Extract
[...] The EBE is improving every year, which is a testament to the performance in managing expenses. PART II PROVISIONAL INCOME STATEMENT In thousands of euros 2020 2021 2022 2023 2024 Turnover 1500 1650 1800 1950 2100 Purchase cost 500 600 750 800 900 Gross margin 1000 1050 1050 1150 1200 Depreciation 200 200 200 200 200 Pre-tax result 800 850 850 950 1000 Net result 528 561 561 627 660 2020 2021 2022 2023 2024 Clients 375,0 412,5 450,0 487,5 525,0 Stocks 120,0 150,0 160,0 170,0 180,0 Suppliers 41,7 50,0 62,5 66,7 75,0 BFR 453,3 512,5 547,5 590,8 630,0 Variation of BFR 453,3 59,2 35,0 43,3 39,2 CASH FLOW Decrease Beginning period 2020 2021 2022 2023 2024 Investment 1000 Variation of BFR 453,3 59,2 35,0 43,3 39,2 Total outflow 1000 453,3 59,2 35,0 43,3 39,2 Deposits 2020 2021 2022 2023 2024 Self-financing capacity: RN + Depreciations 728 761 761 827 860 Recovery of BFR Total deposits 728 761 761 827 860 Net cash flows -1000 274,7 701,8 726,0 783,7 820,8 CASH FLOW ACTUALISE 219,73 449,17 371,71 320,99 268,97 Calculation of the VAN: -1,000 +219.73 + 449.17 + 371.71 + 320.99 + 268.97 VAN = 630.57 Conclusion: the investment of 1000 will generate positive cash flows over the 5 years. [...]
[...] This will improve its WCR and have a significant impact on its cash flow. Taking into account the income statement: 2017 2018 2019 MARGIN RATE ((Sales - cost of goods sold) / Sales) x 100 66,9 66,9 66,9 EBE Sales - Cost of Goods Sold - Operating Expenses - Taxes and Fees - Personnel Charges 410,0 356,0 447,0 RETURN ON NET INCOME RATIO (RN/CA) x 100 13,4 9,8 12,0 RETURN ON EQUITY RATIO (EQUITY/ASSETS) x 100 28,3 22,3 24,8 Comments: the margin rate remains unchanged. [...]
