=3. Calculation of working capital ratios.

Working capital for Moretti SpA over the last five years (at 31 December) was as follows:

(In €m) 2013 2014 2015 2016 2017 Inventories of finished goods 6.1 7.4 9.1 13 15.4 Trade and notes receivable 6.4 8.9 10.5 11.1 11.6 Trade and notes payable 2.1 3.5 3.5 3.8 3.4 The income statement includes the following data:

(In €m) 2013 2014 2015 2016 2017 Sales (excl. VAT) 32.8 44.7 49.4 48.9 50 Sales (incl. VAT) 38.9 52.6 58.1 57.4 57.2 Purchases (incl. VAT) 12.5 19.2 19.6 20.9 20.4