Interim Financial Statement
Consolidated Statement of Earnings
| (EUR thousand) | Q1 2010 |
Q1 2009 (restated)* |
Percentage change |
Full year 2009 (restated)* |
|---|---|---|---|---|
| Sales | 4,448,041 | 4,402,855 | 1.0 | 18,166,081 |
| Changes in inventories | 19,885 | 79,398 | –75.0 | 32,203 |
| Other operating income | 36,983 | 39,391 | –6.1 | 225,107 |
| Materials | (2,917,008) | (3,209,074) | –9.1 | (12,562,542) |
| Personnel costs | (1,039,686) | (843,917) | 23.2 | 3,501,085 |
| Depreciation and amortization | (157,897) | (92,270) | 71.1 | (501,370) |
| Other operating expenses | (328,264) | (287,273) | 14.3 | (1,333,123) |
| Profit from operating activities | 62,054 | 89,110 | –30.4 | 525,271 |
| Share of profits and losses of equity-method associates and jointly controlled entities | 79,469 | 61,843 | 28.5 | 201,356 |
| Net income from other participating interests | 10,428 | 6,461 | 61.4 | 24,859 |
| Investment and interest income | 16,521 | 19,234 | –14.1 | 79,906 |
| Investment and interest expenses | (47.925) | (58.989) | –18.8 | (234.521) |
| Profit before taxes | 120,547 | 117,659 | 2.5 | 596,871 |
| Income taxes | (38.572) | (39.021) | –1.2 | (192.302) |
| Profit after taxes | 81,975 | 78,638 | 4.2 | 404,569 |
| Of which: Consolidated net profit | 34,076 | 38,614 | –11.8 | 191,672 |
| Of which: Minority interest | 47,899 | 40,024 | 19.7 | 212,897 |
| Diluted and undiluted earnings per share (EUR) | 0.51 | 0.58 | –12.1 | 2.88 |
* Restated on first-time application of IFRIC 12 as of January 1, 2010 and the resulting change in the accounting treatment of service concessions. For further information, please see page 17. Applying the new interpretation resulted in a EUR 900,000 decrease in the Q1 2009 figure for the share of profits and losses of equity-method associates and jointly controlled entities.
The figures are also restated due to first-time application of IFRIC 15 in the third quarter of the prior year. For further information on this change, please see pages 142 and 143 of the Annual Report 2009. The restatement increased Q1 2009 sales by EUR 646,000, changes in inventories by EUR 79,535,000 and materials by EUR 60,203,000. This resulted in a EUR 4,693,000 deferred tax expense.
In total, applying the two new interpretations added EUR 14,385,000 to Q1 2009 profit after taxes. This is allocated as a EUR 14,398,000 addition in consolidated net profit and a EUR 13,000 reduction in minority interest. Earnings per share increased by EUR 0.22.
Consolidated Balance Sheet
| (EUR thousand) | Mar. 31, 2010 | Dec. 31, 2009 (restated)* |
|---|---|---|
| Assets Non-current assets | ||
| Intangible assets | 531,633 | 503,701 |
| Property, plant and equipment | 1,524,643 | 1,492,327 |
| Investment properties | 38,171 | 38,239 |
| Equity-method investments | 1,963,875 | 1,764,636 |
| Other financial assets | 553,082 | 486,496 |
| Financial receivables | 417,189 | 410,758 |
| Other receivables and other assets | 173,847 | 177,137 |
| Deferred tax assets | 251,005 | 232,780 |
| 5,453,445 | 5,106,074 | |
| Current assets | ||
| Inventories | 1,168,133 | 1,115,742 |
| Financial receivables | 122,430 | 112,087 |
| Trade receivables | 3,699,766 | 3,407,523 |
| Other receivables and other assets | 128,463 | 126,789 |
| Current income tax assets | 63,381 | 56,879 |
| Marketable securities | 880,187 | 807,739 |
| Cash and cash equivalents | 1,716,335 | 1,769,644 |
| 7,778,695 | 7,396,403 | |
| 13,232,140 | 12,502,477 |
| (EUR thousand) | Mar. 31, 2010 | Dec. 31, 2009 (restated)* |
|---|---|---|
| Liabilities and Shareholders’ Equity Shareholders’ equity | ||
| Attributable to the Group | 2,309,959 | 2,164,053 |
| Minority interest | 1,157,149 | 1,100,076 |
| 3,467,108 | 3,264,129 | |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations 80,059 71,262 | 80,059 | 71,262 |
| Other provisions | 347,707 | 337,949 |
| Financial liabilities | 2,239,521 | 2,047,590 |
| Other liabilities | 204,871 | 185,111 |
| Deferred tax liabilities | 121,052 | 111,499 |
| 2,993,210 | 2,753,411 | |
| Current liabilities | ||
| Other provisions | 911,648 | 905,655 |
| Financial liabilities | 954,594 | 795,886 |
| Trade payables | 4,540,604 | 4,391,638 |
| Other liabilities | 362,710 | 381,557 |
| Current income tax liabilities | 2,266 | 10,201 |
| 6,771,822 | 6,484,937 | |
| 13,232,140 | 12,502,477 |
* First-time application of IFRIC 12 reduced equity-method investments as of December 31, 2009 by EUR 33,197,000 and non-current financial receivables by EUR 14,603,000. The resulting EUR 47,800,000 decrease in shareholders’ equity is allocated as a EUR 46,060,000 reduction in the amount attributable to the Group and a EUR 1,740,000 reduction in the amount attributable to minority interest.