Reconciliation of ROCE calculations

(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%