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Alternative performance measures


Change in percentage.


Capital employed

Balance sheet total with a deduction for non-interest-bearing liabilities and deferred tax liability.


Debt/equity ratio

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 ratio

Equity at the end of the period in relation to balance sheet total.


Interest-bearing liabilities

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.


Net debt

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.


Operating capital

Capital employed minus liquid funds, financial assets and other interest-bearing assets.


Operating margin

Operating profit in relation to net sales.


Organic change

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.


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