Definitions of key ratios

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