ROCE

ROCE	2022	2021	Change		2019
ROCE	2022	2021	absolute	%	2019
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.