Analysts' consensus

Turnover (€ million)

15,094

16,428

31,494

62,553

Turnover change (%)

0.8%

2.0%

1.2%

3.0%

Exchange rates (%)

(0.2)%

(0.2)%

(0.2)%

0.1%

Acquisitions and disposals (%)

(1.7)%

(1.6)%

(1.8)%

(1.0)%

Underlying sales growth (%)

2.8%

3.8%

3.3%

4.0%

Price (%)

1.2%

1.9%

1.5%

1.9%

Volume (%)

1.5%

1.9%

1.7%

2.1%

Underlying operating profit

6,041

11,678

Underlying operating margin (%)

19.2%

18.7%

Change in underlying operating margin (bps)

(40)

25

Non A&D restructuring costs

418

821

Net finance cost

(91)

(213)

Joint ventures, associates

137

271

Non current investments

2

3

Underlying profit before taxation

5,806

11,207

Underlying tax rate (%)

25.8%

25.4%

Underlying taxation

1,499

2,851

Operating profit

5,639

11,283

Operating margin (%)

17.9%

17.2%

Net profit (underlying)

4,339

8,361

Attributable to non controlling interests (NCI)

336

652

Underlying profit attributable to shareholder's equity

4,029

7,716

Average # of shares on a fully diluted basis

2,486

2,474

Underlying EPS (in Euros)

1.61

3.12

Underlying EPS growth (%)

(0.7)%

5.1%