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                                        Glossary

                                        C

                                        Capital employed

                                        the total of the book value of intangible and tangible fixed assets plus inventories and receivables minus non-interest-bearing liabilities

                                        Capital expenditure

                                        this includes all investments in tangible and intangible fixed assets as well as the acquisitions of participating interests (including goodwill paid) and other securities

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                                        D

                                        Divestments

                                        this includes the divestment of tangible and intangible fixed assets as well as the sale of participating interests and other securities

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                                        E

                                        EBIT

                                        earnings before interest and tax (Operating Result)

                                        EBITA

                                        earnings before interest, tax and amortization

                                        EBITDA

                                        earnings before interest, tax, depreciation and amortization

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                                        G

                                        Gearing

                                        net debt / group equity

                                        Group equity

                                        shareholders’ equity plus minority interests

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                                        I

                                        Interest coverage

                                        EBIT / financial income and expense

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                                        N

                                        Net debt

                                        interest-bearing liabilities minus cash

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                                        R

                                        Return on capital employed (ROI)

                                        operating result / average capital employed

                                        Return on equity (ROE)

                                        profit on ordinary activities after taxation as a percentage of the average shareholders’ equity

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                                        S

                                        Solvency ratio

                                        group equity / balance-sheet total

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                                        T

                                        Total shareholder return (TSR)

                                        capital gain plus dividends

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                                        W

                                        WACC

                                        Weighted Average Cost of Capital = (group equity / operating capital) * Re + (interest-bearing liabilities / operating capital) * Rd + (provisions / operating capital) * Rd Re = after-tax cost of equity Rd = after-tax cost of debt

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