Business performance and results in 2017
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Profits
Income tax in 2017 amounted to EUR55.4m, well above the EUR25.8m the company paid in corporate taxes during the year. The company’s blended effective tax rate was 29.7%.
Consolidated profit declined by 31.0% to EUR131m, down by 31.8% ex-currency. Net attributable profit fell by 37% to EUR109.6m, affected by the growing volume of negative results accounted from the discontinued operations in China in 2017.
Adjusted by all the costs and revenue items excluded for the performance assessment in the year, DIA’s underlying net profit amounted to EUR217.0m in 2017, 19.2% lower than last year (-19.2% ex-currency).
| 2016 | % | 2017 | % | Cambio | Efecto divisa | Cambio (ex-FX) | |
|---|---|---|---|---|---|---|---|
| Net Sales | 8,669.2 | 100% | 8,620.6 | 100.0% | -0.6% | -1.2% | 0.6% |
| Cost of goods sold & other income | (6,660.7) | -76.8% | (6,692.7) | -77.6% | 0.5% | -1.2% | 1.7% |
| Gross profit | 2,008.5 | 23.2% | 1,927.9 | 22.4% | -4.0% | -1.0% | -3.0% |
| Labour costs | (759) | -8.8% | (744.8) | -8.6% | -1.9% | -1.2% | -0.6% |
| Other operating expenses | (326.1) | -3.8% | (312.7) | -3.6% | -4.1% | -2.1% | -2.1% |
| Leased property expenses | (295.5) | -3.4% | (301.7) | -3.5% | 2.1% | -0.1% | 2.2% |
| Adjusted EBITDA (1) | 627.9 | 7.2% | 568.6 | 6.6% | -9.4% | -0.6% | -8.9% |
| D&A | (226.7) | -2.6% | (232.0) | -2.7% | 2.3% | 0.0% | 2.3% |
| Adjusted EBIT (1) | 401.2 | 4.6% | 336.6 | 3.9% | -16.1% | -0.9% | -15.2% |
| Other items excluded from adj. EBIT | (91.6) | -1.1% | (89.5) | -1.0% | -2.3% | -1.6% | -0.7% |
| Other cash items | (52.3) | -0.6% | (59.8) | -0.7% | 14.4% | ||
| Long-Term Incentive Plans | (14.6) | -0.2% | 4.9 | 0.1% | -133.2% | ||
| Other non-cash items | (24.6) | -0.3% | (34.5) | -0.4% | 40.1% | ||
| EBIT | 309.5 | 3.6% | 247.1 | 2.9% | -20.2% | -0.7% | -19.5% |
| Net financial income/expenses | (50.6) | -0.6% | (61.0) | -0.7% | 20.6% | -7.4% | 28.0% |
| EBT | 259 | 3.0% | 186.3 | 2.2% | -28.1% | 0.6% | -28.7% |
| Income taxes | (69.1) | -0.8% | (55.4) | -0.6% | -19.9% | 0.2% | -20.2% |
| Consolidated profit | 189.9 | 2.2% | 131.0 | 1.5% | -31.0% | 0.8% | -31.8% |
| Minorities & discontinuing operations | (15.9) | -0.2% | (21.5) | -0.2% | 0.0% | ||
| Net attributable profit | 174.0 | 2.0% | 109.6 | 1.3% | -37.0% | 1.3% | 38.3% |
| Underlying net profit | 268.5 | 3.1% | 217.0 | 2.5% | -19.2% | 0.0% | -19.2% |
(1) Adjusted by other items excluded from adjusted EBIT.
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