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For questions 3 and 4: use the following information sourced from McRobert (2009, p.15) "ABC Learning Centres Limited - did the annual reports give enough waming?" TABLE 1: ABC Learning Centres Limited, key financial data, as at 30 June Year ended 2001 2002 2003 2004 2009 2006 2007 of centres at year end 43 187 327 660 1257 2238 # of directors 7 7 7 Total assets (AS mn.)' 28.5 15.9 157.0 314.1 1.165.5 2,323,3 4,067.1 Total debt" 10.3 20.6 55.6 103.0 200,1 260.4 1,758.8 Total shareholders' funds' 13.2 27. 89.1 202.6 845.5 1.837.7 1,901.6 Profit after tax" 3.3 6.8 12.1 21.4 52.3 81.0 143.1 Return on equity 24.7% 24.9%% 13.5%% 10.5%% 6.2%% 4.4%% 7.5%% " Before the adjustments discussed below TABLE 2: ABC Learning Centres Limited, returns to shareholders, as at 30 June For year ended: 200 2002 2003 2004 2005 2006 2007 Net profit after tax/total revenue 25.6%% 28 9% 29.8%% 26.6% 21.0% 13.3%% 8 696 ROE (adjusted) 24.7%% 24.9%% 13.5% 14.194 6.6%% 4.4% 7.5% QUESTION 3 Identify and discuss some of the business and accounting 'red flags' which should have warned financial analysts and investors of the increasing risk of investing in ABC Learning Centres Limited. (10 Marks) QUESTION 4 Explain the importance of financial ratio analysis, including the importance or relevance of different ratio categories. Are some ratio categories more important than others, and if so, why? (Use the ABC Learning information above and the ratios provided at the back of this exam to support your conclusions). (10 Marks)