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Current assets/Current Liabilities = 2269.8/2217.4 = approx 1:1

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Sale revenue has increased from 4.58bn 2015to 5.21bn 2016.

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Sale revenue has increased from 4.58bn 2015to 5.21bn 2016.

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Trade receivables have increased from 1270.8 to 1664

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Cost of sales has gone up from 3.9bn to 4.4bn. It can inferred purchases would have increased.  One would expect accounts payable to increase and this is the case: 1.7bn in 2015 to 2.1 in 2016.

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Cost of sales has gone up from 3.9bn to 4.4bn. It can inferred purchases would have increased.  One would expect accounts payable to increase and this is the case: 1.7bn in 2015 to 2.1 in 2016.

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Accounts receivable days - average time to receive payment from customers
Average accounts receivable/sales x 365
= ((1664+1270.8)/2)/5214.2
x 365 = 102 days this is quite a long time

Accounts payable days - average time to pay suppliers.
Average accounts payable/cost of sales x 365 =
((2090.1+1714.3)/2)/4044.2 = 171 days that's a long time

Inventory days average number of days of inventory held.
= Average inventory / cost of sales x 365
((78.8+64.3)/2)/4044.2 x 365
= 6.5 days
Working Capital Cycle = 171- 102 - 6.5 = 62.5
Due to an average 171 days to pay suppliers Carillion had a positive working capital cycle

Rather than using averages one can use end of year figures and compare changes with 2015 and 2016 but it's late and I need some sleep.

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Current Liabilities have increased, in particular borrowing tribled

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Current Liabilities have increased, in particular borrowing tribled

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Profit only 2% 2016; and decreased from Last Year

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Profit only 2% 2016; and decreased from Last Year

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Sales increased but profit decreased

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Total revenue has increased by 13.7 percent between 2015 and 2016 whilst costs of goods sold increased by only 12%.  This has positively affected the gross margin, however a larger proportion of profit has been given to joint ventures, see below.
The Gross Profit Margin for 2016 (Gross Profit/Revenue 350.7/5214.2) is 6.7%. Every one pound of sales is generating less than seven pence gross profit.
This figure is down from 2015
(340.9/4586.9= 7.4) suggesting the gross profitability is declining.
This is due to16%  (819/5214) of the gross profit in 2016 being allocated (given) to joint ventures.  This compares to 13.9% in 2015 meaning proportionately more revenue is going to third party organisations which could be an area for concern.
The net profit margin in 2016 (Profit for the year/revenue 129.5/5214.2)  is 2.5%.  This compares to 3% (139.4/4586.9) the previous year.
Examining expenses, it can be seen there are £40.2 mill of non recurring items, this consists of £17.2 redundancy an restructuring costs, £11.9 due to the closure of of Caribbean operations and 10.5 mil payable to the construction workers compensation scheme.  Although these are one offs, these could potentially impact future revenue streams.  The aforementioned one off expenses contribute to the fall in the net profit margin.
ROCE
ROCE measures the rate of return on employed capital in an organisation.  It is commonly measured by: profit before taxation/capital employed.  This can be used for benchmarking with previous years,  other organisations within the industry and the opportunity cost of holding share capital as opposed to other revenue generating assets.
Using total equity and 'profit for the year' as the basis for ROCE (as no information has been provided for interest expenses), in 2016 ROCE was 18.5% (129.5/701.1). This compares to 13.7% (139.4/1016.6). This would normally be seen as a significant improvement in profitability of outstanding capital.
However, examining total equity, in 2016 Carillion have not issued or bought back any shares but retained earning have fallen from  £410.3 million to £92.7 million.  This accounts for the fall in equity from 1016 in 2015 to 701.1 mill in 2016. The associated fall in net assets can be attributed to a doubling of the provision of pension funding from approx 400 mill to 800 million and an increase in short term  borrowing from 33 million to 97 million.  This is a significant structural change in the balance sheet.
Liquidity
The quick ratio is an indicator of a company’s short-term liquidity, and measures a company’s ability to meet its short-term obligations with its most liquid assets. As an organisation is concerned with the most liquid assets, the ratio excludes inventories from current assets. Quick ratio is calculated as follows:

Quick ratio = (current assets – inventories) / current liabilities
(2269.8-78.8)/2217.4 = approx 1:1

Carillion should be able to honour its short term liabilities as its liquid current assets are a similar value to the current liabilities

This compares to (1813.1-64.3)/1771.6 in 2015 which is approx 1:1 (the same as 2016). However it can be noticed that receivables has increased by 31% (1270.8 to 1664) but sales have only increased 13.7%. This would suggest there is a problem with credit control or customers (the government) renegotiating payment times. Additionally short term borrowing has increased threefold, this method of borrowing may attract a much higher interest rate compared to long term borrowing.

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The quick ratio is an indicator of a company’s short-term liquidity, and measures a company’s ability to meet its short-term obligations with its most liquid assets. Because we're only concerned with the most liquid assets, the ratio excludes inventories from current assets. Quick ratio is calculated as follows:

Quick ratio = (current assets – inventories) / current liabilities
(2269.8-78.8)/2217.4 = approx 1:1

Carillion should be able to honour its short term liabilities as its liquid current assets are a similar value to the current liabilities