FinSAS Version 2003051213

FinSAS: Financial Statement Analysis

Spreadsheet
by
Dr. Donald V. Saftner
[email protected]

To Accompany
Financial Reporting and Analysis:
Using Financial Accounting Information
9/e
by Dr. Charles Gibson

Copyright © 2004 South-Western, a division of Thomson Learning,

Inc.
Author acknowledges the work of his graduate assistant,
Eun Kyung Lee, on this project. Her help is appreciated.

FinSAS: Financial Statement Analysis Spreadsheet allows users to input the

reported data from the financial statements, notes, and other sources. FinSAS
then computes the ratios found in Financial Reporting and Analysis: Using
Financial Accounting Information 9/e. Using this tool, you can spend more time
analyzing the statements and less time crunching the numbers. In addition to the
ratios, both a vertical and horizontal analysis are performed.

Instructions:

Note the sheet tabs below. The following instructions use the names of those tabs
as section headings. Click on a tab to see that sheet after reading the instructions
below.

Input

On the Input sheet, enter values into all appropriate cells (i.e., those with blue
font). The figures in black font are calculated based on your input. By entering
the Company Name, Analyst Name(s), and Most Recent Year Available in the
first three input cells, those items will appear on all subsequent output sheets.
They make it easy to identify any printouts you make.

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

The next two input cells (Years Available for Income Statement and Balance
Sheet) are particularly important to the functioning of the model. Changing these
numbers (while keeping them within the range one through five) changes the
number of columns of data that are available on the Input sheet and all subsequent
output sheets. In a single annual report/10K, there are often three years of income
statements and two years of balance sheets. The annual report/10K you are using
may have more and/or you may want to use multiple years’ worth of annual
report/10Ks to increase the amount of data available to analyze. The maximum
years that FinSAS can accept is five years.

Fill in all remaining input cells for which you can find data. There are many
different names for the same account. You must translate the terminology used
by the company to the generic terms used in FinSAS. When the detail is not
needed, FinSAS requests a summary figure. For instance, on the published
income statement there may be several operating expenses (e.g., wages, utilities,
rent), but FinSAS only needs the sum of those, which would be entered as
Operating Expenses. Be sure to read the footnotes to the financial statements and
the comparative data section. Those sources include some of the information you
need to complete the Input sheet. Also be sure to match key subtotals (e.g. the
FinSAS total current asset should be same as the figure on the balance sheet even
though the detail lines may be different.)

Be consistent in ignoring a certain number of decimal places. Many financial

statements have "in thousands, except par values," "millions except share and per
share amounts," or similar statements. When entering data into FinSAS, it is
usually best to follow the same convention as the financial statements in choosing
the number of decimal places to assume have been removed. An exception is the
second statement above. Only "per share" data should be entered as dollars with
no decimal places removed. Account balances and total share information should
consistently have the same number of decimal places removed. If the share and
account balances have a different number of decimal places removed then ratios
such as "book value per share" and "operating cash flow per share" will be
inaccurate.

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

Source of Input

This is the place to document where you found the information you entered on the
previous sheet. This can be very useful for you and for anyone who reviews your
work. For instance if most of it came from the company's annual report/10K, then
state that at the top. Individual lines of input in FinSAS might be the sum of a
few lines in the published financial statements. Indicate on this sheet how you
determined the FinSAS inputs from the statements. For some of the inputs, you
may have used information from the footnotes or comparative information
section. Indicate that information on this sheet and include page numbers
wherever possible. Of course, other sources of information should be cited.

Vertical Analysis

After you insert your data, you can see the result of the vertical analysis. It
compares each amount on the income statement and balance sheet with a base
amount (net sales on the income statement and total assets on the balance sheet)
selected from the same year.

Horizontal Analysis

After you insert your data, you can see the result of the horizontal analysis. It
compares each amount on the income statement and balance sheet with the same
amount for the oldest year available.

Ratios – avg.

After you insert your data, you can see the result of the ratio analysis. For the
‘Ratio – Average’, the average of beginning of year values and end of year values
is used when appropriate. Note that if you only have two years of balance sheet
information, then for those ratios that use the average of two years of balance
sheet information, only one year's worth of ratios can be calculated. Since it is
desirable to compare the ratios across time to determine possible trends, a solution
to only having one year's worth of ratios should be sought. Some possible
solutions are to find additional years' worth of data and/or use the Ratio - end.
sheet.

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

Ratios with a negative cash flow or negative profit measure in the numerator will
display #N/A, which means not available or not applicable. This makes it less
likely that invalid conclusions will be made during your analysis.

You may want to determine how a certain ratio is calculated. You may do this in
one of two ways. If you select the cell in which the ratio appears, then the
formula for that cell appears near the top of the screen. You will then have to
determine what accounts the cell refers to by looking at the Input screen.
Alternatively, you can refer to the Documentation screen for the definition.

Ratios – end.

For the Ratios - end. sheet, the end of year values are used instead of the average
values. The ‘*’ marks indicate the ratios for which the end of year values are used
whereas the averages are used on the previous sheet. Note that the Ratios - avg.
sheet is theoretically superior in that averages for balance sheet information (point
in time) is compared to income statement or cash flow statements (period of
time).

Documentation

The Documentation sheet provides you the definitions of the ratios using the row
labels of the Input sheet or other ratio results.

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

FinSAS Version 2003051213 Input
Company: Canon
Analyst: Anthony
Most Recent Year Available: 2014
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5

================================= ========= ========= ========= ========= =========

INCOME STATEMENT 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Net Sales 0 0 0 0 0
Less: Cost of Goods Sold 0 0 0 0 0
--------- --------- --------- --------- ---------
Gross Profit 0 0 0 0 0

Other Operating Revenue 0 0 0 0 0

Less: Operating Expenses 0 0 0 0 0
--------- --------- --------- --------- ---------
Operating Income 0 0 0 0 0

Less: Interest Expense 0 0 0 0 0

(no capitalized interest)
Other Income (Expenses) 0 0 0 0 0
Unusual or Infreq. Item;
Gain (Loss) 0 0 0 0 0
Equity in Earnings of Assoc.;
Profit (Loss) 0 0 0 0 0
--------- --------- --------- --------- ---------
Income before Taxes 0 0 0 0 0

Less:Taxes Related to Operations 0 0 0 0 0

--------- --------- --------- --------- ---------
N.I. before Min. Ern. 0 0 0 0 0

Minority Share of Earnings (Loss) 0 0 0 0 0

--------- --------- --------- --------- ---------
N.I. before Nonrecurring Items 0 0 0 0 0

Oper. of Discontinued Segment;

Income (Loss) 0 0 0 0 0
Disposal of Discont. Segment;
Gain (Loss) 0 0 0 0 0
Extraordinary Item;
Gain (Loss) 0 0 0 0 0
Cum. Effect of Acct Change;
Gain (Loss) 0 0 0 0 0
--------- --------- --------- --------- ---------
Net Income (Loss) 0 0 0 0 0
================================= ========= ========= ========= ========= =========
BALANCE SHEET 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
ASSETS
Current Assets:
Cash 0 0 0 0 0
Marketable Securities 0 0 0 0 0
Gross Receivables 0 0 0 0 0
Less: Allowance for Bad Debts 0 0 0 0 0
Net Trade Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Prepaid Expenses 0 0 0 0 0
Other Current Assets 0 0 0 0 0
--------- --------- --------- --------- ---------
Total Current Assets 0 0 0 0 0
Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress) 0 0 0 0 0
Construction in Progress 0 0 0 0 0
Intangible Assets 0 0 0 0 0
Investments 0 0 0 0 0
Other Nonoperating Assets 0 0 0 0 0
Other Operating Assets 0 0 0 0 0
--------- --------- --------- --------- ---------
Total Long-Term Assets 0 0 0 0 0
Total Assets 0 0 0 0 0
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 0 0 0 0 0
Short Term Loans 0 0 0 0 0
Current Maturity of L.t. Debt 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0
--------- --------- --------- --------- ---------
Total Current Liabilities 0 0 0 0 0
Long-Term Liabilities:
Long-term Debt 0 0 0 0 0
Reserves 0 0 0 0 0
Deferred Liabilities 0 0 0 0 0
Minority Interest 0 0 0 0 0
Redeemable Preferred 0 0 0 0 0
Other Long-term Liabilities 0 0 0 0 0
--------- --------- --------- --------- ---------
Total Long-term Liabilities 0 0 0 0 0
Total Liabilities 0 0 0 0 0
Shareholders' Equity:
Preferred Equity 0 0 0 0 0
Common Equity-incl. Ret. Ern. 0 0 0 0 0
--------- --------- --------- --------- ---------
Total Equity 0 0 0 0 0
Total Liabilities and Equity 0 0 0 0 0
================================= ========= ========= ========= ========= =========
OTHER DATA 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Capitalized Interest 0.0 0.0 0.0 0.0 0.0
Interest Portion of Rentals 0.0 0.0 0.0 0.0 0.0
Liquidation Value of Pref. Stock 0.0 0.0 0.0 0.0 0.0
Dividends on Redeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends on Nonredeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends per Common Share 0.000 0.000 0.000 0.000 0.000
Total Cash Dividends 0.0 0.0 0.0 0.0 0.0
Dil. Earn. per Sh. before Nonrec. I 0.000 0.000 0.000 0.000 0.000
Market Price per Common Share 0.000 0.000 0.000 0.000 0.000
Tax Rate (0-1) 0.000 0.000 0.000 0.000 0.000
Common Shares Outstanding 0.0 0.0 0.0 0.0 0.0
Diluted Weighted Average Common Sha 0.0 0.0 0.0 0.0 0.0
Cash Flow from Operations 0.0 0.0 0.0 0.0 0.0
Option expense:
Net income not including opt. 0.0 0.0 0.0 0.0 0.0
Net income including opt. exp. 0.0 0.0 0.0 0.0 0.0
FinSAS Version 2003051213 Source of Input
Company: Canon
Analyst: Anthony
Most Recent Year Available: 2014
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5

=================================
INCOME STATEMENT
---------------------------------
Net Sales
Less: Cost of Goods Sold

Gross Profit

Other Operating Revenue

Less: Operating Expenses

Operating Income

Less: Interest Expense

(no capitalized interest)
Other Income (Expenses)
Unusual or Infreq. Item;
Gain (Loss)
Equity in Earnings of Assoc.;
Profit (Loss)

Income before Taxes

Less:Taxes Related to Operations

N.I. before Min. Ern.

Minority Share of Earnings (Loss)

N.I. before Nonrecurring Items

Oper. of Discontinued Segment;

Income (Loss)
Disposal of Discont. Segment;
Gain (Loss)
Extraordinary Item;
Gain (Loss)
Cum. Effect of Acct Change;
Gain (Loss)

Net Income (Loss)

=================================
BALANCE SHEET
---------------------------------
ASSETS
Current Assets:
Cash
Marketable Securities
Gross Receivables
Less: Allowance for Bad Debts
Net Trade Receivables
Inventories
Prepaid Expenses
Other Current Assets

Total Current Assets

Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress)
Construction in Progress
Intangible Assets
Investments
Other Nonoperating Assets
Other Operating Assets

Total Long-Term Assets

Total Assets
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable
Short Term Loans
Current Maturity of L.t. Debt
Other Current Liabilities

Total Current Liabilities

Long-Term Liabilities:
Long-term Debt
Reserves
Deferred Liabilities
Minority Interest
Redeemable Preferred
Other Long-term Liabilities

Total Long-term Liabilities

Total Liabilities
Shareholders' Equity:
Preferred Equity
Common Equity-incl. Ret. Ern.

Total Equity
Total Liabilities and Equity
=================================
OTHER DATA
---------------------------------
Capitalized Interest
Interest Portion of Rentals
Liquidation Value of Pref. Stock
Dividends on Redeemable Pref.
Dividends on Nonredeemable Pref.
Dividends per Common Share
Total Cash Dividends
Dil. Earn. per Sh. before nonrec. items
Market Price per Common Share
Tax Rate (0-1)
Common Shares Outstanding
Diluted Weighted Average Common Shares
Cash Flow from Operations
Option expense:
Net income not including opt. exp.
Net income including opt. exp.
FinSAS Version 2003051213 Vertical Analysis
Company: Canon
Analyst: Anthony
Most Recent Year Available: 2014
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5

================================= ========= ========= ========= ========= =========

INCOME STATEMENT 2014 2013 2012 2011 2010
--------------------------------- --------------------------------------------------
Net Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Cost of Goods Sold #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------------------------------------------------
Gross Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Other Operating Revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Less: Operating Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------------------------------------------------
Operating Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Less: Interest Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

(no capitalized interest)
Other Income (Expenses) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Unusual or Infreq. Item;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Equity in Earnings of Assoc.;
Profit (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------------------------------------------------
Income before Taxes #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Less:Taxes Related to Operations #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

--------------------------------------------------
N.I. before Min. Ern. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Minority Share of Earnings (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

--------------------------------------------------
N.I. before Nonrecurring Items #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oper. of Discontinued Segment;

Income (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Disposal of Discont. Segment;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Extraordinary Item;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cum. Effect of Acct Change;
Gain (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------------------------------------------------
Net Income (Loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
================================= ==================================================
BALANCE SHEET 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
ASSETS
Current Assets:
Cash #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Marketable Securities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less: Allowance for Bad Debts #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Trade Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventories #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Prepaid Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Current Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Current Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Construction in Progress #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Intangible Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Nonoperating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Long-Term Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Short Term Loans #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Current Maturity of L.t. Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Current Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Current Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Long-Term Liabilities:
Long-term Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Deferred Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Minority Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Redeemable Preferred #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Long-term Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Long-term Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Shareholders' Equity:
Preferred Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Common Equity-incl. Ret. Ern. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------- --------- --------- --------- ---------
Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Liabilities and Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
================================= ========= ========= ========= ========= =========
FinSAS Version 2003051213 Horizontal Analysis
Company: Canon
Analyst: Anthony
Most Recent Year Available: 2014
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5

================================= ========= ========= ========= ========= =========

INCOME STATEMENT 2014 2013 2012 2011 2010
--------------------------------- ---------------------------------------------------------
Net Sales #N/A #N/A #N/A #N/A #N/A
Less: Cost of Goods Sold #N/A #N/A #N/A #N/A #N/A
---------------------------------------------------------
Gross Profit #N/A #N/A #N/A #N/A #N/A

Other Operating Revenue #N/A #N/A #N/A #N/A #N/A

Less: Operating Expenses #N/A #N/A #N/A #N/A #N/A
---------------------------------------------------------
Operating Income #N/A #N/A #N/A #N/A #N/A

Less: Interest Expense #N/A #N/A #N/A #N/A #N/A

(no capitalized interest)
Other Income (Expenses) #N/A #N/A #N/A #N/A #N/A
Unusual or Infreq. Item;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Equity in Earnings of Assoc.;
Profit (Loss) #N/A #N/A #N/A #N/A #N/A
---------------------------------------------------------
Income before Taxes #N/A #N/A #N/A #N/A #N/A

Less:Taxes Related to Operations #N/A #N/A #N/A #N/A #N/A

---------------------------------------------------------
N.I. before Min. Ern. #N/A #N/A #N/A #N/A #N/A

Minority Share of Earnings (Loss) #N/A #N/A #N/A #N/A #N/A

---------------------------------------------------------
N.I. before Nonrecurring Items #N/A #N/A #N/A #N/A #N/A

Oper. of Discontinued Segment;

Income (Loss) #N/A #N/A #N/A #N/A #N/A
Disposal of Discont. Segment;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Extraordinary Item;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Cum. Effect of Acct Change;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
---------------------------------------------------------
Net Income (Loss) #N/A #N/A #N/A #N/A #N/A
================================= ========= ========= ========= ========= =========
BALANCE SHEET 2014 2013 2012 2011 2010
--------------------------------- -----------------------------------------------------
ASSETS
Current Assets:
Cash #N/A #N/A #N/A #N/A #N/A
Marketable Securities #N/A #N/A #N/A #N/A #N/A
Gross Receivables #N/A #N/A #N/A #N/A #N/A
Less: Allowance for Bad Debts #N/A #N/A #N/A #N/A #N/A
Net Trade Receivables #N/A #N/A #N/A #N/A #N/A
Inventories #N/A #N/A #N/A #N/A #N/A
Prepaid Expenses #N/A #N/A #N/A #N/A #N/A
Other Current Assets #N/A #N/A #N/A #N/A #N/A
-----------------------------------------------------
Total Current Assets #N/A #N/A #N/A #N/A #N/A
Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress) #N/A #N/A #N/A #N/A #N/A
Construction in Progress #N/A #N/A #N/A #N/A #N/A
Intangible Assets #N/A #N/A #N/A #N/A #N/A
Investments #N/A #N/A #N/A #N/A #N/A
Other Nonoperating Assets #N/A #N/A #N/A #N/A #N/A
Other Operating Assets #N/A #N/A #N/A #N/A #N/A
-----------------------------------------------------
Total Long-Term Assets #N/A #N/A #N/A #N/A #N/A
Total Assets #N/A #N/A #N/A #N/A #N/A
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable #N/A #N/A #N/A #N/A #N/A
Short Term Loans #N/A #N/A #N/A #N/A #N/A
Current Maturity of L.t. Debt #N/A #N/A #N/A #N/A #N/A
Other Current Liabilities #N/A #N/A #N/A #N/A #N/A
-----------------------------------------------------
Total Current Liabilities #N/A #N/A #N/A #N/A #N/A
Long-Term Liabilities:
Long-term Debt #N/A #N/A #N/A #N/A #N/A
Reserves #N/A #N/A #N/A #N/A #N/A
Deferred Liabilities #N/A #N/A #N/A #N/A #N/A
Minority Interest #N/A #N/A #N/A #N/A #N/A
Redeemable Preferred #N/A #N/A #N/A #N/A #N/A
Other Long-term Liabilities #N/A #N/A #N/A #N/A #N/A
-----------------------------------------------------
Total Long-term Liabilities #N/A #N/A #N/A #N/A #N/A
Total Liabilities #N/A #N/A #N/A #N/A #N/A
Shareholders' Equity:
Preferred Equity #N/A #N/A #N/A #N/A #N/A
Common Equity-incl. Ret. Ern. #N/A #N/A #N/A #N/A #N/A
-----------------------------------------------------
Total Equity #N/A #N/A #N/A #N/A #N/A
Total Liabilities and Equity #N/A #N/A #N/A #N/A #N/A
================================= ========= ========= ========= ========= =========
FinSAS Version 2003051213 Ratios - average
Company: Canon
Analyst: Anthony
Most Recent Year Available: 2014
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5

--------------------------------- --------- --------- --------- --------- ---------

LIQUIDITY 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Days' Sales in Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accounts Receivable Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
A/R Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A

Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Inventory Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A

Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A

Working Capital - - - - -
Current Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Acid Test #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sales to Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash Flow/Cur. Mat. of Debt & NP #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

LONG-TERM DEBT-PAYING ABILITY 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Times Interest Earned #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Fixed Charge Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Debt to Tangible Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow/Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------------------------------- --------- --------- --------- --------- ---------
PROFITABILITY 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Operating Income Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Operating Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Sales to Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Return on Investment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

INVESTOR ANALYSIS 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Degree of Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Earnings per Share 0.00 0.00 0.00 0.00 0.00
Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Percentage of Earnings Retained #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Year-end Market Price 0.00 0.00 0.00 0.00 0.00
================================= ========= ========= ========= ========= =========
FinSAS Version 2003051213 Ratios - ending
Company: Canon
Analyst: Anthony
Most Recent Year Available: 2014
Years Available for:
Income Statement (1-5) 5
Balance Sheet (1-5) 5

* EOY values instead of averages

--------------------------------- --------- --------- --------- --------- ---------
LIQUIDITY 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Days' Sales in Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Accounts Receivable Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* A/R Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Days' Sales in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Inventory Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Inventory Turnover in Days #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Operating Cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Working Capital - - - - -
Current Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Acid Test #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Sales to Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash Flow/Cur. Mat. of Debt & NP #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

LONG-TERM DEBT-PAYING ABILITY 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Times Interest Earned #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Fixed Charge Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Debt to Tangible Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow/Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
--------------------------------- --------- --------- --------- --------- ---------
PROFITABILITY 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Operating Income Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Operating Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Operating Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Sales to Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Return on Investment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
* Return on Total Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

* Return on Common Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

INVESTOR ANALYSIS 2014 2013 2012 2011 2010
--------------------------------- --------- --------- --------- --------- ---------
Degree of Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Earnings per Share 0.00 0.00 0.00 0.00 0.00
Price/Earnings Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Percentage of Earnings Retained #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Book Value per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oper. Cash Flow/Cash Dividends #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Year-end Market Price 0.00 0.00 0.00 0.00 0.00
================================= ========= ========= ========= ========= =========
FinSAS Version 2003051213 Documentation
-
LIQUIDITY
-
Gross Receivables
Days' Sales in Receivables ---------------------------
Net Sales / 365

Net Sales
Accounts Receivable Turnover ----------------------------------------
Average (Gross Receivables)

365
A/R Turnover in Days --------------------------------------------
Accounts Receivable Turnover

Ending Inventory
Days' Sales in Inventory -----------------------------------
Cost of Goods Sold / 365

Cost of Goods Sold

Inventory Turnover ---------------------------------
Average (Inventories)

365
Inventory Turnover in Days --------------------------------------
Inventory Turnover

Operating Cycle A/R Turnover in Days + Inventory Turnover in Days

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

Working Capital Total Current Assets - Total Current Liabilities

Total Current Assets

Current Ratio ----------------------------------
Total Current Liabilities

Cash + Marketable Securities + Net Trade Receivables

Acid Test ---------------------------------------------------------------------------------
Total Current Liabilities

Cash + Marketable Securities

Cash Ratio ---------------------------------------------
Total Current Liabilities

Net Sales
Sales to Working Capital ------------------------------------
Average (Working Capital)

Cash Flow from Operations

Cash Flow/Cur. Mat. of Debt &
---------------------------------------------------------------------
NP
Short Term Loans + Current Maturity of L.t. Debt
-
LONG-TERM DEBT-PAYING
ABILITY
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Times Interest Earned --------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Expense (no capitalized interest) + Capitalized Interest

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) + Interest
Portion of Rentals
Fixed Charge Coverage --------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------
Interest Expense (no capitalized interest) + Capitalized Interest + Interest Portion of Rentals

Total Liabilities
Debt Ratio --------------------------------
Total Assets

Total Liabilities
Debt/Equity ------------------------
Total Equity

Total Liabilities
Debt to Tangible Net Worth -----------------------------------------------
Total Equity - Intangible Assets

Cash Flow from Operations

Cash Flow/Total Debt ----------------------------------------
Total Liabilities
-
PROFITABILITY
-
N.I. before Min. Ern. – Equity in Earnings of Assoc.; Profit (Loss)
Net Profit Margin ---------------------------------------------------------------------------------------
Net Sales

Net Sales
Total Asset Turnover ---------------------------------
Average (Total Assets)

N.I. before Min. Ern.

Return on Assets -----------------------------
Average (Total Assets)

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

Operating Income
Operating Income Margin -------------------------
Net Sales

Net Sales
Operating Asset Turnover --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)

Operating Income
Return on Operating Assets --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)

Net Sales
Sales to Fixed Assets -------------------------------------------------------------------------------------------------------
Average (Net Tangible (Fixed) Assets (other than construction in progress))

N.I. before Min. Ern. + {(1- Tax Rate) * Interest Expense (no capitalized interest)}
Return on Investment ------------------------------------------------------------------------------------------------
Average (Total Liabilities and Equity - Total Current Liabilities)

N.I. before Nonrecurring Items - Dividends on Redeemable Pref.

Return on Total Equity ----------------------------------------------------------------------------------------
Average (Total Equity)

N.I. before Nonrecurring Items - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Return on Common Equity ---------------------------------------------------------------------------------------------------------------------------------------------
Average (Common Equity-incl. Ret. Ern.)

Gross Profit
Gross Profit Margin --------------------
Net Sales

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

-
INVESTOR ANALYSIS
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Degree of Financial Leverage ------------------------------------------------------------------------------------------------------------------------------------------------------
Income before Taxes - Equity in Earnings of Assoc.; Profit (Loss)

Earnings per Share Dil. Earn. per Sh. before Nonrec. Items

Market Price per Common Share

Price/Earnings Ratio ----------------------------------------------
Dil. Earn. per Sh. before Nonrec. Items

N.I. before Nonrecurring Items - Total Cash Dividends

Percentage of Earnings Retained ---------------------------------------------------------
N.I. before Nonrecurring Items

Dividends per Common Share

Dividend Payout ----------------------------------------------
Dil. Earn. per Sh. before Nonrec. Items

Dividends per Common Share

Dividend Yield ----------------------------------------------
Market Price per Common Share

Common Equity-incl. Ret. Ern.

Book Value per Share ---------------------------------------------
Common Shares Outstanding

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.

Net income not including opt. exp. - Net income including opt. exp.
Materiality of Options ---------------------------------------------------------------------------------------
Net income not including opt. exp.

Cash Flow from Operations - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Oper. Cash Flow per Share ---------------------------------------------------------------------------------------------------------------------------------------
Diluted Weighted Average Common Shares

Cash Flow from Operations

Oper. Cash Flow/Cash Dividends ---------------------------------------
Total Cash Dividends

Year-end Market Price Market Price per Common Share

Copyright © 2004 South-Western, a division of Thomson Learning, Inc.