Glossary

C

Capital Employed

Interest-bearing invested capital

E

EBITDA

Earnings before interest, taxes, depreciation and amortization

Economic value added (EVA)

Difference between ROCE and cost of capital, multiplied by capital employed. If EVA is positive, returns are higher than the cost of capital

Emerging markets

Emerging economic regions, particularly of the Third World

I

Investment grade

A rating is expressed in a combination of alphanumeric symbols and represents a company's credit standing as assessed by the rating agency. Ratings can be roughly dividend into two categories: "Investment grade" (adequate protection) and "Non-investment grade" (specultative).

T

Tailored blank

Metal blank comprising individual steel sheets of different grade, gauge and finish which are welded together and are suitable for deep drawing