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Business Development 2015 – 2019

This overview may include historically adjusted values in order to ensure comparability with the reporting period.

9.28 KBEXCEL
€ million 2015 2016 2017 2018 2019 Change in %
Results of operations            
Net sales 12,845 15,024 14,517 14,836 16,152 8.9%
Operating result (EBIT)1 1,843 2,481 2,423 1,727 2,120 22.8%
Margin (% of net sales)1 14.3% 16.5% 16.7% 11.6% 13.1%  
EBITDA1 3,354 4,415 4,164 3,528 4,066 15.3%
Margin (% of net sales)1 26.1% 29.4% 28.7% 23.8% 25.2%  
Adjustments1 276 75 82 272 318 16.9%
EBITDA pre1 3,630 4,490 4,246 3,800 4,385 15.4%
Margin (% of net sales)1 28.3% 29.9% 29.3% 25.6% 27.1%  
Profit before income tax 1,487 2,154 2,129 1,461 1,735 18.8%
Profit after tax 1,124 1,633 2,615 3,396 1,324 -61.0%
Earnings per share (in €) 2.56 3.75 5.99 7.76 3.04 -60.8%
             
Assets and liabilities            
Total assets 38,081 38,258 35,621 36,888 43,811 18.8%
Non-current assets 30,737 30,589 28,166 27,652 34,808 25.9%
thereof:            
Goodwill 14,492 15,015 13,582 13,764 17,141 24.5%
Other intangible assets 10,930 9,980 8,317 7,237 9,175 26.8%
Property, plant, and equipment 4,008 4,231 4,512 4,811 6,213 29.1%
Current assets 7,344 7,670 7,455 9,236 9,003 -2.5%
thereof:            
Inventories 2,610 2,609 2,632 2,764 3,342 20.9%
Trade receivables and other current receivables 2,890 3,161 3,170 3,226 3,488 8.1%
Cash and cash equivalents 832 939 589 2,170 781 -64.0%
Equity 12,855 14,050 14,066 17,233 17,914 4.0%
Financial liabilities 13,713 12,597 10,823 8,896 13,194 48.3%
Non-current 9,616 8,809 8,033 6,681 8,644 29.4%
Current 4,097 3,788 2,790 2,215 4,550 >100.0%
             
Liquidity            
Investments in intangible assets2 179 132 392 106 208 95.8%
Investments in property, plant, and equipment2 514 716 919 910 813 -10.7%
Business free cash flow1 2,766 3,318 3,193 2,508 2,732 8.9%
Net financial debt1 12,654 11,513 10,144 6,701 12,363 84.5%
             
Other key data            
Equity ratio (in %)1 33.8% 36.7% 39.5% 46.7% 40.9%  
Research and development costs3 1,709 1,976 2,108 2,227 2,268 1.8%
Dividend per share (in €) 1.05 1.20 1.25 1.25 1.304 4.0%
Employees (number as of December 31) 49,613 50,348 52,880 51,713 57,036 10.3%
1 Not defined by International Financial Reporting Standards (IFRSs).
2 According to the consolidated cash flow statement.
3 Fiscal 2018 has been adjusted, see Note (45) “Effects from new accounting standards and other presentation changes” in the Notes to the Consolidated Financial Statements.
4 Proposal on the appropriation of profits for 2019.