Average shareholders’ equity: Reported shareholders’ equity.
Average shareholders’ equity is calculated as the average of the
balances at January 1, March 31, June 30, September 30 and De-
cember 31. Beta value: Volatility in the price of NCC shares in relation to
the entire stock market. Capital employed: Total assets less interest-free liabilities. Av-
erage capital employed is calculated as the average of the balances
at January 1, March 31, June 30, September 30 and December 31. Direct return: The dividend as a percentage of the market price
at year-end. Earnings per share after full tax: Net profit for the year as a
percentage of the number of shares at the end of the year. EBIT: Profit before financial items, operating profit. EBT: Profit after financial items. Equity/assets ratio: The total of visible shareholders’ equity and
minority interests as a percentage of total assets. Exchange-rate difference: Exchange-rate changes attributable
to movements in various exchange rates when receivables and lia-
bilities in foreign currencies are translated into SEK. Exchange-rate effect: The impact of changes in various ex-
change rates on current reporting in NCC's consolidated ac-
counts on translation into SEK. Net debt: Interest-bearing liabilities less liquid assets less
interest-bearing receivables. Net investments: Closing balance less opening balance
plus depreciation and write-downs less write-ups. Net margin: Profit after net financial items as a percentage of
net sales. Net sales: The net sales of construction operations are reported
in accordance with the percentage of completion principle and
are matched by revenues worked up during the year. These rev-
enues are reported in pace with the gradual completion of con-
struction projects within the Group. In the Parent Company, net
sales correspond to income-recognized sales from completed
projects. Within other operations, net sales correspond to in-
voicing for the year. Operating margin: Operating profit after depreciation as a per-
centage of net sales. P/E ratio: Market price of the shares at year-end, divided by net
profit per share after full tax. Repurchase of Company shares: Repurchased shares have
been excluded from calculations of key figures based on the
number of shares outstanding. Return on equity after full tax: Net profit for the year as a per-
centage of average shareholders’ equity. Return on capital employed: Profit after net financial items in-
cluding participations in associated companies, following reversal of
interest expenses, as a percentage of average capital employed. Share of risk-bearing capital: The total of shareholders’ equity,
minority interests, deferred tax liabilities and convertible deben-
ture loans, which were subsequently converted, as a percentage of
total assets. Total return: The real return on an investment in shares, mean-
ing the dividend received plus the change in the share price. DEFINITIONS - 73 -