Financial ratios

Profit margin
	2014	2015	Change, p.p.
Adjusted EBITDA margin, %	24,33	27,58	3,2
Net profit margin, %	8,99	7,92	(1,1)
Return on assets (ROA), %	6,92	5,07	(1,8)
Return on equity (ROE), %	11,90	9,77	(2,1)
Return on average capital employed (ROACE), %	13,07	10,51	(2,6)

Source: Company data

Liquidity, %
	2014	2015	Change, p.p.
Current liquidity ratio	1,88	1,46	(22,1)
Acid test ratio	0,94	0,79	(16,1)
Absolute liquidity ratio	0,53	0,51	(2,4)

Source: Company data

Leverage
	2014	2015	Change, p.p.
Net debt / Total assets, %	20,67	26,34	5,7
Net debt / Capital, %	38,38	52,44	14,1
Leverage, %	31,11	36,05	4,9
Net debt / Market capitalisation, %	0,64	0,90	40,3
Net debt / EBITDA, %	1,44	1,90	31,6
Total debt / EBITDA, %	1,87	2,37	26,5

Source: Company data