Consolidated statement of income

x € 1 million	Note	2020	2019

Net revenue	4	1,216	1,220
Other income	5	13	14
Total net revenue and other income		1,229	1,234

Personnel expenses	6	409	405
Cost of sales and contracted work	7	317	300
Other operating expenses	8	228	220
Less: Capitalised own production	9	-188	-180
		766	745
Depreciation, amortisation and impairment of non-current assets	10	334	317
Total operating expenses		1,100	1,062
Operating profit		129	172

Financial income and expenses	11	-56	-67
Result from associates and joint ventures after income tax^*		-1	247
Profit before income tax		72	352

Income tax	12	-30	-27
Result after income tax		42	325

Profit distribution:
Profit after income tax attributable to holders of Stedin Holding N.V. perpetual subordinated bonds (after income tax)		12	12
Profit after income tax attributable to the shareholders of Stedin Holding N.V.		30	313
Result after income tax		42	325

* In 2019, Joulz Diensten has been sold, with a result after taxes of € 251 million.

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