Financial glossary

BALANCE SHEET TOTAL
The value of all assets on the balance sheet date.

CAPITAL EMPLOYED
Balance sheet total minus non interest-bearing liabilities and reserves. Average capital employed has been calculated as opening plus closing capital employed, divided by two.

DEBT/EQUITY RATIO
Interest bearing liabilities divided by equity.

DIVIDEND
Dividend per share during the year.

EARNINGS PER SHARE
Earnings after net financials divided by the average number of shares. The calculation has been made in accordance with IAS 33 Earnings per share. In accordance with IAS 33, recalculation after dilution must not produce a better earnings per share compared with before dilution.

EBITDA
Operating profit/loss before depreciation.

EQUITY
Equity at the end of the year. The average equity has been calculated as opening equity plus closing equity divided by two.

EQUITY/ASSETS RATIO
Equity on the balance sheet date divided by total assets on the balance sheet date.

EQUITY PER SHARE
Equity at the end of the year divided by the number of shares at the end of the year. Average number of outstanding shares during the year Number of shares at the beginning of the year plus the number of shares at the end of the year divided by two.

GROSS MARGIN
Gross profit/loss divided by net sales.

LIQUID RATIO
Current assets minus inventories, divided by current liabilities.

NUMBER OF SHARES
The number of shares at the end of the year.

OPERATING CASH FLOW
Cash flow from operating activities after change in operating capital.

OPERATING MARGIN
Operating profit/loss divided by net sales.

PROPORTION OF RISK-BEARING CAPITAL
Equity and deferred tax liabilities divided by closing balance.

RETURN ON CAPITAL EMPLOYED
Earnings after net financials plus financial expenses, divided by average
capital employed.

RETURN ON EQUITY
Profit/loss for the year divided by average equity.

SHARE PRICE
The last price paid during the period.

WORKING CAPITAL
Current assets minus current liabilities.