General
Information
Last Update:
March 1, 2012
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Earnings per share and cash flow

  • Earnings per share rise to €6.74
  • Adjusted earnings per share increase by €0.53
  • At €7,105 million, cash provided by operating activities once again higher compared with previous year
  • Free cash flow below previous year’s level due to higher expenditures for property, plant and equipment and intangible assets

Cash flow

At €7,105 million, cash flow from operating activities in 2011 exceeded the level of the previous year by €645 million. Net income contributed significantly to this. In addition to higher price levels, the expansion of our business also led to a rise in receivables and inventories, thus increasing the funds tied down in net working capital.

Payments related to property, plant and equipment and intangible assets were €862 million above the previous year’s level. Free cash flow was therefore €217 million lower than in the previous year and amounted to €3,695 million.

Adjusted earnings per share

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

In 2011, adjusted earnings per share amounted to €6.26 compared with €5.73 in the previous year.

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Adjusted earnings per share (million €)

 

 

 

 

2011

2010

Income before taxes and minority interests

 

8,970

7,373

Special items

 

(968)

377

Amortization of intangible assets

 

789

703

Amortization of intangible assets contained in the special items

 

(97)

(73)

Adjusted income before taxes and minority interests

 

8,694

8,380

Adjusted income taxes

 

(2,513)

(2,596)

Adjusted income before minority interests

 

6,181

5,784

Adjusted minority interests

 

(432)

(523)

Adjusted net income

 

5,749

5,261

 

 

 

 

Weighted average number of outstanding shares

(in thousands)

918,479

918,479

Adjusted earnings per share

(€)

6.26

5.73

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.

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