LEGRAND / 2018 Registration document
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MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2018
SELECTED FINANCIAL INFORMATION
The table below shows a reconciliation of adjusted operating profit and maintainable adjusted operating profit with profit for the period and operating profit:
2018
2017
2016
(in € millions)
Profit for the period
772.4
713.2
630.2
Share of profits (losses) of equity-accounted entities
0.4
1.5
1.3
Income tax expense
301.3
224.2
218.6
Exchange (gains) losses
(2.2)
8.3
(6.5)
Financial income
(12.0)
(13.7)
(10.9)
Financial expenses
79.1
92.1
101.3
Operating profit
1,139.0
1,025.6
934.0
Amortization and depreciation of tangible assets
100.9
99.8
97.1
Amortization and depreciation of intangible assets (including capitalized development costs) and Milestone’s inventory step-up
106.3
116.1
77.9
Goodwill impairment
0.0
0.0
0.0
EBITDA
1,346.2
1,241.5
1,109.0
Restructuring costs
27.9
21.1
25.1
Maintainable EBITDA
1,374.1
1,262.7
1,134.1
5
The table below shows a reconciliation of the Group’s adjusted operating income and maintainable adjusted operating income with net income and operating income:
2018
2017
2016
(in € millions)
Profit for the period
772.4
713.2
630.2
Share of profits (losses) of equity-accounted entities
0.4
1.5
1.3
Income tax expense
301.3
224.2
218.6
Exchange (gains) losses
(2.2)
8.3
(6.5)
Financial income
(12.0)
(13.7)
(10.9)
Financial expenses
79.1
92.1
101.3
Operating profit
1,139.0
1,025.6
934.0
Amortization and other P&L impacts relating to acquisitions
73.1
79.3
44.5
Goodwill impairment
0.0
0.0
0.0
Adjusted operating profit
1,212.1
1,104.9
978.5
Adjusted (1) restructuring costs
25.7
20.5
25.1
Maintainable adjusted operating profit
1,237.8
1,125.4
1,003.6
(1) Adjusted restructuring costs are defined as restructuring costs adjusted for revaluation of assets at the time of acquisitions.
The table below shows a reconciliation of research and development expenditure with research and development expense:
2018
2017
2016
(in € millions)
Research and development costs
(276.5)
(252.1)
(237.7)
Acquisition-related amortization and R&D tax credit
(3.9)
(7.6)
(2.8)
Amortization of capitalized development costs
28.5
29.4
27.1
R&D costs before capitalized development costs
(251.9)
(230.3)
(213.4)
Capitalized development costs
(33.7)
(33.6)
(34.6)
Research and development expenditure for the period
(285.6)
(263.9)
(248.0)
177
LEGRAND
REGISTRATION DOCUMENT 2018
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