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Last Update:
Mar. 10, 2011
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Earnings per share/cash flow

  • Earnings per share at €4.96 more than tripled compared with previous year
  • Adjusted earnings per share rise sharply to €5.73
  • Record level of cash provided by operating activities

Cash flow

We increased cash provided by operating activities from the good level of €5,693 million in 2009 to €6,460 million in 2010. This was largely a result of high after-tax earnings. Furthermore, the rise in net working capital was relatively small compared to the increase in business volume.

Payments related to property, plant and equipment and intangible assets were slightly above the previous year’s level. This resulted in a substantial increase overall in free cash flow, which rose to €3,912 million in 2010 from €3,186 million in 2009.

Adjusted earnings per share

Earnings per share adjusted for special items and the amortization and impairment of intangible assets is a key ratio that offers long-term comparability and is more suitable for predicting the company’s future profitability.

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Adjusted earnings per share

 

 

Million € 

 

2010

2009

Income before taxes and minority interests

 

7,373

3,079

Special items

 

377

1,175

Amortization of intangible assets

 

703

1,097

Amortization of intangible assets contained in the special items

 

(73)

(500)

Adjusted income before taxes and minority interests

 

8,380

4,851

Adjusted income taxes

 

2,596

1,837

Adjusted income before minority interests

 

5,784

3,014

Adjusted minority interests

 

523

253

Adjusted net income

 

5,261

2,761

 

 

 

 

Weighted average number of of outstanding shares  

(in thousands)

918,479

918,479

Adjusted earnings per share  

(€)

5.73

3.01

Adjusted income before taxes and minority interests, adjusted net income and adjusted earnings per share are key ratios that are not defined under International Financial Reporting Standards (IFRS). They should therefore be viewed as supplementary information.

In 2010, adjusted earnings per share amounted to €5.73 compared with €3.01 in the previous year.
More information on the earnings per share under IFRS in the Notes