| |
Sales up six per cent to $6.6 billion, -1% CER1;
growth in second half +2% CER1 |
| |
New product sales of half a billion dollars |
| |
Earnings per share2 up 36 per cent
to $3.56 |
| |
Free cash flow3 $562 million:
dividend doubled to CHF 1.70 |
| |
Operational efficiency program: further $300 million
annual savings by 2008 |
| |
Progressive dividend plus share repurchase: more
than $800 million return to shareholders planned over three years
|
| 1 |
Growth at constant exchange rates (CER). For full description see financial information. |
| 2 |
EPS on a fully-diluted basis is before restructuring and impairment. |
| 3 |
For a definition of free cash flow see financial information. |
| 4 |
The amounts including restructuring and impairment are reported in accordance
with International Financial Reporting Standards (IFRS).
The impact of these charges in 2003 is $95m (2002: $292m)
on net income and $0.93 (2002: $2.87) on earnings per
share. |
| 5 |
EBITDA is a non-GAAP measure in regular use as a measure of gross cash flow generation.
For a definition see financial information. |
| 6 |
Excluding the impact of range rationalization. For more details see financial information. |
