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II. Glossary
Business and Financial Terms
A
Asset-backed securitization (ABS)
Selling receivables with securitization on the capital market.
At equity
Method of capital consolidation with which an affiliated company’s proportionate equity is valued.
C
Capital Employed
The sum total of equity, provisions for tax (excluding deferred tax) and interest-bearing liabilities.
Equity also comprises minority interests.
Cash flow
■ from operating activities
Outflow/inflow of liquid funds in as much as not influenced by investment, disinvestment or financing
activities.
■ from investment activities
Outflow/inflow of liquid funds from investment/disinvestment activities.
■ from financing activities
Outflow/inflow of liquid funds from financing activities: issuance/redemption of bonds, borrowing/
repayment of loans, issuance/repurchase of shares etc.
Corporate Governance
The term used to describe responsible corporate management and control. In the interests of improving
corporate management, the German Federal Minister of Justice set up the Government Commission
on the German Code of Corporate Governance in 2001. The Commission is tasked with enhancing
the transparency of the rules of corporate management and supervision applicable in Germany
and with improving the corporate charter of German stock corporations. The capital markets attach an
increasing importance to good corporate governance.
Cost of materials
Expenses incurred by raw materials and supplies, merchandise, spare parts, tooling and outsourced
supplies and services such as energy, contract processing and internal transport costs.
Current assets
Assets not intended for use in the long-term operations of the business enterprise. Current assets
include, for example, inventories and trade receivables.