Reconciliation of ROCE calculations

(XLS:) XLS

(in € million)

  

2019

  

2018

Source: Company information and Management estimates

(1)

Post-tax ROCE is calculated by adjusting pre-tax ROCE by applying a 30% tax rate, which management has determined reflects a reference tax rate to provide comparability between years and takes into consideration our post-IPO capital structure.

Adjusted EBITDA

  

485.4

  

461.5

Dividends received from joint ventures

  

(20.7)

  

(23.7)

Depreciation of PP&E

  

(177.2)

  

(172.3)

ROCE EBITA

  

287.5

  

265.5

 

  

 

  

 

Current assets (excluding cash and cash equivalents)

  

462.2

  

407.3

Current liabilities (excluding Interest-bearing liabilities)

  

(653.0)

  

(574.3)

PP&E

  

1,073.1

  

1,068.8

Capital employed

  

882.3

  

901.8

 

  

 

  

 

Pre-tax ROCE

  

32.6%

  

29.4%

ROCE tax rate of 30%

  

30.0%

  

30.0%

Post-tax ROCE (1)

  

22.8%

  

20.6%