Interim Report January 1 to March 31 Q1 2016mb.cision.com/Main/11098/2011995/517409.pdf · 2016. 5....
Transcript of Interim Report January 1 to March 31 Q1 2016mb.cision.com/Main/11098/2011995/517409.pdf · 2016. 5....
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Interim Report January 1 to March 31
Q1 2016
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Interim Report January 1 – March 31
First quarter 2016 • Net sales for the quarter amounted to 19.1 (26.7) MSEK. • Operating profit before depreciation (EBITDA) amounted to 15.8 (23.9) MSEK. • Profit before tax amounted to 1.7 (11.6) MSEK. • Profit after tax amounted to 1.3 (8.8) MSEK. • Power production, including production guarantees amounted to 29.3 (40.5)
GWh. • The quarter have had winds below normal and especially very weak winds in the
month of March which resulted in production slightly below budget. The comparative quarter in Q1 2015 consisted of record high winds which resulted in a production high above budget.
• Aligera has entered into an agreement with Slitevind AB regarding the acquisition of 50% of Samkraft AB. Samkraft AB has ten operational wind turbines with an estimated production of 60-65 Gwh.
GROUP IN SHORT – FIRST QUARTER 2016
87%
88%
88%
89%
89%
90%
90%
91%
0
5
10
15
20
25
30
Q1 2015 Q1 2016
mkr
Turnover EBITDA margin
PRODUCTION DURING PERIOD (INCLUDING PRODUCTION GUARANTEE)
29.3 GWh DEPLOYED CAPACITY
104 GWh NUMBER OF WIND TURBINES
15
EBITDA
15.8 MSEK RESULTS BEFORE TAX
1.7 MSEK EQUITY
220.6 MSEK EQUITY RATIO 31%
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Aligera Holding AB (publ) Aligera Holding AB (publ) is a long-term owner of renewable energy production assets and specifically in wind energy. The Group has only invested in operational wind plants and through this avoided the risks that are related to own project development. Aligera Holding is a public company with its subsidiaries, forming a group that intends during the coming years to grow their holdings and to develop new wind farms. The aim is to build long term holdings that generate returns to owners and to contribute to the expansion of renewable energy. Aligera Holding Group holding consists per 31 March 2016 of 14 wholly-owned and 2 half owned, of which 6.5 are located in the price range SE3 and 8.5 the price range SE4. One of the turbines is a Danish Vestas V90 2 MW turbine, two are Danish Vestas V-100 2 MW turbines, two are German Enercon E-82 2 MW turbines, four and a half German Fuhrländer FL 2500 2.5 MW turbines and five and a half are Chinese Sinovel SL3000 3 MW turbines. BUSINESS MODEL Aligera Holding AB is one of Sweden's leading companies in onshore wind power with the business model to manage the wind power parks and to sell the electricity produced. Aligera Holding AB's business model is to acquire deployed, turnkey wind power plants in order to maximize shareholder value in the company. Through the sale of produced electricity and electricity certificates, the company creates revenue. Through long-term contracts with established suppliers we obtain service, maintenance, monitoring and insurance with the highest quality. Which in the long term contributes to successfully establish and manage further wind power. The company operates with the most efficient organization possible. This means that the company does not have its own staff. All management, operation and administration have so far been purchased by external partners. The company is run by a very active and committed Board of Directors and CEO. Aligera Holding AB prefer to do their acquisition of wind turbines in southern Sweden, exclusively in price range 3 and 4, in order to ensure high availability and maximum production, in all seasons. Aligera Holding strongly believe in climate improvement through renewable energy and wants to grow its holding in wind turbines and wind farms with by sustainability as a pillar, we want to contribute to a greener society.
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Comments from the CEO The first quarter of 2016 was characterized by lower winds than normal and changing electricity prices. The month of January was cold with high electricity prices and in February it was warm with record-low electricity prices in March we had both light winds and low electricity prices. Generally speaking, the quarter have had lighter wind than normal which resulted in a production slightly below budget. During the quarter no acquisitions were made, but we have reached an agreement with Slitevind to acquire 50% of Samkraft AB, which previously was owned by a municipalities. The order of the acquisition process is first Slitevind to access Samkraft in April (completed), and after that will we have accesses to our 50%. Aligera have already contributed with about 2/3 of our purchase price but we have not received accessed since we first should conclude our DD, which is expected to be completed in the coming weeks. Samkraft is located in Gävle and has assets in the form of ten operational wind turbines. The park consists of eight Vestas V90-2MW which was put in operation between 2011 and 2012 and two Enercon E82-2MW that was put into operation in 2010. Samkraft have between 60-65 GWh of annual production, out of this production we are supposed to own 50% in a couple of weeks. We are very excited about this transaction and expect a good and stable return on investment, the acquisition will be done on very attractive terms. After completion, we will have own production of approximately 137GWh. Samkraft transaction is also very good for Slitevind where we are the largest owners, Slitevind will increase its production with Samkraft transaction about 85GWh approximately 115-118GWh. POWER PRODUCTION The first quarter was had lower production than budget, the winds were generally weak and especially the month of March. We had no major production problems, and our downtime has been normal character. WEATHER AND MARKET From March onwards we have seen a relatively sharp rise in electricity prices. After four years of price declines, it feels like a sign of health for the market that we get a rebound. The rise is mainly due to the fact that fuel prices have bottomed out and increased slightly while the water reservoirs are at relatively good levels, even if they are larger than normal. Time will tell if that is the beginning of a long upswing we see. FUTURE It is obvious to more and more that the future is renewable and that wind energy has a significant role to play in the transition to a sustainable energy supply. There are major challenges in the electricity industry and especially for coal and nuclear power producers. OKG announced in April that Oskarshamn 1 will be decommissioned for good in June 2017. Meanwhile, Vattenfall is making noise in the media to obtain final clearance for the efficacy tax. Baltkabeln were launched in February and has resulted in significantly higher prices in SE4 certain days. We are optimistic about the future and we are convinced that it is renewable, which will go from winning the structural change in the electricity industry. Kristoffer Löfgren, CEO
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Holdings
KLEMEDSTORP Price area/region: se-4/Eslöv Manufacturer/model: Enercon/e-82 Turbines: 2 Effect/turbine: 2 MW Calculated annual production: 11,410 GWh Date of commissioning: 2011
STRÖMMESTAD Price area/region: se-3/Mjölby Manufacturer/model: Vestas/V-100 Turbines:: 2 Effect/turbine: 2 MW Calculated annual production: 11,110 GWh Date of commissioning: 2013
LILLÄNG Price area/region:: se-3/Skara kommun Tillverkare/modell: Fuhrländer/FL2500 Turbines: 0,7 (Aligera äger 66 % av verk) Effect/turbine: 2,5 MW Calculated annual production: 4,080 GWh (Aligeras) Date of commissioning: 2011
STOR KVILLA Price area/region: se-4/Torsås kommun Manufacturer/model: Sinovel/SL3000 Turbines: 4 Effect/turbine: 3 MW Calculated annual production: 32,260 GWh Date of commissioning: 2014
MORTORP 1 Price area/region: se-4/Kalmar kommun Manufacturer/model: Fuhrländer/FL2500 Turbines: 1 Effect/turbine: 2,5 MW Calculated annual production: 7,030 GWh Date of commissioning: 2012
MORTORP 2 Price area/region: se-3/Kalmar kommun Manufacturer/model: Sinovel/SL3000 Turbines: 1,5 Effect/turbine: 3 MW Calculated annual production: 12,000 GWh (Aligeras) Date of commissioning: 2014
SANNERSBY Price area/region: se-3/Lilla Edet kommun Manufacturer/model: Vestas/V-90 Turbines: 1 Effect/turbine: 2 MW Calculated annual production: 5,564 GWh Date of commissioning: 2011
VÄRSLEN Price area/region: se-3/Mariestad kommun Manufacturer/model: Fuhrländer/FL2500 Turbines: 1 Effect/turbine: 2,5 MW Calculated annual production: 6,850 GWh Date of commissioning: 2012
STORA FARSNÄS Price area/region: se-3/Marks kommun Manufacturer/model: Fuhrländer/FL2500 Turbines: 2 Effect/turbine: 2,5 MW Calculated annual production: 13,202 GWh Date of commissioning: 2012
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Power generation The first quarter production was lower than the budgeted production, main reason for this was the
generally weak winds during the quarter, but primarily during the month of March, we had in the
quarter no major technical problems, although occasional downtime always occurs.
Production at the company's farms during the quarter amounted in total to 29.3 (40.5) GWh. The
decrease is due to the Q1 2015 winds were very strong and in Q1 2016 the winds were weaker than
normal.
PRODUCTION DURING PERIOD (INCLUDING PROCTION GUARANTEE)
29,3 GWh DEPLOYED CAPACITY
104 GWh NUMBER OF TURBINES
15
0
5
10
15
20
25
30
35
40
45
Q1 2015 Q1 2016
GW
h
Total energy production
Production first quarter 2016
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Investments During the quarter, no direct investments has been made in wind turbines. We have reached an agreement with Slitevind AB to acquire 50% of Samkraft AB.
Net sales and profit Net sales and other revenues for the quarter amounted to 19.1 (26.7) MSEK, the decrease is mainly attributable to the lower wind speed than normal during this quarter compared with the same quarter of 2015 when wind was record high. Operating expenses increased from -8.6 MEK to -9.9 MSEK, mainly due to that the Company has increased the number of wind turbines and thus increased its costs relating to the operational contract costs and the depreciation. Operating profit before depreciation (EBITDA) amounted to 15.8 (23.9) MSEK. Operating profit (EBIT) amounted to 9.2 (18.1) MSEK including deprecations of -6.6 (-5.8) MSEK. Financial net was -7.5 (-6.9) MSEK, where the difference is explained by increased interest costs of -7.5 (-6.9) MSEK primarily related to the bond program. Profit before tax amounted to 1.7 (11.3) MSEK, profit after tax was 1.3 (8.8) MSEK.
Cash flow Cash flow from operating activities before changes in working capital was 8.2 (17.0) MSEK. Changes in working capital, cash flow increased by -7.0 (-10.7) MSEK, which generated a cash flow from operating activities 1.2 (6.3) MSEK. Investments in tangible fixed assets amounted to 0.0 (0.0) MSEK, after the cash flow after investments amounted to -13.7 (-0.9) MSEK. The net amount of long and short term interest bearing liabilities increased cash flow by 0.0 (0.0) MSEK. Interest rates of -7.5 (-6.9) MSEK has been paid and the interest rates obtained in about 0.0 (0.0) MSEK, after which the cash flow for the quarter amounted to -12.5 (6.3) MSEK.
Financing and liquidity Interest-bearing net debt amounted to 443.1 (366.2) MSEK. The equity ratio at the end of the period was 31 percent. Cash and cash equivalents amounted to 36.5 (14.8) MSEK. At the end of the period there remained no unused credit. Since Aligera Holding AB only has Swedish subsidiaries, tax has been calculated for the Swedish tax rate 22.0 percent. Considered the group's tax depreciation possibilities, it is deemed that no taxes paid will be reported in the coming years. Valuation of wind turbines are made at the end of the year based on a DCF analysis, taking into account the public information on transactions made in the market in 2014 and 2015.
Related party transactions Aligera Holding AB is the parent company of Aligera Holding Group is a subsidiary of Aligera AB and are considered to have significant influence over the Group. Other related parties are all subsidiaries within the Group, senior executives of the Group, ie Board and management, its family members and company senior executives possess. During the quarter, no related party transaction was conducted.
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Risks and uncertainties The markets for both electricity and certificates have moved down slightly in the quarter. The exchange rate EUR / SEK has continued to rise although only compensates the low electricity prices marginally. The interest rate is also at historically low levels and a further decline is not impossible. The focus of monitoring is primarily on the development of electricity and certificate prices and exchange rates, especially EUR and our counterparty risks for production guarantee, availability, warranty and guarantee. The Group's risks and uncertainties are described in the Company's Annual Report for the year 2015 and in the bond prospectus dated 27 January 2015.
Parent company The Parent Company has accounted for the main work with the procurement of turnkey plants for wind, handled Group trading of electricity and electricity certificates and performed administrative services. The parent company manages the Group's production plans and monitors the company's agreements regarding availability guarantee, production, warranty and guarantee. The electricity-generating subsidiaries sell its electricity to the customer under the agreement. The parent company's total income during the quarter amounted to 0.0 (0.0) MSEK and expenses totaled -0.3 (-0.1) MSEK and the operating profit (EBIT) was -0.3 (0.1) MSEK. Net financial items of -7.5 (-6.7) MSEK and the group contribution of 0.0 (0.0) MSEK resulted in the net profit after tax amounted to -6.1 (-5.3) MSEK.
Ownership A list of the company's ownership structure is available on the Company's website (www.aligera.se).
Audit report This report has not been audited by the auditor.
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Financial calendar
Interim report second quarter 30 August 2016
Interim report third quarter 28 November 2016
Interim report fourth quarter 24 February 2017
Annual Report April 2017
Annual General Meeting April 2017
Interim report first quarter 18 May 2017
Please contact us For further information, please contact: Kristoffer Löfgren, CEO +46 (0) 708 614968 Aligera Holding AB Org.nr 556909-1704 LIDKÖPING STOCKHOLM Fabriksgatan 4 Grev Turegatan 18 531 30 Lidköping 114 46 Stockholm [email protected] www.aligera.se
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Consolidated statement of comprehensive income
The group found no items that are recognized as other comprehensive income and hence total comprehensive income consistent with this year's results.
kSEK Q 1
2016 Q 1
2015 Full year
2015
Operating income
Net sales 19 050 26 667 63 904
Other 0 0 2 205
Total operating income 19 050 26 667 66 109
Operating expenses
Other external costs -3 216 -2 765 -15 744
Depreciation -6 642 -5 848 -25 105
Total operating expenses -9 858 -8 613 -40 849
Operating income 9 192 18 054 25 260
Profit from financial items
Financial income 0 69 275
Financial expenses -7 537 -6 872 -31 147
Financial items - net -7 537 -6 803 -30 872
Group contribution 0 18 297
Profit before tax 1 655 11 251 12 685
Tax -343 -2 453 -2 703
Net profit 1 312 8 798 9 982
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Consolidated balance sheet
kSEK Mar 31
2016 Mar 31
2015 Dec 31
2015
ASSETS
Fixed assets
Tangible fixed assets
Share in wind turbines 541 969 497 321 548 610
Total tangible assets 541 969 497 321 548 610
Financial assets
Shares in associated companies 122 110 122
Other share holdings 18 154 18 154
Group receivables 62 946 29 290 49 246
Other long-term receivables 0 0 0
Total financial assets 81 222 29 400 67 522
Total fixed assets 623 191 526 721 616 132
Current assets
Accounts receivable 0 148 0
Current tax assets 134 120 28
Receivables from group companies 0 11 488 0
Other receivables 640 125 623
Prepaid expenses and accrued income 57 510 31 139 46 318
Cash equivalents 4 866 4 870 4 866
Cash 36 524 14 759 49 014
Total current assets 99 674 62 649 100 849
TOTAL ASSETS 722 865 589 370 716 981
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Consolidated Balance Sheet, cont.
kSEK Mar 31
2016 Mar 31
2015 Dec 31
2015
EQUITY
Equity attributable to Company shareholders
Share capital 500 500 500
Other capital 202 859 175 359 202 859
Retained earnings including net comprehensive income 17 261 14 765 15 949
Total equity 220 620 190 624 219 308
LIABILITIES
Long-term liabilities
Liabilities bond 484 487 385 856 483 198
Deferred taxes 5 136 1 599 5 145
Total long-term liabilities 489 623 387 455 488 343
Current liabilities
Accounts payable 806 2 729 663
Current tax liabilities 352 2 454 0
Liabilities to related companies 4 872 0 1 784
Other liabilities 1 769 702 874
Accrued expenses and deferred income 4 823 5 406 6 009
Total current liabilities 12 622 11 291 9 330
TOTAL EQUITY AND LIABILITIES 722 865 589 370 716 981
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Changes in equity for the Group
kSEK Share capital Other
contributed capital
Balanced result Ink. this year overall
results
Total equity
Balance at January 1, 2015 500 175 359 5 967 181 826
Shareholder contributions 27 500 27 500
Net profit 9 982 9 982
Overall Results 500 27 500 9 982 37 482
Closing balance as of December 31, 2015 500 202 859 15 949 219 308
Net profit 1 312 1 312
Overall Results 0 0 1 312 1 312
Closing balance as of December 31, 2016 500 202 859 17 261 220 620
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Cash Flow Statement
kSEK Q 1
2016 Q 1
2015 Full year
2015
Cash flow from operating activities
Operating income 9 192 18 054 25 260
Depreciation 6 642 5 848 25 105
Interest received 0 69 275
Interest paid -7 537 -6 872 -31 147
Paid income tax -106 -113 -22
Cash flows from operating activities before working capital changes
8 191 16 986 19 471
Cash flow from changes in working capital
Increase / decrease in trade receivables 0 695 843
Increase / decrease in current receivables -9 921 -12 155 -29 597
Increase / decrease in accounts payable 143 2 212 146
Increase / decrease in current liabilities 2 797 -1 421 1 137
Total change in working capital -6 981 -10 669 -27 471
Cash flow from operating activities 1 210 6 317 -8 000
Cash flows from investing activities
Acquisition of financial assets -13 700 -850 -12 285
Acquisition of tangible assets 0 0 -66 700
Cash flows from investing activities -13 700 -850 -78 985
Cash flows from financing activities
Borrowing 0 797 100 000
Shareholder contributions 0 0 27 500
Cash flows from financing activities 0 797 127 500
Cash flow -12 490 6 264 40 515
Cash and cash equivalents at beginning of year 53 880 13 365 13 365
Cash and cash equivalents at end of year 41 390 19 629 53 880
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Consolidated key figures
Q1
2016 Q1
2015
Operational key figures
Commissioned capacity at end of period, GWh 104 97
Commissioned effect at end of period, MW 38,6 35
Key financial figures
EBITDA margin,% 83 90
Operating margin% 48 68
Capital employed, kSEK 705.1 579.1
Equity, kSEK 220.6 190.6
Interest-bearing net debt, kSEK 443.1 385.9
Equity ratio,% 31 312
Debt to equity ratio, X 2.0 2.0
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Parent company income
The parent company are no items recognized in other comprehensive income and hence total comprehensive income is consistent with this year's results.
kSEK Q 1
2016 Q 1
2015 Full year
2015
Operating income
Net sales 12 0 625
Other operating income 0 0 0
Total operating income 12 0 625
Operating expenses
Other external costs -240 -95 -493
Depreciation -67 0 -135
Total operating expenses -307 -95 -628
Operating income -295 -95 -3
Profit from financial items
Financial income 0 69 275
Financial expenses -7 537 -6 750 -29 877
Financial items - net -7 537 -6 681 -29 602
Allocations 0 0 29 605
Profit before tax -7 832 -6 776 0
Income tax 1 723 1 491 0
Net profit -6 109 -5 285 0
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Parent company balance sheet
kSEK Mar 31
2016 Mar 31
2015 Dec 31
2015
ASSETS
Tangible assets
Wind Turbines 5 797 0 5 865
Total tangible assets 5 797 0 5 865
Shares in group companies 3 200 150 3 200
Other share holdings 18 154 0 18 154
Group liabilities 608 921 549 808 604 565
Other long-term receivables 0 0 0
Total financial assets 630 275 549 958 625 919
Total fixed assets 636 072 549 958 631 784
Current assets
Accounts receivable 3 781 125 3 781
Receivables group companies 0 5 800 0
Current tax assets 1 728 1 493 3
Other receivables 0 98 1
Prepaid expenses and accrued income 126 2 484 348
Cash equivalents 4 866 4 870 4 866
Cash 34 456 4 017 39 442
Total current assets 44 957 18 887 48 441
TOTAL ASSETS 681 029 568 845 680 225
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Parent Company Balance Sheet, cont.
kSEK Mar 31
2016 Mar 31
2015 Dec 31
2015
EQUITY
Share capital 500 500 500
Total equity 500 500 500
Unrestricted equity
Retained earnings 184 159 184 159 184 159
Year total result -6 109 -5 285 0
Total unrestricted equity 178 050 178 874 184 159
Total equity 178 550 179 374 184 659
LIABILITIES
Long-term liabilities
Liabilities bond 484 487 385 857 483 198
Total long-term liabilities 484 487 385 857 483 198
Current liabilities
Accounts payable 155 80 7
Liabilities group companies 13 868 0 8 278
Other liabilities 348 0 391
Accrued expenses and deferred income 3 621 3 534 3 692
Total current liabilities 17 992 3 614 12 368
TOTAL EQUITY AND LIABILITIES 681 029 568 845 680 225
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Changes in equity for the Parent Company
kSEK Share capital Balanced profit
And this year overall results
Total equity
Balance at January 1, 2015 500 184 159 184 659
Capitalization of company 0 0
Annual result 0
Overall Results 0 0 0 0
Closing balance as of December 31, 2015 500 0 184 159 184 659
Annual result -6 109 -6 109
Overall Results 0 0 -6 109 -6 109
Closing balance as of March 31, 2016 500 0 178 050 178 550
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Cash flow statement for parent company
kSEK Q 1
2016 Q 1
2015 Full year
2015
Cash flow from operating activities
Operating income -295 -95 -3
Depreciation 67 0 135
Interest received 0 69 275
interest paid -7 537 -6 750 -29 877
Paid income tax -2 -1 -2
Cash flows from operating activities before working capital changes
-7 767 -6 777 -29 472
Cash flow from changes in working capital
Increase / decrease in trade receivables 0 -125 -3 656
Increase / decrease in current receivables 1 512 -4 403 348
Increase / decrease in accounts payable 148 31 -42
Increase / decrease in current liabilities 5 477 453 9 279
Total change in working capital 7 137 -4 044 5 929
Cash flow from operating activities -630 -10 821 -23 543
Cash flows from investing activities
Acquisition of financial assets -4 356 12 471 -33 885
Acquisition of tangible assets 0 0 -6 000
Cash flows from investing activities -4 356 12 471 -39 885
Cash flows from financing activities
Borrowing 0 -499 100 000
Shareholder contributions 0 0 0
Cash flows from financing activities 0 -499 100 000
Cash flow -4 986 1 151 36 572
Cash and cash equivalents at beginning of year 44 308 7 736 7 736
Cash and cash equivalents at end of year 39 322 8 887 44 308
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Tangible assets for the Group
kSEK
Shares in wind turbine
Advances for construction
in progress Total
2015 financial year
Opening book value 503 169 0 503 169
Purchases 70 546 0 70 546
Depreciation -25 105 0 -25 105
Closing book value 548 610 0 548 610
As of December 31, 2015
Cost of acquisition 583 357 0 583 357
Accumulated amortization -34 746 0 -34 746
Book value 548 611 0 548 611
Financial year 2016
Opening book value 548 611 0 548 611
Purchases 0 0 0
Depreciation -6 642 -6 642
Closing book value 541 969 0 541 969
As of March 31, 2016
Cost of acquisition 583 357 0 583 357
Accumulated amortization -41 388 -41 388
Book value 541 969 541 969
Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016
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Definitions
EBITDA-margin Operating income before depreciation (EBITDA) in relation to total income.
Operating margin Operating profit (EBIT) in relation to total income.
Interest-bearing net debt Interest-bearing liabilities less cash and restricted cash.
Debt to equity ratio Interest-bearing net debt to equity
Equity ratio Equity in relation to total assets.
Capital employed Shareholders' equity plus net debt.