Change

Report of the Board of Management


  • 2010 revenue growth at 12 percent in line with medium-term ambitions
  • 2010 EBITDA before incidentals 16 percent higher
  • Operating return on invested capital: 27.7 percent (2009: 23.2 percent)
  • Net income: €754 million (2009: €285 million)
  • Total dividend for 2010: €1.40 (2009: €1.35) proposed
  • Outlook: aiming for more than 5 percent revenue and EBITDA growth in 2011, in line with medium-term ambitions
 

Financial highlights

Continuing operations before incidentals

 

 

 

 

 

 

 

In € millions

2009

2010

Δ%

 

 

 

 

Revenue

13,028

14,640

12

EBITDA

1,690

1,964

16

EBITDA margin (in %)

13.0

13.4

 

EBIT

1,131

1,374

21

EBIT margin (in %)

8.7

9.4

 

Moving average ROI (in %)

9.2

10.8

 

Operating ROI (in %)

23.2

27.7

 

 

 

 

 

After incidentals

 

 

 

 

 

 

 

In € millions

2009

2010

Δ%

 

 

 

 

Operating income

855

1,219

43

Net income from continuing operations

253

664

 

Net income from discontinued operations

32

90

 

Net income total operations

285

754

 

Earnings per share from continuing operations (in €)

1.09

2.85

 

Earnings per share from total operations (in €)

1.23

3.23

 

Capital expenditures

513

534

 

Net cash from operating activities

1,220

519

 

Interest coverage

2.1

3.7

 

Invested capital

11,732

12,718

 

Net debt

1,744

936

 

Number of employees

54,740

55,590

 

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