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2007-05-03 07:20:00 CEST 2007-05-03 07:20:00 CEST REGULATED INFORMATION Salcomp Oyj - Quarterly reportCONTINUED GROWTH - CLEARLY IMPROVED PROFITABILITY AND CASH FLOWSalcomp Plc Stock Exchange Release 3 May, 2007 at 08:20 Finnish time Salcomp Plc Interim Report January 1 - March 31, 2007 CONTINUED GROWTH - CLEARLY IMPROVED PROFITABILITY AND CASH FLOW -The January-March net sales increased by 15% to EUR 62.3 million. -Number of chargers sold grew by 15% to 55.6 million pieces. -Salcomp's market share in mobile phone chargers, about 22%, increased slightly. -Operating profit grew by 26% to EUR 5.1 million. -Earnings per share, excluding the calculative tax item, were EUR 0.11. -The cash flow from business operations reached EUR 10.4 million. -Outlook for the rest of the year remains unchanged: The 2007 net sales are expected to grow somewhat faster than the average growth of the mobile phone charger market. It is estimated that both the operating profit and the earnings per share will clearly increase from the previous year. Markku Hangasjärvi, President and CEO: ”During the first quarter of 2007, our business operations saw a favourable trend. Both the net sales and the number of chargers sold increased by 15% compared with the corresponding period last year. With the exchange rates of the previous year, the increase in net sales would have been 23%. Profitability and cash flow also saw a favourable trend due to growth and continued cost management. According to the estimates by the market research companies, about 252 million mobile phones were sold in the first quarter of 2007, which is some 12% more than on the same period last year. This means that our market share in the mobile phone chargers grew slightly compared with the first quarter in 2006 and was approximately 22%. Construction work for the charger production plant to be completed in India is progressing as planned with production to start in June. The plant will increase and balance our global production and give us a clear competitive edge in the rapidly-expanding mobile phone charger markets of India and its neighbouring areas. The mobile phone market is expected to grow during 2007 by approximately 10%, i.e. in terms of number of units, reaching approximately 1.1 billion mobile phones and, therefore, mobile phone chargers. This means an added demand of approximately 100 million mobile phone chargers compared with last year. Market growth forms a good basis from which to continue increasing our net sales and, therefore, a favourable profitability trend in 2007.” Net Sales and Result Salcomp's net sales increased by 15% in January-March to EUR 62.3 million (EUR 53.9 million in 1-3/2006). The number of chargers sold was 55.6 million (48.2 million). The market share in mobile phone chargers grew slightly compared with the first quarter of 2006 and was approximately 22%. The Group's operating profit in the first quarter amounted to EUR 5.1 million (EUR 4.1 million). The operating profit percentage was 8.2% (7.5%). In addition to increased net sales, an increase in productivity and continued cost management also contributed to improved profitability. The Group's net financial expenses were EUR 0.8 million (EUR 1.1 million). Financial expenses for the period were reduced by the lesser amount of debt. Taxes for the period totalled EUR 0.9 million (EUR 1.0 million). They include a calculative item of EUR 0.7 million, resulting from the parent company's tax-deductible goodwill amortization. Salcomp's net result totalled EUR 3.4 million (EUR 1.9 million) Earnings per share, excluding the calculative tax item, amounted to EUR 0.11 (EUR 0.08). Earnings per share were EUR 0.09 (EUR 0.06). R&D and Capital Expenditure In January-March, the Group's R&D expenditure was EUR 0.9 million (EUR 1.2 million), or 1.5% of net sales (2.2 %). R&D focused on developing new products for key customers and on improving the product cost structure. Capital expenditure in January-March amounted to EUR 3.6 million (EUR 1.3 million). Capital expenditure mainly involved the construction of the plant in India, which has progressed as planned, now having reached the machinery set-up stage. Production will begin in June. Financing During the first quarter, the cash flow from business operations was EUR 10.4 million (EUR 7.4 million in the negative) due to positive result development and reduced working capital. The factors contributing to the reduction in sales receivables, and, therefore, working capital, included a sales program for sales receivables, since assets released from the program, EUR 5.6 million, were used to repay interest-bearing loans. The Group's equity ratio at the end of March was 31.3% (30.5 %) and gearing was 68.3% (99.7%). Interest-bearing net debt totalled EUR 36.9 million (EUR 47.7 million) at the end of the period. AGM decisions The Annual General Meeting of Salcomp Plc was held in Helsinki on March 29, 2007. The 2006 Financial Statements were approved at the AGM and the members of the Board and the President and CEO were discharged from liability. In accordance with the Board's proposal, the AGM decided to pay dividend of EUR 0.06 per share. The dividend was paid out on April 12, 2007. The AGM decided to leave the composition of the Board of Directors unchanged. Thus, the Members of the Board of Directors until the conclusion of the 2008 Annual General Meeting are Kari Vuorialho as its Chairman, Jorma Terentjeff as Vice-Chairman, as well as Panu Halonen, Timo Leinilä, Petri Myllyneva and Andreas Tallberg. The AGM decided that the remuneration for the Board of Directors would also remain unchanged. The Authorized Public Accountants KPMG Oy Ab will continue as the Company auditor. Based on the Board of Directors' proposal, a decision was made to amend the Articles of Association to better comply with the new Companies Act, valid from September 1, 2006. The AGM authorized the Board of Directors to decide on offering a maximum of 8,000,000 new shares for subscription. The authorization is valid until 30 June 2008. The authorization has not yet been acted upon. The AGM decided, in accordance with the Board's proposal, to reduce the share premium account on the Parent Company's balance sheet on 31 December 2006 by transferring the total amount of the share premium account, EUR 23,690,992.21, into the Company's invested free equity fund. The registration of the decision requires the implementation of publication proceedings according to Chapter 14 of the Companies Act. The Board proposal of granting stock options to the company's key personnel was approved. The stock options will give the right to subscribe for up to 2,047,500 shares of the company. The Company's Board of Directors is yet to decide on the granting of the stock options. Personnel The Group employed 7,786 (6,997) people at the end of March: approximately 6,600 people in China and approximately 1,100 people in Brazil. The increase in the number of personnel was mostly due to increased production volumes. Shares and Shareholders Salcomp's share price fluctuated between EUR 2.63 and EUR 3.40. The closing price at the end of March was EUR 3.16. Share trading amounted to EUR 13.7 million and consisted of 4.5 million shares. According to the book-entry system, Salcomp had 977 shareholders at the end of the period. Foreign ownership was 62.9% of the shares. Outlook for the rest of 2007 According to the estimates published by Salcomp's main customers and to the various market research companies, the mobile phone market is expected to increase during 2007 by approximately 10%, compared with 2006. Measured by the number of units, this means approximately 1.1 billion mobile phones, and, therefore chargers, to be sold during the current year. The estimated increase in the mobile phone charger market, and the strong market position of Salcomp, form a good basis to achieve further increases in net sales. In line with the previous outlook, the 2007 net sales are expected to grow somewhat faster than the average growth of the mobile phone charger market. In line with the previous outlook, it is estimated that both the operating profit and the earnings per share will clearly increase from the previous year. Helsinki, May 3, 2007 Salcomp Plc Board of Directors Further information: Markku Hangasjärvi, President and CEO, tel. +358 40 7310 114 Antti Salminen, CFO, tel. +358 40 535 1216 A briefing for analysts and media will be held on May 3, 2007 at 12:00 at Hotel Kämp, Pohjoisesplanadi 29, Helsinki. Salcomp's January-June interim report will be published on August 7, 2007. This interim report has been prepared in accordance with the IFRS and IAS34, following the principles for recognition and measurement set out in IAS34, as well as the accounting principles described in the Annual Report. The report has not been audited. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 62 273 | 53 942 | 15.4% | 259 049 | -------------------------------------------------------------------------------- | Cost of sales | -54 000 | -47 426 | 13.9% | -228 794 | -------------------------------------------------------------------------------- | Gross margin | 8 273 | 6 516 | 27.0% | 30 255 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 239 | 208 | 14.9% | 363 | -------------------------------------------------------------------------------- | Sales and marketing | -544 | -485 | 12.2% | -1 981 | | expenses | | | | | -------------------------------------------------------------------------------- | Administrative | -1 903 | -953 | 99.7% | -7 503 | | expenses | | | | | -------------------------------------------------------------------------------- | Research and | -943 | -1 207 | 21.9% | -5 421 | | development | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating | 0 | -25 | -100.0% | -240 | | expenses | | | | | -------------------------------------------------------------------------------- | Operating profit | 5 122 | 4 054 | 26.3% | 15 473 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 251 | 232 | 8.2% | 276 | -------------------------------------------------------------------------------- | Financial expenses | -1 045 | -1 300 | -19.6% | -4 547 | -------------------------------------------------------------------------------- | Profit before tax | 4 328 | 2 986 | 44.9% | 11 202 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax expense | -887 | -1 037 | -14.5% | -3 573 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | 3 441 | 1 949 | 76.6% | 7 629 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.09 | 0.06 | 55.1% | 0.20 | | undiluted, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 31.3.2007 | 31.3.2006 | Change % | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 22 386 | 16 836 | 33.0% | 19 141 | | equipment | | | | | -------------------------------------------------------------------------------- | Goodwill | 66 412 | 66 412 | 0.0% | 66 412 | -------------------------------------------------------------------------------- | Other intangible assets | 340 | 288 | 18.0% | 1 227 | -------------------------------------------------------------------------------- | Deferred tax assets | 2 997 | 3 150 | -4.9% | 3 024 | -------------------------------------------------------------------------------- | | 92 136 | 86 687 | 6.3% | 89 804 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 22 106 | 24 441 | -9.6% | 21 918 | -------------------------------------------------------------------------------- | Trade and other | 44 587 | 38 980 | 14.4% | 54 922 | | receivables | | | | | -------------------------------------------------------------------------------- | Cash and cash | 14 708 | 6 651 | 121.1% | 7 845 | | equivalents | | | | | -------------------------------------------------------------------------------- | | 81 401 | 70 072 | 16.2% | 84 685 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 173 537 | 156 759 | 10.7% | 174 489 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | | -------------------------------------------------------------------------------- | Share capital | 9 833 | 9 833 | 0.0% | 9 833 | -------------------------------------------------------------------------------- | Premium fund | 22 035 | 22 035 | 0.0% | 22 035 | -------------------------------------------------------------------------------- | Retained earnings | 22 169 | 15 972 | 38.8% | 21 113 | -------------------------------------------------------------------------------- | | 54 037 | 47 840 | 13.0% | 52 981 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 9 593 | 6 753 | 42.1% | 8 915 | -------------------------------------------------------------------------------- | Interest-bearing | 43 188 | 47 397 | -8.9% | 43 797 | | liabilities | | | | | -------------------------------------------------------------------------------- | Provisions | 40 | 40 | 0.0% | 40 | -------------------------------------------------------------------------------- | | 52 821 | 54 190 | -2.5% | 52 752 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 58 274 | 47 777 | 22.0% | 60 351 | -------------------------------------------------------------------------------- | Interest-bearing current | 8 405 | 6 952 | 20.9% | 8 405 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 66 679 | 54 729 | 21.8% | 68 756 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | 173 537 | 156 759 | 10.7% | 174 489 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | (EUR 1 000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to equity holders of the parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Share | Premium | Trans-la | Re- | Total | | | | capita | issue | fund | tion | tained | equit | | | | l | | | diffe-re | ear- | y | | | | | | | nces | nings | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at | 8 285 | 105 | 5 934 | 618 | 13 258 | 28 | | January 1, | | | | | | 200 | | 2006 | | | | | | | -------------------------------------------------------------------------------- | | Transla | 0 | 0 | 0 | 147 | 0 | 147 | | | tion | | | | | | | | | differe | | | | | | | | | nces | | | | | | | -------------------------------------------------------------------------------- | | Profit | 0 | 0 | 0 | 0 | 1 949 | 1 949 | | | for | | | | | | | | | the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total | 0 | 0 | 0 | 0 | 0 | 0 | | | recogni | | | | | | | | | zed | | | | | | | | | income | | | | | | | | | and | | | | | | | | | expense | | | | | | | | | for the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Share | 1 548 | -105 | 16 101 | 0 | 0 | 17 | | | issue | | | | | | 544 | -------------------------------------------------------------------------------- | Equity at | 9 833 | 0 | 22 035 | 765 | 15 207 | 47 | | March 31, | | | | | | 840 | | 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at | 9 833 | 0 | 22 035 | 226 | 20 887 | 52 | | January 1, | | | | | | 981 | | 2007 | | | | | | | -------------------------------------------------------------------------------- | | Transla | 0 | 0 | 0 | -46 | 0 | -46 | | | tion | | | | | | | | | differe | | | | | | | | | nces | | | | | | | -------------------------------------------------------------------------------- | | Profit | 0 | 0 | 0 | 0 | 3 441 | 3 441 | | | for | | | | | | | | | the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total | 0 | 0 | 0 | 0 | 0 | 0 | | | recogni | | | | | | | | | zed | | | | | | | | | income | | | | | | | | | and | | | | | | | | | expense | | | | | | | | | for the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Dividen | 0 | 0 | 0 | 0 | -2 339 | -2 | | | ds | | | | | | 339 | | | payable | | | | | | | -------------------------------------------------------------------------------- | Equity at | 9 833 | 0 | 22 035 | 180 | 21 989 | 54 | | March 31, | | | | | | 037 | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow before change in | 6 389 | 5 263 | 21.4% | 20 618 | | working capital | | | | | -------------------------------------------------------------------------------- | Change in working capital | 4 953 | -9 877 | -150.1% | -10 765 | -------------------------------------------------------------------------------- | Financial items and taxes | -965 | -2 757 | -65.0% | -6 000 | -------------------------------------------------------------------------------- | Net cash flow from operating | 10 377 | -7 371 | -240.8% | 3 853 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | -3 044 | -2 628 | 15.8% | -8 574 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow before financing | 7 333 | -9 999 | -173.3% | -4 721 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Withdrawal of borrowings | 5 000 | 65 000 | -92.3% | 68 993 | -------------------------------------------------------------------------------- | Repayment of borrowings | -5 648 | -71 266 | -92.1% | -77 615 | -------------------------------------------------------------------------------- | Paid share issue | 0 | 16 962 | | 16 962 | -------------------------------------------------------------------------------- | Net cash flow from financing | -648 | 10 696 | -106.1% | 8 340 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 6 863 | 697 | 884.6% | 3 619 | | equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 7 845 | 5 726 | 37.0% | 5 726 | | at the beginning of the period | | | | | -------------------------------------------------------------------------------- | Translation correction to | 178 | 228 | -21.9% | -1 500 | | cash and cash equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 14 708 | 6 651 | 121.1% | 7 845 | | at the end of the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, Mpcs | 55.6 | 48.2 | 15.4% | 230.5 | -------------------------------------------------------------------------------- | Average sales price, | 1.12 | 1.12 | 0.0% | 1.12 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 62.3 | 53.9 | 15.4% | 259.0 | -------------------------------------------------------------------------------- | EBITDA, MEUR | 6.4 | 5.4 | 17.3% | 20.7 | -------------------------------------------------------------------------------- | EBITDA%, % | 10.3% | 10.1% | 1.6% | 8.0% | -------------------------------------------------------------------------------- | Operating profit, | 5.1 | 4.1 | 26.3% | 15.5 | | MEUR | | | | | -------------------------------------------------------------------------------- | Operating profit | 8.2% | 7.5% | | 6.0% | | percentage, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earning per share, | 0.09 | 0.06 | 55.1% | 0.20 | | EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share | 0.11 | 0.08 | 36.6% | 0.28 | | excluding | | | | | | calculative tax | | | | | | item, EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, | 1.39 | 1.40 | -0.7% | 1.36 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | 25.7% | 20.5% | 25.4% | 18.8% | -------------------------------------------------------------------------------- | Return on capital | 20.4% | 18.0% | 13.3% | 16.2% | | employed, % | | | | | -------------------------------------------------------------------------------- | Return on net | 60.3% | 44.8% | 34.6% | 54.1% | | assets, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 31.3% | 30.5% | 2.6% | 30.5% | -------------------------------------------------------------------------------- | Gearing, % | 68.3% | 99.7% | -31.5% | 83.7% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure, | 3.6 | 1.3 | 184.0% | 9.4 | | MEUR | | | | | -------------------------------------------------------------------------------- | Capital expenditure, | 5.8% | 2.3% | 146.0% | 3.6% | | % of net sales | | | | | -------------------------------------------------------------------------------- | Personnel on average | 7 605 | 6 681 | 13.8% | 7 567 | -------------------------------------------------------------------------------- | Personnel at end of | 7 786 | 6 997 | 11.3% | 7 910 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares on | 38 975 190 | 34 241 857 | | 37 808 067 | | average | | | | | -------------------------------------------------------------------------------- | Number of shares at | 38 975 190 | 38 975 190 | | 38 975 190 | | the end of period | | | | | -------------------------------------------------------------------------------- | Highest share price, | 3.40 | 3.24 | | 3.69 | | EUR | | | | | -------------------------------------------------------------------------------- | Lowest share price, | 2.63 | 2.98 | | 2.13 | | EUR | | | | | -------------------------------------------------------------------------------- | Average share price, | 3.04 | 3.18 | | 2.88 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Traded shares, Mpcs | 4.5 | 16.1 | | 29.2 | -------------------------------------------------------------------------------- | Traded shares, MEUR | 13.7 | 51.3 | | 88.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | | | (EUR 1 000) | | | | | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own debt | | | | | -------------------------------------------------------------------------------- | | Company and real | 170 000 | 170 000 | 0.0% | 170 000 | | | estate mortgages | | | | | -------------------------------------------------------------------------------- | | Others | 364 | 385 | -5.5% | 254 | -------------------------------------------------------------------------------- | Leasing and rental | 7 891 | 7 246 | 8.9% | 5 291 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 178 255 | 177 631 | 0.4% | 175 545 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY INFORMATION | -------------------------------------------------------------------------------- | | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ | 4/06- | | | 07 | 06 | 06 | 06 | 06 | 4/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold | 55 632 | 69 587 | 60 464 | 52 255 | 48 160 | 237 938 | | chargers, | | | | | | | | kpcs | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 62 273 | 78 642 | 67 445 | 59 020 | 53 942 | 267 380 | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 5 122 | 6 694 | 4 405 | 220 | 4 054 | 16 541 | | profit, | | | | | | | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 8.2% | 8.5% | 6.7% | 0.4% | 7.5% | 6.2% | | profit | | | | | | | | percentage, | | | | | | | | % | | | | | | | -------------------------------------------------------------------------------- | Average | 1.12 | 1.13 | 1.12 | 1.13 | 1.12 | 1.12 | | sales | | | | | | | | price, EUR | | | | | | | -------------------------------------------------------------------------------- CALCULATION OF FINANCIAL RATIOS Average personnel: Average of the amount of personnel at end of each month Return on equity (%) = Profit for the period x 100 : Equity (on average) Return on capital employed (%) = (Profit before taxes + interest charges and other financial costs) x 100 : (Balance sheet total less interest-free debt (on average)) Return on net assets (%) = Operating profit x 100 : (Fixed assets less goodwill and deferred tax assets + inventory + short-term receivables less short-term interest-free debt (on average)) Equity ratio (%) = Equity x 100 : (Balance sheet total less received advance payments) Gearing (%) = (Interest-bearing debt less cash and cash equivalents) x 100 : Equity Earnings per share = Profit of the period attributable to the equity holders of the parent : Weighted average number of shares outstanding during the period Equity per share = Equity : number of shares outstanding |
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