Computation formulae

Return on equity, %

net income + provisions x 100
equity + minority interest + voluntary provisions

Return on capital employed, %

profit before extraordinary items, provisions and income taxes + interest and other financial expenses x 100
total assets less non-interest-bearing liabilities (average)

Equity ratio, %

equity + minority interest + voluntary provisions x 100
total assets less advances received

Net gearing, %

net interest-bearing liabilities (= interest-bearing liabilities less liquid assets) x 100

Earnings per share (EPS), EUR

profit before provisions and income taxes less income taxes +/- minority interest
average adjusted number of shares in the financial period

Equity per share, EUR

equity + voluntary provisions + depreciation difference less deferred tax liabilities and minority interest
adjusted number of shares on closing date

Dividend per share, EUR

dividend for the financial period
adjusted number of shares on closing date

Payout ratio, %

dividend per share x 100
earnings per share (EPS)

Effective yield of shares, %

dividend per share x 100 x 100
adjusted average share price at year end

Price/earnings (P/E), %

adjusted average share price at year end x 100
earnings per share

Price to book ratio, (P/B)

total number of shares on closing date excluding treasury shares x share price at year end
equity without non-controlling interests

Alternative performance measures

Exel Composites uses alternative performance measures to better reflect the operational business performance and to enhance comparability between financial periods.

Adjusted operating profit

Adjusted operating profit is derived in accordance to International Financial Reporting Standards (IFRS) by adding or deducting material items affecting comparability. These include, but are not limited to, restructuring costs, impairment losses and reversals, costs related to planned or realized business acquisitions and disposals, gains and losses relating to sale of intangible and tangible assets, as well as expenses related to changes in legislation or legal proceedings