Earnings, Financial Position and Net Worth
The global economic pace slowed over the course of the first half-year 2013 as, despite the expansion-oriented fiscal policy of most developed economies, the dampened development of many emerging countries had a negative impact. The forecast for the next two years therefore fell short of previous expectations. The International Monetary Fund (IMF), for instance, currently assumes a global economic growth of still 3.1 % in the current year, which is 0.2 % less than in April.
There has been no evidence of an economic recovery so far in the crisis stricken southern European countries of the eurozone, while a number of countries so far viewed as stable also reported signs of cooling. Capital expenditure overall declined due to the surplus capacities in many sectors and countries. At the same time, however, private consumption stabilized and the recent data on industrial production may indicate an end to the recession in the eurozone. The IMF revised its growth forecast for the year 2013 downward to -0.6 % (previously: -0.4 %).
The economic trend slowed in Germany as well. The long winter caused construction activities to contract sharply, which was also a driver for the generally lower level of capital expenditure. By contrast, consumer spending has meanwhile proved robust. Given the challenging economic situation in most euro countries, Germany's economy was principally bolstered by domestic demand. The IMF currently puts German economic expansion at 0.3 % in 2013. Some German economic research institutes anticipate a slightly higher growth rate. Any positive or negative effects from flooding in June 2013 have not been factored into these forecasts.
1) Incl. participation in HKM under company law
2) EBIT = EBT + interest expenses/–interest income; EBITDA = EBIT + depreciation and amortization
3) Return on capital employed (ROCE) = EBIT (= EBT + interest expenses excl. interest portion in transfers to pension provisions) divided by the sum of shareholders' equity (excl. calculation of deferred tax), tax provisions, interest-bearing liabilities (excl. pension provision) and liabilities from finance leasing, forfaiting
5) Excluding financial investments
6) Including investments, e.g. securities and structured investments