Definition of key figures

                        Formulas for the calculation of key indicators

                        Capital employed

                        Total assets less non-interest-bearing current and long-term liabilities.


                        Cash and cash equivalents

                        Cash and bank balances, as well as short-term investments with a term to maturity of less than three months on the date of acquisition.


                        Cash flow from current operations

                        Operational cash flow less financial items and paid tax.


                        Earnings per share

                        Profit for the year attributable to the parent company’s shareholders divided by the average number of shares.


                        EBITDA margin

                        Result before depreciation and amortization as a percentage of total sales.



                        Total equity according to the consolidated balance sheet.


                        Equity per share

                        Equity, excluding minority interests, divided by number of shares at year-end.


                        Equity ratio

                        Equity as a percentage of total assets.


                        Maintenance capital expenditures

                        Investments involving maintenance, rationalization, replacements or which relate to the environment and are made in order to maintain competitiveness.


                        Net debt

                        Interest-bearing liabilities less interest-bearing assets.


                        Net debt/equity ratio

                        Net debt as a percentage of equity.


                        Operating cash flow

                        Funds generated from operations including change in working capital as well as cash flow for regular maintenance investments, but before financial items and paid tax.


                        Operating margin

                        Operating result as a percentage of total sales.


                        P/E ratio

                        Share price at year-end divided by earnings per share.


                        Return on equity after tax

                        Profit for the year after tax as a percentage of average equity per month during the year.


                        Return on capital employed before tax

                        Operating profit increased by financial revenue as a percentage of average capital employed per month during the year.



                        Sales less deduction for value added tax, discounts and returns.


                        Strategic capital expenditures

                        Investments that increase the cash flow through acquisitions of shares and operations, investments in plant expansion or new competitiveness-enhancing technology.



                        Dividend as a percentage of the share price at year-end.









                                              Foreign exchange