Alternative Performance Measures

Alternative Performance Measures

Definition of non-GAAP measures

Free cash flow = Cash flow from operating activities + Cash flow from investing activities

Net liquidity = Cash and cash equivalents + Current financial assets - Current financial liabilities - Non-current financial liabilities

Net working capital = Trade receivables + Inventories - Trade payables

Earnings before interest, taxes, depreciation, and amortization (EBITDA) = Net sales - Material expenses + Changes in inventories - Personnel expenses - Other operating expenses + Other operating income

Earnings before interest and taxes (EBIT) = Net sales - Material expenses + Changes in inventories - Personnel expenses - Other operating expenses + Other operating income - Depreciation, amortization and impairment

Equity ratio = Total equity / Assets

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