7. Adjusments

The management adjusts certain expenses and incomes for operational management purposes. Hence, the following results, which are adjusted by these expenses, reflect the Management Board’s perspective. Since the fiscal year 2020, only those expenses and income are adjusted within operating profit (EBIT) that are related to a business combination.

In fiscal year 2021 and 2020, no adjustments were made within EBITDA (earnings before interest, taxes, depreciation of property, plant and equipment and amortization of intangible assets).

As in prior years, depreciation of property, plant and equipment from purchase price allocations in the amount of EUR 1.533 thousand (2020: EUR 3.485 thousand) within EBITA (earnings before interest, taxes and amortization of intangible assets) and amortization of intangible assets in the amount of EUR 20.160 thousand (2020: EUR 21.660 thousand) from purchase price allocations within EBIT were adjusted.

Expenses from the transformation program ‘Get on track’, which were recognized in the amount of EUR 127 thousand (2020: EUR 25,222 thousand) within employee benefit expenses and in the amount of EUR 1,330 thousand (2020: EUR 3,856 thousand) within other operating expenses in fiscal year 2021, were not adjusted in fiscal years 2021 and 2020 and are included in EBIT.

The theoretical taxes resulting from the adjustments are calculated using the respective tax rate of each Group entity and are taken into consideration in adjusted earnings after taxes.

The following table shows profit or loss net of these expenses:

PROFIT AND LOSS NET OF ADJUSTMENTS
in EUR thousands	2021 unadjusted	Step-up effects from purchase price allocations	Total adjustments	2021 adjusted
Revenue	1,091,907		0	1,091,907
Changes in inventories of finished goods and work in progress	17,479		0	17,479
Other own work capitalized	3,018		0	3,018
Raw materials and consumables used	-499,962		0	-499,962
Gross profit	612,442	0	0	612,442
Other operating income and expenses	-159,939		0	-159,939
Employee benefits expense	-284,913		0	-284,913
EBITDA	167,590	0	0	167,590
Depreciation	-46,591	1,533	1,533	-45,058
EBITA	120,999	1,533	1,533	122,532
Amortization	-28,932	20,160	20,160	-8,772
Operating profit (EBIT)	92,067	21,693	21,693	113,760
Financial costs - net	-12,410		0	-12,410
Profit before income tax	79,657	21,693	21,693	101,350
Income taxes	-23,583	-5,452	-5,452	-29,035
Profit for the period	56,074	16,241	16,241	72,315
Non-controlling interests	141		0	141
Profit attributable to shareholders of the parent	55,933	16,241	16,241	72,174
Earnings per share (in EUR)	1.76			2.27

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PROFIT AND LOSS NET OF ADJUSTMENTS
in EUR thousands	2021 unadjusted	Step-up effects from purchase price allocations	Total adjustments	2020 adjusted
Revenue	952,167		0	952,167
Changes in inventories of finished goods and work in progress	-1,797		0	-1,797
Other own work capitalized	3,767		0	3,767
Raw materials and consumables used	-417,467		0	-417,467
Gross profit	536,670	0	0	536,670
Other operating income and expenses	-139,169		0	-139,169
Employee benefits expense	-298,189		0	-298,189
EBITDA	99,312	0	0	99,312
Depreciation	-48,174	3,485	3,485	-44,689
EBITA	51,138	3,485	3,485	54,623
Amortization	-30,993	21,660	21,660	-9,333
Operating profit (EBIT)	20,145	25,145	25,145	45,290
Financial costs - net	-14,765		0	-14,765
Profit before income tax	5,380	25,145	25,145	30,525
Income taxes	97	-6,300	-6,300	-6,203
Profit for the period	5,477	18,845	18,845	24,322
Non-controlling interests	-193		0	-193
Profit attributable to shareholders of the parent	5,670	18,845	18,845	24,515
Earnings per share (in EUR)	0.18			0.77

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Legend

These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.