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