Profit before tax and profit after tax

Profit after tax

In millions of euros

EPS – Earnings per share

In euros

Based on the reported figures, profit before tax and profit after tax (net income) rose slightly in the past business year. Profit before tax, published in accordance with IFRS, increased by 1.7% from EUR 739.0 million in the business year 2014/15 to EUR 751.3 million in the business year 2015/16. Excluding non-recurring effects, which totaled EUR 45.2 million in 2014/15 and EUR 74.4 million in 2015/16, profit before tax dropped by 2.5% from EUR 693.8 million to EUR 676.8 million. In a year-to-year comparison, net interest charges fell by 6.6% from EUR 147.2 million to EUR 137.5 million due to the continuing decline of interest rates. Profit after tax (net income) gained 1.2%, going from EUR 595.0 million to EUR 602.1 million. Adjusted for non-recurring effects, profit after tax decreased by 7.7%, going from EUR 552.6 million in 2014/15 to EUR 509.8 million in 2015/16. As most of the non-recurring effects in the previous year and all of the non-recurring effects in the current business year were not subject to taxes on earnings, the unadjusted tax rate was just under 20%. Adjusted for the non-recurring effects, the tax rate rose from 20.4% to 24.7% in a year-to-year comparison.