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Annual Report

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 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.

Following the decrease in return on investment in 2009 as a result of the global financial and economic crisis, we were able to considerably exceed the highest returns generated to date in 2007 and 2008 in the reporting period (see also Key Financial Figures and Value contribution and Return on Investment in the current fiscal year).

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