Financial analysis of the Comarch Group for the year 2011 31 December 2011
31 December 2010
31 December 2009
31 December 2008
31 December 2007
24.45%
23.14%
19.01%
21.39%
22.43%
EBIT margin
4.94%
3.26%
1.97%
6.55%
7.57%
Gross margin
5.06%
3.28%
2.53%
34.88%
7.83%
Net margin
4.61%
5.74%
4.43%
28.41%
7.36%
Profitability analysis Margin on sales
Profitability analysis performed in 2011 shows a continuous improvement of margin on sales (from 23.14% in 2010 to 24.45% in 2011). The EBIT margin also
grew (from 3.26% to 4.94%) and the net margin decreased from 5.74% to 4.61%.
Financial liquidity and turnover ratios 31 December 2011
31 December 2010
31 December
31 December
31 December
2009
2008
2007
Current ratio
1.98
2.21
2.37
2.28
1.79
Quick ratio
1.78
1.98
2.16
2.09
1.49
Cash to current liabilities ratio
0.70
0.81
1.01
0.99
0.39
Liquidity analysis
In 2011, the Comarch Group maintained very good financial liquidity. In the Management Board’s opinion, the Comarch Group has no problems with meeting the contracted financial liabilities on-time. Temporarily free Turnover analysis
funds are invested by the dominant unit in safe financial instruments like bank deposits and participation units in money investment funds.
31 December 2011
31 December 2010
31 December 2009
31 December 2008
31 December 2007
Current asset turnover ratio
1.44
1.38
1.52
1.39
1.90
Receivable turnover ratio (days)
135
136
110
126
117
Inventories turnover ratio (days)
140
121
75
39
58
Liabilities turnover ratio (days)
189
184
166
205
167
Liabilities turnover excluding liabilities due to investment credit ratio (days)
139
140
122
142
117
Turnover ratios indicate the Comarch Group’s funds have been used effectively. In 2011, the receivables turnover ratios decreased by 1 day, the inventories
turnover ratio grew by 19 days, but at the same time liabilities ratio increased by 5 days compared to the previous year.
17