In concrete terms, based on the diagram on page 35, by how much does a company create wealth over a given financial period? Why?

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Operating cycle Investment cycle Debt financing cycle Nonrecurring items and tax effects BY NATURE Net sales + Changes in inventories of finished goods and work in progress Production Purchase of raw materials + Change in inventories of raw materials -Services (other operating expenses) -Personnel expenses - Taxes other than corporate income taxes - Write-downs and write-offs on inventories and trade receivables EBITDA Depreciation, amortisation and impairment losses on fixed assets EBIT (Operating profit) - Financial expense net of financial income =Profit before tax and nonrecurrent items +/-Nonrecurring items (extraordinary items, result from discontinued operations, some exceptional items) -Corporate income tax Net income (net profit) Dividends - Retained earnings BY FUNCTION Net sales Cost of sales - Selling and marketing costs - General and administrative costs - Research and development costs