Income statement 2012E 2013E 2014ESales 14917.0 15915.8 17029.7Gross profit 7042.3 7532.9 8046.5EBIT 1192.4 1380.6 1609.9Net interest expense -74.7 -55.0 -39.6Profit before tax 1117.7 1325.6 1570.3Tax expense -313.0 -371.2 -439.7Group profit 804.7 954.4 1130.6Minority interest -1.5 -1.7 -1.8Net profit 803.2 952.7 1128.8 Balance sheet 2011R 2012E 2013E 2014EFixed assets 4717.0 5273.0 5626.1 6019.9Current operating assets 4649.0 5197.0 5545.0 5933.1Investment assets 2014.0 2251.4 2402.2 2570.3Total assets 11380.0 12721.5 13573.3 14523.2 Shareholders’ equity 5327.0 5878.5 6520.0 7272.2Minority interest 4.0 5.0 6.1 7.0Debt 1589.0 1852.2 1727.6 1552.2Current operating liabilities 3992.0 4462.6 4761.4 5094.5Non-current operating liabilities 468.0 523.2 558.2 597.3Total equity and liabilities 11380.0 12721.5 13573.3 14523.2 Other estimates 2011R 2012E 2013E 2014EDividends 251.7 311.3 376.6
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