Definitions of key data

Adjusted results measurements 
Underlying gross result The underlying gross result is the reported gross result adjusted for inventory gains and losses (deductions for gains and additions for losses).
Underlying operating resultat (uEBIT) Operating result (EBIT) before items affecting comparability adjusted for inventory gains
and losses (deductions for gains and additions for losses).
Items affecting comparability Items that do not have any link to the normal operations of the Group or that are of a non-recurring nature, where a reporting together with other items in the consolidated comprehensive income statement would have given a comparison distortion effect that would have made it diffcult to judge the development of the ordinary operations for an outside viewer. Replaces previous concept ”non-recurring items”.
Adjusted margin measurements 
Underlying gross margin Underlying gross result as a percentage of net sales.
Underlying operating margin Underlying operating result (uEBIT) as a percentage of net sales.
Capital structure 
Net debt Interest-bearing liabilities less cash and equivalents and financial assets.
Net debt/equity ratio Net debt divided by equity.
Working capital Inventories and current receivables less current liabilities, excluding provisions and interest-bearing liabilities.
Working capital (average) Inventories and current receivables less current liabilities, excluding provisions and interest-bearing liabilities.This measure represents an average for each period based on quarterly data.
Capital employed Equity plus interest-bearing liabilities.
Capital employed (average) Equity plus interest-bearing liabilities. This measure represents an average for each period based on quarterly data.
Working capital tied-up Average working capital, as a percentage of annually adjusted net sales.
Return on capital 
Return on capital employed Annually adjusted operating result, as a percentage of average capital employed.
Per share data 
Earnings per share Profit/loss for the period divided by the average number of shares outstanding during the period.
Equity per share Equity divided by the number of shares outstanding at the end of the period.
Cash flow per share from operating activities Cash flow from operating activities divided by the average number of shares for the period.
Shares outstanding at the end of the period Shares outstanding at the end of the period adjusted for rights issues and share splits.
Average number of shares Weighted average number of shares outstanding during the period, adjusted for rights issued and share splits.
Growth  
Sales growth Change in net sales from the preceding period in percent.
Other  
Inventory gains and losses The difference between the cost of goods sold at acquisition value and the cost of goods sold at replacement cost.

Please refer to the 2017 annual report for other definitions of key data.