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Glossary

C

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Capital employed

the total of the book value of intangible and tangible fixed assets plus inventories and receivables minus non-interest-bearing liabilities

Capital expenditure

this includes all investments in tangible and intangible fixed assets as well as the acquisitions of participating interests (including goodwill paid) and other securities

D

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Divestments

this includes the divestment of tangible and intangible fixed assets as well as the sale of participating interests and other securities

E

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EBIT

earnings before interest and tax (Operating Result)

EBITA

earnings before interest, tax and amortization

EBITDA

earnings before interest, tax, depreciation and amortization

G

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Gearing

net debt / group equity

Group equity

shareholders’ equity plus minority interests

I

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Interest coverage

EBIT / financial income and expense

N

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Net debt

interest-bearing liabilities minus cash

R

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Return on capital employed (ROI)

operating result / average capital employed

Return on equity (ROE)

profit on ordinary activities after taxation as a percentage of the average shareholders’ equity

S

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Solvency ratio

group equity / balance-sheet total

T

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Total shareholder return (TSR)

capital gain plus dividends

W

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WACC

Weighted Average Cost of Capital = (group equity / operating capital) * Re + (interest-bearing liabilities / operating capital) * Rd + (provisions / operating capital) * Rd Re = after-tax cost of equity Rd = after-tax cost of debt