Atlas Financial Holdings, Inc. Financial Ratios — AFHIF

Profitability (USD)

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-8.67	-1.24	1.89	3.23	7.04	4.15	0.63	-8.57	-16.79	-6.58	-9.41	-6.75
Return on Capital (%)	- -	- -	- -	-3.29	-6.34	- -	-24.93	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	5.45	10.65	- -	11.78	- -	- -	- -	- -	- -	- -
Gross Margin (%)	20.3	-0.14	16.29	22.84	24.37	26.07	30.77	13.53	-4.41	100	100	100	100
EBITDA Margin (%)	-21.9	-25.56	-8.16	8.13	10.07	13.27	16.52	-1.9	-20.87	- -	- -	- -	- -
Operating Margin (%)	-22.43	-31.27	-8.67	7.4	8.99	12.43	15.7	-2.68	-21.66	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	-1,234.05	11.18	21.64	21.72	- -	- -	-157.15	- -	- -	- -
Pretax Margin (%)	-22.43	-32.55	-8.38	7.4	8.45	11.74	14.06	0.29	-19.89	-28.29	-10.59	-140.92	-120.57
Profit Margin (%)	-16.26	-36.9	-5.7	7.4	8.35	17.42	9.2	1.49	-17.48	-41.81	-16.94	-133.35	-117.16
Net Income to Common Margin (%)	-16.26	-36.9	-7.57	5.51	7.51	17.33	9.02	1.33	-17.48	-41.81	-16.94	-133.35	-117.16
Effective Tax Rate (%)	- -	- -	- -	- -	1.15	- -	34.55	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	-76.56	24.7	-34.38	27.44	-0.53	-1.95	5.41	- -	-0.49	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021

Total Debt	14	- -	- -	- -	- -	- -	35	38	48	49	34	37	33
ST Debt	14	- -	- -	- -	- -	- -	18	19	24	24	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	17	19	24	24	34	37	33
Total Debt/EBITDA	-0.76	- -	- -	- -	- -	- -	1.34	-11.39	-1.04	- -	- -	- -	- -
Net Debt/EBITDA	-0.38	1.26	6.57	-5.72	-1.32	-2.71	0.48	-2.52	-0.05	- -	- -	- -	- -
Total Debt/EBIT	-0.74	- -	- -	- -	- -	- -	1.41	-8.06	-1	- -	- -	- -	- -
Net Debt/EBIT	-0.37	1.03	6.19	-6.29	-1.47	-2.9	0.5	-1.78	-0.05	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	57.78	- -	37.33	-3.28	-25.17	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	48.12	- -	36.3	-13.21	-32.81	-4.46	-1.74	-0.1	- -
EBIT to Interest Expense	- -	- -	- -	- -	51.61	- -	35.48	-4.64	-26.13	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	1	1	2	2	1	2	2
Common Equity/Total Assets	-4.12	-50.28	-67.27	-69.09	-48.55	-31.26	-18.07	-16.92	-22.9	-40.5	-57.96	-83.68	-219.13
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	13.28	15.07	26.51	425.6	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	-52.71	-57.6	-38.49	-17.09	-63.92	-59.23	-46.12
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	4.19	4.53	4.98	5.16	22.6	31.13	69.16
Total Debt/Equity (%)	25.69	- -	- -	- -	- -	- -	26.78	30.13	53.02	851.2	-402.94	-178.34	-130.68
Total Debt/Capital (%)	67.25	- -	- -	- -	- -	- -	-106.28	-115.21	-76.98	-34.17	-63.92	-59.23	-46.12
Total Debt/Total Assets (%)	4.86	- -	- -	- -	- -	- -	8.44	9.06	9.96	10.31	22.6	31.13	69.16
Net Debt to Equity	12.95	-31.64	-41.33	-33.26	-15.4	-33.44	9.54	6.66	2.7	333.92	-272.72	-148.05	-120.88
Net Debt/Capital (%)	50.86	16.64	19.2	17.38	8.59	29.66	-22.47	-13.43	-2.26	-11.1	-37	-45.39	-41.36
EBITDA	-18	-15	-4	3	7	13	26	-3	-46	- -	- -	- -	- -
EBITDA-CapEx	-18	-15	-4	3	6	12	25	-14	-60	-8	-3	- -	- -
Operating Income (Loss)	-18	-18	-4	3	7	13	25	-5	-48	- -	- -	- -	- -

Liquidity (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021

Cash Ratio	0.98	1.05	1.09	1.14	0.89	0.94	0.73	0.63	0.52	- -	- -	- -	- -
Current Ratio	1.23	0.33	0.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	1.14	1.13	1.25	1.41	1.26	1.33	1.14	1.04	0.88	- -	- -	- -	- -
CFO/Avg Current Liab	- -	-0.27	-0.34	-0.19	-0.05	0.08	0.04	- -	0.08	-0.09	- -	- -	- -
Common Equity/Total Assets	-4.12	-50.28	-67.27	-69.09	-48.55	-31.26	-18.07	-16.92	-22.9	-40.5	-57.96	-83.68	-219.13
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	13.28	15.07	26.51	425.6	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	-52.71	-57.6	-38.49	-17.09	-63.92	-59.23	-46.12
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	4.19	4.53	4.98	5.16	22.6	31.13	69.16
Total Debt/Equity (%)	25.69	- -	- -	- -	- -	- -	26.78	30.13	53.02	851.2	-402.94	-178.34	-130.68
Total Debt/Capital (%)	67.25	- -	- -	- -	- -	- -	-106.28	-115.21	-76.98	-34.17	-63.92	-59.23	-46.12
Total Debt/Total Assets (%)	4.86	- -	- -	- -	- -	- -	8.44	9.06	9.96	10.31	22.6	31.13	69.16
CFO/Total Liabilities	42.59	-31.75	-40.68	-20.1	-3.81	7.86	3.13	0.06	6.76	-3.82	-30.6	-17.45	-15.83
CFO/CapEx	- -	- -	- -	-30.82	-4.76	11.75	12.36	0.02	1.88	-2.13	-19.15	-122.66	-2,915.75
Altman's Z-Score	0.06	-1.3	-1.2	-1.4	-0.64	-0.06	- -	-0.27	-0.8	-0.04	0.01	-1.11	-2.99

Working Capital (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021

Accounts Receivable Turnover	- -	2.85	2.8	1.88	1.74	1.62	1.71	1.51	1.7	1.3	1.25	0.37	0.39
Days Sales Outstanding	- -	127.98	130.35	194.34	209.63	224.72	213.21	242.28	215.07	281.48	291.65	995.07	936.98
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	9.02	6.19	6.95	17.45	29.64	16.41	16.04	27.62	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	40.48	58.92	52.53	20.91	12.31	22.25	22.76	13.21	- -	- -	- -	- -
Cash Conversion Cycle	- -	87.5	71.42	141.8	188.72	212.41	190.96	219.52	201.86	- -	- -	- -	- -
Inventory to Cash Days	- -	127.98	130.35	194.34	209.63	224.72	213.21	242.28	215.07	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021

Market Capitalization	- -	- -	- -	- -	118	178	238	217	248	97	5	1	5
- Cash & Cash Equivalents	7	19	23	20	10	37	22	30	46	29	9	5	2
+ Preferred Equity and Hybrid Capital	18	18	18	18	2	2	7	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	14	- -	- -	- -	- -	- -	35	38	48	49	34	37	33
Enterprise Value	-190	-155	-109	-100	-19	17	74	69	92	15	30	33	36
Total Capital	20	-95	-98	-95	-104	-87	-33	-33	-62	-142	-53	-63	-72
Total Debt/Capital (%)	67.25	- -	- -	- -	- -	- -	-106.28	-115.21	-76.98	-34.17	-63.92	-59.23	-46.12
Total Debt / EV	-0.07	- -	- -	- -	- -	- -	0.47	0.55	0.52	3.24	1.13	1.11	0.93
EV/Sales	- -	- -	- -	- -	- -	0.17	0.47	0.39	0.42	0.08	0.25	3.5	7.38
EV/EBITDA	- -	- -	- -	- -	- -	1.26	2.85	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	1.34	3	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	1.24	7.97	12.69	3.29	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	1.14	7.4	4.43	2.19	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	160	185	253	221	248	97	5	1	5
Diluted Enterprise Value	25	-1	-5	-2	152	151	273	229	250	116	30	33	36
EV per Share	- -	- -	- -	- -	- -	1.55	6.17	5.76	7.66	1.25	2.53	2.8	2.76
TTM Sales	81	59	43	43	74	102	157	178	222	191	121	10	5
TTM EBITDA	-18	-15	-4	3	7	13	26	-3	-46	- -	- -	- -	- -
TTM Operating Income	-18	-18	-4	3	7	13	25	-5	-48	- -	- -	- -	- -
TTM Cash Flow to Firm	96	-52	-47	-21	-6	14	9	5	28	-15	-47	-23	-9
TTM Free Cash Flow to Firm	96	-52	-47	-20	-5	15	10	16	42	-7	-45	-22	-9

Multiples (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021

Price/Free Cash Flow	- -	- -	- -	- -	-34.13	12.44	26.6	21.31	6.12	-10.32	-0.11	-0.06	-0.4
EV/EBIT	- -	- -	- -	- -	- -	1.34	3	- -	- -	- -	- -	- -	- -
Enterprise Value	-190	-155	-109	-100	-19	17	74	69	92	15	30	33	36
Low Price	- -	- -	- -	- -	5.8	11.75	15.58	15.15	12.15	7.84	0.33	0.05	0.12
EV/Sales	- -	- -	- -	- -	- -	0.17	0.47	0.39	0.42	0.08	0.25	3.5	7.38
EV/EBITDA	- -	- -	- -	- -	- -	1.26	2.85	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	21.2	10.14	16.84	91.93	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	13.22	8.85	15.55	88	-5.06	-1.74	-1.31	-0.35	-0.87
Price/Earnings High	- -	- -	- -	- -	21.24	11.12	17.88	99.42	-6.47	-3.22	-6.11	-2.3	-1.37
Price/Earnings Low	- -	- -	- -	- -	8.35	7.3	13.18	77.16	-3.78	-1.18	-0.19	-0.05	-0.27
Price/Book Value	- -	- -	- -	- -	-1.11	-2.01	-3.21	-3.03	-2.24	-0.51	-0.06	-0.01	-0.04
Price/Book Value Average	- -	- -	- -	- -	-0.69	-1.76	-2.96	-2.9	-1.78	-0.73	-0.31	-0.04	-0.05
Price/Book Value High	- -	- -	- -	- -	-1.11	-2.21	-3.4	-3.28	-2.27	-1.35	-1.43	-0.29	-0.07
Price/Book Value Low	- -	- -	- -	- -	-0.44	-1.45	-2.51	-2.55	-1.33	-0.49	-0.05	-0.01	-0.01
Price/Tangible Book Value	- -	- -	- -	- -	1.93	1.67	2.07	1.81	2.96	49.91	-0.47	-0.06	-0.18
Price/Tangible Book Value Average	- -	- -	- -	- -	1.21	1.46	1.91	1.73	2.34	71.81	-2.42	-0.19	-0.19
Price/Tangible Book Value High	- -	- -	- -	- -	1.94	1.84	2.2	1.96	3	132.64	-11.26	-1.27	-0.29
Price/Tangible Book Value Low	- -	- -	- -	- -	0.76	1.2	1.62	1.52	1.75	48.37	-0.36	-0.03	-0.06
Price/Sales	- -	- -	- -	- -	1.59	1.76	1.52	1.22	1.12	0.51	0.04	0.15	0.96
Price/Sales Average	- -	- -	- -	- -	0.99	1.53	1.4	1.17	0.88	0.73	0.22	0.47	1.01
Price/Sales High	- -	- -	- -	- -	1.6	1.93	1.61	1.32	1.13	1.35	1.03	3.07	1.61
Price/Sales Low	- -	- -	- -	- -	0.63	1.26	1.19	1.03	0.66	0.49	0.03	0.06	0.32
Price/Cash Flow	- -	- -	- -	- -	-19.91	13.01	27.04	1,278.95	9.37	-5.47	-0.11	-0.06	-0.4
Price/Cash Flow Average	- -	- -	- -	- -	-12.42	11.37	24.96	1,224.23	7.42	-7.87	-0.55	-0.18	-0.42
Price/Cash Flow High	- -	- -	- -	- -	-19.95	14.28	28.71	1,383.11	9.48	-14.53	-2.56	-1.19	-0.67
Price/Cash Flow Low	- -	- -	- -	- -	-7.85	9.37	21.17	1,073.47	5.54	-5.3	-0.08	-0.02	-0.13
Price/Free Cash Flow Average	- -	- -	- -	- -	-21.29	10.86	24.56	20.4	4.85	-14.84	-0.58	-0.18	-0.42
Price/Free Cash Flow High	- -	- -	- -	- -	-34.2	13.65	28.25	23.05	6.19	-27.42	-2.7	-1.2	-0.67
Price/Free Cash Flow Low	- -	- -	- -	- -	-13.45	8.95	20.83	17.89	3.62	-10	-0.09	-0.02	-0.13
EV/Sales Average	0.3	- -	- -	- -	0.89	1.19	1.53	1.22	0.9	0.83	0.43	3.82	7.43
EV/Sales High	0.3	- -	- -	- -	1.49	1.59	1.74	1.37	1.14	1.45	1.24	6.42	8.03
EV/Sales Low	0.3	- -	- -	- -	0.52	0.92	1.31	1.08	0.67	0.59	0.24	3.42	6.74
EV/EBITDA Average	-1.39	0.07	1.48	-0.55	8.82	9	9.24	-64.29	-4.29	- -	- -	- -	- -
EV/EBITDA High	-1.39	0.07	1.48	-0.55	14.8	11.96	10.51	-72.31	-5.47	- -	- -	- -	- -
EV/EBITDA Low	-1.39	0.07	1.48	-0.55	5.18	6.97	7.95	-56.69	-3.22	- -	- -	- -	- -
EV/EBIT Average	-1.36	0.06	1.4	-0.6	9.87	9.61	9.72	-45.51	-4.14	- -	- -	- -	- -
EV/EBIT High	-1.36	0.06	1.4	-0.6	16.57	12.77	11.06	-51.19	-5.27	- -	- -	- -	- -
EV/EBIT Low	-1.36	0.06	1.4	-0.6	5.8	7.44	8.36	-40.13	-3.1	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	14.72	16.32	19.9	18.05	20.55	8.09	0.43	0.12	0.36
High Price	- -	- -	- -	- -	14.75	17.91	21.13	19.52	20.8	21.5	10.44	2.45	0.6
Enterprise Value Average	25	-1	-5	-2	66	121	239	217	199	159	52	36	36
Enterprise Value High	25	-1	-5	-2	110	161	272	244	253	277	150	61	39
Enterprise Value Low	25	-1	-5	-2	39	94	206	191	149	113	29	33	33

Shares Outstanding	15	15	15	6	9	12	12	12	12	12	12	12	15
Diluted Weighted Avg Shares	6	6	6	8	11	11	13	12	12	12	12	12	13
Basic Weighted Avg Shares	6	6	6	6	8	11	12	12	12	12	12	12	13
Revenue per Share	13.3	9.66	7.08	6.96	9.24	9.29	13.1	14.74	18.4	15.96	10.09	0.8	0.37
EBITDA per Share	-2.91	-2.47	-0.58	0.57	0.93	1.23	2.16	-0.28	-3.84	- -	- -	- -	- -
Operating Income per Share	-2.98	-3.02	-0.61	0.52	0.83	1.15	2.06	-0.4	-3.99	- -	- -	- -	- -
Basic EPS, GAAP	-2.16	-3.56	-0.54	0.38	0.69	1.61	1.18	0.2	-3.22	-6.67	-1.71	-1.06	-0.44
Basic EPS from Cont Ops	-2.16	-3.56	-0.4	0.52	0.77	1.62	1.2	0.22	-3.22	-5.72	-1.09	-1.08	-0.45
Diluted EPS, GAAP	-2.16	-3.56	-0.54	0.28	0.51	1.55	1.11	0.19	-3.22	-6.67	-1.71	-1.06	-0.44
Diluted EPS from Cont Ops	-2.16	-3.56	-0.4	0.38	0.57	1.56	1.13	0.22	-3.22	-5.72	-1.09	-1.08	-0.45
Dividend per Share	- -	2.73	- -	- -	0.27	- -	- -	0.03	- -	0.03	- -	- -	- -
Cash Flow per Share	15.66	-8.57	-7.7	-3.38	-0.74	1.25	0.74	0.01	2.19	-1.48	-4.08	-2.05	-0.9
Free Cash Flow per Basic Share	15.66	-8.57	-7.7	-3.49	-0.89	1.15	0.68	-0.83	1.03	-2.17	-4.29	-2.07	-0.9
Cash & Equivalents per Share	36.21	28.28	20.69	19.2	17.28	14.95	17.21	15.47	16.88	10.89	0.75	0.44	0.18
Book Value per Share	-1.87	-18.52	-18.91	-18.34	-13.3	-8.12	-6.21	-5.95	-9.16	-15.88	-7.31	-8.38	-8.15
Tangible Book Value per Share	5.65	6.89	6.25	6.81	7.61	9.75	9.61	9.97	6.94	0.16	-0.93	-1.93	-2.04

Atlas Financial Holdings, Inc.

Profitability (USD)

Credit (USD)

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Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)