Definitions

Margins

Gross margin

Net sales less cost of goods sold as a percentage of net sales.

Operating profit margin (EBIT margin)

Operating profit expressed as a percentage of net sales.

Operating profit margin, adjusted

Operating profit, adjusted for one-off items, as a percentage of net sales.

Profit margin

Profit/loss before tax expressed as a percentage of net sales.

Return

Cash conversion

Operating profit, adjusted for one-off items, before depreciation and amortization less capital expenditures as a percentage of operating profit, adjusted for one-off items, before depreciation and amortization.

Return on capital employed

Operating profit plus financial income as a percentage of average capital employed.

Return on equity

Profit for the period as a percentage of total equity.

Capital structure

Capital employed

Total assets less interest-free liabilities (including deferred tax).

Equity/assets ratio

Equity at the end of the period as a percentage of total assets.

Gross debt

Gross current and non-current borrowings, including credit overdraft facilities, derivative financial instruments and interest payables.

Net debt

Gross debt less cash and cash equivalents.

Net debt/EBITDA ratio

Net debt/EBITDA according to the defintion in the credit facility agreement. The difference between net debt in the credit facility agreement and the external net debt definition is that the definition in the credit facility agreement includes the minimum contingent earn-out consideration but excludes financial derivative instruments. The definition of EBITDA in the credit facility agreement corresponds to operating profit, adjusted, before depreciation and amortization, and includes the rolling twelve-month EBITDA of acquired companies.

Net debt/equity ratio

Net debt at the end of the period divided by equity at the end of the period.

Working capital

Total inventories and trade and other receivables adjusted for trade and other payables.

Data per share

Earnings per share

Profit for the period divided by the average number of shares.

Other definitions

EBIT

Operating profit consists of comprehensive income before net financial items and income tax.

Net sales, change

Net sales as a percentage of net sales in the comparative period of the previous year.

One-off items

One-off items are items such as restructurings and impact from acquisitions.

Operating profit, adjusted

Operating profit adjusted for one-off items.

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