1. Among the following different flows, which will be appropriated by both shareholders and lenders: operating receipts, operating cash flow, free cash flows? Who has priority, shareholders or lenders? Why?

2. Do you believe that Internet retail businesses carry high working capital?

3. Does EBITDA always flow directly into a companys bank account?

4. The industrial group HEEMS shows a net result, 80% of which is from extraordinary income. State your views.