Glossary and definitions

Operating margin
Operating income as a percentage of net sales.

Earnings per share
Net income for the year excluding non-controlling (previously minority) interest divided by the average number of shares.

Equity per share
Equity excluding non-controlling (previously minority) interest divided by the total number of shares.

Return on equity
Net income for the year as a percentage of total equity.
Calculations are based on average equity, capital employed and operating capital for the five most recent quarters.

Equity/assets ratio
Total equity as a percentage of total assets on each respective balance sheet date.

Net debt, net surplus excluding provision for pensions
Current and non-current borrowings (excluding pension liabilities) minus cash and cash equivalents and net fair value of derivatives for hedging borrowings.

Net debt/equity ratio
Net debt, net surplus as a percentage of total equity.

Capital employed
Total assets minus operating liabilities.

Operating capital
Total assets minus cash, cash equivalents and operating liabilities.

Profit margin
Operating income plus financial income as a percentage of net sales.

Capital turnover
Net sales divided by capital employed.
Calculations are based on average equity, capital employed and operating capital for the five most recent quarters.

Return on capital employed
Operating income plus financial income as a percentage of capital employed.
Calculations are based on average equity, capital employed and operating capital for the five most recent quarters.

Return on operating capital
Operating income as a percentage of operating capital.
Calculations are based on average equity, capital employed and operating capital for the five most recent quarters.

Interest coverage
Operating income plus financial income divided by financial expenses.

Gross margin, Financial Services
Operating income as a percentage of the average portfolio.