Operating income in Other activities
Operating income in Other activities was lower than previous year. The main difference is in “Other” costs due to positive one-offs in 2012.
|
2nd quarter |
|
January - June | ||||||
|
2012 |
2013 |
in € millions |
2012 |
2013 | ||||
|
(26) |
(31) |
Corporate costs |
(62) |
(61) | ||||
|
(1) |
(3) |
Pensions |
2 |
(6) | ||||
|
(10) |
(3) |
Insurances |
(12) |
3 | ||||
|
(12) |
(27) |
Other |
(33) |
(54) | ||||
|
(49) |
(64) |
Operating income in Other activities |
(105) |
(118) | ||||
Net financing expenses
Net financing expenses decreased by €34 million to €33 million.
This was driven by:
- Interest charge on provisions which decreased by €33 million due to higher discount rates.
- Lower financing income was offset by lower financing expenses.
Operating income to net income
|
2nd quarter |
|
January - June | ||||||
|
2012 |
2013 |
in € millions |
2012 |
2013 | ||||
|
388 |
322 |
Operating income |
624 |
539 | ||||
|
(67) |
(33) |
Net financing expenses |
(117) |
(96) | ||||
|
5 |
6 |
Results from associates and joint ventures |
9 |
9 | ||||
|
326 |
295 |
Profit before tax |
516 |
452 | ||||
|
(89) |
38 |
Income tax |
(155) |
(7) | ||||
|
237 |
333 |
Profit from continuing operations |
361 |
445 | ||||
|
4 |
121 |
Profit/(loss) from discontinued operations |
(22) |
114 | ||||
|
241 |
454 |
Profit for the period |
339 |
559 | ||||
|
(22) |
(25) |
Non-controlling interests |
(36) |
(41) | ||||
|
219 |
429 |
Net income |
303 |
518 | ||||
Tax
The tax line for the quarter includes a non-cash gain as a result of the recognition of €124 million of previously unrecognized deferred tax assets. The year-to-date tax rate excluding this deferred tax gain is 29 percent (2012: 30 percent).