Financial Ratios - consolidated

PROFITABILITY RATIOS 2018 2017 2016 2015 2014
Gross profit margin 21.3% 21.4% 23.5% 24.1% 24.4%
EBITDA margin 13.5% 11.8% 13.5% 13.9% 14.3%
Operating profit margin 8.5% 7.5% 9.7% 10.3% 10.2%
Net profit margin 6.4% 7.9% 15% 12% 10%
Return on equity (ROE) 4.3% 6.9% 7.9% 8.5%
Return on assets (ROA) 3.0% 2.4% 3.0% 3.5%

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
  • Return on equity (ROE) = net profit attributable to Shareholders of the Parent Company / average annual equity attributable to Shareholders of the Parent Company
  • Return on assets (ROA) = net profit attributable to Shareholders of the Parent Company / average annual assets

* Data after restatement

LIQUIDITY RATIOS 2018 2017 2016 2015 2014
Working capital (PLN mln) 1,861.1 1,792.1 1 835.9 1 872.5 1 723.4
Current liquidity ratio 1.6 1.7 1.7 1.8 2.0
Quick liquidity ratio 1.5 1.6 1.6 1.7 1.9
Absolute liquidity ratio 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

* Data after restatement

DEBT RATIOS 2017 2016 2015 2014 2013* 2012
Debt ratio 31.8% 32.2% 30.9% 25.3% 25.5% 25%
Debt / equity ratio 15.6% 15.9% 15.1% 10.8% 9.2% 11%
Debt / (debt + equity) ratio 13.5% 13.6% 13.1% 9.7% 8.4% 10%

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)

* Data after restatement