Condensed consolidated statement of income

IFRS 16 “Leases” was adopted per January 1, 2019, applying the modified retrospective method. In the Statement of income, the Operating lease expenses (€27 million), previously recorded in Operating income, are replaced by the depreciation charge on Right-of-use assets (€25 million; remains recorded in Operating income) and by Interest expenses for the Lease liability (€2 million; recorded in Net financing expenses). The 2018 comparative figures have not been restated.

On a net basis, the adoption of IFRS 16 has led to an increase of Operating income by €2 million and an increase of Net financing expenses by €2 million; Profit before tax and Profit for the period remained unchanged.

The Specialty Chemicals business is reported as discontinued operations. Therefore, the results of the Specialty Chemicals business are included on the line “Profit for the period from discontinued operations” in the Consolidated statement of income for the first quarter of 2018.

Condensed consolidated statement of income

First quarter

 

 

in € millions

2018

2019

Continuing operations

 

 

Revenue

2,176

2,185

Cost of sales

(1,256)

(1,272)

Gross profit

920

913

SG&A costs

(812)

(799)

Other results

(1)

Operating income

108

113

Net financing expenses

19

(13)

Results from associates and joint ventures

4

5

Profit before tax

131

105

Income tax

1

(31)

Profit for the period from continuing operations

132

74

 

 

 

Discontinued operations

 

 

Profit for the period from discontinued operations

142

Profit for the period

274

74

 

 

 

Attributable to

 

 

Shareholders of the company

253

65

Non-controlling interests

21

9

Profit for the period

274

74