NOTE B12 CFROI - 2019 Annual Integrated Report

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In € million

FY 2019

FY 2018 PF

As published

Adjustment

As calculated

As published

Adjustment

As calculated

(1)	Excluding discontinued operations.
(2)	Currently estimated at 2.3% of replacement value of fixed assets.
(3)	Currently estimated at 28% of underlying EBIT.
(4)	The adjustment reflects the quarterly average over the year.
(5)	The adjustment reflects the difference between the estimated replacement value of goodwill and fixed assets, and the accounting value. The changes over time come from foreign exchange variations, new investments and portfolio moves. It also reflects the quarterly average over the year.

Underlying EBIT

1,503

1,554

Underlying EBITDA

2,322

2,330

Underlying earnings from associates & joint ventures

Dividends received from associates & joint ventures⁽¹⁾

Recurring capex⁽²⁾

e = -2.3%*m

(409)

(388)

Recurring income taxes⁽³⁾

f = -28%*(a-c)

(395)

(444)

Recurring "CFROI" cash flow data

g = b-c+d+e+f

1,450

1,449

Tangible assets

5,472

5,454

Intangible assets

2,642

2,861

Right-of-use assets

447

428

Goodwill

4,468

5,173

Replacement value of goodwill & fixed assets⁽⁴⁾

l = h+i+j+k

13,028

7,007

20,035

13,915

5,106

19,021

of which fixed assets

8,560

9,239

17,799

8,742

8,147

16,889

Investments in associates & joint ventures⁽⁵⁾

555

(36)

519

441

443

Net working capital⁽⁵⁾

1,560

233

1,793

1,550

178

1,728

CFROI invested capital

p = l+n+o

22,347

21,192

CFROI

q = g/p

6.5%

6.8%

Advanced Materials

8.9%

9.9%

Advanced Formulations

5.9%

6.8%

Performance Chemicals

8.5%

8.1%