Creditor Relations

Key performance indicators and targets

Our principal goal is to minimise financial risks and the cost of capital, whilst safeguarding the Group's lasting financial stability and flexibility. In order to maintain its unrestricted access to the capital markets, the Group continues to seek a credit rating appropriate to the sector. We therefore monitor the development of our operating cash flows against adjusted debt particularly closely. Adjusted debt refers to the Group's net debt, allowing for pension obligations that are not directly capital-backed and liabilities under operating leases.

Key performance indicators1)
%	2006	2007	2008
Funds from operations to total debt (S&P)	24.4	26.7	25.2
Total debt to total capital (S&P)	59.8	56.5	64.4
Adjusted retained cash flow to gross debt (Moody's)	15.6	17.0	13.3