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

Other non-current operating receivables

Provisions

Other non-current operating liabilities

Net operating assets (NOA)



Return on net operating assets (RONOA) after tax

Operating profit (EBIT) × (1 − effective tax rate)

Net operating assets (NOA) average

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