NEOPOST - 2018 Registration document
6
Financial statements
Consolidated financial statements
6-3:
Current operating income and EBITDA
6-3-1:
Accounting principles
Research and development expenses Research and development expenses comprise the cost of carrying out research work, including depreciation of equipment used in this activity. These costs are expensed in the year in which they are incurred, and are clearly identified in the income statement. Development expenses that meet the activation criteria are presented in the balance sheet under intangible fixed assets (see note 4–2-2 on intangible fixed assets) and are then amortized. Sales and marketing expenses Sales and marketing expenses include the costs of sales departments, including advertising and promotional costs, and the cost of selling supplies.
Gross margin is defined as the difference between sales and cost of sales. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is determined by adding to the current operating profit the amount of depreciation and amortization of fixed assets. Cost of sales Cost of sales consists of production-related direct costs (purchases, labor) plus depreciation of equipment rented to customers and sales-related transport and logistics costs.
6-3-2:
Gross margin and EBITDA calculation
31 January 2019
31 January 2018
Gross value
%
Gross value
%
Sales
1,091.9
100.0%
1,111.7
100.0%
Cost of sales
(271.9)
(24.9)%
(279.3)
(25.1)%
Gross margin
820.0
75.1% 832.4
74.9%
Current operating expenses
(637.9)
(58.4)%
(641.4)
(57.7)%
Current operating profit
182.1
16.7% 191.0
17.2%
Amortization of fixed assets
90.3
8.3%
93.7
8.4%
EBITDA
272.4
24.9% 284.7
25.6%
6-4:
Breakdown of expenses by category
31 January 2019
31 January 2018
Cost of inventories recognized as expense
240.4
259.1
Wages, bonuses, commissions and payroll charges
452.5
443.4
Rents and associated costs
31.2
28.0
Fees
36.7
26.9
Transport and travel
40.1
43.1
Fixed assets – depreciation and amortization
90.3
93.7
Other
18.6
26.5
Total expenses by category
909.8
920.7
Cost of sales
271.9
279.3
Operating expenses
637.9
641.4
TOTAL
909.8
920.7
138
REGISTRATION DOCUMENT 2018 / NEOPOST
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