Financial Year Ended 31 December 2018 2017 2016 2015 2014(b)
  12 months
Audited
Actual
12 months
Audited
Actual
12 months
Audited
Actual
12 months
Audited
Actual
12 months
Audited
Proforma
Earnings Before Interest, Tax, Depreciation & Amortisation (EBITDA) (RM) 14,628,486 18,009,942 14,725,006 17,619,168 22,409,121
EBITDA Margin (%) 10.82 13.10 12.35 16.71 24.48
PBT Margin (%) 10.06 12.41 11.09 15.30 23.09
PAT Margin (%) 7.44 10.11 7.87 11.78 19.21
Trade Receivables Turnover Period ^ (days) 62 80 80 79 72
Trade Payables Turnover Period ^^ (days) 25 56 64 78 71
Inventory Turnover Period ^^^ (days) 104 106 104 99 97
Current Ratio * (times) 5.98 4.64 4.61 2.87 2.96
Gearing Ratio ** (times) 0.14 0.08 0.06 0.14 0.08

Notes:

(a) Includes the financial results of Rhone Ma Malaysia Sdn Bhd, Asia-Pacific Special Nutrients Sdn Bhd, Link Ingredients Sdn Bhd and Vet Food Agro Diagnostics (M) Sdn Bhd.
(b) Includes the financial results of Rhone Ma Holdings, Rhone Ma Malaysia Sdn Bhd, Asia-Pacific Special Nutrients Sdn Bhd, Link Ingredients Sdn Bhd and Vet Food Agro Diagnostics (M) Sdn Bhd.
^ Based on the closing balance of trade receivables of the respective financial period/years over revenue of the respective financial period/years.
^^ Based on the closing balance of trade payables of the respective financial period/years over cost of sales of the respective financial period/years.
^^^ Based on the closing balance of inventory of the respective financial period/years over cost of sales of the respective financial period/years.
* Based on the total current assets over total current liabilities of the respective financial period/years.
** Based on the total interest bearing borrowings over shareholders' equity of the respective financial period/years.
   
  Please read this section in conjunction with Rhone Ma Holdings Berhad's Prospectus dated 29 November 2016 & Annual Report.