Financial indicators

Financial efficiency

2009

2010

2011

Change, %
2011/2010

Change, %
2010/2009

Financial efficiency by adjusted EBITDA, %

24.84%

22.09%

23.00%

0.9

(2.7)

Financial efficiency by net income, %

12.76%

10.45%

12.65%

2.2

(2.3)

Return on assets (ROA), %

12.07%

10.88%

16.11%

5.2

(1.2)

Return on equity (ROE), %

18.58%

17.18%

24.28%

7.1

(1.4)

Return on average capital employed (ROACE), %

15.44%

15.83%

20.98%

5.1

0.4

Liquidity

 

2009

2010

2011

Change, %
2011/2010

Change, %
2010/2009

Current liquidity ratio

1.15

1.44

2.05

0.4%

0.2%

Fixed-term liquidity ratio

0.67

0.80

1.13

0.4%

0.2%

Absolute liquidity ratio

0.18

0.27

0.33

0.2%

0.5%

Leverage

 

2009

2010

2011

Change, %
2011/2010

Change, %
2010/2009

Net debt / Total assets, %

17.83%

16.62%

15.74%

(0.9)%

(1.2)%

Net debt / Equity, %

28.71%

25.75%

23.15%

(2.6)%

(3.0)%

Leverage, %

22.31%

20.48%

18.80%

(1.7)%

(1.8)%

Net debt / Market capitalization

0.21

0.27

0.26

(0.0)%

0.3%

Net debt / EBITDA

1.10

0.86

0.65

(0.2)%

(0.2)%

Total debt / EBITDA

1.25

1.06

0.75

(0.3)%

(0.2)%