Financial Ratios - consolidated

PROFITABILITY RATIOS 2019 2018 2017 2016 2015 2014
Gross profit margin 21.6% 21.3% 21.4% 23.5% 24.1% 24.4%
EBITDA margin 15.1% 13.5% 11.8% 13.5% 13.9% 14.3%
Operating profit margin 9.2% 8.5% 7.5% 9.7% 10.3% 10.2%
Net profit margin 6.6% 6.4% 7.9% 15% 12% 10%

The above ratios have been computed using the following formulas:

  • Gross profit margin = gross profit on sales / sales
  • EBITDA margin = (operating profit + depreciation and amortization) / sales
  • Operating profit margin = operating profit / sales
  • Net profit margin = net profit  / sales
LIQUIDITY RATIOS 2019 2018 2017 2016 2015 2014
Working capital (PLN mln) 1,886.4 1,862.9 1,792.1 1 835.9 1 872.5 1 723.4
Current liquidity ratio 1.5 1.6 1.7 1.7 1.8 2.0
Quick liquidity ratio 1.4 1.5 1.6 1.6 1.7 1.9
Absolute liquidity ratio 0.6 0.6 0.6 0.6 0.7 0.7

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 = (financial assets available for sale + financial assets held to maturity + cash and short-term bank deposits) / current liabilities
DEBT RATIOS 2019 2018 2017 2016 2015 2014
Debt ratio 45.3% 39.4% 38.3% 32.2% 30.9% 25.3%
Debt / equity ratio 34.4% 22.5% 20.7% 15.9% 15.1% 10.8%
Debt / (debt + equity) ratio 25.6% 18.4% 17.2% 13.6% 13.1% 9.7%

The above ratios have been computed using the following formulas:

  • Debt ratio = (long-term liabilities + short-term liabilities) / assets
  • Debt / equity ratio = interest-bearing bank credits and debt securities + financial lease / shareholders' equity
  • Debt / (debt + equity) ratio = interest-bearing bank credits and debt securities + financial lease / (interest-bearing bank credits and debt securities + shareholders' equity)