Margins
Gross margin
Operating profit before depreciation and amortisation as a percentage of net sales.
Operating margin
Operating profit as a percentage of net sales.
Return
Return on capital employed
Operating profit as a percentage of average capital employed.
Return on total capital
Operating profit as a percentage of average total capital.
Return on equity
Profit/loss for the period, attributable to parent company shareholders, as a percentage of average shareholders' equity, attributable to parent company shareholders.
Diluted return on equity
Profit/loss for the period, attributable to parent company shareholders, as a percentage of average shareholders' equity, attributable to parent company shareholders, plus the effect of estimated participation in the incentive programme.
Capital structure
Capital employed
Total assets less non-interest-bearing liabilities, non-interest-bearing provisions and interest-bearing assets.
Shareholders’ equity
Shareholders’ equity at the end of the period.
Diluted shareholders' equity
Shareholders’ equity at the end of the period plus the effect of estimated participation in the incentive programme.
Interest-bearing net debt
Interest-bearing provisions and liabilities less interest-bearing assets.
Capital turnover
Net turnover divided by average capital employed.
Interest coverage
Operating profit plus financial income divided by financial expenses.
Net debt/equity ratio
Interest-bearing net debt divided by shareholders’ equity.
Diluted net debt/equity ratio
Interest-bearing net debt divided by shareholders' equity plus the effect of estimated participation in the incentive programme.
Share of risk-bearing capital
Shareholders’ equity plus deferred tax liability as a percentage of total assets.
Equity ratio
Shareholders’ equity as a percentage of total assets.
Diluted equity ratio
Shareholders' equity plus the effect of estimated participation in the incentive programme, as a percentage of total assets plus the effect of estimated participation in the incentive programme.
Self-financing ratio
Cash flow from operating activities, excluding paid and received items and paid tax, divided by investments in non-current assets.
Per share data
Earnings per share
Profit/loss for the period, attributable to parent company shareholders, divided by the average number of shares on the market.
Diluted earnings per share
Profit/loss for the period, attributable to parent company shareholders, divided by the average number of shares on the market after estimated participation in the incentive programme.
Shareholders’ equity per share
Shareholders' equity at the end of the period, attributable to parent company shareholders, divided by the number of shares on the market at the end of the period.
Shareholders’ equity per share, diluted
Shareholders’ equity at the end of the period, attributable to parent company shareholders, plus the effect of estimated participation in the incentive programme, divided by the number of shares on the market at the end of the period plus the effect of estimated participation in the incentive programme.
Cash flow from operating activities per share
Cash flow from operating activities divided by the average number of shares on the market during the period.
Operating cash flow per share
Cash flow after investing activities adjusted for acquisition/divestment of financial assets divided by the average number of shares on the market during the period.
P/E ratio
Share price at year-end divided by earnings per share.
EV/EBITDA
Market capitalisation plus interest-bearing net debt, divided by operating profit before depreciation, amortisation and impairment losses (EBITDA = Earnings Before Interest, Tax, Depreciation and Amortisation).
Glossary
Fluting
The rippled middle layer in corrugated board. Produced from primary or recycled fibre.
Market pulp
Pulp which is sold to paper mills that do not produce their own pulp
MF Paper (machine finished)
A calendered paper with high printability combined with high strength. Used for packaging with a special need for this combination.
MG Paper (mono glazed paper)
Paper which is dried on a highly polished Yankee cylinder, giving it a smooth, glossy surface on one side. Used for packaging with stringent demands on purity, for example.
Sulphate pulp
Chemical pulp produced by cooking wood under high pressure and at a high temperature in cooking liquor, known as white liquor (sodium hydroxide and sodium sulphide). Sulphate pulp is also known as kraft pulp.