Non-current assets

PP&E, net
Intangible assets
Goodwill
Other investments

Total non-current assets

Current assets

Inventory
Account recievables
Prepaid expenses and other assets
Cash and cash equivalents

Total current assets

Total assets
 Operating Structure

Operating non-current assets

NOF

Total
Non current investments

Profit and loss statemen

total net sales

cost of sales

Gross profit/loss

Sales, general and general expense

Income expense
Operating Expenses

EBIT

Non usual expenses/income

EBT

Income tax

Profit or loss for the period

Depreciation and amortization

EBITDA

What do we explain through the statement of cash flows?

Change in cash and other liquid assets

1. Cash flows from ope

Oerating profit (EBIT)

+/- D&A, impairments, provisions, and results that do not imply ca
-Interests and income tax paid
+Interests and dividends received
+/- Variation of need of funds

Total cash flow form operating activities

2. Cash flows from inv

(Payments on investments)/Proceeds from disposals in plant, pro

(Payments on investments)/Proceeds from disposals in intangible
∑Payments of investments in PP&E and i

(Payments on financial investments)/Proceeds on financial invest

Total cash flow from investing activities

3. Cash flow from fin

1. Equity +
+
-
-

2. Debt

Total cash flow from financing activities

Net increase/decrease in cash

 Assets
2021 2020

341,462 370,947
500,246 564,132
955,370 1,011,580
99,533 87,222

rent assets 1,896,611 2,033,881

239,655 238,008
262,257 251,460
ses and other assets 75,437 73,732
equivalents 102,860 79,145

680,209 642,345

2,576,820 2,676,226
Total assets
 OPERATING AND FINANCING STRUCTURE
2021
Long term funds 2,266,426
operating non-current assets -1,896,611
non-current investments -99,533
working capital 270,282

Operating Structure

2021 2020

1,896,611 2,033,881 Long term funds

270,690 272,212 Working capital

Cas/net debt

2,167,301 2,306,093 Total

-99,533 -87,222 Long-term funds

t and loss statement

2021 2020

1,258,846 1,124,391
803,850 721,238

454,996 403,153

-304,978 -279,783
-5,992 -5,931
 19,850 3,340

144,026 117,439

-16,209 -15,944

127,817 101,495

-27,944 -38,120

99,873 63,375

91,085 87,656

254,961 208,435

Cash-Flow statement

ent of cash flows?

2021 102,860
∆
2020 79,145

1. Cash flows from operating activities

144,026
results that do not imply cash inflows/outflows -3,429
-22,201
0
2,571

120,967

2. Cash flows from investing activities

rom disposals in plant, property, and equipment 29,485

rom disposals in intangible assets 56,210
investments in PP&E and intangible assets 85,695

roceeds on financial investments -14,016

71,679

3. Cash flow from financial activities

∆Capital 1
∆Share premium 15,031
Repayment of equity 6,650
Payment of dividends 0.64

∆Long-term debt -160,510

∆Short-term debt -656

(139,484)

crease in cash 53,162

 Equity
2021 2020

Common stock 643 642

Share premium 516,562 501,531
Retained earnings 1,435,203 1,397,496
Treasury stock (523,642) (516,992)
Noncontrolling interest 0 0

Total equity 1,428,766 1,382,677

Liabilities
2021 2020

Non current liabilities 837,660 998,170

Current liabilities

Current payables 3,735 4,391

Accounts payables 131,076 112,428
Accured liabilities 175,583 178,560

Total current liabilities 310,394 295,379

Toatal equity and liabilities 2,576,820 2,676,226

UCTURE
2020
2,380,847
-2,033,881
-87,222
259,744

Financing Strucutre

2021 2020

Long term funds 1,896,611 2,033,881

Working capital 270,282 259,744

Cas/net debt -99,125 -74,754

Total 2,067,768 2,218,871

Long-term funds -99,533 -87,222

23,715

NOF1 Operating current assets year 1 - Operating current liabilities year 1

NOF2 Operating current assets year 2 - Operating current liabilities year 2

∆NOF =
191,518

194,089

2,571
1.a. PROFITABILITY ANALYSIS: MARGIN RATIOS

Gross Margin=Gross Profit / Net Sales

EBITDA Margin = EBITDA / Net Sales

Operating (EBIT) Margin = EBIT / Net Sales

Net Profit Margin = Net Income / Net Sales

 Cash flow Margin = Operating cash flow / Net Sales

1.b. PROFITABILITY ANALYSIS: RETURN RATIOS

Return on Equity = Net Income / Equity

Return on Capital Employed = EBIT x(1-tax rate) / Capital Emp

Return on Assets = Net Income /Total Assets

2. EFFICIENCY ANALYSIS: RATIOS

AR turnover = Net Sales / Average AR

Inventory turnover = COGS / Average inventories

Fixed Assets turnover = Net Sales / Average PP&E

3. CASH CONVERSION CYCLE

DSO = 365 / AR turnover

DIO = 365 / Inventory turnover

AP turnover = (COGS + SG&A Expenses) / Average AP

DPO= 365 / AP turnover

CASH CONVERSION CYCLE = DSO +DIO - DPO

4. LIQUIDITY ANALYSIS: RATIOS

Current Ratio = Current Assets / Current Liabilities

Quick Ratio = CA - Inventories - Prepaid Expenses / CL

5. SOLVENCY ANALYSIS: RATIOS

 Debt to Equity = Total Liabilities / Total Equity

Equity Ratio = Total Equity / Total Assets

Debt Ratio = Total Liabilities / Total Assets

Debt service coverage Ratio = EBITDA / (Interests+Current Pay

6. DUPONT ANALYSIS

EBIT / Net Sales (Operating Margin)

Net Sales / Assets (Asset Turnover)

Assets / Equity (Leverage)

EBT / EBIT (Financials factor)

Net Income / EBT (Tax factor)

GIN RATIOS 2021

Profit / Net Sales = 454,996

1,258,846

BITDA / Net Sales = 254,961

1,258,846

n = EBIT / Net Sales = 144,026

1,258,846

t Income / Net Sales = 99,873

1,258,846
 ng cash flow / Net Sales = 120,967
1,258,846

URN RATIOS 2021

et Income / Equity = 99,873

1,428,766

x(1-tax rate) / Capital Employed = 113,781

2,266,426

ncome /Total Assets = 99,873

2,576,820

2021

ales / Average AR = 1,258,846

256,859

S / Average inventories = 803,850

238,832

et Sales / Average PP&E = 1,258,846

356,205

2021

R turnover = 365
4.90x

ntory turnover = 365

3.37x

A Expenses) / Average AP = 512,730

121,752

P turnover = 365
4.21x

2021
LE = DSO +DIO - DPO = 74,48 + 108,44 - 86,67

2021

sets / Current Liabilities = 680,209

310,394

s - Prepaid Expenses / CL = 365,117

310,394

2021
abilities / Total Equity = 1,148,054
1,428,766

quity / Total Assets = 1,428,766

2,576,820

ilities / Total Assets = 1,148,054

2,576,820

A / (Interests+Current Payables) = 254,961

3,735

2021

perating Margin) = 144,026

1,258,846

Asset Turnover) = 1,258,846

2,576,820

(Leverage) = 2,576,820
1,428,766

ancials factor) = 127,817

144,026

T (Tax factor) = 99,873

127,817

ROE 2021
 2020 2021 2020

403,153
= 36.14% 35.86%
1,124,391

208,435
= 20.25% 18.54%
1,124,391

117,439
= 11.44% 10.44%
1,124,391

63,375
= 7.93% 5.64%
1,124,391
 = 9.61%

2020 2021 2020

63,375
= 6.99% 4.58%
1,382,677

92,777
= 5.02% 3.90%
2,380,847

63,375
= 3.88% 2.37%
2,676,226

2020 2021 2020

1,124,391
= 4.90x 4.38x
256,859

721,238
= 3.37x 3.02x
238,832

1,124,391
= 3.53x 3.16x
356,205

2020 2021 2020

365
= 74.48 83.38
4.38x

365
= 108.44 120.87
3.02x

438,864
= 4.21x 3.60x
121,752

365
= 86.67 101.26
3.60x

2020
83,38 + 120,87 - 101,26 = 96.25 102.99

2020 2021 2020

642,345
= 2.19x 2.17x
295,379

330,605
= 1.18x 1.12x
295,379

2020 2021 2020

1,293,549
= 0.80x 0.94x
1,382,677

1,382,677
= 55.45% 51.67%
2,676,226

1,293,549
= 44.55% 48.33%
2,676,226

208,435
= 68.26x 47.47x
4,391

2020 2021 2020

117,439
= 11.44% 10.44%
1,124,391

1,124,391
= 0.49x 0.42x
2,676,226

2,676,226
= 1.80x 1.94x
1,382,677

101,495
= 0.89x 0.86x
117,439

63,375
= 0.78x 0.62x
101,495

ROE 2020 = 6.99% 4.58%