Company X, a small company, has an average warehouse period of 120 days, an average collection period of 90 days, an average payment period to suppliers of 30 days and a net profit margin on sales of 3%. Sales amounted to 1,000,000 euros, with purchases accounting for 75% of sales.

1. Calculate your Working Capital Requirement (WCR).
2. How much will your NOF amount to if sales grow by 25%? and if they fall by 25%?
3. At what rate will you be able to grow without increasing your external financing?