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Definitions

ROACE = EBIT (after current tax rate) / average (shareholders' equity + net debt) ; calculated for current quarter and annualized

Current ratio = current assets / current liabilities

Quick ratio = (current assets - inventories) / current liabilities

Operational cash flow ratio = operational cash flow / total debt

Inventory conversion period = (Average level of inventories / COGS) * 365 days

Receivables conversion period = (Average level of receivables / Net Sales) * 365 days

Payables conversion period  = (Average level of accounts payable / Purchases) * 365 days

Cash Conversion Cycle = Inventory Conversion Period + Receivables Conversion Period - Payables Conversion Period