1. Calculate EBITDA margin for 2018 and comment (Depreciation and amortization in costs of sales and operating expenses are 12,000 , and the sector average is 0.52)

TABLE 1. INCOME STATEMENT

INCOME STATEMENT	2019	2018
Sales revenue	80,000	61,200
Sale returns	-2,000	-1,200
Net sales revenue	78,000	60,000
Cost of goods sold	-60,000	-40,000
Gross Margin	18,000	20,000
Marketing, selling, and delivery expenses	-5,600	-4,850
General administrative expenses	-5,000	-4,150
Operating income	7,400	11,000
Other gains and losses	-1,500	-1,000
Financing expenses	-3,000	-2,000
Period income	2,900	8,000
Corporate tax	-580	-1,600
Net period income	2,320	6,400

TABLE 2. BALANCE SHEET

	2019	2018
ASSETS
Current Assets
Cash and cash equivalents	10,000	8,000
Trade receivables (net)	21,000	14,000
Inventories	23,000	16,000
Prepaid expenses and accrued revenues	3,000	2,000
Total current assets	57,000	40,000
Non-current (fixed) Assets
Tangible assets (net)	92,280	73,800
Total non-current (fixed) assets	92,280	73,800
TOTAL ASSETS	149,280	113,800
LIABILITIES
Short-term Liabilities
Bank loans (ST)	7,000	9,000
Trade payables	16,000	12,000
Taxes and other duties payable	1,700	2,200
Provision for corporate tax	580	1,600
Total short-term liabilities	25,280	24,800
Long-term Liabilities
Bank loans (LT)	45,000	35,000
Total long-term liabilities	45,000	35,000
Total liabilities	70,280	59,800
Shareholder's Equity	79,000	54,000
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	149,280	113,800