We also anticipate that Daimler will incur additional special charges for its cost-saving plan, which targets a reduction of €1.4 billion in employee costs. Cash-outs for charges incurred in 2019 will also weigh on Daimler's cash generation in 2020 and 2021. As a result, we expect Daimler to generate as little as €0.5 billion-€1.0 billion of free operating cash flow (FOCF) in 2020, or less than 1% of group's industrial revenues, before returning to about €4 billion in 2021. The latter is more in line with Daimler's historical cash flow generation and commensurate with the current 'A-' rating. The FOCF generation we expect is highly dependent on the exact timing of the cash-outs related to the provisions that we assume
