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)