The anticipated development of earnings in the automotive divisions will have a positive impact also on the free cash flow of the industrial business in 2015. When comparing with 2014, it is necessary to consider that the free cash flow from the industrial business was boosted in 2014 by a total amount of €3 billion due to special effects from the sale of our shares in Rolls-Royce Power Systems Holding GmbH and Tesla. On the other hand, there were cash outflows of €2.5 billion for the extraordinary contribution to the German pension plan assets and of €0.3 billion for the settlement of a healthcare plan in North America. In the year 2015, we expect a free cash flow from the industrial business in a significantly higher amount than the dividend payment in 2015 of €2.6 billion. As we will continue and intensify our investment offensive, we assume that the free cash flow will be significantly lower than in 2014 (€5.5 billion).
For the year 2015, 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 2015. 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 2015. An additional goal is to continue securing a high degree of financial flexibility.