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Definitions of terms used

In accordance with European Securities and Markets Authority (ESMA) guidelines, below is a description of the main indicators used in the Company's publications and reports. These indicators are recurrently and consistently used by the Group to assess financial performance and explain the evolution of its activity:

1. Alternative measures of performance related to the income statement

  • EBITDA: Operating income + depreciation and amortisation + variation of current provisions
  • Adjusted EBITDA: EBITDA stripping out material extraordinary items
  • EBIT: Operating income
  • Adjusted EBIT: EBIT stripping out material extraordinary items
  • Net financial result: Financial income – financial expenses ± exchange rate variations
  • ICER (interest coverage ratio): EBIT / financial expenses

2. Alternative performance measures related to the balance sheet and leverage ratios

  • Net financial debt: current bank debt + non-current bank debt - cash and cash equivalents
  • Net Financial Debt / EBITDA: Net Financial Debt / EBITDA
  • Debt Ratio: Net Financial Debt / Equity

3. Alternative measures of performance related to cash flow

  • Operating Working Capital: Inventories + trade receivables – trade payables

4. Alternative performance measures related to the profitability of the company

  • ROCE: Net operating income / (equity + net financial debt)
  • ROE: Profit/(Loss) after tax and non-controlling interests / equity

5. Other alternative performance measures

  • 360º Excellence Plan: estimated efficiency savings for the 2019-2023 period
  • TIR, Total Incident Rate ((Total Accidents) * 1,000,000 / hours worked)
  • Payout: Shareholder Remuneration / Profit after taxes and minority interests
  • Book value per share: Shareholders' equity / no. of shares