Midsona presents certain financial measures in the year-end report that are not defined under IFRS. Midsona considers these measures to provide useful supplemental information to investors and the Company's management as they facilitate the evaluation of the Company's performance. These financial measures should not be considered a substitute for measurements as defined under IFRS. The purpose of each measure is presented in italic.

AVERAGE NUMBER OF SHARES

Average number of shares outstanding during the year. Financial measure defined under IFRS

CAPITAL EMPLOYED

Total assets less non-interest-bearing liabilities and deferred tax liabilities. Capital employed is a measure of the total capital that the company borrows from its shareholders, who usually receive compensation in the form of idividends, or that it borrows from credit institution, who receive compansation in the form of interest.

CUSTOMER CREDIT PERIOD

Accounts receivable adjusted for VAT in relation to net sales. Is a relevant measure to assess how quickly the Company gets paid by its customers.

EARNINGS PER SHARE

Profit for the year in relation to the average number of shares. Financial measure defined under IFRS.

EBITDA

Operating income before depreciation and depreciation of tangible assets and amortisation of intangible assets. EBITDA is a key performance measure for assessing the earnings trend of the Company over time.

EBITDA MARGIN

EBITDA in relation to net sales. The EBITDA margin is a key performance indicator for assessing the Company's ability to reach an industry-based level of profitability.

EQUITY/ASSETS RATIO

Shareholder's equity at the end of the year in relation to total assets. The equity/assets ratio shows the proportion of the balance sheet total represented by the shareholder's equity and has been included to gain a view of the company's capital structure.

GROSS MARGIN

Gross profit in relation to net sales. Relevant for assessing the company's ability to reach an industry-rate level of profitability.

INTEREST COVERAGE RATIO

Profit before tax plus interest expenses in relation to interest expenses. Interest coverage is relevant for assessing the Company's ability to meet its financial commitments.

MARKET CAPITALISATION

Number of shares at year-end multiplied by the price quoted for series B share on the balance sheet date. To assess the Company's market value.

NET DEBT/EBITDA

Net debt in relation to operating profit before amortisation/depreciation and impairment of tangible and tangible fixed assets. Net debt/EBITDA is a figure that Midsona regards as relevant to investors who want to assess the Company's opportunities to implement strategic investments, to meet its financial obligations, and to meet one of its financial targets of net debt/EBITDA being maintained at a multiple of less than 2.

NET LIABILITIES

Interest-bearing provisions and liabilities at the end of the year less cash and equivalents. Net debt is a measure that the Company regards relevant to creditors and credit rating agencies.

NET LIABILITIES/EQUITY RATIO

Net debt in relation to shareholders' equity. Net debt/equity ratio is a key figure for assessing a company's capital structure.

NET SALES GROWTH

Net sales for the year less the preceding year's net sales in relation to the preceding year's net sales. Net sales growth is a key to determine whether the Company's growth strategy and the fulfilment of one of the Company's financial target of an average growth of at least 10 percent of the time met.

NON-RECURRING ITEMS

Such as restructuring and impact of acquisitions. This is a measure of operating items not normally included in the Company's operating activities. Relevant for assessing the Company's operating profit growth eliminated for those non-recurring operating items.

OPERATING MARGIN

Operating profit in relation to net sales. Operating margin is relevant for assessing the Company's ability to reach a level of profitability by segment as well as one of the Company's financial goal of an operating margin in excess of 10 percent is met.

ORGANIC CHANGE

Year-on-year comparison figures, adjusted for translation effects on consolidation and changes in structure. Organic change is a key to determine whether the Company's growth strategy is met, adjusted for currency effects on consolidation as well as acquisitions and divestitures.

PAY-OUT RATIO

Proposed/approved dividend in relation to net income. Pay-out ratio is relevant for assessing whether the Company meets one of its financial objectives of having a long-term pay-out ratio exceeding 30 percent.

P/E RATIO

Share price on the balance sheet date in relation to earnings per share. Is a key figure that is considered relevant to assess whether the Company's stock is worth buying or not.

PROFIT MARGIN

Profit before tax in relation to net sales. Profit margin is relevant for assessing the Company's ability to reach an industry-based level of profitability.

RETURN ON CAPITAL EMPLOYED

Profit before tax plus financial expenses in relation to average capital employed. For assessing the Company's ability to reach an industri-rate reasonable level of return on the total capital of the owners and lenders made available.

RETURN ON EQUITY

Profit for the year in relation to average shareholders' equity. For assessing the Company's ability to reach an industry-rate reasonable level of return on the total capital of the owners made available.

SHAREHOLDERS' EQUITY PER SHARE

Shareholders' equity divided by the number of shares outstanding at the end of the year. Is a measurment that measures the Company's net asset value per share and allows assessment if the Company increases shareholder wealth over time.

WORKING CAPITAL

Non-interest-bearing current assets less non-current non-interest-bearing liabilities. Working capital is a key performance indicator for assessing the Company's ability to meet short-term capital.