Interim Financial Statements
Consolidated Statement of Earnings
| (EUR thousand) | Q1-Q3 2009 | Q1-Q3 2008 (restated)* |
Percentage change | Q3 2009 | Q3 2008 (restated)* |
Full Year 2008 (restated)* |
|---|---|---|---|---|---|---|
| Sales | 13,771,103 | 13,751,927 | 0.1 | 4,597,279 | 4,833,546 | 18,703,135 |
| Changes in inventories | 37,415 | 313,662 | -88.1 | (47,580) | 148,534 | 399,417 |
| Other operating income | 170,882 | 226,358 | -24.5 | 82,456 | 37,841 | 375,889 |
| Materials | (9,722,104) | (10,563,768) | -8.0 | (3,110,679) | (3,704,940) | (14,273,373) |
| Personnel costs | (2,562,327) | (2,312,682) | 10.8 | (916,296) | (755,191) | (3,265,768) |
| Depreciation and amortization | (344,021) | (249,929) | 37.6 | (119,899) | (83,017) | (392,306) |
| Other operating expenses | (917,336) | (873,672) | 5.0 | (355,601) | (320,880) | (1,259,676) |
| Profit from operating activities | 433,612 | 291,896 | 48.6 | 129,680 | 155,893 | 287,318 |
| Share of profits and losses of equity-method associated and jointly controlled entities | 108,453 | 197,691 | -45.1 | 46,518 | 6,928 | 317,001 |
| Net income from other participating interests | 11,991 | (5,503) | - | 11,882 | 12,070 | (11,014) |
| Investment and interest income | 50,824 | 79,004 | -35.7 | 15,019 | 19,840 | 117,704 |
| Investment and interest expenses | (176,724) | (171,157) | 3.3 | (61,232) | (73,058) | (214,085) |
| Profit before taxes | 428,156 | 391,931 | 9.2 | 141,867 | 121,673 | 496,924 |
| Income taxes | (148,865) | (142,534) | 4.4 | (53,998) | (44,151) | (173,042) |
| Profit after taxes | 279,291 | 249,397 | 12.0 | 87,869 | 77,522 | 323,882 |
| Of which: Consolidated net profit | 124,310 | 86,998 | 42.9 | 36,214 | 25,197 | 156,744 |
| Of which: Minority interest | 154,981 | 162,399 | -4.6 | 51,655 | 52,325 | 167,138 |
*Restatement for retroactive application of Interpretation IFRIC 15 and the
resulting change in revenue recognition method for agreements for the
construction of real estate that are not construction contracts from percentage
of completion (IAS 11) to completed contract (IAS 18). Application of the new
interpretation may result in a reallocation of earnings between reporting
periods. The accounting change reduced sales in the period January to September
2008 by EUR 258,996,000 (fiscal 2008: EUR 399,850,000); conversely, the change
in inventories increased by EUR 312,225,000 (fiscal 2008: EUR 399,439,000) and
materials expense by EUR 76,623,000 (fiscal 2008: EUR 22,780,000). After taking
into account deferred tax income of EUR 5,210,000 (fiscal 2008: EUR 4,860,000),
profit after taxes and consolidated net profit decreased by EUR 18,184,000
(fiscal 2008: EUR 18,331,000).
Consolidated Balance Sheet
| (EUR thousand) | September 30, 2009 | Dec. 31, 2008 (restated)* |
|---|---|---|
| Assets Non-current assets | ||
| Intangible assets | 497,655 | 482,660 |
| Property. plant and equipment | 1,420,054 | 1,120,393 |
| Investment properties | 41,800 | 42,896 |
| Equity-method investments | 1,781,338 | 1,668,942 |
| Other financial assets | 474,507 | 430,058 |
| Financial receivables | 407,696 | 352,668 |
| Other receivables and other assets | 185,416 | 95,806 |
| Deferred tax assets | 186,773 | 217,085 |
| 4,995,239 | 4,410,508 | |
| Current assets | ||
| Inventories | 1,187,198 | 943,597 |
| Financial receivables | 116,985 | 93,313 |
| Trade receivables | 4,096,651 | 3,783,256 |
| Other receivables and other assets | 100,957 | 170,961 |
| Current income tax assets | 48,175 | 65,320 |
| Marketable securities | 595,202 | 809,396 |
| Cash and cash equivalents | 1,727,815 | 1,787,713 |
| 7,872,983 | 7,653,556 | |
| 12,868,222 | 12,064,064 |
| (EUR thousand) | Sep. 30, 2009 | Dec. 31, 2008 (restated)* |
|---|---|---|
| Liabilities and Shareholders' Equity Shareholders' equity | ||
| Attributable to the Group | 2,098,331 | 1,931,012 |
| Minority interest | 1,060,276 | 895,151 |
| 3,158,607 | 2,826,163 | |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 84,152 | 76,701 |
| Other provisions | 341,153 | 358,199 |
| Financial liabilities | 2,083,946 | 1,678,464 |
| Other liabilities | 210,876 | 219,020 |
| Deferred tax liabilities | 110,452 | 93,805 |
| 2,830,579 | 2,426,189 | |
| Current liabilities | ||
| Other provisions | 774,013 | 715,178 |
| Financial liabilities | 880,554 | 1,248,352 |
| Trade payables | 4,879,393 | 4,561,771 |
| Other liabilities | 335,745 | 267,108 |
| Current income tax liabilities | 9,331 | 19,303 |
| 6,879,036 | 6,811,712 | |
| 12,868,222 | 12,064,064 |
*Due to the accounting change in accordance with IFRIC 15, deferred tax assets
increased by EUR 12,348,000 and inventories by EUR 812,453,000 as of December
31, 2008. The gross amount due from customers for construction work (POC)
decreased by EUR 860,040,000. In total, shareholders’ equity attributable
to the Group decreased as a result by EUR 35,239,000.