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Share 2018-10-15 15:55 RATOS B 30.76 SEK

Definitions*

Return on equity
Profit for the year attributable to owners of the parent divided by average equity attributable to owners of the parent.

Return on capital employed
Profit before interest expenses and tax expressed as a percentage of average capital employed.

Dividend yield
Dividend on ordinary shares expressed as a percentage of the Class B share’s market price.

EBIT
(Earnings Before Interest and Tax). Profit before net financial items and tax.

EBITA
(Earnings Before Interest, Tax and Amortisation). Operating profit before impairment of goodwill as well as amortisation and impairment of other intangible assets that arose in conjunction with company acquisitions and similar transactions.

EBITA margin
EBITA expressed as a percentage of net sales.

EBITDA
(Earnings Before Interest, Tax, Depreciation and Amortisation). Profit before depreciation, amortisation and impairment.

EBT
(Earnings Before Tax) Profit before tax.

EBT margin
EBT expressed as a percentage of net sales.

Equity per share
Equity attributable to owners of the parent minus preference capital outstanding divided by the number of outstanding ordinary shares at the end of the period.

Enterprise value
Market value of the shares plus interest-bearing net debt.

Exit gain/loss
Exit gain/loss is the capital gain or loss which arises when a company is sold.

IRR
(Internal Rate of Return). Annual average return on the invested amount calculated from the original investment, final selling amount and other capital flows, taking into account when in time all these payments were made to or from Ratos.

Consolidated value
The Group’s share of the company’s equity, any residual consolidated surplus and deficit values minus any intra-Group profits. In addition, shareholder loans and capitalised interest on such loans are included.

Turnover rate
Number of Class B shares traded during a year in relation to the total number of Class B shares outstanding.

Adjusted EBITA
EBITA minus items affecting comparability.

Adjusted EBITA margin
Adjusted EBITA expressed as a percentage of net sales.

P/E ratio
Market share price for Class B share in relation to earnings per share.

Portfolio performance measures
The following performance measures are presented for Ratos’s company portfolio – both for the companies in their entirety (100% of the holdings in the companies) regardless of Ratos’s holding and adjusted for the size of Ratos’s holding in each company.

  • Net sales in the portfolio – Net sales for the entire current period and comparative periods in the companies included in the portfolio at the end of the reporting period.
  • EBITA in the portfolio – Operating profit for the entire current period and comparative periods in the companies included in the portfolio at the end of the reporting period before impairment of goodwill as well as amortisation and impairment of other intangible assets arising in conjunction with company acquisitions and equivalent transactions.
  • Adjusted EBITA in the portfolio – EBITA in the portfolio according to the above definition, adjusted for items affecting comparability.
  • Adjusted EBITA margin in the portfolio – Adjusted EBITA in the portfolio expressed as a percentage of net sales in the portfolio.
  • Items affecting comparability – Income items that have a material impact on earnings in the company and, if not highlighted, would lead to difficulty in understanding the company’s underlying operational development and/or valuation.
  • Cash flow from operations – Cash flow from operations, excluding paid tax and interest, but including investments and divestments of intangible assets and property, plant and equipment, respectively.
  • Aggregate debt ratio, including the parent company – The portfolio’s total interest-bearing net debt, adjusted for the size of Ratos’s holdings, including cash and cash equivalents in the parent company, divided by the portfolio’s EBITDA last twelve months, adjusted for the size of Ratos’s holdings, including EBITDA last twelve months in the parent company.

Earnings per share before dilution
Profit for the period attributable to owners of the parent company minus dividend for the period on preference shares divided by the average number of outstanding ordinary shares.

Earnings per share after dilution
The calculation of earnings per share before dilution is based on consolidated profit for the year attributable to the owners of the parent company and on the weighted average number of shares outstanding during the year.

When calculating earnings per share after dilution, earnings and the average number of shares are adjusted to take into account the effects of potential ordinary shares, which, for the reported periods, pertain to convertible debt instruments and warrants issued to employees. Dilution resulting from convertible debt instruments is calculated by increasing the number of shares by the total number of shares to which the convertibles correspond and increasing earnings by the recognised interest expense after tax. Potential ordinary shares are considered to have a dilutive effect only during periods when they result in lower earnings or a higher loss per share.

Interest-bearing net debt
Interest-bearing liabilities and pension provisions minus fixed-income assets and cash and cash equivalents.

Debt/equity ratio (multiple)
Interest-bearing liabilities in relation to equity.

Equity ratio
Reported equity expressed as a percentage of total assets. Non-controlling interests are included in equity.

Capital employed
Total assets minus non-interest bearing liabilities.

Total return
Price development of Class B shares including reinvested dividends on ordinary shares.

 * Relates to Class B shares unless otherwise specified.