Calculation of Financial Ratios

Below are presented definitions of key ratios of Glaston Oyj Abp.

Financial Ratios

EBITDA = Profit / loss before depreciation, amortization and impairment, share of joint ventures’ and associates’ results included

Operating profit (EBIT) = Profit / loss after depreciation, amortization and impairment, share of joint ventures’ and associates’ results included

Liquid funds = Cash and bank + current investments

Net interest-bearing debt = Interest-bearing liabilities - liquid funds

Financial expenses = Interest expenses of financial liabilities + fees of financing arrangements + foreign currency differences of financial liabilities

Equity ratio, % = Equity (Equity attributable to owners of the parent + non-controlling interest) x 100 / Total assets - advance payments received

Gearing, % = Interest-bearing liabilities x 100 / Equity (Equity attributable to owners of the parent + non-controlling interest)

Net gearing, % = Net interest-bearing debt x 100 / Equity (Equity attributable to owners of the parent + non-controlling interest)

Return on investments, % (ROCE) = Profit / loss before taxes + financial expenses x 100 / Equity + interest-bearing liabilities (average of 1 January and end of the reporting period)

Return on equity, % (ROE) = Profit / loss for the reporting period x 100 / Equity (Equity attributable to owners of the parent + non-controlling interest) (average of 1 January and end of the reporting period)

Per Share Data

Earnings per share (EPS) = Net result attributable to owners of the parent / Adjusted average number of shares

Dividend per share = Dividends paid / Adjusted number of issued shares at end of the period

Dividend payout ratio = Dividend per share x 100 / Earnings per share

Dividend yield = Dividend per share x 100 / Share price at end of the period

Equity attributable to owners of the parent per share = Equity attributable to owners of the parent at end of the period / Adjusted number of shares at end of the period

Average trading price = Shares traded (EUR) / Shares traded (volume)

Price per earnings per share (P/E) = Share price at end of the period / Earnings per share (EPS)

Price per equity per share = Share price at period end / Equity attributable to owners of the parent per share

Share turnover = The proportion of number of shares traded during the period to weighted average number of shares

Market capitalization = Number of shares at end of the period x share price at end of the period

Number of shares at period end = Number of issued shares - treasury shares