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Glossary / E 

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The Company defines EBITDA as net profit before non-controlling interests, income tax, net financial costs, depreciation and amortisation, impairment of property, plant and equipment (‘PPE’) and gains/losses from the sale of PPE. While the amounts included in EBITDA are derived from the Group‘s financial information, it is not a financial measure determined in accordance with adopted IFRS.

EBITDA margin:

shows earnings before interest, tax, depreciation and amortisation from continuing operations and before exceptional items as a percentage of total revenues.


Environmental Impact Assessment is a procedure that ensures that the environmental implications of decisions are taken into account before the decisions are made. Environmental assessment can be undertaken for individual projects on the basis of Directive 85/337/EEC, as amended (known as ‘Environmental Impact Assessment’ – EIA Directive).

Emerging Europe:

refers to European countries that are in the process of growth and industrialisation.


pollution discharged into the atmosphere by commercial or industrial facilities, or by motor vehicle, locomotive or aircraft exhausts.

Employee turnover rate:

is calculation of the number of employees who have left the company voluntarily or due to dismissal, retirement or death in service and it is expressed as a percentage of the average number of employees in the year.


also referred to as the EU-27 refers to all 27 constituents of the European Union.


Economic Value Added is a residual wealth created after deducting from net operating profit after tax (NOPAT) the capital charge, which represents the cost of invested capital necessary to generate that profit.


the process of mining and removal of coal or ore from a mine.


ex works is a trade term requiring the seller to deliver goods at his or her own place of business. All other transportation costs and risks are assumed by the buyer.