Operating profi t (EBITDA)
The operating profit comprises results before planned depreciation and before consolidated amortisation of surplus value on intangible assets (EBITDA).
Operating profi t (EBITA)
The operating profit comprises results after planned depreciation, but before consolidated amortisation of surplus value on intangible assets (EBITA).
Operating profi t (EBIT)
The operating profit comprises results before financial items and tax.
Working capital
Working capital comprises stock, operating receivables and operating liabilities, and is obtained from the statement of financial position but adjusted where appropriate for items not affecting cash flow. The operating receivables consist of accounts receivable, other receivables as well as non-interest bearing prepaid expenses and accrued income. Operating liabilities include other non-interest-bearing longterm liabilities, advance payments from customers, accounts payable, other current liabilities as well as noninterest-bearing accrued expenses and deferred income.
Capital employed
Total assets less non-interest bearing liabilities and provisions including
deferred tax liabilities.
Operating capital
Total net debt, minority shareholding and equity.
Net debt
Long-term and current interest-bearing liabilities, including interestbearing
provisions, minus interest-bearing assets as well as cash and bank.
Diluted number of shares
The average number of shares is calculated by reference to the dilution of the warrants issued by the company in accordance with IAS 33. It is presently assessed that the outstanding options are not to be exercised.
Undiluted/diluted earnings per share
Profit for the year attributable to the parent company shareholders in relation to the average number of outstanding shares.
Undiluted/diluted equity per share
Equity excluding the minority shareholding in relation to the number of outstanding shares at the end of the period.
Cash fl ow from operating activities per share
Cash flow from operating activities in relation to the average number of shares at the end of the period.
P/E ratio
Quoted price at the year end divided by the earnings per share.
Operating margin (EBITDA)
The operating margin has been calculated as the profit before planned
depreciation and before consolidated amortisation of surplus value on intangible assets (EBITDA), expressed as a percentage of net sales for the year.
Operating margin (EBITA)
The operating margin has been calculated as the profit after planned depreciation but before consolidated amortisation of surplus value on intangible assets (EBITA), expressed as a percentage of net sales for the year.
Operating margin (EBIT)
The operating margin has been calculated as the profit before financial items and tax (EBIT), expressed as a percentage of net sales for the year.
Profi t margin (EBT)
The profit margin has been calculated as the profit after financial items (EBT), expressed as a percentage of net sales for the year.
Return on capital employed
Return on capital employed comprises the Group’s profit after financial items plus financial expenses as a percentage of average** capital employed.
Return on operating capital
The operating profit (EBIT) as a percentage of average** operating capital.
Return on equity
Return on equity comprises the year’s profit as a percentage of the weighted average** equity.
Return on total assets
Return on total assets comprises profit after financial items (EBT) plus financial expenses as a percentage of the average** total assets.
Equity/assets ratio
The equity ratio has been calculated as shareholders’ equity as a percentage of total assets according to the statement of financial position.
Net debt/equity ratio
Net borrowings in relation to equity.
Interest coverage ratio
The interest coverage ratio has been calculated as the profit after financial
items plus financial expenses in relation to financial expenses.
**) Average capital based on quarterly values from and including 2004. In previous year, the calculation are based on full-year values.