In € million

 

 

 

Underlying

   

FY 2016

 

FY 2015 pro forma

Profit for the period before taxes

 

a

 

1,065

 

957

Earnings from associates & joint ventures

 

b

 

69

 

44

Interests and realized foreign exchange gains (losses) on the RusVinyl joint venture

 

c

 

(26)

 

(27)

Income taxes

 

d

 

(291)

 

(300)

Tax rate

 

e = -d/(a-b-c)

 

28%

 

32%

Underlying income taxes were € (291) m versus € (300) m in 2015, reflecting a lower tax rate of 28% versus 32% in 2015, which is linked to a change in the geographical mix of pre-tax earnings.