the total of the book value of intangible and tangible fixed assets plus inventories and receivables minus non-interest-bearing liabilities
this includes all investments in tangible and intangible fixed assets as well as the acquisitions of participating interests (including goodwill paid) and other securities
this includes the divestment of tangible and intangible fixed assets as well as the sale of participating interests and other securities
earnings before interest and tax (Operating Result)
earnings before interest, tax and amortization
earnings before interest, tax, depreciation and amortization
net debt / group equity
shareholders’ equity plus minority interests
EBIT / financial income and expense
interest-bearing liabilities minus cash
operating result / average capital employed
profit on ordinary activities after taxation as a percentage of the average shareholders’ equity
group equity / balance-sheet total
capital gain plus dividends
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