Provide an analysis of your company’s financial condition, financial performance and cash flows. Discuss known trends, demands, commitments, events or uncertainties that are reasonably likely to have an effect on your company’s business. Compare your company’s performance in the most recently completed financial year to the prior year’s performance. Your analysis should address at least the following:
(a) operating segments that are reportable segments as those terms are described in the issuer’s GAAP;
(b) other parts of your business if
(i) they have a disproportionate effect on revenue, profit or loss or cash needs; or
(ii) there are any legal or other restrictions on the flow of funds from one part of your company’s business to another;
(c) industry and economic factors affecting your company’s performance;
(d) why changes have occurred or expected changes have not occurred in your company’s financial condition and financial performance; and
(e) the effect of discontinued operations on current operations.
INSTRUCTIONS
(i) When explaining changes in your company’s financial condition and results, include an analysis of the effect on your continuing operations of any acquisition, disposition, write-off, abandonment or other similar transaction.
(ii) A discussion of financial condition should include important trends and risks that have affected the financial statements, and trends and risks that are reasonably likely to affect them in the future.
(iii) Include information for a period longer than two financial years if it will help the reader to better understand a trend.