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%. At 17.7%, we clearly exceeded the 2010 return – the highest previously generated – in the reporting period (see also Key Financial Figures and Value contribution and Return on Investment). An increase in invested capital as a result of the largest investments in the Group's history will have a dampening effect on future returns. Nevertheless, we expect that our return will continue to be in excess of the minimum required rate of return. Under our Strategy 2018, our medium-term goal is a sustained return on investment of more than 16% in the Automotive Division, which is significantly above the minimum required rate of return.

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