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Key financial data

US$ million (unless otherwise stated) 2009 2008 2007 2006(1) 2005(1) 2004(1)
Group revenue including associates 24,637 32,964 30,559 29,404 24,872 22,610
Less: Share of associates' revenue (3,779) (6,653) (5,089) (4,413) (4,740) (5,429)
Group revenue 20,858 26,311 25,470 24,991 20,132 17,181
Operating profit including associates before special items and remeasurements 4,957 10,085 9,590 8,888 5,549 3,832
Special items and remeasurements (excluding financing and tax special items and remeasurements) (208) (330) (227) 24 16 556
Net finance costs (including financing special items and remeasurements), tax and minority interests of associates (313) (783) (434) (398) (315) (391)
Total profit from operations and associates 4,436 8,972 8,929 8,514 5,250 3,997
Net finance costs (including financing special items and remeasurements) (407) (401) (108) (71) (220) (385)
Profit before tax 4,029 8,571 8,821 8,443 5,030 3,612
Income tax expense (including special items and remeasurements) (1,117) (2,451) (2,693) (2,518) (1,208) (765)
Profit for the financial year - continuing operations 2,912 6,120 6,128 5,925 3,822 2,847
Profit for the financial year - discontinued operations - - 2,044 997 111 1,094
Profit for the financial year - total Group 2,912 6,120 8,172 6,922 3,933 3,941
Minority interests (487) (905) (868) (736) (412) (440)
Profit attributable to equity shareholders of the Company 2,425 5,215 7,304 6,186 3,521 3,501
Underlying earnings(2) - continuing operations 2,569 5,237 5,477 5,019 3,335 2,178
Underlying earnings(2) - discontinued operations - - 284 452 401 506
Underlying earnings(2) - total Group 2,569 5,237 5,761 5,471 3,736 2,684
Earnings per share ($) - continuing operations 2.02 4.34 4.04 3.51 2.35 1.84
Earnings per share ($) - discontinued operations - - 1.54 0.70 0.08 0.60
Earnings per share ($) - total Group 2.02 4.34 5.58 4.21 2.43 2.44
Underlying earnings per share ($) - continuing operations 2.14 4.36 4.18 3.42 2.30 1.52
Underlying earnings per share ($) - discontinued operations - - 0.22 0.31 0.28 0.35
Underlying earnings per share ($) - total Group 2.14 4.36 4.40 3.73 2.58 1.87
Ordinary dividend per share (US cents) - 44.0 124.0 108.0 90.0 70.0
Special dividend per share (US cents) - - - 67.0 33.0 -
Weighted average basic number of shares outstanding (million) 1,202 1,202 1,309 1,468 1,447 1,434
EBITDA(3) - continuing operations 6,930 11,847 11,171 10,431 7,172 5,359
EBITDA(3) - discontinued operations - - 961 1,766 1,787 1,672
EBITDA(3) - total Group 6,930 11,847 12,132 12,197 8,959 7,031
EBITDA interest cover(4) - total Group 23.0 28.3 42.0 45.5 20.0 18.5
Operating margin (before special items and remeasurements) - total Group 20.1% 30.6% 28.4% 25.4% 18.5% 14.7%
Ordinary dividend cover (based on underlying earnings per share) - total Group - 9.9 3.5 3.5 2.9 2.7
Balance sheet            
Intangible and tangible assets 37,974 32,551 25,090 25,632 33,368 35,816
Other non-current assets and investments(5) 7,303 7,607 9,271 8,258 5,585 5,547
Working capital 2,165 861 1,966 3,096 3,538 3,543
Other net current liabilities(5) (272) (840) (911) (1,430) (1,429) (611)
Other non-current liabilities and obligations(5) (8,487) (7,567) (6,387) (5,826) (8,491) (8,339)
Cash and cash equivalents and borrowings(6) (11,043) (11,051) (5,170) (3,244) (4,993) (8,243)
Net assets classified as held for sale 429 195 471 641 - -
Net assets 28,069 21,756 24,330 27,127 27,578 27,713
Minority interests (1,948) (1,535) (1,869) (2,856) (3,957) (4,588)
Equity attributable to equity shareholders of the Company 26,121 20,221 22,461 24,271 23,621 23,125
Total capital(7) 39,064 32,799 29,569 30,451 32,571 35,956
Cash inflows from operations - continuing operations 4,904 9,579 9,375 9,012 5,963 3,857
Cash inflows from operations - discontinued operations - - 470 1,045 1,302 1,434
Cash inflows from operations - total Group 4,904 9,579 9,845 10,057 7,265 5,291
Dividends received from associates and financial asset investments - continuing operations 639 659 311 251 468 380
Dividends received from associates and financial asset investments - discontinued operations - - 52 37 2 16
Dividends received from associates and financial asset investments - total Group 639 659 363 288 470 396
Return on capital employed(8) - total Group 14.6% 36.8% 37.8% 32.4% 19.2% 14.6%
EBITDA/average total capital(7) - total Group 19.3% 38.0% 40.4% 38.7% 26.1% 21.2%
Net debt to total capital (gearing)(9) 30.8% 37.8% 20.0% 12.9% 17.0% 25.4%
(1)
Comparatives for 2006, 2005 and 2004 were adjusted in the 2007 Annual Report to reclassify amounts relating to discontinued operations where applicable.
(2)
Underlying earnings is net profit attributable to equity shareholders, adjusted for the effect of special items and remeasurements and any related tax and minority interests.
(3)
EBITDA is operating profit before special items, remeasurements, depreciation and amortisation in subsidiaries and joint ventures and includes attributable share of EBITDA of associates.
(4)
EBITDA interest cover is EBITDA divided by net finance costs, excluding other net financial income, exchange gains and losses on monetary assets and liabilities, amortisation of discounts on provisions, financing special items and remeasurements, but including attributable share of associates' net interest expense.
(5)
Comparatives for 2008, 2007, 2006 and 2005 have been adjusted in accordance with IAS 1 Presentation of Financial Statements - Improvements as described in note 1 Accounting policies.
(6)
This differs from the Group's measure of net debt as it excludes the net debt of disposal groups (2009: $48 million; 2008: $8 million; 2007: $(69) million; 2006: $(80) million; 2005: nil; 2004: nil), and excludes the impact of derivative instruments that provide an economic hedge of assets and liabilities in net debt (2009: liabilities of $285 million; 2008: liabilities of $297 million; 2007: assets of $388 million; 2006: assets of $193 million; 2005: nil; 2004: nil). For more detail see note 30 Consolidated cash flow analysis.
(7)
Total capital is net assets excluding net debt (excluding the impact of derivative instruments).
(8)
Return on capital employed is calculated as total operating profit before impairments for the year divided by the average of total capital less other investments and adjusted for impairments.
(9)
Net debt to total capital is calculated as net debt (excluding the impact of derivative instruments) divided by total capital less investments in associates.

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Annual Report 2009