ROCE
ROCE | 2022 | 2021 | Change |
2019 | |
absolute | % | ||||
EBIT adjusted (€ million) | 1,253 | –1,552 | +2,805 | – | 1,837 |
Capital employed as of Dec 31 (€ million) | 45,289 | 43,020 | +2,269 | +5.3 | 42,999 |
ROCE (%) | 2.8 | –3.6 | +6.4 | – | 4.3 |
ROCE increased noticeably as a result of the improvement in adjusted EBIT. The growth in capital employed resulted mainly from the increase in property, plant and equipment.
Yield spread / % | 2023 | 2022 | 2021 | 2020 | 2019 |
ROCE | – | 2.8 | –3.6 | –7.0 | 4.3 |
Cost of capital (pre-tax WACC 1)) | 6.0 | 6.2 | 6.2 | 5.9 | 6.4 |
Spread (percentage points) | – | –3.4 | –9.8 | –12.9 | –2.1 |
1) Each value taken at the beginning of the year.
In 2022, the negative spread between ROCE and the cost of capital decreased further. The shortfall is mainly due to the persistently tense, albeit significantly improved, profit situation in the Integrated Rail System.
