Notes to the statement of income

Operating income in other activities

Operating income in other activities was lower than the previous year, mainly due to higher insurance pay-out. Corporate costs were higher in the quarter due to implementation of functional process optimization initiatives andan one-time benefit in previous year.

First quarter

 

 

 

 

in € millions

 

2014

 

2015

Corporate costs

 

(44)

 

(47)

Pensions

 

(6)

 

(7)

Insurances

 

3

 

(9)

Other

 

(15)

 

(14)

Operating income in other activities

 

(62)

 

(77)

Net financing expenses

External interest expenses were down, which was more than offset by higher interest on provisions.

Operating income to net income

First quarter

 

 

 

 

in € millions

 

2014

 

2015

Operating income

 

216

 

306

Net financing expenses

 

(37)

 

(41)

Results from associates and joint ventures

 

6

 

(2)

Profit before tax

 

185

 

263

Income tax

 

(43)

 

(82)

Profit from continuing operations

 

142

 

181

Profit from discontinued operations

 

3

 

(3)

Profit for the period

 

145

 

178

Non-controlling interests

 

(16)

 

(18)

Net income

 

129

 

160

Tax

The Q1 effective tax rate was 31 percent (2014: 23 percent). The tax rate in 2014 was positively impacted by an adjustment to previous years. Excluding one-off items, the effective tax rate for Q1 2015 was 29 percent (2014: 29 percent).