Interim Financial Statements
Consolidated Statement of Earnings
| (EUR thousand) | H1 2008 | H1 2007 | Percentage change | Q2 2008 | Q2 2007 | Full Year 2007 |
|---|---|---|---|---|---|---|
| Sales | 9,061,946 | 7,899,158* | 14,7 | 5,260,894 | 4,214,528 | 16,451,752 |
| Changes in inventories | 1,243 | 1,981 | -37,3 | 823 | 1,251 | (176) |
| Other operating income | 188,517 | 52,182 | 261,3 | 150,842 | 30,545 | 230,795 |
| Materials | (6,816,533) | (5,912,682) | 15,3 | (4,028,457) | (3,184,654) | (12,326,831) |
| Personnel costs | (1,557,491) | (1,345,640) | 15,7 | (870,543) | (685,159) | (2,806,801) |
| Depreciation and amortization | (166,912) | (141,935) | 17,6 | (85,328) | (62,383) | (312,490) |
| Other operating expenses | (552,792) | (492,422) | 12,3 | (295,303) | (283,398) | (1,113,357) |
| Profit from operating activities | 157,978 | 60,642 | 160,5 | 132,928 | 30,730 | 122,892 |
| Share of profits and losses of equity-method associated and jointly controlled entities | 190,763 | 65,340* | 192,0 | 104,895 | 40,665 | 265,883 |
| Net income from other participating interests | (17,573) | 33,162 | – | (27,783) | 21,835 | 88,420 |
| Investment and interest income | 59,164 | 62,386 | -5,2 | 34,583 | 44,963 | 130,608 |
| Investment and interest expenses | (98,099) | (39,732) | 146,9 | (55,680) | (22,248) | (106,482) |
| Profit before taxes | 292,233 | 181,798 | 60,7 | 188,943 | 115,945 | 501,321 |
| Income taxes | (103,126) | (76,382) | 35,0 | (68,847) | (52,624) | (160,301) |
| Profit after taxes | 189,107 | 105,416 | 79,4 | 120,096 | 63,321 | 341,020 |
| Of which: Consolidated net profit | 79,033 | 13,776 | 473,7 | 46,975 | 4,209 | 140,696 |
| Of which: Minority interest | 110,074 | 91,640 | 20,1 | 73,121 | 59,112 | 200,324 |
*Due to a change in presentation, the Group's share of profits and losses of jointly controlled entities in the first half of 2007 – an amount of EUR 34,575,000 – is included in the share of profits and losses of equity-method associates and jointly controlled entities instead of in sales as in the previous year.
Consolidated Balance Sheet
| (EUR thousand) | June 30, 2008 | Dec. 31, 2007 |
|---|---|---|
| Assets Non-current assets | ||
| Intangible assets | 495,887 | 505,145 |
| Property. plant and equipment | 1,122,351 | 1,027,641 |
| Investment properties | 39,366 | 41,199 |
| Equity-method investments | 1,633,391 | 1,462,459 |
| Other financial assets | 627,133 | 555,655 |
| Financial receivables | 363,164 | 365,175 |
| Other receivables and other assets | 164,503 | 130,958 |
| Deferred tax assets | 160,988 | 169,419 |
| 4,606,783 | 4,257,651 | |
| Current assets | ||
| Inventories | 137,331 | 120,088 |
| Financial receivables | 88,397 | 81,294 |
| Trade receivables | 4,015,656 | 3,691,166 |
| Other receivables and other assets | 174,924 | 311,683 |
| Current income tax assets | 16,325 | 26,144 |
| Marketable securities | 782,434 | 766,384 |
| Cash and cash equivalents | 1,506,381 | 1,402,527 |
| 6,721,448 | 6,399,286 | |
| 11,328,231 | 10,656,937 |
| (EUR thousand) | June 30, 2008 | Dec. 31, 2007 |
|---|---|---|
| Liabilities and Shareholders' Equity Shareholders' equity | ||
| Attributable to the Group | 2,200,896 | 2,297,720 |
| Minority interest | 724,847 | 703,100 |
| 2,925,743 | 3,000,820 | |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 29,668 | 29,010 |
| Other provisions | 335,828 | 316,382 |
| Financial liabilities | 1,217,795 | 1,324,028 |
| Other liabilities | 93,806 | 79,434 |
| Deferred tax liabilities | 85,204 | 82,103 |
| 1,762,301 | 1,830,957 | |
| Current liabilities | ||
| Other provisions | 767,005 | 755,158 |
| Financial liabilities | 1,235,458 | 642,719 |
| Trade payables | 4,312,706 | 4,143,392 |
| Other liabilities | 308,027 | 273,902 |
| Current income tax liabilities | 16,991 | 9,989 |
| 6,640,187 | 5,825,160 | |
| 11,328,231 | 10,656,937 |
