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 2016 are calculated applying exchange rates for 2015. Effects of conversion of balance sheet items not included.

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

Reported operating income.

EBIT margin
EBIT as a percentage of sales.


Operating income before amortization of intangible assets.

EBITA margin
EBITA as a percentage of sales.

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.

Interest-bearing net debt in relation to equity
Interest-bearing net debt relative to total equity.

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

Operating income
Operating income adjusted for restructuring costs, non-realized valuation effects of currency derivatives, fair value allocations and amortization of intangible assets identified in connection with business acquisitions.

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

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

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