Return on capital employed (ROCE)
We use the return on capital employed ratio (ROCE) as the central performance measure for the development of our Group portfolio as well as for allocating capital expenditures.
The target value for ROCE is ≥ 6.5%. The development of ROCE for 2021 can be found in the 2021 Integrated Report and for the first half of 2022 in the Integrated Interim Report 2022 of DB-Group.
You can find the current development of ROCE in the 2021 Integrated Report.
Derivation of ROCE
| ROCE | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | H1 2022 | |
| EBIT adjusted (€ million) | 2,708 | 2,236 | 2,109 | 1,759 | 1,946 | 2,152 | 2,111 | 1,837 | -2,903 | -1,552 | 876 | |
| ÷ Capital Employed per Dec. 31 (€ million) | 32,642 | 33,086 | 33,683 | 33,459 | 33.066 | 35,093 | 36,657 | 42,999 | 41,764 | 43,020 | 44,968 | |
| ROCE (%) | 8.3 | 6.8 | 6.3 | 5.3 | 5.9 | 6.1 | 5.8 | 4.3 | -7.0 | -3.6 | 3.9 | |
Derivation of Capital Employed
| € million | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |
BASED ON ASSETS | |||||||||||
| Property, plant and equipment /intangible assets | 41,816 | 41,811 | 43,217 | 42,821 | 42.575 | 43,207 | 44,487 | 50,485 | 49,994 | 52,487 | |
| + Inventories | 989 | 948 | 959 | 1,018 | 1,062 | 1,151 | 1,369 | 1,520 | 1,937 | 2,155 | |
| + Receivables / other assets | 5,210 | 5,257 | 5,477 | 5,408 | 5.780 | 6,545 | 7,274 | 7,723 | 8,249 | 10,237 | |
| - Other liabilities | 7,922 | 7,816 | 8,772 | 8,514 | 9,013 | 8,939 | 9,604 | 9,749 | -10,545 | -12,573 | |
| - Other provisions | -5,162 | -4,883 | -5,044 | -5,311 | -5,334 | -5,117 | -5,068 | -5,098 | -6,041 | -7,496 | |
| - Deferred income | -2,217 | -2,141 | -2,063 | -1,853 | -1,870 | -1,623 | -1,648 | -1,478 | -1,205 | -1,249 | |
| - Receivables from financing | -72 | -90 | -91 | -110 | -134 | -131 | -174 | -404 | -625 | -541 | |
| Capital Employed | 32,642 | 33,086 | 33,683 | 33,459 | 33,066 | 35,093 | 36,093 | 42,999 | 41,764 | 43,020 | |
We lead the DB Group and the single business units in matters concerning ROCE goals while anticipating the character and the risk of the operative business. The ROCE measures the performance of our business actvities. This orientates our planning including the investment program. The ROCE goals are set with their minimum being at hte level of the Weighted Average Cost of Capital or WACC.