The income statement is classified using the nature of expense method.

1 Sales revenues

Revenue is recognized in the regions in which it is actually realized. The regions are therefore to be regarded as revenue recognition centers and in this function have a significant influence on the type, amount, timing, uncertainties and corresponding cash flows. For this reason, revenue is categorized by region.

Further breakdowns of sales can be found in the Group segment report.

2 Other operating income

Exchange rate gains were mainly due to the performance of the US dollar, the British pound and the Swiss franc in 2024.

The remaining amount is made up of a large number of smaller amounts.

3 Cost of materials

4 Personnel expenses / employees

The average number of employees in the Uzin Utz Group during the year was as follows:

The number of employees is calculated taking part-time employees into account on a pro rata basis and therefore does not represent headcount, but rather percentages (full-time equivalents).

There are currently no stock option programs or similar securities-based incentive systems for employees.

5 Other operating expenses

Other operating expenses are essentially made up as shown in the following table.

Other taxes include property taxes, vehicle taxes and other miscellaneous taxes.

Exchange rate losses are primarily due to the performance of the US dollar, the Czech koruna and the Hungarian forint in 2024.

Offset against the exchange rate gains (see 2. Other operating income, exchange rate gains item), this resulted in an exchange rate gain of EUR 1,316 thousand (previous year: exchange rate loss of EUR 729 thousand).

6 Investment accounted for using the equity

P.T. Uzin Utz Indonesia was founded in 2007 and included at equity in the consolidated financial statements for the first time in the 2008 financial year. P.T. Uzin Utz Indonesia, Indonesia, which is attributable to the parent company with 49.0% of the shares, is included as a joint venture using the equity method. 

Artiso solutions GmbH, in which the parent company directly holds 50.0% of the shares, has been part of the Uzin Utz Group since 1999 and was consolidated as an associated company using the equity method for the first time in the 2014 financial year due to its significant influence. FP Floor Protector GmbH was acquired on February 29, 2024 with retroactive economic effect as of January 1, 2024 and was therefore included in the consolidated financial statements for the first time as an associate due to the significant influence. The parent company holds 25.1% of the shares and is consolidated using the equity method.

The financial statements of artiso solutions GmbH are prepared in accordance with IFRS, while the financial statements of P. T. Uzin Utz Indonesia and FP Floor Protector GmbH are prepared in accordance with local law. The differences between the financial statements prepared in accordance with local law and IFRS are immaterial. artiso solutions GmbH is an innovative IT company that develops customized software. P.T. Uzin Utz Indonesia produces and distributes construction chemical products under the UZIN brand. FP Floor Protector GmbH generates intelligent solutions for parquet floors.

The carrying amounts of the equity-accounted investments in P.T. Uzin Utz Indonesia, artiso solutions GmbH and FP Floor Protector GmbH in the financial year are as follows:

The following tables show the statement of comprehensive income and the balance sheet of the investments accounted for using the equity method for each company.

7 Financial result

Interest of EUR 27 thousand (547) was recognized as an expense for non-current liabilities to banks in the reporting year. In the reporting year, interest of EUR 0 thousand was capitalized as part of the construction of property, plant and equipment (278). The weighted average financing cost rate for capitalized interest is 0.0% (6.5).

The financial result also includes the profit and loss shares in companies accounted for using the equity method (see section 6 "Investments accounted for using the equity method").

8 Taxes on income/Deferred tax

In Germany, current taxes on income relate in particular to corporation tax and trade tax. Outside Germany, these are performance-related taxes calculated on the basis of national tax regulations.

The breakdown of tax expenses in the Group is as follows:

When recognizing deferred taxes, the tax rate applicable or adopted for the respective company was generally assumed. For simplification purposes, the combined tax rate of the parent company of 28.4% was used to calculate deferred taxes on consolidation measures recognized in profit or loss. The tax rate of the respective country of domicile of the company was used to calculate deferred taxes on loss carryforwards. Accordingly, tax rates of between 12.6% and 14.7% for trade tax (depending on the respective trade tax multipliers) and 15.8% for corporation tax including the solidarity surcharge would be used when recognizing deferred taxes on loss carryforwards for domestic companies. Dividends of Uzin Utz SE payable in Germany have no influence on the Group's tax burden.

The tax expense based on the earnings before income taxes and the simplified combined tax rate of 28.4% (theoretical tax expense) calculated for the companies of the Uzin Utz Group based in Germany is reconciled to the actual tax expense as follows:

The effective tax rate is 25.9% (27.7).

The actual tax expense is EUR 1,650 thousand lower than the expected tax expense that would result from applying the parent company's tax rate.

The change in deferred taxes had an impact of EUR 177 thousand (-1,146) on the tax expense in the financial year.

9 Non-controlling interests

The minority interests in earnings relate to the minority interests in Uzin Utz Magyarország Kft. and Neopur GmbH. The minority interests of these companies are immaterial for Uzin Utz SE, as no more than 20% are held by other shareholders.