Investor Relations

Major Management Indicators

Stability Indicators

Classification Formula Ratio
2018 2017 2016
Current Ratio Current Assets x 100 156.73% 135.73% 144.32%
Current Liabilities
Debt-Equity Ratio Total Liabilities x 100 73.80% 87.44% 89.78%
Owned Capital
Dependency on Borrowings Borrowings x 100 29.70% 29.37% 32.43%
Total Assets
Interest Coverage Ratio to
Operating Income
Operating Income x 100 5.48 10.09 7.31
Interest Expenses

Assets, Liabilities and capital in the above formulas indicate balances at the end of the year, and capital includes net income/loss of the current term. Borrowings include long - term liquid liabilities and long - term borrowings.

Profitability Indicators

Classification Formula Ratio
2018 2017 2016
Operating Income to Sales Operating Income x 100 4.93% 8.31% 8.33%
Sales
Net Income to Sales Net Income x 100 2.87% 6.58% 6.77%
Sales
Net Incomes to Total Assets Net Income in Current Term x 100 2.59% 6.06% 5.88%
Total Assets
Net Incomes to Owned Capital Net Income in Current Term x 100 4.50% 11.36% 11.15%
Owned Capital
Cashflow from Operating
Activities to Total Assets
Cashflow from Operating Activities x 100 6.33% 7.74% 10.25%
Total Assets

Assets and capital indicate averages of balances in the beginning and at the end of the year, and capital includes net income/loss of the current term.

Growth and Activity Indicators

Classification Formula Ratio
2018 2017 2016
Sales Growth Ratio Sales in Current term x100-100 -4.20% 10.95% -0.31%
Sales in Previous Term
Operating Income
Growth Ratio
Operating Income in Current Term x100-100 -43.15% 10.65% 48.82%
Operating Income in Previous Term
Current Net Income
Growth Ratio
Net Income in Current Term x100-100 -58.26% 7.86% 142.64%
Net Income in Previous Term
Total Assets
Growth Ratio
Total Assets at the End of Current Term x100-100 -2.30% 4.55% 4.50%
Total Assets at the End of Previous Term
Assets Turnover Sales   0.90 0.92 0.87
(Beginning Total Assets +Ending Total Assets)/2