Key ratio definitions

Adjusted earnings per common share (non-IFRS)

Net income per common share adjusted for items affecting comparability, acquisition-related depreciation/
amortization and impairment losses, and other acquisition-related adjustments. 

Adjusted EBITDA

EBITDA excluding restructuring costs and other items affecting comparability.

Average number of common shares after dilution

The average number of common shares adjusted for full conversion of all potential common shares through the convertible bond.

Average number of common shares before dilution

Calculated as the average number of common shares outstanding, excluding treasury shares.

Average number of full-time employees

Calculated as the average number of employees (full-time equivalents) at the start and end of the period. 

Average shareholders’ equity

Calculated as average shareholders’ equity attributable to owners of the Parent Company per quarter, based on the opening and closing balance per quarter.

Average total assets

Total assets for the four most recent quarters, divided by four.

Debt/equity ratio

Interest-bearing net debt divided by shareholders’ equity including non-controlling interests.

Earnings per common share for the period after dilution

Income for the period attributable to owners of the Parent Company plus interest expense after tax pertaining to the convertible loan, in relation to the average number of shares after full conversion.

Earnings per common share for the period before dilution

Income for the period attributable to owners of the Parent Company less the set dividend on preference shares for the period, divided by the average number of common shares before dilution.

EBITDA

Operating income excluding depreciation, amortization and impairment losses.

EBITDA margin (%)

EBITDA divided by operating revenue.

Equity/assets ratio (%)

Shareholders’ equity including non-controlling interests divided by the balance sheet total.

Equity per share

Shareholders’ equity attributable to owners of the Parent Company divided by the number of shares at the end of the period, excluding treasury shares.

Interest-bearing net debt

Borrowings excluding interest rate derivatives and convertible bonds less cash and cash equivalents and interest-bearing assets.

Interest-bearing net debt/EBITDA

Interest-bearing net debt divided by EBITDA, 12 months.

Operating cash flow

Cash flow from operating activities and cash flow from investing activities excluding company acquisitions and divestments.

Operating income

Operating income after depreciation, amortization and impairment losses.

Return on equity (%)

Moving 12-month income attributable to owners of the Parent Company divided by average shareholders’ equity.

Return on total assets (%)

Moving 12-month operating income and financial income divided by the average total assets.

Total operating costs

Production, sales, marketing, administrative and product development costs excluding depreciation, amortization and impairment losses.