Notes to the Consolidated Financial Statements

The objectives of the Group regarding the management of the capital structure are as follows:

• ensure sufficient liquidity to cover all liabilities
• guarantee an attractive return on equity (ROE) and return on invested capital (ROIC)
• ensure a sufficient debt capacity and credit rating
• ensure an attractive distribution policy

In order to maintain or change the capital structure, the following measures can be taken:

• adjustment of the distribution policy
• share buyback programs
• capital increases
• incur or repay debt

Further measures to guarantee an efficient use of the invested capital and therefore also to achieve attractive returns are:

• active management of net working capital
• demanding objectives regarding the profitability of investments
• clearly structured innovation process

The invested capital is composed of net working capital, property, plant and equipment, goodwill, and intangible assets.

The periodic calculation and reporting of the following key figures to the management ensures the necessary measures in connection with the capital structure can be taken in a timely manner.

The relevant values as of December 31 are outlined below: