- Our key performance indicator ROCE (return on capital employed) improved by 0.1 percentage points in the reporting period to reach 5.8 percent.
- This was attributable to an increase in net operating profit after taxes (NOPAT) while the average amount of net operating assets (NOA) remained virtually stable over the year.
- NOPAT increased in 2017 on the back of significantly better adjusted EBITDA and the positive special factors. Impairment losses recognized in the reporting year on goodwill and property, plant and equipment had a negative effect on NOPAT.
- Despite the acquisition of spectrum in the United States and a consistently high level of investment in connection with our integrated network strategy, average NOA remained virtually unchanged in 2017, due to lower cash and cash equivalents on average and lower goodwill, among other effects.
Alternative performance measures
In order to set and achieve our strategic goals more effectively, we are pursuing a Group-wide value management approach. Ultimately, specific performance indicators are required to measure success.