According to the guidelines Alternative Performance Indicators which were prepared in 2015 by the European Securities and Markets Authority, and which came into force 3 July 2016, the company presents the definitions of used indicators:


  • Book value per share – the Group’s equity divided by the number of shares, excluding the Group’s own shares, at the end of a financial period.

Book value per share = The Group’s equity / The number of shares, excluding the Group’s own shares, at the end of a financial period

The book value per common share indicates the euro value remaining for common shareholders after all assets are liquidated and all debtors are paid.


  • Price to Book ratio – the ratio of the share price at the end of a financial period to the book value per share.

Price to Book ratio = The share price at the end of a financial period / The book value per share

Price-to-book ratio compares a firm’s market to book value by dividing price per share by book value per share. This shows how the valuation is covered by equity.


  • Return on Equity (ROE) – the ratio of net income to average equity for a financial period, measured in percentage terms.

Return on Equity (ROE) (measured in percentage terms) = Net income / Average equity for a financial period

Return on equity excludes debt in the denominator and compares net profit for the period with total average shareholders’ equity. It measures the rate of return on shareholders’ investment and is, therefore, useful in comparing the profitability of the Group with its competitors.


  • Average equity is an arithmetical average of the beginning equity and ending equity for the financial period.

Average equity = (The beginning equity for the financial period + The ending equity for the financial period) / 2


  • Liquidity ratio – the ratio of current assets to current liabilities.

 Liquidity ratio = Current assets / Current liabilities

Liquidity ratio is a financial metric used to determine a debtor’s ability to pay off current debt obligations without raising external capital.


  • Operating profit margin – the ratio of operating profit to sales, measured in percentage terms.

 Operating profit margin (measured in percentage terms) = Operating profit / Sales

Operating margin measures how much profit a company makes on a euro of sales, after paying for variable costs of production such as wages and raw materials, but before paying interest or tax. It is calculated by dividing a company’s operating profit by its net sales.


  • Debt ratio – ratio between total liabilities and total assets.

 Debt ratio = Total liabilities / Total assets

The debt ratio is a financial ratio that measures the extent of a company’s leverage. It can be interpreted as the proportion of a company’s assets that are financed by debt.


  • Debt to Equity ratio – ratio between total liabilities and Shareholders’ equity.

 Debt to Equity ratio = Total liabilities / Shareholders’ equity

The debt to Equity ratio is calculated by dividing a company’s total liabilities by its shareholder equity. The ratio is used to evaluate a company’s financial leverage.


  • Price earnings ratio (P/E) – share price at the end of a financial period divided by earnings per share (EPS).

 Price earnings ratio (P/E) = The share price at the end of a financial period / Earnings per share (EPS)

To determine the P/E value, one simply must divide the current stock price by the earnings per share (EPS). It is used to compare a company against its own historical record or to compare aggregate markets against one another or over time.


  • Earnings per share (EPS)

Earnings per share (EPS) is an indicator attributed to a set of investment (value) indicators. This indicator shows the share of the company’s profits per ordinary share. When evaluating the indicator, the rule is the higher its value is the better. It should be noted, however, that in different sectors of activity, the EPS indicators may vary considerably.

EPS = Net profit for the reporting period / The average number of shares outstanding during the reporting period

A detailed calculation of this indicator is disclosed in the notes to the financial statements


  • Compound Annual Growth Rate (CAGR)




Compound Annual Growth Rate (CAGR) is a smoothed annual growth rate that provides a consistent measure of a company’s growth over a specific period. It represents the steady annual rate at which an investment or business has grown, assuming that the growth remains consistent each year, without considering any volatility or fluctuations.