Consolidated data

Key figures - IFRS

In Euro million 2014 2013 2012 2011 2010
Net sales 19,553 20,247 21,474 20,719 17,891
% change -3.4% -5.7% +3.6% +15.8% +20.8%
Total employee benefit costs 5,292 5,292 5,377 5,021 4,836
as a % of sales 27,1% 26.1% 25.0% 24.2% 27.0%
Number of employees (full time equivalent) 106,700 105,700 107,300 108,300 105,100
Research and development expenses 656 643 622 592 545
as a % of sales 3.4% 3.2% 2.9% 2.9% 3.0%
EBITDA before non-recurring income and expenses 1 3,286 3,285 3,445 2,878 2,660
Operating income before non-recurring income and expenses 2,170 2,234 2,423 1,945 1,695
Operating margin before non-recurring income and expenses 11.1% 11.0% 11.3% 9.4% 9.5%
Operating income 1,991 1,974 2,469 1,945 1,695
Operating margin 10.2% 9.7% 11.5% 9.4% 9.5%
Cost of net debt 130 94 155 206 236
Other financial income and expenses (43) (15) (22) 236 10
Income before taxes 1,651 1,702 2,307 1,996 1,498
Income tax 620 575 736 534 449
Effective tax rate 37.5% 33.8% 31.9% 26.8% 30.0%
Net income 1,031 1,127 1,571 1,462 1,049
as a % of sales 5.3% 5.6% 7.3% 7.1% 5.9%
Dividends 2 464 438 378 314 147
Cash flows from operating activities 2,522 3,089 2,926 1,196 1,322
as a % of sales 12.9% 15.3% 13.6% 5.8% 7.4%
Gross purchases of intangible assets and PP&E 1,883 1,980 1,996 1,711 1,100
as a % of sales 9.6% 9.8% 9.3% 8.3% 6.1%
Net debt 3 707 142 1,053 1,814 1,629
Equity 9,523 9,256 8,501 8,101 8,127
Gearing 7% 2% 12% 22% 20%
Net debt 3 / EBITDA 1 0.22 0.04 0.31 0.63 0.61
Cash flows from operating activities / Net debt 3 NS NS NS 65.9% 81.2%
Operating income before non-recurring items / Net interest charge 4 16.0 15.7 14.2 9.2 9.1
Free cash flow 5 322 1,154 1,075 (19) 426
ROE 6 10.8% 12.2% 18.5% 18.1% 12.9%
ROCE 7 11.1% 11.9% 12.8% 10.9% 10.5%

1 As defined in note 3.7.2 to the consolidated financial statements.

2 Including the dividends paid in shares.

3 Net debt: financial liabilities - cash and cash equivalents (excluding cash flows from cash management financial assets and borrowing collaterals) +/- derivative assets, as defined in note 26 to the 2012 consolidated financial statements.

4 Net interest charge: interest financing expenses - interest income from cash and equivalents.

5 Free cash flow: cash flows from operating activities - cash flows from investing activities (excluding cash flows from cash management financial assets and borrowing collaterals), as defined in section 3.5.3.

6 ROE: net income attributable to shareholders/shareholders’ equity excluding non-controlling interests.

7 ROCE: Net Operating Profit After Tax (NOPAT)/capital employed (intangible assets and PP&E + long-term financial assets + working capital requirement), as defined in section 2.7 of the 2012 Registration Document.