3. Selling expenses
€ million |
2017/18 |
2018/19 |
|---|---|---|
Personnel expenses |
1,957 |
2,001 |
Cost of material |
2,064 |
2,091 |
|
4,021 |
4,092 |
In terms of selling expenses, personnel expenses increased compared to the previous year, mainly due to higher wages and salaries and variable payments.
The year-on-year increase in cost of material is due in particular to higher consulting expenses. The revised disclosure of impairment losses on financial instruments had the opposite effect. In accordance with IFRS 9, from financial year 2018/19 onwards, impairment losses on financial assets are reported under earnings from impairment of financial assets.
Previous year
Period of 12 months, usually cited as reference for statements in an annual report.
Glossary
IFRS (International Financial Reporting Standards)
Internationally applicable rules for financial reporting developed by the IASB. Contrary to the accounting rules under the German Commercial Code, the IFRS emphasise the informational function.
Glossary