Notes to the statement of income
Operating income in other activities
Operating income in other activities was higher than the previous year, mainly due to lower corporate costs and insurance claims. Other operating income was impacted by lower restructuring charges.
Third quarter |
|
January-September |
||||||
2014 |
2015 |
in € millions |
2014 |
2015 |
||||
(53) |
(50) |
Corporate costs |
(138) |
(142) |
||||
(3) |
(7) |
Pensions |
(12) |
(20) |
||||
4 |
7 |
Insurances |
12 |
5 |
||||
(17) |
(8) |
Other |
(44) |
(32) |
||||
(69) |
(58) |
Operating income in other activities |
(182) |
(189) |
||||
Net financing expenses
Net financing expenses decreased due to lower external interest expenses following the repayment of a high interest bond in Q1 2015.
Operating income to net income
Third quarter |
|
January-September |
||||||
2014 |
2015 |
in € millions |
2014 |
2015 |
||||
335 |
436 |
Operating income |
904 |
1,228 |
||||
(38) |
(28) |
Net financing expenses |
(115) |
(96) |
||||
6 |
6 |
Results from associates and joint ventures |
18 |
12 |
||||
303 |
414 |
Profit before tax |
807 |
1,144 |
||||
(84) |
(114) |
Income tax |
(216) |
(304) |
||||
219 |
300 |
Profit from continuing operations |
591 |
840 |
||||
2 |
1 |
Profit from discontinued operations |
4 |
(3) |
||||
221 |
301 |
Profit for the period |
595 |
837 |
||||
(16) |
(16) |
Non-controlling interests |
(56) |
(61) |
||||
205 |
285 |
Net income |
539 |
776 |
||||
Tax
The year-to-date effective tax rate was 27 percent (2014: 27 percent). The tax rate was positively impacted by favorable one-time adjustments and the tax effect of the divestment of the Paper Chemicals business. Excluding one-off items, the effective tax rate was 28 percent (2014: 28 percent).