Poland-based ULMA Construccin Polska SA Capital Group, formerly Bauma SA, is one of the worls major manufacturers of formwork and scaffolding systems. It also provides construction services and sells construction materials and concrete accessories. It operates on all five continents and has subsidiaries in 25 of the largest countries in the world.
The financial statements have been prepared in accordance with IFRS. From the annual reports 2008, 2010 and 2011, we extracted the statement of financial position and income statement (see below).

Required
1. Analyze the common-size income statements over the period 2007€“2011.
2. Compute the following ratios:
€“ Current ratio
€“ Average collection period (in days)
€“ Long-term debt to equity ratio
€“ Return on sales (in percent).
3. Analyze these ratios in the perspective of gaining insights into future growth (sales revenue and earnings) and estimating risk level evolution.

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ULMA Construcción Polska Consolidated statements of financial position PLN Polish Zloty) 000 2011 2010 2008 2007 0 4 3. Interests in associated companies 3 3 2. Trade receivables and other receivables 3. Current income tax receivables ts EQUITY AND凵ABIUTIES 0 2. Supplementary capital share premium 3. Foreign exchange gains/(losses) under 0 a. Net profit/(loss) for the financial period 2 1. Long-term labilities a·Credit and loans b. Deferred income tax labilites c. Long-term liabilities under pension 6 4 7 8 0 term labilties under financial PLN (Polish zoty) 000 31 December 31 December 31 December 31 December 31 December 2009 2011 2010 2008 2007 2. Short-term liabilities a. Credit and loans 56,377 24 56,784 70,123 27 40,878 10,562 b. Short-term liabilities under pension benefits c. Short-term liabilities under financil 148 146 241 166 155 leasing d. Deferred income tax llabilities e. Derivative instruments f. Trade liabilities and other liabilities 74 12 4 Total short-temm liabilities Total liabilities Total equity and liabilities 51 498 108,681 203,111 507,741 28,696 99,004 243,615 511,769 47,262 103,904 287,779 544,581 39,372 80,425 228,816 492,726 62,124 72,845 156,592 397,889 ULMA Construcción Polska Consolidated total income statement 2011 2011 | 2010 | 2009 | 2008 | 2007 12 months ended on 31 December Sales revenues 2010 2009 2008 2007 294,490| (198,387)| 96103| (10,433) | (13,441)| 215261| (168,216) | 47,135| (6,576) | (10,675)| 175,446| 241,505| 222,567| 1000%! 100.0%| 1000% | 1000%|100.0% Costs d sold products, goods and materials Gross profit on sales Costs of selling and marketing Overheads Other operating expensesS I (153,246)| (178,319)| (136,792) | 67.4%)| (78.1%)| e73%) 12.7%| β.8%) | 5.9%)| (738%)|61.5%) 26.2%| (2.096)| (44%)| 1· 22,200 | (6,674)| 63,186| (4,750) | 85,775| (7,441) | (10,034)| 32.8%| β.5%) | 21.9%| (3.1%)| 38.5% β.3%) (10.373)! (1,194) | (10,605)| (B.884) | | 46%) 0.1% (50%)| (12%) | 4.5%) 0.8%) 279 (2,555) | (1,707) | p.796) (29%) | Il. Operating proft 72,50827,329 853 3,959| 1,501 (12, 118) | no,617) | 40,947| 66,593| 24.6%| 0.1%| β.8%) | ß.7%) | o.2%) | 12.7%| 0.4%| (6,5%) l {6.1%) | (0.3%) 1 2.3% | 0.9%| (B.996) | B1%) | 00% 17.0% Financial income Financial expense Net financial expense Share in profitloss) in assodated companies 327 (11,329) | (11,002) | 29.9% 0.7% R.796) 2.096) 00% 431 1,549 | (6,010) | (4,461) | O.2%| (4.8%) l (4.4%) | 0.1% | (14,095) | (11,099) | (10,688) | (13,242) | 13,460 | 10,231 | (567) (627) 185 o | 80 ll. Gross profit floss) BQ939 | 6,578) | 1,094| (5,484) | 30,464 | 4,611) | 25,853 | 62,132 | 20.7% (11,251) | (3.9%) | 50,881 | 16.8% | 6.3% (1.5%)| 4.8% | a7%) | O8%| β.1%) | 12.6% (1.9%)| 10.7% | 279% (5.1%) 22.9% Income tax (11,590),229) M. Net proft/loss) for the 49,349 | fnancal period