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Financial key ratio definitions

Capital employed: Total assets less noninterest-bearing liabilities and noninterest-bearing provisions.

Cash flow from operating activities per share: Cash flow from operating activities for the year divided by the average number of shares outstanding before dilution.

Cash flow per share: Cash flow for the year divided by the average number of shares outstanding before dilution.

Debt-equity ratio: Interest-bearing liabilities divided by shareholders’ equity including non-controlling interests.

Dividend per cent: Dividend per share divided by earnings per share before dilution.

Dividend yield: Dividend per share divided by the share price at year-end.

Earnings per share after dilution: Net profit for the year attributable to owners of the parent divided by a weighted average number of shares outstanding after dilution.

Earnings per share before dilution: Net profit for the year attributable to owners of the parent divided by a weighted average number of shares outstanding before dilution.

Equity ratio: Shareholders’ equity including non-controlling interests in relation to total assets.

Growth in store sales: Percentage change in the Axfood Group’s store sales between two periods.

Inventory turnover rate: The cost of delivered goods divided by the average inventory value.

Joint-Group: Includes head office support functions, such as the Executive Committee, Finance/Accounting, Communications, Business Development, HR and IT.

Like-for-like sales: Sales for stores that existed and generated sales in the comparison period.

Margin after financial items: Profit after financial items in relation to net sales.

Market capitalization: Share price at year-end multiplied by the number of shares.

Net debt-equity ratio/net receivable-equity ratio: Net debt/net receivable divided by shareholders’ equity including non-controlling interests.

Net debt-equity ratio/net receivable-equity ratio excl. IFRS: Net debt/net receivable excluding IFRS 16 divided by shareholders’ equity including non-controlling interests.

Net debt/Net receivable: Interest-bearing non-current and current receivables and liabilities including cash and bank balances, plus interest-bearing financial assets.

Net debt/Net receivable excl. IFRS 16: Interest-bearing non-current and current receivables and liabilities, excluding lease liabilities, including cash and bank balances, plus interest-bearing financial assets.

Net sales growth: Percentage change in net sales between two periods.

Operating margin: Operating profit in relation to net sales.

P/E multiple: Share price in relation to earnings per share before dilution.

Private label share: Sales of private label products, excluding meat and fruits & vegetables, as a percentage of the Axfood Group’s store sales. The private label share is based on statistical data from external suppliers. Data from a selection of Axfood’s stores is calculated statistically to a total sum
based on the stores’ annual sales. In this selection, sales for Group-owned and franchise stores are weighted according to their actual historical sales.

Pro forma: Pro forma is a method of reporting changed historical figures that describe financial effects after a change in order to be able to compare with current figures.

Return on capital employed: Profit after financial items, plus financial expenses, divided by average capital employed.

Return on shareholders’ equity: Net profit for the year attributable to owners of the parent divided by average equity attributable to owners of the parent.

Sales, Group-owned retail operations: Sales for Hemköp and Willys stores owned by Axfood.

Shareholders’ equity per share: Equity attributable to owners of the parent divided by the number of shares outstanding at year-end.

Share price: Closing share price.

Share turnover rate: The number of shares traded during the year divided by the number of shares outstanding at year-end.

Store sales, Axfood Group: Sales for Hemköp and Willys stores, including Hemköp franchise stores.

Total capital expenditures: Investments in intangible and tangible non-current assets, and right-of-use assets.

Total capital expenditures excl. IFRS 16: Investments in intangible and tangible non-current assets.