Definitions and calculations of key ratios
Figures for the Group in 2008. Amounts in SEK million unless stated otherwise.
| EBIT | = | Earnings Before Interest and Tax. | |
| EBITDA | = | Earnings Before Interest, Tax, Depreciation and Amortisation. | |
| FFO | = | Funds From Operations. | |
| Items affecting comparability | = | Non-recurring capital gains and capital losses from shares and other non-current assets. | |
| Free cash flow | = | Cash flow from operating activities less maintenance investments. | |
| Capital Securities | = | Perpetual subordinated securities, junior to all Vattenfall's unsubordinated debt instruments. Reported as interest-bearing non-current liabilities. | |
| Net assets | = | Balance sheet total less noninterest-bearing liabilities, provisions, interest-bearing receivables, funds in the Swedish Nuclear Waste Fund, cash and cash equivalents, short-term investments. | |
| Net debt | = | Interest-bearing liabilities less loans to minority owners in foreign subsidiaries, cash and cash equivalents, short-term investments. |
The key ratios are presented as percentages (%) or times (x).
| Key ratios based on full year amounts 2008: | ||||||
| Operating margin, % | = | 100 x | Operating profit (EBIT) | 29,895 | = | 18.2 |
| Net sales | 164,549 | |||||
| Operating margin excl. items affecting comparability, % | = | 100 x | Operating profit (EBIT) excl. items affecting comparability | 29,797 | = | 18.1 |
| Net sales | 164,549 | |||||
| Pre-tax profit margin, % | = | 100 x | Profit before tax | 23,498 | = | 14.3 |
| Net sales | 164,549 | |||||
| Pre-tax profit margin excl. items affecting comparability, % | = | 100 x | Profit before tax excl. items affecting comparability | 23,374 | = | 14.2 |
| Net sales | 164,549 | |||||
| Return on equity, % | = | 100 x | Profit for the period attributable to equity holders of the Parent Company | 17,095 | = | 13.6 |
| Average equity for the period attributable to equity holders of the Parent Company excl. the Reserve for cash flow hedges | 125,760 | |||||
| Return on equity excl. items affecting comparability, % | = | 100 x | Profit for the period attributable to equity holders of the Parent Company excl. items affecting comparability | 17,000 | = | 13.5 |
| Average equity for the period attributable to equity holders of the Parent Company excl. the Reserve for cash flow hedges | 125,760 | |||||
| Return on net assets, % | = | 100 x | Operating profit (EBIT) + discounting effects attributable to provisions | 27,095 | = | 15.1 |
| Weighted average of net assets for the period | 179,114 | |||||
| Return on net assets excl. items affecting comparability, % | = | 100 x | Operating profit (EBIT) excl. items affecting comparability + discounting effects attributable to provisions | 26,997 | = | 15.1 |
| Weighted average of net assets for the period | 179,114 | |||||
| EBIT interest cover, (x) | = | Operating profit (EBIT) + financial income excl. discounting effects attributable to provisions and return from the Swedish Nuclear Waste Fund | 31,855 | = | 4.5 | |
| Financial expenses excl. discounting effects attributable to provisions | 7,009 | |||||
| EBIT interest cover excl. items affecting comparability, (x) | = | Operating profit (EBIT) excl. items affecting comparability + financial income excl. discounting effects attributable to provisions and return from the Swedish Nuclear Waste Fund | 31,757 | = | 4.5 | |
| Financial expenses excl. discounting effects attributable to provisions | 7,009 | |||||
| FFO interest cover, (x) | = | Funds from operations (FFO) + financial expenses excl. discounting effects attributable to provisions | 37,744 | = | 5.4 | |
| Financial expenses excl. discounting effects attributable to provisions | 7,009 | |||||
| FFO interest cover, net, (x) | = | Funds from operations (FFO) + net financial items excl. discounting effects attributable to provisions and return from the Swedish Nuclear Waste Fund | 35,784 | = | 7.1 | |
| Financial items excl. discounting effects attributable to provisions and return from the Swedish Nuclear Waste Fund | 5,049 | |||||
| Cash flow interest cover after maintenance investments, (x) | = | Cash flow from operating activities less maintenance investments + financial expenses excl. discounting effects attributable to provisions and interest components related to pension costs | 25,029 | = | 4.1 | |
| Financial expenses excl. discounting effects attributable to provisions and interest components related to pension costs | 6,066 | |||||
| FFO/gross debt, % | = | 100 x | Funds from operations (FFO) | 30,735 | = | 28.6 |
| Interest-bearing liabilities | 107,347 | |||||
| FFO/net debt, % | = | 100 x | Funds from operations (FFO) | 30,735 | = | 46.6 |
| Net debt | 66,000 | |||||
| EBITDA/net financial items, (x) | = | Operating profit before depreciation and amortisation (EBITDA) | 45,960 | = | 9.1 | |
| Financial items excl. discounting effects attributable to provisions and return from the Swedish Nuclear Waste Fund | 5,049 | |||||
| EBITDA excl. items affecting comparability/net financial items, (x) | = | Operating profit before depreciation and amortisation (EBITDA) excl. items affecting comparability | 45,862 | = | 9.1 | |
| Financial items excl. discounting effects attributable to provisions and return from the Swedish Nuclear Waste Fund | 5,049 | |||||
| Key rations based on the balance sheet per 31 December 2008: | ||||||
| Equity/total assets, % | = | 100 x | Equity | 140,886 | = | 31.6 |
| Balance sheet total | 445,827 | |||||
| Gross debt/equity, % | = | 100 x | Interest-bearing liabilities | 107,347 | = | 76.2 |
| Equity | 140,886 | |||||
| Net debt/equity, % | = | 100 x | Net debt | 66,000 | = | 46.8 |
| Equity | 140,886 | |||||
| Gross debt/gross debt plus equity, % | = | 100 x | Interest-bearing liabilities | 107,347 | = | 43.2 |
| Interest-bearing liabilities + equity | 248,233 | |||||
| Net debt/net debt plus equity, % | = | 100 x | Net debt | 66,000 | = | 31.9 |
| Net debt + equity | 206,886 | |||||
| Net debt/EBITDA, (x) | = | Net debt | 66,000 | = | 1.4 | |
| Operating profit before depreciation and amortisation (EBITDA) | 45,960 | |||||
