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6,940
7,960
8,059
SALES
(in € m)
2020 2021 2022
NET DEBT
AND DEBT RATIOS
(in € m)
OPERATING RESULT FROM ACTIVITY
AND OPERATING MARGIN
(in € m)
605
813
620
8.7
10.1
7.8
2020 2021 2022
Operating margin
as % of sales
1,518*
1,973*
1.8
1,524*
2.3
2020 2021 2022
1.5
0.6
0.6
0.5
Net debt/equity
Net debt/adjusted EBITDA
*Inc €339m of IFRS 16 in 2020,
€335m in 2021
and €371m in 2022
CHANGES IN SALES 2021/2022
(in € m)
INVESTMENTS
(in € m)
183
233
213
2020 2021 2022
2.6 2.6
2.9
% of sales
*Cash outflows for purchase of PP&E
and intangible assets
*Including the Zummo consolidation Q4 2022
CHANGES IN OPERATING RESULTS FROM ACTIVITY
in m
359
Volumes
598
PriceMix
367
Cost
of sales
3
Growth
drivers
21
Commercial
and
administrative
expenses
41
Currencies
0
Scope
effect
813
2021
661
2022
LFL
620
2022
-378+269+10
8,059
7,960
Organic
growth
Currency
effect
Scope
effect
2021 2022
-4.7%+3.3%+0.1%*
-1.3%
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