We are aiming to pay a stable to rising dividend. We have introduced a stock dividend option with cash dividend as default. Given our strong fundamentals and as a signal of confidence in our ability to deliver the performance improvement program in challenging markets, we will propose a 2011 final dividend of €1.12 per share which would make a total 2011 dividend of €1.45 per share (2010: €1.40).
Economic Value Added (EVA)
EVA is calculated by deducting from net operating profit after tax (NOPAT) a capital charge representing the cost of capital calculated on the basis of an average return investors expect. EVA for 2011 totaled a negative amount of €251 million (2010: €142 million negative).
Returns on invested capital in €
Earnings per share total operations
Dividend in €