K - Financial and insurance activities

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	K$ 526	100%	+23.9%
Purchases & stocks variance	K$ -95	-18%	+6.5 points
Gross margin	K$ 432	82%	-6.5 points
Operating expenses & revenues	K$ -217	-41%	-4.6 points
Taxes and subsidies	K$ 17	3%	+0.1 points
Value added at factor costs	K$ 212	40%	-3.3 points
Wages costs  (1 employee = K$ 99)	K$ -144	-27%	-2.3 points
Gross operating surplus	K$ 68	13%	-1.0 points
Depreciation and provisions	K$ -22	-4%	-0.7 points
Operating income	K$ 45	9%	-0.3 points
Financial incomes and costs	K$ -266	-50%	+18.6 points
Earnings before taxes	K$ 311	59%	+18.2 points
Exceptional incomes and costs	K$ -9	-2%	+8.3 points
Income tax	K$ -8	-1%	-0.4 points
Net income	K$ 294	56%	+10.4 points
Self-financing capacity	K$ 383	73%	+13.5 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 0.2	2%	Equity	M$ 4.8	56%
Of which goodwill	M$ 0.1	1%	Of which share capital	M$ 3.5	41%
Gross tangible assets	M$ 0.5	6%	Bank loans	M$ 2.9	34%
Of which lands	M$ 0.0	1%
Gross financial capital assets	M$ 7.0	82%
Depreciations	M$ -0.8	-9%
Net fixed assets	M$ 6.9	80%	Permanent capital	M$ 7.7	91%
Stocks	M$ 0.0	0%	Payables	M$ 0.1	2%
Receivables	M$ 0.7	8%	Other liabilities	M$ 0.7	8%
Cash	M$ 0.8	9%
Other assets	M$ 0.1	2%
Current assets	M$ 1.7	20%	Short term debts	M$ 0.8	9%
total assets	M$ 8.5	100%	total liabilities	M$ 8.5	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 46 days)	M$ 0.0	7%
Receivables  (payment terms : 404 - 485 days)	M$ 0.7	135%
Other assets	M$ 0.1	28%
Payables  (payment terms : 128 - 153 days)	M$ -0.1	-25%
Other liabilities	M$ -0.7	-127%
Net working capital (A)	M$ 0.1	18%
Permanent capital	M$ 7.7	1,471%
Net fixed assets	M$ -6.9	-1,303%
Working capital (B)	M$ 0.9	168%
Cash (B - A)	M$ 0.8	150%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 6.0	100%	-9.3%
Purchases & stocks variance	M$ -0.8	-12%	-5.3 points
Gross margin	M$ 5.3	88%	+5.3 points
Operating expenses & revenues	M$ -2.3	-38%	-1.1 points
Taxes and subsidies	M$ 0.2	3%	-0.5 points
Value added at factor costs	M$ 2.8	46%	+4.1 points
Wages costs  (1 employee = K$ 95)	M$ -1.9	-32%	+2.4 points
Gross operating surplus	M$ 0.9	15%	+1.8 points
Depreciation and provisions	M$ -0.1	-2%	+0.1 points
Operating income	M$ 0.7	12%	+1.7 points
Financial incomes and costs	M$ -0.2	-3%	-7.7 points
Earnings before taxes	M$ 0.9	15%	-6.0 points
Exceptional incomes and costs	M$ 0.1	2%	+4.7 points
Income tax	M$ -0.2	-3%	-0.9 points
Net income	M$ 0.8	13%	-9.8 points
Self-financing capacity	M$ 1.0	16%	-3.6 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 1.8	7%	Equity	M$ 11.5	43%
Of which goodwill	M$ 1.3	5%	Of which share capital	M$ 7.2	27%
Gross tangible assets	M$ 4.4	17%	Bank loans	M$ 9.8	37%
Of which lands	M$ 0.7	3%
Gross financial capital assets	M$ 13.6	51%
Depreciations	M$ -3.1	-12%
Net fixed assets	M$ 16.7	63%	Permanent capital	M$ 21.2	80%
Stocks	M$ 0.4	2%	Payables	M$ 1.1	4%
Receivables	M$ 4.7	18%	Other liabilities	M$ 4.1	16%
Cash	M$ 4.4	17%
Other assets	M$ 0.3	1%
Current assets	M$ 9.8	37%	Short term debts	M$ 5.3	20%
total assets	M$ 26.5	100%	total liabilities	M$ 26.5	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 51 days)	M$ 0.4	7%
Receivables  (payment terms : 235 - 282 days)	M$ 4.7	78%
Other assets	M$ 0.3	4%
Payables  (payment terms : 113 - 136 days)	M$ -1.1	-19%
Other liabilities	M$ -4.1	-69%
Net working capital (A)	M$ 0.1	2%
Permanent capital	M$ 21.2	353%
Net fixed assets	M$ -16.7	-277%
Working capital (B)	M$ 4.5	76%
Cash (B - A)	M$ 4.4	73%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 369	100%	+46.6%
Purchases & stocks variance	M$ -84	-23%	+11.2 points
Gross margin	M$ 285	77%	-11.2 points
Operating expenses & revenues	M$ -151	-41%	-7.5 points
Taxes and subsidies	M$ 11	3%	+0.3 points
Value added at factor costs	M$ 132	36%	-4.9 points
Wages costs  (1 employee = K$ 102)	M$ -83	-22%	-2.7 points
Gross operating surplus	M$ 49	13%	-2.2 points
Depreciation and provisions	M$ -17	-5%	-1.5 points
Operating income	M$ 32	9%	-0.7 points
Financial incomes and costs	M$ -50	-14%	-15.8 points
Earnings before taxes	M$ 82	22%	-16.5 points
Exceptional incomes and costs	M$ -4	-1%	+2.3 points
Income tax	M$ -4	-1%	+1.3 points
Net income	M$ 74	20%	-20.1 points
Self-financing capacity	M$ 131	35%	-10.8 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 116	3%	Equity	M$ 1,807	45%
Of which goodwill	M$ 52	1%	Of which share capital	M$ 1,295	32%
Gross tangible assets	M$ 362	9%	Bank loans	M$ 1,651	41%
Of which lands	M$ 35	1%
Gross financial capital assets	M$ 3,031	75%
Depreciations	M$ -311	-8%
Net fixed assets	M$ 3,199	80%	Permanent capital	M$ 3,457	86%
Stocks	M$ 20	0%	Payables	M$ 106	3%
Receivables	M$ 351	9%	Other liabilities	M$ 457	11%
Cash	M$ 396	10%
Other assets	M$ 54	1%
Current assets	M$ 821	20%	Short term debts	M$ 562	14%
total assets	M$ 4,020	100%	total liabilities	M$ 4,020	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 31 days)	M$ 20	5%
Receivables  (payment terms : 285 - 342 days)	M$ 351	95%
Other assets	M$ 54	15%
Payables  (payment terms : 138 - 166 days)	M$ -106	-29%
Other liabilities	M$ -457	-124%
Net working capital (A)	M$ -138	-37%
Permanent capital	M$ 3,457	937%
Net fixed assets	M$ -3,199	-867%
Working capital (B)	M$ 258	70%
Cash (B - A)	M$ 396	107%

5 - Profitability analysis