- 2011 revenue up 7 percent driven by pricing actions to offset raw material cost inflation
- Weaker end markets and cost inflation impacted results
- 2011 EBITDA 9 percent lower at €1,796 million (2010: €1,964 million)
- Net income from continuing operations €469 million (2010: €664 million)
- Adjusted EPS €2.91 (2010: €3.71)
- Total dividend for 2011: increase to €1.45 proposed (2010: €1.40)
- Performance improvement program on track
- The economic environment and certain raw materials remain our principal sensitivities in 2012
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Financial highlights | ||||||
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Continuing operations before incidentals | ||||||
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In € millions |
2010 |
2011 |
Δ% | |||
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Revenue |
14,640 |
15,697 |
7 | |||
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EBITDA |
1,964 |
1,796 |
(9) | |||
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EBITDA margin (in %) |
13.4 |
11.4 |
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EBIT |
1,374 |
1,175 |
(14) | |||
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EBIT margin (in %) |
9.4 |
7.5 |
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Moving average ROI (in %) |
10.8 |
8.9 |
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Operating ROI (in %) |
27.7 |
22.3 |
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After incidentals | ||||||
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In € millions |
2010 |
2011 |
Δ% | |||
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Operating income |
1,219 |
1,042 |
(15) | |||
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Net income from continuing operations |
664 |
469 |
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Net income from discontinued operations |
90 |
8 |
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Net income total operations |
754 |
477 |
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Earnings per share from continuing operations (in €) |
2.85 |
2.01 |
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Earnings per share from total operations (in €) |
3.23 |
2.04 |
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Capital expenditures |
534 |
708 |
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Net cash from operating activities |
519 |
325 |
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Interest coverage |
6.4 |
4.3 |
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Invested capital |
12,718 |
13,708 |
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Net debt |
936 |
1,895 |
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Number of employees |
55,590 |
57,240 |
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Revenue for the year 2011 was up 7 percent, mainly due to pricing actions to offset raw material cost inflation. However, weaker end markets and cost inflation adversely impacted our results in 2011. The performance improvement program to deliver €500 million EBITDA in 2014 is on track and we are confident that this will bring us in line with our medium-term ambitions.
