Operating profit before depreciation and amortisation (EBITDA) | |
+ | Net sales |
Changes in inventories of finished goods and work in progress | |
− | Raw materials and consumables used |
− | Employment costs |
+ | Other operating income |
− | Other operating expenses |
= | Operating profit before depreciation and amortisation (EBITDA) |
Operating profit (EBIT) | |
+ | Operating profit before depreciation and amortisation (EBITDA) |
− | Depreciation |
− | Amortisation |
= | Operating profit (EBIT) |
Net operating assets (NOA) | |
+ | Trade receivables |
Inventories | |
Other operating receivables, prepayments and accrued income | |
− | Trade payables |
− | Advances from customers |
− | Provisions |
− | Other operating liabilities, accruals and deferred income |
= | Net working capital |
+ | Property, plant and equipment |
+ | Intangible assets |
+ | Non-current operating receivables |
− | Provisions |
− | Non-current operating liabilities |
= | Net operating assets (NOA) |
Return on net operating assets (RONOA) after tax | ||||
| ||||
= | Return on net operating assets (RONOA) after tax | |||
Cash and liquid assets | |
+ | Cash and cash equivalents |
+ | Other current financial assets |
= | Cash and liquid assets |
Net cash/debt | |
+ | Cash and liquid assets |
− | Financial liabilities |
= | Net cash/debt |
Free cash flow | |
+ | Net cash flow from operating activities |
− | Purchases of property, plant and equipment and intangible assets |
+ | Sale of property, plant and equipment and intangible assets |
= | Operating free cash flow |
− | Purchases of other financial assets |
+ | Sale of other financial assets |
− | Acquisitions |
+ | Divestments |
− | Acquisition of minority interests |
(Purchase)/sale of treasury shares | |
− | Dividend paid, net |
= | Free cash flow |