Henkel AG

Income statement

Henkel AG
Balance sheet

EUR million
Net revenues
Cost of sales
Gross profit

2005
11,974
(6,533)
5,441

2006
12,740
(6,963)
5,777

2007
13,074
(7,013)
6,061

2008
14,131
(8,190)
5,941

2009
13,573
(7,411)
6,162

Marketing, selling, and distribution

Research and development
General and administrative
Other operating income
Other operating charges
Operating profit (EBIT)

(3,409)
(324)
(627)

1,081

(3,650)
(340)
(697)
266
(58)
1,298

(3,748)
(350)
(664)
109
(64)
1,344

(3,993)
(429)
(825)
160
(75)
779

(3,926)
(396)
(735)
140
(165)
1,080

Investment result
Interest (expense) income
Earnings before income taxes

171
(210)
1,042

54
(176)
1,176

84
(178)
1,250

1,123
(275)
1,627

(4)
(191)
885

Income tax benefit (provision)

Net income

(272)
770

(305)
871

(309)
941

(394)
1,233

(257)
628

612
13
625

833
16
849

877
20
897

122
12
134

658
26
684

Attribution
Attributable to shareholders of Henkel AG
Attributable to minority shareholders
Net income

Source: Henkel 2009 Annual Report, page 80.

Assets
Liquid funds/marketable securities
Inventories
Trade accounts receivable
Income tax refund claims
Current financial assets
Assets held for sale
Other current assets
Total current assets

2005
1,212
1,232
1,794
121

142
378
4,879

2006
929
1,325
1,868
110
124
14
312
4,682

2007
1,440
1,283
1,694
90
170
125
315
5,117

2008
338
1,482
1,847
202
575
113
256
4,813

2009
1,110
1,218
1,721
139
214
30
224
4,656

Property, plant, and equipment

Intangible assets

1,364
5,660

1,516
5,487

1,749
4,940

2,337
8,392

2,248
8,218

530
151
681
456
223
13,944

496
66
632
363
104
13,346

295
33
598
249
67
13,048

1
23
199
305
4
16,074

360
322
14
15,818

Investments in associates
Other investments
Long-term financial assets
Deferred income taxes
Other noncurrent assets
Total assets

Liabilities and equity

Short-term borrowings
Accounts payable
Income tax provisions and liabilities
Current financial liabilities
Other short-term provisions
Other current liabilities
Total current liabilities

2005
1,405
1,333

932
455
4,125

2006
1,012
1,494
135
93
884
224
3,842

2007
838
1,477
167
246
763
200
3,691

2008
1,817
1,678
354
272
866
306
5,293

2009
660
1,885
234
145
938
251
4,113

Long-term borrowings
Pensions and similar obligations
Noncurrent financial liabilities
Deferred taxes and tax provisions
Other long-term provisions
Other noncurrent liabilities
Total liabilities

2,400
1,061

900

59
8,545

2,322
788
118
595
126
8
7,799

2,304
657
147
414
119
10
7,342

2,402
833
77
589
336
9
9,539

3,426
867
88
519
241
20
9,274

28

60

63

51

70

374
652
4,764
(419)
13,944

374
652
5,362
(901)
13,346

438
652
5,963
(1,410)
13,048

438
652
6,805
(1,411)
16,074

438
652
6,908
(1,524)
15,818

Minority interest
Subscribed capital
Capital reserve
Retained earnings
Gains and losses recognized in equity
Total liabilities and equity

Henkel AG
Reorganized Balance sheet

Assets
Liquid funds/marketable securities
Inventories
Trade accounts receivable
Income tax refund claims
Current financial assets
Assets held for sale
Other current assets
Total current assets

2004
1,695
1,196
1,743
107
0
0
557
5,298

2005
1,212
1,232
1,794
121

142
378
4,879

2006
929
1,325
1,868
110
124
14
312
4,682

2007
1,440
1,283
1,694
90
170
125
315
5,117

2008
338
1,482
1,847
202
575
113
256
4,813

Short-term borrowings
Accounts payable
Income tax provisions and liabilities
Current financial liabilities
Other short-term provisions
Other current liabilities
Total current liabilities

1,789
1,099
0
0
918
361
4,167

1,405
1,333

932
455
4,125

1,012
1,494
135
93
884
224
3,842

838
1,477
167
246
763
200
3,691

1,817
1,678
354
272
866
306
5,293

Operating Working Capital

1,131

754

840

1,426

Property, plant, and equipment

Intangible assets

770
4,554

1,364
5,660

1,516
5,487

1,749
4,940

2,337
8,392

Invested Capital

6,455

7,778

7,843

8,115

10,249

Investments in associates
Other investments
Long-term financial assets
Deferred income taxes
Other noncurrent assets
Equity Investments

463
575
1,038
476
113
2,665

530
151
681
456
223
2,041

496
66
632
363
104
1,661

295
33
598
249
67
1,242

1
23
199
305
4
532

Total funds invested

9,120

9,819

9,504

9,357

10,781

1,385
2,218
0
1,054
0
117
4,774

2,400
1,061

900

59
4,420

2,322
788
118
595
126
8
3,957

2,304
657
147
414
119
10
3,651

2,402
833
77
589
336
9
4,246

60

63

51

(480)

Reconciliation of Total Funds Invested

Long-term borrowings
Pensions and similar obligations
Noncurrent financial liabilities
Deferred taxes and tax provisions
Other long-term provisions
Other noncurrent liabilities
Total liabilities
Minority interest

16

28

Subscribed capital
Capital reserve
Retained earnings
Gains and losses recognized in equity
Total liabilities and equity

374
652
4,286
(982)
9,120

374
652
4,764
(419)
9,819

374
652
5,362
(901)
9,504

438
652
5,963
(1,410)
9,357

438
652
6,805
(1,411)
10,781

2009
1,110
1,218
1,721
139
214
30
224
4,656

Forecast ratio
0.08
0.16
0.13
0.01
0.02
0.002
0.02

2010
1,042
1,147
1,694
133
205
26
215
4,463

660
1,885
234
145
938
251
4,113

0.05
0.14
0.02
0.01
0.07
0.02

634
1,810
225
139
900
241
3,948

543
2,248
8,218
11,009

360
322
14
696
11,705

3,426
867
88
519
241
20
5,161
70

515
0.17
0.61

2,215
7,889
10,619

438
652
6,908
(1,524)
11,705

Henkel AG
Reorganized Income statement

EUR million
Net revenues
Cost of sales
Gross profit

2005
11,974
(6,533)
5,441

2006
12,740
(6,963)
5,777

2007
13,074
(7,013)
6,061

2008
14,131
(8,190)
5,941

2009
13,573
(7,411)
6,162

Marketing, selling, and distribution

Research and development
General and administrative
Other operating income
Other operating charges
Operating profit (EBIT)

(3,409)
(324)
(627)

1,081

(3,650)
(340)
(697)
266
(58)
1,298

(3,748)
(350)
(664)
109
(64)
1,344

(3,993)
(429)
(825)
160
(75)
779

(3,926)
(396)
(735)
140
(165)
1,080

(281)
800

(337)
961

(336)
1,008

(187)
592

(313)
767

Operating taxes
NOPLAT
After Tax nonoperating income
Income available to investors

127
927

40
1,001

63
1,071

853
1,445

(3)
764

Forecast ratio
814.38
-0.55

-0.29
-0.03
-0.05
0.01
-0.01

0.06
0.035
2010 Forecast ratio
2011 Forecast ratio
14,387
504 14,891
(7,856)
-0.55 (8,131)
6,532
6,760
(4,162)
(420)
(779)
148
(175)
1,145
(302)
843

-0.29 (4,307)
-0.03
(434)
-0.05
(806)
0.01
154
-0.01
(181)
1,185
308
877

0.035
0.04
2012 Forecast ratio 2013

Forecast ratio

0.04
2014 Forecast ratio

0.03
2015