example wedding plan -goodish

7/31/2019 Example Wedding Plan -Goodish

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UNIVERSITY OF SURREY

W-Plan Wedding PlannerFinancial Plan

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The report covers a comprehensive financial plan for the start up business of W-Plan wedding consulting company. It includesthe business background and objectives as well as the essential financial statements for this business.


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Company Summary

Name: W-Plan

W-plan is a company that provides consulting services for weddings and anniversaries. There are countless florists,

hair stylists, and caterers for a client to choose. However, there are not many companies that will provide a full range

of services that are linked with wedding planning and implementation and take the burden of designing the perfect

wedding day.

Our company works together with the client, paying full attention to their needs in order to provide them with their

wedding of their dreams, either traditional, modern, or weddings that go beyond imagination.

We strive to be the primary choice of clients by helping to ease the wedding planning burden, and ensure that we

can offer a hassle-free event at a reasonable price.

Objectives:

Design weddings that will leave a lasting impression on our guests, proving that W is the best at what it offers.

Ensure consistency by producing the same quality results every time.

We aim to enhance the levels of reliability to our clients, and our passion is to deliver a great event that will be

memorable to our clients.

Deliver the best service and operations on each and every occasion.

Uphold a professional image and establish business goodwill.

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To deliver exceptional wedding experiences that fulfil needs and distinguish this dream from other similar

companies

Reach loyalty with suppliers in order to achieve better deals and gain flexibility.

Deliver value for money, to be able to compete with rivals on the same level.

Mission

The key to success is to become a trustable and reliable company. We, as certified planners bear the responsibility of

planning and organising weddings with the finest detail. The company specialises in a unique and personalised

service for busy professionals and looking for sophisticated solutions for their weeding needs. It is about creating a

one-of its kind weddings each time at reasonable pricing for the quality of services offered. Differentiation is believed

to be created by designing exotic weddings by personalising each brides needs to achieve satisfaction of our clients

wishes

Vision

To become one of the recommended weddings consulting companies in South of England, through exceeding clients

expectations and ensure that they receive the individual attention they deserve. Also create events that are tailored

to the couples unique personality and style.

Unique Selling Points

1. One of the companys USP is offering unusual solutions to clients such as unusual venues to customers.

Presenting a range of ideas to future brides such as: (Boutique hotels, Museums, Castles, Historic houses,

Sporting venues).

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2. We create weddings in a passionate and innovative way and offer extraordinary experiences that are different

from ordinary weddings

3. We offer uniqueness and differentiation through the unusual wedding ideas for the same prices as competitors.

4. The bride is always right.

PackagesServicesW-plan offers three kinds of packages. These are:

Bronze Package is the consultation session for the bride to teach her the skills required for planning a

wedding and direct her in the right way. The session is one-off however; the bride can call back for any

enquires.

Silver Package includes services such as connecting the bride with correct suppliers, helping to create a floor

plan and creating a list of what needs to be done.

Gold package is theOffers full package weddings where we plan and coordinate everything about the wedding in

the way the bride wants. The process includes anything from consulting the bride and giving recommendations about

the style and the colours, finding and dealing with suppliers, venues, accompanying the couple for cake tastings,

hairdresser appointments to sending invitations and tracking RSVPs. The planner will also be present at the wedding

to ensure everything runs smoothly. There will be new packages introduced in the following years when the business

becomes profitable.

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Type of ownership

There are three main types of ownership available. These are becoming a sole trader, setting up a partnership or

setting up a limited company.

A sole trader is the one where the owner is his own boss however can employ people. The sole trader has unlimited

personal liability where the owners properties are placed as a security to support the business (Needle, 2004). The

owner is responsible of all the profit/loss made by the business, legal obligations and liabilities (Butler, 2000).

Partnership consists of two or more partners who have a mutual interest in the business. It also gives the owners

unlimited liability and the owners assets are used to cover losses and pay for bail if the company is sued (Needle,

2004).

Limited company has two common types: public limited company (plc) and private company (ltd). If plc is chosen ,

the companys shares will be available to the public for sale and the company will be quoted on the stock market

(Needle, 2004). If ltd is chosen, then the shares will not be open to everyone and will be owned by the owners as the

founders and family members. Becoming a limited company will separate the owners from the business; therefore

the assets belong to the company and not to the shareholders (Needle, 2004). (see Table 1: Appendix A) which

summarises the key characteristics of a sole trader, partnership and limited company.

Thus, after analysing three options (see Table 1: Appendix A) for determining the companys type ownership, it has

been decided that becoming a limited company will provide security to us the shareholders due to limited liability.

Also, it is a more favourable option since it improves the perceived image of the company by stakeholders such as

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investors, suppliers and banks in most cases (Butler, 2000). Thus they would be more willing to lend money or do

business with the company.

There will be 4 shareholders and the shares will be divided as follows:

Shareholders %

A 50

B 20

C 20

D 10

Table 2: Shares and shareholders

V.P.Tsitouridi: 50%

A.Theodorides: 20%

Y.Younes: 20%

H.C. Anil: 10%

Sources of Finance

For our business start-up there are a number of ways to raise funds: internally and /or externally. Internal funding can

be generated from personal savings of the owners, remortgaging and money raised from family and friends (Deakins

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and Freel, 2003). Externally, there are a number of options such as government grants and soft loans, bank loans,

business angels, short term trade credit, leasing, hire purchase and factoring (Deakins and Freel, 2003).

To finance our Wedding Consultancy business the following methods will be used:

Gift to A. from her grandmother

Personal savings from previous jobs of A and B

Gift to C from her father part of his pension

Bank loan (25,000 from Barclays)

We have considered attracting business angels, however, the rate of return expected from us is extremely high thus

such risk will not be taken.

The companys start up costs will be funded with 70% capital from owners and 30% bank loan. The investments by

the owners are as follows:

Shareholders Investment

A 18345.25B 7338.1

C 7338.1

D 3669.05Table 3: Investments by shareholders

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It is in our best interest to keep the loan as low as possible since there is increased risk of paying back if the business

underperforms. According to our agreement with the bank, 5% interest will be applied at the beginning of every year

to the rest of the money that we have paid every 12 months5% interest will be incurred on the loan payments.

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Costing and Pricing

Costing

Since we are a consulting company there are not many types of costs. Initially our start-up expenses are expected to

be 9,415 as detailed below.

start up expenses legal 2000

stationery and sundries 450

Initial marketing and advertising expenses (companylogo, website, business cards, brochures) 4000

Office Rent deposit 2000

Application for company registration 135

Filing documents at Companies House 30

insurance 300

other unexpected expenses 500

total 9415Table 4: Start-up expenses

Also, we are planning to keep 2,000 cash in hand for security. As this is a consulting business and will not be buyinggoods or services, the cash in hand does not have to be higher since there is less risk than a manufacturer.

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start-up assets

cash in hand 2000

other current assets 0

fixed assets

land & building 0

furniture and lighting 15000

computers (inc. softwares), printers and other electrical equipment 6000

company cars 20000

total 43000

Table 5: Start-up assets

Thus, it has been found that there is a total requirement of 52,415. The following table will demonstrate how this

requirement will be funded.

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Start-up funding

Start-up expenses to fund 9415

Start-up assets to fund 43000

TOTAL FUNDING REQUIRED 52415

Assets

cash requirement 2000other current assets 0

fixed assets 0

total assets 2000

Liabilities & capital

Liabilities:

current borrowing 0

accounts payable 0

other current liabilities 0

long term liabilities 15724.5

total 15724.5

capital:

Investment:

Virginia Paola Tsitouridi 18345.25

Yara Younes 7338.1

Andria Theodorides 7338.1

Hulya Ceren Anil 3669.05

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Table 6: Start-up funding

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Our general costs include rent, travel, wages for the owners who are the employees as well, advertising and bills. The

detailed costs are shown below for the first three years of our business in the following table:

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variable:

telephone 3,696 4,530 4,870

petrol 5,388 7,150 7,770

car maintenance 1,000 500 500

electricity 1,530 1,275 1,405

heating 510 425 425

Stationery 276 357 389

total variable costs 12,400 14,237 15,359

fixed:

rent 36,000 38,400 38,400

wages 72,000 72,000 84,000

advertising 5,800 3,900 5,900

insurance 1,320 1,560 1,320

cleaning serv. 3,360 3,480 3,600

council tax 1,200 1,200 1,200

car tax 480 480 480

car insurance 1,800 1,800 1,800

web-internet services 540 600 660water supply 360 420 480

interest 786 672 570

loan repayment 2,280 2,280 2,280

unexpected expenses 0 0 220

total fixed costs 125,926 126,792 140,910

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Table 7: Costs

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Pricing

Our business prices were based on two elements first is market research and second is bearing in mind that this is a

start up business (new business). For a new business it is better to start with lower prices compared to competitors to

attract clients and distinguish this business from others. After doing a market research on the local market of

England, and studying other similar business consulting prices, the business decided on its current consulting prices

which also looks competitive for customers taking into consideration the competitive services offered by our business

such as planning extraordinary weddings in addition to traditional weddings.

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Sales Forecast

The first year is estimated to have low sales due to lack of brand awareness. Thus, during the first 3 years, the

company is going to invest in marketing and advertising mainly and rely on word of mouth to increase its sales and

gain customer loyalty.

During the second year, customers are expected to become more familiar with our company, especially the high

period season (mainly during the summer).

Finally, the third year our company will become more popular and we will start organising more weddings compared

to the previous years. In addition, the estimated demand will bring the need of two new employees and a new car.

However, this is less likely since the business will not have enough capital to finance these. Thus, regarding the

opportunity cost forgone, it has been decided to raise the salaries of the existing employees (shareholders/owners).

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Income taxes

To calculate the tax payable for 2010/11, you should:

Calculate tax on your taxable income up to the limit of 37,400 at 20 per cent. Savingsincome will, in some circumstances, only be taxable at 10%, even if your bank or buildingsociety has taxed it at 20% so a repayment may be due, then

If you have taxable income over 37,400, calculate tax on the taxable income over 37,400and up to 150,000 at 40 per cent, then

If you have taxable income over 150,000, calculate tax on the taxable income over150,000 at 50 per cent, then

Add the last three figures together. This is the amount of tax that is payable for 2010/2011.

(Some income is not taxable, which means that tax is not paid on it. This income should thereforebe ignored when estimating how much tax is payable.)

Break-even point

Using the costs identified and the price determined for our services, the break-even point can be established where

we can identify the number of weddings we need to provide in order to cover these costs and start making profit. The

break-even point for the first 3 years of our business is found to be:

BEP = Fixed Cost

(Sales Revenue per unit Variable cost per unit)

Year 1 (2012)

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Year 2 (2013)

Year 3 (2014)

= 1428903000( 1535978)

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Sensitivity analysis

Sensitivity analysis aims to analysze the most sensitive parts of a forecast/projection. These parts are the price and

the volume of the packages offered. The following table shows the relationship between the price of our service in

relation to the number of services provided.

Year 1 Cash flow sensitivity on price and volume

10 20 30 40 50 60 70 80 90 100

400 -134,326 -130,326 -126,326 -122,326 -118,326 -114,326 -110,326 -106,326 -102,326 -98,326

800 -130,326 -122,326 -114,326 -106,326 -98,326 -90,326 -82,326 -74,326 -66,326 -58,326

1,200 -126,326 -114,326 -102,326 -90,326 -78,326 -66,326 -54,326 -42,326 -30,326 -18,326

1,600 -122,326 -106,326 -90,326 -74,326 -58,326 -42,326 -26,326 -10,326 5,674 21,674

2,000 -118,326 -98,326 -78,326 -58,326 -38,326 -18,326 1,674 21,674 41,674 61,674

2,400 -114,326 -90,326 -66,326 -42,326 -18,326 5,674 29,674 53,674 77,674 101,674

2,800 -110,326 -82,326 -54,326 -26,326 1,674 29,674 57,674 85,674 113,674 141,674

3,200 -106,326 -74,326 -42,326 -10,326 21,674 53,674 85,674 117,674 149,674 181,674

3,600 -102,326 -66,326 -30,326 5,674 41,674 77,674 113,674 149,674 185,674 221,6744,000 -98,326 -58,326 -18,326 21,674 61,674 101,674 141,674 181,674 221,674 261,674

Priceofweddings

Number of weddings

Table 8: Sensitivity analysis

From this analysis, it can be deducted that at 50 weddings from 2800 we can have confidence in generating profits

even though they would be very low. The optimum combination would be to keep our prices low and keep our sales

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high. This analysis justifies our price selection for the beginning however indicates that the turnover will not be too

high. Thus, whenever suitable, our company has to modify its prices and increase its sales to become more

profitable.

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Monthly Cash flows for 3 years

Seasonality in the cash flow, aims to show that the demand of weddings

(shown as units) change per month. For example, weddings from Januaryuntil March are not considered as a very popular period whereas months

from April until September are considered as a high-season period for the

company.

In year two, we have sold services on credit (24,000 total). However these

have not been paid back to the business no matter how hard we tried. Thus

they will probably become bad debts.

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year 1 - 2012 January February March April May June July August September October November December

Inflow total

Seasonality 0.5 1 1 1.5 1.5 2 2 2 1.5 1.5 1 0.5 16

Sales - Cash 3,000 6,000 6,000 9,000 9,000 12,000 12,000 12,000 9,000 9,000 6,000 3,000 96,000

Sales - Credit 0 0 0 0 0 0 0 0 0 0 0 0 0

A. TOTAL INFLOW 3,000 6,000 6,000 9,000 9,000 12,000 12,000 12,000 9,000 9,000 6,000 3,000 96,000

Outflow

telephone 116 231 231 347 347 462 462 462 347 347 231 116 3696

petrol 168 337 337 505 505 674 674 674 505 505 337 168 5388

car maintenance 0 0 0 0 0 500 0 0 0 0 0 500 1000

electricity 48 96 96 143 143 191 191 191 143 143 96 48 1530

heating 16 32 32 48 48 64 64 64 48 48 32 16 510

Stationery 9 17 17 26 26 35 35 35 26 26 17 9 276

rent 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000

wages (4 people,1500 each) 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000 72000

advertising 400 400 400 600 600 600 600 600 400 400 400 400 5800

insurance 110 110 110 110 110 110 110 110 110 110 110 110 1320

cleaning serv. 280 280 280 280 280 280 280 280 280 280 280 280 3360

council tax 100 100 100 100 100 100 100 100 100 100 100 100 1200

car tax 40 40 40 40 40 40 40 40 40 40 40 40 480

car insurance 150 150 150 150 150 150 150 150 150 150 150 150 1800

web-internet services 45 45 45 45 45 45 45 45 45 45 45 45 540

water supply 30 30 30 30 30 30 30 30 30 30 30 30 360

interest 65.5 65.5 65.5 65.5 65.5 65.5 65.5 65.5 65.5 65.5 65.5 65.5 786

loan repayment 190 190 190 190 190 190 190 190 190 190 190 190 2280

B. TOTAL OUTFLOW 10,767 11,123 11,123 11,679 11,679 12,536 12,036 12,036 11,479 11,479 11,123 11,267 138,326

- - - - - - - - - - - - - - -

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year 3 January February March April May June July August September October November December

Inflow total

from cash sales 12000 9000 9000 12000 15000 21000 30000 30000 27000 27000 21000 21000 234000

A. TOTAL INFLOW 12000 9000 9000 12000 15000 21000 30000 30000 27000 27000 21000 21000 234000

Outflow

telephone 350 400 360 400 360 500 400 500 400 400 400 400 4870

petrol 600 620 850 600 600 800 800 700 600 600 500 500 7770

car maintenance 0 0 0 0 0 0 0 0 0 0 500 0 500

electricity 170 150 130 110 110 90 80 75 90 100 130 170 1405

heating 70 60 45 40 25 0 0 0 15 35 55 80 425

Stationery 20 24 24 30 30 38 50 40 55 31 26 21 389

rent 3200 3200 3200 3200 3200 3200 3200 3200 3200 3200 3200 3200 38400

wages (4 people,1750 each) 7000 7000 7000 7000 7000 7000 7000 7000 7000 7000 7000 7000 84000

Advertising 800 800 800 500 800 0 800 500 0 500 200 200 5900

insurance 110 110 110 110 110 110 110 110 110 110 110 110 1320

cleaning serv. 300 300 300 300 300 300 300 300 300 300 300 300 3600

council tax 100 100 100 100 100 100 100 100 100 100 100 100 1200

car tax 40 40 40 40 40 40 40 40 40 40 40 40 480

car insurance 150 150 150 150 150 150 150 150 150 150 150 150 1800

web-internet services 55 55 55 55 55 55 55 55 55 55 55 55 660

water supply 40 40 40 40 40 40 40 40 40 40 40 40 480

interest 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5 47.5 570

loan payment 190 190 190 190 190 190 190 190 190 190 190 190 2280

unexpected expenses 500 0 0 800 0 0 0 0 0 900 0 0 2200

total fixed costs 12532.5 12032.5 12032.5 12532.5 12032.5 11232.5 12032.5 11732.5 11232.5 12632.5 11432.5 11432.5 142890

total outflow 13742.5 13286.5 13441.5 13712.5 13157.5 12660.5 13362.5 13047.5 12392.5 13798.5 13043.5 12603.5 158249

Balance b/f 23971

cash position (+/-) 22228.5 -4286.5 -4441.5 -1712.5 1842.5 8339.5 16637.5 16952.5 14607.5 13201.5 7956.5 8396.5 75751

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Investment Appraisal

During the end of year three, the company will have expanded and acquired its own venue. The discount factor has

been set at 10% as to minimize possible loss of initial investment.

Cost of investment -600,000 -600,0000

Income from venue 150,000 190,000 240,000 310,000 350,000 1,240,000

Net cashflow -600,000 150,000 190,000 240,000 310,000 350,000 640,000

Discount factor 10%

Discounted cash flow -600,000 136,364 157,025 180,316 211,734 217,322 302,761

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Financial Statements

Income Statements

Special notes: There will be no tax paid for the first 2 years since the profits

are not over the taxable income limit. In fact in the first year the company

is making loss and in the second year, the profit earned is used to cover the

loss from the first year. The following table is the profit and loss accounts

for the first 3 years of the business.

In the first year we have made a loss because we are a new business andour costs were higher than expected even though there are not many of

them. Due to this loss, we were not taxed. In the second year, we made

profit because we have emphasised importance on marketing and

advertising and word of mouth from pleased customers due to our high

quality and extraordinary events. However, since we have covered our loss

from the previous year with 2nd years profits, we were not taxed. 2nd years

profits were not enough to cover 1

st

years loss. We have made 73,931profit in year 3. 5,410 was used to cover the remaining loss. Thus our

taxable income came down to 68,521. After 20% tax was applied (because

it is over 37,400 due to the new law) our net profit for year 3 is 54,817

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Year 1 Year 2 Year 3

Income 96,000 189000 234000

less discounts and allowances 0 0 0

Net Income 96,000 189,000 234,000

less direct costs (cost of sales)

telephone 3696 4530 4870petrol 5388 7150 7770

car maintenance 1000 500 500

electricity 1530 1275 1405

heating 510 425 425

Stationery 276 357 389

rent 36,000 38400 38400

wages 72,000 72000 84000

advertising 5,800 3900 5900

insurance 1,320 1560 1320

cleaning services 3,360 3480 3600council tax 1,200 1200 1200

car tax 480 480 480

car insurance 1,800 1800 1800

web-internet services 540 600 660

water supply 360 420 480

interest 786 672 570

Unexpected expenses 0 0 2200

Depreciation 4,100 4100 4100

Gross Profit -44,146 46151 73931

less Indirect costs (fixed overheads) 0 0 0

OperatingProfit -44,146 46,151 73,931

start-up expenses 7,415 0 0

less interest payable 0 0 0

Profit Before Tax -51,561 46,151 73,931

previous year's loss 5,410

Taxable income 0 0 68,521

tax 0 0 13704

Net profit (loss) -51,561 46,151 54,817

Balance Sheets

The profit made in the third year has been decided to keep it for the

business rather than being distributed to the shareholders.

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year 1 year 2 year 3

ASSETS

Current Assets

cash 2,000 2,000 2,000

Cash at bank 0 0 57,396

Accounts Receivable 0 24,000 24,000

Other current Assets

Rent deposit receivable 2,000 2,000 2,000

Total current assets 4,000 28,000 85,396

fixed assets

Fixed assets 41,000 41,000 41,000

Accumulated depriciation (-) 4,100 8,200 12,300

total longtermassets 36,900 32,800 28,700

Total assets 40,900 60,800 114,096

Liabilities & Capital

current liabilities

accounts payable 0 0 13,704

Bank overdraft 42,326 42,326 0

Bank payments 0 -23,971 0

current borrowing 0 0 0

other current liabilities 0 0 0Total current liabilities 42,326 18,355 13,704

longtermliabilities (5 year)

loan 13,444.50 11,164.50 8,884.50

Total liabilities 55,770.50 29,520 22,589

Capital

paid in capital 36,690.50 36,690.50 36,690.50

Net profit/loss -51,561 46,151 60,227

Previous year's loss 0 -51,561.00 5,410

retained earnings 0 0.00 54,817

Net Capital -14,870.50 31,280.50 36,690.50

Total Liabilities and capital 40,900 60,800 114,096

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Financial Ratios

The business analysis involves conducting few Financial Ratios over the first

3 years of operating to come up with conclusion of how the business is

doing. For ratios used and calculations see Appendix B.

ROCE in the first year is high due to start-up cost which is not a good

gauge. Profitability is increasing because there is no pay out instead its

kept within the business capital for development. In the third year it

increases as the business grows the Return on Capital Employed are

squeezed.

Gross Profit Margin is increasing year by year as the business grows, this

is because the company is managing costs in a better way. As revenue

grows and fixed cost remains the same or increases in a small proportion.

Trades Receivables ratios are improving since in the third year it is taking

less period of day to receive back the money from debtors. As the business

grow and people will get to know the company more, the company is

becoming more selective when it comes to choosing customers, which

means the company will try to choose better customers who will pay faster.

Trades Payables ratio has not been applied since there are not trade

payables for the first two years of operating this business and the financial

statements cover only the first 3 years. Accordingly there are no other

years trade payables ratios available to compare year 3 with it.

Liquidity is improving because as the revenue increases, the company is

less relying on borrowings.

Interest Cover is also improving within each year, since the company is

taking less borrowing, which means less interest. Accordingly this will lead

to greater revenue and interest cover rate will increase in turn.

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Conclusion

As a start up business it is normal to end the first year with loss as it can be

seen from the income statement. The starts up costs cause this business to

end in loss at the end of the first year. This also applies to the second year,although the business starts improving from the second year and profit is

generated, it is also loss because the business had to compensate last

years tremendous loss. Thanks to this loss, we did not pay tax for the first

two years, as well as paid a reduced tax on the third year since a portion of

the third years profit went to covering the tremendous first years loss. The

business starts improving from the second year and continues further

improvements on the third year to end in profit, which is probably becauseof more business improvements such as improving marketing and more

customer awareness and spreading word of mouth.

Our business is a promising one and is improving provided that we maintain

the quality of our services and go beyond expectations. This will allow us to

introduce new services in the future and make new investments to improve

our business. New investments for the future can be investing in purchasing

a new car or equipment to impress customers such as purchasing a Bentley

car to improve and left up the business image. This might in turn attract

more customers who are ready to spend more on their weddings plans.

More ideas for further improvements will be generated in the future after

doing a market research to study customer needs and what competitors

are providing to provide more distinguished services.

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List of reference

Deakins, D. and Freel, M. (2003) Entrepreneurship and Small Firms.

3rd edn London: McGraw-Hill

Needle, D. (2004) Business in Context: an Introduction to Business

and its Environment. 4th edn. London: Thomson

Butler, D. (2000) Business planning : a guide to business start-

up. Oxford : Butterworth-Heinemann

Ferrell, O.C. and Hartline, O.D. (2008) Marketing Strategy. 4th edn.

Thomson Southwestern, Mason

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Appendices

Appendix A

Sole trader Partnership Limited

Company

Financing Raises all the

finance to set up

and run the

business

Partners

contribute to the

financing of the

firm

Private limited

companies:

shares sold to

family and

friends

Public limited

companies:

shares are sold

on the stock

market

Profits Owners takes all

the profit after

tax and expenses

Partners receive

their share of

profit after taxand expenses

Dividends toshareholders

Retained profitsstay in thecompany

Liability Unlimited

Liability:

Responsible for

paying all debts

of the business

Unlimited

Liability:

Partners need to

pay for all debts

of the business

Owners only pay

the amount

equivalent to

what they have

invested in the

business

Ownership and

control

Full ownership Shared

ownership within

Little control over

business

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Appendix B

Ratio AnalysisYear1 Year 2 Year 3

ROCE Operating profit /share capital+reserves+non-current liabilities )100 3041% 110% 163%

Gross profit (Gross profit/sales revenue)*100 -46% 24% 32%

Trade receivables (Average trade receivables/credit sales revenue)*365-days 0 46 37

Trade payables (Average trade payables/credit purchases)*365 - - -

Liquidity (current ratio) Current assets/current liabilities0.09

1.53

6.23

Gearing (Long-term liabilitites/equity+long-term liabilities)*100 -943% 26% 19%

Debt/equity long-term borrowings/total equity

-0.9041

10.3569

160.2421

47

Interest cover (Operating profit before interest/interest payable) -55 70 131

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