bnl stores
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9B1
2B027
BNL STORES
Pau
Cn
z
wo
a
h
s
C
SO
un
o
ho
po
v
on
o
P
o
us
o
Vn
uh
Ra
dc
o
soe
y
op
ov
de
ma
e
a
o
c
a
s
d
scuss
on
The
a
ho
s
do
o
n
end
o
a
o
o
o
oc
vo
o
no
oe
vo
hand
ng
o
a
monoge
e
ua
on
The
au
ho
s
may
have
d
gu
ed
co
n
os
ndo
ho
do
y
ng
o
ma
on
o
p
o
oc
con
on
y
T
s
Pu
b
ca
on
may
no
bo
tmnsm.ilod
pho
ocop
od
d
g
ed
o
o
ho
w
e
ep
oduce
d
n
any
o
mo
by
any
means
w
hou
he
pe
mss
on o
ho copy
gh
ho
de
Rep
oduc
on o
h
ma
o
a
no
cove
ed un
de
au
ho
za
on
by any
ep
oduc
on
gh
s
o
gan
za
on
To
o
de
copes
o
eques
po
ms
on
o
ep
oduce
ma
o
a
s
con
ac
vey
Pu
b
sh
ng
vey
Bus
ness
Sch
Wes
e
n
Un
ve
s
y
London
On
a
o
Cana
da
N
Copy
gh
©FRc
ha
aEnSc
hoo
o
ß
s
noss
Foun
da
on
Ve
on
20104
2
n
hc sp
ng
or
20
0
Pa
Cmz was
a
bus
n
ss
s
uden
who
ha
d
us
s
ar
d an
accoun
ng
course
As
an
n
ro
duc
o
y ass
gnmen
h
s pro
essor
had g
ven
hc eac
h
s
uden
hc
as
k o
f ana
yz
ng
he
nanc
a
s
a
emen
s o
r
a
company
of
hc
r
choos
ng
For
h
s ana
ys
s
C
ruz se
ec
ed BNL S
or
s
because
was one o
f
h
s
hvor
e p
aces
o s
hop
+owever
recen
y
hc
ha
d
rea
d
n
hc
bus
ness
press
ha
BNL
s s
oc
k h
ad f
a
en
d
ama
ca
y
dropp
ng
from a
h
gh
of
$
00 pc
s
ha
e
o
ess
han
$
o
d
esp
e
hc
ac
ha
h
company was
known
o pay ou
re
a
ve
y
cons
an
d
v
den
ds
o
s
share
ho
ders
BNL was an es
ab
sh
ed Mdw
s
emre
a
er
ha
ha
d
been
n
bus
ness
or
over
40 years
n
recen
mes
managem
n
h
ad un
der
ak
en a ser
es o
f
new
bus
ness s
ra
eg
es
one o
f
wh
ch was
o expan
d
he num
ber
of BNL
s new supercen
er s
ores
w
h
e p
has
ng ou
he
ra
d
ona
d
scoun
s
or
s
The supercen
er
s
ores carr
ed a grea
er se
ec
on o
f
dura
b
e goo
ds
suc
h
as app
ances an
d furniture
n o
der
to en
ce
cus
omers
o purc
hase
hese
mor
xpens
ve
ems
BNLha
d
s
ar
ed
oring
s
ore cre
d
o
s cus
omers
Eac
h
nd
v
dua
s
ore manager
was respons
b
e
or au
hor
z
ng
he op
n
ng o
f
s
ore cre
d
accoun
s an
d
u
ma
y
ha
d
he
f
na
say as
o w
he
her cre
a wou
d be gran
ed
o a cus
omer
S
ore managers were
pa
d
an annua
bonus
/ase
d on ne
ncome
for
he
r respec
ve s
ore
an
d were
known
for
be
ng qu
e
en
en
n gran
ng cre
d
t
n or
der
o
ncrease ne
t
ncome
for
he year an
d
here
o
e
he s
ze o
l
he
r
bonus
Cruz won
d
re
d
whe
her
hese
news
a
eg
es
were
respons
b
e
or
he
dec
ne
n
BNL
s
sh
are
pr
ce
wh
ch
h
ha
d
rea
d a
bou
t
To co
ec
he
f
nanc
a
s
a
emen
t
n
orma
t
on
ha
he requ
nd
o comp
e
e
h
s
ass
gnmen
he wen
*
o
he
bus
ness
chool
bray
o
b
a
ne
d BNL
s
ba
ance s
hee
s
s
a
emen
s o
f
ncome
an
d
s
a
emen
t[
ofcas
h f
ows
or
he
f
sca
years en
dmg
2002
woug
h 2007
However
for
2008
o
20
0
h
was a
b
eto
ob
a
n
ncome
he
ba
ance
shee
s
s
ta
temen
s
of
come
bu
no
s
a
emen
s o
f
cas
h f
ows
(see
Ex
h
b
1
2
an
d
3)
Ths case
has
been w
H
e
p
e
a
on an
d
pe
spec
ves
p
esen
ed
n
h
s
case
a
@
1
d
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P a g e 2 9 B 1 2 B 0 2 7
A r m e d w i t h th e s e f i n a n c ia l s t a t e m e n t s a n d t h e i n f o r m a t i o n h e h a d l ( : a r n e d i n t h c c o u r s e t h u s f a r,
C r u z
c a lc u l a t e d t h « : f o l l o w i n g f i n a n c ia l r a t i o s (s e (: E x h ib i t 4 )
Q u e s t i o n
C a l c u l a t « : t h c 10 r a t i o s d o n c : i n E x h ib i t 4 f o r e a c h y e a r f r o m 2 0 0 8 t o 20 10 D o y o u n o t i c e a n y t r e n d s ?
W h a t i n s i g h t s d o t h e s e t r e n d s p r o v id e i n t o t h« : o p e r a t io n s o f B N L ?
Q u e s t i o n 2
F o l lo w in g t h c f o r m a t g i v e n i n E x h ib i t 3, p r c : p a r e s t a t i : m e n t s o r c a s h n o w s f o r B N L fo r e a c h y e a r f r o m
2 0 0 8 t o 2 0 10 P l e a s e u s e t h c f o l l o w i n g f i gu r e s f o r th c a dd i t io n s t o p r o p e r ty , p l a n t a n d (: q u i p m e n t :
2 0 0 8 2 0 09 2 0 10
(In c r e a s e ) o r d e c r e a s e in - p la n t a n d e q u ip m e n t (17 7 9 m (154, 7 (9W
Q u e s t i o n 3
w Da t d o t h e c a s h f l o w s t a t e m e n t s s h o w W ha t d o e s th i s m e a n f o r t h e fu t u r e v i a b i l i t y o f th c f i m n ? H o w
h e lp f u l i s t h i s a n a ly s i s in u n de r s t a n d in g t he c o m p a n y'
s s t o c k p r i c e p e r f o r m a n c e ?
角
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