The Group takes the view that the key indicators of its performance are the growth in its issue volume on a comparable basis, its operating profit margin (i.e. its current operating results ratio on issue volume) and the growth of its cash flow before one-time items (FFO) on a comparable basis. 

The operating cash flow before one-time items (FFO) is calculated as follows:

Unlevered free cash flow is determined as follows:

(1) Operating EBIT : EBIT excluding financial revenue.
(2) According to Standard & Poor’s methodology.