49 - Land and pipeline transport

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 1.0	100%	+2.8%
Purchases & stocks variance	M$ 0.0	-4%	+0.5 points
Gross margin	M$ 1.0	96%	-0.5 points
Operating expenses & revenues	M$ -0.5	-50%	+1.9 points
Taxes and subsidies	M$ 0.0	1%	-0.3 points
Value added at factor costs	M$ 0.5	46%	-2.1 points
Wages costs  (1 employee = K$ 52)	M$ -0.4	-38%	-0.5 points
Gross operating surplus	M$ 0.1	9%	-1.6 points
Depreciation and provisions	M$ -0.1	-5%	-0.6 points
Operating income	M$ 0.0	4%	-1.0 points
Financial incomes and costs	M$ 0.0	2%	-0.2 points
Earnings before taxes	M$ 0.0	1%	-1.2 points
Exceptional incomes and costs	M$ 0.0	1%	+0.2 points
Income tax	M$ 0.0	0%	+0.1 points
Net income	M$ 0.0	2%	-1.6 points
Self-financing capacity	M$ 0.1	6%	-1.8 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 0.1	5%	Equity	M$ 0.9	34%
Of which goodwill	M$ 0.0	1%	Of which share capital	M$ 0.2	8%
Gross tangible assets	M$ 2.6	99%	Bank loans	M$ 1.2	45%
Of which lands	M$ 0.2	7%
Gross financial capital assets	M$ 0.4	16%
Depreciations	M$ -1.2	-47%
Net fixed assets	M$ 1.9	73%	Permanent capital	M$ 2.0	79%
Stocks	M$ 0.0	1%	Payables	M$ 0.1	5%
Receivables	M$ 0.5	18%	Other liabilities	M$ 0.4	16%
Cash	M$ 0.2	7%
Other assets	M$ 0.0	1%
Current assets	M$ 0.7	27%	Short term debts	M$ 0.5	21%
total assets	M$ 2.6	100%	total liabilities	M$ 2.6	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 21 days)	M$ 0.0	3%
Receivables  (payment terms : 134 - 160 days)	M$ 0.5	45%
Other assets	M$ 0.0	3%
Payables  (payment terms : 63 - 75 days)	M$ -0.1	-12%
Other liabilities	M$ -0.4	-41%
Net working capital (A)	M$ 0.0	-3%
Permanent capital	M$ 2.0	200%
Net fixed assets	M$ -1.9	-186%
Working capital (B)	M$ 0.1	14%
Cash (B - A)	M$ 0.2	17%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	$ 0	100%	+3.2%
Purchases & stocks variance	$ 0	-12%	+0.2 points
Gross margin	$ 0	88%	-0.2 points
Operating expenses & revenues	$ 0	-50%	+0.6 points
Taxes and subsidies	$ 0	1%	-0.1 points
Value added at factor costs	$ 0	37%	-0.9 points
Wages costs  (1 employee = K$ 45)	$ 0	-34%	-0.3 points
Gross operating surplus	$ 0	4%	-0.6 points
Depreciation and provisions	$ 0	-1%	-0.2 points
Operating income	$ 0	2%	-0.3 points
Financial incomes and costs	$ 0	0%	0.0 points
Earnings before taxes	$ 0	2%	-0.4 points
Exceptional incomes and costs	$ 0	1%	+0.0 points
Income tax	$ 0	-1%	-0.1 points
Net income	$ 0	2%	-0.3 points
Self-financing capacity	$ 0	3%	-0.5 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	$ 0	0%	Equity	$ 0	42%
Of which goodwill	$ 0	3%	Of which share capital	$ 0	12%
Gross tangible assets	$ 0	0%	Bank loans	$ 0	22%
Of which lands	$ 0	2%
Gross financial capital assets	$ 0	0%
Depreciations	$ 0	-39%
Net fixed assets	$ 0	38%	Permanent capital	$ 0	65%
Stocks	$ 0	1%	Payables	$ 0	14%
Receivables	$ 0	42%	Other liabilities	$ 0	21%
Cash	$ 0	18%
Other assets	$ 0	1%
Current assets	$ 0	62%	Short term debts	$ 0	35%
total assets	$ 0	100%	total liabilities	$ 0	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 6 days)	$ 0	1%
Receivables  (payment terms : 88 - 106 days)	$ 0	29%
Other assets	$ 0	1%
Payables  (payment terms : 49 - 59 days)	$ 0	-10%
Other liabilities	$ 0	-14%
Net working capital (A)	$ 0	6%
Permanent capital	$ 0	45%
Net fixed assets	$ 0	-26%
Working capital (B)	$ 0	19%
Cash (B - A)	$ 0	12%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	$ 0	100%	+0.0%
Purchases & stocks variance	$ 0	0%	+0.0 points
Gross margin	$ 0	100%	+100.0 points
Operating expenses & revenues	$ 0	-50%	+49.8 points
Taxes and subsidies	$ 0	1%	-1.5 points
Value added at factor costs	$ 0	51%	+51.0 points
Wages costs  (1 employee = K$ 55)	$ 0	-41%	+40.7 points
Gross operating surplus	$ 0	10%	+10.4 points
Depreciation and provisions	$ 0	-7%	+6.6 points
Operating income	$ 0	4%	+3.8 points
Financial incomes and costs	$ 0	4%	-3.6 points
Earnings before taxes	$ 0	0%	+0.1 points
Exceptional incomes and costs	$ 0	1%	-1.1 points
Income tax	$ 0	0%	+0.2 points
Net income	$ 0	1%	+1.0 points
Self-financing capacity	$ 0	7%	+6.8 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	$ 0	0%	Equity	$ 0	33%
Of which goodwill	$ 0	0%	Of which share capital	$ 0	7%
Gross tangible assets	$ 0	0%	Bank loans	$ 0	47%
Of which lands	$ 0	8%
Gross financial capital assets	$ 0	0%
Depreciations	$ 0	-49%
Net fixed assets	$ 0	77%	Permanent capital	$ 0	80%
Stocks	$ 0	1%	Payables	$ 0	4%
Receivables	$ 0	15%	Other liabilities	$ 0	16%
Cash	$ 0	5%
Other assets	$ 0	1%
Current assets	$ 0	23%	Short term debts	$ 0	20%
total assets	$ 0	100%	total liabilities	$ 0	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 31 days)	$ 0	5%
Receivables  (payment terms : 165 - 197 days)	$ 0	55%
Other assets	$ 0	4%
Payables  (payment terms : 73 - 88 days)	$ 0	-14%
Other liabilities	$ 0	-57%
Net working capital (A)	$ 0	-7%
Permanent capital	$ 0	291%
Net fixed assets	$ 0	-279%
Working capital (B)	$ 0	12%
Cash (B - A)	$ 0	19%

5 - Profitability analysis