Annual Report 2013

Economic report

Key financial ratios

Operating debt coverage in the reporting period was well above the target of 50 percent due to our net cash position. Our interest coverage ratio, i.e. EBITDAEBITDA
Abbreviation for Earnings before Interest, Taxes, Depreciation and Amortization.
divided by net interest expense, also improved further, aided by a higher EBITDAEBITDA
Abbreviation for Earnings before Interest, Taxes, Depreciation and Amortization.
and lower interest expense. The once again improved equity ratioequity ratio
Financial metric indicating the ratio of equity to total capital. It expresses the share of total assets financed out of equity (owners’ capital) rather than debt capital (provided by lenders). Serves to assess the financial stability and independence of a company.
similarly reflects the high financial strength of the Group.

Key financial ratios
2012 2013
Operating debt coverage1,2
(Net income + Amortization and depreciation, impairment and write-ups + Interest element of pension obligations) / Net borrowings and pension obligations
> 500 % not calculable3
Interest coverage ratio2
(EBITDA / Interest result including interest element of pension obligations)
14.3 23.9
Equity ratio
(Equity / Total assets)
48.7 % 52.5 %

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