188 The Financial Times Guide to Corporate Valuation
B. Sales trends
Describe historical, current and future sales trends, including seasonal-
ity of sales, cycles and geographical distribution.
C. Foreign sales and operations
Describe historical, current and projected revenues and profits, e.g.
during past year, most recent interim period and next year, attributable
to foreign operations or sales, including country-by-country breakdown
together with a description of the reasons for any trends or changes.
Describe any special risks attending to these sales or operations.
Describe effects of changing exchange rates, if any.
D. Sales returns and allowances
Provide an analysis of sales returns and allowances for the past three
years ...