Glossary

Adjusted earnings per share (Adjusted EPS)

It is the adjusted net profit as defined below divided by the weighted average total outstanding number of shares for the year.

Adjusted net profit

Profit for the year as reported in the consolidated  financial statements adjusted for the impact of one-off and non-recurring items, the contribution from discontinued operations and the inventory step-up corrected for income taxes.

Core earning per share (Core EPS)

Adjusted net profit, as defined above, adding back the after tax amortisation of intangible assets linked to sales.

EBIT / Earnings Before Interest and Taxes

Operating profit as mentioned in the consolidated financial statements.

Free cash flow

Cash  flow from operating activities plus cash flow from investing activities of the continuing operations.

Net debt

Non-current and current borrowings and bank overdrafts less debt securities, restricted cash deposit with respect to  nancial lease agreements, cash and cash equivalents.

Non-recurring items

Items of income or expense which do not occur regularly as part of the normal activities of the company.

REBIT / Recurring EBIT

Operating profit adjusted for impairment charges, restructuring expenses, and other exceptional income and expenses.

EBITDA / Recurring EBITDA / Recurring Earnings Before

Interest, Taxes, Depreciation and Amortisation charges

Operating profit adjusted for amortisation, depreciation, impairment charges, restructuring expenses and other exceptional income and expenses.

Weighted average number of ordinary shares

The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of shares bought back or issued during the period, multiplied by a time-weighting factor.