CONSULT
CONSULT is a consulting company owned by a major French ad)
the launch of the new group strategy, the current shareholders 2
this activity.
Your client, a private equity fund is discussing a potential 100% ac
You are in charge of calculating the Target’s Adjusted EBITDA fc
net debt as at 31/12/2021.
CONSULT — Historical balance sheet
et EN
Software 50 45. Share capital
Tangible fixed assets 500 485.——_—Retained earings
Deposits 20 20 Natincome
Equity
‘Accounts receivable oes 1282 Loans
VAT receivable 169 198 Accounts payable
Cash & equivalents 4324860 cT
Prepaid expenses 25 25 _VATpayable
Social payable
Liabilities
Total 2193454 Total
CONSULT — Historical P&L
Tn Ge
Sales 10000
Direct external costs 5.500)
Gross Margin 4500‘wages & social cnarges (eosu)
Management fees {1 100)
Rents (110)
Travel (25)
Accounting & Legal (25)
‘Other external costs (30)
Depreciation & Amortization (20)
Operating profit 610
Financial result (20)
Extraordinary result (5)