Navera Corporation.Navera's shareholders have raised some serious questions about the recent financial performance of the firm. Although sales and profits have been growing, they do not believe that the company is being managed efficiently. You have been brought in as an independent financial consultant to provide an evaluation.

Navera Inc Navera Inc Statement of Cash Flows (000s of euros) Selected Financial Results (000s of euros) 2019 2020 2019 2020 Opening Cash Balance 6,588 5,510 Sales 187,500 244,900 EBITDA 13,990 20,910 Cash Flow from Operations EBIT 9,190 15,210 EBIT 9,190 15,210 Net Income 5,225 7,631 Depreciation 4,800 5,700 Cash 7,750 2,400 Change in NWC (3,693) (16,110) Accounts receivable 24,800 33,325 Taxes (995) (1,454) Inventory 29,450 42,550 Cash flow from operation activities 9,302 3,346 Accounts payable 15,500 19,850 Long-term debt 5,200 3,320 Cash Flow from Investing Short-term debt 18,580 27,774 Capital expenditure (2,240) (5,075) Equity 39,165 41,986 Net acquisition of assets Purchases or sales of securities Cash flow from investing activites (2,240) (5,075) Cash Flow from Financing Interest payments (2,970) (6,125) Dividend payments (4,810) (4,810) Change in long-term debt (1,040) (1,880) Change in short-term debt 680 9,194 Changes in equity Cash flow from financing activities (8,140) (3,621)