Capital management

It is particular the gearing ratio (net indebtedness as a percentage of equity) that is used to monitor and manage capital. The indebtedness includes bonds, long-term loans, payables due to banks and leasing rates, less cash and cash equivalents and long-term financial investments.

The gearing ratio was 12.0 % as of 31 December 2016 and -5.8 % as of 31 December 2015.