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Ten-Year Summary1

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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Amounts in millions of €
From the statements of income:                    
Revenue 130,122 148,243 160,278 150,422 147,408 136,437 142,059 95,209 99,222 99,399
Personnel expenses 25,033 26,158 26,500 25,095 24,163 24,287 24,216 24,650 23,574 20,256
Research and development expenditure 6,540 7,438 7,241 5,848 5,942 5,571 5,658 3,928 3,733 4,148
thereof capitalized - - - - - - - 591 715 990
Operating profit (loss) / EBIT1 8,593 11,012 9,752 (1,346) 6,827 5,686 5,754 2,873 4,992 8,710
Operating margin1 6.6% 7.4% 6.1% (0.9%) 4.6% 4.2% 4.1% 3.0% 5.0% 8.8%
Income (loss) before income taxes and
extraordinary items		 7,697 9,473 4,280 (1,703) 6,439 596 3,535 2,426 4,902 9,181
Net operating income / Net operating profit1 5,829 6,552 8,796 332 6,116 1,467 3,165 4,834 4,032 4,123
as % of net assets (RONA) 11.6% 12.3% 14.8% 0.5% 9.4% 2.5% 5.7% 10.0% 8.3% 10.5%
Net income (loss) / Net profit1 4,820 5,746 7,894 (593) 5,098 448 2,466 4,215 3,783 3,985
Net income (loss) per share (€) /
Net profit per share (€)1		 5.03 5.73 7.87 (0.59) 5.06 0.44 2.43 4.09 3.66 3.83
Diluted net income (loss) per share (€) /
Diluted net profit per share (€)1		 4.91 5.69 7.80 (0.59) 5.03 0.44 2.43 4.08 3.64 3.80
Total dividend 2,356 2,358 2,358 1,003 1,519 1,519 1,519 1,527 1,542 2,028
Dividend per share (€) 2.35 2.35 2.35 1.00 1.50 1.50 1.50 1.50 1.50 2.00
Dividend including tax credit2 per share (€) 3.36 3.36 3.36 – – – – – – –
                     
From the balance sheets:                    
Property, plant and equipment 29,532 36,434 40,145 41,180 36,285 32,933 34,017 35,295 32,747 14,650
Leased equipment 14,662 27,249 33,714 36,002 28,243 24,385 26,711 34,236 36,949 19,638
Other non-current assets – – – – – – – 76,200 67,507 38,575
Inventories 11,796 14,985 16,283 16,754 15,642 14,948 16,805 19,699 18,396 14,086
Liquid assets 19,073 18,201 12,510 14,536 12,439 14,296 11,666 8,063 8,409 15,631
Other current assets – – – – – – – 54,519 53,626 32,514
Total assets 136,149 174,667 199,274 207,616 187,527 178,450 182,872 228,012 217,634 135,094
Stockholders’ equity 30,367 36,060 42,422 38,928 35,076 34,486 33,522 36,060 37,346 38,230
thereof Capital stock 2,561 2,565 2,609 2,609 2,633 2,633 2,633 2,647 2,673 2,766
Equity ratio 20.6% 19.3% 20.1% 18.3% 17.9% 18.5% 17.5% 15.1% 16.5% 26.8%
Long-term liabilities – – – – – – – 96,823 90,452 47,924
Short-term liabilities – – – – – – – 95,129 89,836 48,940
Net liquidity industrial business 14,224 12,180 1,330 (4,768) 380 1,774 2,193 8,016 9,861 12,912
Net assets (annual average) 50,062 53,174 59,496 66,094 65,128 59,572 55,885 48,313 48,584 39,187
                     
From the statements of cash flows:                    
Investments in property,
plant and equipment		 8,155 9,470 10,392 8,896 7,145 6,614 6,386 6,480 5,874 4,247
Investments in leased equipment 10,245 19,336 19,117 17,951 17,704 15,604 17,678 12,432 15,811 11,231
Depreciation and amortization - - - - - - - 12,004 12,944 8,010
Cash provided by operating activities3 16,681 18,023 16,017 15,944 15,909 13,826 11,060 11,032 14,337 13,088
Cash used for investing activities3 (23,445) (32,110) (32,709) (13,287) (10,839) (13,608) (16,682) (10,237) (15,857) 20,537
                     
From the stock exchanges:                    
Share price at year-end Frankfurt (€) 83.60 77.00 44.74 48.35 29.35 37.00 35.26 43.14 46.80 66.50
New York (US $) 96.06 78.25 41.20 41.67 30.65 46.22 48.05 51.03 61.41 95.63
Average shares outstanding (in millions) 959.3 1,002.9 1,003.2 1,003.2 1,008.3 1,012.7 1,012.8 1,014.7 1,022.1 1,037.8
Average diluted shares outstanding
(in millions)		 987.1 1,013.6 1,013.9 1,003.2 1,013.9 1,012.7 1,014.5 1,017.7 1,027.3 1,047.3
                     
Rating:                    
Credit rating, long-term                    
Standard & Poor’s A+ A+ A BBB+ BBB+ BBB BBB BBB BBB BBB+
Moody’s A1 A1 A2 A3 A3 A3 A3 A3 Baa1 A3
Fitch – – – – – BBB+ BBB+ BBB+ BBB+ A-
DBRS – – – – – A (low) A (low) A (low) A (low) A (low)
                     
Average annual number of employees 433,939 463,561 449,594 379,544 370,677 370,684 379,019 296,109 277,771 271,704
1 For the years 1998 through 2004 figures according to US-GAAP, since 2005 according to IFRS.
2 For our stockholders who are taxable in Germany. There is no tax credit from 2001 due to a change in the corporate income tax system.
3 Periods before 2002 not adjusted for the effects of inventory-related receivables from Financial Services.