Calculation of Financial Ratios

Return on investment (ROI), %:

(Profit or loss before taxes + interest and other financing costs) x 100
Balance sheet total – non-interest bearing liabilities (average)


Return on equity (ROE), %:

(Profit or loss before taxes – taxes) x 100 
Shareholders' equity + minority interest (average)


Equity ratio, %:

(Shareholders' equity + minority interest) × 100
Balance sheet total – advance payments received


Earnings per share:

(Earnings before extraordinary items and taxes – taxes +/- minority interest
Average number of shares during the period, adjusted for share-issues


Dividend per share:

Total dividend
Number of shares at the end of the period, adjusted for share issues


Dividend payout ratio, %:

Dividend per share x 100
Earnings per share


Net gearing:

(Loans from financial institutions – cash, bank receivables and financial securities) × 100
Shareholders' equity


Effective dividend yield, %:

Dividend per share × 100
Last trading price for the period, adjusted for share issues


Price/earnings ratio (P/E):

Last trading price for the period, adjusted for share issues
Earnings per share