Key financial indicators

Overview of key financial indicators in 1-12 2017

Sales (in HRKm) 1-12 2017 1-12 2016 % change
Total revenues of Podravka Group 4,110.9 4,226.5 -2.7%
Sales revenues of Podravka Group 4,111.2 4,185.5 -1.8%
Sales revenues of Food 3,243.7 3,370.3 -3.8%
Sales revenues of Pharma 867.5 815.2 6.4%
Podravka Group's profitability (in HRKm) 1-12 2017 1-12 2016 % change
Group's gross profit 1,484.1 1,535.2 -3.3%
Group's gross profit margin 36.1% 36.7% -58 bp
Group's EBITDA 374.1 471.3 -20.6%
Group's EBITDA margin 9.1% 11.3% -216 bp
Group's EBIT 135.2 268.9 -49.7%
Group's EBIT margin 3.3% 6.4% -314 bp
Group's net profit after MI 54.4 182.4 -70.2%
Group's net profit margin after MI 1.3% 4.4% -303 bp
Podravka Group's balance sheet (in HRKm) 31.12.2017 31.12.2016 % change
Total assets 5,106.3 5,285.7 -3.4%
Shareholders' equity 2,896.3 2,877.2 0.7%
Minority interests 36.7 49.2 -25.5%
Cash and cash equivalents 362.1 337.6 7.2%
Financial debt 1,271.1 1,379.3 -7.8%
Net debt 909.1 1,041.7 -12.7%
Podravka Group's cash flow (in HRKm) 1-12 2017 1-12 2016 % change
Net cash flow from operating activities 457.6 476.7 -4.0%
Capital expenditures 206.8 437.1 -52.7%
Depreciation and amortization 194.0 191.4 1.4%
Free cash flow 250.8 39.6 533.0%
Podravka Group's ratios and indicators 2017 2016 % change
Employee number at the end of period (in units) 6,306 6,404 -1.5%
P&L interest expense (in HRKm) 26.9 31.5 -14.6%
Sales revenues / Number of employees (in HRK000) 651.9 653.6 -0.2%
Net profit after MI / Sales revenues (in HRK000) 8.6 28.5 -69.7%
Return on average assets 1.2% 3.7% -252 bp
Return on average capital 2.0% 6.5% -449 bp
Return on average invested capital 2.8% 5.7% -288 bp
Total shareholders' equity / Total assets 57.4% 55.4% +207 bp
EBIT / P&L interest expense 5.0 8.5 -41.1%
Net debt / EBITDA 2.4 2.2 9.9%
Sales (in HRKm) 1-9 2017 1-9 2016 % change
Total revenues of Podravka Group 2,979.5 3,049.4 -2.3%
Sales revenues of Podravka Group 2,983.1 3,030.8 -1.6%
Sales revenues of Food 2,372.4 2,465.2 -3.8%
Sales revenues of Pharma 610.7 565.6 8.0%
Podravka Group's profitability (in HRKm) 1-9 2017 1-9 2016 % change
Group's gross profit 1,059.4 1,104.1 -4.0%
Group's gross profit margin 35.5% 36.4% -91 bb
Group's EBITDA 254.4 337.4 -24.6%
Group's EBITDA margin 8.5% 11.1% -260 bb
Group's EBIT 110.5 201.2 -45.1%
Group's EBIT margin 3.7% 6.6% -293 bb
Group's net profit after MI 54.1 142.2 -62.0%
Group's net profit margin after MI 1.8% 4.7% -288 bb
Podravka Group's balance sheet (in HRKm) 30.09.2017 31.12.2016 % change
Total assets 5,072.9 5,285.7 -4.0%
Shareholders' equity 2,890.2 2,877.2 0.5%
Minority interests 36.3 49.2 -26.2%
Cash and cash equivalents 178.6 337.6 -47.1%
Financial debt 1,326.4 1,379.4 -3.8%
Net debt 1,147.8 1,041.7 10.2%
Podravka Group's cash flow (in HRKm) 1-9 2017 1-9 2016 % change
Net cash flow from operating activities 193.1 299.3 -35.5%
Capital expenditures 158.8 383.7 -58.6%
Depreciation and amortization 143.8 136.1 5.7%
Free cash flow 34.3 -84.4 n/p
Podravka Group's ratios and indicators 30.09.2017 2016 % change
Employee number at the end of period (in units) 6,620 6,404 3.4%
P&L interest expense (in HRKm) 26.8 31.5 -15.0%
Sales revenues / Number of employees (in HRK000) 625.0 653.6 -4.4%
Net profit after MI / Sales revenues (in HRK000) 14.2 28.5 -50.0%
Return on average assets 1.9% 3.7% -173 bp
Return on average capital 3.4% 6.5% -310 bp
Return on average invested capital 3.6% 5.7% -213 bp
Total shareholders' equity / Total assets 57.7% 55.4% +232 bp
EBIT / P&L interest expense 6.7 8.5 -22.1%
Net debt / EBITDA 3.0 2.2 33.8%
Sales (in HRKm) 1-6 2017 1-6 2016 % change
Total revenues of Podravka Group 1,955.3 1,998.4 -2.2%
Sales revenues of Podravka Group 1,951.2 1,988.5 -1.9%
Sales revenues of Food 1,544.4 1,609.5 -4.0%
Sales revenues of Pharma 406.8 379.1 7.3%
Podravka Group's profitability (in HRKm) 1-6 2017 1-6 2016 % change
Group's gross profit 689.3 723.8 -4.8%
Group's gross profit margin 35.3% 36.4% -107 bp
Group's EBITDA 140.0 222.0 -36.9%
Group's EBITDA margin 7.2% 11.2% -399 bp
Group's EBIT 44.8 129.8 -65.5%
Group's EBIT margin 2.3% 6.5% -423 bp
Group's net profit after MI 24.8 97.3 -74.5%
Group's net profit margin after MI 1.3% 4.9% -362 bp
Podravka Group's balance sheet (in HRKm) 30.06.2017 31.12.2016 % change
Total assets 5,112.1 5,285.7 -3.3%
Shareholders' equity 2,895.6 2,877.2 0.6%
Minority interests 51.1 49.2 3.9%
Cash and cash equivalents 285.8 337.6 -15.3%
Financial debt 1,370.2 1,379.4 -0.7%
Net debt 1,084.4 1,041.7 4.1%
Podravka Group's cash flow (in HRKm) 1-6 2017 1-6 2016 % change
Net cash flow from operating activities 136.7 142.0 -3.7%
Capital expenditures 122.9 233.1 -47.3%
Depreciation and amortization 95.2 92.2 3.2%
Free cash flow 13.8 -91.1 n/a
Podravka Group's ratios and indicators 30.06.2017 2016 % change
Employee number at the end of period (in units) 6,432 6,404 0.4%
P&L interest expense (in HRKm) 27.7 31.5 -11.9%
Sales revenues / Number of employees (in HRK000) 644.9 653.6 -1.3%
Net profit after MI / Sales revenues (in HRK000) 17.1 28.5 -40.0%
Return on average assets 2.3% 3.7% -142 bp
Return on average capital 4.0% 6.5% -255 bp
Return on average invested capital 3.8% 5.7% -195 bp
Total shareholders' equity / Total assets 57.6% 55.4% +228 bp
EBIT / P&L interest expense 6.6 8.5 -22.3%
Net debt / EBITDA 2.8 2.2 26.1%
Sales (in HRKm) 1-3 2017 1-3 2016 % change
Total revenues of Podravka Group 915.5 1,002.9 -8.7%
Sales revenues of Podravka Group 913.2 997.1 -8.4%
Sales revenues of Food 723.6 814.6 -11.2%
Sales revenues of Pharma 189.6 182.5 3.9%
Podravka Group's profitability (in HRKm) 1-3 2017 1-3 2016 % change
Group's gross profit 320.6 365.5 -12.3%
Group's gross profit margin 35.1% 36.7% -154 bp
Group's EBITDA 75.8 126.9 -40.3%
Group's EBITDA margin 8.3% 12.7% -442 bp
Group's EBIT 28.2 81.1 -65.2%
Group's EBIT margin 3.1% 8.1% -504 bp
Group's net profit after MI 18.0 60.1 -70.0%
Group's net profit margin after MI 2.0% 6.0% -405 bp
Podravka Group's balance sheet (in HRKm) 31.03.2017 31.12.2016 % change
Total assets 5,182.2 5,285.7 -2.0%
Shareholders' equity 2,890.0 2,877.2 0.4%
Minority interests 50.2 49.2 2.0%
Cash and cash equivalents 250.5 337.6 -25.8%
Financial debt 1,338.1 1,379.4 -3.0%
Net debt 1,087.6 1,041.7 4.4%
Podravka Group's cash flow (in HRKm) 1-3 2017 1-3 2016 % change
Net cash flow from operating activities 48.1 -5.0 n/a
Capital expenditures 84.7 121.1 -30.0%
Depreciation and amortization 47.6 45.8 3.9%
Free cash flow -36.6 -126.0 -71.0%
Podravka Group's ratios and indicators 31.03.2017 2016 % change
Employee number at the end of period (in units) 6,497 6,404 1.5%
P&L interest expense (in HRKm) 29.4 31.5 -6.5%
Sales revenues / Number of employees (in HRK000) 631.3 653.6 -3.4%
Net profit after MI / Sales revenues (in HRK000) 21.6 28.5 -24.2%
Return on average assets 2.8% 3.7% -83 bp
Return on average capital 5.0% 6.5% -150 bp
Return on average invested capital 4.4% 5.7% -129 bp
Total shareholders' equity / Total assets 56.7% 55.4% +137 bp
EBIT / P&L interest expense 7.3 8.5 -14.1%
Net debt / EBITDA 2.6 2.2 17.1%
Sales (in HRKm) 1-12 2016 1-12 2015 % change
Total revenues of Podravka Group 4,226.5 3,761.1 12.4%
Sales revenues of Podravka Group 4,185.5 3,626.8 15.4%
Sales revenues of Food 3,370.3 2,821.8 19.4%
Sales revenues of Pharma 815.2 805.0 1.3%
Podravka Group's profitability (in HRKm) 1-12 2016 1-12 2015 % change
Group's gross profit 1,518.9 1,385.1 9.7%
Group's gross profit margin 36.3% 38.2% -190 bp
Group's EBITDA 469.6 468.6 0.2%
Group's EBITDA margin 11.2% 12.9% -170 bp
Group's EBIT 268.9 285.2 -5.7%
Group's EBIT margin 6.4% 7.9% -144 bp
Group's net profit after MI 182.4 397.3 -54.1%
Group's net profit margin after MI 4.4% 11.0% -660 bp
Podravka Group's balance sheet (in HRKm) 31.12.2016 31.12.2015 % change
Total assets 5,285.7 4,991.6 5.9%
Shareholders' equity 2,877.2 2,750.0 4.6%
Minority interests 49.2 67.7 -27.3%
Cash and cash equivalents 337.6 291.9 15.7%
Financial debt 1,379.4 1,214.3 13.6%
Net debt 1,041.7 922.4 12.9%
Podravka Group's cash flow (in HRKm) 1-12 2016 1-12 2015 % change
Net cash flow from operating activities 476.7 274.2 73.8%
Capital expenditures 437.1 271.2 61.2%
Depreciation and amortization 191.4 148.3 29.1%
Free cash flow 39.6 3.0 1226.2%
Podravka Group's ratios and indicators 2016 2015 % change
Employee number at the end of period (in units) 6,404 6,657 -3.8%
P&L interest expense (in HRKm) 31.5 36.9 -14.8%
Sales revenues / Number of employees (in HRK000) 653.6 544.8 20.0%
Net profit after MI / Sales revenues (in HRK000) 28.5 59.7 -52.3%
Return on average assets 3.7% 9.5% -583 bp
Return on average capital 6.5% 17.5% -1098 bp
Return on average invested capital 5.7% 8.9% -322 bp
Total shareholders' equity / Total assets 55.4% 56.5% -109 bp
EBIT / P&L interest expense 8.5 7.7 10.6%
Net debt / EBITDA 2.2 2.0 10.9%
Sales (in HRKm) 1-9 2016 1-9 2015 % change
Total revenues of Podravka Group 3,044.3 2,503.6 21.6%
Sales revenues of Podravka Group 3,030.8 2,462.2 23.1%
Sales revenues of Food 2,465.2 1,897.8 29.9%
Sales revenues of Pharma 565.7 564.3 0.2%
Podravka Group's profitability (in HRKm) 1-9 2016 1-9 2015 % change
Group's gross profit 1,104.1 957.2 15.3%
Group's gross profit margin 36.4% 38.9% -245 bp
Group's EBITDA 337.4 276.5 22.0%
Group's EBITDA margin 11.1% 11.2% -10 bp
Group's EBIT 201.2 166.8 20.6%
Group's EBIT margin 6.6% 6.8% -14 bp
Group's net profit after MI 142.2 131.0 8.6%
Group's net profit margin after MI 4.7% 5.3% -63 bp
Podravka Group's balance sheet (in HRKm) 30.09.2016 31.12.2015 % change
Total assets 5,082.4 4,945.8 2.8%
Shareholders' equity 2,828.3 2,750.0 2.8%
Minority interests 48.2 67.7 -28.8%
Cash and cash equivalents 219.4 291.9 -24.8%
Financial debt 1,375.0 1,214.3 13.2%
Net debt 1,155.6 922.4 25.3%
Podravka Group's cash flow (in HRKm) 1-9 2016 1-9 2015 % change
Net cash flow from operating activities 299.3 32.3 826.9%
Capital expenditures 383.7 144.7 165.2%
Depreciation and amortization 136.1 101.2 34.5%
Free cash flow  (84.4)  (112.4) -24.9%
Podravka Group's ratios and indicators 1-9 2016. 2015 % change
Employee number at the end of period (in units) 6,754 6,657 1.5%
P&L interest expense (in HRKm) 35.0 36.9 -5.2%
Sales revenues / Number of employees (in HRK000) 621.2 544.8 14.0%
Net profit after MI / Sales revenues (in HRK000) 60.5 59.7 1.3%
Return on average assets 8.4% 9.5% -114 bp
Return on average capital 14.7% 17.5% -281 bp
Return on average invested capital 8.8% 8.9% -10 bp
Total shareholders' equity / Total assets 56.6% 56.5% -38 bp
EBIT / P&L interest expense 9.1 7.7 18.3%
Net debt / EBITDA 2.2 2.0 10.9%
Sales (in HRKm) 1-6 2016 1-6 2015 % change
Total revenues of Podravka Group 1,998.4 1,613.7 23.8%
Sales revenues of Podravka Group 1,988.5 1,576.3 26.2%
Sales revenues of Food 1,609.5 1,198.7 34.3%
Sales revenues of Pharma 379.1 377.6 0.4%
Podravka Group's profitability (in HRKm) 1-6 2016 1-6 2015 % change
Group's gross profit 723.8 614.3 17.8%
Group's gross profit margin 36.4% 39.0% -257 bp
Group's EBITDA 222.0 196.1 13.2%
Group's EBITDA margin 11.2% 12.4% -128 bp
Group's EBIT 129.8 123.2 5.4%
Group's EBIT margin 6.5% 7.8% -129 bp
Group's net profit after MI 97.3 91.9 5.8%
Group's net profit margin after MI 4.9% 5.8% -94 bp
Podravka Group's balance sheet (in HRKm) 30.06.2016 31.12.2015 % change
Total assets 4,947.9 4,945.8 0.0%
Shareholders' equity 2,835.3 2,750.0 3.1%
Minority interests 46.6 67.7 -31.2%
Cash and cash equivalents 242.2 291.9 -17.0%
Financial debt 1,264.3 1,214.3 4.1%
Net debt 1,022.1 922.4 10.8%
Podravka Group's cash flow (in HRKm) 1-6 2016 1-6 2015 % change
Net cash flow from operating activities 142.0  (11.9) n/a
Capital expenditures 233.1 60.6 284.7%
Depreciation and amortization 92.2 67.3 36.9%
Free cash flow  (91.1)  (72.5) 25.6%
Podravka Group's ratios and indicators 1-6 2016 2015 % change
Employee number at the end of period (in units) 6,672 6,657 0.2%
P&L interest expense (in HRKm) 35.6 36.9 -3.6%
Sales revenues / Number of employees (in HRK000) 605.4 544.8 11.1%
Net profit after MI / Sales revenues (in HRK000) 60.4 59.7 1.1%
Return on average assets 8.3% 9.5% -115 bp
Return on average capital 14.5% 17.5% -306 bp
Return on average invested capital 7.6% 8.9% -130 bp
Total shareholders' equity / Total assets 58.2% 56.5% +127 bp
EBIT / P&L interest expense 8.1 7.7 4.4%
Net debt / EBITDA 2.1 2.0 5.0%

Notes:
Possible decimal differences due to rounding.
Financial debt = Non-current and current borrowings + Financial liabilities at fair value through profit and loss.
Net debt = Financial debt - Cash and cash equivalents.
Free cash flow = Net cash flow from operating activities - Capital expenditures.
Return on average assets = Net profit / Average total assets.
Return on average equity = Net profit / Average total shareholders' equity.
Return on average invested capital = EBIT*0.82 / (Average total shareholders' equity + average financial debt - average cash and cash equivalents).
Ratios and indicators have been calculated on the TTM basis.