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Glossary - Financial Definitions
| EBIT | Operating profit (loss) of fully consolidated companies, including income from other financial investments + Group share in net profit (loss) of companies accounted for under equity method. |
| Non-recurring EBIT | Includes non-recurring items related to restructuring measures, impairment of assets, and other income or expenses arising from events or transactions that are clearly distinct from the ordinary activities of the company. Any write-downs on those metal inventories permanently tied up in operations are part of the non-recurring EBIT of the business groups. |
| Recurring EBIT | EBIT – non-recurring EBIT – IAS 39 effect. |
| Recurring EBIT margin | Recurring EBIT of fully consolidated companies / revenues excluding metals. |
| IAS 39 effect | Non-cash timing differences in revenue recognition in case of non-application of or non-possibility of obtaining IAS hedge accounting to: |
| a) Transactional hedges, which implies that hedged items can no longer be measured at fair value, or b) Structural hedges, which implies that the fair value of the related hedging instruments are recognized in the income statement instead of the equity and this prior to the occurance of the underlying forecasted or committed transactions, or c) Derivatives embedded in executory contracts , which implies that the change in fair value on the embedded derivatives must be recognized in the income statement as opposed to the executory component where the fair value change in the income statement cannot be recognized. | |
| EBITDA | EBIT + [depreciation & amortization + non-cash expenses other than depreciation (i.e. increase and reversal of provisions, inventory write-downs and write-backs, other impairment result) +/– IAS 39 effect] of fully consolidated companies. |
| Revenues (excluding metal) | All revenue elements – value of purchased metals. |
| Return on Capital Employed (ROCE) | Recurring EBIT / average capital employed. |
| Capital employed | Total equity (excluding fair value reserves) + net financial debt + provisions for employee benefits – deferred tax assets and liabilities – IAS 39 impact. |
| Capital expenditure | Capitalized investments in tangible and intangible assets. |
| Cash-flow before financing | Net cash generated by (used in) operating activities + net cash generated by (used in) investing activities. |
| Net financial debt | Non current financial debt + current financial debt – cash and cash equivalents – loans granted in a non-operating context. |
| Recurring effective tax rate | Recurring tax charge / recurring profit (loss) before income tax of fully consolidated companies. |
| Market capitalization | Closing price x total number of outstanding shares. |
| EPS | Earnings per share for equity holders. |
| EPS, basic | Net earnings, Group share / average number of outstanding shares – treasury shares. |
| EPS, diluted | Net earnings, Group share / (average number of outstanding shares – treasury shares + (number of potential new shares to be issued under the existing stock option plans x dilution impact of the stock option plans)). |
| EPS adjusted, basic | Net recurring earnings, Group share / total number of outstanding shares – treasury shares. |
| EPS adjusted, diluted | Net recurring earnings, Group share / (average number of outstanding shares – treasury shares + (number of potential new shares to be issued under the existing stock option plans x dilution impact of the stock option plans)). |
| NPAT | Net consolidated profit, Group share, without discontinued operations. |
The above financial definitions relate to non-IFRS performance indicators except for 'EPS, basic' and 'EPS, diluted'.