N-2 N-1 NOT N +1 is. N + 2 is. 5 5 BALANCE SHEET ACTIVE 3 Current assets 0 Cash 1 Debtors 2 Stocks and work in progress 3 Transitional assets 4 5 6 Fixed assets 8 Buildings and land 9 Facilities 0 Others INmth 10.0 20.9 41.6 2.3 74.8 8.2 26.5 44.5 2.0 81.2 11.8 17.8 49.4 2.3 81.3 15.3 18.8 42.0 2.8 78.9 14.2 16.9 34.9 1.3 67.3 20.8 8.7 13.8 8.9 3.2 25.9 00 Ohm 13.4 8.1 3.5 25.0 12.7 8.3 3.7 24.7 12.2 6.6 3.7 22.5 9.5 39.0 113.8 107.1 106.3 103.6 89.8 3 TOTAL ASSETS 4 LIABILITIES 21.6 16.1 6 Short-term foreign funds 8 Creditors 9 Short-term financial debts 0 Transient liabilities -1 Z 3 Long-term foreign funds 22.2 17.6 3.7 43.5 20.5 20.1 3.5 44.1 18.8 19.4 3.6 41.8 18.2 12.7 2.6 33.5 1.8 Ohm 39.5 10.5 9.0 19.5 6.2 9.0 15.2 5.8 9.0 i o O 00 6.4 9.0 15.4 6.8 0.0 6.8 14.8 33 Long-term foreign funds 35 Mortgage 36 Bond loan (9%) 37 38 39 Own funds 41 Capital actions 42 Legal reservations 43 Profits & losses carried forw 44 Net profit 45 46 47 TOTAL LIABILITIES 48 49 Figures in wins of047 50 22.0 25.6 1.2 0.0 48.8 22.0 22.2 1.8 0.0 46.0 22.0 22.9 3.0 0.0 47.9 22.0 23.4 5.5 0.0 50.9 22.0 21.3 3.1 0.0 46.4 111.8 105.3 104.5 105.8 86.7 51 52 OPERATING ACCOUNT N-2 N-1 NOT N +1 is. N +2 is. 53 54 Products 56 Turnover 146.8 125.8 134.3 119.3 118.1 58 59 146.8 125.8 134.3 119.3 118.1 60 Freight charges 62 PRAMV 101.6 85.0 93.4 81.4 78.7 64 101.6 85.0 93.4 81.4 78.7 66 Gross margin 45.2 40.8 40.9 37.9 39.4 E 67 68 Overheads a 21.5 12.3 4.2 1.8 0.4 3.3 17.2 114 4.6 2.0 0.4 3.5 16.9 9.3 5.2 2.0 1.5 3.8 18.0 8.6 6.1 1.4 0.9 5.2 NDO 17.8 8.2 5.1 1.4 1.2 2.7 WN ou 1.7 1.7 2.2 -2.3 3.0 70 Staff costs 71 Administration fees 72 Advertising 73 Distribution costs 74 Insurance 75 Depreciation 77 Operating profit 18 79 Non-operating result 81 Extraordinary result 83 Economic benefit (EBIT) 85 Interest and bank charges 87 Operational profit 3.5 2.8 2.5 2.5 2.3 5.2 4.5 4.7 0.2 5.3 2.9 2.4 2.6 2.4 2.1 2.3 2.1 2.1 -2.2 3.2 88 89 Taxes (15%) 0.3 0.3 0.3 0.0 0.5 90 NET PROFIT 2.0 1.8 1.8 -2.2 2.7 91 92 1. Please give your opinion on the profitability of the company to date and how it is developing in the coming years. 12 13 2. What about the impact of financial leverage on the relationship between RCI and RFP? 14 15 3. . Does the company create value? If so, what does this mean to you? If not, how can this situation be improved? 16 17 4. Calculate the value of the company in year N using the practitioner method. 18 19 5. Calculate the company using the banking method knowing that the risk premium is 3.7%. LIBOR will be today's today's. 20 21 6. What do you think of the difference between these two values? 22