Operating income in “Other activities”
Operating income in other activities was in line with previous year. The “Other” costs were higher due to legacy items and one-offs. The results for pensions for 2012 have been restated for the revised IAS 19.
|
1st quarter |
| |||
|
in € millions |
2012 |
2013 | ||
|
Corporate costs |
(36) |
(30) | ||
|
Pensions |
3 |
(3) | ||
|
Insurances |
(2) |
6 | ||
|
Other |
(21) |
(27) | ||
|
Operating income in “other” |
(56) |
(54) | ||
Net financing expenses
Net financing expenses increased by €13 million to €63 million. This was driven by:
- Higher net interest (€5 million) on net debt mainly driven by a lower financing income.
- Higher financing expenses related to pensions (€4 million) due to lower discount rates used to calculate asset returns.
- Lower discount rates on provisions.
Operating income to net income
|
1st quarter |
| |||
|
in € millions |
2012 |
2013 | ||
|
Operating income |
236 |
217 | ||
|
Net financing expenses |
(50) |
(63) | ||
|
Results from associates and joint ventures |
4 |
3 | ||
|
Profit before tax |
190 |
157 | ||
|
Income tax |
(66) |
(45) | ||
|
Profit from continuing operations |
124 |
112 | ||
|
Profit/(loss) from discontinued operations |
(26) |
(7) | ||
|
Profit for the period |
98 |
105 | ||
|
Non-controlling interests |
(14) |
(16) | ||
|
Net income attributable to shareholders |
84 |
89 | ||
Tax
The effective Q1 tax rate is 29 percent (2012: 35 percent).