# Financial definitions

The definitions of ratios are in line with the recommendations from 2015 made by the Association of Danish Financial Analysts, except for the ratios marked with *, which are not defined by the Association.

EBITDA margin | Operating profit/(loss) adjusted for amortisation and depreciation as a percentage of revenue |

EBIT margin | Operating profit/(loss) as a percentage of revenue |

EBITDA index | Cash flow from operating activities before financial items and tax divided by EBITDA |

Leverage ratio | Net interest-bearing debt divided by EBITDA |

Asset turnover rate | Revenue divided by average operating assets |

Return on assets | Operating profit/(loss) as a percentage of average operating assets |

Return on equity | Net profit/(loss) for the year divided by average equity |

Equity ratio | Equity at year-end as a percentage of total assets at year-end |

Earnings per share (EPS) | Net profit/(loss) for the year divided by average number of shares |

Cash earnings per share (CEPS)* | Net profit/(loss) for the year plus amortisation and depreciation divided by average number of shares |

Net asset value per share | Equity at year-end divided by number of shares at year-end |

Payout ratio | Dividend divided by net profit/(loss) for the year |

NOPAT margin* | Net profit/(loss) for the year adjusted for net financial expenses after tax and changes in deferred tax for the year divided by revenue |

Turnover rate of capital employed* | Revenue divided by average equity plus average non-current liabilities and current interest-bearing debt |

ROCE* | EBIT divided by average equity plus non-current liabilities and current interest-bearing debt |