Calculation of key figures
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EBITDA |
= |
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Operating profit + depreciation, amortization and impairments |
|---|---|---|---|---|
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Comparable operating profit 1) |
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Operating profit -/+ inventory valuation gains/losses -/+ changes in the fair value of open commodity and currency derivatives -/+ capital gains/losses - insurance and other compensations -/+ other adjustments |
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Items affecting comparability |
= |
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Inventory valuation gains/losses, changes in the fair value of open commodity and currency derivatives, capital gains/losses, insurance and other compensations and other adjustments |
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Comparable net profit |
= |
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Comparable operating profit - total financial income and expense - income tax expense - non-controlling interests - tax on items affecting comparability |
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Return on equity, (ROE), % |
= |
100 |
x |
Profit before income taxes - income tax expense, last 12 months Total equity average, 5 quarters end values 2) |
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Return on average capital employed, |
= |
100 |
x |
Comparable operating profit + financial income + exchange rate and fair value gains and losses - income tax expense - tax on other items affecting ROACE, last 12 months Capital employed average, 5 quarters end values |
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Capital employed |
= |
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Total equity + interest bearing liabilities |
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Interest-bearing net debt |
= |
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Interest-bearing liabilities - cash and cash equivalents - current investments |
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Leverage ratio, % |
= |
100 |
x |
Interest-bearing net debt Interest bearing net debt + total equity |
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Gearing, % |
= |
100 |
x |
Interest-bearing net debt Total equity |
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Equity-to-assets ratio, % |
= |
100 |
x |
Total equity Total assets - advances received |
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Net working capital in days outstanding |
= |
365 |
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Net working capital _______________________ Revenue, last 12 months
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Return on net assets, % |
= |
100 |
x |
Segment operating profit, last 12 months Average segment net assets, 5 quarters end values |
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Net Debt to EBITDA |
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Interest-bearing net debt ____________________________ |
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Return on net assets, % |
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Segment operating profit, last 12 months ____________________________ |
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Comparable return on net assets, % |
= |
100 |
x |
Segment comparable operating profit, last 12 months ____________________________ |
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Segment net assets |
= |
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Property, plant and equipment + intangible assets + investments in joint ventures + inventories + interest-free receivables and liabilities - provisions - pension liabilities allocated to the business segment. |
1) In the business environment where Neste operates, commodity prices and foreign exchange rates are volatile and can cause significant fluctuations in inventory values and IFRS operating profit. Comparable operating profit eliminates both the inventory gains/losses generated by the volatility in raw material prices and changes in open derivatives, and better reflects the company's underlying operational performance. Also, it reflects Neste's operational cash flow, where the change in IFRS operating profit caused by inventory valuation is mostly compensated by changing working capital.
2) Total equity average and capital employed average are calculated using last 5 quarters' end values from Q2 2016 interim report onwards, previously calculated using the yearly opening balance and each quarter end values.
Calculation of share-related indicators
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Earnings per share (EPS) |
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Profit for the period attributable to the owners of the parent Adjusted average number of shares during the period |
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Comparable earnings per share |
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Comparable net profit Adjusted average number of shares during the period |
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Equity per share |
= |
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Shareholder's equity attributable to the owners of the parent Adjusted average number of shares at the end of the period |
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Cash flow per share |
= |
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Net cash generated from operating activities Adjusted average number of shares during the period |
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Price / earnings ratio (P/E) |
= |
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Share price at the end of the period Earnings per share |
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Dividend payout ratio, % |
= |
100 |
x |
Dividend per share Earnings per share |
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Dividend yield, % |
= |
100 |
x |
Dividend per share Share price at the end of the period |
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Average share price |
= |
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Amount traded in euros during the period Number of shares traded during the period |
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Market capitalization at the end of the period |
= |
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Number of shares at the end of the period x share price at the end of the period |
Calculation of key drivers
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Oil Products reference margin (USD/bbl) |
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Product value - feed cost - standard refining variable cost - sales freights |
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Oil Products total refining margin (USD/bbl) |
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Comparable sales margin x average EUR/USD exchange rate for the period x standard refinery yield __________________________________ Refined sales volume x standard barrels per ton |
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Oil Products additional margin (USD/bbl) |
= |
Oil Products total refining margin - Oil Products reference margin |
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Renewable Products comparable sales margin (USD/ton) |
= |
Comparable sales margin ______________________ Total sales volume |
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