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VORTEX 2020: value indication

Line	Code	2020	2021	Change	%
Total assets	20/58	€286,719	€385,169	+€98,450	+34.3%
Fixed assets	21/28	€104,445	€76,660	-€27,785	-26.6%
Tangible fixed assets	22/27	€104,445	€76,660	-€27,785	-26.6%
Plant, machinery and equipment	23	-	€2,698	+€2,698
Furniture and vehicles	24	-	€73,963	+€73,963
Current assets	29/58	€182,274	€308,508	+€126,235	+69.3%
Stocks and contracts in progress	3	€144,803	€221,414	+€76,611	+52.9%
Stocks	30/36	-	€221,414	+€221,414
Amounts receivable within one year	40/41	€36,460	€81,002	+€44,542	+122%
Trade receivables	40	-	€34,636	+€34,636
Other amounts receivable	41	-	€46,366	+€46,366
Cash at bank and in hand	54/58	€1,011	€6,092	+€5,081	+502%
Total equity and liabilities	10/49	€286,719	€385,169	+€98,450	+34.3%
Equity	10/15	-€98,974	-€172,733	-€73,760	-74.5%
Contributions	10/11	€100,000	€100,000	=	0.0%
Capital	10	-	€100,000	+€100,000
Issued capital	100	-	€100,000	+€100,000
Profit (loss) carried forward	14	-€198,974	-€272,733	-€73,760	-37.1%
Amounts payable	17/49	€385,693	€557,902	+€172,209	+44.6%
Amounts payable after more than one year	17	-	€159,500	+€159,500
Financial debts	170/4	-	€159,500	+€159,500
Amounts payable within one year	42/48	€385,693	€398,402	+€12,709	+3.3%
Trade debts	44	€26,396	€21,055	-€5,341	-20.2%
Suppliers	440/4	-	€21,055	+€21,055
Taxes, remuneration and social security	45	-	€1,785	+€1,785
Taxes	450/3	-	€1,785	+€1,785
Other amounts payable	47/48	-	€375,562	+€375,562
Non-recurring operating income	76A	-	€51,197	+€51,197
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€11,877	€39,579	+€27,702	+233%
Other operating charges	640/8	-	€321	+€321
Gross operating margin	9900	-€31,978	-€28,251	+€3,726	+11.7%
Operating profit (loss)	9901	-€43,855	-€68,150	-€24,296	-55.4%
Financial income	75/76B	-	€9,125	+€9,125
Recurring financial income	75	€6	€500	+€494	+8,829%
Non-recurring financial income	76B	-	€8,625	+€8,625
Financial charges	65/66B	-	€13,146	+€13,146
Recurring financial charges	65	€134	€13,146	+€13,012	+9,698%
Profit (loss) for the period before taxes	9903	-€43,983	-€72,171	-€28,188	-64.1%
Income taxes	67/77	-	€1,588	+€1,588
Profit (loss) for the period	9904	-€43,983	-€73,760	-€29,776	-67.7%
Profit (loss) for the period to be appropriated	9905	-€43,983	-€73,760	-€29,776	-67.7%

VORTEX 2020: value indication

VORTEX 2020: value indication

Position among the sector peers

What moved between 2020 and 2021

Largest movements

Change in the result, 2020 to 2021

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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