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