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Alternative Performance Measures and definitions

Industrivärden uses financial key ratios as a complement to measures based on IFRS regulations. These Alternative Performance Measures are used by the Company and other interests to describe the Group’s operations. It should be noted that the APMs defined below may differ somewhat from other companies’ definitions of the same terms.

Market value of equities portfolio

The value of the equities portfolio based on market prices on the balance sheet date.

Dividend yield

Dividend per share in relation to the share price on the balance sheet day.

Market’s required rate of return

Risk-free interest (return on a government bond) plus a risk premium (excess return to compensate for the higher risk in an equity investment).

Earnings per share

Net income for the year divided by the total number of shares outstanding.

Interest-bearing net debt

Interest-bearing liabilities including pension liabilities less cash and cash equivalents and interest-bearing receivables. 

Debt-equities ratio

Interest-bearing net debt in relation to the market value of the equities portfolio.

Equity ratio

Shareholders’ equity as a share of total assets.

Net asset value

The market value of the equities portfolio less interestbearing net debt. 

Net asset value including reinvested dividend

To calculate the development of net asset value before dividends paid out, the dividends paid out by the Company are recalculated to take into account the performance of the listed portfolio. This gives a measure of how net asset value would have developed if Industrivärden had not paid any dividend.

Total return, shares

Change in the share price taking into account reinvested dividends. The total return is compared against the return index (SIXRX), which indicates the price development including reinvested dividends for stocks listed on the Stockholm Stock Exchange.

Total return, shareholding

Change in value of a shareholding included reinvested dividend. Reported only for the current reporting period.

Change in value of shares

For shares held at both the start and end of the year, the change in market value consists of the difference in value between these two points in time. For shares sold during the year, the change in market value consists of the difference between the sales price of the shares and their valueat the start of the year. For shares acquired during the year, the change in market value consists of the difference between the cost of the shares and their value at the end of the year.

Last update: 04 Mar 2021