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Notes to the statement of income


EBIT in “other”

Corporate costs are higher due to some one- off items. A higher number of claims compared to previous year has had a negative impact on the Insurance result. The level of other costs is higher than previous year, when there were favorable legacy items.

1st quarter

 

 

in € millions

 

2011

 

2012

Corporate costs

 

(25)

 

(32)

Pensions

 

(2)

 

(1)

Insurances

 

3

 

(1)

Other

 

(15)

 

(23)

EBIT in “other”

 

(39)

 

(57)

Net financing expenses

Net financing charges for Q1 2012 increased €2 million to €65 million due to a one-time prior year expense of €4 million, offset by lower interest on provisions due to higher discount rates, and a decrease in capitalized interest due to completion of the Ningbo project in China .

Tax

The Q1 tax rate is 35 percent (2011: 33 percent). The higher tax rate is mainly due to several adjustments for prior years and the impact of changes in tax rates on the measurement of deferred tax. Excluding this and other one-off factors, the tax rate would have been 30 percent. In 2011, the Q1 tax rate was also high because of the impact of changes in tax rates on the measurement of deferred tax.

Copyright © 2012 Akzo Nobel N.V.