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6 Sector performance 6.4.5 - 6.4.5
80 Annual Report 2011
Net operating capital declined to negative EUR 3.898
billion, attributable to increased pension liabilities, mark-
to-market changes in the group’s financial hedging
instruments, and sales of tangible fixed assets.
Cash flows before financing activities decreased from an
outflow of EUR 747 million in 2010 to an outflow of EUR
1,514 million, mainly attributable to higher cash outflows
for taxes and pensions, as well as decreased cash inflows
from sales of investments.
Key data
in millions of euros
2009 2010 2011
Sales 337 359 266
Sales growth
% increase (decrease), nominal (31) 7 (26)
% increase (decrease), comparable1) (30) 6 2
EBITA Corporate Technologies (162) (63) (40)
EBITA Corporate & Regional costs (174) (142) (157)
EBITA Pensions 142 100 (23)
EBITA Service Units and other (157) (106) (162)
EBITA1) (351) (211) (382)
EBIT1) (353) (216) (392)
Net operating capital (NOC)1) (1,514) (3,429) (3,898)
Cash flows before financing activities1) (861) (747) (1,514)
Employees (FTEs) 11,586 11,929 12,474
1) For a reconciliation to the most directly comparable GAAP measures, see
chapter 15, Reconciliation of non-GAAP information, of this Annual Report