Annual Report 2023


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Targets – Results – Outlook

Targets – Results – Outlook



2023 Targets1


2023 Results


2024 Outlook

Currency-neutral net sales development


to decline at a high-single-digit rate




to increase at a mid-single-digit rate

Operating loss/profit


operating loss of € 700 million


operating profit of € 268 million


operating profit of around € 500 million

Average operating working capital
in % of net sales


to reach a level of between 25% and 26%




to reach a level of between 23% and 24%

Capital expenditure2


to reach a level of around € 600 million


€ 504 million


to reach a level of around € 600 million


As initially published on February 9, 2023. Updated throughout the year. For average working capital and capital expenditure as of March 8, 2023.


Excluding acquisitions and leases.

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