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Glossary of financial terms

ADDED VALUE: Added value is calculated on the basis of the value of production less input (costs of materials, depreciation, other costs). Added value is distributed to different interest groups in HHLA such as staff, lenders, partners or the state.

COMMERCIAL DEBTS: Net financial debts + pension reserves.

DBO (DEFINED BENEFIT OBLIGATION): Performance-oriented pension obligations arising from the accrued and estimated pensions rights of active and former members of staff as at settlement day, allowing for probable future changes in pensions and emoluments.

DERIVATIVE FINANCIAL INSTRUMENTS: Financial instruments that are traditionally used to protect existing investments or obligations.

DVFA/SG: Deutsche Vereinigung für Finanzanalyse und Anlageberatung e.V. (DVFA) and Schmalenbach-Gesellschaft, Deutsche Gesellschaft für Betriebswirtschaft (SG).

EBIT: Earnings before interest and tax.

EBITDA: Earnings before tax, interest and depreciation.

EBT: Earnings before tax.

EQUITY RATIO: Equity/total assets.

FINANCIAL RESULT: Result from holdings + interest result less depreciations on and losses from disposal of investments as well as securities forming part of current assets.

GEARING RATIO: Commercial debt/equity.

IAS: International Accounting Standards.

IFRS: International Financial Reporting Standards.

IMPAIRMENT TEST: Impairment test as defined in IFRS.

NET FINANCIAL LIABILITIES: Liabilities (bank liabilities) – liquid funds.

Ø OPERATING ASSETS: Average net assets (intangible assets, fixed assets, real estate held as financial investments and financial investments) + average net liquid assets (inventories plus trade receivables, less trade payables).

OUTPUT VALUE: Total sales revenues + other operational revenues +/– financial result.

PRO RATA TEMPORIS: Corresponding to time elapsed.

ROCE (RETURN ON CAPITAL EMPLOYED): EBIT/Ø operating assets.

SALES REVENUES: Revenues derived from selling, letting or leasing and from services provided by the corporation, less sales deductions and turnover tax.

TOTAL PERFORMANCE: Sales revenues +/– inventory increase/decrease + own work activated.