Year 2017

Calculation of Key Figures (IFRS)



Calculation of key figures


In addition to IFRS-based performance measures, Posti Group discloses adjusted EBITDA and adjusted operating result to enhance comparability of performance measures as the adjusting items are not considered to incur as part of the normal business operations and also to improve transparency of special items affecting profitability. Management believes that adjusted performance measures provides meaningful supplemental information to both management and investors regarding the business performance. Adjusted EBITDA and adjusted operating result are also one of the key business performance indicators in Posti Group’s management reporting.


Return on equity, %

100 x

result for the period (12m rolling)


total equity (average of opening and closing balance of previous 12m)


Return on invested capital, %

100 x

result before income tax (12m rolling)

+ interest and other financial expenses (12m rolling)*


total equity + interest-bearing debt (average of opening and closing balance of prev. 12m)


* Interest and other financial expenses excluding  unrealized losses on financial liabilities and interest rate derivatives and deducted by interest income on interest rate derivatives and unrealized gains on financial liabilities.


Equity ratio, %

100 x

total equity


total assets - advances received (current and non-current)


Gearing, %

100 x

net debt


total equity


Net debt


interest bearing borrowings - liquid funds - debt certificates


Interest-bearing debt


Non-current and current borrowings




EBITDA is operating result excluding depreciation, amortization and impairment losses.


Adjusted EBITDA


Adjusted EBITDA is EBITDA excluding special items.


Adjusted operating result


Adjusted operating result is operating result excluding special items.


Special items


The Group reports separately special items which include reorganization costs, significant impairment losses on assets, impairment on goodwill and impairment on purchase price allocations generated in business combinations. Also significant sales gains or losses on sale of shares, real estates or business operations, changes in purchase consideration for business combinations after the date of acquisition recognized in income statement, and other material items outside of ordinary course of business are defined as special items.


Liquid funds


Liquid funds consist of cash and cash equivalents, money market investments and investments in bonds.


Gross capital expenditure


Investments in intangible and tangible assets, finance lease assets, and business acquisitions.


Earnings per share, EUR


result for the period for the parent company shareholders


Average number of shares during the period