Consolidated figures
| Ratio | Mar 2019 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 53.7% | 52.6% | 53.6% | 52.2% | 45.4% | 47.1% | 47.9% | 49.3% |
| EBITDA margin % | 12.2% | 12.2% | 8.3% | 12.1% | 13.4% | 15.3% | 15.1% | 14.5% |
| EBIT margin % | 8.2% | 8.2% | 3.2% | 8% | 10% | 11.9% | 11.4% | 10.7% |
| PAT margin % | 4.5% | 4.5% | 1.8% | 4.7% | -1.6% | 12.1% | 9.2% | 8.8% |
| Working capital | ||||||||
| Receivable days | 34 | — | — | 29 | 36 | 25 | 26 | 24 |
| Inventory days | 105 | — | — | 123 | 93 | 86 | 85 | 86 |
| Payable days | 147 | — | — | 177 | 163 | 144 | 124 | 143 |
| NWC days | -8 | — | — | -25 | -35 | -32 | -13 | -33 |
| Leverage | ||||||||
| Current ratio | 0.84 | — | — | 0.92 | 0.87 | 1.01 | 1.58 | 1.5 |
| Debt to EBITDA | 1.52 | — | — | 1.26 | 0.79 | 0.56 | 0.39 | 0.28 |
| Debt to equity | 0.32 | — | — | 0.25 | 0.18 | 0.13 | 0.08 | 0.05 |
| Interest coverage | 13.1 | 13.1 | 4.6 | 13.7 | 41.1 | 11 | 14.9 | 41.7 |
| Asset turnover | 0.91 | — | — | 0.84 | 0.88 | 0.95 | 0.92 | 0.87 |
| Return ratios | ||||||||
| Return on assets % | 4.1% | — | — | 3.9% | -1.4% | 11.5% | 8.5% | 7.7% |
| Return on capital employed % | 11.2% | — | — | 10.7% | 14% | 18% | 16.3% | 14% |
| Return on equity % | 7.6% | — | — | 7.6% | -2.7% | 18.8% | 12.6% | 11.1% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.