Lake Area Corn Processors, LLC Financial Ratios — LKCRU

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-3.87	17.91	49.4	10.93	14.45	7.87	2.91	-3.43	0.87	42.16	17.88	24.23
Return on Capital (%)	- -	- -	255.19	775.99	2,340.12	1,506.02	131.92	15.31	- -	6.34	260.98	355.25	275.96
Return on Invested Capital (%)	- -	- -	21.36	46.41	8.33	13.2	6.66	2.62	- -	1.56	41.5	18.49	21.79
Gross Margin (%)	13.62	1.08	11.22	28.44	8.49	14.32	10.1	8.14	1.12	4.62	19.97	9.5	12.74
EBITDA Margin (%)	13.4	0.93	10.75	27.95	10.22	14.02	9.23	7.25	1.9	5.62	19.95	9.54	12.74
Operating Margin (%)	11.54	-1.08	8.81	25.59	6.43	10.22	5.72	3.01	-2.38	1.23	17.87	7.75	10.66
Incremental Operating Margin (%)	- -	- -	108.48	-90.91	73.65	-1,805.97	105.8	25.74	- -	30.07	34.77	-103.43	-375.86
Pretax Margin (%)	11.81	-0.97	9.15	31.98	9.72	12.84	7.53	3.64	-3.3	0.81	22.04	9.66	15.11
Profit Margin (%)	11.81	-0.97	9.15	31.98	9.72	12.84	7.53	3.64	-3.3	0.81	22.04	9.66	15.11
Net Income to Common Margin (%)	11.81	-0.97	9.15	31.98	9.72	12.84	7.53	3.64	-3.3	0.81	22.04	9.66	15.11
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	67.91	-115.93	44.53	74.51	103.88	103.88	92.78	109.03	- -	- -	15.57	120.22	35.24
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	- -	10	- -	- -	1	9	27	40	37	7	8	23
ST Debt	- -	- -	1	- -	- -	1	2	3	2	2	3	5	3
LT Debt	- -	- -	9	- -	- -	- -	7	24	38	36	4	3	20
Total Debt/EBITDA	- -	0.36	0.64	0.01	0.05	0.08	1.1	4.95	18.2	5.06	0.14	0.3	0.63
Net Debt/EBITDA	- -	-5.86	-0.68	-0.17	-0.86	-0.72	0.45	4.64	12.39	2.52	-0.6	-0.7	-0.39
Total Debt/EBIT	- -	-0.31	0.78	0.01	0.08	0.11	1.78	11.95	-14.54	23.03	0.16	0.37	0.76
Net Debt/EBIT	- -	5.04	-0.83	-0.18	-1.37	-0.99	0.73	11.19	-9.9	11.45	-0.66	-0.86	-0.47
EBITDA to Interest Expense	108.46	21.18	187.84	185.81	5,564.72	7,369.81	3,391.74	- -	1.86	5.26	71.04	296.65	168.17
EBITDA-CapEx/Interest Expense	108.25	1.19	181.68	142.1	-486.84	5,002.06	-69.71	- -	-5.8	5	68.21	187.24	161.11
EBIT to Interest Expense	93.42	-24.61	153.88	170.09	3,501.15	5,371.58	2,101.63	- -	-2.33	1.16	63.62	240.96	140.6
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	- -	- -
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	0.31	14.99	- -	- -	- -	10.21	34.67	59.16	54.48	3.52	2.78	14.77
Long-Term Debt/Capital (%)	- -	35.31	87.24	0.38	0.21	0.1	80.63	87.9	94.63	95.9	55.31	36.57	88.22
Long-Term Debt/Total Assets (%)	- -	0.24	10.61	- -	- -	- -	8.29	22.93	31.71	29.18	2.68	1.92	10.34
Total Debt/Equity (%)	- -	0.87	17.19	0.38	0.7	1.53	12.66	39.44	62.52	56.82	6.37	7.59	16.74
Total Debt/Capital (%)	- -	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	- -	0.68	12.17	0.33	0.6	1.33	10.29	26.08	33.51	30.43	4.85	5.24	11.72
Net Debt to Equity	- -	-14.13	-18.24	-8.52	-11.5	-13.21	5.19	36.94	42.55	28.26	-27.12	-17.42	-10.42
Net Debt/Capital (%)	- -	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA	20	1	16	35	9	12	8	5	2	7	52	27	36
EBITDA-CapEx	20	- -	15	27	-1	8	- -	-20	-7	7	50	17	34
Operating Income (Loss)	17	-1	13	32	6	9	5	2	-3	2	46	22	30

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	0.52	1.38	0.63	0.73	0.97	0.58	0.15	0.73	0.89	1.21	0.59	0.97
Current Ratio	- -	1.83	2.19	1.68	1.74	2.1	1.7	1.01	1.47	1.59	1.9	1.31	1.62
Quick Ratio	- -	0.81	1.62	0.87	0.99	1.37	0.95	0.26	0.82	0.99	1.27	0.66	1.13
CFO/Avg Current Liab	- -	-0.06	1.48	2.71	1.84	1.45	1.21	0.78	0.52	0.48	2.27	0.95	1.44
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	0.31	14.99	- -	- -	- -	10.21	34.67	59.16	54.48	3.52	2.78	14.77
Long-Term Debt/Capital (%)	- -	35.31	87.24	0.38	0.21	0.1	80.63	87.9	94.63	95.9	55.31	36.57	88.22
Long-Term Debt/Total Assets (%)	- -	0.24	10.61	- -	- -	- -	8.29	22.93	31.71	29.18	2.68	1.92	10.34
Total Debt/Equity (%)	- -	0.87	17.19	0.38	0.7	1.53	12.66	39.44	62.52	56.82	6.37	7.59	16.74
Total Debt/Capital (%)	- -	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	- -	0.68	12.17	0.33	0.6	1.33	10.29	26.08	33.51	30.43	4.85	5.24	11.72
CFO/Total Liabilities	- -	-2.9	91.36	335.7	169.61	152.31	73.26	22.41	13.52	16.33	168.3	75.58	103.6
CFO/CapEx	664.68	-0.37	42.96	4.09	1.97	3.92	1.45	0.3	0.83	25.72	28.96	3.68	40.05
Altman's Z-Score	- -	2.56	2.9	3.48	1.7	1.95	1.47	2.52	2.11	2.14	4.27	3.87	3.53

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	62.23	37.41	54.73	70.36	31.95	23.43	33.84	121.2	205.56	354.29	148.29	61.79
Days Sales Outstanding	- -	5.87	9.76	6.67	5.19	11.42	15.58	10.79	3.01	1.78	1.03	2.46	5.91
Inventory Turnover	- -	22.65	14.01	13.72	11.91	11.05	12.99	10.49	12.67	12.26	15.84	12.12	12.09
Days Inventory Outstanding	- -	16.11	26.05	26.6	30.64	33.04	28.09	34.81	28.81	29.78	23.05	30.12	30.18
Accounts Payable Turnover	- -	21.07	9.77	9.12	9.71	8.62	10.96	10.89	11.39	7.65	9.64	8.16	6.45
Accounts Payable Turnover Days	- -	17.32	37.36	40.02	37.6	42.34	33.31	33.51	32.05	47.7	37.86	44.72	56.62
Cash Conversion Cycle	- -	4.65	-1.56	-6.75	-1.77	2.12	10.36	12.08	-0.22	-16.15	-13.78	-12.14	-20.54
Inventory to Cash Days	- -	-10.25	-16.29	-19.93	-25.45	-21.62	-12.51	-24.02	-25.8	-28	-22.02	-27.66	-24.27
Inventories	- -	12	7	6	8	6	6	8	11	10	16	26	15
Raw Materials	- -	8	4	4	4	3	2	3	5	5	7	12	9
Work In Process	- -	1	1	1	1	1	1	1	1	1	2	1	1
Finished Goods	- -	2	2	1	2	1	1	3	4	2	6	10	3
Other Inventory	- -	1	1	1	1	1	1	1	1	1	1	2	2

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	95	97	74	62	107	126
- Cash & Cash Equivalents	- -	8	21	6	8	10	5	2	13	19	38	27	37
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	10	- -	- -	1	9	27	40	37	7	8	23
Enterprise Value	- -	-7	-11	-6	-8	-9	4	120	124	92	31	88	112
Total Capital	- -	- -	10	- -	- -	1	9	27	40	37	7	8	23
Total Debt/Capital (%)	- -	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt / EV	- -	-0.06	-0.94	-0.04	-0.06	-0.12	2.44	0.22	0.32	0.4	0.23	0.09	0.2
EV/Sales	- -	- -	- -	- -	- -	- -	0.04	1.61	1.07	0.71	0.12	0.31	0.4
EV/EBITDA	- -	- -	- -	- -	- -	- -	0.45	22.13	56.18	12.62	0.61	3.27	3.13
EV/EBIT	- -	- -	- -	- -	- -	- -	0.73	53.39	- -	57.43	0.68	4.02	3.74
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	0.31	15.37	14.24	8.7	0.52	2.4	1.85
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	0.18	3.56	6.97	8.41	0.5	1.89	1.81
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	95	97	74	62	107	126
Diluted Enterprise Value	- -	-7	-11	-6	-8	-9	4	120	124	92	31	88	112
EV per Share	- -	- -	- -	- -	- -	- -	0.12	4.05	4.18	3.12	1.06	2.98	3.77
TTM Sales	148	132	145	124	89	89	85	75	116	131	259	283	280
TTM EBITDA	20	1	16	35	9	12	8	5	2	7	52	27	36
TTM Operating Income	17	-1	13	32	6	9	5	2	-3	2	46	22	30
TTM Cash Flow to Firm	26	- -	22	34	19	16	12	8	9	11	60	37	60
TTM Free Cash Flow to Firm	26	1	23	42	29	20	20	34	18	11	63	47	62

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	2.81	5.82	7.72	1.01	2.3	2.04
EV/EBIT	- -	- -	- -	- -	- -	- -	0.73	53.39	- -	57.43	0.68	4.02	3.74
Enterprise Value	- -	-7	-11	-6	-8	-9	4	120	124	92	31	88	112
Low Price	- -	- -	- -	- -	- -	- -	- -	3.12	3.09	2.4	1.51	3.25	3.9
EV/Sales	- -	- -	- -	- -	- -	- -	0.04	1.61	1.07	0.71	0.12	0.31	0.4
EV/EBITDA	- -	- -	- -	- -	- -	- -	0.45	22.13	56.18	12.62	0.61	3.27	3.13
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	34.89	- -	70.15	1.09	3.92	2.97
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	35.44	-25.37	70.15	1	3.92	2.94
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	35.98	-25.48	70.15	1.09	3.92	3.12
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	34.02	-23.93	67.34	0.78	3.53	2.73
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	1.64	1.79	1.35	0.6	1.1	1.01
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	1.67	1.8	1.35	0.55	1.1	1
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	1.7	1.81	1.35	0.6	1.1	1.06
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	1.6	1.7	1.3	0.43	0.99	0.92
Price/Sales	- -	- -	- -	- -	- -	- -	- -	1.27	0.83	0.57	0.24	0.38	0.45
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	1.29	0.84	0.57	0.22	0.38	0.44
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	1.31	0.84	0.57	0.24	0.38	0.47
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	1.24	0.79	0.54	0.17	0.34	0.41
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	12.14	12.84	8.02	1.04	2.92	2.1
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	12.33	12.9	8.02	0.95	2.92	2.07
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	12.52	12.96	8.02	1.04	2.92	2.2
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	11.84	12.17	7.69	0.75	2.63	1.92
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	2.86	5.85	7.72	0.92	2.3	2.02
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	2.9	5.88	7.72	1.01	2.3	2.15
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	2.74	5.52	7.41	0.72	2.07	1.88
EV/Sales Average	- -	- -	- -	- -	- -	- -	0.04	1.63	1.07	0.71	0.1	0.31	0.39
EV/Sales High	- -	- -	- -	- -	- -	- -	0.04	1.64	1.08	0.71	0.12	0.31	0.42
EV/Sales Low	- -	- -	- -	- -	- -	- -	0.04	1.57	1.02	0.69	0.05	0.27	0.36
EV/EBITDA Average	- -	-5.86	-0.68	-0.17	-0.86	-0.72	0.45	22.4	56.38	12.62	0.51	3.27	3.09
EV/EBITDA High	- -	-5.86	-0.68	-0.17	-0.86	-0.72	0.45	22.67	56.58	12.62	0.61	3.27	3.31
EV/EBITDA Low	- -	-5.86	-0.68	-0.17	-0.86	-0.72	0.45	21.69	53.89	12.22	0.27	2.87	2.84
EV/EBIT Average	- -	5.04	-0.83	-0.18	-1.37	-0.99	0.73	54.04	-45.03	57.43	0.57	4.02	3.7
EV/EBIT High	- -	5.04	-0.83	-0.18	-1.37	-0.99	0.73	54.7	-45.19	57.43	0.68	4.02	3.96
EV/EBIT Low	- -	5.04	-0.83	-0.18	-1.37	-0.99	0.73	52.33	-43.05	55.59	0.3	3.54	3.39
Last Price	- -	- -	- -	- -	- -	- -	- -	3.2	3.26	2.5	2.1	3.61	4.25
High Price	- -	- -	- -	- -	- -	- -	- -	3.3	3.29	2.5	2.1	3.61	4.47
Enterprise Value Average	- -	-7	-11	-6	-8	-9	4	121	124	92	26	88	110
Enterprise Value High	- -	-7	-11	-6	-8	-9	4	123	125	92	31	88	118
Enterprise Value Low	- -	-7	-11	-6	-8	-9	4	118	119	90	14	77	101

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	- -	30	30	30	30	30	30	30	30	30	30	30	30
Diluted Weighted Avg Shares	30	30	30	30	30	30	30	30	30	30	30	30	30
Basic Weighted Avg Shares	30	30	30	30	30	30	30	30	30	30	30	30	30
Revenue per Share	4.99	4.47	4.91	4.2	3	3	2.86	2.52	3.92	4.41	8.74	9.54	9.47
EBITDA per Share	0.67	0.04	0.53	1.17	0.31	0.42	0.26	0.18	0.07	0.25	1.74	0.91	1.21
Operating Income per Share	0.58	-0.05	0.43	1.08	0.19	0.31	0.16	0.08	-0.09	0.05	1.56	0.74	1.01
Basic EPS, GAAP	0.59	-0.04	0.45	1.34	0.29	0.39	0.22	0.09	-0.13	0.04	1.93	0.92	1.43
Basic EPS from Cont Ops	0.59	-0.04	0.45	1.34	0.29	0.39	0.22	0.09	-0.13	0.04	1.93	0.92	1.43
Diluted EPS, GAAP	0.59	-0.04	0.45	1.34	0.29	0.39	0.22	0.09	-0.13	0.04	1.93	0.92	1.43
Diluted EPS from Cont Ops	0.59	-0.04	0.45	1.34	0.29	0.39	0.22	0.09	-0.13	0.04	1.93	0.92	1.43
Dividend per Share	0.4	0.05	0.2	1	0.3	0.4	0.2	0.1	- -	- -	0.3	1.11	0.5
Cash Flow per Share	0.87	-0.01	0.74	1.13	0.66	0.53	0.39	0.26	0.25	0.31	2.02	1.24	2.03
Free Cash Flow per Basic Share	0.87	-0.05	0.73	0.85	0.32	0.39	0.12	-0.61	-0.05	0.3	1.95	0.9	1.98
Cash & Equivalents per Share	- -	0.26	0.7	0.21	0.28	0.34	0.17	0.06	0.43	0.63	1.28	0.91	1.24
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	1.37	1.62	1.97	1.95	1.94	1.95	1.95	1.82	1.85	3.48	3.29	4.22

Lake Area Corn Processors, LLC

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)