# Financial ratios – consolidated

PROFITABILITY RATIOS | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|

Gross profit margin | 21.8% | 22.4% | 21.8% | 21.5% | 21.3% | 21.4% |

EBITDA margin | 15.6% | 15.5% | 15.8% | 15.1% | 13.5% | 11.8% |

Operating profit margin | 10.5% | 10.0% | 10.0% | 9.1% | 8.5% | 7.5% |

Net profit margin | 7.8% | 7.2% | 7.1% | 6.6% | 6.4% | 7.9% |

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 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|

Working capital (mPLN) | 3,032.6 | 2,609.7 | 2,330.7 | 1,886.2 | 1,862.9 | 1,792.1 |

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

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

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

Cash conversion ratio | 76% | 76% | 115% | 86% | 86% | 87% |

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 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|

Debt ratio | 49.3% | 48.1% | 46.4% | 45.3% | 39.4% | 38.3% |

Debt / equity ratio | 38.8% | 35.6% | 33.3% | 34.4% | 22.5% | 20.7% |

Debt / (debt + equity) ratio | 28.0% | 26.3% | 25.0% | 25.6% | 18.4% | 17.2% |

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)