Balance sheet

2018 2017 2016 2015

Assets
Current Assets
cash and cash equivalents 4500 7938 7990 4884
Short-term investments 5801 655 1306 921
inventories 9125 9177 8401 8153
trade and other receivable 11167 12036 12411 12252
prepayment and accured incomes 530 573 573 583
Derivative assets 183 231 550 337
current income tax assets 869 917 786 874
Assets held for sale 8828 357 25 1430
Total current assets 41003 31884 32042 29434
Non-current assets
property and plant equipment 29956 30777 27554 26576
Goodwill 31702 29746 33007 32772
intangible assets 18634 20615 20397 19236
investments in associates and joint venture 10792 11628 10709 8675
Financial assets 2567 6003 5719 5419
Employee benefits assets 487 392 310 109
current income tax assets 58 62 114 128
deferred tax assets 1816 2103 2049 1643
total non-current assets 96012 101326 99859 94558

total assets 137015 133210 131901 123992

Liabilities and equity

current liabilities
financial debt 14694 11211 12118 9629
trade and other payable 17800 18864 18629 17038
accural and deferred income 4075 4299 3855 3673
provisions 780 819 620 564
Derivative liabilities 448 507 1068 1021
current income tax liabilities 2731 2477 1221 1124
liabailities directly associated with assets held for sale 2502 12 6 272
Total current liabilities 43030 38189 37517 33321
Non-current liabilites
financial debts 25700 18566 11091 11601
employee benenfits liabilites 5919 7111 8420 7691
provisions 1033 1147 2640 2601
deferred tax liabilites 2540 3492 3865 3063
 other payables 390 2476 2387 1729
Total non-current liabilities 35582 32792 28403 26685

Total liabilities 78612 70981 65920 60006

Equity
share capital 306 311 311 319
treasury shares -6948 -4537 -990 -7489
translation reserves -20432 -19436 -18799 -19851
other reserves -183 989 1198 1345
retained earnings 84620 83629 82870 88014
total equity attributed to shareholders of parent 57363 60956 64590 62338
non-controlling interests 1040 1273 1391 1648
total equity 58403 62229 65981 63986

total liabilites and equity 137015 133210 131901 123992

 2014 2013

7448 6415
1433 638
9172 8382
13459 12206
565 762
400 230
908 1151
576 282
33961 30066

28421 26895
34557 31039
19800 12673
8649 12315
5493 4550
383 537
128 124
2058 2243
99489 90376

133450 120442

8810 11380
17437 16072
3759 3185
695 523
757 381
1264 1276
173 100
32895 32917

12396 10363
8081 6279
3161 2714
3191 2643
 1842 1387
28671 23386

61566 56303

322 322
-3918 -2196
-17255 -20811
1400 0
89581 85260
70130 62575
1754 1564
71884 64139

133450 120442
 income statement
2018 2017 2016 2015
sales 91439 89590 89469 88785
other revenue 311 332 317 298
cost of goods sold -46070 -45571 -44199 -44730
Gross Profit 45680 44351 45587 44353
distribution expenses -8469 -8023 -8059 -7899
Marketing and adminstrartion expenses -20003 -19818 -21485 -20744
Research and development -1687 -1739 -1736 -1678
other trading income 37 112 99 78
other trading expenses -1769 -1606 -713 -728
Trading operating profit 13789 13277 13693 13382
other operating income 2535 379 354 126
other operating expenses -2572 -3500 -884 -1100
operating profit (EBIT) 13752 10156 13163 12408
financial Income 247 152 121 101
financial expenses -1008 -848 -758 -725
profit before tax (EBT) 12991 9460 12526 11784
taxes -3439 -2773 -4413 -3305
income from joint ventures 916 824 770 988
profit for the year 10468 7511 8883 9467
of which attributable to noncontrolling interests 333 355 352 401
of which attributable to shareholder of the patent 10135 7156 8531 9066
Earning per share 254.57 322.86 261.24 193.19
 2014 2013
91612 92158
253 215
-47553 -48111
44312 44262
-8217 -8156
-19651 -19711
-1628 -1503
110 120
-907 -965
14019 14047
154 616
-3268 -1595
10905 13068
135 219
-772 -850
10268 12437
-3367 -3256
8003 1264
14904 10445
448 430
14456 10015
174.85 129.37
 Liquidity Analysis
2018 2017 2016 2015
NWC CA- CL -2027 -6305 -5475 -3887
CURRENT RATIO CA/CL 0.952893 0.8349 0.854066 0.883347
(CASH+CASH EQUIVALENTS+
CASH TO CA RATIO MKT SECURITIES)/CA 0.109748 0.248965 0.24936 0.165931
( CASH + CASH EQUIVALENTS+
CASH TO CL RATIO MKT SEC)/ CL 0.239391 0.225012 0.247781 0.174214
ACID TEST RATIO CA- INVENTORY/CL 0.740832 0.594595 0.630141 0.638666

Operating Cycle

ACCOUNTS RECEIVABLE
TURNOVER
DAYS SALES IN RECEIVABLE
INVENTORY TURNOVER
DAYS SALES IN INVENTORY
OPERATING CYCLE/CONVERSION
PERIOD
ACCOUNT PAYABLE TO
DAYS S PURCHASES IN ACCOUNT
PAYABLE
NET SALES/AVG A/R
(360* AVG A/R)/SALES
CGS/AVG INVENTORY
360/ (CGS/INV)
DAYS SALES IN A/R+ DAYS SALES
IN INV
PURCHASES/AVG A/P
360/ (PURCHASES/ AVGA/P)
7.881653 7.329325 7.255322 6.906382
45.6757 49.11776 49.61875 52.1257
5.034422 5.185004 5.339978 5.163636
71.50771 69.431 67.416 69.71831
117.1834 118.5488 117.0348 121.844
2.510255 2.472301 2.492332 2.535809
143.4117 145.6133 144.443 141.9666

DAYS SALES IN A/R+ DAYS SALES

NET TRADE CYCLE IN INV- Days purcahse A/P -26.22831 -27.06455 -27.40829 -20.12255

Cash flow measures

CASH FLOW RATIO NET OPERATING CF/ CL 0.243272 0.19668 0.236773 0.284115
TIMES INTEREST RATIO EBIT/INT EXP 13.64286 11.97642 17.36544 17.11448

MARKET MEASURE
Share price 10871.07 10529.63 7588.95 9756.4
P-E RATIO SHARE PRICE/ EPS 42.70366 32.61361 29.04972 50.50158
EARNING YIELD EPS/PRICE PER SHARE 0.023417 0.030662 0.034424 0.019801
DIVIDEND YIELD DPS/SHARE PRICE 0.039095 0.03039 0.056002 0.019474
DIVIDEND PAYOUT RATIO DPS/EPS 1.669482 0.991142 1.626857 0.983488
Book Value 86.27 102.19 194.31 278.67

PRICE TO BOOK SHARE PRICE/BOOK VALUE(PAR) 126.0122 103.0397 39.05589 35.01059

(netincome-prefDIV)/ Avg
EPS Common equity 254.57 322.86 261.24 193.19
DPS Dividen/ Common share 425 320 425 190
 SOLVENCY RATIO
2018 2017 2016 2015
TOTAL DEBT RATIO TOTAL DEBT/TOTAL CAPITAL 0.573747 0.53285 0.499769 0.483951

TOTAL DEBT TO EQUITY CAPITAL TOTAL DEBT/ EQUITY CAPITAL 1.346027 1.140642 0.999075 0.937799
LONG TERM DEBT TO EQUITY
CAPITAL RATIO LTL/TOTAL EQUITY CAPITAL 0.60925 0.526957 0.430472 0.417044
Tmes Interest Earned EBT +INTEREST EXP)/INT EXP 12990 9459 12525 11783

2018 2017 2016 2015

Total asset Turnover 0.667365 0.672547 0.678304 0.716054
PPE TURNOVER 3.052444 2.91094 3.247042 3.340796
CASH TURNOVER 20.31978 11.28622 11.19762 18.17875
 2014
1066
1.032406

0.21931

0.26998
0.75358

7.139061
50.4268
5.41791
66.44628 2018 2017 2016 2015 2014

116.8731 Purchases= EndIN+CGS-BegIN

2.885374 46018 46347 44447 43711 48343

124.7672

-7.894104

2018 2017 2016 2015 2014

Operating cashflow
0.453078 Netincome 10468 7511 8883 9467 14904
14.12565 Depreciation 0 0 0 0 0
Account receivable -869 -375 159 -1207 1253
account paybale -1064 235 1591 -399 1365
8555.86 inventory -52 776 248 -1019 790
48.93257 Net cashflow 10325 7345 10067 11294 14226
0.020436
0.019869
0.972262
278.45

30.72674

174.85
170
 2014
0.461341

0.856463

0.398851
10267

2014
0.686489
3.223391
12.30021