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Condensed balance sheet


Condensed balance sheet in € millions

 

 

 

 

 

 

 

2008

 

2009

 

 

 

 

 

Intangible assets

7,172

 

7,388

 

Property, plant and equipment

3,357

 

3,474

 

Other financial non-current assets

1,848

 

1,783

 

Total non-current assets

 

12,377

 

12,645

 

 

 

 

 

Inventories

1,781

 

1,441

 

Trade and other receivables

2,924

 

2,564

 

Cash and cash equivalents

1,595

 

2,128

 

Other current assets

57

 

102

 

Total current assets

 

6,357

 

6,235

 

 

 

 

 

Total assets

 

18,734

 

18,880

 

 

 

 

 

Total equity

 

7,913

 

8,245

 

 

 

 

 

Provisions and deferred tax liabilities

2,787

 

2,593

 

Long-term borrowings

2,341

 

3,488

 

Total non-current liabilities

 

5,128

 

6,081

 

 

 

 

 

Short-term borrowings

1,338

 

384

 

Trade and other payables

2,985

 

2,866

 

Other current liabilities

1,370

 

1,304

 

Total current liabilities

 

5,693

 

4,554

 

 

 

 

 

Total equity and liabilities

 

18,734

 

18,880

Shareholders’ equity

Shareholders’ equity as at December 31, 2009, increased to €7.8 billion, due to:

  • Net income of €285 million
  • Cumulative translation reserves of €353 million, mainly due to the stronger pound sterling
  • Dividend payments of €395 million.

Pensions

The funded status of the pension plans at December 31, 2009, was estimated to be a deficit of €1.9 billion (year-end 2008: €1.0 billion). The movement is due to:

  • Lower discount rates and higher inflation expectations, both increasing the pension obligation, partly offset by:
  • Increased asset values
  • Top-up payments into certain UK defined benefit pension plans.

Invested capital

Invested capital at December 31, 2009, totaled €13.2 billion, €0.2 billion lower than year-end 2008. Invested capital was impacted by the following items:

  • Foreign currency effects on intangibles and property, plant and equipment, mainly from a strengthening pound sterling
  • Increase of €77 million of long-term receivables related to pension funds in an asset position
  • An increase of €206 million due to acquisitions and divestments
  • An increase of accrued interest of €82 million on a bond issued in December 2008
  • The decrease of operating working capital of €533 million due to working capital management. Expressed as a percentage of revenue, operating working capital was 13.7 percent (year-end 2008: 16.5 percent).
Invested capital in € millions
Invested capital (bar chart)
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