=1/Below are the income statements of four companies with the same level of sales, but with different production costs and financial structures.

A BC D Sales 100 100 100 100 Variable costs 65 55 36 30 Fixed costs 25 29 50 55 EBITDA 10 16 14 15 Depreciation and amortisation 2 8 4 6 EBIT 8 8 10 9 Financial expense 2 6 1.5 6 Profit before tax and non-recurring items 6 2 8.5 3