Working capital ratio, free cash flow and equity ratio

We expect that the working capital ratio will rise to around 16 to 17 per cent. The level of free cash flow will depend to a significant extent on working capital. We expect it to be in the mid double-digit millions of euros, given that working capital is budgeted to increase. In 2019, free cash flow will also be influenced by the final instalment of the purchase consideration from the disposal of the land occupied by our former Cologne-Deutz site.

We intend to maintain our equity ratio, which is currently 49.5 per cent, at well above 40 per cent. The good level of equity reduces our dependency on capital markets in a volatile market environment.