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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

Liquidity and capital resources

Value-based financial management, high cash flow

Our goal is to maintain the financial flexibility needed to continually develop our business portfolio and take advantage of strategic opportunities.

Financing Policy

The objectives of our financing policy are to ensure liquidity, limit financial risks and optimize capital costs by means of an appropriate capital structure. Our financial activities are conducted in line with the needs of the operational business and the company’s strategic direction.

Share buybacks and dividends

Due to our shareholder-oriented buyback policy we managed our equity ratio, reduced our capital costs and boosted earnings per share in the past years. We aim to increase our dividend annually and in years with difficult business conditions, we aim to at least maintain it at the previous year’s level.

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Capital expenditures by region (%)

 

 

2008

2007

Europe

77.6

79.4

North America

14.9

14.3

Asia Pacific

4.7

4.2

South America, Africa, Middle East

2.8

2.1

 

100.0

100.0

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