Financial Summary

Free cash flow
Cash flow from operating activities + Cash flow used in investing activities

Net liquidity
Cash and cash equivalents + current financial assets - current financial liabilities - non-current financial liabilities

Net working capital
Trade receivables + Inventories - Trade payables

Days sales outstanding (DSO)
Quarterly average of gross trade receivables for the past 4 quarters / Net sales for the past 4 quarters * 360

Days inventory outstanding, Inventory period (DIO)
Quarterly average of gross inventories for the past 4 quarters / Material expenses including changes in inventories for the past 4 quarters * 360

Material expenses incl. changes in inventories
Material expenses including changes in stock of finished goods and work in progress

Operating income before interest, taxes, depreciation and amortization (EBITDA)
Net sales + Other operating income - Material expenses including changes in inventories - Operating expenses

Operating income before interest and taxes (EBIT)
Net sales + Other operating income - Material expenses including changes in inventories - Operating expenses - Depreciation - Amortization

Compound annual growth rate (CAGR) net sales, 5 years
(Net sales actual year / Net sales 5 years ago) ^ (1/5) - 1

Quick ratio
(Cash and cash equivalents + Current receivables) / Current liabilities

Payout ratio
(Dividend + Nominal share capital repayment) / Net income attributable to Belimo shareholders

Equity-to-fixed-assets ratio
(Non-current liabilities + Shareholders' equity) / Non-current assets

Equity ratio
Shareholders' equity / total assets

Return on equity (ROE)
Net income / average shareholders' equity of December 31 and December 31 of previous year

Return on invested capital (ROIC)
Operating income (EBIT) / (Total assets - Cash and cash equivalents + Trade payables)

Return on dividend
Dividend / Stock market price as at December 31

Price-earnings ratio (P/E ratio)
Stock market price as at December 31 / Earnings per share (EPS)

Total shareholder return
(Stock market price as at end of period - Stock market price as at begin of period + paid Dividend) / Stock market price as at begin of period)

Total shareholder return, 5 years
(Stock market price as at end of period - Stock market price as at begin of 5-year-period + paid Dividends of last 5 years) / Stock market price as at begin of 5-year-period)

Research and development in percent of net sales
Expenses of the division Innovation excluding effects of capitalized development costs (capitalization and amortization) and excluding costs of litigation divided by net sales