Accounts receivable

capital markets take particularly care of its prospectus to answer the investors’ expectations. Moreover, Jenkinson & Ljungquist (2001) underline the multiplication of organized meeting, between investment banks and potential investors, trying to account for investors’ information needs before finalising an IPO prospectus. As a result “an IPO prospectus usually contains more information about future expectations regarding markets developments and earnings, strategic direction and intent, management

toutes les écritures des ventes et achats, lesquelles se déversent dans la comptabilité générale via la comptabilité client ou fournisseur. • FI-GL : Comptabilité générale (General Ledger) • FI-AR : Comptabilité client (Accounts Receivable) • FI-AP : Comptabilité fournisseur (Accounts Payable) • FI-AM : Comptabilité des immobilisations (Assets Management) • Comptabilité bancaire • Consolidations 3.3.7 Module de gestion des coûts Le module CO concerne la comptabilité analytique. • • • • • • • Contrôle

toutes les écritures des ventes et achats lesquelles se déversent dans la comptabilité générale via la comptabilité client ou fournisseur.  FI-GL : Comptabilité générale (General Ledger)  FI-AR : Comptabilité client (Accounts Receivable)  FI-AP : Comptabilité fournisseurs (Accounts Payable)  FI-AA : Comptabilité des immobilisations (Asset Accounting)  FI-TR : Gestion de trésorerie et comptabilité bancaire Les modules utilisés pour le suivi des investissements sont : PS ( gestion des projets) et

le réceptacle qui reçoit des écritures synthétiques des autres modules dits auxiliaires, qui eux contiennent le détail des opérations. Il est le noyau central d’Oracle Applications. AR (ACCOUNT RECEIVABLE) : Permet de gérer les clients, comptabiliser les opérations de ventes ainsi que les encaissements. AP (ACCOUNT PAYABLES) : Permet de gérer les fournisseurs, comptabiliser les opérations d’achats et de règlements. FA (FIXED ASSETS) : Permet de gérer les immobilisations du groupe, et de centraliser

global Balance of Payments. Compared to 2006, Balance of goods, services and revenue deteriorated with deficits of respectively 38% and 17%. Consequently the current account balance deficit was 9% despite an increase of current transfers by 41%. Nevertheless, the excess of Capital and Financial Operations absorbed the current account deficit and led to an excess of global balance of payments. 47. The external trade of the country was marked by a high increase of imports and exports. Despite good performances

in spite of a less favorable impact of receivables disposals (€ 84 million) than in 2008/09 (€ 351 million). Controlled working capital requirements The increase has been limited to € 4 million. The company has led a strict control over growth in ageing inventories (cognac, whiskies): € 120 million increase - Substantial reduction of € 40 million in Pacific wine inventories - Other factors: decline of € 76 million, of which € 84 million related to receivables disposals Controlled capital expenditures

Assets: Cash and cash equivalents 2002 4,034 2001 3,442 Short term investments 270 309 Accounts receivable, net 2,661 2,303 Inventories, net 307 269 Other 1,483 1,377 Total current assets 8,755 7,700 Property, plant and equipment, net 882 806 Investments 4,755 4,267 Other non-current assets 320 514 Total assets 14,712 13,287 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable 5,936 4,771 Accrued and other 2,562 2,446 Total current liabilities 8,498 7,217

AFTER TAX 0.0 Interests paid for financial liabilities after tax 0.0 Depreciation and amortization 0.0 Residual book value of liquidation assets at end of valuation period 0.0 Other cash flow adjustments 0.0 Working Capital 0.0 Inventories 0.0 Receivables 0.0 Payables 0.0 Cash Flow Effect from Variation In Working Capital 0.0 Liquidation value of net working capital 0.0 Deferred Tax Income / Expense 0.0 Investments 0.0 Free Cash Flow 0.0 2011 -10.6 0.0 0.0 0.0 0.0 2.1 1.4 1.2 -0.5 -2.1 0.0 0.0

‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬W  K‫א‬‫א‬‫א‬‫א‬‫א‬J KAccounts Receivable‫א‬‫א‬J  .Accounts Payable ‫א‬‫א‬‫א‬‫א‬‫א‬J   K Profit and Loss Account ‫א‬‫א‬‫א‬J  KBalance Sheet ‫א‬‫א‬‫א‬‫א‬J  K Payroll‫א‬J  K Monthly Income Statement ‫א‬‫א‬J

operations in Canada and Latin America, as well as Corporate activities. The U.S., Europe and APMEA segments account for 35%, 41% and 19% of total revenues, respectively. France, Germany and the United Kingdom (U.K.), collectively, account for approximately 55% of Europe’s revenues; and Australia, China and Japan (a 50%-owned affiliate accounted for under the equity method), collectively, account for over 50% of APMEA’s revenues. These six markets along with the U.S. and Canada are referred to as “major