Calculation of key figures
Operational return on capital employed, operational ROCE (%) 100 x Operational EBIT
Capital employed1, 2
Operational return on operating capital, operational ROOC (%) 100 x Operational EBIT
Operating capital1, 2
Return on equity, ROE (%) 100 x Net profit/loss for the period
Total equity 2
Net interest-bearing liabilities Interest-bearing liabilities – interest-bearing assets
Debt/equity ratio Net interest-bearing liabilities
Earnings per share (EPS) Net profit/loss for the period3
Average number of shares
Payout ratio, excl. IAC, % 100 x Dividend distribution / share
EPS excl. IAC
Dividend and distribution yield, % 100 x Dividend distribution / share
Closing price of share
Price/earnings ratio (P/E), excl. IAC Closing price of share
EPS excl. IAC
Operational EBIT Operating profit/loss excluding items affecting comparability (IAC) and fair valuations of the segments and Stora Enso’s share of operating profit/loss excluding IAC and fair valuations of its equity accounted investments (EAI)
Operational EBITDA Operating profit/loss excluding operational decrease in the value of biological assets, fixed asset depreciation and impairment, IACs and fair valuations. The definition includes the respective items of subsidiaries, joint arrangements and equity accounted investments.
Net debt / last 12 months’ operational EBITDA ratio Net interest-bearing liabilities
Last 12 months' operational EBITDA
Fixed costs Maintenance, personnel and other administrative type of costs, excluding IAC and fair valuations
Last 12 months (LTM) 12 months prior to the reporting date
TRA Total recordable incident rate = number of incidents per one million hours worked
LTA Lost-time accident rate = number of lost-time accidents per one million hours worked
1 Capital employed = Operating capital – Net tax liabilities
2 Average for the financial period
3 Attributable to owners of the Parent
List of non-IFRS measures
Operational EBITDA
Operational EBITDA margin
Operational EBIT
Operational EBIT margin
Capital expenditure
Capital employed
Operational ROCE
Earnings per share (EPS), excl. IAC
Operational ROOC
Net debt/last 12 months' operational EBITDA
Cash flow from operations
Cash flow after investing activities

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