R - Arts, entertainment and recreational activities

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	K$ 211	100%	-21.3%
Purchases & stocks variance	K$ -13	-6%	+2.4 points
Gross margin	K$ 198	94%	-2.4 points
Operating expenses & revenues	K$ -110	-52%	-13.9 points
Taxes and subsidies	K$ 9	4%	-1.0 points
Value added at factor costs	K$ 76	36%	+9.8 points
Wages costs  (1 employee = K$ 61)	K$ -52	-24%	+6.2 points
Gross operating surplus	K$ 24	12%	+3.6 points
Depreciation and provisions	K$ -12	-6%	+2.3 points
Operating income	K$ 12	6%	+1.3 points
Financial incomes and costs	K$ 1	0%	-0.5 points
Earnings before taxes	K$ 12	6%	+0.8 points
Exceptional incomes and costs	K$ 19	9%	-8.4 points
Income tax	K$ -3	-1%	+0.5 points
Net income	K$ 28	13%	+8.7 points
Self-financing capacity	K$ 22	10%	+3.1 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	K$ 32	9%	Equity	K$ 165	45%
Of which goodwill	K$ 10	3%	Of which share capital	K$ 84	23%
Gross tangible assets	K$ 171	47%	Bank loans	K$ 101	28%
Of which lands	K$ 12	3%
Gross financial capital assets	K$ 115	31%
Depreciations	K$ -110	-30%
Net fixed assets	K$ 208	57%	Permanent capital	K$ 267	73%
Stocks	K$ 6	2%	Payables	K$ 22	6%
Receivables	K$ 78	21%	Other liabilities	K$ 77	21%
Cash	K$ 67	18%
Other assets	K$ 6	2%
Current assets	K$ 158	43%	Short term debts	K$ 99	27%
total assets	K$ 366	100%	total liabilities	K$ 366	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 17 days)	K$ 6	3%
Receivables  (payment terms : 111 - 134 days)	K$ 78	37%
Other assets	K$ 6	3%
Payables  (payment terms : 53 - 64 days)	K$ -22	-11%
Other liabilities	K$ -77	-36%
Net working capital (A)	K$ -9	-4%
Permanent capital	K$ 267	126%
Net fixed assets	K$ -208	-99%
Working capital (B)	K$ 58	28%
Cash (B - A)	K$ 67	32%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 4.1	100%	+0.2%
Purchases & stocks variance	M$ -0.3	-8%	-0.1 points
Gross margin	M$ 3.8	92%	+0.1 points
Operating expenses & revenues	M$ -2.0	-49%	+1.2 points
Taxes and subsidies	M$ -0.2	-5%	-0.1 points
Value added at factor costs	M$ 1.9	47%	-1.1 points
Wages costs  (1 employee = K$ 55)	M$ -1.7	-40%	-0.5 points
Gross operating surplus	M$ 0.3	7%	-0.6 points
Depreciation and provisions	M$ -0.2	-6%	+0.9 points
Operating income	M$ 0.0	1%	-1.5 points
Financial incomes and costs	M$ 0.1	1%	-0.4 points
Earnings before taxes	M$ 0.0	0%	-1.8 points
Exceptional incomes and costs	M$ 0.2	4%	-1.5 points
Income tax	M$ -0.1	-2%	+0.0 points
Net income	M$ 0.1	2%	-0.4 points
Self-financing capacity	M$ 0.2	4%	-0.8 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 0.5	6%	Equity	M$ 2.9	38%
Of which goodwill	M$ 0.2	2%	Of which share capital	M$ 1.7	22%
Gross tangible assets	M$ 4.6	61%	Bank loans	M$ 2.6	33%
Of which lands	M$ 0.3	3%
Gross financial capital assets	M$ 1.8	24%
Depreciations	M$ -2.6	-34%
Net fixed assets	M$ 4.3	57%	Permanent capital	M$ 5.4	71%
Stocks	M$ 0.1	2%	Payables	M$ 0.6	8%
Receivables	M$ 1.9	25%	Other liabilities	M$ 1.6	21%
Cash	M$ 1.3	17%
Other assets	M$ 0.0	0%
Current assets	M$ 3.3	43%	Short term debts	M$ 2.2	29%
total assets	M$ 7.7	100%	total liabilities	M$ 7.7	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 22 days)	M$ 0.1	4%
Receivables  (payment terms : 137 - 165 days)	M$ 1.9	46%
Other assets	M$ 0.0	1%
Payables  (payment terms : 78 - 94 days)	M$ -0.6	-15%
Other liabilities	M$ -1.6	-39%
Net working capital (A)	M$ -0.2	-4%
Permanent capital	M$ 5.4	133%
Net fixed assets	M$ -4.3	-106%
Working capital (B)	M$ 1.1	27%
Cash (B - A)	M$ 1.3	31%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 382	100%	-34.9%
Purchases & stocks variance	M$ -13	-3%	+2.1 points
Gross margin	M$ 369	97%	-2.1 points
Operating expenses & revenues	M$ -213	-56%	-18.7 points
Taxes and subsidies	M$ 33	9%	-3.2 points
Value added at factor costs	M$ 110	29%	+11.8 points
Wages costs  (1 employee = K$ 68)	M$ -72	-19%	+7.2 points
Gross operating surplus	M$ 38	10%	+4.6 points
Depreciation and provisions	M$ -18	-5%	+3.2 points
Operating income	M$ 20	5%	+1.5 points
Financial incomes and costs	M$ 0	0%	-0.5 points
Earnings before taxes	M$ 20	5%	+1.0 points
Exceptional incomes and costs	M$ 56	15%	-14.3 points
Income tax	M$ -5	-1%	+0.7 points
Net income	M$ 71	19%	+14.6 points
Self-financing capacity	M$ 34	9%	+3.9 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 61	9%	Equity	M$ 336	51%
Of which goodwill	M$ 8	1%	Of which share capital	M$ 153	23%
Gross tangible assets	M$ 242	37%	Bank loans	M$ 156	24%
Of which lands	M$ 26	4%
Gross financial capital assets	M$ 266	41%
Depreciations	M$ -211	-32%
Net fixed assets	M$ 358	55%	Permanent capital	M$ 492	75%
Stocks	M$ 6	1%	Payables	M$ 31	5%
Receivables	M$ 147	22%	Other liabilities	M$ 130	20%
Cash	M$ 123	19%
Other assets	M$ 20	3%
Current assets	M$ 295	45%	Short term debts	M$ 161	25%
total assets	M$ 653	100%	total liabilities	M$ 653	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 9 days)	M$ 6	2%
Receivables  (payment terms : 115 - 138 days)	M$ 147	38%
Other assets	M$ 20	5%
Payables  (payment terms : 39 - 47 days)	M$ -31	-8%
Other liabilities	M$ -130	-34%
Net working capital (A)	M$ 11	3%
Permanent capital	M$ 492	129%
Net fixed assets	M$ -358	-94%
Working capital (B)	M$ 134	35%
Cash (B - A)	M$ 123	32%

5 - Profitability analysis