Equity and deferred tax liabilities as a percentage of total assets. Relevant from a credit point of view, showing the ability to absorb losses.
Reason for use
Relevant from a credit point of view, shows the ability to absorb losses.
Profit for the year as a percentage of average equity during the period. When reporting an interim period, the result is extrapolated to correspond to a 12-month period.
Reason for use
Relevant from a shareholder perspective as it reflects the return over the period on shareholders’ capital.
Profit before tax and before financial charges as a percentage of average capital employed during the period See definition of capital employed below.
Reason for use
Relevant for investors and lenders as it shows the return on capital that requires a return, used to optimize capital allocation.
The value of all assets, such as real estate, machinery and equipment, inventories, accounts receivable and cash.
Reason for use
Relevant for stakeholders to easily follow changes in the total assets of the group.
Equity excluding non-controlling interests divided by the number of shares.
Reason for use
Relevant measure for investors of the amount of debt to owners related to each share
Fixed assets acquired during the period
Reason for use
Relevant to show the overall size of investments made to maintain existing capacity and create growth
Revenue divided by average capital employed
Reason for use
Relevant for assessing the average rate of capital utilization, a kind of measure of capital efficiency
Cash flow from operating activities, excluding financing and investing activities
Reason for use
Relevant to monitor the ability of the business to generate cash flow to finance new investments, repayments and dividends and to assess the need for new external financing.
Cash flow from operating activities divided by average number of shares
Reason for use
Relevant to relate cash generating capacity to the number of shares
Cash and cash equivalents and unutilized bank credit facilities at end of period
Reason for use
Relevant for assessing the ability to finance future operations and variations in cash flow through the company
Net interest-bearing debt divided by profit before depreciation and amortization
Reason for use
Relevant for assessing the ability to repay the loans, which is of interest to lenders and investors
Net interest-bearing debt divided by equity
Reason for use
Relevant to assess the capital structure, the split between equity and debt
Operating profit as a percentage of revenue
Reason for use
Relevant to assess the proportion of revenue retained as profit from operating activities
Operating profit excluding items affecting comparability and market price changes during the period of the metal exposure
Reason for use
Relevant as a measure of operational performance
Change in market value of the average risky metal position
Reason for use
Relevant to show outcome of profit impact due to change in market price of metal
Operating profit before depreciation according to plan and impairment losses
Reason for use
Relevant as a measure of the ability of the business to generate cash flow before capital tied up in operations and financial flows
Profit for the period excluding profit attributable to non-controlling interests divided by the average number of shares
Reason for use
Relevant for investors to assess stock performance and valuation
Profit before tax as a percentage of revenue
Reason for use
Relevant for assessing the proportion of revenue retained as profit, can also be used for comparison between companies. It also shows resilience to negative deviations
Net of aluminum volume in stock, contracted inflows and contracted outflows
Reason for use
Relevant to show the volume of future profit impact of the market price change
Interest-bearing liabilities and interest-bearing provisions (provisions for pensions) less cash and cash equivalents
Reason for use
Relevant for assessing total interest-bearing debt burden used
Profit before tax and before financial charges divided by financial charges
Reason for use
Relevant for creditors as a measure of ability to cover interest costs
Operating profit as a percentage of revenue
Reason for use
Relevant for assessing the share of revenue retained as profit from operations, can also be used for comparison between companies
Profit before tax and financial items
Reason for use
Relevant as a performance measure
(Not used from Q1 2025. From Q4 2023 until Q4 2024 this APM is reported).
Profit for the period adjusted by (1) the difference (accrual) between valuation of inventories and contracted flows and (2) the market value at the balance sheet date of the metal position at risk
Reason for use
Relevant to assess the overall performance of the company during the period
(Not used from Q1 2025. From Q4 2023 until Q4 2024 this APM is reported).
Total profit after financial items and tax excluding profit attributable to non-controlling interests divided by the average number of shares
Reason for use
Relevant for investors to assess stock performance and valuation
(Not used from Q1 2025. From Q4 2023 until Q4 2024 this APM is reported).
Operating profit adjusted by (1) the difference (accrual) between valuation of inventories and contracted flows and (2) the market value at the balance sheet date of the metal position at risk
Reason for use
Relevant to assess the overall performance of the company during the period showing the sum of operating activities, metal risk position results and items affecting comparability
Equity as a percentage of total assets
Reason for use
Relevant as a measure of current self-financing as it shows the proportion of assets financed by equity
See equity per share
Equity and interest-bearing liabilities
Reason for use
Relevant to show how much total capital is used in operations and is one component of measuring return from operations
The ratios are based on the Group’s figures including non-controlling interests, with the exception of Earnings per share, Total earnings per share after financial items and tax, and Net asset value per share.