Return on equity, % =
100 x
result for the period (12m roll.)
total equity (average)
Return on invested capital, % =

100 x
result before income tax (12m roll.) +
interest and other financial expenses (12m roll.)
total equity and liabilities − non-interest-bearing liabilities (average)
Equity ratio, % =
100 x
total equity
total assets − advances received
Gearing, % =

100 x
interest-bearing liabilities − cash and cash equivalents −
current interest-bearing receivables
total equity

Gross capital expenditure includes the investments in intangible and tangible assets and business acquisitions.

Current interest-bearing receivables consist of financial assests held to maturity and financial assets at fair value through profit or loss - excluding derivatives.

Liquid funds consist of cash and cash equivalents and liquid investments with original maturity of over three months.

Operating result (EBIT) is a net amount derived from net sales plus other operating income, less cost for production materials and services, less employee benefit expenses, depreciation, amortization and any impairment losses, other operating expenses and the share of associated company’s results. All other items in the income statement are shown below the operating profit. Exchange rate differences are included in the operating profit if they arise from items related to operations. Otherwise they are recognized in financial items.

The Group reports separately special items which include reorganization costs, impairment on goodwill and impairment on purchase price allocations generated in business combinations. Also significant sales gains or losses on sale of shares, real-estates or business operations, changes in purchase consideration for business combinations after the date of acquisition recognized in income statement, and other material items outside of ordinary course of business are defined as special items.

The Group defines comparable net sales as net sales excluding acquired and divested businesses.