Consolidated statement of financial position
| At 31 December | Notes | 2009 | variance % | 2008 | |
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Intangible assets | (1) | ||||
| Goodwill | 1,803 | 1,807 | |||
| Other intangible assets | 258 | 256 | |||
| Total | 2,061 | (0.1) | 2,063 | ||
| Property, plant and equipment | (2) | ||||
| Land and buildings | 809 | 793 | |||
| Plant and equipment | 342 | 336 | |||
| Aircraft | 280 | 303 | |||
| Other | 151 | 163 | |||
| Construction in progress | 28 | 39 | |||
| Total | 1,610 | (1.5) | 1,634 | ||
| Financial fixed assets | (3) | ||||
| Investments in associates | 62 | 64 | |||
| Other loans receivable | 6 | 5 | |||
| Deferred tax assets | (22) | 233 | 205 | ||
| Other financial fixed assets | 23 | 33 | |||
| Total | 324 | 5.5 | 307 | ||
| Pension assets | (10) | 884 | 21.8 | 726 | |
| Total | 4,879 | 3.2 | 4,730 | ||
| Current assets | |||||
| Inventory | (4) | 24 | 24 | ||
| Trade accounts receivable | (5) | 1,370 | 1,370 | ||
| Accounts receivable | (5) | 221 | 204 | ||
| Income tax receivable | (22) | 28 | 37 | ||
| Prepayments and accrued income | (6) | 236 | 298 | ||
| Cash and cash equivalents | (7) | 910 | 497 | ||
| Total | 2,789 | 14.8 | 2,430 | ||
| Assets of disposal group classified as held for sale | (8) | 27 | 8.0 | 25 | |
| Total assets | 7,695 | 7.1 | 7,185 | ||
| Liabilities and equity | |||||
| Equity | (9) | ||||
| Equity attributable to the equity holders of the parent | 2,060 | 1,733 | |||
| Minority interests | 20 | 24 | |||
| Total | 2,080 | 18.4 | 1,757 | ||
| Non-current liabilities | |||||
| Deferred tax liabilities | (22) | 391 | 335 | ||
| Provisions for pension liabilities | (10) | 292 | 360 | ||
| Other provisions | (11) | 165 | 212 | ||
| Long term debt | (12) | 1,925 | 1,845 | ||
| Accrued liabilities | 5 | 4 | |||
| Total | 2,778 | 0.8 | 2,756 | ||
| Current liabilities | |||||
| Trade accounts payable | 470 | 414 | |||
| Other provisions | (11) | 203 | 190 | ||
| Other current liabilities | (13) | 687 | 890 | ||
| Income tax payable | (22) | 265 | 47 | ||
| Accrued current liabilities | (14) | 1,212 | 1,131 | ||
| Total | 2,837 | 6.2 | 2,672 | ||
| Total liabilities and equity | 7,695 | 7.1 | 7,185 | ||
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The accompanying notes form an integral part of the financial statements.
Consolidated income statement
| Year ended at 31 December | Notes | 2009 | variance % | 2008 | |
|---|---|---|---|---|---|
| Net sales | (15) | 10,278 | 10,983 | ||
| Other operating revenues | (16) | 124 | 169 | ||
| Total revenues | 10,402 | (6.7) | 11,152 | ||
| Other income | (17) | 37 | 5.7 | 35 | |
| Cost of materials | (454) | (484) | |||
| Work contracted out and other external expenses | (4,653) | (4,978) | |||
| Salaries and social security contributions | (18) | (3,480) | (3,617) | ||
| Depreciation, amortisation and impairments | (19) | (489) | (399) | ||
| Other operating expenses | (20) | (715) | (727) | ||
| Total operating expenses | (9,791) | 4.1 | (10,205) | ||
| Operating income | 648 | (34.0) | 982 | ||
| Interest and similar income | 23 | 70 | |||
| Interest and similar expenses | (184) | (217) | |||
| Net financial (expense)/income | (21) | (161) | (9.5) | (147) | |
| Results from investments in associates | (19) | (33) | |||
| Profit before income taxes | 468 | (41.6) | 802 | ||
| Income taxes | (22) | (179) | (242) | ||
| Profit for the period | 289 | (48.4) | 560 | ||
| Attributable to: | |||||
| Minority interests | 8 | 100.0 | 4 | ||
| Equity holders of the parent | 281 | (49.5) | 556 | ||
| Earnings per ordinary share (in € cents)1 | 76.7 | 152.9 | |||
| Earnings per diluted ordinary share (in € cents)2 |
76.2 | 152.5 | |||
Consolidated statement of comprehensive income
| Year ended at 31 December | 2009 | variance % | 2008 | |
|---|---|---|---|---|
| Profit for the period | 289 | 560 | ||
| Gains/(losses) on cashflow hedges, net of tax | (8) | (13) | ||
| Currency translation adjustment net of tax | 66 | (129) | ||
| Other comprehensive income for the period | 58 | 140.8 | (142) | |
| Total comprehensive income for the period | 347 | (17.0) | 418 | |
| Attributable to: | ||||
| Minority interests | 8 | 4 | ||
| Equity holders of the parent | 339 | (18.1) | 414 | |
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The accompanying notes form an integral part of the financial statements.
Consolidated statement of cash flows
| Year ended at 31 December | Notes | 2009 | variance % | 2008 | |
|---|---|---|---|---|---|
| Profit before income taxes | 468 | 802 | |||
| Adjustments for: | |||||
| Depreciation, amortisation and impairments | 489 | 399 | |||
| Share based payments | 18 | 16 | |||
| Investment income: | |||||
| (Profit)/loss on sale of property, plant and equipment | (12) | (30) | |||
| (Profit)/loss on sale of Group companies/joint ventures | (20) | ||||
| Interest and similar income | (23) | (70) | |||
| Foreign exchange (gains) and losses | 7 | 2 | |||
| Interest and similar expenses | 177 | 215 | |||
| Results from investments in associates | 19 | 33 | |||
| Changes in provisions: | |||||
| Pension liabilities | (226) | (209) | |||
| Other provisions | (55) | 40 | |||
| Changes in working capital: | |||||
| Inventory | 2 | 3 | |||
| Trade accounts receivable | 40 | 11 | |||
| Other accounts receivable | (14) | (9) | |||
| Other current assets | 50 | (45) | |||
| Trade accounts payable | 28 | 113 | |||
| Other current liabilities excluding short term financing and taxes | 145 | 59 | |||
| Cash generated from operations | 1,093 | (17.8) | 1,330 | ||
| Interest paid | (160) | (182) | |||
| Income taxes received/(paid) | 83 | (225) | |||
| Net cash from operating activities | (23) | 1,016 | 10.1 | 923 | |
| Interest received | 29 | 64 | |||
| Acquisition of subsidiaries and joint ventures (net of cash) | (81) | (5) | |||
| Disposal of subsidiaries and joint ventures | 23 | ||||
| Investments in associates | (19) | (13) | |||
| Capital expenditure on intangible assets | (62) | (74) | |||
| Disposal of intangible assets | 2 | 1 | |||
| Capital expenditure on property, plant and equipment | (193) | (271) | |||
| Proceeds from sale of property, plant and equipment | 48 | 40 | |||
| Other changes in (financial) fixed assets | 2 | 1 | |||
| Changes in minority interests | (5) | ||||
| Net cash used in investing activities | (24) | (256) | 0.4 | (257) | |
| Repurchases of shares | (308) | ||||
| Cash proceeds from the exercise of shares/options | 2 | 1 | |||
| Proceeds from long term borrowings | 62 | 563 | |||
| Repayments of long term borrowings | (12) | (3) | |||
| Proceeds from short term borrowings | 34 | 367 | |||
| Repayments of short term borrowings | (377) | (729) | |||
| Repayments of finance leases | (23) | (25) | |||
| Dividends paid | (34) | (324) | |||
| Net cash used in financing activities | (25) | (348) | 24.0 | (458) | |
| Total changes in cash | 412 | 208 | |||
| Cash at the beginning of the year | 497 | 68.5 | 295 | ||
| Exchange rate differences | 1 | (6) | |||
| Total change in cash (as in consolidated cash flow statements) | 412 | 208 | |||
| Cash at the end of the year as reported | 910 | 83.1 | 497 | ||
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The accompanying notes form an integral part of the financial statements.
Consolidated statement of changes in equity
| Issued share capital | Additional paid in capital | Translation reserve | Hedging reserve | Other reserves | Retained earnings | Attributable to equity holders of the parent | Minority interest | Total equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 31 December 2007 | 182 | 982 | (82) | (22) | 0 | 871 | 1,931 | 20 | 1,951 | ||||||||
| Total comprehensive income | (129) | (13) | 556 | 414 | 4 | 418 | |||||||||||
| Final dividend previous year | (202) | (202) | (202) | ||||||||||||||
| Appropriation of net income | 669 | (669) | |||||||||||||||
| Interim dividend current year | (122) | (122) | (122) | ||||||||||||||
| Repurchases and cancellations of shares | (9) | (106) | (191) | (306) | (306) | ||||||||||||
| Share based compensation | 16 | 16 | 16 | ||||||||||||||
| Other | (1) | 3 | 2 | 2 | |||||||||||||
| Total direct changes in equity | (9) | (106) | (1) | 0 | 497 | (993) | (612) | 0 | (612) | ||||||||
| Balance at 31 December 2008 | 173 | 876 | (212) | (35) | 497 | 434 | 1,733 | 24 | 1,757 | ||||||||
| Total comprehensive income | 66 | (8) | 281 | 339 | 8 | 347 | |||||||||||
| Stock dividend previous year | 4 | (4) | |||||||||||||||
| Appropriation of net income | 434 | (434) | |||||||||||||||
| Interim dividend current year | 1 | (1) | (34) | (34) | (34) | ||||||||||||
| Repurchases and cancellations of shares | |||||||||||||||||
| Share based compensation | 18 | 18 | 18 | ||||||||||||||
| Other | 4 | 4 | (12) | (8) | |||||||||||||
| Total direct changes in equity | 5 | (5) | 456 | (468) | (12) | (12) | (24) | ||||||||||
| Balance at 31 December 2009 | 178 | 871 | (146) | (43) | 953 | 247 | 2,060 | 20 | 2,080 | ||||||||
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