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 assets defined for the Automotive Division remains unchanged at 9%. Under the “18 plus” program that forms part of our “Strategy 2018”, our medium-term aim is a return on investment in the Automotive Division that is significantly above the minimum required rate of return. As a consequence of the global financial and economic crisis, however, we will have to accept a temporary decline in our return on investment and will be unable to reach our 9% minimum required rate of return, as was the case in the reporting period.

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