Depreciation, financial result and taxes
€ million |
2018/191 |
2019/20 |
||
|---|---|---|---|---|
EBITDA |
1,731 |
1,113 |
||
Depreciation |
782 |
857 |
||
Reversals of impairment losses |
8 |
1 |
||
Earnings before interest and taxes EBIT |
957 |
257 |
||
Earnings share of non-operating companies recognised at equity |
0 |
0 |
||
Other investment result |
−1 |
3 |
||
Interest income/expenses (interest result) |
−241 |
−220 |
||
Other financial result |
12 |
−72 |
||
Net financial result |
−230 |
−289 |
||
Earnings before taxes EBT |
728 |
−32 |
||
Income taxes |
−301 |
−108 |
||
Profit or loss for the period from continuing operations |
427 |
−140 |
||
Profit or loss for the period from discontinued operations after taxes |
−93 |
612 |
||
Profit or loss for the period |
333 |
471 |
||
|
||||
Depreciation
Impairment losses rose by €74 million, from €782 million to €857 million. This increase was due in part to higher amortisation of intangible assets as a result of various digitalisation initiatives. On the other hand, impairments were higher than in the previous year. This in turn was mainly due to the full impairment of goodwill at Classic Fine Foods and selective impairment of individual locations, also as a result of regulatory restrictions related to the Covid-19 pandemic.
- Further disclosures about impairment losses are providedin the notes to the consolidated financial statements in no. 15 – depreciation/amortisation/impairment losses.
Net financial result
The net financial result primarily comprises the interest result of €−220 million (2018/19: €−241 million) and the other financial result of €−72 million (2018/19: €12 million). Net interest result improved significantly as a result of more favourable refinancing terms as well as from declining interest expenses from leases. Compared to the previous year, the other financial result changed mainly due to weaker exchange rates for Eastern European currencies and the Turkish lira, which had a negative impact on the measurement of foreign currency lease liabilities.
- For more information about the net financial result, see the notes to the consolidated financial statements in no. 7 – earnings share of operating/non-operating companies recognised at equity, no. 8 – other investment result, no. 9 – net interest income/interest expenses and no. 10 – other financial result.
Taxes
At €108 million (2018/19: €301 million), recognised income tax expenses are €193 million below the previous year’s figures. The decline in current income taxes amounting to €82 million (2018/19: increase of €42 million) is mainly due to the lower consolidated earnings before tax compared to the previous year. The decrease in deferred tax expenses of €111 million (2018/19: increase by €40 million) is due to the write-downs of deferred taxes on domestic loss carry-forwards recognised in the previous year.
- For more information about income taxes, see the notes to the consolidated financial statements in no. 12 – income taxes.
€ million |
2018/191 |
2019/20 |
||
|---|---|---|---|---|
Actual taxes |
215 |
133 |
||
thereof Germany |
(9) |
(10) |
||
thereof international |
(206) |
(123) |
||
thereof tax expenses/income of current period |
(221) |
(143) |
||
thereof tax expenses/income of previous periods |
(−6) |
(−10) |
||
Deferred taxes |
86 |
−25 |
||
thereof Germany |
(105) |
(24) |
||
thereof international |
(−19) |
(−49) |
||
|
301 |
108 |
||
|
||||