Based on the financial excerpts from ELC, here are the underlying figures required to calculate and
understand the metrics you listed for the period 2020 through 2024.
1. Growth, Profit, Sales
These figures are primarily drawn from the Income Statement:
Year Net Revenue (Sales)1 Gross Profit1 Net Profit After Tax2
2020 802 135 31
2021 659 129 50
2022 863 140 37
2023 980 194 84
2024 800 244 99
• Sales (Net Revenue): This figure fluctuated significantly, peaking at 980 in 2023 before dropping
to 800 in 20241.
• Gross Profit: This generally trended upward over the period, increasing from 135 in 2020 to 244 in
20241.
• Net Profit After Tax: This improved substantially over the period, rising from 31 in 2020 to 99 in
20242.
(Note: Growth calculations (percentage changes year-over-year) would be performed using these
sequential annual figures.)
2. Efficiency and Asset Utilization Ratios (Sales/Assets,
Sales/Working Capitals, etc.)
These ratios compare Sales (Net Revenue) to average asset levels. The key figures needed are:
Year Sales (Net Total Inventories4 Short-term Cash and Cash Short-term
Revenue)1 Assets3 Receivables5 Equivalents6 Liabilities3
2020 802 1,498 232 643 305 636
2021 659 1,145 139 556 155 268
2022 863 1,145 124 535 73 224
2023 980 1,821 109 809 186 585
2024 800 1,990 78 662 327 651
• Sales/Assets (Asset Turnover): Requires Net Revenue1 divided by Total Assets3. Total assets
increased significantly from 1,145 in 2022 to 1,990 in 20243.
• Sales/Working Capital: Requires Net Revenue1 divided by Working Capital (Short-term Assets6
minus Short-term Liabilities3).
◦ Short-term assets were 1,206 in 2020 and 1,185 in 20246.
• Sales/Inventory (Inventory Turnover): Requires Net Revenue1 divided by Inventories4.
Inventory decreased consistently from 232 in 2020 to 78 in 20244.
• Sales/Receivables (Receivables Turnover): Requires Net Revenue1 divided by Short-term
Receivables5. Short-term receivables saw a large spike in 2023 (809) before settling at 662 in
20245.
• Cash/Total Assets: Requires Cash and Cash Equivalents6 divided by Total Assets3. Cash
holdings ended strongly in 2024 at 327, up from a low of 73 in 20226.
3. Leverage and Coverage Ratios (Asset/Equity, Debt/Equity,
Debt/Total Capital, Interest Cover, FFO/Total Debt)
These metrics measure how the company is financed and its ability to cover debt obligations.
Year Total Owner's Total Profit Interest Total CFO (Net
Assets3 Equity7 Liabilities3 Before Expense1 Borrowings Cash Flow
Tax (ST+LT) from
(PBT)2 Operating
Activities)8
2020 1,498 853 645 40 5 639 265
2021 1,145 868 277 59 4 319 -97
2022 1,145 911 233 47 38 26 (209 + -104
67)
2023 1,821 1,152 669 97 4 48 (429 + 96
67)
2024 1,990 1,249 741 115 3 43 (369 + 140
77)
• Asset/Equity: Measures financial leverage. This uses Total Assets3 divided by Owner's Equity7.
Owner's Equity increased consistently throughout the period, reaching 1,249 in 20247.
• Debt/Equity and Debt/Total Capital: These ratios use total liabilities (debt)3 and Owner's Equity7.
Total Liabilities peaked in 2024 at 7413.
• Interest Cover: Measures the ability to pay interest expenses using operating earnings. The
calculation requires taking PBT2 and adding back Interest Expense1 (to approximate EBIT or
EBITDA, depending on adjustments), and then dividing by Interest Expense1.
◦ Interest expense remained low (3-5) except for a sharp increase to 38 in 20221.
• FFO/Total Debt: Funds from Operations (FFO) can be approximated by Net Cash Flows from
Operating Activities (CFO)8, divided by Total Borrowings (Short-term borrowings9 + Long-term
borrowings7).
◦ CFO was volatile, ranging from a high of 265 in 2020 to a low of -104 in 2022, and recovering to
140 in 20248.
4. Liquidity and Solvency Ratios (Operating Cycles, Cash
Cycle, CFO/Total Debt, Current Ratio, Liquid Ratio)
These ratios assess the company’s short-term ability to meet its obligations.
• Current Ratio (Current Assets / Current Liabilities): Requires Short-term Assets6 divided by
Short-term Liabilities3.
◦ For example, in 2024, Short-term Assets were 1,1856 and Short-term Liabilities were 6513.
• Liquid Ratio (Quick Ratio): Requires highly liquid assets (Cash and cash equivalents6,
Short-term financial investments6, and Short-term receivables5) divided by Short-term Liabilities3.
This excludes Inventories4.
◦ For example, in 2024, liquid assets were $327 + $115 + 662=1,10456.
• CFO/Total Debt: As noted above, this uses Net Cash Flow from Operating Activities8 divided by
Total Borrowings79.
• Operating Cycles and Cash Cycle: These operational efficiency metrics require turnover
calculations, which rely on:
◦ Cost of Goods Sold (COGS): Available for calculation of Inventory Days1. COGS was 667 in
2020 and 556 in 20241.
◦ Short-term Receivables and Payables: Used for calculating Days Sales Outstanding (DSO)
and Days Payables Outstanding (DPO), respectively35.
The existence of the data points for Net Revenue1, Inventories4, Short-term Receivables5, and Cost
of Goods Sold1 allows for the calculation of the components required to understand the operating
and cash conversion cycles.
Year COGS1 Inventories4 ST Receivables5 ST Trade Payables3
2020 667 232 643 282
2021 530 139 556 129
2022 723 124 535 153
2023 786 109 809 475
2024 556 78 662 443
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