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Depreciation, financial result and taxes

€ million

2020/21

2021/22

EBITDA

1,166

1,403

Depreciation

969

977

Reversals of impairment losses

0

2

Earnings before interest and taxes EBIT

197

429

Other investment result

12

15

Interest income/expenses (interest result)

−194

−157

Other financial result

25

−421

Net financial result

−157

−563

Earnings before taxes EBT

40

−134

Income taxes

−85

−196

Profit or loss for the period

−45

−331

Depreciation

Impairment losses amounted to €977 million. The reduced sales and earnings expectations due to the war in Ukraine and the sanctions imposed on Russia led to impairments of assets. Impairment losses on goodwill amount to €55 million, of which €38 million relate to Russia and €17 million to Ukraine. Impairment losses on property, plant and equipment amounting to €76 million are mainly attributable to Ukraine in the amount of €45 million and Russia in the amount of €21 million.

Net financial result

The net financial result primarily comprises the interest result of €−157 million (2020/21: €−194 million) and the other financial result of €−421 million (2020/21: €25 million). The main reason for the negative development of the other financial result is the exchange rate development of the Russian rouble, which is attributable to the war-related sanctions against Russia and its counter-sanctions. As a result, negative valuation effects arose from intra-group items. The net interest result improved significantly as a result of declining interest expenses from leases and lower interest expenses for other financial liabilities compared to the previous year.

Taxes

The increase in income tax expenses is attributable to improved results in various countries as well as withholding tax from intra-group dividends.

  • For more information about income taxes, see the notes to the consolidated financial statements in no. 12 – income taxes.

€ million

2020/21

2021/22

Actual taxes

157

168

thereof Germany

(12)

(13)

thereof international

(145)

(155)

thereof tax expenses/income of current period

(102)

(171)

thereof tax expenses/income of previous periods

(55)

(−3)

Deferred taxes

−72

28

thereof Germany

(3)

(2)

thereof international

(−76)

(26)

 

85

196

PY
Previous year Period of 12 months that is usually cited as a reference for statements in the annual report and refers to the financial year preceding the reporting year.
Glossary

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