EBIT on an IFRS basis totaled €976 million, versus €1,527 million on an underlying basis. The difference of €551 million is explained by the above-mentioned €201 million adjustments at the EBITDA level and €350 million of “Depreciation, amortization & impairments”. The latter consist of:

  • 250 million to adjust for the non-cash impact of purchase price allocation (PPA), consisting of amortization charges on intangible assets, which are adjusted in "Cost of goods sold" for €2 million, "Commercial & administrative costs" for €40 million, in "Research & development costs" for €3 million, and in "Other operating gains & losses" for €205 million.
  • 100 million to adjust for the net impact of impairments, which are non-cash in nature and are reported in “Result from portfolio management and reassessments”, of which €(91) million is related to the retained polyamide assets in Latin America.