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.

Dividends/Net profit – ratio between the dividends allocated at the ongoing year for the year before and ongoing year net profit of the Company. 
 
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. 
 
Normalized operating profit - operating profit excluding interest income, net gains (losses) from fair value adjustments on investment property and other income adding the provision for the Performance Fee.
 
Normalized operating profit margin – ratio between normalized operating profit and sales, measured in percentage terms.
 
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).
 
Borrowings to value of investment properties – ratio between borrowings and investment properties.
 
Interest coverage ratio – ratio between normalized operating profit and borrowings' interest expenses.
 
Bank’s Debt Service Coverage Ratio – ratio between normalized operating profit and bank’s debt service costs. Bank’s debt service costs is during reporting period paid interest, commitment fees according to borrowings' agreements and principal repayments.
 
Net operating income is calculated by deducting from revenue premises rent costs (excluding provision for onerous contract), utilities expenses, repair and maintenance expenses, property management and brokerage costs, taxes on property and insurance costs.

Net profitability – net profit divided by sales, expressed in percentage terms.