Accelerating Circularity

Accelerating Circularity is a collaborative effort to accelerate the textile industry’s move from linear to circular. The textile industry must move from a take, make waste system to circularity, avoiding the massive amounts of textile waste annually put into landfill. www.acceleratingcircularity.org

AFRAC – Austrian Financial Reporting and Auditing Committee

The Austrian Accounting Standards Committee, whose activities are not aimed at profit, serves the research, documentation and further development of accounting and auditing in Austria, taking into account international and European developments and Austrian interests in this field. www.afrac.at

Austrian Sustainability and Diversity Improvement Act

The “Nachhaltigkeits-und Diversitätsverbesserungsgesetz” (NaDiVeG) implements the European “NFI Directive” (2014/95/ EU) in Austria. It expands the reporting obligations in the area of non-financial information for large companies of public interest, with an average of more than 500 employees.

BAT – Best available techniques

Best available techniques means the most effective and advanced stage in the development of activities and their methods of operations. The techniques should indicate the practical suitability of particular techniques for providing, in principle, the basis for emission limit values designed to prevent, and, where this is not practicable, generally to reduce emissions and the impact on the environment as a whole.

Better Growth

Lenzing`s corporate strategy Better Growth stands for moving from linear to circular, transforming the cellulose industry, offering customer-centric solutions and achieving excellence with a value-driven mind-set.


Biobased products are those that originate partially or completely from renewable resources. These products can be either biodegradable or non-biodegradable.

Biobased chemicals

Chemicals from the biorefinery, originating from renewable resources and also referred to in this report as biorefinery products


The property of a substance or material to be degraded by microorganisms (bacteria, fungi, etc.) to water and carbon dioxide (CO2) and to be absorbed by the environment. Test methods specify a fixed time under defined conditions of temperature, oxygen and humidity, and a certain percentage of degradation. For information about biodegradability of Lenzing fibers, please see the definition of “TÜV certified biodegradable and compostable LENZING™ fibers” in this glossary.


This is the variability among living organisms from all sources including, among others, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are part. This includes diversity within species, between species and of ecosystems.


Bioenergy is energy derived from biomass. The term refers to various forms of energy, including heat and electricity. Also the biomass that contains this energy can be referred to as bioenergy. The main sources of bioenergy are renewable resources.


A biorefinery can be defined as a framework or a structure in which biomass is utilized in an optimal manner to produce multiple products such as fibers, biobased biorefinery products and bioenergy.

Biorefinery products

Materials or products from a biorefinery, from renewable raw materials. In Lenzing’s case, for example, LENZING™ Acetic Acid Biobased, LENZING™ Furfural Biobased, LENZING™ Magnesium-Lignosulphonate Biobased, LENZING™ Soda Ash, xylose;

Blended learning approach

Blended learning (also known as hybrid learning) is a method of teaching that integrates technology and digital media with traditional instructor-led classroom activities.


Blockchains are forgery-proof, distributed data structures in which transactions are recorded in the time sequence, traceable, unchangeable and without a central instance linked in a peer-to-peer network. The blockchain technology enables digital traceability of fibers and the corresponding wood sources across each production and distribution step. The technology also allows consumers to verify the garment composition and the underlying textile supply chain.


Canopy is a Canadian non-profit organization dedicated to the conservation and protection of ancient and endangered forests. Lenzing works together with Canopy to ensure responsible wood sourcing. Canopy publishes the Hot Button Report annually. https://canopyplanet.org/campaigns/canopystyle/

CDP – Carbon Disclosure Project

The Carbon Disclosure Project (CDP) is a non-profit organization with the aim that companies and also municipalities disclose their environmental data, such as climate-damaging greenhouse gas emissions and water consumption. Once a year, the CDP collects data and information on behalf of investors using standardized questionnaires on CO2 emissions, climate risks and reduction targets and strategies of companies. Participation is voluntary. www.cdp.net

Carbon footprint

A carbon footprint is the sum of greenhouse gas emissions and greenhouse gas removals of a product system or an organization, expressed as a carbon dioxide equivalent.


CO2 neutrality means, in a narrow sense, that no CO2 is emitted or that the CO2 emissions are fully offset or compensated. Carbon-neutral is not the same concept as net-zero. https://de.wikipedia.org/wiki/Klimaneutralität.


Carbon-zero is the name of the concept for certain TENCEL™ fibers in our range. It is only offered to our TENCEL™ fibers with the lowest carbon footprint. The remaining emissions from our carbon-zero TENCEL™ fibers are offset by supporting renewable energy supply projects.

Cascale (formerly SAC – Sustainable Apparel Coalition)

An association of leading companies, non-profit organizations as well as research and educational experts aiming to create a more sustainable international apparel, footwear and textile industry. Cascale is the developer of the Higg Index.


The biopolymer cellulose is a component of all plants. The cellulose content of wood depends on the species and is typically around 40 percent. It is a raw material for pulp production.

Chain of custody

The chain of custody documents the flow of materials and raw materials through various stages right up to the final product. It is important for the certification of raw materials and their traceability. In order to ensure that final products really meet the requirements of the standard, initiatives trace the flow of materials throughout the chain of custody.


Chemical oxygen demand. A further method for assessing the organic load of wastewater (besides BOD biological oxygen demand). It measures the degree to which the wastewater can undergo chemical oxidation.


Reducing the negative impact of greenhouse gas emissions in the atmosphere by saving greenhouse gas emissions elsewhere, e.g. by supporting climate protection projects.


Compostable products undergone strict testing to ensure that they break down within a specific time frame and do not release anything harmful into the environment.


In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.

Controversial sources

Includes wood derived from: illegal logging or the trade in illegal wood or forest products; destruction of high conservation values in forestry operations – including ancient and endangered forests, and endangered species habitats; plantations established after 1994 through significant conversion of natural forests or conversions to non-forest use; introduction of genetically modified organisms in forestry operations; violation of traditional, community and/or human rights and any violation of the ILO Core Conventions as defined in the ILO Declaration on Fundamental Principles and Rights at Work.


By-products recovered during pulp and fiber production.


Decarbonization denotes the declining average carbon intensity (CO2 emission per unit of a product) over time. Products can be, for example, (primary) energy, gross domestic product, or any units produced by a company.

Denial of service

A denial of service attack (DoS attack) is a cyber attack that prevents legitimate users from accessing services, computer systems, networks, or other information technology resources.

Dirty Dozen

The Dirty Dozen refers to twelve of the most common human error preconditions, or conditions that can act as precursors, to accidents or incidents. For example, tiredness.

Dissolving wood pulp

A special kind of pulp with distinct characteristics which is used to manufacture viscose, modal and lyocell fibers and other cellulose-based products. This grade of pulp is characterized by higher alpha cellulose content and by a high degree of purity.


Elemental chlorine free – a bleaching process without using elemental chlorine.


EcoVadis aims to promote the environmental and social practices of companies through CSR performance monitoring within the supply chain and to support companies in improving sustainability. EcoVadis operates the first collaborative platform to deliver CSR ratings from suppliers to global supply chains.

elDAS – electronic identification and trust services

eIDAS is an EU regulation on electronic identification and trust services for electronic transactions in the European Single Market.

e2e – End to End

End-to-end describes a process that takes a system or service from beginning to end and delivers a complete functional solution.

EPA – United States Environmental Protection Agency

The United States Environmental Protection Agency (EPA, resp. USEPA) is an independent agency of the United States for the environmental protection and the protection of human health. EPA works to ensure that Americans have clean air, land and water. https://www.epa.gov/

ERGs – Employee Resource Groups

Internal forums where employees have an opportunity to actively participate in topics they care about or are interested in and that support employees’ beliefs, backgrounds and/or identities. They are voluntary in nature, cross-functional, company-wide and employee-run. Each group is normally focused on a particular common goal/theme e.g. gender diversity, disability, parenting, etc.

ESG – Environmental, social and governance standards

Environmental, social and governance (ESG) refers to the three central factors in measuring the sustainability and ethical impact of an investment in a company or business.

ESRS – European Sustainability Reporting Standards

The ESRS is the new EU framework for sustainability reporting and is a key element of the EU’s new Corporate Sustainability Reporting Directive (CSRD). The aim is to make reports more standardized and comparable. It is mandatory for Lenzing from 2024 onwards.

FAO – Food and Agriculture Organization of the United Nations

The Food and Agriculture Organization of the United Nations (FAO) is a specialized agency of the United Nations that leads international efforts to defeat hunger. It is based in Rome.


The Forest Stewardship Council® (FSC) is an international non-profit organization for wood certification.


A clear yellowish liquid with a characteristic scent of almonds. During viscose fiber production, beech wood is cooked and furfural is released in a double distillation process.

GHG – Greenhouse gas emissions

Emissions of gases which contribute to global warming by absorbing infrared radiation, thereby heating the atmosphere. The main contributors are carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O).

GRI – Global Reporting Initiative

The Global Reporting Initiative (known as GRI) is an international independent standards organization that helps businesses, governments and other organizations understand and communicate their impacts on issues such as climate change, human rights and corruption. The purpose of GRI is to develop globally applicable guidelines for sustainability reporting.

Hay job

The Hay Method of job evaluation assesses a job based on skill (know-how), effort (problem solving), responsibility (accountability) and working conditions.


The designation for carbohydrates that are contained in wood but that are not cellulose. They can have the widest variety of compositions depending on the type of wood involved, e.g. xylan (in beech wood).

Higg FEM

The Higg Facility Environmental Module (Higg FEM) standardizes how facilities can measure and evaluate their yearly environmental performance. A clear picture of the environmental impact that a manufacturer and its facilities are having upon the environment and the world as a whole are provided. The Higg FEM helps manufacturers, brands, and retailers identify and prioritize opportunities for performance improvements. The Higg FEM assesses (a) environmental management system, (b) energy/GHG emissions, (c) water, (d) waste, (e) wastewater, (f) air emissions and (g) chemicals management.


The Higg Facility Social and Labor Module (FSLM) tool focuses on issues such as hours of work, wages and benefits, health and safety, and strengthening communities.

Higg MSI

The Higg Materials Sustainability Index (Higg MSI) is the apparel industry’s most trusted tool to measure and score the environmental impacts of materials.

High-consequence work-related injuries

High-consequence work-related injuries are split between: Fatalities and other injuries from which the worker cannot recover (e.g. amputation of a limb), or does not or is not expected to recover fully to pre-injury health status within six months (e.g. fracture with complications). The definition of high-consequence work-related injury uses recovery time instead of lost time as the criterion for determining the severity of an injury.

ILO – International Labour Organization

The International Labour Organizationis a United Nations agency that sets international labor standards and promotes social protection and work opportunities for all. The ILO has 187 member states: 186 of the 193 UN member states plus the Cook Islands are members of the ILO.


All stages of fiber production are concentrated at one and the same site, from wood, the raw material, to pulp, biorefinery and co-products to fiber production

IOSH – Institute of Occupational Safety and Health

IOSH is the only Chartered body for safety and health professionals. Their members follow a strict Code of Conduct and a formal professional development program.


IPBES (Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services) is an intergovernmental body providing scientific policy advice on biodiversity – comparable to the IPCC (Intergovernmental Panel on Climate Change). https://www.bmuv.de/faq/was-ist-und-macht-ipbes


The abbreviation “IPCC” stands for Intergovernmental Panel on Climate Change. In German-language media, the IPCC is usually referred to as the “Weltklimarat”. The IPCC was founded in 1988 by the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP). Its findings form the basis for international climate negotiations under the United Nations Framework Convention on Climate Change (UNFCCC). In it, member states affirm their intention to prevent “dangerous climate change.” https://wiki.bildungsserver.de/klimawandel/index.php/IPCC

ISO 14001:2015

An international standard for the certification of environmental management systems.

ISO 45001:2018

An international standard for management systems of occupational health and safety.

ISO 9001:2015

An international standard for the certification of quality management systems.


ISS ESG is the responsible investment arm of Institutional Shareholder Services Inc., the world’s leading provider of environmental, social, and governance solutions for asset owners, asset managers, hedge funds, and asset servicing providers.


The term key performance indicator describes indicators in business economics which are used to measure progress or achievements related to important targets or critical success factors within an organization.


Life Cycle Assessment is a systematic analysis of the environmental impacts of products throughout their life cycle (“from cradle to grave”).


A polyaromatic component of wood that cannot be used for fiber production. It is used for generating power and to recover co-products.


The decomposition products of lignin from wood after pulping.

Lyocell fibers

Lyocell fiber is the latest generation of cellulosic fibers. In Lenzing’s case the cellulose used is either wood-based or recycled cotton (REFIBRA™ Technology). The generic fiber name is lyocell, the branded products from Lenzing are marketed as TENCEL™ and VEOCEL™ fibers. It is known for its smooth and silky handfeel as well as performance aspects.


Small plastic particles of 5 mm or less in size – known as “micro-plastics” – are perceived to be a major pollution problem in freshwater bodies and the sea. While recent industry initiatives and legislation aim to promote the development of less polluting alternatives, Lenzing, as a producer of wood-based cellulosic fibers, laid the foundations for biodegradable products more than 80 years ago.

Modal fibers

Modal is a viscose fiber refined under modified viscose production conditions and spinning conditions. It is characterized by a particular softness and is the preferred fiber for high-quality next to skin applications like underwear and similar products. The fibers have improved characteristics such as tenacity, dimensional stability, and so forth. Lenzing markets these fibers under TENCEL™ Modal.

Net-benefit products

Lenzing’s net-benefit products offer positive impacts and benefits for the environment, society, and value chain partners, and are better than most competing alternatives in the market. Net-benefit products take a life cycle perspective and thus include both upstream and downstream value chain processes. Net-benefit thinking describes the performance of our specialties and forward solutions.

Net-zero target

Companies shall set one or more targets to reach a state of net-zero emissions, which involves: (a) reducing their Scope 1, 2 and 3 emissions to zero or to a residual level that is consistent with reaching net-zero emissions at the global or sector level in eligible 1.5°C scenarios or sector pathways and; (b) neutralizing any residual emissions at the net-zero target date and any GHG emissions released into the atmosphere thereafter. Source: Net-Zero-Standard.pdf (sciencebasedtargets.org) When talking about net-zero, a maximum of 10 percent can be compensated by removal offsets (according to the science-based target initiative), 90 percent of absolute carbon must be reduced. This is the main difference to carbon-neutral, where there are no limits on the level of offsetting.

NIST Cyber Security Framework

The NIST Cyber Security Framework consists of voluntary guidelines, standards and best practices to manage cybersecurity risk.


N-Methylmorpholine N-oxide is an aqueous, biodegradable, organic solvent.


Nonwoven fabric materials, fleece. Nonwovens made from Lenzing fibers are used for sanitary, medical, and cosmetics applications.


Reducing the damage caused by releasing carbon dioxide into the environment by doing other things that remove carbon dioxide from the atmosphere, e.g. through climate protection projects.


The Programme for the Endorsement of Forest Certification Schemes (PEFC) is an international non-profit organization for wood certification.

Plantation forest

Planted Forest that is intensively managed and meet all the following criteria at planting and stand maturity: one or two species, even age class, and regular spacing (FAO-FRA 2020). Examples: poplar, acacia or eucalyptus plantations.


A product made from post-consumer material is made from waste that has been used and disposed of by a consumer (such as used clothing).


Pre-consumer upcycling is the reclamation of waste materials that were created during the manufacturing process prior to their delivery to a consumer (such as cotton scraps from garment making). Often also referred to as post-industrial waste.

RaaS – Ransomware as a Service

RaaS is a service in which cybercriminals provide a compact malware program that can be used to launch a ransomware attack. Ransomware is a malware, where cybercriminals attack a system with malicious code. The goal is to lock legitimate users out of their system and encrypt sensitive data. Companies are then often blackmailed into paying high ransoms in order to obtain the decryption key.

Regenerated cellulose

In the context of cellulosic fibers, regeneration means ”bringing back into shape”. Regenerated cellulose is a class of materials manufactured by the conversion of natural cellulose to a soluble cellulosic derivative using chemicals and subsequent regeneration, which also includes the separation of chemicals and cellulose. Leaving behind the cellulose in form of either a fiber (e.g., rayon) or a film (e.g., cellophane). The industry is also known internationally as the man-made cellulosic fiber (MMCF) industry.


Developed by Aaron Antonovsky († July 7, 1994), an Israeli-American professor of sociology. In contrast to pathogenesis, the salutogenic approach does not focus on the question “What makes a human being ill?” but rather “What keeps a human being healthy?”

SBT – Science-based targets

Targets adopted by companies to reduce greenhouse gas emissions are considered “science-based” if they are in line with the level of decarbonization required to keep global temperature increase below 1.5°C compared to pre-industrial temperatures, as described in the Assessment Report of the Intergovernmental Panel on Climate Change (IPCC). (Applies to the 4th or 5th AR of IPCC as well as modelling of the IEA.)

Scope 1, 2 and 3 emissions

Scope 1 emissions are direct emissions from owned or controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy. Scope 3 emissions are all indirect emissions (not included in Scope 2) that occur in the value chain of the reporting company, including both upstream and downstream emissions.

Security patch

A security patch is a method of updating applications, systems or software by inserting code to fix the vulnerability.

Semi-natural forest

Forests of native species, established either through assisted or natural regeneration, or a mix of these under intensive stand management (includes forests in which assisted regeneration carried out with same species and similar species composition as in the natural forests in the area). Examples: many production forests in Europe, some teak plantations. These forests include, according to FAO (2020): Naturally regenerating forests, which are forest predominantly composed of trees established through natural regeneration. Planted forests, which are forest predominantly composed of trees established through planting and or/deliberate seeding. But not plantation forests.

SFI – Sustainable Forestry initiative

The SFI program was developed in 1994 to ensure North America’s valuable forests were protected and to document the commitment of forest products industry members to keep our forests healthy and to practice the highest level of sustainable forestry.


Safety, Health and Environment Action Reporting System of the Lenzing Group

SLCP – Social & Labor Convergence Program

The Social & Labor Convergence Program provides the tools to capture accurate data about working conditions in global supply chains. This multi-stakeholder initiative replaces the need for repetitive social audits by facilitating data sharing.


All internal and external persons or groups affected directly or indirectly by business activities currently or in the future.


Sustainalytics is a rating agency that assesses the sustainability of listed companies based on their environmental, social and governance performance. www.sustainalytics.com

Talent grid

In the Lenzing Group, a “talent grid” is used to classify talents. It analyses the distribution of performance and potential within a specific team, department, function and business. The graphical representation in a nine-box grid helps to understand the “talent mix” within a particular part of the organisation.


Totally chlorine free (bleaching process).

TE – Textile Exchange

Textile Exchange, founded in 2002, is a global nonprofit organization that works closely with all sectors of the textile supply chain to find the best ways to minimize and even reverse the negative impacts on water, soil, air, animals, and the human population.

TÜV certified biodegradable and compostable LENZING™ fibers

LENZING™ fibers which are TÜV certified biodegradable (soil, fresh water & marine) and compostable (home & industrial) include the following products: LENZING™ Viscose Standard textile/ nonwovens, LENZING™ Lyocell Standard textile/nonwovens, LENZING™ Modal Standard textile, LENZING™ Lyocell Filament, LENZING™ Lyocell Dry and LENZING™ Web Technology. An exception in certification applies for the fibers LENZING™ Lyocell Filament and LENZING™ Lyocell Dry, for which the necessary tests for confirming biodegradability in marine environment were not yet done or finalized.

UNCITRAL – United Nations Commission on International Trade

The United Nations Commission on International Trade Law is a subsidiary body of the U.N. General Assembly responsible for helping to facilitate international trade and investment.

VÖNIX – VBV Austrian Sustainability Index

VÖNIX is Austria’s first sustainability index. It was created by the VBV Austrian pension fund and is comprised of listed Austrian companies that are leaders in terms of social and environmental performance.

Viscose fibers

Viscose is a cellulosic fiber (also known as rayon). In Lenzing’s case the cellulose used is wood-based. Wood from trees is processed into pulp which gets derivatized by a chemical reaction and then is dissolved until it becomes a sticky liquid. The solution is pushed through nozzles into a “spinning bath” which allows that fibers are regenerated from the solution into a shape suitable in diameter and length for use in textile and nonwoven applications. The cellulosic fiber viscose is a fiber with a flowy drape, in personal hygiene products it is used to absorb and retain liquid. LENZING™ ECOVERO™ Viscose is the branded fiber for textile and VEOCEL™ Specialty Viscose fibers for nonwovens applications.

Wood-based cellulosic fiber

A fiber industrially produced from the raw material wood. The industry is known as man-made cellulose fiber industry.


Wood sugar, component of thick liquor and base material for xylitol (sweetener that inhibits tooth decay)

ZDHC – Zero discharge of hazardous chemicals

The ZDHC Foundation is a global center of excellence in responsible chemical management which works towards zero discharge of hazardous chemicals in the textile, leather, and footwear value chain to improve the environment and people’s wellbeing.

ZDHC MMCF Guidelines

The ZDHC MMCF Guidelines is a set of guidelines that addresses integrated expectations for discharge wastewater quality, emissions to air, and chemical recovery for manufacturing facilities producing man-made cellulosic fibers (MMCF).

Zero-day vulnerabilities

A zero-day vulnerability is a computer-software vulnerability that is unknown to the vendors and therefore has no patch ready. The term zero-day means that there is a zero-day gap between the time the vulnerability is discovered and the first attack happens.

Financial glossary

Adjusted equity

Equity including non-current and current government grants less the proportional share of deferred taxes on these government grants.

Adjusted equity ratio

Ratio of adjusted equity to total assets in percent.


Capital expenditures; i.e. acquisition of intangible assets, property, plant and equipment and biological assets and acquisition of corporate units as per consolidated statement of cash flows.

Capital employed

Total assets minus the following: non-interest-bearing debt, cash and cash equivalents, current securities, investments accounted for using the equity method and financial assets.

Earnings per share

The share of net profit/loss for the year attributable to the shareholders of Lenzing AG divided by the weighted average number of issued shares, calculated according to IFRS (IAS 33 Earnings per Share); the precise derivation can be found under note 16 in the notes to the consolidated financial statements.

EBIT (earnings before interest and tax)

Earnings before interest and tax, or operating result; the precise derivation can be found in the consolidated income statement.

EBIT margin

EBIT as a percent of revenue; represents the return on sales (ROS).

EBITDA (earnings before interest, tax, depreciation and amortization)

Operating result before interest, tax, amortization of intangible assets, depreciation on property, plant and equipment and right-of-use assets and depletion of biological assets and before income from the release of investment grants.

EBITDA margin

EBITDA as a percent of revenue.

EBT (earnings before tax)

Profit/loss for the year before income tax expense. The precise derivation can be found in the consolidated income statement.


The equity item aggregates the equity instruments as defined by IFRS. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. This represents the funds provided to the entity by its owners.

Free cash flow

Cash flow from operating activities less cash flow from investing activities and net cash inflow from the sale and disposal of subsidiaries and other business areas plus acquisition/disbursement of financial assets and investments accounted for using the equity method less proceeds from the sale/repayment of financial assets and the sale of investments accounted for using the equity method. Free cash flow corresponds to the readily available cash flow.


Abbreviation for Full-Time Equivalents.

Gross cash flow

Gross cash flow equals cash flow from operating activities before change in working capital; the precise derivation can be found in the consolidated statement of cash flows.


Abbreviation for International Accounting Standard(s), which are internationally recognized accounting rules.


Abbreviation for International Financial Reporting Standard(s), which are internationally recognized accounting rules.

Liquid assets

Cash and cash equivalents plus liquid securities and liquid bills of exchange.

Liquid funds

Cash and cash equivalents plus current securities.

Market capitalization

Weighted average number of shares multiplied by the share price as at the reporting date.

Net debt

Interest-bearing financial liabilities (= current and non-current financial liabilities) less liquid assets plus provisions for pensions and severance payments.

Net financial debt

Interest-bearing financial liabilities (= non-current and current financial liabilities) less lease liabilities less liquid assets.

Net financial debt/EBITDA

Net financial debt as a percent of EBITDA.

Net gearing

Net financial debt as a percent of adjusted equity.

Non-interest-bearing debt

Trade payables plus the following: puttable non-controlling interests, other liabilities, current tax liabilities, deferred tax liabilities and the proportional share of deferred taxes on government grants as well as provisions (excluding post-employment benefits).


Net operating profit after tax; operating result (EBIT) less the proportional share of current income tax expense.

Post-employment benefits

Provisions for pensions and severance payments.

ROCE (return on capital employed)

NOPAT as a percent of average capital employed (average from January 1 and December 31).

ROE (Return on equity)

EBT (earnings before tax) as a percent of average adjusted equity (average from January 1 and December 31).

ROI (Return on investment)

EBIT (earnings before tax) as a percent of average total assets (average from January 1 and December 31).

Total assets

Total of non-current and current assets or the total of equity and non-current and current liabilities. The precise derivation can be found in the consolidated statement of financial position.

Trading working capital

Inventories plus trade receivables less trade payables.

Trading working capital to annualized group revenue

Trading working capital as a percent of the latest reported quarterly group revenue x 4.

Working capital

Net current assets. Inventories plus trade receivables and other non-current and current assets less current provisions, trade payables and other non-current and current liabilities.

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