Consolidated data

Key figures - IFRS

In Euro million First-half 2014 First-half 2013 2013 2012 2011 2010 2009
Net sales 9,673 10,159 20,247 21,474 20,719 17,891 14,807
% change -4.8% -5.1% -5.7% +3.6% +15.8% +20.8% -9.8%
Total employee benefit costs 2,697 2,710 5,292 5,377 5,021 4,836 4,515
as a % of sales 27.9% 26.7% 26.1% 25.0% 24.2% 27.0% 30.5%
Number of employees (full time equivalent) 106,300 107,600 105,700 107,300 108,300 105,1 102,7
Research and development expenses 319 313 643 622 592 545 506
as a % of sales 3.3% 3.1% 3.2% 2.9% 2.9% 3.0% 3.4%
EBITDA before non-recurring income and expenses 1 1,687 1,675 3,285 3,445 2,878 2,66 1,802
Operating income before non-recurring income and expenses 1,159 1,153 2,234 2,423 1,945 1,695 862
Operating margin before non-recurring income and expenses 12.0% 11.3% 11.0% 11.3% 9.4% 9.5% 5.8%
Operating income 1,072 903 1,974 2,469 1,945 1,945 450
Operating margin 11.1% 8.9% 9.7% 11.5% 9.4% 9.5% 3.0%
Cost of net debt 65 50 94 155 206 236 262
Other financial income and expenses 12 (10) (15) (22) 236 10 10
Income before taxes 937 763 1,702 2,307 1,996 1,498 207
Income tax 313 256 575 736 534 449 103
Effective tax rate 33.4% 33.6% 33.8% 31.9% 26.8% 30.0% 49.8%
Net income 624 507 1,127 1,571 1,462 1,049 104
as a % of sales 6.5% 5.0% 5.6% 7.3% 7.1% 5.9% 0.7%
Dividends 2 464 438 438 378 314 147 145
Cash flows from operating activities 636 1,092 3,089 2,926 1,196 1,322 2,123
as a % of sales 6.6% 10.7% 15.3% 13.6% 5.8% 7.4% 14.3%
Gross purchases of intangible assets and PP&E 703 762 1,980 1,996 1,711 1,1 672
as a % of sales 7.3% 7.5% 9.8% 9.3% 8.3% 6.1% 4.5%
Net debt 3 892 1 114 142 1,053 1,814 1,629 2,931
Equity 9,436 9,134 9,256 8,501 8,101 8,127 5,495
Gearing 9% 12% 2% 12% 22% 20% 55%
Net debt 3 / EBITDA 1 0.53 0.67 0.04 0.31 0.63 0.61 1.63
Cash flows from operating activities / Net debt 3 71.3% 98.0% NS 277.9% 65.9% 81.2% 72.4%
Net interest charge average rate 4 NS 12.5% NS 11.0% 9.6% 6.3% 6.2%
Operating income before non-recurring items / Net interest charge 4 17.6 15.4 15.7 14.2 9.2 9.1 3.5
Free cash flow 5 (243) 147 1,154 1,075 (19) 426 1,507
ROE 6 N. App. N. App. 12.2% 18.5% 18.1% 12.9% 1.9%
ROCE 7 N. App. N. App. 11.9% 12.8% 10.9% 10.5% 5.4%

1 As defined in note 3.7.2 to the 2012 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.