Capital indicators
Annualized net sales
In computation of key ratios where capital is related to net sales, the latter are annualized and converted at year-end exchange rates and adjusted for acquired and divested operations.
Net assets
Total assets exclusive of liquid funds and interest-bearing financial receivables less operating liabilities, non-interest-bearing provisions and deferred tax liabilities.
Working capital
Current assets exclusive of liquid funds and interest-bearing financial receivables less operating liabilities and non-interest-bearing provisions.
Liquid funds
Liquid funds consist of cash on hand, bank deposits, fair-value derivatives, prepaid interest expenses and accrued interest income and other short-term investments, of which the majority has original maturity of three months or less.
Interest-bearing liabilities
Interest-bearing liabilities consist of short-term and long-term borrowings.
Total borrowings
Total borrowings consist of interest-bearing liabilities, fair-value derivatives, accrued interest expenses and prepaid interest income, and trade receivables with recourse.
Net liquidity
Liquid funds less short-term borrowings, fair-value derivatives, accrued interest expenses and prepaid interest income and trade receivables with recourse.
Net borrowings
Total borrowings less liquid funds.
Net debt/equity ratio
Net borrowings in relation to equity.
Equity/assets ratio
Equity as a percentage of total assets less liquid funds.
Earnings per share
Earnings per share
Income for the period divided by the average number of shares after buy-backs.
Other key ratios
Organic growth
Sales growth, adjusted for acquisitions, divestments and changes in exchange rates.
EBITDA margin
Operating income before depreciation and amortization expressed as a percentage of net sales.
Operating cash flow
Total cash flow from operations and investments, excluding acquisitions and divestment of operations.
Operating margin
Profit for the period expressed as a percentage of net sales.
Return on equity
Income for the period expressed as a percentage of average equity.
Return on net assets
Operating income expressed as a percentage of average net assets.
Interest coverage ratio
Operating income plus interest income in relation to total interest expenses.
Capital turnover rate
Net sales divided by average net assets.