Financial definitions

Continuing operations
Comprises the Outdoor & Bags and Specialty operating segments.

Debt/equity ratio
Net debt divided by the underlying rolling 12-month EBITDA.

Discontinued operations
Comprises the Snow Chain division.

Earnings per share
Net income for the period divided by the average number of shares during the period.

EBIT
(Earnings Before Interest and Taxes) Income before net financial items and taxes.

EBITDA
(Earnings before interest, taxes, depreciation and amortization) Income before net financial items, taxes and depreciation/amortization and impairment of tangible and intangible assets.

EBITDA margin
EBITDA as a percentage of net sales.

EBIT margin
EBIT as a percentage of net sales.

Equity per share
Equity divided by the number of shares at the end of the period.

Equity ratio
Equity as a percentage of total assets.

Gross debt
Total long and short-term borrowing including overdraft facilities, financial derivatives, capitalized financing costs and accrued interest.

Gross income
Net sales less cost of goods sold.

Gross margin
Gross income as a percentage of net sales.

Net debt
Gross debt less cash and cash equivalents.

Net investments
Investments in tangible and intangible assets adjusted for disposals.

R12
Rolling12-month.

Underlying EBIT
EBIT excluding items affecting comparability and depreciation/amortization of consolidated excess values.

Underlying EBITDA
EBITDA excluding items affecting comparability.

Working capital
Comprises inventories, tax receivables, accounts receivable, prepaid expenses and accrued income, other receivables, cash and cash equivalents less accounts payable, income tax liabilities, other liabilities, accrued expenses and deferred income and provisions.

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