Sales

5,564.4

5,409.0

494.2

469.7

6,058.6

5,878.7

2,382.6

1,605.4

Royalty, license and commission income

355.6

344.5

2.0

2.3

357.6

346.8

10.2

7.2

Total revenues

5,920.0

5,753.5

496.2

472.0

6,416.2

6,225.5

2,392.8

1,612.6

Gross margin

4,888.3

4,792.8

338.7

316.9

5,227.0

5,109.7

1,387.5

844.5

Marketing and selling expenses

–1,414.4

–1,451.4

–233.0

–235.9

–1,647.4

–1,687.3

–608.1

–409.1

Royalty, license and commission expenses

–478.5

–456.2

–3.7

–1.2

–482.2

–457.4

–16.0

–9.4

Administration expenses

–257.8

–269.9

–23.7

–24.7

–281.5

–294.6

–106.7

–73.2

Other operating expenses and income

–408.8

–169.6

–5.1

–12.1

–413.9

–181.7

–104.6

–135.5

Research and development

–1,225.4

–1,167.1

–22.9

–24.9

–1,248.3

–1,192.0

–134.5

–74.5

Operating result

304.2

565.1

46.1

13.9

350.3

579.0

226.1

47.9

Exceptional items

25.1

68.6

–

–

25.1

68.6

–

–

Earnings before interest and tax (EBIT)

329.3

633.7

46.1

13.9

375.4

647.6

226.1

47.9

Net operating assets

9,207.2

10,359.7

321.1

310.8

9,528.3

10,670.5

6,608.6

6,435.6

Segment liabilities

–1,163.6

–1,268.9

–80.7

–86.4

–1,244.3

–1,355.3

–335.4

–361.4

Capital spending on property, plant and equipment

197.0

247.7

5.2

6.9

202.2

254.6

105.3

75.1

Investments in intangible assets

53.0

85.1

6.2

1.3

59.2

86.4

12.0

6.9

Depreciation and amortization

–840.8

–766.5

–11.3

–11.6

–852.1

–778.1

–283.7

–168.5

Impairment losses

–344.4

–171.0

–0.3

–7.1

–344.7

–178.1

–1.8

–10.7

Net cash flows from operating activities

1,374.0

1,590.1

48.6

46.6

1,422.6

1,636.7

404.0

252.7

Net cash flows from investing activities

101.3

–292.0

–8.8

–1.1

92.5

–293.1

–263.3

–4,924.6

Free cash flow

1,475.3

1,298.1

39.8

45.5

1,515.1

1,343.6

140.6

–4,671.9

Underlying free cash flow

1,205.2

1,307.8

39.8

45.5

1,245.0

1,353.3

308.7

263.4

FCR in %

20.4

22.7

8.0

9.6

19.4

21.7

12.9

16.3

ROS in %

5.1

9.8

9.3

2.9

5.5

9.3

9.4

3.0

Performance Materials*

Chemicals

Corporate and Other

Group

€ million

2011

2010

2011

2010

2011

2010

2011

2010

Sales

1,464.7

1,444.8

3,847.3

3,050.2

–

–

9,905.9

8,928.9

Royalty, license and commission income

2.7

7.7

12.9

14.9

–

–

370.5

361.7

Total revenues

1,467.4

1,452.5

3,860.2

3,065.1

–

–

10,276.4

9,290.6

Gross margin

873.6

951.0

2,261.1

1,795.5

–

–

7,488.1

6,905.2

Marketing and selling expenses

–133.3

–135.2

–741.4

–544.3

–4.2

–2.9

–2,393.0

–2,234.5

Royalty, license and commission expenses

–2.3

–10.2

–18.3

–19.6

–

–

–500.5

–477.0

Administration expenses

–35.7

–41.7

–142.4

–114.9

–80.9

–68.7

–504.8

–478.2

Other operating expenses and income

–32.0

–52.0

–136.6

–187.5

–31.4

–21.2

–581.9

–390.4

Research and development

–134.3

–130.6

–268.8

–205.1

–

–

–1,517.1

–1,397.1

Operating result

524.9

576.1

751.0

624.0

–116.2

–89.5

985.1

1,113.5

Exceptional items

157.1

–1.0

157.1

–1.0

–30.4

–68.4

151.8

–0.8

Earnings before interest and tax (EBIT)

682.0

575.1

908.1

623.0

–146.6

–157.9

1,136.9

1,112.7

Net operating assets

1,331.0

1,289.7

7,939.6

7,725.3

–1.3

74.7

17,466.6

18,470.5

Segment liabilities

–131.7

–166.8

–467.1

–528.2

–22.9

–14.9

–1,734.3

–1,898.4

Capital spending on property, plant and equipment

64.1

64.3

169.4

139.4

0.3

2.2

371.9

396.2

Investments in intangible assets

2.7

3.9

14.7

10.8

5.8

7.0

79.7

104.2

Depreciation and amortization

–102.5

–102.4

–386.2

–270.9

–5.4

–3.2

–1,243.7

–1,052.2

Impairment losses

–9.5

–16.7

–11.3

–27.4

–

–0.2

–356.0

–205.7

Net cash flows from operating activities

564.8

610.4

968.8

863.1

–1,120.2

–717.2

1,271.2

1,782.6

Net cash flows from investing activities

128.6

–68.2

–134.7

–4,992.8

–853.8

1,403.5

–896.0

–3,882.4

Free cash flow

693.4

542.2

834.0

–4,129.7

–912.7

–736.4

1,436.4

–3,522.5

Underlying free cash flow

492.6

548.8

801.3

812.2

–651.7

–495.7

1,394.6

1,669.8

FCR in %

33.6

37.8

20.8

26.5

–

–

13.6

18.0

ROS in %

35.8

39.7

19.5

20.4

–

–

9.6

12.0