Financials

All Group companies apply uniform accounting principles based on Finnish accounting legislation, which conforms to EU accounting directives and to generally accepted accounting standards.

EUR million20152015*2014201320122011
Turnover 898 1,002 933 974 970 968
outside Finland, % 81 83 80 79 74 74
EBITDA 135 144 131 132 125 134
EBIT 60 64 43 36 24 52
Net result 28 27 28 1 -5 13
Balance sheet total 1,077 1,075 923 995 1,105 1,126
Free cash flow 36 43 103 107 83 -9
Capital employed 811 811 710 753 817 872
Return on capital employed, % 7.8 8.0 5.8 4.6 2.9 6.1
Net debt 321 321 247 288 327 366
Net gearing, % 76 76 59 70 75 82
Equity ratio, % 40 39 45 42 39 40
Net debt / EBITDA 2.4 2.2 1.9 2.2 2.6 2.7
Gross investments 85 87 31 27 44 151
Number of personnel, end of period 4,204 4,204 4,047 4,322 4,417 4,454

  *Proforma unaudited; Rettig Group consolidated as if Emmeti had been owned from 1 January 2015

Calculation of key figures

Free cash flow = EBITDA +/- change in net working capital - investments + divestments +/- adjustments.
Return on capital employed, % = 100 x EBIT / Capital employed, annual average.
Net gearing, % = 100 x interest bearing liabilities - interest bearing assets / Shareholders' equity + minority interest.
Equity ratio, % = 100 x shareholders' equity + minority interest / Balance sheet total - advances received.
Net debt / EBITDA = Interest bearing liabilities - interest bearing assets / EBITDA.