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Bart Bellen: value indication

Line	Code	2009	2010	Change	%
Total assets	20/58	€904,643	€988,228	+€83,585	+9.2%
Fixed assets	21/28	€5,934	€57,536	+€51,602	+870%
Tangible fixed assets	22/27	€5,834	€57,436	+€51,602	+884%
Financial fixed assets	28	€100	€100	=	0.0%
Current assets	29/58	€898,709	€930,692	+€31,984	+3.6%
Amounts receivable within one year	40/41	€272,904	€467,923	+€195,018	+71.5%
Cash at bank and in hand	54/58	€625,804	€462,770	-€163,034	-26.1%
Total equity and liabilities	10/49	€904,643	€988,228	+€83,585	+9.2%
Equity	10/15	€457,645	€886,700	+€429,055	+93.8%
Contributions	10/11	€12,400	€12,400	=	0.0%
Reserves	13	€1,860	€1,860	=	0.0%
Profit (loss) carried forward	14	€443,385	€872,440	+€429,055	+96.8%
Provisions and deferred taxes	16	€61,071	€67,927	+€6,856	+11.2%
Amounts payable	17/49	€385,927	€33,601	-€352,326	-91.3%
Amounts payable within one year	42/48	€385,927	€33,601	-€352,326	-91.3%
Trade debts	44	-	€751	+€751
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€1,459	€15,460	+€14,002	+960%
Gross operating margin	9900	€341,733	€669,376	+€327,642	+95.9%
Operating profit (loss)	9901	€332,731	€642,562	+€309,831	+93.1%
Recurring financial income	75	€9,764	€6,725	-€3,039	-31.1%
Recurring financial charges	65	€1,420	€142	-€1,278	-90.0%
Profit (loss) for the period before taxes	9903	€341,075	€649,345	+€308,270	+90.4%
Income taxes	67/77	€108,947	€220,290	+€111,343	+102%
Profit (loss) for the period	9904	€232,128	€429,055	+€196,927	+84.8%
Profit (loss) for the period to be appropriated	9905	€232,128	€429,055	+€196,927	+84.8%

Bart Bellen: value indication

Bart Bellen: value indication

Position among the sector peers

What moved between 2009 and 2010

Largest movements

Change in the result, 2009 to 2010

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

Next steps