# Financial ratios – consolidated

PROFITABILITY RATIOS | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|

Gross profit margin | 21.9% | 21.6% | 21.3% | 21.4% | 23.5% | 24.1% |

EBITDA margin | 15.8% | 15.1% | 13.5% | 11.8% | 13.5% | 13.9% |

Operating profit margin | 10.0% | 9.1% | 8.5% | 7.5% | 9.7% | 10.3% |

Net profit margin | 7.1% | 6.6% | 6.4% | 7.9% | 15% | 12% |

The above ratios have been computed using the following formulas:

- Gross profit margin = gross profit on sales / sales
- EBITDA margin = (operating profit + amortization) / sales
- Operating profit margin = operating profit / sales
- Net profit margin = net profit / sales

LIQUIDITY RATIOS | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|

Working capital (mPLN) | 2,334.5 | 1,886.2 | 1,862.9 | 1,792.1 | 1 835.9 | 1 872.5 |

Current liquidity ratio | 1.5 | 1.5 | 1.6 | 1.7 | 1.7 | 1.8 |

Quick liquidity ratio | 1.4 | 1.4 | 1.5 | 1.6 | 1.6 | 1.7 |

Absolute liquidity ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 |

Cash conversion ratio | 115% | 104% | 86% | 87% | 93% | 100% |

The above ratios have been computed using the following formulas:

- Working capital = current assets - current liabilities
- Current liquidity ratio = current assets / current liabilities
- Quick liquidity ratio = (current assets - inventories - deferred expenses) / current liabilities
- Absolute liquidity ratio = (cash and short-term bank deposits) / current liabilities
- Cash conversion ratio = free cash flow / non-IFRS operating profit

DEBT RATIOS | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|

Debt ratio | 46.4% | 45.3% | 39.4% | 38.3% | 32.2% | 30.9% |

Debt / equity ratio | 33.3% | 34.4% | 22.5% | 20.7% | 15.9% | 15.1% |

Debt / (debt + equity) ratio | 25.0% | 25.6% | 18.4% | 17.2% | 13.6% | 13.1% |

The above ratios have been computed using the following formulas:

- Debt ratio = (non-current liabilities + current liabilities) / assets
- Debt / equity ratio = (interest-bearing bank loans + debt securities + lease liabilities) / equity
- Debt / (debt + equity) ratio = (interest-bearing bank loans + debt securities + lease liabilities) / (interest-bearing bank loans + debt securities + lease liabilities + equity)