Key figure definitions

Margins

Gross margin

Operating profit before depreciation as a percentage of net turnover.

Operating margin

Operating profit as a percentage of net turnover.

Return

Return on capital employed

Operating profit as a percentage of average capital employed.

Return on equity

Net profit as a percentage of average shareholders’ equity.

Return on equity after full conversion

Net profit plus convertible loan interest after tax as a percentage
of average shareholders’ equity plus the effect of full conversion
of the convertible loan into shareholders’ equity.

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.

Shareholders’ equity after full conversion

Shareholders’ equity at the end of the period plus the effect of
full conversion of the convertible loan.

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 costs.

Net debt/equity ratio

Interest-bearing net debt divided by shareholders’ equity.

Net debt/equity ratio after full conversion

Interest-bearing net debt minus the effect of full conversion
of the convertible loan into shareholders’ equity divided by shareholders’ equity plus the effect of full conversion of the convertible loan into shareholders’ equity

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.

Equity ratio after full conversion

Shareholders’ equity plus the effect of full conversion of the convert-ible loan into shareholders’ equity as a percentage of total assets.

Self-financing ratio

Cash flow from operating activities, excluding paid and received financial items and paid tax, divided by investments in fixed assets.

Per share data*

Earnings per share

Net profit divided by the average number of shares. For 2001, net profit is divided with the number of shares at the end of 2001, i.e. 62 740 998.

Earnings per share after dilution

Net profit plus convertible loan interest after tax divided by
the average number of shares after full conversion.

Equity per share

Shareholders’ equity at the end of the period divided by
the number of shares at the end of the period.

Equity per share after full conversion

Shareholders’ equity at the end of the period plus the effect of full conversion of the convertible loan divided by the number of shares at the end of the period plus the effect of full conversion.

Cash flow per share

Cash flow before financing activities divided by the average number of shares during the period.

P/E ratio

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

EV/EBITDA

Stock market value plus interest-bearing net liabilities divided
by the operating profit before depreciation and write-downs.
(EBITDA = Earnings Before Interest, Taxes, Depreciation and
Amortisation.)

*Number of share see The Billerud share