Definitions of key ratios

Return on Equity (ROE), %	=	Profit before taxes – taxes	x 100
		Total equity, average
				Return on Investment (ROI), %	=	Profit before taxes + interest and other financing costs	x 100
Balance sheet total – non-interest-bearing liabilities, average
	Solvency, %	=	Total equity			x 100
Balance sheet total - advance payments received
			Gearing, %	=	Net interest-bearing liabilities		x 100
Total equity
	Net interest-bearing liabilities	=			Interest-bearing liabilities – cash, bank receivables and financial assets excluding restricted cash
			Earnings per share (EPS)	=	Profit for the period attributable to equity holders of the parent company
Average number of shares adjusted for share issue in financial period excluding treasury shares
	Equity per share ratio	=			Equity attributable to the owners of the parent company
Number of shares adjusted for share issue at end of year
			Dividend per share ratio	=	Dividend per share		x 100
Earnings per share
	Effective dividend yield	=			Dividend per share	x 100
Share price at end of financial period
			Price-Earnings ratio (P/E)	=	Share price at end of financial period
Earnings per share
	Market value of shares	=			Number of shares at end of financial period x last trading price
			Average share price	=	Total value of shares traded (€)
Total number of shares traded
	Gross profit margin, %	=			Gross profit	x 100
Net sales
			Operating profit margin, %	=	Operating profit		x 100
Net sales
	Comparable gross profit	=			Gross profit - items affecting comparability*
			Comparable gross profit margin, %	=	Gross profit - items affecting comparability*		x 100
Net sales
	Comparable operating profit margin	=			Operating profit - items affecting comparability*
			Comparable operating profit margin, %	=	Operating profit - items affecting comparability*		x 100
Net sales

  *) Items affecting comparability are exceptional transactions that are not related to normal business operations. The most common items affecting comparability are capital gains and losses, inefficiencies in production related to manufacturing facility closures, additional writedowns, or reversals of write-downs, expenses due to accidents and disasters, provisions for planned restructurings, environmental matters, penalties, and changes in legislation and legal proceedings. The Group’s management exercises its discretion when taking decisions regarding the classification of items affecting comparability.