PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

46Results of Operations, Financial Position and Net Worth: Value ReportingValue Reportingbusiness reportFinancial Position / Net WorthFor gildemeister, value reporting forms part of a value-oriented corporate management.Our transparent, regular and structured reports allow investors an opportunity to determinecorporate value, in addition to the valuation of the company on the stock exchange.Detailed interim reports over the course of the year, as well as at the end of the financialyear with detailed information in the Group Management Report and ConsolidatedFinancial Statements, meet the high requirements of the capital market.gildemeister gears its corporate management towards a sustainable increase incorporate value. With the aid of our internal corporate controlling and management system,we manage the group and the individual companies on value-based lines. At the sametime, earnings before tax (ebt), sales revenues and order intake, as well as – at thegroup level – the return on capital employed (roce), are our most important internaltargets and key performance indicators. Management according to roce and the relativeeconomic value added – the difference between roce and cost of capital following thewacc method (weighted average cost of capital) - is based on the assumption that theenterprise value rises when sustainable, positive value added is achieved. Due to the risein ebit and the fall in capital employed, roce rose in the reporting year to 5.6% (previousyear: 3.9%). Additional values are shown in the following table:roce and economic value added2010 2009ebit (€ million) 45.0 31.8Capital Employed (€ million) 800.6 813.7roce (in %) 5.6 3.9wacc (in %) 9.8 8.0Relative economic value added before taxes (in %) – 4.2 – 4.1Economic value added before taxes (€ million) – 33.7 – 33.4We give further details of relevant key performance indicators for the capital marketin the “Results of operations” chapter on page 35 and in “gildemeister share” onpage 78.