ROCE weaker
ROCE | H1 | Change | ||||
2019 | 2018 | absolute | thereof | % | ||
EBIT adjusted 1) | 757 | 974 | – 217 | +20 | – 22.3 | |
Capital employed | 42,114 | 36,201 | + 5,913 | +4,272 | + 16.3 | |
ROCE (%) | 3.6 | 5.4 | – | –0.3 | – | |
Target value (%) | ≥7.0 | ≥8.0 | – | – | – | |
1) Figures extrapolated to the full year for calculation purposes.
The ROCE deteriorated by 1.8 percentage points as a result of the significant decline in adjusted EBIT and a simultaneous increase in capital employed. The significant increase in capital employed resulted primarily from the first-time application of IFRS 16. As a result, ROCE has fundamentally shifted to a lower level. At the same time, however, the cost of capital also fell.