Key ratio definitions

Sales growth
Increase in sales as a percentage of last year’s sales

Gross margin
Gross profit/loss as a percentage of net sales

Growth of gross profit
Increase/decrease in gross profit as a percentage of last year’s gross profit

Operating margin
Operating profit/loss as a percentage of net sales

Profit margin
Profit for the period as a percentage of net sales

Earning capacity of capital employed
Operating profit/loss plus financial income as a percentage of average capital employed

Earning capacity of equity
Profit/loss for the year as a percentage of average equity

Equity
Equity at end of period

Operational capital employed
Balance sheet total minus non interest-bearing liabilities including deferred tax, cash and bank balances

Capital employed
Balance sheet total minus non interest-bearing liabilities including deferred tax

Interest-bearing liabilities
Net of interest-bearing provisions and liabilities minus financial assets including liquid assets

Capital sales rate
Invoices for the year divided by average balance sheet total

Equity/assets ratio
Equity as a percentage of balance sheet total

Liability/equity ratio
Interest-bearing liabilities divided by equity

Interest coverage ratio
Profit/loss after financial items plus financial costs divided by financial costs

Percentage of risk-bearing capital
Equity including deferred tax as a percentage of balance sheet total

Cash flow before investments
Profit/loss after financial items plus items not affecting cash flow minus change in capital employed

Cash flow after investments
Profit/loss after financial items plus items not affecting cash flow minus change in capital employed and investments

Liquid assets
Cash and bank balances

Internal financing ratio
Cash flow before investments divided by investments

Intangible fixed assets
Investments in intangible fixed assets after possible disposals excluding re-classifications

Tangible assets
Investments in tangible assets after possible disposals

Average number of employees
Average number of employees during the year

Sales per employee
Sales divided by average number of employees

Value added per employee
Operating profit/loss plus personnel costs divided by average number of employees

Number of shares
Number of shares at the close of the period

Average number of shares
Average number of shares after split, fund and new share issue

Earnings per share before dilution
Earnings after tax in relation to average number of shares

Earnings per share after dilution
Earnings after tax in relation to the average number of shares after dilution. Such earnings are adjusted for the interest in the convertible loan which is added back. The number of shares after dilution is estimated on the basis of all outstanding debenture loans being converted into shares and that any outstanding options are redeemed. Consideration is only made in the case that the dilution negatively impacts earnings per share

Dividend per share
Actual dividend divided by the number of shares at the end of the year

Equity per share
Equity in relation to the number of shares at the end of the year

Share price/equity per share
Estimated price interval divided by equity

P/E ratio
Estimated price interval divided by earnings per share