Consolidated figures
| Ratio | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45% | 45.6% | 53.3% | 49% | 46.3% | 38.8% | 42.4% | 43% |
| EBITDA margin % | 14% | 12% | 16% | 16.3% | 16.8% | 5.1% | 8.3% | 12.6% |
| EBIT margin % | 10% | 7.2% | 8.5% | 10.8% | 13.1% | 0.9% | 3% | 7.2% |
| PAT margin % | 4.5% | 3.7% | 5.6% | 4.8% | 7.5% | -4.4% | -2.9% | 0.8% |
| Working capital | ||||||||
| Receivable days | — | — | — | 43 | 43 | 44 | 41 | 44 |
| Inventory days | — | — | — | 124 | 146 | 104 | 126 | 137 |
| Payable days | — | — | — | 69 | 50 | 44 | 63 | 47 |
| NWC days | — | — | — | 98 | 139 | 104 | 104 | 134 |
| Leverage | ||||||||
| Current ratio | — | — | — | 2.19 | 2.36 | 2.44 | 1.75 | 1.87 |
| Debt to EBITDA | — | — | — | 3.6 | 2.75 | 9.31 | 6.67 | 4.6 |
| Debt to equity | — | — | — | 1.39 | 1.15 | 1.18 | 1.28 | 1.32 |
| Interest coverage | 3.2 | 2.3 | 2.7 | 3.7 | 5.4 | 0.4 | 0.8 | 1.5 |
| Asset turnover | — | — | — | 0.78 | 0.95 | 0.91 | 0.81 | 0.82 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 3.7% | 7.1% | -4% | -2.4% | 0.7% |
| Return on capital employed % | — | — | — | 11.2% | 16.8% | 1.9% | 4.5% | 8.6% |
| Return on equity % | — | — | — | 11.4% | 18.7% | -10.8% | -6.8% | 1.8% |
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.