Notes to the Income Statement
In EUR mn (unless otherwise stated) |
|
|
|
|
2022 |
2021 |
Δ |
|---|---|---|---|
Sales revenues |
62,298 |
35,555 |
75% |
Other operating income and net income from equity-accounted investments |
2,512 |
1,533 |
64% |
Total revenues and other income |
64,811 |
37,087 |
75% |
Purchases (net of inventory variation) |
(39,298) |
(20,257) |
94% |
Production and operating expenses incl. production and similar taxes |
(6,205) |
(4,302) |
44% |
Depreciation, amortization, impairments and write-ups |
(2,484) |
(3,750) |
(34)% |
Selling, distribution and administrative expenses |
(2,689) |
(2,746) |
(2)% |
Exploration expenses |
(250) |
(280) |
(11)% |
Other operating expenses |
(1,639) |
(688) |
n.m. |
Operating Result |
12,246 |
5,065 |
n.m. |
Net financial result |
(1,481) |
(194) |
n.m. |
Profit before tax |
10,765 |
4,870 |
n.m. |
Taxes on income and profit |
(5,590) |
(2,066) |
n.m. |
Net income for the year |
5,175 |
2,804 |
85% |
thereof attributable to hybrid capital owners |
71 |
94 |
(25)% |
thereof attributable to non-controlling interests |
1,470 |
617 |
n.m. |
Net income attributable to stockholders of the parent |
3,634 |
2,093 |
74% |
Effective tax rate (%) |
52 |
42 |
10 |
Sales to third parties 2022 (2021)
In EUR mn if not otherwise stated (prior year)
Total not consolidated sales 2022 (2021)
In EUR mn if not otherwise stated (prior year)
Sales revenues increased by 75% to EUR 62,298 mn mainly due to substantially higher market prices. For the sales split by geographical areas, please refer to the Notes to the Consolidated Financial Statements (Note 4 – Segment Reporting).
Other operating income increased from EUR 933 mn in 2021 to EUR 1,644 mn. 2022 was mainly impacted by EUR 409 mn gains from the sale of the filling station business in Germany, EUR 341 mn gains from the successful listing of Borouge PLC on ADX (the Abu Dhabi Securities Exchange), insurance income of around EUR 200 mn recognized with respect to the incident in the Schwechat refinery in June 2022 and higher operating foreign exchange gains. For further details, please refer to the Notes to the Consolidated Financial Statements (Note 6 – Other operating income and net income from equity-accounted investments).
Net income from equity-accounted investments increased from EUR 600 mn in 2021 to EUR 869 mn in 2022 mainly due to the positive contribution of Abu Dhabi Oil Refining, partially offset by a lower result from Borouge investments, mostly as a result of lower polyethylene and polypropylene prices.
Net expenses related to depreciation, amortization, impairments and write-ups decreased compared to 2021. This was mainly due to the fact that 2021 was burdened by impairments booked related to the at-equity accounted investment ADNOC Refining CGU and the nitrogen business unit of Borealis. 2022 contained mainly a write-up of EUR 266 mn of the nitrogen business unit of Borealis based on the new offer from AGROFERT, a.s. and a net impairment amounting to EUR 117 mn based on the impairment testing in the Exploration & Production portfolio triggered by updated commodity price assumptions. For further details, please refer to the Notes to the Consolidated Financial Statements (Note 7 – Depreciation, amortization, impairments and write-ups).
Other operating expenses increased from EUR 688 mn in 2021 to EUR 1,639 mn in 2022 mainly due to deconsolidation of investments in Russia and remeasurement of the asset from reserves redetermination rights with respect to the acquisition of interests in the Yuzhno-Russkoye field. For further details, please refer to the Notes to the Consolidated Financial Statements (Note 2 – Accounting policies, judgements and estimates, section “Impact of Russia’s invasion of Ukraine and related significant estimates and assumptions”).
Net financial result decreased from (194) mn in 2021 to (1,481) mn in 2022. This development was mainly related to the impairment of the Nord Stream 2 loan in the amount of EUR (1,004) mn and the fair value adjustment of investments in Russia in the amount of EUR (370) mn. For further details, please refer to the Notes to the Consolidated Financial Statements (Note 2 – Accounting policies, judgements and estimates, section ”Impact of Russia’s invasion of Ukraine and related significant estimates and assumptions,” and Note 18 – Financial assets). These effects were partly offset by the improved foreign exchange result and the increased net interest result attributable mostly to higher interest income on cash deposits.
The effective tax rate increased from 42% in 2021 to 52% in 2022. The 2022 effective tax rate was mostly affected by a positive contribution from countries with a high tax regime. For further details on the Group’s effective tax rate, please refer to the Notes to the Consolidated Financial Statements (Note 12 – Taxes on income and profit).