Strategic planning determines how we can meet value-related and corporate goals. It is conducted in two stages. First, our divisions identify their market and competitive positions, and their value-related strength. We then use these results to formulate recommendations regarding strategic positioning and planned steps. This input is consolidated at Group level and specific goals are set. All of this is supplemented by innovation and investment projects, and approved by the Strategy Conference.

Subsequently, strategic-planning decisions are included in operational planning, which takes place in the second half of the year. The Executive and Supervisory Boards jointly approve the annual plan. On that basis, fundamental forecasts are then fixed in early February for the current year. We monitor whether we are meeting our forecasts via monthly comparisons of planned and actual figures. The overarching framework is based on a medium-term plan spanning five years.