Volvo 2011 Annual Report Download - page 164
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Definitions
Basic earnings per share
Income for the period attributable to shareholders of the Parent
Company divided by the weighted average number of shares out-
standing during the period.
Capital expenditures
Capital expenditures include investments in property, plant and
equipment, intangible assets and assets under operating leases.
Investments in fixed assets included in the Group’s cash-flow
statement include only capital expenditures that have reduced the
Group’s liquid funds during the year.
Cash-flow
Combined changes in the Group’s liquid funds during the fiscal
year. Changes in liquid funds are specified with reference to
changes in operations, operating activities, changes depending on
investments in equipment, fixed assets etc. and financing activities
such as changes in loans and investments.
Diluted earnings per share
Diluted earnings per share is calculated as income for the period
attributable to the Parent Company’s shareholders divided by the
average number of shares outstanding plus the average number of
shares that would be issued as an effect of ongoing share-based
incentive programs and employee stock option programs.
EBITDA
EBITDA is the operating income before depreciation and amortiza-
tion of tangible and intangible assets. This key figure is calculated
by adding back depreciation and amortization on the operating
income of the Industrial operations.
Equity ratio
Shareholders’ equity divided by total assets.
Interest coverage
Operating income plus interest income and similar credits divided
by interest expense and similar charges.
Joint ventures
Companies over which the Company has joint control together with
one or more external parties.
Net financial position
Cash and cash equivalents, marketable securities and interest-
bearing short- and long-term receivables reduced by short- and
long-term interest-bearing liabilities and provisions for post-
employment benefits.
Operating margin
Operating income divided by net sales.
Penetration rate
Share of unit sales financed by Volvo Financial Services in relation
to total number units sold by the Volvo Group in markets where
financial services are offered.
Return on shareholders’ equity
Income for the period divided by average shareholders’ equity.
Self-financing ratio
Cash-flow from operating activities (see Cash-flow statement)
divided by net investments in fixed assets and leasing assets as
defined in the cash-flow statement.