EBIT on an IFRS basis totaled €986 million, versus €1,546 million on an underlying basis. The difference of €560 million is explained by the above-mentioned €301 million adjustments at the EBITDA level and €260 million of “Depreciation, amortization & impairments”. The latter consist of:

  • €237 million to adjust for the non-cash impact of purchase price allocation (PPA), consisting of amortization charges on intangible assets, which are adjusted in “Costs of goods sold” for €2 million, "Administrative costs" for €35 million, in "Research & development costs" for €3 million, and in "Other operating gains & losses" for €197 million;
  • €23 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”, mainly related to the impairment after the divestment of the hydrofluoric acid plant in Porto Marghera, Italy, and to the reversal of impairment on some cogeneration assets in Latin America, following improving market conditions.