A B C D E F G

1 Profit and Loss Statement

2 (thousand of euros) 2000 2001 2002 2000 2001
3 Sales 10,000 20,000 30,000 100% 100%
4 COGS 8,000 16,200 24,600 80% 81%
5 Gross Margin 2,000 3,800 5,400 20% 19%
6 Salaries 200 1,000 1,800 2% 5%
7 Overhead 100 385 470 1% 2%
8 EBITDA 1,700 2,415 3,130 17% 12%
9 Depreciation 500 550 600 5% 3%
10 EBIT 1,200 1,865 2,530 12% 9%
11 Financial expenses Err:522 Err:522 Err:522 Err:522 Err:522
12 EBT Err:522 Err:522 Err:522 Err:522 Err:522
13 Taxes (30%) Err:522 Err:522 Err:522 Err:522 Err:522
14 Net Income Err:522 Err:522 Err:522 Err:522 Err:522
15
16 P&L Ratios (Profitability ratios)
17 Growth of sales 150% 100% 50%
18 Margin in % 20% 19% 18% Gross margin / Sales
19 EBITDA / Sales 17% 12% 10%
20 ROS, return on sales Err:522 Err:522 Err:522 Net income / Sales
21 ROE, return on equity Err:522 Err:522 Err:522 Net income / Equity
22 ROA, return on net assets Err:522 Err:522 Err:522 EBIT / Net assets
23 CFO cash flow from operati Err:522 Err:522 Err:522 Net income + depreciation
24 EBIT/ Financial expenses Err:522 Err:522 Err:522
25
26
27 Assets 2000 2001 2002 SUF 2000-02
28 Cash Err:522 Err:522 Err:522 Err:522
29 Receivables 1,667 3,333 6,667 5,000
30 Inventory 667 1,350 1,367 700
31 Current assets, CA Err:522 Err:522 Err:522
32 Fixed Assets net, FA 5,000 5,500 6,000 1,000
33 Total assets Err:522 Err:522 Err:522
34
35 Liabilities + Equity
36 Payables 720 1,407 2,051 1,332
37 Taxes accrued Err:522 Err:522 Err:522 Err:522
38 Bank Credit Err:522 Err:522 Err:522 Err:522
39 Current liabilities Err:522 Err:522 Err:522
40 Loan 3,000 2,500 2,000 -1,000
41 Equity + reserves 3,000 Err:522 Err:522 Err:522
42 Net income of the year Err:522 Err:522 Err:522 Err:522
43 Total Liab.+ Equity Err:522 Err:522 Err:522
44
45 Purchases 8,637 16,883 24,617
46 New investments gross 1,050 1,100 Variation net assets + depreciation
47
48 Short balance sheet 2000 2001 2002 SUF 2000-02
49 Cash surplus Err:522 Err:522 Err:522 Err:522
50 NFO or current assets net Err:522 Err:522 Err:522 Err:522
51 FA or fixed assets net 5,000 5,500 6,000 1,000
52 NA, net assets Err:522 Err:522 Err:522
53
54 D, Debt Err:522 Err:522 Err:522 Err:522
55 E, Equity Err:522 Err:522 Err:522 Err:522
56 Total financing Err:522 Err:522 Err:522
57
58 Shortest balance sheet version, used in operational finance
59 NFO Err:522 Err:522 Err:522 Err:522
60 WC Err:522 Err:522 Err:522 Err:522
61 Cash surplus (+) Err:522 Err:522 Err:522 Err:522
62 Credit needed (-)
63
64 Balance sheet ratios
65 Receivables in days 60 60 80 Using 360 days
66 Inventory in days 30 30 20 Based on COGS of this year
67 Payables in days 30 30 30
68 NFO / Sales in % Err:522 Err:522 Err:522
 A B C D E F G
69 Leverage = Liab. / Equity Err:522 Err:522 Err:522
70 Debt / Ebitda Err:522 Err:522 Err:522
 H
1
2 2002
3 100%
4 82%
5 18%
6 6%
7 2%
8 10%
9 2%
10 8%
11 Err:522
12 Err:522
13 Err:522
14 Err:522
15
16
17
Gross margin /18 Sales
19
Net income / Sales20
Net income / Equity
21
22
Net income + 23 depreciation
24
25
26
SUF 2000-02
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Variation net assets
46+ depreciation
47
SUF 2000-02
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
Using
65 360 days
Based on COGS 66 of this year
67
68
 H
69
70
 A B C D E F G H
1 Profit and Loss Statement
2 (millio of euros) 2000 2001 2002 2000 2001 2002
3 Sales 87,000 84,016 74,233 100% 100% 100%
4 COGS 63,895 60,810 53,350
5 Gross Margin 23,105 23,206 20,883
6 Marketing, selling and administra 10,376 11,329 10,200
7 Other operating expenses 6,782 5,819 5,067
8 EBITDA 5,947 6,058 5,616
9 Depreciation 6,264 4,126 3,334
10 EBIT -317 1,932 2,282
11 Financial income 2,995 1,543 1,090
12 EBT 2,678 3,475 3,372
13 Taxes 781 849 867
14 Minorities 191 -29 -60
15 Net Income 2,088 2,597 2,445
16
17 P&L Ratios (Profitability ratios)
18 Growth of sales
19 Margin in % Gross margin / sales
20 EBITDA / Sales
21 ROS, return on sales Net income / sales
22 ROE, return on equity Net income / equity
23 ROA, return on net assets EBIT / Net assets
24 CFO cash flow from operations Net income + depreciation
25 EBIT/ Financial expenses na na na
26
27
28 Assets 2000 2001 2002 SUF 2003-01
29 Cash 8,593 11,595 12,799
30 Receivables 29,014 21,795 20,324
31 Inventory 13,406 10,672 10,366
32 Current assets 51,013 44,062 43,489
33 Fixed Assets net 39,105 33,877 34,116
34 Total assets 90,118 77,939 77,605
35
36 Liabilities + Equity
37 Payables 10,798 8,649 8,404
38 Taxes accrued 754 661 870
39 Bank Credit 32,972 25,402 22,754
40 Current liabilities 44,524 34,712 32,028
41 Loan 17,762 19,165 21,228
42 Equity + reserves 25,744 21,465 21,904
43 Net income of the year 2,088 2,597 2,445
44 Total Liab.+ Equity 90,118 77,939 77,605
45
46 Purchases
47 New investments gross Variation assets net + depreciation
48
49 Short balance sheet 2001 2002 2003 SUF 2003-01
50 Cash surplus
51 NFO or current assets net
52 FA or fixed assets net
53 NA, net assets
54
55 Debt
56 Equity
57 Total financing
58
59 Shortest balance sheet version, used in operational finance
60 NFO
61 WC
62 Cash surplus (+)
63 Credit needed (-)
64 Verify: Credit - Cash = It must be same result as in line 62.
65
66 Balance sheet ratios
67 Receivables in days
68 Inventory in days
69 Payables in days
70 NFO / Sales in %
71 Leverage = Liab. / Equity
72 Debt / Ebitda
73
 A B C D E F G H
74
75
76
77
78 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
79
80
81 1. Big numbers
82 Margin and operating expenses. Big depreciation but decreasing. Big finamncial income, but decreasing
83 The financial income is not coherent with the cash in the BS and with debt. We should ask the co.
84
85 2. Sales and growth
86 Big decline in sales. Negative sign. The company must be abandon some products or markets.
87
88 3. Margin and evolution
89 Stable margin at 28%. Good sign.
90
91 4. Ebitda / Sales
92 Big operating and selling expenses, decreasing in $, but not in % over sales. Negative
93 Ebitda / Sales increasin slightly
94
95 5. ROS
96 ROS increasing, thanks to big decrease in depreciation and big financial income.
97 It seems that the company makes money with the financing side rather than the productioon side
98
99 6. ROE
100 Increasing ROE, due to slight increase in net income and big decrease in equity
101
102 7. Financial expenses
103 None. Financial income is much bigger than financial expenses.
104
105 8. Net income and CFO
106 CFO decreasing. It is about one fifth of the debt
107 9. Risks
108
109 10. ROA
110 The ROA is rather small, compared with other alternative investments (like the stock market)
111 Again, the profit comes from financial business rather than production business
112
113 Summary
114 The company seems to be under restructuring, with decreasin sales and expenses.
115 Now, it is out of the red figures. Reasonable ROE. Most of the profit comes from financial operations.
116
117
118 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
119
120 1. Big numbers
121 In the short balance sheet we see the main investment, NFO 34 billion and FA 34 billion
 A B C D E F G H
1 Profit and Loss Statement
2 (million of euros) 2000 2001 2002 2000 2001 2002
3 Sales 87,000 84,016 74,233 100% 100% 100%
4 COGS 63,895 60,810 53,350 73% 72% 72%
5 Gross Margin 23,105 23,206 20,883 27% 28% 28%
6 Marketing, selling and administra 10,376 11,329 10,200 12% 13% 14%
7 Other operating expenses 6,782 5,819 5,067 8% 7% 7%
8 EBITDA 5,947 6,058 5,616 7% 7% 8%
9 Depreciation 6,264 4,126 3,334 7% 5% 4%
10 EBIT -317 1,932 2,282 0% 2% 3%
11 Financial income 2,995 1,543 1,090 3% 2% 1%
12 EBT 2,678 3,475 3,372 3% 4% 5%
13 Taxes 781 849 867 1% 1% 1%
14 Minorities 191 -29 -60 0% 0% 0%
15 Net Income 2,088 2,597 2,445 2% 3% 3%
16
17 P&L Ratios (Profitability ratios)
18 Growth of sales -3% -12%
19 Margin in % 27% 28% 28% Gross margin / sales
20 EBITDA / Sales 7% 7% 8%
21 ROS, return on sales 2.4% 3.1% 3.3% Net income / sales
22 ROE, return on equity 8% 12% 11% Net income / equity
23 ROA, return on net assets 0% 3% 3% EBIT / Net assets
24 CFO cash flow from operations 8,352 6,723 5,779 Net income + depreciation
25 EBIT/ Financial expenses na na na
26
27
28 Assets 2000 2001 2002 SUF 2003-01
29 Cash 8,593 11,595 12,799 4,206
30 Receivables 29,014 21,795 20,324 -8,690
31 Inventory 13,406 10,672 10,366 -3,040
32 Current assets 51,013 44,062 43,489
33 Fixed Assets net 39,105 33,877 34,116 -4,989
34 Total assets 90,118 77,939 77,605
35
36 Liabilities + Equity
37 Payables 10,798 8,649 8,404 -2,394
38 Taxes accrued 754 661 870 116
39 Bank Credit 32,972 25,402 22,754 -10,218
40 Current liabilities 44,524 34,712 32,028
41 Loan 17,762 19,165 21,228 3,466
42 Equity + reserves 25,744 21,465 21,904 -3,840
43 Net income of the year 2,088 2,597 2,445 357
44 Total Liab.+ Equity 90,118 77,939 77,605
45
46 Purchases 63,895 58,076 53,044
47 New investments gross -1,102 3,573 Variation assets net + depreciation
48
49 Short balance sheet 2001 2002 2003 SUF 2003-01
50 Cash surplus 8,593 11,595 12,799 4,206
51 NFO or current assets net 30,868 23,157 21,416 -9,452
52 FA or fixed assets net 39,105 33,877 34,116 -4,989
53 NA, net assets 78,566 68,629 68,331
54
55 Debt 50,734 44,567 43,982 -6,752
56 Equity 27,832 24,062 24,349 -3,483
57 Total financing 78,566 68,629 68,331
58
59 Shortest balance sheet version, used in operational finance
60 NFO 30,868 23,157 21,416 -9,452
61 WC 6,489 9,350 11,461 4,972
62 Cash surplus (+) -24,379 -13,807 -9,955 14,424
63 Credit needed (-)
64 Verify: Credit - Cash = 24,379 13,807 9,955 It must be same result as in line 62.
65
66 Balance sheet ratios
67 Receivables in days 120 93 99
68 Inventory in days 76 63 70
69 Payables in days 61 51 57
70 NFO / Sales in % 35% 28% 29%
71 Leverage = Liab. / Equity 2.2 2.2 2.2
72 Debt / Ebitda 8.5 7.4 7.8
73
 A B C D E F G H
74
75
76
77
78 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
79
80
81 1. Big numbers
82 Margin and operating expenses. Big depreciation but decreasing. Big finamncial income, but decreasing
83 The financial income is not coherent with the cash in the BS and with debt. We should ask the co.
84
85 2. Sales and growth
86 Big decline in sales. Negative sign. The company must be abandon some products or markets.
87
88 3. Margin and evolution
89 Stable margin at 28%. Good sign.
90
91 4. Ebitda / Sales
92 Big operating and selling expenses, decreasing in $, but not in % over sales. Negative
93 Ebitda / Sales increasin slightly
94
95 5. ROS
96 ROS increasing, thanks to big decrease in depreciation and big financial income.
97 It seems that the company makes money with the financing side rather than the productioon side
98
99 6. ROE
100 Increasing ROE, due to slight increase in net income and big decrease in equity
101
102 7. Financial expenses
103 None. Financial income is much bigger than financial expenses.
104
105 8. Net income and CFO
106 CFO decreasing. It is about one fifth of the debt
107 9. Risks
108
109 10. ROA
110 The ROA is rather small, compared with other alternative investments (like the stock market)
111 Again, the profit comes from financial business rather than production business
112
113 Summary
114 The company seems to be under restructuring, with decreasin sales and expenses.
115 Now, it is out of the red figures. Reasonable ROE. Most of the profit comes from financial operations.
116
117
118 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
119
120 1. Big numbers
121 In the short balance sheet we see the main investment, NFO 34 billion and FA 34 billion
 A B C D E F G H
1 Cuenta de Resultados
2 (miles de euros) 2000 2001 2002 2000 2001 2002
3 Ventas 10,000 20,000 30,000 100% 100% 100%
4 CMV 8,000 16,200 24,600 80% 81% 82%
5 Margen bruto 2,000 3,800 5,400 20% 19% 18%
6 Salarios 200 1,000 1,800 2% 5% 6%
7 Gastos generales 100 385 470 1% 2% 2%
8 EBITDA 1,700 2,415 3,130 17% 12% 10%
9 Amortizacin 500 550 600 5% 3% 2%
10 EBIT o BAIT 1,200 1,865 2,530 12% 9% 8%
11 Gastos financieros Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
12 EBT o BAT Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
13 Impuestos (30%) Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
14 BN Beneficio neto Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
15
16 Ratios de cuenta de resultados
17 Crecimiento de ventas 150% 100% 50%
18 Margen in % 20% 19% 18% Margen bruto / ventas
19 EBITDA / ventas 17% 12% 10%
20 ROS, rentabilidad s/ ventas Err:522 Err:522 Err:522 Beneficio neto / ventas
21 ROE, rentab. recursos propi Err:522 Err:522 Err:522 Beneficio neto / recursos propios
22 ROA, rentabilidad activo Err:522 Err:522 Err:522 EBIT / activo neto
23 CFO cash flow operaciones Err:522 Err:522 Err:522 Beneficio neto + amortizacin
24 EBIT/ intereses Err:522 Err:522 Err:522
25
26
27 Activo 2000 2001 2002 COAF 2000-02
28 Caja Err:522 Err:522 Err:522 Err:522
29 Clientes 1,667 3,333 6,667 5,000
30 Existencias 667 1,350 1,367 700
31 Activo circulante, AC Err:522 Err:522 Err:522
32 Activo fijo neto, AF 5,000 5,500 6,000 1,000
33 Activo total Err:522 Err:522 Err:522
34
35 Pasivo
36 Proveedores 720 1,407 2,051 1,332
37 Impuestos a pagar Err:522 Err:522 Err:522 Err:522
38 Crdito bancario Err:522 Err:522 Err:522 Err:522
39 Pasivo circulantes Err:522 Err:522 Err:522
40 Prstamo bancario 3,000 2,500 2,000 -1,000
41 Recursos propios 3,000 Err:522 Err:522 Err:522
42 Beneficio del ao Err:522 Err:522 Err:522 Err:522
43 Total pasivo Err:522 Err:522 Err:522
44
45 Compras 8,637 16,883 24,617
46 Nueva inversin bruta 1,050 1,100 Variacin de activo + amortizacin
47
48 Balance resumido 2000 2001 2002 COAF 2000-02
49 Caja excedente Err:522 Err:522 Err:522 Err:522
50 NOF o circulante neto Err:522 Err:522 Err:522 Err:522
51 AF o activo fijo neto 5,000 5,500 6,000 1,000
52 AN o activos netos Err:522 Err:522 Err:522
53
54 Deuda (a largo y corto) Err:522 Err:522 Err:522 Err:522
55 Recursos propios + Benefic Err:522 Err:522 Err:522 Err:522
56 Total financiacin Err:522 Err:522 Err:522
57
58 Extracto del balance usado en finanzas operativas
59 NOF Err:522 Err:522 Err:522 Err:522
60 FM Err:522 Err:522 Err:522 Err:522
61 Caja excedente (+) Err:522 Err:522 Err:522 Err:522
62 o crdito necesario (-)
63
64 Ratios de balance
65 Das de cobro 60 60 80 Con ao de 360 das
66 Das de existencias 30 30 20 Basado en CMV de este ao
67 Das de pago 30 30 30
68 NOF / Ventas en % Err:522 Err:522 Err:522
69 Apalancamiento Err:522 Err:522 Err:522
 A B C D E F G H
70 Deuda / Ebitda Err:522 Err:522 Err:522
 A B C D E F G H
1 Cuenta de Resultados
2 (millones de euros) 2000 2001 2002 2000 2001 2002
3 Ventas 87,000 84,016 74,233 100% 100% 100%
4 CMV 63,895 60,810 53,350
5 Margen bruto 23,105 23,206 20,883
6 Gastos de ventas y advos. 10,376 11,329 10,200
7 Otros gastos operativos 6,782 5,819 5,067
8 EBITDA 5,947 6,058 5,616
9 Amortizacin 6,264 4,126 3,334
10 EBIT -317 1,932 2,282
11 Ingresos financieros 2,995 1,543 1,090
12 EBT 2,678 3,475 3,372
13 Impuestos 781 849 867
14 Minoritarios 191 -29 -60
15 Beneficio neto 2,088 2,597 2,445
16
17 Ratios de cuenta de resultados
18 Crecimiento de ventas
19 Margen in % Margen bruto / ventas
20 EBITDA / ventas
21 ROS, rentabilidad s/ ventas Beneficio neto / ventas
22 ROE, rentab. recursos propios Beneficio neto / recursos propios
23 ROA, rentabilidad activo EBIT / activo neto
24 CFO cash flow operaciones Beneficio neto + amortizacin
25 EBIT/ intereses na na na
26
27
28 Activo 2000 2001 2002 COAF 2003-01
29 Caja 8,593 11,595 12,799
30 Clientes 29,014 21,795 20,324
31 Existencias 13,406 10,672 10,366
32 Activo circulante, AC 51,013 44,062 43,489
33 Activo fijo neto, AF 39,105 33,877 34,116
34 Activo total 90,118 77,939 77,605
35
36 Pasivo
37 Proveedores 10,798 8,649 8,404
38 Impuestos a pagar 754 661 870
39 Crdito bancario 32,972 25,402 22,754
40 Pasivo circulantes 44,524 34,712 32,028
41 Prstamo bancario 17,762 19,165 21,228
42 Recursos propios 25,744 21,465 21,904
43 Beneficio del ao 2,088 2,597 2,445
44 Total pasivo 90,118 77,939 77,605
45
46 Compras
47 Nueva inversin bruta Variacin de activo + amortizacin
48
49 Balance resumido 2001 2002 2003 COAF 2003-01
50 Caja excedente
51 NOF o circulante neto
52 AF o activo fijo neto
53 AN o activos netos
54
55 Deuda (a largo y corto)
56 Recursos propios + Beneficio
57 Total financiacin
58
59 Extracto del balance usado en finanzas operativas
60 NOF
61 FM
62 Caja excedente (+)
63 o crdito necesario (-)
64 Comprobacin: Crdito - Caja = Debe dar lo mismo que lnea 62.
65
66 Ratios de balance
67 Das de cobro
68 Das de existencias
69 Das de pago
70 NOF / Ventas en %
71 Apalancamiento
72 Deuda / Ebitda
73
 A B C D E F G H
74
75 NO INCLUIR A PARTIR DE AQU
76
77
78 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
79
80
81 1. Big numbers
82 Margin and operating expenses. Big depreciation but decreasing. Big finamncial income, but decreasing
83 The financial income is not coherent with the cash in the BS and with debt. We should ask the co.
84
85 2. Sales and growth
86 Big decline in sales. Negative sign. The company must be abandon some products or markets.
87
88 3. Margin and evolution
89 Stable margin at 28%. Good sign.
90
91 4. Ebitda / Sales
92 Big operating and selling expenses, decreasing in $, but not in % over sales. Negative
93 Ebitda / Sales increasin slightly
94
95 5. ROS
96 ROS increasing, thanks to big decrease in depreciation and big financial income.
97 It seems that the company makes money with the financing side rather than the productioon side
98
99 6. ROE
100 Increasing ROE, due to slight increase in net income and big decrease in equity
101
102 7. Financial expenses
103 None. Financial income is much bigger than financial expenses.
104
105 8. Net income and CFO
106 CFO decreasing. It is about one fifth of the debt
107 9. Risks
108
109 10. ROA
110 The ROA is rather small, compared with other alternative investments (like the stock market)
111 Again, the profit comes from financial business rather than production business
112
113 Summary
114 The company seems to be under restructuring, with decreasin sales and expenses.
115 Now, it is out of the red figures. Reasonable ROE. Most of the profit comes from financial operations.
116
117
118 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
119
120 1. Big numbers
121 In the short balance sheet we see the main investment, NFO 34 billion and FA 34 billion
 A B C D E F G H
1 Cuenta de Resultados
2 (millones de euros) 2000 2001 2002 2000 2001 2002
3 Ventas 87,000 84,016 74,233 100% 100% 100%
4 CMV 63,895 60,810 53,350 73% 72% 72%
5 Margen bruto 23,105 23,206 20,883 27% 28% 28%
6 Gastos de ventas y advos. 10,376 11,329 10,200 12% 13% 14%
7 Otros gastos operativos 6,782 5,819 5,067 8% 7% 7%
8 EBITDA 5,947 6,058 5,616 7% 7% 8%
9 Amortizacin 6,264 4,126 3,334 7% 5% 4%
10 EBIT -317 1,932 2,282 0% 2% 3%
11 Ingresos financieros 2,995 1,543 1,090 3% 2% 1%
12 EBT 2,678 3,475 3,372 3% 4% 5%
13 Impuestos 781 849 867 1% 1% 1%
14 Minoritarios 191 -29 -60 0% 0% 0%
15 Beneficio neto 2,088 2,597 2,445 2% 3% 3%
16
17 Ratios de cuenta de resultados
18 Crecimiento de ventas -3% -12%
19 Margen in % 27% 28% 28% Margen bruto / ventas
20 EBITDA / ventas 7% 7% 8%
21 ROS, rentabilidad s/ ventas 2.4% 3.1% 3.3% Beneficio neto / ventas
22 ROE, rentab. recursos propios 8% 12% 11% Beneficio neto / recursos propios
23 ROA, rentabilidad activo 0% 3% 3% EBIT / activo neto
24 CFO cash flow operaciones 8,352 6,723 5,779 Beneficio neto + amortizacin
25 EBIT/ intereses na na na
26
27
28 Activo 2000 2001 2002 COAF 2003-01
29 Caja 8,593 11,595 12,799 4,206
30 Clientes 29,014 21,795 20,324 -8,690
31 Existencias 13,406 10,672 10,366 -3,040
32 Activo circulante, AC 51,013 44,062 43,489
33 Activo fijo neto, AF 39,105 33,877 34,116 -4,989
34 Activo total 90,118 77,939 77,605
35
36 Pasivo
37 Proveedores 10,798 8,649 8,404 -2,394
38 Impuestos a pagar 754 661 870 116
39 Crdito bancario 32,972 25,402 22,754 -10,218
40 Pasivo circulantes 44,524 34,712 32,028
41 Prstamo bancario 17,762 19,165 21,228 3,466
42 Recursos propios 25,744 21,465 21,904 -3,840
43 Beneficio del ao 2,088 2,597 2,445 357
44 Total pasivo 90,118 77,939 77,605
45
46 Compras 63,895 58,076 53,044
47 Nueva inversin bruta -1,102 3,573 Variacin de activo + amortizacin
48
49 Balance resumido 2001 2002 2003 COAF 2003-01
50 Caja excedente 8,593 11,595 12,799 4,206
51 NOF o circulante neto 30,868 23,157 21,416 -9,452
52 AF o activo fijo neto 39,105 33,877 34,116 -4,989
53 AN o activos netos 78,566 68,629 68,331
54
55 Deuda (a largo y corto) 50,734 44,567 43,982 -6,752
56 Recursos propios + Beneficio 27,832 24,062 24,349 -3,483
57 Total financiacin 78,566 68,629 68,331
58
59 Extracto del balance usado en finanzas operativas
60 NOF 30,868 23,157 21,416 -9,452
61 FM 6,489 9,350 11,461 4,972
62 Caja excedente (+) -24,379 -13,807 -9,955 14,424
63 o crdito necesario (-)
64 Comprobacin: Crdito - Caja = 24,379 13,807 9,955 Debe dar lo mismo que lnea 62.
65
66 Ratios de balance
67 Das de cobro 120 93 99
68 Das de existencias 76 63 70
69 Das de pago 61 51 57
70 NOF / Ventas en % 35% 28% 29%
71 Apalancamiento 2.2 2.2 2.2
72 Deuda / Ebitda 8.5 7.4 7.8
73
 A B C D E F G H
74
75
76
77 NO INCLUIR A PARTIR DE AQU
78 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
79
80
81 1. Big numbers
82 Margin and operating expenses. Big depreciation but decreasing. Big finamncial income, but decreasing
83 The financial income is not coherent with the cash in the BS and with debt. We should ask the co.
84
85 2. Sales and growth
86 Big decline in sales. Negative sign. The company must be abandon some products or markets.
87
88 3. Margin and evolution
89 Stable margin at 28%. Good sign.
90
91 4. Ebitda / Sales
92 Big operating and selling expenses, decreasing in $, but not in % over sales. Negative
93 Ebitda / Sales increasin slightly
94
95 5. ROS
96 ROS increasing, thanks to big decrease in depreciation and big financial income.
97 It seems that the company makes money with the financing side rather than the productioon side
98
99 6. ROE
100 Increasing ROE, due to slight increase in net income and big decrease in equity
101
102 7. Financial expenses
103 None. Financial income is much bigger than financial expenses.
104
105 8. Net income and CFO
106 CFO decreasing. It is about one fifth of the debt
107 9. Risks
108
109 10. ROA
110 The ROA is rather small, compared with other alternative investments (like the stock market)
111 Again, the profit comes from financial business rather than production business
112
113 Summary
114 The company seems to be under restructuring, with decreasin sales and expenses.
115 Now, it is out of the red figures. Reasonable ROE. Most of the profit comes from financial operations.
116
117
118 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
119
120 1. Big numbers
121 In the short balance sheet we see the main investment, NFO 34 billion and FA 34 billion
 A B C D E F G H
1 Demonstrativo de Resultados
2 (milhares de euros) 2000 2001 2002 2000 2001 2002
3 Vendas 10,000 20,000 30,000 100% 100% 100%
4 CMV 8,000 16,200 24,600 80% 81% 82%
5 Margem bruta 2,000 3,800 5,400 20% 19% 18%
6 Salrios 200 1,000 1,800 2% 5% 6%
7 Despesas gerais 100 385 470 1% 2% 2%
8 EBITDA 1,700 2,415 3,130 17% 12% 10%
9 Amortizao 500 550 600 5% 3% 2%
10 EBIT ou BAIT 1,200 1,865 2,530 12% 9% 8%
11 Despesas financeiras Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
12 EBT ou BAT Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
13 Impostos (30%) Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
14 LL Lucro lquido Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
15
16 ndices do demonstrativo de resultados
17 Crescimento das vendas 150% 100% 50%
18 Margem em % 20% 19% 18% Margem bruta / vendas
19 EBITDA / vendas 17% 12% 10%
20 ROS, rentabilidade s/ venda Err:522 Err:522 Err:522 Lucro lquido / vendas
21 ROE, rentab. recursos prpr Err:522 Err:522 Err:522 Lucro lquido / recursos prprios
22 ROA, rentabilidade ativo Err:522 Err:522 Err:522 EBIT / ativo lquido
23 CFO cash flow operaes Err:522 Err:522 Err:522 Lucro lquido + amortizao
24 EBIT/ juros Err:522 Err:522 Err:522
25
26
27 Ativo 2000 2001 2002 COAF 2000-02
28 Caixa Err:522 Err:522 Err:522 Err:522
29 Clientes 1,667 3,333 6,667 5,000
30 Estoques 667 1,350 1,367 700
31 Ativo circulante, AC Err:522 Err:522 Err:522
32 Ativo fixo lquido, AF 5,000 5,500 6,000 1,000
33 Ativo total Err:522 Err:522 Err:522
34
35 Passivo
36 Fornecedores 720 1,407 2,051 1,332
37 Impostos a pagar Err:522 Err:522 Err:522 Err:522
38 Crdito bancrio Err:522 Err:522 Err:522 Err:522
39 Passivo circulante Err:522 Err:522 Err:522
40 Emprstimo bancrio 3,000 2,500 2,000 -1,000
41 Recursos prprios 3,000 Err:522 Err:522 Err:522
42 Lucro do ano Err:522 Err:522 Err:522 Err:522
43 Total passivo Err:522 Err:522 Err:522
44
45 Compras 8,637 16,883 24,617
46 Novo investimento bruto 1,050 1,100 Variao do ativo + amortizao
47
48 Balano resumido 2000 2001 2002 COAF 2000-02
49 Caixa excedente Err:522 Err:522 Err:522 Err:522
50 NOF ou circulante lquido Err:522 Err:522 Err:522 Err:522
51 AF ou ativo fixo lquido 5,000 5,500 6,000 1,000
52 AN ou ativo lquido Err:522 Err:522 Err:522
53
54 Dvida (a longo e a curto) Err:522 Err:522 Err:522 Err:522
55 Recursos prprios + Lucro Err:522 Err:522 Err:522 Err:522
56 Total financiamento Err:522 Err:522 Err:522
57
58 Extrato do balano utilizado em finanas operacionais
59 NOF Err:522 Err:522 Err:522 Err:522
60 CG Err:522 Err:522 Err:522 Err:522
61 Caixa excedente (+) Err:522 Err:522 Err:522 Err:522
62 ou crdito necessrio (-)
63
64 ndices do balano
65 Dias de cobrana 60 60 80 Anno de 360 das
66 Dias de estoques 30 30 20 Basado en CMV de iste anno
67 Dias de pagamento 30 30 30
68 NOF / Vendas em % Err:522 Err:522 Err:522
69 Alavancamento Err:522 Err:522 Err:522
 A B C D E F G H
70 Dvida / Ebitda Err:522 Err:522 Err:522
 A B C D E F G H
1 Demonstrativo de Resultados
2 (milhes de euros) 2000 2001 2002 2000 2001 2002
3 Vendas 87,000 84,016 74,233 100% 100% 100%
4 CMV 63,895 60,810 53,350
5 Margem bruta 23,105 23,206 20,883
6 Despesas de vendas e advos. 10,376 11,329 10,200
7 Outras despesas operacionais 6,782 5,819 5,067
8 EBITDA 5,947 6,058 5,616
9 Amortizao 6,264 4,126 3,334
10 EBIT -317 1,932 2,282
11 Receitas financeiras 2,995 1,543 1,090
12 EBT 2,678 3,475 3,372
13 Impostos 781 849 867
14 Minoritrios 191 -29 -60
15 Lucro lquido 2,088 2,597 2,445
16
17 ndices do demonstrativo de resultados
18 Crescimento das vendas
19 Margem em % Margem bruta / vendas
20 EBITDA / vendas
21 ROS, rentabilidade s/ vendas Lucro lquido / vendas
22 ROE, rentab. recursos prprios Lucro lquido / recursos prprios
23 ROA, rentabilidade ativo EBIT / ativo lquido
24 CFO cash flow operaes Lucro lquido + amortizao
25 EBIT/ juros na na na
26
27
28 Ativo 2000 2001 2002 COAF 2003-01
29 Caixa 8,593 11,595 12,799
30 Clientes 29,014 21,795 20,324
31 Estoques 13,406 10,672 10,366
32 Ativo circulante, AC 51,013 44,062 43,489
33 Ativo fixo lquido, AF 39,105 33,877 34,116
34 Ativo total 90,118 77,939 77,605
35
36 Passivo
37 Fornecedores 10,798 8,649 8,404
38 Impostos a pagar 754 661 870
39 Crdito bancrio 32,972 25,402 22,754
40 Passivo circulante 44,524 34,712 32,028
41 Emprstimo bancrio 17,762 19,165 21,228
42 Recursos prprios 25,744 21,465 21,904
43 Lucro do ano 2,088 2,597 2,445
44 Total passivo 90,118 77,939 77,605
45
46 Compras
47 Novo investimento bruto Variao do ativo + amortizao
48
49 Balano resumido 2001 2002 2003 COAF 2003-01
50 Caixa excedente
51 NOF ou circulante lquido
52 AF ou ativo fixo lquido
53 AN ou ativo lquido
54
55 Dvida (a longo e a curto)
56 Recursos prprios + Lucro
57 Total financiamento
58
59 Extrato do balano utilizado em finanas operacionais
60 NOF
61 CG
62 Caixa excedente (+)
63 ou crdito necessrio (-)
64 Comprovao: Crdito - Caixa = Tem de ser o mesmo nmero da linha 62.
65
66 ndices do balano
67 Dias de cobrana
68 Dias de estoques
69 Dias de pagamento
70 NOF / Vendas em %
71 Alavancamento
72 Dvida / Ebitda
73
 A B C D E F G H
74
75 NO INCLUIR A PARTIR DE AQU
76
77
78 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
79
80
81 1. Big numbers
82 Margin and operating expenses. Big depreciation but decreasing. Big finamncial income, but decreasing
83 The financial income is not coherent with the cash in the BS and with debt. We should ask the co.
84
85 2. Sales and growth
86 Big decline in sales. Negative sign. The company must be abandon some products or markets.
87
88 3. Margin and evolution
89 Stable margin at 28%. Good sign.
90
91 4. Ebitda / Sales
92 Big operating and selling expenses, decreasing in $, but not in % over sales. Negative
93 Ebitda / Sales increasin slightly
94
95 5. ROS
96 ROS increasing, thanks to big decrease in depreciation and big financial income.
97 It seems that the company makes money with the financing side rather than the productioon side
98
99 6. ROE
100 Increasing ROE, due to slight increase in net income and big decrease in equity
101
102 7. Financial expenses
103 None. Financial income is much bigger than financial expenses.
104
105 8. Net income and CFO
106 CFO decreasing. It is about one fifth of the debt
107 9. Risks
108
109 10. ROA
110 The ROA is rather small, compared with other alternative investments (like the stock market)
111 Again, the profit comes from financial business rather than production business
112
113 Summary
114 The company seems to be under restructuring, with decreasin sales and expenses.
115 Now, it is out of the red figures. Reasonable ROE. Most of the profit comes from financial operations.
116
117
118 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
119
120 1. Big numbers
121 In the short balance sheet we see the main investment, NFO 34 billion and FA 34 billion
 A B C D E F G H
1 Demonstrativo de Resultados
2 (milhes de euros) 2000 2001 2002 2000 2001 2002
3 Vendas 87,000 84,016 74,233 100% 100% 100%
4 CMV 63,895 60,810 53,350 73% 72% 72%
5 Margem bruta 23,105 23,206 20,883 27% 28% 28%
6 Despesas de vendas e advos. 10,376 11,329 10,200 12% 13% 14%
7 Outras despesas operacionais 6,782 5,819 5,067 8% 7% 7%
8 EBITDA 5,947 6,058 5,616 7% 7% 8%
9 Amortizao 6,264 4,126 3,334 7% 5% 4%
10 EBIT -317 1,932 2,282 0% 2% 3%
11 Receitas financeiras 2,995 1,543 1,090 3% 2% 1%
12 EBT 2,678 3,475 3,372 3% 4% 5%
13 Impostos 781 849 867 1% 1% 1%
14 Minoritrios 191 -29 -60 0% 0% 0%
15 Lucro lquido 2,088 2,597 2,445 2% 3% 3%
16
17 ndices do demonstrativo de resultados
18 Crescimento das vendas -3% -12%
19 Margem em % 27% 28% 28% Margem bruta / vendas
20 EBITDA / vendas 7% 7% 8%
21 ROS, rentabilidade s/ venda 2.4% 3.1% 3.3% Lucro lquido / vendas
22 ROE, rentab. recursos prpr 8% 12% 11% Lucro lquido / recursos prprios
23 ROA, rentabilidade ativo 0% 3% 3% EBIT / ativo lquido
24 CFO cash flow operaes 8,352 6,723 5,779 Lucro lquido + amortizao
25 EBIT/ juros na na na
26
27
28 Ativo 2000 2001 2002 COAF 2003-01
29 Caixa 8,593 11,595 12,799 4,206
30 Clientes 29,014 21,795 20,324 -8,690
31 Estoques 13,406 10,672 10,366 -3,040
32 Ativo circulante, AC 51,013 44,062 43,489
33 Ativo fixo lquido, AF 39,105 33,877 34,116 -4,989
34 Ativo total 90,118 77,939 77,605
35
36 Passivo
37 Fornecedores 10,798 8,649 8,404 -2,394
38 Impostos a pagar 754 661 870 116
39 Crdito bancrio 32,972 25,402 22,754 -10,218
40 Passivo circulante 44,524 34,712 32,028
41 Emprstimo bancrio 17,762 19,165 21,228 3,466
42 Recursos prprios 25,744 21,465 21,904 -3,840
43 Lucro do ano 2,088 2,597 2,445 357
44 Total passivo 90,118 77,939 77,605
45
46 Compras 63,895 58,076 53,044
47 Novo investimento bruto -1,102 3,573 Variao do ativo + amortizao
48
49 Balano resumido 2001 2002 2003 COAF 2003-01
50 Caixa excedente 8,593 11,595 12,799 4,206
51 NOF ou circulante lquido 30,868 23,157 21,416 -9,452
52 AF ou ativo fixo lquido 39,105 33,877 34,116 -4,989
53 AN ou ativo lquido 78,566 68,629 68,331
54
55 Dvida (a longo e a curto) 50,734 44,567 43,982 -6,752
56 Recursos prprios + Lucro 27,832 24,062 24,349 -3,483
57 Total financiamento 78,566 68,629 68,331
58
59 Extrato do balano utilizado em finanas operacionais
60 NOF 30,868 23,157 21,416 -9,452
61 CG 6,489 9,350 11,461 4,972
62 Caixa excedente (+) -24,379 -13,807 -9,955 14,424
63 ou crdito necessrio (-)
64 Comprovao: Crdito - Caixa = 24,379 13,807 9,955 Tem de ser o mesmo nmero da linha 62.
65
66 ndices do balano
67 Dias de cobrana 120 93 99
68 Dias de estoques 76 63 70
69 Dias de pagamento 61 51 57
70 NOF / Vendas em % 35% 28% 29%
71 Alavancamento 2.2 2.2 2.2
72 Dvida / Ebitda 8.5 7.4 7.8
73
 A B C D E F G H
74
75
76
77 NO INCLUIR A PARTIR DE AQU
78 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
79
80
81 1. Big numbers
82 Margin and operating expenses. Big depreciation but decreasing. Big finamncial income, but decreasing
83 The financial income is not coherent with the cash in the BS and with debt. We should ask the co.
84
85 2. Sales and growth
86 Big decline in sales. Negative sign. The company must be abandon some products or markets.
87
88 3. Margin and evolution
89 Stable margin at 28%. Good sign.
90
91 4. Ebitda / Sales
92 Big operating and selling expenses, decreasing in $, but not in % over sales. Negative
93 Ebitda / Sales increasin slightly
94
95 5. ROS
96 ROS increasing, thanks to big decrease in depreciation and big financial income.
97 It seems that the company makes money with the financing side rather than the productioon side
98
99 6. ROE
100 Increasing ROE, due to slight increase in net income and big decrease in equity
101
102 7. Financial expenses
103 None. Financial income is much bigger than financial expenses.
104
105 8. Net income and CFO
106 CFO decreasing. It is about one fifth of the debt
107 9. Risks
108
109 10. ROA
110 The ROA is rather small, compared with other alternative investments (like the stock market)
111 Again, the profit comes from financial business rather than production business
112
113 Summary
114 The company seems to be under restructuring, with decreasin sales and expenses.
115 Now, it is out of the red figures. Reasonable ROE. Most of the profit comes from financial operations.
116
117
118 QUESTIONS. Analysis of the P&L (for 2003 and recent evolution)
119
120 1. Big numbers
121 In the short balance sheet we see the main investment, NFO 34 billion and FA 34 billion