Average number of employees (full time equivalent)
111,100
107,800
105,700
105,800
106,700
105,700
107,300
108,300
105,100
Research and development expenses
648
641
718
689
656
643
622
592
545
as a % of sales
2.90 %
2.90 %
3.40 %
3.30 %
3.40 %
3.20 %
2.90 %
2.90 %
3.00 %
Segment EBITDA *1
4,119
4,087
4,084
3,934
3,286
3,285
3,445
2,878
2,660
Segment operating income *1
2,775
2,742
2,692
2,577
2,170
2,234
2,423
1,945
1,695
Segment operating margin *1
12.60 %
12.50 %
12.90 %
12.20 %
11.10 %
11.00 %
11.30 %
9.40 %
9.50 %
Operating income
2,550
2,631
2,791
2,207
1,991
1,974
2,469
1,945
1,945
Operating margin
11.60 %
12.00 %
13.30 %
10.40 %
10.20 %
9.70 %
11.50 %
9.40 %
9.50 %
Cost of net debt
201
176
203
184
130
94
155
206
236
Other financial income and expenses
17
0
20
-30
-43
-15
-22
236
10
Income before taxes
2,230
2,354
2,464
1,869
1,651
1,702
2,307
1,996
1,498
Income tax
570
661
797
706
620
575
736
534
449
Effective tax rate
25.60 %
28.10 %
32.30 %
37.80 %
37.50 %
33.80 %
31.90 %
26.80 %
30.00 %
Net income
1,660
1,693
1,667
1,163
1,031
1,127
1,571
1,462
1,049
as a % of net sales
7.50 %
7.70 %
8.00 %
5.50 %
5.30 %
5.60 %
7.30 %
7.10 %
5.90 %
Dividends *2
637
585
522
463
464
438
378
314
147
Cash flows from operating activities
2,831
2,741
2,764
2,695
2,522
3,089
2,926
1,196
1,322
as a % of net sales
12.90 %
12.50 %
13.20 %
12.70 %
12.90 %
15.30 %
13.60 %
5.80 %
7.40 %
Gross purchases of intangible assets and PP&E
1,669
1,771
1,811
1,804
1,883
1,980
1,996
1,711
1,100
as a % of net sales
7.60 %
8.10 %
8.70 %
8.50 %
9.60 %
9.80 %
9.30 %
8.30 %
6.10 %
Net debt *3
3,719
7,16
9,44
1,008
707
142
1,053
1,814
1,629
Equity
12,167
11,261
10,646
9,542
9,523
9,256
8,501
8,101
8,127
Gearing
31%
6 %
9 %
11 %
7 %
2 %
12 %
22 %
20 %
Net debt *3 / Segment EBITDA *1
0.9
0.18
0.23
0.26
0.22
0.04
0.31
0.63
0.61
Cash flows from operating activities / Net debt *3
NS
NS
NS
NS
NS
NS
NS
NS
NS
Segment operating income *1 / Net interest expense *4
13.3
15.9
13.3
12.8
16
15.7
14.2
9.2
9.1
Free cash flow *5
(2,011)
662
1,024
653
322
1,154
1,075
-19
426
ROE *6
13.60 %
15.00 %
15.70 %
12.20 %
10.80 %
12.20 %
18.50 %
18.10 %
12.90 %
ROCE *7
-
11.90 %
12.10 %
12.20 %
11.10 %
11.90 %
12.80 %
10.90 %
10.50 %
Operational ROCE *8
14.0 %
13.0 %
-
-
-
-
-
-
-
1 Formerly known as operating income from recurring activities, segment operating income is the performance metric for the reporting segments. It is stated before the amortization of brands and customer lists recognized on the acquisition of the corresponding companies, which is included in other operating income and expenses. In 2018, amortization of acquired intangible assets amounted to €39 million for the year.
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 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 3.6.
8 Operational ROCE: Net Operating Profit After Tax (NOPAT)/capital employed (intangible assets and PP&E + long-term financial assets + working capital requirement- goodwill- acquired intangible assets and associates & joint ventures), as defined in section 3.6.
