Import goods are subject to high taxes.

Minus 500,000.

PUMA has 2.7 billion dollars of turnover, 300 million dollars of profits, 200 million dollars after tax, 94 million dollars of externalities, cost to business.

Are the profits exclusive of taxes?

Before Interest and Taxes.

And at least it'll give you a sense of how revenues, gross profit, operating profit, pre tax income and net income really are different.

Taxfree.

So you take the interest out.

They have no interest expense, because that's not the point of this video.

And now we are left with our we're getting close to where we need to get to pre tax income.

But just so you know what EBlT is, EBlT is just Earnings

I did in that last video it might be interesting to say, is that the pre tax or the post tax return on asset.

I was actually interfering with the process with lots of good intentions.

The company announced a profit of 200 million after tax.

Ten grand a month.

And you'll hear these numbers, gross and operating profit and net profit and pretax profit, and it's very hard to understand that these are actually very, very different things, because they all have the word profit, and what does gross and operating and all that mean?

So, taxes, this is property tax.

In Germany, foreign bribery was allowed.

The American colonists had long believed that they were not subject to taxes imposed by legislature in which they lacked representation.

And you could guess what the next line is going to be, given that this says pre tax.

The company's profit amounted to 250 million before tax.

It's 255 plus tax.

New indirect taxes were imposed on spirits.

And so you can already imagine that both EBlT and the way I defined it initially, operating profit divided by assets.

Do you have anything to declare?

A new tax has been imposed on cigarettes.

Remember that famous phrase,

Look, I've got a fantastic idea for an embryonic product in a marginal market, with consumers we've never dealt with before, and I'm not sure it's going to have a big payoff, but it could be really, really big in the future?

It's dependent on how the operations were financed.

The king imposed heavy taxes on the people.

This is what the owners of the company get before they pay the government.

(Laughter) But I know it's the bottom line, or one's perception of it, that motivates people in the end.

The king imposed heavy taxes on his people.

Heavy taxes are laid on wine.

The government imposed a new tax on farmers.

That's cheaper than today's gasoline, even in the U.S.

But here you see it means very, very different things.

What

Scope

This is really important to pay attention to, because so many people say, oh, a company made this much.

They're generating the operating profit, and that's a very important thing to realize in the future when we talk about return on assets.

I'll just abbreviate that as Nl.

London looked to Americans, and in 1767 imposed new taxes on a variety of imports, including the American's beloved tea.

Go ahead, eat.

A heavy tax was imposed on whiskey.