Definitions of Key Performance Indicators

Gross margin, %
Gross profit as a percentage of net sales for the period

EBITDA
Operating profit before depreciation and amortization

Adjusted EBITDA
Operating profit before depreciation and amortization, less depreciation of right-of-use assets in accordance with IFRS 16 Leases. This key figure is intended to present a comparable EBITDA as if IAS 17 were still applied.

Operating Income (EBITA)
Gross profit minus operating expenses

Net Debt
Interest-bearing liabilities, minus cash and cash equivalents and interest-bearing assets, all calculated at the end of the period

Net debt, adjusted
Interest-bearing liabilities, excluding lease liabilities under IFRS 16, minus cash and cash equivalents and interest-bearing assets, all calculated at the end of the period

Net debt divided by equity, all calculated at the end of the period

Net Debt / Adjusted EBITDA
Adjusted net debt at the end of the period relative to adjusted EBITDA for the past twelve months

Operating expenses
The sum of cost of sales, administrative expenses, other operating income, and other operating expenses, excluding amortization and impairment of acquisition-related intangible assets

Working capital
Total current assets minus cash and cash equivalents minus current non-interest-bearing liabilities, all calculated at the end of the period

Working capital as a percentage of net sales, %
Working capital expressed as a percentage of net sales for the past twelve months

Equity Ratio, %
Equity expressed as a percentage of total assets, all calculated at the end of the period

Return on Capital Employed (ROCE), %
Profit after financial items plus interest expense, relative to average equity and average interest-bearing debt.

Cash Conversion
Cash flow from operating activities divided by adjusted EBITDA

Earnings per Share
Net income for the period after tax divided by the average number of common shares