Annual Report 2010 Our strategic priorities Our top brands Contents Our Vision Our Values Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Growth in all sectors and regions Ongoing adaptation of our structures Strengthening our corporate culture Outlook for 2011 Foreword Report of the Supervisory Board Our Management Board Our Values Shares and bonds Group management report subindex Group management report Consolidated financial statements Further information Quarterly breakdown of key financials Multi-year summary Credits Financial calendar