Financial ratios
Profitability ratios
| 2015 | 2014 | |
|---|---|---|
| Gross profit margin | 22.60% | 16.80% |
| EBIT margin | 8.30% | 3.10% |
| EBITDA margin | 13.10% | 8.30% |
| Net profit margin | 6.90% | 2.,70% |
| ROA | 6.40% | 2.70% |
| ROCE | 9.30% | 3.90% |
| ROE | 9.70% | 4.10% |
| Return on non-current assets | 9.60% | 3.90% |
Source: Company data.
Gross profit margin = gross profit (loss) / revenue (statement of comprehensive income by function)
EBIT margin = EBIT / revenue
EBITDA margin = EBITDA / net revenue
Net profit margin = net profit (loss) / revenue
Return on assets (ROA) = net profit (loss) / total assets
Return on capital employed (ROCE) = EBIT / TALCL, that is EBIT / total assets less current liabilities
Return on equity (ROE) = net profit (loss) / equity
Return on non-current assets = net profit (loss) / non-current assets
Liquidity ratios
| 2015 | 2014 | |
|---|---|---|
| Current ratio | 1.9 | 1.4 |
| Quick ratio | 1.3 | 0.8 |
| Cash ratio | 0.7 | 0.3 |
Source: Company data.
Current ratio = current assets / current liabilities
Quick ratio = (current assets – inventory – current prepayments and accrued income) / current liabilities
Cash ratio = (cash + other financial assets) / current liabilities
Changes in working capital*
Source: Company data.
* Financial data restated in accordance with the information presented in Note 2.3.1 to the consolidated financial statements.
Operating efficiency ratios
| 2015 | 2014* | |
|---|---|---|
| Inventory turnover | 55 | 59 |
| Average collection period | 39 | 45 |
| Average payment period | 62 | 62 |
| Average payment period | 31 | 41 |
Source: Company data.
* Financial data restated in accordance with the information presented in Note 2.3.1 to the consolidated financial statements.
Inventory turnover = inventory * 360 / cost of sales
Average collection period = trade and other receivables * 360 / revenue
Average payment period = trade and other payables * 360 / cost of sales
Cash conversion cycle = inventory turnover + average collection period – average payment period
Debt ratios
| Ratio | 2015 | 2014 |
|---|---|---|
| Total debt ratio | 33.80% | 34.80% |
| Long-term debt ratio | 16.60% | 12.00% |
| Short-term debt ratio | 17.20% | 22.80% |
| Equity-to-debt ratio | 196.00% | 187.50% |
| Interest cover ratio | 2,169.30% | 687.50% |
Source: Company data.
Total debt ratio = total liabilities / total assets
Long-term debt ratio = non-current liabilities / total assets
Short-term debt ratio = current liabilities / total assets
Equity-to-debt ratio = equity / current and non-current liabilities
Interest cover ratio = (profit before tax + interest expense) / interest expense
