Grupa LOTOS S.A. Integrated Annual Report 2012

Valuation ratios

		2012	2011	2010	2009
Enterprise Value
Market capitalization*	PLN m	5 351.0	3 026.0	4 720.8	4 130.8
Long-term debt	PLN m	4 315.6	4 983.9	4 403.5	4 942.6
Short-term debt	PLN m	2 075.0	2 407.7	1 923.3	748.6
Cash and cash equivalents	PLN m	-268.3	-383.7	-382.6	-345.1
Minority interest	PLN m	0.0	-0.3	-2.2	-11.0
EV	PLN m	11 473.3	10 033.6	10 662.8	9 465.9
EV/EBITDA
EV	PLN m	11 473.3	10 033.6	10 662.8	9 465.9
EBITDA	PLN m	967.7	1 694.1	1 451.3	735.2
EV/EBITDA		11.86	5.92	7.35	12.88
Price to earnings (P/E)
Share price *	PLN	41.2	23.3	36.4	31.8
Basic earnings per share	PLN	7.1	5.0	5.2	7.4
Р/E		5.80	4.66	6.95	4.27
Market capitalization to book value (P/BV)
Market capitalization*	PLN m	5 351.0	3 026.0	4 720.8	4 130.8
Book value	PLN m	9 062.4	7 782.4	7 513.5	6 846.2
P/BV		0.59	0.38	0.63	0.60
Market capitalization to sales (P/S)
Market capitalization*	PLN m	5 351.0	3 026.0	4 720.8	4 130.8
Sales	PLN m	33 111.0	29 259.6	19 662.8	14 321.0
P/S		0.16	0.10	0.24	0.29
Market capitalization to assets
Market capitalization*	PLN m	5 351.0	3 026.0	4 720.8	4 130.8
Total Assets	PLN m	20 056.4	20 423.2	17 727.4	15 216.0
Market capitalization to assets		0.27	0.15	0.27	0.27
Market capitalization to CFO
Market capitalization*	PLN m	5 351.0	3 026.0	4 720.8	4 130.8
Cash flow from operating activities	PLN m	1 347.1	951.5	221.7	-308.8
Market capitalization to CFO		3.97	3.18	21.29	-

* close price on the WSE on December 31

Enterprise value - market capitalization plus long-term and short-term debt net of cash and cash equivalents and minority interest