Objectives

QUALITATIVE STRATEGIC OBJECTIVES

• Creation of shareholder value through profitable growth based on our knowledge, skill and internal synergy. In this way we can fulfil our social responsibilities, from economic, environmental and social perspectives.
• Achievement of critical mass in product-market-technology combinations by securing leading positions in worldwide market niches.
• Achievement of a healthy financial position with sufficient strength for acquisitions.
• Management of a balanced portfolio of activities, in which product-market-technology combinations differ in terms of growth opportunities and risk profile.
• Stimulation of an open, creative and enterprising culture for change, renewal and progress.
• Management of a global commercial organisation which thinks in terms of (system) solutions within the overall value chain.

FINANCIAL STRATEGIC OBJECTIVES

• The net capital employed must generate a sufficient return. The operating result before amortisation as a percentage of average net capital employed must be at least 15%.
• The financial position must be sufficiently solid. The ratio of net interest-bearing debt to the operating result before depreciation and amortisation (EBITDA) must be structurally lower than 2.5.
• The target of 10% annual profit growth is based on EBITA (operating result before amortisation). To this end, the buy & build strategy will be pursued. Higher added value and efficiency are also necessary, since the organic growth of the core activities is expected to be below 10% on average.
• An appropriate profit margin must be achieved. The consolidated EBITA margin must rise to at least 10%.

Achievement of targets:

	Target	Actual
Return on average net capital employed	> 15%	13.1%
Debt ratio (debt / EBITDA)	< 2.5	2.12
EBITA growth at least 10%	> 10%	20.6%
EBITA margin	> 10%	9.0%