Results, cash flow and other information
| € million, except per share data | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|
| Net sales | 29,530 | 27,925 | 25,648 | 24,824 | 24,584 |
| Net sales growth at constant exchange rates1 | 4.4% | 3.9% | 6.9% | 6.6% | 4.2% |
| Operating income | 1,336 | 1,297 | 1,202 | 1,071 | 992 |
| Underlying retail operating margin | 4.9% | 5.1% | 5.1% | 4.9% | 4.8% |
| Net interest expense | (270) | (289) | (233) | (293) | (450) |
| Income (loss) from continuing operations | 863 | 972 | 887 | 779 | 680 |
| Income (loss) from discontinued operations | (10) | (78) | 195 | 2,167 | 235 |
| Net income | 853 | 894 | 1,082 | 2,946 | 915 |
| Net income per common share (basic) | 0.73 | 0.76 | 0.92 | 2.03 | 0.58 |
| Net income per common share (diluted) | 0.72 | 0.74 | 0.90 | 2.01 | 0.58 |
| Income (loss) per common share from continuing operations (diluted) | 0.73 | 0.81 | 0.74 | 0.53 | 0.44 |
| Dividend per common share | 0.29 | 0.23 | 0.18 | 0.16 | – |
| Free cash flow2 | 1,112 | 948 | 638 | 633 | 292 |
| Net cash from operating, investing, and financing activities | (157) | (169) | (445) | 1,487 | (249) |
| Capital expenditures (including acquisitions)3 | 1,117 | 788 | 1,094 | 807 | 1,234 |
| Capital expenditures as % of net sales | 3.8% | 2.8% | 4.3% | 3.3% | 5.0% |
| Average exchange rate (€ per $) | 0.7555 | 0.7194 | 0.6828 | 0.7307 | 0.7964 |
1 Net sales growth in 2010 and 2009 is adjusted for the impact of week 53 in 2009.
2 Includes the settlement of the securities class action of €536 million in 2006 and €284 million in 2007.
3 The amounts represent additions to property, plant and equipment, investment property, and intangible assets. The amounts include assets acquired through business combinations and exclude discontinued operations.
Balance sheet and other information
| € million | January 2, 2011 |
January 3, 2010 |
December 28, 2008 | December 30, 2007 | December 31, 2006 |
|---|---|---|---|---|---|
| Equity1 | 5,910 | 5,440 | 4,687 | 3,897 | 5,270 |
| Gross debt | 3,561 | 3,700 | 4,241 | 5,379 | 6,480 |
| Cash, cash equivalents, and short-term deposits | 2,824 | 2,983 | 2,863 | 3,263 | 1,844 |
| Net debt | 737 | 717 | 1,378 | 2,116 | 4,636 |
| Net debt / equity ratio | 12% | 13% | 29% | 54% | 88% |
| Total assets | 14,725 | 13,933 | 13,603 | 13,953 | 18,442 |
| Number of stores | 2,970 | 2,909 | 2,897 | 3,225 | 3,480 |
| Number of employees (in FTEs) | 122,027 | 118,121 | 118,523 | 118,715 | 164,078 |
| Number of employees (headcount)2 | 212,527 | 206,287 | 202,569 | 196,736 | 243,875 |
| Common shares outstanding (x 1,000)1 | 1,145,145 | 1,181,214 | 1,176,685 | 1,171,922 | 1,555,678 |
| Share price at Euronext (€) | 9.88 | 9.26 | 8.83 | 9.47 | 8.06 |
| Market capitalization1 | 11,314 | 10,938 | 10,390 | 11,098 | 12,539 |
| Year-end exchange rate (€ per $) | 0.7474 | 0.6980 | 0.7111 | 0.6795 | 0.7576 |
1 In 2010, €386 million was returned to shareholders through a share buyback. In 2007, €4 billion was returned to shareholders through a capital repayment and share buyback.
2 Number of employees (headcount) in 2007 and 2006 has been adjusted from numbers previously reported to include discontinued operations.