reference document 2003 - Euler Hermes Kreditversicherungs-AG

CONSOLIDATED NET INCOME
Euler Hermes reported an increase in pre-tax operating income, up to 244.4 million euros compared with 104.7 million euros in 2002
(reported data).
2003 2002 Change 2001
(In thousands of euros) 2003/2002
Ordinary income from credit insurance 238,413 126,010 89.2% 115,567
Operating income from factoring
after FGBR 5,961 – 21,312 ns 23,228*
Operating income before tax 244,374 104,698 133.4% 138,795
Other exceptional income and expenses – 6,202 – 9,340 – 33.6% – 3,056
Corporation tax – 89,852 – 38,240 135.0% – 38,059
Net income from consolidated companies 148,320 57,118 159.7% 97,680
Income of companies accounted for under the equity method 3,163 2,352 34.5% 412
Goodwill amortisation – 2,923 – 7,619 – 61.6% – 5,827
Minority interests – 2,415 – 646 ns – 1,886
Net income, Group share 146,145 51,205 185.4% 90,379
Earnings per share 3.72 1.43 160.1% 2.69
* Including a write back from the fund for general banking risks for an amount of 10.0 million euros.
Consolidated net income, Group share
(millions of euros)
79.4
1999
121.2
97.5 23.7
2000
90.4
2001
51.2
2002
Net gain on sale of COFACE shares
Net income excluding exceptional items
146.1
2003
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