D - Electricity, gas, steam and air conditioning production and distribution

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 4.3	100%	-8.0%
Purchases & stocks variance	M$ -1.3	-30%	-3.7 points
Gross margin	M$ 3.0	70%	+3.7 points
Operating expenses & revenues	M$ -1.6	-38%	-0.1 points
Taxes and subsidies	M$ 0.0	-1%	-0.4 points
Value added at factor costs	M$ 1.3	29%	+2.9 points
Wages costs  (1 employee = K$ 88)	M$ -0.6	-14%	-0.1 points
Gross operating surplus	M$ 0.7	16%	+3.0 points
Depreciation and provisions	M$ -0.5	-11%	+2.6 points
Operating income	M$ 0.2	5%	+0.4 points
Financial incomes and costs	M$ 0.1	1%	-1.7 points
Earnings before taxes	M$ 0.2	4%	-1.3 points
Exceptional incomes and costs	M$ 0.0	0%	-1.2 points
Income tax	M$ 0.0	0%	+0.3 points
Net income	M$ 0.2	4%	-0.4 points
Self-financing capacity	M$ 0.8	18%	+3.1 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 1.0	5%	Equity	M$ 6.0	33%
Of which goodwill	M$ 0.5	3%	Of which share capital	M$ 2.4	13%
Gross tangible assets	M$ 13.3	72%	Bank loans	M$ 6.6	36%
Of which lands	M$ 0.0	0%
Gross financial capital assets	M$ 6.7	37%
Depreciations	M$ -7.0	-38%
Net fixed assets	M$ 14.0	76%	Permanent capital	M$ 12.7	69%
Stocks	M$ 0.5	3%	Payables	M$ 0.7	4%
Receivables	M$ 2.5	14%	Other liabilities	M$ 5.1	28%
Cash	M$ 1.4	7%
Other assets	M$ 0.1	0%
Current assets	M$ 4.5	24%	Short term debts	M$ 5.8	31%
total assets	M$ 18.5	100%	total liabilities	M$ 18.5	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 58 days)	M$ 0.5	12%
Receivables  (payment terms : 175 - 210 days)	M$ 2.5	58%
Other assets	M$ 0.1	2%
Payables  (payment terms : 63 - 75 days)	M$ -0.7	-15%
Other liabilities	M$ -5.1	-118%
Net working capital (A)	M$ -2.7	-62%
Permanent capital	M$ 12.7	293%
Net fixed assets	M$ -14.0	-323%
Working capital (B)	M$ -1.3	-30%
Cash (B - A)	M$ 1.4	32%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 8.2	100%	+4.6%
Purchases & stocks variance	M$ -1.6	-19%	-6.1 points
Gross margin	M$ 6.6	81%	+6.1 points
Operating expenses & revenues	M$ -2.3	-29%	+2.2 points
Taxes and subsidies	M$ 0.3	3%	-0.3 points
Value added at factor costs	M$ 4.0	48%	+3.5 points
Wages costs  (1 employee = K$ 70)	M$ -0.5	-6%	-0.1 points
Gross operating surplus	M$ 3.5	42%	+3.6 points
Depreciation and provisions	M$ -1.9	-23%	+1.6 points
Operating income	M$ 1.6	20%	+1.9 points
Financial incomes and costs	M$ 1.0	12%	-0.6 points
Earnings before taxes	M$ 0.6	8%	+1.3 points
Exceptional incomes and costs	M$ 0.3	4%	-1.9 points
Income tax	M$ -0.2	-3%	-0.3 points
Net income	M$ 0.7	9%	+3.5 points
Self-financing capacity	M$ 0.0	0%	+0.0 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	$ 0	0%	Equity	$ 0	0%
Of which goodwill	$ 0	0%	Of which share capital	$ 0	0%
Gross tangible assets	$ 0	0%	Bank loans	$ 0	0%
Of which lands	$ 0	0%
Gross financial capital assets	$ 0	0%
Depreciations	$ 0	0%
Net fixed assets	$ 0	0%	Permanent capital	$ 0	0%
Stocks	$ 0	0%	Payables	$ 0	0%
Receivables	$ 0	0%	Other liabilities	$ 0	0%
Cash	$ 0	0%
Other assets	$ 0	0%
Current assets	$ 0	0%	Short term debts	$ 0	0%
total assets	$ 0	0%	total liabilities	$ 0	0%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 0 days)	$ 0	0%
Receivables  (payment terms : 0 - 0 days)	$ 0	0%
Other assets	$ 0	0%
Payables  (payment terms : 0 - 0 days)	$ 0	0%
Other liabilities	$ 0	0%
Net working capital (A)	$ 0	0%
Permanent capital	$ 0	0%
Net fixed assets	$ 0	0%
Working capital (B)	$ 0	0%
Cash (B - A)	$ 0	0%

5 - Profitability analysis

1 - General information

2 - Income statement

	Average	%	Trend
Out of taxes turnover	M$ 2,632	100%	-8.6%
Purchases & stocks variance	M$ -817	-31%	-3.5 points
Gross margin	M$ 1,815	69%	+3.5 points
Operating expenses & revenues	M$ -1,009	-38%	-0.2 points
Taxes and subsidies	M$ -24	-1%	-0.4 points
Value added at factor costs	M$ 744	28%	+2.8 points
Wages costs  (1 employee = K$ 89)	M$ -368	-14%	-0.1 points
Gross operating surplus	M$ 376	14%	+2.8 points
Depreciation and provisions	M$ -265	-10%	+2.6 points
Operating income	M$ 111	4%	+0.3 points
Financial incomes and costs	M$ 20	1%	-1.8 points
Earnings before taxes	M$ 91	3%	-1.5 points
Exceptional incomes and costs	M$ 4	0%	-1.2 points
Income tax	M$ -5	0%	+0.3 points
Net income	M$ 90	3%	-0.6 points
Self-financing capacity	M$ 449	17%	+2.9 points

3 - Balance sheet

Assets	Average	%	Liabilities	Average	%
Gross intangible assets	M$ 0	0%	Equity	M$ 3,704	34%
Of which goodwill	M$ 311	3%	Of which share capital	M$ 1,399	13%
Gross tangible assets	M$ 0	0%	Bank loans	M$ 3,565	33%
Of which lands	M$ 25	0%
Gross financial capital assets	M$ 0	0%
Depreciations	M$ -4,247	-39%
Net fixed assets	M$ 8,263	76%	Permanent capital	M$ 7,269	67%
Stocks	M$ 325	3%	Payables	M$ 397	4%
Receivables	M$ 1,451	13%	Other liabilities	M$ 3,211	30%
Cash	M$ 798	7%
Other assets	M$ 40	0%
Current assets	M$ 2,614	24%	Short term debts	M$ 3,608	33%
total assets	M$ 10,878	100%	total liabilities	M$ 10,878	100%

4 - Cash

	Average	% Turnover
Stocks  (stock cover : 59 days)	M$ 325	12%
Receivables  (payment terms : 165 - 198 days)	M$ 1,451	55%
Other assets	M$ 40	2%
Payables  (payment terms : 60 - 73 days)	M$ -397	-15%
Other liabilities	M$ -3,211	-122%
Net working capital (A)	M$ -1,792	-68%
Permanent capital	M$ 7,269	276%
Net fixed assets	M$ -8,263	-314%
Working capital (B)	M$ -994	-38%
Cash (B - A)	M$ 798	30%

5 - Profitability analysis