FINANCIAL ANALYSIS & REPORTING

Accounting, Law, Finance & Economics Department

EDHEC M1FE
ANNE SCOLAIRE / ACADEMIC YEAR 2014-2015

Intervenant/Lecturer: Amandine GERARD

Part I : IAS interpretation for financial analysts

I.

II.

III.

1.
2.
1.
2.
3.
1.
2.
3.

Framework

Definition and principles : IAS 1 Presentation of FS

IAS 7 : Statement of cash flows

Assets and Liabilities

IAS 16 & 38 : Tangible and intangible assets

IAS 19 : Employee Benefits
IAS 37 : Provisions and Contingent Liabilities

Impairment & Goodwill

IAS 36 : Impairment of assets

IFRS 3: Assets in value acquisition
IAS 39 : Financial Instruments, recognition & measurement

IV. Peripherical treatments

1.
2.
3.

IAS 10 : Events after the reporting period

IAS 21 : The effects of changes in foreign exchange rates
IAS 23 : Borrowing costs

Framework

IAS : Definition and accounting principles

Main goal: to provide a true and fair view of the operations of the business to the
readers.

Four broad sets of codes :

Tax laws of the country;

Laws governing corporate reporting;
Laws and regulations of the body controlling the securities market;
Guidelines of the professional accounting bodies

Two models :

The Anglo-American Model (GAAP)

The Continental European Model (IFRS)

IAS : Definition and accounting principles

IASC (1973)

IASB (2000)

Before 2000

IAS

After 2000

IFRS

IAS 1 : Presentation of financial statements

Objective is to provide information about the financial position, financial

performance and cash flows of a company that is useful to a wide range of
users in making economic decisions. Financial statements also show the
results of managements stewardship of the resources entrusted to it .

Five conventions :
Accrual basis of accounting
Going concern
Prudence
Comparability
Substance over form

IAS 1 : Presentation of financial statements

Main items presented in the financial statements:

The balance sheet
The profit and loss statements (or income statement)
The cash flow statement
The statement of changes in equity
The notes to financial statements, with three sub-divisions
1. description of accounting policies
2. Information required by accounting standards
3. Additional information necessary for a fair presentation of financial statements.

IAS 7: Statement of cash flows

Cash flow from operating activities

Direct
Method

Cash flow from financing activities

Indirect
Method

Cash flow from investing activities

Net change in cash or cash equivalents

Ideally, the cash flow statement should:

Give an idea of the financial structure of the firm and its cash obligations.
Provide additional information about changes in assets, liabilities and working capital, which are not
captured in the income statement or the balance sheet.
Improve cross sectional analysis across enterprises by eliminating the effect of different accounting
policies.
Serve as an indicator of certainty, timing of future cash-flows.

IAS 7: Statement of cash flows, Direct Method

Cash flows from operating activities

Cash received from customers (+)

Cash paid to suppliers and employees (-)

Other operating inflows (+)

Other operating outflows (-)

Interests and dividends paid* (-)

Income taxes paid (-)

=
Net cash from operating activities I
Cash flows from investing activities

Purchase of fixed assets (-)

Proceeds from sales of fixed assets (+)

Acquisition of subsidiaries and affiliates (-)

Disposal of subsidiaries and affiliates (+)

Interests and dividends received (+)

=
Net cash from investing activities II
Cash flows from financing activities

Issuance of share capital (+)

Capital repayments (-)

Issuance of bonds (+)

Bonds repayments (-)

Payment of finance lease liabilities (-)

Interests and dividends paid* (-)

=
Net cash from financing activities III

Net cash flow IV = I + II + III

* This item may be classified either in cash flow from operating activities or in cash flow from financing activities.

IAS 7: Statement of cash flows, indirect method

Cash flows from operating activities

Net income (+)
Non-cash expenses (Depreciation and provision increases) (+)
Reversal of provisions (-)
Non-operating losses (+)
Non-operating gains (like interests and dividends received) (-)
Interests paid* (+)
Decrease in current assets (Accounts receivable, prepaid expenses, inventories) (+)
Increase in current assets (Accounts receivable, prepaid expenses, inventories) (-)
Increase in current liabilities (Accounts payable, accrued liabilities, deferred taxes) (+)
Decrease in current liabilities (Accounts payable, accrued liabilities, deferred taxes) (-)
=
Cash from operating activities I
* This item may be classified either in cash flow from operating activities or in cash flow from financing activities.

10

IAS 7: Statement of cash flows

Cash flows from investing activities

Purchase of fixed assets (-)
Proceeds from sales of fixed assets (+)
Acquisition of subsidiaries and affiliates (-)
Disposal of subsidiaries and affiliates (+)
Interests and dividends received (+)
=
Net cash from investing activities II

Cash flows from financing activities

Issuance of share capital (+)
Capital repayments (-)
Issuance of bonds (+)
Bonds repayments (-)
Payment of finance lease liabilities (-)
Interests and dividends paid* (-)
=
Net cash from financing activities III
=
Net cash flow IV = I + II + III
* This item may be classified either in cash flow from operating activities or in cash flow from financing activities.

11

IAS 7: Statement of cash flows

Application : Net working capital and FCF, STP SA, Foundation Q11, March 2011
Profit and Loss (M)

Balance Sheet (M)

Assets
Cash
Accounts receivable
Inventories
Variable assets
Net fixed assets
Liabilities
Accounts payable
Short term loan
Accrued liabilities
Sum of short term debt
Long term loan
Total debt
Equity
Capital stock
Retained earnings
Total equity

2010
4
54
54
112

2009
3
45
60
108

90
202

75
183

32
20
22
74

28
16
18
62

45
119

45
107

15
68
83
202

15
61
76
183

2010
360
-306
54

2009
300
-255
45

Deprecation
EBIT

-9
45

-7
38

Financial Expenses
Income before taxes

-7
38

-6
32

Income taxes (40%)

Net income

-15
23

-13
19

Sales
Operational costs (excluding depreciation)
EBITDA

a) Calculate the net working capital for 2010

b) Calculate change in net working capital in
2010 over 2009, and comment

12

IAS 7: Statement of cash flows, application

Application : CF statement by the indirect method, Foundation Q5 Sept 4, Company ABC
Balance sheet :
Assets
Cash
Receivables
Inventories
Fixed Assets
Accumulated depreciation
Investment in associated comapnies
Goodwill
Liabilities and equity
Accounts payable
Bonds payable
Deferred income taxes
Capital stock
Additional paid in capital
Retained earnings

13

2002
240
385
800
4500
-1500
1000
950
6375

2003
120
490
1060
6438
-1740
1050
980
8398

412
300
263
2400
900
2100
6375

634
700
283
3200
1300
2281
8398

IAS 7: Statement of cash flows, application

Application : CF statement by the indirect method, Foundation Q5 Sept 4, Company ABC
Profit and Loss 2003
Sales
Cost of goods sold
(including depreciation)
Gross profit

20000
-13227
6773

General and selling expenses

Amortization of goodwill
Share of profits assosicated companies (*)

-5280
-50
85

Financial Expenses

-50

Income before taxes

Income taxes :
Current
deferred
Net income
(*) no dividends received

1478
700
20

-720
758

Calculate the Free Cash Flow From Operating Activities for ABC in 2003

14

Assets and Liabilities

15

IAS 16 : Property, plant and equipment

IAS 16 defines property, plant and equipment as tangible assets that:

Are held for use in the production or supply of goods and services, for rental to others, or
for administrative purposes, and
Are expected to be used during more than one period.

Items of property, plant and equipment are initialy recognised at cost, and depreciated.

The aim here is to value each asset at its fair value

Active market or not?

16

IAS 16 : Property, plant and equipment

IAS 16 allows firms to transfer from the revaluation surplus to retained earnings an amount
equal to the difference between depreciation based on the revalued amount and depreciation
based on the asset's historical cost. The revaluation of an asset generates deferred taxes that
are deducted from the revaluation surplus.

When there is a decrease in the value of the asset:

If the asset had not been revalued before, the impairment loss is charged directly to the
income statement.
If the asset had been revalued upwards before, first the revaluation surplus is reduced and
only the residual impairment is charged to the income statement.

17

IAS 16/ IAS 40 : Investment property

Fair value

If not:
Adjusting current prices of properties of a different nature, condition or location,
Adjusting recent prices of similar properties on less activ markets,
Discounting estimates of future (pre-tax) cash flows that the investment property should
generate

If the fair value model is chosen, revaluation rules differ significantly from those applicable to
property, plant and equipment:

active market for similar property.

1) measurement at each balance sheet date (whereas IAS 16 requires only a periodic revaluation).
2) Immediat recognition for changes in fair value, in the income statement (according to IAS 16, they
are recognised directly in Balance Sheet)

18

IAS 38 : Intangible assets

An intangible asset is recognised if, and only if :

It is probable that it will generate future economic benefits (ie positive cash flows)
Its cost can be measured reliably

Some items cannot be recognised as intangible assets regarding IAS 38, when they are
generated internally. (goodwill, brands, publishing titles and customer lists)

Intangible assets are measured initially at cost, later they also can be evaluated at faire value.

They are distinguished in two classes:

Those with a finite useful life
Those with an indefinite useful life

19

IAS 16 : LVMH, extract from consolidated statement, 2012

IAS 16 : LVMH, extract from consolidated statement, 2012

IAS 38 : Intangible assets : the special case of R&D

Research is defined as an original and planned investigation undertaken with the prospect of
gaining new scientific or technical knowledge and undertaking., in contrast to development,
which means, the application of research findings or other knowledge to a plan or design for
the production of new or substantially improved materials, devices, products, processes,
systems or services prior to commencement of commercial production or use.

IAS 38, specifies that :

Costs incurred in the research phase should be expended immediately;

If costs incurred in the development phase meet the recognition criteria for intangible assets, such
costs should be capitalised. However, once costs have been expensed during the development phase,
they cannot be capitalised later.

In US GAAP, all development costs must be expended when incurred.

22

Roche Holding example

Source Roche Holding, Presentation slides, annual results 2012

Novartis LCZ696 anouncement (2014/09/01)

Source Bloomberg

IAS 19 : Employee benefits

Apart from the regular salaries, employers provide various other benefits to employees. One of
the major categories of such benefits is retirement benefits.

Retirement benefits

Defined
benefit plans
(UK, US)

Defined
contribution
plans (France)

25

IAS 19 : Employee benefits, examples

British Airways, UK, extract from 2010 annual report
A) Pension obligations
Employee benefits, including pensions and other postretirement benefits (principally post-retirement healthcare benefits) are
presented in these financial statements in accordance with IAS 19 Employee Benefits. The Group has both defined benefit and
defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a
separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current and prior periods. Typically benefit plans define an
amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years
of service and compensation.
Past service costs are recognised when the benefit has been given. The financing cost and expected return on plan assets are
recognised within financing costs in the periods in which they arise. The accumulated effect of changes in estimates, changes in
assumptions and deviations from actuarial assumptions (actuarial gains and losses) that are less than ten per cent of the higher of
pension benefit obligations and pension plan assets at the beginning of the year are not recorded. When the accumulated effect is
above ten per cent the excess amount is recognised on a straight-line basis in the income statement over the estimated average
remaining service period.
The fair value of insurance policies which exactly match the amount and timing of some or all benefits payable under the scheme are
deemed to be the present value of the related obligations.

B) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is
demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without
possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy.
Other employee benefits are recognised when there is deemed to be a present obligation.

26

IAS 19 : Employee benefits, examples

International Airlines Group, UK, extract from 2012 annual report

27

IAS 19 : Employee benefits, pensions

From January 1, 2013,

European listed companies
will have to adopt the new
IAS 19 standard for pension
accounting. Under the
revised standard:
(1) companies will no
longer be allowed to apply
an assumed return on
pension assets that exceeds
the discount rate the
company uses in calculating
the present value of its
pension liabilities
(2) The corridor method
will be eliminated.
Source Goldman Sachs Global Investment Research, 19th October 2012

Deutsche Post example

Source Deutsche Post, FY 2012, Analysts presentation

Other employees benefits

Fiat group example

Source Fiat Group, 2012 Annual report

Fiat group example

Source Fiat Group, 2012 Annual report

Fiat group example

Fiat group example

IAS 37 : Provisions

Provisions are generally defined as liabilities of uncertain timing or amount.

To recognise a provision under IAS 37, the company should have a present
obligation resulting from a past event.

The event must have already occurred.

Restructuring costs are provisions under some condition:

1) the company has a detailed plan;
2) it has started its implementation or
3) has communicated the plan to those affected by it.

34

IAS 37 : Provisions, example

Siemens, Germany, extracts from 2008 annual report

Civil litigation

In February 2007, an alleged holder of Siemens AG American Depositary Shares filed a derivative lawsuit with the Supreme Court of the State of New York
against certain current and former members of Siemens AGs Managing and Supervisory Boards as well as against Siemens AG as a nominal defendant, seeking
various forms of relief relating to the allegations of corruption and related violations at Siemens. The suit is currently stayed.
In July 2008, OTE filed a lawsuit against Siemens AG in the district court of Munich, Germany seeking to compel Siemens to disclose the outcome of its internal
investigations with respect to OTE. OTE seeks to obtain information with respect to allegations of undue influence and/or acts of bribery in connection with
contracts concluded with OTE from 1992 to 2006. On September 25, 2008, Siemens was served with the complaint by the district court.
The Company has become aware of media reports that in June 2008 the Republic of Iraq filed an action requesting unspecified damages against 93 named
defendants with the United States District Court for the Southern District of New York on the basis of findings made in the IIC Report. Siemens S.A.S France,
Siemens A.. Turkey and OSRAM Middle East FZE, Dubai are reported to be among the 93 named defendants. None of the Siemens affiliates have been served to
date.
The Company remains subject to corruption-related investigations in the United States and other jurisdictions around the world. As a result, additional criminal
or civil sanctions could be brought against the Company itself or against certain of its employees in connection with possible violations of law, including the
FCPA. In addition, the scope of pending investigations may be expanded and new investigations commenced in connection with allegations of bribery and other
illegal acts. The Companys operating activities, financial results and reputation may also be negatively affected, particularly due to imposed penalties, fines,
disgorgements, compensatory damages, third-party litigation, including by competitors, the formal or informal exclusion from public procurement contracts or
the loss of business licenses or permits. As previously reported and as described above, the Munich district court imposed a fine in October 2007 and the
Company recorded a provision in fiscal 2008 in connection with the investigations. However, no additional charges or provisions for any such penalties, fines,
disgorgements or damages have been recorded or accrued as management does not yet have enough information to estimate such amounts reliably. The
Company expects that additional expenses and provisions will need to be recorded in the future for penalties, fines, damages or other charges, which could be
material, in connection with the investigations. The Company will also have to bear the costs of continuing investigations and related legal proceedings, as well
as the costs of on-going remediation efforts. Furthermore, changes affecting the Companys course of business or changes to its compliance programs beyond
those already taken may be required, including any changes that may be mandated in connection with a resolution of the ongoing investigations.

35

IAS 37 : Contingent liabilities

When the conditions necessary for recognising a provision are not met, the company
may have a contingent liability, with no impact on earnings.

They are only mentioned in the notes to the accounts.

An example of a contingent liability is a surety given by the parent company to

secure a bank loan of a subsidiary.

36

Impairment & Goodwill

37

IAS 36 : Impairment of assets

IAS 36 prescribes the procedures that must be applied in estimating the recoverable
amount of an asset:

Its fair value less costs to sell

And its value to use

To identify assets that might be impaired, the company must assess at each
reporting date whether there is any indication that an asset may be impaired.

The enterprise must annually test for impairment :

Intangible assets whose useful life is indefinite;

Intangible assets not yet available for use (as for example development costs)
Goodwill acquired in a business combination.

IAS 36 stipulates that these assets must be affected by their cash-generating unit
(CGU).
38

IFRS 3: Assets value in acquisitions

IFRS 3 was amended in march 2004, and replaced IAS 22, to provide a framework for asset
valuation in case of acquisitions.

If the price exceeds the faire value of the net assets acquired, then the excess is called
goodwill.

If the fair value of net assets exceeds the price, goodwil is negative. In that case, negative
goodwill*, also badwill, is recognised immediately in income.

Goodwill is recorded as an asset, it should be recorded at its cost minus the possible value
losses. Each year, the comany has to make an impairment to justify the goodwill and if the
value dropped, records as a loss in the P&L.
Ex. : Lafarge with Orascom, Pernod Ricard with V&S Absolut

*the official term is excess of acquirers interest in the net fair value of acquirees identifiable assets, liabilities
and contingent liabilities over cost

39

IAS 16 : LVMH, extract from consolidated statement, 2012

IAS 39, Financial Instruments: Recognition

IAS 39 covers accounting for financial assets, which applies to financial instrument in
general. There are four main categories in the financial assets :

Financial assets at fair value through profit or loss

Held-to-maturity investments
Loans and receivables
Available-for-sale assets

To avoid frequent classification changes, IAS 39 provides that a company cannot reclassify a financial asset into or
out of the fair-value-through-profit-or-loss category while it is held. Similarly, it cannot classify any financial asset
as held-to-maturity if it has, during the current period or the two preceding years, sold or reclassified more than
an insignificant amount of held-to-maturity investments before maturity.

41

IAS 39, Financial Instruments: Measurement

Recognition:
On initial recognition, all financial assets are measured at fair value plus (except for
those of the fair-value-through-profit-or-loss category) transaction costs.

After initial recognition, valuation rules are as follows:

- held-to-maturity investments and loans and receivables are measured at
amortised cost using the effective interest method;
- investments in equity instruments that are not quoted on an active market
are measured at cost;
- all other financial assets (including derivatives that are not hedging
instruments) are measured at fair value.

42

Peripherical treatments

43

IAS 10 : Events after the reporting period

Events after the reporting period are defined by the events occuring after the closing
exercise date (BS date) and before the financial statements publication.

Its available for the favorable and unfavorable events.

We can distinguish two types of events:

The ones who come to clarify an existing situation at the closing date (you have to adjust).
Situations which occur after the closing date (no necessity to adjust)

Example : Company A records in provision for exercise N, an amount of 100 Mls for a lawsuit
event.

The closing exercise is 31/12/N.

The financial statements disclosure ate is 03/09/N+1.
The 20th of February N+1, we have got the verdict, Company A losses and has to pay to company B, 80 Mls.
Does the CFO needs to adjust the Financial statements ?

44

IAS 21: The effects of changes in foreign exchange rates

IAS 21 is centred on the concept of functional currency defined as the currency of the
primary economic environment in which entity operates .

How to record your foreign currency transactions? On initial recognition, at the spot exchange
rate between the functional currency and the foreign currency at the date of the transaction.

How to record your foreign activity at the reporting date (end of the period)?

Foreign currency monetary items are reported at closing rate;

Non-monetary items which are carried at historical cost are reported using the exchange rate at the
transaction date;
Non-monetary items which are carried at fair value are translated at the exchange rate which existed
when the value was determined

How to record your foreign activity in the financial statements?

Assets and liabilities : the closing date rate;

Revenues and expenses: the exchange rate at the date of the transaction (or a periodic average
exchange rate)

45

IAS 21: The effects of changes in foreign exchange rates

Example : On 01.10.N, a non-US company sold goods for USD 10000.

At the balance sheet date (06.30.N), the amount is still due from the client.

The spot exchange rate was:

- on January, 10: 1 CU = 0.6092 USD
- on June, 30: 1 CU = 0.6190 USD.

On 01.10.N, the firm recognizes revenues for CU = 16'414.97 (10 000/0.6092)

However, the balance sheet as at June 30, N, will carry the accounts receivable not at CU 16414.97 but at the rate as of June
30, N. Thus, the balance sheet figure will be:
16'155.08 (10 000/0.6190)
This difference of (16414.97 - 16155.08) = 259.89 CU is a holding loss. This loss is not due to a drop in sale prices but to a
change in the exchange rate between the USD and CU. Here the reporting currency had appreciated and so for the same USD
amount one gets less units of CU.

Say the payment is received on July 31, N and the exchange rate on that date is 1 CU = 0.6080 USD.
For the purpose of reporting in the financial statements for the period, July 31, N to June 30, N+1:
The amount received in CU is 10000 / 0.6080 = 16447.36
The exchange gain will be 16447.36 - 16155.08 = 292.28
The actual gain from the transaction date to the settlement date is 16447.36 - 16414.97 = 32.39

However, this amount has been recognized in two phases as a loss of CU 259.89 in year ending June 30, N and a gain of CU
292.28 for the year ending June 30, N+1.

46

IAS 23: Borrowing costs

Regarding the borrowing assets, the main question is, should they be capitalised
(value part of an asset) or treated like charges?

Current IAS 23 admits both solutions:

Borrowing costs must be recognised as an expense when incurred

Nevertheless, firms may also capitalise borrowing costs that are directly attributable to the
construction of certain assets (allowed alternative treatment)

Conditions for capitalisation : assets are those that take a substantial period of time
to get ready for their intended use or sale .

Real estate assets;

Items for equipment whose manufacturing period is particularly long;
Inventories that take a susbstantial period of time to mature.

47

Exercise to prepare for next lecture

(October, 20th/21st)

Use Excel template available on Blackboard

48

IAS 7: Statement of cash flows, application

Application : CF statement by the direct method, Company Black & Co

Balance sheet : (in million of UM)

Assets
Cash
Account receivable
Inventories
Advance
Variable assets
Hardware/equipment
Furniture
Accumulated depreciation
Sum
other assets

2011
6,9
133,4
202,7
5,7
348,7

2010
12
116,6
168,8
6,6
304

101,6
94,5
-78,6
117,5
7,7
473,9

Long term loan

81,1 Other debts
94,5 Total debt
-67,4
108,2 Equity
2 Capital stock
414,2 Retained earnings
Total equity

Liabilities
Accounts payable
Short term loan
Fiscal debt
Sum of short term debt

49

117,5
68,8
4,3
190,6

91,1
53,3
7,6
152

57,3
7,4
255,3

48
8,3
208,3

56
162,6
218,6
473,9

50
155,9
205,9
414,2

IAS 7: Statement of cash flows, application

Application : CF statement by the direct method, Company Black & Co
Profit and Loss
Sales
Cost of goods sold
Gross profit
Operating expenses
Wages
Tax wages
Stamping
Advertising
subscription
Profesional charges
Depreciation
Water, electrivity
Rental
Insurance
Maintenance
Traveling
Phone
Office automation expenses
Others
Sum
Operating profit
Other charges
Interest expense
Income taxes :
Sum
Net income

2011
789,7
518,8
270,9

2010
774,1
497,2
276,9

92,6
6,9
3,8
6,1
1,2
3,6
11,2
6,4
33
14,1
9,3
8,8
7,2
12
7,7
223,9
47

89,5
6,7
3,4
5
1,1
3
14,4
5,7
33
10,6
8,6
7
6,6
12,8
6,6
214
62,9

18,3
4,3
22,6
24,4

12,1
7,6
19,7
43,2

50

The company distributed 17,7 M UM

dividend for 2011, and 25 M UM for
2010.
Calculate the Free Cash Flow From
Operating, Investing and financing
Activities for Black & Co in 2011

Case study presentation

(November, 3rd/4th)

A good way to review your mid-term exam

51

Case study presentation

Pick up one of the three following companies:
Jazztel, Spanish telcos operator, download 2013 Report & Financial Statement, focus from point
6.7 with notes
Ladbrokes, UK Gaming, focus from point 57 in 2013 Annual Report
Vodafone Group, European leader telcos operator, download 2013 financial statements report
only
You have to analyze changes in CF statements between 2013 & 2012, and comment about the main
impacts/risks of some International Accounting Standards treatments.
You can choose your group, five persons maximum per group, 15 minutes presentation

I will pick up 4 groups randomly

If the work is great, I will give a bonus (I improve your mid-term grade by 1)
If the work is very bad, you will have a penalty (I reduce your mid-term grade by 1)
All documents are available on related companies webiste, investor relations section
52

Sources

Extracts from course manual AZEC/ILPIP, 2008, Financial Accounting and Financial Statement
Analysis, Chapter 5, Assets, liabilities and shareholders equity

Extracts from course manual AZEC/ILPIP, 2008, Financial Accounting and Financial Statement
Analysis, Chapter 7, Foreign currency transactions

Comptabilit Internationale : les IAS/IFRS en Pratique, Christel DECOCK GOOD, Franck

DOSNE, Connaissance de la gestion, Economoca, 2nd Edition

53