Condensed consolidated statement of income

IFRS 16 “Leases” was adopted per January 1, 2019, applying the modified retrospective method. In the Statement of income, the Operating lease expenses (€113 million), previously recorded in operating income, are replaced by the depreciation charge on Right-of-use assets (€105 million; remains recorded in operating income) and by Interest expenses for the lease liability (€8 million; recorded in Net financing expenses). In addition, we recorded a non-cash impairment charge of Right-of-use assets of €5 million, presented as identified items. The 2018 comparative figures have not been restated.

On a net basis, the adoption of IFRS 16 has led to an increase of operating income by €3 million and an increase of Net financing expenses by €8 million; Profit before tax was €5 million lower and Profit for the period was €3 million lower.

The Specialty Chemicals business is reported as discontinued operations. Therefore, the results of the Specialty Chemicals business are included on the line Profit for the period from discontinued operations in the Condensed consolidated statement of income.

Condensed consolidated statement of income

Fourth quarter

 

January-December

2018

2019

in € millions

2018

2019

Continuing operations

2,308

2,242

Revenue

9,256

9,276

(1,357)

(1,276)

Cost of sales

(5,329)

(5,309)

951

966

Gross profit

3,927

3,967

(879)

(789)

SG&A costs

(3,318)

(3,121)

(4)

(4)

Other results

(4)

(5)

68

173

Operating income

605

841

(23)

(18)

Net financing expenses

(52)

(76)

6

4

Results from associates and joint ventures

20

20

51

159

Profit before tax

573

785

(6)

(79)

Income tax

(118)

(230)

45

80

Profit for the period from
continuing operations

455

555

 

 

 

 

 

Discontinued operations

5,814

6

Profit for the period from discontinued operations

6,274

22

5,859

86

Profit for the period

6,729

577

 

 

 

 

 

Attributable to

5,849

81

Shareholders of the company

6,674

539

10

5

Non-controlling interests

55

38

5,859

86

Profit for the period

6,729

577