We have been using value spread to calculate the key economic indicators for valuebased management. Our objective is to be able to present our developments in value understandably and transparently.

In this connection, the initial value is based on the return on capital employed (ROCE). We use ROCE to measure the return on investment generated operationally by MVV Energie AG. Then the average cost of capital is deducted from this return on investment. For this purpose, we make use of the weighted average cost of capital (WACC). The result of this calculation is the value spread of the MVV Energie Group.