159.56% 136.97% Total liabilities / Equity Short-term 86.05% 71.92% Current liabilities / Equity Financial 69.85% 63.86% Financial obligations / Equity This compares third-party financing vs. shareholders’ resources, and establishes the existing relationship between short-term and long-term financial commitments vs. Valorem Business Group’s equity. December 31, Activity Ratios December 31, 2016 2017 Portfolio turnover 15.67 10.54 Inventory turnover 10.39 14.33 Fixed-asset turnover 2.91 2.51 Operating asset turnover 4.61 4.96 Total asset turnover 1.29 1.25 September 31, Performance Ratios December 31, 2016 2017 Gross margin 18.95% 20.54% Gross income / Operating revenue Operating margin 1.14% 0.81% Operating income / Operating revenue Net margin -0.79% -2.25% Net income / Operating revenue Equity performance -2.54% -6.02% Net income / Average equity Total asset performance -1.02% -2.81% Net income / Average total assets This is a relationship between earnings made in various instances of the income statement and the net income, and a relationship between net income and equity & total assets, showing the ability of these to generate earnings.
Total liabilities / Equity 159.56% 136.97% Short-term Current liabilities / Equity 86.05% 71.92% Financial Financial obligations / Equity 69.85% 63.86% This compares third-party financing vs. shareholders’ resources, and establishes the existing relationship between short-term and long-term financial commitments vs. Valorem Business Group’s equity. Activity Ratios December 31, 2017 December 31, 2016 Portfolio turnover 15.67 10.54 Inventory turnover 10.39 14.33 Fixed-asset turnover 2.91 2.51 Operating asset turnover 4.61 4.96 Total asset turnover 1.29 1.25 Performance Ratios December 31, 2017 September 31, 2016 Gross margin Gross income / Operating revenue 18.95% 20.54% Operating margin Operating income / Operating revenue 1.14% 0.81% Net margin Net income / Operating revenue -0.79% -2.25% Equity performance Net income / Average equity -2.54% -6.02% Total asset performance Net income / Average total assets -1.02% -2.81% This is a relationship between earnings made in various instances of the income statement and the net income, and a relationship between net income and equity & total assets, showing the ability of these to generate earnings.
bdc22-earnings-release-q4-eng.docx