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Formulas used in the calculation of key figures

Income statement key figures
3. Operating profit/loss margin = 100 x Operating profit/loss
Total revenue
6. Profit/loss margin = 100 x Profit/loss
Total revenue
7. Direct result, M€ = see EPRA Earnings
Balance sheet key figures
11. Interest-bearing net liabilities, M€ = Interest-bearing financial liabilities - Financial assets
Profitability and financing key figures
12. Return on investment,% = 100 x Profit before taxes + interest and other financial expenses
Balance sheet total - non-interest-bearing liabilities (average during the period)
13. Return on shareholders’ equity (ROE), % = 100 x Profit for the period
Shareholders' equity (average during the period)
14. Equity ratio,% = 100 x Shareholders' equity
Balance sheet total - advances received
15. Debt equity ratio,% = 100 x Interest-bearing loans and borrowings
Shareholders' equity
16. Gearing,% = 100 x Interest-bearing liabilities - cash and cash equivalents
Shareholders' equity
Key figures per share
19. Earnings per share, € = Earnings per share attributable to parent company equity holders - interest on hybrid loan
Weighted average number of shares outstanding during the period
20. Shareholders’ equity per share, € = Equity attributable to equityholders of the parent company
- Other equity reserve
Adjusted number of shares at year end
22. Payout ratio,% = 100 x Dividend per share
Earnings per share
23. Effective dividend yield,% = 100 x Dividend per share
Share price at year end
24. P/E ratio,% = Share price at year end
Earnings per share
25. Average share price, € = Value of trading volume
Volume traded during financial year
28. Market capitalization, M€ = Number of shares at year end x share price at year end
33. Direct result per share, € = see EPRA Earnings per share
34. Cash flow from operations per share, € = Operating profit
-/+ Valuation gains and losses
+ Amortization of goodwill
+ Administrative depreciation
+/- Changes in provisions
+/- Defined benefit pension expenses
- Financial income and expenses affecting cash flow
- Taxes affecting cash flow
+/- Other items
Average adjusted number of shares during the period