SECTION 9.2  General accounting  policies CALCULATION OF THE KEY FIGURES AND FINANCIAL RATIOS STATED IN THE ANNUAL REPORT Cash flow from operating  activities per share (CFPS) Cash flow from operating activities divided by the  number of shares outstanding, fully diluted for share  options in the money in accordance with IAS 33 1 . Debt/operating profit  before depreciation, amor- tisation and impairment Net interest-bearing debt 2  divided by operating profit  before special items adjusted for depreciation, amor- tisation and impairment. Earnings per share (EPS) Consolidated profit for the year, excluding non- controlling interests, divided by the average number  of shares outstanding. Earnings per share,  adjusted (EPS-A) Consolidated profit for the year adjusted for special items after tax, excluding non-controlling  interests, divided by the average number of shares outstanding. Earnings per share, diluted (EPS-D) Consolidated profit for the year, excluding non-con- trolling interests, divided by the average number of  shares outstanding, fully diluted for share options in  the money and the bonus element in a rights issue  in accordance with IAS 33 1 . Equity ratio Equity attributable to shareholders in Carlsberg A/S at year-end as a percentage of total assets at year-end. Financial gearing Net interest-bearing debt 2  at year-end divided by total equity at year-end. Free cash flow per share  (FCFPS) Free cash flow 3  divided by average number of shares  outstanding, fully diluted for share options in the  money in accordance with IAS 33 1 . Interest cover Operating profit before special items divided by interest expenses, net. Number of shares, average Number of issued shares, excluding treasury shares,  as an average for the year (= average number of  shares outstanding). Number of shares, year-end Total number of issued shares, excluding treasury  shares, at year-end (= number of shares outstanding  at year-end). Operating margin Operating profit before special items as a percentage  of revenue. Operating profit Expression used for operating profit before special  items in the Management review. Organic development Measure of growth excluding the impact of ac- quisitions, divestitures and foreign exchange from  year-over-year comparisons. We believe this provides  investors with a better understanding of underlying  trends. Payout ratio Dividend for the year as a percentage of consolidat- ed profit, excluding non-controlling interests. Pro rata volumes The Group’s sale of beverages in consolidated enti- ties, and 100% of the sale of the Group’s interna- tional brands in proportionately consolidated entities  and associates and the proportionate share of the  sale of local brands in these entities. Return on average invested  capital, including goodwill  (ROIC) Operating profit before special items as a percentage  of average invested capital 4 . Volumes The Group’s total sale of beverages, including the  total sales through proportionately consolidated  entities and associates. 2 The calculation of net interest-bearing debt is specified in section 4.2. 3 The calculation of free cash flow is specified in the statement of cash flows. 4 The calculation of invested capital is specified in section 2.1. 1 The dilutive effect is calculated as the difference between the number of shares that  could be acquired at fair value for the proceeds from the exercise of the share op- tions and the number of shares that could be issued assuming that the options are  exercised.  Carlsberg Group Annual Report 2013 Consolidated financial statements SECTION 9: BASIS FOR PREPARATION 135 and, as is the case with eliminations and  non-beverage activities, are not included in  the operating profit/loss of the segments. Total segment assets comprise non-current  assets used directly in the operating activities  of the segment, including intangible assets,  property, plant and equipment, investments  in associates and current segment assets to  the extent that they can be allocated directly  to the individual segment, including invento- ries, trade receivables, other receivables and  prepayments. The geographical allocation is made on the  basis of the selling countries’ domicile and  comprises countries individually accounting for more than 10% of the Group’s consolidated  net revenue as well as the domicile country. Earnings per share (EPS) and diluted earnings  per share (EPS-D) are calculated in accord- ance with IAS 33. Other financial ratios are calculated in accord- ance with the Danish Society of Financial Ana- lysts’ guidelines on the calculation of financial  ratios, “Recommendations and Financial  Ratios 2010”, unless specifically stated. FINANCIAL RATIOS