=+Question 4 You are given the following summarised financial statements of Holly plc which is a competitor of your company.

Summarised Statements of Comprehensive Income for the Years Ended 31 December 1992 - 1993 1994 1995

€Em Em _ €m €m Revenue 35,100 39,000 41,700 42,900 Cost of sales (22,800) (25,800) (28,200) (30,300)

Gross profit 12,300 13,200 13,500 12,600 Distribution costs 1,800 2,100 2,400 3,000 Administration costs 5,400 5,700 6,900 5,700

(7,200) (7,800) (9,300) (8,700)

Operating profit 5,100 5,400 4,200 3,900 Interest (150) (600) (1,200) 1,500 *

Profit before taxation 4,950 4,800 3,000 2,400 Income tax expense (750) (150) (300) (450)

Profit after taxation 4,200 4,650 2,700 1,950 Summarised Statements of Financial Position as at 31 December ies 1993. 1994 1995

€m €m €m €m Assets Non-Current Assets 6,672 8,586 8,268 Current assets Inventories 4,800 5,400 5,100 4,500 Receivables 6,300 7,800 9,000 9,600 Bank 204 Kod a LS 11,304 13,200 14,100 14,100