Financial definitions

Organic growth
Change in sales for comparable units after adjustments for acquisitions and exchange-rate effects.

Gross margin (EBITDA)
Operating income before depreciation and amortization as a percentage of sales.

Operating margin (EBIT)
Operating income as a percentage of sales.

Profit margin (EBT)
Income before tax as a percentage of sales.

Operating cash flow
See consolidated operating cash flow for definitions.

Net capital expenditure
Investments in fixed assets less disposals of fixed assets.

Depreciation
Depreciation/amortization of tangible and intangible fixed assets.

Net debt
Interest-bearing liabilities less interest-bearing assets.

Capital employed
Total assets less interest-bearing assets and non-interest-bearing liabilities including deferred tax liability.

Equity ratio
Shareholders‘ equity as a percentage of total assets.

Interest coverage ratio
Income before tax plus net interest divided by net interest.

Return on shareholders’ equity
Net income excluding minority interests, plus interest expenses after tax for convertible debenture loans, as a percentage of average shareholders‘ equity (excluding minority interests) after dilution.

Return on capital employed
Income before tax plus net interest as a percentage of average capital employed.

Earnings per share after tax and before dilution
Net income excluding minority interests divided by weighted average number of shares before dilution.

Earnings per share after tax and dilution
Net income excluding minority interests, plus interest expenses after tax for convertible debenture loans, divided by weighted average number of shares after dilution.

Shareholders’ equity per share after dilution
Equity excluding minority interests, plus convertible debenture loan, divided by number of shares after dilution.