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MANAGEMENT REPORT
Noncurrent capital (equity, capital represented by participation certificates and noncurrent liabilities)
came to €2,160 million, or 59 % of total assets. It covered 145 % of noncurrent assets.
keY FInAnCIAl RAtIoS
2011 2010
Equity ratio 1) [%] 29.2 32.6
Internal financing ratio 2) 0.97 1.36
Debt-equity ratio 3) 0.38 0.18
Dynamic debt-equity ratio 4) 1.08 0.55
Return on equity 6) [%] 17.2 17.4
ROCE 7) [%] 9.5 10.0
Working capital 8) 646.3 515.9
EBIT 9) [€ million] 180.3 167.8
Degree of interest coverage I 10) 3.8 3.0
EBITDA 11) [€ million] 383.4 365.7
Degree of interest coverage II 12) 8.1 6.6
1) Adjusted equity (equity capital + participation certificates) : Total assets
2) Cash flow from profit : Investments
3) Net financial debt 5) : Adjusted shareholders’ equity (as of year’s end)
4) Net financial debt 5) : Cash flow from profit
5) Net financial debt = Liabilities to banks, finance lease liabilities, financial liabilities to affiliates and other financial
liabilities less financial receivables from affiliates, other financial receivables, and cash on hand and bank balances
(not including profit participation certificates and pension provisions)
6) Gross operating income after gains from business combinations :
Adjusted equity (averaged between beginning and end of the year)
7) (Operating profit/loss + net interest income/expense) :
(Intangible assets + property, plant and equipment + working capital 8) ) (averaged between beginning and end of the year)
8) Working capital = (Inventories + trade receivables from third parties, related and associated companies) ./.
(Liabilities to third parties, related and associated companies + notes payable)
9) Gross operating income after gains from business combinations + net interest income/expense = EBIT
10) EBIT : Interest expense
11) Gross operating income after gains from business combinations + net interest income/expense + depreciation and amortization
12) EBITDA : Interest expense
The equity ratio in 2011, at 29.2 %, was lower than the previous year’s 32.6 %. Net financial debt increased
by €223 million, to €407 million. The gearing ratio increased from 18 % to 38 %.
Assets and Financial Position
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