Asset base  and returns Key developments 2013 The Group’s return on invested capital (ROIC)  increased by 20bp to 8.2%. The increase  was primarily attributable to the decrease in  invested capital. Intangible assets and property,  plant and equipment increased  by DKK 8,529m from the ac- quisition of entities, primarily  Chongqing Brewery Group. Impairment, DKK 375m, of trademarks impacted by  changed brand strategy and of breweries impacted by restructuring projects. Capital expenditure (CapEx) increased by DKK  733m compared to 2012, primarily due to invest- ments in BSP1 and capacity expansions in Asia. Maximising return on investments is key in  delivering  sustainable value  to shareholders.  Return on invested capital (ROIC) analyses all  investments throughout the value chain and is  a key measure in ensuring the proper basis for  decision-making. ROIC  is calculated as operating profit before  special items as a percentage of average  invested capital, including goodwill.  Consolidated financial statements SECTION 2: ASSET BASE AND RETURNS 72 Carlsberg Group Annual Report 2013 Return on invested capital (ROIC) (%) 10 9 8 7 6 2011 2013 2010 2009 2012 8.2% 8,529 m 375 m 733 m