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Notes to the statement of income


Operating income in other activities

Operating income in other activities was lower than the previous year due to pensions. In 2012, there was an one-off gain and in 2013 additional costs were incurred due to the de-risking of the pension liabilities in the US.

4th quarter

 

 

 

January - December

2012

 

2013

 

in € millions

 

2012

 

2013

(135)

 

(63)

 

Corporate costs

 

(225)

 

(229)

22

 

(3)

 

Pensions

 

38

 

(11)

(4)

 

(5)

 

Insurances

 

(10)

 

(1)

57

 

(2)

 

Other

 

(31)

 

(21)

(60)

 

(73)

 

Operating income in “other”

 

(228)

 

(262)

Net financing expenses

Net financing expenses for the year decreased by €5 million, from €205 million to €200 million, mainly due to the net effect of:

  • lower return on investments held in an escrow account
  • lower discount rates for pensions
  • higher discount rates for other provisions
  • higher capitalized interest

Operating income to net income

4th quarter

 

 

 

January - December

2012

 

2013

 

in € millions

 

2012

 

2013

36

 

116

 

Operating income (excluding impairment)

 

908

 

958

 

 

Goodwill impairment Decorative Paints in 2012

 

(2,106)

 

36

 

116

 

Operating income (including 2012 goodwill impairment in Decorative Paints)

 

(1,198)

 

958

(38)

 

(48)

 

Net financing expenses

 

(205)

 

(200)

(1)

 

1

 

Results from associates and joint ventures

 

13

 

14

(3)

 

69

 

Profit/(loss) before tax

 

(1,390)

 

772

16

 

(21)

 

Income tax

 

(203)

 

(111)

13

 

48

 

Profit from continuing operations

 

(1,593)

 

661

(22)

 

16

 

Profit/(loss) from discontinued operations

 

(436)

 

131

(9)

 

64

 

Profit for the period

 

(2,029)

 

792

(18)

 

(13)

 

Non-controlling interests

 

(63)

 

(68)

(27)

 

51

 

Net income

 

(2,092)

 

724

Tax

The year-to-date tax rate is 14 percent (2012: 31 percent excluding the goodwill impairment charge of €2,106 million) due to a non-cash gain as a result of the recognition of previously unrecognized deferred tax assets and several non-taxable items. Excluding these effects, the tax rate is 30 percent.

Copyright © 2014 Akzo Nobel N.V.