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Net income


Income tax

Due to the current economic conditions, we have assessed the deferred tax positions. We derecognized an amount of €133 million as we considered it not probable that these deferred tax assets can be utilized against future taxable income.

Many incidentals, such as the goodwill impairment and the transaction loss of the businesses that we divested, are tax-exempt. Excluding incidentals, the tax rate was 27 percent (2007: 27 percent).

Composition of net income for the year of 2008

 

 

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In € millions

Net income before
incidentals

 

Net income

 

 

2008

2007 PF1

Δ%

2008

2007 PF1

Δ%

1

Pro forma and unaudited.

 

 

 

 

 

 

 

Continuing operations

742

859

(14)

(1,109)

595

Discontinued operations

23

23

 

 

 

 

 

 

 

Total

765

859

(11)

(1,086)

595

Discontinued operations

Discontinued operations reflects the results related to the on-sale to Henkel of the former ICI Adhesives and Electronic Material businesses. We received an amount of €3.6 billion before final settlement adjustments. At year-end 2008, we recognized a receivable of €123 million for the settlement of the transaction. The gain on discontinued operations was mainly due to deferred results from the divestment of Organon BioSciences in November 2007.

During 2008, we classified National Starch as a discontinued operation. However, the intended sale did not take place in 2008 and, in accordance with IFRS, we have re-classified National Starch within continuing operations.

Earnings per share and dividend

Net income from continuing operations before incidentals declined by 14 percent to €742 million. The effect on earnings per share from continuing operations before incidentals was mitigated to a decline by 4 percent due to the share buyback program in 2008 and 2007.

An interim 2008 dividend of €0.40 per common share was paid on November 10, 2008. We propose to maintain a final dividend of €1.40, resulting in a total dividend for 2008 of €1.80 (2007: €1.80).

Earnings per share for the year 2008

 

 

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In €

Earnings per share
before incidentals

 

Earnings per share

 

 

2008

2007 PF1

Δ%

2008

2007 PF1

Δ%

1

Pro forma and unaudited.

 

 

 

 

 

 

 

Continuing operations

3.00

3.11

(4)

(4.47)

2.16

Discontinued operations

0.09

0.09

 

 

 

 

 

 

 

Total operations

3.09

3.11

(1)

(4.38)

2.16

 

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