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Glossary Investors

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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Capital employedthe total of the book value of intangible and tangible fixed assets plus inventories and receivables minus non-interest-bearing liabilities
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Capital expenditurethis includes all investments in tangible and intangible fixed assets as well as the acquisitions of participating interests (including goodwill paid) and other securities
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Divestmentsthis includes the divestment of tangible and intangible fixed assets as well as the sale of participating interests and other securities
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EBITearnings before interest and tax (Operating Result)
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EBITAearnings before interest, tax and amortization
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EBITDAearnings before interest, tax, depreciation and amortization
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Gearingnet debt / group equity
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Group equityshareholders’ equity plus minority interests
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Interest coverageEBIT / financial income and expense
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Net debtinterest-bearing liabilities minus cash
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Return on capital employed (ROI)operating result / average capital employed
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Return on equity (ROE)profit on ordinary activities after taxation as a percentage of the average shareholders’ equity
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Solvency ratiogroup equity / balance-sheet total
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Total shareholder return (TSR)capital gain plus dividends
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WACCWeighted 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
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