ROCE
ROCE | 2021 | 2020 | Change | 2019 | ||
absolute | % | |||||
EBIT adjusted (€ million) | –1,552 | –2,903 | +1,351 | –46.5 | 1,837 | |
Capital employed as of Dec 31 (€ million) | 43,020 | 41,764 | +1,256 | +3.0 | 42,999 | |
ROCE (%) | –3.6 | –7.0 | +3.4 | – | 4.3 | |
ROCE increased noticeably again as a result of the improvement in adjusted EBIT. Capital employed also increased as of December 31, 2021, though less markedly.
| YIELD SPREAD / % | 2022 | 2021 | 2020 | 2019 | 2018 | |
ROCE | – | –3.6 | –7.0 | 4.3 | 5.8 | |
Cost of capital (pre-tax WACC 1)) | 6.2 | 6.2 | 5.9 | 6.4 | 7.0 | |
Spread (percentage points) | – | –9.8 | –12.9 | –2.1 | –1.2 | |
1) Each value taken at the beginning of the year.
In 2021, the negative spread between ROCE and the cost of capital decreased again. This shortfall is mainly due to pandemic-related effects.
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