Business Development 2013 – 2017

This overview may include historically adjusted values in order to ensure comparability with 2017.

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€ million 2013 2014 2015 2016 2017 Change in %
Earnings performance
             
Net sales 10,735 11,363 12,845 15,024 15,327 2.0 %
Operating result (EBIT)1 1,611 1,762 1,843 2,481 2,525 1.8 %
Margin (% of net sales)1 15.0 % 15.5 % 14.3 % 16.5 % 16.5 %
EBITDA1 3,069 3,123 3,354 4,415 4,282 – 3.0 %
Margin (% of net sales)1 28.6 % 27.5 % 26.1 % 29.4 % 27.9 %
Adjustments1 – 184 – 265 – 276 – 75 – 132 75.3 %
EBITDA pre1 3,253 3,388 3,630 4,490 4,414 – 1.7 %
Margin (% of net sales)1 30.3 % 29.8 % 28.3 % 29.9 % 28.8 %
Profit before income tax 1,389 1,557 1,487 2,154 2,224 3.2 %
Profit after tax 1,209 1,165 1,124 1,633 2,610 59.9 %
Earnings per share (in €)2 2.77 2.66 2.56 3.75 5.98 59.5 %
             
Assets and liabilities
Total assets3 20,819 26,010 38,081 38,258 35,621 – 6.9 %
Non-current assets3 13,434 15,530 30,737 30,589 28,166 – 7.9 %
of which:
Goodwill3 4,583 5,694 14,492 15,015 13,582 – 9.5 %
Other intangible assets3 5,284 5,702 10,930 9,980 8,317 – 16.7 %
Property, plant and equipment3 2,647 2,990 4,008 4,231 4,512 6.6 %
Current assets3 7,385 10,480 7,344 7,670 7,455 – 2.8 %
of which:
Inventories3 1,474 1,660 2,610 2,609 2,632 0.9 %
Trade accounts receivable 2,021 2,220 2,738 2,889 2,923 1.2 %
Cash and cash equivalents 981 2,879 832 939 589 – 37.3 %
Net equity 11,069 11,801 12,855 14,050 14,066 0.1 %
Financial liabilities 3,698 5,637 13,713 12,597 10,823 – 14.1 %
Non-current 3,257 3,561 9,616 8,809 8,033 – 8.8 %
Current 440 2,076 4,097 3,788 2,790 – 26.3 %
             
Liquidity
Investments in intangible assets4 110 143 179 132 392 > 100.0 %
Investments in property, plant and equipment4 407 481 514 716 919 28.4 %
Business free cash flow1 2,960 2,605 2,766 3,318 3,318
Net financial debt1 307 559 12,654 11,513 10,144 – 11.9 %
             
Other key data
Equity ratio (in %)1 53.2 % 45.4 % 33.8 % 36.7 % 39.5 %
Research and development costs 1,507 1,704 1,709 1,976 2,140 8.3 %
Dividend per share before share split (in €)5 1.90
Dividend per share after share split (in €)5 1.00 1.05 1.20 1.256 4.2 %
Employees (number as of December 31) 38,154 39,639 49,613 50,348 52,880 5.0 %
1
Not defined by International Financial Reporting Standard (IFRS).
2
Taking into account the share split in 2014; fiscal 2013 has been adjusted accordingly.
3
Fiscal 2016 has been adjusted, see Note (4) ‟Acquisitions and divestments” in the Notes to the Consolidated Financial Statements.
4
According to the Consolidated Cash Flow Statement.
5
In fiscal 2014, a 2:1 share split took place.
6
Proposal on the appropriation of profits for 2017.