Earnings per share and cash flow

  • Earnings per share rise by €0.02 to €5.27 compared with 2012
  • Adjusted earnings per share decrease by €0.27 to €5.37
  • Cash provided by operating activities and free cash flow considerably higher than in previous year

Cash flow

At €7,870 million, we increased cash provided by operating activities by €1,268 million compared with the previous year. This was largely due to a reduction in the amount of net capital tied down in net working capital.

At €4,660 million, payments for property, plant and equipment and intangible assets were higher than both the level of depreciation and the level of 2012. At €3,210 million, free cash flow also exceeded the prior-year level (2012: €2,587 million).

Adjusted earnings per share

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

In 2013, adjusted earnings per share amounted to €5.37 compared with €5.64 in the previous year.

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Adjusted earnings per share (million €)

 

 

2013

2012

Income before taxes and minority interests

 

6,713

5,977

Special items

 

(202)

(7)

Amortization of intangible assets

 

635

673

Amortization of intangible assets contained in special items

 

(4)

(75)

Adjusted income before taxes and minority interests

 

7,142

6,568

Adjusted income taxes

 

(1,878)

(1,130)

Adjusted income before minority interests

 

5,264

5,438

Adjusted minority interests

 

(335)

(256)

Adjusted net income

 

4,929

5,182

 

 

 

 

Weighted average number of outstanding shares

(in thousands)

918,479

918,479

Adjusted earnings per share

(€)

5.37

5.64

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.