Targets of value-based management

Based on long-term interest rates derived from the capital market and the target capital structure (fair value of equity to debt = 2:1), the minimum required rate of return on invested capital defined for the Automotive Division remains unchanged at 9%. We again clearly exceeded the minimum required rate of return in the reporting period, with a return on investment (ROI) of 14.9% (see also chapter key financial figures and reporting period). An increase in invested capital resulting from greater investment in new models and production facilities, as well as the development of alternative drive systems and modular toolkits, will have a dampening effect on future returns. Nevertheless, we expect that our return will continue to be well in excess of the minimum required rate of return. Under our Strategy 2018, our medium-term goal is a return on investment of more than 16% in the Automotive Division, which is significantly above the minimum required rate of return.