Formulas of Performance Indicators

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:


  • Dividend yield – dividends attributable to shareholder paid per share for the last financial year divided by the price per share at the end of a financial period.
  • Book value per share – Group‘s equity divided by the number of shares, excluding Company’s own shares, at the end of a financial period.
  • Price to Book ratio – ratio between the share price at the end of a financial period and book value per share.
  • Return on Equity (ROE) – ratio between net income and average equity of a financial period, measured in percentage terms. Average equity is an arithmetical average of the beginning equity and ending equity of a financial period.
  • Return on Assets (ROA) – ratio between net income and average total assets of a financial period, measured in percentage terms. Average total equity is an arithmetical average of the beginning total assets and ending total assets of a financial period.
  • Debt ratio – ratio between total liabilities and total assets.
  • Debt to Equity ratio – ratio between total liabilities and Shareholders’ equity.
  • Gearing ratio – ratio between net debt and sum of net debt and equity. Net debt is the difference between borrowings and cash and cash equivalents.
  • Liquidity ratio – ratio between current assets, including assets classified as held for sale, and current liabilities.
  • Quick ratio – ratio between current assets (excluding inventories, prepayments and deferred charges and current loans granted) and current liabilities.
  • Pre-tax profit margin – ratio between pre-tax profit and sales, measured in percentage terms.
  • Price earnings ratio (P/E) – share price at the end of a financial period divided by earnings per share (EPS).