2016 Integrated Report

Consolidated statement of financial position

As at the end of 2016, the asset structure remained largely unchanged relative to the end of 2015. Non-current assets represented 33.9% of total assets, down by 3.4pp year on year. The key items of non-current assets were goodwill (16.7% of total assets) and property, plant and equipment (9.0% of total assets).

The proportion of current assets was markedly larger compared with non-current assets and represented 66.1% of total assets as at the end of 2016 (December 31st 2015: 62.7%). The key items of assets were inventories and short-term receivables.

Inventories accounted for 31.9% of the Pelion Group's assets, having increased by PLN 104.2m compared with the end of December 2015. As at the end of 2016:

The Pelion Group thus recorded a negative working capital cycle of (-4) days as at December 31st 2016.

Pelion attaches particular importance to maintaining reserves to secure timely settlement of its liabilities. In line with its policy to diversify sources of funding, the Group maintains access to a range of credit facilities at various financial institutions. In 2016, the ability of Pelion Group companies to meet their liabilities towards third parties was in no way limited.

The Group reviews its trade receivables on an ongoing basis, with particular importance attached to maintaining good quality of receivables from privately-owned pharmacies. As at the end of 2016, those receivables amounted to PLN 343.6m, including amounts due and payable of PLN 34.9m (10.1%). The average amount of due and payable receivables in 2016 was PLN 35.8m (2015: PLN 36.3m), including 65% of receivables past due by up to 30 days.

Assets in 2015

Assets in 2016

Equity attributable and liabilities in 2016