List of figures

2.1  Alternative formats for the horizontal balance sheet

2.2  The vertical balance sheet presentation adopted in the UK in the 1970s

4.1  The working capital cycle

5.1  Two ways of telling the same story

6.1  Different ways of making the same profit

6.2  Return on assets

6.3  The asset turn/profit margin seesaw

7.1  The Du Pont model

8.1  The working capital cycle

8.2  The average cash cycle for the example companies

9.1  Financing the business