41

8,059

8,006

7,960

SALES

(in €m)

2021 2022 2023

NET DEBT

AND DEBT RATIO

(in €m)

OPERATING RESULT FROM ACTIVITY

AND OPERATING MARGIN

(in €m)

813

620

726

10.1

7.8

9.1

2021 2022 2023

Operating margin

as % of sales

1,524*

1,769*

1.8

1,973*

2.3

2021 2022 2023

1.5

Net debt/adjusted EBITDA

* Including €335m of IFRS 16 in 2021,

€371m in 2022 and €358m in 2023

CHANGES IN SALES 2022/2023

(in €m)

INVESTMENTS

(in €m)*

213

176

233

2021 2022 2023

2.6

2.9

2.2

% of sales

* Cash outflows for purchase of PP&E

and intangible assets

CHANGES IN OPERATING RESULTS FROM ACTIVITY

in m

134

Volumes

160

PriceMix

102

Cost

of sales

28

Growth

drivers

102

Commercial

and

administrative

expenses

166

Currencies

4

Scope

effect

620

2022

887

2023

LFL

726

2023

+420-420+46

7,960

8,006

Organic

growth

Currency

effect

Scope

effect

2022 2023

+5.3%-5.3%+0.6%

+0.6%

41