Roadmap to Value

Capital markets programme generates cash

Our Roadmap to Value capital markets programme is currently focused on initiatives geared towards continuing to strengthen our already healthy financial capabilities. With the help of a Group-wide cost-cutting drive, we are aiming rigorously to reduce indirect costs by €1 billion by 2010. In the first quarter of 2009, indirect costs were already €130 million lower than the prior-year figure. We have made noticeably fewer investments and improved working capital year-on-year by €800 million.