Analysts' consensus

Turnover (€ million)

14,387

59,850

30,247

61,474

Turnover change (%)

9.7%

14.1%

2.1%

2.7%

Exchange rates (%)

4.9%

6.0%

(0.2)%

(0.3)%

Acquisitions and disposals (%)

(3.0)%

(1.1)%

(3.2)%

(1.5)%

Underlying sales growth (%)

8.2%

8.8%

5.5%

4.3%

Price (%)

12.1%

11.0%

7.6%

5.2%

Volume (%)

(3.4)%

(2.0)%

(2.2)%

(0.8)%

Underlying operating profit

9,645

4,970

10,174

Underlying operating margin (%)

16.1%

16.4%

16.6%

Change in underlying operating margin (%)

(2.3)%

(0.6)%

(0.4)%

Acquisition and disposal related costs

(105)

(9)

(41)

Gain/(loss) of disposal of group companies

517

0

0

Impairments and other one-offs

(73)

0

(9)

Non A&D restructuring costs

(1,064)

(294)

(657)

Operating profit

8,905

4,595

9,492

Underlying operating profit

9,645

4,970

10,174

Net finance cost

(442)

(248)

(511)

Joint ventures, associates

201

103

210

Non current investments

33

7

19

Underlying profit before taxation

9,436

4,849

9,892

Underlying tax rate %

24%

25%

25%

Underlying taxation

(2,258)

(1,178)

(2,386)

Net profit (underlying)

7,183

3,677

7,512

Attributable to non controlling interests (NCI)

622

331

659

Underlying profit attributable to shareholder's equity

6,557

3,344

6,862

Average # of shares on a fully diluted basis

2,555

2,532

2,527

Underlying EPS (in Euros)

2.57

1.32

2.71

Underlying EPS growth (%)

(2.1)%

(1.4)%

5.7%