Consolidated figures
| Ratio | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 48.3% | 46% | 48.6% | 47.1% | 45.8% | 43.2% | 43.9% | 46% |
| EBITDA margin % | 11.8% | 11.6% | 13.9% | 14% | 13.5% | 13.1% | 13.3% | 13.9% |
| EBIT margin % | 8.1% | 8.1% | 10.4% | 11.1% | 11.1% | 10.9% | 11.2% | 11.7% |
| PAT margin % | 6.6% | 7.8% | 7.8% | 10% | 10% | 9.3% | 9.8% | 10% |
| Working capital | ||||||||
| Receivable days | — | — | — | 68 | 81 | 80 | 94 | 118 |
| Inventory days | — | — | — | 195 | 207 | 184 | 165 | 197 |
| Payable days | — | — | — | 129 | 116 | 98 | 96 | 111 |
| NWC days | — | — | — | 134 | 172 | 165 | 162 | 204 |
| Leverage | ||||||||
| Current ratio | — | — | — | 2.09 | 2.01 | 2.07 | 2.13 | 2.03 |
| Debt to EBITDA | — | — | — | 0 | 0 | 0 | 0 | 0 |
| Debt to equity | — | — | — | 0 | 0 | 0 | 0 | 0 |
| Interest coverage | 29.4 | 24.1 | 45.6 | 39.9 | 39.9 | 52.1 | 118.5 | 124.8 |
| Asset turnover | — | — | — | 0.93 | 1 | 1.09 | 1.08 | 0.97 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 9.3% | 10% | 10.1% | 10.5% | 9.7% |
| Return on capital employed % | — | — | — | 18.7% | 21.6% | 21.8% | 22.1% | 22.6% |
| Return on equity % | — | — | — | 14.8% | 16% | 16% | 16.7% | 16.1% |
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.