Change

Report of the Board of Management


 

  • Revenue in 2009 declined by 10 percent to €13,893 million
  • 2009 EBITDA before incidentals 8 percent lower at €1,768 million, margin at 12.7 percent (2008: 12.5 percent)
  • Operating working capital reduced to 13.7 percent of revenue (2008: 16.5 percent)
  • Net cash from operating activities €1,240 million (2008: €91 million)
  • Restructuring and synergies: ahead of schedule
  • Net income: €285 million (2008: €1,086 million loss)
  • Weak demand in mature economies; stronger in high growth markets
  • Investments in strategic growth opportunities continue
  • Final dividend of €1.05 per share proposed making a total dividend of €1.35 (2008: €1.80) being a 57 percent pay-out (2008: 48 percent)

 

Financial highlights in € millions

 

 

 

 

 

2008

2009

Δ%

1

Not meaningful as operating income is a loss.

 

 

 

 

Continuing operations before incidentals

 

 

 

Revenue

15,415

13,893

(10)

EBITDA

1,927

1,768

(8)

EBITDA margin (in %)

12.5

12.7

 

EBIT

1,315

1,151

(12)

EBIT margin (in %)

8.5

8.3

 

Moving average ROI (in %)

8.6

8.4

 

 

 

 

 

After incidentals

 

 

 

Operating income/(loss)

(577)

870

 

Net income/(loss) from continuing operations

(1,109)

278

 

Net income/(loss) from discontinued operations

23

7

 

Net income/(loss) total operations

(1,086)

285

 

Earnings per share from continuing operations (in €)

(4.47)

1.20

 

Earnings per share from total operations (in €)

(4.38)

1.23

 

Capital expenditures

534

534

 

Net cash from operating activities

91

1,240

 

Interest coverage

1

2.1

 

Invested capital

13,424

13,204

 

Net debt

2,084

1,744

 

Number of employees

60,040

57,060

 

Workforce

At year-end 2009, our workforce had decreased to 57,060 employees (year-end 2008: 60,040 employees). The net decrease was due to:

  • Acquisitions adding 980 employees
  • 3,960 employees leaving during 2009, mainly due to continued restructuring and realized synergies.
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