This report provides a strategic analysis and recommendations for Jot, a toy company. It analyzes Jot's strengths, weaknesses, and financial performance. Key recommendations include shifting production to Voldania to reduce costs, launching a new line for the 9-11 age group to tap an untapped market, and prioritizing major customers over small retailers for late Christmas deliveries to preserve important relationships. The report also suggests improving quality control after a faulty toy was found.

1. TEAM NAME
EKUSHE
UNIVESITY
BANGLADESH UNIVERSITY OF PROFESSIONALS
TITLE
REPORT TO THE BOARD
MEMBERS
Table of Contents
Contents
1.0 EXECUTIVE SUMMARY 3
2.0 INDUSTRY BACKGROUND 4
3.0 STRATEGIC ANALYSIS 4
3.1 Company Analysis 4
3.1.1SWOT Analysis (Appendix A) 4
3.1.2 Ansoff’s Growth Vector Matrix (Appendix B) 5
3.1.3 Porter's Generic Strategies (Appendix C) 6
3.2 Industry Analysis 6
3.2.1 PEST Analysis (Appendix D) 6
4.0 FINANCIAL ANALYSIS (Appendix E) 6
4.1 Profitability ratios 6
4.2 Liquidity Ratio 6
4.3 Activity Ratio 7
4.4 Debt Ratio 7

2. 5.0 WHAT-SO ANALYSIS 8
6.0 SCENARIO ANALYSIS AND RECOMMENDATION 12
6.1 Near-Shoring Proposal in Voldania (Appendix F) 12
6.2 Launching New Range of Toys for 9-11 Age Group 12
6.3 Late Delivery of Christmas Product 13
6.4 Faulty New Flying Spaceship Toy 14
7.0 MAJOR ISSUE ANALYSIS AND RECOMMENDATION 15
7.1 Market Expansion 15
7.2 Reduce Debt 15
7.3 CSR Activities and Product Safety 16
8.0 APPENDICES 17
1.0 EXECUTIVE SUMMARY
This report tries to prioritize the current issues of the management of Jot while
discussing and advising upon them. Through strategic and financial analysis, the
report analyzes the ins and outs of this firm and through a detailed what-so analysis
thoroughly discusses the issues of the firm.
For the near shoring proposal the team suggests to shift production to China based
upon net present value of cost involved while launching new products in the 9-11
age group. The report provides multiple solutions for the late delivery and faulty
toy cases and chose to prefer major customers over small retailers and to repair the
faulty products.
The report further suggests on issues including market expansion, debt reduction
and CSR activities.
2.0 INDUSTRY BACKGROUND
Toy market is a highly seasonal market with most sales occurring in pre-Christmas

3. periods (October-December). 86% of the world’s toys are manufactured in China
and most of the rest in other Asian countries. China has proved itself as a low cost
quality manufacturer in toy sector. But it does not design and create new products.
3.0 STRATEGIC ANALYSIS
3.1 Company Analysis
3.1.1SWOT Analysis (Appendix A)
Having strength in electronics and connections with a range of manufactures, Jot is
continuously innovating new products every year. With an annual R&D budget of €
1.2 million out of the total revenue of € 9.8 million in 2011, it is clear that Jot gives
major importance to its product development. The company should continue on this
strategy to ensure higher value proposition to the consumers but needs to have a
quality assurance team that monitors the production process as well as the
development stage to ensure no technical failures occur with the products.
With rented warehousing, outsourced manufacturing and transportation it is clear
that uncertainty and management hassle is quite high. The entire process will have
to be monitored with utmost transparency to ensure that the management has
complete control over it.
There are some major untapped market segments that need to be catered in order to
maintain the growth level of Jot. These markets have high growth and can easily be
tapped into with new and advanced range of products that Jot innovates.
3.1.2 Ansoff’s Growth Vector Matrix (Appendix B)
Existing Product-Existing Market
Jot’s major markets include USA and EU markets along with other non-EU
markets in Europe. Of the total revenue, USA market fetched 23.11%. EU 39.73%
and Non-EU European countries 29.04%. These markets will offer little
expansion in the short-term in terms of increased revenue with the current world
wide recessions that have hit most of the developed countries hard.
Existing Product-New Markets

4. While the USA and European markets are facing recession with austerity in major
EU markets, it’s time to look for alternate markets. Developing markets like Russia,
China and India are the markets that can provide the much needed revenue growth
for Jot. Compared to other markets, the emerging Asia fetched only 8.45%. These
are the markets that are untapped to a great extent and needs major attention.
New Product-Existing Market
When it comes to entering new markets with new products, a major shift in strategy
is necessary. Jot is a company producing toys for children. The current market
trend shows that children are more tech savvy and want more and more products
that offer technologically advanced and user friendly toys.
New Product-New Market
Jot is introducing around 5/6 products every year with an annual R&D budget of €
1.2 million. With the budget for each product development, it can easily focus the
Asian markets where the buying power is generally lower than that of EU and USA
but with a much larger population. Cheaper products concentrating the Asian
markets should allow them to have a more diversified business that are less prone
to major worldwide downturns like the recent subprime crisis that has brought most
of the developed world to their knees.
3.1.3 Porter's Generic Strategies (Appendix C)
Three generic strategies include: cost leadership, differentiation, and focus. Jot is
currently using a combination of Porter's differentiation in terms of product quality
and cutting edge technology and focus strategy for age group.
3.2 Industry Analysis
Just as the internal environment of the business, external factors that affect the
business both in short and long term requires to be analyzed and the management
needs to have a thorough knowledge of it.
3.2.1 PEST Analysis (Appendix D)
The political, economic, social and technological factors shown here affect the
business in every possible way. With a market distributed all over the world, Jot
will have a hard time accustoming itself with all these factors and functions

5. smoothly. Presently, the technological factors need to be given more importance
since with the advent of mobile aps and technologically advanced products
available to the more tech savvy customers.
4.0 FINANCIAL ANALYSIS (Appendix E)
4.1 Profitability ratios
The Gross Profit margin of Jot is quite good but due to the higher distribution and
administration costs, including development costs of the toys; the operating profit
is quite low. The net profit margin has risen a bit compared to the former year but
still it is very low due to the high finance expenses of the debt capital.
ROA shows that management has failed to effectively generate adequate amount of
profit while ROE is higher than ROA due to higher debt capital.
4.2 Liquidity Ratio
The Quick Ratio is quite high due to the higher amount of trade receivables and is
also lower than that of 2010. The receivable are high as toy market is highly
seasonal and around 30%-55% of the sales occurs in the fourth quarter of the year
i.e. October to December and over 68% of Jot’s sales are dependent on 7 large
retailers and they often don’t pay until at least 60 days after the invoice date.
Though the Current and Quick ratios are pretty good but Jot may face problem in
meeting its short term obligations as the cash ratio is too much low and already the
company has taken an overdraft of €960,000 @12% per year.
4.3 Activity Ratio
The inventory turnover of Jot has risen than that of 2010 resulting a lower
inventory turnover period which means the average number of days the items of
inventory are held for has reduced. The asset turnover ratio has also risen,
meaning that the management of Jot was able to manage the assets more effectively
and efficiently than that of 2010 in generating the sales.
4.4 Debt Ratio
The debt ratio and the gearing ratio in comparison to that of 2010 has fallen but still
is very high meaning that significant portion of the firm’s total asset has been
financed through debt i.e. by the creditors and so greater the firm’s degree of
indebtedness and higher the degree of financial leverage.

6. As the interest cover ratio is higher than 1 Jot can meet up its interest expenses
from the loans and overdrafts.
5.0 WHAT-SO ANALYSIS
Segment | The What | Implications |
Jots inception and history | Husband and wife team company | Jot started as a
family company |
| | |
| Substantial revenue growth | The company surely gained a success height within a
very short time |
Jot’s product range and service age group | Their product range is for two age
groups; 3 to 5 years and 5 to 8 years | These two age group receive most toys in
quantity and most amount of money is also spend |
| Absent of 9 to 11 age group toys | High margin as well as risk missed. |
| Own designed toys and licensed toys | Diversified product line |
| Electronic features of toys | Competitive advantage and successful branding and
positioning |
| 5 new products each year as well as other new aspects of current products | Jot is
keeping up with the trend of market. |
| Unique range of toys without any modification for years | Successful branding in
the minds of customers |
| | |
| 50%-100% mark up prices by retailers | Barrier creating a risk for Jot |
Production of Toys | In-house team of designers | More uniqueness in designing |
| New technology electronic chip | Attractive to retain and capture new customers |
| Researching the market trends | Continual development |
| More than 12% of the total revenue are invested for design and development | The
timing of research and development is good as it helps to launch the new
prototypes |

7. | | |
| The fresh design team | Jot takes no risk while producing the prototypes for toy
fair and IPR. |
| | |
| Jot’s in-house Quality Assurance team located both in Europe and in Asia |
Efficient operations and testing |
| A single personnel is responsible for Jot’s outsourced manufacturers |
Responsibility on a single personnel increases risk |
Outsourced manufacturers | Outsourced manufacturing companies do not work
exclusively for Jot | Unethical issues may come up |
| Repeat business and good level of commitment with manufacturers | Shields
against other competitors |
| | |
| Competitive pricing by manufacturers | Low margin for Jot |
| Leased warehouse of Jot’s | Indicate low resources |
| Near-shoring consideration | May decrease cost |
Sales | Europe and USA are the biggest market | Dependency on these regions |
| Jot’s dependency on sales to large retailers | Higher buyer’s bargaining power |
Licensed toys | Licensing fee is between 5% to 10% | Licensing fee is on the
moderate level for Jot. |
Inventory control | First-in first-out | The FIFO concept works positively for Jot |
| Write-down reserve was €0.124 million | Too high and needs to concentrate on
inventory control |
The Jot Brand | Jot brand name is synonymous with quality electronic toys |
Positive brand image |
| Positive press reports by marketing team | The marketing team has been working
hard |
IT Systems | Replication of data between different IT systems | IT system of Jot is
not up to mark |
| Outsourced logistics company | Increases risk and dependency |
Target Markets for Growth | Targeting new markets- Russia and Asia | Implies the

8. increasing capacity and capability |
| Direct shipment | This indicates to a good management team of Jot’s. |
Corporate Social Responsibilities and Product Safety | CSR plan to be developed in
next year | May affect the function of the company in case market extension and
penetration |
| No mention of Jot’s “CE” marking | Regulatory Issues. |
6.0 SCENARIO ANALYSIS AND RECOMMENDATION
The team has gone through the scenario and found some major issues that need
immediate attention. We have taken the liberty to analyze them and arrange them
according to their priorities as we saw fit.
6.1 Near-Shoring Proposal in Voldania (Appendix F)
The management is pondering over the thought to shift its production gradually to
Voldania from China due to increasing cost.
6.1.1 Strategic Viewpoint: China produces 86% of the world’s toys but their
production cost is rising and coupled up with unreliable supply concern. However,
working in Voldania requires ability to make some cunning maneuvers including
personal donation to influential parties. This might breach the code of ethics. Even
though Jot has built up a good relation with its suppliers through repeat business
and can avail special favors, all decision will have to be based upon the financial
data.
6.1.2 Financial Viewpoint: The NPV (Net Present Value) the 5 year investment if
based in Voldania totals, €2,717,025.876 while that of China €2,948,991.70 as
shown in Appendix ()
6.1.3 Operational Viewpoint: Jots market is mostly based in Europe and USA. A
shift in production to Voldania will improve responsiveness of delivery to their
warehouse or directly to customers while making the logistics to gain favorable
efficiency.
6.1.4 Recommendation: Based upon our estimate, the business needs to shift its

9. production to Voldania to for better business performance.
6.2 Launching New Range of Toys for 9-11 Age Group
Jot does not cater to the 9-11 age group at the moment and Alana Lotz, Product
Development Director of Jot is thinking about introducing a range of products
including a smartphone application that has both gaming and educational aspect.
6.2.1 Suitability: Even though Jot is quite strong technologically, but mobile
application is an arena where Jot is inexperienced and lacks expertise. Though it
can be lucrative, there is also higher level of risks involved since major change in
human resources will have to be brought about in a very short time and entering a
new market will make them face stronger competitors.
6.2.2 Acceptability: There has been a tremendous growth in use of smartphone all
around the world. Children now-a-days have access to such gadgets and the margin
for such a product is much higher.
6.2.3 Feasibility: The age group of 9-11 offers the highest margin and will also
retain customers who have been using Jot’s products all their life whereby
increasing the chance of repeat buying. The projects estimated cost of €30,000 is
easily affordable considering the fact that average design and development cost per
year is €1.2 million with each project receiving anything between €0.1 to €0.25
million.
6.2.4 Recommendation: The market is untapped and this is high time for Jot to
enter the market so long as it is financially viable since this segment has a promise
to grow as fast as ever and will help Jot continue the tremendous level of growth it
has been experiencing. Everything still depends upon the cost benefit analysis.
6.3 Late Delivery of Christmas Product
Supply was hampered by one of the manufactures who is thought to be giving
preference to its larger buyers leading to a situation where Jot may fall back in
delivery of Christmas products. The supplier will be able to supply 75% of the
order in time. So, there are two options for Jot to follow:
1. Send all 75% of the products to its major customers. who number around 7 and
control 68% or Jots product sales. This will ensure that the major customers do not

10. get annoyed and disrupt the existing business relationship that could otherwise
hamper the future relationship with them.
2. Proportionately distribute the products to all the customers so that the
independent toy shops at least get a portion of what was ordered on time. By
ensuring this, Jot will show that they are giving equal importance to the small
retailers.
6.3.1 Recommendation: The business should take the first suggestion whereby
supplying the entire amount to its major customers and ignore the independent ones
until the next delivery. Otherwise, the relation with big retailers will deteriorate and
that is something Jot cannot afford right now. In regard to the compensation, all
depends upon the long term strategy of Jot. If they opt to shift production from
China to Voldania, then they can charge compensation to the suppliers for their
error that will cost Jot substantial amount both monetarily and in terms of goodwill
with its customers. If they do not shift their production, they had better not go for
any fine and instead formulate a process whereby no such thing can occur. For
instance, they can order increased amount to a much smaller group of reliable
suppliers to whom Jot can be a preferred customer due to the volume of orders
whereby enjoying a much better service in return.
6.4 Faulty New Flying Spaceship Toy
A major fault in the toy has been found that has seen complaints of overheating and
in some cases smoke was seen by customers. Joy has three options:
1. To spend additional €10 per unit on improved insulation for the already
produced units at hand that includes any additional distribution costs. Jot already
has 3200 inventory and so if they sell these to the retailers they can make a profit of
€19200 {3200*€(40-24-10)}.
2. To sell the product at the discount market where toys of inferior quality are sold
at 50% less than the conventional market price. As such the loss occurring would
be €12800 {3200*€(40*.05-24)} but might have a negative effect on the brand
image.
3. To dispose of the product at hand and completely write off the product. Here

11. they will account the loss of €76,800 (€24*3200).
6.4.1 Recommendation: Here, Jot option 2 and 3 will lead to loss and considering
the fixed cost obligation like interest and debts payments. Option 2 cannot be
chosen since this will affect the brand image. Option 3 on the other hand will save
the company from further damage to reputation but it will also show their
incompetency to produce a functioning product. Considering all options, option 1
would be the best choice.
7.0 MAJOR ISSUE ANALYSIS AND RECOMMENDATION
Apart from those mentioned in the scenario, the team has identified some issues
that need to be resolved immediately after taking care of the scenario cases. The
following issues are arranged as per their perceived priority.
7.1 Market Expansion
In order to continue the 18% revenue growth, Jot will have to expand its market
and enter the Asian and Russian market. These markets have demand for Jot’s
products and their ever increasing number of middle class will fuel the growth to a
much higher level. Their expansion strategy might include:
1. Joint Venture with local retailers whereby opening outlets and also supplying
other retailers there. This will not cause conflict in interest with their existing major
buyers in Europe and America.
2. Opening personal outlets- This will require substantial amount of fund and Jot
is already riddled with debt and will not be suitable for Jot to open a new outlet on
his own as the risk is higher and can negatively affect the performance of the core
function.
7.1.1 Recommendation: Option 1 should be chosen since it brings about increased
margin by replacing a major player in the supply chain that requires minimal
amount of investment.
7.2 Reduce Debt
With a gearing ratio of 63.19%, Jot is riddled with debt capital. It makes raising
further capital expensive and so there is a strong need to reduce the amount of debt.
To fuel its growth, Jot can choose from:

12. 1. To convert into a Public Limited Company and raise capital from through IPO.
2. They can raise additional capital since they have not crossed the authorized
capital
7.2.1 Recommendation: Option 2 will be the best.
7.3 CSR Activities and Product Safety
Well publicized CSR activities should be formulated and can include partnership
with organizations like UNICEF-Save the Children that creates a global impact. Its
products or packages can help spread the messages for UNICEF.
8.0 APPENDICES
Appendix A: SWOT Analysis
Strength (S) | Weakness (W) |
* Positive branding in customer's mind, quality electronic toys * Substantial
sales revenue growth rate * Own in-house designers team accompanied by
necessary replacement when required * Updated electronic featured products *
High level of understanding and commitment between the company and
manufacturers * Separate marketing and sales team * Direct interface with
outsourced manufacturers by means of standardized CAD/IT system | * Products
for limited age group * Dependency on manufacturers and retailers * Not
having own warehouse but leased ones * No manufacturing and logistics
facilities of the company * Funding constraint as a private limited company *
High level of accounts receivables and payables * Less effective IT system as it
fails to provide all of the data required * Sales are significant only during Q3 and
Q4 * Lack of comprehensive CSR plans |
Opportunity (O) | Threat (T) |
* Introduction of products for other age groups which are yet to be addressed *
Market expansion and penetration strategy for Asian and Russian markets *
Near-shoring to have some Europe based outsourced manufacturers * Using the
manufacturers existing product lines to introduce new products * Focusing on

13. improvement of relationship with manufacturers in order to encounter future
critical period * Launching special programs with new products during events
like Olympic, World Cup, Euro Football to boost up sales * For capital raising
may go for initial public offering after conversion into a private limited company
| * Near-shoring, marketplace competition and competitive pricing by
competitors * Little influence over large retailers * Dependence on few
manufacturers increases buyers power and may result in low profit margin for
company * Exchange rate risk, market risk and risks associated with raw materials
suppliers * Changes in economic & political conditions of countries concerned *
Potential changes in global and national policies * Possibility of arising unethical
demands from manufacturers and retailers |
Appendix B: Ansoff’s Growth Vector Matrix
Increasing Risk
| Existing Products | New Products |
Existing Markets | Market Penetration (Lowest Risk) * Europe and USA Markets
| Product Development (Medium Risk) * Developing New Products for 8+ Age
Group |
New Markets | Market Development (Medium Risk) * Developing Russian and
Asian Markets | Diversification (Highest Risk) * Brand and Line Extension |
Appendix C: Porter’s Generic Strategy Analysis
Differentiation Strategy | * Jot brand name is the synonym of quality electronic
toys. So the quality toys of Jot differentiate it from its competitors quite easily. *
Jot’s product portfolio mainly includes electronic features. This is seen as one of
the strengths which differentiate Jot’s products from others. * The company has a
policy of launching around 5 totally new products each year. These new innovative
products have appeal to the targeted age groups and that is proved in the past. *

14. It also enhances certain aspects of some of its existing products each year to refresh
their appearance and features. This also helps Jot to maintain unique featured
products in the event of copying by competitors. |
Focus Strategy | * Jot is currently focusing on the pre-school age group of 3 to 5
year olds and the next age group of 5 to 8 year olds. One of the reasons behind
focusing on this age group could be that the most money is spent on toys for the 6
to 8 year age group according to research. * In terms of products, Jot’s main focus
is on electronic featured ones which substantial growth rate. * At present, Jot’s
focus point for sales is the European and U.S.A markets as they are key revenue
drivers. * Considering manufacturing, Jot’s focal point is China at present with
considerably cheap labor. * Jot mainly focuses on 7 large customers (including
retailers and stores) which are its key revenue drivers. * The peak of Jot’s sales
occur pre-Christmas sales period. So this is the focus period to extract as much as it
can from the market. |
Appendix D: PEST Analysis
Appendix E: Financial Ratios
Profitability Ratio
| 2011 | 2010 |
Gross profit margin | 3147/9866= 31.9% | 2756/8371= 32.92% |
Operating Profit Margin | 551/9866= 5.58% | 453/8371= 5.41% |
Net Profit Margin | 246/9866=2.49% | 185/8371=2.21% |
Return on Assets (ROA) = profit for the period/total assets | 246/5378=4.57% |
185/4393=4.21% |
Return on Equity (ROE) = Earnings available for common stockholders/ Common
Stock Equity | 246/932=26.40% | 185/686=26.97% |

15. Liquidity Ratio
| 2011 | 2010 |
Current ratio | 4628/2846=1.63 | 3672/2107=1.74 |
Quick or Acid test Ratio | (4065+21)/2846=1.44 | (3173+29)/2107=1.52 |
Cash Ratio | 21/2846=.0074 | 29/2107=.0138 |
Activity Ratio
| 2011 | 2010 |
Inventory Turnover =cost of goods sold/ Inventory | 6719/542=12.40 |
5615/470=11.90 |
Inventory Turnover period | 365/12.40=29.44 days | 365/11.90= 30.67 days |
Asset Turnover Ratio = Sales/Capital Employed | 9866/(932+1600)= 3.90 times |
8371/(686+1600)= 3.66 times |
Debt Ratio
| 2011 | 2010 |
Debt ratio =total debt/ total Assets | (1600+2846)/5378=82.67% |
(1600+2107)/4393=84.38% |
Interest Cover Ratio/ times interest earned ratio =(operating income)/interest charge
| 551/213=2.59 times | 453/201=2.25 times |
Gearing Ratio =total long term debt/ Capital employed (shareholders equity+ long
term debt) | 1600/(932+1600)=63.19% | 1600/(686+1600)=70% |
Appendix F: NPV Calculation
Voldana
| year 0 | year 1 | year 2 | year 3 | year 4 | year 5 |
| | | | | | |
Donation | € 25,000.000 | | | | | |
Production unit | | 60,000.000 | 100,000.000 | 140,000.000 | 180,000.000 |

16. 220,000.000 |
Labor hours(.45 hours per unit) | | 27,000.000 | 45,000.000 | 63,000.000 |
81,000.000 | 99,000.000 |
Labor cost per hour | | € 5.000 | € 5.100 | € 5.202 | € 5.306 | € 5.412 |
Total labor cost | | € 135,000.000 | € 229,500.000 | € 327,726.000 | € 429,786.000 |
€ 535,788.000 |
Machine Cost per unit | | € 1.960 | € 1.960 | € 1.960 | € 1.960 | € 1.960 |
Total Machine Cost | | € 117,600.000 | € 196,000.000 | € 274,400.000 | €
352,800.000 | € 431,200.000 |
Distribution Cost per unit | | € 1.200 | € 1.272 | € 1.348 | € 1.429 | € 1.515 |
Total Distribution Cost | | € 72,000.000 | € 127,200.000 | € 188,720.000 | €
257,220.000 | € 333,300.000 |
Value For The Year | € 25,000.000 | € 324,600.000 | € 552,700.000 | € 790,846.000
| € 1,039,806.000 | € 1,300,288.000 |
Discount Factor | 1.000 | 1.120 | 1.254 | 1.405 | 1.574 | 1.762 |
| | | | | | |
PV | € 25,000.000 | € 289,821.429 | € 440,749.601 | € 562,879.715 | € 660,613.723 |
€ 737,961.407 |
| | | | | | |
NPV | € 2,717,025.876 | | | | | |
China
| year 1 | year 2 | year 3 | year 4 | year 5 |
| | | | | |
Production unit | 60,000.000 | 100,000.000 | 140,000.000 | 180,000.000 |
220,000.000 |
Labor hours(.6 hours per unit) | 36,000.000 | 60,000.000 | 84,000.000 | 108,000.000
| 132,000.000 |
Labor cost per hour | € 1.750 | € 1.960 | € 2.195 | € 2.459 | € 2.754 |
Total labor cost | € 63,000.000 | € 117,600.000 | € 184,380.000 | € 265,572.000 | €
363,528.000 |

17. Machine Cost per unit | € 1.400 | € 1.400 | € 1.400 | € 1.400 | € 1.400 |
Total Machine Cost | € 84,000.000 | € 140,000.000 | € 196,000.000 | € 252,000.000
| € 308,000.000 |
Distribution Cost per unit | € 3.000 | € 3.180 | € 3.371 | € 3.573 | € 3.787 |
Total Distribution Cost | € 180,000.000 | € 318,000.000 | € 471,940.000 | €
643,140.000 | € 833,140.000 |
Value For The Year | € 327,000.000 | € 575,600.000 | € 852,320.000 | €
1,160,712.000 | € 1,504,668.000 |
Discount Factor | 1.120 | 1.254 | 1.405 | 1.574 | 1.762 |
| | | | | |
PV | € 291,964.286 | € 459,011.164 | € 606,633.452 | € 737,428.208 | € 853,954.597
|
| | | | | |
NPV | € 2,948,991.707 | | | | |