Objectives

Qualitative objectives

• Value creation for shareholders: making optimal use of the resources available, taking into account the company’s social responsibilities;
• Growth: creating a critical mass by occupying leading positions in specialist market niches;
• Healthy financial position with sufficient strength to undertake acquisitions;
• Balanced portfolio of activities – product market combinations differ in terms of growth potential and risk profile;
• Promoting an open culture for progress and innovation;
• A commercial organization that thinks in terms of systems (solutions) instead of the traditional role of the provider of (system) components.

Financial objectives

• The net capital employed must generate a sufficient return. The operating result before amortisation as a percentage of net capital employed must be at least 15%;
• The financial position must be sufficiently solid. The ratio of net interest-bearing debt to operating result before amortisation and depreciation (EBITDA) must be structurally lower than 2.5;
• The long-term growth of net earnings per share before amortisation must be at least 10%;
• An appropriate profit margin must be achieved. The EBITA margin should gradually rise to at least 10%.