In € million

 

 

 

FY 2018

 

FY 2017

   

As publi­shed

 

Adjust­ment

 

As calcu­lated

 

As publi­shed

 

Adjust­ment

 

As calcu­lated

(1)

Excluding discontinued operations.

(2)

Currently estimated at 2% of replacement value of fixed assets.

(3)

Currently estimated at 30% of underlying EBIT.

(4)

The adjustment reflects the quarterly average over the year.

(5)

The adjustment reflects the difference between the estimated replacement value of goodwill and fixed assets, and the accounting value. The changes over time come from foreign exchange variations, new investments and portfolio moves.

Underlying EBIT

 

a

 

1,546

 

 

 

1,546

 

1,527

 

 

 

1,527

Underlying EBITDA

 

b

 

2,230

 

 

 

2,230

 

2,230

 

 

 

2,230

Underlying earnings from associates & joint ventures

 

c

 

74

 

 

 

74

 

71

 

 

 

71

Dividends received from associates & joint ventures(1)

 

d

 

25

 

 

25

 

18

 

 

18

Recurring capex(2)

 

e = -2%*l

 

 

 

 

 

(324)

 

 

 

 

 

(326)

Recurring income taxes(3)

 

f = -30%*(a-c)

 

 

 

 

 

(442)

 

 

 

 

 

(437)

Recurring "CFROI" cash flow data

 

g = b-c+d+e+f

 

 

 

 

 

1,416

 

 

 

 

 

1,415

Tangible assets

 

h

 

5,454

 

 

 

 

 

5,433

 

 

 

 

Intangible assets

 

i

 

2,861

 

 

 

 

 

2,940

 

 

 

 

Goodwill

 

j

 

5,173

 

 

 

 

 

5,042

 

 

 

 

Replacement value of goodwill & fixed assets(4)

 

k = h+i+j

 

13,488

 

4,831

 

18,319

 

13,415

 

5,093

 

18,508

of which fixed assets

 

l

 

 

 

 

 

16,187

 

 

 

 

 

16,314

Investments in associates & joint ventures(5)

 

m

 

441

 

1

 

443

 

466

 

16

 

482

Net working capital(5)

 

n

 

1,550

 

179

 

1,728

 

1,414

 

111

 

1,525

“CFROI” invested capital

 

o = k+m+n

 

 

 

 

 

20,490

 

 

 

 

 

20,515

CFROI

 

p = g/o

 

 

 

 

 

6.9%

 

 

 

 

 

6.9%

Advanced Materials

 

 

 

 

 

 

 

10.0%

 

 

 

 

 

10.3%

Advanced Formulations

 

 

 

 

 

 

 

6.9%

 

 

 

 

 

6.7%

Performance Chemicals

 

 

 

 

 

 

 

8.3%

 

 

 

 

 

8.4%

CFROI was stable at 6.9%, well in the value creation zone, above WACC of 6.5%.