Key figures

2

Results

In millions of EUR 2008 20071 Change in % 
Revenue 14,319 11,245 27.3 
EBIT3 1,080 1,418 (23.8)
EBIT (beia)3 1,932 1,748 10.5 
Net profit 209 807 (74.1)
Net profit (beia)3 1,013 1,119 (9.5)
EBITDA3 2,286 2,056 11.2 
EBITDA (beia)3 2,720 2,384 14.1 
Net debt 8,932 1,746 411.6 
Dividend (proposed) 304 343 (11.4)
Free operating cash flow3 550 663 (17.0)

Balance sheet

In millions of EUR
Total assets 20,563 11,954 72.0 
Equity attributable to equity holders of the Company 4,471 5,404 (17.3)
Net debt position 8,932 1,746 411.6 
Market capitalisation 10,708 21,639 (50.5)

Results and balance sheet per share of €1.60

Weighted average number of shares – basic 488,930,340 489,353,315 (0.1)
Net profit 0.43 1.65 (73.9)
Net profit (beia) 2.07 2.28 (9.2)
Dividend (proposed) 0.62 0.70 (11.4)
Free operating cash flow 1.12 1.35 (17.0)
Equity attributable to equity holders of the Company 9.14 11.04 (17.2)
Share price4 21.90 44.22 (50.5)

Employees

In numbers
Average number of employees 56,208 46,439 21.0 

Ratios

EBIT as % of revenue  7.5%  12.6% (40.5)
EBIT as % of total assets  5.3%  11.9% (55.5)
Net profit as % of average equity
attributable to equity holders of the Company 		 4.2% 15.5% (72.9)
Net debt/EBITDA (beia) 3.28  0.73 349.3 
Dividend % payout  30.0%  30.7% (2.3)
Cash conversion rate  47.8%  53.3% (10.3)
EBITDA/Net interest expenses  6.0  22.6 (73.5)
1
Restated for change in accounting policies as disclosed in note 3(b) of the notes to the consolidated financial statements.
2
Please refer to the ‘Glossary’ for definitions.
3
‘EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow’ are not financial measures calculated in accordance with IFRS. Accordingly, it should not be considered as an alternative to ‘results from operating activities’ or ‘profit’ as indicators of our performance, or as an alternative to ‘cash flow from operating activities’ as a measure of our liquidity. However, we believe that ‘EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow’ are measures commonly used by investors and as such useful for disclosure. The presentation on these financial measures may not be comparable to similarly titled measures reported by other companies due to differences in the ways the measures are calculated. For a reconciliation of ‘results from operating activities’, ‘profit’ and ‘cash flow from operating activities’ to ‘EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow’ we refer to the financial review.
4
As at 31 December.