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113
2014 Registration Document
Comments on 2014 fiscal year
4
Sales and earnings performance
Non-recurring income and expenses, net
Non-recurring income and expenses correspond to certain material
items that are unusual in terms of their nature and frequency, such as
impairment charges, restructuring costs and provision charges recorded
to reflect revised estimates of risks provided for in prior periods, based on
information that came to the Group’s attention during the reporting year.
Non-recurring items represented net income of €149 million in 2014,
comprising €490 million in income and €341 million in expenses.
The detailed breakdown is as follows:
(in € millions)
2014
2013
Net gains on sales of assets
336
425
Restructuring costs
(111)
(52)
Other non-recurring items
1
(101)
Non-recurring income and expenses net before asset impairments and write-offs
226
272
Asset impairments and write-offs
(77)
(128)
Impairments and write-offs of goodwill
(16)
Impairments and write-offs of property and equipment
(77)
(112)
Non-recurring income and expenses, net
149
144
Of which, non-recurring income
490
566
Of which, non recurring expense
(341)
(422)
Gains on disposals of assets in 2014 mainly concerned the asset
contribution to the Carmila joint venture (see Section 4.4.2 “Significant
events of the period”). In 2013, gains on disposals of assets arose primarily
from the sale of the Group’s 25% stake in Majid Al FuttaimHypermarkets.
A description of non-recurring income and expenses is provided in
Note 11 to the Consolidated Financial Statements.
Operating income
The Group ended the year with operating income of €2,572 million versus €2,411 million in 2013, representing an increase of €161 million.