Skip to website navigation Skip to article navigation Skip to content

A page refresh occures when a subject is selected.

Skip article navigation.

1. Business performance review

1.9 Profit

1.9 Profit

 

Actual

Variance

€ million

2020

2019

Actual rates

CER

Adjusted (recurring) EBIT

1 093

1 118

-2%

-8%

Impairment charges

0

-2

-100%

-101%

Restructuring expenses

-20

-47

-57%

-57%

Gain on disposals

53

41

28%

28%

Other income/expenses (-)

-155

-42

>100%

>100%

Total impairment, restructuring and other income/expenses (-)

-122

-50

>100%

>100%

EBIT (operating profit)

971

1 068

-9%

-14%

Net financial expenses (-)

-93

-107

-13%

-12%

Result from associates

2

-1

>-100%

>-100%

Profit before income taxes

880

960

-8%

-14%

Income tax expenses

-119

-146

-19%

-16%

Profit from continuing operations

761

814

-7%

-14%

Profit/loss (-) from discontinued operations

0

2

-94%

-94%

Profit

761

817

-7%

-14%

Attributable to UCB shareholders

732

792

-7%

-15%

Attributable to non-controlling interests

29

25

16%

18%

Profit attributable to UCB shareholders

732

792

-7%

-15%

Total impairment, restructuring and other income/expenses (-) amounted to € 122 million expenses (after an expense of € 50 million in 2019), including fees related to the acquisitions (refer to 1.2. Key events ), restructuring expenses and an increase of product liability provision, partially offset with income resulting from gain on the divestiture of non-core products.

Net financial expenses went down to € 93 million from € 107 million in 2019, thanks to lower hedging costs, reduction of interest payable due to the repaid bond in March 2020, compensated by higher interest expenses due to the debt financing of the Ra Pharma acquisition.

Income tax expenses were € 119 million compared to € 146 million in 2019. The average effective tax rate was 13% compared to 15% in 2019.

Profit from discontinued operations was €  0 million after  € 2 million.

The profit of the Group amounted to € 761 million (after € 817 million), of which € 732 million is attributable to UCB shareholders and € 29 million to non-controlling interests. For 2019, profit was € 817 million and of which € 792 million were attributable to UCB shareholders and € 25 million to non-controlling interests