Calculation of key figures

EBITDA                                                                                      

Operating result before depreciation and amortisation.                                                

EBITDA margin                                                                                                     

EBITDA as a percentage of net sales.                                                                          

Operating margin                                                                                                  

Operating result after depreciation and amortisation as a percentage of net sales.                                 

Return on shareholders’ equity                                                                             

Result of the year as a percentage of average shareholders’ equity.                         

Operating capital                                                                                                   

Balance sheet total less interest-bearing assets, tax assets and non-interest-bearing operating liabilities, including pension provisions.

Return on operating capital                                                                      

Operating result as a percentage of operating capital, based on most recent 12 month period.                               

Net Interest-bearing liability                                                                                  

Interest-bearing assets (including cash and equivalents) less interest-bearing liabilities.                                             

Debt/equity ratio                                                                                 

Interest-bearing net debt divided by shareholders’ equity including non-controlling interests.                                

Equity/assets ratio                                                                                                

Shareholders’ equity including non-controlling interests as a percentage of total assets                                            

Earnings per share                                                                  

Result for the period - Non controlling interest divided by the average number of shares outstanding.                                      

Equity per share (EPS)                                                                                         

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

Comparable earnings per share excluding merger related items (PPA)               

Comparable result for the period excluding merger related items - Non controlling interest divided by the average number of shares outstanding.                                    

Employees, FTE                                                                                                   

Number of hours worked divided by normal annual working hours.                                                            

Interest bearing liabilities and assets                                                                    

Liabilities and assets which have a contractual obligation/right to pay/receive interest to/from a financial institution.            

Items affecting comparability                                                                               

Income or expense arising from exceptional transactions that are not related to recurring business operations. 

Alternative Performance Measures

Ahlstrom-Munksjö has adopted the European Securities and Markets Authority (ESMA) guidelines on Alternative Performance Measures to reflect the underlying business performance and improve comparability. These measures should, however, not be considered as a substitute for measures of performance in accordance with IFRS. Alternative performance measures are derived from performance measures reported in accordance with IFRS by adding or deducting the items affecting comparability (IAC), or purchase price allocation (PPA,) and they are called Comparable.

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