In 2018b the client recorded bigger expenses in the second part of the year, so that the profit at the

end
of the year so smaller than the profit from April 2018. Continuing with the same idea EBTDA at the
end of the year is possible not to raise at the expected level adding pressure on the cash flow resulting a
subunit dsca.
In the anlysis of the clients data comparing the incomes and the expenses on the foirst three months of
the year with those estimated for the next 9 months we can observe:
1. a substantial increase of the budget for the following expenses: laboratory work, IEM, expenses for
auxiliary medical materials.
2. meaningful smaller incomes in the first three months of the year from the prognosis for at least two
working points that bring a considerable contribution in CA. IF THE RESULT FOR THE FIRST 3
months of the year continue at the same level throughout the year, there is the possibility that the
EBDTA margin will not be reached- subunit DCR
The BALANCE SHEET OF THE COMPANY DOES NOT REFLECT A BIG PART from the
equivalent loan for november 2018 (107 mil TRON) PLUS the loans from may 2019. (10 mil Ron),
The client has an apetite for contracting banking loans for reaching the proposed investing targets.
The level of the total passive loan reches over 70% including the demnded loan.
Taking into account the need for withdrawing dividends corroborated with the above information we
assess a pressure on the level of capitalisation.
The pattern of the business is to purchase a big part from the places where they conduct their business
as a natural person with a bank loan/ credit. The source of reimbursement is through dividends, rentals,
income , all being obtained from business activity.
All the above calcuations did not take into account for the future the contracting of new loans.
It is worth noting the client’s intention to open new clinics in England and Ireland through new possible
loans with pressure on cash flow.
CA went up in december 2018v dec 2017 with 20 %, the reason for this would be the pursuit of
opening new clinics.