Annual Report 2014/15
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BUSINESS DEVELOPMENT
2011–2015

This overview may include historically adjusted values in order to ensure comparability with 2015.


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€ million 2011 2012 2013 2014 2015 Change in %
Earnings performance            
 
Net sales1 9,922 10,756 10,735 11,363 12,845 13.0
Operating result (EBIT) 1,132 964 1,611 1,762 1,843 4.6
Margin (% of net sales)1 11.4 9.0 15.0 15.5 14.3
EBITDA 2,731 2,360 3,069 3,123 3,354 7.4
Margin (% of net sales)1 27.5 21.9 28.6 27.5 26.1
Exceptionals 7 – 605 – 184 – 265 – 276 4.1
EBITDA pre exceptionals 2,724 2,965 3,253 3,388 3,630 7.1
Margin (% of net sales)1 27.5 27.6 30.3 29.8 28.3
Profit before income tax 839 709 1,389 1,557 1,487 – 4.5
Profit after tax 618 579 1,209 1,165 1,124 – 3.5
Earnings per share (in €)2 1.39 1.30 2.77 2.66 2.56 – 3.8
             
Assets and liabilities            
Total assets 22,122 21,643 20,819 26,010 38,007 46.1
Non-current assets 15,723 15,017 13,434 15,530 30,657 97.4
of which:
Intangible assets (incl. goodwill) 11,764 10,945 9,867 11,396 25,339 122.4
Property, plant and equipment 3,113 2,954 2,647 2,990 4,009 34.1
Current assets 6,399 6,626 7,385 10,480 7,350 – 29.9
of which:
Cash and cash equivalents 938 730 981 2,879 832 – 71.1
Trade accounts receivable3 2,328 2,115 2,021 2,220 2,738 23.4
Inventories 1,691 1,534 1,474 1,660 2,620 57.8
Financial liabilities 5,539 4,454 3,698 5,637 13,713 143.3
Current 1,394 1,091 440 2,076 4,097 97.3
Non-current 4,145 3,362 3,257 3,561 9,616 170.0
Net equity 10,494 10,415 11,069 11,801 12,855 8.9
             
Liquidity            
Investments in intangible assets4 80 144 110 143 179 25.0
Investments in property, plant and equipment4 366 329 407 481 514 6.9
Business free cash flow 2,262 2,969 2,960 2,605 2,766 6.2
Net financial debt 3,484 1,926 307 559 12,654 –
             
Other key data            
Equity ratio (in %) 47.4 48.1 53.2 45.4 33.8
Research and development costs 1,514 1,511 1,507 1,704 1,709 0.3
Dividend per share before share split (in €)5 1.50 1.70 1.90 – –
Dividend per share after share split (in €)5 – – – 1.00 1.056 5.0
Employees (number as of December 31) 40,676 38,847 38,154 39,639 49,613 25.2
1 The composition of net sales has changed, see “Changes accounting and measurement principles and disclosure changes” in the Notes to the Group accounts; scal 2011 to 2014 have been adjusted accordingly.
2 Taking into account the share split in 2014; scal 2011 to 2013 have been adjusted accordingly.
3 The composition of trade accounts receivable has changed, see “Changes to accounting and measurement principles and disclosure changes” in the Notes to the Group accounts; scal 2014 has been adjusted accordingly.
4 According to the consolidated cash ow statement.
5 In scal 2014, a 2:1 share split took place.
6 Proposal on the appropriation of pro ts for 2015.

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