€ million |
Note no. |
2021/22 |
2022/23 |
|---|---|---|---|
EBITDA |
|
1,403 |
1,534 |
Depreciation |
977 |
939 |
|
Reversals of impairment losses |
|
2 |
3 |
Earnings before interest and taxes (EBIT) |
|
429 |
598 |
Other investment result |
15 |
−38 |
|
Interest income/expenses (interest result) |
−157 |
−160 |
|
Other financial result |
−421 |
209 |
|
Net financial result |
|
−563 |
11 |
Earnings before taxes (EBT) |
|
−134 |
609 |
Income taxes |
−196 |
−170 |
|
Profit or loss for the period |
|
−331 |
439 |
Depreciation
Of the impairments of €100 million included in depreciation, €88 million are attributable to property, plant and equipment and are mainly related to the reduced sales and earnings expectations as a result of the sanctions imposed on Russia on account of the persisting war in Ukraine.
Net financial result
The main reason for the positive development of the other financial result is the exchange rate development of the Russian rouble. As a result, clearly positive – in the previous year clearly negative – primarily non-cash income arose from intra-group items.
Taxes
The low tax expenses in financial year 2022/23 compared to the increased pre-tax result are attributable to currency effects of the Russian rouble, as well as to the sale of parts of the METRO Campus and the business in India, which were only subject to a low tax burden.