Seeing no further introductions, therefore it is time for Question Period, the leader of Her Majesty's Royal Opposition. Thank you, Anne. Good morning, Mr. Speaker. My question is for the Acting Premier. Speaker, for seven years the government has been battling yet another business, Trillium Power, in court. And due to the suspicious circumstances with the government files, yet again the OPP were called in to investigate. Yes, Speaker, this is the fifth OPP investigation of this Liberal government. Now today we learned new evidence shows the Liberal government destroyed documents relative to the case. Mr. Speaker, was the destruction of the Trillium documents intentional? Or did it happen when the Liberals wiped the gas plant evidence from their computers? Thank you, Speaker. I thank the member opposite for the question. And I think, Speaker, the member very much knows that we can't comment specifically on the lawsuit from Trillium Power. As the matter is before the course or any matter for that matter, Speaker, that is before the course. But with respect to record keeping, we are, Speaker, committed to being an open, accountable and transparent government. We have taken action to strengthen the laws related to record keeping and we have ensured that there are good policies in place for document retention and staff training. We have worked closely, Speaker, with the Information and Privacy Commissioner and the Chief Privacy Officer and the Archivist of Ontario to ensure that our policies are appropriate. Speaker, the decision to place a moratorium on offshore wind is one our government still believes is correct. It's a decision that we will continue to make based on science and evidence, Speaker, and Ontario will take a cautious approach to offshore wind. Thank you very much. Supplementary. Thank you. Back to the acting, Premier. Well, Speaker, with so many investigations and scandals going on that they can't talk about, it doesn't leave very much left for the Liberals to actually be able to talk. Stop the clock, please. I've heard from both sides and I will not waver from my resolve to have us complete a decorum filled question period. And I'm listening carefully. Please finish your question. As I said, there's very little left, Speaker, for the government to be able to comment on, but we'll try delving deeper into this. A freedom of information request to the Premier's office and Cabinet office turned up no results. All records pertaining to, quote, Trillium and key offshore wind contracts between January 2010 and December 11 were requested. The request turned up zero relevant documents, zero, Speaker, as in none, no documents. It's inconceivable that no one in the Premier's office or Cabinet office wouldn't have used those words. This is exactly what happened in the gas plant scandal hearings. The government said they had no files because they had destroyed them all. Question. Speaker, which Liberal ordered the documents related to this case to be deleted? I want to remind the member opposite again that we take our obligation in terms of transparency and accountability and openness of government very, very seriously. Speaker, we promised to the people of Ontario to open up the government completely and we have done so to an unprecedented degree, Speaker. In the report that was delivered by the then Information and Privacy Commissioner, she credited our government for improving record keeping across the government, Speaker. Speaker, we have sent a directive to all political staff. We have developed mandatory training programs. We have appointed chiefs of staff accountable for record keeping. We have improved archiving requirements. Speaker, we also brought an accountability act that would prohibit the willful deletion of records and in fact has created a penalty to do so. Speaker, the Premier's office have worked very closely with the Integrity Commissioner and the Information and Privacy Commissioner deal with these issues. Final supplementary. Back to the acting Premier. The Liberals say one thing, Speaker, when the exact opposite is true. Trillion powers submitted another freedom of information request. To the Minister of Energy. It was for a period from October 6, 2006 to January 31, 2014. They requested documents with the keywords quote Trillium Power Wind and TPW1 project in Eastern Ontario. The response only indicated documents after March 2013. There were no documents for the FOI. It would appear that the Liberals have deleted every document that pertains to Trillium before March 2013. Speaker, we know emails exist because Trillium themselves had sent emails to the Premier's office and to the Government's office. And yet they say none exists. Mr. Speaker, where are all the documents? I want to remind the member again that this legislature is not the place to litigate matters that are before the course. I know the members opposite would love to do that and they've tried it at many times. That does not make it right.  Which says that we as legislators must respect the independence of a judiciary. We must respect the process that is ongoing. However, Speaker, I can speak to the very strong action that our government has taken in order to ensure that we have an open government, that we have a government that really have bolstered and strengthened transparency and accountability. In my previous answers, I spoke of very specific measures that we have taken exactly to do so. Not only making sure that we have strengthened the law and put penalties in place for such actions. We have also have gone beyond in putting the right set of policies and training that goes along with it for our staff so that government remains open and accountable to people of Ontario. New question? The Leader of the Opposition. Thank you, Speaker. My question is for the Acting Premier. Well, Speaker, Trillium can't get the evidence from the Liberals. It's been destroyed. But we on this side, we've proven that we know how to get that evidence, Speaker. According to reports, Trillium says emails provided show that the Premier's office and, quote, several other ministries are involved, quote, the ministries of energy, environment and natural resources collaborated behind the scenes to develop a policy specifically targeting Trillium, quote. They say they intentionally favored Trillium's competitor. So, Mr. Speaker, did the Liberals delete all the documents because the evidence supported Trillium's allegations? Thank you. Minister of Energy. Thank you, Mr. Speaker. Like the Attorney General said, Mr. Speaker, we can't comment specifically on the lawsuit from Trillium Power. As you know, Mr. Speaker, and this House knows the matter is before the courts. But with respect to record keeping, Mr. Speaker, we're committed to making sure that we are a transparent, accountable and an open government, Mr. Speaker. As was said, we've taken action to strengthen the laws related to record keeping and have ensured there are good policies in place for document retention and staff training, Mr. Speaker. That's an important piece in that. We've worked closely with the Information and the Privacy Commissioner and the Chief Privacy Officer and Archivists of Ontario to ensure that our policies are appropriate, Mr. Speaker. But when it comes to placing a moratorium on offshore wind, it's one that our government still believes is correct, Mr. Speaker, and I'll have more to that in the supplementary. Thank you very much, Mr. Speaker. Back to the acting premier. Well, Mr. Speaker, this is exactly how the gas plant scandal played out and ended with a liberal conviction. The government denies the deleted document claims are related to the gas plant deletions. They say, quote, any investigation into the destruction of evidence in the gas plant scandal is irrelevant to Trillium's case. So if it is irrelevant to Trillium's case, that means a separate order was given to destroy documents. So, Mr. Speaker, if it is irrelevant to the gas plant scandal, who ordered these documents to be destroyed? Who was it? Again, Mr. Speaker, the member opposite knows well that we can't comment specifically on the lawsuit from Trillium Power. Mr. Speaker, the matter is before the courts, and that's where it should be, Mr. Speaker. And that's why, again, we all know that we can't comment specifically on this lawsuit. Mr. Speaker, we've talked about the actions that we've taken when it comes to ensuring record retention and document retention, Mr. Speaker. So, you know, one of the things that we've done is when we worked with the Information and Privacy Commissioner, she's credited our government for improving record keeping across government, Mr. Speaker. Some of the things that we've done as a government since we've worked with the Privacy Commissioner, the Information and the Privacy Commissioner, we sent a directive to all political staff outlining and developing mandatory training programs. We also appointed chiefs of staff accountable for record keeping and improving archiving requirements, Mr. Speaker. Those are just a few things of the many things that we did to improve our retention of documents. Final supplementary. Back to the acting Premier. Speaker, I can say all of this sounds hauntingly familiar to the process that ended in a liberal conviction. The deletion of documents was done a year after the Trillium lawsuit began. The government was being sued and they say there are no emails, even though Trillium themselves sent emails to the government. At least those should have come back in the documentation. But the Premier's office and Cabinet's office were busy deleting documents. No wonder there have been five OPP investigations into this government. Mr. Speaker, thanks to the Liberal government, the OPP have tremendous experience recovering deleted documents. What will they find this time? Thank you very much, Speaker. I want to repeat again to the member opposite that he and his party knows very well that you cannot talk about litigation before the court. That is inappropriate. The rules are very clear on that. But, Speaker, as you know, in our power lines we call these pivot questions. They're pivoting away from talking about the kind of cuts they will bring under their party's agenda, Speaker. We know, Speaker, that the Conservatives and their leader, Doug Ford, believe in nothing but cuts, cuts and cuts. They want to cut the minimum wage for hardworking people. They want to cut the corporate taxes for large, wealthy businesses, Speaker.  How many jobs of teachers and nurses and personal support workers are they going to cut? Speaker, that is the real issue. That's what they should be talking about. But they choose to pivot to something that is before the court, which they very well know cannot be spoken in this office. Thank you. New question? The member from Nickel Belt. Thank you, Mr. President. My question is to the acting Premier. I think it would be the scariest thing a family has to face. But there's good news. Cancer treatment are improving all the time. There are treatments that once required to go to the hospital that don't any longer because of take-home cancer drugs. But in Ontario, these life-saving drugs often come with a huge out-of-pocket expanse. Why does the Premier think it is okay to force cancer patients to reach deep into their pockets to pay thousands of dollars for these life-saving drugs? Acting Premier, Minister of Health and Long-Term Care. Minister of Health, Long-Term Care. Thank you, Mr. Speaker. And certainly I'm pleased that our government and the Third Party seem to be very much on the same page when it comes to advocating for a universal pan-Canadian pharmacare play. My predecessor is heading up a Canada-wide committee looking at the issue of all drugs, including cancer drugs. And I'm pleased to see that the Third Party has recently, I think just this morning, had an initiative as it comes to take-home cancer drugs. We are also, of course, very aware that this is an important area, and that's why we in fact do provide free oral cancer drugs to people in patients in a number of different ways. Thank you, Mr. Speaker. Speaker, those different ways that the Minister talked about, most of them go through trillion drug programs. But most of the time it takes weeks to get an approval. Just imagine, Speaker, waiting weeks for the government to decide all the while knowing that your cancer is not being treated. Isn't that the last thing family needs after a cancer diagnostic? Thank you, Minister. There are many different ways, as I've said, for low-income families to be able to access these drugs. The Ontario Drug Benefit Program funds oral cancer drugs, including oral chemotherapy for ODG-eligible recipients. We have a new drug funding program administered by Cancer Care Ontario that funds intravenous cancer drugs that are provided in an outpatient setting. CCO also administers the Evidence Building Program and the Case-by-Case Review Program. We currently spend some $479 million on oral cancer drugs, and we increased our funding by 25% last year. I understand the leader of the third party is now proposing an increase of some 9%. In her estimation, she has offered to spend some $43 million annually on this program. I'll have more on the supplementary. The Minister has to read this off of a piece of paper because the system is so complicated. The system is so demeaning that it puts people that are already at a very high level of stress through more stress. She doesn't have to force family to reach into their pocket for these drugs. The Minister has a choice. She doesn't have to force them to wait for weeks for treatment. She doesn't have to force them to go through this demeaning process that she's laying out for us. She can provide true universal coverage for these life-saving cancer drugs. Why doesn't she? Thank you. According to our estimates, the platform just released by the NDP would actually cost some $300 million annually. They are only offering $43 million. In other words, it's just like their long-term care commitment. There's not nearly enough funding in their platform, and frankly, I don't know who could possibly trust them. I think it's particularly disappointing that they are so ready to make these empty promises to Ontario's cancer patients and their families. We believe in real numbers. We analyse very, very carefully.  New question, the member from Nicobel. Thank you, Mr Speaker. My question is for the Acting Premier. It has had 15 years to give Ontario family facing cancer the universal drug coverage they need. 15 years, 15 budget, 15 times that cancer patients have been disappointed by this Liberal government. Why would the Premier force cancer patients to wait even 15 more minutes for the cancer treatment that they need now? Acting Premier, Minister of Health and Long-Term Care. Well, certainly, Mr Speaker, we do recognise that the cost of certain drugs can be challenging. And that's why in the last five years we have added funding for an additional 68 cancer drugs. And so, just this last year alone, the Ministry spent $467 million on oral cancer drugs for Ontarians. I reiterate a 25% increase from the previous year. This is what we've been doing consistently. We work closely with Cancer Care Ontario and rely on their advice as to which particular drugs should be funded. We rely on the Cancer Drug Implementation Advisory Committee to ensure that there is a high quality cancer care system for Ontarians. Great answer. Thank you. Speaker, I'm asking about covering cancer drugs so that people don't have to reach into their pockets. Cancer touches so many families. So many families know what it's like to receive a cancer diagnosis. And so many families know how scary this can be. But the government can help. We can make sure that life-saving drugs are covered so that these families can focus on treatment and recovery and not have to worry about how to pay for take-home cancer drugs. Why won't the Minister offer these families at least one comfort and make life-saving cancer drugs available to everyone? Thank you, Mr Speaker. And of course, this is why we've taken such massive strides towards our goal of national pharma care through the creation and expansion of OHIP+. And we have also recently in this budget, in the 2018 budget, suggested that we wish to invest $800 million to create the Ontario Drug and Dental Program to support those without an extended health plan. This will help low-income individuals with an opportunity for some funding that they can put towards cancer drugs. We've also, in terms of the Trillium Drug Program, made sure that we've streamlined the application process so that more people can access that type of help through that program. Thank you, Mr Speaker. Thank you. Final supplementary. If the Liberal government wanted to provide universal drug coverage, it had 15 years to do so. It hasn't. If the Premier wanted to provide universal drug coverage, she would have five years to have done so. She did not. Why should cancer patients wait any longer for this Premier, for this Minister to provide true universal coverage for take-home cancer drugs? You see it, please? Thank you. Thank you, Mr Speaker. Well, on this side of the House, Mr Speaker, we're very conscious of affordability issues, obviously those of our constituents, but also in terms of what is responsible in terms of budgetary increases in this important area. And that's why we're working so hard with the federal government. We've been playing a pivotal role in the recent initiative between the Pan-Canadian Pharmaceutical Association, the Canadian Generic Pharmaceutical Association. We are creating savings through these bulk purchasing arrangements, and we haven't actually saved some $3 billion for public drug plans through this initiative. And these types of savings will continue to be reinvested into funding new innovative and life-saving drug therapy. So we will continue to work with provincial, territorial, federal partners to provide equitable and affordable drug coverage for all Canadians. Thank you, Mr Speaker. New question? The member from Prince Edward Hastings. Thank you, Speaker. My question is for the acting Premier. Ontarians were shocked to learn of new allegations against the Liberal government, illegally destroying documents, this time relating to the Trillium Power scandal. The OPP has been called in again. This is the fifth time that an investigation has been carried out into the actions of this government. The trial is set to begin on June 11th, just four days after the upcoming election. It would seem the Liberals were maybe hoping that this story would stay out of the news until after Ontario votes. But Mr Speaker, does the acting Premier know when the Premier was made aware of allegations that the Liberal government again committed illegal document destruction? Great question. Acting Premier. Speaker, I see a bit of consternation on his face and I just warned the member to be very careful in making the kind of allegations he's trying to make. Speaker, this is not the place. Speaker, it's our collective responsibility to ensure that we abide by the rules and we respect the independence of judiciary. This is not the place, Speaker, to litigate a matter that has been before the courts for some time, complex piece of litigation that's working through. There's a date for the hearings to take place. We on this side of the House, Speaker, respect that. I think the member opposite should do so the same. I know he's a law abiding citizen, Speaker, and I think we should be very careful and mindful, Speaker, around trying to insinuate allegations of the kind he was trying to do in the... Thank you. Comments. Speaker, our job in the official opposition is to hold this government to account and that's what we do on a daily basis here. Yet this Liberal government continues to dodge and deny all they want. I think the first three things they learn when they come to office are control, alt, delete. Because we've seen that time and time again over the last number of years. It's the same Liberal government, Mr. Speaker, that once claimed the gas plant scandal was only going to cost $40 million. And that no crimes were committed there. We now know that the gas plant scandal cost $1.1 billion and a senior Liberal is going to jail as a result of that scandal. Mr. Speaker, when it comes to allegations of illegal document destruction, why should we believe the Liberals this time? Thank you. I fully recognize and appreciate the role of the opposition is to have government to account and they should do so on policy issues, Speaker. But that does not give you a carte blanche to talk and start litigating a matter that is before the court, Speaker. If you want to talk policy, Speaker, let's talk about policies. Let's talk about why does the conservatives under the leadership of Doug Ford wants to cut minimum wage for hardworking people. Speaker, let's talk about why they just want to give big tax breaks for large wealthy businesses and then lose all that important revenues that we get as government to provide essential services. Why, Speaker? Because they're going to cut those services as well. They're going to undermine our education system. They're going to undermine our healthcare system, which is going to result in at least one of the estimates around loss of 40,000 jobs. Speaker, these are teachers that we rely on. These are education workers that we rely on. These are nurses and personal support workers we rely on. So if they want to talk policy, let's talk about those important policies that are going to harm the province. Thank you. No question. The member from Windsor to come. Speaker, my question this morning is for the Minister of Health. Good morning, Minister. Speaker, more than a thousand people in the Windsor area suffer a heart attack or have a cardiac event each year. But the Liberals only fund rehab programs for half that number. Instead of weeks, patients have to wait anywhere from three to six months to get in a rehab. Seeing the need, a new private cardiac rehab center just opened up last week. They'll take you right away, but you have to pay for it. Speaker, why has this liberal government paved the way for private health care by underfunding our health care system in the Windsor area? Thank you, Mr. Speaker, and we know how critical it is to have access to high quality cardiovascular services in Ontario, including rehab services. And of course, we've been increasing our investment in this regard over the last several years. We, in fact, just this year, are investing an additional $25 million that will result in more than 3,000 new cardiac procedures. And we know that rehab for a number of these individuals is extremely important. So we have, of course, increased our funding for in-hospital rehab to a tune of across the board for all hospital funding to $822 million, representing a major increase to the sector over the last year. So, of course, we wish to continue to deliver high quality and specialized services, including rehab services across the province. And I'll have more to say in the supplementary. Thank you, Mr. Speaker. Thank you, supplementary. Speaker, the Canadian Health Care Coalition says private rehab clinics can prey on vulnerable patients who may not always know their rights. This American style of health care should have no place in Ontario. Windsor's Hotel View Grace Hospital Health Care gets 1,300 referrals a year for its cardiac wellness program and is only funded for 500. Speaker, how can the public have any faith in the Liberals at all when it comes to properly funding our public health care system in Ontario? Thank you, Minister. Mr. Speaker, since 2015, some six cross-provided teams have been piloting integrated innovative models across the province for patients who require short-term care at home after leaving hospital for a variety of conditions. And so we're using these lessons learned from these pilots to inform the future of what the best practice in cardiac care is in Ontario. And of course, for cardiac patients, rehab services are provided to hospital inpatients or outpatients when they are needed at no cost to the patient. We will continue to expand services in Windsor and across the province, Mr. Speaker. Any medically necessary physician services to assess patients and treat cardiac risk factors are insured services. Thank you, Mr. Speaker. Thank you. New question. The member from Barrie. Thank you, Speaker. My question is for the Minister of Labour. I'm proud to represent so many amazing women from my riding of Barrie. The women I represent work in all industries and sectors. They work hard for our community, and we are stronger because of their dedication. However, there remain barriers that prevent their full participation in the workforce. Most notably, women continue to earn 30% less on average than men. That gap is larger for racialized women and even larger for women with disabilities. This is unacceptable. It is time to close the gender wage gap. We know that increasing women's economic participation is the right thing to do for the sake of equality and for the good of our economy. Minister, what have you done to close the gender wage gap? Thank you, Minister of Labour. Thank you to the member of Barrie, which is just north of the green belt from us here, Speaker. We've made investments in childcare, Speaker. We've made investments in healthcare. We've raised the minimum wage. We've bought in measures such as equal pay for work of equal value, Speaker. But we know there's more to be done. That's why we bought forward pay transparency legislation. First province in all of Canada, Speaker, to introduce a comprehensive package of measures that's going to increase pay transparency. The legislation is a new tool in our toolkit and it's going to promote workplace equity. It's going to shine a light on paying equity, Speaker, on biases. It's going to help employers to eliminate them. In my mind, Speaker, this is one piece of legislation that should have passed this House unanimously. So let me thank the NDP for their support on this historic legislation. But tell you how deeply disappointed I am that Doug Ford and his Conservative Party turned his back. They turned his back on the women of this province, Speaker. Thank you, Minister. I too was disappointed about Doug Ford's Conservatives voting against the Pay Transparency Act. And so were the women in my community. The Conservatives chose to ignore the fact that a woman in Canada takes home only 70 cents for every dollar a man makes. They chose to put their business buddies ahead of the hardworking women in this province. This comes also after they voted against raising the minimum wage and increasing protections for vulnerable workers. It is not fair.  I'm proud to support our upcoming budget that includes measures to improve women's economic stability. Measures like restoring the funding to the Pay Equity Commission after the Harris government slashed it in half. Minister, can you tell us how our government is increasing women's economic participation? Thank you, Minister. Thank you again to the members whose writing is, as I said, just north of the great green belt we have here in the province of Ontario. Thanks for your leadership. We've got pay equity, robust pay equity legislation, that a human rights code speaker, requirements to ensure employers can have differences in pay. Stop the clock. I would, I'd like to hear the minister's response from the government side. Finish, please. Speaker, we've improved our workplace laws. We've increased the minimum wage. I know the opposition party wants to roll that back speaker. We're increasing it to $15 an hour. Free prescriptions, free tuition for young people. Investing in women's equality, Speaker. Speaker, last week's vote was a tremendous opportunity for people to throw their weight behind these measures. Doug Ford's Conservatives made it very clear women's equality is not a priority. Thank you. Thank you, Speaker. My question was to the acting Premier. We already know that the Liberals have spent hundreds of thousands of dollars on campaign-style announcements. Now the Toronto Star, son, I'm sorry, is reporting that the Premier's seven... Order for you. Start the clock, please. Now the Toronto Sun is reporting that the Premier's seven town halls cost taxpayers $209,000. Campaigning on the taxpayers' dimes has to stop. When will the Liberal Party pay back the taxpayer? Nobody trusts them. Well, Speaker, I think the member should be applauding the Premier for doing town halls across the province and listening to the people of Ontario, and that's exactly what those town halls was. Speaker, it's not a very easy thing as all members know because we all have held town hall meetings in our communities where you invite your constituents with you in white. I would ask the member to listen to the response, please. Finish, please. Speaker, the Premier held seven different town halls in all corners of the province to hear directly from voters about their concerns, their anxieties, and their hopes for the future, Speaker. This was all part of her effort to be open and transparent and to hear directly from voters and the lead-up to the budget, something that Speaker Premier's and leaders should do. And, Speaker, of course there's cost associated with it, but it was open to all Ontarians. Thank you. Supplementary. You are responsible. The government's spending of taxpayers for partisan purposes is not limited to campaign-style announcements in town halls. For the Premier, it also includes over $17.4 million the government has spent last year on partisan advertising. When Doug Ford campaigns, he doesn't send the bill to the taxpayers. When will the Liberals reimburse the taxpayers? Speaker, I am defending the Premier as the leader of this province and of this government, her right to listen and talk to Ontarians. And that is what exactly she's doing. That is her job is to be out and about in communities and talking to Ontarians. I'm trying, and I know you are. Carry on. I don't know why they're so worked up that the Premier was hosting a whole big town hall that was open to all Ontarians. We're questions. The member from the Nippian-Carlton will come to order. Carry on. Well, Speaker, as the MPP from Hastings himself said, this is how MPP, for example, gets your pulse on what the community is thinking on a number of different issues by hosting a town hall. And I think it's a good idea that politicians should be finding out the pulse of our local community, and that's exactly what the Premier was doing. New question. The member from Essex. Thank you, Speaker. My question is to the acting Premier. Premier, for months, farmers and residents in North Kent have complained about black well water, which started appearing after Samsung began pile driving construction for its new private for-profit wind farm. The Premier won't listen to these farmers and residents. She prefers to listen to Samsung, which insists that pile driving cannot cause black well water. But earlier this month, the Ministry of the Environment banned pile driving construction for a new private wind farm in Chatham Kent. So the Ministry of Staff have acknowledged that pile driving is a risk to ground water in Chatham Kent. Why hasn't the Premier? Speaker, to the Minister of Agriculture, Food and Rural Affairs, Minister of Small Businesses on behalf of the Minister of the Environment and Climate Change. Minister of Agriculture. Well, thanks very much, Mr. Speaker. I appreciate the question of the member from Essex. Our government takes concerns regarding groundwater quality very seriously as prioritized environmental protection is part of the renewable project construction. That's why we put strict requirements of process in place like projects like this. It's our government that's created these requirements with strict measures of oversight in order to provide the highest level of protection for our environment. If the developer does not follow these requirements or processes adequately, the project may not proceed. This is an issue that I know by calling. The Minister of Climate Change has been dealing with extensively. Thank you. Thank you, Speaker. Ministry staff have confirmed what farmers and residents of Chatham Kent have known ever since their well water turned black. Pile driving is putting their groundwater at risk. The Ministry now has banned pile driving at a private wind farm in Chatham Kent. But this ban comes too late for farmers and residents in North Kent where independent testing has shown a 14,000% increase in Kettle Point black shale particles which are known to carry heavy metals such as mercury, arsenic and lead. Speaker, will this government listen to North Kent farmers and residents and do the right thing and conduct a health hazard investigation today? Mr. Speaker, I want to thank the supplementary question from my colleague from Essex. I know the Minister of Climate Change has responded to this issue. I know that he continues to have his ministry officials engaged in this particular issue. And we all know whether you're in Walla or Windsor or Coburg or Cobacock, we want to make sure that quality water, the purest water we can for every resident in the province of Ontario, Mr. Speaker. Thank you. New question. A member from Lambton, Kent Middlesex. Well, thank you very much, Mr. Speaker. My question this morning is to the acting Premier. This government has spent almost $23 billion of taxpayers' money on business support programs over the last five years. We already know that most of the grants go to the oldest, wealthiest corporations with 80% of the money being handed out by invitation only. This morning, a new report was released by the Financial Accountability Office which examined 12 of these programs. Shockingly, the FAO found no evidence to show that any of these programs produce actual results. Mr. Speaker, how can the Liberal government spend billions and billions of dollars with no evidence that taxpayers are getting value for money? The Minister of Economic Development and Growth. Thanks very much, Speaker. I want to thank the member for his question, and I want to go beyond that to thank the FAO for the report that came out a little bit earlier today. Speaker, the member asking the question talks about the evidence that demonstrates that the plan that our government has embarked on over the last number of years with respect to strategic supports for business. What's the evidence that it's actually working, Speaker? And I would simply point to the fact that Ontario's economy is stronger today than it's been at any time in recent memory. We know, and the members in the Conservative Party know, since the depths of the economic recession, we've created more than 800,000 jobs, Speaker. We know, for example, that our unemployment rate is lower today than at any other time in the last 17 years, Speaker. We know that we've been below the national average as it relates to unemployment, and now for almost three consecutive years. And we know that the province of Ontario's GDP is outpacing not only the rest of the country, Speaker, but the entire G7. I would suggest to the member asking the question that though we thank the FAO for his report, the evidence is in how lives across Ontario have improved because of our investments. Supplementary. Well, Mr. Speaker, back to the minister. In 2012, the Drummond report identified approximately 50 business support programs in Ontario. Today, there are over 100 such programs on the books. Of the 12 that the FAO examined, only three collected performance measures and only five had any targets or benchmarks. Minister, you're handing out $5 billion every single year. This government doesn't seem to know what programs are running or what, if anything, they're actually accomplishing. Minister, is this just another liberal slush fund? Thanks very much, Speaker. I don't want to repeat what I said in the opening answer to the first question, but again, every single economic indicator, whether we're talking about unemployment, whether we're talking about GDP, whether we're talking about how consistently, consistently the statistics point to the fact that lives have improved and that our economy has gotten stronger, Speaker. All of that evidence is clearly there. And the member opposite has heard me answer multiple questions on this topic in my time in this particular portfolio, Speaker. But I would also point out that when we talk about how strong the economy is, it also means that the lives of people across the province of Ontario are getting better because of the economic prosperity. Jobs, the jobs that we're creating via our strategic investments are helping to improve lives in every corner of Ontario. And specifically, because I know this member has talked about some of our regional investments, Speaker, I want to point out that the South Western Ontario Development Fund invested in Lampton, Kent, Middlesex, $3.5 million to help create and sustain. Thank you. No question, the member from Timmins James Bate. Thank you, Mr. Speaker. This question is for the Minister of Health. Madam Minister, as you know, the Francophone community is working very hard with you, with me, with your ministry, with the Lins and other entities to finally create a healthcare center at Timmins. It's been 28 years since we've been trying to create this center. It's the largest Francophone community that doesn't have a healthcare center. We know that we have your support and we know that you've worked with the community, with myself. But we're waiting for the news. We were told that the letter was signed, but it wasn't sent or wasn't received. Which was it? Will this center be open soon? Thank you, Mr. Speaker. We have been working very, very hard on this particular initiative. Our government truly values the work of community health centers when you have interprofessional teams working together. And on this specific initiative for the Francophone community in Timmins, we're well aware of the need for that particular community health center to be appropriately funded. And I would just ask the member opposite to stay tuned. I believe that he will hear some news on this regard in the very near future. We do understand how important it is to access primary care where you have the ability to speak in obviously one of our two official languages. And so this is why we are committed to community health centers across the province. And the member will be hearing very, very soon as it relates to Timmins. Thank you. Madam Speaker, supplementary to the minister, this is the complete sort of the journey that Timmins has gone through and being able to serve people when it comes to health centers. We first funded the Missaway Health Center that serves our First Nations brothers and sisters in the community. We then opened two Lins, one in South Porcupine, not Lins, but family health teams, one in South Porcupine, one in Timmins. But what's always been missing is the Francophone component so that we're able to better serve the community. So we are, we've been working on this hard and we are awaiting the final letter and I will deliver it myself. Thank you. Thank you, Mr. Speaker. Our government is absolutely committed to improving access to high quality French language health services across the province and the passage of the patients first act in 2016 did provide a solid framework for renewed partnership and brings increased focus on enhancing equity. And in fact the Minister of Francophone Affairs is currently reminding me of this particular importance when it comes to health care. And so just to speak a little bit about the interprofessional care teams that we currently have in the province we have some 294 of these serving some 4 million people. Obviously we want to expand this type of care. It's extremely valuable to ensure that people not only have access to the language but are comfortable in but also to the excellent health care that they truly deserve. Thank you, Mr. Speaker. A new question. Oh, a member from St. Catherine. Mr. Speaker, I have a question for the Minister of Health, long term care. We all have a collective responsibility to support our seniors and ensure the best quality of life. That is why our government has almost double funding for long term care since 2003. We know we have a growing and aging population in Ontario and across Canada but our government is making critical investments in elder care. Our 2018 budget proposes an additional $650 million in home care over the next three years and the expansion of OHIP plus that will provide free prescription drugs to seniors over 65. In the fall we also introduced aging with confidence Ontario's action plan for seniors. Can the Minister of Health and long term care please inform this House of the investments our government is making to support the needs of seniors in our communities and to caregivers who work often with those seniors. Minister of Health, long term care. Thank you Mr. Speaker and thank you to the member from St. Catherine's who is obviously a great advocate for seniors in his community and for giving me the opportunity to discuss our government's plan. Mr. Speaker, last fall our government committed to 5,000 new long term care beds by 2022 and 30,000 new beds over the next decade. We accepted numerous proposals from communities across the province. We consulted with the Lins in each of the 14 areas across the province and we're now allocating 5,000 beds. These include nearly 500 new beds for indigenous communities and over 1,500 new beds for specific cultures including and I know the member from Timmins James Bay will be interested in this for francophone communities. Mr. Speaker, these investments will keep people out of hospital and help more people get the care they need at or close to home and in the community. Thank you very much Mr. Speaker, I know the constituents in the city of St. Catherine's will greatly benefit from these new beds. I was pleased by the way to have 96 new beds announced in my writing to make that announcement in the city of St. Catherine's 13 new beds for the regional municipality Niagara Homes, 81 at Pleasant Manor and Virgil and 66 new beds in Welland. All of our constituents will benefit from these investments in care. Our home care investment includes $180 million this year alone to provide 2.8 million more hours of personal support including caregiver respite as well as 284,000 more nursing visits and 58,000 more therapy visits. Our budget will provide $300 million over three years to increase staffing in long-term care homes. That means every long-term care home in the province will benefit. Speaker, can the Minister of Health and Long-term Care please share more of the details about the support for seniors? Thank you again to the member for that question. Not only are we building an additional 30,000 new long-term care beds but we're also developing every older long-term care home by 2025. We've already redeveloped some 13,500 beds and we know how critical this is to the sector. We're glad that both parties have endorsed our plan to create 30,000 new long-term care beds where we're yet to see any costing to accompany the PCS commitment and how this would fit with the cost of dollars worth of cuts is unexplained. Cuts that would have to come directly from frontline services in our health care system. Mr. Speaker, on this side of the house we're continuing to choose care over cuts. Thank you. Your question? Thank you very much, Speaker. My question is for the Minister of Health and Long-term Care. Speaker, this Liberal government has outdone itself yet again. As reported in last week's Ontario Farmer Health Amendment rabies regulation is going to affect generations of tradition and the celebration of the best of the best when it comes to exhibiting animals at local fairs, petting zoos and riding stables. And Speaker, for goodness sakes, there are already federal rules that have banned exhibition of contaminated animals which I will send over to the Minister for her information. So Speaker, I have to ask that you do not insist on proper consultation with all of the players impacted by this amended regulation. Thank you. I'd be happy to obviously learn a little bit more about this particular initiative. I am surprised that the member opposite didn't approach me or through our MPP liaison which is a usual protocol in these cases. I would like to pass this on to the Minister and consult with the appropriate officials just to find a little bit more about the member's concerns and what exactly she is concerned about. Thank you, Mr Speaker. Thank you. Supplementary? Well Speaker, here is some information. Here in County 4-H Leader Darryl Bergsmus said this heavy handed approach will have a huge negative impact at its saying that the 14-day consultation period was, and I quote, not sufficient to allow for a proper investigation. In this question period, Speaker, I have to ask the Minister to do the honourable thing and suspend this amended regulation until proper consultation has been facilitated. Thank you, Mr. Speaker. Well, having a little bit more information now is helpful, and I'll certainly take the issue under advisement and look into it very, very thoroughly. Thank you. Thank you very much. A new question, the member from Toronto, Danforth. Thank you, Speaker. My question to the Minister of Education. Last week I asked the Minister about the need for an equivalent francophone high school in East Toronto. Without reiterating her claims that she's supporting both French and English boards, without simply stating she's allocated funds to Conseil scolaire via Monde for a French high school in the East End at Greenwood, without passing off the responsibility to the school boards, when will the Minister finally step up to her obligation to ensure that these children's charter rights are respected and that equivalency is provided? Thank you, Minister of Education. Thank you, Mr. Speaker, and I want to thank the member opposite for this question. Mr. Speaker, our government is absolutely committed to supporting both French and English school boards across the province to build better schools to ensure all students have safe and healthy environments in which to learn. Since 2003, we have actually provided $208 million in capital funding to CSVM Monde. In this time, CSVM Monde has completed 25 projects, including eight new schools, 17 additions. We recently announced this year we're providing $80 million to support nine capital projects for French language boards, more than $16 million to be invested in the VMON school board to support the creation of a new French high school in Toronto. This school will become the fourth public French language school in Toronto, and local elected trustees are responsible for deciding the most appropriate pupil accommodation arrangements for schools of the board, including the location of the new French high school in Toronto's East End. Let me refer again to the minister. Gérémie is a young Francophone student whose passion is soccer. The Greenwood site, chosen by the conseil scolaire VMON, does not have a school yard, and the TDSB states that, quote, the Greenwood site is not an ideal property for an operating school because it does not have its own sports field. Gérémie and other young students who want to be part of the sports world will go to better equipped English schools before they give up sports. What steps will the minister take to ensure that the Francophone community in the East End of Toronto has access to a quality sports field for a French high school? Thank you, minister. Thank you, Mr. Speaker. And Mr. Speaker, I just want to be clear that we are absolutely making investments when it comes to French language schools in the province. In fact, that's what I was trying to point out. And one of the things I want to point out also is that enrollment is absolutely increasing. In 2016-17, over 105,000 students were attending French language schools, an increase of 13 percent since 1998. Test scores are rising in French language schools. For grade six tests, over 81 percent of students have consistently met or surpassed the provincial standard in reading, writing, and math. Over the past five years, 80 percent of students in French language schools have consistently met or surpassed the provincial standard in EQAO. And they are consistently achieving high results in the grade 10 literacy test. All this to say, Mr. Speaker, that really enrollment is increasing, the achievement is there, and our investments are increasing. So I don't really understand what the member opposite is asking about. Thank you. New question? The member for Kingston and the Islands. Thank you, Mr. Speaker. My question is for the Minister of Economic Development and Growth. Our government has put a priority on building a strong relationship with our American partners. And that's because we know that free trade creates good jobs for workers in both Ontario and the United States. Ontario is a top customer of 28 states, and in 2017, two-way trade between Ontario and the U.S. totaled nearly $400 billion. Premier Wynn and our entire government has been actively engaging with the American decision makers and the Premier has met with nearly 40 state governors. Last week, the Premier was in Detroit to meet with Governor of Michigan, Rick Snyder, and sign a memorandum of understanding between Ontario and Michigan. Minister, can you please share more details about this agreement with one of our most important trading partners? Thank you. Minister of Economic Development and Growth. Thanks very much, Speaker. I want to thank the member from Kingston and the Islands for her very important question. I am delighted to have the opportunity to speak about how our government has consistently stood up for Ontario workers and for Ontario businesses. I also want to comment on the mature and thoughtful partnerships that we've built up over time with our U.S. state leaders. Together, Ontario and specifically Michigan account for nearly a quarter of North American vehicle production. And our collaboration through two previous MOUs has led to the first cross-border automated vehicle test in North America. Ontario and Michigan are vital trading partners. Quite simply, we build great things together. And through this latest MOU, we look forward to continuing to work closely to grow our bilateral trade and identify shared export opportunities. We are also committed to working together to expand on trade opportunities and prove our transportation corridors and protect and restore the vital Great Lakes ecosystem. I want to thank the Premier and the entire team for their hard work because we're seeing, I'll tell you more in the second answer. I'm glad you will. Supplementary. Thank you for your answer. Our Premier has a track record of meeting with state governors and advocating for Ontario's interests over 40 governors in all. That's impressive. And this MOU with Michigan is only the latest of many achievements in this regard. A month ago, Ontario signed a memorandum of understanding with Indiana to continue building on our strong partnership with them. But leadership and cooperation sometimes means knowing when to forcefully and respectfully disagree. When push comes to shove, our Premier will always stand for Ontario workers and businesses. And our government introduced the Fairness and Procurement Act to respond to bi-American legislation in New York State. And our Premier stood side by side with the steel industry and its workers when the US administration threatened to impose tariffs on our exports. Minister, can you reassure this House that our government will continue to stand up for Ontario workers and businesses? Thank you very much, Speaker. I thank the member for her follow-up questions. Mr. Speaker, our government has always and will always stand up for our workers and our businesses here in Ontario. We believe that free trade benefits our economy on both sides of the border, but free trade, Speaker, must also be fair trade. And when that's threatened, our Premier and our government have stood up and will continue to stand up and fight for our workers. Speaker, let me remind this House that when US states introduced protectionists by American legislation and when the US administration threatened to harm our steel workers, the silence from the opposition, particularly the Conservatives, was deafening. When we stood up, Speaker, they said stand down and that's absurd. Workers know they cannot depend on Doug Ford and Ontario's Conservatives to fight for their interests. They know that only one party has shown that it's willing to stand up for Ontario, stand up for our workers, stand up for our companies and stand up for our Green Bell, Speaker. And that's Ontario's Liberals. Thanks very much. Thank you, Mr. Speaker. My question is for the Minister of Health and Long-Term Care Minister. As you know, for a great number of years since you've been in office, Liberals have been in office, my writing has been fighting for the redevelopment of two hospitals, the Collingwood General Marine Hospital and Stevens Memorial Hospital in Alliston. Your predecessor quite nicely gave us a bit of money for the planning process just about a month ago, $500,000 for each hospital. But as you know, each hospital was spent well over a million dollars of their own money, frontline patient money, to go through the planning process. We don't have approval yet. I was just wondering if over the last month there's been a change of heart at the ministry and you might see your way to approving these projects before the registrar. Mr. Speaker, and of course it is our goal to ensure that Ontarians have the health care that they need, where they need it, and we have been working very very hard in this regard over the last number of years. Of course, as the member knows, we are always consulting with our lins to find out exactly where the need is greatest and proceed with the planning process in an orderly fashion. Obviously, due process is extremely important to ensure that all the eyes are dotted and the T's are crossed and so we are working in that regard. Thank you, Mr. Speaker. Just waiting for the member from Chatham Cadets 6 to finish. Thank you. Supplementary. Well, back to the to the minister. Minister, we've been waiting a lot of years and we've spent a lot of money and both our lins agree that these projects need to go forward. The community, even without the go-ahead from your government, both communities, have raised, pretty much raised their community share. So we're doing our part. We need the government to do your part. And after all, I think everyone would be very happy, including the Liberal candidate in my riding for this election, who's the Premier Sun-in-law. So maybe if you want to keep your job over the next couple of weeks, you'd announce these couple of hospitals. Minister. And as I've said before, we know that infrastructure is absolutely vital to provide the kind of high quality health care in our communities. And we've been investing very heavily in that infrastructure to provide these types of facilities. And certainly, I would like to commend the community for their part as as related by the member for some co-north in terms of the fundraising that they've been able to achieve. This is obviously good news, and I'm sure we will yet again look into the matter. Thank you, Mr. Speaker. I want to thank the members for going easy on me today. That was really good. I appreciate it. No, I know you did. I do beg to inform the house that the following documents were tabled. A report entitled Lottery and Gaming from the Financial Accountability Office of Ontario, and the report entitled Business Support Programs from the Financial Accountability Office of Ontario. There are no deferred votes. This house stands recess until 1 p.m. this afternoon.


Dear students, in our last two sessions, we have been discussing about analysis of financial statements. Today, we will see some more cases to bring out more clarity in your minds. As you all know, financial statements depict the basic information about the entity. Do you remember what are the major financial statements? One is profit and loss account. It gives you the position of profitability stating the incomes and expenses during a particular period. The second important statement is balance sheet. Balance sheet lists out assets and liabilities and provides the financial position as on a particular day. The third important statement is cash flow statement. In cash flow statement, we deal with the inflows and outflows of cash which are categorized into operating flows, investing flows and financing flows. In this particular module, we are trying to go a next step ahead in a sense that the data as is provided by financial statements is now being analyzed and the analyzed data will be useful, will be used for drawing out some conclusions. There are various stakeholders, for example, owners may be interested in profitability, bankers may be interested in knowing whether they will receive their interest, craters may be interested in knowing whether their payment will be received in time. Like that, from the view point of various stakeholders, we have to gather the relevant data from the financial statement and that could be defined as analysis of financial statement. In this particular module, we are going to see some more cases. Last time we have seen one case on ratios. Let us today look at two more cases involving all the three types of analysis horizontal, vertical as well as ratios. I hope you remember now what are the types of ratios. In our last session, we have discussed the various types of ratios which include the ratios of profitability, the ratios which are related to return and also the ratios which tell you about liquidity and long term solvency or the capital structure.  Of course, before going to the cases, you should have clarity about how to calculate those ratios. If you have still not learnt them, I will advise you to look at the various formulas. For example, here you are being shown there is a liquidity ratio. The most popular ratio is current ratio. The formula is current assets upon current liabilities. Now, I would not repeat all the ratios. We have learnt about 15, 16 ratios in our last session. Actually, there can be hundreds of ratios because ratio is essentially a relationship between one item versus another item. So, you can link any item to any other item, but there are certain ratios which are important. Like in profitability, there is net profit ratio. In return ratios, there is ROI that is return on investment or ROCE. So, it is very important that we calculate ratios and then compare them with the ratios of the same entity in the last year or earlier years or you may compare with other companies or you may compare with industry averages. Today, we are going to look at a particular balance sheet and PNL account. As you can see here, have a look at the balance sheet first. Here, you can see that the company has accumulated lot of reserves. You can see equity share capital is 58 versus reserves of 9471. Reserves of further increase to 12318. So, you can see there is also good amount of loans, though they are not much in relation to the owner's funds, but company has also taken some loans. Then, you can look at the gross block of the company, net block, investments, current assets, liabilities. If we go down, you can see there is also some data about profit and loss account, though we have not listed the whole of PNL account for want of space, but certain important items like sale turnover, operating profit, PBIT etcetera are listed. I hope everything is clear. Now, with this, we will try to do all the three types of analysis. First, let us start with horizontal analysis. Then we will do vertical analysis followed by ratios. I hope you remember exactly what is to be done. Please try to solve it along with me, so that you can make most of it. Now, here in the next sheet, the same balance sheet is repeated. We have to first start with horizontal analysis. So, anyone can guess now exactly what is to be done in horizontal analysis, which is the statement that is made in horizontal analysis. Anyone can tell me, yeah you are right. In horizontal analysis, we make a comparative balance sheet or a comparative PNL account. So, let us make a comparative statement. So, we have a comparative balance sheet. Now, also try to remember exactly what is done in a comparative balance sheet. Do you remember, yeah you are right. We try to compare the two years as the name suggests. So, we will compare and find the difference. Next what do we do? You are right. We find absolute difference and we also find relative or percentage change. So, here you have absolute change and in the next column, we are going to have percentage change. So, in percentage change, we try to calculate the change with respect to the base year figures. This is the data for March 2008, 2009 for a real company. I am not going to tell what is the name of the company. I request you to guess, if you have some knowledge about different businesses you can guess. Towards the end, I will tell you exactly which company we were referring to. So, you can see that each of the items, there is some change. So, equity capital has nearly doubled from 58 to 117. So, absolute change is 117 minus 58. So, 59 is a change. If you drag it down, then for all these years, you will realize that most of the items have increased except revaluation reserves. You can also see that, I will just rename this. This is total sources. You can not really understand exactly whether the difference is much more or less. It is better to find in percentage terms. So we will relate this 59 as a factor of the base year. So, you get 102. So, I hope you are getting what we are trying to do. So, if in percentage terms, if you see, you will realize that equity capital has increased by 102 percent. That is it has more or less doubled. Reserves have increased by about 30 percent. Secured loans have increased significantly. They have increased by 257 percent. So, though in number, in absolute number, it is 793 does not look that big. If you look in percentage terms, you will realize that company has almost tripled its secured loans. That is why it has increased by 257 percent. Unsecured loans have also increased by 67 percent. On the whole, the debt has increased more. Debt has increased by 83 percent whereas, net worth that is owners fund have increased by 30 percent. I hope you are getting me. So, overall the total resources have increased by 45 percent. Now, the same thing we try to do for calculation of assets. So, now it was simple, I have copied and we have calculated the absolute differences between the two years and also the percentage change. So, what do you observe now? You can see that the gross block has increased by 33 percent, which shows that there is lot of addition of assets during the year. Further, the capital WIP has increased by 49 percent, which is a good sign, which also shows that company has a good amount of future expansion plans. These are the assets under construction. They also have increased. These deposits you can see have gone down. May be the company has used that money for some investments. Another item, which has increased significantly is loans and advances 86 percent, which is not a very good sign, because current assets are usually non return earning assets. So, it is not considered a very good sign, but company has kept the increase in inventory and data is about 35 percent. So, overall this was the position and this is what is horizontal analysis, where in we are trying to calculate comparative balance sheet. Now, let us go down. We also have profit and loss account data, though we do not have the whole of P and L account. So, if we try to compare, you will realize that sales have increased by about 35 percent. So, increase in the daters and inventory of same order is more or less fine and it shows a very healthy growth for the company, because in one year the sales have increased by a good amount. Reported net profit has increased by 60 percent, which is really good. So, company's profitability position is increasing. Where PBDIT has also increased by good portion 49 percent, operating profit the rise is not that much it is 28 percent, still it is a good increase. So, overall we have seen what we have done now is known as horizontal analysis. Now, let us try to repeat it, but now let us do vertical analysis. So, do you remember now what is done in vertical analysis? So, which statement is prepared in vertical analysis? Just try to remember, we have discussed it in our earlier sessions. So, we have made comparative statement. Now, we will try to make a statement, which is known as common size statement. So, what is prepared in common size statement? In common size statement, we essentially try to take each item and relate it to the total. So, in horizontal we had compared the two years. In vertical instead of comparing the two years, for the same year we take the total and compare. So, here we have a figure of total sources, each item on the sources side will be compared with the total of sources. So, this 58 divided by the total sources and usually we will multiply by 100. So, that we get a percentage figure. So, there is nothing like absolute and percentage change now, instead of that we will simply have percentage figures for both the years. So now, the data for that particular year continues, but we try to relate it in terms of percentages. So, if I drag it down, you can get the information more systematically, I think there is some problem with the formula. So, it is B 48 that is this cell divided by 555 and I should have added B dollar 555, so that there is no confusion. So, now it has come right. So, I hope you are getting. So, for each of the cell, we are comparing the respective item upon the total sources. That is why the final figure is going to be 100 percent and overall you do see that very small portion is contributed by equity capital, it is just 0.44 percent, though it has increased now to 0.62 percent. Major contribution towards sources is coming from reserves, which is about 72 percent. The loans were contributing only 24 percent, especially unsecured loan, now it has increased to 28 percent. If you look at the total debt, it was 27 percent, now it has increased relatively by a higher amount, it has become 34 percent. So, when you look at the vertical analysis, you realize that on the whole what is a contribution of each of these items. We will also try to relate calculate it for various assets. So, now you can see it, I hope you are able to get what has been done. Each of the item, we are dividing by the total, so 4189 upon 1339, which is the total of sources and also total of applications. So, we see that out of the total money applied, 31 percent is for gross block. Or the fixed assets at the original cost, if you look at the net position, it is 22 percent. The total investments are 52 percent, now it has slightly gone down to 43 percent, because the company is on an expansion mode and lot of new assets are added. You can see that portion of inventory has gone down, but portion of sundry daters remains quite huge. So, out of the total money, 56 percent is blocked in the form of sundry daters, which is really a very high portion, but in the current year, company has been able to control it somewhat, it has come down to 52 percent. Another very big item you can see is advances, which was 125 percent and which has more or less remained the same, which could be a matter of concern to them. So, overall you can see the net current assets are about 19 percent, but they have increased now to 29 percent, which is not such a good thing and the increase is mainly because the current liabilities have gone down from 90 percent to 80 percent. So, this is the overall position. So, by looking at the vertical statement or a common size statement, you can know the proportion contributed by each item. There is further advantage of this percentages. We can compare it not only for the two years for the same company, we can also compare this percentages with some other company. That is why vertical analysis proves to be very useful for inter firm comparisons on also for comparing this company with the industry. Let us go to PNL account data and try to find the percentage. In case of PNL account, we try to relate it to the total of sale turnover. So, each item will be divided by the sale turnover and multiplied by 100, because we are trying to get the percentage. So, it is clear. So, total sales is 100 percent, operating profit becomes 12 percent, it has slightly gone down from 12.81 to 12.09, PBDIT is around 15 percent, PBDT that is profit before depreciation tax which is also known as cash profit has slightly increased from 13.27 to 14.55. Final net profit or reported net profit as is known as profit after tax it is also that is also used for it has increased from 8.6 to 10.17, which is a good arise. So, I hope once again now there is a clarity on horizontal and vertical analysis. Now, let us go ahead and try to calculate the ratios. So, what are the important ratios? We had seen ratios under three four categories. First we had seen liquidity ratios which I have tried to put here, because they have some linkages with the current assets and liabilities. We had also seen ratios which focus on profitability, returns, stability and so on. Let us try to calculate each of these ratios. The first ratio as you can see is will go in the sequence in which we had gone earlier for liquidity. One of the important ratios is current ratio. So, for calculation of current ratio the formula used is C A upon C L that is current assets divided by current liabilities. So, what are the current assets? Just have a look at the balance sheet carefully. So, which items will you include in current assets? Will include inventories, debtors, fixed assets, cash, loans and advances. In fact total is already given. So, we can directly take 16 419 and current liabilities also the total is given current liabilities and provisions. Do not just take this 11000 actually you should take 13 918 which is the total of current liabilities plus provisions. So, we are dividing this 16 496 upon 13 928. So, I hope there is a clarity. So, what do you see? You can see that the ratio which was 1.18 has slightly increased to 1.30 which is a good sign. I have already written it is there is a increase. What does it show? Increase shows some improvement in the liquidity position of the company. Is it fine? Are you getting me? We will just try to see the remark which I have written. There is a improvement in the liquidity position of the company. I will just change the font to make it more clear. Is it okay? Now what is the next ratio in the same category that is a liquidity category? The next popular ratio is quick ratio. What is the formula of quick ratio? It is Q A upon Q L that is quick assets divided by quick liabilities. So, now tell me what are the quick assets? The ratio is also known as asset test and we can say it is liquid assets upon liquid liabilities one and the same thing. So, look at the current assets which of them are liquid in nature we will include them. So, shall we include inventory? We should not it is not a liquid asset. Dators yes it is a quick asset. Fix assets is a quick assets. Cash is a quick asset. Loans and advances we should not include it is non-quick and in case of liabilities we will include both current liabilities as well as provisions. So, we need to include debtors plus fixed deposits plus cash and bank divided by the total current liabilities there is no need to multiply it by 100 you exactly get ratio as equal to 1. So, we have included B 21 that is sundry debtors. In fixed deposits and bank this total is divided by B 28. If you want you can also do it in some other fashion wherein we will try to take a sum of for more clarity I am showing you. We are going to take a sum of these three items. This is the total of quick assets we divide this by quick liabilities. So, ratio will be this upon this is the correct ratio I hope it is more clear now. So, I will just cancel the earlier things. In the subsequent year also we can do it I will just redo it. So, I think now it is more clear are you getting me? This was the calculation of total quick assets and the ratio you get is 0.58 and 0.59. So, what do you get from the ratio? You will realize that there is almost same type of liquidity position as in the earlier year. If you look from the overall standard this liquidity position is not that good because the standard ratio for quick current ratio is 2 is to 1 and standard quick ratio is 1 is to 1. However, these standards cannot be applied all the time they can change from company to company. So, on the whole we see that there is not much of change as far as immediate solvency is concerned quick ratio calculates immediate solvency position. So, I can say there is no change in immediate solvency position. Just see the remark which I have written no change in the immediate solvency position. So, we have calculated 2 ratios from the liquidity category next we will go to long term solvency or they are also known as leverage ratios. The first important ratio in that category is do you remember? One important ratio in that category is debt equity ratio the formula is debt upon equity or borrowed funds upon owner's fund. Interest coverage also we will try to calculate but later. So, how do you calculate now? How much are the borrowed funds? So, you can see the total of net worth is nothing but the borrowed funds divided by the debt. I am sorry I am doing other way round borrowed fund is 3584 divided by the net worth. So, earlier 0.37 was the contribution of borrowed fund versus owner's fund. Now, it has slightly increased it has somewhat increased to 0.52. So, it shows that now the company's reliance on the borrowed fund has increased which is not that healthy sign from a long term solvency viewpoint but still substantial chunk being contributed by equity there is no risk to the health of the company. So, long term solvency continues to be good. So, we will just calculate one ratio on that and let us go to coverage ratios. So, we have a interest coverage ratio in that category. So, you know the formula it is PBIT upon interest we have to go down look at the P and L data we know the profit before interest and tax. So, it has not been straight away given but we have been given PBT and interest. So, using these two we can calculate PBIT are you getting me. So, PBT is 3511 interest is 502 to total is 3657 this is the profit which is available for paying interest. If you divide it by interest you get the interest coverage ratio this shows how many times the interest is covered by the available profits. So, let us try to calculate it is PBIT divided by interest. So, 7.28 which is a very healthy figure that means company has 7 times more earnings in terms of PBIT which can be used to pay the interest. In the current year it has slightly gone down but still it is a very healthy sign. So, I can say there is sufficient coverage particularly bankers and lenders will be very much interested in knowing the liquidity the interest coverage ratio of the company. Before sanctioning any loan any bank or institution will look at the interest coverage ratio of the company and also of the project. So, we have seen liquidity ratios now we have also seen leverage ratios and the interest coverage ratio. Now, let us go to profitability ratios there are various profitability ratios I have written here one is a beta or PBDIT as it is commonly known as this is the profit before depreciation interest and tax in other words it is also known as cash profit. So, how much percentage of your profit is the total sales is all the profitability ratios calculate there are three popularity ratios popular ratios one is a beta percent next can be operating profit margin and net profit margin will try to calculate all three of them. So, a beta is EBDITA upon sales and always it is into 100. So, you can see here the position of PBDIT is given divided by sales and will multiply by 100. So, 15 percent and in the current year the ratio has improved to 17 percent I think will slightly take it up and we will also try to calculate operating profit this is known as operating profit ratio or sometimes also known as operating profit margin. So, you can say a beta margin for more clarity we have already calculated a beta margin. Now, we are trying to calculate the operating profit ratio or the percentage of operating profit as the name suggest it is operating profit divided by 6 into 100 for this. So, operating profit is available divided by sales into 100 I will try to redo it it is directly coming in percentage terms. So, there is some confusion it is operating profit upon sales. So, it was 13 percent earlier now it has come to 12 percent I am trying to change it to percentage format. So, it is more clear to you now. Now, let us go to third ratio that is known as NPM or net profit margin. So, what does it calculate the net profit divided by sales I have already written the formula N P A T upon sales copy it. So, N P A T is this reported net profit. So, B 43 upon B 36 so it is 9 percent and in the current year it has increased to 10 percent. If you look at all the 3 ratios you will see that there is a increase in a beta margin good increase from 15 to 17 net profit ratio is more or less maintained. So, in absolute terms you feel that there is a increase in net profit substantially from 2173 to 3482, but if you look at ratios you will realize that more or less the margin is maintained. So, increase in the profitability is largely because company could increase its turnover at such the profitability has remained almost constant. This insight you can get if you look at the ratios carefully operating profit margin has slightly gone down though in total totality the profits have substantially increased again due to increases in the turnover. Now, let us go to return ratios in return ratios the first important ratio is R O C E or R O I the formula is P B I T upon capital employed. This is the total money which is earned on the capital employed. So, you have P B I T which is 3657 divided by capital employed we have to go up go to the balance sheet you can see there is a total of sources given that becomes capital employed. Instead of total liabilities let us call it total sources because we are not including current liabilities in total sources we are only including net worth and total debt are you getting me. So, total sources were 13139 now they are 19 016 look at the return which is generated it has more or less remain constant 28 to 29. So, again we were assuming that there is a substantial increase in profit, but if you look at from a return view point since the company's investment or the capital employed has also increased the return remains more or less same. Next is R O N W or return on net worth or return on equity or is called formula is P I T upon net worth here we are trying to look from the view point of the owners. So, profit after tax is the profit which owners earn divided by the net worth of the owners. So, I am just copying and then let us go and try to calculate the correct formula. So, P I T you have this reported net profit divided by net worth or the owners fund. So, 23 percent and in the current year there is a significant increase it has become 28 percent. So, you can see that though the profit at R O C E level is more or less constant the reported net profit or the P N profit after tax has increased substantially. So, there is a increase in R O E. Now, the last ratio in this category that is return is EPS earning per share formula is also given you can see here it is P I T divided by number of equity shares. So, how will you calculate number of equity shares actually it is not given anywhere, but since you know the equity share capital if you assume that each share is worth 1 rupee we can take the same amount as the number of equity shares. So, P I T divided by number of equity shares keep in mind this is not a percentage this tells you that per share what is the earning. So, per share earning has gone down from 37 to 29 why has it gone down actually going down of EPS is not a good sign, but you can see that equity share capital has more than doubled. So, 58 to 117 and that is the reason why EPS has somewhat gone down, but still it is a healthy sign if company has given the bonus share. Now, let us go to P E ratio price earning ratio which is a very important ratio for a stock market investor. So, in this ratio the relationship is calculated between the price and the earnings. So, how many times the investors are willing to pay for the profits earned or the earnings of this company. So, market price is given here divided by the EPS which we have just calculated. So, it is 53 it has more or less remain seen slightly it has increased. We have done 3 types of ratios initially we started with liquidity then we looked at long term solvency that is debt equity or leverage. Then we looked at profitability versus turnover like a beta or net profit margin. Next we have seen return ratios which calculate profitability versus the capital employed. Now, we are looking at activity or turnover ratios which show how efficiently the assets are being managed. So, the first ratio in this category is fixed asset turnover ratio the formula is sales upon fixed assets. So, you have a sales figure divided by the net block sometimes you can also divided by gross block again this is not a percentage it is in terms of number of times. So, it has increased it has slightly gone down from 8.58 and now it has become 8.25 hope you are getting me same way you have got inventory turnover ratio. In inventory turnover ratio we try to relate sales upon inventory sometimes we calculate cost of sales upon inventory in this case the cost of sales is not available. So, we will try to calculate the sales upon inventory. So, I can use the same formula more or less only difference is instead of sales upon fixed assets now it is divided by inventory. So, you can see inventory is B 20. So, we will divide it by B 20. So, ratio is 5.87 there is some increase. It has now become 5.90 though it is a small increase it shows a good sign it shows that there is a improvement in the utilization of inventories. This can be better understood if we convert it in terms of number of days for which we divide inventory by daily sales or sales upon 365 we can also simply divide our inventory turnover ratio and multiplied by 365. So, in terms of number of days earlier you had 62 days of stock now it has gone down and it has become 61 days of stock or the inventory fine. You can go to inventory figures and check out you will find that the increase has happened, but not in that much of proportion. So, in terms of number of days there is one day reduction in the stock not very significant, but at least thus inventory values have gone down. Same ratios we will also try to calculate for daters. So, similar to inventory turnover ratio you also have daters turnover ratio. This is also known as receivable turnover ratio. So, the formula is daters upon sorry sales upon daters. So, you can see the daters is this 21. So, 3.43 the ratio is really very low it has further gone down to 3.41 in terms of number of days they have 106 days of receivables which have further increased to 107. Does not show very good collection record of course it changes from industry to industry. So, here we were trying to calculate various turnover ratios. So, I hope now you have understood various types of ratios. So, we will stop here and we will go for the next case now. Please have a look at all the ratios once again. Could you guess what is the company or could you at least guess is it a manufacturing company or a service company? I think you can guess that it is a manufacturing company because it holds good amount of inventory and it also has large amount of fixed assets which may not be this case for a IT company. So, this was the these are the figures of Larson and Tebro which have been somewhat adapted to make it easy. Now, this is a balance sheet of some other company try to have a look at it and this is a profit and loss account. We will try to do the similar type of analysis first let us look at horizontal analysis. Look at the balance sheet once again we will go for horizontal analysis I have already made it ready to save time, but have a look at it carefully. So, there are two figures absolute difference and percentage difference. In absolute difference we were trying to calculate the change between the two years. So, 295 minus 197 you get 97.86 and it has been converted in percentage terms at 49 percent. I hope everyone is clear. What this statement is known as? This is known as a comparative statement or a comparative balance sheet I will try to give the name to it. Now, look at each of this figure carefully if you just look at the balance sheet you may not understand exactly what are the items which are changing. This gives a better picture because now you understand which items have changed and how much the change contributes to. So, what do you see have a look at each of these items equity shares share capital has increased by 100 percent. So, it has doubled there is no change in the preference capital. So, total share capital nearly 50 percent increase there was in absolute terms substantial increase in the reserves 15712 crores, but in percentage terms it is only 12 percent there are almost no secured unsecured loans. So, changes are negligible go to the application of funds in the applications the first item is gross block. So, you will realize that again there is a 12 percent increase in the gross block the depreciation provision has increased much more. So, net block has increased only by 3 percent capital work in progress has increased by 255 it is a significant increase in percentage terms. You can also see investments have gone up by 1957 which is 33 percent. So, company has lot of surplus funds which is has invested go down. So, you will observe that there is a major decrease in the sundry daters. So, 10 percent decrease in the sundry daters which is a good sign if company is able to recover its earlier money same thing cash balance has slightly increased. If you look at provisions have increased 70 increase to 476 crores or 171 percent increase in provision. So, this is the overall position of the company I hope there is a clarity. So, in the next session we will try to go in for I will just finish it. So, totally the company has increased by 20 percent 21 percent. So, same some we will continue in the next session. So, we are looking at a case we have started with the horizontal analysis we will look at vertical analysis and also go for the ratios of the same. So, I will request you to somewhat brush up your ratios because that is a very important tool and if you try to look at various ratios and various relationships you will get really lot of insights into the raw data in the form of P and L and balance sheet. Thank you so much we will meet in the next session.


Hi everyone, Joe for jaskiescasebrakes.com coming at you with a random number block randomizer for 11 teams Here in Diamond Icons pick your team number 49. There are the 11 teams right there And I think everyone knows how the number blocks work by now. You get a a block of numbers big Thanks to this group for getting in on it. There are the numbers right there And let's roll it and randomize it three and a one four times for names and numbers one two three And a one fourth fourth and final time We've got Steve Herrick down to PJ and then three and a one four times for the numbers one two three And a one fourth and final time remember zero gets any and all redemptions for that big group of teams including one of one redemptions See, I guess we I guess we're in a in February. So New font time a serif font. Do we use droid serif? Let's use droid serif. That sounds good Which reminds me I need to watch the That's Boba Fett episode Just break brought to you by Disney plus Steve Herrick was six Michael with eight Brian with seven El Guapo with Three Michael with one PJ with four mark with zero PJ with nine Brian with two PJ with five Let's order these numerically all these names here. In fact, let's get the list of teams here as well Let's copy those right next to each other All right, there you go game. So coming up in the next video will be the break itself chassis case breaks calm. Bye. Bye


Hi everyone, Sean with jaspyscasebrakes.com here doing 2019-20 Panini Select UEFA Euro Soccer Hybrid One Box Break Random Country Number 9. We've got 20 customers in here, 20 teams. The only combo spot is Finland and the Skills E plus all other countries, no team affiliations. I have not seen any Skills E's yet, I don't know if we've pulled one, and I don't think we've seen any of the teams that haven't been affiliated, so it's been pretty scratched so far, but awesome looking cards, really looking forward to select for the rest of the sports this year because of how this looks. So here is the list of customers, Eric Jock, Last Spot Mojo right there with the little asterisks that designate that, and Matt McLaughlin first spot sold. Here are the teams from Austria down to Wales. Dice roll here, list for both lists, two and a three five times, one, two, three, four, five, and what was five times right?  So there's five, so Mathsura down two, Nicholas Stoneman. Now five times on the teams, one, two, three, four, and fifth and final time from Belgium down to the Netherlands. Cool, so Matthew Shearer with Belgium, Michael Boselli with Austria, Matt McLaughlin with Switzerland, Eric Jock with Poland, William Rosenthal with Portugal, Josh Melton with Croatia, Tang Vang with England, Shay R with Wales, Philip Tong with Czech Republic, Robert Runkle with Italy, Jernigan Dixon with Turkey, Eric Jock, Last Spot Mojo with Sweden, Eric Jock with France as well, Ian Rockwood with Germany, Matthew Shearer with Denmark, Robert Runkle with Spain, Bill Dervosian with the Ukraine, Matthew Shearer with the Finland and Skillsy Combo, and also with Russia and Nicholas Stoneman with the Netherlands. Here I butchered the word England. England? Come on. What is this, amateur hour? Trade window open, guys. Robert is trying to trade Spain and Italy for England, France, or Germany. So England, Tang Vang, France, Eric Jock, or Germany. Ian Rockwood, your teams are wanted. I'm just going to make it like this so everybody can see what we're doing right here. And then I'm going to turn on the Nick Cam just so I can open up this first box while we keep the trade window open. Nick Cam is going to come over this way. Oh, look at that torso. Good-looking torso there. Full desk view. So this is the hybrid version, guys. Find one exclusive camo prism parallel per box on average. I don't think there's any autos guaranteed. I don't remember if either of the boxes we had last night had an autograph, but it does say to look for autographs from some of Europe's biggest stars. Some very nice parallels in here. As I was saying earlier, the colors on these really pop. So it gives me lots of excitement for upcoming select from football. No talks of trade. Robert, we're good to stick in with what we got. Good to go. Okay, cool. I'm going to print it. That didn't work. I thought that was so smooth. Just push a button. Just hit the button and print. I always try to make the one cool move to make like that's my signature move. I send it butchering it every time. Nick Cam off switch to breaking camera one, two, three. So there is the final list. Good luck, everyone. I'm actually surprised we still have we still have a lot of this. I would surprise this hasn't all sold out yet. Gareth Bale, Mezzanine, going to Wales, Shea R, Stephen Zuber, Mezzanine, Rookie for Switzerland, Matt McLaughlin. I did find out that there are some color variations in here. Obviously, other than the very clearly red, white and blue parallel like this. Marlowe's for the Ukraine and build devotion. Bernardo Silva, Mezzanine for Portugal, William Rosenthal, Lassie Lappellinan for Finland, Matthew Shearer, Julian Brant for Germany, Ian Rockwood, Thorgan Hazard, Eden's brother. There you go. This is our camo parallel. This is a Mezzanine and it's Timu Puke for Finland, going to Matthew Shearer. Awesome looking card and it's numbered 15 out of 49. Eden Hazard field level, Robin Quezon, Mezzanine Silver, going to Sweden, Eric Jock. What's up Joey? Jonas Hector, Mezzanine for Germany, Ian Rockwood and Robert Lewandowski. And you can tell, so this is actually a parallel. So see the bottoms of most of them are black apparently in the name? This one is a red. So that is a parallel of some sort. I found out last night. Eric Jock and Poland. Martin de Rune, Red, White and Blue for the Netherlands and Nicholas Stone. Andres Kramarek for Croatia, Josh Melton, Ifron Kahn Kaveki, Silver for Turkey, Jernigan Dixon, Emil Forsberg for Sweden and Eric Jock, last spot mojo. Christopher Olsen, Rookie for Sweden and Eric Jock and Matteo Kovacic for Croatia and Josh Melton. You want to look at the, what bottoms? What are you talking about Joey? Joey, I'm assuming you got that PayPal? Cool. I made a, I made Teddy pay for it himself and then I paid him back just because I don't, he has PayPal. I don't really use PayPal all that much. It was awesome. He was like, wait, he's like, you got this as a gift for me? I was like, yes. And I was like, but you need to pay this person.  He goes, so wait, I'm going to know, I'm going to know the price that you paid for it and everything, and then you're going to hold that against me. And I was like, well, of course, he's like, am I paying for my own gift or am I going to get paid for it? I was like, Jesus Christ, pay for it. He was very happy. He's like, that's super cool. Well, let me double check these, make sure there's no other color parallel on the bottom. And like I said, I'll have Jason look through them when he gets a chance to make sure that there's nobody I'm missing either. I almost got away with banking him pay for his own gift though. That would have been cool. Box number two, guys. Okay, guys, I got a couple orders looks like after this, but get your spots in that box or I've got both cases back there. One we're going to give away completely to one person. All that's left is that filler break. Gear spot. Paul Pogba starts us off. Lucas Rodecky for Finland. Matthew Syrah. Jaden Sancho for England. Tang Vang. Ozen Tufan, red, white and blue for Turkey. Jernigan Dixon. Victor Nelson Lindelof for Sweden. Eric Jock. Lewandowski for Poland. Going to Eric Jock. Romelu Lukaku. Silver for Belgium. Matthew Syrah. Stefano Sensei. Field level for Italy. And Robert Runkel for this. Prezymsla Frankowski. Actually did better than I thought. For Poland. Field level. Eric Jock. Alexander Isak for Sweden. And Eric Jock. Last spot mojo. Ben Davies. Mezzanine for Wales. Shea R. Very nice. Red, white and blue. Julian Brandt. Mezzanine. Going to Germany at Ian Rockwood. Martin Braithwaite for Denmark. And Matthew Syrah. Kiefer Moore. Mezzanine for Wales. Shea R. Tomas Kedziora. Red, white and blue for Poland. And Eric Jock. Christian Ericsson. Mezzanine for Denmark. Matthew Syrah. Cengiz Under for Turkey. Jernigan Dixon. Danilo Pereira for Portugal. William Rosenthal. And our camo. Benjamin Povard. For France. Going to Eric Jock. That's number two out of sixty. And Michael Hulstenberg. For Germany. Ian Rockwood. You still check that there was no other colored parallels in here. There you go. So that's the break guys. That was 2019-20. Penini Select UEFA Euro Soccer Hybrid One Box Break. Random Country Number Nine. I'm Sean, jaspyscasebreaks.com. We'll have more in the store. Random Country Number Ten should be coming up. I'm Sean, jaspyscasebreaks.com. We'll see you next time.


Automotive Grade Linux, the AGL work group, is incredibly important to promoting open source and importantly open innovation across automotive architectures, especially the cluster and infotainment moving forwards. By working together it's just a better, faster, cheaper way to produce software. Well over 90% of the future features will be software centric. The customer expectations aren't based on their previous car, based on consumer electronics, many of which run an open source Linux distribution today. Creating software that's needed for every car but doesn't differentiate any car. The automotive industry can focus on providing great user interface and on the things that really make their cars, their products different for their customers. The other AGL members are trying to enable people to show their ideas, to demonstrate them, to build on their ideas in an open source project, to effectively crowdsource the best possible infotainment system. We've launched a contest for designing the future of automotive infotainment and we're excited about this. This vehicle has the latest AGL proof of concept for the Tizen OS and the HTML5 framework. All of the entries that we have to the AGL contest will be demonstrated and tried out in this very vehicle. You can see that we have multiple displays, we have the ability to control the systems via iPad as well as the full integration. The car also has a number of GoPro cameras so that we can send video files back to those submitting entries.