Definitions

Capital employed
Total assets less non-interest-bearing provisions and liabilities.

Debt/equity ratio
Net debt as a percentage of shareholders’ equity, including minority interests.

Earnings per share
Profit for the period divided by a weighted average number of outstanding shares during the year.

Equity/assets ratio
Equity including minority interests as a percentage of total assets.

Gross debt
The total of interest-bearing liabilities and interest-bearing provisions.

Net debt
Total of interest-bearing liabilities and interest-bearing provisions less interest- bearing assets. Interest-bearing provisions refer to pension liabilities.

Operating capital
Balance-sheet total less interest-bearing assets, receivables relating to current and deferred tax and non-interest-bearing provisions and liabilities, excluding liabilities for current and deferred tax. Operating capital at business-area level excludes all consolidated surplus value.

Operating cash flow
Cash flow from operating activities including cash flow from investing activities, excluding cash flow from acquisitions/divestments of subsidiaries.

Operating margin
Operating profit as a percentage of net sales.

P/E ratio
The share price at year-end divided by earnings per share after full dilution.

Return on capital employed
Profit after financial revenue as a percentage of average capital employed. The calculation of average capital employed has been adjusted for acquisitions and divestments.

Return on operating capital
Operating profit as a percentage of operating capital.

Return on shareholders’ equity
Profit for the period as a percentage of average shareholders’ equity. The calculation of average shareholders’ equity has been adjusted for increases and decreases in capital.

Turnover rate of capital employed
Net sales divided by average capital employed.