Five-year overview Annua l Report 2014 166
Results, cash How and other information
million, except per share data 2014 2013 2012 2011 2010
Net sales 32,774 32,615 32,682 30,098 29,353
Net sales growth at constant exchange rates1 0.8% 2.0% 3.6% 5.5% 4.6%
Operating income 1,250 1,239 1,336 1,351 1,341
Underlying operating margin 3.9% 4.2% 4.3% 4.6% 4.7%
Net interest expense (222) (242) (207) (223) (268)
Income from continuing operations 791 805 869 914 837
Income (loss) from discontinued operations (197) 1,732 46 103 16
Net income 594 2,537 915 1,017 853
Net income per common share (basic) 0.68 2.48 0.88 0.92 0.73
Net income per common share (diluted) 0.67 2.39 0.85 0.89 0.72
Income from continuing operations per common share (basic) 0.90 0.79 0.84 0.82 0.72
Income from continuing operations per common share (diluted) 0.88 0.77 0.81 0.80 0.70
Dividend per common share 0.48 0.47 0.44 0.40 0.29
Free cash flow 1,055 1,109 1,051 845 1,029
Net cash from operating, investing and financing activities (1,005) 681 (511) (226) (157)
Capital expenditures (including acquisitions)2 1,005 843 1,876 880 1,104
Capital expenditures as of net sales 3.1% 2.6% 5.7% 2.9% 3.8%
Regular capital expenditures 740 830 929 807 846
Regular capital expenditures as of net sales 2.3% 2.5% 2.8% 2.7% 2.9%
Average exchange rate per 0.7529 0.7533 0.7782 0.7189 0.7555
1 Net sales growth in 2010 is adjusted for the impact of week 53 in 2009.
2 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.