LEGRAND_REGISTRATION_DOCUMENT_2017
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2017
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:
2017
2016
2015
(in € millions)
Profit for the period
713.2
630.2
552.0
Share of profits (losses) of equity-accounted entities
1.5
1.3
0.0
Income tax expense
224.2
218.6
258.0
Exchange (gains) losses
8.3
(6.5)
(6.0)
Financial income
(13.7)
(10.9)
(11.0)
Financial expenses
92.1
101.3
93.7
Operating profit
1,025.6
934.0
886.7
Amortization and depreciation of tangible assets
99.8
97.1
97.4
Amortization and depreciation of intangible assets (including capitalized development costs) and Milestone’s inventory step-up
116.1
77.9
72.3
Goodwill impairment
0.0
0.0
0.0
EBITDA
1,241.5
1,109.0
1,056.4
Restructuring costs
21.2
25.1
28.0
Maintainable EBITDA
1,262.7
1,134.1
1,084.4
05
The table below shows a reconciliation of the Group’s adjusted operating income and maintainable adjusted operating income with net income and operating income:
2017
2016
2015
(in € millions)
Profit for the period
713.2
630.2
552.0
Share of profits (losses) of equity-accounted entities
1.5
1.3
0.0
Income tax expense
224.2
218.6
258.0
Exchange (gains) losses
8.3
(6.5)
(6.0)
Financial income
(13.7)
(10.9)
(11.0)
Financial expenses
92.1
101.3
93.7
Operating profit
1,025.6
934.0
886.7
Amortization and other P&L impacts relating to acquisitions
79.3
44.5
43.7
Goodwill impairment
0.0
0.0
0.0
Adjusted operating profit
1,104.9
978.5
930.4
Restructuring costs
20.5
25.1
28.0
Maintainable adjusted operating profit
1,125.4
1,003.6
958.4
The table below shows a reconciliation of research and development expenditure with research and development expense:
2017
2016
2015
(in € millions)
Research and development costs
(252.1)
(237.7)
(216.1)
Acquisition-related amortization and R&D tax credit
(7.6)
(2.8)
(5.3)
Amortization of capitalized development costs
29.4
27.1
26.3
R&D costs before capitalized development costs
(230.3)
(213.4)
(195.1)
Capitalized development costs
(33.6)
(34.6)
(27.4)
Research and development expenditure for the period
(263.9)
(248.0)
(222.5)
159
REGISTRATION DOCUMENT 2017 - LEGRAND
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