Financial ratios – consolidated

PROFITABILITY RATIOS 2021 2020 2019 2018 2017 2016
Gross profit margin 22.4% 21.8% 21.5% 21.3% 21.4% 23.5%
EBITDA margin 15.5% 15.8% 15.1% 13.5% 11.8% 13.5%
Operating profit margin 10.0% 10.0% 9.1% 8.5% 7.5% 9.7%
Net profit margin 7.2% 7.1% 6.6% 6.4% 7.9% 6.9%

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 2021 2020 2019 2018 2017 2016
Working capital (mPLN) 2,612.5 2,330.7 1,886.2 1,862.9 1,792.1 1,835.9
Current liquidity ratio 1.5 1.5 1.5 1.6 1.7 1.7
Quick liquidity ratio 1.4 1.4 1.4 1.5 1.6 1.6
Absolute liquidity ratio 0.6 0.6 0.6 0.6 0.6 0.6
Cash conversion ratio 76% 115% 86% 86% 87% 93%

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 2021 2020 2019 2018 2017 2016
Debt ratio 48.1% 46.4% 45.3% 39.4% 38.3% 32.2%
Debt / equity ratio 35.6% 33.3% 34.4% 22.5% 20.7% 15.9%
Debt / (debt + equity) ratio 26.3% 25.0% 25.6% 18.4% 17.2% 13.7%

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)