Vilmorin & Cie - Annual report 2017-2018

255 2017-2018 8 ANNUAL REPORT Vilmorin & Cie 8.4. Financial glossary 8.4. Financial glossary FURTHER Information C Current data: Current data are the data expressed with the historical currency exchange rates for the period, and not adjusting for changes in the consolidation scope. Current operating margin: The current operating margin is defined as the accounting operating margin restated for impairments and reorganization costs. E EBITDA: The EBITDA is defined as the operating result to which are added any provisions for depreciation, amortization and impairment. G Gearing: Gearing is defined as the ratio comparing the net financial debt (1) to equity (2) . L Leverage: Leverage is defined as the ratio comparing the net financial debt to the EBITDA. Like-for-like data: Like-for-like data concern data that are restated for constant consolidation scope and currency exchange rates. R Research investment: Research investment corresponds to gross research expenditure before any research costs are recorded as fixed assets. (1) Net financial debt is equal to net financial indebtedness. (2) Shareholders’ equity corresponds to the line “Consolidated equity”, represented in the Financial Progress Report.