The anticipated development of earnings in the automotive divisions will also have a positive impact on the free cash flow of the industrial business in 2014. When comparing with 2013, however, it is necessary to consider that the free cash flow of that year was positively influenced not only by the successful EADS transactions but also by year-end effects, which will be offset again this year. In combination with ongoing high levels of investment and research and development spending, this is likely to mean that the free cash flow of the industrial business will be significantly lower in 2014 than in 2013.
For the year 2014, we aim to have liquidity available in a volume appropriate to the general risk situation in the financial markets and to Daimler’s risk profile. When measuring the level of liquidity, we give due consideration to possible refinancing risks caused for example by temporary distortions in the financial markets. We continue to assume, however, that we will have very good access to the capital markets and bank markets also in the year 2014. We want to cover our funding needs in the planning period primarily by means of bonds, commercial paper, bank loans, customer deposits in the direct banking business and the securitization of receivables in the financial services business; the focus will be on bonds and loans from globally and locally active banks. In view of the very good liquidity situation of the international capital markets and our strong creditworthiness, we expect a continuation of very attractive refinancing conditions in 2014. An additional goal is to continue securing a high degree of financial flexibility.