Annual Report 2020

Ten-Year Overview

Ten-Year Overview

2011 2012 2013 2014 2015 2016 20174 2018 2019 2020
€ amounts in millions
From the statements of income
Revenue 106,540 114,297 117,982 129,872 149,467 153,261 164,154 167,362 172,745 154,309
Personnel expenses1 17,424 18,002 18,753 19,607 20,949 21,141 22,186 22,432 22,657 21,848
Research and development expenditure2 5,634 5,644 5,489 5,680 6,564 7,572 8,711 9,107 9,662 8,614
thereof capitalized 1,460 1,465 1,284 1,148 1,804 2,315 2,773 2,526 3,076 2,498
EBIT1 8,755 8,820 10,815 10,752 13,186 12,902 14,348 11,132 4,313 6,603
Operating margin (%)1 8.2 7.7 9.2 8.3 8.8 8.4 8.7 6.7 2.5 4.3
Profit (loss) before income taxes1 8,449 8,116 10,139 10,173 12,744 12,574 13,967 10,595 3,830 6,339
Net operating profit (loss)1 6,240 7,302 9,173 7,678 9,007 9,007 10,880 7,963 3,057 4,199
as % of net assets (RONA)1, 3 19.9 19.6 22.6 18.8 20.1 19.1 22.5 14.8 4.8 7.0
Net profit (loss)1 6,029 6,830 8,720 7,290 8,711 8,784 10,617 7,582 2,709 4,009
Net profit (loss) per share (€)1 5.32 6.02 6.40 6.51 7.87 7.97 9.61 6.78 2.22 3.39
Diluted net profit (loss) per share (€)1 5.31 6.02 6.40 6.51 7.87 7.97 9.61 6.78 2.22 3.39
Total dividend 2,346 2,349 2,407 2,621 3,477 3,477 3,905 3,477 963 X,XXX
Dividend per share (€) 2.20 2.20 2.25 2.45 3.25 3.25 3.65 3.25 0.90 X.XX
From the statements of financial position
Property, plant and equipment 19,180 20,599 21,779 23,182 24,322 26,381 27,981 30,948 37,143 35,246
Leased equipment 22,811 26,058 28,160 33,050 38,942 46,942 47,074 49,476 51,482 47,552
Other non-current assets1 45,023 48,947 48,138 56,258 62,055 67,613 73,394 79,582 86,013 87,675
Inventories 17,081 17,720 17,349 20,864 23,760 25,384 25,686 29,489 29,757 26,444
Liquid assets 9,576 10,996 11,053 9,667 9,936 10,981 12,072 15,853 18,883 23,048
Other current assets 34,461 38,742 42,039 46,614 58,151 65,687 69,138 76,271 79,160 65,772
Total assets1 148,132 163,062 168,518 189,635 217,166 242,988 255,345 281,619 302,438 285,737
Shareholders’ equity1 41,337 39,330 43,363 44,584 54,624 59,133 65,159 66,053 62,841 62,248
thereof share capital 3,060 3,063 3,069 3,070 3,070 3,070 3,070 3,070 3,070 3,070
Equity ratio Group (%)1 26.3 22.7 24.3 22.1 23.6 22.9 24.0 22.2 20.5 21.8
Equity ratio industrial business (%)1 46.4 39.8 43.4 40.8 44.2 44.7 46.4 42.8 36.7 38.5
Non-current liabilities1 51,940 65,016 66,047 78,077 85,461 99,398 102,562 117,614 133,795 123,680
Current liabilities1 54,855 58,716 59,108 66,974 77,081 84,457 87,624 97,952 105,802 99,809
Net liquidity industrial business 11,981 11,508 13,834 16,953 18,580 19,737 16,597 16,288 10,997 17,855
Net assets (average)1, 3 31,426 37,521 40,648 40,779 44,796 47,054 48,446 53,809 63,782 59,869
From the statements of cash flows
Investments in property, plant and equipment 4,158 4,827 4,975 4,844 5,075 5,889 6,744 7,534 7,199 5,741
Depreciation and amortization 3,575 4,067 4,368 4,999 5,384 5,478 5,676 6,305 7,751 8,957
Cash provided by (used for) operating activities -696 -1,100 3,285 -1,274 222 3,711 -1,652 343 7,888 22,332
Cash provided by (used for) investing activities -6,537 -8,864 -6,829 -2,709 -9,722 -14,666 -9,518 -9,921 -10,607 -6,421
Cash provided by (used for) financing activities 5,842 11,506 3,855 2,274 9,631 12,009 13,129 13,226 5,628 -10,747
Free cash flow of the industrial business 989 1,452 4,842 5,479 3,960 3,874 2,005 2,898 1,368 8,259
From the stock exchanges
Share price at year-end (€) 33.92 41.32 62.90 68.97 77.58 70.72 70.80 45.91 49.37 57.79
Average shares outstanding (in millions) 1,066.0 1,066.8 1,068.8 1,069.8 1,069.8 1,069.8 1,069.8 1,069.8 1,069.8 1,069.8
Average diluted shares outstanding (in millions) 1,067.1 1,067.1 1,069.1 1,069.8 1,069.8 1,069.8 1,069.8 1,069.8 1,069.8 1,069.8
Ratings
Credit rating, long-term
S&P BBB+ A- A- A- A- A A A A- BBB+
Moody’s A3 A3 A3 A3 A3 A3 A2 A2 A3 A3
Fitch A- A- A- A- A- A- A- A- A- BBB+
DBRS A (low) A (low) A (low) A (low) A (low) A (low) A A A BBB (high)
Scope A A A A
Average annual number of employees 267,274 274,605 275,384 279,857 284,562 284,957 289,530 298,465 301,839 293,138
1 The figures for the year 2012 have been adjusted, primarily due to effects arising from application of the amended version of IAS 19.
2 The figure for the year 2013 has been adjusted due to reclassifications within functional costs. 
3 In the context of fine tuning the performance measurement system, the definition of net assets has been adjusted with retroactive effect as of 2015.
4 Several figures for the year 2017 have been adjusted due to the effects of first-time adoption of IFRS 15 and IFRS 9.
Independent Auditor’s Report