Financial highlights

2014 revenue was down 2 percent, with volume up 1 percent in all Business Areas, more than offset by adverse currency effects and divestments. Operating income was up 3 percent at €987 million, due to higher operating results and lower restructuring charges, offset by higher incidental charges. Excluding incidental items, ROS was 7.5 percent (2013: 6.1 percent). ROI was 10.0 percent (2013: 9.6 percent). We are on track to deliver our 2015 targets.

Summary of financial outcomes

Fourth quarter

 

 

 

 

 

January - December

2013

 

2014

 

Δ%

 

in € millions

 

2013

 

2014

 

Δ%

3,482

 

3,517

 

1

 

Revenue

 

14,590

 

14,296

 

(2)

116

 

83

 

(28)

 

Operating income

 

958

 

987

 

3

55

 

169

 

207

 

Operating income excl. incidental items

 

897

 

1,072

 

20

259

 

277

 

7

 

Operating income excl. incidental items and restructuring costs

 

1,245

 

1,325

 

6

3.3

 

2.4

 

 

 

ROS (in %)

 

6.6

 

6.9

 

 

1.6

 

4.8

 

 

 

ROS excl. incidental items (in %)

 

6.1

 

7.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average invested capital

 

10,007

 

9,871

 

 

 

 

 

 

 

 

Moving average ROI (in %)

 

9.6

 

10.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

208

 

330

 

59

 

EBITDA

 

1,513

 

1,690

 

12

234

 

186

 

(21)

 

Capital expenditures

 

666

 

588

 

(12)

309

 

481

 

56

 

Net cash from operating activities

 

716

 

811

 

13

 

 

 

 

 

 

Net debt

 

1,529

 

1,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

 

(7)

 

 

 

Net income from continuing operations

 

593

 

528

 

(11)

16

 

14

 

 

 

Net income from discontinued operations

 

131

 

18

 

 

51

 

7

 

 

 

Net income attributable to shareholders

 

724

 

546

 

(25)

0.21

 

(0.03)

 

 

 

Earnings per share from total operations (in €)

 

3.00

 

2.23

 

 

(0.01)

 

0.33

 

 

 

Adjusted earnings per share (in €)

 

2.62

 

2.81

 

 

 

 

 

 

 

 

Number of employees

 

49,600

 

47,200

 

(5)