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Cash Flow Presentation
« Greece »
« George Saperas – Finance Manager »
Finance Meeting - Barcelona / 11-14.09.2006
YTD (Jan. – Aug.) Cash flow performance
2006 estimated EBITDA - CAPEX -164 input sheet
input sheet
Finance expenses to 3rd parties paid during 2006 32 input sheet
Tax paid during 2006
Movement in the 'Provisions' item BOP-EOP -10
Acquisition paid during 2006
A 2006 Adjusted EBITDA - CAPEX -186
B Net cash sent to the HQ in 2006 -220
Ratio B/A 118%
Explanation to the difference B-A -34
1 Working Capital in 2006 movement as: -34
a. Trade account receivables -168
b. Trade account payables 88
c. Others 46
2 Other
3 Others
EBITDA - CAPEX reconciliation
 Effective Credit days given to customers 60-70 days
 Dealers / Distributors who represents appr. 10% of revenues
have 120 days of credit and on winter time even more
 The market paid this year appr. 167k Euros of overdue debts
which refered to the past (i.e Capex suppliers, interco, social
security etc)
 “Post dated cheques” is another burden in cash flow
forecasting
Problems / Challenges
Main Actions
 Establishing a “ collection” culture to the people.
 Our lawyer started to handle some bad debtors
 Tentative cash flow controlling and forecasting by Finance
 Try to become a little bit “bad” payers as far as we do not
jeopardise our business !!!!!!!!
Improvements
All amounts in 000's Euros
2004 2005 2006 YTD 2006est.
Collection 2.351 2.640 1.606 3170,0
Invoiced Revenue 2.528 2.713 1.767 3206,25
% of collection 93,0% 97,3% 90,9% 98,9%
Assumptions for 2006
1) 95% of Budgeted Invoiced Revenue will be achieved
2) We will collect at least the same percentage of money as 2005 i.e 97,3% plus 50k from the past
 2006 YTD % of collection is not representative since August is a dead
month for collection
Year End estimation Cash flow performance
2006 estimated EBITDA - CAPEX -82 input sheet
input sheet
Finance expenses to 3rd parties paid during 2006 48 input sheet
Tax paid during 2006
Movement in the 'Provisions' item BOP-EOP -18
Acquisition paid during 2006
A 2006 Adjusted EBITDA - CAPEX -112
B Net cash sent to the HQ in 2006 -370
Ratio B/A 330%
Explanation to the difference B-A -258
1 Working Capital in 2006 movement as: -258
a. Trade account receivables -100
b. Trade account payables -102
c. Others -56
2 Other
3 Others
EBITDA - CAPEX reconciliation
 The Key points are the same as the main actions
Execution

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cash flow presentation Ges

  • 1. Cash Flow Presentation « Greece » « George Saperas – Finance Manager » Finance Meeting - Barcelona / 11-14.09.2006
  • 2. YTD (Jan. – Aug.) Cash flow performance 2006 estimated EBITDA - CAPEX -164 input sheet input sheet Finance expenses to 3rd parties paid during 2006 32 input sheet Tax paid during 2006 Movement in the 'Provisions' item BOP-EOP -10 Acquisition paid during 2006 A 2006 Adjusted EBITDA - CAPEX -186 B Net cash sent to the HQ in 2006 -220 Ratio B/A 118% Explanation to the difference B-A -34 1 Working Capital in 2006 movement as: -34 a. Trade account receivables -168 b. Trade account payables 88 c. Others 46 2 Other 3 Others EBITDA - CAPEX reconciliation
  • 3.  Effective Credit days given to customers 60-70 days  Dealers / Distributors who represents appr. 10% of revenues have 120 days of credit and on winter time even more  The market paid this year appr. 167k Euros of overdue debts which refered to the past (i.e Capex suppliers, interco, social security etc)  “Post dated cheques” is another burden in cash flow forecasting Problems / Challenges
  • 4. Main Actions  Establishing a “ collection” culture to the people.  Our lawyer started to handle some bad debtors  Tentative cash flow controlling and forecasting by Finance  Try to become a little bit “bad” payers as far as we do not jeopardise our business !!!!!!!!
  • 5. Improvements All amounts in 000's Euros 2004 2005 2006 YTD 2006est. Collection 2.351 2.640 1.606 3170,0 Invoiced Revenue 2.528 2.713 1.767 3206,25 % of collection 93,0% 97,3% 90,9% 98,9% Assumptions for 2006 1) 95% of Budgeted Invoiced Revenue will be achieved 2) We will collect at least the same percentage of money as 2005 i.e 97,3% plus 50k from the past  2006 YTD % of collection is not representative since August is a dead month for collection
  • 6. Year End estimation Cash flow performance 2006 estimated EBITDA - CAPEX -82 input sheet input sheet Finance expenses to 3rd parties paid during 2006 48 input sheet Tax paid during 2006 Movement in the 'Provisions' item BOP-EOP -18 Acquisition paid during 2006 A 2006 Adjusted EBITDA - CAPEX -112 B Net cash sent to the HQ in 2006 -370 Ratio B/A 330% Explanation to the difference B-A -258 1 Working Capital in 2006 movement as: -258 a. Trade account receivables -100 b. Trade account payables -102 c. Others -56 2 Other 3 Others EBITDA - CAPEX reconciliation
  • 7.  The Key points are the same as the main actions Execution