2011 Annual Report - OTCIQ.com
2011 Annual Report - OTCIQ.com
2011 Annual Report - OTCIQ.com
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154 Notes<br />
Financial Information by Business Segment<br />
Generation Renewables Gas<br />
€ in millions<br />
<strong>2011</strong> 2010 <strong>2011</strong> 2010 <strong>2011</strong> 2010<br />
External sales 3,737 4,838 781 688 5,473 5,712<br />
Intersegment sales 11,242 9,903 1,658 1,255 17,539 15,636<br />
Sales 14,979 14,741 2,439 1,943 23,012 21,348<br />
EBITDA 1 2,114 3,757 1,459 1,207 1,533 1,975<br />
Earnings from <strong>com</strong>panies accounted for under the equity method 2 8 76 11 13 439 477<br />
Operating cash flow before interest and taxes 2,644 3,917 1,376 1,370 810 1,382<br />
Investments 1,711 2,592 1,114 1,260 1,204 1,244<br />
1 Adjusted for extraordinary effects (see glossary).<br />
2 Under IFRS, impairments on <strong>com</strong>panies accounted for under the equity method and impairments on other financial assets (and any reversals of such charges) are included<br />
in in<strong>com</strong>e/loss (-) from <strong>com</strong>panies accounted for under the equity method and financial results, respectively. These in<strong>com</strong>e effects are not part of EBITDA.<br />
Financial Information by Business Segment—Presentation of Other EU Countries<br />
U.K. Sweden Czechia<br />
€ in millions<br />
<strong>2011</strong> 2010 <strong>2011</strong> 2010 <strong>2011</strong> 2010<br />
External sales 8,467 8,598 2,716 2,942 2,629 2,172<br />
Intersegment sales 87 134 206 293 136 166<br />
Sales 8,554 8,732 2,922 3,235 2,765 2,338<br />
EBITDA 1,2 523 966 672 629 470 323<br />
Earnings from <strong>com</strong>panies accounted for under the equity method 3 – -20 5 14 41 45<br />
Operating cash flow before interest and taxes 154 1,016 622 595 230 349<br />
Investments 212 523 422 427 200 198<br />
1 Adjusted for extraordinary effects (see glossary).<br />
2 The <strong>2011</strong> EBITDA figure for the U.K. regional unit includes €173 million in earnings contributed by Central Networks, which was sold effective April 1, <strong>2011</strong>.<br />
3 Under IFRS, impairments on <strong>com</strong>panies accounted for under the equity method and impairments on other financial assets (and any reversals of such charges) are included<br />
in in<strong>com</strong>e/loss (-) from <strong>com</strong>panies accounted for under the equity method and financial results, respectively. These in<strong>com</strong>e effects are not part of EBITDA.<br />
The following table shows the reconciliation of operating<br />
cash flow before interest and taxes to operating cash flow:<br />
Operating Cash Flow<br />
€ in millions<br />
Operating cash flow before<br />
<strong>2011</strong> 2010<br />
Difference<br />
interest and taxes 7,859 12,425 -4,566<br />
Interest payments -1,200 -1,085 -115<br />
Tax payments -49 -726 677<br />
Operating cash flow 6,610 10,614 -4,004<br />
The investments presented here are the purchases of investments<br />
reported in the Consolidated Statements of Cash Flows.
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