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Last Update:
March 1, 2012
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8 – Financial result

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Million €

2011

2010

Income from companies accounted for using the equity method

48

201

Income from participations in affiliated and associated companies

56

59

Income from the disposal of participations

890

48

Income from profit transfer agreements

15

24

Income from tax allocation to participating interests

5

6

Other income from participations

966

137

Losses from loss transfer agreements

(7)

(5)

Write-down of/losses from the sales of participations

(23)

(34)

Other expenses from participations

(30)

(39)

Interest income from cash and cash equivalents

177

131

Interest and dividend income from securities and loans

12

19

Interest income

189

150

Interest expenses

(763)

(773)

Write-ups/profits from the sale of securities and loans

1

1

Expected income from plan assets to cover pensions and similar obligations

819

765

Income from plan assets to cover other long-term employee obligations

14

18

Income from the capitalization of construction interest

73

65

Miscellaneous financial income

2

17

Other financial income

909

866

Write-downs/losses from the disposal of securities and loans

(3)

(5)

Interest cost on pension obligations and other similar obligations

(833)

(819)

Expenses from/interest cost on other long-term employee obligations

(32)

(47)

Interest cost on other long-term debts

(67)

(59)

Miscellaneous financial expenses

Other financial expenses

(935)

(930)

Financial result

384

(388)

The decline in income from companies accounted for using the equity method resulted primarily from the lower income contribution from OAO Severneftegazprom as well as from the earnings effects from the final application of the equity method for the South Korean company Heesung Catalysts Corporation.

Income from the disposal of participations was primarily attributable to the sale of 19.7 million shares in K+S Aktiengesellschaft, which resulted in a gain of €887 million.

The interest result improved compared with the previous year due to higher interest income and declining interest expenses. The increase in interest income is primarily attributable to income from interest and currency swaps as well as higher interest rates compared with the previous year. The repayment of two bonds led to lower interest expenses.

Miscellaneous financial income and miscellaneous financial expenses relate to gains and losses from the translation of individually hedged financing-related receivables and payables and the associated hedging instruments. Furthermore, these items include expense and income from the compounding and discounting of long-term liabilities and receivables as required by IFRS.

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