(in HRK'000) % change 1Q 2019 1Q 2020
Turnover 6,5% 1.213.032 1.291.413
Sales revenues 6,6% 1.200.884 1.280.682
EBITDA 12,1% 161.771 181.372
EBITDA margin +69bp 13,5% 14,2%
EBIT 15,4% 105.136 121.283
EBIT margin +72bp 8,8% 9,5%
Net income 10.6% 80.720 89.316
Cash flow from operating activities (12,8%) 154.839 134.944
% change 31 December 2019 31 March 2020
Total assets 5,4% 5.247.269 5.531.230
Total equity 5,1% 2.664.439 2.799.107
Net debt (4,5%) 922.698 881.465
Current ratio n/a 1,3 1,2
Gearing ratio -177bp 25,7% 23,9%
(in HRK'000) % change Jan - Dec 2018 Jan - Dec 2019
Turnover 3,3% 5.330.624 5.506.404
Sales revenues 3,4% 5.255.506 5.431.732
EBITDA 26,1% 545.880 778.738
Normalised EBITDA 11,7% 565.612 721.838
EBITDA margin +229 bp 10,4% 14,3%
Normalised EBITDA margin +87 bp 10,8% 13,3%
EBIT 34,7% 366,767 500.433
Normalised EBIT 13,1% 386.499 443.533
EBIT margin +212 bp 7,0% 9,2%
Normalised EBIT margin +69 bp 7,4% 8,2%
Net income after MI 59,4% 243.970 388.880
Normalised net income after MI 27,0% 261.470 331.980
% change 31 December 2018 31 December 2019
Total assets -1,0% 4.935.345 5.247.269
Total equity 11,9% 2.398.440 2.669.801
Net debt -36,6% 862.917 922.698
Current ratio n/a 1,4 1,3
Gearing ratio -316 bp 26,5% 25,7%
(in HRK'000) % change Jan - Sept 2018 Jan - Sept 2019
Turnover 3,1% 3.938.373 4.061.016
Sales revenues 3,2% 3.886.679 4.012.407
EBITDA 8,3% 524.111 634.426
Normalised EBITDA 7,4% 505.314 609.627
EBITDA margin +66bp 13,5 15,8
Normalised EBITDA margin +53bp 13,0 15,2
EBIT 8,3% 413.840 452.862
Normalised EBIT 7,1% 395.043 428.063
EBIT margin +52bp 10,6 11,3
Normalised EBIT margin +39bp 10,2 10,7
Net income after MI 11,6% 319.284 353.519
Normalised net income after MI 10,3% 300.487 328.720
Cash flow from operating activities 19,7% 359.761 430.595
% change 31 December 2018 30 September 2019
Total assets 4,1% 4.935.345 5.137.389
Total equity 10,4% 2.398.440 2.647.176
Net debt -18,7 862.916 701.426
Current ratio n/a 1,5 1,2
Gearing ratio -551 26,5 20,9
(in HRK'000) % change Jan - Jun 2018 Jan - Jun 2019
Turnover 3,6% 2.518.963 2.609.961
Sales revenues 3,5% 2.487.930 2.574.074
EBITDA 19,6% 296.380 397.980
Normalised EBITDA 11,2% 296.380 373.181
EBITDA margin +186bp 11,9% 15,5%
Normalised EBITDA margin +90bp 11,9% 14,5%
EBIT 22,4% 222.939 275.833
Normalised EBIT 11,3% 222.939 251.034
EBIT margin +164bp 9,0% 10,7%
Normalised EBIT margin +68bp 9,0% 9,8%
Net income after MI 28,7% 167.591 213.541
Normalised net income after MI 13,9% 167.591 188.742
Cash flow from operating activities 101,4% 124.572 250.848
% change 31 December 2018 30 June 2019
Total assets 4,3% 4.935.345 5.148.561
Total equity 4,1% 2.398.440 2.497.152
Net debt -18,9% 862.916 699.411
Current ratio n/a 1,4 1,4
Gearing ratio -458 26,5% 21,9%
(in HRK'000) % change Jan-Mar 2018 Jan-Mar 2019
Turnover 5,1% 1.154.106 1.213.032
Sales revenues 5,1% 1.142.565 1.200.884
EBITDA 16,2% 121.270 161.771
EBITDA margin +112bp 10,6% 13,5%
EBIT 23,0% 84.571 105.136
EBIT margin +126bp 7,4% 8,8%
Net income after MI 33,7% 61.557 80.863
Cash flow from operating activities -7,2% 146.932 136.323
% change 31 March 2018 31 March 2019
Total assets 0,8% 4.935.345 4.972.828
Total equity 3,5% 2.398.440 2.483.371
Net debt -7,4% 862.916 798.676
Current ratio 0,0% 1,44 1,44
Gearing ratio -212bp 26,5% 32,6%
(in HRK'000) % change Jan - Dec 2017 Jan - Dec 2018
Turnover 0,5% 5.303.426 5.330.624
Sales revenues 0,3% 5.238.169 5.255.506
EBITDA -6,2% 582.226 545.880
Normalised EBITDA 9,3% 517.357 565.612
EBITDA margin -73bp 11,1% 10,4%
Normalised EBITDA margin +89bp 9,9% 10,8%
EBIT -9,8% 406.467 366.767
Normalised EBIT 13,1% 341.599 386.499
EBIT margin -78bp 7,8% 7,0%
Normalised EBIT margin +83bp 6,5% 7,4%
Net income after MI -11,5% 275.529 243.970
Normalised net income after MI 24,1% 210.661 261.471
Cash flow from operating activities 33,4% 346.340 462.106
% change 31 December 2017 31 December 2018
Total assets -4,5% 5.168.930 4.935.345
Total equity 6,6% 2.249.850 2.398.440
Net debt -27,2% 1.185.398 862.916
Current ratio n/a 1,46 1,44
Gearing ratio - 805bp 34,5% 26,5%
(in HRK'000) % change Jan - Sep 2017 Jan - Sep 2018
Turnover 0% 3.937.159 3.938.373
Sales revenues (0,5%) 3.907.726 3.866.679
EBITDA 18,9% 440.667 524.111
EBITDA margin +221 bp 11,3% 13,5%
EBIT 27,7% 324.076 413.840
EBIT margin +235 bp 8,3% 10,6%
% change 31 December 2017 30 September 2018
Net income after MI 34,4% 237.532 319.284
Cash flow from operating activities 37,5% 261.568 359.761
Total assets 1,1% 5.126.407 5.181.246
Total equity 10,4% 2.249.850 2.482.906
Net debt (14,6%) 1.185.398 1.012.578
Current ratio n/a 1,5 1,5
Gearing ratio -1012 bp 34,5% 29,0%
(in HRK'000) % change Jan - Jun 2017 Jan - Jun 2018
Turnover 0,7% 2.500.953 2.518.963
Sales revenues 0,3% 2.481.119 2.487.930
EBITDA 5,3% 281.531 296.380
EBITDA margin +57 bp 11,3% 11,9%
EBIT 9,2% 204.112 222.939
EBIT margin +73 bp 8,2% 9,0%
Net income after MI 8,8% 154.076 167.591
Cash flow from operating activities 35,2% 92.143 124.572
% change 31 December 2017 30 Jun 2018
Total assets -1,0% 5.126.407 5.077.549
Total equity 3,3% 2.249.850 2.324.579
Net debt -3,7% 1.185.398 1.141.917
Current ratio n/a 1,4 1,4
Gearing ratio -157 bp 34,5% 32,9%
(in HRK'000) % change Jan - Mar 2017 Jan - Mar 2018
Turnover 3,4% 1.116.837 1.154.277
Sales revenues 3,0% 1.109.622 1.142.736
EBITDA 11,3% 108.928 121.270
EBITDA margin +80bp 9,8% 10,6%
EBIT 20,4% 70.256 84.571
EBIT margin +107 bp 6,3% 7,4%
Net income after MI 17,8% 52.265 61.557
Cash flow from operating activities 156,7% 57.243 146.932
% change 31 December 2017 31 March 2018
Total assets (2,1%) 5.126.407 5.018.803
Total equity 1,6% 2.249.850 2.286.730
Net debt (7,9%) 1.185.398 1.092.175
Current ratio 1,2% 1,47 1,49
Gearing ratio -218 34,5% 32,3%
(in HRK'000) % change Jan - Dec 2016 Jan - Dec 2017
Turnover 3,8% 5.174.539 5.372.074
Sales revenues 3,9% 5.106.266 5.306.817
EBITDA 22,7% 474.370 582.225
EBITDA margin +168bp 9,3% 11,0%
EBIT 32,1% 307.790 406.467
EBIT margin +163 bp 8,95% 7,7%
Net income after MI 69,2% 162.800 275.529
Cash flow from operating activities +19% 267.867 348.244
% change 31 December 2016 31 December 2017
Total assets (5,0%) 5.395.841 5.126.407
Total equity 11,6% 2.016.488 2.249.850
Net debt (21,1%) 1.502.276 1.185.398
Current ratio n/a 1.4 4,5
Gearing ratio - 819 bp 42,7% 34,5%
(in HRK'000) % change Jan - Sep 2016 Jan - Sep 2017
Turnover 4,1% 3.823.558 3.979.667
Sales revenues 4,4% 3.782.171 3.950.235
EBITDA 5,1% 419.474 440.667
EBITDA margin +6bp 11,1% 11,2%
EBIT 2,3% 316.930 324.076
EBIT margin -18bp 8,4% 8,2%
Net income after MI 2,8% 231.018 237.532
Cash flow from operating activities 390% 49.464 242.183
% change
Total assets 0,0% 5.395.841 5.394.408
Total equity 8,9% 2.016.488 2.195.287
Net debt (6,2%) 1.502.049 1.408.774
Current ratio (2,2%) 1,4 1,4
Gearing ratio (10,2%) 3,2 2,8
(in HRK'000) % change Jan - Jun 2016 Jan - Jun 2017
Turnover 1,5% 2.486.886 2.525.109
Sales revenues 2,0% 2.456.581 2.505.275
EBITDA 8,4% 259.752 281.531
EBITDA margin +66bp 10,6% 11,2%
EBIT 6,2% 192.231 204.112
EBIT margin +32bp 7,8% 8,1%
Net income after MI 15,4% 133.493 154.076
Cash flow from operating activities - (115.222) 80.961
% change 31 December 2016 31 June 2017
Total assets (0,5%) 5.395.841 5.371.297
Total equity 2,8% 2.016.488 2.073.392
Net debt (1,3%) 1.502.049 1.482.760
Current ratio n/a 1,4 1,4
Gearing ratio (10bp) 42,7% 41,7%
(in HRK'000) % change Jan - Mar 2016 Jan - Mar 2017
Turnover (2,9%) 1.155.242 1.128.402
Sales revenues (2,9%) 1.155.242 1.121.187
EBITDA 4,8% 103.901 108.928
EBITDA margin +72 bp 9,0% 9,7%
EBIT 6,0% 69.835 70.256
EBIT margin +22 bp 6,0% 6,3%
Net income after MI 15,4% 45.300 52.265
Cash flow from operating activities - (74.079) 33.525
% change 31 December 2016 31 March 2017
Total assets (4,0%) 5.395.841 5.180.879
Total equity 0,1% 2.016.488 2.018.665
Net debt (2,3%) 1.502.049 1.467.491
Current ratio n/a 1,4 1,4
Gearing ratio -6 bp 42,7% 42,1%
(in HRK'000) % change Jan - Dec 2015 Jan - Dec 2016
Turnover (5,1%) 5.450.955 5.174.539
Sales revenues (5,5%) 5.405.312 5.106.266
EBITDA (16,4%) 567.276 474.370
EBITDA margin - 120 bp 10,5% 9,3%
EBIT (23,8%) 403.979 307.790
EBIT margin - 145 bp 7,5% 8,95%
Net income after MI (32,8%) 242.291 162.800
Cash flow from operating activities (43,1%) 470.821 267.867
% change 31 December 2015 31 December 2016
Total assets 1,9% 5.294.568 5.395.841
Total equity 3,7% 1.945.307 2.016.488
Net debt (10,5%) 1.678.356 1.502.276
Current ratio n/a 1.3 1.4
Gearing ratio - 362 bp 46,3% 42,7%
(in HRK'000) % change Jan - Sep 2015 Jan - Sep 2016
Turnover (4,4%) 3.999.885 3.823.558
Sales revenues (4,9%) 3.977.543 3.782.171
EBITDA (6,9%) 450.429 419.474
EBITDA margin -23 bp 11,3% 11,1%
EBIT (7,1%) 341.127 316.930
EBIT margin -20 bp 8,6% 8,4%
Net income after MI 1,3% 228.062 231.018
Cash flow from operating activities (83,4%) 298.227 49.484
% change 31 December 2015 30 September 2016
Total assets 1,0% 5.294.568 5.350.138
Total equity 6,5% 1.945.307 2.072.567
Net debt (0,1%) 1.678.050 1.675.841
Current ratio 1,3 1,4
Gearing ratio -160 bp 46,3% 44,7%
(in HRK'000) % change Jan - Jun 2015 Jan - Jun 2016
Turnover (2,6%) 2.553.994 2.486.886
Sales revenues (3,3%) 2.540.070 2.456.581
EBITDA (7,4%) 280.435 259.752
EBITDA margin -47 bp 11,0% 10,6%
EBIT (7,5%) 207.877 192.231
EBIT margin -36 bp 8,2% 7,8%
Net income after MI (7,3%) 144.034 133.493
Cash flow from operating activities n/a 155.922 (115.222)
% change 31 December 2015 30 Jun 2016
Total assets 1,4% 5.294.568 5.336.539
Total equity 1,6% 1.945.307 1.976.984
Net debt 5,8% 1.678.050 1.775.331
Current ratio 1,3 1,4
Gearing ratio +100 bp 46,3% 47,3%
(in HRK'000) % change Jan - Mar 2015 Jan - Mar 2016
Turnover (0,5%) 1.168.263 1.162.427
Sales revenues (0,2%) 1.157.745 1.058.526
EBITDA (5,1%) 109.464 103.901
EBITDA margin -46 bp 9,5% 9,0%
EBIT (5,1%) 73.557 69.835
EBIT margin -31 bp 6,4% 6,0%
Net income after MI 1,6% 44.574 45.200
Cash flow from operating activities - 6.616 -74.079
% change 31 December 2015 31 March 2016
Total assets (3,2%) 5.294.568 5.123.537
Total equity (0,3%) 1.945.357 1.939.177
Net debt 2,0% 1.678.050 1.710.795
Current ratio 1,3 1,2
Gearing ratio +56 bp 46,3% 46,9%
(in HRK'000) % change Jan - Dec 2014 Jan - Dec 2015
Turnover 5,5% 5.168.639 5.450.954
Sales revenues 5,6% 5.118.373 5.405.312
EBITDA (5,0%) 597.032 567.276
EBITDA margin -117bp 11.7 10.5
EBIT (8,3%) 440.703 403.979
EBIT margin -114bp 8.6 7.5
Net income after MI 21,1% 200.013 242.291
Cash flow from operating activities 5,6% 445.718 470.701
% change 31 December 2014 31 December 2015
Total assets 0,4% 5.274.527 5.294.568
Total equity 10,8% 1.755.064 1.945.307
Net debt (13.0%) 1.927.748 1.678.050
Current ratio 1,5 1,3
Gearing ratio -603bp 52,3% 46.3%
(in HRK'000) % change Jan - Sep 2014 Jan - Sep 2015
Turnover 4,7% 3.821.879 3.999.885
Sales revenues 4,8% 3.796.416 3.977.543
EBITDA (6,5%) 481.776 450.429
EBITDA margin -137 bp 12,7% 11,3%
EBIT (9,9%) 378.544 341.127
EBIT margin -139 bp 10,0% 8,6%
Net income after MI 9,0% 209.225 228.062
Cash flow from operating activities (8,6%) 326.404 298.227
% change 31 December 2014 30 September 2015
Total assets 1,2% 5.274.256 5.339.091
Total equity 10,5% 1.755.064 1.939.229
Net debt (10,0%) 1.950.436 1.755.386
Current ratio 1,5 1,4
Gearing ratio -483 bp 52,3% 47,5%
(in HRK'000) % change Jan - Jun 2014 Jan - Jun 2015
Turnover 3,2% 2.474.011 2.553.994
Sales revenues 3,5% 2.453.958 2.540.070
EBITDA (6,5%) 299.809 280.435
EBITDA margin -118 bp 12,2% 11,0%
EBIT (10,0%) 230.906 207.877
EBIT margin -123 bp 9,4% 8,2%
Net income after MI 9,6% 131.428 144.034
Cash flow from operating activities 54,2% 101.139 155.921
% change 31 December 2014 30 June 2015
Total assets 1,7% 5.274.256 5.365.583
Total equity 4,8% 1.755.064 1.838.951
Net debt (6,4%) 1.950.436 1.825.077
Current ratio 1,5 1,4
Gearing ratio -253 bp 52,3% 49,8%
(in HRK'000) % change Jan - Mar 2014 Jan - Mar 2015
Turnover 3,2% 1.132.361 1.168.263
Sales revenues 3,0% 1.124.334 1.157.745
EBITDA (8,6%) 119.732 109.464
EBITDA margin -119 bp 10,6% 9,5%
EBIT (14,2%) 85.718 73.557
EBIT margin -127 bp 7,6% 6,4%
Net income after MI 39,3% 32.007 44.574
Cash flow from operating activities (94,1%) 111.739 6.616
% change 31 December 2014 31 March 2015
Total assets (1,0%) 5.274.257 5.222.892
Total equity 2,9% 1.755.064 1.806.008
Net debt (0,9%) 1.927.748 1.945.820
Current ratio - 1,5 1,5
Gearing ratio -48 bp 52,3% 51,9%
(in HRK'000) % change Jan - Dec 2013 Jan - Dec 2014
Turnover 2,6% 5.039.871 5.158.639
Sales revenues 2,4% 4.998.936 5.118.373
EBITDA 1,1% 590.777 597.032
EBITDA margin -15 bp 11,8% 11,7%
EBIT 3,8% 424.619 440.702
EBIT margin +12 bp 8,5% 8,6%
Net income after MI 2,6% 194.872 200.012
Cash flow from operating activities 6,1% 420.245 445.719
% change 31 December 2013 31 December 2014
Total assets 3,8% 5.082.760 5.274.257
Total equity 4,8% 1.674.495 1.755.064
Net debt (6,4%) 2.059.335 1.927.748
Current ratio - 1,8 1,5
Gearing ratio -281 bp 55,2 52,3
(in HRK'000) % change Jan - Sept 2013 Jan - Sept 2014
Turnover 2,6% 3.724.374 3.821.879
Sales revenues 2,7% 3.695.691 3.796.416
EBITDA 0,4% 479.737 481.776
EBITDA margin -29 bp 13,0% 12,7%
EBIT 0,7% 375.897 378.544
EBIT margin -20 bp 10,2% 10,0%
Net income after MI 8,2% 193.329 209.225
% change 31 December 2013 30 September 2014
Cash flow from operating activities -1,0% 329.691 326.404
Total assets 2,6% 5.082.760 5.213.707
Total equity 5,0% 1.674.495 1.758.441
Net debt -5,2% 2.059.335 1.951.544
Current ratio - 1,8 1,6
Gearing ratio -255 bp 55,2% 52,6%
(in HRK'000) % change Jan - Jun 2013 Jan - Jun 2014
Turnover 2,1% 2.423.199 2.474.011
Sales revenues 2,1% 2.403.411 2.453.958
EBITDA 3,6% 289.529 299.809
EBITDA margin +17 bp 12,0% 12,2%
EBIT 5,4% 219.148 230.907
EBIT margin +29 bp 9,1% 9,4%
Net income after MI 14,8% 114.483 131.428
Cash flow from operating activities -40,9% 171.261 101.139
% change 31 December 2013 30 June 2014
Total assets 1,8% 5.082.760 5.175.232
Total equity 5,6% 1.674.495 1.767.879
Net debt -2,4% 2.059.335 2.010.538
Current ratio - 1,8 1,7
Gearing ratio -194 bp 55,2% 53,2%
(in HRK'000) % change Jan - Mar 2013 Jan - Mar 2014
Turnover 3.7 % 1.091.899 1.132.361
Sales revenues 4.1% 1.080.185 1.124.334
EBITDA 6.9% 112.004 119.732
EBITDA margin +28 bp 10.4% 10.6%
EBIT 13.4% 75.589 85.718
EBIT margin +63 bp 7.0% 7.6%
Net income after MI 5.2% 30.429 32.008
Cash flow from operating activities 34.6% 83.004 111.739
% change 31 December 2013 31 March 2014
Total assets -0.1% 5.082.760 5.078.407
Total equity 2.1% 1.674.495 1.710.309
Net debt -3.9% 2.059.335 1.979.747
Current ratio 1.8 1.7
Gearing ratio -150 bp 55.2% 53.7%
(in HRK'000) % change Jan - Dec 2012 Jan - Dec 2013
Turnover 1,7% 5.005.484 5.092.222
Sales revenues 2,5% 4.930.441 5.051.287
EBITDA 2,7% 575.123 590.777
EBITDA margin +3 bp 11,7% 11,7%
Normalised EBITDA 5,8% 558.620 590.777
Normalised EBITDA margin +37 bp 11,3% 11,7%
EBIT 7,5% 395.058 424.619
EBIT margin +39 bp 8,0% 8,4%
Normalised EBIT 6,4% 399.229 424.619
Normalised EBIT margin +31 bp 8,1% 8,4%
Net income after MI 252,8% 55.230 194.872
Normalised net income after MI 91,8% 101.576 194.872
Cash flow from operating activities 42,0% 295.957 420.245
% change 31 December 2012 31 December 2013
Total assets -1,3% 5.149.511 5.082.760
Total equity 14,6% 1.461.366 1.674.495
Net debt -12,5% 2.353.130 2.059.335
Current ratio 1,8 1,8
Gearing ratio -654 bp 61,7% 55,2%
(in HRK'000) % change Jan - Sept 2012 Jan - Sept 2013
Turnover 2,2% 3.672.404 3.754.152
Sales revenues 2,6% 3.631.668 3.725.469
EBITDA 7,6% 445.954 479.737
EBITDA margin +60 bp 12,3% 12,9%
Normalised EBITDA 7,2% 447.620 479.737
Normalised EBITDA margin +55 bp 12,3% 12,9%
EBIT 13,0% 332.565 375.897
EBIT margin +93 bp 9,2% 10,1%
Normalised EBIT 12,5% 334.231 375.897
Normalised EBIT margin +89 bp 9,2% 10,1%
Net income after MI 171,6% 71.178 193.329
Normalised net income after MI 166,8% 72.844 194.337
Cash flow from operating activities 82,4% 180.754 329.691
% change 31 December 2012 30 September 2013
Total assets -0,3% 5.149.511 5.136.362
Total equity 13,7% 1.461.366 1.661.408
Net debt -10,5% 2.353.130 2.106.599
Current ratio 1,8 1,8
Gearing ratio -578 bp 61,7% 55,9%
(in HRK'000) % change Jan - Jun 2012 Jan - Jun 2013
Turnover 2,7% 2.375.916 2.440.531
Sales revenues 3,3% 2.342.521 2.420.744
EBITDA 2,4% 282.837 289.528
EBITDA margin -11 bp 12,1% 12,0%
Normalised EBITDA 1,9% 284.215 289.528
Normalised EBITDA margin -17 bp 12,1% 12,0%
EBIT 5,2% 208.250 219.146
EBIT margin +16 bp 8,9% 9,1%
Normalised EBIT 4,5% 209.628 219.146
Normalised EBIT margin +10 bp 8,9% 9,1%
Net income after MI 1622,3% 6.647 114.482
Normalised net income after MI 1334,3% 8.025 115.101
Cash flow from operating activities 6,6% 160.721 171.262
% change 31 December 2012 30 June 2013
Total assets 0,8% 5.149.511 5.192.502
Total equity 6,0% 1.461.366 1.549.575
Net debt -8,1% 2.353.130 2.162.447
Current ratio 1,8 1,7
Gearing ratio -343 bp 61,7% 58,3%
(in HRK'000) % change Jan-Mar 2012. Jan-Mar 2013.
Turnover 2,5 % 1.072.309 1.098.847
Sales revenues 3,2% 1.053.136 1.087.133
EBITDA -16,5% 134.150 112.004
EBITDA margin -244 bp 12,7% 10,3%
EBIT -22,4% 97.433 75.589
EBIT margin -230 bp 9,3% 7,0%
Net income after MI n/a - 6.318 30.429
Cash flow from operating activities -58,3% 199.235 83.004
% change 31.12.2012. 31.03.2013.
Total assets -0,4% 5.149.511 5.126.526
Total equity 4,5% 1.461.366 1.527.023
Net debt -2,6% 2.353.130 2.291.583
Current ratio - 1,8 1,8
Gearing ratio -168 bp 61,7% 60,0%
(in HRK'000) % change Jan-Dec 2011. Jan-Dec 2012.
Turnover 4.8% 4.774.385 5.005.484
Sales revenues 4.3% 4.727.766 4.930.441
EBITDA 14.9% 500.670 575.123
EBITDA margin +107 bp 10.6% 11.7%
Normalised EBITDA 8% 517.280 558.620
Normalised EBITDA margin +39 bp 10.9% 11.3%
EBIT 18% 334.843 395.058
EBIT margin +93 bp 7.1% 8%
Normalised EBIT 13.6% 351.453 399.229
Normalised EBIT margin +66 bp 7.4% 8.1%
Net income after MI 18.5% 46.601 55.230
Normalised net income after MI 63.9% 61.961 101.576
Cash flow from operating activities 85.8% 159.266 295.957
% change 31.12.2011. 31.12.2012.
Total assets -3.8% 5.355.245 5.149.511
Total equity -3.4% 1.512.324 1.461.366
Net debt -5.6% 2.494.029 2.353.130
Current ratio 1.8 1.8
Gearing ratio -56 bp 62,3% 61.7%
(in HRK'000) % change Jan-Sep 2011. Jan-Sep 2012.
Turnover 6% 3.474.598 3.672.404
Sales revenues 5% 3.450.179 3.631.668
EBITDA 11% 401.974 445.954
EBITDA margin +63 bp 11.7% 12.3%
Normalised EBITDA 14% 393.983 447.620
Normalised EBITDA margin +91 bp 11.4% 12.3%
EBIT 19% 280.216 332.565
EBIT margin +104bp 8.1% 9.2%
Normalised EBIT 23% 272.225 334.231
Normalised EBIT margin +131 bp 7.9% 9.2%
Net income after MI 10% 64.923 71.178
Cash flow from operating activities 14% 158.502 180.754
% change 31.12.2011. 30.09.2012.
Total assets -3% 5.355.245 5.184.568
Total equity -4% 1.512.324 1.456.189
Net debt -4% 2.494.029 2.396.380
Current ratio 1.84 1,76
Gearing ratio -5 bp 62,3% 62,2%
(in HRK'000) % change Jan-Jun 2011. Jan-Jun 2012.
Turnover 8 2.209.457 2.375.916
Sales revenues 7 2.197.127 2.342.521
EBITDA 25 226.573 282.836
EBITDA margin +176 bp 10,3 12,1
Normalised EBITDA 24 229.499 284.214
Normalised EBITDA margin +169 bp 10,4 12,1
EBIT 43 145.784 208.250
EBIT margin +225 bp 6,6 8,9
Normalised EBIT 41 148.710 209.628
Normalised EBIT margin +218 bp 6,8 8,9
Net income after MI -76 28.082 6.647
Normalised net income after MI -74 31.008 8.025
Cash flow from operating activities 215 51.203 160.721
% change 12/31/2011 6/30/2012
Total assets -1 5.355.245 5.297.643
Total equity -7 1.512.324 1.404.274
Net debt -4 2.494.029 2.399.990
Current ratio 1.84 1.68
Gearing ratio +83 bp 62,3 63,1
(in HRK'000) % change I-XII 2010. I-XII 2011.
Turnover 107 2.301.945 4.774.385
Sales revenues 108 2.268.641 4.727.766
EBITDA 128 220.046 500.670
EBITDA margin +89bp 9.7 10.6
Normalised EBITDA 157 201.656 517.280
Normalised EBITDA margin +205 bp 8,9 10,9
EBIT 103 164.985 334.843
EBIT margin -19bp 7.3 7.1
Normalised EBIT 111 146.595 309.169
Normalised EBIT margin +0.1bp 6,5 6,5
Net income after MI -51 94.993 46.601
Normalised net income after MI -73 74.197 19.677
Total assets 2 5.259.324 5.355.245
Total equity 4 1.456.256 1.512.324
Net debt 2.495.760 2.494.030
Current ratio 1,34 1,84
Gearing ratio 63,2 62,3
Cash flow from operating activities 223 49.249 159.266
(in HRK'000) % change I-IX 2010. I-IX 2011.
Turnover 104 1.705.288 3.474.598
Sales revenues 105 1.684.295 3.450.180
EBITDA 102 198.760 401.975
EBITDA margin -10bp 11,8 11,7
Normalised EBITDA 142 162.795 393.984
Normalised EBITDA margin +170 bp 9,7 11,4
EBIT 53 161.966 248.591
EBIT margin -240bp 9,6 7.2
Normalised EBIT 91 126.001 240.600
Normalised EBIT margin -50bp 7,5 7,0
Net income after MI -66 99.292 33.297
Normalised net income after MI -65 73.038 25.306
Total assets 117 2.447.050 5.314.082
Total equity 6 1.425.806 1.517.879
Net debt -318.070 2.485.150
Current ratio 2,72 1,87
Gearing ratio -28,7 62,1
Cash flow from operating activities 253 44.871 158.503
(in HRK'000) % change I-VI 2008. I-VI 2009.
Turnover 12 961,621 1,075,633
Sales revenues 12 951,380 1,061,066
EBITDA 21 80,471 97,027
EBITDA margin 69bp 8.5 9.1
EBITDA ex. one-offs 8 80,471 87,172
EBIT 29 59,814 76,929
EBIT margin 96bp 6.3 7.3
EBIT ex. one-offs 12 59,814 67,073
Net income 50 27,749 41,559
Net income ex. one-offs 14 27,749 31,703
Total assets 18 1,485,730 1,746,490
Total equity 15 620,850 712,904
Net debt 0 297,122 296,399
Current ratio 1.45 1.60
Gearing ratio 32.4 29.4
(in HRK'000) % change I-III 2008. I-III 2009.
Turnover 13 442.735 498.452
Sales revenues 12 437.044 491.547
EBITDA 37 39.863 54.684
EBITDA margin 200pp 9.1 11.1
EBIT 51 29.582 44.691
EBIT margin 232pp 6.8 9.1
Net income 52 14.720 22.315
Total assets 22 1.391.316 1.692.556
Total equity 15 618.777 711.881
Net debt 12 277.106 310.444
Current ratio 1.49 1.71
Gearing ratio 30.9 30.4
(in HRK'000) % change I-XII 2007. I-XII 2008.
Turnover 1,699,103 2.024.459
Sales revenues 1,670,045 2.002.926
EBITDA 132,330 169.306
EBITDA margin 7.9 8.5
EBIT 95,118 129.400
EBIT margin 5.7 6.5
Net income 46,405 68.629
Total assets 1,464,426 1.655.766
Total equity 605,560 710.976
Net debt 90,492 291.192
Current ratio 1.83 1.76
Gearing ratio 12.2 29.1
(in HRK'000) % change I-XII 2006. I-XII 2007.
Turnover 1,413,466 1,699,103
Sales revenues 1,394,415 1,670,045
EBITDA 98,102 132,330
EBITDA margin 7.0 7.9
EBIT 53,573 95,118
EBIT margin 3.8 5.7
Net income 20,580 46,405
Total assets 846,154 1,464,426
Total equity 238,419 605,560
Net debt 272,356 90,492
Current ratio 1.63 1.83
Gearing ratio 53.3 12.2
T +385 1 2413 322
F +385 1 2413 901
[email protected]
* Macedonia, Montenegro, Kosovo
** Germany, Switzerland, Austria, Sweden
* Pro-forma consolidated with Droga Kolinska