Your client is wrong 10:50 Sep 21, 2020
"... on average over the past 3 years, in excess of €3M" absolutely does not mean "3 millions par an pendant 3 ans" ! Indeed, it implies that the level for at least one of those 3 years was less than €3M; otherwise why bother introducing an average? If for two years the level was marginally lower than €3M, but in the remaining year it exceeded €3M by more than the sum of the shortfalls in the other 2 years, the average over 3 years would still exceed €3M.
Note that this figure includes "dividends and fees", which would vary from year to year. |