Interim Management Report

[9M – January to September 2015]

January to September 2015: Revenue and earnings benefit from positive exchange rate effects

  • Group revenue: EUR 13.552 bn (2014: EUR 12.584 bn), up 7.7 percent (down 0.9 percent after adjusting for exchange rate effects)
  • Group operating profit1: EUR 3.137 bn (2014: EUR 2.898 bn), up 8.2 percent (down 0.7 percent after adjusting for exchange rate effects)
  • Operating cash flow: EUR 2.390 bn; +26.6 percent
  • EUR 192 m has been recognised in the 2015 financial year as a non-recurring item, the final costs of the restructuring programme launched in 2014
  • Outlook for 2015:
    • Revised forecast for Group revenue of between EUR 17.9 bn and EUR 18.5 bn presented in the half-year financial report now confirmed
    • Group operating profit1 of between EUR 4.1 bn and EUR 4.3 bn and ROCE of 9 percent to 10 percent confirmed

1 EBIT (before non-recurring items) adjusted for the amortisation of intangible assets and the depreciation of tangible assets.