Investor Presentation May 2017
ADJUSTED NET INCOME, GROUP SHARE
(in €m)
2015
2016
(in €m)
2015
2016
EBITDA (1)
3,955
3,886
Net income from continuing operations
1,120
934
Recurring operating income
2,445
2,351
Minority share of net income from
-143
-148
continuing operations
Net income from associates and JVS
44
-36
Net income from continuing
977
786
Non-recurring income
-257
-372
operations, Group share
EBIT
Net financial expenses
2,232
-515
1,943
Net income from discontinued operations,
Group share
4
-40
-515
Net income, Group share
980
746
Net interest expense
-347
-377
Other net financial expenses
-168
-138
Adjusted net income, Group share
1,113
1,031
Income before taxes
1,717
1,428
Income tax expense
-597
-494
Effective tax rate
34.8%
34.6%
Notes (1) Recurring operating income before depreciation and amortization (including supply chain depreciation)
INVESTOR PRESENTATION
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