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Calculation of key financial indicators
Calculation of key financial indicators
Operating profit = Operating profit includes the revenue from the sale of goods and services, other income such as gain from sale of shares or non-financial assets, share of profit (loss) of associates and joint ventures, less losses from sale of shares or non-financial assets, as well as expenses related to production, marketing and selling activities, administration, depreciation, amortization, and impairment charges. Realized and unrealized gains or losses on oil, freight and electricity derivative contracts together with realized gains and losses from foreign currency and oil derivative contracts hedging cash flows of commercial sales and purchases that have been recycled in the income statement, are also included in operating profit.
Comparable operating profit = Operating profit -/+ inventory gains/losses -/+ gains/losses from sale of shares and non-financial assets including disposals of business - unrealized change in fair value of oil, freight and electricity derivative contracts. Inventory gains/losses include the change in fair value of all trading inventories.
Return on equity, (ROE) % = 100 x Profit before taxes - taxes
Total equity average
Return on capital employed, pre-tax (ROCE) % = 100 x Profit before taxes + interest and other financial expenses
Capital employed average
Return on average capital employed, after-tax (ROACE) % = 100 x Profit for the period (adjusted for inventory gains/losses, gains/losses from sale of shares and non-financial assets and unrealized gains/losses on oil, freight and electricity derivative contracts, net of tax) + non-controlling interests + interest expenses and other financial expenses related to interest-bearing liabilities (net of tax)
Capital employed average
Capital employed = Total assets - interest-free liabilities - deferred tax liabilities - provisions
Interest-bearing net debt = Interest-bearing liabilities - cash and cash equivalents
Leverage ratio, % = 100 x Interest-bearing net debt
Interest bearing net debt + total equity
Gearing, % = 100 x Interest-bearing net debt
Total equity
Equity-to-assets ratio, % = 100 x Total equity
Total assets - advances received
Return on net assets, % = 100 x    Segment operating profit
Average segment net assets
Comparable return on net assets, % = 100 x Segment comparable operating profit
Average segment net assets
Segment net assets = Property, plant and equipment, intangible assets, investment in associates and joint ventures including shareholder loans, pension assets, inventories and interest-free receivables and liabilities allocated to the business segment, provisions and pension liabilities.
Research and development expenditure = Research and development expenditure comprise of the expenses of the Research & Technology unit serving all business areas of the Group, as well as research and technology expenses incurred in business areas, which are included in the consolidated income statement. Depreciation and amortization are included in the figure. The expenses are presented as gross, before deducting grants received.
Calculation of share-related indicators
Earnings per share (EPS) = Profit for the period attributable to the equity holders of the company
Adjusted average number of shares during the period
Equity per share = Shareholder's equity attributable to the equity holders of the company
Adjusted average number of shares at the end of the period
Cash flow per share = Net cash generated from operating activities
Adjusted average number of shares during the period
Price / earnings ratio (P/E) = Share price at the end of the period
Earnings per share
Dividend payout ratio, % = 100 x Dividend per share
Earnings per share
Dividend yield, % = 100 x Dividend per share
Share price at the end of the period
Average share price = Amount traded in euros during the period
Number of shares traded during the period
Market capitalization at the end of the period = Number of shares at the end of the period x share price at the end of the period
Trading volume = Number of shares traded during the period, and number of shares traded during the period in relation to the weighted average number of shares during the period