total Cash Flows From Financing Activities"
## [16] "Total Current Assets"                      
## [17] "Total Current Liabilities"
firm variable accounts_payable cash_and_cash_equivalents cost_of_revenue depreciation inventory long_term_debt net_receivables net_tangible_assets property_plant_and_equipment selling_general_and_administrative short_current_long_term_debt total_cash_flow_from_operating_activities total_cash_flows_from_financing_activities total_cash_flows_from_investing_activities total_current_assets total_current_liabilities total_revenue
fc FY14 1747000 342000 15513000 461000 3025000 5736000 2244000 3200000 6159000 2267000 1182000 668000 1352000 -2040000 6077000 5031000 18845000
fc FY15 2375000 369000 13563000 469000 2401000 5260000 1514000 3717000 6172000 2132000 495000 3278000 -2050000 -1094000 5091000 3998000 17199000
fc FY16 3034000 393000 15968000 439000 2593000 5020000 2218000 4025000 6391000 2001000 942000 1376000 -622000 -706000 6082000 4731000 19232000
fc FY17 3288000 446000 17279000 447000 2917000 5783000 2280000 2992000 6810000 2096000 520000 1548000 -725000 -948000 5965000 5133000 20438000
mo FY14 842176 556964 3161345 225544 640581 2829450 700347 6134945 10988784 326470 1858398 1580892 501632 -1894601 2638893 4364188 5026706
mo FY15 1211565 483367 3167298 272976 834099 1021730 992712 6219781 12967775 438026 4825521 1441765 -53823 -1281903 2952869 7238778 4826341
mo FY16 1879197 851788 3258127 318736 980515 2653125 1265693 5470295 12677989 1059738 3278451 1137310 200519 -969408 3552655 7825119 4862311
mo FY17 1340030 666519 3352957 344722 848635 3558248 924891 5418781 12449806 726768 2763150 500857 286579 -972705 2704500 5886417 4783801
mu FY14 4991847 4649560 34903409 1332621 4342292 5535480 1884231 12980957 11857676 12504372 277624 3079889 3618826 -6415358 20332592 14351145 50049243
mu FY15 4644298 7931237 33694848 1427900 4339506 5037910 2643435 13665942 12828739 12856289 105516 1909189 689045 536644 22420356 15976375 49026516
mu FY16 5405620 6070078 36273794 1567363 3314282 5579077 3700901 13247354 14449604 15900667 197376 4512944 -4036495 -4005463 19837309 15302669 53779339
mu FY17 6342273 5958877 39057925 1658927 3510268 6025991 5125082 14821505 14724996 17365967 3557246 5505439 5748268 -11450193 26017706 22566293 60155622

AUDIT ENGAGEMENT

To screen out customers with intention of audit opinion shopping, the followings should be done;

  1. Acquire necessary industry knowledge via Industry report, Analysts’ report, and Investors’ due dilligence report.
  2. Understand how macro factors shape things up, such as NZ milk derivative price and the price of key raw material (Rafafa).
  3. Grasp Industry key accounting issues such as culling rate etc.
  4. Perform news search relating to fraud triangle factors (pressures).
  5. Review the movement of its share price and return.
  6. Perform peer comparisons.

Share price movement

Compare the performance of share price in the hope of finding fraud triangle factors. To know more about equity analysis, read performance annlysis.

Peer comparisons

Compare firms based on Sales, COGS and SGA over the four years period. COGS (fc) has increased over the period possibly because of the results of negotiation with farmers.

SGA (mo) significantly increased in FY16 and was back to normal level in FY17. A proper explanation from the management is needed. Potential audit issues could be cut-off error or fictitous expenses.

Compare firms based on cashflow over the four years period. Operationg CF (fc) significantly increased in FY16. Reasons for that need to be clarified. Operationg CF (mo) decreased from 2014 to 2018, which is expected because of its performance.

mu is one of the largest dairy firms and generates huge operating CF to compensate its investing needs. To carry out its strategy, mu fund its global expansion via borrowing. However, fc and mo intend to clear their debts due to lack of such needs.

AUDIT PLANNING

Auditors are often provided with JV, TB and FS in the audit planning phase. It is vital to outline audit plan efficiently and effectively based on very limited inforamtion. The followings need to be performed before audit plan is sculptured.

  1. Understand auditees’ internal control process via flowcharts and assess IC risks, such as relevant dates and segreation of duty.
  2. Carry out the walk-through test.
  3. Perform process mining, if required.
  4. Test JV completeness.
  5. Ensure that all provided documents agree with each other.
  6. Determine preliminary ML. 0.5% of total assets is used because of its nature of industry.
  7. Perform preliminary analytical procedures. Fraser, Hatherly, and Lin (1997) categorized the following three groups.

  • Non-quantitative techniques (NQT);

    • Professional judgement
    • Scanning

  • Simple quantitative techniques (SQT);

    • Trend analysis
    • Horizontal and vertical analysis
    • Ratios such as Z-Score and M-Score
    • Reasonable test

  • Advanced quantitative techniques (AQT);

    • Time series
    • Regression
    • Decision tree
    • Neural networks

Trend analysis

Compute the mean and standard deviation over the period. Compare FY17 to FYmean and select them out. Red indicates that FY17 is less than FYmean.

rowname firm FY17
Cash And Cash Equivalents mo 666519
Short Term Investments mo 15000
Net Receivables mo 924891
Inventory mo 848635
Other Current Assets mo 217751
Total Current Assets mo 2704500
Long Term Investments mo 12934
Property Plant and Equipment mo 12449806
Goodwill mo 1424539
Intangible Assets mo 125802
Accumulated Amortization mo 0
Other Assets mo 0
Deferred Long Term Asset Charges mo 0
Total Assets mo 16717581
Accounts Payable mo 1340030
Short/Current Long Term Debt mo 2763150
Other Current Liabilities mo 481000
Total Current Liabilities mo 5886417
Long Term Debt mo 3558248
Other Liabilities mo 184487
Deferred Long Term Liability Charges mo 0
Minority Interest mo 119307
Negative Goodwill mo 0
Total Liabilities mo 9629152
Misc. Stocks Options Warrants mo 0
Redeemable Preferred Stock mo 0
Preferred Stock mo 0
Common Stock mo 526058
Retained Earnings mo 864379
Treasury Stock mo 937619
Capital Surplus mo 4641066
Other Stockholder Equity mo 937619
Total Stockholder Equity mo 6969122
Net Tangible Assets mo 5418781
Total Revenue mo 4783801
Cost of Revenue mo 3352957
Gross Profit mo 1430844
Research Development mo 0
Selling General and Administrative mo 726768
Non Recurring mo 0
Others mo 13667
Total Operating Expenses mo 4093392
Operating Income or Loss mo 690409
Total Other Income/Expenses Net mo -1685283
Earnings Before Interest and Taxes mo 690409
Interest Expense mo -325430
Income Before Tax mo -994874
Income Tax Expense mo -27
Minority Interest1 mo 119307
Net Income From Continuing Ops mo -994847
Discontinued Operations mo 0
Extraordinary Items mo 0
Effect Of Accounting Changes mo 0
Other Items mo 0
Net Income mo -975116
Preferred Stock And Other Adjustments mo 0
Net Income Applicable To Common Shares mo -975116
Net Income1 mo -975116
Depreciation mo 344722
Adjustments To Net Income mo 1785997
Changes In Accounts Receivables mo -182836
Changes In Liabilities mo -576683
Changes In Inventories mo 100667
Changes In Other Operating Activities mo 0
Total Cash Flow From Operating Activities mo 500857
Capital Expenditures mo -1603718
Investments mo 218193
Other Cash flows from Investing Activities mo 58139
Total Cash Flows From Investing Activities mo -972705
Dividends Paid mo 0
Sale Purchase of Stock mo 0
Net Borrowings mo 664939
Other Cash Flows from Financing Activities mo -377647
Total Cash Flows From Financing Activities mo 286579
Effect Of Exchange Rate Changes mo 0
Change In Cash and Cash Equivalents mo -185269
Cash And Cash Equivalents mu 5958877
Short Term Investments mu 15778
Net Receivables mu 5125082
Inventory mu 3510268
Other Current Assets mu 711670
Total Current Assets mu 26017706
Long Term Investments mu 8647150
Property Plant and Equipment mu 14724996
Goodwill mu 4532899
Intangible Assets mu 3249869
Accumulated Amortization mu 0
Other Assets mu 966111
Deferred Long Term Asset Charges mu 665364
Total Assets mu 58138731
Accounts Payable mu 6342273
Short/Current Long Term Debt mu 3557246
Other Current Liabilities mu 6959705
Total Current Liabilities mu 22566293
Long Term Debt mu 6025991
Other Liabilities mu 2439324
Deferred Long Term Liability Charges mu 0
Minority Interest mu 4502850
Negative Goodwill mu 0
Total Liabilities mu 31031608
Misc. Stocks Options Warrants mu 0
Redeemable Preferred Stock mu 0
Preferred Stock mu 0
Common Stock mu 357572
Retained Earnings mu 12979343
Treasury Stock mu -1193953
Capital Surplus mu 10461311
Other Stockholder Equity mu -1193953
Total Stockholder Equity mu 22604273
Net Tangible Assets mu 14821505
Total Revenue mu 60155622
Cost of Revenue mu 39057925
Gross Profit mu 21097697
Research Development mu 0
Selling General and Administrative mu 17365967
Non Recurring mu 0
Others mu 640961
Total Operating Expenses mu 57064853
Operating Income or Loss mu 3090769
Total Other Income/Expenses Net mu -465808
Earnings Before Interest and Taxes mu 3090769
Interest Expense mu -400779
Income Before Tax mu 2624961
Income Tax Expense mu 594283
Minority Interest1 mu 4502850
Net Income From Continuing Ops mu 2030678
Discontinued Operations mu 0
Extraordinary Items mu 0
Effect Of Accounting Changes mu 0
Other Items mu 0
Net Income mu 2047839
Preferred Stock And Other Adjustments mu 0
Net Income Applicable To Common Shares mu 2047839
Net Income1 mu 2047839
Depreciation mu 1658927
Adjustments To Net Income mu 499495
Changes In Accounts Receivables mu -355449
Changes In Liabilities mu 975059
Changes In Inventories mu -321015
Changes In Other Operating Activities mu 930023
Total Cash Flow From Operating Activities mu 5505439
Capital Expenditures mu -2283281
Investments mu -8761694
Other Cash flows from Investing Activities mu 648669
Total Cash Flows From Investing Activities mu -11450193
Dividends Paid mu -344816
Sale Purchase of Stock mu 0
Net Borrowings mu 5778028
Other Cash Flows from Financing Activities mu 291175
Total Cash Flows From Financing Activities mu 5748268
Effect Of Exchange Rate Changes mu -30687
Change In Cash and Cash Equivalents mu -226093
Cash And Cash Equivalents fc 446000
Short Term Investments fc 0
Net Receivables fc 2280000
Inventory fc 2917000
Other Current Assets fc 2e+05
Total Current Assets fc 5965000
Long Term Investments fc 615000
Property Plant and Equipment fc 6810000
Goodwill fc 1081000
Intangible Assets fc 2146000
Accumulated Amortization fc 0
Other Assets fc 1398000
Deferred Long Term Asset Charges fc 583000
Total Assets fc 18015000
Accounts Payable fc 3288000
Short/Current Long Term Debt fc 520000
Other Current Liabilities fc 577000
Total Current Liabilities fc 5133000
Long Term Debt fc 5783000
Other Liabilities fc 626000
Deferred Long Term Liability Charges fc 0
Minority Interest fc 130000
Negative Goodwill fc 0
Total Liabilities fc 11666000
Misc. Stocks Options Warrants fc 0
Redeemable Preferred Stock fc 0
Preferred Stock fc 0
Common Stock fc 5887000
Retained Earnings fc 934000
Treasury Stock fc -602000
Capital Surplus fc 0
Other Stockholder Equity fc -602000
Total Stockholder Equity fc 6219000
Net Tangible Assets fc 2992000
Total Revenue fc 20438000
Cost of Revenue fc 17279000
Gross Profit fc 3159000
Research Development fc 0
Selling General and Administrative fc 2096000
Non Recurring fc 0
Others fc 230000
Total Operating Expenses fc 19605000
Operating Income or Loss fc 833000
Total Other Income/Expenses Net fc -987000
Earnings Before Interest and Taxes fc 833000
Interest Expense fc -439000
Income Before Tax fc -154000
Income Tax Expense fc 42000
Minority Interest1 fc 130000
Net Income From Continuing Ops fc -196000
Discontinued Operations fc 0
Extraordinary Items fc 0
Effect Of Accounting Changes fc 0
Other Items fc 0
Net Income fc -221000
Preferred Stock And Other Adjustments fc 0
Net Income Applicable To Common Shares fc -221000
Net Income1 fc -221000
Depreciation fc 447000
Adjustments To Net Income fc 1051000
Changes In Accounts Receivables fc 75000
Changes In Liabilities fc 277000
Changes In Inventories fc -313000
Changes In Other Operating Activities fc 140000
Total Cash Flow From Operating Activities fc 1548000
Capital Expenditures fc -903000
Investments fc -151000
Other Cash flows from Investing Activities fc -1000
Total Cash Flows From Investing Activities fc -948000
Dividends Paid fc -453000
Sale Purchase of Stock fc 0
Net Borrowings fc 257000
Other Cash Flows from Financing Activities fc -529000
Total Cash Flows From Financing Activities fc -725000
Effect Of Exchange Rate Changes fc 28000
Change In Cash and Cash Equivalents fc -97000

Compare FY17 to FYmean for those specific accounts. Only mo’s result is showed here.

Account balances exceeding its upper bound limit (FYup = mean + one standard deviation) indicates a significant movement.

rowname firm FY17 V17 H1716 FY16 V16 H1615 FY15 V15 H1514 FY14 V14 FYmean FYsd FYlow FYup Vmean Vsd Vup Vlow ml
Common Stock mo 526058 0.03 0.161 452959 0.03 0.000 452959 0.03 0.091 415261 0.03 461809.2 46372.75 415436.50 508182.00 0.03 0.03 0.03 0.03 83587.9
Cost of Revenue mo 3352957 0.70 0.029 3258127 0.67 0.029 3167298 0.66 0.002 3161345 0.63 3234931.8 90290.85 3144640.90 3325222.60 0.66 0.85 0.66 0.67 83587.9
Total Other Income/Expenses Net mo -1685283 -0.35 0.291 -1305668 -0.27 0.518 -860381 -0.18 0.120 -768527 -0.15 -1154964.8 424288.67 -1579253.42 -730676.08 -0.24 3.99 -0.33 -0.15 83587.9
Interest Expense mo -325430 -0.07 -0.077 -352633 -0.07 0.162 -303478 -0.06 0.143 -265601 -0.05 -311785.5 36772.79 -348558.29 -275012.71 -0.06 0.35 -0.07 -0.06 83587.9
Income Before Tax mo -994874 -0.21 0.267 -784991 -0.16 -3.209 355381 0.07 -0.539 770364 0.15 -163530.0 859994.82 -1023524.82 696464.82 -0.03 8.09 -0.21 0.14 83587.9
Net Income From Continuing Ops mo -994847 -0.21 0.267 -785495 -0.16 -3.285 343718 0.07 -0.549 762888 0.15 -168434.0 855060.05 -1023494.05 686626.05 -0.03 8.05 -0.21 0.14 83587.9
Net Income mo -975116 -0.20 0.314 -742103 -0.15 -3.310 321296 0.07 -0.563 735317 0.15 -165151.5 823891.22 -989042.72 658739.72 -0.03 7.76 -0.21 0.13 83587.9
Net Income Applicable To Common Shares mo -975116 -0.20 0.314 -742103 -0.15 -3.310 321296 0.07 -0.563 735317 0.15 -165151.5 823891.22 -989042.72 658739.72 -0.03 7.76 -0.21 0.13 83587.9
Net Income1 mo -975116 0.00 0.314 -742103 0.00 -3.310 321296 0.00 -0.563 735317 0.00 -165151.5 823891.22 -989042.72 658739.72 0.00 0.00 0.00 0.00 83587.9
Depreciation mo 344722 0.00 0.082 318736 0.00 0.168 272976 0.00 0.210 225544 0.00 290494.5 52483.87 238010.63 342978.37 0.00 0.00 0.00 0.00 83587.9
Adjustments To Net Income mo 1785997 0.00 0.433 1246272 0.00 0.339 930928 0.00 0.155 806054 0.00 1192312.8 436993.67 755319.08 1629306.42 0.00 0.00 0.00 0.00 83587.9
Changes In Accounts Receivables mo -182836 0.00 -0.475 -348448 0.00 0.545 -225494 0.00 -0.021 -230326 0.00 -246776.0 71061.11 -317837.11 -175714.89 0.00 0.00 0.00 0.00 83587.9
Changes In Inventories mo 100667 0.00 -1.893 -112772 0.00 0.565 -72055 0.00 -2.984 36326 0.00 -11958.5 97964.02 -109922.52 86005.52 0.00 0.00 0.00 0.00 83587.9
Investments mo 218193 0.00 0.872 116532 0.00 -1.492 -236846 0.00 3.277 -55375 0.00 10626.0 199915.53 -189289.53 210541.53 0.00 0.00 0.00 0.00 83587.9
Total Cash Flows From Investing Activities mo -972705 0.00 0.003 -969408 0.00 -0.244 -1281903 0.00 -0.323 -1894601 0.00 -1279654.2 435367.71 -1715021.96 -844286.54 0.00 0.00 0.00 0.00 83587.9
Other Cash Flows from Financing Activities mo -377647 0.00 0.300 -290460 0.00 -0.173 -351235 0.00 0.099 -319718 0.00 -334765.0 37857.06 -372622.06 -296907.94 0.00 0.00 0.00 0.00 83587.9
Net Receivables mu 5125082 0.09 0.385 3700901 0.08 0.400 2643435 0.05 0.403 1884231 0.04 3338412.2 1404898.97 1933513.28 4743311.22 0.07 0.29 0.04 0.08 83587.9
Total Current Assets mu 26017706 0.45 0.312 19837309 0.40 -0.115 22420356 0.44 0.103 20332592 0.43 22151990.8 2809729.39 19342261.36 24961720.14 0.43 0.58 0.42 0.45 83587.9
Long Term Investments mu 8647150 0.15 0.351 6402161 0.13 0.010 6339914 0.13 0.113 5694820 0.12 6771011.2 1290991.81 5480019.44 8062003.06 0.13 0.27 0.12 0.14 83587.9
Intangible Assets mu 3249869 0.06 0.059 3070041 0.06 0.172 2619698 0.05 -0.019 2670942 0.06 2902637.5 306774.19 2595863.31 3209411.69 0.06 0.06 0.06 0.06 83587.9
Other Assets mu 966111 0.02 0.153 837794 0.02 0.412 593235 0.01 -0.137 687261 0.01 771100.2 164461.06 606639.19 935561.31 0.02 0.03 0.01 0.02 83587.9
Deferred Long Term Asset Charges mu 665364 0.01 0.257 529123 0.01 0.721 307534 0.01 -0.191 379910 0.01 470482.8 159345.64 311137.11 629828.39 0.01 0.03 0.01 0.01 83587.9
Total Assets mu 58138731 1.00 0.183 49124427 1.00 -0.030 50652541 1.00 0.076 47080792 1.00 51249122.8 4820509.13 46428613.62 56069631.88 1.00 1.00 1.00 1.00 83587.9
Accounts Payable mu 6342273 0.11 0.173 5405620 0.11 0.164 4644298 0.09 -0.070 4991847 0.11 5346009.5 733467.67 4612541.83 6079477.17 0.10 0.15 0.10 0.11 83587.9
Short/Current Long Term Debt mu 3557246 0.06 17.023 197376 0.00 0.871 105516 0.00 -0.620 277624 0.01 1034440.5 1683339.59 -648899.09 2717780.09 0.02 0.35 -0.01 0.05 83587.9
Other Current Liabilities mu 6959705 0.12 0.194 5830237 0.12 0.301 4480012 0.09 0.067 4198997 0.09 5367237.8 1278316.11 4088921.64 6645553.86 0.10 0.27 0.09 0.12 83587.9
Total Current Liabilities mu 22566293 0.39 0.475 15302669 0.31 -0.042 15976375 0.32 0.113 14351145 0.30 17049120.5 3738053.86 13311066.64 20787174.36 0.33 0.78 0.29 0.37 83587.9
Long Term Debt mu 6025991 0.10 0.080 5579077 0.11 0.107 5037910 0.10 -0.090 5535480 0.12 5544614.5 404039.56 5140574.94 5948654.06 0.11 0.08 0.11 0.11 83587.9
Total Liabilities mu 31031608 0.53 0.314 23620699 0.48 -0.017 24037387 0.47 0.064 22587919 0.48 25319403.2 3856572.36 21462830.89 29175975.61 0.49 0.80 0.46 0.52 83587.9
Retained Earnings mu 12979343 0.22 0.187 10931504 0.22 -0.064 11682659 0.23 0.254 9315368 0.20 11227218.5 1529704.30 9697514.20 12756922.80 0.22 0.32 0.21 0.23 83587.9
Treasury Stock mu -1193953 -0.02 -0.040 -1243778 -0.03 -0.007 -1252495 -0.02 48.586 -25259 0.00 -928871.2 602959.93 -1531831.18 -325911.32 -0.02 0.13 -0.03 -0.01 83587.9
Other Stockholder Equity mu -1193953 -0.02 -0.040 -1243778 -0.03 -0.007 -1252495 -0.02 48.586 -25259 0.00 -928871.2 602959.93 -1531831.18 -325911.32 -0.02 0.13 -0.03 -0.01 83587.9
Total Stockholder Equity mu 22604273 0.39 0.084 20844913 0.42 -0.058 22136239 0.44 0.030 21489400 0.46 21768706.2 766954.60 21001751.65 22535660.85 0.42 0.16 0.45 0.40 83587.9
Net Tangible Assets mu 14821505 0.25 0.119 13247354 0.27 -0.031 13665942 0.27 0.053 12980957 0.28 13678939.5 812213.12 12866726.38 14491152.62 0.27 0.17 0.28 0.26 83587.9
Total Revenue mu 60155622 1.00 0.119 53779339 1.00 0.097 49026516 1.00 -0.020 50049243 1.00 53252680.0 5034893.20 48217786.80 58287573.20 1.00 1.00 1.00 1.00 83587.9
Cost of Revenue mu 39057925 0.65 0.077 36273794 0.67 0.077 33694848 0.69 -0.035 34903409 0.70 35982494.0 2305130.52 33677363.48 38287624.52 0.68 0.46 0.70 0.66 83587.9
Gross Profit mu 21097697 0.35 0.205 17505545 0.33 0.142 15331668 0.31 0.012 15145834 0.30 17270186.0 2767427.07 14502758.93 20037613.07 0.32 0.55 0.30 0.34 83587.9
Selling General and Administrative mu 17365967 0.29 0.092 15900667 0.30 0.237 12856289 0.26 0.028 12504372 0.25 14656823.8 2363724.26 12293099.49 17020548.01 0.28 0.47 0.25 0.29 83587.9
Others mu 640961 0.01 0.539 416604 0.01 0.810 230219 0.00 -0.366 363077 0.01 412715.2 171153.03 241562.22 583868.28 0.01 0.03 0.01 0.01 83587.9
Total Operating Expenses mu 57064853 0.95 0.085 52591065 0.98 0.124 46781356 0.95 -0.021 47770858 0.95 51052033.0 4744379.67 46307653.33 55796412.67 0.96 0.94 0.96 0.96 83587.9
Operating Income or Loss mu 3090769 0.05 1.601 1188274 0.02 -0.471 2245160 0.05 -0.015 2278385 0.05 2200647.0 780008.73 1420638.27 2980655.73 0.04 0.15 0.03 0.05 83587.9
Earnings Before Interest and Taxes mu 3090769 0.05 1.601 1188274 0.02 -0.471 2245160 0.05 -0.015 2278385 0.05 2200647.0 780008.73 1420638.27 2980655.73 0.04 0.15 0.03 0.05 83587.9
Interest Expense mu -400779 -0.01 0.255 -319389 -0.01 0.034 -309035 -0.01 -0.055 -327152 -0.01 -339088.8 41791.07 -380879.82 -297297.68 -0.01 0.01 -0.01 -0.01 83587.9
Income Tax Expense mu 594283 0.01 0.691 351379 0.01 -0.311 510038 0.01 0.110 459292 0.01 478748.0 101536.20 377211.80 580284.20 0.01 0.02 0.01 0.01 83587.9
Depreciation mu 1658927 0.00 0.058 1567363 0.00 0.098 1427900 0.00 0.071 1332621 0.00 1496702.8 144874.91 1351827.84 1641577.66 0.00 0.00 0.00 0.00 83587.9
Changes In Accounts Receivables mu -355449 0.00 -0.453 -649458 0.00 0.656 -392254 0.00 0.117 -351161 0.00 -437080.5 142781.28 -579861.78 -294299.22 0.00 0.00 0.00 0.00 83587.9
Changes In Liabilities mu 975059 0.00 0.956 498557 0.00 -2.593 -312966 0.00 -3.316 135139 0.00 323947.2 546425.39 -222478.14 870372.64 0.00 0.00 0.00 0.00 83587.9
Total Cash Flow From Operating Activities mu 5505439 0.00 0.220 4512944 0.00 1.364 1909189 0.00 -0.380 3079889 0.00 3751865.2 1581272.65 2170592.60 5333137.90 0.00 0.00 0.00 0.00 83587.9
Investments mu -8761694 0.00 13.537 -602735 0.00 -1.228 2643459 0.00 -1.660 -4004852 0.00 -2681455.5 4878403.83 -7559859.33 2196948.33 0.00 0.00 0.00 0.00 83587.9
Total Cash Flows From Investing Activities mu -11450193 0.00 1.859 -4005463 0.00 -8.464 536644 0.00 -1.084 -6415358 0.00 -5333592.5 4993549.93 -10327142.43 -340042.57 0.00 0.00 0.00 0.00 83587.9
Net Borrowings mu 5778028 0.00 -2.951 -2961738 0.00 -4.344 885689 0.00 -1.461 -1919746 0.00 445558.2 3908677.55 -3463119.30 4354235.80 0.00 0.00 0.00 0.00 83587.9
Total Cash Flows From Financing Activities mu 5748268 0.00 -2.424 -4036495 0.00 -6.858 689045 0.00 -0.810 3618826 0.00 1504911.0 4236646.99 -2731735.99 5741557.99 0.00 0.00 0.00 0.00 83587.9
Cash And Cash Equivalents fc 446000 0.02 0.135 393000 0.02 0.065 369000 0.02 0.079 342000 0.02 387500.0 44215.38 343284.62 431715.38 0.02 0.09 0.02 0.02 83587.9
Property Plant and Equipment fc 6810000 0.38 0.066 6391000 0.36 0.035 6172000 0.36 0.002 6159000 0.34 6383000.0 303913.36 6079086.64 6686913.36 0.36 0.60 0.35 0.36 83587.9
Common Stock fc 5887000 0.33 0.005 5858000 0.33 0.004 5833000 0.34 0.003 5814000 0.32 5848000.0 31633.32 5816366.68 5879633.32 0.33 0.06 0.34 0.32 83587.9
Treasury Stock fc -602000 -0.03 0.696 -355000 -0.02 -0.008 -358000 -0.02 -0.432 -630000 -0.03 -486250.0 150262.83 -636512.83 -335987.17 -0.03 0.30 -0.04 -0.02 83587.9
Other Stockholder Equity fc -602000 -0.03 0.696 -355000 -0.02 -0.008 -358000 -0.02 -0.432 -630000 -0.03 -486250.0 150262.83 -636512.83 -335987.17 -0.03 0.30 -0.04 -0.02 83587.9
Total Revenue fc 20438000 1.00 0.063 19232000 1.00 0.118 17199000 1.00 -0.087 18845000 1.00 18928500.0 1337764.93 17590735.07 20266264.93 1.00 1.00 1.00 1.00 83587.9
Cost of Revenue fc 17279000 0.85 0.082 15968000 0.83 0.177 13563000 0.79 -0.126 15513000 0.82 15580750.0 1539471.85 14041278.15 17120221.85 0.82 1.15 0.80 0.84 83587.9
Total Operating Expenses fc 19605000 0.96 0.080 18155000 0.94 0.144 15874000 0.92 -0.121 18060000 0.96 17923500.0 1538410.11 16385089.89 19461910.11 0.95 1.15 0.93 0.96 83587.9
Total Other Income/Expenses Net fc -987000 -0.05 2.163 -312000 -0.02 -0.206 -393000 -0.02 0.089 -361000 -0.02 -513250.0 317585.03 -830835.03 -195664.97 -0.03 0.24 -0.05 -0.01 83587.9
Interest Expense fc -439000 -0.02 0.129 -389000 -0.02 0.275 -305000 -0.02 -0.180 -372000 -0.02 -376250.0 55361.69 -431611.69 -320888.31 -0.02 0.04 -0.02 -0.02 83587.9
Adjustments To Net Income fc 1051000 0.00 2.185 330000 0.00 1.598 127000 0.00 -0.564 291000 0.00 449750.0 410370.06 39379.94 860120.06 0.00 0.00 0.00 0.00 83587.9
Capital Expenditures fc -903000 0.00 0.159 -779000 0.00 -0.183 -954000 0.00 -0.272 -1310000 0.00 -986500.0 227842.78 -1214342.78 -758657.22 0.00 0.00 0.00 0.00 83587.9
Investments fc -151000 0.00 2.595 -42000 0.00 -2.135 37000 0.00 0.000 37000 0.00 -29750.0 88999.53 -118749.53 59249.53 0.00 0.00 0.00 0.00 83587.9
Total Cash Flows From Investing Activities fc -948000 0.00 0.343 -706000 0.00 -0.355 -1094000 0.00 -0.464 -2040000 0.00 -1197000.0 584334.38 -1781334.38 -612665.62 0.00 0.00 0.00 0.00 83587.9
Dividends Paid fc -453000 0.00 -0.007 -456000 0.00 -0.350 -701000 0.00 2.009 -233000 0.00 -460750.0 191200.37 -651950.37 -269549.63 0.00 0.00 0.00 0.00 83587.9
Other Cash Flows from Financing Activities fc -529000 0.00 0.422 -372000 0.00 -0.160 -443000 0.00 0.002 -442000 0.00 -446500.0 64262.48 -510762.48 -382237.52 0.00 0.00 0.00 0.00 83587.9
Change In Cash and Cash Equivalents fc -97000 0.00 -4.880 25000 0.00 -0.537 54000 0.00 -4.375 -16000 0.00 -8500.0 65617.58 -74117.58 57117.58 0.00 0.00 0.00 0.00 83587.9

Vmean (<10%) represents accounts which are not significant portion of total assets over the period. Vsd (>30%) represents accounts which change significantly over the period.

Select accounts which are not important, but fluctuate signficantly over the period.

rowname firm FY17 V17 H1716 FY16 V16 H1615 FY15 V15 H1514 FY14 V14 FYmean FYsd FYlow FYup Vmean Vsd Vup Vlow ml
Goodwill mo 1424539 0.09 0.000 1424539 0.08 -0.012 1441494 0.08 3.644 310426 0.02 1150249.5 559939.38 590310.119 1710188.9 0.07 0.33 0.04 0.09 83587.9
Other Current Liabilities mo 481000 0.03 -0.710 1656545 0.09 1.327 711928 0.04 0.581 450174 0.03 824911.8 566592.99 258318.756 1391504.7 0.05 0.34 0.02 0.08 83587.9
Other Liabilities mo 184487 0.01 0.081 170602 0.01 -0.868 1297296 0.07 3.849 267520 0.02 479976.2 546557.58 -66581.327 1026533.8 0.03 0.33 0.00 0.06 83587.9
Treasury Stock mo 937619 0.06 -0.429 1641534 0.09 20.864 75078 0.00 0.685 44546 0.00 674694.2 766058.09 -91363.840 1440752.3 0.04 0.46 -0.01 0.08 83587.9
Other Stockholder Equity mo 937619 0.06 -0.429 1641534 0.09 20.864 75078 0.00 0.685 44546 0.00 674694.2 766058.09 -91363.840 1440752.3 0.04 0.46 -0.01 0.08 83587.9
Interest Expense mo -325430 -0.07 -0.077 -352633 -0.07 0.162 -303478 -0.06 0.143 -265601 -0.05 -311785.5 36772.79 -348558.285 -275012.7 -0.06 0.35 -0.07 -0.06 83587.9
Income Before Tax mo -994874 -0.21 0.267 -784991 -0.16 -3.209 355381 0.07 -0.539 770364 0.15 -163530.0 859994.82 -1023524.816 696464.8 -0.03 8.09 -0.21 0.14 83587.9
Net Income From Continuing Ops mo -994847 -0.21 0.267 -785495 -0.16 -3.285 343718 0.07 -0.549 762888 0.15 -168434.0 855060.05 -1023494.049 686626.0 -0.03 8.05 -0.21 0.14 83587.9
Net Income mo -975116 -0.20 0.314 -742103 -0.15 -3.310 321296 0.07 -0.563 735317 0.15 -165151.5 823891.22 -989042.717 658739.7 -0.03 7.76 -0.21 0.13 83587.9
Net Income Applicable To Common Shares mo -975116 -0.20 0.314 -742103 -0.15 -3.310 321296 0.07 -0.563 735317 0.15 -165151.5 823891.22 -989042.717 658739.7 -0.03 7.76 -0.21 0.13 83587.9
Short/Current Long Term Debt mu 3557246 0.06 17.023 197376 0.00 0.871 105516 0.00 -0.620 277624 0.01 1034440.5 1683339.59 -648899.088 2717780.1 0.02 0.35 -0.01 0.05 83587.9
Income Before Tax mu 2624961 0.04 -6.689 -461386 -0.01 -1.152 3030170 0.06 -0.038 3150008 0.06 2085938.2 1713011.42 372926.829 3798949.7 0.04 0.34 0.01 0.07 83587.9
Net Income From Continuing Ops mu 2030678 0.03 -3.498 -812765 -0.02 -1.323 2520132 0.05 -0.063 2690716 0.05 1607190.2 1637377.58 -30187.326 3244567.8 0.03 0.33 0.00 0.06 83587.9
Other Current Assets fc 200000 0.01 -0.737 761000 0.04 0.114 683000 0.04 0.866 366000 0.02 502500.0 264285.83 238214.170 766785.8 0.03 0.52 0.01 0.04 83587.9
Long Term Investments fc 615000 0.03 -0.307 887000 0.05 -0.076 960000 0.06 -0.190 1185000 0.06 911750.0 234994.15 676755.851 1146744.1 0.05 0.46 0.04 0.06 83587.9
Other Assets fc 1398000 0.08 0.023 1367000 0.08 -0.220 1753000 0.10 0.081 1621000 0.09 1534750.0 184312.01 1350437.991 1719062.0 0.09 0.36 0.08 0.09 83587.9
Deferred Long Term Asset Charges fc 583000 0.03 0.606 363000 0.02 -0.115 410000 0.02 -0.440 732000 0.04 522000.0 168963.51 353036.493 690963.5 0.03 0.33 0.02 0.04 83587.9
Short/Current Long Term Debt fc 520000 0.03 -0.448 942000 0.05 0.903 495000 0.03 -0.581 1182000 0.06 784750.0 334954.10 449795.899 1119704.1 0.04 0.66 0.03 0.06 83587.9
Other Current Liabilities fc 577000 0.03 0.936 298000 0.02 -0.158 354000 0.02 -0.723 1277000 0.07 626500.0 450099.62 176400.381 1076599.6 0.04 0.88 0.01 0.06 83587.9
Retained Earnings fc 934000 0.05 -0.429 1637000 0.09 0.183 1384000 0.08 0.074 1289000 0.07 1311000.0 291100.21 1019899.788 1602100.2 0.07 0.57 0.06 0.09 83587.9
Income Before Tax fc -154000 -0.01 -1.201 765000 0.04 -0.179 932000 0.05 1.198 424000 0.02 491750.0 479607.04 12142.956 971357.0 0.03 0.36 0.00 0.05 83587.9
Net Income From Continuing Ops fc -196000 -0.01 -1.263 745000 0.04 -0.107 834000 0.05 0.648 506000 0.03 472250.0 466530.72 5719.276 938780.7 0.02 0.35 0.00 0.05 83587.9
Net Income fc -221000 -0.01 -1.301 734000 0.04 -0.094 810000 0.05 0.738 466000 0.02 447250.0 469298.32 -22048.324 916548.3 0.02 0.35 0.00 0.05 83587.9
Net Income Applicable To Common Shares fc -221000 -0.01 -1.301 734000 0.04 -0.094 810000 0.05 0.738 466000 0.02 447250.0 469298.32 -22048.324 916548.3 0.02 0.35 0.00 0.05 83587.9

Select accounts which are important and fluctuate signficantly over the period.

rowname firm FY17 V17 H1716 FY16 V16 H1615 FY15 V15 H1514 FY14 V14 FYmean FYsd FYlow FYup Vmean Vsd Vup Vlow ml
Property Plant and Equipment mo 12449806 0.74 -0.018 12677989 0.71 -0.022 12967775 0.74 0.180 10988784 0.78 12271088.5 880754.39 11390334.1 13151842.9 0.74 0.52 0.77 0.72 83587.9
Short/Current Long Term Debt mo 2763150 0.17 -0.157 3278451 0.18 -0.321 4825521 0.28 1.597 1858398 0.13 3181380.0 1243358.37 1938021.6 4424738.4 0.19 0.74 0.13 0.24 83587.9
Total Current Liabilities mo 5886417 0.35 -0.248 7825119 0.44 0.081 7238778 0.41 0.659 4364188 0.31 6328625.5 1540825.91 4787799.6 7869451.4 0.38 0.92 0.32 0.43 83587.9
Long Term Debt mo 3558248 0.21 0.341 2653125 0.15 1.597 1021730 0.06 -0.639 2829450 0.20 2515638.2 1070230.10 1445408.2 3585868.3 0.15 0.64 0.10 0.20 83587.9
Total Liabilities mo 9629152 0.58 -0.099 10685808 0.60 0.118 9557804 0.55 0.281 7461158 0.53 9333480.5 1350570.73 7982909.8 10684051.2 0.56 0.80 0.54 0.59 83587.9
Capital Surplus mo 4641066 0.28 0.410 3292068 0.18 -0.325 4877820 0.28 0.221 3995688 0.28 4201660.5 711817.40 3489843.1 4913477.9 0.25 0.42 0.23 0.27 83587.9
Total Stockholder Equity mo 6969122 0.42 -0.007 7021513 0.39 -0.098 7781897 0.44 0.195 6510239 0.46 7070692.8 526831.77 6543861.0 7597524.5 0.43 0.31 0.44 0.42 83587.9
Cost of Revenue mo 3352957 0.70 0.029 3258127 0.67 0.029 3167298 0.66 0.002 3161345 0.63 3234931.8 90290.85 3144640.9 3325222.6 0.66 0.85 0.66 0.67 83587.9
Gross Profit mo 1430844 0.30 -0.108 1604184 0.33 -0.033 1659043 0.34 -0.111 1865361 0.37 1639858.0 179052.28 1460805.7 1818910.3 0.34 1.69 0.31 0.37 83587.9
Selling General and Administrative mo 726768 0.15 -0.314 1059738 0.22 1.419 438026 0.09 0.342 326470 0.06 637750.5 328015.75 309734.8 965766.2 0.13 3.09 0.06 0.19 83587.9
Total Operating Expenses mo 4093392 0.86 -0.057 4341634 0.89 0.202 3610579 0.75 0.035 3487815 0.69 3883355.0 402075.37 3481279.6 4285430.4 0.80 3.78 0.73 0.86 83587.9
Operating Income or Loss mo 690409 0.14 0.326 520677 0.11 -0.572 1215762 0.25 -0.210 1538891 0.31 991434.8 469844.10 521590.7 1461278.8 0.20 4.42 0.11 0.29 83587.9
Total Other Income/Expenses Net mo -1685283 -0.35 0.291 -1305668 -0.27 0.518 -860381 -0.18 0.120 -768527 -0.15 -1154964.8 424288.67 -1579253.4 -730676.1 -0.24 3.99 -0.33 -0.15 83587.9
Earnings Before Interest and Taxes mo 690409 0.14 0.326 520677 0.11 -0.572 1215762 0.25 -0.210 1538891 0.31 991434.8 469844.10 521590.7 1461278.8 0.20 4.42 0.11 0.29 83587.9
Total Current Assets mu 26017706 0.45 0.312 19837309 0.40 -0.115 22420356 0.44 0.103 20332592 0.43 22151990.8 2809729.39 19342261.4 24961720.1 0.43 0.58 0.42 0.45 83587.9
Total Current Liabilities mu 22566293 0.39 0.475 15302669 0.31 -0.042 15976375 0.32 0.113 14351145 0.30 17049120.5 3738053.86 13311066.6 20787174.4 0.33 0.78 0.29 0.37 83587.9
Total Liabilities mu 31031608 0.53 0.314 23620699 0.48 -0.017 24037387 0.47 0.064 22587919 0.48 25319403.2 3856572.36 21462830.9 29175975.6 0.49 0.80 0.46 0.52 83587.9
Retained Earnings mu 12979343 0.22 0.187 10931504 0.22 -0.064 11682659 0.23 0.254 9315368 0.20 11227218.5 1529704.30 9697514.2 12756922.8 0.22 0.32 0.21 0.23 83587.9
Cost of Revenue mu 39057925 0.65 0.077 36273794 0.67 0.077 33694848 0.69 -0.035 34903409 0.70 35982494.0 2305130.52 33677363.5 38287624.5 0.68 0.46 0.70 0.66 83587.9
Gross Profit mu 21097697 0.35 0.205 17505545 0.33 0.142 15331668 0.31 0.012 15145834 0.30 17270186.0 2767427.07 14502758.9 20037613.1 0.32 0.55 0.30 0.34 83587.9
Selling General and Administrative mu 17365967 0.29 0.092 15900667 0.30 0.237 12856289 0.26 0.028 12504372 0.25 14656823.8 2363724.26 12293099.5 17020548.0 0.28 0.47 0.25 0.29 83587.9
Total Operating Expenses mu 57064853 0.95 0.085 52591065 0.98 0.124 46781356 0.95 -0.021 47770858 0.95 51052033.0 4744379.67 46307653.3 55796412.7 0.96 0.94 0.96 0.96 83587.9
Net Receivables fc 2280000 0.13 0.028 2218000 0.12 0.465 1514000 0.09 -0.325 2244000 0.12 2064000.0 367546.82 1696453.2 2431546.8 0.12 0.72 0.10 0.13 83587.9
Inventory fc 2917000 0.16 0.125 2593000 0.15 0.080 2401000 0.14 -0.206 3025000 0.17 2734000.0 288062.49 2445937.5 3022062.5 0.15 0.57 0.14 0.16 83587.9
Total Current Assets fc 5965000 0.33 -0.019 6082000 0.34 0.195 5091000 0.30 -0.162 6077000 0.33 5803750.0 478226.85 5325523.2 6281976.8 0.33 0.94 0.31 0.34 83587.9
Property Plant and Equipment fc 6810000 0.38 0.066 6391000 0.36 0.035 6172000 0.36 0.002 6159000 0.34 6383000.0 303913.36 6079086.6 6686913.4 0.36 0.60 0.35 0.36 83587.9
Accounts Payable fc 3288000 0.18 0.084 3034000 0.17 0.277 2375000 0.14 0.359 1747000 0.10 2611000.0 692688.00 1918312.0 3303688.0 0.15 1.36 0.11 0.18 83587.9
Total Current Liabilities fc 5133000 0.28 0.085 4731000 0.27 0.183 3998000 0.23 -0.205 5031000 0.27 4723250.0 512722.39 4210527.6 5235972.4 0.27 1.01 0.24 0.29 83587.9
Long Term Debt fc 5783000 0.32 0.152 5020000 0.28 -0.046 5260000 0.31 -0.083 5736000 0.31 5449750.0 371342.05 5078408.0 5821092.0 0.31 0.73 0.29 0.32 83587.9
Total Liabilities fc 11666000 0.65 0.101 10594000 0.59 0.042 10171000 0.59 -0.127 11656000 0.64 11021750.0 758084.59 10263665.4 11779834.6 0.62 1.49 0.59 0.64 83587.9
Total Stockholder Equity fc 6219000 0.35 -0.129 7140000 0.40 0.041 6859000 0.40 0.060 6473000 0.35 6672750.0 407758.40 6264991.6 7080508.4 0.37 0.80 0.36 0.39 83587.9
Net Tangible Assets fc 2992000 0.17 -0.257 4025000 0.23 0.083 3717000 0.22 0.162 3200000 0.17 3483500.0 472471.87 3011028.1 3955971.9 0.20 0.93 0.17 0.22 83587.9
Cost of Revenue fc 17279000 0.85 0.082 15968000 0.83 0.177 13563000 0.79 -0.126 15513000 0.82 15580750.0 1539471.85 14041278.1 17120221.9 0.82 1.15 0.80 0.84 83587.9
Total Operating Expenses fc 19605000 0.96 0.080 18155000 0.94 0.144 15874000 0.92 -0.121 18060000 0.96 17923500.0 1538410.11 16385089.9 19461910.1 0.95 1.15 0.93 0.96 83587.9

Select accounts with Vsd (>50%).

Standard Deviation
firm rowname FYsd Vsd
mo Cash And Cash Equivalents 160193 0.1
mo Short Term Investments 0 0
mo Net Receivables 232877 0.14
mo Inventory 140039 0.08
mo Other Current Assets 250637 0.15
mo Total Current Assets 416197 0.25
mo Long Term Investments 46672 0.03
mo Property Plant and Equipment 880754 0.52
mo Goodwill 559939 0.33
mo Intangible Assets 29870 0.02
mo Accumulated Amortization 0 0
mo Other Assets 0 0
mo Deferred Long Term Asset Charges 0 0
mo Total Assets 1678117 1
mo Accounts Payable 429404 0.26
mo Short/Current Long Term Debt 1243358 0.74
mo Other Current Liabilities 566593 0.34
mo Total Current Liabilities 1540826 0.92
mo Long Term Debt 1070230 0.64
mo Other Liabilities 546558 0.33
mo Deferred Long Term Liability Charges 0 0
mo Minority Interest 29335 0.02
mo Negative Goodwill 0 0
mo Total Liabilities 1350571 0.8
mo Misc. Stocks Options Warrants 0 0
mo Redeemable Preferred Stock 0 0
mo Preferred Stock 0 0
mo Common Stock 46373 0.03
mo Retained Earnings 653487 0.39
mo Treasury Stock 766058 0.46
mo Capital Surplus 711817 0.42
mo Other Stockholder Equity 766058 0.46
mo Total Stockholder Equity 526832 0.31
mo Net Tangible Assets 425033 0.25
mo Total Revenue 106240 1
mo Cost of Revenue 90291 0.85
mo Gross Profit 179052 1.69
mo Research Development 0 0
mo Selling General and Administrative 328016 3.09
mo Non Recurring 0 0
mo Others 8799 0.08
mo Total Operating Expenses 402075 3.78
mo Operating Income or Loss 469844 4.42
mo Total Other Income/Expenses Net 424289 3.99
mo Earnings Before Interest and Taxes 469844 4.42
mo Interest Expense 36773 0.35
mo Income Before Tax 859995 8.09
mo Income Tax Expense 5656 0.05
mo Minority Interest1 29335 0.28
mo Net Income From Continuing Ops 855060 8.05
mo Discontinued Operations 0 0
mo Extraordinary Items 0 0
mo Effect Of Accounting Changes 0 0
mo Other Items 0 0
mo Net Income 823891 7.76
mo Preferred Stock And Other Adjustments 0 0
mo Net Income Applicable To Common Shares 823891 7.76
mo Net Income1 823891 0
mo Depreciation 52484 0
mo Adjustments To Net Income 436994 0
mo Changes In Accounts Receivables 71061 0
mo Changes In Liabilities 556569 0
mo Changes In Inventories 97964 0
mo Changes In Other Operating Activities 0 0
mo Total Cash Flow From Operating Activities 480076 0
mo Capital Expenditures 247261 0
mo Investments 199916 0
mo Other Cash flows from Investing Activities 277846 0
mo Total Cash Flows From Investing Activities 435368 0
mo Dividends Paid 0 0
mo Sale Purchase of Stock 0 0
mo Net Borrowings 199773 0
mo Other Cash Flows from Financing Activities 37857 0
mo Total Cash Flows From Financing Activities 229749 0
mo Effect Of Exchange Rate Changes 0 0
mo Change In Cash and Cash Equivalents 230730 0
mu Cash And Cash Equivalents 1349940 0.28
mu Short Term Investments 31901 0.01
mu Net Receivables 1404899 0.29
mu Inventory 542080 0.11
mu Other Current Assets 379377 0.08
mu Total Current Assets 2809729 0.58
mu Long Term Investments 1290992 0.27
mu Property Plant and Equipment 1359578 0.28
mu Goodwill 758569 0.16
mu Intangible Assets 306774 0.06
mu Accumulated Amortization 0 0
mu Other Assets 164461 0.03
mu Deferred Long Term Asset Charges 159346 0.03
mu Total Assets 4820509 1
mu Accounts Payable 733468 0.15
mu Short/Current Long Term Debt 1683340 0.35
mu Other Current Liabilities 1278316 0.27
mu Total Current Liabilities 3738054 0.78
mu Long Term Debt 404040 0.08
mu Other Liabilities 238908 0.05
mu Deferred Long Term Liability Charges 0 0
mu Minority Interest 775805 0.16
mu Negative Goodwill 0 0
mu Total Liabilities 3856572 0.8
mu Misc. Stocks Options Warrants 0 0
mu Redeemable Preferred Stock 0 0
mu Preferred Stock 0 0
mu Common Stock 80578 0.02
mu Retained Earnings 1529704 0.32
mu Treasury Stock 602960 0.13
mu Capital Surplus 674313 0.14
mu Other Stockholder Equity 602960 0.13
mu Total Stockholder Equity 766955 0.16
mu Net Tangible Assets 812213 0.17
mu Total Revenue 5034893 1
mu Cost of Revenue 2305131 0.46
mu Gross Profit 2767427 0.55
mu Research Development 0 0
mu Selling General and Administrative 2363724 0.47
mu Non Recurring 0 0
mu Others 171153 0.03
mu Total Operating Expenses 4744380 0.94
mu Operating Income or Loss 780009 0.15
mu Total Other Income/Expenses Net 1191874 0.24
mu Earnings Before Interest and Taxes 780009 0.15
mu Interest Expense 41791 0.01
mu Income Before Tax 1713011 0.34
mu Income Tax Expense 101536 0.02
mu Minority Interest1 775805 0.15
mu Net Income From Continuing Ops 1637378 0.33
mu Discontinued Operations 0 0
mu Extraordinary Items 0 0
mu Effect Of Accounting Changes 0 0
mu Other Items 0 0
mu Net Income 1510390 0.3
mu Preferred Stock And Other Adjustments 0 0
mu Net Income Applicable To Common Shares 1510390 0.3
mu Net Income1 1510390 0
mu Depreciation 144875 0
mu Adjustments To Net Income 1106367 0
mu Changes In Accounts Receivables 142781 0
mu Changes In Liabilities 546425 0
mu Changes In Inventories 1260261 0
mu Changes In Other Operating Activities 841287 0
mu Total Cash Flow From Operating Activities 1581273 0
mu Capital Expenditures 399735 0
mu Investments 4878404 0
mu Other Cash flows from Investing Activities 82275 0
mu Total Cash Flows From Investing Activities 4993550 0
mu Dividends Paid 118298 0
mu Sale Purchase of Stock 0 0
mu Net Borrowings 3908678 0
mu Other Cash Flows from Financing Activities 1131687 0
mu Total Cash Flows From Financing Activities 4236647 0
mu Effect Of Exchange Rate Changes 61656 0
mu Change In Cash and Cash Equivalents 2745295 0
fc Cash And Cash Equivalents 44215 0.09
fc Short Term Investments 0 0
fc Net Receivables 367547 0.72
fc Inventory 288062 0.57
fc Other Current Assets 264286 0.52
fc Total Current Assets 478227 0.94
fc Long Term Investments 234994 0.46
fc Property Plant and Equipment 303913 0.6
fc Goodwill 11195 0.02
fc Intangible Assets 63689 0.13
fc Accumulated Amortization 0 0
fc Other Assets 184312 0.36
fc Deferred Long Term Asset Charges 168964 0.33
fc Total Assets 508695 1
fc Accounts Payable 692688 1.36
fc Short/Current Long Term Debt 334954 0.66
fc Other Current Liabilities 450100 0.88
fc Total Current Liabilities 512722 1.01
fc Long Term Debt 371342 0.73
fc Other Liabilities 64838 0.13
fc Deferred Long Term Liability Charges 0 0
fc Minority Interest 42301 0.08
fc Negative Goodwill 0 0
fc Total Liabilities 758085 1.49
fc Misc. Stocks Options Warrants 0 0
fc Redeemable Preferred Stock 0 0
fc Preferred Stock 0 0
fc Common Stock 31633 0.06
fc Retained Earnings 291100 0.57
fc Treasury Stock 150263 0.3
fc Capital Surplus 0 0
fc Other Stockholder Equity 150263 0.3
fc Total Stockholder Equity 407758 0.8
fc Net Tangible Assets 472472 0.93
fc Total Revenue 1337765 1
fc Cost of Revenue 1539472 1.15
fc Gross Profit 204920 0.15
fc Research Development 0 0
fc Selling General and Administrative 110191 0.08
fc Non Recurring 0 0
fc Others 46657 0.03
fc Total Operating Expenses 1538410 1.15
fc Operating Income or Loss 248709 0.19
fc Total Other Income/Expenses Net 317585 0.24
fc Earnings Before Interest and Taxes 248709 0.19
fc Interest Expense 55362 0.04
fc Income Before Tax 479607 0.36
fc Income Tax Expense 75213 0.06
fc Minority Interest1 42301 0.03
fc Net Income From Continuing Ops 466531 0.35
fc Discontinued Operations 0 0
fc Extraordinary Items 0 0
fc Effect Of Accounting Changes 0 0
fc Other Items 0 0
fc Net Income 469298 0.35
fc Preferred Stock And Other Adjustments 0 0
fc Net Income Applicable To Common Shares 469298 0.35
fc Net Income1 469298 0
fc Depreciation 13515 0
fc Adjustments To Net Income 410370 0
fc Changes In Accounts Receivables 474084 0
fc Changes In Liabilities 1086841 0
fc Changes In Inventories 524715 0
fc Changes In Other Operating Activities 133729 0
fc Total Cash Flow From Operating Activities 1107845 0
fc Capital Expenditures 227843 0
fc Investments 89000 0
fc Other Cash flows from Investing Activities 14306 0
fc Total Cash Flows From Investing Activities 584334 0
fc Dividends Paid 191200 0
fc Sale Purchase of Stock 0 0
fc Net Borrowings 1212544 0
fc Other Cash Flows from Financing Activities 64262 0
fc Total Cash Flows From Financing Activities 1402071 0
fc Effect Of Exchange Rate Changes 46435 0
fc Change In Cash and Cash Equivalents 65618 0

Horizontal and vertical analysis

Compare FY17 to FY16. Only mu’s result is shown here.

Select accounts which are a large portion of total assets (10%) and Significant changing from prior period (15%).

rowname firm FY17 V17 H1716 FY16 V16 H1615 FY15 V15 H1514 FY14 V14 FYmean FYsd FYlow FYup Vmean Vsd Vup Vlow ml
Total Current Assets mo 2704500 0.16 -0.239 3552655 0.20 0.203 2952869 0.17 0.119 2638893 0.19 2962229.2 416197.4 2546031.8 3378426.7 0.18 0.25 0.17 0.19 83587.9
Short/Current Long Term Debt mo 2763150 0.17 -0.157 3278451 0.18 -0.321 4825521 0.28 1.597 1858398 0.13 3181380.0 1243358.4 1938021.6 4424738.4 0.19 0.74 0.13 0.24 83587.9
Total Current Liabilities mo 5886417 0.35 -0.248 7825119 0.44 0.081 7238778 0.41 0.659 4364188 0.31 6328625.5 1540825.9 4787799.6 7869451.4 0.38 0.92 0.32 0.43 83587.9
Long Term Debt mo 3558248 0.21 0.341 2653125 0.15 1.597 1021730 0.06 -0.639 2829450 0.20 2515638.2 1070230.1 1445408.2 3585868.3 0.15 0.64 0.10 0.20 83587.9
Capital Surplus mo 4641066 0.28 0.410 3292068 0.18 -0.325 4877820 0.28 0.221 3995688 0.28 4201660.5 711817.4 3489843.1 4913477.9 0.25 0.42 0.23 0.27 83587.9
Selling General and Administrative mo 726768 0.15 -0.314 1059738 0.22 1.419 438026 0.09 0.342 326470 0.06 637750.5 328015.7 309734.8 965766.2 0.13 3.09 0.06 0.19 83587.9
Operating Income or Loss mo 690409 0.14 0.326 520677 0.11 -0.572 1215762 0.25 -0.210 1538891 0.31 991434.8 469844.1 521590.7 1461278.8 0.20 4.42 0.11 0.29 83587.9
Total Other Income/Expenses Net mo -1685283 -0.35 0.291 -1305668 -0.27 0.518 -860381 -0.18 0.120 -768527 -0.15 -1154964.8 424288.7 -1579253.4 -730676.1 -0.24 3.99 -0.33 -0.15 83587.9
Earnings Before Interest and Taxes mo 690409 0.14 0.326 520677 0.11 -0.572 1215762 0.25 -0.210 1538891 0.31 991434.8 469844.1 521590.7 1461278.8 0.20 4.42 0.11 0.29 83587.9
Income Before Tax mo -994874 -0.21 0.267 -784991 -0.16 -3.209 355381 0.07 -0.539 770364 0.15 -163530.0 859994.8 -1023524.8 696464.8 -0.03 8.09 -0.21 0.14 83587.9
Net Income From Continuing Ops mo -994847 -0.21 0.267 -785495 -0.16 -3.285 343718 0.07 -0.549 762888 0.15 -168434.0 855060.0 -1023494.0 686626.0 -0.03 8.05 -0.21 0.14 83587.9
Net Income mo -975116 -0.20 0.314 -742103 -0.15 -3.310 321296 0.07 -0.563 735317 0.15 -165151.5 823891.2 -989042.7 658739.7 -0.03 7.76 -0.21 0.13 83587.9
Net Income Applicable To Common Shares mo -975116 -0.20 0.314 -742103 -0.15 -3.310 321296 0.07 -0.563 735317 0.15 -165151.5 823891.2 -989042.7 658739.7 -0.03 7.76 -0.21 0.13 83587.9
Total Current Assets mu 26017706 0.45 0.312 19837309 0.40 -0.115 22420356 0.44 0.103 20332592 0.43 22151990.8 2809729.4 19342261.4 24961720.1 0.43 0.58 0.42 0.45 83587.9
Long Term Investments mu 8647150 0.15 0.351 6402161 0.13 0.010 6339914 0.13 0.113 5694820 0.12 6771011.2 1290991.8 5480019.4 8062003.1 0.13 0.27 0.12 0.14 83587.9
Accounts Payable mu 6342273 0.11 0.173 5405620 0.11 0.164 4644298 0.09 -0.070 4991847 0.11 5346009.5 733467.7 4612541.8 6079477.2 0.10 0.15 0.10 0.11 83587.9
Other Current Liabilities mu 6959705 0.12 0.194 5830237 0.12 0.301 4480012 0.09 0.067 4198997 0.09 5367237.8 1278316.1 4088921.6 6645553.9 0.10 0.27 0.09 0.12 83587.9
Total Current Liabilities mu 22566293 0.39 0.475 15302669 0.31 -0.042 15976375 0.32 0.113 14351145 0.30 17049120.5 3738053.9 13311066.6 20787174.4 0.33 0.78 0.29 0.37 83587.9
Total Liabilities mu 31031608 0.53 0.314 23620699 0.48 -0.017 24037387 0.47 0.064 22587919 0.48 25319403.2 3856572.4 21462830.9 29175975.6 0.49 0.80 0.46 0.52 83587.9
Retained Earnings mu 12979343 0.22 0.187 10931504 0.22 -0.064 11682659 0.23 0.254 9315368 0.20 11227218.5 1529704.3 9697514.2 12756922.8 0.22 0.32 0.21 0.23 83587.9
Gross Profit mu 21097697 0.35 0.205 17505545 0.33 0.142 15331668 0.31 0.012 15145834 0.30 17270186.0 2767427.1 14502758.9 20037613.1 0.32 0.55 0.30 0.34 83587.9
Long Term Debt fc 5783000 0.32 0.152 5020000 0.28 -0.046 5260000 0.31 -0.083 5736000 0.31 5449750.0 371342.0 5078408.0 5821092.0 0.31 0.73 0.29 0.32 83587.9
Net Tangible Assets fc 2992000 0.17 -0.257 4025000 0.23 0.083 3717000 0.22 0.162 3200000 0.17 3483500.0 472471.9 3011028.1 3955971.9 0.20 0.93 0.17 0.22 83587.9

Select accounts based on all above criterias.

rowname firm FY17 V17 H1716 FY16 V16 H1615 FY15 V15 H1514 FY14 V14 FYmean FYsd FYlow FYup Vmean Vsd Vup Vlow ml
Total Other Income/Expenses Net mo -1685283 -0.35 0.291 -1305668 -0.27 0.518 -860381 -0.18 0.120 -768527 -0.15 -1154965 424288.7 -1579253 -730676.1 -0.24 3.99 -0.33 -0.15 83587.9
Total Current Assets mu 26017706 0.45 0.312 19837309 0.40 -0.115 22420356 0.44 0.103 20332592 0.43 22151991 2809729.4 19342261 24961720.1 0.43 0.58 0.42 0.45 83587.9
Total Current Liabilities mu 22566293 0.39 0.475 15302669 0.31 -0.042 15976375 0.32 0.113 14351145 0.30 17049121 3738053.9 13311067 20787174.4 0.33 0.78 0.29 0.37 83587.9
Total Liabilities mu 31031608 0.53 0.314 23620699 0.48 -0.017 24037387 0.47 0.064 22587919 0.48 25319403 3856572.4 21462831 29175975.6 0.49 0.80 0.46 0.52 83587.9
Retained Earnings mu 12979343 0.22 0.187 10931504 0.22 -0.064 11682659 0.23 0.254 9315368 0.20 11227219 1529704.3 9697514 12756922.8 0.22 0.32 0.21 0.23 83587.9
Gross Profit mu 21097697 0.35 0.205 17505545 0.33 0.142 15331668 0.31 0.012 15145834 0.30 17270186 2767427.1 14502759 20037613.1 0.32 0.55 0.30 0.34 83587.9

Relationship between Sales, COGS, GP and SGA

Relationship between Sales, SGA, PPE and Depreciation

Relationship between PPE, Cash, STloans and LTloans

Financial ratios

BENEISH’S M-SCORE is a comprehensive analysis tool.

EDA

Plot the dataset

Sales of mu moved significantly over the period of four years.

PPE of mo and mu moved significantly over the period of four years.

Plot all numeric variables under the study in one go.

This is a picture

This is a picture

Explore the relationship between PPE to sales based on short term loans.

Correlation

Correlation between variables under the study.

Select 13 highly correlated variables out of 17.

## Compare row 15  and column  17 with corr  0.982 
##   Means:  0.784 vs 0.636 so flagging column 15 
## Compare row 17  and column  10 with corr  0.978 
##   Means:  0.771 vs 0.617 so flagging column 17 
## Compare row 10  and column  4 with corr  0.997 
##   Means:  0.753 vs 0.595 so flagging column 10 
## Compare row 4  and column  3 with corr  0.961 
##   Means:  0.733 vs 0.572 so flagging column 4 
## Compare row 3  and column  1 with corr  0.968 
##   Means:  0.703 vs 0.545 so flagging column 3 
## Compare row 1  and column  16 with corr  0.878 
##   Means:  0.678 vs 0.519 so flagging column 1 
## Compare row 16  and column  2 with corr  0.913 
##   Means:  0.637 vs 0.492 so flagging column 16 
## Compare row 2  and column  8 with corr  0.951 
##   Means:  0.562 vs 0.461 so flagging column 2 
## Compare row 8  and column  12 with corr  0.716 
##   Means:  0.514 vs 0.442 so flagging column 8 
## Compare row 7  and column  12 with corr  0.775 
##   Means:  0.51 vs 0.425 so flagging column 7 
## Compare row 5  and column  6 with corr  0.829 
##   Means:  0.442 vs 0.392 so flagging column 5 
## Compare row 12  and column  14 with corr  0.784 
##   Means:  0.398 vs 0.367 so flagging column 12 
## Compare row 6  and column  11 with corr  0.709 
##   Means:  0.383 vs 0.376 so flagging column 6 
## All correlations <= 0.7
##  [1] "total_current_assets"                     
##  [2] "total_revenue"                            
##  [3] "selling_general_and_administrative"       
##  [4] "depreciation"                             
##  [5] "cost_of_revenue"                          
##  [6] "accounts_payable"                         
##  [7] "total_current_liabilities"                
##  [8] "cash_and_cash_equivalents"                
##  [9] "net_tangible_assets"                      
## [10] "net_receivables"                          
## [11] "inventory"                                
## [12] "total_cash_flow_from_operating_activities"
## [13] "long_term_debt"

Fit a line for individual firm

How does COGS relate to sales?

Any relationship between Inventory and sales?

How does SGA expenses relate to sales?

Any relationship between AP and sales?

Any relationship between AR and sales?

Hierarchical clustering

This part is for fun. Algorithms successfully classified three groups because these firms are fundamentally different.

K-mean clustering

Algorithms successfully classified three groups based on k-means method.

PCA

Algorithms successfully classified three groups based on PCA method.

ERROR DETECTION MODELS

To reduce the length of blog, this part will be covered in the future.

Copyright @ Stewart Li stewardli8@msn.com
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