Friday, November 1, 2019


No financial statements for the years before 2018 were to be found on the web. For 2018, the picture painted by the numbers is an unhappy one. Sales revenues are down and operating expenses are up, in fact they take up 99% of the sales revenues. In 2018 the company had to pay its suppliers more quickly, reducing available funds even more. In both years it continued to invest, financing these investments by borrowing. After this there was no money left.

The ratios are affected by the write-down of goodwill, which reduced the operating net assets and the equity. Consequently any ratios in which they are involved show spurious improvements.

Overall, the company is in dire financial circumstances.