==+1. The Multiplax group, the European leader in cinema theatres, is considering an investment in a 15-theatre complex in Dover. The investment would amount to £3.7m for the land and £15m for the building and equipment, to be amortised over 15 years. Multiplax is considering either buying or renting the real estate. The group expects its business to expand as follows:

In thousands of euros N N+1 N+2 N+3 N+4 N+5 N+6 Sales — 3429 5988 6800 7088 7390 7635 Purchases — (1484) (2551) (2912) (3047) (3190) (3301)

Personnel expense

— (667) (887) (913) (941) (969) (988)

Other operating charges (excl.

rent and depreciation and amortisation)

— (212) (51) 169 176 181 197 Theoretically, for this type of activity, working capital is negative (customers pay cash and the company has practically no inventories), but the careful management has made its projections on the assumption of zero working capital over the whole of the business-plan period.