Haver Industries is a leading consumer products company. The companys adapted comparative balance sheets and income statements (in $ millions) follow.

Haver Industries Comparative Income Statements For the Years Ended December 31
		2016		2015		2014		2013		2012
Net sales revenue		$68,222		$56,741		$51,407		$43,377		$40,238
Cost of goods sold		33,125		27,872		25,076		22,141		20,989
Gross profit		35,097		28,869		26,331		21,236		19,249
Research & development expenses		2,075		1,940		1,802		1,665		-
Selling, general, & administrative expenses		19,773		16,460		14,702		11,718		12,052
Nonoperating income (expense)		283		346		152		238		(211)
Interest expense		1,119		834		629		561		603
Income before taxes		12,413		9,981		9,350		7,530		6,383
Income taxes		3,729		3,058		2,869		2,344		2,031
Net income		$8,684		$6,923		$6,481		$5,186		$4,352
Income before taxes		$2.79		$2.70		$2.34		$1.80		$1.46
Income before taxes		$1.15		$1.03		$0.93		$0.82		$0.76

Haver Industries Comparative Balance Sheets As of December 31
Assets		2016		2015		2014		2013		2012
Cash		$6,693		$6,389		$4,232		$5,912		$3,427
Marketable securities		1,133		1,744		1,660		300		196
Receivables		5,725		4,185		4,062		3,038		3,090
Inventories		6,291		5,006		4,400		3,640		3,456
Other current assets		4,487		3,005		2,761		2,330		1,997
Total current assets		24,329		20,329		17,115		15,220		12,166
Property, plant, & equipment, net		18,770		14,332		14,108		13,104		13,349
Inventories		89,027		24,163		23,900		13,507		13,430
Deposits & other assets		3,569		2,703		1,925		1,875		1,831
Total Assets		$135,695		$61,527		$57,048		$43,706		$40,776
Liabilities
Notes payable		$0		$0		$6,769		$1,079		$3,113
Accounts payable		4,910		3,802		3,617		2,795		2,205
Current long-term debt		2,128		11,441		1,518		1,093		n/a
Accrued expense		4,757		2,957		2,925		2,606		2,429
Income taxes		3,360		2,265		2,554		1,879		1,438
Other current liabilities		4,830		4,574		4,764		2,906		3,519
Total current liabilities		19,985		25,039		22,147		12,358		12,704
Deferred charges		12,354		1,896		2,261		1,396		1,077
Long-term debt		35,344		12,614		12,302		11,475		11,201
Non-current capital leases		632		273		252
Other long-term liabilities		4,472		3,230		2,808		2,291		2,088
Total liabilities		72,787		43,052		39,770		27,520		27,070
Stockholders Equity
Common stock		3,976		2,977		2,544		1,297		1,301
Capital surplus		57,856		3,030		2,425		2,931		2,490
Retained earnings		35,666		31,004		13,611		13,692		11,980
Treasury stock		(34,235)		(17,194)		0		0		0
Other		(355)		(1,342)		(1,302)		(1,734)		(2,065)
Total stockholders equity		62,908		18,475		17,278		16,186		13,706
Total Liabilities and Stockholders Equity		$135,695		$61,527		$57,048		$43,706		$40,776

In his letters to shareholders in 2012, Havers CEO stated that the companys goal for the next five years was to achieve 4% to 6% sales growth each year and at least 10% growth in earnings per share. Did the company meet its targets? How do you know?

Managing a broad collection of brands is challenging. In its 2012 annual report, Haver Industries stated that acquisitions and divestitures are part of the Companys strategic focus on developing brands that offer the greatest potential for growth. The report went on, This requires some diffi cult decisions, including a restructuring program to reduce overhead and streamline manufacturing processes. In other words, the company strives to use its assets to earn the greatest possible return. How well has the company managed its assets over the five-year period shown here?

	2016	2015	2014
Return on assets	8.8%	11.7%	12.9%	12.3%

Would you recommend Haver Industries shares to a friend who is interested in investing for growth potential? Why or why not?