14.4 An extract from the financial statements of a wholesaler for the years ended 31 December 2004 and 2003 follows (amounts in thousands of euro):

Balance sheet data As at 31 December 2004 2003 Trade and other receivables 500,000 470,000 Deduct: Allowance for doubtful debts (25,000) (20,000)

Net trade and other receivables 475,000 450,000 Inventories 600,000 550,000 Income statement data Year ended 31 December 2004 2003 Net credit sales 2,500,000 2,200,000 Net cash sales 500,000 400,000 Net sales 3,000,000 2,600,000 Cost of sales 2,000,000 1,800,000 Selling, general and administrative expenses 300,000 270,000 Other operating expenses 50,000 30,000 Net operating expenses 2,350,000 2,100,000

(a) What is the trade receivables turnover for 2004 and 2003?

(b) What is the inventory turnover for 2004 and 2003?

(c) Comment on the trend.