Key ratio definitions

Capital employed
Non-interest-bearing fixed assets and current assets less non-interest-bearing liabilities.

Costs of goods sold
Costs of good sold, including production and logistics expenses.

Currency adjusted
Figures adjusted for the effects of exchange rate differences in conjunction with consolidation. Figures for 2015 are calculated applying exchange rates for 2014. Effects of conversion of balance sheet items not included.

Earnings per share
Profit for the period divided by the average number of shares outstanding.

EBIT
Reported operating income.

EBIT margin
EBIT as a percentage of sales.

EBITA
Operating income before amortization of intangible assets.

EBITA margin
EBITA as a percentage of sales.

EBITDA
Operating income adjusted for total, amortization, depreciation and impairment.

EBITDA margin
EBITDA as a percentage of sales.

Gross margin
Gross margin as a percentage of sales.

Interest-bearing net debt
Interest-bearing liabilities and pension provisions minus interest-bearing assets and cash and cash equivalents.

Net debt/equity ratio
Net debt relative to total capital, where the net debt is a total borrowing less cash and cash equivalents and the total capital is shareholders’ equity and the net debt.

Number of employees
The number of employees at end of period.

P/E ratio
Current share price relative to earnings per share.

Return on equity
Income for the period as a percentage of  shareholders’ equity.

Return on capital employed
Operating income as a percentage of capital employed.