BRESSON LTD

Bresson Ltd



Bresson Ltd

Bresson Ltd is a private company, which manufactures specialist lighting for hospitals and dentists. Signs that the economy was recovering were reflected in a rebound in the US stock markets in the second and third quarters of 2009. Over the period, major indexes picked up substantially amid signs that the economy was returning to growth following the worst recession in decades. The Dow Jones Industrial Average jumped more than 25% over the April to September period, while the Standard and Poor's 500 climbed for a sixth straight month in September for its longest streak of gains in almost three years and jumped by more than 13% over the six-month period to September. Gains in electricity stocks - especially for Constellation Energy (NYSE: CEG), American Electric Power (NYSE: AEP), Dominion Resources (NYSE: D), Duke Energy (NYSE: DUK), Entergy (NYSE: ETR), Exelon (NYSE: EXE), PG&E (NYSE: PCG), FPL Group (NYSE: FPL), Public Service Enterprise (NYSE: PEG) and Southern Company (NYSE: SO) - also came after the Federal Reserve painted a clearer picture of economic recovery.

Despite the positive signs, Americans still had problems paying their utility bills, with gas and electricity companies continuing to shut off services to thousands of customers in the first nine months of 2009. Meanwhile, many of those who were struggling to keep up with their lighting bills cut back on their electricity use in response to the harder times. As a result electricity use in parts of the country fell by more than 4% during the first five months of 2009. When this happened, power companies lost businesses, with leading electricity companies tracked by Mergent reporting declines in sales and revenue for the first six months of 2009.

Financial Highlights (In AUD as of 31/03/2009)

Total Revenue321,083,000

EBITDA48,789,000

Operating Income45,393,000

Net Income33,741,000

Total Assets3,417,132,000

Current Assets3,333,212,000

Total Liabilities3,104,374,000

Current Liabilities3,078,371,000

Stockholders' Equity312,758,000

Profitability Ratios

3/31/2002

12/31/2000

12/31/1999

ROA % (Net)

-

0.73

0.93

ROE % (Net)

-

8.21

10.32

ROI % (Operating)

-

12

15.66

EBITDA Margin %

15.2

13.6

18.22

Calculated Tax Rate %

31.2

31.62

34.11

Toyota Finance Australia Ltd.

Liquidity Indicators

3/31/2002

12/31/2000

12/31/1999

Quick Ratio

0

-

0.03

Current Ratio

1.08

1.07

1.05

Net Current Assets % TA

7.46

5.96

4.9

Toyota Finance Australia Ltd.

Debt Management

3/31/2002

12/31/2000

12/31/1999

Interest Coverage

5.93

4.27

4.94

Toyota Finance Australia Ltd.

Asset Management

3/31/2002

12/31/2000

12/31/1999

Total Asset Turnover

-

0.08

0.08

Property Plant & Equip Turnover

-

29.9

32.43

Cash & Equivalents Turnover

-

5.57

4.51

Toyota Finance Australia Ltd.

Per Share

3/31/2002

12/31/2000

12/31/1999

Book Value per Share

2.61

2.35

2.18

Ratio Analysis

(1) Liquidity Ratios

Quick ratio is continuously below 1 that is 0.03 in 12/31/1999 and after further decline it had reached 0 at 3/31/2002 showing an alarming situation that the company might fall short of resources to cover its debt. It is recommended that company should have to increase its revenues to meet the short fall of resources to cover its debt.

Current ratio is 1.05 on 12/31/1999 and then 1.07 on 12/31/2000 and after further increase it reached 1.08 on 3/31/2002 showing that company is in alarming situation that the company might fall short of resources to cover its debt. It is recommended that company have to increase its resources to meet short fall of resources to cover its debt.

Net Current Assets % TA is 4.9 on 12/31/1999, 5.96 on 12/31/2000 and 7.46 on 3/31/2002 showing a slight increase in the percentage of current assets in comparison with total ...