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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

2011 and 2012 Economic Value Added (EVA) have been calculated as follows:

Dec. 2011 published

WEIGHTED AVERAGE COST OF CAPITAL (WACC) 9.12%

ROCE AFTER TAX (1) 10.51%

CAPITAL EMPLOYED (in million of euros) 7,734

ECONOMIC VALUE ADDED (in million of euros) (2) 108

Dec. 2012 8.90% 11.49% 6,355 164

A 0.1 point increase or decrease in the Beta would have had a €36 million impact on 2012 EVA and a €38 million impact on 2011 EVA.

5.2.7. RETURN ON CAPITAL EMPLOYED (ROCE) BY BUSINESS SEGMENT

Return On Capital Employed (ROCE) is a key management a capital employed: for each business, the average cost of indicator used internally to measure the performance of 2011 and 2012 non-current assets, before depreciation, the Group’s various businesses. It is also an indicator of amortization and provisions, plus working capital. the profitability of assets that are either not consolidated or

ROCE corresponds to the ratio between adjusted EBITDA andaccounted for by the equity method.

average capital employed for the period. In December 2012, It is calculated on the basis of the following aggregates derived ROCE stood at 14.0% versus 13.9% in December 2011. from the consolidated financial statements:

a adjusted EBITDA: for each business, EBITDA plus revenue from financial assets and investments in associates (dividends and interests);