Alternative Performance Measures
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 and amortization
Equity ratio = Total equity / Assets
Free cash flow = Cash flow from operating activities + Cash flow from investing activities
Free cash flow (w/o term deposits) = Cash flow from operating activities + Cash flow from investing activities + Purchase of term deposits - Proceeds from sale of term deposits
Net sales growth in local currencies = (Net sales current period at previous period exchange rates - Net sales previous period) / Net sales previous period
Net liquidity = Cash and cash equivalents + Current financial assets - Current financial liabilities - Non-current financial liabilities
Net working capital = Trade receivables + Inventories - Trade payables