Targets for 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%.

Despite continuing bottlenecks in the supply of parts, including as a consequence of the Russia-Ukraine conflict and the resulting gloomier economic outlook, the ROI was 12.0 (10.4)% in the reporting period. Due to earnings-related reasons, this exceeded both the prior-year figure and our minimum required rate of return on invested capital of 9% (for more information, please see the headline “Return on investment (ROI) and value contribution in the reporting period” in the “Results of Operations, Financial Position and Net Assets” chapter). Invested capital will rise further in 2023 as a result of investment in new models, in the development of alternative drivetrains and further development of the modular and all-electric toolkits and platforms, and in technologies of the future. We expect the return on investment (ROI) in the Automotive Division for 2023 to be between 12% and 15%.