Calendar and publications

Dräger Value Added = EBIT less cost of capital of average invested capital

DVA is the central key management figure at Dräger. It is reported for the Group and for the three segments (Europe, America, and Africa, Asia and Australia). We thereby measure the development of the company’s added value and that of its various units.

We want to achieve three key goals with the help of management via DVA:

• profitable growth,
• increasing operating efficiency, and
• increasing capital efficiency.

DVA is the difference between EBIT over the preceding twelve months and calculated capital costs. Capital costs are equal to the average capital employed over the previous twelve months based on the average cost of equity and debt before taxes. The weighted average cost of capital (WACC) is 7.0 percent.

Gross profit margin = (net sales – cost of sales / net sales)

EBITDA = earnings before net interest result, income taxes, depreciation and amortization.

EBITDA is calculated from EBIT by adding depreciations recognized in income and deducting write-ups recognized in income on intangible assets, property, plant and equipment, and right-of-use assets.

EBITDA margin is calculated as the ratio of EBITDA to sales.

EBIT = earnings before net interest result and income taxes. EBIT does include depreciation and write-ups on property, plant and equipment.

EBIT margin is calculated as the ratio of EBIT to sales.

Operating cash flow is a financial measure showing cash inflows from operating activities during a period. Operating cash flow is calculated by subtracting non-cash income and adding non-cash expenses to net income, essentially corrected for cash-effective changes of receivables, payables and inventories.  

Calculation of net financial debt: 

Non-current interest-bearing loans 

+ Current interest-bearing loans and liabilities to banks 

+ Non-current and current liabilities from finance lease 

– Cash and cash equivalents

= Net financial debt

Net debt/EBITDA is a financial measure reflecting the ability to fulfill its payment obligations.

Constant currencies for income and expenses are calculated using prior year average rates; constant currencies for assets and liabilities are calculated using the mid-closing rate on the date of the respective statement of financial position.

Capital employed = total assets less deferred tax assets, current securities, liquid funds and non-interest-bearing liabilities

ROCE = EBIT (value of the last 12 months) / capital employed (value as of reporting date)

Net working capital = current, non-interest-bearing assets plus non-current trade receivables less current, non-interest-bearing debt

Gearing = Net financial debt / equity