Group ROICBT

The Group’s return on invested capital before tax (ROICBT) measures the profitability of the capital employed. It is regarded as a measure of operating profitability and is calculated by expressing EBIT (earnings before interest and taxes) as a percentage of the average invested capital (excluding cash and marketable securities).

Group ROICBT

Million CHF

EBIT1

Invested capital

 

ROICBT in %

1

Earnings before interest and taxes.

 

 

Current year

Previous year

Average

 

2014

2,723

31,089

29,736

30,412

9.0

2013

2,785

29,736

31,458

30,597

9.1

In 2014, the ROICBT slightly decreased from 9.1 percent to 9.0 percent, a development primarily due to an increase in the average Group invested capital. After adjusting for restructuring and merger costs, the ROICBT increased to 9.4 percent.