Financial definitions

American Depositary Receipts (ADRs)	American Depositary Receipts (ADRs) are negotiable securities issued by a bank that represent shares in a non-U.S. company. These can trade in the U.S. both on national exchanges and in the Over-The-Counter (OTC) market, are listed in U.S. dollars, and generally represent a number of foreign shares to one ADR. This gives U.S. investors exposure to foreign equities without having to trade on a local exchange in the local currency. Thule Group does not carry any sponsored ADR program
CAGR (Compound Annual Growth Rate)	A measure of the growth rate achieved over a defined period as if the growth rate were the same each year over the defined period (expressed in percent).
Earnings per share	Net income for the period divided by the average number of shares during the period.
EBITDA – Operating income before depreciation/amortization/impairment	(Earnings before interest, taxes, depreciation and amortization). Income before net financial items, taxes, depreciation/amortization and impairment of tangible and intangible assets.
EBIT margin/Operating margin	EBIT as a percentage of net sales. Operating income as a percentage of net sales.
EBIT – Operating income	(Earnings before interest and taxes). Income before net financial items and taxes.
Equity ratio	Equity as a percentage of total assets.
Gross income	Net sales less cost of goods sold.
Gross margin	Gross income as a percentage of net sales.
Leverage ratio	Net debt divided by underlying EBITDA (LTM).  This APM is a debt ratio that indicates how many years it would take to repay the company’s debt, provided that its net debt and EBITDA are constant, without factoring cash flows pertaining to interest, tax and investments.
Net debt	Gross debt less cash and cash equivalents. Gross debt is the total of long- and short-term borrowing, derivative instruments, capitalized transaction costs and accrued interest. Net debt is a metric used for monitoring the debt trend and the scope of refinancing requirements. Since cash and cash equivalents can be used to repay debt at short notice, net debt is used instead of gross debt as a metric for total loan financing.
Net sales growth, currency-adjusted	The change in net sales for the period adjusted for currency effects.
Organic growth, currency-adjusted	The change in net sales for the period adjusted for structural changes and currency effects. Organic growth excludes the effects of structural changes in the Group’s structure and exchange rates, which enables the comparison of net sales over time, excluding the effects of acquisitions for example.
LTM	Rolling 12-month.
Underlying EBIT	EBIT excluding items affecting comparability and depreciation/amortization of consolidated excess values. The APM reflects the enterprise’s operational profitability, where adjustments are made for items affecting comparability, to enable comparison over time.
Underlying EBITDA	EBITDA excluding items affecting comparability.
Underlying EBIT and underlying EBITDA	Underlying denotes after adjustment for the items: depreciation/amortization of consolidated excess values and items affecting comparability. Items affecting comparability comprise profit/ loss items that are by their very nature unusual and significantly impact profit or loss. These play an important part in understanding the underlying business performance.
Underlying EBIT margin, currency-adjusted	Underlying EBIT as a percentage of net sales after adjustment for currency effects.