Alternative performance measures
Change in percentage.
Balance sheet total with a deduction for non-interest-bearing liabilities and deferred tax liability.
Net debt in relation to equity. The objective is to show borrowing in relation to book value of equity.
Earnings before interest, taxes, depreciation and amortisation of tangible and intangible fixed assets. The objective of reporting EBITDA is that the Group regards it as a relevant measure for an investor who wants to understand the generation of earnings before investments in fixed assets.
Equity before / after dilution
Equity before / after dilution in relation to average number of outstanding shares
Equity at the end of the period in relation to balance sheet total.
Interest-bearing liabilities include interest-bearing provisions.
Interest coverage ratio
Earnings before tax plus financial expenses in relation to financial expenses. The objective of this measure is to show the proportion of earnings allocated to paying interest expenses and other financial expenses.
Interest-bearing liabilities less liquid funds including current investments. We are of the opinion that the net debt is useful for the users of the financial report as a complement for assessing the possibility for a dividend, for carrying out strategic investments and for assessing the Group’s possibilities for living up to financial commitments.
Capital employed minus liquid funds, financial assets and other interest-bearing assets.
Operating profit in relation to net sales.
Comparative figures year over year adjusted for translation effects on consolidation and changes in the structure.
Profit per share before / after dilution
Net profit in relation to average number of shares before/after dilution.
Rolling twelve is the latest 12 months.
Return on capital employed
Profit before tax plus financial expenses (for each period) in relation to average capital employed.
Return on equity
Earnings after tax (for each period) as a percentage of average equity. The objective of return on equity and other return measures is to put the earnings in relation to important balance sheet items.
Return on operating capital
Operating profit (for each period) as a percentage of average capital employed in operations.