free to run and develop their own operations, as long as they deliver on our Group-wide targets. The targets are based on generating growth combined with profitability. Profitable growth is achieved through [...] to at least 15 percent annually, seen over a business cycle. In practice, this means is that our target is to double our earnings every five years. Profitability = P/WC >45% The profitability of each [...] places a premium on high profit and a low degree of capital tied up, which, combined with a growth target of 15 percent, provides the opportunity for self-financed profitable growth over the long term.